XML 36 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative and hedging instruments (Tables)
 6 Months Ended
Jun. 30, 2014
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
June 30, 2014
December 31, 2013
DERIVATIVE ASSETS:
 
 
 
Midwest premium contracts
Prepaid and other current assets
$
—

$
140

TOTAL
 
$
—

$
140

 
 
 
 
DERIVATIVE LIABILITIES:
 
 
 
Primary aluminum sales contract
Accrued and other current liabilities
$
—

$
140

E.ON contingent obligation – net (1)
Other liabilities
—

—

TOTAL
 
$
—

$
140


(1)
See Note 9 Debt for additional information about the E.ON contingent obligation.
Derivatives not designated as hedging instruments
Derivatives not designated as hedging instruments:
 
 
 
Gain (loss) recognized in income from derivatives
 
 
Three months ended June 30,
Six months ended June 30,
 
Location
2014
2013
2014
2013
E.ON contingent obligation – net
Net gain (loss) on forward and derivative contracts
$
353

$
353

$
706

$
16,075

Midwest premium contracts
Net gain (loss) on forward and derivative contracts
—

—

(1,080
)
—

Primary aluminum sales contract
Related party sales
—

406

292

761

Primary aluminum sales contract
Net gain (loss) on forward and derivative contracts
—

(149
)
(153
)
(364
)
E.ON contingent obligation – net
Interest expense – third party
(353
)
(353
)
(706
)
(706
)
Outstanding forward contracts not designated as hedging instruments
We had the following outstanding forward contracts that were not designated as hedging instruments:
 
June 30, 2014
December 31, 2013
Primary aluminum sales contract premium (tonnes) (1)
—

1,782

Midwest premium contracts (tonnes)
—

6,000

(1)
Represents the remaining physical deliveries under the Glencore Metal Agreement.