Derivatives, Hedging Programs and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Positions

The following table summarizes our derivative positions at December 31, 2025:

Aluminum	Maturity Period	Notional Amount of Contracts (mmlbs)
Fixed price purchase contracts for LME	January 2026 through May 2027		44.9
Fixed price sale contracts for LME	January 2026 through March 2026		20.3
Fixed price purchase contracts for MWTP	January 2026 through May 2027		45.0
Fixed price sale contracts for MWTP	January 2026 through May 2026		29.2

Alloying Metals	Maturity Period	Notional Amount of Contracts (mmlbs)
Fixed price purchase contracts	January 2026 through December 2027		6.4

Natural Gas	Maturity Period	Notional Amount of Contracts (mmbtu)
Fixed price purchase contracts	January 2026 through December 2027		3,120,000

Euros	Maturity Period	Notional Amount of Contracts (EUR)
Fixed price forward purchase contracts	January 2026 through July 2027	€	1.1

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):

	Year Ended December 31,
	2025			2024 As Adjusted1			2023 As Adjusted1
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	$	2,930.6		$	2,666.6		$	2,728.2
(Gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges:
Aluminum	$	(30.4	)	$	(1.4	)	$	12.8
Alloying Metals		(2.3	)		(1.1	)		—
Natural gas		0.8			1.0			0.1
Electricity		—			0.6			—
Foreign exchange contracts		(0.2	)		—			—
Total (gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges	$	(32.1	)	$	(0.9	)	$	12.9
Loss recognized in our Statements of Consolidated Income related to non-designated hedges:
Alloying Metals	$	—		$	—		$	0.1
Electricity		—			5.0			—
Total loss recognized in our Statements of Consolidated Income related to non-designated hedges	$	—		$	5.0		$	0.1

1.Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 18 for further discussion.

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, 2025								As of December 31, 2024
	Assets		Liabilities			Net Amount			Assets		Liabilities			Net Amount
Aluminum –
Fixed price purchase contracts for LME	$	2.6	$	—		$	2.6		$	1.1	$	(0.8	)	$	0.3
Fixed price sale contracts for LME		—		(0.8	)		(0.8	)		—		—			—
Fixed price purchase contracts for MWTP		3.8		(0.1	)		3.7			1.1		—			1.1
Fixed price sale contracts for MWTP		—		(1.6	)		(1.6	)		—		—			—
Alloying Metals – Fixed price purchase contracts		2.4		—			2.4			1.3		(0.1	)		1.2
Natural gas – Fixed price purchase contracts		0.7		(1.3	)		(0.6	)		0.5		(0.8	)		(0.3	)
Foreign Currency – Fixed price forward contracts		0.1		—			0.1			—		(0.4	)		(0.4	)
Total	$	9.6	$	(3.8	)	$	5.8		$	4.0	$	(2.1	)	$	1.9

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,
	2025			2024
Derivative assets:
Prepaid expenses and other current assets	$	8.3		$	3.7
Other assets		1.3			0.3
Total derivative assets	$	9.6		$	4.0
Derivative liabilities:
Other accrued liabilities	$	(3.1	)	$	(1.8	)
Long-term liabilities		(0.7	)		(0.3	)
Total derivative liabilities	$	(3.8	)	$	(2.1	)