Derivatives

As of December 31, 2018, we had an open position of 58,106 tonnes related to LME forward financial sales contracts to fix the forward LME price. These contracts are expected to settle monthly, between November 2019 and December 2020. In 2018, we also entered into Midwest Premium ("MWP") forward financial sales contracts to fix the forward MWP price. These contracts are expected to settle monthly through December 2019. As of December 31, 2018, we had an open position of 36,000 tonnes.

We have financial contracts with various counterparties to offset fixed price sales arrangements with certain of our customers (the “fixed for floating swaps”) to remain exposed to the LME price. As of December 31, 2018, we had open positions related to such arrangements of 12,019 tonnes settling at various dates through March 2020.

In 2017, we entered into financial contracts to fix the forward price of approximately 4% of Grundartangi's total power requirements for the period November 2019 through December 2020 (the “power price swaps”). As of December 31, 2018, we had an open position of 256,200 MWh related to the power price swaps. Because the power price swaps are settled in euros, in 2018 we entered into financial contracts to hedge the risk of fluctuations associated with the euro (the "FX swaps"). As of December 31, 2018, we had open positions related to the FX swaps for €2.8 million euros that settle monthly from November 2019 through December 2020.

The following table sets forth the Company's derivative assets and liabilities that were accounted for at fair value and not designated as hedging instruments as of December 31, 2018 and 2017:



	Asset Fair Value
	2018		2017
Commodity contracts⁽¹⁾	$	8.2	$	1.7
Foreign exchange contracts⁽²⁾	—		—
Total	$	8.2	$	1.7



	Liability Fair Value
	2018		2017
Commodity contracts ⁽¹⁾	$	2.2	$	1.2
Foreign exchange contracts⁽²⁾	0.3		—
Total	$	2.5	$	1.2

⁽¹⁾Commodity contracts reflect our outstanding LME forward financial sales contracts, MWP forward financial sales contracts, fixed for floating swaps, and power price swaps.

⁽²⁾Foreign exchange contracts reflect our outstanding FX swaps.

The following table summarizes the net gain (loss) on forward and derivative contracts for the years ended December 31, 2018, 2017, and 2016:



	Year Ended December 31,
	2018			2017			2016
Commodity contracts	$	6.6		$	(16.5	)	$	3.5
Foreign exchange contracts	(0.3		)	—			—
Total	$	6.3		$	(16.5	)	$	3.5