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Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt

			December 31,
			2020						2019
Debt classified as current liabilities:
Hawesville Term Loan - current portion (1)			$	20.0					$	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
Debt classified as non-current liabilities:
Iceland Revolving Credit Facility (4)			45.0						—
12.0% senior secured notes due July 1, 2025, net of debt discount of $2.3 million and financing fees of $4.6 million at December 31, 2020, interest payable semiannually			243.1						—
7.5% senior secured notes due June 2021, net of debt discount of $0.8 million at December 31, 2019			—						249.2
Hawesville Term Loan - less current portion (1), interest payable monthly			—						20.0
Total			$	315.9					$	301.0

(1)See "Hawesville Term Loan" below. At December 31, 2020, the applicable interest rate was LIBOR of 0.2% plus margin of 5.375%. As of December 31, 2020, we have made $20.0 million of principal payments and $1.9 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 IRBs interest rate at December 31, 2020 was 0.3%.

(3)We have elected to incur interest at a base rate plus applicable margin as defined within the agreement.

(4)We have elected to incur interest at LIBOR plus applicable margin as defined within the agreement. The interest rate at December 31, 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:

			December 31, 2020
Credit facility maximum amount			$	175.0
Borrowing availability			129.9
Outstanding letters of credit issued			34.3
Outstanding borrowings			—
Borrowing availability, net of outstanding letters of credit and borrowings			$	95.6

Status of our Iceland revolving credit facility:

			December 31, 2020
Credit facility maximum amount			$	50.0
Borrowing availability			5.0
Outstanding letters of credit issued			—
Outstanding borrowings			45.0
Borrowing availability, net of outstanding letters of credit and borrowings			$	5.0

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, 2020						December 31, 2019
Contingent obligation – principal						Other liabilities						$	(12.9)					$	(12.9)
Contingent obligation – accrued interest						Other liabilities						(13.7)						(12.3)
Contingent obligation – derivative asset						Other liabilities						26.6						25.2
												$	—					$	—

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