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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of debt |
| December 31,
| 2023 |  | 2022
Debt classified as current liabilities: |  |  |
Hancock County industrial revenue bonds ("IRBs") due April 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (1) | $ | 7.8 |  |  | $ | 7.8 |
U.S. Revolving Credit Facility (2) | 23.7 |  |  | 90.0 |
Iceland Revolving Credit Facility (3) | — |  |  | 35.0 |
Grundartangi Casthouse Facility (4) | 5.5 |  |  | — |
Iceland Term Facility (5) | 1.3 |  |  | 13.3 |
Vlissingen Facility Agreement (6) | 10.0 |  |  | — |
Debt classified as non-current liabilities: |  |  |
Grundartangi casthouse facility, net of financing fees of $0.7 million at December 31, 2023 (4) | 98.8 |  |  | 49.4 |
Iceland Term Facility, net of financing fees of $0.0 million and current portion at December 31, 2023 (5) | — |  |  | 1.2 |
7.5% senior secured notes due April 1, 2028, net of financing fees of $2.6 million at December 31, 2023, interest payable semiannually | 247.4 |  |  | 246.6 |
2.75% convertible senior notes due May 1, 2028, net of financing fees of $1.5 million at December 31, 2023, interest payable semiannually | 84.7 |  |  | 84.4 |
Total | $ | 479.2 |  |  | $ | 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 December 31, 2023 was 4.00%. (2)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2023 was 9.25%. (3)We incur interest at a base rate plus applicable margin as defined within the agreement. The were no outstanding borrowings at December 31, 2023. (4)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2023 was 8.86%. (5)We incur interest at a rate equal to 3.2% plus EUR EURIBOR 1 month as published by the European Money Markets Institute as defined within the agreement. The interest rate at December 31, 2023 was 7.05%. (6)We incur interest at a fixed rate of 8.75%.
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, 2023
Credit facility maximum amount | $ | 250.0 |
Borrowing availability | 128.8 |
Outstanding letters of credit issued | 61.4 |
Outstanding borrowings | 23.7 |
Borrowing availability, net of outstanding letters of credit and borrowings | 43.7 |
Status of our Iceland revolving credit facility: | December 31, 2023
Credit facility maximum amount | $ | 100.0 |
Borrowing availability | 100.0 |
Outstanding letters of credit issued | — |
Outstanding borrowings | — |
Borrowing availability, net of outstanding letters of credit and borrowings | 100.0 |

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- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
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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 + Details
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