Document and Entity Information (USD $) In Billions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Feb. 16, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Kaiser Aluminum Corp
Entity Central Index Key	0000811596
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		17,464,752
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1.3

Consolidated Balance Sheet (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 177.7	$ 169.5
Short-term investments	114.0	129.5
Receivables:
Trade receivables — net	129.3	119.8
Allowance for Doubtful Accounts Receivable, Current	0.8	0.8
Other	10.9	13.4
Inventories	214.7	214.4
Prepaid expenses and other current assets	178.6	44.2
Total current assets	825.2	690.8
Property, plant and equipment — net	454.9	429.3
Net asset of VEBAs	340.1	406.0
Deferred tax assets — net (including deferred tax liability relating to the VEBAs of $120.6 at December 31, 2014 and $152.4 at December 31, 2013 - see Note 5)	30.9	69.1
Intangible assets — net	32.1	33.7
Goodwill	37.2	37.2
Other assets	23.3	104.8
Total	1,743.7	1,770.9
Current liabilities:
Accounts payable	81.4	62.9
Accrued salaries, wages and related expenses	39.6	42.7
Other accrued liabilities	132.8	44.8
Current portion of long-term debt	172.5	0
Short-term capital leases	0.1	0.2
Total current liabilities	426.4	150.6
Net liability of VEBA	17.2	0
Deferred tax liabilities	0.9	1.2
Long-term liabilities	58.3	146.4
Long-term debt	225.0	388.5
Total liabilities	727.8	686.7
Commitments and contingencies — Note 9
Stockholders’ equity:
Preferred stock, 5,000,000 shares authorized at both December 31, 2014 and December 31, 2013; no shares were issued and outstanding at December 31, 2014 and December 31, 2013	0	0
Common stock, par value $0.01, 90,000,000 shares authorized at both December 31, 2014 and December 31, 2013; 21,197,164 shares issued and 17,607,251 shares outstanding at December 31, 2014; 21,103,700 shares issued and 18,147,017 shares outstanding at December 31, 2013	0.2	0.2
Additional paid in capital	1,028.5	1,023.1
Retained earnings	280.4	233.8
Treasury stock, at cost, 3,589,913 shares at December 31, 2014 and 2,956,683 shares at December 31, 2013	(197.1)	(152.2)
Accumulated other comprehensive loss	(96.1)	(20.7)
Total stockholders’ equity	1,015.9	1,084.2
Total	$ 1,743.7	$ 1,770.9

Consolidated Balance Sheet (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$ 0.8	$ 0.8
Deferred Tax Liabilities, Other	$ 120.6	$ 152.4
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	90,000,000	90,000,000
Common Stock, Shares, Issued	21,197,164	21,103,700
Common Stock, Shares, Outstanding	17,607,251	18,147,017
Treasury Stock, Shares	3,589,913	2,956,683

Statements of Consolidated Income (USD $)
In Millions, except Share data in Thousands, unless otherwise specified

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Income Statement [Abstract]

Net sales

$ 338.0

$ 338.9

$ 344.1

$ 335.1

$ 311.3

$ 319.9

$ 328.9

$ 337.4

$ 1,356.1

$ 1,297.5

$ 1,360.1

Cost of products sold:

Cost of products sold, excluding depreciation and amortization and other items

278.7

280.4

275.5

282.9

254.3

259.5

261.5

263.6

1,117.5

1,038.9

1,116.2

Unrealized losses (gains) on derivative instruments

10.4

3.6

(1.6)

(2.0)

(4.1)

(1.5)

4.2

0.7

10.4

(0.7)

(15.2)

Depreciation and amortization

31.1

28.1

26.5

Selling, administrative, research and development and general

81.4

80.4

74.1

Defined benefit plan, net periodic benefit cost - VEBAs

(23.7)

(22.5)

(11.9)

Total selling, administrative, research and development and general

57.7

57.9

62.2

Other operating charges, net

1.5

4.5

Total costs and expenses

1,218.2

1,124.2

1,194.2

Operating income

26.8

32.6

46.4

32.1

41.6

40.1

50.0

137.9

173.3

165.9

Other (expense) income:

Interest expense

(37.5)

(35.7)

(29.1)

Other income, net (see Note 15)

6.7

5.6

2.8

Income before income taxes

107.1

143.2

139.6

Income tax provision

(35.3)

(38.4)

(53.8)

Net income

$ 15.6

$ 15.9

$ 24.5

$ 15.8

$ 27.3

$ 25.4

$ 18.6

$ 33.5

$ 71.8

$ 104.8

$ 85.8

Net income per common share:

Basic

$ 0.88

$ 0.90

$ 1.38

$ 0.88

$ 1.48

$ 1.37

$ 0.99

$ 1.75

$ 4.02

$ 5.56

$ 4.49

Net income per share

$ 0.85

$ 1.33

$ 0.85

$ 1.44

$ 1.34

$ 0.98

$ 1.73

$ 3.86

$ 5.44

^[1]

$ 4.45

^[1]

Weighted-average number of common shares outstanding (in thousands):

Basic

17,818

18,827

^[2]

19,115

^[2]

Diluted

18,593

19,246

^[1]

19,278

^[1]

[1]	The diluted weighted-average number of common shares outstanding during the periods were calculated using the treasury method.
[2]	The basic weighted-average number of common shares outstanding during the period excludes non-vested common shares, restricted stock units and performance shares.

Statements of Consolidated Comprehensive Income (Loss) (USD $)
In Millions, unless otherwise specified

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Statement of Comprehensive Income [Abstract]

Net income

$ 15.6

$ 15.9

$ 24.5

$ 15.8

$ 27.3

$ 25.4

$ 18.6

$ 33.5

$ 71.8

$ 104.8

$ 85.8

Defined benefit pension plan and VEBAs:

Total actuarial (loss) gain and prior service costs

(39.0)

87.0

^[1]

Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax

129.5

(2.2)

^[1]

(87.8)

Reclassification adjustments:

Amortization of net actuarial (gain) loss

(1.8)

^[2]

1.5

^[1],[2]

3.1

^[2]

Amortization of prior service cost

10.6

^[2]

4.2

^[1],[2]

4.2

^[2]

Other comprehensive (loss) income relating to defined benefit pension plan and VEBAs

(120.7)

7.9

^[1]

95.1

Available for sale securities:

Unrealized (loss) gain on available for sale securities

(0.2)

1.0

^[1]

0.6

Reclassification adjustments:

Reclassification of unrealized loss upon sale of available for sale securities

(0.1)

(1.0)

^[1],[3]

Other comprehensive (loss) income relating to available for sale securities

(0.3)

^[1]

0.6

Foreign currency translation adjustment

0.4

0.2

^[1]

(0.2)

Other comprehensive (loss) income, before tax

(120.6)

8.1

^[1]

95.5

Income tax benefit (expense) related to items of other comprehensive income (loss)

45.2

^[4]

(2.8)

^[4]

(36.5)

^[4]

Other comprehensive (loss) income, net of tax

(75.4)

5.3

59.0

Comprehensive (loss) income

$ (3.6)

$ 110.1

$ 144.8

[1]	The presentation of other comprehensive income in the table above has been revised from the prior year presentation to reflect separate amounts for actuarial gains and losses and prior service costs related to plan amendments. The 2013 balances were adjusted to reflect this reclassification. The impacts to the prospective amortization of Prior service cost and Accumulated net actuarial (losses) gains were not material.
[2]	Amounts reclassified out of Accumulated other comprehensive income relating to VEBA adjustments were included as a component of Net periodic pension benefit income relating to VEBAs.
[3]	Amounts reclassified out of Accumulated other comprehensive income relating to sales of available for sale securities were included as a component of Other income (expense), net. The Company uses the specific identification method to determine the amount reclassified out of Accumulated other comprehensive income.
[4]	Income tax amounts reclassified out of Accumulated other comprehensive income relating to VEBA adjustments and sales of available for sale securities were included as a component of Income tax provision.

Statement of Consolidated Stockholders' Equity (USD $)
In Millions, except Share data, unless otherwise specified

Total

Common Stock

Additional Paid in Capital

Retained Earnings

Common Stock Owned by Union VEBA

Treasury Stock

Accumulated Other Comprehensive Income (Loss)

Beginning balance at Dec. 31, 2011

$ 872.8

$ 0.2

$ 998.4

$ 84.4

$ (52.9)

$ (72.3)

$ (85.0)

Beginning balance, shares at Dec. 31, 2011

19,253,185

Stockholders' Equity [Roll Forward]

Net income

85.8

Other comprehensive income, net of tax

59.0

Release of restriction on Union VEBA shares, net of tax of $19.6, $25.0, and $41.3 for 2010, 2011, and 2012, respectively)

67.3

14.4

52.9

Issuance of non-vested shares to employees

92,949

Issuance of common shares to directors, shares

3,930

Issuance of common shares to non-employee directors

0.2

Issuance of common shares to employees upon vesting of restricted stock units and performance shares

11,327

Cancellation of employee non-vested shares

(2,355)

Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares, shares

(45,801)

Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares

(2.2)

Repurchase of common stock, shares

Shares returned from distribution of third party trust, value

Cash dividends on common stock ($0.96, $1.00 and $1.20 per share for 2011, 2012 and 2013, respectively)

(19.6)

Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest

1.3

Amortization of unearned equity compensation

5.6

Dividends on unvested equity awards that were canceled

0.6

Ending balance at Dec. 31, 2012

1,070.8

0.2

1,017.7

151.2

(72.3)

(26.0)

Ending balance, shares at Dec. 31, 2012

19,313,235

Stockholders' Equity [Roll Forward]

Net income

104.8

Other comprehensive income, net of tax

5.3

Issuance of non-vested shares to employees

76,336

Issuance of common shares to directors, shares

2,916

Issuance of common shares to non-employee directors

0.2

Issuance of common shares to employees upon vesting of restricted stock units and performance shares

36,503

Cancellation of employee non-vested shares

(820)

Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares, shares

(40,075)

Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares

(2.5)

Repurchase of common stock, shares

(1,232,077)

Repurchase of common stock

(79.3)

Shares returned from distribution of bankruptcy trust, shares

(9,001)

Dividends received from distribution of bankruptcy trust

0.6

Shares returned from distribution of third party trust, value

^[1]

(0.6)

Cash dividends on common stock ($0.96, $1.00 and $1.20 per share for 2011, 2012 and 2013, respectively)

(23.0)

Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest

1.1

Amortization of unearned equity compensation

6.6

Dividends on unvested equity awards that were canceled

0.2

Ending balance at Dec. 31, 2013

1,084.2

0.2

1,023.1

233.8

(152.2)

(20.7)

Ending balance, shares at Dec. 31, 2013

18,147,017

Stockholders' Equity [Roll Forward]

Net income

71.8

Other comprehensive income, net of tax

(75.4)

Issuance of non-vested shares to employees

119,799

Issuance of common shares to directors, shares

2,969

Issuance of common shares to non-employee directors

0.2

Issuance of common shares to employees upon vesting of restricted stock units and performance shares

44,895

Cancellation of employee non-vested shares

(40,503)

Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares, shares

(33,696)

Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares

(2.4)

Repurchase of common stock, shares

(633,230)

Repurchase of common stock

(44.9)

Shares returned from distribution of third party trust, value

Cash dividends on common stock ($0.96, $1.00 and $1.20 per share for 2011, 2012 and 2013, respectively)

(25.4)

Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest

0.8

Amortization of unearned equity compensation

6.8

Dividends on unvested equity awards that were canceled

0.2

Ending balance at Dec. 31, 2014

$ 1,015.9

$ 0.2

$ 1,028.5

$ 280.4

$ 0

$ (197.1)

$ (96.1)

Ending balance, shares at Dec. 31, 2014

17,607,251

[1]	See Note 12 for discussion of the distribution.

Statement of Consolidated Stockholders' Equity (Parenthetical) (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 1.4	$ 1.2	$ 1
Tax effect on common stock sold by Union VEBA or on which restriction was lifted	$ 0	$ 0	$ 41.3

Statement of Consolidated Cash Flows (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Cash flows from operating activities:

Net income

$ 71.8

$ 104.8

$ 85.8

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of property, plant and equipment

29.5

26.4

24.7

Amortization of definite-lived intangible assets

1.6

1.7

1.8

Amortization of debt discount and debt issuance costs

11.8

11.0

9.8

Deferred income taxes

34.3

55.4

52.0

Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest

(0.8)

(1.1)

(1.3)

Non-cash equity compensation

7.0

6.8

5.8

Non-cash unrealized losses (gains) on derivative instruments

6.8

(3.9)

(16.0)

Amortization of option premiums (received) paid, net

(0.1)

0.3

Non-cash impairment charges

1.5

4.4

Losses (gains) on disposition of property, plant and equipment

0.2

0.1

(0.1)

Losses (gains) on disposition of available for sale securities

0.1

(0.4)

Non-cash defined benefit net periodic benefit income

(23.5)

(22.0)

(11.5)

Other non-cash changes in assets and liabilities

0.6

(9.3)

1.2

Changes in operating assets and liabilities:

Trade and other receivables

(7.0)

(3.3)

(27.1)

Inventories

(0.3)

(28.4)

19.7

Prepaid expenses and other current assets1

(0.6)

^[1]

1.1

^[1]

1.4

^[1]

Accounts payable

20.3

(1.6)

(1.3)

Accrued liabilities1

(6.0)

^[1]

1.8

^[1]

10.4

^[1]

Other Postretirement Benefits Payments

(16.0)

(20.0)

Payable to affiliate

(7.9)

(6.5)

Long-term assets and liabilities, net1

(7.2)

^[1]

0.6

^[1]

(1.1)

^[1]

Net cash provided by operating activities

124.1

111.7

152.4

Cash flows from investing activities:

Capital expenditures

(59.4)

(70.4)

(44.1)

Purchase of available for sale securities

(93.5)

(227.8)

(85.0)

Proceeds from disposition of available for sale securities

108.2

183.1

Proceeds from disposal of property, plant and equipment

0.3

Change in restricted cash

1.7

6.9

Net cash used in investing activities

(44.7)

(113.4)

(121.9)

Cash flows from financing activities:

Proceeds from issuance of Senior Notes

^[2]

225.0

^[2]

Payment of capital lease liability

(0.1)

^[2]

(0.1)

^[2]

(0.1)

^[2]

Repayment of promissory notes

^[2]

(4.7)

^[2]

Cash paid for financing costs

^[2]

(6.6)

^[2]

Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest

0.8

^[2]

1.1

^[2]

1.3

^[2]

Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares

(2.4)

^[2]

(2.5)

^[2]

(2.2)

^[2]

Repurchase of common stock

(44.1)

^[2]

(78.3)

^[2]

Cash dividend paid to stockholders

(25.4)

^[2]

(23.0)

^[2]

(19.6)

^[2]

Cash dividend returned to the Company

^[2]

0.6

^[2]

Net cash (used in) provided by financing activities

(71.2)

^[2]

(102.2)

^[2]

193.1

^[2]

Net increase (decrease) in cash and cash equivalents during the period

8.2

(103.9)

223.6

Cash and cash equivalents at beginning of period

169.5

273.4

49.8

Cash and cash equivalents at end of period

$ 177.7

$ 169.5

$ 273.4

[1]	Excludes the reclassification of derivatives relating to the Company's cash convertible senior notes from long-term to current as the amounts have no impact on cash flow - see Note 3 and Note 11.
[2]	See Note 14 for the supplemental disclosure on non-cash transactions.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Organization and Nature of Operations. Kaiser Aluminum Corporation (together with its subsidiaries, unless the context otherwise requires, the “Company”) specializes in the production of semi-fabricated specialty aluminum products, such as aluminum sheet and plate and extruded and drawn products, primarily used in aerospace/high strength, automotive, general engineering and other industrial end market applications. The Company has one operating segment, Fabricated Products. See Note 13 for additional information regarding the Company's reportable segment and business unit.

Principles of Consolidation and Basis of Presentation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Intercompany balances and transactions are eliminated.

Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s consolidated financial position and results of operations.

Recognition of Sales. Sales are generally recognized on a gross basis when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) title, ownership and risk of loss has passed to the customer; (iii) the price to the customer is fixed or determinable; and (iv) collection of the resulting receivable is reasonably assured. A provision for estimated sales returns from and allowances to, customers is made in the same period as the related revenues are recognized, based on historical experience or the specific identification of an event necessitating a reserve.

From time to time, in the ordinary course of business, the Company may enter into agreements with customers in which the Company, in return for a fee, agrees to reserve certain amounts of its existing production capacity for the customer, defer an existing customer purchase commitment into future periods and reserve certain amounts of its expected production capacity in those periods for the customer, or cancel or reduce existing commitments under existing contracts. These agreements may have terms or impact periods exceeding one year.

Certain of the capacity reservation and commitment deferral agreements provide for periodic, such as quarterly or annual, billing for the duration of the contract. For capacity reservation agreements, the Company recognizes revenue ratably over the period of the capacity reservation. Accordingly, the Company may recognize revenue prior to billing reservation fees. Unbilled receivables are included within Trade receivables on the Company's Consolidated Balance Sheets (see Note 2). For commitment deferral agreements, the Company recognizes revenue upon the earlier occurrence of the related sale of product or the end of the commitment period. In connection with other agreements, the Company may collect funds from customers in advance of the periods for which (i) the production capacity is reserved; (ii) commitments are deferred; (iii) commitments are reduced; or (iv) performance is completed, in which event the recognition of revenue is deferred until the fee is earned. Any unearned fees are included within Other accrued liabilities or Long-term liabilities, as appropriate, on the Company's Consolidated Balance Sheets (see Note 2).

Stock-Based Compensation. Stock-based compensation in the form of service-based awards is provided to executive officers, certain employees and non-employee directors and is accounted for at fair value. The Company measures the cost of services received in exchange for an award of equity instruments based on the grant-date fair value of the award and the number of awards expected to ultimately vest. The grant-date fair value is determined based on the stock price on the date of grant, adjusted for expected dividends to be paid during the vesting period.

The Company also grants performance-based awards to executive officers and other key employees. Performance awards granted prior to 2014 are subject to performance conditions pertaining to specified financial metrics and are valued based on the stock price at the date of grant, adjusted for expected dividends to be paid during the vesting period. Performance awards granted in 2014 are subject to performance conditions pertaining to total shareholder return and are valued on the date of grant using a Monte Carlo valuation model. The key assumptions in applying this model are an expected volatility and a risk free interest rate. For more information on the Company's stock-based compensation, see Note 8.

The cost of service-based awards, including time-vested restricted stock and performance shares is recognized as an expense over the requisite service period of the award on a straight-line basis. For performance shares, the related expense is updated quarterly by adjusting the estimated number of shares expected to vest based on the most probable outcome of the performance condition (see Note 8).

Shipping and Handling Costs. Shipping and handling costs are recorded as a component of Cost of products sold, excluding depreciation, amortization and other items.

Advertising Costs. Advertising costs, which are included in Selling, administrative, research and development and general, are expensed as incurred. Advertising costs for 2014, 2013 and 2012 were $0.6, $1.3 and $0.4, respectively.

Research and Development Costs. Research and development costs, which are included in Selling, research and development and general, are expensed as incurred. Research and development costs for 2014, 2013 and 2012 were $8.9, $7.8 and $6.4, respectively.

Major Maintenance Activities. All major maintenance costs are accounted for using the direct expensing method.

Cash and Cash Equivalents. The Company considers only those short-term, highly liquid investments with original maturities of 90 days or less when purchased to be cash equivalents. The Company’s cash equivalents consist primarily of funds in commercial paper, savings accounts, demand notes, money market funds and other highly liquid investments, which are classified within Level 1 of the fair value hierarchy with the exception of commercial paper, which is classified within Level 2 of the fair value hierarchy.

Restricted Cash. The Company is required to keep certain amounts on deposit relating to workers’ compensation and other agreements. The Company accounts for such deposits as restricted cash (see Note 2).

Trade Receivables and Allowance for Doubtful Accounts. Trade receivables primarily consist of amounts billed to customers for products sold. Accounts receivable are generally due within 30 to 60 days. For the majority of its receivables, the Company establishes an allowance for doubtful accounts based upon collection experience and other factors. On certain other receivables where the Company is aware of a specific customer’s inability or reluctance to pay, an allowance for doubtful accounts is established against amounts due, to reduce the net receivable balance to the amount the Company reasonably expects to collect. However, if circumstances change, the Company’s estimate of the recoverability of accounts receivable could be different. Circumstances that could affect the Company’s estimates include, but are not limited to, customer credit issues and general economic conditions. Accounts are written off once deemed to be uncollectible. Any subsequent cash collections relating to accounts that have been previously written off are typically recorded as a reduction to total bad debt expense in the period of payment.

Inventories. Inventories are stated at the lower of cost or market value. Finished products, work-in-process and raw material inventories are stated on the last-in, first-out (“LIFO”) basis. The excesses of current cost over the stated LIFO value of inventory at December 31, 2014 and December 31, 2013 were $37.6 and $0.4, respectively. Other inventories, principally operating supplies and repair and maintenance parts, are stated at average cost. Inventory costs consist of material, labor and manufacturing overhead, including depreciation. Abnormal costs, such as idle facility expenses, freight, handling costs and spoilage, are accounted for as current period charges. All of the Company's inventories at December 31, 2014 and December 31, 2013 were included in the Fabricated Products segment (see Note 2 for the components of inventories).

Property, Plant and Equipment - Net. Property, plant and equipment is recorded at cost (see Note 2). Construction in progress is included within Property, plant and equipment - net on the Consolidated Balance Sheets. Interest related to the construction of qualifying assets is capitalized as part of the construction costs. The aggregate amount of interest capitalized is limited to the interest expense incurred in the period. The amount of interest expense capitalized as construction in progress was $2.5, $3.4 and $1.7 during 2014, 2013 and 2012, respectively.

Depreciation is computed using the straight-line method at rates based on the estimated useful lives of the various classes of assets. Capital lease assets and leasehold improvements are depreciated on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term. The principal estimated useful lives are as follows:



	Range (in years)
Land improvements	3	-	25
Buildings and leasehold improvements	15	-	45
Machinery and equipment	1	-	24
Capital lease assets	3	-	5

Depreciation expense is not included in Cost of products sold, excluding depreciation and amortization and other items, but is included in Depreciation and amortization on the Statements of Consolidated Income. For 2014, 2013 and 2012, the Company recorded depreciation expense of $29.0, $25.8 and $24.2, respectively, relating to the Company's operating facilities in its Fabricated Products segment. An immaterial amount of depreciation expense was also recorded within All Other for all periods presented herein.

Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or group of assets may not be recoverable. The Company regularly assesses whether events and circumstances with the potential to trigger impairment have occurred and relies on a number of factors, including operating results, business plans, economic projections and anticipated future cash flow, to make such assessments. The Company uses an estimate of the future undiscounted cash flows of the related asset or asset group over the estimated remaining life of such asset(s) in measuring whether the asset(s) are recoverable. Measurement of the amount of impairment, if any, is based on the difference between the carrying value of the asset(s) and the estimated fair value of such asset(s). Fair value is determined through a series of standard valuation techniques.

During 2014 and 2012, the Company determined not to deploy some of its property, plant and equipment held for future development and recorded impairment charges of $1.5 and $4.4, respectively, to reflect the scrap value of such assets. There were no impairment charges in 2013. Asset impairment charges are included in Other operating charges, net in the Statements of Consolidated Income and are included in the Fabricated Products segment.

Available for Sale Securities. The Company accounts for investments in certain marketable debt securities as available for sale securities. Such securities are recorded at fair value (see “Fair Values of Financial Assets and Liabilities - Available for Sale Securities” in Note 11), with net unrealized gains and losses, net of income taxes, reflected in accumulated other comprehensive income (loss) as a component of Stockholders' equity. Realized gains and losses from the sale of marketable debt securities, if any, are determined on a specific identification basis. Debt investment securities with an original maturity of 90 days or less are classified as Cash and cash equivalents (see Note 2). Debt investment securities with an original maturity of greater than 90 days are presented as Short-term investments on the Consolidated Balance Sheets. In addition to debt investment securities, the Company also holds assets in various investment funds managed by a third-party trust in connection with the Company's deferred compensation program (see Note 6).

Deferred Financing Costs. Costs incurred in connection with debt financing are deferred and amortized over the estimated term of the related borrowing. Such amortization is included in Interest expense and may be capitalized as part of construction in progress (see Note 2 and Note 3).

Goodwill and Intangible Assets. Goodwill is tested for impairment during the fourth quarter on an annual basis, as well as on an interim basis, as warranted, at the time of relevant events and changes in circumstances. Intangible assets with definite lives are initially recognized at fair value and subsequently amortized over the estimated useful lives to reflect the pattern in which the economic benefits of the intangible assets are consumed. In the event the pattern cannot be reliably determined, the Company uses a straight-line amortization method. Whenever events or changes in circumstances indicate that the carrying amount of the intangible assets may not be recoverable, the intangible assets are reviewed for impairment. A significant amount of synergies resulting from the acquisition of the Company's Florence, Alabama facility was realized by its Newark, Ohio and Jackson, Tennessee manufacturing facilities, which, when combined with the Florence, Alabama facility, are managed into a coordinated manner and comprise the Company's hard alloy rod, bar and wire value chain. Management determined that the hard alloy rod, bar and wire value chain should be considered one reporting unit for the purpose of performing the Company's goodwill impairment test related to the Florence, Alabama facility acquisition. The Company concluded there was no impairment of the carrying value of goodwill at December 31, 2014 or December 31, 2013 (Note 4).

Conditional Asset Retirement Obligations (“CAROs”). The Company has CAROs at several of its Fabricated Products facilities. The vast majority of such CAROs consist primarily of incremental costs that would be associated with the removal and disposal of asbestos (all of which is believed to be fully contained and encapsulated within walls, floors, roofs, ceilings or piping) at certain of the Company’s older facilities if such facilities were to undergo major renovation or be demolished. The Company estimates incremental costs for special handling, removal and disposal costs of materials that may or will give rise to CAROs and then discounts the expected costs back to the current year using a credit-adjusted, risk-free rate. When it is unclear when or if CAROs will be triggered, the Company uses probability weighting for possible timing scenarios to determine the probability-weighted liability amounts that should be recognized in the Company’s consolidated financial statements (see Note 11).

Self Insurance of Employee Health and Workers' Compensation Liabilities. The Company is primarily self-insured for group health insurance and workers' compensation benefits provided to employees. Self insurance liabilities are estimated for incurred-but-not-paid claims based on judgment, using the Company's historical claims data and information and analysis provided by actuarial and claims advisors, the Company's insurance carriers and other professionals. The Company's undiscounted workers' compensation liabilities were estimated at $25.9 and $29.1 at December 31, 2014 and December 31, 2013, respectively. However, the Company accounts for its workers' compensation accrued liability on a discounted basis, using a discount rate of 1.75% at both December 31, 2014 and December 31, 2013. The accrued liabilities for health insurance and workers' compensation is included in Other accrued liabilities or Long-term liabilities, as appropriate (see Note 2).

Environmental Contingencies. With respect to environmental loss contingencies, the Company records a loss contingency whenever a contingency is probable and reasonably estimable (see Note 9). Accruals for estimated losses from environmental remediation obligations are generally recognized no later than the completion of the remedial feasibility study. Such accruals are adjusted as information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Accruals for expected environmental costs are included in Other accrued liabilities or Long-term liabilities, as appropriate (see Note 2). Environmental expense relating to continuing operations is included in Cost of products sold, excluding depreciation and amortization and other items in the Statements of Consolidated Income. Environmental expense relating to non-operating locations is included in Selling, administrative, research and development and general in the Statements of Consolidated Income.

Derivative Financial Instruments. Hedging transactions using derivative financial instruments are primarily designed to mitigate the Company's exposure to changes in prices for certain products sold and consumed by the Company and, to a lesser extent, to mitigate the Company's exposure to changes in foreign currency exchange rates. From time to time, the Company also enters into hedging arrangements in connection with financing transactions to mitigate financial risks.

The Company does not utilize derivative financial instruments for trading or other speculative purposes. The Company's derivative activities are initiated within guidelines established by management and approved by the Company's Board of Directors. Hedging transactions are executed centrally on behalf of all of the Company's operations to minimize transaction costs, monitor consolidated net exposures and allow for increased responsiveness to changes in market factors.

The Company recognizes all derivative instruments as assets or liabilities in its Consolidated Balance Sheets and measures these instruments at fair value by “marking-to-market” all of its hedging positions at each period's end (see Note 11). Because the Company does not meet the documentation requirements for hedge (deferral) accounting, unrealized and realized gains and losses associated with hedges of operational risks are reflected as a reduction or increase, respectively, in Cost of products sold - Unrealized losses (gains) on derivative instruments and unrealized and realized gains and losses relating to hedges of financing transactions are reflected as a component of Other income (expense) (see Note 15). See Note 10 for additional information about realized and unrealized gains and losses relating to the Company's derivative financial instruments.

Fair Value Measurements. The Company applies the provisions of Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, in measuring the fair value of its derivative contracts and plan assets invested by certain of the Company’s employee benefit plans (see Note 11).

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels and are described below:


•	Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

•

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including: quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.


•	Level 3 — Inputs that are both significant to the fair value measurement and unobservable.

Income Taxes. Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. In accordance with ASC Topic 740, Income Taxes, the Company uses a “more likely than not” threshold for recognition of tax attributes that are subject to uncertainties and measures any reserves in respect of such expected benefits based on their probability. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the deferred tax assets will not be realized (see Note 5).

Net Income per Share. Basic net income per share is computed by dividing distributed and undistributed net income allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes unvested share-based payment awards. Diluted net income per share was calculated under the treasury stock method for 2014, 2013 and 2012, which in all years was more dilutive than the two-class method (see Note 12).

Concentration of Credit Risk. Financial arrangements which potentially subject the Company to concentrations of credit risk consist of metal, natural gas, electricity and foreign currency derivative contracts, certain cash-settled call options that the Company purchased in March 2010 (the “Option Assets”) (see Note 3) and arrangements related to the Company's cash equivalents and short-term investments. If the market value of the Company's net commodity and currency derivative positions with certain counterparties exceeds the applicable threshold, if any, the counterparty is required to post margin by transferring cash collateral in excess of the threshold to the Company. Conversely, if the market value of these net derivative positions falls below a specified threshold, the Company is required to post margin by transferring cash collateral below the threshold to certain counterparties. At both December 31, 2014 and December 31, 2013, the Company had no margin deposits with or from its counterparties.

The Company is exposed to credit loss in the event of nonperformance by counterparties on derivative contracts used in hedging activities as well as failure of counterparties to return cash collateral previously transferred to the counterparties. The counterparties to the Company's derivative contracts are major financial institutions and the Company does not expect nonperformance by any of its counterparties.

The Company places its cash in commercial paper, savings accounts, demand notes and money market funds. Such money market funds are with high credit quality financial institutions which invest primarily in commercial paper and time deposits of prime quality, short-term repurchase agreements and U.S. government agency notes.

For information about concentration risks concerning customers and suppliers, see Note 13.

Concentration of Labor Subject to Collective Bargaining Agreements. At December 31, 2014, approximately 63% of the Company's employees were covered by collective bargaining agreements and the Company had collective bargaining agreements with expiration dates in 2015 covering approximately 47% of its employees. In January 2015, collective bargaining agreements covering approximately 36% of the Company's employees were extended through September 30, 2020 (see Note 19).

Leases. For leases that contain predetermined fixed escalations of the minimum rent, the Company recognizes the related rent expense on a straight-line basis from the date it takes possession of the property to the end of the initial lease term. The Company records any difference between the straight-line rent amounts and the amount payable under the lease as part of deferred rent in Other accrued liabilities or Long-term liabilities, as appropriate. Deferred rent for all periods presented was not material.

Foreign Currency. Certain of the Company’s foreign subsidiaries use the local currency as its functional currency; its assets and liabilities are translated at exchange rates in effect at the balance sheet date; and its statement of operations is translated at weighted-average monthly rates of exchange prevailing during the year. Resulting translation adjustments are recorded directly to a separate component of stockholders’ equity in accordance with ASC Topic 830, Foreign Currency Matters. At both December 31, 2014 and December 31, 2013, the amount of translation adjustment relating to foreign subsidiaries using local currency as their functional currency was immaterial. Where the U.S. dollar is the functional currency of a foreign facility or subsidiary, re-measurement adjustments are recorded in Other income (expense).

New Accounting Pronouncements. Accounting Standards Update ("ASU") No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. (“ASU 2013-11”), was issued in July 2013. ASU 2013-11 requires an entity to present in the financial statements an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset resulting from a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, when the above situation is not available at the reporting date or the tax law of the applicable jurisdiction does not require the entity to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The Company’s adoption of ASU 2013-11 in the first quarter of 2014 did not have a material impact on its consolidated financial statements.

ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), was issued in May 2014. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, the guidance provides that an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. The Company expects to adopt ASU 2014-09 for the fiscal year ending December 31, 2017 and the Company will continue to assess the impact on its consolidated financial statements.

ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period - Consensus of the FASB Emerging Issues Task Force (“ASU 2014-12”), was issued in June 2014. ASU 2014-12 requires an entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Additionally, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered; if the performance target becomes probable of being achieved before the end of the requisite service period, then the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Finally, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The Company expects to adopt ASU 2014-12 for the fiscal year ending December 31, 2015 and does not expect the adoption to have a material impact on its consolidated financial statements.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2014

Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information



	December 31, 2014		December 31, 2013
Cash and Cash Equivalents
Cash and money market funds	$	29.5	$	57.7
Commercial paper	148.2		111.8
Total	$	177.7	$	169.5



Trade Receivables - Net
Billed trade receivables	$	128.7		$	120.2
Unbilled trade receivables — Note 1	1.4			0.4
Trade receivables, gross	130.1			120.6
Allowance for doubtful receivables	(0.8		)	(0.8		)
Trade receivables - net	$	129.3		$	119.8



Inventories
Finished products	$	73.6	$	72.5
Work-in-process	66.7		75.9
Raw materials	54.2		47.2
Operating supplies and repair and maintenance parts	20.2		18.8
Total	$	214.7	$	214.4



	December 31, 2014		December 31, 2013
Prepaid Expenses and Other Current Assets
Current derivative assets — Notes 10 and 11	$	85.7	$	2.0
Current deferred tax assets	86.4		36.7
Short-term restricted cash	0.3		0.3
Other	6.2		5.2
Total	$	178.6	$	44.2



Property, Plant and Equipment - Net
Land and improvements	$	22.9		$	22.6
Buildings and leasehold improvements	63.8			53.0
Machinery and equipment	509.8			425.6
Construction in progress	25.2			66.0
Property, plant and equipment - gross	621.7			567.2
Accumulated depreciation	(166.8		)	(137.9		)
Property, plant and equipment - net	$	454.9		$	429.3



Other Assets
Derivative assets — Notes 10 and 11	$	—	$	79.8
Restricted cash	10.0		9.3
Deferred financing costs	5.9		8.9
Deferred compensation plan assets	7.3		6.5
Other	0.1		0.3
Total	$	23.3	$	104.8



Other Accrued Liabilities
Current derivative liabilities — Notes 10 and 11	$	94.9	$	1.8
Uncleared cash disbursements	9.1		9.6
Accrued income taxes and taxes payable	5.2		4.3
Accrued annual VEBA contribution	13.7		16.0
Short-term environmental accrual — Note 9	2.3		2.8
Accrued interest	3.7		3.7
Short-term deferred revenue — Note 1	0.2		—
Other	3.7		6.6
Total	$	132.8	$	44.8



	December 31, 2014		December 31, 2013
Long-Term Liabilities
Derivative liabilities — Notes 10 and 11	$	1.9	$	84.3
Income tax liabilities	2.4		5.0
Workers’ compensation accruals	21.5		23.3
Long-term environmental accrual — Note 9	17.0		20.0
Long-term asset retirement obligations	4.4		4.0
Long-term deferred revenue - Note 1	0.5		—
Deferred compensation liability	7.2		7.0
Long-term capital leases	0.1		0.1
Other long-term liabilities	3.3		2.7
Total	$	58.3	$	146.4



Long-Term Debt — Note 3
Senior notes	$	225.0	$	225.0
Cash convertible senior notes	—		163.5
Total	$	225.0	$	388.5

Long-Term Debt and Credit Facility

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Long-Term Debt and Credit Facility

Debt and Credit Facility

Senior Notes

In May 2012, the Company issued $225.0 principal amount of 8.250% unsecured senior notes due June 1, 2020 (“Senior Notes”) at 100% of the principal amount. Interest expense, including amortization of deferred financing costs, relating to the Senior Notes was $19.4 for both 2014 and 2013 and $11.8 for 2012. A portion of the interest relating to the Senior Notes was capitalized as Construction in progress. The effective interest rate of the Senior Notes is approximately 8.6% per annum, taking into account the amortization of deferred financing costs.

The Senior Notes are unsecured obligations and are guaranteed by existing and future direct and indirect subsidiaries of the Company that are borrowers or guarantors under the Company's revolving credit facility. See Note 17 for condensed Guarantor and Non-Guarantor financial information.

The indenture governing the Senior Notes places limitations on the ability of the Company and certain of its subsidiaries to, among other things, incur liens, consolidate, merge or sell all or substantially all of the Company's and certain of its subsidiaries' assets, incur or guarantee additional indebtedness, enter into transactions with affiliates and to make "restricted payments" (which are defined in the indenture to include certain loans, investments, dividend payments, share repurchases and prepayments, redemptions or repurchases of certain indebtedness). Certain types and amounts of restricted payments are allowed by various provisions of the indenture. After March 31, 2015, the indenture provisions permit the Company to make restricted payments in any amount if, after giving effect to such restricted payment, its "consolidated total indebtedness" as a ratio of "EBITDA" (each term as defined in the indenture) is less than 2.00:1.00.

The Senior Notes are redeemable at the option of the Company in whole or part at any time on or after June 1, 2016 at an initial redemption price of 104.125% of the principal amount plus any accrued and unpaid interest, declining to a redemption price of 100% of the principal amount, plus any accrued and unpaid interest, on or after June 1, 2018. At any time prior to June 1, 2015, the Company may redeem up to 35% of the original principal amount of the Senior Notes with the proceeds of certain equity offerings at a redemption price of 108.250% of the principal amount, plus any accrued and unpaid interest. At any time prior to June 1, 2016, the Company may also redeem some or all of the Senior Notes at a redemption price equal to 100% of the principal amount, together with any accrued and unpaid interest, plus a “make-whole premium.”

Holders of the Senior Notes have the right to require the Company to repurchase the Senior Notes at a price equal to 101% of the principal amount plus any accrued and unpaid interest following a change of control. A change of control includes (i) certain ownership changes; (ii) certain recapitalizations, mergers and dispositions; (iii) certain changes in the composition of the Board of Directors of the Company; and (iv) shareholders' approval of any plan or proposal for the liquidation or dissolution of the Company. The Company may also be required to offer to repurchase the Senior Notes at 100% of the principal amount, plus any accrued and unpaid interest, with the proceeds of certain asset sales.

See “Fair Values of Financial Assets and Liabilities - All Other Financial Assets and Liabilities” in Note 11 for information relating to the estimated fair value of the Senior Notes.

Cash Convertible Senior Notes

Convertible Notes. In March 2010, the Company issued $175.0 principal amount of 4.5% unsecured Cash Convertible Senior Notes due April 1, 2015 ("Convertible Notes"). The Convertible Notes are not convertible into the Company's common stock or any other securities, but instead will be settled in cash. The Company accounts for the cash conversion feature of the Convertible Notes as a separate derivative instrument (“Bifurcated Conversion Feature”) with the fair value on the issuance date equaling the original issuance discount for purposes of accounting for the debt component of the Convertible Notes. The effective interest rate for the term of the Convertible Notes is approximately 11%, taking into account the amortization of the original issuance discount and deferred financing costs.

The following tables provide additional information regarding the Convertible Notes:



	December 31, 2014			December 31, 2013
Principal amount	$	175.0		$	175.0
Less: unamortized issuance discount	(2.5		)	(11.5		)
Carrying amount, net of discount	$	172.5		$	163.5



	Year Ended December 31,
	2014		2013		2012
Contractual coupon interest	$	7.9	$	7.9	$	7.9
Amortization of discount	9.1		8.2		7.3
Amortization of deferred financing costs	1.1		1.2		1.2
Total interest expense¹	$	18.1	$	17.3	$	16.4

_______________


¹	A portion of the interest relating to the Convertible Notes was capitalized as Construction in progress.

The Convertible Notes’ conversion rate is subject to adjustment based on the occurrence of certain events, including, but not limited to, the payment of quarterly cash dividends on the Company's common stock in excess of $0.24 per share. As of December 31, 2014, the conversion rate was 20.9186 shares per $1,000 principal amount of the Convertible Notes and the equivalent conversion price was approximately $47.80 per share, reflecting cumulative adjustments for quarterly dividends paid in excess of $0.24 per share.

For holders who convert their Convertible Notes during the first quarter of 2015, the final settlement period began on January 15, 2015 and will continue for 50 consecutive trading days, ending on March 27, 2015. The Convertible Notes are convertible at any time prior to 5:00pm New York City time on March 30, 2015. An immaterial amount of Convertible Notes was converted during 2014 pursuant to a provision that permitted early conversion.

Convertible Note Hedge Transactions. In March 2010, the Company purchased Option Assets that have an exercise price equal to the conversion price of the Convertible Notes, an expiration date that is the same as the maturity date or the earlier conversion date of the Convertible Notes and a final settlement period that is the same as for the Convertible Notes. When exercised, the aggregate amount of cash the Company will receive from the counterparties for the Option Assets will cover the aggregate amount of cash that the Company will be required to pay to the holders of the converted Convertible Notes, less the principal amount thereof and interest payable thereon. Contemporaneous with the purchase of the Option Assets, the Company also sold net-share-settled warrants (“Warrants”) that will settle over a 120-day settlement period beginning on July 1, 2015 relating to approximately 3.7 million shares of the Company’s common stock. The Option Assets and the Warrants have anti-dilution provisions similar to the Convertible Notes. At December 31, 2014, the exercise prices were $47.80 per share and $60.70 per share for the Option Assets and the Warrants, respectively, reflecting cumulative adjustments for quarterly dividends paid in excess of $0.24 per share.

See “Fair Values of Financial Assets and Liabilities - All Other Financial Assets and Liabilities” in Note 11 for information relating to the estimated fair value of the Bifurcated Conversion Feature and the Option Assets.

Revolving Credit Facility

The Company’s credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and the other financial institutions party thereto (“Revolving Credit Facility”) provides the Company with a $300.0 funding commitment through September 30, 2016. The Revolving Credit Facility is secured by a first priority lien on substantially all of the accounts receivable, inventory and certain other related assets and proceeds of the Company and certain of its domestic operating subsidiaries as well as certain machinery and equipment. Under the Revolving Credit Facility, the Company is able to borrow from time to time an aggregate commitment amount equal to the lesser of $300.0 and a borrowing base comprised of (i) 85% of eligible accounts receivable; (ii) the lesser of (a) 65% of eligible inventory and (b) 85% of the net orderly liquidation value of eligible inventory as determined in the most recent inventory appraisal ordered by the administrative agent; and (iii) 85% of certain eligible machinery and equipment, reduced by certain reserves, all as specified in the Revolving Credit Facility. Up to a maximum of $60.0 of availability under the Revolving Credit Facility may be utilized for letters of credit.

Borrowings under the Revolving Credit Facility bear interest at a rate equal to either a base prime rate or LIBOR, at the Company's option, plus, in each case, a specified variable percentage determined by reference to the then-remaining borrowing availability under the Revolving Credit Facility. The Revolving Credit Facility may, subject to certain conditions and the agreement of lenders thereunder, be increased up to $350.0.

The Company had $276.7 of borrowing availability under the Revolving Credit Facility at December 31, 2014, based on the borrowing base determination then in effect. At December 31, 2014, there were no borrowings under the Revolving Credit Facility and $7.6 was being used to support outstanding letters of credit, leaving $269.1 of net borrowing availability. The interest rate applicable to any overnight borrowings under the Revolving Credit Facility would have been 4.0% at December 31, 2014.

Amounts owed under the Revolving Credit Facility may be accelerated upon the occurrence of various events of default including, without limitation, the failure to make principal or interest payments when due and breaches of covenants, representations and warranties set forth therein. The Revolving Credit Facility places limitations on the ability of the Company and certain of its subsidiaries to, among other things, grant liens, engage in mergers, sell assets, incur debt, make investments, undertake transactions with affiliates, prepay certain debt, pay dividends and repurchase shares. The Company is allowed to prepay debt, pay dividends and repurchase shares in any amount if, after giving effect to such payment, $52.5 or more would be available for the Company to borrow under the Revolving Credit Facility. In addition, the Company is required to maintain a fixed charge coverage ratio on a consolidated basis at or above 1.1:1.0 if borrowing availability under the Revolving Credit Facility is less than $30.0.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company’s accounting policy is to perform an annual goodwill impairment test during the fourth quarter of each year or whenever events or changes in circumstances indicate that goodwill or the carrying value of intangible assets may not be recoverable. As of December 31, 2014, the Company performed a quantitative impairment test and determined that no impairment of its goodwill and intangible assets was required. Goodwill. The Company had goodwill of $37.2 at both December 31, 2014 and December 31, 2013. Such goodwill is related to the Company's acquisitions of the Chandler, Arizona (Extrusion) facility and the Florence, Alabama facility and is included in the Fabricated Products segment. Intangible Assets. In 2014 and 2013, the Company's identifiable intangible assets were related to customer relationships. The original cost of these customer relationships was $38.5 million and accumulated amortization and net book value were $6.4 million and $32.1 million, respectively, at December 31, 2014, and $4.8 million and $33.7 million, respectively, at December 31, 2013. Amortization expense relating to definite-lived intangible assets is recorded in the Fabricated Products segment. Such expense was $1.6, $1.7 and $1.8 for 2014, 2013 and 2012, respectively. The expected amortization of intangible assets for each of the next five calendar years is $1.6 and $24.1 for years thereafter.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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