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Debt and Credit Facility | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt and Credit Facility | 6. Debt and Credit Facility Senior Notes At September 30, 2024 and December 31, 2023, we had outstanding fixed-rate unsecured Senior Notes with varying maturity dates. The stated interest rates and aggregate principal amounts of our Senior Notes were, respectively: (i) 4.625% and $500.0 million (“4.625% Senior Notes”) and (ii) 4.50% and $550.0 million (“4.50% Senior Notes”). Our Senior Notes do not require us to make any mandatory redemptions or sinking fund payments. The following table summarizes key details of our Senior Notes:
|  |  |  |  |  | Outstanding (in millions of dollars) |
|  | Issuance Date |  | Maturity |  | Effective Interest Rate |  | As of September 30, 2024 |  |  | As of December 31, 2023 |
4.625% Senior Notes |  | November 2019 |  | March 2028 |  | 4.8% |  | $ | 500.0 |  |  | $ | 500.0 |
4.50% Senior Notes |  | May 2021 |  | June 2031 |  | 4.7% |  |  | 550.0 |  |  |  | 550.0 |
Total debt |  |  |  |  |  |  |  |  | 1,050.0 |  |  |  | 1,050.0 |
Unamortized issuance costs |  |  |  |  |  |  |  |  | (8.8 | ) |  |  | (10.2 | )
Total carrying amount |  |  |  |  |  |  |  | $ | 1,041.2 |  |  | $ | 1,039.8 |
The following table presents the fair value of our outstanding Senior Notes, which are Level 1 liabilities (in millions of dollars):
|  |  |  |  |  | As of September 30, 2024 |  |  | As of December 31, 2023 |
4.625% Senior Notes |  |  |  |  |  | $ | 483.6 |  |  | $ | 462.4 |
4.50% Senior Notes |  |  |  |  |  | $ | 503.2 |  |  | $ | 474.1 |
Revolving Credit Facility In October 2019, we entered into a Revolving Credit Facility. Joining us as borrowers under the Revolving Credit Facility are four of our wholly owned domestic operating subsidiaries: (i) Kaiser Aluminum Investments Company; (ii) Kaiser Aluminum Fabricated Products, LLC; (iii) Kaiser Aluminum Washington, LLC; and (iv) Kaiser Aluminum Warrick, LLC. As amended in April 2022, the Revolving Credit Facility contains a maximum commitment amount of $575.0 million (of which up to a maximum of $50.0 million may be utilized for letters of credit) and is set to mature in April 2027. Our effective interest rate on outstanding borrowings under the amended Revolving Credit Facility is based on the rates of Base Rate Loans and SOFR Loans (as defined in the amended Revolving Credit Facility). The rate for Base Rate Loans is equal to the prevailing Prime Rate plus 0.25%, while the rate for SOFR Loans, which are made for one or three month periods, is equal to the Term SOFR Reference Rate (as defined in the amended Revolving Credit Facility) plus 1.35%. Outstanding borrowings under the Revolving Credit Facility are reported within Long-term debt, net, on our Consolidated Balance Sheets. We had no borrowings under the Revolving Credit Facility during the nine months ended September 30, 2024. As of September 30, 2024 and December 31, 2023, we had no outstanding borrowings under our Revolving Credit Facility. The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of September 30, 2024 (in millions of dollars):
Revolving Credit Facility borrowing commitment |  | $ | 575.0 |
Borrowing base availability |  | $ | 575.0 |
Less: Outstanding borrowings under Revolving Credit Facility |  |  | — |
Less: Outstanding letters of credit under Revolving Credit Facility |  |  | (25.8 | )
Remaining borrowing availability |  | $ | 549.2 |
Interest Expense The following table presents interest expense relating to our Senior Notes and Revolving Credit Facility (in millions of dollars):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Senior Notes interest expense, including debt issuance cost amortization |  | $ | 12.4 |  |  | $ | 12.4 |  |  | $ | 37.2 |  |  | $ | 37.2 |
Revolving Credit Facility interest expense, including commitment fees and finance cost amortization |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 1.8 |  |  |  | 2.4 |
Interest expense on finance lease liabilities |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.6 |  |  |  | 0.5 |
Interest expense capitalized as construction in progress |  |  | (2.5 | ) |  |  | (1.8 | ) |  |  | (6.3 | ) |  |  | (4.7 | )
Total interest expense |  | $ | 10.7 |  |  | $ | 11.4 |  |  | $ | 33.3 |  |  | $ | 35.4 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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