Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives not designated as hedging instruments

The following tables sets forth the Company's derivative assets and liabilities that were accounted for at fair value and not designated as cash flow hedges as of March 31, 2023 and December 31, 2022, respectively:

	Asset Fair Value
	March 31, 2023		December 31, 2022
Commodity contracts(1)	$	52.5	$	129.1
Foreign exchange contracts(2)	0.1		—
Total	$	52.6	$	129.1

	Liability Fair Value
	March 31, 2023		December 31, 2022
Commodity contracts(1)	$	15.1	$	23.7
Foreign exchange contracts(2)	4.2		7.3
Total	$	19.3	$	31.0

(1) Commodity contracts reflect our outstanding LME forward financial sales contracts, MWP forward financial sales contracts, fixed for floating swaps, Nord Pool power price swaps, and Indiana Hub power price swaps. At March 31, 2023, $7.1 million of Due to affiliates, and $5.9 million of Due to affiliates - less current portion were related to commodity contracts with Glencore. At December 31, 2022, $11.9 million of Due to affiliates, and $8.3 million of Due to affiliates - less current portion were related to commodity contract liabilities with Glencore.

(2) Foreign exchange contracts reflect our outstanding FX swaps and the casthouse currency hedges.

Schedule of derivative instruments

The following table summarizes the net loss on forward and derivative contracts:

	Three months ended March 31,
	2023		2022
Commodity contracts(1)	$	(59.1)	$	(56.0)
Foreign exchange contracts	1.6		(1.0)
Total	$	(57.5)	$	(57.0)

(1) For the three months ended March 31, 2023, $14.9 million of the net loss was with Glencore, and for the three months ended March 31, 2022, $58.9 million of the net loss was with Glencore.