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Forward delivery contracts and financial instruments | 9 Months Ended
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Sep. 30, 2013
Forward delivery contracts [Abstract] |
Forward delivery contracts and financial instruments |
| Forward delivery contracts and financial instruments
As a producer of primary aluminum, we are exposed to fluctuating raw material and primary aluminum prices. From time to time 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 metric tons per year ("mtpy") | Through December 31, 2013 | Variable, based on U.S. Midwest market
Glencore Sweep Agreement (2) | Glencore | Surplus primary aluminum produced in the United States | Through December 31, 2013 | Variable, based on U.S. Midwest market
Glencore Nordural Metal Agreement | Glencore | Approximately 19,000 metric tons | Through December 31, 2013 | Variable, based on LME
Southwire Metal Agreement (3) | Southwire | 220 to 240 million pounds per year (high conductivity molten aluminum) | Through December 31, 2013 | Variable, based on U.S. Midwest market
RTA Metal Agreement | Rio Tinto Alcan | Approximately 111,000 metric tons | 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 2013, less existing sales agreements and high-purity metal sales. The term of the contract may be extended for one year upon mutual agreement.
(3) | The Southwire Metal Agreement contains termination rights in the event of a partial or full curtailment of the Hawesville facility. Despite reaching power agreements, certain regulatory approvals have not yet been received and CAKY could curtail all smelter operations if these approvals are not ultimately received.
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, the Southwire Metal Agreement and the RTA Metal Agreement, we had the following forward delivery contractual commitments: Other forward delivery contracts
| September 30, 2013 | December 31, 2012
| (in metric tons)
Other forward delivery contracts – total | 32,994 |  | 88,827 |
Other forward delivery contracts – Glencore | 1,775 |  | 1,811 |
We had no outstanding primary aluminum forward financial sales contracts at September 30, 2013. We had no fixed price forward financial contracts to purchase aluminum at September 30, 2013. Forward Financial Instruments We are party to various forward financial and physical delivery contracts, which are accounted for as derivative instruments. See Note 5 Derivative and hedging instruments for additional information about these instruments.

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- Definition Tabular disclosure of freestanding forward contracts issued by an entity that are indexed to, and potentially settled in an entity's own stock. The disclosure may include, but not be limited to: (i) the forward rate and the number of shares to which the contract is indexed, (ii) the settlement date or dates of the contract, (iii) the issuer's accounting for the contract, (iv) settlement alternatives (if applicable) including who controls the settlement alternatives and the maximum number of shares that could be required to be issued to net share settle the contract (if applicable), (v) the fact that a potentially infinite number of shares may be required to be issued to settle the contract, if a contract does not have a stated fixed or determinable maximum number of shares, and (vi) the contract's current fair value for each settlement alternative and how changes in the price of the issuer's equity instruments affect those settlement amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6445032&loc=d3e90205-114008 + Details
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