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Derivative Financial Instruments and Related Hedging Programs (Tables) | 3 Months Ended
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Mar. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of realized and unrealized gains and losses | Realized and unrealized (losses) gains associated with all derivative contracts consisted of the following, for each period presented:
| Quarter Ended
| March 31,
| 2013 |  | 2012
Realized losses: |  |  |
Aluminum | $ | — |  |  | $ | (0.2 | )
Natural Gas | (0.7 | ) |  | (1.8 | )
Electricity | — |  |  | (0.7 | )
Total realized losses | $ | (0.7 | ) |  | $ | (2.7 | )
Unrealized (losses) gains: |  |  |
Aluminum | $ | (4.4 | ) |  | $ | 5.2 |
Natural Gas | 2.7 |  |  | (1.2 | )
Electricity | 1.2 |  |  | (0.9 | )
Foreign Currency | (0.2 | ) |  | — |
Call Options relating to the Convertible Notes | 6.0 |  |  | (8.8 | )
Bifurcated Conversion Feature of the Convertible Notes | (5.6 | ) |  | 9.3 |
Total unrealized (losses) gains | $ | (0.3 | ) |  | $ | 3.6 |
Summary of material derivative positions | The following table summarizes the Company’s material derivative positions at March 31, 2013:
Commodity |  | Maturity Period (month/year) | Notional Amount of contracts (mmlbs)
Aluminum — |  |  |
Fixed priced purchase contracts |  | 4/13 through 12/15 | 53.6
Fixed priced sales contracts |  | 4/13 through 11/13 | 1.2
Midwest premium swap contracts 1 |  | 4/13 through 12/14 | 51.3
Energy |  | Maturity Period (month/year) | Notional Amount of contracts (mmbtu)
Natural gas —2 |  |  |
Call option purchase contracts |  | 4/13 through 12/13 | 690,000 |
Put option sales contracts |  | 4/13 through 12/13 | 690,000 |
Fixed priced purchase contracts |  | 4/13 through 12/15 | 7,160,000 |
Electricity |  | Maturity Period (month/year) | Notional Amount of contracts (Mwh)
Fixed priced purchase contracts |  | 4/13 through 12/14 | 384,025 |
Foreign Currency |  | Maturity Period (month/year) | Notional Amount of contracts (as shown)
Euro — |  |  |
Fixed priced purchase contracts |  | 5/13 through 1/14 | € | 3,902,297 |
GBP — |  |  |
Fixed priced purchase contracts |  | 6/13 through 5/14 | £ | 264,633 |
Hedges Relating to the Convertible Notes |  | Contract Period (month/year) | Notional Amount of contracts (Common Shares)
Bifurcated Conversion Feature 3 |  | 3/10 through 3/15 | 3,627,908 |
Call Options 3 |  | 3/10 through 3/15 | 3,627,908 |
______________________
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 March 31, 2013, the Company’s exposure to fluctuations in natural gas prices had been substantially reduced for approximately 88%, 83% and 48% of the expected natural gas purchases for the remainder of 2013, 2014 and 2015, respectively.
3 | The Bifurcated Conversion Feature represents the cash conversion feature of the Convertible Notes. The Call Options expire on the maturity of the Convertible Notes and have an exercise price equal to the conversion price of the Convertible Notes, subject to anti-dilution adjustments substantially similar to the anti-dilution adjustments for the Convertible 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 offsetting derivative instruments by counterparty | The following tables present offsetting information regarding the Company’s derivatives by type of counterparty as of March 31, 2013:
Derivative Assets and Collateral Held by Counterparty
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
| Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Assets Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Counterparty (with Netting Agreements) | $ | 1.1 |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |
Counterparty (without Netting Agreements)1 | 61.4 |  |  | — |  |  | 61.4 |  |  | — |  |  | — |  |  | 61.4 |
Counterparty (with partial Netting Agreements) | 0.9 |  |  | — |  |  | 0.9 |  |  | 0.9 |  |  | — |  |  | — |
Total | $ | 63.4 |  |  | $ | — |  |  | $ | 63.4 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 61.4 |
Derivative Liabilities and Collateral Held by Counterparty
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
| Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Counterparty (with Netting Agreements) | $ | (2.1 | ) |  | $ | — |  |  | $ | (2.1 | ) |  | $ | (1.1 | ) |  | $ | — |  |  | $ | (1.0 | )
Counterparty (without Netting Agreements)1 | (68.6 | ) |  | — |  |  | (68.6 | ) |  | — |  |  | — |  |  | (68.6 | )
Counterparty (with partial Netting Agreements) | (1.3 | ) |  | — |  |  | (1.3 | ) |  | (0.9 | ) |  | — |  |  | (0.4 | )
Total | $ | (72.0 | ) |  | $ | — |  |  | $ | (72.0 | ) |  | $ | (2.0 | ) |  | $ | — |  |  | $ | (70.0 | )
_________________ 1 Such amounts include the fair value of the Company’s Call Options and Bifurcated Conversion Feature at March 31, 2013 (Note 9 ). The following tables present offsetting information regarding the Company’s derivatives by type of counterparty as of December 31, 2012:
Derivative Assets and Collateral Held by Counterparty
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
| Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Assets Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Counterparty (with Netting Agreements) | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | — |
Counterparty (without Netting Agreements)1 | 55.9 |  |  | — |  |  | 55.9 |  |  | — |  |  | — |  |  | 55.9 |
Counterparty (with partial Netting Agreements) | 0.9 |  |  | — |  |  | 0.9 |  |  | 0.9 |  |  | — |  |  | — |
Total | $ | 58.5 |  |  | $ | — |  |  | $ | 58.5 |  |  | $ | 2.6 |  |  | $ | — |  |  | $ | 55.9 |
Derivative Liabilities and Collateral Held by Counterparty
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
| Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Counterparty (with Netting Agreements) | $ | (1.9 | ) |  | $ | — |  |  | $ | (1.9 | ) |  | $ | (1.7 | ) |  | $ | — |  |  | $ | (0.2 | )
Counterparty (without Netting Agreements)1 | (63.8 | ) |  | — |  |  | (63.8 | ) |  | — |  |  | — |  |  | (63.8 | )
Counterparty (with partial Netting Agreements) | (1.0 | ) |  | — |  |  | (1.0 | ) |  | (0.9 | ) |  | — |  |  | (0.1 | )
Total | $ | (66.7 | ) |  | $ | — |  |  | $ | (66.7 | ) |  | $ | (2.6 | ) |  | $ | — |  |  | $ | (64.1 | )

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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 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 2: 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=7476318&loc=d3e41678-113959 Reference 3: 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=7476318&loc=SL5580258-113959 Reference 4: 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 5: 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=7476318&loc=SL5579245-113959 Reference 6: 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 7: 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=7476318&loc=d3e41620-113959 Reference 8: 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=7476318&loc=SL5624163-113959 Reference 9: 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=7476318&loc=d3e41641-113959 Reference 10: 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=7476318&loc=SL5579240-113959 Reference 11: 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=7476318&loc=SL5624171-113959 + Details
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