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Forward delivery contracts and financial instruments | 6 Months Ended
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Jun. 30, 2015
Forward Delivery Contracts and Financial Instruments [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 and Tolling 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
Glencore U.S. Aluminum Sales Agreement | Glencore | Substantially all of the primary aluminum produced in North America | January 1, 2015 through December 31, 2016 | Variable, based on LME and Midwest premium and product premiums, as applicable
Glencore Toll Agreement | Glencore | 90,000 tonnes per year ("tpy") | Through July 2016 | Variable, based on LME and European Duty Paid premium
(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 205,000 tonnes of aluminum under this agreement in 2015.
Apart from the Glencore Grundartangi Metal Agreement, the Glencore U.S. Aluminum Sales Agreement and the Southwire Metal Agreement (which expired at the end of 2014), we had the following forward delivery contractual commitments: Other forward delivery contracts
| June 30, 2015 | December 31, 2014
| (in tonnes)
Other forward delivery contracts – total | 3,033 |  | 6,108 |
Other forward delivery contracts – Glencore | — |  | 4,058 |
We had no outstanding primary aluminum forward financial sales contracts at June 30, 2015. We had no fixed price forward financial contracts to purchase aluminum at June 30, 2015.

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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 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 2: 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 Reference 3: 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 + Details
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