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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of debt

			March 31, 2021						December 31, 2020
Debt classified as current liabilities:
Hawesville Term Loan(1)			$	15.0					$	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)			50.4						—
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 $2.2 million and $2.3 million, and financing fees of $4.4 million and $4.6 million at March 31, 2021 and December 31, 2020, respectively, interest payable semiannually			243.4						243.1
Total			$	316.6					$	315.9

(1) See "Hawesville Term Loan" below. At March 31, 2021, the applicable interest rate was LIBOR of 0.2% plus margin of 5.375% and there is no interest payable outstanding. As of March 31, 2021, we have made $25.0 million of principal payments and $2.2 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 March 31, 2021 was 0.2%.

(3) We have elected to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at March 31, 2021 was 3.8%.

(4) We have elected to incur interest at LIBOR plus applicable margin as defined within the agreement.

Schedule of line of credit facilities

Status of our U.S. revolving credit facility:			March 31, 2021
Credit facility maximum amount			$	175.0
Borrowing availability			139.6
Outstanding letters of credit issued			75.4
Outstanding borrowings			50.4
Borrowing availability, net of outstanding letters of credit and borrowings			13.8

Status of our Iceland revolving credit facility:			March 31, 2021
Credit facility maximum amount			$	50.0
Borrowing availability			50.0
Outstanding letters of credit issued			—
Outstanding borrowings			—
Borrowing availability, net of borrowings			50.0

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- References

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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))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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=120395691&loc=d3e23780-122690

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