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Derivative and hedging instruments (Tables)

12 Months Ended

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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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.

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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.

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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.

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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.

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