v2.3.0.15

Derivative Financial Instruments and Related Hedging Programs (Tables) | 9 Months Ended
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Sep. 30, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of material derivative positions | The following table summarizes the Company’s material derivative positions at September 30, 2011:
Commodity |  | Maturity Period | Notional Amount of contracts (mmlbs)
Aluminum — |  |  |
Call option purchase contracts |  | 10/11 through 12/11 | 12.2
Call option sales contracts |  | 10/11 through 12/11 | 12.2
Put option purchase contracts |  | 10/11 through 12/11 | 25.4
Put option sales contracts |  | 10/11 through 12/11 | 12.2
Fixed priced purchase contracts |  | 10/11 through 11/13 | 78.4
Fixed priced sales contracts |  | 10/11 through 1/12 | 6.0
Midwest premium swap contracts 1 |  | 10/11 through 12/12 | 38.0
Energy |  | Maturity Period | Notional Amount of contracts (mmbtu)
Natural gas —2 |  |  |
Call option purchase contracts |  | 10/11 through 12/13 | 4,740,000 |
Call option sales contracts |  | 10/11 through 12/11 | 690,000 |
Put option purchase contracts |  | 10/11 through 12/11 | 690,000 |
Put option sales contracts |  | 10/11 through 12/13 | 4,740,000 |
Fixed priced purchase contracts |  | 10/11 through 12/13 | 1,920,000 |
Electricity |  | Maturity Period | Notional Amount of contracts (Mwh)
Fixed priced purchase contracts |  | 1/12 through 12/12 | 219,600 |
Foreign Currency |  | Maturity Period | Notional Amount of contracts (as shown)
Euro- |  |  |
Fixed priced purchase contracts |  | 10/11 through 11/11 | € | 117,500 |
Hedges Relating to the Notes |  | Contract Period | Notional Amount of contracts (Common Shares)
Bifurcated Conversion Feature 3 |  | 3/10 through 3/15 | 3,621,608 |
Call Options 3 |  | 3/10 through 3/15 | 3,621,608 |
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1 | Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on the Company’s purchases of primary aluminum.
2 | As of September 30, 2011, the Company’s exposure to fluctuations in natural gas prices had been substantially reduced for approximately 96%, 74% and 46% of the expected natural gas purchases for the remainder of 2011, 2012 and 2013, respectively.
3 | The Bifurcated Conversion Feature represents the cash conversion feature of the Notes. To hedge against the potential cash outflows associated with the Bifurcated Conversion Feature, the Company purchased cash-settled Call Options. The Call Options have an exercise price equal to the conversion price of the Notes, subject to anti-dilution adjustments substantially similar to the anti-dilution adjustments for the Notes. The Call Options will expire upon the maturity of the Notes. Although the fair value of the Call Options is derived from a notional number of shares of the Company’s common stock, the Call Options may only be settled in cash.
Summary of realized and unrealized gains (losses) | Realized and Unrealized Gain and Losses. Realized and unrealized gains (losses) associated with all derivative contracts consisted of the following, for each period presented:
| Quarter Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2011 |  | 2010 |  | 2011 |  | 2010
Realized gains (losses): |  |  |  |  |  |  |
Aluminum | $ | 1.6 |  |  | $ | (0.9 | ) |  | $ | 11.9 |  |  | $ | (2.6 | )
Natural Gas | (1.1 | ) |  | (0.3 | ) |  | (3.5 | ) |  | (0.6 | )
Total realized gains (losses): | $ | 0.5 |  |  | $ | (1.2 | ) |  | $ | 8.4 |  |  | $ | (3.2 | )
Unrealized (losses) gains: |  |  |  |  |  |  |
Aluminum | $ | (14.8 | ) |  | $ | 17.1 |  |  | $ | (21.4 | ) |  | $ | 1.1 |
Natural Gas | (0.9 | ) |  | (2.4 | ) |  | 0.6 |  |  | (5.2 | )
Electricity | (1.1 | ) |  | — |  |  | (1.2 | ) |  | — |
Call Options relating to the Notes | (16.6 | ) |  | 10.3 |  |  | (10.2 | ) |  | 4.7 |
Cash conversion feature of the Notes | 20.7 |  |  | (14.1 | ) |  | 12.4 |  |  | (7.7 | )
Total unrealized (losses) gains | $ | (12.7 | ) |  | $ | 10.9 |  |  | $ | (19.8 | ) |  | $ | (7.1 | )

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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 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959 Reference 2: 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 3: 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=6935481&loc=SL5624163-113959 Reference 4: 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=6935481&loc=d3e41620-113959 Reference 5: 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=6935481&loc=SL5624171-113959 Reference 6: 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=6935481&loc=d3e41641-113959 Reference 7: 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=6935481&loc=SL5579245-113959 Reference 8: 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=6935481&loc=SL5579240-113959 Reference 9: 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=6881521&loc=d3e23780-122690 Reference 10: 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=6935481&loc=d3e41678-113959 Reference 11: 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=6935481&loc=d3e41638-113959 + Details
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