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Derivatives
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
As of December 31, 2024, we had an open position of 32,000 tonnes related to LME forward financial sales contracts to fix the forward LME aluminum price and an open position of 32,000 tonnes related to MWP forward financial sales contracts to fix the forward MWP price. These contracts are expected to settle monthly through September 2026. We also enter into financial contracts with various counterparties to offset fixed price sales arrangements with certain of our customers ("fixed for floating swaps") to remain exposed to the LME and MWP aluminum prices. As of December 31, 2024, we had no open fixed for floating swaps.
We previously entered into forward contracts to hedge the risk of fluctuations associated with the Icelandic Krona (ISK) and Euro for contracts related to the construction of the Grundartangi casthouse and the Sebree casthouse project denominated in these currencies ("casthouse currency hedges"). As of December 31, 2024, we had no open casthouse currency hedges.
We previously entered into financial contracts to hedge a portion of our exposure at our operations to the NYMEX Henry Hub (“NYMEX Henry Hub natural gas price swaps”). The natural gas volume is measured per million British Thermal Units ("MMBtu"). As of December 31, 2024, we had no open NYMEX Henry Hub natural gas price swaps.
We have entered into financial contracts to hedge a portion of our exposure at our operations to Heavy Fuel Oil (“HFO price swaps”). The HFO volume is measured per barrel. As of December 31, 2024, we had an open position of 295,000 barrels. The HFO price swaps are expected to settle monthly through December 2025.
We have entered into financial contracts to fix a portion of our exposure to the Indiana Hub power market at our Sebree plant ("Indiana Hub power price swaps"). As of December 31, 2024, we had an open position of 591,192 MWh. The Indiana Hub power price swaps are expected to settle monthly through September 2026.
Our agreements with derivative counterparties contain certain provisions requiring collateral to be posted in the event the market value of our position exceeds the margin threshold limit of our master agreement with the counterparty. As of December 31, 2024 and December 31, 2023, the Company had not recorded restricted cash as collateral related to open derivative contracts under the master arrangements with our counterparties.
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 December 31, 2024 and 2023, respectively:
Asset Fair Value
20242023
Commodity contracts (1)
$4.5 $2.9 
Foreign exchange contracts (2)
— — 
Total$4.5 $2.9 
 Liability Fair Value
20242023
Commodity contracts (1)
4.4 7.8 
Foreign exchange contracts (2)
— 0.1 
Total$4.4 $7.9 
(1)Commodity contracts reflect our outstanding LME and MWP forward financial sales contracts, fixed for floating swaps, HFO price swaps and Indiana Hub power price swaps. At December 31, 2024, $0.0 million of Due to affiliates was related to commodity contract liabilities with Glencore. At December 31, 2023, $6.4 million of Due to affiliates was related to commodity contract liabilities with Glencore.
(2)Foreign exchange contracts reflect our outstanding FX swaps and casthouse currency hedges.
The following table summarizes the net gain (loss) on forward and derivative contracts for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
202420232022
Commodity contracts (1)
$2.1 $63.5 $206.6 
Foreign exchange contracts(0.1)(1.7)(9.4)
   Total$2.0 $61.8 $197.2 
(1)For the years ended December 31, 2024, 2023, and 2022, $(0.5) million, $0.6 million, and $(13.3) million of net gain (loss), respectively, was with Glencore.