XML 38 R31.htm IDEA: XBRL DOCUMENT
v3.25.2

Derivatives, Hedging Programs and Other Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Positions | The following table summarizes our derivative positions at June 30, 2025:
Aluminum |  | Maturity Period |  | Notional Amount of Contracts (mmlbs) |
Fixed price purchase contracts for LME |  | July 2025 through November 2026 |  |  | 61.7 |
Fixed price sale contracts for LME |  | July 2025 through December 2025 |  |  | 17.9 |
Fixed price purchase contracts for MWTP |  | July 2025 through November 2026 |  |  | 61.0 |
Fixed price sale contracts for MWTP |  | July 2025 through April 2026 |  |  | 18.1 |
Alloying Metals |  | Maturity Period |  | Notional Amount of Contracts (mmlbs) |
Fixed price purchase contracts |  | July 2025 through December 2026 |  |  | 5.8 |
Natural Gas |  | Maturity Period |  | Notional Amount of Contracts (mmbtu) |
Fixed price purchase contracts |  | July 2025 through December 2027 |  |  | 3,360,000 |
Euro |  | Maturity Period |  | Notional Amount of Contracts (in millions of Euros) |
Fixed price forward purchase contracts |  | July 2025 through July 2027 |  | € | 3.2 |
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 in COGS (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 As Adjusted 1 |  |  | 2025 |  |  | 2024 As Adjusted 1 |
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 |  | $ | 722.8 |  |  | $ | 669.8 |  |  | $ | 1,396.2 |  |  | $ | 1,321.1 |
(Gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Aluminum |  | $ | (2.2 | ) |  | $ | (2.7 | ) |  | $ | (7.4 | ) |  | $ | (0.7 | )
Alloying Metals |  |  | (0.5 | ) |  |  | (0.5 | ) |  |  | (0.9 | ) |  |  | (0.5 | )
Natural gas |  |  | 0.3 |  |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.7 |
Electricity |  |  | — |  |  |  | 0.8 |  |  |  | — |  |  |  | 0.6 |
Foreign exchange contracts |  |  | (0.1 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total (gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges |  | $ | (2.5 | ) |  | $ | (2.0 | ) |  | $ | (8.0 | ) |  | $ | 0.1 |
Loss recognized in our Statements of Consolidated Income related to non-designated derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Electricity – Unrealized mark-to-market loss |  |  | — |  |  |  | 2.0 |  |  |  | — |  |  |  | 2.0 |
Electricity (reclassification from AOCI due to forecasted transactions probable of not occurring) |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |
Total loss recognized in our Statements of Consolidated Income related to non-designated derivatives |  | $ | — |  |  | $ | 2.2 |  |  | $ | — |  |  | $ | 2.2 |
1. Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
Schedule of Fair Value of Derivative Assets and Liabilities | The following table presents the fair value of our derivative assets and liabilities (in millions of dollars):
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
|  | Assets |  |  | Liabilities |  |  | Net Amount |  |  | Assets |  |  | Liabilities |  |  | Net Amount |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aluminum – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed price purchase contracts for LME |  | $ | 2.2 |  |  | $ | (0.3 | ) |  | $ | 1.9 |  |  | $ | 1.1 |  |  | $ | (0.8 | ) |  | $ | 0.3 |
Fixed price sale contracts for LME |  |  | — |  |  |  | (0.2 | ) |  |  | (0.2 | ) |  |  | — |  |  |  | — |  |  |  | — |
Fixed price purchase contracts for MWTP |  |  | 8.6 |  |  |  | (0.1 | ) |  |  | 8.5 |  |  |  | 1.1 |  |  |  | — |  |  |  | 1.1 |
Fixed price sale contracts for MWTP |  |  | — |  |  |  | (0.8 | ) |  |  | (0.8 | ) |  |  | — |  |  |  | — |  |  |  | — |
Alloying Metals – Fixed price purchase contracts |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  | 1.3 |  |  |  | (0.1 | ) |  |  | 1.2 |
Natural gas – Fixed price purchase contracts |  |  | 1.5 |  |  |  | (0.7 | ) |  |  | 0.8 |  |  |  | 0.5 |  |  |  | (0.8 | ) |  |  | (0.3 | )
Foreign currency – Fixed price forward contracts |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |  |  |  | — |  |  |  | (0.4 | ) |  |  | (0.4 | )
Total |  | $ | 14.3 |  |  | $ | (2.1 | ) |  | $ | 12.2 |  |  | $ | 4.0 |  |  | $ | (2.1 | ) |  | $ | 1.9 |
The following table presents the total amounts of derivative assets and liabilities on our Consolidated Balance Sheets (in millions of dollars):
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Derivative assets: |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 13.0 |  |  | $ | 3.7 |
Other assets |  |  | 1.3 |  |  |  | 0.3 |
Total derivative assets |  | $ | 14.3 |  |  | $ | 4.0 |
Derivative liabilities: |  |  |  |  |  |
Other accrued liabilities |  | $ | (1.7 | ) |  | $ | (1.8 | )
Long-term liabilities |  |  | (0.4 | ) |  |  | (0.3 | )
Total derivative liabilities |  | $ | (2.1 | ) |  | $ | (2.1 | )

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