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Debt (Tables)

12 Months Ended

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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