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Derivative and hedging instruments (Tables) | 9 Months Ended
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Sep. 30, 2013
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 Derivatives
| Balance sheet location | September 30, 2013 | December 31, 2012
DERIVATIVE ASSETS: |  |  |
Midwest premium contracts (1) | Prepaid and other current assets | $ | 363 |  | $ | — |
TOTAL |  | $ | 363 |  | $ | — |
DERIVATIVE LIABILITIES: |  |  |
Aluminum sales premium contracts | Accrued and other current liabilities | $ | 771 |  | $ | 1,170 |
E.ON contingent obligation – net (2) | Other liabilities | — |  | 15,369 |
TOTAL |  | $ | 771 |  | $ | 16,539 |
(1) | We entered into a fixed-price forward contract that settles monthly from January 2014 to March 2014 based on the Midwest Premium price published in the Platts Metals Week for the applicable period.
(2) | Based on the LME forward market prices for primary aluminum at September 30, 2013 and management's estimate of the LME forward market for periods beyond the quoted periods, we believe that we will not have any payment obligations for the E.ON contingent obligation through the term of the agreement which expires in 2028. See Note 10 Debt for additional information about the E.ON contingent obligation fair value.
Derivatives not designated as hedging instruments |
Derivatives not designated as hedging instruments: |  |
| Gain (loss) recognized in income from derivatives
|  | Three months ended September 30, | Nine months ended September 30,
| Location | 2013 | 2012 | 2013 | 2012
E.ON contingent obligation – net | Net gain (loss) on forward and derivative contracts | $ | 353 |  | $ | — |  | $ | 16,428 |  | $ | — |
Midwest premium contracts | Net gain (loss) on forward and derivative contracts | 363 |  | — |  | 363 |  | — |
Primary aluminum put option contracts | Net gain (loss) on forward and derivative contracts | — |  | — |  | — |  | (2,725 | )
Aluminum sales premium contracts | Related party sales | 278 |  | 386 |  | 1,039 |  | 917 |
Aluminum sales premium contracts | Net gain (loss) on forward and derivative contracts | (276 | ) | (404 | ) | (640 | ) | (1,389 | )
E.ON contingent obligation – net | Interest expense - third party | (353 | ) | (353 | ) | (1,059 | ) | (1,059 | )
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:
| September 30, 2013 | December 31, 2012
Primary aluminum sales contract premium (metric tons) (1) | 5,993 |  | 20,400 |
Midwest premium contracts (metric tons) | 6,000 |  | — |
(1) | Represents the remaining physical deliveries under the 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=7476318&loc=SL5624163-113959 + 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 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 2: 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=7476318&loc=d3e41678-113959 Reference 3: 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=7476318&loc=d3e41620-113959 Reference 4: 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=7476318&loc=SL5579245-113959 Reference 5: 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=7476318&loc=SL5580258-113959 Reference 6: 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=7476318&loc=SL5579240-113959 Reference 7: 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=7476318&loc=d3e41641-113959 Reference 8: 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=7476318&loc=d3e41638-113959 Reference 9: 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=7476318&loc=SL5624171-113959 Reference 10: 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=7476318&loc=SL5624163-113959 Reference 11: 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=26873400&loc=d3e23780-122690 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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