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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives not designated as hedging instruments
The following tables set forth the Company's derivative assets and liabilities that were accounted for at fair value and not designated as cash flow hedges as of June 30, 2023 and December 31, 2022, respectively:
Asset Fair Value
June 30, 2023December 31, 2022
Commodity contracts(1)
$37.9 $129.1 
Foreign exchange contracts(2)
— — 
Total$37.9 $129.1 
Liability Fair Value
June 30, 2023December 31, 2022
Commodity contracts(1)
$3.4 $23.7 
Foreign exchange contracts(2)
2.7 7.3 
Total$6.1 $31.0 
(1) Commodity contracts reflect our outstanding LME forward financial sales contracts, fixed for floating swaps, Nord Pool power price swaps, NYMEX Henry Hub natural gas price swaps, and Indiana Hub power price swaps. At June 30, 2023, $1.1 million of Due from affiliates, $1.0 million of Due to affiliates, and $1.5 million of Due to affiliates - less current portion were related to commodity contracts with Glencore. At December 31, 2022, $11.9 million of Due to affiliates, and $8.3 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 (loss) gain on forward and derivative contracts:
Three months ended June 30,
Six months ended June 30,
2023202220232022
Commodity contracts(1)
$9.1 $237.0 $(50.1)$181.3 
Foreign exchange contracts0.0 (5.2)1.6 (6.2)
   Total$9.1 $231.8 $(48.5)$175.1 
(1) For the three months ended June 30, 2023, $11.4 million of the net gain was with Glencore, and for the three months ended June 30, 2022, $65.2 million of the net gain was with Glencore. For the six months ended June 30, 2023, $3.5 million of the net loss with Glencore, and for the six months ended June 30, 2022, $6.3 million of the net gain was with Glencore.