Derivatives and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Location and Fair Value Amount of Derivative Instruments

The following table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024. As of June 30, 2025 and December 31, 2024, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in its Condensed Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Condensed Consolidated Balance Sheets offset to a net asset of $3.9 million and zero as of June 30, 2025 and December 31, 2024, respectively.


		Asset Derivatives										Liability Derivatives
		Balance Sheet Location		June 30, 2025				December 31, 2024				Balance Sheet Location		June 30, 2025				December 31, 2024
Derivatives not designated as hedging instruments under ASC 815		(In millions)
Metal commodity contracts		Prepaid expenses and other current assets		$	4.7			$	1.8			Other accrued liabilities		$	0.9			$	2.0
Energy commodity contracts		Prepaid expenses and other current assets			0.2				0.1			Other accrued liabilities			—				—
Foreign currency exchange contracts		Prepaid expenses and other current assets			—				0.1			Other accrued liabilities			0.1				—
Total derivatives				$	4.9			$	2.0					$	1.0			$	2.0

Volume of Company 's Activity in Derivative Instruments

The following table presents the volume of the Company’s activity in derivative instruments as of June 30, 2025 and December 31, 2024:


		Notional Amount
Derivative Instruments		June 30, 2025				December 31, 2024				Unit of Measurement
Hot roll coil swap contracts			17,204				31,658			Tons
Aluminum swap contracts			8,233				15,711			Tons
Nickel swap contracts			389				298			Tons
Copper swap contracts			2,274				1,319			Tons
Natural gas swap contracts			215,080				283,000			Gallons
Diesel fuel swap contracts			1,916,000				1,176,000			Gallons
Foreign currency exchange contracts		3.4 million				1.6 million				U.S. dollars

Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income

The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024:


				Amount of Gain/(Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments under ASC 815		Location of Gain/(Loss) Recognized in Income on Derivatives		Three Months Ended June 30,								Six Months Ended June 30,
				2025				2024				2025				2024

Metal commodity contracts		Cost of materials sold		$	1.0			$	5.3			$	7.1			$	4.4
Energy commodity contracts		Warehousing, delivery, selling, general, and administrative			(0.2	)			—				—				—
Foreign exchange contracts		Other income and (expense), net			—				—				(0.1	)			0.1
Total				$	0.8			$	5.3			$	7.0			$	4.5