XML 44 R20.htm IDEA: XBRL DOCUMENT
v3.25.3

DERIVATIVE INSTRUMENTS AND HEDGING | 9 Months Ended
--- | ---
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING | NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING We are exposed to price risk associated with fluctuations in the market prices of purchased raw materials and energy sources and the sales price of certain steel products. We may use cash-settled commodity purchase swaps to hedge the market risk associated with the purchase of certain of our raw materials and energy requirements and cash-settled sales swaps to hedge the sales price risk of certain steel products. Our hedging strategy is to reduce the effect on earnings from the price volatility of these various exposures. Our commodity purchase swaps and sales swaps are designated as cash flow hedges for accounting purposes, and we record the gains and losses for the derivatives in Accumulated other comprehensive income until we reclassify them into Cost of goods sold when we recognize the associated underlying operating costs or Revenues when we recognize the associated underlying sale. Impacts of our designated commodity purchase swaps and sales swaps are reflected within Other, net in the Statements of Unaudited Condensed Consolidated Cash Flows. Refer to NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE INCOME for further information. Our commodity purchase swaps and sales swaps are classified as Level 2 as values were determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable. The following table presents the notional amount of our outstanding hedge contracts:
|  |  |  |  |  |  |  | Notional Amount
Hedge Contract Type |  | Classification |  | Unit of Measure |  | Maturity Dates |  | September 30, 2025 |  | December 31, 2024
Natural Gas |  | Commodity purchase swaps |  | MMBtu |  | October 2025 - August 2028 |  | 125,450,000 |  |  | 143,250,000 |
Electricity |  | Commodity purchase swaps |  | Megawatt hours |  | October 2025 - July 2028 |  | 2,276,561 |  |  | 3,224,227 |
At September 30, 2025, we estimate $33 million of net losses related to our commodity purchase swaps will be reclassified from Accumulated other comprehensive income into Cost of goods sold during the next 12 months. This estimate is based on September 30, 2025 fair values, some of which will change before their actual reclassification into Cost of goods sold. The following table presents the fair value of our outstanding cash flow hedges and the classification in the Statements of Unaudited Condensed Consolidated Financial Position:
Balance Sheet Location (In millions) | September 30, 2025 |  | December 31, 2024
Other current assets | $ | 9 |  |  | $ | 5 |
Other non-current assets | 11 |  |  | 9 |
Other current liabilities | (19) |  |  | (41) |
Other non-current liabilities | — |  |  | (6) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
Name: | us-gaap_DerivativesAndFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration