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Derivative Financial Instruments and Related Hedging Programs (Tables) | 9 Months Ended
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Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of realized and unrealized gains 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,
| 2014 |  | 2013 |  | 2014 |  | 2013
Realized gains (losses): |  |  |  |  |  |  |
Aluminum | $ | 3.1 |  |  | $ | (2.0 | ) |  | $ | 5.2 |  |  | $ | (3.6 | )
Natural Gas | (0.1 | ) |  | (0.5 | ) |  | 1.1 |  |  | (1.3 | )
Electricity | 0.1 |  |  | 0.3 |  |  | 0.1 |  |  | 0.2 |
Foreign Currency | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Total realized gains (losses) | $ | 3.1 |  |  | $ | (2.3 | ) |  | $ | 6.4 |  |  | $ | (4.8 | )
Unrealized (losses) gains: |  |  |  |  |  |  |
Hedges of operational risk: |  |  |  |  |  |  |
Aluminum | $ | (1.0 | ) |  | $ | 1.7 |  |  | $ | 1.3 |  |  | $ | (4.5 | )
Natural Gas | (1.6 | ) |  | — |  |  | (1.0 | ) |  | 0.8 |
Electricity | (1.0 | ) |  | (0.3 | ) |  | (0.3 | ) |  | 0.3 |
Foreign Currency | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Total hedges of operational risk | (3.5 | ) |  | 1.5 |  |  | — |  |  | (3.4 | )
Call Options relating to the Convertible Notes | 12.9 |  |  | 31.0 |  |  | 19.8 |  |  | 27.9 |
Bifurcated Conversion Feature of the Convertible Notes | (10.7 | ) |  | (29.4 | ) |  | (16.2 | ) |  | (26.8 | )
Total unrealized (losses) gains | $ | (1.3 | ) |  | $ | 3.1 |  |  | $ | 3.6 |  |  | $ | (2.3 | )
Summary of material derivative positions | The following table summarizes the Company’s material derivative positions at September 30, 2014:
Aluminum |  | Maturity Period (month/year) | Notional Amount of contracts (mmlbs)
Fixed price purchase contracts |  | 10/14 through 12/15 | 45.5 |
Fixed price sales contracts |  | 10/14 through 12/14 | 0.5 |
Midwest premium swap contracts 1 |  | 10/14 through 12/15 | 44.8 |
Natural Gas 2 |  | Maturity Period (month/year) | Notional Amount of contracts (mmbtu)
Fixed price purchase contracts |  | 10/14 through 12/16 | 6,040,000 |
Electricity 3 |  | Maturity Period (month/year) | Notional Amount of contracts (Mwh)
Fixed price purchase contracts |  | 10/14 through 12/15 | 230,425 |
Hedges Relating to the Convertible Notes |  | Contract Period (month/year) | Notional Amount of contracts (Common Shares)
Bifurcated Conversion Feature 4 |  | 3/10 through 3/15 | 3,655,085 |
Call Options 4 |  | 3/10 through 3/15 | 3,655,085 |
______________________
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, 2014, the Company had Henry Hub NYMEX-based hedge positions in place to cover exposure to fluctuations in prices for approximately 82%, 81% and 47% of the expected natural gas purchases for the remainder of 2014, 2015 and 2016, respectively.
3 | As of September 30, 2014, the Company had Mid-C International Commodity Exchange-based hedge positions in place to cover exposure to fluctuations in prices for approximately 46% and 45% of the expected electricity purchases for the remainder of 2014 and 2015, respectively.
4 | The Bifurcated Conversion Feature represents the cash conversion feature of the Convertible Notes. The Call Options expire on the maturity or earlier conversion 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 September 30, 2014:
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) | $ | 1.6 |  |  | $ | — |  |  | $ | 1.6 |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 0.7 |
Counterparty (without Netting Agreements)1 | 99.8 |  |  | — |  |  | 99.8 |  |  | — |  |  | — |  |  | 99.8 |
Counterparty (with partial Netting Agreements) | 0.4 |  |  | — |  |  | 0.4 |  |  | 0.4 |  |  | — |  |  | — |
Total | $ | 101.8 |  |  | $ | — |  |  | $ | 101.8 |  |  | $ | 1.3 |  |  | $ | — |  |  | $ | 100.5 |
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) | $ | (2.3 | ) |  | $ | — |  |  | $ | (2.3 | ) |  | $ | (0.9 | ) |  | $ | — |  |  | $ | (1.4 | )
Counterparty (without Netting Agreements)1 | (99.5 | ) |  | — |  |  | (99.5 | ) |  | — |  |  | — |  |  | (99.5 | )
Counterparty (with partial Netting Agreements) | (0.7 | ) |  | — |  |  | (0.7 | ) |  | (0.4 | ) |  | — |  |  | (0.3 | )
Total | $ | (102.5 | ) |  | $ | — |  |  | $ | (102.5 | ) |  | $ | (1.3 | ) |  | $ | — |  |  | $ | (101.2 | )
_________________
1 | Such amounts include the fair value of the Bifurcated Conversion Feature and Call Options at September 30, 2014 (see Note 9).
The following tables present offsetting information regarding the Company’s derivatives by type of counterparty as of December 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) | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.2 |
Counterparty (without Netting Agreements)1 | 80.4 |  |  | — |  |  | 80.4 |  |  | — |  |  | — |  |  | 80.4 |
Counterparty (with partial Netting Agreements) | 0.4 |  |  | — |  |  | 0.4 |  |  | 0.4 |  |  | — |  |  | — |
Total | $ | 81.8 |  |  | $ | — |  |  | $ | 81.8 |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 80.6 |
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) | $ | (1.6 | ) |  | $ | — |  |  | $ | (1.6 | ) |  | $ | (0.8 | ) |  | $ | — |  |  | $ | (0.8 | )
Counterparty (without Netting Agreements)1 | (83.2 | ) |  | — |  |  | (83.2 | ) |  | — |  |  | — |  |  | (83.2 | )
Counterparty (with partial Netting Agreements) | (1.3 | ) |  | — |  |  | (1.3 | ) |  | (0.4 | ) |  | — |  |  | (0.9 | )
Total | $ | (86.1 | ) |  | $ | — |  |  | $ | (86.1 | ) |  | $ | (1.2 | ) |  | $ | — |  |  | $ | (84.9 | )
_________________
1 | Such amounts include the fair value of the Bifurcated Conversion Feature and Call Options at December 31, 2013 (see Note 9).

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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 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 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 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 Reference 10: 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 11: 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=26873400&loc=d3e23780-122690 + Details
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