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FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments presented at fair value in the Consolidated Balance Sheet
All derivatives are presented at fair value in the Interim Consolidated Balance Sheets:
At March 31, 2025At December 31, 2024
(in millions of U.S. dollar)Non-currentCurrentTotalNon-currentCurrentTotal
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives— 5 5 — 5 5 
Currency net debt derivatives— — — — 1 1 
Energy derivatives2 1 3 1 — 1 
Metal derivatives2 16 18 1 18 19 
Fair value of derivatives instruments - assets4 22 26 2 24 26 
Derivatives that qualify for hedge accounting
Currency commercial derivatives5 2 7 13 9 22 
Derivatives that do not qualify for hedge accounting
Currency commercial derivatives3 7 10 7 17 24 
Currency net debt derivatives— 1 1 — — — 
Energy derivatives— 1 1 — 2 2 
Metal derivatives2 31 33 1 5 6 
Fair value of derivatives instruments - liabilities10 42 52 21 33 54 
Schedule of fair value hierarchy
The following table provides an analysis of financial instruments measured at fair value, grouped into levels based on the degree to which the fair value is observable:
•Level 1 is based on a quoted price (unadjusted) in active markets for identical financial instruments. Level 1 includes aluminum, copper and zinc futures that are traded on the LME.
•Level 2 is based on inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. prices) or indirectly (i.e. derived from prices). Level 2 includes foreign exchange derivatives, natural gas derivatives, silver derivatives and aluminum premium derivatives. The present value of future cash flows based on the forward or on the spot exchange rates at the balance sheet date is used to value foreign exchange derivatives.
•Level 3 is based on inputs for the asset or liability that are not based on observable market data (unobservable inputs). Trade receivables are classified as a Level 3 measurement under the fair value hierarchy.
At March 31, 2025At December 31, 2024
(in millions of U.S. dollar)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Fair value of derivatives instruments - assets818—261214—26
Fair value of derivatives instruments - liabilities2131—52549—54
Schedule of national amounts of outstanding derivatives
The following tables outline the nominal value (converted to millions of U.S. Dollar at the closing rate) of forward derivatives for Constellium’s most significant foreign exchange exposures at March 31, 2025.
Sold currenciesMaturity YearLess than 1 yearOver 1 year
USD2025-2029373449
CHF2025-2029566
CZK20256—
Other currencies2025-2027111
Purchased currenciesMaturity YearLess than 1 yearOver 1 year
USD2025-2026759
CHF2025-202812025
CZK2025-20267134
Other currencies20258—
At March 31, 2025, the nominal amount of commodity derivatives is as follows:
(in millions of U.S. dollar)Maturity YearLess than 1 yearOver 1 year
Metal2025-202740043
Natural gas2025-2027918
Schedule of derivatives instruments performance
The table below details the effect of foreign currency derivatives in the Interim Consolidated Income Statement, the Interim Consolidated Statement of Cash Flows and the Interim Consolidated Statement of Comprehensive Income:
Three months ended March 31,
(in millions of U.S. dollar)20252024
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized (losses) / gains on foreign currency derivatives - net (A)(3)(2)
Unrealized gains / (losses) on foreign currency derivatives - net (B)15(10)
Derivatives that qualify for hedge accounting
Included in Other comprehensive income
Unrealized gains / (losses) on foreign currency derivatives - net 11(4)
Gains reclassified from cash flow hedge reserve to the Consolidated Income Statement 12
Included in Revenue (C)
Realized losses on foreign currency derivatives - net (A)(3)(2)
Unrealized gains on foreign currency derivatives - net 2—
(A)Commercial derivatives settled during the period are presented in net cash flows from operating activities in the Interim Consolidated Statement of Cash Flows.
(B)Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be reflected in future years when these sales are recognized.
(C)Changes in fair value of derivatives that qualify for hedge accounting are included in revenue when the related customer invoices are issued.
Three months ended March 31,
(in millions of U.S. dollar)20252024
Derivatives that do not qualify for hedge accounting
Included in Finance costs - net
Realized gains on foreign currency derivatives - net (A)(9)2
Unrealized (losses) / gains on foreign currency derivatives - net —(3)
Total (9)(1)
(A)Net debt derivatives settled during the period are presented in Other financing activities in the Interim Consolidated Statement of Cash Flows.
The Group does not apply hedge accounting on commodity derivatives and therefore mark-to-market movements are recognized in Other gains and losses - net.
Three months ended March 31,
(in millions of U.S. dollar)20252024
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains / (losses) on commodities derivatives - net (A)9(9)
Unrealized gains / (losses) on commodities derivatives - net (27)6
(A)Commodity derivatives settled during the period are presented in net cash flows from operating activities in the Interim Consolidated Statement of Cash Flows.