Derivatives, Hedging Programs and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Positions

The following table summarizes our derivative positions at December 31, 2023:

Aluminum	Maturity Period	Notional Amount of Contracts (mmlbs)
Fixed price purchase contracts for LME	January 2024 through December 2025		69.8
Fixed price sale contracts for LME	January 2024 through April 2024		6.3
Fixed price purchase contracts for MWTP	January 2024 through December 2025		54.1
Fixed price sale contracts for MWTP	January 2024 through May 2024		26.6

Alloying Metals	Maturity Period	Notional Amount of Contracts (mmlbs)
Fixed price purchase contracts	January 2024 through December 2025		8.4

Natural Gas	Maturity Period	Notional Amount of Contracts (mmbtu)
Fixed price purchase contracts	January 2024 through December 2026		3,390,000

Electricity	Maturity Period	Notional Amount of Contracts (Mwh)
Fixed price purchase contracts	January 2024 through December 2024		52,704

Euros	Maturity Period	Notional Amount of Contracts (EUR)
Fixed price forward purchase contracts	January 2024 through January 2026		16,745,648

British Pounds	Maturity Period	Notional Amount of Contracts (GBP)
Fixed price forward purchase contracts	May 2024 through July 2024		216,799

Summary of Loss (Gain) Associated with Derivative Contracts

The following table summarizes the amount of loss (gain) on derivative contracts recorded within our Statements of Consolidated Income (Loss) in Cost of products sold (in millions of dollars):

	Year Ended December 31,
	2023		2022			2021
Total of income and expense line items presented in our Statements of Consolidated Income (Loss) in which the effects of hedges are recorded:
Cash flow hedges	$	2,754.9	$	3,180.2		$	2,348.1
Loss (gain) recognized in our Statements of Consolidated Income (Loss) related to cash flow hedges:
Aluminum	$	12.8	$	7.4		$	(35.2	)
Alloying Metals		—		—			0.1
Natural gas		0.1		(6.6	)		(2.1	)
Electricity		—		(11.3	)		(4.7	)
Total loss (gain) recognized in our Statements of Consolidated Income (Loss) related to cash flow hedges	$	12.9	$	(10.5	)	$	(41.9	)
Loss (gain) recognized in our Statements of Consolidated Income (Loss) related to non-designated hedges:
Alloying Metals – Realized loss (gain)	$	0.1	$	(0.5	)	$	(5.0	)
Alloying Metals – Unrealized loss		—		1.4			1.2
Total loss (gain) recognized in our Statements of Consolidated Income (Loss) related to non-designated hedges	$	0.1	$	0.9		$	(3.8	)

Schedule of Fair Value of Derivative Financial Instruments

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

	As of December 31, 2023								As of December 31, 2022
	Assets		Liabilities			Net Amount			Assets		Liabilities			Net Amount
Aluminum –
Fixed price purchase contracts for LME	$	3.4	$	(0.6	)	$	2.8		$	0.7	$	(3.9	)	$	(3.2	)
Fixed price sale contracts for LME		—		(0.2	)		(0.2	)		—		—			—
Fixed price purchase contracts for MWTP		0.4		(0.3	)		0.1			0.5		(1.4	)		(0.9	)
Fixed price sale contracts for MWTP		0.1		(0.2	)		(0.1	)		—		—			—
Alloying Metals – Fixed price purchase contracts		0.7		(0.1	)		0.6			—		—			—
Natural gas – Fixed price purchase contracts		0.3		(0.9	)		(0.6	)		4.7		—			4.7
Electricity – Fixed price purchase contracts		0.5		(0.6	)		(0.1	)		—		—			—
Foreign Currency – Fixed price forward contracts		0.5		—			0.5			—		—			—
Total	$	5.9	$	(2.9	)	$	3.0		$	5.9	$	(5.3	)	$	0.6

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

	As of December 31,
	2023			2022
Derivative assets:
Prepaid expenses and other current assets	$	4.8		$	3.6
Other assets		1.1			2.3
Total derivative assets	$	5.9		$	5.9
Derivative liabilities:
Other accrued liabilities	$	(2.4	)	$	(5.3	)
Long-term liabilities		(0.5	)		—
Total derivative liabilities	$	(2.9	)	$	(5.3	)