Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS (Tables)

v3.20.1
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) [Table Text Block]
Estimated losses before tax expected to be reclassified into Cost of goods sold within the next 12 months for our existing derivatives that qualify as cash flow hedges are presented below:
 
 
(In Millions)
Hedge:
 
Estimated Losses
Natural gas
 
$
(7.0
)
Zinc
 
(0.2
)
Electricity
 
(1.5
)
Canadian dollars
 
(0.2
)

Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Unaudited Condensed Consolidated Financial Position:
 
 
Derivatives designated as hedging instruments under Topic 815:
 
Derivatives not designated as hedging instruments under Topic 815:
Derivative Asset (Liability)
 
March 31,
2020
 
December 31,
2019
 
March 31,
2020
 
December 31,
2019
Other current assets:
 
 
 
 
 
 
 
 
Customer supply agreement
 
$
—

 
$
—

 
$
19.0

 
$
44.5

Provisional pricing arrangements
 
—

 
—

 
0.6

 
1.3

Commodity contracts
 
0.3

 
—

 
1.3

 
—

Other current liabilities:
 
 
 
 
 
 
 
 
Provisional pricing arrangements
 
 
 
 
 
—

 
(1.1
)
Commodity contracts
 
(25.9
)
 
(3.2
)
 
(0.6
)
 
—

Foreign exchange contracts
 
(1.6
)
 
—

 
—

 
—

Other non-current liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
(2.8
)
 
—

 
(0.6
)
 
—

Foreign exchange contracts
 
(0.9
)
 
—

 
—

 
—


Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The following table presents our outstanding hedge contracts:
 
 
 
 
(In Millions)
 
 
 
 
March 31, 2020
 
December 31, 2019
 
 
Unit of Measure
 
Maturity Dates
Notional Amount
 
Notional Amount
Commodity contracts:
 
 
 
 
 
 
 
Natural gas
 
MMBtu
 
April 2020 - December 2021
50.4

 
20.1

Diesel
 
Gallons
 
—
—

 
0.8

Zinc
 
Pounds
 
April 2020 - December 2021
28.8

 
—

Electricity
 
Megawatt hours
 
April 2020 - December 2021
1.5

 
—

Foreign exchange contracts:
 
 
 
 
 
 
 
Canadian dollars
 
CAD
 
April 2020 - December 2021
C$
58.7

 
C$
—


Schedule Of Derivatives Not Designated As Hedging Instruments Statements Of Financial Performance Location Table
The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations:
 
 
 
 
(In Millions)
 
Derivatives Not Designated as Hedging Instruments
 
Location of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended
March 31,
 
 
2020
 
2019
 
Customer supply agreements
 
Revenues
$
(25.6
)
 
$
17.1

 
Provisional pricing arrangements
 
Revenues
(1.2
)
 
(11.6
)
 
Foreign exchange contracts
 
Other non-operating income
(0.1
)
 
—

 
Commodity contracts
 
Cost of goods sold
(5.9
)
 
—

 
Total
 
 
$
(32.8
)
 
$
5.5