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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, respectively:
|  | Asset Fair Value
|  | March 31, 2024 |  | December 31, 2023
Commodity contracts(1) |  | $ | 5.3 |  |  | $ | 2.9 |
|  | Liability Fair Value
|  | March 31, 2024 |  | December 31, 2023
Commodity contracts(1) |  | $ | 3.8 |  |  | $ | 7.8 |
Foreign exchange contracts(2) |  | — |  |  | 0.1 |
Total |  | $ | 3.8 |  |  | $ | 7.9 |
(1)Commodity contracts reflect our outstanding LME forward financial sales contracts and HFO price swaps. At March 31, 2024, $3.4 million of Due to affiliates was related to commodity contracts with Glencore. At December 31, 2023, $6.4 million of Due to affiliates was related to commodity contract liab ilities 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 March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Commodity contracts(1) |  | $ | 7.3 |  |  | $ | (59.1) |  |  |  |  |
Foreign exchange contracts |  | 0.1 |  |  | 1.6 |  |  |  |  |
Total |  | $ | 7.4 |  |  | $ | (57.5) |  |  |  |  |
(1)For the three months ended March 31, 2024, $4.0 million of the net gain was with Glencore, and for the three months ended March 31, 2023, $14.9 million of the net loss was with Glencore.

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