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Derivative Financial Instruments and Related Hedging Programs (Tables) | 12 Months Ended
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Dec. 31, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of material derivative positions | The following table summarizes the Company's material derivative positions at December 31, 2011:
|  |  |  | Notional Amount of Contracts
Commodity |  | Maturity Period |  | (mmlbs)
Aluminum — |  |  |  |
Fixed priced purchase contracts |  | 1/12 through 11/13 |  | 103.5 |
Midwest premium swap contracts 1 |  | 1/12 through 12/12 |  | 86.0 |
|  |  |  | Notional Amount of Contracts
Energy |  | Maturity Period |  | (mmbtu)
Natural gas —2 |  |  |  |
Call option purchase contracts |  | 1/12 through 12/13 |  | 4,050,000 |
Put option sales contracts |  | 1/12 through 12/13 |  | 4,050,000 |
Fixed priced purchase contracts |  | 1/12 through 12/14 |  | 1,490,000 |
|  |  |  | Notional Amount of Contracts
Electricity |  | Maturity Period |  | (Mwh)
Fixed priced purchase contracts |  | 1/12 through 12/12 |  | 219,600 |
|  |  |  | Notional Amount of Contracts
Hedges Relating to the Notes |  | Contract Period |  | (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 |
_________________________
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 December 31, 2011, the Company's exposure to fluctuations in natural gas prices had been substantially reduced for approximately 85%, 53% and 5% of the expected natural gas purchases for 2012, 2013 and 2014, 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 adjustment provisions substantially similar to the Notes, which may cause the exercise price to decrease and the notional amount of shares relating thereto to increase. 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 gains (losses) associated with all derivative contracts consisted of the following, for each period presented:
|  | Year Ended December 31,
|  | 2011 |  | 2010 |  | 2009
Realized gains (losses): |  |  |  |  |  |
Aluminum |  | $ | 9.6 |  |  | $ | (0.6 | ) |  | $ | (29.2 | )
Natural Gas |  | (5.2 | ) |  | (1.3 | ) |  | (10.0 | )
Foreign Currency |  | — |  |  | — |  |  | (13.4 | )
Total realized gains (losses): |  | $ | 4.4 |  |  | $ | (1.9 | ) |  | $ | (52.6 | )
Unrealized (losses) gains: |  |  |  |  |  |
Aluminum |  | $ | (26.5 | ) |  | $ | 3.6 |  |  | $ | 61.2 |
Natural Gas |  | (1.6 | ) |  | (4.4 | ) |  | 3.7 |
Electricity |  | (1.8 | ) |  | — |  |  | — |
Foreign Currency |  | — |  |  | 0.1 |  |  | 15.6 |
Call Options |  | (2.1 | ) |  | 17.0 |  |  | — |
Bifurcated Cash Conversion Feature |  | 6.1 |  |  | (21.9 | ) |  | — |
Total unrealized (losses) gains |  | $ | (25.9 | ) |  | $ | (5.6 | ) |  | $ | 80.5 |

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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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