Annual report pursuant to Section 13 and 15(d)

Derivative Contracts (Tables)

v3.10.0.1
Derivative Contracts (Tables)
12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Commodity Derivative Contracts
The following tables provide a summary of our outstanding derivative contracts:
 
As of December 31,
 
2018
 
2017
(in millions)
Net Notional Amount
 
Net Notional Amount
Cash flow hedge:
 
 
 
Interest rate swap
$
150.0

 
$

Commodity and energy derivative contracts:
 
 
 
Metal
27.9

 
12.8

Energy and utilities
3.0

 
3.8

Total
$
180.9

 
$
16.6


 
As of December 31,
 
2018
 
2017
(in millions)
Notional Position
 
Notional Position
Commodity and energy derivative contracts:
 
 
 
Notional amount - long
$
67.4

 
$
46.1

Notional amount - (short)
(36.5
)
 
(29.5
)
Net long / (short)
$
30.9

 
$
16.6

Effects of Derivative Contracts in Condensed Consolidated Financial Statements
The following tables summarize the gross amounts of open derivative contracts, the net amounts presented in the consolidated balance sheets, and the collateral deposited with counterparties:
 
As of December 31, 2018
(in millions)
Gross Amounts of
Recognized Assets
 
Gross Amounts Offset in
Consolidated Balance
Sheet
 
Net Amounts of Assets
Presented in Consolidated
Balance Sheet
Commodity and energy derivative contracts:
 
 
 
 
 
Metal
$
3.3

 
$
(3.3
)
 
$

Energy and utilities
0.1

 
(0.1
)
 

Collateral on deposit
0.1

 
(0.1
)
 

Total
$
3.5

 
$
(3.5
)
 
$


 
As of December 31, 2018
(in millions)
Gross Amounts of
Recognized Liabilities
 
Gross Amounts Offset in
Consolidated Balance
Sheet
 
Net Amounts of Liabilities
Presented in Consolidated
Balance Sheet
Cash flow hedge:
 
 
 
 
 
Interest rate swap
$
2.0

 
$

 
$
2.0

Commodity and energy derivative contracts:
 
 
 
 
 
Metal
4.2

 
(3.4
)
 
0.8

Energy and utilities
0.3

 
(0.1
)
 
0.2

Total
$
6.5

 
$
(3.5
)
 
$
3.0

Consolidated balance sheet location:
 
 
 
 
 
Accrued liabilities
 
 
 
 
$
0.9

Other noncurrent liabilities
 
 
 
 
$
2.1



As of December 31, 2017
(in millions)
Gross Amounts of
Recognized Assets
 
Gross Amounts Offset in
Consolidated Balance
Sheet
 
Net Amounts of Assets
Presented in Consolidated
Balance Sheet
Commodity and energy derivative contracts:
 
 
 
 
 
Metal
$
5.3

 
$
(3.2
)
 
$
2.1

Energy and utilities

 

 

Total
$
5.3

 
$
(3.2
)
 
$
2.1

Consolidated balance sheet location:
 
 
 
 
 
Prepaid expenses and other current assets
 
 
 
 
$
2.0

Other noncurrent assets
 
 
 
 
$
0.1


 
As of December 31, 2017
(in millions)
Gross Amounts of
Recognized Liabilities
 
Gross Amounts Offset in
Consolidated Balance
Sheet
 
Net Amounts of Liabilities
Presented in Consolidated
Balance Sheet
Commodity and energy derivative contracts:
 
 
 
 
 
Metal
$
3.3

 
$
(3.2
)
 
$
0.1

Energy and utilities
0.3

 

 
0.3

Total
$
3.6

 
$
(3.2
)
 
$
0.4

Consolidated balance sheet location:
 
 
 
 
 
Accrued liabilities
 
 
 
 
$
0.2

Other noncurrent liabilities
 
 
 
 
$
0.2

The following table summarizes the effects of derivative contracts in the consolidated statements of comprehensive income and the consolidated statements of operations:
 
Year Ended December 31,
(in millions)
2018
 
2017
 
2016
Cash flow hedge gains (losses) in other comprehensive income (loss) for:
 
 
 
 
 
Interest rate swap
$
(2.0
)
 
$

 
$

Commodity and energy derivative contracts (gains) losses in cost of sales for:
 
 
 
 
 
Metal
$
0.3

 
$
(4.0
)
 
$
(3.6
)
Energy and utilities
(0.2
)
 
0.6

 
(0.1
)
Total commodity derivative contract (gains) losses in cost of sales
$
0.1

 
$
(3.4
)
 
$
(3.7
)