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Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt

	September 30, 2019				December 31, 2018
Debt classified as current liabilities:
Term loan - current portion(1), interest payable monthly	$	15.0			$	—
Hancock County industrial revenue bonds ("IRBs") due April 1, 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (2)	7.8				7.8
U.S. revolving credit facility (3)	0.4				23.3
Debt classified as non-current liabilities:
7.5% senior secured notes due June 1, 2021, net of debt discount of $1.0 million and $1.4 million, respectively, interest payable semiannually	249.0				248.6
Term loan - less current portion(1), interest payable monthly	25.0				—
Total	$	297.2			$	279.7

⁽¹⁾ See "Hawesville Term Loan" paragraph below. At September 30, 2019, the applicable interest rate was LIBOR of 2.16% plus margin of 5.375%.

⁽²⁾ The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRB interest rate at September 30, 2019 was 1.77%.

⁽³⁾ The U.S. revolving credit facility is classified as a current liability because we repay amounts outstanding and reborrow funds based on our working capital requirements. Borrowings bear interest at our option of either LIBOR or a base rate, plus, in each case, an applicable interest margin. At September 30, 2019, all outstanding borrowings were subject to a rate of

Schedule of Line of Credit Facilities

Status of our U.S. revolving credit facility:	September 30, 2019
Credit facility maximum amount	$	175.0
Borrowing availability	169.7
Outstanding letters of credit issued	41.7
Outstanding borrowings	0.4
Borrowing availability, net of outstanding letters of credit and borrowings	127.6

Status of our Iceland revolving credit facility:	September 30, 2019
Credit facility maximum amount	$	50.0
Borrowing availability	50.0
Outstanding letters of credit issued	—
Outstanding borrowings	—
Borrowing availability, net of borrowings	50.0

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08.(e),(f))
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