View Filing Data

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information

	Six Months Ended June 30,
	2020		2019
	(In millions of dollars)
Interest paid	$	6.1	$	10.7
Non-cash investing and financing activities (included in Accounts payable):
Unpaid purchases of property and equipment	$	2.2	$	2.4
Stock repurchases not yet settled	$	—	$	0.3

Supplemental lease disclosures:
Operating lease liabilities arising from obtaining operating lease assets	$	4.6	$	0.9
Cash paid for amounts included in the measurement of operating lease liabilities	$	2.3	$	1.8
Finance lease liabilities arising from obtaining finance lease assets	$	0.3	$	0.5

	June 30, 2020		June 30, 2019
	(In millions of dollars)
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	710.6	$	122.4
Restricted cash included in Prepaid expenses and other current assets¹		—		0.3
Restricted cash included in Other assets¹		14.0		14.2
Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows	$	724.6	$	136.9

^{We are required to keep on deposit certain amounts that are pledged or held as collateral relating to workers' compensation and other agreements. We account for such deposits as restricted cash. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash.}

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 710.6	$ 264.3
Short-term investments		78.7
Receivables:
Trade receivables, net	126.4	167.1
Other	22.0	18.1
Contract assets	41.6	54.6
Inventories	181.4	177.6
Prepaid expenses and other current assets	25.7	19.4
Total current assets	1,107.7	779.8
Property, plant and equipment, net	627.1	622.0
Operating lease assets	28.0	25.8
Deferred tax assets, net		11.8
Intangible assets, net	28.1	29.6
Goodwill	18.8	18.8
Other assets	38.7	38.4
Total	1,848.4	1,526.2
Current liabilities:
Accounts payable	61.0	92.0
Accrued salaries, wages and related expenses	34.9	34.4
Other accrued liabilities	54.5	44.0
Total current liabilities	150.4	170.4
Long-term portion of operating lease liabilities	27.0	25.2
Net liabilities of Salaried VEBA	32.5	32.6
Deferred tax liabilities	7.3	4.5
Long-term liabilities	75.3	67.0
Long-term debt	837.1	492.6
Total liabilities	1,129.6	792.3
Commitments and contingencies
Stockholders' equity:
Preferred stock, 5,000,000 shares authorized at both June 30, 2020 and December 31, 2019; no shares were issued and outstanding at June 30, 2020 and December 31, 2019
Common stock, par value $0.01, 90,000,000 shares authorized at both June 30, 2020 and at December 31, 2019; 22,647,455 shares issued and 15,812,169 shares outstanding at June 30, 2020; 22,550,827 shares issued and 15,868,304 shares outstanding at December 31, 2019	0.2	0.2
Additional paid in capital	1,063.3	1,062.9
Retained earnings	173.4	172.8
Treasury stock, at cost, 6,835,286 shares at June 30, 2020 and 6,682,523 shares at December 31, 2019, respectively	(475.9)	(463.4)
Accumulated other comprehensive loss	(42.2)	(38.6)
Total stockholders' equity	718.8	733.9
Total	$ 1,848.4	$ 1,526.2

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (6.6)	$ 19.2	$ 22.5	$ 47.2
Other comprehensive income (loss), net of tax
Defined benefit pension plan and Salaried VEBA	0.9	1.1	2.0	2.2
Available for sale securities	(0.3)	(0.1)	(0.5)	(0.3)
Cash flow hedges	10.8	(4.2)	(5.1)	4.6
Fair value hedges	0.5
Other comprehensive income (loss), net of tax	11.9	(3.2)	(3.6)	6.5
Comprehensive income	$ 5.3	$ 16.0	$ 18.9	$ 53.7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Derivatives, Hedging Programs and Other Financial Instruments - Summary of Loss (Gain) Associated with Derivative Contracts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments Gain Loss [Line Items]
Total of income and expense line items presented in our Statements of Consolidated (Loss) Income in which the effects of cash flow hedges are recorded	$ 224.5	$ 303.5	$ 511.1	$ 618.6
Total of income and expense line items presented in our Statements of Consolidated (Loss) Income in which the effects of fair value hedges are recorded	13.0	12.1	26.2	24.0
Depreciation and Amortization \| Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative Instruments Gain Loss [Line Items]
Foreign exchange contracts	(0.2)
Cash Flow Hedges \| Cost of Sales \| Designated as Hedging Instrument
Derivative Instruments Gain Loss [Line Items]
Loss recognized in our Statements of Consolidated (Loss) Income related to cash flow hedges	10.5	4.7	17.5	8.9
Cash Flow Hedges \| Cost of Sales \| Designated as Hedging Instrument \| Electricity
Derivative Instruments Gain Loss [Line Items]
Loss recognized in our Statements of Consolidated (Loss) Income related to cash flow hedges	0.3		0.5
Cash Flow Hedges \| Cost of Sales \| Designated as Hedging Instrument \| Aluminum
Derivative Instruments Gain Loss [Line Items]
Loss recognized in our Statements of Consolidated (Loss) Income related to cash flow hedges	7.6	4.5	13.3	8.7
Cash Flow Hedges \| Cost of Sales \| Designated as Hedging Instrument \| Alloying Metals
Derivative Instruments Gain Loss [Line Items]
Loss recognized in our Statements of Consolidated (Loss) Income related to cash flow hedges	1.5	0.1	2.1	$ 0.2
Cash Flow Hedges \| Cost of Sales \| Designated as Hedging Instrument \| Alloying Metals (Reclassification Due To Forecasted Transactions No Longer Probable of Occuring
Derivative Instruments Gain Loss [Line Items]
Alloying metals (reclassification due to forecasted transactions no longer probable of occurring)	0.7		0.7
Cash Flow Hedges \| Cost of Sales \| Designated as Hedging Instrument \| Natural Gas
Derivative Instruments Gain Loss [Line Items]
Loss recognized in our Statements of Consolidated (Loss) Income related to cash flow hedges	0.4	$ 0.1	0.9
Fair Value Hedges \| Depreciation and Amortization \| Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative Instruments Gain Loss [Line Items]
Loss recognized in our Statements of Consolidated (Loss) Income related to cash flow hedges	0.1		0.3
Hedged item	0.2
Excluded component amortized from AOCI	0.2		0.4
Reclassification from AOCI related to early termination of firm commitment	(0.4)		(0.4)
Net settlement related to early termination of forward contracts	$ 0.3		$ 0.3

STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Cash flows from operating activities:

Net (loss) income

$ 22.5

$ 47.2

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

Depreciation of property, plant and equipment

24.8

22.6

Amortization of definite-lived intangible assets

1.4

Amortization of debt premium and debt issuance costs

0.8

0.6

Deferred income taxes

15.8

18.3

Non-cash equity compensation

4.7

6.1

Gain on disposition of short-term investments

(0.7)

(0.4)

Non-cash asset impairment charge

0.0

0.1

Loss (gain) on disposition of property, plant and equipment

0.3

(0.2)

Other non-cash changes in assets and liabilities

3.1

6.1

Changes in operating assets and liabilities:

Trade and other receivables

36.5

2.2

Contract assets

13.0

8.0

Inventories

(3.8)

(16.0)

Prepaid expenses and other current assets

(7.6)

(4.3)

Accounts payable

(28.7)

(13.4)

Accrued liabilities

10.9

(6.6)

Annual variable cash contributions to Salaried VEBA

(2.9)

(2.1)

Long-term assets and liabilities, net

4.8

0.9

Net cash provided by operating activities

^[1]

94.9

70.5

Cash flows from investing activities:

Capital expenditures

(31.8)

(29.9)

Purchase of short-term investments

(39.1)

(33.0)

Purchase of equity securities

(0.5)

(0.7)

Proceeds from disposition of short-term investments

118.1

45.7

Proceeds from disposition of property, plant and equipment

0.0

0.2

Net cash provided by (used in ) investing activities

^[1]

46.7

(17.7)

Cash flows from financing activities:

Issuance of 6.50% Senior Notes

350.0

0.0

Cash paid for debt issuance costs

(6.1)

0.0

Repayment of finance lease

(0.8)

(0.6)

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

(4.3)

(6.2)

Repurchase of common stock

(12.5)

(28.6)

Cash dividends and dividend equivalents paid

(21.9)

(20.1)

Net cash provided by (used in) financing activities

304.4

(55.5)

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

446.0

(2.7)

Cash, cash equivalents and restricted cash at beginning of period

278.6

139.6

Cash, cash equivalents and restricted cash at end of period

$ 724.6

$ 136.9

[1]	See Note 13 for supplemental cash flow information.

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 6.1	$ 10.7
Non-cash investing and financing activities (included in Accounts payable):
Unpaid purchases of property and equipment	2.2	2.4
Stock repurchases not yet settled		0.3
Supplemental lease disclosures:
Operating lease liabilities arising from obtaining operating lease assets	4.6	0.9
Cash paid for amounts included in the measurement of operating lease liabilities	2.3	1.8
Finance lease liabilities arising from obtaining finance lease assets	0.3	0.5
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	710.6	122.4	$ 264.3
Restricted cash included in Prepaid expenses and other current assets		0.3
Restricted cash included in Other assets	14.0	14.2
Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows	$ 724.6	$ 136.9	$ 278.6	$ 139.6

Derivatives, Hedging Programs and Other Financial Instruments - Additional Information (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Collateral posted for net derivatives	$ 0	$ 0
Cash collateral posted from customers	500,000	200,000
Designated as Hedging Instrument \| Purchase
Derivative [Line Items]
Derivative net liability	$ 14,400,000	$ 7,200,000

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Commitments. We have a variety of financial commitments, including purchase agreements, forward foreign exchange and forward sales contracts, indebtedness and letters of credit (see Note 5 and Note 6).

Environmental Contingencies. We are subject to a number of environmental laws and regulations, to potential fines or penalties assessed for alleged breaches of such laws and regulations and to potential claims based upon such laws and regulations. We are also subject to legacy environmental contingencies related to activities that occurred at operating facilities prior to July 6, 2006, which represent the majority of our environmental accruals. The status of these environmental contingencies are discussed below. We have established procedures for regularly evaluating environmental loss contingencies. Our environmental accruals represent our undiscounted estimate of costs reasonably expected to be incurred based on presently enacted laws and regulations, existing requirements, currently available facts, existing technology and our assessment of the likely remediation actions to be taken.

We continue to pursue remediation activities, primarily to address the historical use of oils containing polychlorinated biphenyls ("PCBs") at our Spokane, Washington ("Trentwood") facility. Our remediation efforts are in collaboration with the Washington State Department of Ecology ("Washington State Ecology"), to which we submitted a feasibility study in 2012 of remediation alternatives and from which we received permission to begin certain remediation activities pursuant to a signed work order. As we have finished a number of sections of the work plan, we have received approval from Washington State Ecology on satisfactory completion of those sections. Additionally, in cooperation with Washington State Ecology, to determine the treatability and evaluate the feasibility of removing PCBs from ground water under the Trentwood facility, we constructed an experimental treatment facility and began treatment operations in 2016. As the long-term success of the new methodology cannot be reasonably determined at this time, it is possible we may need to make upward adjustments to our related accruals and cost estimates as the long-term results become available.

During 2013, at the request of the Ohio Environmental Protection Agency ("OEPA"), we initiated an investigational study of the Newark, Ohio ("Newark") facility related to historical on-site waste disposal. In the fourth quarter of 2018, we submitted our remedial investigation study to the OEPA, which is subject to their review and approval. Following OEPA approval of the remedial investigational study, we will then prepare the final feasibility study and update estimates for probable and estimable remediation, if any. The actual and final cost for remediation will not be fully determinable until a final feasibility study is submitted and accepted by the OEPA and work plans are prepared, which is expected to occur in the next 12 to 24 months.

During 2020, following the issuance of information requests under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), to which we responded, United States Environmental Protection Agency ("USEPA") issued a general notice letter to us alleging that we are a potentially responsible party under CERCLA for response and other potential remedial actions concerning property owned by us near our former smelter site in Mead, Spokane County, Washington. On February 21, 2020, we responded to the General Notice letter and we continue to have discussions with USEPA regarding potential resolution of the matter. Final resolution is not yet certain, however, based on currently available facts and our assessment of the likely remediation actions to be taken, we established a $1.9 million short-term environmental accrual during the six months ended June 30, 2020.

At June 30, 2020, our environmental accrual of $18.2 million represented our estimate of the incremental remediation cost based on: (i) proposed alternatives in the final feasibility study related to the Trentwood facility; (ii) currently available facts with respect to our Newark facility; and (iii) facts related to certain other locations owned or formerly owned by us, including our property in Mead, Spokane County, Washington. In accordance with approved and proposed remediation action plans, we expect that the implementation and ongoing monitoring could occur over a period of 30 or more years.

As additional facts are developed, feasibility studies are completed, remediation plans are modified, necessary regulatory approvals for the implementation of remediation are obtained, alternative technologies are developed and/or other factors change, there may be revisions to management's estimates and actual costs may exceed the current environmental accruals. We believe at this time that it is reasonably possible that undiscounted costs associated with these environmental matters may exceed current accruals by amounts that could be, in the aggregate, up to an estimated $11.6 million over the remediation period. It is reasonably possible that our recorded estimate will change in the next 12 months.

Other Contingencies. We are party to various lawsuits, claims, investigations and administrative proceedings that arise in connection with past and current operations. We evaluate such matters on a case-by-case basis and our policy is to vigorously contest any such claims we believe are without merit. We accrue for a legal liability when it is both probable that a liability has been incurred and the amount of the loss is reasonably estimable. Quarterly, in addition to when changes in facts and circumstances require it, we review and adjust these accruals to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. While uncertainties are inherent in the final outcome of such matters and it is presently impossible to determine the actual cost that may ultimately be incurred, we believe that we have sufficiently accrued for such matters and that the ultimate resolution of pending matters will not have a material impact on our consolidated financial position, operating results or liquidity.

Net (Loss) Income Per Share - Schedule of Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net (loss) income	$ (6.6)	$ 29.1	$ 19.2	$ 28.0	$ 22.5	$ 47.2
Denominator – Weighted-average common shares outstanding (in thousands):
Basic	15,781,000		16,063,000		15,809,000	16,085,000
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares			177,000		120,000	213,000
Diluted	15,781,000		16,240,000		15,929,000	16,298,000
Net (loss) income per common share, Basic:	$ (0.41)		$ 1.19		$ 1.42	$ 2.93
Net (loss) income per common share, Diluted:	$ (0.41)		$ 1.18		$ 1.41	$ 2.89

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Derivatives, Hedging Programs and Other Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Designated as Hedging Instrument \| Purchase
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	$ (14.4)	$ (7.2)
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	2.0	4.0
Derivative liability	(16.4)	(11.2)
Fair Value, Measurements, Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	2.0	4.0
Derivative liability	(16.4)	(11.2)
Net Amount	(14.4)	(7.2)
Fair Value, Measurements, Recurring \| Cash Flow Hedges \| Level 2 \| Designated as Hedging Instrument \| Purchase \| Aluminum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	0.3	1.0
Derivative liability	(6.7)	(4.1)
Net Amount	(6.4)	(3.1)
Fair Value, Measurements, Recurring \| Cash Flow Hedges \| Level 2 \| Designated as Hedging Instrument \| Purchase \| Midwest premium swap contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	0.1	0.0
Derivative liability	(2.7)	(1.2)
Net Amount	(2.6)	(1.2)
Fair Value, Measurements, Recurring \| Cash Flow Hedges \| Level 2 \| Designated as Hedging Instrument \| Purchase \| Alloying Metals
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	0.2	0.4
Derivative liability	(1.7)	(1.5)
Net Amount	(1.5)	(1.1)
Fair Value, Measurements, Recurring \| Cash Flow Hedges \| Level 2 \| Designated as Hedging Instrument \| Purchase \| Natural Gas
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	0.2	0.0
Derivative liability	(2.7)	(2.8)
Net Amount	(2.5)	(2.8)
Fair Value, Measurements, Recurring \| Cash Flow Hedges \| Level 2 \| Designated as Hedging Instrument \| Purchase \| Electricity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	1.1	2.6
Derivative liability	(2.6)	(1.6)
Net Amount	(1.5)	1.0
Fair Value, Measurements, Recurring \| Cash Flow Hedges \| Level 2 \| Designated as Hedging Instrument \| Sales \| Aluminum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	0.1	0.0
Derivative liability	0.0	0.0
Net Amount	$ 0.1	$ 0.0

Business, Product and Geographical Area Information - Net Sales by End Market Segment Applications (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net sales:
Net sales	$ 275.7	$ 375.3	$ 645.0	$ 770.5
Transferred at Point in Time
Net sales:
Net sales	164.7	222.6	380.3	445.9
Transferred over Time
Net sales:
Net sales	111.0	152.7	264.7	324.6
Aero/HS products
Net sales:
Net sales	144.6	189.4	340.6	387.9
Automotive Extrusions
Net sales:
Net sales	16.7	45.5	64.1	98.5
GE products
Net sales:
Net sales	110.8	128.2	232.5	258.2
Other products
Net sales:
Net sales	$ 3.6	$ 12.2	$ 7.8	$ 25.9

Basis of Presentation, Economic Conditions and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation. The accompanying unaudited consolidated financial statements include the accounts of our 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 ("SEC") applicable for interim periods and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In management's opinion, all adjustments (which include normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2020 fiscal year. The financial information as of December 31, 2019 is derived from our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2019.
Coronavirus Disease 2019 ("COVID-19") Pandemic	Coronavirus Disease 2019 ("COVID-19") Pandemic. Beginning in March 2020, the COVID-19 pandemic significantly impacted our industry, causing demand for our products, primarily in our aerospace and automotive end markets, to decline. We instituted operational measures in response to financial impacts caused by the reduced demand. In March 2020, we suspended repurchases of our common stock. During the quarter ended June 30, 2020, we: (i) began limiting capital spending to critical sustaining projects (see Note 2 for discussion of idled projects); (ii) early settled firm commitments with corresponding fair value hedges and reduced forecasts with respect to purchase transactions with corresponding cash flow hedges (see Note 5); (iii) settled all outstanding available for sale securities (see Note 5); (iv) issued $350.0 million of new unsecured senior notes (see Note 6); and (v) initiated a plan of restructuring (see Note 9). For additional discussion related to the COVID-19 pandemic, see Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 1A. Risk Factors, both of which are included in this Report.
Use of Estimates in the Preparation of Financial Statements	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 our 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 our consolidated financial position and results of operations. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. Therefore, our accounting estimates and assumptions may change over time in response to the COVID-19 pandemic and may change materially in future periods.
New Accounting Pronouncements	Adoption of New Accounting Pronouncements Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), was issued in June 2016. Under ASU 2016-13, existing guidance on reporting credit losses for trade and other receivables and available for sale debt securities have been replaced with a new forward-looking "expected loss" model that has resulted in the earlier recognition of allowances for losses. Our adoption of ASU 2016-13 during the quarter ended March 31, 2020 using the modified retrospective transition approach did not result in a material impact on our consolidated financial statements. As part of our assessment of the adequacy of our allowances for credit losses, we consider a number of factors including, but not limited to, customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of receivables, expected loss rates and collateral exposures. ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), was issued in August 2018. Under ASU 2018-15, requirements for capitalizing implementation costs incurred in a hosting arrangement (cloud computing) that is a service contract are to be aligned with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted ASU 2018-15 during the quarter ended March 31, 2020 using the prospective transition approach. The implementation costs we capitalized during the six months ended June 30, 2020 were included in both Prepaid expenses and other current assets and Other assets in our Consolidated Balance Sheets. The corresponding cash flows related to these arrangements were included in Net cash provided by operating activities in our Statements of Consolidated Cash Flows. Accounting Pronouncements Issued But Not Yet Adopted ASU No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"), was issued in December 2019. Under ASU 2019-12, the accounting for income taxes is simplified by eliminating certain exceptions and implementing additional requirements which result in a more consistent application of ASC 740 Income Taxes. We are currently in the process of evaluating the impact of adopting ASU 2019-12 in 2021, but do not expect it to have a material impact on our consolidated financial statements.
Leases	We determine whether an agreement is a lease at inception. We have operating and finance leases for equipment and real estate that primarily have fixed lease payments. Our leases have remaining lease terms of approximately one to 13 years, some of which may include options to extend the lease for up to 20 years, and some of which may include options to terminate the lease within one year. None of our options to extend or terminate are reasonably certain of being exercised, and are therefore not included in our determination of lease assets and liabilities. Short-term leases with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheets. As most of our leases do not provide an implicit rate, we use information available at the lease commencement date in determining an incremental borrowing rate when calculating our operating lease assets and operating lease liabilities. In determining the inputs to the incremental borrowing rate calculation, we make judgments about the value of the leased asset, our credit rating and the lease term, including the probability of our exercising options to extend or terminate the underlying lease. Additionally, we make judgments around contractual asset substitution rights in determining whether a contract contains a lease. We have lease agreements with lease and non-lease components, which are generally accounted for separately. These non-lease components include items such as common area maintenance, taxes and insurance for our real estate leases, as well as maintenance charges related to our equipment leases. We have, however, applied the practical expedient within ASU 2016-02 to not separate lease and non-lease components to our embedded supply system equipment leases and have therefore accounted for both lease and non-lease components in determining the lease assets and liabilities. Many of our equipment leases contain clauses that require us to return the equipment with certain functionality intact. We account for these costs as residual value guarantees when the guarantee becomes probable of being owed. Our lease agreements do not contain any material restrictive covenants.

Leases - Schedule of Maturity of Our Lease Liabilities (Details) $ in Millions	Jun. 30, 2020 USD ($)
Operating Leases
Remainder of 2020	$ 3.1
2021	5.6
2022	4.8
2023	4.4
2024	4.1
2025	2.3
2026 and thereafter	16.9
Total minimum lease payments	41.2
Less: interest	(9.7)
Present value	31.5
Finance Leases
Remainder of 2020	0.8
2021	1.5
2022	1.2
2023	1.1
2024	0.7
2025	0.7
2026 and thereafter	0.9
Total minimum lease payments	6.9
Less: interest	(0.8)
Present value	$ 6.1

Net (Loss) Income Per Share - Schedule of Calculation of Basic and Diluted Net (Loss) Income Per Share (Parenthetical) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	71,000	9,000	38,000	5,000

Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

Dividend Declaration. On July 14, 2020, we announced that our Board of Directors declared a cash dividend of $0.67 per common share. As such, we expect to pay approximately $10.7 million (including dividend equivalents) on or about August 14, 2020 to stockholders of record and the holders of certain restricted stock units at the close of business on July 24, 2020.

Derivatives, Hedging Programs and Other Financial Instruments - Summary of Derivative Positions (Details) - Designated as Hedging Instrument mmlb in Millions	6 Months Ended
	Jun. 30, 2020 mmlb MMBTU MWh euro
Purchase \| Aluminum
Derivative [Line Items]
Derivative non-monetary notional amount	92.4
Purchase \| Aluminum \| Minimum
Derivative [Line Items]
Derivative maturity period	2020-07
Purchase \| Aluminum \| Maximum
Derivative [Line Items]
Derivative maturity period	2022-12
Purchase \| Midwest premium swap contracts
Derivative [Line Items]
Derivative non-monetary notional amount	91.5
Purchase \| Midwest premium swap contracts \| Minimum
Derivative [Line Items]
Derivative maturity period	2020-07
Purchase \| Midwest premium swap contracts \| Maximum
Derivative [Line Items]
Derivative maturity period	2022-12
Purchase \| Alloying Metals
Derivative [Line Items]
Derivative non-monetary notional amount	14.5
Purchase \| Alloying Metals \| Minimum
Derivative [Line Items]
Derivative maturity period	2020-07
Purchase \| Alloying Metals \| Maximum
Derivative [Line Items]
Derivative maturity period	2021-12
Purchase \| Natural Gas
Derivative [Line Items]
Derivative non-monetary notional amount \| MMBTU	7,490,000
Purchase \| Natural Gas \| Minimum
Derivative [Line Items]
Derivative maturity period	2020-07
Purchase \| Natural Gas \| Maximum
Derivative [Line Items]
Derivative maturity period	2024-12
Purchase \| Foreign Exchange Contract
Derivative [Line Items]
Derivative non-monetary notional amount \| euro	711,324
Purchase \| Foreign Exchange Contract \| Minimum
Derivative [Line Items]
Derivative maturity period	2020-09
Purchase \| Foreign Exchange Contract \| Maximum
Derivative [Line Items]
Derivative maturity period	2021-01
Purchase \| Electricity
Derivative [Line Items]
Derivative non-monetary notional amount \| MWh	570,140
Purchase \| Electricity \| Minimum
Derivative [Line Items]
Derivative maturity period	2020-07
Purchase \| Electricity \| Maximum
Derivative [Line Items]
Derivative maturity period	2022-12
Sales \| Aluminum
Derivative [Line Items]
Derivative non-monetary notional amount	0.9
Sales \| Aluminum \| Minimum
Derivative [Line Items]
Derivative maturity period	2020-07
Sales \| Aluminum \| Maximum
Derivative [Line Items]
Derivative maturity period	2021-11
Sales \| Alloying Metals
Derivative [Line Items]
Derivative non-monetary notional amount	5.8
Sales \| Alloying Metals \| Minimum
Derivative [Line Items]
Derivative maturity period	2020-07
Sales \| Alloying Metals \| Maximum
Derivative [Line Items]
Derivative maturity period	2021-12

Derivatives, Hedging Programs and Other Financial Instruments - Schedule of Other Financial Assets Classifies under Appropriate Level of Fair Value Hierarchy (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 710.6	$ 264.3
Total	710.6	343.0
Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments		78.7
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	710.6	28.2
Total	710.6	28.2
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	0.0	236.1
Total	0.0	314.8
Level 2 \| Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments		$ 78.7
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	0.0
Total	$ 0.0

Debt and Credit Facility - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Dec. 18, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	May 01, 2020	Apr. 28, 2020	Dec. 31, 2019	Nov. 26, 2019	May 15, 2016
Debt Instrument
Interest expense capitalized		$ 200,000	$ 400,000	$ 500,000	$ 900,000
Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity		375,000,000.0		375,000,000.0
Senior Notes Due 2025 \| Senior Notes
Debt Instrument
Debt instrument contractual rate (percent)						6.50%	6.50%
Debt issuance, percentage of principal amount						101.00%	100.00%
Debt principal amount		350,000,000.0		350,000,000.0		$ 50,000,000.0	$ 300,000,000.0
Unamortized debt issuance costs		5,900,000		5,900,000
Interest expense		$ 4,200,000		$ 4,200,000
Effective interest rate (percent)		6.80%		6.80%
Debt instrument, payment terms				Interest accrues on the 6.50% Senior Notes beginning April 28, 2020 at a rate of 6.50% per annum and is payable semiannually on May 1 and November 1 of each year. The first interest payment date is November 1, 2020
Debt instrument, frequency of interest payment				semiannually
Debt Instrument, first interest payment date				Nov. 01, 2020
Fair value of outstanding debt		$ 365,500,000		$ 365,500,000
Senior Notes Due 2025 \| Senior Notes \| On or After May 1, 2022
Debt Instrument
Redemption price as percentage of principal (percent)				103.25%
Senior Notes Due 2025 \| Senior Notes \| On or After May 1, 2023
Debt Instrument
Redemption price as percentage of principal (percent)				101.625%
Senior Notes Due 2025 \| Senior Notes \| On or After May 1, 2024
Debt Instrument
Redemption price as percentage of principal (percent)				100.00%
Senior Notes Due 2025 \| Senior Notes \| Prior to May 1, 2022
Debt Instrument
Redemption price as percentage of principal (percent)				106.50%
Percentage of principal that can be redeemed (percent)				40.00%
Senior Notes Due 2028 \| Senior Notes
Debt Instrument
Debt instrument contractual rate (percent)									4.625%
Debt issuance, percentage of principal amount									100.00%
Debt principal amount									$ 500,000,000.0
Unamortized debt issuance costs		7,000,000.0		$ 7,000,000.0
Interest expense		$ 6,000,000.0		$ 12,000,000.0
Effective interest rate (percent)		4.80%		4.80%
Fair value of outstanding debt		$ 482,200,000		$ 482,200,000				$ 513,500,000
Senior Notes Due 2024 \| Senior Notes
Debt Instrument
Debt instrument contractual rate (percent)										5.875%
Debt issuance, percentage of principal amount										100.00%
Debt principal amount										$ 375,000,000.0
Interest expense			$ 5,700,000		$ 11,400,000
Effective interest rate (percent)			6.10%		6.10%
Senior Notes Due 2024 \| Senior Notes \| On or After May 15, 2019
Debt Instrument
Redemption price as percentage of principal (percent)	104.406%

Employee Benefits - Summary of Total Expense Related to All Postretirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure
Defined contribution plan, cost	$ 1.7	$ 1.7	$ 5.6	$ 5.6
Deferred compensation arrangement with individual, compensation expense	0.8	0.3	0.4	1.0
Multiemployer plan, contributions by employer	1.2	1.2	2.5	2.4
Total other employee benefit plans	4.9	4.8	10.9	12.3
Postretirement Health Coverage \| Salaried VEBA
Defined Benefit Plan Disclosure
Total net periodic postretirement benefit cost relating to Salaried VEBA	$ 1.2	$ 1.6	$ 2.4	$ 3.3

Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income And Expenses [Abstract]
Interest income	$ 0.2	$ 0.1	$ 0.3	$ 0.3
Net periodic postretirement benefit cost relating to Salaried VEBA	(1.2)	(1.6)	(2.4)	(3.3)
Realized gain on available for sale securities	0.6	1.2	2.1	2.4
Unrealized gain on equity securities	0.7		0.1	0.5
All other income (expense), net	0.2	0.2	(0.4)	0.5
Other income (expense), net	$ 0.5	$ (0.1)	$ (0.3)	$ 0.4

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 14, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 0.67	$ 0.67	$ 0.60	$ 0.60
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)	$ 0.67
Cash dividends declared	$ 10.7
Cash dividends, declared date	Jul. 14, 2020
Cash dividends, payable date	Aug. 14, 2020
Cash dividends, record date	Jul. 24, 2020

Other Income (Expense), Net

6 Months Ended

Jun. 30, 2020

Other Income And Expenses [Abstract]

Other Income (Expense), Net

10. Other Income (Expense), Net

Other income (expense), net, consisted of the following for the periods presented (in millions of dollars):

	Quarter Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Interest income	$	0.2		$	0.1		$	0.3		$	0.3
Net periodic postretirement benefit cost relating to Salaried VEBA		(1.2	)		(1.6	)		(2.4	)		(3.3	)
Realized gain on available for sale securities		0.6			1.2			2.1			2.4
Unrealized gain on equity securities		0.7			—			0.1			0.5
All other income (expense), net		0.2			0.2			(0.4	)		0.5
Other income (expense), net	$	0.5		$	(0.1	)	$	(0.3	)	$	0.4

Employee Benefits - Summary of Components of Net Periodic Postretirement Benefit Cost Relating to Salaried VEBA (Details) - Postretirement Health Coverage - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Salaried VEBA:
Interest cost	$ 0.7	$ 0.8	$ 1.3	$ 1.6
Expected return on plan assets	(0.7)	(0.7)	(1.4)	(1.3)
Amortization of prior service cost	1.1	1.4	2.3	2.8
Amortization of net actuarial loss	0.1	0.1	0.2	0.2
Salaried VEBA
Salaried VEBA:
Total net periodic postretirement benefit cost relating to Salaried VEBA	$ 1.2	$ 1.6	$ 2.4	$ 3.3

Derivatives, Hedging Programs and Other Financial Instruments

6 Months Ended

Jun. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives, Hedging Programs and Other Financial Instruments

5. Derivatives, Hedging Programs and Other Financial Instruments

Overview. In conducting our business, we enter into derivative transactions, including forward contracts and options, to limit our exposure to: (i) metal price risk related to our sale of fabricated aluminum products and the purchase of metal used as raw material for our fabrication operations; (ii) energy price risk relating to fluctuating prices of natural gas and electricity used in our production processes; and (iii) foreign currency requirements with respect to cash commitments for equipment purchases denominated in foreign currency. We do not use derivative financial instruments for trading or other speculative purposes. Hedging transactions are executed centrally on behalf of all of our operations to minimize transaction costs, monitor consolidated net exposures and allow for increased responsiveness to changes in market factors.

Our derivative activities are overseen by a committee ("Hedging Committee"), which is composed of our chief executive officer, chief operating officer, chief financial officer, chief accounting officer, vice president of metal management, treasurer and other officers and employees selected by the chief executive officer. The Hedging Committee meets regularly to review commodity price exposure, derivative positions and strategy. Management reviews the scope of the Hedging Committee's activities with our Board of Directors.

We are exposed to counterparty credit risk on all of our derivative instruments, which we manage by monitoring the credit quality of our counterparties and allocating our hedging positions among multiple counterparties to limit exposure to any single entity. Our counterparties are major, investment grade financial institutions or trading companies. Hedging transactions are governed by negotiated reciprocal credit lines, which generally require collateral to be posted above specified credit thresholds. We believe the risk of loss is remote and contained due to counterparty credit quality, our diversification practice and collateral requirements.

In a majority of our hedging counterparty agreements, our counterparty offers us a credit line that adjusts up or down, depending on our liquidity. Below specified liquidity thresholds, we may have to post collateral if the fair value of our net liability with such counterparty exceeds our reduced credit line. We manage this risk by allocating hedging transactions among multiple counterparties, using options as part of our hedging activities or both. The aggregate fair value of our derivative instruments that were in a net liability position was $14.4 million and $7.2 million at June 30, 2020 and December 31, 2019, respectively, and we had no collateral posted as of those dates.

Additionally, our firm-price customer sales commitments create incremental customer credit risk related to metal price movements. Under certain circumstances, we mitigate this risk by periodically requiring cash collateral from them, which we classify as deferred revenue and include as a component of Other accrued liabilities. Cash collateral posted from our customers was $0.5 million and $0.2 million as of June 30, 2020 and December 31, 2019, respectively.

Cash Flow Hedges

We designate our aluminum and energy derivatives and our forward swap contracts for zinc and copper ("Alloying Metals") used in our fabrication operations as cash flow hedges. Unrealized gains and losses associated with our cash flow hedges are deferred in Other comprehensive income (loss), net of tax, and reclassified to COGS when such hedges settle or when it is probable that the original forecasted transactions will not occur by the end of the originally specified time period. See Note 8 for the total amount of gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments and fair value hedging instruments that was reported in Accumulated other comprehensive loss ("AOCI"), as well as the related reclassifications into earnings and tax effects. Cumulative gains and losses related to cash flow hedges are reclassified out of AOCI and recorded within COGS when the associated hedged commodity purchases impact earnings.

Aluminum Hedges. Our pricing of fabricated aluminum products is generally intended to lock in a conversion margin (representing the value added from the fabrication process(es)) and to pass through metal price fluctuations to our customers. For some of our higher value added products sold on a spot basis, the pass through of metal price movements can sometimes lag by as much as several months, with a favorable impact to us when metal prices decline and an adverse impact to us when metal prices increase. Additionally, in certain instances, we enter into firm-price arrangements with our customers for stipulated volumes to be delivered in the future. Because we generally purchase primary and secondary aluminum on a floating price basis, the lag in passing through metal price movements to customers on some of our higher value added products sold on a spot basis and the volume that we have committed to sell to our customers under a firm-price arrangement create metal price risk for us. We use third-party hedging instruments to limit exposure to metal price risk related to the metal pass through lag on some of our products and firm-price customer sales contracts.

Alloying Metals Hedges. We are exposed to risk of fluctuating prices for Alloying Metals used as raw materials in our fabrication operations. We, from time to time, in the ordinary course of business, use third-party hedging instruments to mitigate our risk from price fluctuations in Alloying Metals.

Energy Hedges. We are exposed to risk of fluctuating prices for natural gas and electricity. We, from time to time, in the ordinary course of business, enter into hedging transactions and/or physical delivery commitments with third parties to mitigate our risk from fluctuations in natural gas and electricity prices.

Fair Value Hedges

We are exposed to foreign currency exchange risk related to firm-price commitments for equipment purchases from foreign manufacturers. We, from time to time, in the ordinary course of business, use third-party hedging instruments to mitigate our exposure to currency exchange rate fluctuations on these purchases, and designate such hedging instruments as fair value hedges. Gain or loss related to components excluded from the assessment of effectiveness from these fair value hedges is first recognized in AOCI and subsequently reclassified to Depreciation and amortization on a straight-line basis over the term of the hedge. Gain or loss on the hedged item (e.g., equipment purchase firm commitments) and the remaining gain or loss on the fair value hedge is recorded within Depreciation and amortization in the period that the gain or loss occurs. Any difference between the change in the fair value of the excluded component and amounts recognized in income on a straight-line basis over the term of the hedge is recognized in AOCI.

Non-Designated Hedges of Operational Risks

From time-to-time, we enter into commodity and foreign currency exchange contracts that are not designated as hedging instruments to mitigate certain short-term commodity and currency impacts, as identified. For derivative instruments that are not designated as hedging instruments, the gain or loss on these derivatives is recognized within COGS or Other income (expense), net, depending on whether it relates to commodity risk or foreign currency risk, respectively.

Notional Amount of Derivative Contracts

The following table summarizes our derivative positions at June 30, 2020:

Aluminum	Maturity Period (month/year)	Notional Amount of Contracts (mmlbs)
Fixed price purchase contracts	7/20 through 12/22		92.4
Fixed price sales contracts	7/20 through 11/21		0.9
Midwest premium swap contracts¹	7/20 through 12/22		91.5

Alloying Metals

Maturity Period

(month/year)

Notional Amount of Contracts (mmlbs)

Fixed price purchase contracts

7/20 through 12/21

14.5

Fixed price sales contracts

7/20 through 12/21

5.8

Natural Gas²

Maturity Period

(month/year)

Notional Amount of Contracts (mmbtu)

Fixed price purchase contracts

7/20 through 12/24

7,490,000

Electricity³

Maturity Period

(month/year)

Notional Amount of Contracts (Mwh)

Fixed price purchase contracts

7/20 through 12/22

570,140

Euro

Maturity Period

(month/year)

Notional Amount of Contracts (euro)

Fixed price forward contracts

9/20 through 1/21

711,324

¹	^{Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on our purchases of primary aluminum.}

^{As of June 30, 2020, we had derivative and/or physical delivery commitments with energy companies in place to cover exposure to fluctuations in prices for approximately 83% of the expected natural gas purchases for the remainder of 2020, 91% of the expected natural gas purchases for 2021, 95% of the expected natural gas purchases for 2022, 93% of the expected natural gas purchases for 2023, 85% of the expected natural gas purchases for 2024 and 25% of the expected natural gas purchases for both 2025 and 2026.}

^{As of June 30, 2020, we had derivative and/or physical delivery commitments with energy companies in place to cover exposure to fluctuations in prices for approximately 59% of our expected electricity purchases for the remainder of 2020, 58% of our expected electricity purchases for 2021 and 49% of our expected electricity purchases for 2022.}

Loss (Gain)

The amount of loss (gain) included on our Statements of Consolidated (Loss) Income associated with all derivative contracts consisted of the following for the periods presented (in millions of dollars):

	Quarter Ended June 30,					Six Months Ended June 30,
	2020			2019		2020			2019
Total of income and expense line items presented in our Statements of Consolidated (Loss) Income in which the effects of cash flow hedges are recorded	$	224.5		$	303.5	$	511.1		$	618.6

Loss recognized in our Statements of Consolidated (Loss) Income related to cash flow hedges:
Aluminum		7.6			4.5		13.3			8.7
Alloying metals (effective hedges)		1.5			0.1		2.1			0.2
Alloying metals (reclassification due to forecasted transactions no longer probable of occurring)		0.7			—		0.7			—
Natural gas		0.4			0.1		0.9			—
Electricity		0.3			—		0.5			—
Total loss recognized in our Statements of Consolidated (Loss) Income related to cash flow hedges	$	10.5		$	4.7	$	17.5		$	8.9

Total of income and expense line items presented in our Statements of Consolidated (Loss) Income in which the effects of fair value hedges are recorded	$	13.0		$	12.1	$	26.2		$	24.0

(Gain) loss recognized in our Statements of Consolidated (Loss) Income related to fair value hedges:
Foreign exchange contracts		(0.2	)		—		—			—
Hedged item		0.2			—		—			—
Excluded component amortized from AOCI¹		0.2			—		0.4			—
Reclassification from AOCI related to early termination of firm commitment¹		(0.4	)		—		(0.4	)		—
Net settlement related to early termination of forward contracts		0.3			—		0.3			—
Total gain recognized in our Statements of Consolidated (Loss) Income related to fair value hedges	$	0.1		$	—	$	0.3		$	—

^{Included within Other income (expense), net in our Statements of Consolidated (Loss) Income.}

Fair Values of Derivative Contracts

The fair values of our derivative contracts are based upon trades in liquid markets. Valuation model inputs can be verified and valuation techniques do not involve significant judgment. The fair values of such financial instruments are classified within Level 2 of the fair value hierarchy.

All of our derivative contracts with counterparties are subject to enforceable master netting arrangements. We reflect the fair value of our derivative contracts on a gross basis on our Consolidated Balance Sheets. The following table presents the fair value of our derivative financial instruments as of the periods presented (in millions of dollars):

	June 30, 2020								December 31, 2019
	Assets		Liabilities			Net Amount			Assets		Liabilities			Net Amount
Cash Flow Hedges:
Aluminum –
Fixed price purchase contracts	$	0.3	$	(6.7	)	$	(6.4	)	$	1.0	$	(4.1	)	$	(3.1	)
Fixed price sales contracts		0.1		—			0.1			—		—			—
Midwest premium swap contracts		0.1