XML 31 R24.htm IDEA: XBRL DOCUMENT
v3.25.2

Business, Product and Geographical Area Information | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Business, Product and Geographical Area Information | 13. Business, Product, and Geographical Area Information Our primary line of business is the production of semi-fabricated specialty aluminum mill products, such as plate and sheet, bare and coated coils, and extruded and drawn products, primarily used in our Aero/HS Products, Packaging, GE Products, and Automotive Extrusions end markets. We operate production facilities in the United States and Canada. We have one operating and reportable segment. Our determination that we operate as a single segment is consistent with the financial information regularly viewed by the chief operating decision maker (“CODM”) to evaluate performance and make decisions regarding resource allocation. The CODM uses Net income to measure segment profitability in deciding whether to reinvest profits into the segment or into other parts of the entity, such as for acquisitions or to pay dividends. The following table presents the significant segment expenses that are provided to the CODM (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 As Adjusted 1 |  |  | 2025 |  |  | 2024 As Adjusted 1 |
Net sales |  | $ | 823.1 |  |  | $ | 773.4 |  |  | $ | 1,600.5 |  |  | $ | 1,510.9 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |
Hedged cost of alloyed metal 2 |  |  | 448.9 |  |  |  | 404.5 |  |  |  | 863.1 |  |  |  | 775.1 |
Manufacturing costs 3 |  |  | 191.9 |  |  |  | 184.5 |  |  |  | 373.7 |  |  |  | 390.9 |
Plant overhead 4 |  |  | 44.0 |  |  |  | 44.6 |  |  |  | 90.1 |  |  |  | 88.5 |
Freight costs |  |  | 21.2 |  |  |  | 23.4 |  |  |  | 42.0 |  |  |  | 45.7 |
Other cost of products sold 5 |  |  | 16.8 |  |  |  | 12.8 |  |  |  | 27.3 |  |  |  | 20.9 |
Depreciation and amortization |  |  | 29.6 |  |  |  | 29.0 |  |  |  | 59.6 |  |  |  | 57.8 |
Selling, general, administrative, research and development |  |  |  |  |  |  |  |  |  |  |  |
Research and development costs |  |  | 0.3 |  |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 1.2 |
Employee costs 6 |  |  | 22.7 |  |  |  | 21.3 |  |  |  | 45.2 |  |  |  | 43.6 |
Other selling, general and administrative costs 7 |  |  | 9.6 |  |  |  | 9.7 |  |  |  | 17.6 |  |  |  | 19.4 |
Restructuring costs |  |  | 0.1 |  |  |  | 6.8 |  |  |  | 1.9 |  |  |  | 6.9 |
Other operating charges, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.4 |
Interest expense |  |  | 12.5 |  |  |  | 11.1 |  |  |  | 23.7 |  |  |  | 22.6 |
Other (income) expense, net – Note 9 |  |  | (4.4 | ) |  |  | 0.5 |  |  |  | (3.0 | ) |  |  | (10.4 | )
Income tax provision |  |  | 6.7 |  |  |  | 5.7 |  |  |  | 13.9 |  |  |  | 11.2 |
Net income |  | $ | 23.2 |  |  | $ | 18.9 |  |  | $ | 44.8 |  |  | $ | 37.1 |
1. Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion. 2. 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. For the quarters ended June 30, 2025 and June 30, 2024, this metric also includes metal price exposure on shipments that we hedged with realized gains upon settlement of $0.6 million and $3.5 million, respectively. For the six months ended June 30, 2025, this metric also includes metal price exposure on shipments that we hedged with realized gains upon settlement of $5.2 million. There were no realized gains or losses upon settlement for the six months ended June 30, 2024. 3. Manufacturing costs primarily includes labor, utilities, supplies, metal valuation impacts, metal profits, and other materials, excluding alloys incurred at our various production facilities. 4. Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities. 5. Other cost of products sold primarily includes lease expense, accretion expense related to conditional asset retirement obligations, and major maintenance costs. 6. Employee costs include non direct labor salaries, benefits, and incentive compensation. 7. Other selling, general and administrative costs primarily include professional services, computer hardware and software costs, office rent, and utilities. The CODM does not review asset and capital expenditure information by reportable operating segment as such information is presented to the CODM on a consolidated basis. The following table presents Net sales by end market applications and by timing of control transfer (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
Aero/HS Products |  | $ | 227.9 |  |  | $ | 226.1 |  |  | $ | 442.6 |  |  | $ | 446.6 |
Packaging |  |  | 340.9 |  |  |  | 312.4 |  |  |  | 655.1 |  |  |  | 610.5 |
GE Products |  |  | 185.4 |  |  |  | 162.6 |  |  |  | 367.0 |  |  |  | 315.6 |
Automotive Extrusions |  |  | 68.9 |  |  |  | 69.7 |  |  |  | 135.8 |  |  |  | 133.2 |
Other products |  |  | — |  |  |  | 2.6 |  |  |  | — |  |  |  | 5.0 |
Total net sales |  | $ | 823.1 |  |  | $ | 773.4 |  |  | $ | 1,600.5 |  |  | $ | 1,510.9 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 626.6 |  |  | $ | 591.8 |  |  | $ | 1,217.4 |  |  | $ | 1,161.2 |
Products transferred over time |  |  | 196.5 |  |  |  | 181.6 |  |  |  | 383.1 |  |  |  | 349.7 |
Total net sales |  | $ | 823.1 |  |  | $ | 773.4 |  |  | $ | 1,600.5 |  |  | $ | 1,510.9 |
The following table presents geographic information for income taxes paid (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Income taxes paid: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 2.6 |  |  | $ | 0.2 |  |  | $ | 2.6 |  |  | $ | 0.2 |
Foreign |  |  | 0.9 |  |  |  | 0.6 |  |  |  | 2.7 |  |  |  | 2.2 |
Total income taxes paid |  | $ | 3.5 |  |  | $ | 0.8 |  |  | $ | 5.3 |  |  | $ | 2.4 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration