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Derivative and hedging instruments (Tables) | 12 Months Ended
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Dec. 31, 2011
Derivative and hedging instruments [Abstract] |
Fair value of derivative assets and liabilities by balance sheet location |
Fair Value of Derivative Assets and Liabilities |
| Balance sheet location |  | December 31, 2011 |  |  | December 31, 2010 |
DERIVATIVE ASSETS: |  |  |  |  |  |  |
Primary aluminum put option contracts | Due from affiliates |  | $ | 5,439 |  |  | $ | 1,979 |
Primary aluminum put option contracts | Prepaid and other current assets |  |  | 3,892 |  |  |  | 2,712 |
Power contract | Prepaid and other current assets |  |  | 106 |  |  |  | 72 |
Natural gas forward financial contracts | Prepaid and other current assets |  |  | - |  |  |  | 79 |
TOTAL |  |  | $ | 9,437 |  |  | $ | 4,842 |
DERIVATIVE LIABILITIES: |  |  |  |  |  |  |  |  |
E.ON contingent obligation | Other liabilities |  | $ | 13,958 |  |  | $ | 13,091 |
Aluminum sales premium contracts – current portion | Accrued and other current liabilities |  |  | 607 |  |  |  | 436 |
Aluminum sales premium contracts – less current portion | Other liabilities |  |  | 301 |  |  |  | 347 |
Natural gas forward financial contracts | Accrued and other current liabilities |  |  | 281 |  |  |  | - |
TOTAL |  |  | $ | 15,147 |  |  | $ | 13,874 |
Outstanding forward financial purchase contracts | We had the following outstanding forward financial purchase contracts to hedge forecasted transactions:
|  | December 31, 2011 | December 31, 2010
| Natural gas forward financial purchase contracts (in MMBTU) | 350,000 | 250,000
Derivatives not designated as hedging instruments |
Derivatives not designated as hedging instruments: |
| Gain (loss) recognized in income from derivatives |
| Location |  | December 31, 2011 |  |  | December 31, 2010 |
Primary aluminum put option contracts | Net gain (loss) on forward contracts |  | $ | 1,645 |  |  | $ | (10,053 | )
E.ON contingent obligation | Interest expense – third party |  |  | 1,429 |  |  |  | - |
Aluminum sales premium contracts | Related party sales |  |  | 888 |  |  |  | 465 |
Power contract | Net gain (loss) on forward contracts |  |  | 172 |  |  |  | 92 |
Aluminum sales premium contracts | Net gain (loss) on forward contracts |  |  | (1,013 | ) |  |  | (534 | )
Outstanding forward contracts not designated as hedging instruments | We had the following outstanding forward contracts that were entered into that were not designated as hedging instruments:
|  | December 31, 2011 |  |  | December 31, 2010 |
Power contracts (in megawatt hours (“MWH”)) (1) |  |  | 3,772 |  |  |  | 4,379 |
Primary aluminum sales contract premium (metric tons) (2) |  |  | 40,870 |  |  |  | 62,252 |
Primary aluminum put option contracts (metric tons) |  |  | 15,000 |  |  |  | 61,800 |
Primary aluminum put option contracts (metric tons) – related party |  |  | 18,000 |  |  |  | 46,800 |
(1) | Represents our expected usage during the remaining term of the Ravenswood power contract. In June 2011, the West Virginia PSC extended the term of this contract for an additional year.
(2) | Represents the remaining physical deliveries under our 2013 Glencore Metal Agreement.

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41678-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959 + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 815 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (e) -Name Accounting Standards Codification -Paragraph 4C -Section 50 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of price risk derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 815 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 4C -Section 50 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 + Details
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