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Business, Product and Geographical Area Information and Concentration of Risk (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Significant Segment Expenses Provided to CODM | The following table provides the significant segment expenses that are provided to the CODM (in millions of dollars):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net sales |  | $ | 3,024.0 |  |  | $ | 3,087.0 |  |  | $ | 3,427.9 |
Less: |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization |  |  |  |  |  |  |  |  |
Hedged cost of alloyed metal 1 |  |  | 1,567.8 |  |  |  | 1,621.1 |  |  |  | 2,045.2 |
Manufacturing costs 2 |  |  | 805.2 |  |  |  | 809.9 |  |  |  | 773.0 |
Plant overhead 3 |  |  | 170.5 |  |  |  | 164.6 |  |  |  | 162.3 |
Freight costs |  |  | 91.6 |  |  |  | 103.3 |  |  |  | 125.5 |
Other cost of products sold 4 |  |  | 56.0 |  |  |  | 56.0 |  |  |  | 74.2 |
Depreciation and amortization |  |  | 116.4 |  |  |  | 108.6 |  |  |  | 106.9 |
Selling, general, administrative, research and development |  |  |  |  |  |  |  |  |
Research and development costs |  |  | 2.2 |  |  |  | 2.9 |  |  |  | 1.9 |
Employee costs 5 |  |  | 83.3 |  |  |  | 80.0 |  |  |  | 69.9 |
Other selling, general and administrative costs 6 |  |  | 35.3 |  |  |  | 39.8 |  |  |  | 39.1 |
Goodwill impairment |  |  | — |  |  |  | — |  |  |  | 20.5 |
Restructuring costs |  |  | 7.6 |  |  |  | 5.0 |  |  |  | 2.2 |
Other operating charges, net |  |  | 0.4 |  |  |  | — |  |  |  | 3.2 |
Interest expense |  |  | 43.7 |  |  |  | 46.9 |  |  |  | 48.3 |
Other income, net – Note 13 |  |  | (19.5 | ) |  |  | (7.4 | ) |  |  | (6.4 | )
Income tax provision (benefit) |  |  | 16.7 |  |  |  | 9.1 |  |  |  | (8.3 | )
Net income (loss) |  | $ | 46.8 |  |  | $ | 47.2 |  |  | $ | (29.6 | )
1. Hedged cost of alloyed metal includes cost of aluminum at the Midwest transaction price and the cost of alloying elements used in the production process. This metric also includes metal price exposure on shipments that we hedged with realized losses upon settlement of $0.2 m illion, $21.4 million, and $17.0 million in 2024, 2023, and 2022, respectively. 2. Manufacturing costs primarily includes labor, utilities, supplies and other materials, excluding alloys incurred at our various production facilities. 3. Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities. 4. Other costs of products sold primarily includes lease expense, accretion expense related to CAROs, and major maintenance costs. 5. Employee costs include salaries, benefits, and incentive compensation. 6. Other selling, general and administrative costs primarily includes professional services, computer hardware and software costs, office rent, and utilities.
Schedule of Net Sales by End Market Segment Applications | The following table presents Net sales by end market applications and by timing of control transfer (in millions of dollars):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net sales: |  |  |  |  |  |  |  |  |
Aero/HS Products |  | $ | 883.0 |  |  | $ | 899.3 |  |  | $ | 676.1 |
Packaging |  |  | 1,260.9 |  |  |  | 1,315.2 |  |  |  | 1,585.3 |
GE Products |  |  | 618.1 |  |  |  | 596.5 |  |  |  | 883.8 |
Automotive Extrusions |  |  | 251.9 |  |  |  | 254.9 |  |  |  | 254.8 |
Other products |  |  | 10.1 |  |  |  | 21.1 |  |  |  | 27.9 |
Total net sales |  | $ | 3,024.0 |  |  | $ | 3,087.0 |  |  | $ | 3,427.9 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 2,326.5 |  |  | $ | 2,394.8 |  |  | $ | 2,782.9 |
Products transferred over time |  |  | 697.5 |  |  |  | 692.2 |  |  |  | 645.0 |
Total net sales |  | $ | 3,024.0 |  |  | $ | 3,087.0 |  |  | $ | 3,427.9 |
Schedule of Net Sales, Income Taxes Paid, and Long-lived Assets, by Geographical Area | The following table presents geographic information for net sales based on country of origin, income taxes paid, and long-lived assets (in millions of dollars):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net sales to unaffiliated customers: |  |  |  |  |  |  |  |  |
Domestic |  | $ | 2,920.0 |  |  | $ | 2,986.0 |  |  | $ | 3,328.2 |
Foreign 1 |  |  | 104.0 |  |  |  | 101.0 |  |  |  | 99.7 |
Total net sales |  | $ | 3,024.0 |  |  | $ | 3,087.0 |  |  | $ | 3,427.9 |
Income taxes paid: |  |  |  |  |  |  |  |  |
Domestic |  | $ | 1.3 |  |  | $ | 0.3 |  |  | $ | 3.1 |
Foreign |  |  | 3.1 |  |  |  | 0.2 |  |  |  | 3.2 |
Total income taxes paid |  | $ | 4.4 |  |  | $ | 0.5 |  |  | $ | 6.3 |
|  | As of December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Long-lived assets:2 |  |  |  |  |  |  |  |  |
Domestic |  | $ | 1,134.5 |  |  | $ | 1,025.3 |  |  | $ | 984.8 |
Foreign 1 |  |  | 26.7 |  |  |  | 26.8 |  |  |  | 28.4 |
Total long-lived assets |  | $ | 1,161.2 |  |  | $ | 1,052.1 |  |  | $ | 1,013.2 |
1. Foreign reflects our London, Ontario production facility. 2. Long-lived assets represent Property, plant and equipment, net.
Schedule of Export Sales and Primary Aluminum Supply from Major Suppliers | The following table presents information about export sales and primary aluminum supply from our major suppliers:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Percentage of Net sales: |  |  |  |  |  |  |  |  |
Export sales |  |  | 10 | % |  |  | 10 | % |  |  | 10 | %
Percentage of total annual primary aluminum supply (lbs): |  |  |  |  |  |  |  |  |
Supply from our top five major suppliers |  |  | 80 | % |  |  | 83 | % |  |  | 81 | %
Supply from our largest supplier |  |  | 21 | % |  |  | 37 | % |  |  | 48 | %
Supply from our second and third largest suppliers combined |  |  | 38 | % |  |  | 28 | % |  |  | 20 | %

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