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Derivative Financial Instruments and Related Hedging Programs (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of realized and unrealized gains and losses
Realized and unrealized (losses) gains associated with all derivative contracts consisted of the following, for each period presented (in millions of dollars):
 
Quarter Ended
 
March 31,
 
2015
 
2014
Realized (losses) gains1:
 
 
 
Aluminum
$
(2.7
)
 
$
0.8

Natural Gas
(1.3
)
 
0.7

Electricity
(0.7
)
 
0.5

Total realized (losses) gains
$
(4.7
)
 
$
2.0

Unrealized (losses) gains2:
 
 
 
Hedges of operational risk:
 
 
 
Aluminum
$
(4.2
)
 
$
1.7

Natural Gas
(0.7
)
 
0.8

Electricity
0.4

 
(0.5
)
Total hedges of operational risk
(4.5
)
 
2.0

Option Assets relating to the Convertible Notes3
10.2

 
4.4

Bifurcated Conversion Feature of the Convertible Notes3
(10.2
)
 
(3.5
)
Total unrealized (losses) gains
$
(4.5
)
 
$
2.9


______________________
1 
Realized (losses) gains on hedges of operational risk are recorded within Cost of products sold, excluding depreciation, amortization and other items in the Statements of Consolidated Income.
2 
Unrealized (losses) gains on hedges of operational risk are recorded within Unrealized losses (gains) on derivative instruments in the Statements of Consolidated Income.
3 
Unrealized (losses) gains on financial derivatives are recorded within Other income, net in the Statements of Consolidated Income.
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The following table summarizes our material derivative positions at March 31, 2015:
Aluminum
Maturity Period (month/year)
 
Notional Amount of contracts (mmlbs)
Fixed price purchase contracts
4/15 through 12/16
 
82.5

Fixed price sales contracts
5/15
 
0.2

Midwest premium swap contracts1
4/15 through 12/16
 
82.1

Natural Gas2
Maturity Period (month/year)
 
Notional Amount of contracts (mmbtu)
Fixed price purchase contracts
4/15 through 12/17
 
6,700,000

Electricity3
Maturity Period (month/year)
 
Notional Amount of contracts (Mwh)
Fixed price purchase contracts
4/15 through 12/15
 
132,020

Hedges Relating to the Convertible Notes4
Contract Period (month/year)
 
Notional Amount of contracts (Common Shares)
Bifurcated Conversion Feature
3/10 through 4/15
 
3,668,449

Option Assets
3/10 through 4/15
 
3,668,449

______________________
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 March 31, 2015, we had Henry Hub NYMEX-based hedge positions in place to cover exposure to fluctuations in prices for approximately 79%, 77% and 29% of the expected natural gas purchases for the remainder of 2015, 2016 and 2017, respectively.
3 
As of March 31, 2015, we had Mid-C International Commodity Exchange-based hedge positions in place to cover exposure to fluctuations in prices for approximately 55%, 54% and 27% of the expected electricity purchases for the remainder of 2015, 2016 and 2017, respectively.
4 
The Bifurcated Conversion Feature represents the cash conversion feature of the Convertible Notes. The Option Assets expire on the maturity or earlier conversion of the Convertible Notes and have an exercise price equal to the conversion price of the Convertible Notes. Although the fair value of the Option Assets is derived from a notional number of shares of our common stock, the Option Assets may only be settled in cash (see Note 3).
Summary of material derivative positions
The following table summarizes our material derivative positions at March 31, 2015:
Aluminum
Maturity Period (month/year)
 
Notional Amount of contracts (mmlbs)
Fixed price purchase contracts
4/15 through 12/16
 
82.5

Fixed price sales contracts
5/15
 
0.2

Midwest premium swap contracts1
4/15 through 12/16
 
82.1

Natural Gas2
Maturity Period (month/year)
 
Notional Amount of contracts (mmbtu)
Fixed price purchase contracts
4/15 through 12/17
 
6,700,000

Electricity3
Maturity Period (month/year)
 
Notional Amount of contracts (Mwh)
Fixed price purchase contracts
4/15 through 12/15
 
132,020

Hedges Relating to the Convertible Notes4
Contract Period (month/year)
 
Notional Amount of contracts (Common Shares)
Bifurcated Conversion Feature
3/10 through 4/15
 
3,668,449

Option Assets
3/10 through 4/15
 
3,668,449

______________________
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 March 31, 2015, we had Henry Hub NYMEX-based hedge positions in place to cover exposure to fluctuations in prices for approximately 79%, 77% and 29% of the expected natural gas purchases for the remainder of 2015, 2016 and 2017, respectively.
3 
As of March 31, 2015, we had Mid-C International Commodity Exchange-based hedge positions in place to cover exposure to fluctuations in prices for approximately 55%, 54% and 27% of the expected electricity purchases for the remainder of 2015, 2016 and 2017, respectively.
4 
The Bifurcated Conversion Feature represents the cash conversion feature of the Convertible Notes. The Option Assets expire on the maturity or earlier conversion of the Convertible Notes and have an exercise price equal to the conversion price of the Convertible Notes. Although the fair value of the Option Assets is derived from a notional number of shares of our common stock, the Option Assets may only be settled in cash (see Note 3).
Summary of offsetting derivative instruments by counterparty
The following tables present offsetting information regarding our derivatives by type of counterparty as of March 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)
$
0.1

 
$
—

 
$
0.1

 
$
0.1

 
$
—

 
$
—

Counterparty
(without netting agreements)1
94.9

 
—

 
94.9

 
—

 
—

 
94.9

Counterparty
(with partial netting agreements)
0.1

 
—

 
0.1

 
0.1

 
—

 
—

Total
$
95.1

 
$
—

 
$
95.1

 
$
0.2

 
$
—

 
$
94.9

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)
$
(8.4
)
 
$
—

 
$
(8.4
)
 
$
(0.1
)
 
$
—

 
$
(8.3
)
Counterparty
(without netting agreements)1
(96.9
)
 
—

 
(96.9
)
 
—

 
—

 
(96.9
)
Counterparty
(with partial netting agreements)
(5.4
)
 
—

 
(5.4
)
 
(0.1
)
 
—

 
(5.3
)
Total
$
(110.7
)
 
$
—

 
$
(110.7
)
 
$
(0.2
)
 
$
—

 
$
(110.5
)
_________________
1 
Such amounts include the fair value of the Bifurcated Conversion Feature and Option Assets at March 31, 2015 (see Note 9).
The following tables present offsetting information regarding our derivatives by type of counterparty as of December 31, 2014 (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)
$
0.9

 
$
—

 
$
0.9

 
$
0.8

 
$
—

 
$
0.1

Counterparty
(without netting agreements)1
84.8

 
—

 
84.8

 
—

 
—

 
84.8

Total
$
85.7

 
$
—

 
$
85.7

 
$
0.8

 
$
—

 
$
84.9

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)
$
(8.0
)
 
$
—

 
$
(8.0
)
 
$
(0.8
)
 
$
—

 
$
(7.2
)
Counterparty
(without netting agreements)1
(85.0
)
 
—

 
(85.0
)
 
—

 
—

 
(85.0
)
Counterparty
(with partial netting agreements)
(3.8
)
 
—

 
(3.8
)
 
—

 
—

 
(3.8
)
Total
$
(96.8
)
 
$
—

 
$
(96.8
)
 
$
(0.8
)
 
$
—

 
$
(96.0
)
_________________
1 
Such amounts include the fair value of the Bifurcated Conversion Feature and Option Assets at December 31, 2014 (see Note 9).