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Derivative Instruments | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Note 13 – Derivative Instruments Certain divisions of the ALP segment are subject to risk from increases in the price of commodities (aluminum and copper) used in the production of inventory. To minimize this risk, futures contracts are entered into which are designated as cash flow hedges. In March 2025, given the dramatic escalation in the price of copper futures and sufficient supply of copper through approximately mid-2025, the Corporation terminated its existing futures contracts for copper resulting in a pre-tax termination gain of approximately $559. The termination gain will be reclassified to earnings when the projected sales occur. Approximately $537 of the termination gain is expected to be released to earnings in 2025 with the balance expected to be released in the first quarter of 2026. At June 30, 2025, approximately 75%, or $556, of anticipated aluminum purchases over the next five month s are hedged. At June 30, 2024, approximately 41%, or $2,495, of anticipated copper purchases over the next eight month s and 56%, or $621, of anticipated aluminum purchases over the next six months were hedged. The Corporation periodically enters into purchase commitments to cover a portion of its anticipated natural gas and electricity usage. The commitments qualify as normal purchases and, accordingly, are not reflected on the condensed consolidated balance sheets. At June 30, 2025, the Corporation has purchase commitments covering approxi mately 25%, or $737, of anticipated natural gas usage through December 31, 2025 for two of its subsidiaries and approximately 28%, or $527, of anticipated electricity usage through December 31, 2025 for two of its subsidiaries. At June 30, 2024, the Corporation had purchase commitments covering approximately 4%, or $1,830, of anticipated natural gas usage through December 31, 2025 for two of its subsidiaries and approximately 10%, or $1,129 of anticipated electricity usage through December 31, 2025 for two of its subsidiaries. Purchases of natural gas and electricity under previously existing commitments equale d $961 and $2,085 fo r the three and six months ended June 30, 2025, respectively, and $854 and $1,833 for the three and six months ended June 30, 2024, respectively. The Corporation previously entered into foreign currency purchase contracts to manage the volatility associated with euro-denominated progress payments to be made for certain machinery and equipment. Upon occurrence of an anticipated purchase and placement of the underlying fixed asset in service, the foreign currency purchase contract was settled and the change in fair value of the foreign currency purchase contract was deferred in accumulated other comprehensive loss and is being reclassified to earnings (depreciation and amortization expense) over the life of the underlying asset (approximately 15 years, through 2026). No portion of the existing cash flow hedges is considered to be ineffective, including any ineffectiveness arising from the unlikelihood of an anticipated transaction to occur. Additionally, no amounts have been excluded from assessing the effectiveness of a hedge. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. (Loss) gain on foreign exchange transactions included in other (expense) income – net equaled $(1,352) and $(1,131) for the three and six months ended June 30, 2025, respectively, and $302 and $(190) for the three and six months ended June 30, 2024, respectively. The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of June 30, 2025 and 2024 and the amounts recognized as and reclassified from accumulated other comprehensive loss for each of the periods are summarized below. Amounts are after tax where applicable. Certain amounts recognized as comprehensive (loss) income or reclassified from accumulated other comprehensive loss have no tax effect due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction where the income or expense is recognized.
Three Months Ended June 30, 2025 |  | Beginning of the Period |  |  | Recognized |  |  | Reclassified |  |  | End of the Period |
Foreign currency purchase contracts |  | $ | 48 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 40 |
Futures contracts – copper and aluminum |  |  | 571 |  |  |  | 18 |  |  |  | 273 |  |  |  | 316 |
|  | $ | 619 |  |  | $ | 18 |  |  | $ | 281 |  |  | $ | 356 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency purchase contracts |  | $ | 75 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 67 |
Futures contracts – copper and aluminum |  |  | 174 |  |  |  | 158 |  |  |  | 270 |  |  |  | 62 |
|  | $ | 249 |  |  | $ | 158 |  |  | $ | 278 |  |  | $ | 129 |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency purchase contracts |  | $ | 54 |  |  | $ | — |  |  | $ | 14 |  |  | $ | 40 |
Futures contracts – copper and aluminum |  |  | (156 | ) |  |  | 798 |  |  |  | 326 |  |  |  | 316 |
|  | $ | (102 | ) |  | $ | 798 |  |  | $ | 340 |  |  | $ | 356 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency purchase contracts |  | $ | 81 |  |  | $ | — |  |  | $ | 14 |  |  | $ | 67 |
Futures contracts – copper and aluminum |  |  | 105 |  |  |  | 210 |  |  |  | 253 |  |  |  | 62 |
|  | $ | 186 |  |  | $ | 210 |  |  | $ | 267 |  |  | $ | 129 |
The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax.
|  | Location of Gain in Statements |  | Estimated to be Reclassified in the Next 12 Months |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | of Operations |  |  |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Foreign currency purchase contracts |  | Depreciation and amortization |  | $ | 28 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 14 |  |  | $ | 14 |
Futures contracts – copper and aluminum |  | Costs of products sold (excluding depreciation and amortization) |  | $ | 323 |  |  | $ | 281 |  |  | $ | 278 |  |  | $ | 336 |  |  | $ | 260 |

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