KAISER ALUMINUM CORP, 10-Q filed on 4/24/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
Apr. 21, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 1-09447  
Entity Registrant Name KAISER ALUMINUM CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 94-3030279  
Entity Address, Address Line One 1550 West McEwen Drive  
Entity Address, Address Line Two Suite 500  
Entity Address, City or Town Franklin  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 37067  
City Area Code 629  
Local Phone Number 252-7040  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol KALU  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   16,154,376
Entity Central Index Key 0000811596  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 21.3 $ 18.4 [1]
Receivables:    
Trade receivables, net 347.4 319.7 [1],[2]
Other 42.5 22.2 [1]
Contract assets 67.9 73.4 [1]
Inventories 572.4 601.9 [1],[2]
Prepaid expenses and other current assets 42.3 39.0 [1]
Total current assets 1,093.8 1,074.6 [1]
Property, plant and equipment, net 1,191.6 1,161.2 [1],[2]
Operating lease assets 25.5 27.2 [1]
Deferred tax assets, net 3.3 4.0 [1]
Intangible assets, net 44.4 45.5 [1]
Goodwill 18.8 18.8 [1]
Other assets 62.2 78.6 [1],[2]
Total assets 2,439.6 2,409.9 [1]
Current liabilities:    
Accounts payable 289.7 266.9 [1]
Accrued salaries, wages and related expenses 53.4 54.3 [1]
Other accrued liabilities 66.9 79.3 [1],[2]
Total current liabilities 410.0 400.5 [1]
Long-term portion of operating lease liabilities 24.0 25.2 [1]
Pension and OPEB 72.0 71.4 [1]
Deferred tax liabilities 50.6 44.1 [1]
Long-term liabilities 84.2 84.0 [1],[2]
Long-term debt, net 1,042.0 1,041.6 [1]
Total liabilities 1,682.8 1,666.8 [1]
Commitments and contingencies - Note 7
Stockholders’ equity:    
Preferred stock, 5,000,000 shares authorized at both March 31, 2025 and December 31, 2024; no shares were issued and outstanding at March 31, 2025 and December 31, 2024 0.0 0.0 [1]
Common stock, par value $0.01, 90,000,000 shares authorized at both March 31, 2025 and December 31, 2024; 22,989,662 shares issued and 16,154,376 shares outstanding at March 31, 2025; 22,931,184 shares issued and 16,095,898 shares outstanding at December 31, 2024 0.2 0.2 [1]
Additional paid in capital 1,119.4 1,117.0 [1]
Retained earnings 90.0 81.3 [1]
Treasury stock, at cost, 6,835,286 shares at both March 31, 2025 and December 31, 2024 (475.9) (475.9) [1]
AOCI 23.1 20.5 [1]
Total stockholders’ equity 756.8 743.1 [1]
Total liabilities and stockholders' equity $ 2,439.6 $ 2,409.9 [1]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 90,000,000 90,000,000
Common Stock, shares issued 22,989,662 22,931,184
Common stock, shares outstanding 16,154,376 16,095,898
Treasury stock, shares 6,835,286 6,835,286
v3.25.1
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
 [1]
Income Statement [Abstract]    
Net sales $ 777.4 $ 737.5
Costs and expenses:    
Cost of products sold, excluding depreciation and amortization 673.4 651.3
Depreciation and amortization 30.0 28.8
Selling, general, administrative, research and development 30.8 32.6
Restructuring costs 1.8 0.1
Other operating charges, net 0.0 0.4
Total costs and expenses 736.0 713.2
Operating income 41.4 24.3
Other (expense) income:    
Interest expense (11.2) (11.5)
Other (expense) income, net - Note 9 (1.4) 10.9
Income before income taxes 28.8 23.7
Income tax provision (7.2) (5.5)
Net income [2] $ 21.6 $ 18.2
Net income per common share:    
Basic $ 1.34 $ 1.13 [3]
Diluted $ 1.31 $ 1.12 [3]
Weighted-average number of common shares outstanding (in thousands):    
Basic 16,116 16,027 [3]
Diluted 16,399 16,230 [3]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] See Note 12 for supplemental cash flow information.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
 [2]
Statement of Comprehensive Income [Abstract]    
Net income [1] $ 21.6 $ 18.2
Other comprehensive income (loss), net of tax - Note 8:    
Defined benefit plans 0.1 (0.5)
Cash flow hedges 2.5 (1.6)
Other comprehensive income (loss), net of tax 2.6 (2.1)
Comprehensive income $ 24.2 $ 16.1
[1] See Note 12 for supplemental cash flow information.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid in Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2023 $ 652.2 [1] $ 0.2 $ 1,104.7 $ 10.1 [1] $ (475.9) $ 13.1
Beginning balance (Cumulative Effect of Change in Inventory Valuation Methodology, Net of Tax) at Dec. 31, 2023 [1] 56.2     56.2    
Beginning balance (shares) at Dec. 31, 2023   16,015,791        
Net income [1] 18.2 [2]     18.2    
Other comprehensive (loss) income, net of tax (2.1) [1]         (2.1)
Common shares issued (including impacts from Long-Term Incentive programs) (shares)   56,416        
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (1.2) [1]   (1.2)      
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (shares)   (16,175)        
Cash dividends declared [1],[3] (12.6)     (12.6)    
Amortization of unearned equity compensation 4.0 [1]   4.0      
Ending balance at Mar. 31, 2024 [1] 714.7 $ 0.2 1,107.5 71.9 (475.9) 11.0
Ending balance (shares) at Mar. 31, 2024 [1]   16,056,032        
Beginning balance at Dec. 31, 2024 [1] $ 743.1 $ 0.2 1,117.0 81.3 (475.9) 20.5
Beginning balance (shares) at Dec. 31, 2024 16,095,898 16,095,898 [1],[4]        
Net income $ 21.6 [2]     21.6    
Other comprehensive (loss) income, net of tax 2.6         2.6
Common shares issued (including impacts from Long-Term Incentive programs) (shares) [4]   84,115        
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (1.8)   (1.8)      
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (shares) [4]   (25,637)        
Cash dividends declared [5] (12.9)     (12.9)    
Amortization of unearned equity compensation 4.2   4.2      
Ending balance at Mar. 31, 2025 $ 756.8 $ 0.2 $ 1,119.4 $ 90.0 $ (475.9) $ 23.1
Ending balance (shares) at Mar. 31, 2025 16,154,376 16,154,376 [4]        
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] See Note 12 for supplemental cash flow information.
[3] Dividends declared per common share were $0.77 for the quarter ended March 31, 2024.
[4] At March 31, 2025, 460,763 shares were available for awards under the Kaiser Aluminum Corporation 2021 Equity and Incentive Compensation Plan, as amended and restated.
[5] Dividends declared per common share were $0.77 for the quarter ended March 31, 2025.
v3.25.1
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical)
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Statement of Stockholders' Equity [Abstract]  
Shares available for awards (shares) | shares 460,763
Cash dividends declared (in dollars per share) | $ / shares $ 0.77
v3.25.1
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income [1] $ 21.6 $ 18.2 [2]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment [1] 28.9 27.7 [2]
Amortization of definite-lived intangible assets [1] 1.1 1.1 [2]
Amortization of debt premium and debt issuance costs [1] 0.5 0.6 [2]
Deferred income taxes [1] 6.4 4.8 [2]
Non-cash equity compensation [1] 4.2 4.0 [2]
Non-cash asset impairment charge [1],[2],[3]   4.2
Loss on disposition of property, plant and equipment [1],[2]   0.2
Bad debt expense [1],[2]   0.1
Non-cash postretirement and postemployment defined benefit plan cost [1] 2.3 1.5 [2]
Changes in operating assets and liabilities:    
Trade and other receivables [1] (48.0) (15.1) [2]
Contract assets [1] 5.5 (4.5) [2]
Inventories [1] 29.5 12.8 [2]
Prepaid expenses and other current assets [1] 0.2 (1.7) [2]
Accounts payable [1] 20.3 18.6 [2]
Accrued liabilities [1] (14.3) (5.2) [2]
Annual variable cash contributions to Salaried VEBA [1] (0.7) (1.1) [2]
Long-term assets and liabilities, net [1] (0.5) (2.9) [2]
Net cash provided by operating activities [1] 57.0 63.3 [2]
Cash flows from investing activities:    
Capital expenditures [1] (38.2) (30.0) [2]
Proceeds from sale of equity securities [1],[2]   0.1
Net cash used in investing activities [1] (38.2) (29.9) [2]
Cash flows from financing activities:    
Borrowings under the Revolving Credit Facility [1] 42.5  
Repayment of borrowings under the Revolving Credit Facility [1] (42.5)  
Repayment of finance lease [1] (0.7) (0.4) [2]
Cancellation of shares to cover tax withholdings upon common shares issued [1] (1.8) (1.2) [2]
Cash dividends and dividend equivalents paid [1] (12.9) (12.6) [2]
Net cash used in financing activities [1] (15.4) (14.2) [2]
Net increase in cash, cash equivalents and restricted cash during the period 3.4 19.2 [2]
Cash, cash equivalents and restricted cash at beginning of period 37.9 100.7 [2]
Cash, cash equivalents and restricted cash at end of period $ 41.3 $ 119.9 [2]
[1] See Note 12 for supplemental cash flow information.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Non-cash asset impairment charge for the quarter ended March 31, 2024 is comprised of: (i) a $3.8 million inventory write-down related to certain alloying metals and (ii) a $0.4 million impairment charge on land held for sale.
v3.25.1
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) (Parenthetical)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Statement of Cash Flows [Abstract]  
Inventory write-down related to certain alloying metals $ 3.8
Impairment charge on land held for sale $ 0.4
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) [1] $ 21.6 $ 18.2 [2]
[1] See Note 12 for supplemental cash flow information.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.25.1
Basis of Presentation and Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Recent Accounting Pronouncements

1. Basis of Presentation and Recent Accounting Pronouncements

This Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Unless the context otherwise requires, references in these notes to interim consolidated financial statements - unaudited to “Kaiser,” “we,” “us,” “our,” “the Company” and “our Company” refer collectively to Kaiser Aluminum Corporation and its subsidiaries.

Principles of Consolidation and Basis of Presentation. The accompanying unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries and are prepared in accordance with GAAP and the rules and regulations of the SEC applicable for interim periods and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (which include normal recurring adjustments) considered necessary for a fair presentation have been included. We have reclassified certain items in prior periods to conform to current classifications. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2025 fiscal year. The financial information as of December 31, 2024 is derived from our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2024 except for the change in accounting principle disclosed in Note 14 of Notes to Interim Consolidated Financial Statements included in this Report.

Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of our consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of our consolidated financial position and results of operations.

Change in Accounting Principle. Effective January 1, 2025, the Company changed its inventory valuation methodology from LIFO to WAC for its finished products, work-in-process, and raw material inventories. This change is preferable because the Company believes that it improves the comparability of the Company's operational results between periods by removing LIFO income or charge in a period resulting from LIFO valuation and changes to historical LIFO layers. Additionally, the Company believes that the new valuation methodology better reflects the physical flow of goods and simplifies the financial close process by utilizing the WAC valuation methodology for all internal and external reporting purposes. The effects of this change have been retrospectively applied to all prior periods presented. See Note 14 for additional information regarding the change in inventory valuation methodology.

 

Accounting Pronouncements Issued But Not Yet Adopted

Disclosure Improvements. In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-06 (“ASU 2023-06”), Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The guidance amends GAAP to reflect updates and simplifications to certain disclosure requirements referred to the FASB by the SEC. The amendments in ASU 2023-06 will become effective on the date which the SEC’s removal of the related disclosure becomes effective. If by June 30, 2027, the SEC does not remove the related disclosure, the pending amendment will be removed from ASC 2023-06 and it will not be effective. Adoption of ASU 2023-06 is expected to modify the disclosure and presentation requirements only and is not expected to have a material impact on our consolidated financial statements.

Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the annual income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. We plan to adopt the provisions of ASU 2023-09 in the fourth quarter of fiscal 2025 and do not expect this ASU to have a material impact on our consolidated financial statements.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance requires additional, disaggregated disclosure about certain income statement expense line items. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and is required to be applied

prospectively with the option of retrospective application. We plan to adopt the provisions of ASU 2024-03 in the fourth quarter of fiscal 2027 and continue to evaluate the disclosure requirements related to the new standard.
v3.25.1
Supplemental Balance Sheet Information
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Balance Sheet Information

2. Supplemental Balance Sheet Information

 

 

As of March 31, 2025

 

 

As of December 31, 2024
As Adjusted1

 

 

 

(In millions of dollars)

 

Trade Receivables, Net

 

 

 

 

 

 

Billed trade receivables

 

$

348.2

 

 

$

320.5

 

Allowance for doubtful receivables

 

 

(0.8

)

 

 

(0.8

)

Trade receivables, net

 

$

347.4

 

 

$

319.7

 

 

 

 

 

 

 

Inventories

 

 

 

 

 

 

Finished products

 

$

123.5

 

 

$

130.0

 

Work-in-process

 

 

229.2

 

 

 

229.1

 

Raw materials

 

 

205.7

 

 

 

228.7

 

Operating supplies

 

 

14.0

 

 

 

14.1

 

Inventories

 

$

572.4

 

 

$

601.9

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 

 

 

 

 

Land and improvements

 

$

37.7

 

 

$

37.2

 

Buildings and leasehold improvements

 

 

272.1

 

 

 

256.3

 

Machinery and equipment 2

 

 

1,343.2

 

 

 

1,337.4

 

Construction in progress

 

 

332.4

 

 

 

297.5

 

Property, plant and equipment, gross

 

 

1,985.4

 

 

 

1,928.4

 

Accumulated depreciation and amortization

 

 

(794.1

)

 

 

(767.5

)

Land held for sale

 

 

0.3

 

 

 

0.3

 

Property, plant and equipment, net

 

$

1,191.6

 

 

$

1,161.2

 

 

 

 

 

 

 

Other Assets

 

 

 

 

 

 

Assets to be conveyed associated with Warrick acquisition 2

 

$

—

 

 

$

18.3

 

Restricted cash – Note 12

 

 

20.0

 

 

 

19.5

 

Long-term replacement parts

 

 

19.8

 

 

 

18.3

 

Other

 

 

22.4

 

 

 

22.5

 

Other assets

 

$

62.2

 

 

$

78.6

 

 

 

 

 

 

 

Other Accrued Liabilities

 

 

 

 

 

 

Uncleared cash disbursements

 

$

11.6

 

 

$

24.5

 

Accrued income taxes and other taxes payable

 

 

14.3

 

 

 

11.1

 

Accrued annual contribution to Salaried VEBA

 

 

—

 

 

 

0.7

 

Accrued interest

 

 

10.3

 

 

 

9.9

 

Short-term environmental accrual – Note 7

 

 

0.8

 

 

 

0.7

 

Current operating lease liabilities

 

 

5.7

 

 

 

6.3

 

Current finance lease liabilities

 

 

2.2

 

 

 

2.4

 

Current deferred compensation plan liabilities - Note 3

 

 

6.4

 

 

 

6.7

 

Other – Note 5

 

 

15.6

 

 

 

17.0

 

Other accrued liabilities

 

$

66.9

 

 

$

79.3

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

Workers' compensation accrual

 

$

27.3

 

 

$

26.8

 

Long-term environmental accrual – Note 7

 

 

17.7

 

 

 

17.7

 

Other long-term liabilities

 

 

39.2

 

 

 

39.5

 

Long-term liabilities

 

$

84.2

 

 

$

84.0

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
During the quarter ended March 31, 2025, $18.3 million of certain assets associated with our acquisition of Warrick were conveyed to us and placed in service. At March 31, 2025, such assets are presented within Machinery and equipment.
v3.25.1
Employee Benefits
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefits

3. Employee Benefits

Deferred Compensation Plan

Assets of our deferred compensation plan are included in Other assets, classified within Level 1 of the fair value hierarchy and are measured and recorded at fair value based on their quoted market prices. The following table presents the fair value of these assets (in millions of dollars):

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Deferred compensation program - Diversified investment funds in registered investment companies

 

$

12.0

 

 

$

11.9

 

Assets in the trust are accounted for as equity investments with changes in fair value recorded within Other (expense) income, net (see Note 9). Offsetting liabilities relating to the deferred compensation plan are included in Other accrued liabilities and Long-term liabilities.

Short-Term Incentive Plans

As of March 31, 2025, we had a liability of $9.6 million recorded within Accrued salaries, wages and related expenses for estimated probable future payments under the 2025 short-term incentive plans.

Postretirement and Postemployment Benefit Plans

The following table presents the total expense related to all postretirement and postemployment benefit plans (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Defined contribution plans1

 

$

6.0

 

 

$

5.8

 

Deferred compensation plan2

 

 

0.2

 

 

 

0.7

 

Multiemployer pension plans1

 

 

1.5

 

 

 

1.5

 

Net periodic postretirement and postemployment benefit cost relating to defined benefit plans2,3

 

 

2.3

 

 

 

1.5

 

Total

 

$

10.0

 

 

$

9.5

 

 

1.
Substantially all of these charges related to employee benefits are in COGS with the remaining balance in Selling, general, administrative, research, and development (“SG&A and R&D”) within our Statements of Consolidated Income.
2.
Deferred compensation plan expense and the current service cost component of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within our Statements of Consolidated Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within Other (expense) income, net, on our Statements of Consolidated Income.
3.
The current service cost component of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan is included within our Statements of Consolidated Income in COGS for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan are included within Other (expense) income, net, on our Statements of Consolidated Income.

Components of Net Periodic Postretirement and Postemployment Benefit Cost. The following table presents the components of Net periodic postretirement and postemployment benefit cost relating to our defined benefit plans (in millions of dollars):

 

 

 

Pension Plans

 

 

OPEB

 

 

Salaried VEBA

 

 

 

Quarter Ended

 

 

Quarter Ended

 

 

Quarter Ended

 

 

 

March 31,

 

 

March 31,

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

0.9

 

 

$

0.9

 

 

$

0.2

 

 

$

0.3

 

 

$

—

 

 

$

—

 

Interest cost

 

 

0.4

 

 

 

0.4

 

 

 

0.9

 

 

 

0.8

 

 

 

0.5

 

 

 

0.5

 

Expected return on plan assets

 

 

(0.4

)

 

 

(0.3

)

 

 

—

 

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

Amortization of prior service cost (credit)1

 

 

0.2

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

(0.5

)

Amortization of net actuarial gain

 

 

—

 

 

 

—

 

 

 

(0.5

)

 

 

(0.3

)

 

 

(0.1

)

 

 

—

 

Total net periodic postretirement and postemployment benefit cost (credit)

 

$

1.1

 

 

$

1.2

 

 

$

0.6

 

 

$

0.8

 

 

$

0.6

 

 

$

(0.5

)

 

1.
We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.

Pension Plan Contributions. During the quarter ended March 31, 2025, we contributed $1.1 million to our pension plans. We expect to make additional contributions of approximately $5.1 million to the pension plans during the remainder of 2025.
v3.25.1
Restructuring
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring

4. Restructuring

2025 Restructuring Plan. During the quarter ended March 31, 2025, we initiated a plan to reduce certain operating costs (“2025 Restructuring Plan”). Through March 31, 2025, we have recorded a charge of $1.8 million for severance and related benefits, to be substantially paid by September 30, 2025. As of March 31, 2025, the total estimated costs related to the 2025 Restructuring Plan are expected to range from $2.0 million to $3.0 million. The costs are recorded within Restructuring costs in our Statements of Consolidated Income.

The following table summarizes activity relating to the 2025 Restructuring Plan liabilities (in millions of dollars):

BALANCE, December 31, 2024

 

$

—

 

Restructuring costs

 

 

1.8

 

Costs paid or otherwise settled1

 

 

(1.3

)

BALANCE, March 31, 2025

 

$

0.5

 

 

1.
Cash paid during the quarter ended March 31, 2025 was $1.3 million.

2024 Restructuring Plan. During the quarter ended June 30, 2024, we initiated a plan to exit our soft alloy aluminum extrusion facility located in Sherman, Texas (“2024 Restructuring Plan”). Through March 31, 2025, we have recorded a charge of $7.5 million, consisting of a $4.6 million multiemployer pension obligation which is expected to be paid in 2027 and a $2.9 million charge for severance, related benefits, and other costs. Substantially all of the costs associated with the restructuring efforts initiated under the 2024 Restructuring Plan were incurred and expensed as of December 31, 2024. The costs are recorded within Restructuring costs in our Statements of Consolidated Income.

The following table summarizes activity relating to the 2024 Restructuring Plan liabilities (in millions of dollars):

BALANCE, December 31, 2024

 

$

4.7

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

(0.1

)

BALANCE, March 31, 2025

 

$

4.6

 

 

1.
Cash paid during the quarter ended March 31, 2025 was $0.1 million.
v3.25.1
Derivatives, Hedging Programs and Other Financial Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives, Hedging Programs and Other Financial Instruments

5. Derivatives, Hedging Programs and Other Financial Instruments

Overview. In conducting our business, we enter into derivative transactions, including forward contracts and options, to limit our exposure to: (i) metal price risk related to our sale of fabricated aluminum products and the purchase of metal, including primary, rolling ingot and scrap, or recycled, aluminum, our main raw material, and certain alloys used as raw material for our fabrication operations; (ii) energy price risk related to fluctuating prices of natural gas and electricity used in our production processes; and (iii) foreign currency exchange rate risk related to certain equipment and service agreements with vendors for which payments are due in foreign currency. We do not use derivative financial instruments for trading or other speculative purposes. Hedging transactions are executed centrally on behalf of all of our operations to minimize transaction costs, monitor consolidated net exposures, and allow for increased responsiveness to changes in market factors.

Our derivative activities are overseen by a committee (“Hedging Committee”), which is composed of our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Treasurer, Executive Vice President of Manufacturing and other officers and employees selected by the Chief Executive Officer. The Hedging Committee meets regularly to review commodity price exposures, derivative positions and strategy. Management reviews the scope of the Hedging Committee’s activities with our Board of Directors.

We are exposed to counterparty credit risk on all of our derivative instruments, which we manage by monitoring the credit quality of our counterparties and allocating our hedging positions among multiple counterparties to limit exposure to any single entity. Our counterparties are major investment grade financial institutions or trading companies, and our hedging transactions are governed by negotiated International Swaps and Derivatives Association Master Agreements, which generally require collateral to be posted by our counterparties above specified credit thresholds which may adjust up or down, based on increases or decreases in counterparty credit ratings. As a result, we believe the risk of loss is remote and contained. The aggregate fair value of our derivative instruments that were in a net liability position was $1.2 million and $0.8 million at March 31, 2025 and December 31, 2024, respectively, and we had no collateral posted as of those dates.

In addition, our firm-price customer sales commitments create incremental customer credit risk related to metal price movements. Under certain circumstances, we mitigate this risk by periodically requiring cash collateral to be posted by our customers, which we classify as deferred revenue and include as a component of Other accrued liabilities. We had no material cash collateral posted by our customers at both March 31, 2025 and December 31, 2024.

Cash Flow Hedges

We designate as cash flow hedges forward swap contracts for aluminum, energy, and certain alloying metals used in our fabrication operations. We also designate as cash flow hedges foreign currency forward contracts for equipment and services for which payments are due in foreign currency. Unrealized gains and losses associated with our cash flow hedges are deferred in Other comprehensive income (loss), net of tax, and reclassified to COGS when such hedges settle or when it is probable that the original forecasted transactions will not occur by the end of the originally specified time period. See Note 8 for the total amount of gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments that was reported in AOCI, as well as the related reclassifications into earnings and tax effects. Cumulative gains and losses related to cash flow hedges are reclassified out of AOCI and recorded within COGS when the associated hedged commodity purchases impact earnings.

Aluminum Hedges. Our pricing of fabricated aluminum products is generally intended to lock in our Conversion Revenue (representing our value added from the fabrication process) and to pass through aluminum price fluctuations to our customers. For a small portion of our higher margin products sold on a spot basis, the pass through of aluminum price movements can sometimes lag by as much as several months, with a favorable impact to us when aluminum prices decline and an adverse impact to us when aluminum prices increase. Additionally, in certain instances, we enter into firm-price arrangements with our customers for stipulated volumes to be delivered in the future. Because we generally purchase primary and secondary aluminum on a floating price basis, the lag in passing through aluminum price movements to customers on some of our higher margin products sold on a spot basis and the volume that we have committed to sell to our customers under a firm-price arrangement create aluminum price risk for us. We use third-party hedging instruments to limit exposure to aluminum price risk related to the aluminum pass through lag on some of our products and firm-price customer sales contracts.

Alloying Metals Hedges. We are exposed to the risk of fluctuating prices for alloying metals used as raw materials in our fabrication operations. We, from time to time, in the ordinary course of business, enter into hedging transactions and/or physical delivery commitments with third parties to mitigate our risk from fluctuations in certain alloying metals prices that are not passed through pursuant to the terms of our customer contracts.

Energy Hedges. We are exposed to the risk of fluctuating prices for natural gas and electricity. We, from time to time, in the ordinary course of business, enter into hedging transactions and/or firm-price physical delivery commitments with third parties to mitigate our risk from fluctuations in natural gas and electricity prices that are not passed through pursuant to the terms of our customer contracts.

Foreign Currency Hedges. We are exposed to foreign currency exchange rate risk related to certain equipment and service agreements with vendors for which payments are due in foreign currency. We, from time to time, in the ordinary course of business, use foreign currency forward contracts in order to mitigate the exposure to currency exchange rate fluctuations related to these purchases.

Non-Designated Hedges of Operational Risks

From time to time, we enter into commodity and foreign currency forward contracts that are not designated as hedging instruments to mitigate certain short‑term impacts, as identified. The gain or loss on these commodity and foreign currency derivatives is recognized within COGS and Other (expense) income, net, respectively. As of March 31, 2025 and December 31, 2024, we had no outstanding non-designated derivative hedge positions.

Notional Amount of Derivative Contracts

The following table summarizes our derivative positions at March 31, 2025:

 

Aluminum

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts for LME

 

April 2025 through August 2026

 

 

61.0

 

Fixed price sale contracts for LME

 

April 2025 through December 2025

 

 

11.0

 

Fixed price purchase contracts for MWTP

 

April 2025 through August 2026

 

 

56.5

 

Fixed price sale contracts for MWTP

 

April 2025

 

 

10.9

 

 

Alloying Metals

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts

 

April 2025 through December 2026

 

 

7.4

 

 

Natural Gas

 

Maturity Period

 

Notional Amount of Contracts (mmbtu)

 

Fixed price purchase contracts

 

April 2025 through December 2027

 

 

2,700,000

 

 

Euro

 

Maturity Period

 

Notional Amount of Contracts (EUR)

 

Fixed price forward purchase contracts

 

April 2025 through July 2027

 

 

5,812,634

 

 

British Pounds

 

Maturity Period

 

Notional Amount of Contracts (GBP)

 

Fixed price forward purchase contracts

 

April 2025 through May 2025

 

 

20,000

 

 

(Gain) Loss on Derivative Contracts

The following table summarizes the amount of (gain) loss on derivative contracts recorded within our Statements of Consolidated Income in COGS (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

2025

 

 

2024
As Adjusted1

 

Total of income and expense line items presented in our Statements of Consolidated Income in which the effects of hedges are recorded:

 

 

 

Cash flow hedges

 

$

673.4

 

 

$

651.3

 

 

 

 

 

 

 

(Gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges:

 

 

 

 

 

 

Aluminum

 

$

(5.2

)

 

$

2.0

 

Alloying Metals

 

 

(0.4

)

 

 

—

 

Natural gas

 

 

—

 

 

 

0.3

 

Electricity

 

 

—

 

 

 

(0.2

)

Foreign exchange contracts

 

 

0.1

 

 

 

—

 

Total (gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges

 

$

(5.5

)

 

$

2.1

 

 

 

 

 

 

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

Fair Values of Derivative Contracts

The fair values of our derivative contracts are based upon trades in liquid markets. Valuation model inputs can be verified, and valuation techniques do not involve significant judgment. The fair values of such derivatives are classified within Level 2 of the fair value hierarchy.

All of our derivative contracts with counterparties are subject to enforceable master netting arrangements. We reflect the fair value of our derivative contracts on a gross basis on our Consolidated Balance Sheets. The following table presents the fair value of our derivative assets and liabilities (in millions of dollars):

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price purchase contracts for LME

 

$

0.4

 

 

$

(2.2

)

 

$

(1.8

)

 

$

1.1

 

 

$

(0.8

)

 

$

0.3

 

Fixed price sale contracts for LME

 

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

—

 

Fixed price purchase contracts for MWTP

 

 

3.3

 

 

 

(0.1

)

 

 

3.2

 

 

 

1.1

 

 

 

—

 

 

 

1.1

 

Fixed price sale contracts for MWTP

 

 

—

 

 

 

(0.2

)

 

 

(0.2

)

 

 

—

 

 

 

—

 

 

 

—

 

Alloying Metals – Fixed price purchase contracts

 

 

2.5

 

 

 

—

 

 

 

2.5

 

 

 

1.3

 

 

 

(0.1

)

 

 

1.2

 

Natural gas – Fixed price purchase contracts

 

 

1.7

 

 

 

(0.3

)

 

 

1.4

 

 

 

0.5

 

 

 

(0.8

)

 

 

(0.3

)

Foreign currency – Fixed price forward contracts

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

 

 

—

 

 

 

(0.4

)

 

 

(0.4

)

Total

 

$

8.0

 

 

$

(2.9

)

 

$

5.1

 

 

$

4.0

 

 

$

(2.1

)

 

$

1.9

 

 

The following table presents the total amounts of derivative assets and liabilities on our Consolidated Balance Sheets (in millions of dollars):

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Derivative assets:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

7.2

 

 

$

3.7

 

Other assets

 

 

0.8

 

 

 

0.3

 

Total derivative assets

 

$

8.0

 

 

$

4.0

 

Derivative liabilities:

 

 

 

 

 

 

Other accrued liabilities

 

$

(2.8

)

 

$

(1.8

)

Long-term liabilities

 

 

(0.1

)

 

 

(0.3

)

Total derivative liabilities

 

$

(2.9

)

 

$

(2.1

)

 

Fair Values of Other Financial Instruments

All Other Financial Assets and Liabilities. We believe that the fair values of our accounts receivable, contract assets, accounts payable and accrued liabilities approximate their respective carrying values due to their short maturities and nominal credit risk.
v3.25.1
Debt and Credit Facility
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt and Credit Facility

6. Debt and Credit Facility

Senior Notes

At March 31, 2025 and December 31, 2024, we had outstanding fixed-rate unsecured Senior Notes with varying maturity dates. The stated interest rates and aggregate principal amounts of such 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 March 31, 2025

 

 

As of December 31, 2024

 

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

 

 

 

 

 

 

 

 

(8.0

)

 

 

(8.4

)

Total carrying amount

 

 

 

 

 

 

 

$

1,042.0

 

 

$

1,041.6

 

The following table presents the fair value of our outstanding Senior Notes, which are Level 1 liabilities (in millions of dollars):

 

 

 

 

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

4.625% Senior Notes

 

 

 

 

 

$

474.9

 

 

$

470.1

 

4.50% Senior Notes

 

 

 

 

 

$

486.8

 

 

$

484.8

 

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, 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. The amount we can borrow under our Revolving Credit Facility is determined by the value of our receivables and inventory, which serve as collateral for the facility. 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% (or, if borrowing availability is less than 40% of the maximum revolving commitments, 0.50%), 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% (or, if borrowing availability is less than 40% of the maximum revolving commitments, 1.60%). Outstanding borrowings under the Revolving Credit Facility are reported within Long-term debt, net, on our Consolidated Balance

Sheets. We had no outstanding borrowings under the Revolving Credit Facility as of March 31, 2025, after repaying borrowings of $42.5 million incurred during the quarter ended March 31, 2025. We had no outstanding borrowings under the Revolving Credit Facility as of or during the year ended December 31, 2024.

The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of March 31, 2025 (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

 

 

(19.6

)

Remaining borrowing availability

 

$

555.4

 

Interest Expense

The following table presents interest expense relating to our Senior Notes and Revolving Credit Facility (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Senior Notes interest expense, including debt issuance cost amortization

 

$

12.4

 

 

$

12.4

 

Revolving Credit Facility interest expense, including commitment fees and finance cost amortization

 

 

0.6

 

 

 

0.6

 

Interest expense on finance lease liabilities

 

 

0.2

 

 

 

0.2

 

Interest expense capitalized as construction in progress

 

 

(2.0

)

 

 

(1.7

)

Total interest expense

 

$

11.2

 

 

$

11.5

 

 
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

7. Commitments and Contingencies

Commitments. We have a variety of financial commitments, including purchase agreements, forward foreign exchange and forward sales contracts, indebtedness and letters of credit (see Note 5 and Note 6).

Environmental Contingencies. We are subject to a number of environmental laws and regulations, potential fines or penalties assessed for alleged breaches of such laws and regulations and potential claims based upon such laws and regulations. We are also subject to legacy environmental contingencies related to activities that occurred at operating facilities prior to July 6, 2006, which represent the majority of our environmental accruals. The status of these environmental contingencies are discussed below. We have established procedures for regularly evaluating environmental loss contingencies. Our environmental accruals represent our undiscounted estimate of costs reasonably expected to be incurred based on presently enacted laws and regulations, currently available facts, existing requirements, existing technology and our assessment of the likely remediation actions to be taken.

We continue to pursue remediation activities, primarily to address the historical use of oils containing polychlorinated biphenyls (“PCBs”) at Trentwood. Our remediation efforts are in collaboration with the Washington State Department of Ecology (“Ecology”), to which we submitted a feasibility study in 2012 of remediation alternatives and from which we received permission to begin certain remediation activities pursuant to a signed work order. We have completed a number of sections of the work plan and have received satisfactory completion approval from Ecology on those sections. In cooperation with Ecology, we constructed an experimental treatment facility to determine the treatability and evaluate the feasibility of removing PCBs from ground water under Trentwood. In 2015, we began treatment operations involving a walnut shell filtration system, which we optimized for maximum PCB capture during 2020. Furthermore, based on advancements in technology, we signed an Amended Agreed Order with Ecology to evaluate and implement a new Ultraviolet Light Advanced Oxidation Process (“UV/AOP”) for PCB removal from groundwater on a pilot basis. During 2024, based on the positive results of the UV/AOP, we implemented a full-scale UV/AOP treatment system that is fully operational as of December 31, 2024. We are currently working with Ecology, as required by the Amended Agreed Order to finalize details of the UV/AOP and also determine future remediation steps to be taken at which time there may be revisions to our estimated liabilities for this matter.

Pursuant to a consent agreement with the Ohio Environmental Protection Agency (“OEPA”), we initiated an investigational study of Newark related to historical on-site waste disposal. During the quarter ended December 31, 2018, we submitted our remedial investigation study to the OEPA for review and approval. The final remedial investigation report was approved by the OEPA during the quarter ended December 31, 2020. During the quarter ended December 31, 2023, we submitted an Alternate Arrays Document (“AAD”) to the OEPA for review. During the quarter ended September 30, 2024, based on input from the OEPA and the proposed remediation options included in the AAD, we increased our accrual by $2.9 million. This increase reflects updated preliminary estimates for the most likely remediation activities, as laid out in the AAD. During the quarter ended March 31, 2025, we met with the OEPA to address their questions on the AAD submission. Based on the input from the OEPA and the additional sampling requested, we plan to submit a revised AAD to the OEPA by September 30, 2025. Once the revised AAD is reviewed and accepted by the OEPA, a final feasibility study will be submitted to the OEPA, which we expect to occur in early 2026.

At March 31, 2025, our environmental accrual of $18.5 million represented our estimate of the incremental remediation cost based on: (i) proposed alternatives in the final feasibility study related to Trentwood; (ii) currently available facts with respect to Newark; and (iii) facts related to certain other locations owned or formerly owned by us. In accordance with approved and proposed remediation action plans, we expect that the implementation and ongoing monitoring could occur over a period of 30 or more years.

As additional facts are developed, feasibility studies are completed, remediation plans are modified, necessary regulatory approvals for the implementation of remediation are obtained, alternative technologies are developed and/or other factors change, there may be revisions to management’s estimates, and actual costs may exceed the current environmental accruals. We believe at this time that it is reasonably possible that undiscounted costs associated with these environmental matters may exceed current accruals by amounts that could be, in the aggregate, up to an estimated $13.4 million over the remediation period. It is reasonably possible that our recorded estimate will change in the next 12 months.

Other Contingencies. We are party to various lawsuits, claims, investigations and administrative proceedings that arise in connection with past and current operations. We evaluate such matters on a case-by-case basis and our policy is to vigorously contest any such claims we believe are without merit. We accrue for a legal liability when it is both probable that a liability has been incurred and the amount of the loss is reasonably estimable. Quarterly, in addition to when changes in facts and circumstances require it, we review and adjust these accruals to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. While uncertainties are inherent in the final outcome of such matters and it is presently impossible to determine the actual cost that may ultimately be incurred, we believe that we have sufficiently accrued for such matters and that the ultimate resolution of pending matters will not have a material impact on our consolidated financial position, operating results or liquidity.
v3.25.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income

8. Accumulated Other Comprehensive Income

The following table presents the changes in the accumulated balances for each component of AOCI (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Defined Benefit Plans:

 

 

 

 

 

 

Beginning balance

 

$

19.1

 

 

$

11.0

 

Actuarial loss arising during the period

 

 

(0.1

)

 

 

—

 

Amortization of net actuarial gain1

 

 

(0.6

)

 

 

(0.3

)

Amortization of prior service cost (credit)1

 

 

0.9

 

 

 

(0.3

)

Less: income tax (expense) benefit2

 

 

(0.1

)

 

 

0.1

 

Other comprehensive income (loss), net of tax

 

 

0.1

 

 

 

(0.5

)

Ending balance

 

$

19.2

 

 

$

10.5

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

Beginning balance

 

$

1.4

 

 

$

2.1

 

Unrealized gain (loss) on cash flow hedges

 

 

8.7

 

 

 

(4.2

)

Less: income tax (expense) benefit

 

 

(2.0

)

 

 

1.0

 

Net unrealized gain (loss) on cash flow hedges

 

 

6.7

 

 

 

(3.2

)

Reclassification of unrealized (gain) loss upon settlement of cash flow hedges

 

 

(5.5

)

 

 

2.1

 

Less: income tax benefit (expense)2

 

 

1.3

 

 

 

(0.5

)

Net (gain) loss reclassified from AOCI to Net income

 

 

(4.2

)

 

 

1.6

 

Other comprehensive income (loss), net of tax

 

 

2.5

 

 

 

(1.6

)

Ending balance3

 

$

3.9

 

 

$

0.5

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

23.1

 

 

$

11.0

 

 

1.
Amounts amortized out of AOCI related to pension and other postretirement and postemployment benefits were included within Net periodic postretirement and postemployment benefit cost (see Note 3).
2.
Income tax amounts reclassified out of AOCI were included as a component of Income tax provision.
3.
As of March 31, 2025, we estimate a net mark-to-market gain before tax of $4.4 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.
v3.25.1
Other (Expense) Income, Net
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Other (Expense) Income, Net

9. Other (Expense) Income, Net

The following table presents the components of Other (expense) income, net (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Interest income

 

$

0.2

 

 

$

0.9

 

Net periodic postretirement and postemployment benefit cost

 

 

(1.2

)

 

 

(0.3

)

Unrealized (loss) gain on equity securities

 

 

(0.1

)

 

 

0.2

 

Loss on disposition of property, plant and equipment

 

 

—

 

 

 

(0.2

)

Gain on business interruption insurance recoveries1

 

 

—

 

 

 

10.5

 

All other, net

 

 

(0.3

)

 

 

(0.2

)

Other (expense) income, net

 

$

(1.4

)

 

$

10.9

 

 

1.
Represents advances against business interruption insurance claims. We recognize such advances in the period in which the insurance proceeds are received or become realizable. During the quarters ended March 31, 2025 and March 31, 2024, we received net cash proceeds of $0.4 million and $9.7 million, respectively.

Supply Chain Financing. We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. During the quarters ended March 31, 2025 and March 31, 2024, we sold trade accounts receivable totaling $270.0 million and $267.1 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $5.6 million and $6.3 million, respectively. To the extent discount fees related to the sale of trade accounts receivable under supply chain financing arrangements are not reimbursed by our customers, they are included in Other (expense) income, net. As of March 31, 2025, we had been and/or expected to be substantially reimbursed by our customers for these discount fees, in accordance with the underlying sales agreements.
v3.25.1
Income Tax Matters
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax Matters

10. Income Tax Matters

The following table presents the income tax provision by region (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024
As Adjusted1

 

Domestic

 

$

(6.6

)

 

$

(5.0

)

Foreign

 

 

(0.6

)

 

 

(0.5

)

Total

 

$

(7.2

)

 

$

(5.5

)

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

The income tax provision for the quarters ended March 31, 2025 and March 31, 2024 was $7.2 million and $5.5 million, respectively, reflecting an effective tax rate of 25% and 23%, respectively. There was no material difference between the effective tax rate and the blended statutory tax rate for the quarters ended March 31, 2025 and March 31, 2024.

Our gross unrecognized benefits relating to uncertain tax positions were $7.7 million and $6.9 million at March 31, 2025 and December 31, 2024, respectively, of which, $7.7 million and $6.9 million would be recorded through our income tax provision and thus, impact the effective tax rate at March 31, 2025 and December 31, 2024, respectively, if the gross unrecognized tax benefits were to be recognized.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

11. Earnings Per Share

Basic net income per share is computed by dividing distributed and undistributed net income allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Basic and diluted net income per share was calculated under the two-class method for the quarters ended March 31, 2025 and March 31, 2024.

The following table sets forth the computation of basic and diluted net income per share (in millions of dollars, except share and per share amounts):

 

 

 

Quarter Ended March 31,

 

 

2025

 

 

2024
As Adjusted1

 

Numerator:

 

 

 

 

 

 

Net income available to common shareholders2

 

$

21.6

 

 

$

18.2

 

Denominator – Weighted-average common shares outstanding (in thousands):

 

 

 

 

 

 

Basic

 

 

16,116

 

 

 

16,027

 

Add: dilutive effect of non-vested common shares, restricted stock units and performance shares3

 

 

283

 

 

 

203

 

Diluted

 

 

16,399

 

 

 

16,230

 

 

 

 

 

 

 

Net income per common share, Basic:

 

$

1.34

 

 

$

1.13

 

Net income per common share, Diluted:

 

$

1.31

 

 

$

1.12

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
3.
Quantities in the following discussion are denoted in whole shares. During the quarters ended March 31, 2025 and March 31, 2024, approximately 4,000 and 2,200 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.
v3.25.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information

12. Supplemental Cash Flow Information

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(In millions of dollars)

 

Interest paid

 

$

10.0

 

 

$

10.3

 

Non-cash investing and financing activities (included in Accounts payable):

 

 

 

 

 

 

Unpaid purchases of property and equipment

 

$

22.1

 

 

$

19.5

 

 

 

 

 

 

 

Supplemental lease disclosures:

 

 

 

 

 

 

Cash paid for amounts included in the measurement of operating lease liabilities

 

$

1.9

 

 

$

2.1

 

Finance lease liabilities arising from obtaining finance lease assets

 

$

0.3

 

 

$

1.0

 

 

 

 

As of March 31,

 

 

 

2025

 

 

2024

 

 

 

(In millions of dollars)

 

Components of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

Cash and cash equivalents

 

$

21.3

 

 

$

101.6

 

Restricted cash included in Other assets1

 

 

20.0

 

 

 

18.3

 

Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows

 

$

41.3

 

 

$

119.9

 

 

1.
We are required to keep on deposit certain amounts that are pledged or held as collateral relating to workers’ compensation and other agreements. We account for such deposits as restricted cash. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash.
v3.25.1
Business, Product and Geographical Area Information
 3 Months Ended
Mar. 31, 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 March 31,

 

 

 

2025

 

 

2024
As Adjusted1

 

Net sales

 

$

777.4

 

 

$

737.5

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

 

 

 

 

 

Hedged cost of alloyed metal2

 

 

414.2

 

 

 

370.6

 

Manufacturing costs3

 

 

181.7

 

 

 

202.5

 

Plant overhead4

 

 

44.2

 

 

 

42.1

 

Freight costs

 

 

20.7

 

 

 

22.2

 

Other cost of products sold5

 

 

12.6

 

 

 

13.9

 

Depreciation and amortization

 

 

30.0

 

 

 

28.8

 

Selling, general, administrative, research and development

 

 

 

 

 

 

Research and development costs

 

 

0.3

 

 

 

0.6

 

Employee costs6

 

 

22.5

 

 

 

22.3

 

Other selling, general and administrative costs7

 

 

8.0

 

 

 

9.7

 

Restructuring costs

 

 

1.8

 

 

 

0.1

 

Other operating charges, net

 

 

—

 

 

 

0.4

 

Interest expense

 

 

11.2

 

 

 

11.5

 

Other expense (income), net – Note 9

 

 

1.4

 

 

 

(10.9

)

Income tax provision

 

 

7.2

 

 

 

5.5

 

Net income

 

$

21.6

 

 

$

18.2

 

 

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. This metric also includes metal price exposure on shipments that we hedged with realized gains upon settlement of $4.6 million and realized losses upon settlement of $3.5 million in the quarters ended March 31, 2025 and March 31, 2024, respectively.
3.
Manufacturing costs primarily includes labor, utilities, supplies 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 costs of products sold primarily includes lease expense, accretion expense related to conditional asset retirement obligations, and major maintenance costs.
6.
Employee costs include 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 March 31,

 

 

 

2025

 

 

2024

 

Net sales:

 

 

 

 

 

 

Aero/HS Products

 

$

214.7

 

 

$

220.5

 

Packaging

 

 

314.2

 

 

 

298.1

 

GE Products

 

 

181.6

 

 

 

153.0

 

Automotive Extrusions

 

 

66.9

 

 

 

63.5

 

Other products

 

—

 

 

 

2.4

 

Total net sales

 

$

777.4

 

 

$

737.5

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

Products transferred at a point in time

 

$

590.8

 

 

$

569.4

 

Products transferred over time

 

 

186.6

 

 

 

168.1

 

Total net sales

 

$

777.4

 

 

$

737.5

 

 

The following table presents geographic information for income taxes paid (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Income taxes paid:

 

 

 

 

 

 

Domestic

 

$

—

 

 

$

—

 

Foreign

 

 

1.8

 

 

 

1.6

 

Total income taxes paid

 

$

1.8

 

 

$

1.6

 
v3.25.1
Change in Accounting Principle
 3 Months Ended
Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Change in Accounting Principle

14. Change in Accounting Principle

Effective January 1, 2025, we changed our inventory valuation methodology for finished products, work-in-process, and raw material inventories from LIFO to the WAC. All prior periods presented have been adjusted to apply the new method retrospectively.

Certain financial statement line items in our Statements of Consolidated Income and our Statements of Consolidated Cash Flows for the quarter ended March 31, 2024 and our Consolidated Balance Sheets and Consolidated Stockholders’ Equity as of March 31, 2024 and December 31, 2024, were adjusted as follows (in millions of dollars, except per share amounts):

 

 

As Previously Reported

 

Effect of WAC Change

 

As Adjusted

 

Statements of Consolidated Income (Loss) for the quarter ended March 31, 2024

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

642.9

 

$

8.4

 

$

651.3

 

Operating income

 

 

32.7

 

 

(8.4

)

 

24.3

 

Income tax provision

 

 

(7.5

)

 

2.0

 

 

(5.5

)

Net income

 

 

24.6

 

 

(6.4

)

 

18.2

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

 

$

1.53

 

$

(0.40

)

$

1.13

 

Diluted

 

$

1.51

 

$

(0.39

)

$

1.12

 

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the quarter ended March 31, 2024

 

 

 

 

 

 

 

Net income

 

$

24.6

 

$

(6.4

)

$

18.2

 

Deferred income taxes

 

 

6.8

 

 

(2.0

)

 

4.8

 

Inventories

 

 

4.4

 

 

8.4

 

 

12.8

 

Net cash provided by operating activities

 

 

63.3

 

 

—

 

 

63.3

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of March 31, 2024

 

 

 

 

 

 

 

Receivables, other

 

$

11.2

 

$

0.1

 

$

11.3

 

Inventories

 

 

471.3

 

 

65.1

 

 

536.4

 

Deferred tax assets, net

 

 

5.4

 

 

(2.3

)

 

3.1

 

Deferred tax liabilities

 

 

19.5

 

 

13.1

 

 

32.6

 

Retained earnings

 

 

22.1

 

 

49.8

 

 

71.9

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of December 31, 2024

 

 

 

 

 

 

 

Receivables, other

 

$

22.0

 

$

0.2

 

$

22.2

 

Inventories

 

 

503.9

 

 

98.0

 

 

601.9

 

Deferred tax assets, net

 

 

7.2

 

 

(3.2

)

 

4.0

 

Other accrued liabilities

 

 

79.4

 

 

(0.1

)

 

79.3

 

Deferred tax liabilities

 

 

24.1

 

 

20.0

 

 

44.1

 

Retained earnings

 

 

6.2

 

 

75.1

 

 

81.3

 

 

The following table compares the amounts that would have been reported under LIFO with amounts reported under WAC in the Interim Consolidated Financial Statements for the quarter ended March 31, 2025 (in millions of dollars, except per share amounts):

 

As Computed (using LIFO)

 

Effect of Change

 

As Reported (using WAC)

 

Statements of Consolidated Income (Loss) for the quarter ended March 31, 2025

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

706.6

 

$

(33.2

)

$

673.4

 

Operating income

 

 

8.2

 

 

33.2

 

 

41.4

 

Income tax benefit (provision)

 

 

0.7

 

 

(7.9

)

 

(7.2

)

Net (loss) income

 

 

(3.7

)

 

25.3

 

 

21.6

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

Basic

 

$

(0.23

)

$

1.57

 

$

1.34

 

Diluted

 

$

(0.23

)

$

1.54

 

$

1.31

 

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the quarter ended March 31, 2025

 

 

 

 

 

 

 

Net (loss) income

 

$

(3.7

)

$

25.3

 

$

21.6

 

Deferred income taxes

 

 

(1.5

)

 

7.9

 

 

6.4

 

Inventories

 

 

62.7

 

 

(33.2

)

 

29.5

 

Net cash provided by operating activities

 

 

57.0

 

 

—

 

 

57.0

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of March 31, 2025

 

 

 

 

 

 

 

Receivables, other

 

$

42.3

 

$

0.2

 

$

42.5

 

Inventories

 

 

441.2

 

 

131.2

 

 

572.4

 

Deferred tax assets, net

 

 

7.6

 

 

(4.3

)

 

3.3

 

Other accrued liabilities

 

 

67.0

 

 

(0.1

)

 

66.9

 

Deferred tax liabilities

 

 

23.8

 

 

26.8

 

 

50.6

 

Retained (deficit) earnings

 

 

(10.4

)

 

100.4

 

 

90.0

 
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

Dividend Declaration. On April 15, 2025, we announced that our Board of Directors declared a quarterly cash dividend of $0.77 per common share. As such, we expect to pay approximately $12.8 million (including dividend equivalents) on or about May 15, 2025 to stockholders of record and the holders of certain restricted stock units at the close of business on April 25, 2025.
v3.25.1
Basis of Presentation and Recent Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation. The accompanying unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries and are prepared in accordance with GAAP and the rules and regulations of the SEC applicable for interim periods and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (which include normal recurring adjustments) considered necessary for a fair presentation have been included. We have reclassified certain items in prior periods to conform to current classifications. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2025 fiscal year. The financial information as of December 31, 2024 is derived from our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2024 except for the change in accounting principle disclosed in Note 14 of Notes to Interim Consolidated Financial Statements included in this Report.
Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of our consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of our consolidated financial position and results of operations.
Change in Accounting Principle

Change in Accounting Principle. Effective January 1, 2025, the Company changed its inventory valuation methodology from LIFO to WAC for its finished products, work-in-process, and raw material inventories. This change is preferable because the Company believes that it improves the comparability of the Company's operational results between periods by removing LIFO income or charge in a period resulting from LIFO valuation and changes to historical LIFO layers. Additionally, the Company believes that the new valuation methodology better reflects the physical flow of goods and simplifies the financial close process by utilizing the WAC valuation methodology for all internal and external reporting purposes. The effects of this change have been retrospectively applied to all prior periods presented. See Note 14 for additional information regarding the change in inventory valuation methodology.
Supply Chain Financing

Supply Chain Financing. We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. During the quarters ended March 31, 2025 and March 31, 2024, we sold trade accounts receivable totaling $270.0 million and $267.1 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $5.6 million and $6.3 million, respectively. To the extent discount fees related to the sale of trade accounts receivable under supply chain financing arrangements are not reimbursed by our customers, they are included in Other (expense) income, net. As of March 31, 2025, we had been and/or expected to be substantially reimbursed by our customers for these discount fees, in accordance with the underlying sales agreements.
Accounting Pronouncements Issued But Not Yet Adopted

Accounting Pronouncements Issued But Not Yet Adopted

Disclosure Improvements. In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-06 (“ASU 2023-06”), Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The guidance amends GAAP to reflect updates and simplifications to certain disclosure requirements referred to the FASB by the SEC. The amendments in ASU 2023-06 will become effective on the date which the SEC’s removal of the related disclosure becomes effective. If by June 30, 2027, the SEC does not remove the related disclosure, the pending amendment will be removed from ASC 2023-06 and it will not be effective. Adoption of ASU 2023-06 is expected to modify the disclosure and presentation requirements only and is not expected to have a material impact on our consolidated financial statements.

Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the annual income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. We plan to adopt the provisions of ASU 2023-09 in the fourth quarter of fiscal 2025 and do not expect this ASU to have a material impact on our consolidated financial statements.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance requires additional, disaggregated disclosure about certain income statement expense line items. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and is required to be applied

prospectively with the option of retrospective application. We plan to adopt the provisions of ASU 2024-03 in the fourth quarter of fiscal 2027 and continue to evaluate the disclosure requirements related to the new standard.
v3.25.1
Supplemental Balance Sheet Information (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Supplemental Balance Sheet Information

 

 

As of March 31, 2025

 

 

As of December 31, 2024
As Adjusted1

 

 

 

(In millions of dollars)

 

Trade Receivables, Net

 

 

 

 

 

 

Billed trade receivables

 

$

348.2

 

 

$

320.5

 

Allowance for doubtful receivables

 

 

(0.8

)

 

 

(0.8

)

Trade receivables, net

 

$

347.4

 

 

$

319.7

 

 

 

 

 

 

 

Inventories

 

 

 

 

 

 

Finished products

 

$

123.5

 

 

$

130.0

 

Work-in-process

 

 

229.2

 

 

 

229.1

 

Raw materials

 

 

205.7

 

 

 

228.7

 

Operating supplies

 

 

14.0

 

 

 

14.1

 

Inventories

 

$

572.4

 

 

$

601.9

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 

 

 

 

 

Land and improvements

 

$

37.7

 

 

$

37.2

 

Buildings and leasehold improvements

 

 

272.1

 

 

 

256.3

 

Machinery and equipment 2

 

 

1,343.2

 

 

 

1,337.4

 

Construction in progress

 

 

332.4

 

 

 

297.5

 

Property, plant and equipment, gross

 

 

1,985.4

 

 

 

1,928.4

 

Accumulated depreciation and amortization

 

 

(794.1

)

 

 

(767.5

)

Land held for sale

 

 

0.3

 

 

 

0.3

 

Property, plant and equipment, net

 

$

1,191.6

 

 

$

1,161.2

 

 

 

 

 

 

 

Other Assets

 

 

 

 

 

 

Assets to be conveyed associated with Warrick acquisition 2

 

$

—

 

 

$

18.3

 

Restricted cash – Note 12

 

 

20.0

 

 

 

19.5

 

Long-term replacement parts

 

 

19.8

 

 

 

18.3

 

Other

 

 

22.4

 

 

 

22.5

 

Other assets

 

$

62.2

 

 

$

78.6

 

 

 

 

 

 

 

Other Accrued Liabilities

 

 

 

 

 

 

Uncleared cash disbursements

 

$

11.6

 

 

$

24.5

 

Accrued income taxes and other taxes payable

 

 

14.3

 

 

 

11.1

 

Accrued annual contribution to Salaried VEBA

 

 

—

 

 

 

0.7

 

Accrued interest

 

 

10.3

 

 

 

9.9

 

Short-term environmental accrual – Note 7

 

 

0.8

 

 

 

0.7

 

Current operating lease liabilities

 

 

5.7

 

 

 

6.3

 

Current finance lease liabilities

 

 

2.2

 

 

 

2.4

 

Current deferred compensation plan liabilities - Note 3

 

 

6.4

 

 

 

6.7

 

Other – Note 5

 

 

15.6

 

 

 

17.0

 

Other accrued liabilities

 

$

66.9

 

 

$

79.3

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

Workers' compensation accrual

 

$

27.3

 

 

$

26.8

 

Long-term environmental accrual – Note 7

 

 

17.7

 

 

 

17.7

 

Other long-term liabilities

 

 

39.2

 

 

 

39.5

 

Long-term liabilities

 

$

84.2

 

 

$

84.0

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
During the quarter ended March 31, 2025, $18.3 million of certain assets associated with our acquisition of Warrick were conveyed to us and placed in service. At March 31, 2025, such assets are presented within Machinery and equipment.
v3.25.1
Employee Benefits (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Fair Value of Plan Assets The following table presents the fair value of these assets (in millions of dollars):

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Deferred compensation program - Diversified investment funds in registered investment companies

 

$

12.0

 

 

$

11.9

 
Schedule of Total Expense Related to Benefit Plans

The following table presents the total expense related to all postretirement and postemployment benefit plans (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Defined contribution plans1

 

$

6.0

 

 

$

5.8

 

Deferred compensation plan2

 

 

0.2

 

 

 

0.7

 

Multiemployer pension plans1

 

 

1.5

 

 

 

1.5

 

Net periodic postretirement and postemployment benefit cost relating to defined benefit plans2,3

 

 

2.3

 

 

 

1.5

 

Total

 

$

10.0

 

 

$

9.5

 

 

1.
Substantially all of these charges related to employee benefits are in COGS with the remaining balance in Selling, general, administrative, research, and development (“SG&A and R&D”) within our Statements of Consolidated Income.
2.
Deferred compensation plan expense and the current service cost component of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within our Statements of Consolidated Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within Other (expense) income, net, on our Statements of Consolidated Income.
3.
The current service cost component of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan is included within our Statements of Consolidated Income in COGS for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan are included within Other (expense) income, net, on our Statements of Consolidated Income.
Schedule of Net Benefit Costs The following table presents the components of Net periodic postretirement and postemployment benefit cost relating to our defined benefit plans (in millions of dollars):

 

 

 

Pension Plans

 

 

OPEB

 

 

Salaried VEBA

 

 

 

Quarter Ended

 

 

Quarter Ended

 

 

Quarter Ended

 

 

 

March 31,

 

 

March 31,

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

0.9

 

 

$

0.9

 

 

$

0.2

 

 

$

0.3

 

 

$

—

 

 

$

—

 

Interest cost

 

 

0.4

 

 

 

0.4

 

 

 

0.9

 

 

 

0.8

 

 

 

0.5

 

 

 

0.5

 

Expected return on plan assets

 

 

(0.4

)

 

 

(0.3

)

 

 

—

 

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

Amortization of prior service cost (credit)1

 

 

0.2

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

(0.5

)

Amortization of net actuarial gain

 

 

—

 

 

 

—

 

 

 

(0.5

)

 

 

(0.3

)

 

 

(0.1

)

 

 

—

 

Total net periodic postretirement and postemployment benefit cost (credit)

 

$

1.1

 

 

$

1.2

 

 

$

0.6

 

 

$

0.8

 

 

$

0.6

 

 

$

(0.5

)

 

1.
We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.
v3.25.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2025
2025 Plan  
Restructuring Cost and Reserve [Line Items]  
Summary of Activity Relating to Restructuring Plan Liabilities

The following table summarizes activity relating to the 2025 Restructuring Plan liabilities (in millions of dollars):

BALANCE, December 31, 2024

 

$

—

 

Restructuring costs

 

 

1.8

 

Costs paid or otherwise settled1

 

 

(1.3

)

BALANCE, March 31, 2025

 

$

0.5

 

 

1.
Cash paid during the quarter ended March 31, 2025 was $1.3 million.
2024 Plan  
Restructuring Cost and Reserve [Line Items]  
Summary of Activity Relating to Restructuring Plan Liabilities

The following table summarizes activity relating to the 2024 Restructuring Plan liabilities (in millions of dollars):

BALANCE, December 31, 2024

 

$

4.7

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

(0.1

)

BALANCE, March 31, 2025

 

$

4.6

 

 

1.
Cash paid during the quarter ended March 31, 2025 was $0.1 million.
v3.25.1
Derivatives, Hedging Programs and Other Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Derivative Positions

The following table summarizes our derivative positions at March 31, 2025:

 

Aluminum

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts for LME

 

April 2025 through August 2026

 

 

61.0

 

Fixed price sale contracts for LME

 

April 2025 through December 2025

 

 

11.0

 

Fixed price purchase contracts for MWTP

 

April 2025 through August 2026

 

 

56.5

 

Fixed price sale contracts for MWTP

 

April 2025

 

 

10.9

 

 

Alloying Metals

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts

 

April 2025 through December 2026

 

 

7.4

 

 

Natural Gas

 

Maturity Period

 

Notional Amount of Contracts (mmbtu)

 

Fixed price purchase contracts

 

April 2025 through December 2027

 

 

2,700,000

 

 

Euro

 

Maturity Period

 

Notional Amount of Contracts (EUR)

 

Fixed price forward purchase contracts

 

April 2025 through July 2027

 

 

5,812,634

 

 

British Pounds

 

Maturity Period

 

Notional Amount of Contracts (GBP)

 

Fixed price forward purchase contracts

 

April 2025 through May 2025

 

 

20,000

 

 
Summary of (Gain) Loss Associated with Derivative Contracts

The following table summarizes the amount of (gain) loss on derivative contracts recorded within our Statements of Consolidated Income in COGS (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

2025

 

 

2024
As Adjusted1

 

Total of income and expense line items presented in our Statements of Consolidated Income in which the effects of hedges are recorded:

 

 

 

Cash flow hedges

 

$

673.4

 

 

$

651.3

 

 

 

 

 

 

 

(Gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges:

 

 

 

 

 

 

Aluminum

 

$

(5.2

)

 

$

2.0

 

Alloying Metals

 

 

(0.4

)

 

 

—

 

Natural gas

 

 

—

 

 

 

0.3

 

Electricity

 

 

—

 

 

 

(0.2

)

Foreign exchange contracts

 

 

0.1

 

 

 

—

 

Total (gain) loss recognized in our Statements of Consolidated Income related to cash flow hedges

 

$

(5.5

)

 

$

2.1

 

 

 

 

 

 

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
Schedule of Fair Value of Derivative Assets and Liabilities The following table presents the fair value of our derivative assets and liabilities (in millions of dollars):

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price purchase contracts for LME

 

$

0.4

 

 

$

(2.2

)

 

$

(1.8

)

 

$

1.1

 

 

$

(0.8

)

 

$

0.3

 

Fixed price sale contracts for LME

 

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

—

 

Fixed price purchase contracts for MWTP

 

 

3.3

 

 

 

(0.1

)

 

 

3.2

 

 

 

1.1

 

 

 

—

 

 

 

1.1

 

Fixed price sale contracts for MWTP

 

 

—

 

 

 

(0.2

)

 

 

(0.2

)

 

 

—

 

 

 

—

 

 

 

—

 

Alloying Metals – Fixed price purchase contracts

 

 

2.5

 

 

 

—

 

 

 

2.5

 

 

 

1.3

 

 

 

(0.1

)

 

 

1.2

 

Natural gas – Fixed price purchase contracts

 

 

1.7

 

 

 

(0.3

)

 

 

1.4

 

 

 

0.5

 

 

 

(0.8

)

 

 

(0.3

)

Foreign currency – Fixed price forward contracts

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

 

 

—

 

 

 

(0.4

)

 

 

(0.4

)

Total

 

$

8.0

 

 

$

(2.9

)

 

$

5.1

 

 

$

4.0

 

 

$

(2.1

)

 

$

1.9

 

 

The following table presents the total amounts of derivative assets and liabilities on our Consolidated Balance Sheets (in millions of dollars):

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Derivative assets:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

7.2

 

 

$

3.7

 

Other assets

 

 

0.8

 

 

 

0.3

 

Total derivative assets

 

$

8.0

 

 

$

4.0

 

Derivative liabilities:

 

 

 

 

 

 

Other accrued liabilities

 

$

(2.8

)

 

$

(1.8

)

Long-term liabilities

 

 

(0.1

)

 

 

(0.3

)

Total derivative liabilities

 

$

(2.9

)

 

$

(2.1

)
v3.25.1
Debt and Credit Facility (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Summary of Senior Notes The following table summarizes key details of our Senior Notes:

 

 

 

 

 

 

Outstanding (in millions of dollars)

 

 

 

Issuance Date

 

Maturity

 

Effective Interest Rate

 

As of March 31, 2025

 

 

As of December 31, 2024

 

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

 

 

 

 

 

 

 

 

(8.0

)

 

 

(8.4

)

Total carrying amount

 

 

 

 

 

 

 

$

1,042.0

 

 

$

1,041.6

 
Summary of Fair Value of Outstanding Senior Notes

The following table presents the fair value of our outstanding Senior Notes, which are Level 1 liabilities (in millions of dollars):

 

 

 

 

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

4.625% Senior Notes

 

 

 

 

 

$

474.9

 

 

$

470.1

 

4.50% Senior Notes

 

 

 

 

 

$

486.8

 

 

$

484.8

 
Schedule of Availability and Usage of Revolving Credit Facility

The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of March 31, 2025 (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

 

 

(19.6

)

Remaining borrowing availability

 

$

555.4

 
Summary of Interest Expense Relating to Senior Notes and Revolving Credit Facility

The following table presents interest expense relating to our Senior Notes and Revolving Credit Facility (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Senior Notes interest expense, including debt issuance cost amortization

 

$

12.4

 

 

$

12.4

 

Revolving Credit Facility interest expense, including commitment fees and finance cost amortization

 

 

0.6

 

 

 

0.6

 

Interest expense on finance lease liabilities

 

 

0.2

 

 

 

0.2

 

Interest expense capitalized as construction in progress

 

 

(2.0

)

 

 

(1.7

)

Total interest expense

 

$

11.2

 

 

$

11.5

 

 
v3.25.1
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income

The following table presents the changes in the accumulated balances for each component of AOCI (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Defined Benefit Plans:

 

 

 

 

 

 

Beginning balance

 

$

19.1

 

 

$

11.0

 

Actuarial loss arising during the period

 

 

(0.1

)

 

 

—

 

Amortization of net actuarial gain1

 

 

(0.6

)

 

 

(0.3

)

Amortization of prior service cost (credit)1

 

 

0.9

 

 

 

(0.3

)

Less: income tax (expense) benefit2

 

 

(0.1

)

 

 

0.1

 

Other comprehensive income (loss), net of tax

 

 

0.1

 

 

 

(0.5

)

Ending balance

 

$

19.2

 

 

$

10.5

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

Beginning balance

 

$

1.4

 

 

$

2.1

 

Unrealized gain (loss) on cash flow hedges

 

 

8.7

 

 

 

(4.2

)

Less: income tax (expense) benefit

 

 

(2.0

)

 

 

1.0

 

Net unrealized gain (loss) on cash flow hedges

 

 

6.7

 

 

 

(3.2

)

Reclassification of unrealized (gain) loss upon settlement of cash flow hedges

 

 

(5.5

)

 

 

2.1

 

Less: income tax benefit (expense)2

 

 

1.3

 

 

 

(0.5

)

Net (gain) loss reclassified from AOCI to Net income

 

 

(4.2

)

 

 

1.6

 

Other comprehensive income (loss), net of tax

 

 

2.5

 

 

 

(1.6

)

Ending balance3

 

$

3.9

 

 

$

0.5

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

23.1

 

 

$

11.0

 

 

1.
Amounts amortized out of AOCI related to pension and other postretirement and postemployment benefits were included within Net periodic postretirement and postemployment benefit cost (see Note 3).
2.
Income tax amounts reclassified out of AOCI were included as a component of Income tax provision.
3.
As of March 31, 2025, we estimate a net mark-to-market gain before tax of $4.4 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.
v3.25.1
Other (Expense) Income, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Other (Expense) Income, Net

The following table presents the components of Other (expense) income, net (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Interest income

 

$

0.2

 

 

$

0.9

 

Net periodic postretirement and postemployment benefit cost

 

 

(1.2

)

 

 

(0.3

)

Unrealized (loss) gain on equity securities

 

 

(0.1

)

 

 

0.2

 

Loss on disposition of property, plant and equipment

 

 

—

 

 

 

(0.2

)

Gain on business interruption insurance recoveries1

 

 

—

 

 

 

10.5

 

All other, net

 

 

(0.3

)

 

 

(0.2

)

Other (expense) income, net

 

$

(1.4

)

 

$

10.9

 

 

1.
Represents advances against business interruption insurance claims. We recognize such advances in the period in which the insurance proceeds are received or become realizable. During the quarters ended March 31, 2025 and March 31, 2024, we received net cash proceeds of $0.4 million and $9.7 million, respectively.
v3.25.1
Income Tax Matters (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax Provision by Region

The following table presents the income tax provision by region (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024
As Adjusted1

 

Domestic

 

$

(6.6

)

 

$

(5.0

)

Foreign

 

 

(0.6

)

 

 

(0.5

)

Total

 

$

(7.2

)

 

$

(5.5

)

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share (in millions of dollars, except share and per share amounts):

 

 

 

Quarter Ended March 31,

 

 

2025

 

 

2024
As Adjusted1

 

Numerator:

 

 

 

 

 

 

Net income available to common shareholders2

 

$

21.6

 

 

$

18.2

 

Denominator – Weighted-average common shares outstanding (in thousands):

 

 

 

 

 

 

Basic

 

 

16,116

 

 

 

16,027

 

Add: dilutive effect of non-vested common shares, restricted stock units and performance shares3

 

 

283

 

 

 

203

 

Diluted

 

 

16,399

 

 

 

16,230

 

 

 

 

 

 

 

Net income per common share, Basic:

 

$

1.34

 

 

$

1.13

 

Net income per common share, Diluted:

 

$

1.31

 

 

$

1.12

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
3.
Quantities in the following discussion are denoted in whole shares. During the quarters ended March 31, 2025 and March 31, 2024, approximately 4,000 and 2,200 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.
v3.25.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(In millions of dollars)

 

Interest paid

 

$

10.0

 

 

$

10.3

 

Non-cash investing and financing activities (included in Accounts payable):

 

 

 

 

 

 

Unpaid purchases of property and equipment

 

$

22.1

 

 

$

19.5

 

 

 

 

 

 

 

Supplemental lease disclosures:

 

 

 

 

 

 

Cash paid for amounts included in the measurement of operating lease liabilities

 

$

1.9

 

 

$

2.1

 

Finance lease liabilities arising from obtaining finance lease assets

 

$

0.3

 

 

$

1.0

 

 

 

 

As of March 31,

 

 

 

2025

 

 

2024

 

 

 

(In millions of dollars)

 

Components of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

Cash and cash equivalents

 

$

21.3

 

 

$

101.6

 

Restricted cash included in Other assets1

 

 

20.0

 

 

 

18.3

 

Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows

 

$

41.3

 

 

$

119.9

 

 

1.
We are required to keep on deposit certain amounts that are pledged or held as collateral relating to workers’ compensation and other agreements. We account for such deposits as restricted cash. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash.
v3.25.1
Business, Product and Geographical Area Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
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 March 31,

 

 

 

2025

 

 

2024
As Adjusted1

 

Net sales

 

$

777.4

 

 

$

737.5

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

 

 

 

 

 

Hedged cost of alloyed metal2

 

 

414.2

 

 

 

370.6

 

Manufacturing costs3

 

 

181.7

 

 

 

202.5

 

Plant overhead4

 

 

44.2

 

 

 

42.1

 

Freight costs

 

 

20.7

 

 

 

22.2

 

Other cost of products sold5

 

 

12.6

 

 

 

13.9

 

Depreciation and amortization

 

 

30.0

 

 

 

28.8

 

Selling, general, administrative, research and development

 

 

 

 

 

 

Research and development costs

 

 

0.3

 

 

 

0.6

 

Employee costs6

 

 

22.5

 

 

 

22.3

 

Other selling, general and administrative costs7

 

 

8.0

 

 

 

9.7

 

Restructuring costs

 

 

1.8

 

 

 

0.1

 

Other operating charges, net

 

 

—

 

 

 

0.4

 

Interest expense

 

 

11.2

 

 

 

11.5

 

Other expense (income), net – Note 9

 

 

1.4

 

 

 

(10.9

)

Income tax provision

 

 

7.2

 

 

 

5.5

 

Net income

 

$

21.6

 

 

$

18.2

 

 

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. This metric also includes metal price exposure on shipments that we hedged with realized gains upon settlement of $4.6 million and realized losses upon settlement of $3.5 million in the quarters ended March 31, 2025 and March 31, 2024, respectively.
3.
Manufacturing costs primarily includes labor, utilities, supplies 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 costs of products sold primarily includes lease expense, accretion expense related to conditional asset retirement obligations, and major maintenance costs.
6.
Employee costs include 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.
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 March 31,

 

 

 

2025

 

 

2024

 

Net sales:

 

 

 

 

 

 

Aero/HS Products

 

$

214.7

 

 

$

220.5

 

Packaging

 

 

314.2

 

 

 

298.1

 

GE Products

 

 

181.6

 

 

 

153.0

 

Automotive Extrusions

 

 

66.9

 

 

 

63.5

 

Other products

 

—

 

 

 

2.4

 

Total net sales

 

$

777.4

 

 

$

737.5

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

Products transferred at a point in time

 

$

590.8

 

 

$

569.4

 

Products transferred over time

 

 

186.6

 

 

 

168.1

 

Total net sales

 

$

777.4

 

 

$

737.5

 

 
Schedule of Income Taxes Paid by Geographical Area

The following table presents geographic information for income taxes paid (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

Income taxes paid:

 

 

 

 

 

 

Domestic

 

$

—

 

 

$

—

 

Foreign

 

 

1.8

 

 

 

1.6

 

Total income taxes paid

 

$

1.8

 

 

$

1.6

 
v3.25.1
Change in Accounting Principle (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Schdule of consolidated financial statements

Certain financial statement line items in our Statements of Consolidated Income and our Statements of Consolidated Cash Flows for the quarter ended March 31, 2024 and our Consolidated Balance Sheets and Consolidated Stockholders’ Equity as of March 31, 2024 and December 31, 2024, were adjusted as follows (in millions of dollars, except per share amounts):

 

 

As Previously Reported

 

Effect of WAC Change

 

As Adjusted

 

Statements of Consolidated Income (Loss) for the quarter ended March 31, 2024

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

642.9

 

$

8.4

 

$

651.3

 

Operating income

 

 

32.7

 

 

(8.4

)

 

24.3

 

Income tax provision

 

 

(7.5

)

 

2.0

 

 

(5.5

)

Net income

 

 

24.6

 

 

(6.4

)

 

18.2

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

 

$

1.53

 

$

(0.40

)

$

1.13

 

Diluted

 

$

1.51

 

$

(0.39

)

$

1.12

 

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the quarter ended March 31, 2024

 

 

 

 

 

 

 

Net income

 

$

24.6

 

$

(6.4

)

$

18.2

 

Deferred income taxes

 

 

6.8

 

 

(2.0

)

 

4.8

 

Inventories

 

 

4.4

 

 

8.4

 

 

12.8

 

Net cash provided by operating activities

 

 

63.3

 

 

—

 

 

63.3

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of March 31, 2024

 

 

 

 

 

 

 

Receivables, other

 

$

11.2

 

$

0.1

 

$

11.3

 

Inventories

 

 

471.3

 

 

65.1

 

 

536.4

 

Deferred tax assets, net

 

 

5.4

 

 

(2.3

)

 

3.1

 

Deferred tax liabilities

 

 

19.5

 

 

13.1

 

 

32.6

 

Retained earnings

 

 

22.1

 

 

49.8

 

 

71.9

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of December 31, 2024

 

 

 

 

 

 

 

Receivables, other

 

$

22.0

 

$

0.2

 

$

22.2

 

Inventories

 

 

503.9

 

 

98.0

 

 

601.9

 

Deferred tax assets, net

 

 

7.2

 

 

(3.2

)

 

4.0

 

Other accrued liabilities

 

 

79.4

 

 

(0.1

)

 

79.3

 

Deferred tax liabilities

 

 

24.1

 

 

20.0

 

 

44.1

 

Retained earnings

 

 

6.2

 

 

75.1

 

 

81.3

 

 

The following table compares the amounts that would have been reported under LIFO with amounts reported under WAC in the Interim Consolidated Financial Statements for the quarter ended March 31, 2025 (in millions of dollars, except per share amounts):

 

As Computed (using LIFO)

 

Effect of Change

 

As Reported (using WAC)

 

Statements of Consolidated Income (Loss) for the quarter ended March 31, 2025

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

706.6

 

$

(33.2

)

$

673.4

 

Operating income

 

 

8.2

 

 

33.2

 

 

41.4

 

Income tax benefit (provision)

 

 

0.7

 

 

(7.9

)

 

(7.2

)

Net (loss) income

 

 

(3.7

)

 

25.3

 

 

21.6

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

Basic

 

$

(0.23

)

$

1.57

 

$

1.34

 

Diluted

 

$

(0.23

)

$

1.54

 

$

1.31

 

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the quarter ended March 31, 2025

 

 

 

 

 

 

 

Net (loss) income

 

$

(3.7

)

$

25.3

 

$

21.6

 

Deferred income taxes

 

 

(1.5

)

 

7.9

 

 

6.4

 

Inventories

 

 

62.7

 

 

(33.2

)

 

29.5

 

Net cash provided by operating activities

 

 

57.0

 

 

—

 

 

57.0

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of March 31, 2025

 

 

 

 

 

 

 

Receivables, other

 

$

42.3

 

$

0.2

 

$

42.5

 

Inventories

 

 

441.2

 

 

131.2

 

 

572.4

 

Deferred tax assets, net

 

 

7.6

 

 

(4.3

)

 

3.3

 

Other accrued liabilities

 

 

67.0

 

 

(0.1

)

 

66.9

 

Deferred tax liabilities

 

 

23.8

 

 

26.8

 

 

50.6

 

Retained (deficit) earnings

 

 

(10.4

)

 

100.4

 

 

90.0

 
v3.25.1
Supplemental Balance Sheet Information - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Trade Receivables, Net      
Allowance for doubtful receivables $ (0.8) $ (0.8) [1]  
Trade receivables, net 347.4 319.7 [1],[2]  
Inventories      
Finished products 123.5 130.0 [1]  
Work-in-process 229.2 229.1 [1]  
Raw materials 205.7 228.7 [1]  
Operating supplies 14.0 14.1 [1]  
Inventories 572.4 601.9 [1],[2] $ 536.4
Property, Plant and Equipment, Net      
Land and improvements 37.7 37.2 [1]  
Buildings and leasehold improvements 272.1 256.3 [1]  
Machinery and equipment [3] 1,343.2 1,337.4 [1]  
Construction in progress 332.4 297.5 [1]  
Property, plant and equipment, gross 1,985.4 1,928.4 [1]  
Accumulated depreciation and amortization (794.1) (767.5) [1]  
Land held for sale 0.3 0.3 [1]  
Property, plant and equipment, net 1,191.6 1,161.2 [1],[2]  
Other Assets      
Assets to be conveyed associated with Warrick acquisition [1],[3]   18.3  
Restricted cash - Note 12 20.0 19.5 [1] $ 18.3
Long-term replacement parts 19.8 18.3 [1]  
Other 22.4 22.5 [1]  
Other assets 62.2 78.6 [1],[2]  
Other Accrued Liabilities      
Uncleared cash disbursements 11.6 24.5 [1]  
Accrued income taxes and other taxes payable 14.3 11.1 [1]  
Accrued annual contribution to Salaried VEBA [1]   0.7  
Accrued interest 10.3 9.9 [1]  
Short-term environmental accrual - Note 7 0.8 0.7 [1]  
Current operating lease liabilities 5.7 6.3 [1]  
Current finance lease liabilities 2.2 2.4 [1]  
Current deferred compensation plan liabilities - Note 3 6.4 6.7 [1]  
Other - Note 5 15.6 17.0 [1]  
Other accrued liabilities 66.9 79.3 [1],[2]  
Long-Term Liabilities      
Workers' compensation accrual 27.3 26.8 [1]  
Long-term environmental accrual - Note 7 17.7 17.7 [1]  
Other long-term liabilities 39.2 39.5 [1]  
Long-term liabilities 84.2 84.0 [1],[2]  
Billed      
Trade Receivables, Net      
Billed trade receivables $ 348.2 $ 320.5 [1]  
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] During the quarter ended March 31, 2025, $18.3 million of certain assets associated with our acquisition of Warrick were conveyed to us and placed in service. At March 31, 2025, such assets are presented within Machinery and equipment.
v3.25.1
Supplemental Balance Sheet Information - Schedule of Supplemental Balance Sheet Information (Parenthetical) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Assets to be conveyed associated with Warrick acquisition $ 18.3 [1],[2]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] During the quarter ended March 31, 2025, $18.3 million of certain assets associated with our acquisition of Warrick were conveyed to us and placed in service. At March 31, 2025, such assets are presented within Machinery and equipment.
v3.25.1
Employee Benefits - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Expected long-term rate of return on plan assets $ 0.4 $ 0.3  
Pension plan contributions 1.1    
Employer contributions, remainder of fiscal year 5.1    
Accrued salaries, wages and related expenses      
Defined Benefit Plan Disclosure [Line Items]      
Accrued salaries, wages and related expenses 9.6    
Level 1 | Fair Value, Measurements, Recurring      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of deferred compensation assets $ 12.0   $ 11.9
v3.25.1
Employee Benefits - Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Level 1 | Fair Value, Measurements, Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Deferred compensation program - Diversified investment funds in registered investment companies $ 12.0 $ 11.9
v3.25.1
Employee Benefits - Summary of Total Expense Related to All Postretirement Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Net periodic postretirement and postemployment benefit cost relating to defined benefit plans $ 1.2 $ 0.3
Postretirement and Postemployment Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
Defined contribution plan, cost 6.0 5.8
Deferred compensation arrangement with individual, compensation expense 0.2 0.7
Multiemployer plan, contributions by employer 1.5 1.5
Net periodic postretirement and postemployment benefit cost relating to defined benefit plans 2.3 1.5
Total other employee benefit plans $ 10.0 $ 9.5
v3.25.1
Employee Benefits - Summary of Components of Net Periodic Postretirement Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Total net periodic postretirement and postemployment benefit cost (credit) $ 1.2 $ 0.3
Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 0.9 0.9
Interest cost 0.4 0.4
Expected return on plan assets (0.4) (0.3)
Amortization of prior service cost (credit) 0.2 0.2
Total net periodic postretirement and postemployment benefit cost (credit) 1.1 1.2
Other Postretirement Benefits Plan    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 0.2 0.3
Interest cost 0.9 0.8
Amortization of net actuarial gain (0.5) (0.3)
Total net periodic postretirement and postemployment benefit cost (credit) 0.6 0.8
Postretirement Health Coverage | Salaried VEBA    
Defined Benefit Plan Disclosure [Line Items]    
Interest cost 0.5 0.5
Expected return on plan assets (0.5) (0.5)
Amortization of prior service cost (credit) 0.7 (0.5)
Amortization of net actuarial gain (0.1)  
Total net periodic postretirement and postemployment benefit cost (credit) $ 0.6 $ (0.5)
v3.25.1
Restructuring - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
 [1]
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 1.8 $ 0.1  
Multiemployer pension obligation expected payment year 2027    
2024 Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 0.0   $ 7.5
Pension obligation expected to be paid     4.6
Severance charge     2.9
2025 Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 1.8    
Severance charge $ 1.8    
Severance costs expected payment date Sep. 30, 2025    
2025 Plan | Minimum      
Restructuring Cost and Reserve [Line Items]      
Total expected estimated costs $ 2.0   2.0
2025 Plan | Maximum      
Restructuring Cost and Reserve [Line Items]      
Total expected estimated costs $ 3.0   $ 3.0
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Restructuring - Summary of Activity Relating to Restructuring Plan Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
 [1]
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 1.8 $ 0.1  
2025 Plan      
Restructuring Cost and Reserve [Line Items]      
Beginning balance 0.0    
Restructuring costs 1.8    
Costs paid or otherwise settled (1.3)    
Ending balance 0.5   $ 0.5
2024 Plan      
Restructuring Cost and Reserve [Line Items]      
Beginning balance 4.7    
Restructuring costs 0.0   7.5
Costs paid or otherwise settled (0.1)    
Ending balance $ 4.6   $ 4.6
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Restructuring - Summary of Activity Relating to Restructuring Plan Liabilities (Parenthetical) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
2025 Plan  
Restructuring Cost and Reserve [Line Items]  
Cash Paid $ 1.3
2024 Plan  
Restructuring Cost and Reserve [Line Items]  
Cash Paid $ 0.1
v3.25.1
Derivatives, Hedging Programs and Other Financial Instruments - Additional Information (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Collateral posted for net derivatives $ 0 $ 0
Cash collateral posted by customers 0 0
Designated as Hedging Instrument | Purchase    
Derivative [Line Items]    
Derivative net liability 1,200,000 800,000
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Outstanding amount $ 0 $ 0
v3.25.1
Derivatives, Hedging Programs and Other Financial Instruments - Summary of Derivative Positions (Details) - 3 months ended Mar. 31, 2025
Mmlb in Millions
EUR (€)
Mmlb
MMBTU
GBP (£)
Mmlb
MMBTU
Purchase | Aluminum    
Derivative [Line Items]    
Derivative non-monetary notional amount 61.0 61.0
Purchase | Aluminum | Minimum    
Derivative [Line Items]    
Derivative maturity period Apr. 30, 2025  
Purchase | Aluminum | Maximum    
Derivative [Line Items]    
Derivative maturity period Aug. 31, 2026  
Purchase | Fixed Price Purchase Contracts for MWTP    
Derivative [Line Items]    
Derivative non-monetary notional amount 56.5 56.5
Purchase | Fixed Price Purchase Contracts for MWTP | Minimum    
Derivative [Line Items]    
Derivative maturity period Apr. 30, 2025  
Purchase | Fixed Price Purchase Contracts for MWTP | Maximum    
Derivative [Line Items]    
Derivative maturity period Aug. 31, 2026  
Purchase | Alloying Metals    
Derivative [Line Items]    
Derivative non-monetary notional amount 7.4 7.4
Purchase | Alloying Metals | Minimum    
Derivative [Line Items]    
Derivative maturity period Apr. 30, 2025  
Purchase | Alloying Metals | Maximum    
Derivative [Line Items]    
Derivative maturity period Dec. 31, 2026  
Purchase | Natural Gas    
Derivative [Line Items]    
Derivative non-monetary notional amount | MMBTU 2,700,000 2,700,000
Purchase | Natural Gas | Minimum    
Derivative [Line Items]    
Derivative maturity period Apr. 30, 2025  
Purchase | Natural Gas | Maximum    
Derivative [Line Items]    
Derivative maturity period Dec. 31, 2027  
Purchase | Euro    
Derivative [Line Items]    
Derivative notional amount | € € 5,812,634  
Purchase | Euro | Minimum    
Derivative [Line Items]    
Derivative maturity period Apr. 30, 2025  
Purchase | Euro | Maximum    
Derivative [Line Items]    
Derivative maturity period Jul. 31, 2027  
Purchase | British Pounds    
Derivative [Line Items]    
Derivative notional amount | £   £ 20,000
Purchase | British Pounds | Minimum    
Derivative [Line Items]    
Derivative maturity period Apr. 30, 2025  
Purchase | British Pounds | Maximum    
Derivative [Line Items]    
Derivative maturity period May 31, 2025  
Sales | Aluminum    
Derivative [Line Items]    
Derivative non-monetary notional amount 11.0 11.0
Sales | Aluminum | Minimum    
Derivative [Line Items]    
Derivative maturity period Apr. 30, 2025  
Sales | Aluminum | Maximum    
Derivative [Line Items]    
Derivative maturity period Dec. 31, 2025  
Sales | Fixed Price Sale Contracts for MWTP    
Derivative [Line Items]    
Derivative non-monetary notional amount 10.9 10.9
Derivative maturity period Apr. 30, 2025  
v3.25.1
Derivatives, Hedging Programs and Other Financial Instruments - Summary of (Gain) Loss Associated with Derivative Contracts (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments Gain Loss [Line Items]    
Total of income and expense line items presented in our Statements of Consolidated Income in which the effects of cash flow hedges are recorded $ 673.4 $ 651.3 [1]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Total of income and expense line items presented in our Statements of Consolidated Income in which the effects of cash flow hedges are recorded Total of income and expense line items presented in our Statements of Consolidated Income in which the effects of cash flow hedges are recorded
Cash Flow Hedges    
Derivative Instruments Gain Loss [Line Items]    
Total of income and expense line items presented in our Statements of Consolidated Income in which the effects of cash flow hedges are recorded $ 673.4 $ 651.3 [2]
Cash Flow Hedges | Designated as Hedging Instrument    
Derivative Instruments Gain Loss [Line Items]    
Loss (gain) recognized in our Statements of Consolidated Income (5.5) 2.1 [2]
Cash Flow Hedges | Designated as Hedging Instrument | Aluminum    
Derivative Instruments Gain Loss [Line Items]    
Loss (gain) recognized in our Statements of Consolidated Income (5.2) 2.0 [2]
Cash Flow Hedges | Designated as Hedging Instrument | Alloying Metals    
Derivative Instruments Gain Loss [Line Items]    
Loss (gain) recognized in our Statements of Consolidated Income (0.4)  
Cash Flow Hedges | Designated as Hedging Instrument | Foreign exchange contracts    
Derivative Instruments Gain Loss [Line Items]    
Loss (gain) recognized in our Statements of Consolidated Income $ 0.1  
Cash Flow Hedges | Designated as Hedging Instrument | Natural Gas    
Derivative Instruments Gain Loss [Line Items]    
Loss (gain) recognized in our Statements of Consolidated Income [2]   0.3
Cash Flow Hedges | Designated as Hedging Instrument | Electricity    
Derivative Instruments Gain Loss [Line Items]    
Loss (gain) recognized in our Statements of Consolidated Income [2]   $ (0.2)
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Derivatives, Hedging Programs and Other Financial Instruments - Schedule of Fair Value of Derivative Financial Assets and Liabilities (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Designated as Hedging Instrument | Purchase    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities $ (1,200,000) $ (800,000)
Not Designated as Hedging Instrument    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Net Amount 0 0
Fair Value, Measurements, Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 8,000,000.0 4,000,000.0
Liabilities (2,900,000) (2,100,000)
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 8,000,000.0 4,000,000.0
Liabilities (2,900,000) (2,100,000)
Net Amount 5,100,000 1,900,000
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Natural Gas    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 1,700,000 500,000
Liabilities (300,000) (800,000)
Net Amount 1,400,000 (300,000)
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Aluminum    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 400,000 1,100,000
Liabilities (2,200,000) (800,000)
Net Amount (1,800,000) 300,000
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Fixed Price Purchase Contracts for MWTP    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 3,300,000 1,100,000
Liabilities (100,000)  
Net Amount 3,200,000 1,100,000
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Fixed Price Sale Contracts for MWTP    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities (200,000)  
Net Amount (200,000)  
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Foreign Currency    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities (100,000) (400,000)
Net Amount (100,000) (400,000)
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Alloying Metals    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 2,500,000 1,300,000
Liabilities   (100,000)
Net Amount 2,500,000 $ 1,200,000
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Sales | Aluminum    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 100,000  
Net Amount $ 100,000  
v3.25.1
Derivatives, Hedging Programs and Other Financial Instruments - Schedule of Total Amounts of Derivative Assets and Liabilities on Balance Sheets (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivative asset current $ 7.2 $ 3.7
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current
Derivative asset noncurrent $ 0.8 $ 0.3
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Total derivative assets $ 8.0 $ 4.0
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Assets Assets
Derivative liabilities current $ (2.8) $ (1.8)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Accrued Liabilities, Current Other Accrued Liabilities, Current
Derivative liabilities noncurrent $ (0.1) $ (0.3)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total derivative liabilities $ (2.9) $ (2.1)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Liabilities Liabilities
v3.25.1
Debt and Credit Facility (Senior Notes) - Additional Information (Details) - Senior Notes - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt instrument aggregate principal amount $ 1,050.0 $ 1,050.0
4.50% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 4.50% 4.50%
Debt instrument aggregate principal amount $ 550.0 $ 550.0
4.625% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 4.625% 4.625%
Debt instrument aggregate principal amount $ 500.0 $ 500.0
v3.25.1
Debt and Credit Facility - Summary of Senior Notes (Details) - Senior Notes - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 1,050.0 $ 1,050.0
Unamortized issuance costs (8.0) (8.4)
Total carrying amount $ 1,042.0 1,041.6
4.50% Senior Notes    
Debt Instrument [Line Items]    
Issuance Date May 31, 2021  
Debt Instrument, Maturity Date Jun. 30, 2031  
Effective interest rate (percent) 4.70%  
Total debt $ 550.0 550.0
4.625% Senior Notes    
Debt Instrument [Line Items]    
Issuance Date Nov. 30, 2019  
Debt Instrument, Maturity Date Mar. 31, 2028  
Effective interest rate (percent) 4.80%  
Total debt $ 500.0 $ 500.0
v3.25.1
Debt and Credit Facility - Summary of Senior Notes (Parenthetical) (Details) - Senior Notes
Mar. 31, 2025
Dec. 31, 2024
4.50% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 4.50% 4.50%
4.625% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 4.625% 4.625%
v3.25.1
Debt and Credit Facility - Summary of Fair Value of Outstanding Senior Notes (Details) - Senior Notes - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
4.625% Senior Notes    
Debt Instrument [Line Items]    
Fair value of outstanding senior notes $ 474.9 $ 470.1
4.50% Senior Notes    
Debt Instrument [Line Items]    
Fair value of outstanding senior notes $ 486.8 $ 484.8
v3.25.1
Debt and Credit Facility (Revolving Credit Facility) - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Oct. 31, 2019
Mar. 31, 2025
Dec. 31, 2024
Apr. 30, 2022
Debt Instrument [Line Items]        
Total borrowings incurred [1]   $ 42.5    
Amended Credit Agreement        
Debt Instrument [Line Items]        
Line of credit mature description   As amended, 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.    
Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 575.0    
Outstanding borrowings   0.0 $ 0.0  
Total borrowings incurred   $ 42.5    
Revolving Credit Facility | Amended Credit Agreement        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity       $ 575.0
Revolving Credit Facility | Prime Rate        
Debt Instrument [Line Items]        
Line of credit maximum revolving commitment 0.50%      
Line of credit facility Less than unused capacity commitment 40.00%      
Effective interest rate (percent) 0.25%      
Revolving Credit Facility | SOFR | Amended Credit Agreement        
Debt Instrument [Line Items]        
Line of credit maximum revolving commitment 1.60%      
Line of credit facility Less than unused capacity commitment 40.00%      
Effective interest rate (percent) 1.35%      
Revolving Credit Facility | Letter of Credit | Amended Credit Agreement        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity       $ 50.0
[1] See Note 12 for supplemental cash flow information.
v3.25.1
Debt and Credit Facility - Schedule of Availability and Usage of Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Line Of Credit Facility [Line Items]    
Revolving Credit Facility borrowing commitment $ 575.0  
Borrowing base availability 575.0  
Less: Outstanding borrowings under Revolving Credit Facility 0.0 $ 0.0
Less: Outstanding letters of credit under Revolving Credit Facility (19.6)  
Remaining borrowing availability $ 555.4  
v3.25.1
Debt and Credit Facility - Summary of Interest Expense Relating to Senior Notes and Revolving Credit Facility (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Instrument [Line Items]    
Total interest expense $ 11.2 $ 11.5 [1]
Senior Notes and Revolving Credit Facility    
Debt Instrument [Line Items]    
Interest expense on finance lease liabilities 0.2 0.2
Interest expense capitalized as construction in progress (2.0) (1.7)
Total interest expense 11.2 11.5
Revolving Credit Facility    
Debt Instrument [Line Items]    
Revolving Credit Facility interest expense, including commitment fees and finance cost amortization 0.6 0.6
Senior Notes    
Debt Instrument [Line Items]    
Senior Notes interest expense, including debt issuance cost amortization $ 12.4 $ 12.4
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Sep. 30, 2024
Environmental Contingency    
Increase in accrual   $ 2.9
Estimated final remediation cost feasibility study expected occur year 2026  
Environmental accrual $ 18.5  
Expected period related to remediation expenditures for environmental contingencies period 30 years  
Potential increase in environmental costs $ 13.4  
Time period within which recorded estimate of its environmental obligation may change 12 months  
v3.25.1
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance [1] $ 743.1 $ 652.2
Other comprehensive income (loss), net of tax 2.6 (2.1) [1]
Ending balance 756.8 714.7 [1]
Defined Benefit Plans:    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 19.1 11.0
Less: income tax (expense) benefit [2] (0.1) 0.1
Other comprehensive income (loss), net of tax 0.1 (0.5)
Ending balance 19.2 10.5
Defined Benefit Plans: Net Actuarial Gain    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Reclassification from AOCI [3] (0.6) (0.3)
Defined Benefit Plans: Net Prior Service Cost (Credit)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Unrealized gain (loss) on cash flow hedges (0.1)  
Reclassification from AOCI [3] 0.9 (0.3)
Cash Flow Hedges:    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 1.4 2.1
Unrealized gain (loss) on cash flow hedges 8.7 (4.2)
Less: income tax (expense) benefit (2.0) 1.0
Net unrealized gain (loss) on available for sale securities, cash flow hedges and fair value hedges 6.7 (3.2)
Reclassification from AOCI (5.5) 2.1
Less: income tax (expense) benefit [2] 1.3 (0.5)
Net (gain) loss reclassified from AOCI to Net income (4.2) 1.6
Other comprehensive income (loss), net of tax 2.5 (1.6)
Ending balance [4] 3.9 0.5
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 20.5 [1] 13.1
Other comprehensive income (loss), net of tax 2.6 (2.1)
Ending balance $ 23.1 $ 11.0 [1]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Income tax amounts reclassified out of AOCI were included as a component of Income tax provision.
[3] Amounts amortized out of AOCI related to pension and other postretirement and postemployment benefits were included within Net periodic postretirement and postemployment benefit cost (see Note 3).
[4] As of March 31, 2025, we estimate a net mark-to-market gain before tax of $4.4 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.
v3.25.1
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Parenthetical) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Equity [Abstract]  
Estimated net mark-to-market gain before tax within next twelve months - cash flow hedges $ 4.4
v3.25.1
Other (Expense) Income, Net - Components of Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Interest income $ 0.2 $ 0.9
Net periodic postretirement and postemployment benefit cost (1.2) (0.3)
Unrealized (loss) gain on equity securities (0.1) 0.2
Loss on disposition of property, plant and equipment 0.0 (0.2)
Gain on business interruption insurance recoveries [1] 0.0 10.5
All other, net (0.3) (0.2)
Other (expense) income, net $ (1.4) $ 10.9
[1] Represents advances against business interruption insurance claims. We recognize such advances in the period in which the insurance proceeds are received or become realizable. During the quarters ended March 31, 2025 and March 31, 2024, we received net cash proceeds of $0.4 million and $9.7 million, respectively.
v3.25.1
Other (Expense) Income, Net - Components of Other Income (Expense), Net (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Proceeds from insurance business interruption policy $ 0.4 $ 9.7
v3.25.1
Other (Expense) Income, Net - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Trade accounts receivable sold $ 270.0 $ 267.1
Net discount fees recognized $ 5.6 $ 6.3
v3.25.1
Income Tax Matters - Income Tax Provision by Region (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Domestic $ (6.6) $ (5.0)
Foreign (0.6) (0.5)
Total $ (7.2) $ (5.5) [1]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Income Tax Matters - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]      
Income tax provision $ 7.2 $ 5.5 [1]  
Effective tax rate (percent) 25.00% 23.00%  
Gross unrecognized tax benefits $ 7.7   $ 0.9
Gross unrecognized tax benefits that would impact effective tax rate $ 7.7   $ 6.9
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
 [2]
Numerator:    
Net income available to common shareholders [1] $ 21.6 $ 18.2
Denominator – Weighted-average common shares outstanding (in thousands):    
Basic 16,116 16,027 [3]
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares [4] 283 203
Diluted 16,399 16,230 [3]
Net income per common share, Basic: $ 1.34 $ 1.13 [3]
Net income per common share, Diluted: $ 1.31 $ 1.12 [3]
[1] Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[4] Quantities in the following discussion are denoted in whole shares. During the quarters ended March 31, 2025 and March 31, 2024, approximately 4,000 and 2,200 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.
v3.25.1
Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Parenthetical) (Details) - shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of earnings per share, amount 4,000 2,200
v3.25.1
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
 [1]
Supplemental Cash Flow Elements [Abstract]        
Interest paid $ 10.0 $ 10.3    
Non-cash investing and financing activities (included in Accounts payable):        
Unpaid purchases of property and equipment 22.1 19.5    
Supplemental lease disclosures:        
Cash paid for amounts included in the measurement of operating lease liabilities 1.9 2.1    
Finance lease liabilities arising from obtaining finance lease assets 0.3 1.0    
Components of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 21.3 101.6 $ 18.4 [1]  
Restricted cash included in Other assets 20.0 18.3 19.5 [2]  
Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows $ 41.3 $ 119.9 [1] $ 37.9 $ 100.7
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Business, Product, and Geographical Area Information - Additional Information (Details)
 3 Months Ended
Mar. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
Segment reporting, CODM, profit (loss) measure, how used, description 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.
v3.25.1
Business, Product, and Geographical Area Information - Schedule of Significant Segment Expenses Provided to CODM (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net sales $ 777.4 $ 737.5 [1]
Hedged cost of alloyed metal 414.2 370.6
Manufacturing costs 181.7 202.5
Plant overhead 44.2 42.1
Freight costs 20.7 22.2
Other cost of products sold 12.6 13.9
Depreciation and amortization 30.0 28.8 [1]
Selling, general, administrative, research and development 30.8 32.6 [1]
Research and development costs 0.3 0.6
Employee costs 22.5 22.3
Other selling, general and administrative costs 8.0 9.7
Restructuring costs 1.8 0.1
Other operating charges, net 0.0 0.4 [1]
Interest expense 11.2 11.5 [1]
Other expense (income), net - Note 9 1.4 (10.9) [1]
Income tax provision 7.2 5.5 [1]
Net income [2] $ 21.6 $ 18.2 [1]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] See Note 12 for supplemental cash flow information.
v3.25.1
Business, Product, and Geographical Area Information - Schedule of Significant Segment Expenses Provided to CODM (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting [Abstract]    
Hedged cost realized gains (losses) upon settlement $ 4.6 $ (3.5)
v3.25.1
Business, Product and Geographical Area Information - Schedule of Net Sales by End Market Segment Applications (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net sales:    
Net sales $ 777.4 $ 737.5 [1]
Aero/HS Products    
Net sales:    
Net sales 214.7 220.5
Packaging    
Net sales:    
Net sales 314.2 298.1
GE Products    
Net sales:    
Net sales 181.6 153.0
Automotive Extrusions    
Net sales:    
Net sales 66.9 63.5
Other Products    
Net sales:    
Net sales 0.0 2.4
Products Transferred at a Point in Time    
Net sales:    
Net sales 590.8 569.4
Products Transferred Over Time    
Net sales:    
Net sales $ 186.6 $ 168.1
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Business, Product and Geographical Area Information - Schedule of Income Taxes Paid by Geographical Area (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Taxes Paid By Geographical Area [Line Items]    
Income taxes paid $ 1.8 $ 1.6
Domestic    
Income Taxes Paid By Geographical Area [Line Items]    
Income taxes paid 0.0 0.0
Foreign    
Income Taxes Paid By Geographical Area [Line Items]    
Income taxes paid $ 1.8 $ 1.6
v3.25.1
Change in Accounting Principle - Schedule of Consolidated Income (Loss) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of products sold, excluding depreciation and amortization $ 673.4 $ 651.3 [1]
Operating income 41.4 24.3 [1]
Income tax benefit (provision) (7.2) (5.5) [1]
Net Income (Loss) [2] $ 21.6 $ 18.2 [1]
Earnings Per Share, Basic [Abstract]    
Basic $ 1.34 $ 1.13 [1],[3]
Diluted $ 1.31 $ 1.12 [1],[3]
Previously Reported    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of products sold, excluding depreciation and amortization   $ 642.9
Operating income   32.7
Income tax benefit (provision)   (7.5)
Net Income (Loss)   $ 24.6
Earnings Per Share, Basic [Abstract]    
Basic   $ 1.53
Diluted   $ 1.51
As Computed using LIFO    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of products sold, excluding depreciation and amortization $ 706.6  
Operating income 8.2  
Income tax benefit (provision) 0.7  
Net Income (Loss) $ (3.7)  
Earnings Per Share, Basic [Abstract]    
Basic $ (0.23)  
Diluted $ (0.23)  
Effect of Change    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of products sold, excluding depreciation and amortization $ (33.2) $ 8.4
Operating income 33.2 (8.4)
Income tax benefit (provision) (7.9) 2.0
Net Income (Loss) $ 25.3 $ (6.4)
Earnings Per Share, Basic [Abstract]    
Basic $ 1.57 $ (0.4)
Diluted $ 1.54 $ (0.39)
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] See Note 12 for supplemental cash flow information.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Change in Accounting Principle - Schedule of Consolidated Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Net Income (Loss) [1] $ 21.6 $ 18.2 [2]
Deferred income taxes [1] 6.4 4.8 [2]
Inventories [1] 29.5 12.8 [2]
Net cash provided by operating activities [1] 57.0 63.3 [2]
Previously Reported    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Net Income (Loss)   24.6
Deferred income taxes   6.8
Inventories   4.4
Net cash provided by operating activities 57.0 63.3
As Computed using LIFO    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Net Income (Loss) (3.7)  
Deferred income taxes (1.5)  
Inventories 62.7  
Effect of Change    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Net Income (Loss) 25.3 (6.4)
Deferred income taxes 7.9 (2.0)
Inventories $ (33.2) $ 8.4
[1] See Note 12 for supplemental cash flow information.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Change in Accounting Principle - Schedule of Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Receivables, other $ 42.5 $ 22.2 [1] $ 11.3
Inventories 572.4 601.9 [1],[2] 536.4
Deferred tax assets, net 3.3 4.0 [1] 3.1
Other accrued liabilities 66.9 79.3 [1],[2]  
Deferred tax liabilities 50.6 44.1 [1] 32.6
Retained (deficit) earnings 90.0 81.3 [1] 71.9
Previously Reported      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Receivables, other   22.0 11.2
Inventories   503.9 471.3
Deferred tax assets, net   7.2 5.4
Other accrued liabilities   79.4  
Deferred tax liabilities   24.1 19.5
Retained (deficit) earnings   6.2 22.1
As Computed using LIFO      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Receivables, other 42.3    
Inventories 441.2    
Deferred tax assets, net 7.6    
Other accrued liabilities 67.0    
Deferred tax liabilities 23.8    
Retained (deficit) earnings (10.4)    
Effect of Change      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Receivables, other 0.2 0.2 0.1
Inventories 131.2 98.0 65.1
Deferred tax assets, net (4.3) (3.2) (2.3)
Other accrued liabilities (0.1) (0.1)  
Deferred tax liabilities 26.8 20.0 13.1
Retained (deficit) earnings $ 100.4 $ 75.1 $ 49.8
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.1
Subsequent Events - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Apr. 15, 2025
Mar. 31, 2025
Mar. 31, 2024
Subsequent Event [Line Items]      
Cash dividends declared (in dollars per share)   $ 0.77 $ 0.77
Subsequent Events | O 2025 Q1 Dividends      
Subsequent Event [Line Items]      
Cash dividends declared (in dollars per share) $ 0.77    
Cash dividends declared $ 12.8    
Cash dividends, declared date Apr. 15, 2025    
Cash dividends, payable date May 15, 2025    
Cash dividends, record date Apr. 25, 2025