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Debt (Tables)

12 Months Ended

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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