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Business, Product and Geographical Area Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Significant Segment Expenses Provided to CODM

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 Adjusted1		2025			2024 As Adjusted1
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 metal2		448.9			404.5		863.1			775.1
Manufacturing costs3		191.9			184.5		373.7			390.9
Plant overhead4		44.0			44.6		90.1			88.5
Freight costs		21.2			23.4		42.0			45.7
Other cost of products sold5		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 costs6		22.7			21.3		45.2			43.6
Other selling, general and administrative costs7		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

Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

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.

Manufacturing costs primarily includes labor, utilities, supplies, metal valuation impacts, metal profits, and other materials, excluding alloys incurred at our various production facilities.

Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities.

Other cost of products sold primarily includes lease expense, accretion expense related to conditional asset retirement obligations, and major maintenance costs.

Employee costs include non direct labor salaries, benefits, and incentive compensation.

Other selling, general and administrative costs primarily include 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):


	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

Schedule of Income Taxes Paid by Geographical Area

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