Derivatives and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The fair value of derivatives reflected in the accompanying condensed consolidated balance sheets are set forth in the table below.

	September 30, 2023				December 31, 2022
	Asset Derivative		Liability Derivative		Asset Derivative		Liability Derivative
	(Dollars in millions)
Foreign currency option contracts	$	0.1	$	—	$	3.0	$	—
Derivative contracts related to forecasted sales	—		—		100.6		(310.3)
Financial trading contracts	—		—		11.7		—
Total derivatives	0.1		—		115.3		(310.3)
Effect of counterparty netting	—		—		(100.6)		100.6
Variation margin (received) posted	—		—		(11.7)		209.7
Net derivatives and variation margin as classified in the balance sheets	$	0.1	$	—	$	3.0	$	—

Derivative Instruments, Gain (Loss)

The tables below show the amounts of pretax gains and losses related to the Company’s derivatives and their classification within the accompanying unaudited condensed consolidated statements of operations.

		Three Months Ended September 30, 2023
		Total loss recognized in income		Loss realized in income on derivatives		Unrealized (loss) gain recognized in income on derivatives
Derivative Instrument	Classification
		(Dollars in millions)
Foreign currency option contracts	Operating costs and expenses	$	(2.7)	$	(2.2)	$	(0.5)
Financial trading contracts	Revenue	(0.1)		(19.7)		19.6
Total		$	(2.8)	$	(21.9)	$	19.1
		Three Months Ended September 30, 2022
		Total (loss) gain recognized in income		(Loss) gain realized in income on derivatives		Unrealized (loss) gain recognized in income on derivatives
Derivative Instrument	Classification
		(Dollars in millions)
Foreign currency option contracts	Operating costs and expenses	$	(3.0)	$	(1.6)	$	(1.4)
Derivative contracts related to forecasted sales	Revenue	(27.0)		(117.4)		90.4
Financial trading contracts	Revenue	0.3		0.5		(0.2)
Total		$	(29.7)	$	(118.5)	$	88.8
		Nine Months Ended September 30, 2023
		Total (loss) gain recognized in income		(Loss) gain realized in income on derivatives		Unrealized gain (loss) recognized in income on derivatives
Derivative Instrument	Classification
		(Dollars in millions)
Foreign currency option contracts	Operating costs and expenses	$	(7.8)	$	(7.9)	$	0.1
Derivative contracts related to forecasted sales	Revenue	78.1		(80.9)		159.0
Financial trading contracts	Revenue	—		11.5		(11.5)
Total		$	70.3	$	(77.3)	$	147.6
		Nine Months Ended September 30, 2022
		Total (loss) gain recognized in income		(Loss) gain realized in income on derivatives		Unrealized (loss) gain recognized in income on derivatives
Derivative Instrument	Classification
		(Dollars in millions)
Foreign currency option contracts	Operating costs and expenses	$	(8.2)	$	(3.8)	$	(4.4)
Derivative contracts related to forecasted sales	Revenue	(543.1)		(308.0)		(235.1)
Financial trading contracts	Revenue	10.7		0.6		10.1
Total		$	(540.6)	$	(311.2)	$	(229.4)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the hierarchy of the Company’s net asset (liability) positions for which fair value is measured on a recurring basis. Variation margin cash associated with the derivative balances is excluded from this table.

	September 30, 2023
	Level 1		Level 2		Level 3		Total
	(Dollars in millions)
Foreign currency option contracts	$	—	$	0.1	$	—	$	0.1
Derivative contracts related to forecasted sales	—		—		—		—
Financial trading contracts	—		—		—		—
Equity securities	0.2		—		—		0.2
Total net assets	$	0.2	$	0.1	$	—	$	0.3
	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(Dollars in millions)
Foreign currency option contracts	$	—	$	3.0	$	—	$	3.0
Derivative contracts related to forecasted sales	—		(209.7)		—		(209.7)
Financial trading contracts	—		11.7		—		11.7
Equity securities	—		—		2.5		2.5
Total net (liabilities) assets	$	—	$	(195.0)	$	2.5	$	(192.5)

Carrying Amounts And Estimated Fair Values Of Companys Debt

The fair value of debt, shown below, is principally based on reported market values and estimates based on interest rates, maturities, credit risk, underlying collateral and completed market transactions.

	September 30, 2023		December 31, 2022
	(Dollars in millions)
Total debt at par value	$	342.1	$	343.6
Less: Unamortized debt issuance costs	(8.5)		(9.8)
Net carrying amount	$	333.6	$	333.8
Estimated fair value	$	506.2	$	560.0