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Derivative Financial Instruments and Related Hedging Programs, Notional Quantity Table (Details)
Mar. 31, 2012
mmlbs
Aluminum | Fixed priced purchase contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 96.1
Aluminum | Fixed priced sales contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 2.0
Aluminum | Midwest premium swap contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 77.2 [1]
Natural Gas | Call option purchase contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 3,270,000 [2]
Natural Gas | Put option sales contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 3,270,000 [2]
Natural Gas | Fixed priced purchase contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 2,520,000 [2]
Electricity | Fixed priced purchase contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 296,425
Hedges Relating to Notes | Bifurcated Conversion Feature
 
Summary of material derivative positions  
Notional Amount of Contracts 3,623,113 [3]
Hedges Relating to Notes | Call Options
 
Summary of material derivative positions  
Notional Amount of Contracts 3,623,113 [3]
Remainder of 2012
 
Summary of material derivative positions  
Percentage of natural gas purchases for which the Company's exposure to fluctuations in gas prices have been reduced 85.00%
2013
 
Summary of material derivative positions  
Percentage of natural gas purchases for which the Company's exposure to fluctuations in gas prices have been reduced 58.00%
2014
 
Summary of material derivative positions  
Percentage of natural gas purchases for which the Company's exposure to fluctuations in gas prices have been reduced 25.00%
[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, 2012, the Company’s exposure to fluctuations in natural gas prices had been substantially reduced for approximately 85%, 58% and 25% of the expected natural gas purchases for the remainder of 2012, 2013 and 2014, respectively.
[3] The Bifurcated Conversion Feature represents the cash conversion feature of the Notes. To hedge against the potential cash outflows associated with the Bifurcated Conversion Feature, the Company purchased cash-settled Call Options. The Call Options have an exercise price equal to the conversion price of the Notes, subject to anti-dilution adjustments substantially similar to the anti-dilution adjustments for the Notes. The Call Options will expire upon the maturity of the 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.