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Derivatives, Hedging Programs and Other Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Positions | The following table summarizes our derivative positions at September 30, 2025:
Aluminum |  | Maturity Period |  | Notional Amount of Contracts (mmlbs) |
Fixed price purchase contracts for LME |  | October 2025 through November 2026 |  |  | 64.1 |
Fixed price sale contracts for LME |  | October 2025 through March 2026 |  |  | 23.5 |
Fixed price purchase contracts for MWTP |  | October 2025 through November 2026 |  |  | 64.1 |
Fixed price sale contracts for MWTP |  | October 2025 through April 2026 |  |  | 23.5 |
Alloying Metals |  | Maturity Period |  | Notional Amount of Contracts (mmlbs) |
Fixed price purchase contracts |  | October 2025 through December 2027 |  |  | 6.8 |
Natural Gas |  | Maturity Period |  | Notional Amount of Contracts (mmbtu) |
Fixed price purchase contracts |  | October 2025 through December 2027 |  |  | 3,300,000 |
Euro |  | Maturity Period |  | Notional Amount of Contracts (in millions of Euros) |
Fixed price forward purchase contracts |  | October 2025 through July 2027 |  | € | 1.7 |
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 September 30, |  |  | Nine Months Ended September 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 |  | $ | 728.8 |  |  | $ | 676.0 |  |  | $ | 2,125.0 |  |  | $ | 1,997.1 |
(Gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Aluminum |  | $ | (9.7 | ) |  | $ | 1.6 |  |  | $ | (17.1 | ) |  | $ | 0.9 |
Alloying Metals |  |  | (0.5 | ) |  |  | (0.3 | ) |  |  | (1.4 | ) |  |  | (0.8 | )
Natural gas |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.7 |  |  |  | 1.0 |
Electricity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.6 |
Foreign exchange contracts |  |  | (0.2 | ) |  |  | (0.1 | ) |  |  | (0.2 | ) |  |  | (0.1 | )
Total (gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges |  | $ | (10.0 | ) |  | $ | 1.5 |  |  | $ | (18.0 | ) |  | $ | 1.6 |
Loss recognized in our Statements of Consolidated Income related to non-designated derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Electricity – Realized loss |  |  | — |  |  |  | 2.0 |  |  |  | — |  |  |  | 2.0 |
Electricity – Unrealized mark-to-market loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2.0 |
Electricity (reclassification from AOCI due to forecasted transactions probable of not occurring) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.2 |
Total loss recognized in our Statements of Consolidated Income related to non-designated derivatives |  | $ | — |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 4.2 |
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 September 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 |  | $ | 1.8 |  |  | $ | — |  |  | $ | 1.8 |  |  | $ | 1.1 |  |  | $ | (0.8 | ) |  | $ | 0.3 |
Fixed price sale contracts for LME |  |  | — |  |  |  | (0.5 | ) |  |  | (0.5 | ) |  |  | — |  |  |  | — |  |  |  | — |
Fixed price purchase contracts for MWTP |  |  | 7.8 |  |  |  | — |  |  |  | 7.8 |  |  |  | 1.1 |  |  |  | — |  |  |  | 1.1 |
Fixed price sale contracts for MWTP |  |  | — |  |  |  | (1.2 | ) |  |  | (1.2 | ) |  |  | — |  |  |  | — |  |  |  | — |
Alloying Metals – Fixed price purchase contracts |  |  | 1.2 |  |  |  | (0.1 | ) |  |  | 1.1 |  |  |  | 1.3 |  |  |  | (0.1 | ) |  |  | 1.2 |
Natural gas – Fixed price purchase contracts |  |  | 1.0 |  |  |  | (1.0 | ) |  |  | — |  |  |  | 0.5 |  |  |  | (0.8 | ) |  |  | (0.3 | )
Foreign currency – Fixed price forward contracts |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | (0.4 | ) |  |  | (0.4 | )
Total |  | $ | 11.9 |  |  | $ | (2.8 | ) |  | $ | 9.1 |  |  | $ | 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 September 30, 2025 |  |  | As of December 31, 2024 |
Derivative assets: |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 10.8 |  |  | $ | 3.7 |
Other assets |  |  | 1.1 |  |  |  | 0.3 |
Total derivative assets |  | $ | 11.9 |  |  | $ | 4.0 |
Derivative liabilities: |  |  |  |  |  |
Other accrued liabilities |  | $ | (2.2 | ) |  | $ | (1.8 | )
Long-term liabilities |  |  | (0.6 | ) |  |  | (0.3 | )
Total derivative liabilities |  | $ | (2.8 | ) |  | $ | (2.1 | )

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