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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of financial assets and liabilities at fair value on a recurring basis
Recurring Fair Value Measurements
As of December 31, 2022
 Level 1Level 2Level 3Total
ASSETS:    
Cash equivalents$5.6 $— $— $5.6 
Trust assets (1)
0.1— — 0.1
     Derivative instruments— 127.3 1.8 129.1 
TOTAL$5.7 $127.3 $1.8 $134.8 
LIABILITIES:    
Contingent obligation – net (2)
$— $— $— $— 
Derivative instruments— 26.4 4.6 31.0 
TOTAL$— $26.4 $4.6 $31.0 
Recurring Fair Value Measurements
As of December 31, 2021
 Level 1Level 2Level 3Total
ASSETS:    
Cash equivalents$14.2 $— $— $14.2 
Trust assets (1)
0.1— — 0.1 
Derivative instruments— 42.6 0.2 42.8 
TOTAL$14.3 $42.6 $0.2 $57.1 
LIABILITIES:    
Contingent obligation – net (2)
$— $— $— $— 
Derivative instruments— 140.9 5.3 146.2 
TOTAL$— $140.9 $5.3 $146.2 

(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.  
(2)See Note 16. Commitments and Contingencies for additional information about the contingent obligation.
Schedule of valuation methodology for assets and liabilities at fair value
The following section describes the valuation techniques and inputs used for fair value measurements categorized within Level 2 or Level 3 of the fair value hierarchy:
Level 2 Fair Value Measurements:
Asset / LiabilityValuation TechniquesInputs
LME forward financial sales contractsDiscounted cash flowsQuoted LME forward market
Midwest Premium ("MWP") forward financial sales contracts Discounted cash flowsQuoted MWP forward market
Fixed for floating swapsDiscounted cash flowsQuoted LME forward market, quoted MWP forward market
Nord Pool power price swaps Discounted cash flowsQuoted Nord Pool forward market
Indiana Hub power price swapsDiscounted cash flowsQuoted Indiana Hub forward market
FX swaps Discounted cash flowsEuro/USD forward exchange rate
Casthouse currency hedgesDiscounted cash flowsEuro/USD forward exchange rate; ISK/USD forward exchange rate

When valuing Level 3 assets and liabilities, we use certain significant unobservable inputs. Management incorporates various inputs and assumptions including forward commodity prices, commodity price volatility, and macroeconomic conditions, including interest rates and discount rates. Our estimates of significant unobservable inputs are ultimately based on our estimates of risks that market participants would consider when valuing our assets and liabilities.
The following table presents the inputs for fair value measurements categorized within Level 3 of the fair value hierarchy, along with information regarding significant unobservable inputs used to value Level 3 assets and liabilities:
Level 3 Fair Value Measurements:
As of December 31, 2022
As of December 31, 2021
Asset / LiabilityValuation TechniqueObservable InputsSignificant Unobservable InputFair Value Value/Range of Unobservable InputFair ValueValue/Range of Unobservable Input
LME forward financial sales contractsDiscounted cash flowsQuoted LME forward market
Discount rate net (1)
$(2.8)8.58%$(5.1)8.58%
FX SwapsDiscounted cash flowsEuro/USD forward exchange rate
Discount rate net (1)
$— 8.58%$(0.2)8.58%
Nord Pool SwapsDiscounted cash flowsQuoted Nord Pool forward market
Discount rate net (1)
$— 8.58%$0.2 8.58%
Casthouse currency hedgesDiscounted cash flowsEuro/USD forward exchange rate; ISK/USD forward exchange rate
Discount rate net (1)
$— 8.58%$— —%
Contingent ObligationDiscounted cash flowsQuoted LME forward market
Expected monthly Hawesville production level (2)
$— 
0 MT/month
$— 
14,000 - 15,000 MT/month
(1) Represents risk adjusted discount rate
(2) Represents management's estimate of expected monthly Hawesville production levels through the term of the agreement in December 2028.
Schedule of fair value reconciliation of Level 3 assets and liabilities measured at fair value
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis.
For the twelve months ended December 31, 2022
Level 3 AssetsLevel 3 Liabilities
Nord Pool SwapsLME forward financial sales contractsLME forward financial sales contractsFX SwapsCasthouse currency hedges
Balance as of January 1, 2022
$0.2 $0.0 $(5.1)$(0.2)$— 
Total realized/unrealized gains (losses)
     Included in Net Income (1)
— 1.6 5.3 — — 
Purchases, sales, settlements
     Purchases— — — — — 
     Sales— — — — — 
     Settlements— — — — — 
Transfers into Level 3 (2)
— 1.7 (2.5)— 0.0
Transfers out of Level 3 (3)
(0.2)(1.5)(2.3)0.2 0.0
Balance as of December 31, 2022
$— $1.8 $(4.6)$— $— 
Change in unrealized gains (losses) (1)
$— $1.6 $5.3 $— $— 
(1) Gains and losses are presented in the Consolidated Statement of Operations within the line item "Net gain (loss) on forward and derivative contracts."
(2) Transfers into Level 3 due to contracts with applied discount rate entered into during 2022.
(3) Transfer out of Level 3 due to period of time remaining in derivative contract.

For the twelve months ended December 31, 2021
Level 3 AssetsLevel 3 Liabilities
Nord Pool SwapsLME forward financial sales contractsFX Swaps
Balance as of January 1, 2021
$— $2.9 $0.1 
Total realized/unrealized gains (losses)
     Included in Net Income (1)
— (28.7)(0.6)
Purchases, sales, settlements
     Purchases— — — 
     Sales— — — 
     Settlements— — — 
Transfers into Level 3 (2)
1.7 (1.0)(0.4)
Transfers out of Level 3 (3)
(1.5)21.7 0.7 
Balance as of December 31, 2021
$0.2 $(5.1)$(0.2)
Change in unrealized gains (losses) (1)
$— $(28.7)$(0.6)

(1) Gains and losses are presented in the Consolidated Statement of Operations within the line item "Net gain (loss) on forward and derivative contracts."
(2) Transfers into Level 3 due to contracts with applied discount rate entered into during 2021.
(3) Transfer out of Level 3 due to period of time remaining in derivative contract.