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Derivative Financial Instruments and Related Hedging Programs (Tables)
 12 Months Ended
Dec. 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):
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Included in Other Comprehensive (Loss) Income:
 
 
 
 
 
 
Unrealized (loss):
 
 
 
 
 
 
Foreign Currency
 
$
(0.3
)
 
$
—

 
$
—

Included in Statement of Consolidated (Loss) Income:
 
 
 
 
 
 
Realized (loss) gain1:
 
 
 
 
 
 
Aluminum
 
(27.3
)
 
6.9

 
(5.5
)
Natural Gas
 
(5.4
)
 
1.0

 
(1.8
)
Electricity
 
(1.9
)
 
(0.1
)
 
0.8

Total realized (loss) gain:
 
$
(34.6
)
 
$
7.8

 
$
(6.5
)
Unrealized (loss) gain2:
 
 
 
 
 
 
Non-designated hedges of operational risk:
 
 
 
 
 
 
Aluminum
 
$
(4.6
)
 
$
(2.6
)
 
$
(3.1
)
Natural Gas
 
(0.5
)
 
(6.0
)
 
2.6

Electricity
 
1.7

 
(1.8
)
 
1.1

Foreign Currency
 
—

 
—

 
0.1

Total non-designated hedges of operational risk
 
(3.4
)
 
(10.4
)
 
0.7

Option Assets relating to the Convertible Notes3
 
—

 
5.2

 
24.2

Bifurcated Conversion Feature of the Convertible Notes
 
—

 
(1.6
)
 
(21.0
)
Total unrealized (loss) gain
 
$
(3.4
)
 
$
(6.8
)
 
$
3.9


______________________
1. 
Realized (loss) gain on hedges of operational risk are recorded within Cost of products sold, excluding depreciation, amortization and other items.
2. 
Unrealized (loss) gain on hedges of operational risk are recorded within Unrealized loss (gain) on derivative instruments.
3. 
Unrealized (loss) gain on financial derivatives are recorded within Other (expense) income, net.
Summary of material derivative positions
The following table summarizes our material derivative positions at December 31, 2015:
Aluminum
 
Maturity Period
(month/year)
 
Notional Amount of Contracts (mmlbs)
Call option purchase contracts
 
1/16 through 6/16
 
4.7

Fixed price purchase contracts
 
1/16 through 12/17
 
132.9

Fixed price sales contracts
 
1/16 through 10/16
 
3.0

Midwest premium swap contracts1
 
1/16 through 12/17
 
84.9

Natural Gas2
 
Maturity Period
(month/year)
 
Notional Amount of Contracts (mmbtu)
Fixed price purchase contracts
 
1/16 through 12/18
 
7,000,000

Euro
 
Maturity Period
(month/year)
 
Notional Amount of contracts (euro)
Fixed price purchase contracts
 
3/16 through 12/16
 
4,699,750

_________________________
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 December 31, 2015, we had derivative and/or physical delivery commitments with energy companies in place to cover exposure to fluctuations in prices for approximately 73%, 72% and 59% of the expected natural gas purchases for 2016, 2017 and 2018, respectively.
Schedule of Offsetting Derivative Instruments 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 of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Assets Presented in the Consolidated Balance Sheets
 
Gross Amounts Not Offset 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 of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets
 
Gross Amounts Not Offset 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
)

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 of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Assets Presented in the Consolidated Balance Sheets
 
Gross Amounts Not Offset 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 of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets
 
Gross Amounts Not Offset 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 consist primarily of the fair value of the Bifurcated Conversion Feature and Option Assets at December 31, 2014 (see Note 11).