XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.25.1

Derivatives | 3 Months Ended
--- | ---
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | 10. Derivatives As of March 31, 2025, we had an open position of 36,600 tonnes re lated to LME forward financial sales contracts to fix the forward LME aluminum price. These contracts are expected to settle monthly through September 2026. We also had an open position o f 36,600 t onnes 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 March 31, 2025, we had 1,270 tonnes open fixed for floating swaps. These contracts are expected to settle monthly through November 2025. We have entered into financial contracts to hedge a portion of our Jamalco fuel cost exposure ("HFO price swaps"). The volume of heavy fuel oil ("HFO") consumed at Jamalco is measured per barrel and as of March 31, 2025, we had an open position of 300,000 barrels. The HFO price swaps are expected to settle monthly thr ough March 2026. 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 March 31, 2025, we had an open position of 677,712 MWh. The Indiana Hub power price swaps are expected to settle monthly throug h 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 March 31, 2025 and December 31, 2024, the Company had no recorded restricted cash as collateral related to open derivative contracts under the master arrangements with our counterparties. 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, 2025 and December 31, 2024, respectively:
|  | Asset Fair Value
|  | March 31, 2025 |  | December 31, 2024
Commodity contracts(1) |  | $ | 8.1 |  |  | $ | 4.5 |
|  | Liability Fair Value
|  | March 31, 2025 |  | December 31, 2024
Commodity contracts(1) |  | $ | 11.4 |  |  | $ | 4.4 |
(1)Commodity contracts reflect our outstanding LME and MWP forward financial sales contracts, Indy Hub power price swaps, fixed for floating swaps, and HFO price swaps. At March 31, 2025, and December 31, 2024, there were no commodity contracts with Glencore. The following table summarizes the net (loss) gain on forward and derivative contracts:
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Commodity contracts(1) |  |  |  |  |  | $ | (5.5) |  |  | $ | 7.3 |
Foreign exchange contracts |  |  |  |  |  | — |  |  | 0.1 |
Total |  |  |  |  |  | $ | (5.5) |  |  | $ | 7.4 |
(1)For the three months ended March 31, 2025, there were no forward and derivative contracts with Glencore. For the three months ended March 31, 2024, $4.0 million of the net gain was with Glencore.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration