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Derivative Financial Instruments and Related Hedging Programs (Tables) | 9 Months Ended
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Sep. 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 |  | Nine Months Ended
| September 30, |  | September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Included in Other Comprehensive Income (Loss): |  |  |  |  |  |  |
Unrealized (losses): |  |  |  |  |  |  |
Foreign Currency | $ | — |  |  | $ | — |  |  | $ | (0.2 | ) |  | $ | — |
Included in Statements of Consolidated Income (Loss): |  |  |  |  |  |  |
Realized (losses) gains 1: |  |  |  |  |  |  |
Aluminum | (9.0 | ) |  | 3.1 |  |  | (18.8 | ) |  | 5.2 |
Natural Gas | (1.2 | ) |  | (0.1 | ) |  | (3.8 | ) |  | 1.1 |
Electricity | (0.3 | ) |  | 0.1 |  |  | (1.4 | ) |  | 0.1 |
Total realized (losses) gains | $ | (10.5 | ) |  | $ | 3.1 |  |  | $ | (24.0 | ) |  | $ | 6.4 |
Unrealized (losses)2: |  |  |  |  |  |  |
Non-designated hedges of operational risk: |  |  |  |  |  |  |
Aluminum | $ | (0.3 | ) |  | $ | (1.0 | ) |  | $ | (8.8 | ) |  | $ | 1.3 |
Natural Gas | (1.0 | ) |  | (1.6 | ) |  | (0.2 | ) |  | (1.0 | )
Electricity | (0.4 | ) |  | (1.0 | ) |  | 1.3 |  |  | (0.3 | )
Foreign Currency | — |  |  | 0.1 |  |  | — |  |  | — |
Total non-designated hedges of operational risk | (1.7 | ) |  | (3.5 | ) |  | (7.7 | ) |  | — |
Option Assets relating to the Convertible Notes 3 | — |  |  | 12.9 |  |  | 10.2 |  |  | 19.8 |
Bifurcated Conversion Feature of the Convertible Notes 3 | — |  |  | (10.7 | ) |  | (10.2 | ) |  | (16.2 | )
Total unrealized (losses) gains | $ | (1.7 | ) |  | $ | (1.3 | ) |  | $ | (7.7 | ) |  | $ | 3.6 |
______________________
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) on hedges of operational risk are recorded within Unrealized losses on derivative instruments.
3 | Unrealized (losses) gains on financial derivatives are recorded within Other income, net.
Summary of material derivative positions | The following table summarizes our material derivative positions at September 30, 2015:
Aluminum | Maturity Period (month/year) |  | Notional Amount of contracts (mmlbs)
Fixed price purchase contracts | 10/15 through 12/16 |  | 148.9 |
Fixed price sales contracts | 10/15 through 10/16 |  | 2.4 |
Midwest premium swap contracts 1 | 10/15 through 12/16 |  | 87.8 |
Natural Gas 2 | Maturity Period (month/year) |  | Notional Amount of contracts (mmbtu)
Fixed price purchase contracts | 10/15 through 12/18 |  | 6,820,000 |
Electricity 3 | Maturity Period (month/year) |  | Notional Amount of contracts (Mwh)
Fixed price purchase contracts | 10/15 through 12/15 |  | 44,180 |
Euro | Maturity Period (month/year) |  | Notional Amount of contracts (euro)
Fixed price purchase contracts | 11/15 through 12/16 |  | 7,315,000 |
______________________
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 September 30, 2015, we had Henry Hub NYMEX-based hedge positions in place to cover exposure to fluctuations in prices for approximately 76%, 75%, 57% and 11% of the expected natural gas purchases for the remainder of 2015, 2016, 2017 and 2018, respectively.
3 | As of September 30, 2015, we had Mid-C International Commodity Exchange-based hedge positions, as well as physical delivery commitments with energy companies, in place to cover our exposure to fluctuations in electricity prices for approximately 54% of the expected electricity purchases for the remainder of 2015 and each of 2016 and 2017.
Summary of offsetting derivative assets by counterparty | 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 |
The following tables present offsetting information regarding our derivatives by type of counterparty as of September 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) | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Total | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Summary of offsetting derivative liabilities by counterparty |
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) | $ | (10.9 | ) |  | $ | — |  |  | $ | (10.9 | ) |  | $ | (0.3 | ) |  | $ | — |  |  | $ | (10.6 | )
Counterparty (without netting agreements) | (0.5 | ) |  | — |  |  | (0.5 | ) |  | — |  |  | — |  |  | (0.5 | )
Counterparty (with partial netting agreements) | (7.9 | ) |  | — |  |  | (7.9 | ) |  | — |  |  | — |  |  | (7.9 | )
Total | $ | (19.3 | ) |  | $ | — |  |  | $ | (19.3 | ) |  | $ | (0.3 | ) |  | $ | — |  |  | $ | (19.0 | )
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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