XML 81 R66.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Financial Instruments and Related Hedging Programs, Notional Quantity Table (Details)
Sep. 30, 2012
mmlbs
Aluminum | Fixed priced purchase contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 57.0
Aluminum | Fixed priced sales contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 1.8
Aluminum | Midwest premium swap contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 50.2 [1]
Natural Gas | Call option purchase contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 1,710,000 [2]
Natural Gas | Put option sales contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 1,710,000 [2]
Natural Gas | Fixed priced purchase contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 3,920,000 [2]
Electricity | Fixed priced purchase contracts
 
Summary of material derivative positions  
Notional Amount of Contracts 274,225
Hedges Relating to the Convertible Notes | Bifurcated Conversion Feature
 
Summary of material derivative positions  
Notional Amount of Contracts 3,623,830 [3]
Hedges Relating to the Convertible Notes | Call Options
 
Summary of material derivative positions  
Notional Amount of Contracts 3,623,830 [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 91.00%
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 74.00%
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 42.00%
[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 September 30, 2012, the Company’s exposure to fluctuations in natural gas prices had been substantially reduced for approximately 91%, 74% and 42% 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 Convertible 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 Convertible Notes, subject to anti-dilution adjustments substantially similar to the anti-dilution adjustments for the Convertible Notes. The Call Options will expire upon the maturity of 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.