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Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of debt |
| December 31,
| 2021 |  | 2020
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) | 63.6 |  |  | — |
Iceland Revolving Credit Facility (4) | 50.0 |  |  | — |
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 April 1, 2028, net of financing fees of $4.2 million at December 31, 2021, interest payable semiannually | 245.8 |  |  | — |
2.75% convertible senior notes due May 1, 2028, net of financing fees of $2.3 million at December 31, 2021, interest payable semiannually | 84.0 |  |  | $ | — |
Total | $ | 451.2 |  |  | $ | 315.9 |
(1)See "Hawesville Term Loan" below. As of December 31, 2021, we have made $40.0 million of principal payments and $4.6 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 IRBs interest rate at December 31, 2021 was 0.3%. (3)We have elected to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2021 was 4.0%. (4)We have elected to incur interest at LIBOR plus applicable margin as defined within the agreement. The interest rate at December 31, 2021 was 3.054%. The classification of our Iceland Revolving Credit Facility balance reflects our anticipated payment timeframe.
Schedule of debt redemption rights | Redemption Rights. Prior to April 1, 2024, we may redeem the 2028 Notes, in whole or in part, at a redemption price equal to 100.00% of the principal amount plus a make-whole premium and accrued and unpaid interest, and if redeemed during the twelve-month period beginning on April 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest:
Year | Percentage
2024 | 103.750%
2025 | 101.875%
2026 and Thereafter | 100.000%
Schedule of line of credit facilities | Status of our U.S. revolving credit facility:
| December 31, 2021
Credit facility maximum amount | $ | 220.0 |
Borrowing availability | 215.2 |
Outstanding letters of credit issued | 81.1 |
Outstanding borrowings | 63.6 |
Borrowing availability, net of outstanding letters of credit and borrowings | $ | 70.5 |
Status of our Iceland revolving credit facility:
| December 31, 2021
Credit facility maximum amount | $ | 50.0 |
Borrowing availability | 50.0 |
Outstanding letters of credit issued | — |
Outstanding borrowings | 50.0 |
Borrowing availability, net of outstanding letters of credit and borrowings | $ | — |
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, 2021 |  | December 31, 2020
Contingent obligation – principal |  | Other liabilities |  | $ | (12.9) |  |  | $ | (12.9) |
Contingent obligation – accrued interest |  | Other liabilities |  | (15.2) |  |  | (13.8) |
Contingent obligation – derivative asset |  | Other liabilities |  | 28.1 |  |  | 26.7 |
|  |  |  | $ | — |  |  | $ | — |

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