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Forward Delivery Contracts and Financial Instruments | 6 Months Ended
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Jun. 30, 2011
Notes to Financial Statements [Abstract] |
Forward Delivery Contracts and Financial Instruments | As a producer of primary aluminum, we are exposed to fluctuating raw material and primary aluminum prices. We enter into fixed and market priced contracts for the sale of primary aluminum and the purchase of raw materials in future periods. Forward Physical Delivery Agreements Primary Aluminum Sales Contracts
Contract | Customer | Volume | Term | Pricing
Glencore Metal Agreement (1) | Glencore | 20,400 mtpy | Through December 31, 2013 | Variable, based on U.S. Midwest market
Glencore Sweep Agreement (2) | Glencore | Surplus metal produced in the United States | Through December 31, 2011 | Variable, based on U.S. Midwest market
Glencore Nordural Metal Agreement | Glencore | 7,800 metric tons | Through December 31, 2011 | Variable, based on LME
Southwire Metal Agreement (3) | Southwire | 220 to 240 million pounds per year (high conductivity molten aluminum) | April 1, 2011 through December 31, 2013 | Variable, based on U.S. Midwest market
(1) | We account for the Glencore Metal Agreement as a derivative instrument under ASC 815. Under the Glencore Metal Agreement, pricing is based on then-current Midwest market prices, adjusted by a negotiated U.S. Midwest premium with a cap and a floor as applied to the current U.S. Midwest premium.
(2) | The Glencore Sweep Agreement is for all metal produced in the U.S. in 2011, less existing sales agreements and high-purity metal sales. The term of the contract may be extended for one year upon mutual agreement.
(3) | Volume under the Southwire Metal Agreement, effective April 1, 2011, will be 165 million to 180 million pounds in 2011, and then 220 to 240 million pounds for 2012 and 2013.
Long-term Tolling Contracts
Contract | Customer | Volume | Term | Pricing
Billiton Tolling Agreement (1) | BHP Billiton | 130,000 mtpy | Through December 31, 2013 | LME-based
Glencore Toll Agreement (1) | Glencore | 90,000 mtpy | Through July 31, 2016 | LME-based
Glencore Toll Agreement (1) | Glencore | 40,000 mtpy | Through December 31, 2014 | LME-based
(1) | Grundartangi’s tolling revenues include a premium based on the European Union (“EU”) import duty for primary aluminum.
Apart from the Glencore Metal Agreement, the Glencore Sweep Agreement, the Glencore Nordural Metal Agreement and the Southwire Metal Agreement, we had forward delivery contracts to sell 31,689 metric tons and 47,926 metric tons of primary aluminum at June 30, 2011 and December 31, 2010, respectively. Of these forward delivery contracts, we had fixed price commitments to sell 777 metric tons and 117 metric tons at June 30, 2011 and December 31, 2010, respectively. We had no fixed price commitments to sell primary aluminum to Glencore at June 30, 2011 and December 31, 2010. Forward Financial Instruments We are party to various forward financial and physical delivery contracts, including primary aluminum put option contracts, which are accounted for as derivative instruments. See Note 3 Derivative and hedging instruments for additional information about these instruments.

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- Definition The entire disclosure for significant arrangements in which the entity has agreed to expend funds to procure goods or service from one or more suppliers, or to commit resources to supply goods or services to one or more customers. May include identification of the goods or services to be purchased, the goods or services to be furnished, identity of the buyer or seller, pricing, effects on pricing (such as penalties) of failing to reach minimum quantities required to be purchased, effects on pricing (such as penalties) of failing to deliver minimum quantities required to be furnished, cancellation rights, and termination provisions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 + Details
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