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Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

	March 31, 2020				December 31, 2019
Debt classified as current liabilities:
Hawesville Term Loan - current portion(1)	$	20.0			$	20.0
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)	45.0				4.0
Debt classified as non-current liabilities:
Iceland Revolving Credit Facility (4)	45.0				—
7.5% senior secured notes due June 2021, net of debt discount of $0.7 million and $0.8 million, respectively, interest payable semiannually	249.3				249.2
Hawesville Term Loan - less current portion(1), principal and interest payable monthly	15.0				20.0
Total	$	382.1			$	301.0

⁽¹⁾ See "Hawesville Term Loan" below. At March 31, 2020, the applicable interest rate was LIBOR of 1.68% plus margin of 5.375% and there is no interest payable outstanding. As of March 31, 2020, we have made $5.0 million of principal payments and $0.7 million of interest payments.

⁽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 March 31, 2020 was 5.63%.

⁽³⁾ 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 rates at March 31, 2020 was 3.5%.

⁽⁴⁾ We have elected to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at March 31, 2020 was 3.8%

Schedule of Line of Credit Facilities

Status of our Iceland revolving credit facility:	March 31, 2020
Credit facility maximum amount	$	50.0
Borrowing availability	50.0
Outstanding letters of credit issued	—
Outstanding borrowings	45.0
Borrowing availability, net of borrowings	5.0

Status of our U.S. revolving credit facility:	March 31, 2020
Credit facility maximum amount	$	175.0
Borrowing availability	133.8
Outstanding letters of credit issued	38.3
Outstanding borrowings	45.0
Borrowing availability, net of outstanding letters of credit and borrowings	50.5

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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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- Definition

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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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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