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Derivatives (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 and December 31, 2022, respectively:
|  | Asset Fair Value
|  | September 30, 2023 |  | December 31, 2022
Commodity contracts(1) |  | $ | 12.4 |  |  | $ | 129.1 |
Foreign exchange contracts(2) |  | — |  |  | — |
Total |  | $ | 12.4 |  |  | $ | 129.1 |
|  | Liability Fair Value
|  | September 30, 2023 |  | December 31, 2022
Commodity contracts(1) |  | $ | 8.4 |  |  | $ | 23.7 |
Foreign exchange contracts(2) |  | 2.0 |  |  | 7.3 |
Total |  | $ | 10.4 |  |  | $ | 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, HFO price swaps, and Indiana Hub power price swaps. At September 30, 2023, $2.3 million of Due from affiliates, $5.6 million of Due to affiliates, and $1.7 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 September 30, |  | Nine months ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Commodity contracts(1) |  | $ | (24.8) |  |  | $ | 120.0 |  |  | $ | (74.9) |  |  | $ | 301.3 |
Foreign exchange contracts |  | (0.4) |  |  | (7.4) |  |  | 1.2 |  |  | (13.6) |
Total |  | $ | (25.2) |  |  | $ | 112.6 |  |  | $ | (73.7) |  |  | $ | 287.7 |
(1)For the three months ended September 30, 2023, $3.1 million of the net loss was with Glencore, and for the three months ended September 30, 2022, $13.1 million of the net gain was with Glencore. For the nine months ended September 30, 2023, $6.6 million of the net loss with Glencore, and for the nine months ended September 30, 2022, $19.4 million of the net gain was with Glencore.

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