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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of debt |
| December 31,
| 2019 |  | 2018
Debt classified as current liabilities: |  |  |
Hawesville Term Loan - current portion (1) | $ | 20.0 |  |  | $ | — |
Hancock County industrial revenue bonds ("IRBs") due April 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (2) | 7.8 |  |  | 7.8 |
U.S. Revolving Credit Facility (3) | 4.0 |  |  | 23.3 |
Debt classified as non-current liabilities: |  |  |  |
7.5% senior secured notes due June 2021, net of debt discount of $0.8 million and $1.4 million, respectively, interest payable semiannually | 249.2 |  |  | 248.6 |
Hawesville Term Loan - less current portion (1), interest payable monthly | 20.0 |  |  | — |
Total | $ | 301.0 |  |  | $ | 279.7 |
(1) | See "Hawesville Term Loan" below. At December 31, 2019, the applicable interest rate was LIBOR of 1.90% 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 December 31, 2019 was 1.80%.
(3) The U.S. revolving credit facility is classified as a current liability because we repay amounts outstanding and re-borrow funds based on our working capital requirements. For borrowings that we expect to repay within a month, we generally elect to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2019 was 5.00%.
Schedule of line of credit facilities | Status of our Iceland revolving credit facility:
| December 31, 2019
Credit facility maximum amount | $ | 50.0 |
Borrowing availability | 50.0 |
Outstanding letters of credit issued | — |
Outstanding borrowings | — |
Borrowing availability, net of outstanding letters of credit and borrowings | $ | 50.0 |
Status of our U.S. revolving credit facility:
| December 31, 2019
Credit facility maximum amount | $ | 175.0 |
Borrowing availability | 157.0 |
Outstanding letters of credit issued | 41.4 |
Outstanding borrowings | 4.0 |
Borrowing availability, net of outstanding letters of credit and borrowings | $ | 111.6 |
Schedule of offsetting of financial instruments and derivatives | The following table provides information about the balance sheet location and gross amounts offset:
Offsetting of financial instruments and derivatives |  | Balance sheet location |  | December 31, 2019 |  | December 31, 2018
Contingent obligation – principal |  | Other liabilities |  | $ | (12.9 | ) |  | $ | (12.9 | )
Contingent obligation – accrued interest |  | Other liabilities |  | (12.3 | ) |  | (10.9 | )
Contingent obligation – derivative asset |  | Other liabilities |  | 25.2 |  |  | 23.8 |
|  |  |  | $ | — |  |  | $ | — |

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