Kaiser Aluminum (KALU) 10-Q 27 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 18, 2016
Document Information [Line Items]
Entity Registrant Name	Kaiser Aluminum Corp
Entity Central Index Key	811,596
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		17,981,239

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents		$ 195.3	$ 72.5
Short-term investments		72	30
Receivables:
Trade receivables – net		134.6	116.7
Other		8.2	6.1
Inventories		217.5	219.6
Prepaid expenses and other current assets1	[1]	12.8	56.7
Total current assets		640.4	501.6
Property, plant and equipment – net		512.7	495.4
Deferred tax assets – net	[1],[2]	180.9	163.3
Intangible assets – net		29.7	30.5
Goodwill		37.2	37.2
Other assets	[1]	20.7	19.6
Total		1,421.6	1,247.6
Current liabilities:
Accounts payable		72.3	76.7
Accrued salaries, wages and related expenses		36.4	39.8
Other accrued liabilities		44.2	52.7
Short-term capital leases		0.1	0.1
Total current liabilities		153	169.3
Net liabilities of Salaried VEBA		18.5	19
Deferred tax liabilities		2.2	2.1
Long-term liabilities		71.4	87.5
Long-term debt	[1]	368.2	194.6
Total liabilities		613.3	472.5
Commitments and contingencies
Stockholders' equity:
Preferred stock, 5,000,000 shares authorized at both June 30, 2016 and December 31, 2015; no shares were issued and outstanding at June 30, 2016 and December 31, 2015		0	0
Common stock, par value $0.01, 90,000,000 shares authorized at both June 30, 2016 and at December 31, 2015; 22,331,071 shares issued and 17,984,605 shares outstanding at June 30, 2016; 22,291,180 shares issued and 18,053,747 shares outstanding at December 31, 2015		0.2	0.2
Additional paid in capital	[2]	1,041.2	1,037.3
Retained earnings	[2]	51.9	15.8
Treasury stock, at cost, 4,346,466 shares at June 30, 2016 and 4,237,433 shares at December 31, 2015, respectively		(255.1)	(246.5)
Accumulated other comprehensive loss		(29.9)	(31.7)
Total stockholders' equity		808.3	775.1
Total		$ 1,421.6	$ 1,247.6
[1]	See Note 1 for discussion of our adoption of ASU 2015-03, ASU 2015-15 and ASU 2015-17 (as defined in Note 1).
[2]	See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09 (as defined in Note 1).

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Stockholders' equity:
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 value	$ 0.01	$ 0.01
Common stock, shares authorized	90,000,000	90,000,000
Common Stock, shares issued	22,331,071	22,291,180
Common stock, shares outstanding	17,984,605	18,053,747
Treasury stock, shares	4,346,466	4,237,433

Statements of Consolidated Inco

Statements of Consolidated Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net sales	$ 334.9	$ 367.2	$ 678.1	$ 738.9
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	250.4	294.8	512.4	597.1
Lower of cost or market inventory write-down	0	0	4.9	0
Unrealized (gain) loss on derivative instruments	(10.9)	1.5	(14.9)	6
Depreciation and amortization	9	8.1	17.7	16.1
Selling, general, administrative, research and development	27.5	23.6	53.6	46.3
Net periodic postretirement benefit cost relating to Salaried VEBA	0.9	0.6	1.7	1.2
Loss (gain) on removal of Union VEBA net assets	0	1.6	(0.1)	493.8
Total selling, general, administrative, research and development	28.4	25.8	55.2	541.3
Other operating charges, net	0.1	0	0.1	0
Total costs and expenses	277	330.2	575.4	1,160.5
Operating income (loss)	57.9	37	102.7	(421.6)
Other (expense) income:
Interest expense	(5.5)	(5.2)	(9.2)	(15)
Other (expense) income, net	(10.7)	0.4	(10.4)	0.8
Income (loss) before income taxes	41.7	32.2	83.1	(435.8)
Income tax (provision) benefit	(15.7)	(12)	(30.8)	163.8
Net income (loss)	$ 26	$ 20.2	$ 52.3	$ (272)
Net income (loss) per common share:
Basic (in dollars per share)	$ 1.45	$ 1.19	$ 2.92	$ (15.78)
Diluted (in dollars per share)	$ 1.43	$ 1.11	$ 2.87	$ (15.78)
Weighted-average number of common shares outstanding (in thousands):
Basic (shares)	17,871	17,006	17,867	17,233
Diluted (shares)	18,194	18,192	18,194	17,233
Cash dividends declared (in dollars per share)	$ 0.45	$ 0.40	$ 0.90	$ 0.80

Statements of Consolidated Comp

Statements of Consolidated Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 26	$ 20.2	$ 52.3	$ (272)
Reclassification adjustments:
Amortization of net actuarial loss	0.1	0.2	0.2	0.5
Amortization of prior service cost	1	0.8	2	1.5
Removal of obligation relating to Union VEBA	0	0	0	106.6
Other comprehensive income relating to VEBAs	1.1	1	2.2	108.6
Unrealized gain (loss) on available for sale securities	0.4	(0.3)	0.4	(0.3)
Available for sale securities:
Reclassification of unrealized loss upon sale of available for sale securities	0	0.1	0	0.2
Other comprehensive income (loss) relating to available for sale securities	0.4	(0.2)	0.4	(0.1)
Foreign currency translation gain on Canadian pension plan	0	0	0.1	0
Unrealized (loss) gain on foreign currency cash flow hedges	(0.1)	(0.2)	0.1	(0.2)
Foreign currency translation gain	0	0	0	0.1
Other comprehensive income, before tax	1.4	0.6	2.8	108.4
Income tax expense related to items of other comprehensive income	(0.5)	(0.2)	(1)	(41.1)
Other comprehensive income, net of tax	0.9	0.4	1.8	67.3
Comprehensive income (loss)	$ 26.9	$ 20.6	$ 54.1	$ (204.7)

Statement of Consolidated Stock

Statement of Consolidated Stockholders' Equity - USD ($) $ in Millions		Total	Common Stock	Additional Paid in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment	[1]	$ 0.7		$ 0.8	$ (0.1)
Beginning balance, shares (Scenario, Previously Reported) at Dec. 31, 2015			18,053,747
Beginning balance, shares at Dec. 31, 2015		18,053,747	18,053,747
Beginning balance (Scenario, Previously Reported) at Dec. 31, 2015		$ 774.4	$ 0.2	1,036.5	15.9	$ (246.5)	$ (31.7)
Beginning balance at Dec. 31, 2015		775.1	$ 0.2	1,037.3	15.8	(246.5)	(31.7)
Stockholders' Equity [Roll Forward]
Net income		52.3			52.3
Other comprehensive income, net of tax		1.8					1.8
Issuance of non-vested shares to employees and non-employee directors, shares			9,702
Issuance of common shares to non-employee directors, shares			1,474
Issuance of common shares to non-employee directors		0.1		0.1
Issuance of common shares to employees upon option exercises and vesting of restricted stock units and performance shares, shares			64,427
Issuance of common shares to employees upon option exercises and vesting of restricted stock units and performance shares				1
Cancellation of employee non-vested shares, shares			(282)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares			(35,430)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares		$ (2.8)		(2.8)
Repurchase of common stock, shares		(109,033)	(109,033)
Repurchase of common stock		$ (8.6)				(8.6)
Cash dividends on common stock ($0.90 per share)		(16.3)			(16.3)
Amortization of unearned equity compensation		5.6		5.6
Dividends on unvested equity awards that were canceled		$ 0.1			0.1
Ending balance, shares at Jun. 30, 2016		17,984,605	17,984,605
Ending balance at Jun. 30, 2016		$ 808.3	$ 0.2	1,041.2	51.9	(255.1)	(29.9)
Stockholders' Equity [Roll Forward]
Net income		26
Other comprehensive income, net of tax		$ 0.9
Ending balance, shares at Jun. 30, 2016		17,984,605	17,984,605
Ending balance at Jun. 30, 2016		$ 808.3	$ 0.2	$ 1,041.2	$ 51.9	$ (255.1)	$ (29.9)
[1]	See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09 (as defined in Note 1).

Statement of Consolidated Stoc7

Statement of Consolidated Stockholders' Equity Statement of Consolidated Stockholders' Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2016$ / shares
Cash dividends declared (in dollars per share)	$ 0.90
Retained Earnings
Cash dividends declared (in dollars per share)	$ 0.9

Statement of Consolidated Cash

Statement of Consolidated Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income		$ 52.3	$ (272)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property, plant and equipment		16.9	15.3
Amortization of definite-lived intangible assets		0.8	0.8
Amortization of debt discount and debt issuance costs		0.5	3.6
Deferred income taxes		31.3	(163.8)
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest1	[1]	0	(1.1)
Non-cash equity compensation	[2]	5.7	4.8
Lower of cost or market inventory write-down		4.9	0
Loss on extinguishment of debt		11.1	0
Non-cash unrealized (gain) loss on derivative instruments		(14.9)	6
Non-cash defined benefit net periodic benefit cost relating to Salaried VEBA		1.7	1.2
Non-cash loss on removal of Union VEBA net assets	[3]	0	446.7
Other non-cash changes in assets and liabilities		0.9	0.4
Changes in operating assets and liabilities:
Trade and other receivables		(20)	(4.3)
Inventories, excluding lower of cost or market write-down		(2.8)	(2.6)
Prepaid expenses and other current assets		(2.7)	(1.7)
Accounts payable		3.4	(6.1)
Accrued liabilities	[3]	17.4	7
Annual variable cash contributions to VEBAs	[3]	(19.5)	(13.7)
Long-term assets and liabilities, net	[3]	(14.9)	27.8
Net cash provided by operating activities		72.1	48.3
Cash flows from investing activities
Capital expenditures		(42.3)	(22.9)
Purchase of available for sale securities		(72.4)	(0.5)
Proceeds from disposition of available for sale securities		30	84
Net cash (used in) provided by investing activities	[4]	(84.7)	60.6
Cash flows from financing activities
Repayment of principal and redemption premium of 8.25% Senior Notes		(206)	0
Issuance of 5.875% Senior Notes		375	0
Cash paid for debt issuance costs		(6.9)	0
Repayment of Convertible Notes		0	(175)
Proceeds from cash-settled call options related to repayment of Convertible Notes		0	94.9
Payment for conversion premium related to repayment of Convertible Notes		0	(94.9)
Proceeds from stock option exercises		1	0
Repayment of capital lease		(0.1)	0
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	[2]	0	1.1
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares		(2.8)	(3)
Repurchase of common stock		(8.5)	(41.4)
Cash dividends paid to stockholders		(16.3)	(14)
Net cash provided by (used in) financing activities	[4]	135.4	(232.3)
Net increase (decrease) in cash and cash equivalents during the period		122.8	(123.4)
Cash and cash equivalents at beginning of period		72.5	177.7
Cash and cash equivalents at end of period		$ 195.3	$ 54.3
[1]	See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09.
[2]	See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09 (as defined in Note 1).
[3]	See Note 5 for the impact of removing the Union VEBA (defined in Note 5) net assets.
[4]	See Note 12 for the supplemental disclosure on non-cash transactions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies This Quarterly Report on Form 10-Q (this "Report") should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . Unless the context otherwise requires, references in these notes to interim consolidated financial statements - unaudited to "Kaiser Aluminum Corporation," "we," "us," "our," "the Company" and "our Company" refer collectively to Kaiser Aluminum Corporation and its subsidiaries. Organization and Nature of Operations. Kaiser Aluminum Corporation specializes in the production of semi-fabricated specialty aluminum products, such as aluminum plate and sheet and extruded and drawn products, primarily used in aerospace/high strength, automotive, general engineering and other industrial end market applications. Our business is organized into one operating segment, Fabricated Products. See Note 11 for additional information regarding our reportable segment and business unit. 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 2016 fiscal year. The financial information as of December 31, 2015 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, 2015 . See New Accounting Pronouncements below for a discussion of new accounting pronouncements we adopted during the quarter ended March 31, 2016 requiring cumulative-effect adjustments that impacted our consolidated financial statements and footnotes for the year ended December 31, 2015 . 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. Inventories. Inventories are stated at the lower of cost or market value. During the quarter ended March 31, 2016, we recorded a lower of cost or market inventory write-down of $4.9 million , predominantly as a result of a decrease in our net realizable value of inventory. The net realizable value reflected commitments as of that date from customers to purchase our inventory at prices that exceeded the Midwest Transaction Price ("Midwest Price"), which reflects the primary aluminum supply/demand dynamics in North America, reduced by an approximate normal profit margin. There was no lower of cost or market inventory adjustment during the quarter ended June 30, 2016. Finished products, work-in-process and raw material inventories are stated on the last-in, first-out ("LIFO") basis. At June 30, 2016 and December 31, 2015 , after inventory write-down adjustments, the stated LIFO value of inventory represented its net realizable value (less a normal profit margin) and exceeded the current cost of our inventory by $17.4 million and $24.1 million , 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 our inventories at June 30, 2016 and December 31, 2015 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 $0.9 million and $0.4 million during the quarters ended June 30, 2016 and June 30, 2015 , respectively. The amount of interest expense capitalized as construction in progress was $1.8 million and $0.7 million during the six months ended June 30, 2016 and June 30, 2015 , 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. 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 (Loss). For the quarters ended June 30, 2016 and June 30, 2015 , we recorded depreciation expense of $8.4 million and $7.6 million , respectively, relating to our operating facilities in the Fabricated Products segment. For the six months ended June 30, 2016 and June 30, 2015 , we recorded depreciation expense of $16.6 million and $15.1 million , respectively, relating to our operating facilities in the Fabricated Products segment. An immaterial amount of depreciation expense was also recorded within All Other for all periods presented in this Report. We classify assets as held for sale only when an asset is being actively marketed and expected to sell within 12 months. Assets held for sale are initially measured at the lesser of the assets' carrying amount and the fair value less costs to sell. Self Insurance of Employee Health and Workers' Compensation Liabilities . We self-insure the majority of the costs of employee health care benefits and workers' compensation benefits and rely on insurance coverage to protect us from large losses on individual claims. Workers' compensation liabilities are based on a combination of estimates for: (i) incurred-but-not-reported claims and (ii) the ultimate expense of incurred claims. Such estimates are based on judgment, using our historical claims data and information and analysis provided by actuarial and claims advisors, our insurance carriers and other professionals. Our undiscounted workers' compensation liabilities were estimated at $25.6 million and $23.5 million at June 30, 2016 and December 31, 2015, respectively. However, we account for our workers' compensation accrued liability on a discounted basis, using a discount rate of 1.75% at both June 30, 2016 and December 31, 2015. Accrued liabilities for employee healthcare benefits, which are estimates of unpaid incurred medical and prescription drug costs as provided by our healthcare administrators, were $3.2 million for both periods ended June 30, 2016 and December 31, 2015. Foreign Currency Risk Management. From time to time, we enter into foreign currency forward contracts to protect the value of anticipated foreign currency expenses associated with cash commitments for equipment purchases. These derivative instruments are designated and qualify for cash flow hedge accounting and are adjusted to current market values each reporting period. Both realized and unrealized periodic gains and losses of derivative instruments designated as cash flow hedges are deferred in Accumulated other comprehensive income until depreciation on the underlying equipment commences. Upon commencement, realized gains and losses are recorded in Net income (loss) as an adjustment to depreciation expense in the period in which depreciation is recognized on the underlying equipment. Depending on the time to maturity and asset or liability position, the carrying values of cash flow hedges are included in Prepaid expenses and other current assets, Other assets, Other accrued liabilities or Long-term liabilities. We report the effective portion of our cash flow hedges in the same financial statement line item as changes in the fair value of the hedged item. In order to qualify for hedge accounting treatment, derivative instruments must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the instrument contract. Hedge effectiveness is assessed periodically. Any derivative instrument not designated as a hedge, or so designated but ineffective, is adjusted to market value and recognized in net income immediately. If a cash flow hedge ceases to qualify for hedge accounting treatment, the derivative instrument would continue to be carried on the balance sheet at fair value until settled and future adjustments to the derivative instrument's fair value would be recognized in Net income (loss) immediately. If a forecasted equipment purchase was no longer probable to occur, amounts previously deferred in Accumulated other comprehensive income (loss) would be recognized immediately in Net income (loss). See Note 8 for additional information. We are exposed to counterparty credit risk on all of our derivative instruments. Accordingly, we have established and maintained counterparty credit guidelines and entered into hedges only with major financial institutions that are investment grade or better. We do not have significant exposure to any one counterparty and management believes the risk of loss is remote and in any event would not be material. Additionally, we do not require collateral under these agreements. New Accounting Pronouncements. Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") , was issued in May 2014 and 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. In August 2015 , ASU 2014-09 was amended by ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date ("ASU 2015-14"), which defers the effective date of ASU 2014-09 by one year for all entities and permits early adoption on a limited basis. ASU 2014-09 was subsequently amended by three additional pronouncements: (i) ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ; (ii) ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ; and (iii) ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . We expect to adopt ASU 2014-09, including its subsequent amendments discussed above, using the modified retrospective transition approach for the fiscal year ending December 31, 2018 and will continue to assess the impact of the adoption on our consolidated financial statements; however, based on our assessments to date, we do not expect the adoption of this ASU, as amended, to have a material impact on our consolidated financial statements. ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), was issued in April 2015. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in an entity's balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of being presented as a deferred charge in the balance sheet. The recognition and measurement guidance for debt issuance costs is not affected by ASU 2015-03. Our retrospective adoption of this ASU in the first quarter of 2016 resulted in a reclassification of $3.2 million of debt issuance costs related to our 8.25% Senior Notes (as defined in Note 3) from Other assets to Long-term debt as of December 31, 2015. ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15"), was issued in August 2015 to address the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. The recognition and measurement guidance for debt issuance costs is not affected by ASU 2015-15. Our adoption of this ASU in the first quarter of 2016 did not have a material impact on our consolidated financial statements. ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"), was issued in April 2015 to address a customer's accounting for fees paid in a cloud computing arrangement. Previously, there was no specific GAAP guidance on accounting for such fees from the customer's perspective. Under the new standard, customers will apply the same criteria as vendors to determine whether a cloud computing arrangement contains a software license or is solely a service contract. Our prospective adoption of this ASU in the first quarter of 2016 did not have a material impact on our consolidated financial statements. ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ("ASU 2015-07"), was issued in May 2015. This ASU removes the requirement to categorize within the fair value hierarchy table investments without readily determinable fair values in entities that elect to measure fair value using net asset value per share ("NAV") or its equivalent. ASU 2015-07 requires that these investments continue to be shown in the fair value disclosure in order to allow the disclosure to reconcile to the investment amount presented in the balance sheet. Our retrospective adoption of this ASU in the first quarter of 2016 did not have a material impact on our consolidated financial statements. ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"), was issued in November 2015. ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as non-current on the balance sheet. This ASU does not, however, change the existing requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount. During the first quarter of 2016, we early adopted this ASU on a prospective basis. As such, prior periods were not retrospectively adjusted. ASU No. 2016-02, Leases (Topic 842): Amendments to the Financial Accounting Standards Board Accounting Standards Codification ("ASU 2016-02"), was issued in February 2016. Under ASU 2016-02, lessees will need to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). For income statement purposes, a dual model was retained, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). ASU 2016-02 becomes effective for us in the first quarter of 2019. Although we are currently assessing the impact, we expect the adoption of this ASU in 2019 to have a material impact on our consolidated financial statements. ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"), was issued in March 2016. ASU 2016-09 eliminates additional paid in capital ("APIC") pools and requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. The accounting for an employee's use of shares to satisfy the employer's statutory income tax withholding obligation and the accounting for forfeitures is also changing. We early adopted ASU 2016-09 during the first quarter of 2016. See Note 4 and Note 6 for a discussion on the impact of our adoption of ASU 2016-09. 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. ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 becomes effective for us in the first quarter of 2020, with early adoption permitted starting in the first quarter of 2019. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information June 30, 2016 December 31, 2015 (In millions of dollars) Cash and Cash Equivalents Cash and money market funds $ 50.6 $ 40.3 Commercial paper 144.7 32.2 Total $ 195.3 $ 72.5 Trade Receivables – Net Billed trade receivables $ 135.2 $ 116.8 Unbilled trade receivables 0.2 0.7 Trade receivables, gross 135.4 117.5 Allowance for doubtful receivables (0.8 ) (0.8 ) Trade receivables – net $ 134.6 $ 116.7 Inventories Finished products $ 65.2 $ 79.5 Work-in-process 78.8 63.6 Raw materials 49.9 53.4 Operating supplies and repair and maintenance parts 23.6 23.1 Total $ 217.5 $ 219.6 Prepaid Expenses and Other Current Assets Current derivative assets – Notes 8 and 9 $ 4.6 $ 1.5 Current deferred tax assets – Note 1 — 49.6 Prepaid taxes 2.2 — Prepaid insurance 2.1 1.9 Short-term restricted cash 0.3 0.3 Other 3.6 3.4 Total $ 12.8 $ 56.7 June 30, 2016 December 31, 2015 (In millions of dollars) Property, Plant and Equipment – Net Land and improvements $ 22.7 $ 22.7 Buildings and leasehold improvements 83.6 71.8 Machinery and equipment 573.8 549.0 Construction in progress 45.7 48.5 Property, plant and equipment – gross 725.8 692.0 Accumulated depreciation (213.4 ) (196.9 ) Assets held for sale 0.3 0.3 Property, plant and equipment – net $ 512.7 $ 495.4 Other Assets Restricted cash $ 11.0 $ 10.9 Debt issuance costs on Revolving Credit Facility 1.1 1.3 Deferred compensation plan assets 7.8 7.3 Derivative assets – Notes 8 and 9 0.8 0.1 Total $ 20.7 $ 19.6 Other Accrued Liabilities Current derivative liabilities – Notes 8 and 9 $ 4.3 $ 14.1 Uncleared cash disbursements 7.8 8.0 Accrued income taxes and taxes payable 6.7 3.1 Accrued annual contribution to VEBAs — 19.6 Accrued contingent contribution to Union VEBA – Note 5 17.1 — Short-term environmental accrual – Note 7 1.4 1.6 Accrued interest 3.1 1.5 Short-term deferred revenue 0.2 1.2 Other 3.6 3.6 Total $ 44.2 $ 52.7 Long-Term Liabilities Derivative liabilities – Notes 8 and 9 $ 0.7 $ 2.1 Income tax liabilities 0.8 0.7 Workers' compensation accruals 24.0 21.7 Long-term environmental accrual – Note 7 16.4 17.0 Long-term asset retirement obligations 5.0 4.8 Deferred compensation liability 8.0 7.7 Long-term deferred revenue 0.2 0.3 Long-term capital leases 0.1 0.1 Long-term portion of contingent contribution to Union VEBA – Note 5 12.8 29.9 Other long-term liabilities 3.4 3.2 Total $ 71.4 $ 87.5

Debt and Credit Facility

Debt and Credit Facility	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt and Credit Facility	Debt and Credit Facility Senior Notes 5.875% Senior Notes. In May 2016, we issued $375.0 million principal amount of 5.875% unsecured senior notes due May 15, 2024 ("5.875% Senior Notes") at 100% of the principal amount. The unamortized amount of debt issuance costs as of June 30, 2016 was $6.8 million . Interest expense, including amortization of debt issuance costs, relating to the 5.875% Senior Notes was $3.1 million for the quarter and six months ended June 30, 2016. A portion of the interest relating to the 5.875% Senior Notes was capitalized as construction in progress. The effective interest rate of the 5.875% Senior Notes is approximately 6.1% per annum, taking into account the amortization of debt issuance costs. The 5.875% Senior Notes are unsecured obligations and are guaranteed by certain of our domestic subsidiaries that own virtually all of our operating assets and through which we conduct the vast majority of our business. See Note 15 for condensed guarantor and non-guarantor financial information. The indenture governing the 5.875% Senior Notes places limitations on our and certain of our subsidiaries' ability to, among other things, incur liens, consolidate, merge or sell all or substantially all of our and certain of our subsidiaries' assets, incur or guarantee additional indebtedness, enter into transactions with affiliates and to make "restricted payments" (as 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. In particular, the indenture provisions permit us to make restricted payments in any amount if, after giving effect to such restricted payments, our "consolidated net indebtedness" as a ratio of "EBITDA" (each term as defined in the indenture) is less than 2.75:1.00 . We may redeem the 5.875% Senior Notes at our option in whole or part at any time on or after May 15, 2019 at a redemption price of 104.406% of the principal amount, declining to 102.938% , 101.469% and 100% of the principal amount on or after May 15, 2020, May 15, 2021 and May 15, 2022, respectively, in each case plus any accrued and unpaid interest. At any time prior to May 15, 2019, we may also redeem some or all of the 5.875% 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 5.875% Senior Notes have the right to require us to repurchase the 5.875% 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 our Board of Directors; and (iv) shareholders' approval of any plan or proposal for the liquidation or dissolution of us. We may also be required to offer to repurchase the 5.875% Senior Notes at 100% of the principal amount, plus any accrued and unpaid interest, with the proceeds of certain asset sales. In connection with the issuance of the 5.875% Senior Notes, we expect to have an exchange offer registration statement declared effective by the Securities and Exchange Commission on or prior to 240 days after the 5.875% Senior Notes were issued. If we fail to comply with the 240 day timeline, we may be required to pay additional interest. The fair value of the outstanding 5.875% Senior Notes at June 30, 2016 was approximately $383.4 million . See Note 9 for information relating to the estimated fair value of the 5.875% Senior Notes. 8.25% Senior Notes. In May 2012, we issued $225.0 million principal amount of 8.25% unsecured senior notes due June 1, 2020 ("8.25% Senior Notes"). During 2015, we repurchased $27.2 million aggregate principal amount of our 8.25% Senior Notes for 107.5% of the principal amount, and on June 1, 2016 we redeemed in full the remaining $197.8 million principal balance of our 8.25% Senior Notes at a redemption price of 104.125% of the principal amount. Upon the redemption of the 8.25% Senior Notes, our cash outflow for principal, redemption premium and accrued interest totaled $214.2 million . The $8.2 million redemption premium and $2.9 million write-off of unamortized debt issuance costs were included in Other (expense) income, net on our Statements of Consolidated Income (Loss) (see Note 13 for details). Interest expense, including amortization of debt issuance costs, relating to the 8.25% Senior Notes was $2.8 million and $4.9 million for the quarters ended June 30, 2016 and June 30, 2015 , respectively, and $7.1 million and $9.7 million for the six months ended June 30, 2016 and June 30, 2015 , respectively. A portion of the interest relating to the 8.25% Senior Notes was capitalized as construction in progress. The fair value of the outstanding 8.25% Senior Notes at December 31, 2015 was approximately $207.3 million . See Note 9 for information relating to the estimated fair value of the 8.25% Senior Notes. Revolving Credit Facility Our credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions party thereto ("Revolving Credit Facility") provides us with a $300.0 million funding commitment through December 2020. We had $287.6 million of borrowing availability under the Revolving Credit Facility at June 30, 2016 , based on the borrowing base determination then in effect. At June 30, 2016 , there were no borrowings under the Revolving Credit Facility and $7.3 million was being used to support outstanding letters of credit, leaving $280.3 million of net borrowing availability. The interest rate applicable to any overnight borrowings under the Revolving Credit Facility would have been 3.75% at June 30, 2016 .

Income Tax Matters

Income Tax Matters	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Matters	Income Tax Matters The provision for (benefit from) in comes taxes for each period presented consisted of the following (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Domestic $ 15.5 $ 13.4 $ 30.4 $ (162.4 ) Foreign 0.2 (1.4 ) 0.4 (1.4 ) Total $ 15.7 $ 12.0 $ 30.8 $ (163.8 ) The income tax provision for the quarters ended June 30, 2016 and June 30, 2015 was $15.7 million and $12.0 million , reflecting an effective tax rate of 37.7% and 37.2% , respectively. There was no material difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended June 30, 2016. The difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended June 30, 2015 was due primarily to an increase in the valuation allowance of $1.9 million , resulting in a 5.8% increase in the effective tax rate. This increase in the valuation allowance was due to unutilized state NOL carryforwards that are expected to expire. This was partially offset by a decrease in unrecognized tax benefits, including interest and penalties, of $1.8 million , resulting in a 5.4% decrease in the effective tax rate. The decrease in unrecognized tax benefits was a result of a decrease in prior year positions. The income tax provision (benefit) for the six months ended June 30, 2016 and June 30, 2015 was $30.8 million and $(163.8) million , reflecting an effective tax rate of 37.1% and 37.6% , respectively. There was no material difference between the effective tax rate and the projected blended statutory tax rate for the six months ended June 30, 2016 and June 30, 2015 . The $(163.8) million income tax benefit for the six months ended June 30, 2015 included a $184.4 million tax benefit that was recorded as a result of removing the Union VEBA net assets and related deferred tax liabilities from our consolidated financial statements. See Note 5 for additional information regarding employee benefits. Our gross unrecognized benefits relating to uncertain tax positions were $1.7 million at June 30, 2016 and December 31, 2015 , respectively, of which, $0.6 million would be recorded through our income tax provision and thus impact the effective tax rate at June 30, 2016 and December 31, 2015 , respectively, if the gross unrecognized tax benefits were to be recognized. We do not expect our gross unrecognized tax benefits to significantly change within the next 12 months . ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , was issued and early adopted in March 2016. ASU 2016-09 eliminates additional paid in capital ("APIC") pools and requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. In addition, modified retrospective adoption of ASC 2016-09 eliminates the requirement that excess tax benefits be realized (i.e., through a reduction in income taxes payable) before we can recognize them and therefore, we have recorded a cumulative-effect adjustment of $0.7 million through Retained earnings and Deferred tax assets – net during the first quarter of 2016 to record excess tax benefits not previously recognized. Tax Asset Protection Rights Agreement . On April 7, 2016, our Board of Directors adopted a tax asset protection rights plan ("Tax Asset Rights Plan"), designed to preserve our ability to utilize our net operating loss ("NOL") carryforwards and other significant tax attributes (collectively, "Tax Benefits") to offset future taxable income in the United States, and declared a dividend of one preferred share purchase right ("Right") for each outstanding share of our common stock. Our stockholders approved the Tax Asset Rights Plan at our 2016 Annual Meeting of Stockholders on May 26, 2016. In general terms, the Tax Asset Rights Plan imposes a significant penalty upon any person or group that acquires beneficial ownership (defined generally as direct or constructive ownership as determined under Section 382 of the Code) of 4.99% or more of the outstanding Common Stock without the prior approval of our Board of Directors. Any Rights held by a person or group that acquires a percentage of Common Stock in excess of that threshold ("Acquiring Person") are void and may not be exercised. If the Rights become exercisable, each Right would allow its holder to purchase from us one one-hundredth of a share of our Series A Junior Participating Preferred Stock ("Series A Preferred Stock") for a purchase price of $400.00 . Each fractional share of Series A Preferred Stock would give the stockholder approximately the same dividend, voting and liquidation rights as does one share of our common stock. Prior to exercise, however, a Right does not give its holder any dividend, voting or liquidation rights. The Rights will not be exercisable until the earlier of: (i) 10 days after a public announcement by us that a person or group has become an Acquiring Person and (ii) 10 business days (or a later date determined by our Board of Directors) after a person or group begins a tender or exchange offer that, if completed, would result in that person or group becoming an Acquiring Person. Until the date that the Rights become exercisable ("Distribution Date"), our common stock certificates will also evidence the Rights and will contain a notation to that effect. Any transfer of shares of our common stock prior to the Distribution Date will constitute a transfer of the associated Rights. After the Distribution Date, the Rights will separate from our common stock and be evidenced by Right certificates, which we will mail to all holders of Rights that have not become void. After the Distribution Date, if a person or group already is or becomes an Acquiring Person, all holders of Rights, except the Acquiring Person, may exercise their Rights upon payment of the purchase price to purchase shares of our common stock (or other securities or assets as determined by the Board) with a market value of two times the purchase price ("Flip-in Event"). After the Distribution Date, if a Flip-in Event has already occurred and we are acquired in a merger or similar transaction, all holders of Rights except the Acquiring Person may exercise their Rights upon payment of the purchase price, to purchase shares of the acquiring or other appropriate entity with a market value of two times the purchase price of the Rights. Rights may be exercised to purchase Series A Preferred Stock only after the Distribution Date occurs and prior to the occurrence of a Flip-in Event as described above. A Distribution Date resulting from the commencement of a tender offer or exchange offer as described in (ii) above could precede the occurrence of a Flip-in Event, in which case the Rights could be exercised to purchase Series A Preferred Stock. A Distribution Date resulting from any occurrence described in (i) above would necessarily follow the occurrence of a Flip-in Event, in which case the Rights could be exercised to purchase shares of Common Stock (or other securities or assets) as described above. The Rights will expire on the earliest of: (i) April 7, 2019 or such earlier date as of which our Board of Directors determines that the Tax Assets Rights Plan is no longer necessary for the preservation of our Tax Benefits; (ii) the time at which the Rights are redeemed; (iii) the time at which the Rights are exchanged; (iv) the effective time of the repeal of Section 382 of the Internal Revenue Code if the Board determines that the Tax Assets Rights Plan is no longer necessary for the preservation of our Tax Benefits; and (v) the first day of a taxable year to which our Board of Directors determines that no Tax Benefits may be carried forward.

Employee Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefits	Employee Benefits Pension and Similar Benefit Plans. We provide contributions to: (i) multi-employer pension plans sponsored by the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union AFL-CIO, CLC ("USW"), the International Association of Machinists and certain other unions at certain of our production facilities; (ii) defined contribution 401(k) savings plans for salaried employees and certain hourly employees; (iii) a defined benefit plan for salaried employees at our London, Ontario (Canada) facility; and (iv) a non-qualified, unfunded, unsecured plan of deferred compensation for key employees who would otherwise suffer a loss of benefits under our defined contribution plan. VEBA Postretirement Obligations. Certain eligible retirees participate in a voluntary employees' beneficiary association ("VEBA") that provides healthcare and medical cost reimbursement benefits for eligible retirees represented by certain unions and their surviving spouse and eligible dependents ("Union VEBA") or a VEBA that provides healthcare related benefits for certain other eligible retirees and their surviving spouse and eligible dependents ("Salaried VEBA" and, together with the Union VEBA, "VEBAs"). The Union VEBA covers certain qualifying bargaining unit retirees and future retirees. The Salaried VEBA covers certain retirees who retired prior to the 2004 termination of the prior plan and employees who were hired prior to February 2002 and have subsequently retired or will retire with the requisite age and service. Our primary financial obligation to the VEBAs is to make an annual variable cash contribution based on the contribution formula discussed in Note 6 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2015 . The variable cash contribution obligation to the Union VEBA expires in September 2017, while the obligation to the Salaried VEBA has no express termination date. The variable contribution for 2015 was $19.5 million (comprised of $16.7 million to the Union VEBA and $2.8 million to the Salaried VEBA). These amounts were paid during the first quarter of 2016. We treat the Salaried VEBA as a defined benefit plan in our financial statements. In the quarter ended March 31, 2015, after determining that our obligation to make annual variable contributions to the Union VEBA would expire as of September 2017, we terminated defined benefit plan accounting for the Union VEBA. This resulted in a non-cash loss of $307.8 million , net of a $184.4 million tax benefit, as we removed the Union VEBA net assets and related deferred tax liabilities from our Consolidated Balance Sheet. We have recorded the estimated liability for the remaining variable cash contributions in Other accrued liabilities and Long-term liabilities (see Note 2 ). Our aggregate estimate of $29.9 million for the amounts due for the 2016 variable cash contribution (to be paid in 2017) and the variable contribution for the first nine months of 2017 (to be paid in 2018) is subject to change based on our actual cash flow for each respective calendar year. We review the estimated liability quarterly and reflect any changes in our Operating income (loss). Components of Net Periodic Benefit Cost. Our results of operations included the following impacts associated with the Canadian defined benefit plan and the Salaried VEBA: (i) charges for service rendered by employees; (ii) a charge for accretion of interest; (iii) a benefit for the return on plan assets; and (iv) amortization of net gains or losses on assets, prior service costs associated with plan amendments and actuarial differences. Net periodic benefit cost related to the Canadian defined benefit plan was not material for the quarters and six months ended June 30, 2016 and June 30, 2015 . The following table presents the components of net periodic benefit cost for the Salaried VEBA and charges relating to all other employee benefit plans for the periods presented (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Salaried VEBA: Service cost 1 $ — $ — $ — $ — Interest cost 0.8 0.7 1.5 1.4 Expected return on plan assets (1.0 ) (1.1 ) (2.0 ) (2.2 ) Amortization of prior service cost 1.0 0.8 2.0 1.5 Amortization of net actuarial loss 0.1 0.2 0.2 0.5 Total net periodic postretirement benefit cost relating to Salaried VEBA 0.9 0.6 1.7 1.2 Loss (gain) on removal of Union VEBA net assets — 1.6 (0.1 ) 493.8 Total VEBAs 0.9 2.2 1.6 495.0 Other employee benefit plans: Deferred compensation plan 0.2 0.1 0.3 0.5 Defined contribution plans 1.7 1.7 5.7 5.7 Multiemployer pension plans 1.2 0.9 2.3 1.8 Total other employee benefit plans $ 3.1 $ 2.7 $ 8.3 $ 8.0 Total $ 4.0 $ 4.9 $ 9.9 $ 503.0 ____________ 1 The service cost was insignificant for all periods presented. The following table presents the allocation of the charges detailed above, by reportable segment and business unit (in millions of dollars – see Note 11 ): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fabricated Products $ 2.8 $ 2.4 $ 7.5 $ 7.0 All Other 1.2 2.5 2.4 496.0 Total $ 4.0 $ 4.9 $ 9.9 $ 503.0 For all periods presented, Net periodic postretirement benefit cost relating to Salaried VEBA and the Loss (gain) on removal of Union VEBA net assets were included within All Other. Further, substantially all of the Fabricated Products segment's employee benefits related charges are in Cost of products sold, excluding depreciation and amortization and other items with the remaining balance in Selling, general, administrative, research and development ("SG&A and R&D").

Employee Incentive Plans

Employee Incentive Plans	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Incentive Plans	Employee Incentive Plans Short-Term Incentive Plans ("STI Plans") We have annual short-term incentive compensation plans for senior management and certain other employees payable at our election in cash, shares of common stock, or a combination of cash and shares of common stock. Amounts earned under STI Plans are based on our adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), modified for certain safety, quality, delivery, cost and individual performance factors. The Adjusted EBITDA targets are determined based on the economic value added ("EVA") of our Fabricated Products business. Most of our production facilities have similar programs for both hourly and salaried employees. As of June 30, 2016 , we had a liability of $13.1 million recorded within Accrued salaries, wages and related expenses for estimated probable future payments relating to the six month performance period of our 2016 STI Plans. Long-Term Incentive Programs ("LTI Programs") General . Prior to May 26, 2016, executive officers and other key employees of the Company, as well as non-employee directors of the Company, were eligible to participate in the Kaiser Aluminum Corporation Amended and Restated 2006 Equity and Performance Incentive Plan ("2006 Plan"). Subject to certain adjustments that may be required from time to time to prevent dilution or enlargement of the rights of participants under the 2006 Plan, a total of 2,722,222 common shares were authorized for issuance under the 2006 Plan. On May 26, 2016, our stockholders approved the Kaiser Aluminum Corporation 2016 Equity and Incentive Compensation Plan ("2016 Plan"), which replaced and succeeded in its entirety the 2006 Plan. No grants will be made under the 2006 Plan on or after May 26, 2016, but outstanding awards granted under the 2006 Plan will continue unaffected. Effective May 26, 2016, executive officers and other key employees of the Company, as well as non-employee directors of the Company and certain persons who provide services to us that are equivalent to those typically provided by an employee, are eligible to participate in the 2016 Plan. Subject to certain adjustments that may be required from time to time to prevent dilution or enlargement of the rights of participants under the 2016 Plan, the number of shares of common stock available for awards is limited to 1,045,000 shares, minus, (i) one share for every one share subject to an award granted under the 2006 Plan between December 31, 2015 and the effective date of the 2016 Plan, plus (ii) any shares of our common stock that become available under the 2016 Plan as a result of forfeiture, cancellation, expiration, or cash settlement of awards. At June 30, 2016 , 924,102 shares were available for awards under the 2016 Plan. Non-vested Common Shares and Restricted Stock Units. We grant non-vested common shares and restricted stock units to our non-employee directors, executive officers and other key employees. The restricted stock units have rights similar to the rights of non-vested common shares and each restricted stock unit that becomes vested entitles the recipient to receive one common share. For both non-vested common shares and restricted stock units, the service period is generally one year for non-employee directors and three years for executive officers and other key employees. In addition to non-vested common shares and restricted stock units, we grant performance shares to executive officers and other key employees. Each performance share that becomes vested entitles the recipient to receive one common share. Performance shares granted in 2014 and 2015 ("TSR-Based Performance Shares") are subject to performance conditions pertaining to our total shareholder return ("TSR") over a three -year performance period compared to the TSR of a specified group of peer companies. The number of TSR-Based Performance Shares that will ultimately vest under both the 2014-2016 and 2015-2017 LTI Programs and result in the issuance of common shares ranges between 0% to 200% of the target number of underlying common shares (constituting approximately one-half of the maximum payout) and depends on the percentile ranking of our TSR compared to the group of peer companies. Performance shares granted in 2016 consist of TSR-Based Performance Shares and performance shares subject to performance requirements ("CP-Based Performance Shares") pertaining to our cost performance as set forth in the 2016-2018 LTI Program. The number of CP-Based Performance Shares that will ultimately vest and result in the issuance of common shares ranges between 0% to 200% of the target number of underlying common shares (constituting approximately one-half of the maximum payout) and depends on the average annual cost performance achieved for the specified three -year performance period. During the first quarter of 2016 , performance shares granted in 2013 ("EVA-Based Performance Shares") under the 2013-2015 LTI Program became fully vested (see "Summary of Activity" below). The EVA-Based Performance Shares were subject to performance conditions pertaining to our EVA performance, measured over the three -year performance period. The number of EVA-Based Performance Shares that vested and resulted in the issuance of common shares was dependent on the average annual EVA achieved for the specified three -year performance period. The vesting of performance shares resulting in the issuance and delivery of common shares, if any, under the 2014-2016, 2015-2017 and 2016-2018 LTI Programs will occur in 2017, 2018 and 2019, respectively. ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , was issued and early adopted in March 2016. ASU 2016-09 eliminates the requirement to estimate and apply a forfeiture rate to reduce stock compensation expense during the vesting period and, instead, account for forfeitures as they occur. ASU 2016-09 requires that this change be adopted using the modified retrospective approach. As such, we recorded a cumulative-effect adjustment of $0.8 million during the first quarter of 2016 to reduce our December 31, 2015 Retained earnings and increase our December 31, 2015 Additional paid in capital balances. Additionally, ASU 2016-09 addresses the presentation of excess tax benefits and employee taxes paid on the statement of cash flows. We are now required to present excess tax benefits as an operating activity (combined with other income tax cash flows) on the statement of cash flows rather than as a financing activity, and we adopted this change prospectively during the first quarter of 2016. ASU 2016-09 also requires the presentation of employee taxes as a financing activity on the statement of cash flows, which is where we had previously classified these items. This change, therefore, did not impact our financial statements. Non-Cash Compensation Expense. Compensation expense relating to all awards under the 2006 Plan and the 2016 Plan is included in SG&A and R&D. Non-cash compensation expense by type of award under LTI Programs was as follows for each period presented (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Non-vested common shares and restricted stock units $ 1.2 $ 1.1 $ 2.3 $ 2.2 EVA-Based Performance Shares — 0.3 0.3 0.7 TSR-Based Performance Shares 1.4 1.0 2.5 1.7 CP-Based Performance Shares 0.4 — 0.5 — Total non-cash compensation expense $ 3.0 $ 2.4 $ 5.6 $ 4.6 The following table presents the allocation of the charges detailed above, by segment (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fabricated Products $ 1.1 $ 0.9 $ 1.9 $ 1.6 All Other 1.9 1.5 3.7 3.0 Total non-cash compensation expense $ 3.0 $ 2.4 $ 5.6 $ 4.6 Unrecognized Gross Compensation Cost Data. The following table presents unrecognized gross compensation cost data by type of award as of June 30, 2016 : Unrecognized gross compensation costs (in millions of dollars) Expected period (in years) over which the remaining gross compensation costs will be recognized Non-vested common shares and restricted stock units $ 8.3 2.0 CP-Based Performance Shares $ 4.3 2.7 TSR-Based Performance Shares $ 9.1 2.0 Summary of Activity. A summary of the activity with respect to non-vested common shares, restricted stock units, EVA-Based Performance Shares, CP-Based Performance Shares and TSR-Based Performance Shares for the six months ended June 30, 2016 is as follows: Non-Vested Common Shares Restricted Stock Units EVA-Based Performance Shares CP-Based Performance Shares TSR-Based Performance Shares Shares Weighted-Average Grant-Date Fair Value per Share Units Weighted-Average Grant-Date Fair Value per Unit Shares Weighted-Average Grant-Date Fair Value per Share Shares Weighted-Average Shares Weighted-Average Outstanding at December 31, 2015 156,553 $ 67.20 5,521 $ 66.64 155,105 $ 57.76 — $ — 299,877 $ 89.43 Granted 1 9,702 86.11 57,205 75.57 — — 63,983 80.46 95,974 93.02 Vested (49,582 ) 65.53 (2,048 ) 62.75 (49,611 ) 57.76 — — — — Forfeited 1 (282 ) 69.11 (385 ) 74.49 — — (164 ) 80.46 (1,115 ) 90.06 Canceled 1 — — — — (105,494 ) 57.76 — — — — Outstanding at June 30, 2016 116,391 $ 69.49 60,293 $ 75.20 — $ — 63,819 $ 80.46 394,736 $ 90.30 ____________ 1 For EVA-Based Performance Shares, CP-Based Performance Shares and TSR-Based Performance Shares, the number of shares granted and forfeited are presented at their maximum payout; and the number of shares canceled includes the number of shares that did not vest due to EVA performance results falling below those required for maximum payout. Non-Vested Common Shares granted in 2016 were granted under the 2016 Plan. The weighted-average grant-date fair value per share for shares granted by type of award was as follows for each period presented: Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Non-vested common shares $ 86.11 $ 82.88 $ 86.11 $ 71.67 Restricted stock units $ 88.27 $ — $ 75.57 $ 69.83 CP-Based Performance Shares $ — $ — $ 80.46 $ — TSR-Based Performance Shares $ — $ — $ 93.02 $ 95.68 Stock Options. As of December 31, 2015 , we had 16,645 fully-vested outstanding stock options exercisable to purchase common shares at $80.01 per share and having a remaining contractual life of 1.25 years. During the six months ended June 30, 2016 , 12,768 options were exercised and no options were granted or forfeited, resulting in 3,877 fully-vested stock options outstanding as of June 30, 2016 with a remaining contractual life of 0.75 years. Vested Stock. From time to time, we issue common shares to non-employee directors electing to receive common shares in lieu of all or a portion of their annual retainer fees. The fair value of these common shares is based on the fair value of the shares at the date of issuance and is immediately recognized in Net income (loss) as a period expense. We recorded $0.1 million and $0.2 million during the six months ended June 30, 2016 and June 30, 2015 , respectively, relating to common shares granted to non-employee directors in lieu of all or a portion of their annual retainer fees. Under the 2006 Plan and 2016 Plan, participants may elect to have us withhold common shares to satisfy minimum statutory tax withholding obligations arising in connection with the exercise of stock options and vesting of non-vested shares, restricted stock units and performance shares. We cancel any such shares withheld on the applicable vesting dates or earlier dates when service requirements are satisfied, which correspond to the times at which income to the employee is recognized. When we withhold these common shares, we are required to remit to the appropriate taxing authorities the fair value of the shares withheld as of the vesting date. During the six months ended June 30, 2016 and June 30, 2015 , 35,430 and 34,969 common shares, respectively, were withheld and canceled for this purpose. The withholding of common shares by us could be deemed a purchase of the common shares.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 3 and Note 8 ). There were no material changes to our scheduled minimum rental commitments and purchase obligations during the six months ended June 30, 2016 . 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 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. In 2012, we submitted a final feasibility study to the Washington State Department of Ecology ("Washington State Ecology") that included recommendations for remediation alternatives primarily to address the historical use of oils containing polychlorinated biphenyls ("PCBs") at our Spokane, Washington ("Trentwood") facility. We also signed an amended work order in 2012 with Washington State Ecology allowing certain remediation activities to begin, including the initiation of a treatability study in regards to proposed PCB remediation methods. We began implementation of certain approved sections of the work plan in 2013 and throughout 2014, completing a number of these sections in 2014 and receiving approval from Washington State Ecology. In cooperation with Washington State Ecology, in 2015 we constructed a pilot test treatment facility to determine the treatability and evaluate the feasibility of removing PCBs from ground water under the Trentwood facility. We initiated and began operating the treatment test facility in the first half of 2016. As the success of the new methodology cannot be reasonably determined at this time, it is possible that we may need to make upward adjustments to our related accruals as facts and cost estimates regarding the groundwater treatment method and the operation of the treatment facility 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. Since 2014, we completed a number of preliminary steps in the preparation of completing the final risk assessment and feasibility study, both of which are subject to review and approval by the OEPA. As work continues and progresses to a final risk assessment and feasibility study, we will establish 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 months . At June 30, 2016 , our environmental accrual of $17.8 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. 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, draft 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 $24.7 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 material and 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.

Derivative Financial Instrument

Derivative Financial Instruments and Related Hedging Programs	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Related Hedging Programs	Derivative Financial Instruments and Related Hedging Programs Overview . In conducting our business, we enter into derivative transactions, including forward contracts and options, to limit our economic (i.e. cash) exposure resulting from: (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 our foreign subsidiaries and cash commitments for equipment purchases denominated in foreign currency. Our derivative activities are overseen by a hedging committee ("Hedging Committee"), which is composed of our chief executive officer, chief operating officer, chief financial officer, chief accounting officer, treasurer and vice president of commodity risk management and other officers and employees selected by the chief executive officer. The Hedging Committee meets regularly to review derivative positions and strategy and reports to our Board of Directors on the scope of its activities. Hedges of Operational Risks Designated Foreign Currency Cash Flow Hedges . We are exposed to foreign currency exchange risk related to firm-price agreements for equipment purchases from foreign manufacturers. Such agreements require that we make payments in foreign currency to the vendor over time based on milestone achievements. We use foreign currency forward contracts in order to mitigate the exposure to currency exchange rate fluctuations related to these purchases. The timing and amounts of the forward contract settlements are designed to line up with the timing and amounts of scheduled payments to the foreign equipment manufacturers and are therefore expected to be highly effective hedges. As of June 30, 2016 , we had open forward contracts designated as cash flow hedges to purchase euros with maturity dates between three months and 14 months . The notional amounts of these foreign currency forward contracts totaled 2.0 million euros and 4.7 million euros at June 30, 2016 and December 31, 2015 , respectively, with an average contract exchange rate of 1.13 and 1.14 euro to US dollar, respectively. The effective portion of the fair value on these instruments is recorded within Other comprehensive income (loss) and is reclassified into the Statements of Consolidated Income (Loss) on the same line item and the same period in which the underlying equipment is depreciated. We had no such reclassifications into Net income (loss) during the quarters and six months ended June 30, 2016 and June 30, 2015 and anticipate no material such reclassifications for the next 12 months. We incurred no ineffectiveness on these hedges during the quarters and six months ended June 30, 2016 and June 30, 2015. As of June 30, 2016 , the loss reported in Accumulated other comprehensive loss related to the cash flow hedges was $0.2 million . Non-Designated Hedges of Operational Risks . 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. See Note 9 for additional information regarding our material derivative positions relating to hedges of operational risk, and their respective fair values. A majority of our derivative contracts relating to hedges of operational risks contain liquidity based thresholds that could require us to provide additional collateral in the event our liquidity were to fall below specified levels. To minimize the exposure to additional collateral requirements related to our liability hedge positions, we allocate hedging transactions among our counterparties, use 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 $2.8 million and $14.6 million at June 30, 2016 and December 31, 2015 , respectively, and we had no collateral posted as of those dates. We regularly review the creditworthiness of our derivative counterparties and do not expect to incur significant loss from the failure of any counterparties to perform under any agreements. Realized and Unrealized Gain and Loss. Realized and unrealized gain (loss) associated with all derivative contracts consisted of the following for each period presented (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Included in Other Comprehensive Income (Loss): Unrealized (loss) gain: Foreign Currency $ (0.1 ) $ (0.2 ) $ 0.1 $ (0.2 ) Included in Statements of Consolidated Income (Loss): Realized loss 1 : Aluminum (1.0 ) (7.1 ) (3.7 ) (9.8 ) Natural Gas (1.6 ) (1.3 ) (3.3 ) (2.6 ) Electricity — (0.4 ) — (1.1 ) Total realized loss $ (2.6 ) $ (8.8 ) $ (7.0 ) $ (13.5 ) Unrealized gain (loss) 2 : Non-designated hedges of operational risk: Aluminum $ 6.9 $ (4.3 ) $ 10.0 $ (8.5 ) Natural Gas 4.0 1.5 4.9 0.8 Electricity — 1.3 — 1.7 Total non-designated hedges of operational risk 10.9 (1.5 ) 14.9 (6.0 ) Option Assets relating to the Convertible Notes 3 — — — 10.2 Bifurcated Conversion Feature of the Convertible Notes 3 — — — (10.2 ) Total unrealized gain (loss) $ 10.9 $ (1.5 ) $ 14.9 $ (6.0 ) ______________________ 1 Realized loss on hedges of operational risk are recorded within Cost of products sold, excluding depreciation, amortization and other items. 2 Unrealized gain (loss) on hedges of operational risk are recorded within Unrealized (gain) loss on derivative instruments. 3 Unrealized gain (loss) on financial derivatives related to our 4.5% unsecured cash convertible senior notes ("Convertible Notes"), which settled in April 2015. The following table summarizes our material derivative positions at June 30, 2016 : Aluminum Maturity Period (month/year) Notional Amount of contracts (mmlbs) Fixed price purchase contracts 7/16 through 6/18 182.5 Fixed price sales contracts 7/16 through 12/16 0.9 Midwest premium swap contracts 1 7/16 through 6/18 157.1 Natural Gas 2 Maturity Period (month/year) Notional Amount of contracts (mmbtu) Fixed price purchase contracts 7/16 through 12/18 5,950,000 Euro Maturity Period (month/year) Notional Amount of contracts (euro) Fixed price purchase contracts 9/16 through 8/17 2,020,950 ______________________ 1 Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on our purchases of primary aluminum. 2 As of June 30, 2016 , we had derivative and/or physical delivery commitments with energy companies in place to cover exposure to fluctuations in prices for approximately 81% , 74% and 72% of the expected natural gas purchases for the remainder of 2016 , 2017 and 2018 , respectively. We have physical delivery commitments at firm prices covering approximately 55% , 54% and 36% of our expected electricity purchases for the remainder of 2016 , 2017 and 2018 , respectively. We enter into derivative contracts with counterparties, some of which are subject to enforceable master netting arrangements and some of which are not. We reflect the fair value of our derivative contracts on a gross basis on the Consolidated Balance Sheets (see Note 2 ). The following tables present offsetting information regarding our derivatives by type of counterparty as of June 30, 2016 (in millions of dollars): Derivative Assets and Collateral Held by Counterparty Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Counterparty (with netting agreements) $ 2.8 $ — $ 2.8 $ 1.3 $ — $ 1.5 Counterparty (with partial netting agreements) 2.6 — 2.6 0.9 $ — $ 1.7 Total $ 5.4 $ — $ 5.4 $ 2.2 $ — $ 3.2 Derivative Liabilities and Collateral Held by Counterparty Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged Net Amount Counterparty (with netting agreements) $ (3.0 ) $ — $ (3.0 ) $ (1.3 ) $ — $ (1.7 ) Counterparty (with partial netting agreements) (2.0 ) — (2.0 ) (0.9 ) — (1.1 ) Total $ (5.0 ) $ — $ (5.0 ) $ (2.2 ) $ — $ (2.8 ) The following tables present offsetting information regarding our derivatives by type of counterparty as of December 31, 2015 (in millions of dollars): Derivative Assets and Collateral Held by Counterparty Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Counterparty (with netting agreements) $ 1.3 $ — $ 1.3 $ 1.3 $ — $ — Counterparty (with partial netting agreements) 0.3 — 0.3 0.3 — — Total $ 1.6 $ — $ 1.6 $ 1.6 $ — $ — Derivative Liabilities and Collateral Held by Counterparty Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged Net Amount Counterparty (with netting agreements) $ (8.5 ) $ — $ (8.5 ) $ (1.3 ) $ — $ (7.2 ) Counterparty (with partial netting agreements) (7.7 ) — (7.7 ) (0.3 ) — (7.4 ) Total $ (16.2 ) $ — $ (16.2 ) $ (1.6 ) $ — $ (14.6 )

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurements Overview We apply the fair value hierarchy established by GAAP for the recognition and measurement of certain financial assets and liabilities. An asset or liability's fair value classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and consider counterparty risk in our assessment of fair value. The fair values of financial assets and liabilities are evaluated and measured on a recurring basis. As part of that evaluation process, we review the underlying inputs that are significant to the fair value measurement of financial instruments to determine if a transfer among hierarchy levels is appropriate. We historically have not had significant transfers into or out of each hierarchy level. Financial assets and liabilities that we measure at fair value as required by GAAP include: (i) our derivative instruments; (ii) the plan assets of the Salaried VEBA and our Canadian defined benefit pension plan measured annually at December 31; and (iii) available for sale securities, consisting of debt investment securities and investments related to our deferred compensation plan (see Note 5 ). We record certain other financial assets and liabilities at carrying value (see the tables below for the fair value disclosure of those assets and liabilities). The majority of our non-financial assets and liabilities, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur (or at least annually for goodwill), an evaluation of the affected non-financial asset or liability is required, potentially resulting in an adjustment to the carrying amount of such asset or liability. Fair Values of Financial Assets and Liabilities Derivative Assets and Liabilities. Our derivative contracts are valued at fair value using significant observable and unobservable inputs. Commodity, Energy and Foreign Currency Derivatives – The fair values of a majority of these derivative contracts are based upon trades in liquid markets. Valuation model inputs can generally be verified, and valuation techniques do not involve significant judgment. The fair values of such financial instruments are generally classified within Level 2 of the fair value hierarchy. We, however, have some derivative contracts that do not have observable market quotes. For these financial instruments, management uses significant unobservable inputs (e.g., information concerning regional premiums for swaps). Where appropriate, valuations are adjusted for various factors, such as bid/offer spreads. The fair values of these financial instruments are classified as Level 3 in the fair value hierarchy. Salaried VEBA and Canadian Pension Plan Assets. The plan assets of the Salaried VEBA and our Canadian pension plan are measured annually on December 31 and reflected in our Consolidated Balance Sheets at fair value. In determining the fair value of the plan assets at an annual period end, we utilize primarily the results of valuations supplied by the investment advisors responsible for managing the assets of each plan, which we independently review for reasonableness. Available for Sale Securities. We hold debt investment securities that are accounted for as available for sale securities. The fair value of the debt investment securities, which consist of commercial paper and corporate bonds, is determined based on valuation models that use observable market data. At June 30, 2016 , all of our short-term investments had maturity dates within 11 months . We review our debt investment portfolio for other-than-temporary impairment at least quarterly or when there are changes in credit risk or other potential valuation concerns. At June 30, 2016 and June 30, 2015 , the total unrealized loss, net of tax, included in accumulated other comprehensive loss was immaterial and was not other-than-temporarily impaired. We believe that it is probable that the principal and interest will be collected in accordance with the contractual terms, and that the unrealized loss on these securities were due to changes in normal market fluctuations, and were not due to increased credit risk or other valuation concerns. In addition to debt investment securities, we also hold assets in various investment funds at certain registered investment companies in connection with our deferred compensation program (see Note 5 ). Such assets are accounted for as available for sale securities and are measured and recorded at fair value based on the NAV of the investment funds on a recurring basis. The fair value input of the available for sale securities is considered either a Level 1 or Level 2 input depending on whether the debt security or investment fund is traded on a public exchange. The amortized cost for available for sale securities approximates their fair value. All Other Financial Assets and Liabilities. We believe that the fair value of our cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their respective carrying values due to their short maturities and nominal credit risk. The fair values of the 5.875% Senior Notes at June 30, 2016 and 8.25% Senior Notes at December 31, 2015 were based on their respective trading prices and are considered Level 1 inputs in the fair value hierarchy (see Note 3 for the related carrying values). The following table presents our financial instruments, classified under the appropriate level of the fair value hierarchy, as of the period presented (in millions of dollars): June 30, 2016 Level 1 Level 2 Level 3 Total FINANCIAL ASSETS: Derivative Instruments (Non-Designated Hedges): Aluminum – Fixed price purchase contracts $ — $ 4.8 $ — $ 4.8 Natural Gas – Fixed price purchase contracts — 0.6 — 0.6 All Other Financial Assets: Cash and cash equivalents 50.6 144.7 — 195.3 Short-term investments — 72.0 — 72.0 Deferred compensation plan assets — 7.8 — 7.8 Total assets $ 50.6 $ 229.9 $ — $ 280.5 FINANCIAL LIABILITIES: Derivative Instruments (Non-Designated Hedges): Aluminum – Fixed price purchase contracts $ — $ (1.2 ) $ — $ (1.2 ) Midwest premium swap contracts — — (1.4 ) (1.4 ) Natural Gas – Fixed price purchase contracts — (2.4 ) — (2.4 ) All Other Financial Liabilities: 5.875% Senior Notes (383.4 ) — — (383.4 ) Total liabilities $ (383.4 ) $ (3.6 ) $ (1.4 ) $ (388.4 ) The following table presents our financial instruments, classified under the appropriate level of the fair value hierarchy, as of the period presented (in millions of dollars): December 31, 2015 Level 1 Level 2 Level 3 Total FINANCIAL ASSETS: Derivative Instruments (Non-Designated Hedges): Aluminum – Call option purchase contracts $ — $ 0.2 $ — $ 0.2 Fixed price purchase contracts — 0.3 — 0.3 Fixed price sales contracts — 0.2 — 0.2 Midwest premium swap contracts — — 0.9 0.9 All Other Financial Assets: Cash and cash equivalents 40.3 32.2 — 72.5 Short-term investments — 30.0 — 30.0 Deferred compensation plan assets — 7.3 — 7.3 Total assets $ 40.3 $ 70.2 $ 0.9 $ 111.4 FINANCIAL LIABILITIES: Derivative Instruments (Non-Designated Hedges): Aluminum – Fixed price purchase contracts $ — $ (8.9 ) $ — $ (8.9 ) Fixed price sales contracts — (0.1 ) — (0.1 ) Midwest premium swap contracts — — (0.3 ) (0.3 ) Natural Gas – Fixed price purchase contracts — (6.7 ) — (6.7 ) Derivative Instruments (Designated Hedges): Foreign Currency – Euro forward purchase contracts — (0.2 ) — (0.2 ) All Other Financial Liabilities: 8.25% Senior Notes (207.3 ) — — (207.3 ) Total liabilities $ (207.3 ) $ (15.9 ) $ (0.3 ) $ (223.5 ) Financial instruments classified as Level 3 in the fair value hierarchy represent Midwest premium swap contracts for which at least one significant unobservable input in the valuation model is a management estimate. This is necessary due to the lack of an exchange traded product with observable market pricing data. Fair value was determined using a forward curve based on the average pricing quotes from our trading counterparties and applying a discount factor based on the risk-free interest rate. The following table presents quantitative information for Level 3 Midwest premium derivative contracts: Fair Value at June 30, 2016 (in millions of dollars) Valuation technique Unobservable input Settlement Period Range ($ in unit price) Liabilities: Midwest premium swap contracts $ (1.4 ) Discounted fair value Forward price curve July-16 through Jun-18 $0.070 per metric ton to $0.073 per metric ton The following table presents a reconciliation of activity for the Midwest premium swap contracts on a net basis (in millions of dollars): Level 3 Fair value measurement at December 31, 2015 $ 0.6 Total realized/unrealized (loss) included in: Cost of goods sold excluding depreciation and amortization and other items and Unrealized (gain) loss on derivative instruments (0.5 ) Transactions involving Level 3 derivative contracts: Purchases (1.3 ) Sales — Issuances — Settlements (0.2 ) Transactions involving Level 3 derivatives – net (1.5 ) Transfers in and/or out of Level 3 valuation hierarchy — Fair value measurement at June 30, 2016 $ (1.4 ) Total loss included in Unrealized (gain) loss on derivative instruments, attributable to the change in unrealized gain/loss relating to derivative contracts held at June 30, 2016: $ (1.5 ) Fair Values of Non-Financial Assets and Liabilities We concluded that none of our non-financial assets and liabilities subject to fair value assessments on a non-recurring basis required a material adjustment to the carrying amount of such assets and liabilities during the six months ended June 30, 2016 and June 30, 2015 .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Net Income (Loss) Per Share Basic and diluted net income (loss) per share were calculated as follows, for each period presented (in millions of dollars, except share and per share amounts): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ 26.0 $ 20.2 $ 52.3 $ (272.0 ) Denominator – Weighted-average common shares outstanding (in thousands): Basic 1 17,871 17,006 17,867 17,233 Add: dilutive effect of non-vested common shares, restricted stock units, performance shares and stock options 323 247 327 — Add: dilutive effect of warrants 2 — 939 — — Diluted 3 18,194 18,192 18,194 17,233 Net income (loss) per common share, Basic: $ 1.45 $ 1.19 $ 2.92 $ (15.78 ) Net income (loss) per common share, Diluted: $ 1.43 $ 1.11 $ 2.87 $ (15.78 ) ______________________ 1 The basic weighted-average number of common shares outstanding during the periods presented excludes non-vested common shares, restricted stock units and performance shares. 2 Net-share-settled warrants ("Warrants") relating to approximately 3.7 million notional common shares of our common stock were outstanding at June 30, 2015 at an exercise price of approximately $60.44 per share, and were settled during a period from July 1, 2015 through December 18, 2015. 3 The diluted weighted-average number of common shares outstanding during the periods presented was calculated using the treasury method. The following securities were excluded from the weighted-average diluted shares computation for the quarters and six months ended June 30, 2016 and June 30, 2015 as their inclusion would have been anti-dilutive (in thousands of shares): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Options to purchase common shares — — — 17 Non-vested common shares, restricted stock units and performance shares 2 — 65 243 Warrants — — — 799 Total excluded 2 — 65 1,059 During the six months ended June 30, 2016 and June 30, 2015 , we paid a total of approximately $16.3 million ( $0.90 per common share) and $14.0 million ( $0.80 per common share), respectively, in cash dividends to stockholders, including the holders of restricted stock, and dividend equivalents to the holders of certain restricted stock units and to the holders of performance shares granted prior to 2014 with respect to the target number of underlying common shares (constituting approximately one-half of the maximum payout). From time to time, we repurchase shares pursuant to a stock repurchase program authorized by our Board of Directors. Repurchase transactions will occur at such times and prices as management deems appropriate and will be funded with our excess liquidity after giving consideration to, among other things, internal and external growth opportunities and future cash flows. Repurchases may be in open-market transactions or in privately negotiated transactions and the program may be modified or terminated by our Board of Directors at any time. During the six months ended June 30, 2016 and June 30, 2015 , we repurchased 109,033 shares of common stock at a weighted-average price of $79.04 per share and 552,454 shares of common stock at a weighted-average price of $75.21 per share, respectively, pursuant to the stock repurchase program. The total cost of $8.6 million and $41.5 million was recorded as Treasury stock during the six months ended June 30, 2016 and June 30, 2015 , respectively. At June 30, 2016 , $114.7 million were available to repurchase our common shares pursuant to the stock repurchase program. Preferred Stock. In connection with the Tax Asset Rights Plan, our Board of Directors declared a dividend, payable April 22, 2016, of a Right to purchase one Series A Preferred for each outstanding share of our common stock, par value $0.01 per share. The number of shares constituting Series A Preferred, par value $0.01 per share, is 900,000 . For more information regarding the Rights, see Note 4 .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment and Geographical Area Information	Segment and Geographical Area Information Our primary line of business is the production of semi-fabricated specialty aluminum products, such as aluminum plate and sheet and extruded and drawn products, primarily used in aerospace/high strength ("Aero/HS products"), automotive ("Automotive Extrusions"), general engineering ("GE products") and other industrial end market applications ("Other products"). We operate 11 focused production facilities in the United States and one in Canada. Consistent with the manner in which our chief operating decision maker reviews and evaluates our business, the Fabricated Products business is treated as a single operating segment. At June 30, 2016 , approximately 63% of our employees were covered by collective bargaining agreements and approximately 6% of our employees were covered by collective bargaining agreements with expiration dates occurring within one year from June 30, 2016 . In addition to the Fabricated Products segment, we have a business unit, All Other, which provides general and administrative support for our operations. For purposes of segment reporting under GAAP, we treat the Fabricated Products segment as a reportable segment. All Other is not considered a reportable segment. The accounting policies of the Fabricated Products segment are the same as those described in Note 1 . Segment results are evaluated internally by management before any allocation of corporate overhead and without any charge for income taxes, interest expense, or other net operating charges. The following tables provide financial information by reporting segment and business unit for each period or as of each period-end, as applicable (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net sales: Fabricated Products $ 334.9 $ 367.2 $ 678.1 $ 738.9 Segment operating income (loss): Fabricated Products 1 $ 72.1 $ 50.6 $ 130.0 $ 95.5 All Other 2 (14.2 ) (13.6 ) (27.3 ) (517.1 ) Total operating income (loss) $ 57.9 $ 37.0 $ 102.7 $ (421.6 ) Interest expense (5.5 ) (5.2 ) (9.2 ) (15.0 ) Other (expense) income, net (10.7 ) 0.4 (10.4 ) 0.8 Income (loss) before income taxes $ 41.7 $ 32.2 $ 83.1 $ (435.8 ) Depreciation and amortization: Fabricated Products $ 8.8 $ 8.0 $ 17.4 $ 15.9 All Other 0.2 0.1 0.3 0.2 Total depreciation and amortization $ 9.0 $ 8.1 $ 17.7 $ 16.1 Capital expenditures: Fabricated Products $ 16.3 $ 11.5 $ 42.1 $ 22.7 All Other 0.1 0.1 0.2 0.2 Total capital expenditures $ 16.4 $ 11.6 $ 42.3 $ 22.9 _____________________ 1 Fabricated Products segment operating income included non-cash mark-to-market gain on primary aluminum, natural gas and foreign currency hedging activities, which totaled $10.9 million and 14.9 million for the quarter and six months ended June 30, 2016 , respectively. Non-cash mark-to-market (loss) on primary aluminum, natural gas, electricity and foreign currency hedging activities totaled $(1.5) million and $(6.0) million for the quarter and six months ended June 30, 2015 , respectively. For further discussion regarding mark-to-market matters, see Note 8 . 2 Operating loss in All Other included loss on removal of Union VEBA net assets of $1.6 million and $493.8 million for the quarter and six months ended June 30, 2015 , respectively. See Note 5 for further details. June 30, 2016 December 31, 2015 Assets: Fabricated Products $ 947.0 $ 904.7 All Other 1 474.6 342.9 Total assets $ 1,421.6 $ 1,247.6 _____________________ 1 Assets in All Other represent primarily all of our cash and cash equivalents, short-term investments, financial derivative assets (see Note 9 ) and net deferred income tax assets. Net sales by product categories based on end market applications for the Fabricated Products segment were as follows (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net sales: Aero/HS products $ 167.7 $ 181.1 $ 344.6 $ 361.4 Automotive Extrusions 48.8 53.7 97.1 103.8 GE products 107.3 112.0 212.7 231.1 Other products 11.1 20.4 23.7 42.6 Total net sales $ 334.9 $ 367.2 $ 678.1 $ 738.9 Geographic information for income taxes paid were as follows (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Income taxes paid: Fabricated Products – United States $ 0.2 $ 0.2 $ 0.3 $ 0.3 Canada 0.3 0.4 0.5 1.3 Total income taxes paid $ 0.5 $ 0.6 $ 0.8 $ 1.6 The aggregate foreign currency transaction gain (loss) included in determining net income were immaterial for the quarters and six months ended June 30, 2016 and June 30, 2015 . For the quarter ended June 30, 2016 , one customer represented 27% and another represented 10% of Fabricated Products Net sales. For the quarter ended June 30, 2015 , one customer represented 25% and another represented 10% of Fabricated Products Net Sales. For the six months ended June 30, 2016 , one customer represented 26% and another represented 10% of Fabricated Products Net sales. For the six months ended June 30, 2015 , one customer represented 26% and another represented 10% of Fabricated Products Net sales. At June 30, 2016 , one customer represented 19% and another customer represented 13% of the trade receivables balance. Two customers each accounted for 17% of the trade receivables balance at December 31, 2015 . Information for delivery of our primary aluminum supply from our major suppliers were as follows: Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Percentage of total primary aluminum supply (lbs): Supply from our top five major suppliers 86 % 86 % 84 % 87 % Supply from our largest supplier 36 % 27 % 33 % 28 % Supply from our second and third largest suppliers 30 % 36 % 32 % 35 %

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Six Months Ended June 30, 2016 2015 (In millions of dollars) Interest paid $ 7.0 $ 13.3 Non-cash investing and financing activities: Stock repurchases not yet settled (accrued in accounts payable) $ 0.1 $ 0.1 Unpaid purchases of property and equipment $ 2.6 $ 3.8

Other (Expense) Income, Net

Other (Expense) Income, Net	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Other (Expense) Income, Net	Other (Expense) Income, Net Other (expense) income, net consisted of the following for each period presented (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Interest income $ — $ — $ 0.1 $ 0.2 Realized gain on investments 0.3 0.2 0.3 0.5 Loss on extinguishment of debt 1 (11.1 ) — (11.1 ) — All other, net 0.1 0.2 0.3 0.1 Other (expense) income, net $ (10.7 ) $ 0.4 $ (10.4 ) $ 0.8 _____________________ 1 Represents the loss on extinguishment of our 8.25% Senior Notes during the quarter ended June 30, 2016 , which includes an $8.2 million premium paid to redeem the notes and a $2.9 million write-off of unamortized debt issuance costs associated with the notes.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income	Other Comprehensive Income The following table presents the tax effect allocated to each component of other comprehensive income for each period presented (in millions of dollars): Before-Tax Income Tax Net-of-Tax Amount (Expense) Benefit 3 Amount Quarter Ended June 30, 2016 Salaried VEBA: Reclassification adjustments: Amortization of net actuarial loss 1 $ 0.1 $ (0.1 ) $ — Amortization of prior service cost 1 1.0 (0.3 ) 0.7 Other comprehensive income relating to Salaried VEBA 1.1 (0.4 ) 0.7 Unrealized gain on available for sale securities 0.4 (0.1 ) 0.3 Unrealized loss on foreign currency cash flow hedges (0.1 ) — (0.1 ) Other comprehensive income $ 1.4 $ (0.5 ) $ 0.9 Quarter Ended June 30, 2015 VEBAs: Reclassification adjustments: Amortization of net actuarial loss 1 $ 0.2 $ (0.1 ) $ 0.1 Amortization of prior service cost 1 0.8 (0.3 ) 0.5 Other comprehensive income relating to VEBAs 1.0 (0.4 ) 0.6 Available for sale securities: Unrealized loss on available for sale securities (0.3 ) 0.1 (0.2 ) Reclassification adjustments: Reclassification of unrealized loss upon sale of available for sale securities 2 0.1 — 0.1 Other comprehensive loss relating to available for sale securities (0.2 ) 0.1 (0.1 ) Unrealized loss on foreign currency cash flow hedges (0.2 ) 0.1 (0.1 ) Other comprehensive income $ 0.6 $ (0.2 ) $ 0.4 Before-Tax Income Tax Net-of-Tax Amount (Expense) Benefit 3 Amount Six Months Ended June 30, 2016 Salaried VEBA: Reclassification adjustments: Amortization of net actuarial loss 1 $ 0.2 $ (0.1 ) $ 0.1 Amortization of prior service cost 1 2.0 (0.7 ) 1.3 Other comprehensive income relating to Salaried VEBA 2.2 (0.8 ) 1.4 Unrealized gain on available for sale securities 0.4 (0.1 ) 0.3 Foreign currency translation gain on Canadian pension plan 0.1 — 0.1 Unrealized gain on foreign currency cash flow hedges 0.1 (0.1 ) — Other comprehensive income $ 2.8 $ (1.0 ) $ 1.8 Six Months Ended June 30, 2015 VEBAs: Reclassification adjustments: Amortization of net actuarial loss 1 $ 0.5 $ (0.2 ) $ 0.3 Amortization of prior service cost 1 1.5 (0.6 ) 0.9 Removal of obligation relating to Union VEBA 106.6 (40.4 ) 66.2 Other comprehensive income relating to VEBAs 108.6 (41.2 ) 67.4 Available for sale securities: Unrealized loss on available for sale securities (0.3 ) 0.1 (0.2 ) Reclassification adjustments: Reclassification of unrealized loss upon sale of available for sale securities 2 0.2 (0.1 ) 0.1 Other comprehensive loss relating to available for sale securities (0.1 ) — (0.1 ) Unrealized loss on foreign currency cash flow hedges (0.2 ) 0.1 (0.1 ) Foreign currency translation gain 0.1 — 0.1 Other comprehensive income $ 108.4 $ (41.1 ) $ 67.3 ________________ 1 Amounts reclassified out of Accumulated other comprehensive loss relating to Salaried VEBA adjustments were included as a component of Net periodic postretirement benefit cost relating to Salaried VEBA. 2 Amounts reclassified out of Accumulated other comprehensive loss relating to sales of available for sale securities were included as a component of Other (expense) income, net. We use the specific identification method to determine the amount reclassified out of Accumulated other comprehensive loss. 3 Income tax amounts reclassified out of Accumulated other comprehensive loss were included as a component of Income tax (provision) benefit.

Guarantor and Non-Guarantor Fin

Guarantor and Non-Guarantor Financial Statements (Notes)	6 Months Ended
	Jun. 30, 2016
Guarantor and Non-Guarantor Financial Statement [Abstract]
Condensed Guarantor and Non-Guarantor Financial Statements	Condensed Guarantor and Non-Guarantor Financial Information During the quarter ended June 30, 2016, we issued our 5.875% Senior Notes and repaid the remaining principal balance of our 8.25% Senior Notes. The 5.875% Senior Notes were issued pursuant to an indenture dated May 12, 2016 ("2016 Indenture"), among Kaiser Aluminum Corporation ("Parent"), the subsidiary guarantors party thereto ("Guarantor Subsidiaries") and Wells Fargo Bank, National Association, as trustee ("Trustee"). The Guarantor Subsidiaries include Kaiser Aluminum Investments Company, Kaiser Aluminum Fabricated Products, LLC, Kaiser Aluminum Washington, LLC and Kaiser Aluminum Alexco, LLC, all of which are 100% owned by the Parent. The guarantees are full and unconditional and joint and several but have customary releases in the following situations: (i) the sale of the Guarantor Subsidiary or all of its assets; (ii) the declaration of a Guarantor Subsidiary as an unrestricted subsidiary under the 2016 Indenture; (iii) the termination or release of the Guarantor Subsidiary's guarantee of certain other indebtedness; or (iv) our exercise of legal defeasance or covenant defeasance or the discharge of our obligations under the 2016 Indenture. The following condensed consolidating financial information as of June 30, 2016 and December 31, 2015 , and for the quarters and six months ended June 30, 2016 and June 30, 2015 present: (i) the financial position, results of operation and cash flows for each of (a) Parent, (b) the Guarantor Subsidiaries on a combined basis and (c) the Non-Guarantor Subsidiaries on a combined basis; (ii) the "Consolidating Adjustments," which represent the adjustments necessary to eliminate the investments in our subsidiaries, other intercompany balances and other intercompany sales and cost of sales among Parent, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries; and (iii) the resulting totals, reflecting information for us on a consolidated basis, as reported. The condensed consolidating financial information should be read in conjunction with the consolidated financial statements herein. Under the 2016 Indenture, "Non-Guarantor Subsidiaries" include Kaiser Aluminum Mill Products, Inc., Kaiser Aluminum Canada Limited, Trochus Insurance Company, DCO Management, LLC, Kaiser Aluminum France, S.A.S. and Kaiser Aluminum Beijing Trading Company. Kaiser Aluminum Mill Products, Inc. was included in the "Guarantor Subsidiaries" under the indenture covering the 8.25% Senior Notes but is not a Guarantor Subsidiary under the 2016 Indenture. Historical periods have not been restated to move Kaiser Aluminum Mill Products, Inc. from the Guarantor Subsidiaries category to the Non-Guarantor Subsidiaries category because the impact of this change to the financial position, results of operation and cash flows with respect to the Guarantor Subsidiaries on a combined basis and the Non-Guarantor Subsidiaries on a combined basis is immaterial. CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 193.4 $ 1.9 $ — $ 195.3 Short-term investments — 72.0 — — 72.0 Receivables: Trade receivables – net — 130.1 4.5 — 134.6 Intercompany loans receivable 82.1 — 0.6 (82.7 ) — Other — 5.0 3.2 — 8.2 Inventories — 215.0 6.1 (3.6 ) 217.5 Prepaid expenses and other current assets 0.2 12.2 0.8 (0.4 ) 12.8 Total current assets 82.3 627.7 17.1 (86.7 ) 640.4 Investments in and advances to subsidiaries 960.8 32.8 — (993.6 ) — Property, plant and equipment – net — 480.9 31.8 — 512.7 Long-term intercompany loans receivable 137.6 4.3 6.0 (147.9 ) — Deferred tax assets – net — 173.9 — 7.0 180.9 Intangible assets – net — 29.7 — — 29.7 Goodwill — 37.2 — — 37.2 Other assets — 20.6 0.1 — 20.7 Total $ 1,180.7 $ 1,407.1 $ 55.0 $ (1,221.2 ) $ 1,421.6 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 1.2 $ 64.4 $ 6.7 $ — $ 72.3 Intercompany loans payable — 82.7 — (82.7 ) — Accrued salaries, wages and related expenses — 34.5 1.9 — 36.4 Other accrued liabilities 3.0 50.6 0.1 (9.5 ) 44.2 Short-term capital leases — 0.1 — — 0.1 Total current liabilities 4.2 232.3 8.7 (92.2 ) 153.0 Net liabilities of Salaried VEBA — 18.5 — — 18.5 Deferred tax liabilities — — 2.2 — 2.2 Long-term intercompany loans payable — 143.6 4.3 (147.9 ) — Long-term liabilities — 65.1 6.3 — 71.4 Long-term debt 368.2 — — — 368.2 Total liabilities 372.4 459.5 21.5 (240.1 ) 613.3 Total stockholders' equity 808.3 947.6 33.5 (981.1 ) 808.3 Total $ 1,180.7 $ 1,407.1 $ 55.0 $ (1,221.2 ) $ 1,421.6 CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 72.2 $ 0.3 $ — $ 72.5 Short-term investments — 30.0 — — 30.0 Receivables: Trade receivables – net — 114.0 2.7 — 116.7 Intercompany receivables — 111.2 1.1 (112.3 ) — Other — 3.8 2.3 — 6.1 Inventories — 216.3 6.6 (3.3 ) 219.6 Prepaid expenses and other current assets 0.2 56.2 1.7 (1.4 ) 56.7 Total current assets 0.2 603.7 14.7 (117.0 ) 501.6 Investments in and advances to subsidiaries 1,077.2 31.4 — (1,108.6 ) — Property, plant and equipment – net — 464.3 31.1 — 495.4 Long-term intercompany receivables — — 3.1 (3.1 ) — Deferred tax assets – net — 156.3 — 7.0 163.3 Intangible assets – net — 30.5 — — 30.5 Goodwill — 37.2 — — 37.2 Other assets — 19.5 0.1 — 19.6 Total $ 1,077.4 $ 1,342.9 $ 49.0 $ (1,221.7 ) $ 1,247.6 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 0.5 $ 73.6 $ 2.6 $ — $ 76.7 Intercompany payable 106.5 14.8 4.0 (125.3 ) — Accrued salaries, wages and related expenses — 38.3 1.5 — 39.8 Other accrued liabilities 1.4 52.3 0.4 (1.4 ) 52.7 Short-term capital leases — 0.1 — — 0.1 Total current liabilities 108.4 179.1 8.5 (126.7 ) 169.3 Net liabilities of Salaried VEBA — 19.0 — — 19.0 Deferred tax liabilities — — 2.1 — 2.1 Long-term intercompany payable — 3.1 — (3.1 ) — Long-term liabilities — 81.3 6.2 — 87.5 Long-term debt 194.6 — — — 194.6 Total liabilities 303.0 282.5 16.8 (129.8 ) 472.5 Total stockholders' equity 774.4 1,060.4 32.2 (1,091.9 ) 775.1 Total $ 1,077.4 $ 1,342.9 $ 49.0 $ (1,221.7 ) $ 1,247.6 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (In millions of dollars) Quarter Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 327.3 $ 27.6 $ (20.0 ) $ 334.9 Costs and expenses: Cost of products sold: Cost of products sold, excluding depreciation and amortization and other items — 246.0 23.5 (19.1 ) 250.4 Unrealized gain on derivative instruments — (10.9 ) — — (10.9 ) Depreciation and amortization — 8.5 0.5 — 9.0 Selling, general, administrative, research and development: Selling, general, administrative, research and development 1.6 23.8 3.0 (0.9 ) 27.5 Net periodic postretirement benefit cost relating to Salaried VEBA — 0.9 — — 0.9 Total selling, general, administrative, research and development 1.6 24.7 3.0 (0.9 ) 28.4 Other operating charges, net — 0.1 — — 0.1 Total costs and expenses 1.6 268.4 27.0 (20.0 ) 277.0 Operating (loss) income (1.6 ) 58.9 0.6 — 57.9 Other (expense) income: Interest (expense) income (5.9 ) 0.4 — — (5.5 ) Other (expense) income, net (11.0 ) 0.2 0.1 — (10.7 ) (Loss) income before income taxes (18.5 ) 59.5 0.7 — 41.7 Income tax provision — (22.6 ) (0.2 ) 7.1 (15.7 ) Earnings in equity of subsidiaries 44.5 0.3 — (44.8 ) — Net income $ 26.0 $ 37.2 $ 0.5 $ (37.7 ) $ 26.0 Comprehensive income $ 26.9 $ 38.1 $ 0.5 $ (38.6 ) $ 26.9 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (In millions of dollars) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 663.0 $ 54.0 $ (38.9 ) $ 678.1 Costs and expenses: Cost of products sold: Cost of products sold, excluding depreciation and amortization and other items — 503.1 46.6 (37.3 ) 512.4 Lower of cost or market inventory write-down — 4.9 — — 4.9 Unrealized gain on derivative instruments — (14.9 ) — — (14.9 ) Depreciation and amortization — 16.7 1.0 — 17.7 Selling, general, administrative, research and development: Selling, general, administrative, research and development 2.4 47.4 5.2 (1.4 ) 53.6 Net periodic postretirement benefit cost relating to Salaried VEBA — 1.7 — — 1.7 Gain on removal of Union VEBA net assets — (0.1 ) — — (0.1 ) Total selling, general, administrative, research and development 2.4 49.0 5.2 (1.4 ) 55.2 Other operating charges, net — 0.1 — — 0.1 Total costs and expenses 2.4 558.9 52.8 (38.7 ) 575.4 Operating (loss) income (2.4 ) 104.1 1.2 (0.2 ) 102.7 Other (expense) income: Interest expense (10.2 ) 1.0 — — (9.2 ) Other (expense) income, net (11.0 ) 0.5 0.1 — (10.4 ) (Loss) income before income taxes (23.6 ) 105.6 1.3 (0.2 ) 83.1 Income tax provision — (39.5 ) (0.4 ) 9.1 (30.8 ) Earnings in equity of subsidiaries 75.9 0.6 — (76.5 ) — Net income $ 52.3 $ 66.7 $ 0.9 $ (67.6 ) $ 52.3 Comprehensive income $ 54.1 $ 68.4 $ 1.0 $ (69.4 ) $ 54.1 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (In millions of dollars) Quarter Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 358.3 $ 33.5 $ (24.6 ) $ 367.2 Costs and expenses: Cost of products sold: Cost of products sold, excluding depreciation and amortization and other items — 289.4 28.9 (23.5 ) 294.8 Unrealized loss on derivative instruments — 1.5 — — 1.5 Depreciation and amortization — 7.8 0.3 — 8.1 Selling, general, administrative, research and development: Selling, general, administrative, research and development 1.4 19.5 3.2 (0.5 ) 23.6 Net periodic postretirement benefit cost relating to Salaried VEBA — 0.6 — — 0.6 Loss on removal of Union VEBA net assets — 1.6 — — 1.6 Total selling, general, administrative, research and development 1.4 21.7 3.2 (0.5 ) 25.8 Total costs and expenses 1.4 320.4 32.4 (24.0 ) 330.2 Operating (loss) income (1.4 ) 37.9 1.1 (0.6 ) 37.0 Other (expense) income: Interest expense (4.9 ) (0.3 ) — — (5.2 ) Other income, net — 0.3 0.1 — 0.4 (Loss) income before income taxes (6.3 ) 37.9 1.2 (0.6 ) 32.2 Income tax (provision) benefit — (15.8 ) 1.4 2.4 (12.0 ) Earnings in equity of subsidiaries 26.5 2.1 — (28.6 ) — Net income $ 20.2 $ 24.2 $ 2.6 $ (26.8 ) $ 20.2 Comprehensive income $ 20.6 $ 24.6 $ 2.6 $ (27.2 ) $ 20.6 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (In millions of dollars) Six Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 721.7 $ 68.2 $ (51.0 ) $ 738.9 Costs and expenses: Cost of products sold: Cost of products sold, excluding depreciation and amortization and other items — 585.8 60.5 (49.2 ) 597.1 Unrealized gain on derivative instruments — 6.0 — — 6.0 Depreciation and amortization — 15.5 0.6 — 16.1 Selling, general, administrative, research and development: Selling, general, administrative, research and development 2.4 40.2 4.8 (1.1 ) 46.3 Net periodic postretirement benefit cost relating to Salaried VEBA — 1.2 — — 1.2 Loss on removal of Union VEBA net assets — 493.8 — — 493.8 Total selling, general, administrative, research and development 2.4 535.2 4.8 (1.1 ) 541.3 Total costs and expenses 2.4 1,142.5 65.9 (50.3 ) 1,160.5 Operating (loss) income (2.4 ) (420.8 ) 2.3 (0.7 ) (421.6 ) Other (expense) income: Interest expense (14.4 ) (0.8 ) — 0.2 (15.0 ) Other income, net — 0.8 0.2 (0.2 ) 0.8 (Loss) income before income taxes (16.8 ) (420.8 ) 2.5 (0.7 ) (435.8 ) Income tax benefit — 156.1 1.4 6.3 163.8 (Loss) earnings in equity of subsidiaries (255.2 ) 3.2 — 252.0 — Net (loss) income $ (272.0 ) $ (261.5 ) $ 3.9 $ 257.6 $ (272.0 ) Comprehensive (loss) income $ (204.7 ) $ (194.3 ) $ 4.0 $ 190.3 $ (204.7 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net cash provided by operating activities $ 190.7 $ 76.1 $ 5.3 $ (200.0 ) $ 72.1 Cash flows from investing activities: Capital expenditures — (40.8 ) (1.5 ) — (42.3 ) Purchase of available for sale securities — (72.4 ) — — (72.4 ) Proceeds from disposition of available for sale securities — 30.0 — — 30.0 Intercompany loans receivable 1 (219.7 ) 106.2 (2.4 ) 115.9 — Net cash (used in) provided by investing activities (219.7 ) 23.0 (3.9 ) 115.9 (84.7 ) Cash flows from financing activities: Repayment of principal and redemption premium of 8.25% Senior Notes (206.0 ) — — — (206.0 ) Issuance of 5.875% Senior Notes 375.0 — — — 375.0 Cash paid for debt issuance costs (6.9 ) — — — (6.9 ) Proceeds from stock option exercises 1.0 — — — 1.0 Repayment of capital lease — — (0.1 ) — (0.1 ) Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (2.8 ) — — — (2.8 ) Repurchase of common stock (8.5 ) — — — (8.5 ) Cash dividends paid to stockholders (16.3 ) — — — (16.3 ) Cash dividends paid to Parent — (200.0 ) — 200.0 — Intercompany loans payable 1 (106.5 ) 222.1 0.3 (115.9 ) — Net cash provided by financing activities 29.0 22.1 0.2 84.1 135.4 Net increase in cash and cash equivalents during the period — 121.2 1.6 — 122.8 Cash and cash equivalents at beginning of period — 72.2 0.3 — 72.5 Cash and cash equivalents at end of period $ — $ 193.4 $ 1.9 $ — $ 195.3 ________________ 1 As a result of the Parent's additional liquidity associated with the 5.875% Senior Notes (see Note 3 ), we classify all intercompany receivables and payables as Intercompany loans receivable and Intercompany loans payable, respectively, and therefore categorize changes in these balances within the investing and financing sections, respectively, of the Condensed Consolidating Statement of Cash Flows. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Six Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 233.4 $ (190.1 ) $ 5.0 $ — $ 48.3 Cash flows from investing activities: Capital expenditures — (14.3 ) (8.6 ) — (22.9 ) Purchase of available for sale securities — (0.5 ) — — (0.5 ) Proceeds from disposition of available for sale securities — 84.0 — — 84.0 Net cash provided by (used in) investing activities — 69.2 (8.6 ) — 60.6 Cash flows from financing activities: Repayment of Convertible Notes (175.0 ) — — — (175.0 ) Proceeds from cash-settled call options related to repayment of Convertible Notes 94.9 — — — 94.9 Payment for conversion premium related to repayment of Convertible Notes (94.9 ) — — — (94.9 ) Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest — 1.1 — — 1.1 Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (3.0 ) — — — (3.0 ) Repurchase of common stock (41.4 ) — — — (41.4 ) Cash dividend paid to stockholders (14.0 ) — — — (14.0 ) Intercompany loan — (5.7 ) 5.7 — — Net cash (used in) provided by financing activities (233.4 ) (4.6 ) 5.7 — (232.3 ) Net increase (decrease) in cash and cash equivalents during the period — (125.5 ) 2.1 — (123.4 ) Cash and cash equivalents at beginning of period — 175.3 2.4 — 177.7 Cash and cash equivalents at end of period $ — $ 49.8 $ 4.5 $ — $ 54.3

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend Declaration . On July 15, 2016 , we announced that our Board of Directors declared a cash dividend of $0.45 per common share or approximately $8.1 million (including dividend equivalents), which will be paid on or about August 15, 2016 to stockholders of record at the close of business on July 25, 2016 .

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
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 2016 fiscal year. The financial information as of December 31, 2015 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, 2015 . See New Accounting Pronouncements below for a discussion of new accounting pronouncements we adopted during the quarter ended March 31, 2016 requiring cumulative-effect adjustments that impacted our consolidated financial statements and footnotes for the year ended December 31, 2015 .
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.
Inventories	Inventories. Inventories are stated at the lower of cost or market value. During the quarter ended March 31, 2016, we recorded a lower of cost or market inventory write-down of $4.9 million , predominantly as a result of a decrease in our net realizable value of inventory. The net realizable value reflected commitments as of that date from customers to purchase our inventory at prices that exceeded the Midwest Transaction Price ("Midwest Price"), which reflects the primary aluminum supply/demand dynamics in North America, reduced by an approximate normal profit margin. There was no lower of cost or market inventory adjustment during the quarter ended June 30, 2016. Finished products, work-in-process and raw material inventories are stated on the last-in, first-out ("LIFO") basis. At June 30, 2016 and December 31, 2015 , after inventory write-down adjustments, the stated LIFO value of inventory represented its net realizable value (less a normal profit margin) and exceeded the current cost of our inventory by $17.4 million and $24.1 million , 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 our inventories at June 30, 2016 and December 31, 2015 were included in the Fabricated Products segment (see Note 2 for the components of inventories).
Property, Plant and Equipment - Net	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 $0.9 million and $0.4 million during the quarters ended June 30, 2016 and June 30, 2015 , respectively. The amount of interest expense capitalized as construction in progress was $1.8 million and $0.7 million during the six months ended June 30, 2016 and June 30, 2015 , 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. 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 (Loss). For the quarters ended June 30, 2016 and June 30, 2015 , we recorded depreciation expense of $8.4 million and $7.6 million , respectively, relating to our operating facilities in the Fabricated Products segment. For the six months ended June 30, 2016 and June 30, 2015 , we recorded depreciation expense of $16.6 million and $15.1 million , respectively, relating to our operating facilities in the Fabricated Products segment. An immaterial amount of depreciation expense was also recorded within All Other for all periods presented in this Report. We classify assets as held for sale only when an asset is being actively marketed and expected to sell within 12 months. Assets held for sale are initially measured at the lesser of the assets' carrying amount and the fair value less costs to sell.
Self Insurance of Employee Health and Workers' Compensation Liabilities	Self Insurance of Employee Health and Workers' Compensation Liabilities . We self-insure the majority of the costs of employee health care benefits and workers' compensation benefits and rely on insurance coverage to protect us from large losses on individual claims. Workers' compensation liabilities are based on a combination of estimates for: (i) incurred-but-not-reported claims and (ii) the ultimate expense of incurred claims. Such estimates are based on judgment, using our historical claims data and information and analysis provided by actuarial and claims advisors, our insurance carriers and other professionals. Our undiscounted workers' compensation liabilities were estimated at $25.6 million and $23.5 million at June 30, 2016 and December 31, 2015, respectively. However, we account for our workers' compensation accrued liability on a discounted basis, using a discount rate of 1.75% at both June 30, 2016 and December 31, 2015. Accrued liabilities for employee healthcare benefits, which are estimates of unpaid incurred medical and prescription drug costs as provided by our healthcare administrators, were $3.2 million for both periods ended June 30, 2016 and December 31, 2015.
Foreign Currency Risk Management	Foreign Currency Risk Management. From time to time, we enter into foreign currency forward contracts to protect the value of anticipated foreign currency expenses associated with cash commitments for equipment purchases. These derivative instruments are designated and qualify for cash flow hedge accounting and are adjusted to current market values each reporting period. Both realized and unrealized periodic gains and losses of derivative instruments designated as cash flow hedges are deferred in Accumulated other comprehensive income until depreciation on the underlying equipment commences. Upon commencement, realized gains and losses are recorded in Net income (loss) as an adjustment to depreciation expense in the period in which depreciation is recognized on the underlying equipment. Depending on the time to maturity and asset or liability position, the carrying values of cash flow hedges are included in Prepaid expenses and other current assets, Other assets, Other accrued liabilities or Long-term liabilities. We report the effective portion of our cash flow hedges in the same financial statement line item as changes in the fair value of the hedged item. In order to qualify for hedge accounting treatment, derivative instruments must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the instrument contract. Hedge effectiveness is assessed periodically. Any derivative instrument not designated as a hedge, or so designated but ineffective, is adjusted to market value and recognized in net income immediately. If a cash flow hedge ceases to qualify for hedge accounting treatment, the derivative instrument would continue to be carried on the balance sheet at fair value until settled and future adjustments to the derivative instrument's fair value would be recognized in Net income (loss) immediately. If a forecasted equipment purchase was no longer probable to occur, amounts previously deferred in Accumulated other comprehensive income (loss) would be recognized immediately in Net income (loss). See Note 8 for additional information. We are exposed to counterparty credit risk on all of our derivative instruments. Accordingly, we have established and maintained counterparty credit guidelines and entered into hedges only with major financial institutions that are investment grade or better. We do not have significant exposure to any one counterparty and management believes the risk of loss is remote and in any event would not be material. Additionally, we do not require collateral under these agreements.
New Accounting Pronouncements	New Accounting Pronouncements. Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") , was issued in May 2014 and 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. In August 2015 , ASU 2014-09 was amended by ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date ("ASU 2015-14"), which defers the effective date of ASU 2014-09 by one year for all entities and permits early adoption on a limited basis. ASU 2014-09 was subsequently amended by three additional pronouncements: (i) ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ; (ii) ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ; and (iii) ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . We expect to adopt ASU 2014-09, including its subsequent amendments discussed above, using the modified retrospective transition approach for the fiscal year ending December 31, 2018 and will continue to assess the impact of the adoption on our consolidated financial statements; however, based on our assessments to date, we do not expect the adoption of this ASU, as amended, to have a material impact on our consolidated financial statements. ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), was issued in April 2015. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in an entity's balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of being presented as a deferred charge in the balance sheet. The recognition and measurement guidance for debt issuance costs is not affected by ASU 2015-03. Our retrospective adoption of this ASU in the first quarter of 2016 resulted in a reclassification of $3.2 million of debt issuance costs related to our 8.25% Senior Notes (as defined in Note 3) from Other assets to Long-term debt as of December 31, 2015. ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15"), was issued in August 2015 to address the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. The recognition and measurement guidance for debt issuance costs is not affected by ASU 2015-15. Our adoption of this ASU in the first quarter of 2016 did not have a material impact on our consolidated financial statements. ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"), was issued in April 2015 to address a customer's accounting for fees paid in a cloud computing arrangement. Previously, there was no specific GAAP guidance on accounting for such fees from the customer's perspective. Under the new standard, customers will apply the same criteria as vendors to determine whether a cloud computing arrangement contains a software license or is solely a service contract. Our prospective adoption of this ASU in the first quarter of 2016 did not have a material impact on our consolidated financial statements. ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ("ASU 2015-07"), was issued in May 2015. This ASU removes the requirement to categorize within the fair value hierarchy table investments without readily determinable fair values in entities that elect to measure fair value using net asset value per share ("NAV") or its equivalent. ASU 2015-07 requires that these investments continue to be shown in the fair value disclosure in order to allow the disclosure to reconcile to the investment amount presented in the balance sheet. Our retrospective adoption of this ASU in the first quarter of 2016 did not have a material impact on our consolidated financial statements. ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"), was issued in November 2015. ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as non-current on the balance sheet. This ASU does not, however, change the existing requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount. During the first quarter of 2016, we early adopted this ASU on a prospective basis. As such, prior periods were not retrospectively adjusted. ASU No. 2016-02, Leases (Topic 842): Amendments to the Financial Accounting Standards Board Accounting Standards Codification ("ASU 2016-02"), was issued in February 2016. Under ASU 2016-02, lessees will need to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). For income statement purposes, a dual model was retained, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). ASU 2016-02 becomes effective for us in the first quarter of 2019. Although we are currently assessing the impact, we expect the adoption of this ASU in 2019 to have a material impact on our consolidated financial statements. ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"), was issued in March 2016. ASU 2016-09 eliminates additional paid in capital ("APIC") pools and requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. The accounting for an employee's use of shares to satisfy the employer's statutory income tax withholding obligation and the accounting for forfeitures is also changing. We early adopted ASU 2016-09 during the first quarter of 2016. See Note 4 and Note 6 for a discussion on the impact of our adoption of ASU 2016-09. 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. ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 becomes effective for us in the first quarter of 2020, with early adoption permitted starting in the first quarter of 2019. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements.

Supplemental Balance Sheet In26

Supplemental Balance Sheet Information Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Disclosures	June 30, 2016 December 31, 2015 (In millions of dollars) Cash and Cash Equivalents Cash and money market funds $ 50.6 $ 40.3 Commercial paper 144.7 32.2 Total $ 195.3 $ 72.5 Trade Receivables – Net Billed trade receivables $ 135.2 $ 116.8 Unbilled trade receivables 0.2 0.7 Trade receivables, gross 135.4 117.5 Allowance for doubtful receivables (0.8 ) (0.8 ) Trade receivables – net $ 134.6 $ 116.7 Inventories Finished products $ 65.2 $ 79.5 Work-in-process 78.8 63.6 Raw materials 49.9 53.4 Operating supplies and repair and maintenance parts 23.6 23.1 Total $ 217.5 $ 219.6 Prepaid Expenses and Other Current Assets Current derivative assets – Notes 8 and 9 $ 4.6 $ 1.5 Current deferred tax assets – Note 1 — 49.6 Prepaid taxes 2.2 — Prepaid insurance 2.1 1.9 Short-term restricted cash 0.3 0.3 Other 3.6 3.4 Total $ 12.8 $ 56.7 June 30, 2016 December 31, 2015 (In millions of dollars) Property, Plant and Equipment – Net Land and improvements $ 22.7 $ 22.7 Buildings and leasehold improvements 83.6 71.8 Machinery and equipment 573.8 549.0 Construction in progress 45.7 48.5 Property, plant and equipment – gross 725.8 692.0 Accumulated depreciation (213.4 ) (196.9 ) Assets held for sale 0.3 0.3 Property, plant and equipment – net $ 512.7 $ 495.4 Other Assets Restricted cash $ 11.0 $ 10.9 Debt issuance costs on Revolving Credit Facility 1.1 1.3 Deferred compensation plan assets 7.8 7.3 Derivative assets – Notes 8 and 9 0.8 0.1 Total $ 20.7 $ 19.6 Other Accrued Liabilities Current derivative liabilities – Notes 8 and 9 $ 4.3 $ 14.1 Uncleared cash disbursements 7.8 8.0 Accrued income taxes and taxes payable 6.7 3.1 Accrued annual contribution to VEBAs — 19.6 Accrued contingent contribution to Union VEBA – Note 5 17.1 — Short-term environmental accrual – Note 7 1.4 1.6 Accrued interest 3.1 1.5 Short-term deferred revenue 0.2 1.2 Other 3.6 3.6 Total $ 44.2 $ 52.7 Long-Term Liabilities Derivative liabilities – Notes 8 and 9 $ 0.7 $ 2.1 Income tax liabilities 0.8 0.7 Workers' compensation accruals 24.0 21.7 Long-term environmental accrual – Note 7 16.4 17.0 Long-term asset retirement obligations 5.0 4.8 Deferred compensation liability 8.0 7.7 Long-term deferred revenue 0.2 0.3 Long-term capital leases 0.1 0.1 Long-term portion of contingent contribution to Union VEBA – Note 5 12.8 29.9 Other long-term liabilities 3.4 3.2 Total $ 71.4 $ 87.5

Income Tax Matters (Tables)

Income Tax Matters (Tables)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Tax Provision	The provision for (benefit from) in comes taxes for each period presented consisted of the following (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Domestic $ 15.5 $ 13.4 $ 30.4 $ (162.4 ) Foreign 0.2 (1.4 ) 0.4 (1.4 ) Total $ 15.7 $ 12.0 $ 30.8 $ (163.8 )

Employee Benefits (Tables)

Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of (Income) Charges Related to Benefit Plans	The following table presents the components of net periodic benefit cost for the Salaried VEBA and charges relating to all other employee benefit plans for the periods presented (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Salaried VEBA: Service cost 1 $ — $ — $ — $ — Interest cost 0.8 0.7 1.5 1.4 Expected return on plan assets (1.0 ) (1.1 ) (2.0 ) (2.2 ) Amortization of prior service cost 1.0 0.8 2.0 1.5 Amortization of net actuarial loss 0.1 0.2 0.2 0.5 Total net periodic postretirement benefit cost relating to Salaried VEBA 0.9 0.6 1.7 1.2 Loss (gain) on removal of Union VEBA net assets — 1.6 (0.1 ) 493.8 Total VEBAs 0.9 2.2 1.6 495.0 Other employee benefit plans: Deferred compensation plan 0.2 0.1 0.3 0.5 Defined contribution plans 1.7 1.7 5.7 5.7 Multiemployer pension plans 1.2 0.9 2.3 1.8 Total other employee benefit plans $ 3.1 $ 2.7 $ 8.3 $ 8.0 Total $ 4.0 $ 4.9 $ 9.9 $ 503.0 ____________ 1 The service cost was insignificant for all periods presented. The following table presents the allocation of the charges detailed above, by reportable segment and business unit (in millions of dollars – see Note 11 ): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fabricated Products $ 2.8 $ 2.4 $ 7.5 $ 7.0 All Other 1.2 2.5 2.4 496.0 Total $ 4.0 $ 4.9 $ 9.9 $ 503.0

Employee Incentive Plans (Table

Employee Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Non-cash compensation expense	Non-cash compensation expense by type of award under LTI Programs was as follows for each period presented (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Non-vested common shares and restricted stock units $ 1.2 $ 1.1 $ 2.3 $ 2.2 EVA-Based Performance Shares — 0.3 0.3 0.7 TSR-Based Performance Shares 1.4 1.0 2.5 1.7 CP-Based Performance Shares 0.4 — 0.5 — Total non-cash compensation expense $ 3.0 $ 2.4 $ 5.6 $ 4.6 The following table presents the allocation of the charges detailed above, by segment (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fabricated Products $ 1.1 $ 0.9 $ 1.9 $ 1.6 All Other 1.9 1.5 3.7 3.0 Total non-cash compensation expense $ 3.0 $ 2.4 $ 5.6 $ 4.6
Unrecognized gross compensation cost data	The following table presents unrecognized gross compensation cost data by type of award as of June 30, 2016 : Unrecognized gross compensation costs (in millions of dollars) Expected period (in years) over which the remaining gross compensation costs will be recognized Non-vested common shares and restricted stock units $ 8.3 2.0 CP-Based Performance Shares $ 4.3 2.7 TSR-Based Performance Shares $ 9.1 2.0
Summary of activity of non-vested common shares, restricted stock units, and performance shares	A summary of the activity with respect to non-vested common shares, restricted stock units, EVA-Based Performance Shares, CP-Based Performance Shares and TSR-Based Performance Shares for the six months ended June 30, 2016 is as follows: Non-Vested Common Shares Restricted Stock Units EVA-Based Performance Shares CP-Based Performance Shares TSR-Based Performance Shares Shares Weighted-Average Grant-Date Fair Value per Share Units Weighted-Average Grant-Date Fair Value per Unit Shares Weighted-Average Grant-Date Fair Value per Share Shares Weighted-Average Shares Weighted-Average Outstanding at December 31, 2015 156,553 $ 67.20 5,521 $ 66.64 155,105 $ 57.76 — $ — 299,877 $ 89.43 Granted 1 9,702 86.11 57,205 75.57 — — 63,983 80.46 95,974 93.02 Vested (49,582 ) 65.53 (2,048 ) 62.75 (49,611 ) 57.76 — — — — Forfeited 1 (282 ) 69.11 (385 ) 74.49 — — (164 ) 80.46 (1,115 ) 90.06 Canceled 1 — — — — (105,494 ) 57.76 — — — — Outstanding at June 30, 2016 116,391 $ 69.49 60,293 $ 75.20 — $ — 63,819 $ 80.46 394,736 $ 90.30 ____________ 1 For EVA-Based Performance Shares, CP-Based Performance Shares and TSR-Based Performance Shares, the number of shares granted and forfeited are presented at their maximum payout; and the number of shares canceled includes the number of shares that did not vest due to EVA performance results falling below those required for maximum payout.
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	The weighted-average grant-date fair value per share for shares granted by type of award was as follows for each period presented: Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Non-vested common shares $ 86.11 $ 82.88 $ 86.11 $ 71.67 Restricted stock units $ 88.27 $ — $ 75.57 $ 69.83 CP-Based Performance Shares $ — $ — $ 80.46 $ — TSR-Based Performance Shares $ — $ — $ 93.02 $ 95.68

Derivative Financial Instrume30

Derivative Financial Instruments and Related Hedging Programs (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of realized and unrealized gains and losses	Realized and unrealized gain (loss) associated with all derivative contracts consisted of the following for each period presented (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Included in Other Comprehensive Income (Loss): Unrealized (loss) gain: Foreign Currency $ (0.1 ) $ (0.2 ) $ 0.1 $ (0.2 ) Included in Statements of Consolidated Income (Loss): Realized loss 1 : Aluminum (1.0 ) (7.1 ) (3.7 ) (9.8 ) Natural Gas (1.6 ) (1.3 ) (3.3 ) (2.6 ) Electricity — (0.4 ) — (1.1 ) Total realized loss $ (2.6 ) $ (8.8 ) $ (7.0 ) $ (13.5 ) Unrealized gain (loss) 2 : Non-designated hedges of operational risk: Aluminum $ 6.9 $ (4.3 ) $ 10.0 $ (8.5 ) Natural Gas 4.0 1.5 4.9 0.8 Electricity — 1.3 — 1.7 Total non-designated hedges of operational risk 10.9 (1.5 ) 14.9 (6.0 ) Option Assets relating to the Convertible Notes 3 — — — 10.2 Bifurcated Conversion Feature of the Convertible Notes 3 — — — (10.2 ) Total unrealized gain (loss) $ 10.9 $ (1.5 ) $ 14.9 $ (6.0 ) ______________________ 1 Realized loss on hedges of operational risk are recorded within Cost of products sold, excluding depreciation, amortization and other items. 2 Unrealized gain (loss) on hedges of operational risk are recorded within Unrealized (gain) loss on derivative instruments. 3 Unrealized gain (loss) on financial derivatives related to our 4.5% unsecured cash convertible senior notes ("Convertible Notes"), which settled in April 2015.
Summary of material derivative positions	The following table summarizes our material derivative positions at June 30, 2016 : Aluminum Maturity Period (month/year) Notional Amount of contracts (mmlbs) Fixed price purchase contracts 7/16 through 6/18 182.5 Fixed price sales contracts 7/16 through 12/16 0.9 Midwest premium swap contracts 1 7/16 through 6/18 157.1 Natural Gas 2 Maturity Period (month/year) Notional Amount of contracts (mmbtu) Fixed price purchase contracts 7/16 through 12/18 5,950,000 Euro Maturity Period (month/year) Notional Amount of contracts (euro) Fixed price purchase contracts 9/16 through 8/17 2,020,950 ______________________ 1 Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on our purchases of primary aluminum. 2 As of June 30, 2016 , we had derivative and/or physical delivery commitments with energy companies in place to cover exposure to fluctuations in prices for approximately 81% , 74% and 72% of the expected natural gas purchases for the remainder of 2016 , 2017 and 2018 , respectively.
Summary of offsetting derivative assets by counterparty	The following tables present offsetting information regarding our derivatives by type of counterparty as of December 31, 2015 (in millions of dollars): Derivative Assets and Collateral Held by Counterparty Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Counterparty (with netting agreements) $ 1.3 $ — $ 1.3 $ 1.3 $ — $ — Counterparty (with partial netting agreements) 0.3 — 0.3 0.3 — — Total $ 1.6 $ — $ 1.6 $ 1.6 $ — $ — The following tables present offsetting information regarding our derivatives by type of counterparty as of June 30, 2016 (in millions of dollars): Derivative Assets and Collateral Held by Counterparty Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Counterparty (with netting agreements) $ 2.8 $ — $ 2.8 $ 1.3 $ — $ 1.5 Counterparty (with partial netting agreements) 2.6 — 2.6 0.9 $ — $ 1.7 Total $ 5.4 $ — $ 5.4 $ 2.2 $ — $ 3.2
Summary of offsetting derivative liabilities by counterparty	Derivative Liabilities and Collateral Held by Counterparty Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged Net Amount Counterparty (with netting agreements) $ (3.0 ) $ — $ (3.0 ) $ (1.3 ) $ — $ (1.7 ) Counterparty (with partial netting agreements) (2.0 ) — (2.0 ) (0.9 ) — (1.1 ) Total $ (5.0 ) $ — $ (5.0 ) $ (2.2 ) $ — $ (2.8 ) Derivative Liabilities and Collateral Held by Counterparty Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged Net Amount Counterparty (with netting agreements) $ (8.5 ) $ — $ (8.5 ) $ (1.3 ) $ — $ (7.2 ) Counterparty (with partial netting agreements) (7.7 ) — (7.7 ) (0.3 ) — (7.4 ) Total $ (16.2 ) $ — $ (16.2 ) $ (1.6 ) $ — $ (14.6 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured and recognized at fair value on a recurring basis	The following table presents our financial instruments, classified under the appropriate level of the fair value hierarchy, as of the period presented (in millions of dollars): June 30, 2016 Level 1 Level 2 Level 3 Total FINANCIAL ASSETS: Derivative Instruments (Non-Designated Hedges): Aluminum – Fixed price purchase contracts $ — $ 4.8 $ — $ 4.8 Natural Gas – Fixed price purchase contracts — 0.6 — 0.6 All Other Financial Assets: Cash and cash equivalents 50.6 144.7 — 195.3 Short-term investments — 72.0 — 72.0 Deferred compensation plan assets — 7.8 — 7.8 Total assets $ 50.6 $ 229.9 $ — $ 280.5 FINANCIAL LIABILITIES: Derivative Instruments (Non-Designated Hedges): Aluminum – Fixed price purchase contracts $ — $ (1.2 ) $ — $ (1.2 ) Midwest premium swap contracts — — (1.4 ) (1.4 ) Natural Gas – Fixed price purchase contracts — (2.4 ) — (2.4 ) All Other Financial Liabilities: 5.875% Senior Notes (383.4 ) — — (383.4 ) Total liabilities $ (383.4 ) $ (3.6 ) $ (1.4 ) $ (388.4 ) The following table presents our financial instruments, classified under the appropriate level of the fair value hierarchy, as of the period presented (in millions of dollars): December 31, 2015 Level 1 Level 2 Level 3 Total FINANCIAL ASSETS: Derivative Instruments (Non-Designated Hedges): Aluminum – Call option purchase contracts $ — $ 0.2 $ — $ 0.2 Fixed price purchase contracts — 0.3 — 0.3 Fixed price sales contracts — 0.2 — 0.2 Midwest premium swap contracts — — 0.9 0.9 All Other Financial Assets: Cash and cash equivalents 40.3 32.2 — 72.5 Short-term investments — 30.0 — 30.0 Deferred compensation plan assets — 7.3 — 7.3 Total assets $ 40.3 $ 70.2 $ 0.9 $ 111.4 FINANCIAL LIABILITIES: Derivative Instruments (Non-Designated Hedges): Aluminum – Fixed price purchase contracts $ — $ (8.9 ) $ — $ (8.9 ) Fixed price sales contracts — (0.1 ) — (0.1 ) Midwest premium swap contracts — — (0.3 ) (0.3 ) Natural Gas – Fixed price purchase contracts — (6.7 ) — (6.7 ) Derivative Instruments (Designated Hedges): Foreign Currency – Euro forward purchase contracts — (0.2 ) — (0.2 ) All Other Financial Liabilities: 8.25% Senior Notes (207.3 ) — — (207.3 ) Total liabilities $ (207.3 ) $ (15.9 ) $ (0.3 ) $ (223.5 )
Schedule of quantitative information for Level 3 Midwest premiums derivative contracts	quantitative information for Level 3 Midwest premium derivative contracts: Fair Value at June 30, 2016 (in millions of dollars) Valuation technique Unobservable input Settlement Period Range ($ in unit price) Liabilities: Midwest premium swap contracts $ (1.4 ) Discounted fair value Forward price curve July-16 through Jun-18 $0.070 per metric ton to $0.073 per metric ton
Reconciliation of activity for financial instruments classified as Level 3	The following table presents a reconciliation of activity for the Midwest premium swap contracts on a net basis (in millions of dollars): Level 3 Fair value measurement at December 31, 2015 $ 0.6 Total realized/unrealized (loss) included in: Cost of goods sold excluding depreciation and amortization and other items and Unrealized (gain) loss on derivative instruments (0.5 ) Transactions involving Level 3 derivative contracts: Purchases (1.3 ) Sales — Issuances — Settlements (0.2 ) Transactions involving Level 3 derivatives – net (1.5 ) Transfers in and/or out of Level 3 valuation hierarchy — Fair value measurement at June 30, 2016 $ (1.4 ) Total loss included in Unrealized (gain) loss on derivative instruments, attributable to the change in unrealized gain/loss relating to derivative contracts held at June 30, 2016: $ (1.5 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Calculation of basic and diluted earnings per share	Basic and diluted net income (loss) per share were calculated as follows, for each period presented (in millions of dollars, except share and per share amounts): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ 26.0 $ 20.2 $ 52.3 $ (272.0 ) Denominator – Weighted-average common shares outstanding (in thousands): Basic 1 17,871 17,006 17,867 17,233 Add: dilutive effect of non-vested common shares, restricted stock units, performance shares and stock options 323 247 327 — Add: dilutive effect of warrants 2 — 939 — — Diluted 3 18,194 18,192 18,194 17,233 Net income (loss) per common share, Basic: $ 1.45 $ 1.19 $ 2.92 $ (15.78 ) Net income (loss) per common share, Diluted: $ 1.43 $ 1.11 $ 2.87 $ (15.78 ) ______________________ 1 The basic weighted-average number of common shares outstanding during the periods presented excludes non-vested common shares, restricted stock units and performance shares. 2 Net-share-settled warrants ("Warrants") relating to approximately 3.7 million notional common shares of our common stock were outstanding at June 30, 2015 at an exercise price of approximately $60.44 per share, and were settled during a period from July 1, 2015 through December 18, 2015. 3 The diluted weighted-average number of common shares outstanding during the periods presented was calculated using the treasury method.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	The following securities were excluded from the weighted-average diluted shares computation for the quarters and six months ended June 30, 2016 and June 30, 2015 as their inclusion would have been anti-dilutive (in thousands of shares): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Options to purchase common shares — — — 17 Non-vested common shares, restricted stock units and performance shares 2 — 65 243 Warrants — — — 799 Total excluded 2 — 65 1,059

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Summary of financial information by operating segment	Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net sales: Fabricated Products $ 334.9 $ 367.2 $ 678.1 $ 738.9 Segment operating income (loss): Fabricated Products 1 $ 72.1 $ 50.6 $ 130.0 $ 95.5 All Other 2 (14.2 ) (13.6 ) (27.3 ) (517.1 ) Total operating income (loss) $ 57.9 $ 37.0 $ 102.7 $ (421.6 ) Interest expense (5.5 ) (5.2 ) (9.2 ) (15.0 ) Other (expense) income, net (10.7 ) 0.4 (10.4 ) 0.8 Income (loss) before income taxes $ 41.7 $ 32.2 $ 83.1 $ (435.8 ) Depreciation and amortization: Fabricated Products $ 8.8 $ 8.0 $ 17.4 $ 15.9 All Other 0.2 0.1 0.3 0.2 Total depreciation and amortization $ 9.0 $ 8.1 $ 17.7 $ 16.1 Capital expenditures: Fabricated Products $ 16.3 $ 11.5 $ 42.1 $ 22.7 All Other 0.1 0.1 0.2 0.2 Total capital expenditures $ 16.4 $ 11.6 $ 42.3 $ 22.9 _____________________ 1 Fabricated Products segment operating income included non-cash mark-to-market gain on primary aluminum, natural gas and foreign currency hedging activities, which totaled $10.9 million and 14.9 million for the quarter and six months ended June 30, 2016 , respectively. Non-cash mark-to-market (loss) on primary aluminum, natural gas, electricity and foreign currency hedging activities totaled $(1.5) million and $(6.0) million for the quarter and six months ended June 30, 2015 , respectively. For further discussion regarding mark-to-market matters, see Note 8 . 2 Operating loss in All Other included loss on removal of Union VEBA net assets of $1.6 million and $493.8 million for the quarter and six months ended June 30, 2015 , respectively. See Note 5 for further details. June 30, 2016 December 31, 2015 Assets: Fabricated Products $ 947.0 $ 904.7 All Other 1 474.6 342.9 Total assets $ 1,421.6 $ 1,247.6 _____________________ 1 Assets in All Other represent primarily all of our cash and cash equivalents, short-term investments, financial derivative assets (see Note 9 ) and net deferred income tax assets.
Schedule of net sales by end market segment applications	Net sales by product categories based on end market applications for the Fabricated Products segment were as follows (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net sales: Aero/HS products $ 167.7 $ 181.1 $ 344.6 $ 361.4 Automotive Extrusions 48.8 53.7 97.1 103.8 GE products 107.3 112.0 212.7 231.1 Other products 11.1 20.4 23.7 42.6 Total net sales $ 334.9 $ 367.2 $ 678.1 $ 738.9
Schedule of income taxes paid by geographical area	Geographic information for income taxes paid were as follows (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Income taxes paid: Fabricated Products – United States $ 0.2 $ 0.2 $ 0.3 $ 0.3 Canada 0.3 0.4 0.5 1.3 Total income taxes paid $ 0.5 $ 0.6 $ 0.8 $ 1.6
Schedule of information for contractual delivery of primary aluminum supply from major suppliers	Information for delivery of our primary aluminum supply from our major suppliers were as follows: Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Percentage of total primary aluminum supply (lbs): Supply from our top five major suppliers 86 % 86 % 84 % 87 % Supply from our largest supplier 36 % 27 % 33 % 28 % Supply from our second and third largest suppliers 30 % 36 % 32 % 35 %

Supplemental Cash Flow Inform34

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Six Months Ended June 30, 2016 2015 (In millions of dollars) Interest paid $ 7.0 $ 13.3 Non-cash investing and financing activities: Stock repurchases not yet settled (accrued in accounts payable) $ 0.1 $ 0.1 Unpaid purchases of property and equipment $ 2.6 $ 3.8

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Other Income (Expense), Net	Other (expense) income, net consisted of the following for each period presented (in millions of dollars): Quarter Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Interest income $ — $ — $ 0.1 $ 0.2 Realized gain on investments 0.3 0.2 0.3 0.5 Loss on extinguishment of debt 1 (11.1 ) — (11.1 ) — All other, net 0.1 0.2 0.3 0.1 Other (expense) income, net $ (10.7 ) $ 0.4 $ (10.4 ) $ 0.8 _____________________ 1 Represents the loss on extinguishment of our 8.25% Senior Notes during the quarter ended June 30, 2016 , which includes an $8.2 million premium paid to redeem the notes and a $2.9 million write-off of unamortized debt issuance costs associated with the notes.

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income	The following table presents the tax effect allocated to each component of other comprehensive income for each period presented (in millions of dollars): Before-Tax Income Tax Net-of-Tax Amount (Expense) Benefit 3 Amount Quarter Ended June 30, 2016 Salaried VEBA: Reclassification adjustments: Amortization of net actuarial loss 1 $ 0.1 $ (0.1 ) $ — Amortization of prior service cost 1 1.0 (0.3 ) 0.7 Other comprehensive income relating to Salaried VEBA 1.1 (0.4 ) 0.7 Unrealized gain on available for sale securities 0.4 (0.1 ) 0.3 Unrealized loss on foreign currency cash flow hedges (0.1 ) — (0.1 ) Other comprehensive income $ 1.4 $ (0.5 ) $ 0.9 Quarter Ended June 30, 2015 VEBAs: Reclassification adjustments: Amortization of net actuarial loss 1 $ 0.2 $ (0.1 ) $ 0.1 Amortization of prior service cost 1 0.8 (0.3 ) 0.5 Other comprehensive income relating to VEBAs 1.0 (0.4 ) 0.6 Available for sale securities: Unrealized loss on available for sale securities (0.3 ) 0.1 (0.2 ) Reclassification adjustments: Reclassification of unrealized loss upon sale of available for sale securities 2 0.1 — 0.1 Other comprehensive loss relating to available for sale securities (0.2 ) 0.1 (0.1 ) Unrealized loss on foreign currency cash flow hedges (0.2 ) 0.1 (0.1 ) Other comprehensive income $ 0.6 $ (0.2 ) $ 0.4 Before-Tax Income Tax Net-of-Tax Amount (Expense) Benefit 3 Amount Six Months Ended June 30, 2016 Salaried VEBA: Reclassification adjustments: Amortization of net actuarial loss 1 $ 0.2 $ (0.1 ) $ 0.1 Amortization of prior service cost 1 2.0 (0.7 ) 1.3 Other comprehensive income relating to Salaried VEBA 2.2 (0.8 ) 1.4 Unrealized gain on available for sale securities 0.4 (0.1 ) 0.3 Foreign currency translation gain on Canadian pension plan 0.1 — 0.1 Unrealized gain on foreign currency cash flow hedges 0.1 (0.1 ) — Other comprehensive income $ 2.8 $ (1.0 ) $ 1.8 Six Months Ended June 30, 2015 VEBAs: Reclassification adjustments: Amortization of net actuarial loss 1 $ 0.5 $ (0.2 ) $ 0.3 Amortization of prior service cost 1 1.5 (0.6 ) 0.9 Removal of obligation relating to Union VEBA 106.6 (40.4 ) 66.2 Other comprehensive income relating to VEBAs 108.6 (41.2 ) 67.4 Available for sale securities: Unrealized loss on available for sale securities (0.3 ) 0.1 (0.2 ) Reclassification adjustments: Reclassification of unrealized loss upon sale of available for sale securities 2 0.2 (0.1 ) 0.1 Other comprehensive loss relating to available for sale securities (0.1 ) — (0.1 ) Unrealized loss on foreign currency cash flow hedges (0.2 ) 0.1 (0.1 ) Foreign currency translation gain 0.1 — 0.1 Other comprehensive income $ 108.4 $ (41.1 ) $ 67.3 ________________ 1 Amounts reclassified out of Accumulated other comprehensive loss relating to Salaried VEBA adjustments were included as a component of Net periodic postretirement benefit cost relating to Salaried VEBA. 2 Amounts reclassified out of Accumulated other comprehensive loss relating to sales of available for sale securities were included as a component of Other (expense) income, net. We use the specific identification method to determine the amount reclassified out of Accumulated other comprehensive loss. 3 Income tax amounts reclassified out of Accumulated other comprehensive loss were included as a component of Income tax (provision) benefit.

Condensed Guarantor and Non-Gua

Condensed Guarantor and Non-Guarantor Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2016
Guarantor and Non-Guarantor Financial Statement [Abstract]
Schedule of Condensed Financial Statements	CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 193.4 $ 1.9 $ — $ 195.3 Short-term investments — 72.0 — — 72.0 Receivables: Trade receivables – net — 130.1 4.5 — 134.6 Intercompany loans receivable 82.1 — 0.6 (82.7 ) — Other — 5.0 3.2 — 8.2 Inventories — 215.0 6.1 (3.6 ) 217.5 Prepaid expenses and other current assets 0.2 12.2 0.8 (0.4 ) 12.8 Total current assets 82.3 627.7 17.1 (86.7 ) 640.4 Investments in and advances to subsidiaries 960.8 32.8 — (993.6 ) — Property, plant and equipment – net — 480.9 31.8 — 512.7 Long-term intercompany loans receivable 137.6 4.3 6.0 (147.9 ) — Deferred tax assets – net — 173.9 — 7.0 180.9 Intangible assets – net — 29.7 — — 29.7 Goodwill — 37.2 — — 37.2 Other assets — 20.6 0.1 — 20.7 Total $ 1,180.7 $ 1,407.1 $ 55.0 $ (1,221.2 ) $ 1,421.6 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 1.2 $ 64.4 $ 6.7 $ — $ 72.3 Intercompany loans payable — 82.7 — (82.7 ) — Accrued salaries, wages and related expenses — 34.5 1.9 — 36.4 Other accrued liabilities 3.0 50.6 0.1 (9.5 ) 44.2 Short-term capital leases — 0.1 — — 0.1 Total current liabilities 4.2 232.3 8.7 (92.2 ) 153.0 Net liabilities of Salaried VEBA — 18.5 — — 18.5 Deferred tax liabilities — — 2.2 — 2.2 Long-term intercompany loans payable — 143.6 4.3 (147.9 ) — Long-term liabilities — 65.1 6.3 — 71.4 Long-term debt 368.2 — — — 368.2 Total liabilities 372.4 459.5 21.5 (240.1 ) 613.3 Total stockholders' equity 808.3 947.6 33.5 (981.1 ) 808.3 Total $ 1,180.7 $ 1,407.1 $ 55.0 $ (1,221.2 ) $ 1,421.6 CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 72.2 $ 0.3 $ — $ 72.5 Short-term investments — 30.0 — — 30.0 Receivables: Trade receivables – net — 114.0 2.7 — 116.7 Intercompany receivables — 111.2 1.1 (112.3 ) — Other — 3.8 2.3 — 6.1 Inventories — 216.3 6.6 (3.3 ) 219.6 Prepaid expenses and other current assets 0.2 56.2 1.7 (1.4 ) 56.7 Total current assets 0.2 603.7 14.7 (117.0 ) 501.6 Investments in and advances to subsidiaries 1,077.2 31.4 — (1,108.6 ) — Property, plant and equipment – net — 464.3 31.1 — 495.4 Long-term intercompany receivables — — 3.1 (3.1 ) — Deferred tax assets – net — 156.3 — 7.0 163.3 Intangible assets – net — 30.5 — — 30.5 Goodwill — 37.2 — — 37.2 Other assets — 19.5 0.1 — 19.6 Total $ 1,077.4 $ 1,342.9 $ 49.0 $ (1,221.7 ) $ 1,247.6 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 0.5 $ 73.6 $ 2.6 $ — $ 76.7 Intercompany payable 106.5 14.8 4.0 (125.3 ) — Accrued salaries, wages and related expenses — 38.3 1.5 — 39.8 Other accrued liabilities 1.4 52.3 0.4 (1.4 ) 52.7 Short-term capital leases — 0.1 — — 0.1 Total current liabilities 108.4 179.1 8.5 (126.7 ) 169.3 Net liabilities of Salaried VEBA — 19.0 — — 19.0 Deferred tax liabilities — — 2.1 — 2.1 Long-term intercompany payable — 3.1 — (3.1 ) — Long-term liabilities — 81.3 6.2 — 87.5 Long-term debt 194.6 — — — 194.6 Total liabilities 303.0 282.5 16.8 (129.8 ) 472.5 Total stockholders' equity 774.4 1,060.4 32.2 (1,091.9 ) 775.1 Total $ 1,077.4 $ 1,342.9 $ 49.0 $ (1,221.7 ) $ 1,247.6 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (In millions of dollars) Quarter Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 327.3 $ 27.6 $ (20.0 ) $ 334.9 Costs and expenses: Cost of products sold: Cost of products sold, excluding depreciation and amortization and other items — 246.0 23.5 (19.1 ) 250.4 Unrealized gain on derivative instruments — (10.9 ) — — (10.9 ) Depreciation and amortization — 8.5 0.5 — 9.0 Selling, general, administrative, research and development: Selling, general, administrative, research and development 1.6 23.8 3.0 (0.9 ) 27.5 Net periodic postretirement benefit cost relating to Salaried VEBA — 0.9 — — 0.9 Total selling, general, administrative, research and development 1.6 24.7 3.0 (0.9 ) 28.4 Other operating charges, net — 0.1 — — 0.1 Total costs and expenses 1.6 268.4 27.0 (20.0 ) 277.0 Operating (loss) income (1.6 ) 58.9 0.6 — 57.9 Other (expense) income: Interest (expense) income (5.9 ) 0.4 — — (5.5 ) Other (expense) income, net (11.0 ) 0.2 0.1 — (10.7 ) (Loss) income before income taxes (18.5 ) 59.5 0.7 — 41.7 Income tax provision — (22.6 ) (0.2 ) 7.1 (15.7 ) Earnings in equity of subsidiaries 44.5 0.3 — (44.8 ) — Net income $ 26.0 $ 37.2 $ 0.5 $ (37.7 ) $ 26.0 Comprehensive income $ 26.9 $ 38.1 $ 0.5 $ (38.6 ) $ 26.9 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (In millions of dollars) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 663.0 $ 54.0 $ (38.9 ) $ 678.1 Costs and expenses: Cost of products sold: Cost of products sold, excluding depreciation and amortization and other items — 503.1 46.6 (37.3 ) 512.4 Lower of cost or market inventory write-down — 4.9 — — 4.9 Unrealized gain on derivative instruments — (14.9 ) — — (14.9 ) Depreciation and amortization — 16.7 1.0 — 17.7 Selling, general, administrative, research and development: Selling, general, administrative, research and development 2.4 47.4 5.2 (1.4 ) 53.6 Net periodic postretirement benefit cost relating to Salaried VEBA — 1.7 — — 1.7 Gain on removal of Union VEBA net assets — (0.1 ) — — (0.1 ) Total selling, general, administrative, research and development 2.4 49.0 5.2 (1.4 ) 55.2 Other operating charges, net — 0.1 — — 0.1 Total costs and expenses 2.4 558.9 52.8 (38.7 ) 575.4 Operating (loss) income (2.4 ) 104.1 1.2 (0.2 ) 102.7 Other (expense) income: Interest expense (10.2 ) 1.0 — — (9.2 ) Other (expense) income, net (11.0 ) 0.5 0.1 — (10.4 ) (Loss) income before income taxes (23.6 ) 105.6 1.3 (0.2 ) 83.1 Income tax provision — (39.5 ) (0.4 ) 9.1 (30.8 ) Earnings in equity of subsidiaries 75.9 0.6 — (76.5 ) — Net income $ 52.3 $ 66.7 $ 0.9 $ (67.6 ) $ 52.3 Comprehensive income $ 54.1 $ 68.4 $ 1.0 $ (69.4 ) $ 54.1 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (In millions of dollars) Quarter Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 358.3 $ 33.5 $ (24.6 ) $ 367.2 Costs and expenses: Cost of products sold: Cost of products sold, excluding depreciation and amortization and other items — 289.4 28.9 (23.5 ) 294.8 Unrealized loss on derivative instruments — 1.5 — — 1.5 Depreciation and amortization — 7.8 0.3 — 8.1 Selling, general, administrative, research and development: Selling, general, administrative, research and development 1.4 19.5 3.2 (0.5 ) 23.6 Net periodic postretirement benefit cost relating to Salaried VEBA — 0.6 — — 0.6 Loss on removal of Union VEBA net assets — 1.6 — — 1.6 Total selling, general, administrative, research and development 1.4 21.7 3.2 (0.5 ) 25.8 Total costs and expenses 1.4 320.4 32.4 (24.0 ) 330.2 Operating (loss) income (1.4 ) 37.9 1.1 (0.6 ) 37.0 Other (expense) income: Interest expense (4.9 ) (0.3 ) — — (5.2 ) Other income, net — 0.3 0.1 — 0.4 (Loss) income before income taxes (6.3 ) 37.9 1.2 (0.6 ) 32.2 Income tax (provision) benefit — (15.8 ) 1.4 2.4 (12.0 ) Earnings in equity of subsidiaries 26.5 2.1 — (28.6 ) — Net income $ 20.2 $ 24.2 $ 2.6 $ (26.8 ) $ 20.2 Comprehensive income $ 20.6 $ 24.6 $ 2.6 $ (27.2 ) $ 20.6 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (In millions of dollars) Six Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 721.7 $ 68.2 $ (51.0 ) $ 738.9 Costs and expenses: Cost of products sold: Cost of products sold, excluding depreciation and amortization and other items — 585.8 60.5 (49.2 ) 597.1 Unrealized gain on derivative instruments — 6.0 — — 6.0 Depreciation and amortization — 15.5 0.6 — 16.1 Selling, general, administrative, research and development: Selling, general, administrative, research and development 2.4 40.2 4.8 (1.1 ) 46.3 Net periodic postretirement benefit cost relating to Salaried VEBA — 1.2 — — 1.2 Loss on removal of Union VEBA net assets — 493.8 — — 493.8 Total selling, general, administrative, research and development 2.4 535.2 4.8 (1.1 ) 541.3 Total costs and expenses 2.4 1,142.5 65.9 (50.3 ) 1,160.5 Operating (loss) income (2.4 ) (420.8 ) 2.3 (0.7 ) (421.6 ) Other (expense) income: Interest expense (14.4 ) (0.8 ) — 0.2 (15.0 ) Other income, net — 0.8 0.2 (0.2 ) 0.8 (Loss) income before income taxes (16.8 ) (420.8 ) 2.5 (0.7 ) (435.8 ) Income tax benefit — 156.1 1.4 6.3 163.8 (Loss) earnings in equity of subsidiaries (255.2 ) 3.2 — 252.0 — Net (loss) income $ (272.0 ) $ (261.5 ) $ 3.9 $ 257.6 $ (272.0 ) Comprehensive (loss) income $ (204.7 ) $ (194.3 ) $ 4.0 $ 190.3 $ (204.7 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net cash provided by operating activities $ 190.7 $ 76.1 $ 5.3 $ (200.0 ) $ 72.1 Cash flows from investing activities: Capital expenditures — (40.8 ) (1.5 ) — (42.3 ) Purchase of available for sale securities — (72.4 ) — — (72.4 ) Proceeds from disposition of available for sale securities — 30.0 — — 30.0 Intercompany loans receivable 1 (219.7 ) 106.2 (2.4 ) 115.9 — Net cash (used in) provided by investing activities (219.7 ) 23.0 (3.9 ) 115.9 (84.7 ) Cash flows from financing activities: Repayment of principal and redemption premium of 8.25% Senior Notes (206.0 ) — — — (206.0 ) Issuance of 5.875% Senior Notes 375.0 — — — 375.0 Cash paid for debt issuance costs (6.9 ) — — — (6.9 ) Proceeds from stock option exercises 1.0 — — — 1.0 Repayment of capital lease — — (0.1 ) — (0.1 ) Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (2.8 ) — — — (2.8 ) Repurchase of common stock (8.5 ) — — — (8.5 ) Cash dividends paid to stockholders (16.3 ) — — — (16.3 ) Cash dividends paid to Parent — (200.0 ) — 200.0 — Intercompany loans payable 1 (106.5 ) 222.1 0.3 (115.9 ) — Net cash provided by financing activities 29.0 22.1 0.2 84.1 135.4 Net increase in cash and cash equivalents during the period — 121.2 1.6 — 122.8 Cash and cash equivalents at beginning of period — 72.2 0.3 — 72.5 Cash and cash equivalents at end of period $ — $ 193.4 $ 1.9 $ — $ 195.3 ________________ 1 As a result of the Parent's additional liquidity associated with the 5.875% Senior Notes (see Note 3 ), we classify all intercompany receivables and payables as Intercompany loans receivable and Intercompany loans payable, respectively, and therefore categorize changes in these balances within the investing and financing sections, respectively, of the Condensed Consolidating Statement of Cash Flows. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Six Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 233.4 $ (190.1 ) $ 5.0 $ — $ 48.3 Cash flows from investing activities: Capital expenditures — (14.3 ) (8.6 ) — (22.9 ) Purchase of available for sale securities — (0.5 ) — — (0.5 ) Proceeds from disposition of available for sale securities — 84.0 — — 84.0 Net cash provided by (used in) investing activities — 69.2 (8.6 ) — 60.6 Cash flows from financing activities: Repayment of Convertible Notes (175.0 ) — — — (175.0 ) Proceeds from cash-settled call options related to repayment of Convertible Notes 94.9 — — — 94.9 Payment for conversion premium related to repayment of Convertible Notes (94.9 ) — — — (94.9 ) Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest — 1.1 — — 1.1 Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (3.0 ) — — — (3.0 ) Repurchase of common stock (41.4 ) — — — (41.4 ) Cash dividend paid to stockholders (14.0 ) — — — (14.0 ) Intercompany loan — (5.7 ) 5.7 — — Net cash (used in) provided by financing activities (233.4 ) (4.6 ) 5.7 — (232.3 ) Net increase (decrease) in cash and cash equivalents during the period — (125.5 ) 2.1 — (123.4 ) Cash and cash equivalents at beginning of period — 175.3 2.4 — 177.7 Cash and cash equivalents at end of period $ — $ 49.8 $ 4.5 $ — $ 54.3

Summary of Significant Accoun38

Summary of Significant Accounting Policies, Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Significant accounting policies
Inventory Write-down	$ 0	$ 0	$ 4.9	$ 0
WorkersCompensationLiabilityUndiscounted	25.6		$ 25.6		$ 23.5
Workers' Compensation Discount, Percent			1.75%		1.75%
Accrued liabilities for employee healthcare benefits	3.2		$ 3.2		$ 3.2
Adjustments for ASU 2015-03
Significant accounting policies
Reclassification of deferred financing costs upon adoption of ASU 2015-03	3.2		3.2
Fabricated Products
Significant accounting policies
(Shortfalls) excess of current cost over the stated LIFO value of inventory	$ 17.4		$ 17.4		$ 24.1

Summary of Significant Accoun39

Summary of Significant Accounting Policies, Narrative, Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment
Interest expense capitalized as construction in progress	$ 0.9	$ 0.4	$ 1.8	$ 0.7
Depreciation expense			16.9	15.3
Fabricated Products
Property, Plant and Equipment
Depreciation expense	$ 8.4	$ 7.6	$ 16.6	$ 15.1

Supplemental Balance Sheet In40

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Cash and Cash Equivalents
Cash and money market funds		$ 50.6	$ 40.3
Commercial paper		144.7	32.2
Total		195.3	72.5
Trade Receivables – Net
Trade receivables, gross		135.4	117.5
Allowance for doubtful receivables		(0.8)	(0.8)
Trade receivables – net		134.6	116.7
Inventories
Finished products		65.2	79.5
Work-in-process		78.8	63.6
Raw materials		49.9	53.4
Operating supplies and repair and maintenance parts		23.6	23.1
Total		217.5	219.6
Prepaid Expenses and Other Current Assets
Current derivative assets		4.6	1.5
Current deferred tax assets		0	49.6
Short-term restricted cash		0.3	0.3
Prepaid taxes		2.2	0
Prepaid Insurance		2.1	1.9
Other		3.6	3.4
Total	[1]	12.8	56.7
Property, Plant and Equipment – Net
Land and improvements		22.7	22.7
Buildings and leasehold improvements		83.6	71.8
Machinery and equipment		573.8	549
Construction in progress		45.7	48.5
Property, plant and equipment – gross		725.8	692
Accumulated depreciation		(213.4)	(196.9)
Assets held for sale		0.3	0.3
Property, plant and equipment – net		512.7	495.4
Other Assets
Restricted cash		11	10.9
Deferred financing costs		1.1	1.3
Deferred compensation plan assets		7.8	7.3
Derivative Asset, Noncurrent		0.8	0.1
Total	[1]	20.7	19.6
Other Accrued Liabilities
Current derivative liabilities		4.3	14.1
Uncleared cash disbursements		7.8	8
Accrued income taxes and taxes payable		6.7	3.1
Accrued annual contribution to VEBAs		0	19.6
Accrued contingent contribution to Union VEBA		17.1	0
Short-term environmental accrual		1.4	1.6
Accrued interest		3.1	1.5
Short-term deferred revenue		0.2	1.2
Other		3.6	3.6
Total		44.2	52.7
Long-Term Liabilities
Derivative liabilities		0.7	2.1
Income tax liabilities		0.8	0.7
Workers’ compensation accruals		24	21.7
Long-term environmental accruals		16.4	17
Long-term asset retirement obligations		5	4.8
Deferred compensation liabilities		8	7.7
Long-term deferred revenue		0.2	0.3
Long-term capital leases		0.1	0.1
Long-term portion of contingent contribution to Union VEBA		12.8	29.9
Other long-term liabilities		3.4	3.2
Total		71.4	87.5
Billed
Trade Receivables – Net
Trade receivables, gross		135.2	116.8
Unbilled
Trade Receivables – Net
Trade receivables, gross		$ 0.2	$ 0.7
[1]	See Note 1 for discussion of our adoption of ASU 2015-03, ASU 2015-15 and ASU 2015-17 (as defined in Note 1).

Debt and Credit Facility Debt a

Debt and Credit Facility Debt and Credit Facility, Narrative (Details)		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	May 15, 2016USD ($)	May 23, 2012USD ($)
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 6,800,000		$ 6,800,000
Long-term debt	[1]	$ 368,200,000		$ 368,200,000		$ 194,600,000
Senior Notes Due 2024 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		6.10%		6.10%
Consolidated Total Indebtedness to EBITDA Ratio				2.75
Debt Instrument, Face Amount							$ 375,000,000
Debt Instrument, Interest Rate, Stated Percentage							5.875%
Debt issuance, percentage of principal amount							100.00%
Interest Expense, Long-term Debt		$ 3,100,000		$ 3,100,000
Debt Instrument, Fair Value Disclosure		383,400,000		383,400,000
Senior Notes Due 2020 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 225,000,000
Debt Instrument, Interest Rate, Stated Percentage								8.25%
Debt Instrument, Periodic Payment, Principal						27,200,000
Long-term debt		197,800,000		197,800,000		$ 197,800,000
Interest Expense, Long-term Debt		2,800,000	$ 4,900,000	7,100,000	$ 9,700,000
Debt Instrument, Redemption Price, Percentage						107.50%
Repayments of Debt				214,200,000
Redemption Premium				8,200,000
Write off of Deferred Debt Issuance Cost				2,900,000
Debt Instrument, Fair Value Disclosure						$ 207,300,000
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		300,000,000		300,000,000
Line of Credit Facility, Current Borrowing Capacity		287,600,000		287,600,000
Long-term Line of Credit		0		0
Line of Credit Facility, Remaining Borrowing Capacity		$ 280,300,000		$ 280,300,000
Line of Credit Facility, Interest Rate at Period End		3.75%		3.75%
Revolving Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Long-term Line of Credit		$ 7,300,000		$ 7,300,000
Upon receipt of the proceeds of certain asset sales [Member] | Senior Notes Due 2024 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				100.00%
On or after May 15, 2019 [Member] | Senior Notes Due 2024 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				104.406%
On or after May 15, 2020 [Member] | Senior Notes Due 2024 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				102.938%
On or after May 15, 2021 [Member] | Senior Notes Due 2024 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				101.469%
On or after June 1, 2016 [Member] | Senior Notes Due 2020 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		104.125%
On or after May 15, 2022 [Member] | Senior Notes Due 2024 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				100.00%
Any time prior to May 15, 2019 [Member] | Senior Notes Due 2024 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				100.00%
Exchange Offer Registration Timeline				240 days
Change in control [Member] | Senior Notes Due 2024 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				101.00%
[1]	See Note 1 for discussion of our adoption of ASU 2015-03, ASU 2015-15 and ASU 2015-17 (as defined in Note 1).

Income Tax Matters, Provision T

Income Tax Matters, Provision Table (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Tax Provision
Domestic	$ 15.5	$ 13.4	$ 30.4	$ (162.4)
Foreign	0.2	(1.4)	0.4	(1.4)
Total	$ 15.7	$ 12	$ 30.8	$ (163.8)

Income Tax Matters, Narrative (

Income Tax Matters, Narrative (Details) $ / shares in Units, $ in Millions		May 26, 2016$ / shares	Apr. 22, 2016	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Income Tax Contingency
Income tax provision (benefit)				$ 15.7	$ 12		$ 30.8	$ (163.8)
Effective tax rate				37.70%	37.20%		37.10%	37.60%
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount					$ 1.9
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent					5.80%
Unrecognized Tax Benefits, Period Increase (Decrease)					$ 1.8
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Percent					(5.40%)
Gross unrecognized tax benefits				$ 1.7			$ 1.7			$ 1.7
Gross unrecognized tax benefits that would impact effective tax rate				$ 0.6			$ 0.6			0.6
Cumulative-effect adjustment	[1]									$ 0.7
Accounting Standards Update 2016-09 | New Accounting Pronouncement, Early Adoption, Effect
Income Tax Contingency
Cumulative-effect adjustment	[1]								$ 0.7
Union VEBA
Income Tax Contingency
Income tax benefit on removal of Union VEBA net assets						$ 184.4		$ 184.4
Series A Preferred Stock [Member]
Income Tax Contingency
Preferred Stock, Rights Conversion Ratio into Preferred Stock			1
Preferred Stock, Redemption Price Per Share | $ / shares		$ 400
Preferred Stock, Rights Waiting Period, Duration Before Exercisable After Public Announcement		10 days
Preferred Stock, Rights Waiting Period, Duration Before Exercisable After Tender or Exchange Offer Results in Becoming an Acquiring Person		10 days
Value of right to purchase shares of the acquiring or other appropriate entity			2
[1]	See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09 (as defined in Note 1).

Employee Benefits, Net Periodic

Employee Benefits, Net Periodic Benefit Costs and Charges Relating To All Other Employee Benefit Plans(Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Salaried VEBA:
Total net periodic postretirement benefit cost relating to Salaried VEBA	$ 0.9	$ 0.6	$ 1.7	$ 1.2
Loss (gain) on removal of Union VEBA net assets	0	1.6	(0.1)	493.8
Total VEBAs	0.9	2.2	1.6	495
Deferred compensation plan	0.2	0.1	0.3	0.5
Defined contribution plans	1.7	1.7	5.7	5.7
Multiemployer pension plans	1.2	0.9	2.3	1.8
Charges Relating To Other Benefit Plans	3.1	2.7	8.3	8
Total other employee benefit plans	4	4.9	9.9	503
Fabricated Products
Salaried VEBA:
Total other employee benefit plans	2.8	2.4	7.5	7
All Other
Salaried VEBA:
Total other employee benefit plans	1.2	2.5	2.4	496
VEBAs
Salaried VEBA:
Service cost	0	0	0	0
Interest cost	0.8	0.7	1.5	1.4
Expected return on plan assets	(1)	(1.1)	(2)	(2.2)
Amortization of prior service cost	1	0.8	2	1.5
Amortization of net actuarial loss	0.1	0.2	0.2	0.5
Total net periodic postretirement benefit cost relating to Salaried VEBA	0.9	0.6	1.7	1.2
Loss (gain) on removal of Union VEBA net assets	$ 0	$ 1.6	$ (0.1)	$ 493.8

Employee Benefits, Defined Bene

Employee Benefits, Defined Benefit Plans Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
VEBA Postretirement Medical Obligations
Accrued annual contribution to VEBAs			$ 0	$ 19.6
VEBAs
VEBA Postretirement Medical Obligations
Accrued annual contribution to VEBAs				19.5
Union VEBA
VEBA Postretirement Medical Obligations
Accrued annual contribution to VEBAs				16.7
Non-cash loss	$ 307.8
Income tax benefit	$ 184.4	$ 184.4
Accrued Veba contingent contribution - total			$ 29.9
Salaried VEBA
VEBA Postretirement Medical Obligations
Accrued annual contribution to VEBAs				$ 2.8

Employee Incentive Plans, Short

Employee Incentive Plans, Short Term Incentive Plans (Details) $ in Millions	Jun. 30, 2016USD ($)
Short Term Incentive Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Accrued Bonuses	$ 13.1

Employee Incentive Plans, Compe

Employee Incentive Plans, Compensation expense under LTI programs (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative-effect adjustment	[1]						$ 0.7
Allocated Share-based Compensation Expense		$ 3	$ 2.4	$ 5.6	$ 4.6
Restricted Stock And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		1.2	1.1	2.3	2.2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		0	0.3	0.3	0.7
TSR-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		1.4	1	2.5	1.7
CP-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		0.4	0	0.5	0
Fabricated Products
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		1.1	0.9	1.9	1.6
All Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 1.9	$ 1.5	$ 3.7	$ 3
Minimum | TSR-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of underlying shares (percent)		0.00%
Minimum | CP-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of underlying shares (percent)		0.00%
Maximum | TSR-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of underlying shares (percent)		200.00%
Maximum | CP-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of underlying shares (percent)		200.00%
Additional Paid in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative-effect adjustment	[1]						0.8
Accounting Standards Update 2016-09 | New Accounting Pronouncement, Early Adoption, Effect
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative-effect adjustment	[1]					$ 0.7
Accounting Standards Update 2016-09 | New Accounting Pronouncement, Early Adoption, Effect | Additional Paid in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative-effect adjustment	[1]						$ 0.8
[1]	See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09 (as defined in Note 1).

Employee Incentive Plans, Unrec

Employee Incentive Plans, Unrecognized Compensation Cost (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Restricted Stock And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 8.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years
CP-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 4.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 8 months
TSR-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 9.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years

Employee Incentive Plans, Summa

Employee Incentive Plans, Summary of activity of non-vested common shares, restricted stock units, and performance shares (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Non-Vested Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at December 31, 2015 (shares)			156,553
Granted (shares)			9,702
Vested (shares)			(49,582)
Forfeited (shares)			(282)
Canceled (shares)			0
Outstanding at June 30, 2016 (shares)	116,391		116,391
Weighted average grant-date fair value per unit - Outstanding at December 31, 2015 (in dollars per share)			$ 67.20
Weighted average grant-date fair value per unit - Granted (in dollars per share)	$ 86.11	$ 82.88	86.11	$ 71.67
Weighted average grant-date fair value per unit - Vested (in dollars per share)			65.53
Weighted average grant-date fair value per unit - Forfeited (in dollars per share)			69.11
Weighted average grant-date fair value per unit - Canceled (in dollars per share)			0
Weighted average grant-date fair value per unit - Outstanding at June 30, 2016 (in dollars per share)	$ 69.49		$ 69.49
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at December 31, 2015 (shares)			5,521
Granted (shares)			57,205
Vested (shares)			(2,048)
Forfeited (shares)			(385)
Canceled (shares)			0
Outstanding at June 30, 2016 (shares)	60,293		60,293
Weighted average grant-date fair value per unit - Outstanding at December 31, 2015 (in dollars per share)			$ 66.64
Weighted average grant-date fair value per unit - Granted (in dollars per share)	$ 88.27	0	75.57	69.83
Weighted average grant-date fair value per unit - Vested (in dollars per share)			62.75
Weighted average grant-date fair value per unit - Forfeited (in dollars per share)			74.49
Weighted average grant-date fair value per unit - Canceled (in dollars per share)			0
Weighted average grant-date fair value per unit - Outstanding at June 30, 2016 (in dollars per share)	$ 75.20		$ 75.20
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at December 31, 2015 (shares)			155,105
Granted (shares)			0
Vested (shares)			(49,611)
Forfeited (shares)			0
Canceled (shares)			(105,494)
Outstanding at June 30, 2016 (shares)	0		0
Weighted average grant-date fair value per unit - Outstanding at December 31, 2015 (in dollars per share)			$ 57.76
Weighted average grant-date fair value per unit - Granted (in dollars per share)			0
Weighted average grant-date fair value per unit - Vested (in dollars per share)			57.76
Weighted average grant-date fair value per unit - Forfeited (in dollars per share)			0
Weighted average grant-date fair value per unit - Canceled (in dollars per share)			57.76
Weighted average grant-date fair value per unit - Outstanding at June 30, 2016 (in dollars per share)	$ 0		$ 0
CP-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at December 31, 2015 (shares)			0
Granted (shares)			63,983
Vested (shares)			0
Forfeited (shares)			(164)
Canceled (shares)			0
Outstanding at June 30, 2016 (shares)	63,819		63,819
Weighted average grant-date fair value per unit - Outstanding at December 31, 2015 (in dollars per share)			$ 0
Weighted average grant-date fair value per unit - Granted (in dollars per share)	$ 0	0	80.46	0
Weighted average grant-date fair value per unit - Vested (in dollars per share)			0
Weighted average grant-date fair value per unit - Forfeited (in dollars per share)			80.46
Weighted average grant-date fair value per unit - Canceled (in dollars per share)			0
Weighted average grant-date fair value per unit - Outstanding at June 30, 2016 (in dollars per share)	$ 80.46		$ 80.46
TSR-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at December 31, 2015 (shares)			299,877
Granted (shares)			95,974
Vested (shares)			0
Forfeited (shares)			(1,115)
Canceled (shares)			0
Outstanding at June 30, 2016 (shares)	394,736		394,736
Weighted average grant-date fair value per unit - Outstanding at December 31, 2015 (in dollars per share)			$ 89.43
Weighted average grant-date fair value per unit - Granted (in dollars per share)	$ 0	$ 0	93.02	$ 95.68
Weighted average grant-date fair value per unit - Vested (in dollars per share)			0
Weighted average grant-date fair value per unit - Forfeited (in dollars per share)			90.06
Weighted average grant-date fair value per unit - Canceled (in dollars per share)			0
Weighted average grant-date fair value per unit - Outstanding at June 30, 2016 (in dollars per share)	$ 90.30		$ 90.30

Employee Incentive Plans Employ

Employee Incentive Plans Employee Incentive Plans, Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Non-vested common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share (in dollars per share)	$ 86.11	$ 82.88	$ 86.11	$ 71.67
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share (in dollars per share)	88.27	0	75.57	69.83
CP-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share (in dollars per share)	0	0	80.46	0
TSR-Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share (in dollars per share)	$ 0	$ 0	$ 93.02	$ 95.68

Employee Incentive Plans Empl51

Employee Incentive Plans Employee Incentive Plans, Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested outstanding stock (shares)	3,877	3,877		16,645
Exercise price (in dollars per share)	$ 80.01	$ 80.01		$ 80.01
Options exercised during period (shares)		12,768
Remaining contractual life		9 months		1 year 3 months
Options granted in period (shares)		0
Options forfeited in period (shares)		0
Issuance of common shares to non-employee directors		$ 0.1	$ 0.2
Shares withheld and canceled to satisfy minimum tax withholding (shares)		35,430	34,969
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares to be received (shares)		1
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
TSR-Based Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of underlying shares (percent)	0.00%
TSR-Based Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of underlying shares (percent)	200.00%
2006 LTI Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under plan (shares)	2,722,222	2,722,222
2016 LTI Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under plan (shares)	1,045,000	1,045,000
Shares available for awards under the plan (shares)	924,102	924,102

Commitments and Contingencies,

Commitments and Contingencies, Environmental (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)
Environmental Contingency
Environmental accrual	$ 17.8	$ 17.8
Expected period related to remediation expenditures for environmental contingencies period		30 years
Potential increase in environmental costs	$ 24.7	$ 24.7
Time period within which Companys recorded estimate of its obligation may change	12 months
Maximum
Environmental Contingency
Period for final feasibility study		12 months

Derivative Financial Instrume53

Derivative Financial Instruments and Related Hedging Programs, Realized and Unrealized Gains (Losses) Table (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summary Of Realized And Unrealized Gains (Losses)
Unrealized gains (losses)			$ 14.9	$ (6)
Not Designated as Hedging Instrument
Summary Of Realized And Unrealized Gains (Losses)
Unrealized gains (losses)	$ 10.9	$ (1.5)	14.9	(6)
Operational Risk Hedges | Not Designated as Hedging Instrument
Summary Of Realized And Unrealized Gains (Losses)
Realized (losses) gains	(2.6)	(8.8)	(7)	(13.5)
Unrealized gains (losses)	10.9	(1.5)	14.9	(6)
Foreign Currency Member | Operational Risk Hedges | Designated as Hedging Instrument [Member]
Summary Of Realized And Unrealized Gains (Losses)
Unrealized gains (losses)	(0.1)	(0.2)	0.1	(0.2)
Aluminum | Operational Risk Hedges | Not Designated as Hedging Instrument
Summary Of Realized And Unrealized Gains (Losses)
Realized (losses) gains	(1)	(7.1)	(3.7)	(9.8)
Unrealized gains (losses)	6.9	(4.3)	10	(8.5)
Natural Gas | Operational Risk Hedges | Not Designated as Hedging Instrument
Summary Of Realized And Unrealized Gains (Losses)
Realized (losses) gains	(1.6)	(1.3)	(3.3)	(2.6)
Unrealized gains (losses)	4	1.5	4.9	0.8
Electricity | Operational Risk Hedges | Not Designated as Hedging Instrument
Summary Of Realized And Unrealized Gains (Losses)
Realized (losses) gains	0	(0.4)	0	(1.1)
Unrealized gains (losses)	0	1.3	0	1.7
Hedges Relating To Notes Member | Call Options | Not Designated as Hedging Instrument
Summary Of Realized And Unrealized Gains (Losses)
Unrealized gains (losses)	0	0	0	10.2
Hedges Relating To Notes Member | Bifurcated Conversion Feature | Not Designated as Hedging Instrument
Summary Of Realized And Unrealized Gains (Losses)
Unrealized gains (losses)	$ 0	$ 0	$ 0	$ (10.2)

Derivative Financial Instrume54

Derivative Financial Instruments and Related Hedging Programs, Material Derivative Positions (Details)	Jun. 30, 2016EUR (€)MMBTUmmlbs	Dec. 31, 2015EUR (€)
Remainder of 2016
Derivative [Line Items]
Percentage of natural gas purchases for which the Company's exposure to fluctuations in gas prices had been substantially reduced	81.00%
Percentage of Electricity Purchases For Which Company Exposure To Fluctuations In Electricity Prices Have Been Reduced	55.00%
2,017
Derivative [Line Items]
Percentage of natural gas purchases for which the Company's exposure to fluctuations in gas prices had been substantially reduced	74.00%
Percentage of Electricity Purchases For Which Company Exposure To Fluctuations In Electricity Prices Have Been Reduced	54.00%
2,018
Derivative [Line Items]
Percentage of natural gas purchases for which the Company's exposure to fluctuations in gas prices had been substantially reduced	72.00%
Percentage of Electricity Purchases For Which Company Exposure To Fluctuations In Electricity Prices Have Been Reduced	36.00%
Not Designated as Hedging Instrument | Aluminum | Fixed priced contracts | Purchase
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	182.5
Not Designated as Hedging Instrument | Aluminum | Fixed priced contracts | Sales
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	0.9
Not Designated as Hedging Instrument | Aluminum | Midwest premium swap contracts | Purchase
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	157.1
Not Designated as Hedging Instrument | Natural Gas | Fixed priced contracts | Purchase
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MMBTU	5,950,000
Designated as Hedging Instrument [Member] | Foreign Currency Member | Fixed priced contracts | Purchase
Derivative [Line Items]
Notional amount of contracts | €	€ 2,020,950	€ 4,700,000

Derivative Financial Instrume55

Derivative Financial Instruments and Related Hedging Programs, Offsetting of Derivative Instruments by Counterparty (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Derivative Assets and Collateral Held by Counterparty
Gross Amounts of Recognized Assets	$ 5.4	$ 1.6
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	5.4	1.6
Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments	2.2	1.6
Gross Amounts Not Offset in the Consolidated Balance Sheets - Cash Collateral Received	0	0
Net Amount	3.2	0
Derivative Liabilities and Collateral Held by Counterparty
Gross Amounts of Recognized Liabilities	(5)	(16.2)
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	(5)	(16.2)
Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments	(2.2)	(1.6)
Gross Amounts Not Offset in the Consolidated Balance Sheets - Cash Collateral Pledged	0	0
Net Amount	(2.8)	(14.6)
Counterparty (with Netting Agreements)
Derivative Assets and Collateral Held by Counterparty
Gross Amounts of Recognized Assets	2.8	1.3
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	2.8	1.3
Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments	1.3	1.3
Gross Amounts Not Offset in the Consolidated Balance Sheets - Cash Collateral Received	0	0
Net Amount	1.5	0
Derivative Liabilities and Collateral Held by Counterparty
Gross Amounts of Recognized Liabilities	(3)	(8.5)
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	(3)	(8.5)
Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments	(1.3)	(1.3)
Gross Amounts Not Offset in the Consolidated Balance Sheets - Cash Collateral Pledged	0	0
Net Amount	(1.7)	(7.2)
Counterparty (with partial Netting Agreements)
Derivative Assets and Collateral Held by Counterparty
Gross Amounts of Recognized Assets	2.6	0.3
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	2.6	0.3
Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments	0.9	0.3
Gross Amounts Not Offset in the Consolidated Balance Sheets - Cash Collateral Received	0	0
Net Amount	1.7	0
Derivative Liabilities and Collateral Held by Counterparty
Gross Amounts of Recognized Liabilities	(2)	(7.7)
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	(2)	(7.7)
Gross Amounts Not Offset in the Consolidated Balance Sheets - Financial Instruments	(0.9)	(0.3)
Gross Amounts Not Offset in the Consolidated Balance Sheets - Cash Collateral Pledged	0	0
Net Amount	$ (1.1)	$ (7.4)

Derivative Financial Instrume56

Derivative Financial Instruments and Related Hedging Programs, Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)
Derivative [Line Items]
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ 0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ 0
Unrealized (loss) gain on foreign currency cash flow hedges	(100,000)	$ (200,000)	100,000	$ (200,000)
Accumulated other comprehensive loss related to cash flow hedges	(200,000)		(200,000)
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	0
Derivative Financial Instruments and Related Hedging Programs (Textuals) [Abstract]
Aggregate fair value of derivative instruments that contain credit-risk-related contingency features that were in a net liability position	$ 2,800,000		$ 2,800,000			$ 14,600,000
2,017
Derivative [Line Items]
Percentage of Electricity Purchases For Which Company Exposure To Fluctuations In Electricity Prices Have Been Reduced	54.00%		54.00%		54.00%
Remainder of 2016
Derivative [Line Items]
Percentage of Electricity Purchases For Which Company Exposure To Fluctuations In Electricity Prices Have Been Reduced	55.00%		55.00%		55.00%
2,018
Derivative [Line Items]
Percentage of Electricity Purchases For Which Company Exposure To Fluctuations In Electricity Prices Have Been Reduced	36.00%		36.00%		36.00%
Swap [Member] | Designated as Hedging Instrument [Member] | Foreign Currency Member | Purchase
Derivative [Line Items]
Derivative Liability, Notional Amount | €					€ 2,020,950		€ 4,700,000
Derivative, Average Forward Exchange Rate	1.13		1.13		1.13	1.14	1.14
Minimum | Swap [Member] | Designated as Hedging Instrument [Member] | Foreign Currency Member | Purchase
Derivative [Line Items]
Derivative, Remaining Maturity			3 months
Maximum | Swap [Member] | Designated as Hedging Instrument [Member] | Foreign Currency Member | Purchase
Derivative [Line Items]
Derivative, Remaining Maturity			14 months

Fair Value Measurements, Fair V

Fair Value Measurements, Fair Value Hierarchy Table (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Financial Assets:
Derivative Asset	$ 5.4	$ 1.6
Deferred compensation plan assets	7.8	7.3
Financial Liabilities:
Derivative Liability	(5)	(16.2)
Fair Value, Measurements, Recurring
Financial Assets:
Cash and cash equivalents	195.3	72.5
Deferred compensation plan assets	7.8	7.3
Total Assets	280.5	111.4
Financial Liabilities:
Total Liabilities	(388.4)	(223.5)
Fair Value, Measurements, Recurring | Senior Notes Due 2020 [Member]
Financial Liabilities:
Senior Notes		(207.3)
Fair Value, Measurements, Recurring | Senior Notes Due 2024 [Member]
Financial Liabilities:
Senior Notes	(383.4)
Fair Value, Measurements, Recurring | Debt securities
Financial Assets:
Short-term investments	72	30
Fair Value, Measurements, Recurring | Aluminum | Option on Securities [Member] | Purchase
Financial Assets:
Derivative Asset		0.2
Fair Value, Measurements, Recurring | Aluminum | Fixed priced contracts | Purchase
Financial Assets:
Derivative Asset	4.8	0.3
Financial Liabilities:
Derivative Liability		(8.9)
Fair Value, Measurements, Recurring | Aluminum | Fixed priced contracts | Sales
Financial Assets:
Derivative Asset		0.2
Financial Liabilities:
Derivative Liability		(0.1)
Fair Value, Measurements, Recurring | Aluminum | Midwest premium swap contracts
Financial Assets:
Derivative Asset		0.9
Fair Value, Measurements, Recurring | Natural Gas | Fixed priced contracts | Purchase
Financial Assets:
Derivative Asset	0.6
Financial Liabilities:
Derivative Liability		(6.7)
Fair Value, Measurements, Recurring | Level 1
Financial Assets:
Cash and cash equivalents	50.6	40.3
Deferred compensation plan assets	0	0
Total Assets	50.6	40.3
Financial Liabilities:
Total Liabilities	(383.4)	(207.3)
Fair Value, Measurements, Recurring | Level 1 | Senior Notes Due 2020 [Member]
Financial Liabilities:
Senior Notes		(207.3)
Fair Value, Measurements, Recurring | Level 1 | Senior Notes Due 2024 [Member]
Financial Liabilities:
Senior Notes	(383.4)
Fair Value, Measurements, Recurring | Level 1 | Debt securities
Financial Assets:
Short-term investments	0	0
Fair Value, Measurements, Recurring | Level 1 | Aluminum | Option on Securities [Member] | Purchase
Financial Assets:
Derivative Asset		0
Fair Value, Measurements, Recurring | Level 1 | Aluminum | Fixed priced contracts | Purchase
Financial Assets:
Derivative Asset	0	0
Financial Liabilities:
Derivative Liability		0
Fair Value, Measurements, Recurring | Level 1 | Aluminum | Fixed priced contracts | Sales
Financial Assets:
Derivative Asset		0
Financial Liabilities:
Derivative Liability		0
Fair Value, Measurements, Recurring | Level 1 | Aluminum | Midwest premium swap contracts
Financial Assets:
Derivative Asset		0
Fair Value, Measurements, Recurring | Level 1 | Natural Gas | Fixed priced contracts | Purchase
Financial Assets:
Derivative Asset	0
Financial Liabilities:
Derivative Liability		0
Fair Value, Measurements, Recurring | Level 2
Financial Assets:
Cash and cash equivalents	144.7	32.2
Short-term investments		30
Deferred compensation plan assets	7.8	7.3
Total Assets	229.9	70.2
Financial Liabilities:
Total Liabilities	(3.6)	(15.9)
Fair Value, Measurements, Recurring | Level 2 | Senior Notes Due 2020 [Member]
Financial Liabilities:
Senior Notes		0
Fair Value, Measurements, Recurring | Level 2 | Senior Notes Due 2024 [Member]
Financial Liabilities:
Senior Notes	0
Fair Value, Measurements, Recurring | Level 2 | Debt securities
Financial Assets:
Short-term investments	72
Fair Value, Measurements, Recurring | Level 2 | Aluminum | Option on Securities [Member] | Purchase
Financial Assets:
Derivative Asset		0.2
Fair Value, Measurements, Recurring | Level 2 | Aluminum | Fixed priced contracts | Purchase
Financial Assets:
Derivative Asset	4.8	0.3
Financial Liabilities:
Derivative Liability		(8.9)
Fair Value, Measurements, Recurring | Level 2 | Aluminum | Fixed priced contracts | Sales
Financial Assets:
Derivative Asset		0.2
Financial Liabilities:
Derivative Liability		(0.1)
Fair Value, Measurements, Recurring | Level 2 | Aluminum | Midwest premium swap contracts
Financial Assets:
Derivative Asset		0
Fair Value, Measurements, Recurring | Level 2 | Natural Gas | Fixed priced contracts | Purchase
Financial Assets:
Derivative Asset	0.6
Financial Liabilities:
Derivative Liability		(6.7)
Fair Value, Measurements, Recurring | Level 3
Financial Assets:
Cash and cash equivalents	0	0
Deferred compensation plan assets	0	0
Total Assets	0	0.9
Financial Liabilities:
Total Liabilities	(1.4)	(0.3)
Fair Value, Measurements, Recurring | Level 3 | Senior Notes Due 2020 [Member]
Financial Liabilities:
Senior Notes		0
Fair Value, Measurements, Recurring | Level 3 | Senior Notes Due 2024 [Member]
Financial Liabilities:
Senior Notes	0
Fair Value, Measurements, Recurring | Level 3 | Debt securities
Financial Assets:
Short-term investments	0	0
Fair Value, Measurements, Recurring | Level 3 | Aluminum | Option on Securities [Member] | Purchase
Financial Assets:
Derivative Asset		0
Fair Value, Measurements, Recurring | Level 3 | Aluminum | Fixed priced contracts | Purchase
Financial Assets:
Derivative Asset	0	0
Financial Liabilities:
Derivative Liability		0
Fair Value, Measurements, Recurring | Level 3 | Aluminum | Fixed priced contracts | Sales
Financial Assets:
Derivative Asset		0
Financial Liabilities:
Derivative Liability		0
Fair Value, Measurements, Recurring | Level 3 | Natural Gas | Fixed priced contracts | Purchase
Financial Assets:
Derivative Asset	0
Financial Liabilities:
Derivative Liability		0
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Aluminum | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability	(1.2)
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Aluminum | Midwest premium swap contracts
Financial Liabilities:
Derivative Liability	(1.4)
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Natural Gas | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability	(2.4)
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 1 | Aluminum | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability	0
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 1 | Aluminum | Midwest premium swap contracts
Financial Liabilities:
Derivative Liability	0
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 1 | Natural Gas | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability	0
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 2 | Aluminum | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability	(1.2)
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 2 | Aluminum | Midwest premium swap contracts
Financial Liabilities:
Derivative Liability	0
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 2 | Natural Gas | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability	(2.4)
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 3 | Aluminum | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability	0
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 3 | Natural Gas | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability	0
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring | Foreign Currency Member | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability		(0.2)
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring | Level 1 | Foreign Currency Member | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability		0
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Member | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability		(0.2)
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring | Level 3 | Foreign Currency Member | Fixed priced contracts | Purchase
Financial Liabilities:
Derivative Liability		0
Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Aluminum | Midwest premium swap contracts
Financial Liabilities:
Derivative Liability		(0.3)
Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Level 1 | Aluminum | Midwest premium swap contracts
Financial Liabilities:
Derivative Liability		0
Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Level 2 | Aluminum | Midwest premium swap contracts
Financial Liabilities:
Derivative Liability		0
Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Level 3 | Aluminum | Midwest premium swap contracts
Financial Assets:
Derivative Asset		0.9
Financial Liabilities:
Derivative Liability	$ (1.4)	$ (0.3)

Fair Value Measurements, Schedu

Fair Value Measurements, Schedule of Quantitative Information for Level 3 Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Midwest Premium Swap Liability Ending Curve Value	$ 0.073
Midwest Premium Swap Liability Beginning Curve Value	$ 0.070

Fair Value Measurements, Level

Fair Value Measurements, Level 3 Fair Value Input Reconciliation Table (Details) - Derivative - Midwest premium swap contracts $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Reconciliation of activity for financial instruments classified as Level 3:
Fair value measurement at December 31, 2015	$ 0.6
Total realized/unrealized (loss) included in:
Cost of goods sold excluding depreciation and amortization and other items and Unrealized (gain) loss on derivative instruments	(0.5)
Transactions involving Level 3 derivative contracts:
Purchases	(1.3)
Sales	0
Issuances	0
Settlements	(0.2)
Transactions involving Level 3 derivatives – net	(1.5)
Transfers in and/or out of Level 3 valuation hierarchy	0
Fair value measurement at June 30, 2016	(1.4)
Total loss included in Unrealized (gain) loss on derivative instruments, attributable to the change in unrealized gain/loss relating to derivative contracts held at June 30, 2016:	$ (1.5)

Fair Value Measurements, Narrat

Fair Value Measurements, Narrative (Details)	6 Months Ended
	Jun. 30, 2016
Maximum
Schedule of Available-for-sale Securities [Line Items]
Short-term investment maturity period	11 months

Earnings Per Share, Calculation

Earnings Per Share, Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income	$ 26	$ 20.2	$ 52.3	$ (272)
Denominator — Weighted-average common shares outstanding (in thousands):
Basic (shares)	17,871	17,006	17,867	17,233
Add: dilutive effect of non-vested common shares, restricted stock units, performance shares and stock options (shares)	323	247	327	0
Add: dilutive effect of warrants (shares)	0	939	0	0
Diluted (shares)	18,194	18,192	18,194	17,233
Net income (loss) per common share:
Basic (in dollars per share)	$ 1.45	$ 1.19	$ 2.92	$ (15.78)
Earnings per common share, Diluted:
Diluted (in dollars per share)	$ 1.43	$ 1.11	$ 2.87	$ (15.78)

Earnings Per Share, Anti Diluti

Earnings Per Share, Anti Dilution Table (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share
Class of Warrant or Right, Exercise Price of Warrants or Rights (dollars per share)		$ 60.44		$ 60.44
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2	0	65	1,059
Options to purchase common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	0	17
Non-vested common shares, restricted stock units and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2	0	65	243
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	0	799
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares)		3,700		3,700

Earnings Per Share Earnings Per

Earnings Per Share Earnings Per Share, Narrative (Details) $ / shares in Units, $ in Millions	Apr. 22, 2016$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2015$ / sharesshares
Tax Asset Rights Plan Series A Preferred [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized | shares		5,000,000		5,000,000
Payments of Ordinary Dividends, Common Stock | $		$ 16.3	$ 14
Common Stock, Dividends, Per Share, Cash Paid		$ 0.90	$ 0.80
Repurchase of common stock, shares | shares		109,033	552,454
Treasury Stock Acquired, Average Cost Per Share		$ 79.04	$ 75.21
Treasury Stock, Value, Acquired, Cost Method | $		$ 8.6	$ 41.5
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $		$ 114.7
Series A Junior Participating Preferred Stock
Tax Asset Rights Plan Series A Preferred [Line Items]
Preferred Stock, Rights Conversion Ratio into Preferred Stock	1
Preferred Stock, Par or Stated Value Per Share	$ 0.01
Preferred Stock, Shares Authorized | shares	900,000

Segment Information, Financial

Segment Information, Financial Information by Operating Segment Table (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Net sales:
Net Sales	$ 334.9	$ 367.2	$ 678.1	$ 738.9
Segment operating income (loss):
Operating income (loss)	57.9	37	102.7	(421.6)
Interest expense	(5.5)	(5.2)	(9.2)	(15)
Other income, net	(10.7)	0.4	(10.4)	0.8
Income (loss) before income taxes	41.7	32.2	83.1	(435.8)
Depreciation and amortization:
Depreciation and amortization	9	8.1	17.7	16.1
Capital expenditures:
Capital expenditures	16.4	11.6	42.3	22.9
Assets:
Assets	1,421.6		1,421.6		$ 1,247.6
Unrealized Gain (Loss) on Derivatives			14.9	(6)
Non-cash defined benefit net periodic benefit cost relating to Salaried VEBA	0.9	0.6	1.7	1.2
Loss (gain) on removal of Union VEBA net assets	0	1.6	(0.1)	493.8
Fabricated Products
Net sales:
Net Sales	334.9	367.2	678.1	738.9
Segment operating income (loss):
Operating income (loss)	72.1	50.6	130	95.5
Depreciation and amortization:
Depreciation and amortization	8.8	8	17.4	15.9
Capital expenditures:
Capital expenditures	16.3	11.5	42.1	22.7
Assets:
Assets	947		947		904.7
Unrealized Gain (Loss) on Derivatives	10.9	(1.5)	14.9	(6)
All Other
Segment operating income (loss):
Operating income (loss)	(14.2)	(13.6)	(27.3)	(517.1)
Depreciation and amortization:
Depreciation and amortization	0.2	0.1	0.3	0.2
Capital expenditures:
Capital expenditures	0.1	0.1	0.2	0.2
Assets:
Assets	474.6		474.6		$ 342.9
VEBAs
Assets:
Non-cash defined benefit net periodic benefit cost relating to Salaried VEBA	0.9	0.6	1.7	1.2
Loss (gain) on removal of Union VEBA net assets	$ 0	$ 1.6	$ (0.1)	$ 493.8

Segment Information, Net Sales

Segment Information, Net Sales by End Market Segment Applications (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Sales:
Net sales			$ 678.1	$ 738.9
Aero/HS products
Net Sales:
Net sales			344.6	361.4
Automotive Extrusions
Net Sales:
Net sales			97.1	103.8
GE products
Net Sales:
Net sales			212.7	231.1
Other products
Net Sales:
Net sales			$ 23.7	$ 42.6
Fabricated Products
Net Sales:
Net sales	$ 334.9	$ 367.2
Fabricated Products | Aero/HS products
Net Sales:
Net sales	167.7	181.1
Fabricated Products | Automotive Extrusions
Net Sales:
Net sales	48.8	53.7
Fabricated Products | GE products
Net Sales:
Net sales	107.3	112
Fabricated Products | Other products
Net Sales:
Net sales	$ 11.1	$ 20.4

Segment Information, Income Tax

Segment Information, Income Taxes Paid by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information
Income Taxes Paid	$ 0.5	$ 0.6	$ 0.8	$ 1.6
UNITED STATES
Segment Reporting Information
Income Taxes Paid	0.2	0.2	0.3	0.3
Canada
Segment Reporting Information
Income Taxes Paid	$ 0.3	$ 0.4	$ 0.5	$ 1.3

Segment Information, Supply Inf

Segment Information, Supply Information (Details) - Supplier Concentration Risk - Aluminum	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Top five major suppliers
Concentration Risk
Concentration Risk, Percentage	86.00%	86.00%	84.00%	87.00%
Largest supplier
Concentration Risk
Concentration Risk, Percentage	36.00%	27.00%	33.00%	28.00%
Second and third largest suppliers
Concentration Risk
Concentration Risk, Percentage	30.00%	36.00%	32.00%	35.00%

Segment Information, Narrative

Segment Information, Narrative (Details) - productionfacilities	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information
Percentage of Employees Covered by Collective Bargaining Agreements	63.00%		63.00%
Percentage of Employees Covered by Collective Bargaining Agreements Expiring Within One Year	6.00%		6.00%
United States
Segment Reporting Information
Number of production facilities			11
Canada
Segment Reporting Information
Number of production facilities			1
Customer Concentration Risk | Largest Customer | Sales Revenue, Net | Fabricated Products
Segment Reporting Information
Concentration Risk, Percentage	27.00%	25.00%	26.00%	26.00%
Customer Concentration Risk | Largest Customer | Accounts Receivable
Segment Reporting Information
Concentration Risk, Percentage			19.00%
Customer Concentration Risk | Second Largest Customer | Sales Revenue, Net | Fabricated Products
Segment Reporting Information
Concentration Risk, Percentage	10.00%	10.00%	10.00%	10.00%
Customer Concentration Risk | Second Largest Customer | Accounts Receivable
Segment Reporting Information
Concentration Risk, Percentage			13.00%		17.00%

Supplemental Cash Flow Inform69

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Supplemental disclosure of cash flow information:
Interest paid	$ 7	$ 13.3
Non-cash investing and financing activities:
Stock repurchases not yet settled (accrued in accounts payable)	0.1	0.1
Unpaid purchases of property and equipment	$ 2.6	$ 3.8

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Interest income	$ 0	$ 0	$ 0.1	$ 0.2
Realized gain on investments	0.3	0.2	0.3	0.5
Loss on extinguishment of debt	(11.1)	0	(11.1)	0
All other, net	0.1	0.2	0.3	0.1
Other (expense) income, net	$ (10.7)	$ 0.4	$ (10.4)	$ 0.8

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Comprehensive Income (Loss), before Tax
Other Comprehensive Income (Loss), before Tax	$ 1.4	$ 0.6	$ 2.8	$ 108.4
Unrealized (loss) gain on foreign currency cash flow hedges	(0.1)	(0.2)	0.1	(0.2)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]
Other Comprehensive Income (Loss), Tax	(0.5)	(0.2)	(1)	(41.1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other Comprehensive Income (Loss), Net of Tax	0.9	0.4	1.8	67.3
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Other Comprehensive Income (Loss), before Tax
Other Comprehensive Income (Loss), before Tax	1.1	1	2.2	108.6
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]
Other Comprehensive Income (Loss), Tax	(0.4)	(0.4)	(0.8)	(41.2)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other Comprehensive Income (Loss), Net of Tax	0.7	0.6	1.4	67.4
Amortization of net actuarial loss
Other Comprehensive Income (Loss), before Tax
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0.1	0.2	0.2	0.5
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]
Reclassification from AOCI, Current Period, Tax	(0.1)	(0.1)	(0.1)	(0.2)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0.1	0.1	0.3
Amortization of prior service cost
Other Comprehensive Income (Loss), before Tax
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	1	0.8	2	1.5
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]
Reclassification from AOCI, Current Period, Tax	(0.3)	(0.3)	(0.7)	(0.6)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.7	0.5	1.3	0.9
Removal of obligation relating to Union VEBA
Other Comprehensive Income (Loss), before Tax
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax				106.6
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]
Reclassification from AOCI, Current Period, Tax				(40.4)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax				66.2
Other comprehensive loss relating to available for sale securities
Other Comprehensive Income (Loss), before Tax
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		0.1		0.2
Other Comprehensive Income (Loss), before Tax		(0.2)		(0.1)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]
Reclassification from AOCI, Current Period, Tax		0		(0.1)
Other Comprehensive Income (Loss), Tax		0.1		0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0.1		0.1
Other Comprehensive Income (Loss), Net of Tax		(0.1)		(0.1)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	0.4	(0.3)	0.4	(0.3)
Other Comprehensive Income (Loss) before Reclassifications, Tax	0.1	(0.1)	0.1	(0.1)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0.3	(0.2)	0.3	(0.2)
Foreign currency translation gain
Other Comprehensive Income (Loss), before Tax
Other Comprehensive Income (Loss), before Tax				0.1
Unrealized (loss) gain on foreign currency cash flow hedges	(0.1)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]
Other Comprehensive Income (Loss), Tax				0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other Comprehensive Income (Loss), Net of Tax				0.1
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	$ (0.1)
Foreign currency translation gain | Canadian Pension Plan
Other Comprehensive Income (Loss), before Tax
Canadian Pension foreign currency translation changes (before tax)			0.1
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]
Canadian Pension foreign currency translation changes (tax)			0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Canadian Pension foreign currency translation changes (net of tax)			0.1
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Other Comprehensive Income (Loss), before Tax
Other Comprehensive Income (Loss), before Tax		(0.2)	0.1	(0.2)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]
Other Comprehensive Income (Loss), Tax		0.1	(0.1)	0.1
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other Comprehensive Income (Loss), Net of Tax		$ (0.1)	$ 0	$ (0.1)

Condensed Guarantor and Non-G72

Condensed Guarantor and Non-Guarantor Financial Statements, Balance Sheets (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents		$ 195.3	$ 72.5	$ 54.3	$ 177.7
Short-term investments		72	30
Receivables:
Trade receivables – net		134.6	116.7
Intercompany receivables		0	0
Other		8.2	6.1
Inventories		217.5	219.6
Prepaid expenses and other current assets1	[1]	12.8	56.7
Total current assets		640.4	501.6
Investments in and advances to subsidiaries		0	0
Property, plant and equipment – net		512.7	495.4
Long-term intercompany loans receivable		0	0
Deferred tax assets – net	[1],[2]	180.9	163.3
Intangible assets – net		29.7	30.5
Goodwill		37.2	37.2
Other assets	[1]	20.7	19.6
Total		1,421.6	1,247.6
Current liabilities:
Accounts payable		72.3	76.7
Intercompany loans payable		0	0
Accrued salaries, wages and related expenses		36.4	39.8
Other accrued liabilities		44.2	52.7
Short-term capital leases		0.1	0.1
Total current liabilities		153	169.3
Net liabilities of Salaried VEBA		18.5	19
Deferred tax liabilities		2.2	2.1
Long-term intercompany loans payable		0	0
Long-term liabilities		71.4	87.5
Long-term debt	[1]	368.2	194.6
Total liabilities		613.3	472.5
Total stockholders' equity		808.3	775.1
Total		1,421.6	1,247.6
Consolidating Adjustments
Current assets:
Cash and cash equivalents		0	0	0	0
Short-term investments		0	0
Receivables:
Trade receivables – net		0	0
Intercompany receivables		(82.7)	(112.3)
Other		0	0
Inventories		(3.6)	(3.3)
Prepaid expenses and other current assets1		(0.4)	(1.4)
Total current assets		(86.7)	(117)
Investments in and advances to subsidiaries		(993.6)	(1,108.6)
Property, plant and equipment – net		0	0
Long-term intercompany loans receivable		(147.9)	(3.1)
Deferred tax assets – net		7	7
Intangible assets – net		0	0
Goodwill		0	0
Other assets		0	0
Total		(1,221.2)	(1,221.7)
Current liabilities:
Accounts payable		0	0
Intercompany loans payable		(82.7)	(125.3)
Accrued salaries, wages and related expenses		0	0
Other accrued liabilities		(9.5)	(1.4)
Short-term capital leases		0	0
Total current liabilities		(92.2)	(126.7)
Net liabilities of Salaried VEBA		0	0
Deferred tax liabilities		0	0
Long-term intercompany loans payable		(147.9)	(3.1)
Long-term liabilities		0	0
Long-term debt		0	0
Total liabilities		(240.1)	(129.8)
Total stockholders' equity		(981.1)	(1,091.9)
Total		(1,221.2)	(1,221.7)
Parent
Current assets:
Cash and cash equivalents		0	0	0	0
Short-term investments		0	0
Receivables:
Trade receivables – net		0	0
Intercompany receivables		82.1	0
Other		0	0
Inventories		0	0
Prepaid expenses and other current assets1		0.2	0.2
Total current assets		82.3	0.2
Investments in and advances to subsidiaries		960.8	1,077.2
Property, plant and equipment – net		0	0
Long-term intercompany loans receivable		137.6	0
Deferred tax assets – net		0	0
Intangible assets – net		0	0
Goodwill		0	0
Other assets		0	0
Total		1,180.7	1,077.4
Current liabilities:
Accounts payable		1.2	0.5
Intercompany loans payable		0	106.5
Accrued salaries, wages and related expenses		0	0
Other accrued liabilities		3	1.4
Short-term capital leases		0	0
Total current liabilities		4.2	108.4
Net liabilities of Salaried VEBA		0	0
Deferred tax liabilities		0	0
Long-term intercompany loans payable		0	0
Long-term liabilities		0	0
Long-term debt		368.2	194.6
Total liabilities		372.4	303
Total stockholders' equity		808.3	774.4
Total		1,180.7	1,077.4
Guarantor Subsidiaries
Current assets:
Cash and cash equivalents		193.4	72.2	49.8	175.3
Short-term investments		72	30
Receivables:
Trade receivables – net		130.1	114
Intercompany receivables		0	111.2
Other		5	3.8
Inventories		215	216.3
Prepaid expenses and other current assets1		12.2	56.2
Total current assets		627.7	603.7
Investments in and advances to subsidiaries		32.8	31.4
Property, plant and equipment – net		480.9	464.3
Long-term intercompany loans receivable		4.3	0
Deferred tax assets – net		173.9	156.3
Intangible assets – net		29.7	30.5
Goodwill		37.2	37.2
Other assets		20.6	19.5
Total		1,407.1	1,342.9
Current liabilities:
Accounts payable		64.4	73.6
Intercompany loans payable		82.7	14.8
Accrued salaries, wages and related expenses		34.5	38.3
Other accrued liabilities		50.6	52.3
Short-term capital leases		0.1	0.1
Total current liabilities		232.3	179.1
Net liabilities of Salaried VEBA		18.5	19
Deferred tax liabilities		0	0
Long-term intercompany loans payable		143.6	3.1
Long-term liabilities		65.1	81.3
Long-term debt		0	0
Total liabilities		459.5	282.5
Total stockholders' equity		947.6	1,060.4
Total		1,407.1	1,342.9
Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents		1.9	0.3	$ 4.5	$ 2.4
Short-term investments		0	0
Receivables:
Trade receivables – net		4.5	2.7
Intercompany receivables		0.6	1.1
Other		3.2	2.3
Inventories		6.1	6.6
Prepaid expenses and other current assets1		0.8	1.7
Total current assets		17.1	14.7
Investments in and advances to subsidiaries		0	0
Property, plant and equipment – net		31.8	31.1
Long-term intercompany loans receivable		6	3.1
Deferred tax assets – net		0	0
Intangible assets – net		0	0
Goodwill		0	0
Other assets		0.1	0.1
Total		55	49
Current liabilities:
Accounts payable		6.7	2.6
Intercompany loans payable		0	4
Accrued salaries, wages and related expenses		1.9	1.5
Other accrued liabilities		0.1	0.4
Short-term capital leases		0	0
Total current liabilities		8.7	8.5
Net liabilities of Salaried VEBA		0	0
Deferred tax liabilities		2.2	2.1
Long-term intercompany loans payable		4.3	0
Long-term liabilities		6.3	6.2
Long-term debt		0	0
Total liabilities		21.5	16.8
Total stockholders' equity		33.5	32.2
Total		$ 55	$ 49
[1]	See Note 1 for discussion of our adoption of ASU 2015-03, ASU 2015-15 and ASU 2015-17 (as defined in Note 1).
[2]	See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09 (as defined in Note 1).

Condensed Guarantor and Non-G73

Condensed Guarantor and Non-Guarantor Financial Statements, Comprehensive Income Statements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
Net sales	$ 334.9	$ 367.2	$ 678.1	$ 738.9
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	250.4	294.8	512.4	597.1
Lower of cost or market inventory write-down	0	0	4.9	0
Unrealized (gain) loss on derivative instruments	(10.9)	1.5	(14.9)	6
Depreciation and amortization	9	8.1	17.7	16.1
Selling, general, administrative, research and development	27.5	23.6	53.6	46.3
Net periodic postretirement benefit cost relating to Salaried VEBA	0.9	0.6	1.7	1.2
Loss (gain) on removal of Union VEBA net assets	0	1.6	(0.1)	493.8
Total selling, general, administrative, research and development	28.4	25.8	55.2	541.3
Other operating charges, net	0.1	0	0.1	0
Total costs and expenses	277	330.2	575.4	1,160.5
Operating (loss) income	57.9	37	102.7	(421.6)
Other (expense) income:
Interest expense	(5.5)	(5.2)	(9.2)	(15)
Other income, net	(10.7)	0.4	(10.4)	0.8
(Loss) income before income taxes	41.7	32.2	83.1	(435.8)
Income tax (provision) benefit	(15.7)	(12)	(30.8)	163.8
Earnings in equity of subsidiaries	0	0	0	0
Net income	26	20.2	52.3	(272)
Comprehensive income	26.9	20.6	54.1	(204.7)
Consolidating Adjustments
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
Net sales	(20)	(24.6)	(38.9)	(51)
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	(19.1)	(23.5)	(37.3)	(49.2)
Lower of cost or market inventory write-down			0
Unrealized (gain) loss on derivative instruments	0	0	0	0
Depreciation and amortization	0	0	0	0
Selling, general, administrative, research and development	(0.9)	(0.5)	(1.4)	(1.1)
Net periodic postretirement benefit cost relating to Salaried VEBA	0	0	0	0
Loss (gain) on removal of Union VEBA net assets		0	0	0
Total selling, general, administrative, research and development	(0.9)	(0.5)	(1.4)	(1.1)
Other operating charges, net	0		0
Total costs and expenses	(20)	(24)	(38.7)	(50.3)
Operating (loss) income	0	(0.6)	(0.2)	(0.7)
Other (expense) income:
Interest expense	0	0	0	0.2
Other income, net	0	0	0	(0.2)
(Loss) income before income taxes	0	(0.6)	(0.2)	(0.7)
Income tax (provision) benefit	7.1	2.4	9.1	6.3
Earnings in equity of subsidiaries	(44.8)	(28.6)	(76.5)	252
Net income	(37.7)	(26.8)	(67.6)	257.6
Comprehensive income	(38.6)	(27.2)	(69.4)	190.3
Parent
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
Net sales	0	0	0	0
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	0	0	0	0
Lower of cost or market inventory write-down			0
Unrealized (gain) loss on derivative instruments	0	0	0	0
Depreciation and amortization	0	0	0	0
Selling, general, administrative, research and development	1.6	1.4	2.4	2.4
Net periodic postretirement benefit cost relating to Salaried VEBA	0	0	0	0
Loss (gain) on removal of Union VEBA net assets		0	0	0
Total selling, general, administrative, research and development	1.6	1.4	2.4	2.4
Other operating charges, net	0		0
Total costs and expenses	1.6	1.4	2.4	2.4
Operating (loss) income	(1.6)	(1.4)	(2.4)	(2.4)
Other (expense) income:
Interest expense	(5.9)	(4.9)	(10.2)	(14.4)
Other income, net	(11)	0	(11)	0
(Loss) income before income taxes	(18.5)	(6.3)	(23.6)	(16.8)
Income tax (provision) benefit	0	0	0	0
Earnings in equity of subsidiaries	44.5	26.5	75.9	(255.2)
Net income	26	20.2	52.3	(272)
Comprehensive income	26.9	20.6	54.1	(204.7)
Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
Net sales	327.3	358.3	663	721.7
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	246	289.4	503.1	585.8
Lower of cost or market inventory write-down			4.9
Unrealized (gain) loss on derivative instruments	(10.9)	1.5	(14.9)	6
Depreciation and amortization	8.5	7.8	16.7	15.5
Selling, general, administrative, research and development	23.8	19.5	47.4	40.2
Net periodic postretirement benefit cost relating to Salaried VEBA	0.9	0.6	1.7	1.2
Loss (gain) on removal of Union VEBA net assets		1.6	(0.1)	493.8
Total selling, general, administrative, research and development	24.7	21.7	49	535.2
Other operating charges, net	0.1		0.1
Total costs and expenses	268.4	320.4	558.9	1,142.5
Operating (loss) income	58.9	37.9	104.1	(420.8)
Other (expense) income:
Interest expense	0.4	(0.3)	1	(0.8)
Other income, net	0.2	0.3	0.5	0.8
(Loss) income before income taxes	59.5	37.9	105.6	(420.8)
Income tax (provision) benefit	(22.6)	(15.8)	(39.5)	156.1
Earnings in equity of subsidiaries	0.3	2.1	0.6	3.2
Net income	37.2	24.2	66.7	(261.5)
Comprehensive income	38.1	24.6	68.4	(194.3)
Non-Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
Net sales	27.6	33.5	54	68.2
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	23.5	28.9	46.6	60.5
Lower of cost or market inventory write-down			0
Unrealized (gain) loss on derivative instruments	0	0	0	0
Depreciation and amortization	0.5	0.3	1	0.6
Selling, general, administrative, research and development	3	3.2	5.2	4.8
Net periodic postretirement benefit cost relating to Salaried VEBA	0	0	0	0
Loss (gain) on removal of Union VEBA net assets		0	0	0
Total selling, general, administrative, research and development	3	3.2	5.2	4.8
Other operating charges, net	0		0
Total costs and expenses	27	32.4	52.8	65.9
Operating (loss) income	0.6	1.1	1.2	2.3
Other (expense) income:
Interest expense	0	0	0	0
Other income, net	0.1	0.1	0.1	0.2
(Loss) income before income taxes	0.7	1.2	1.3	2.5
Income tax (provision) benefit	(0.2)	1.4	(0.4)	1.4
Earnings in equity of subsidiaries	0	0	0	0
Net income	0.5	2.6	0.9	3.9
Comprehensive income	$ 0.5	$ 2.6	$ 1	$ 4

Condensed Guarantor and Non-G74

Condensed Guarantor and Non-Guarantor Financial Statements, Cash Flow Statements (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net cash provided by operating activities				$ 72.1	$ 48.3
Cash flows from investing activities
Capital expenditures		$ (16.4)	$ (11.6)	(42.3)	(22.9)
Purchase of available for sale securities				(72.4)	(0.5)
Proceeds from disposition of available for sale securities				30	84
Change in Intercompany Loans Receivable				0
Net cash (used in) provided by investing activities	[1]			(84.7)	60.6
Cash flows from financing activities
Repayment of Convertible Notes				0	(175)
Proceeds from cash-settled call options related to repayment of Convertible Notes				0	94.9
Payment for conversion premium related to repayment of Convertible Notes				0	(94.9)
Repayment of principal and redemption premium of 8.25% Senior Notes				(206)	0
Issuance of 5.875% Senior Notes				375	0
Cash paid for debt issuance costs				(6.9)	0
Proceeds from stock option exercises				1	0
Repayment of capital lease				(0.1)	0
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	[2]			0	1.1
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares				(2.8)	(3)
Repurchase of common stock				(8.5)	(41.4)
Cash dividends paid to stockholders				(16.3)	(14)
Intercompany loan					0
Cash dividends paid to Parent				0
Intercompany loans payable1				0
Net cash provided by (used in) financing activities	[1]			135.4	(232.3)
Net increase in cash and cash equivalents during the period				122.8	(123.4)
Cash and cash equivalents at beginning of period				72.5	177.7
Cash and cash equivalents at end of period		195.3	54.3	195.3	54.3
Consolidating Adjustments
Cash flows from operating activities:
Net cash provided by operating activities				(200)	0
Cash flows from investing activities
Capital expenditures				0	0
Purchase of available for sale securities				0	0
Proceeds from disposition of available for sale securities				0	0
Change in Intercompany Loans Receivable				115.9
Net cash (used in) provided by investing activities				115.9	0
Cash flows from financing activities
Repayment of Convertible Notes					0
Proceeds from cash-settled call options related to repayment of Convertible Notes					0
Payment for conversion premium related to repayment of Convertible Notes					0
Repayment of principal and redemption premium of 8.25% Senior Notes				0
Issuance of 5.875% Senior Notes				0
Cash paid for debt issuance costs				0
Proceeds from stock option exercises				0
Repayment of capital lease				0
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest					0
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares				0	0
Repurchase of common stock				0	0
Cash dividends paid to stockholders				0	0
Intercompany loan					0
Cash dividends paid to Parent				200
Intercompany loans payable1				(115.9)
Net cash provided by (used in) financing activities				84.1	0
Net increase in cash and cash equivalents during the period				0	0
Cash and cash equivalents at beginning of period				0	0
Cash and cash equivalents at end of period		0	0	0	0
Parent
Cash flows from operating activities:
Net cash provided by operating activities				190.7	233.4
Cash flows from investing activities
Capital expenditures				0	0
Purchase of available for sale securities				0	0
Proceeds from disposition of available for sale securities				0	0
Change in Intercompany Loans Receivable				(219.7)
Net cash (used in) provided by investing activities				(219.7)	0
Cash flows from financing activities
Repayment of Convertible Notes					(175)
Proceeds from cash-settled call options related to repayment of Convertible Notes					94.9
Payment for conversion premium related to repayment of Convertible Notes					(94.9)
Repayment of principal and redemption premium of 8.25% Senior Notes				(206)
Issuance of 5.875% Senior Notes				375
Cash paid for debt issuance costs				(6.9)
Proceeds from stock option exercises				1
Repayment of capital lease				0
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest					0
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares				(2.8)	(3)
Repurchase of common stock				(8.5)	(41.4)
Cash dividends paid to stockholders				(16.3)	(14)
Intercompany loan					0
Cash dividends paid to Parent				0
Intercompany loans payable1				(106.5)
Net cash provided by (used in) financing activities				29	(233.4)
Net increase in cash and cash equivalents during the period				0	0
Cash and cash equivalents at beginning of period				0	0
Cash and cash equivalents at end of period		0	0	0	0
Guarantor Subsidiaries
Cash flows from operating activities:
Net cash provided by operating activities				76.1	(190.1)
Cash flows from investing activities
Capital expenditures				(40.8)	(14.3)
Purchase of available for sale securities				(72.4)	(0.5)
Proceeds from disposition of available for sale securities				30	84
Change in Intercompany Loans Receivable				106.2
Net cash (used in) provided by investing activities				23	69.2
Cash flows from financing activities
Repayment of Convertible Notes					0
Proceeds from cash-settled call options related to repayment of Convertible Notes					0
Payment for conversion premium related to repayment of Convertible Notes					0
Repayment of principal and redemption premium of 8.25% Senior Notes				0
Issuance of 5.875% Senior Notes				0
Cash paid for debt issuance costs				0
Proceeds from stock option exercises				0
Repayment of capital lease				0
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest					1.1
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares				0	0
Repurchase of common stock				0	0
Cash dividends paid to stockholders				0	0
Intercompany loan					(5.7)
Cash dividends paid to Parent				(200)
Intercompany loans payable1				222.1
Net cash provided by (used in) financing activities				22.1	(4.6)
Net increase in cash and cash equivalents during the period				121.2	(125.5)
Cash and cash equivalents at beginning of period				72.2	175.3
Cash and cash equivalents at end of period		193.4	49.8	193.4	49.8
Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash provided by operating activities				5.3	5
Cash flows from investing activities
Capital expenditures				(1.5)	(8.6)
Purchase of available for sale securities				0	0
Proceeds from disposition of available for sale securities				0	0
Change in Intercompany Loans Receivable				(2.4)
Net cash (used in) provided by investing activities				(3.9)	(8.6)
Cash flows from financing activities
Repayment of Convertible Notes					0
Proceeds from cash-settled call options related to repayment of Convertible Notes					0
Payment for conversion premium related to repayment of Convertible Notes					0
Repayment of principal and redemption premium of 8.25% Senior Notes				0
Issuance of 5.875% Senior Notes				0
Cash paid for debt issuance costs				0
Proceeds from stock option exercises				0
Repayment of capital lease				(0.1)
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest					0
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares				0	0
Repurchase of common stock				0	0
Cash dividends paid to stockholders				0	0
Intercompany loan					5.7
Cash dividends paid to Parent				0
Intercompany loans payable1				0.3
Net cash provided by (used in) financing activities				0.2	5.7
Net increase in cash and cash equivalents during the period				1.6	2.1
Cash and cash equivalents at beginning of period				0.3	2.4
Cash and cash equivalents at end of period		$ 1.9	$ 4.5	$ 1.9	$ 4.5
[1]	See Note 12 for the supplemental disclosure on non-cash transactions.
[2]	See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09 (as defined in Note 1).

Condensed Guarantor and Non-G75

Condensed Guarantor and Non-Guarantor Financial Statements, Narrative (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions
Long-term debt	[1]	$ 368.2	$ 194.6
Ownership interest by parent		100.00%
[1]	See Note 1 for discussion of our adoption of ASU 2015-03, ASU 2015-15 and ASU 2015-17 (as defined in Note 1).

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 15, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 0.45	$ 0.40	$ 0.90	$ 0.80
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)	$ 0.45
Cash dividends declared	$ 8.1