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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Assets and Liabilities at Fair Value on a Recurring Basis


Recurring Fair Value Measurements	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
ASSETS:
Cash equivalents	$	229.7	$	—	$	—	$	229.7
Trust assets(1)	0.2		—		—		0.2

Derivative instruments	—		8.2		—		8.2
TOTAL	$	229.9	$	8.2	$	—	$	238.1

LIABILITIES:

Derivative instruments	$	—	$	120.6	$	—	$	120.6
TOTAL	$	—	$	120.6	$	—	$	120.6


Recurring Fair Value Measurements	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
ASSETS:
Cash equivalents	$	122.3	$	—	$	—	$	122.3
Trust assets(1)	0.1		—		—		0.1
Derivative instruments	—		1.9		—		1.9
TOTAL	$	122.4	$	1.9	$	—	$	124.3

LIABILITIES:

Derivative instruments	$	—	$	66.0	$	—	$	66.0
TOTAL	$	—	$	66.0	$	—	$	66.0

(1)Trust assets are currently invested in money market funds. These trust assets are held to fund the non-qualified supplemental executive pension benefit obligations for certain of our officers.

Schedule of Valuation Methodology for Assets and Liabilities at Fair Value

The following section describes the valuation techniques or inputs for fair value measurements categorized within Level 2 of the fair value hierarchy:

Level 2 Fair Value Measurements:

Asset / Liability

Valuation Techniques

Inputs

LME forward financial sales contracts

Discounted cash flows

Quoted LME forward market, Secured Overnight Financing Rate ("SOFR") discount rate

Midwest Premium ("MWP") forward financial sales contracts

Discounted cash flows

Quoted MWP forward market, SOFR discount rate

Fixed for floating swaps

Discounted cash flows

Quoted LME forward market, quoted MWP forward market

Indiana Hub power price swaps

Discounted cash flows

Quoted Indiana Hub forward market, SOFR discount rate

Heavy Fuel Oil ("HFO") price swaps

Discounted cash flows

Quoted HFO forward market

Schedule of Significant Unobservable Inputs

The following table describes the significant unobservable inputs used in the valuation.


	February 2, 2026
Sales comparison approach
Adjusted price per megawatt	$0.4 - $0.6

Scenario-based approach with the Black-Scholes option pricing model
Discount rate	7.45% - 7.64%
Expected term (years)	3 - 5
Equity volatility	108% - 117%
Dividend yield	—	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details