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Derivatives, Hedging Programs and Other Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Positions | The following table summarizes our derivative positions at March 31, 2024:
Aluminum |  | Maturity Period |  | Notional Amount of Contracts (mmlbs) |
Fixed price purchase contracts for LME |  | April 2024 through December 2025 |  |  | 74.5 |
Fixed price sale contracts for LME |  | April 2024 |  |  | 7.0 |
Fixed price purchase contracts for MWTP |  | April 2024 through December 2025 |  |  | 60.5 |
Fixed price sale contracts for MWTP |  | April 2024 through September 2024 |  |  | 26.7 |
Alloying Metals |  | Maturity Period |  | Notional Amount of Contracts (mmlbs) |
Fixed price purchase contracts |  | April 2024 through December 2025 |  |  | 10.0 |
Natural Gas |  | Maturity Period |  | Notional Amount of Contracts (mmbtu) |
Fixed price purchase contracts |  | April 2024 through December 2026 |  |  | 3,880,000 |
Electricity |  | Maturity Period |  | Notional Amount of Contracts (Mwh) |
Fixed price purchase contracts |  | April 2024 through December 2024 |  |  | 39,606 |
Euro |  | Maturity Period |  | Notional Amount of Contracts (EUR) |
Fixed price forward purchase contracts |  | April 2024 through January 2026 |  |  | 17,485,138 |
British Pounds |  | Maturity Period |  | Notional Amount of Contracts (GBP) |
Fixed price forward purchase contracts |  | May 2024 through July 2024 |  |  | 216,799 |
Summary of Loss (Gain) Associated with Derivative Contracts | The following table summarizes the amount of loss (gain) on derivative contracts recorded within our Statements of Consolidated Income in COGS (in millions of dollars):
|  | Quarter Ended March 31, |
|  | 2024 |  |  | 2023 |
Total of income and expense line items presented in our Statements of Consolidated Income in which the effects of hedges are recorded: |  |  |  |  |  |
Cash flow hedges |  | $ | 642.9 |  |  | $ | 731.1 |
Loss (gain) recognized in our Statements of Consolidated Income related to cash flow hedges: |  |  |  |  |  |
Aluminum |  | $ | 2.0 |  |  | $ | 0.5 |
Natural gas |  |  | 0.3 |  |  |  | (0.3 | )
Electricity |  |  | (0.2 | ) |  |  | — |
Total loss recognized in our Statements of Consolidated Income related to cash flow hedges |  | $ | 2.1 |  |  | $ | 0.2 |
Gain recognized in our Statements of Consolidated Income related to non-designated hedges: |  |  |  |  |  |
Alloying Metals – Unrealized gain |  | $ | — |  |  | $ | (0.1 | )
Schedule of Fair Value of Derivative Financial Instruments | The following table presents the fair value of our derivative financial instruments (in millions of dollars):
|  | As of March 31, 2024 |  |  | As of December 31, 2023 |
|  | Assets |  |  | Liabilities |  |  | Net Amount |  |  | Assets |  |  | Liabilities |  |  | Net Amount |
Aluminum – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed price purchase contracts for LME |  | $ | 2.1 |  |  | $ | (0.4 | ) |  | $ | 1.7 |  |  | $ | 3.4 |  |  | $ | (0.6 | ) |  | $ | 2.8 |
Fixed price sale contracts for LME |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.2 | ) |  |  | (0.2 | )
Fixed price purchase contracts for MWTP |  |  | 0.7 |  |  |  | (0.1 | ) |  |  | 0.6 |  |  |  | 0.4 |  |  |  | (0.3 | ) |  |  | 0.1 |
Fixed price sale contracts for MWTP |  |  | — |  |  |  | (0.4 | ) |  |  | (0.4 | ) |  |  | 0.1 |  |  |  | (0.2 | ) |  |  | (0.1 | )
Alloying Metals – Fixed price purchase contracts |  |  | 0.7 |  |  |  | (0.2 | ) |  |  | 0.5 |  |  |  | 0.7 |  |  |  | (0.1 | ) |  |  | 0.6 |
Natural gas – Fixed price purchase contracts |  |  | 0.4 |  |  |  | (1.2 | ) |  |  | (0.8 | ) |  |  | 0.3 |  |  |  | (0.9 | ) |  |  | (0.6 | )
Electricity – Fixed price purchase contracts |  |  | 0.2 |  |  |  | (0.9 | ) |  |  | (0.7 | ) |  |  | 0.5 |  |  |  | (0.6 | ) |  |  | (0.1 | )
Foreign currency – Fixed price forward contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.5 |  |  |  | — |  |  |  | 0.5 |
Total |  | $ | 4.1 |  |  | $ | (3.2 | ) |  | $ | 0.9 |  |  | $ | 5.9 |  |  | $ | (2.9 | ) |  | $ | 3.0 |
The following table presents the total amounts of derivative assets and liabilities on our Consolidated Balance Sheets (in millions of dollars):
|  | As of March 31, 2024 |  |  | As of December 31, 2023 |
Derivative assets: |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 3.3 |  |  | $ | 4.8 |
Other assets |  |  | 0.8 |  |  |  | 1.1 |
Total derivative assets |  | $ | 4.1 |  |  | $ | 5.9 |
Derivative liabilities: |  |  |  |  |  |
Other accrued liabilities |  | $ | (2.6 | ) |  | $ | (2.4 | )
Long-term liabilities |  |  | (0.6 | ) |  |  | (0.5 | )
Total derivative liabilities |  | $ | (3.2 | ) |  | $ | (2.9 | )

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