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Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

			September 30, 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)			5.0						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 $0.8 million at December 31, 2019			—						249.2
12.0% senior secured notes due June 2025, net of debt discount of $2.4 million and financing fees of $4.8 million at September 30, 2020, interest payable semiannually			242.8						—
Hawesville Term Loan - less current portion(1), principal and interest payable monthly			5.0						20.0
Total			$	325.6					$	301.0

(1) See "Hawesville Term Loan" below. At September 30, 2020, the applicable interest rate was LIBOR of 0.3% plus margin of 5.375% and there is no interest payable outstanding. As of September 30, 2020, we have made $15.0 million of principal payments and $1.6 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 September 30, 2020 was 0.34%.

(3) We have elected to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2020 was 4.0%.

(4) We have elected to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2020 was 3.2%.

Schedule of Debt Redemption Rights

Prior to July 1, 2021, we may redeem the 2025 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium and accrued and unpaid interest, and if redeemed during the twelve-month period beginning on July 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest:

Year			Percentage
2021			105.0%
2022			102.5%
2023			101.25%
2024			100.0%

Schedule of Line of Credit Facilities

Status of our U.S. revolving credit facility:			September 30, 2020
Credit facility maximum amount			$	175.0
Borrowing availability			124.6
Outstanding letters of credit issued			36.6
Outstanding borrowings			5.0
Borrowing availability, net of outstanding letters of credit and borrowings			83.0

Status of our Iceland revolving credit facility:			September 30, 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

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