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Derivatives | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | 10. Derivatives As of September 30, 2025, we had an open position of 49,800 tonnes related to LME forward financial sales contracts to fix the forward LME aluminum price. These contracts are expected to settle monthly through December 2026. We also had an open position of 83,400 tonnes related to MWP forward financial sales contracts to fix the forward MWP price. These contracts are expected to settle monthly through December 2027. 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 September 30, 2025, we had 272 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 September 30, 2025, we had an open position of 280,000 barrels. The HFO price swaps are expected to settle monthly through September 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 September 30, 2025, we had an open position of 913,680 MWh. The Indiana Hub power price swaps are expected to settle monthly through December 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 September 30, 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 September 30, 2025 and December 31, 2024, respectively:
|  | Asset Fair Value
|  | September 30, 2025 |  | December 31, 2024
Commodity contracts(1) |  | $ | 5.2 |  |  | $ | 4.5 |
|  | Liability Fair Value
|  | September 30, 2025 |  | December 31, 2024
Commodity contracts(1) |  | $ | 41.5 |  |  | $ | 4.4 |
(1)Commodity contracts reflect our outstanding LME and MWP forward financial sales contracts, Indiana Hub power price swaps, fixed for floating swaps, and HFO price swaps. At September 30, 2025, and December 31, 2024, there were no commodity contracts with Glencore. The following table summarizes the net loss on forward and derivative contracts:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Commodity contracts(1) |  | $ | (30.2) |  |  | $ | (4.0) |  |  | $ | (51.2) |  |  | $ | (0.5) |
Foreign exchange contracts |  | — |  |  | — |  |  | — |  |  | (0.1) |
Total |  | $ | (30.2) |  |  | $ | (4.0) |  |  | $ | (51.2) |  |  | $ | (0.6) |
(1)For the three and nine months ended September 30, 2025, there were no forward and derivative contracts with Glencore. For the three and nine months ended September 30, 2024, $1.2 million of the net loss and a $3.7 million gain within the net loss, respectively, was with Glencore.

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