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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of debt

						June 30, 2023						December 31, 2022
Debt classified as current liabilities:
Hancock County industrial revenue bonds ("IRBs") due April 1, 2028, interest payable quarterly (variable interest rates (not to exceed 12%))(1)						$	7.8					$	7.8
U.S. Revolving Credit Facility(2)						63.2						90.0
Iceland Revolving Credit Facility(3)						73.0						35.0
Iceland Term Facility(4)						8.6						13.3
Debt classified as non-current liabilities:
Grundartangi casthouse facility, net of financing fees of $0.7 million at June 30, 2023(5)						69.3						49.4
Iceland Term Facility, net of financing fees of $0.0 million and current portion at June 30, 2023(4)						—						1.2
7.5% senior secured notes due April 1, 2028, net of financing fees of $3.0 million at June 30, 2023, interest payable semiannually						247.0						246.6
2.75% convertible senior notes due May 1, 2028, net of financing fees of $1.7 million at June 30, 2023, interest payable semiannually						84.5						84.4
Total						$	553.4					$	527.7

(1) 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 interest rate at June 30, 2023 was 4.14%.

(2) We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at June 30, 2023 was 9.00%.

(3) We incur interest at base rate plus applicable margin as defined within the agreement. The interest rate at June 30, 2023 was 8.16%.

(4) We incur interest at a rate equal to 3.2% plus EUR EURIBOR 1 month as published by the European Money Market Institute as defined within the agreement. The interest rate at June 30, 2023 was 6.46%.

(5) We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at June 30, 2023 was 8.63%.

Schedule of line of credit facilities

Status of our U.S. revolving credit facility:						June 30, 2023
Credit facility maximum amount						250.0
Borrowing availability						160.0
Outstanding letters of credit issued						33.3
Outstanding borrowings						63.2
Borrowing availability, net of outstanding letters of credit and borrowings						63.5

Status of our Iceland revolving credit facility:						June 30, 2023
Credit facility maximum amount						100.0
Borrowing availability						100.0
Outstanding letters of credit issued						—
Outstanding borrowings						73.0
Borrowing availability, net of borrowings						27.0

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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.

+ References

No definition available.

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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
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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