v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents information related to our outstanding derivative contracts as of June 30, 2026 and December 31, 2025:
June 30, 2026
Notional AmountFair Value of AssetsFair Value of LiabilitiesTerm
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)741,777 $ $(251,274)
3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)200,000 289  
2 Years
Total$289 $(251,274)
December 31, 2025
Notional AmountFair Value of AssetsFair Value of LiabilitiesTerm
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)774,728 $— $(222,894)
3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)200,000 — (432)
2 Years
Natural Gas Forward Prices (MMBtu)2,425 — (171)
0 Years
Total$— $(223,497)
As of June 30, 2026, derivative assets and liabilities were classified as assets held for sale and liabilities held for sale, respectively, on the Consolidated Balance Sheet (refer to Note 2 for additional details).
Schedule of Derivative Assets at Fair Value
The following table presents the pre-tax gains (losses) recognized in accumulated other comprehensive loss and earnings related to all derivative instruments for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cash Flow Hedges
Gains (losses) recognized in accumulated other comprehensive loss:
Electricity swaps$(42,757)$(17,468)$(38,903)$(41,899)
Total$(42,757)$(17,468)$(38,903)$(41,899)
Gains (losses) reclassified from accumulated other comprehensive loss to earnings:
Electricity swaps$(4,731)$1,344 $(20,691)$1,725 
Total$(4,731)$1,344 $(20,691)$1,725 
Gains (losses) recognized in earnings related to:
Not designated as hedging instruments:
Interest rate swaps354 (535)721 (827)
Natural gas forwards(6)— (1,222)— 
Total$348 $(535)$(501)$(827)