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Forward delivery contracts and financial instruments | 3 Months Ended
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Mar. 31, 2014
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 Grundartangi Metal Agreement (1) | Glencore | All primary aluminum produced at Grundartangi, net of tolling and other sales commitments | January 1, 2014 through December 31, 2017 | Variable, based on LME and European Duty Paid premium
Southwire Metal Agreement (2) | Southwire | 216 million pounds per year (high conductivity molten aluminum) | January 1, 2014 through December 31, 2014 | Variable, based on U.S. Midwest Transaction Price
(1) | The Glencore Grundartangi Metal Agreement is for all metal produced at Grundartangi from 2014 through 2017 less commitments under existing tolling and other sales contracts. Grundartangi currently estimates that it will sell Glencore approximately 155,000 tonnes of aluminum under this agreement in 2014.
(2) | Southwire may, at its option, increase the volume purchased under the agreement by up to four percent by adjusting their monthly metal commitment.
Tolling Contracts
Contract | Customer | Volume | Term | Pricing
Glencore Toll Agreement | Glencore | 90,000 tonnes per year ("tpy") | Through July 2016 | Variable, based on LME and European Duty Paid premium
Glencore Toll Agreement | Glencore | 49,000 tpy | Through December 31, 2014 | Variable, based on LME and European Duty Paid premium
Apart from the Glencore Grundartangi Metal Agreement, the Southwire Metal Agreement and the Glencore Sweep Agreement (which expired at the end of 2013), we had the following forward delivery contractual commitments: Other forward delivery contracts
| March 31, 2014 | December 31, 2013
| (in tonnes)
Other forward delivery contracts – total | 101,649 |  | 118,373 |
Other forward delivery contracts – Glencore | 23,692 |  | 20,008 |
Other forward delivery contracts – fixed price | 52 |  | — |
We had no outstanding primary aluminum forward financial sales contracts at March 31, 2014. We had no fixed price forward financial contracts to purchase aluminum at March 31, 2014. Forward Financial Instruments We are party to various forward financial and physical delivery contracts, which are accounted for as derivative instruments. See Note 4 Derivative and hedging instruments for additional information about these instruments.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.(a)(19)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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