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Derivative Financial Instruments and Related Hedging Programs (Tables) | 12 Months Ended
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Dec. 31, 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):
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Included in Other Comprehensive (Loss) Income: |  |  |  |  |  |
Unrealized (loss): |  |  |  |  |  |
Foreign Currency |  | $ | (0.3 | ) |  | $ | — |  |  | $ | — |
Included in Statement of Consolidated (Loss) Income: |  |  |  |  |  |
Realized (loss) gain 1: |  |  |  |  |  |
Aluminum |  | (27.3 | ) |  | 6.9 |  |  | (5.5 | )
Natural Gas |  | (5.4 | ) |  | 1.0 |  |  | (1.8 | )
Electricity |  | (1.9 | ) |  | (0.1 | ) |  | 0.8 |
Total realized (loss) gain: |  | $ | (34.6 | ) |  | $ | 7.8 |  |  | $ | (6.5 | )
Unrealized (loss) gain 2: |  |  |  |  |  |
Non-designated hedges of operational risk: |  |  |  |  |  |
Aluminum |  | $ | (4.6 | ) |  | $ | (2.6 | ) |  | $ | (3.1 | )
Natural Gas |  | (0.5 | ) |  | (6.0 | ) |  | 2.6 |
Electricity |  | 1.7 |  |  | (1.8 | ) |  | 1.1 |
Foreign Currency |  | — |  |  | — |  |  | 0.1 |
Total non-designated hedges of operational risk |  | (3.4 | ) |  | (10.4 | ) |  | 0.7 |
Option Assets relating to the Convertible Notes 3 |  | — |  |  | 5.2 |  |  | 24.2 |
Bifurcated Conversion Feature of the Convertible Notes |  | — |  |  | (1.6 | ) |  | (21.0 | )
Total unrealized (loss) gain |  | $ | (3.4 | ) |  | $ | (6.8 | ) |  | $ | 3.9 |
______________________
1. | Realized (loss) gain on hedges of operational risk are recorded within Cost of products sold, excluding depreciation, amortization and other items.
2. | Unrealized (loss) gain on hedges of operational risk are recorded within Unrealized loss (gain) on derivative instruments.
3. | Unrealized (loss) gain on financial derivatives are recorded within Other (expense) income, net.
Summary of material derivative positions | The following table summarizes our material derivative positions at December 31, 2015:
Aluminum |  | Maturity Period (month/year) |  | Notional Amount of Contracts (mmlbs)
Call option purchase contracts |  | 1/16 through 6/16 |  | 4.7 |
Fixed price purchase contracts |  | 1/16 through 12/17 |  | 132.9 |
Fixed price sales contracts |  | 1/16 through 10/16 |  | 3.0 |
Midwest premium swap contracts 1 |  | 1/16 through 12/17 |  | 84.9 |
Natural Gas 2 |  | Maturity Period (month/year) |  | Notional Amount of Contracts (mmbtu)
Fixed price purchase contracts |  | 1/16 through 12/18 |  | 7,000,000 |
Euro |  | Maturity Period (month/year) |  | Notional Amount of contracts (euro)
Fixed price purchase contracts |  | 3/16 through 12/16 |  | 4,699,750 |
_________________________
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 December 31, 2015, we had derivative and/or physical delivery commitments with energy companies in place to cover exposure to fluctuations in prices for approximately 73%, 72% and 59% of the expected natural gas purchases for 2016, 2017 and 2018, respectively.
Schedule of Offsetting Derivative Instruments by Counterparty | The following tables present offsetting information regarding our derivatives by type of counterparty as of December 31, 2015 (in millions of dollars):
Derivative Assets and Collateral Held by Counterparty
| Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Assets Presented in the Consolidated Balance Sheets |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
|  |  |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Counterparty (with netting agreements) | $ | 1.3 |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | 1.3 |  |  | $ | — |  |  | $ | — |
Counterparty (with partial netting agreements) | 0.3 |  |  | — |  |  | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
Total | $ | 1.6 |  |  | $ | — |  |  | $ | 1.6 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |
Derivative Liabilities and Collateral Held by Counterparty
| Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
|  |  |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Counterparty (with netting agreements) | $ | (8.5 | ) |  | $ | — |  |  | $ | (8.5 | ) |  | $ | (1.3 | ) |  | $ | — |  |  | $ | (7.2 | )
Counterparty (with partial netting agreements) | (7.7 | ) |  | — |  |  | (7.7 | ) |  | (0.3 | ) |  | — |  |  | (7.4 | )
Total | $ | (16.2 | ) |  | $ | — |  |  | $ | (16.2 | ) |  | $ | (1.6 | ) |  | $ | — |  |  | $ | (14.6 | )
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 of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Assets Presented in the Consolidated Balance Sheets |  | Gross Amounts Not Offset 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 of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets |  | Gross Amounts Not Offset 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 consist primarily of the fair value of the Bifurcated Conversion Feature and Option Assets at December 31, 2014 (see Note 11).

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 + Details
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