XML 51 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1

Derivatives, Hedging Programs and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Positions

The following table summarizes our derivative positions at December 31, 2024:

Aluminum		Maturity Period		Notional Amount of Contracts (mmlbs)
Fixed price purchase contracts for LME		January 2025 through April 2026			57.8
Fixed price sale contracts for LME		January 2025			10.5
Fixed price purchase contracts for MWTP		January 2025 through April 2026			49.9
Fixed price sale contracts for MWTP		January 2025			10.5

Alloying Metals		Maturity Period		Notional Amount of Contracts (mmlbs)
Fixed price purchase contracts		January 2025 through December 2026			9.0

Natural Gas		Maturity Period		Notional Amount of Contracts (mmbtu)
Fixed price purchase contracts		January 2025 through December 2026			2,760,000

Euros		Maturity Period		Notional Amount of Contracts (EUR)
Fixed price forward purchase contracts		January 2025 through July 2027			7,236,092

British Pounds		Maturity Period		Notional Amount of Contracts (GBP)
Fixed price forward purchase contracts		January 2025 through February 2025			20,000

Summary of (Gain) Loss Associated with Derivative Contracts

The following table summarizes the amount of (gain) loss on derivative contracts recorded within our Statements of Consolidated Income (Loss) in COGS (in millions of dollars):

		Year Ended December 31,
		2024				2023				2022
Total of income and expense line items presented in our Statements of Consolidated Income (Loss) in which the effects of hedges are recorded:
Cash flow hedges		$	2,691.1			$	2,754.9			$	3,180.2
(Gain) loss recognized in our Statements of Consolidated Income (Loss) related to cash flow hedges:
Aluminum		$	(1.4	)		$	12.8			$	7.4
Alloying Metals			(1.1	)			—				—
Natural gas			1.0				0.1				(6.6	)
Electricity			0.6				—				(11.3	)
Total (gain) loss recognized in our Statements of Consolidated Income (Loss) related to cash flow hedges		$	(0.9	)		$	12.9			$	(10.5	)
Loss (gain) recognized in our Statements of Consolidated Income (Loss) related to non-designated hedges:
Alloying Metals – Realized loss (gain)		$	—			$	0.1			$	(0.5	)
Alloying Metals – Unrealized mark-to-market loss			—				—				1.4
Electricity – Realized loss			5.0				—				—
Total loss recognized in our Statements of Consolidated Income (Loss) related to non-designated hedges		$	5.0			$	0.1			$	0.9

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 December 31, 2024												As of December 31, 2023
		Assets				Liabilities				Net Amount				Assets				Liabilities				Net Amount
Aluminum –
Fixed price purchase contracts for LME		$	1.1			$	(0.8	)		$	0.3			$	3.4			$	(0.6	)		$	2.8
Fixed price sale contracts for LME			—				—				—				—				(0.2	)			(0.2	)
Fixed price purchase contracts for MWTP			1.1				—				1.1				0.4				(0.3	)			0.1
Fixed price sale contracts for MWTP			—				—				—				0.1				(0.2	)			(0.1	)
Alloying Metals – Fixed price purchase contracts			1.3				(0.1	)			1.2				0.7				(0.1	)			0.6
Natural gas – Fixed price purchase contracts			0.5				(0.8	)			(0.3	)			0.3				(0.9	)			(0.6	)
Electricity – Fixed price purchase contracts			—				—				—				0.5				(0.6	)			(0.1	)
Foreign Currency – Fixed price forward contracts			—				(0.4	)			(0.4	)			0.5				—				0.5
Total		$	4.0			$	(2.1	)		$	1.9			$	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 December 31,
		2024				2023
Derivative assets:
Prepaid expenses and other current assets		$	3.7			$	4.8
Other assets			0.3				1.1
Total derivative assets		$	4.0			$	5.9
Derivative liabilities:
Other accrued liabilities		$	(1.8	)		$	(2.4	)
Long-term liabilities			(0.3	)			(0.5	)
Total derivative liabilities		$	(2.1	)		$	(2.9	)

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

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration