Derivatives, Hedging Programs and Other Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Positions

The following table summarizes our derivative positions at March 31, 2026:


Aluminum		Maturity Period		Notional Amount of Contracts (mmlbs)
Fixed price purchase contracts for LME		April 2026 through July 2027			72.5
Fixed price sale contracts for LME		April 2026 through April 2027			10.1
Fixed price purchase contracts for MWTP		April 2026 through July 2027			72.6
Fixed price sale contracts for MWTP		April 2026 through April 2027			10.2


Alloying Metals		Maturity Period		Notional Amount of Contracts (mmlbs)
Fixed price purchase contracts		April 2026 through December 2027			6.2


Natural Gas		Maturity Period		Notional Amount of Contracts (mmbtu)
Fixed price purchase contracts		April 2026 through December 2028			3,450,000


Electricity		Maturity Period		Notional Amount of Contracts (Mwh)
Fixed price purchase contracts		April 2026 through December 2027			316,228


Euro		Maturity Period		Notional Amount of Contracts (in millions of Euros)
Fixed price forward purchase contracts		April 2026 through July 2027		€	0.6

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 March 31,
		2026				2025
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		$	943.2			$	673.4

(Gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges:
Aluminum		$	(8.5	)		$	(5.2	)
Alloying Metals			(0.5	)			(0.4	)
Natural gas			(0.3	)			—
Foreign exchange contracts			—				0.1
Total gain recognized in our Statements of Consolidated Income related to cash flow hedges		$	(9.3	)		$	(5.5	)

Schedule of Fair Value of Derivative Assets and Liabilities

The following table presents the fair value of our derivative financial instruments (in millions of dollars):


		As of March 31, 2026												As of December 31, 2025
		Assets				Liabilities				Net Amount				Assets				Liabilities				Net Amount
Cash Flow Hedges:
Aluminum –
Fixed price purchase contracts for LME		$	8.7			$	(0.1	)		$	8.6			$	2.6			$	—			$	2.6
Fixed price sale contracts for LME			—				(0.8	)			(0.8	)			—				(0.8	)			(0.8	)
Fixed price purchase contracts for MWTP			7.0				—				7.0				3.8				(0.1	)			3.7
Fixed price sale contracts for MWTP			—				(0.5	)			(0.5	)			—				(1.6	)			(1.6	)
Alloying Metals – Fixed price purchase contracts			1.9				—				1.9				2.4				—				2.4
Natural gas – Fixed price purchase contracts			0.7				(2.3	)			(1.6	)			0.7				(1.3	)			(0.6	)
Electricity – Fixed price purchase contracts			1.0				(3.4	)			(2.4	)			—				—				—
Foreign currency – Fixed price forward contracts			—				—				—				0.1				—				0.1
Total		$	19.3			$	(7.1	)		$	12.2			$	9.6			$	(3.8	)		$	5.8

The following table presents the total amounts of derivative assets and liabilities on our Consolidated Balance Sheets (in millions of dollars):


		As of March 31, 2026				As of December 31, 2025
Derivative assets:
Prepaid expenses and other current assets		$	18.0			$	8.3
Other assets			1.3				1.3
Total derivative assets		$	19.3			$	9.6
Derivative liabilities:
Other accrued liabilities		$	(5.0	)		$	(3.1	)
Long-term liabilities			(2.1	)			(0.7	)
Total derivative liabilities		$	(7.1	)		$	(3.8	)