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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 Adjusted1				2025				2024 As Adjusted1
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	)

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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.

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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.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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