v3.26.3
Derivatives, Hedging Programs and Other Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Derivative Positions

The following table summarizes our derivative positions at September 30, 2026:

 

Aluminum

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts for LME

 

October 2026 through February 2028

 

 

82.1

 

Fixed price sale contracts for LME

 

October 2026 through December 2027

 

 

4.9

 

Fixed price purchase contracts for MWP

 

October 2026 through February 2028

 

 

82.1

 

Fixed price sale contracts for MWP

 

October 2026 through December 2027

 

 

4.9

 

 

Alloying Metals

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts

 

October 2026 through December 2027

 

 

4.1

 

 

Natural Gas

 

Maturity Period

 

Notional Amount of Contracts (mmbtu)

 

Fixed price purchase contracts

 

October 2026 through December 2028

 

 

4,710,000

 

 

Electricity

 

Maturity Period

 

Notional Amount of Contracts (Mwh)

 

Fixed price purchase contracts

 

October 2026 through December 2028

 

 

368,644

 

 

Euro

 

Maturity Period

 

Notional Amount of Contracts (in millions of Euros)

 

Fixed price forward purchase contracts

 

October 2026 through March 2028

 

€

6.4

 
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 in COGS:

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

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

 

$

1,098.8

 

 

$

728.8

 

 

$

3,099.6

 

 

$

2,125.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss (gain) recognized in our Statements of Consolidated Income related to cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum

 

$

7.1

 

 

$

(9.7

)

 

$

(16.2

)

 

$

(17.1

)

Alloying Metals

 

 

(0.9

)

 

 

(0.5

)

 

 

(2.1

)

 

 

(1.4

)

Natural gas

 

 

0.4

 

 

 

0.4

 

 

 

0.6

 

 

 

0.7

 

Electricity

 

 

(0.1

)

 

 

—

 

 

 

2.1

 

 

 

—

 

Foreign exchange contracts

 

 

—

 

 

 

(0.2

)

 

 

—

 

 

 

(0.2

)

Total loss (gain) recognized in our Statements of Consolidated Income related to cash flow hedges

 

$

6.5

 

 

$

(10.0

)

 

$

(15.6

)

 

$

(18.0

)
Schedule of Fair Value of Derivative Assets and Liabilities The following table presents the fair value of our derivative financial instruments:

 

 

 

As of September 30, 2026

 

 

As of December 31, 2025

 

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price purchase contracts for LME

 

$

0.4

 

 

$

(4.2

)

 

$

(3.8

)

 

$

2.6

 

 

$

—

 

 

$

2.6

 

Fixed price sale contracts for LME

 

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

(0.8

)

 

 

(0.8

)

Fixed price purchase contracts for MWP

 

 

1.1

 

 

 

(3.4

)

 

 

(2.3

)

 

 

3.8

 

 

 

(0.1

)

 

 

3.7

 

Fixed price sale contracts for MWP

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.6

)

 

 

(1.6

)

Alloying Metals – Fixed price purchase contracts

 

 

3.0

 

 

 

—

 

 

 

3.0

 

 

 

2.4

 

 

 

—

 

 

 

2.4

 

Natural gas – Fixed price purchase contracts

 

 

1.2

 

 

 

(2.8

)

 

 

(1.6

)

 

 

0.7

 

 

 

(1.3

)

 

 

(0.6

)

Electricity – Fixed price purchase contracts

 

 

2.2

 

 

 

(2.1

)

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency – Fixed price forward contracts

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Total

 

$

8.0

 

 

$

(12.6

)

 

$

(4.6

)

 

$

9.6

 

 

$

(3.8

)

 

$

5.8

 

The following table presents the total amounts of derivative assets and liabilities on our Consolidated Balance Sheets:

 

 

 

As of September 30, 2026

 

 

As of December 31, 2025

 

Derivative assets:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

5.5

 

 

$

8.3

 

Other assets

 

 

2.5

 

 

 

1.3

 

Total derivative assets

 

$

8.0

 

 

$

9.6

 

Derivative liabilities:

 

 

 

 

 

 

Other accrued liabilities

 

$

(11.2

)

 

$

(3.1

)

Long-term liabilities

 

 

(1.4

)

 

 

(0.7

)

Total derivative liabilities

 

$

(12.6

)

 

$

(3.8

)