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Derivative Financial Instruments and Related Hedging Programs (Tables)
 6 Months Ended
Jun. 30, 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
 
Six Months Ended
 
June 30,
 
June 30,
 
2015
 
2014
 
2015
 
2014
Included in Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
Unrealized (losses):
 
 
 
 
 
 
 
Foreign Currency
$
(0.2
)
 
$
—

 
$
(0.2
)
 
$
—

Included in Statements of Consolidated Income (Loss):
 
 
 
 
 
 
 
Realized (losses) gains1:
 
 
 
 
 
 
 
Aluminum
(7.1
)
 
1.3

 
(9.8
)
 
2.1

Natural Gas
(1.3
)
 
0.5

 
(2.6
)
 
1.2

Electricity
(0.4
)
 
(0.5
)
 
(1.1
)
 
—

Total realized (losses) gains
$
(8.8
)
 
$
1.3

 
$
(13.5
)
 
$
3.3

Unrealized (losses) gains2:
 
 
 
 
 
 
 
Hedges of operational risk:
 
 
 
 
 
 
 
Aluminum
$
(4.3
)
 
$
0.6

 
$
(8.5
)
 
$
2.3

Natural Gas
1.5

 
(0.2
)
 
0.8

 
0.6

Electricity
1.3

 
1.2

 
1.7

 
0.7

Foreign Currency
—

 
(0.1
)
 
—

 
(0.1
)
Total hedges of operational risk
(1.5
)
 
1.5

 
(6.0
)
 
3.5

Option Assets relating to the Convertible Notes3
—

 
2.5

 
10.2

 
6.9

Bifurcated Conversion Feature of the Convertible Notes3
—

 
(2.0
)
 
(10.2
)
 
(5.5
)
Total unrealized (losses) gains
$
(1.5
)
 
$
2.0

 
$
(6.0
)
 
$
4.9


______________________
1 
Realized (losses) gains on hedges of operational risk are recorded within Cost of products sold, excluding depreciation, amortization and other items.
2 
Unrealized (losses) gains on hedges of operational risk are recorded within Unrealized losses (gains) on derivative instruments.
3 
Unrealized (losses) gains on financial derivatives are recorded within Other income, net.
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The following table summarizes our material derivative positions at June 30, 2015:
Aluminum
Maturity Period (month/year)
 
Notional Amount of contracts (mmlbs)
Fixed price purchase contracts
7/15 through 12/16
 
117.1

Fixed price sales contracts
1/16 through 5/16
 
0.9

Midwest premium swap contracts1
7/15 through 12/16
 
93.2

Natural Gas2
Maturity Period (month/year)
 
Notional Amount of contracts (mmbtu)
Fixed price purchase contracts
7/15 through 12/17
 
6,160,000

Electricity3
Maturity Period (month/year)
 
Notional Amount of contracts (Mwh)
Fixed price purchase contracts
7/15 through 12/15
 
88,340

Euro
Maturity Period (month/year)
 
Notional Amount of contracts (euro)
Fixed price purchase contracts
7/15 through 12/16
 
8,135,000


______________________
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, 2015, we had Henry Hub NYMEX-based hedge positions in place to cover exposure to fluctuations in prices for approximately 79%, 75% and 34% of the expected natural gas purchases for the remainder of 2015, 2016 and 2017, respectively.
3 
As of June 30, 2015, we had Mid-C International Commodity Exchange-based hedge positions in place to cover exposure to fluctuations in prices for approximately 54%, 54% and 36% of the expected electricity purchases for the remainder of 2015, 2016 and 2017, respectively.
Summary of material derivative positions
The following table summarizes our material derivative positions at June 30, 2015:
Aluminum
Maturity Period (month/year)
 
Notional Amount of contracts (mmlbs)
Fixed price purchase contracts
7/15 through 12/16
 
117.1

Fixed price sales contracts
1/16 through 5/16
 
0.9

Midwest premium swap contracts1
7/15 through 12/16
 
93.2

Natural Gas2
Maturity Period (month/year)
 
Notional Amount of contracts (mmbtu)
Fixed price purchase contracts
7/15 through 12/17
 
6,160,000

Electricity3
Maturity Period (month/year)
 
Notional Amount of contracts (Mwh)
Fixed price purchase contracts
7/15 through 12/15
 
88,340

Euro
Maturity Period (month/year)
 
Notional Amount of contracts (euro)
Fixed price purchase contracts
7/15 through 12/16
 
8,135,000


______________________
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, 2015, we had Henry Hub NYMEX-based hedge positions in place to cover exposure to fluctuations in prices for approximately 79%, 75% and 34% of the expected natural gas purchases for the remainder of 2015, 2016 and 2017, respectively.
3 
As of June 30, 2015, we had Mid-C International Commodity Exchange-based hedge positions in place to cover exposure to fluctuations in prices for approximately 54%, 54% and 36% of the expected electricity purchases for the remainder of 2015, 2016 and 2017, respectively.
Summary of offsetting derivative instruments by counterparty
The following tables present offsetting information regarding our derivatives by type of counterparty as of June 30, 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)
$
0.2

 
$
—

 
$
0.2

 
$
0.2

 
$
—

 
$
—

Counterparty
(with partial netting agreements)
0.1

 
—

 
0.1

 
0.1

 
—

 
—

Total
$
0.3

 
$
—

 
$
0.3

 
$
0.3

 
$
—

 
$
—

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)
$
(9.5
)
 
$
—

 
$
(9.5
)
 
$
(0.2
)
 
$
—

 
$
(9.3
)
Counterparty
(without netting agreements)
(1.6
)
 
—

 
(1.6
)
 
—

 
—

 
(1.6
)
Counterparty
(with partial netting agreements)
(6.5
)
 
—

 
(6.5
)
 
(0.1
)
 
—

 
(6.4
)
Total
$
(17.6
)
 
$
—

 
$
(17.6
)
 
$
(0.3
)
 
$
—

 
$
(17.3
)

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).