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Derivative Financial Instruments and Related Hedging Programs (Tables) | 6 Months Ended
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Jun. 30, 2015
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 (in millions of dollars):
| Quarter Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Included in Other Comprehensive Income (Loss): |  |  |  |  |  |  |
Unrealized (losses): |  |  |  |  |  |  |
Foreign Currency | $ | (0.2 | ) |  | $ | — |  |  | $ | (0.2 | ) |  | $ | — |
Included in Statements of Consolidated Income (Loss): |  |  |  |  |  |  |
Realized (losses) gains 1: |  |  |  |  |  |  |
Aluminum | (7.1 | ) |  | 1.3 |  |  | (9.8 | ) |  | 2.1 |
Natural Gas | (1.3 | ) |  | 0.5 |  |  | (2.6 | ) |  | 1.2 |
Electricity | (0.4 | ) |  | (0.5 | ) |  | (1.1 | ) |  | — |
Total realized (losses) gains | $ | (8.8 | ) |  | $ | 1.3 |  |  | $ | (13.5 | ) |  | $ | 3.3 |
Unrealized (losses) gains 2: |  |  |  |  |  |  |
Hedges of operational risk: |  |  |  |  |  |  |
Aluminum | $ | (4.3 | ) |  | $ | 0.6 |  |  | $ | (8.5 | ) |  | $ | 2.3 |
Natural Gas | 1.5 |  |  | (0.2 | ) |  | 0.8 |  |  | 0.6 |
Electricity | 1.3 |  |  | 1.2 |  |  | 1.7 |  |  | 0.7 |
Foreign Currency | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Total hedges of operational risk | (1.5 | ) |  | 1.5 |  |  | (6.0 | ) |  | 3.5 |
Option Assets relating to the Convertible Notes 3 | — |  |  | 2.5 |  |  | 10.2 |  |  | 6.9 |
Bifurcated Conversion Feature of the Convertible Notes 3 | — |  |  | (2.0 | ) |  | (10.2 | ) |  | (5.5 | )
Total unrealized (losses) gains | $ | (1.5 | ) |  | $ | 2.0 |  |  | $ | (6.0 | ) |  | $ | 4.9 |
______________________
1 | Realized (losses) gains on hedges of operational risk are recorded within Cost of products sold, excluding depreciation, amortization and other items.
2 | Unrealized (losses) gains on hedges of operational risk are recorded within Unrealized losses (gains) on derivative instruments.
3 | Unrealized (losses) gains on financial derivatives are recorded within Other income, net.
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes our material derivative positions at June 30, 2015:
Aluminum | Maturity Period (month/year) |  | Notional Amount of contracts (mmlbs)
Fixed price purchase contracts | 7/15 through 12/16 |  | 117.1 |
Fixed price sales contracts | 1/16 through 5/16 |  | 0.9 |
Midwest premium swap contracts 1 | 7/15 through 12/16 |  | 93.2 |
Natural Gas 2 | Maturity Period (month/year) |  | Notional Amount of contracts (mmbtu)
Fixed price purchase contracts | 7/15 through 12/17 |  | 6,160,000 |
Electricity 3 | Maturity Period (month/year) |  | Notional Amount of contracts (Mwh)
Fixed price purchase contracts | 7/15 through 12/15 |  | 88,340 |
Euro | Maturity Period (month/year) |  | Notional Amount of contracts (euro)
Fixed price purchase contracts | 7/15 through 12/16 |  | 8,135,000 |
______________________
1 | Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on our purchases of primary aluminum.
2 | As of June 30, 2015, we had Henry Hub NYMEX-based hedge positions in place to cover exposure to fluctuations in prices for approximately 79%, 75% and 34% of the expected natural gas purchases for the remainder of 2015, 2016 and 2017, respectively.
3 | As of June 30, 2015, we had Mid-C International Commodity Exchange-based hedge positions in place to cover exposure to fluctuations in prices for approximately 54%, 54% and 36% of the expected electricity purchases for the remainder of 2015, 2016 and 2017, respectively.
Summary of material derivative positions | The following table summarizes our material derivative positions at June 30, 2015:
Aluminum | Maturity Period (month/year) |  | Notional Amount of contracts (mmlbs)
Fixed price purchase contracts | 7/15 through 12/16 |  | 117.1 |
Fixed price sales contracts | 1/16 through 5/16 |  | 0.9 |
Midwest premium swap contracts 1 | 7/15 through 12/16 |  | 93.2 |
Natural Gas 2 | Maturity Period (month/year) |  | Notional Amount of contracts (mmbtu)
Fixed price purchase contracts | 7/15 through 12/17 |  | 6,160,000 |
Electricity 3 | Maturity Period (month/year) |  | Notional Amount of contracts (Mwh)
Fixed price purchase contracts | 7/15 through 12/15 |  | 88,340 |
Euro | Maturity Period (month/year) |  | Notional Amount of contracts (euro)
Fixed price purchase contracts | 7/15 through 12/16 |  | 8,135,000 |
______________________
1 | Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on our purchases of primary aluminum.
2 | As of June 30, 2015, we had Henry Hub NYMEX-based hedge positions in place to cover exposure to fluctuations in prices for approximately 79%, 75% and 34% of the expected natural gas purchases for the remainder of 2015, 2016 and 2017, respectively.
3 | As of June 30, 2015, we had Mid-C International Commodity Exchange-based hedge positions in place to cover exposure to fluctuations in prices for approximately 54%, 54% and 36% of the expected electricity purchases for the remainder of 2015, 2016 and 2017, respectively.
Summary of offsetting derivative instruments by counterparty | The following tables present offsetting information regarding our derivatives by type of counterparty as of June 30, 2015 (in millions of dollars):
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) | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Counterparty (with partial netting agreements) | 0.1 |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Total | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
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) | $ | (9.5 | ) |  | $ | — |  |  | $ | (9.5 | ) |  | $ | (0.2 | ) |  | $ | — |  |  | $ | (9.3 | )
Counterparty (without netting agreements) | (1.6 | ) |  | — |  |  | (1.6 | ) |  | — |  |  | — |  |  | (1.6 | )
Counterparty (with partial netting agreements) | (6.5 | ) |  | — |  |  | (6.5 | ) |  | (0.1 | ) |  | — |  |  | (6.4 | )
Total | $ | (17.6 | ) |  | $ | — |  |  | $ | (17.6 | ) |  | $ | (0.3 | ) |  | $ | — |  |  | $ | (17.3 | )
The following tables present offsetting information regarding our derivatives by type of counterparty as of December 31, 2014 (in millions of dollars):
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) | $ | 0.9 |  |  | $ | — |  |  | $ | 0.9 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.1 |
Counterparty (without netting agreements)1 | 84.8 |  |  | — |  |  | 84.8 |  |  | — |  |  | — |  |  | 84.8 |
Total | $ | 85.7 |  |  | $ | — |  |  | $ | 85.7 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 84.9 |
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) | $ | (8.0 | ) |  | $ | — |  |  | $ | (8.0 | ) |  | $ | (0.8 | ) |  | $ | — |  |  | $ | (7.2 | )
Counterparty (without netting agreements)1 | (85.0 | ) |  | — |  |  | (85.0 | ) |  | — |  |  | — |  |  | (85.0 | )
Counterparty (with partial netting agreements) | (3.8 | ) |  | — |  |  | (3.8 | ) |  | — |  |  | — |  |  | (3.8 | )
Total | $ | (96.8 | ) |  | $ | — |  |  | $ | (96.8 | ) |  | $ | (0.8 | ) |  | $ | — |  |  | $ | (96.0 | )
_________________
1 | Such amounts include the fair value of the Bifurcated Conversion Feature and Option Assets at December 31, 2014 (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 5 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959 Reference 2: 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=56946850&loc=SL5624163-113959 Reference 3: 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=56946850&loc=d3e41678-113959 Reference 4: 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=56946850&loc=d3e41638-113959 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=56946850&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 1A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 Reference 7: 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=56946850&loc=SL5624171-113959 Reference 8: 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 9: 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=56946850&loc=SL5579240-113959 Reference 10: 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=56946850&loc=d3e41620-113959 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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