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Derivative and hedging instruments (Tables) | 3 Months Ended
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Mar. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair value of derivative assets and liabilities by balance sheet location | The following table provides the fair value and balance sheet classification of our derivatives:
Fair Value of Derivative Assets and Liabilities
| Balance sheet location | March 31, 2012 | December 31, 2011
DERIVATIVE ASSETS: |  |  |
Primary aluminum put option contracts | Due from affiliates | $ | 1,801 |  | $ | 5,439 |
Primary aluminum put option contracts | Prepaid and other current assets | 1,180 |  | 3,892 |
Power contract | Prepaid and other current assets | 53 |  | 106 |
TOTAL |  | $ | 3,034 |  | $ | 9,437 |
DERIVATIVE LIABILITIES: |  |  |
E.ON contingent obligation | Other liabilities | $ | 14,310 |  | $ | 13,958 |
Aluminum sales premium contracts – current portion | Accrued and other current liabilities | 819 |  | 607 |
Natural gas forward financial contracts | Accrued and other current liabilities | 236 |  | 281 |
Aluminum sales premium contracts – less current portion | Other liabilities | 350 |  | 301 |
TOTAL |  | $ | 15,715 |  | $ | 15,147 |
Derivatives not designated as hedging instruments |
Derivatives not designated as hedging instruments:
| Gain (loss) recognized in income from derivatives
|  | Three months ended March 31,
|  | 2012 | 2011
Primary aluminum put option contracts | Net loss on forward contracts | $ | (4,695 | ) | $ | (4,606 | )
E.ON contingent obligation | Interest expense – third party | 353 |  | 364 |
Aluminum sales premium contracts | Related party sales | 204 |  | 94 |
Power contract | Net loss on forward contracts | 1 |  | (5 | )
Aluminum sales premium contracts | Net loss on forward contracts | (465 | ) | (198 | )
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:
| March 31, 2012 | December 31, 2011
Power contracts (in megawatt hours (“MWH”)) (1) | 1,886 |  | 3,772 |
Primary aluminum sales contract premium (metric tons) (2) | 35,700 |  | 40,870 |
Primary aluminum put option contracts (metric tons) | 7,500 |  | 15,000 |
Primary aluminum put option contracts (metric tons) – related party | 9,000 |  | 18,000 |
(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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