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Business, Product and Geographical Area Information | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 As Adjusted 1 |  |  | 2025 |  |  | 2024 As Adjusted 1 |
Net sales |  | $ | 843.5 |  |  | $ | 747.7 |  |  | $ | 2,444.0 |  |  | $ | 2,258.6 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |
Hedged cost of alloyed metal 2 |  |  | 492.8 |  |  |  | 385.7 |  |  |  | 1,355.9 |  |  |  | 1,160.8 |
Manufacturing costs 3 |  |  | 158.8 |  |  |  | 208.2 |  |  |  | 532.5 |  |  |  | 599.1 |
Plant overhead 4 |  |  | 45.9 |  |  |  | 45.0 |  |  |  | 136.0 |  |  |  | 133.5 |
Freight costs |  |  | 21.6 |  |  |  | 23.4 |  |  |  | 63.6 |  |  |  | 69.1 |
Other cost of products sold 5 |  |  | 9.7 |  |  |  | 13.7 |  |  |  | 37.0 |  |  |  | 34.6 |
Depreciation and amortization |  |  | 32.0 |  |  |  | 29.0 |  |  |  | 91.6 |  |  |  | 86.8 |
Selling, general, administrative, research and development |  |  |  |  |  |  |  |  |  |  |  |
Research and development costs |  |  | 0.4 |  |  |  | 0.5 |  |  |  | 1.0 |  |  |  | 1.7 |
Employee costs 6 |  |  | 24.7 |  |  |  | 20.2 |  |  |  | 69.9 |  |  |  | 63.8 |
Other selling, general and administrative costs 7 |  |  | 8.8 |  |  |  | 8.1 |  |  |  | 26.4 |  |  |  | 27.5 |
Restructuring costs |  |  | — |  |  |  | 0.7 |  |  |  | 1.9 |  |  |  | 7.6 |
Other operating charges, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.4 |
Interest expense |  |  | 12.4 |  |  |  | 10.7 |  |  |  | 36.1 |  |  |  | 33.3 |
Other income, net – Note 9 |  |  | (11.4 | ) |  |  | (8.7 | ) |  |  | (14.4 | ) |  |  | (19.1 | )
Income tax provision |  |  | 8.3 |  |  |  | 2.4 |  |  |  | 22.2 |  |  |  | 13.6 |
Net income |  | $ | 39.5 |  |  | $ | 8.8 |  |  | $ | 84.3 |  |  | $ | 45.9 |
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 MWTP and the cost of alloying elements used in the production process. For the quarters ended September 30, 2025 and September 30, 2024, this metric also includes metal price exposure on shipments that we hedg ed with realized gains (losses) upon settlement of $10.2 million and ($2.1) million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, this metric also includes metal price exposure on shipments that we hedged with realized gains (losses) upon settlement of $15.4 million and ($2.2) million, respectively. 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, gains and losses on operating asset disposals, 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
Aero/HS Products |  | $ | 182.2 |  |  | $ | 213.1 |  |  | $ | 624.8 |  |  | $ | 659.7 |
Packaging |  |  | 393.9 |  |  |  | 319.5 |  |  |  | 1,049.0 |  |  |  | 930.0 |
GE Products |  |  | 192.2 |  |  |  | 150.7 |  |  |  | 559.2 |  |  |  | 466.3 |
Automotive Extrusions |  |  | 75.2 |  |  |  | 62.1 |  |  |  | 211.0 |  |  |  | 195.3 |
Other products |  |  | — |  |  |  | 2.3 |  |  |  | — |  |  |  | 7.3 |
Total net sales |  | $ | 843.5 |  |  | $ | 747.7 |  |  | $ | 2,444.0 |  |  | $ | 2,258.6 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 670.7 |  |  | $ | 580.2 |  |  | $ | 1,888.1 |  |  | $ | 1,741.4 |
Products transferred over time |  |  | 172.8 |  |  |  | 167.5 |  |  |  | 555.9 |  |  |  | 517.2 |
Total net sales |  | $ | 843.5 |  |  | $ | 747.7 |  |  | $ | 2,444.0 |  |  | $ | 2,258.6 |
The following table presents geographic information for income taxes paid (in millions of dollars):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Income taxes paid: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | — |  |  | $ | 0.2 |  |  | $ | 2.6 |  |  | $ | 0.4 |
Foreign |  |  | 0.9 |  |  |  | 0.3 |  |  |  | 3.6 |  |  |  | 2.5 |
Total income taxes paid |  | $ | 0.9 |  |  | $ | 0.5 |  |  | $ | 6.2 |  |  | $ | 2.9 |

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