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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives not designated as hedging instruments | The following table sets forth the Company's derivative assets and liabilities that were accounted for at fair value and not designated as cash flow hedges as of September 30, 2022 and December 31, 2021, respectively:
| Asset Fair Value
| September 30, 2022 |  | December 31, 2021
Commodity contracts (1) | $ | 229.0 |  |  | $ | 42.9 |
Foreign exchange contracts (2) | — |  |  | — |
Total | $ | 229.0 |  |  | $ | 42.9 |
| Liability Fair Value
| September 30, 2022 |  | December 31, 2021
Commodity contracts (1) | $ | 16.4 |  |  | $ | 143.3 |
Foreign exchange contracts (2) | 13.7 |  |  | 2.9 |
Total | $ | 30.1 |  |  | $ | 146.2 |
(1) Commodity contracts reflect our outstanding LME forward financial sales contracts, MWP forward financial sales contracts, fixed for floating swaps, Nord Pool power price swaps, and Indiana Hub power price swaps. At September 30, 2022, $0.5 million of Due to affiliates, $4.5 million of Due to affiliates - less current portion, $0.8 million of Due from affiliates, and $0.2 million of Due from affiliates - less current portion were related to commodity contracts with Glencore. At December 31, 2021, $17.1 million of Due to affiliates, and $21.9 million of Due to affiliates - less current portion were related to commodity contract liabilities with Glencore. (2) Foreign exchange contracts reflect our outstanding FX swaps and the casthouse currency hedges.
Schedule of derivative instruments | The following table summarizes the net gain (loss) on forward and derivative contracts:
| Three months ended September 30, |  | Nine months ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Commodity contracts(1) | $ | 120.0 |  |  | $ | (75.6) |  |  | $ | 301.3 |  |  | $ | (235.2) |
Foreign exchange contracts | (7.4) |  |  | (1.4) |  |  | (13.6) |  |  | (3.2) |
Total | $ | 112.6 |  |  | $ | (77.0) |  |  | $ | 287.7 |  |  | $ | (238.4) |
(1) For the three months ended September 30, 2022, $13.1 million of the net gain was with Glencore, and for the three months ended September 30, 2021, $26.3 million of the net loss was with Glencore. For the nine months ended September 30, 2022, $19.4 million of the net gain was with Glencore, and for the nine months ended September 30, 2021, $79.8 million of the net loss was with Glencore.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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