Derivative Instruments

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 12 – 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, the Corporation terminated its existing futures contracts for copper resulting in a pre-tax termination gain of approximately $559. The termination gain was reclassified to earnings throughout 2025 as the projected sales occurred. At June 30, 2026, approximately 58%, or $1,101, of anticipated aluminum purchases over the next eight months are hedged. At June 30, 2025, approximately 75%, or $556, of anticipated aluminum purchases over the next five 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, 2026, the Corporation has purchase commitments covering approximately 25%, or $453, of anticipated natural gas usage through December 31, 2026 for one of its subsidiaries and approximately 36%, or $1,358, of anticipated electricity usage through December 31, 2027 for another one of its subsidiaries. At June 30, 2025, the Corporation had purchase commitments covering approximately 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. Purchases of natural gas and electricity under previously existing commitments equaled $527 and $1,076 for the three and six months ended June 30, 2026, respectively, and $961 and $2,085 for the three and six months ended June 30, 2025, 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 the 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.

Losses on foreign exchange transactions included in other income (expense) – net equaled $(209) and $(4) for the three and six months ended June 30, 2026, respectively, and $(1,352) and $(1,131) for the three and six months ended June 30, 2025, 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, 2026 and 2025 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 income (loss) 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, 2026	Beginning of the Period			Recognized			Reclassified		End of the Period
Foreign currency purchase contracts	$	21		$	—		$	7	$	14
Futures contracts – copper and aluminum		190			(87	)		94		9
	$	211		$	(87	)	$	101	$	23
Three Months Ended June 30, 2025
Foreign currency purchase contracts	$	48		$	—		$	8	$	40
Futures contracts – copper and aluminum		571			18			273		316
	$	619		$	18		$	281	$	356
Six Months Ended June 30, 2026
Foreign currency purchase contracts	$	27		$	—		$	13	$	14
Futures contracts – copper and aluminum		89			76			156		9
	$	116		$	76		$	169	$	23
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

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 Statement of Operations	Estimated to be Reclassified in the Next 12 Months
				Three Months Ended June 30,				Six Months Ended June 30,
				2026		2025		2026		2025
Foreign currency purchase contracts	Depreciation and amortization	$	14	$	7	$	8	$	13	$	14
Futures contracts – copper and aluminum	Costs of products sold (excluding depreciation and amortization)	$	10	$	99	$	281	$	163	$	336