KAISER ALUMINUM CORP, 10-Q filed on 4/23/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
Apr. 20, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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 $0.01 per share  
Trading Symbol KALU  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   16,340,606
Entity Central Index Key 0000811596  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 30.0 $ 7.0
Receivables, net 528.6 423.3
Contract assets 75.9 63.4
Inventories 799.0 725.2
Prepaid expenses and other current assets 53.9 42.6
Total current assets 1,487.4 1,261.5
Property, plant and equipment, net 1,139.5 1,145.2
Operating lease assets 24.6 22.4
Deferred tax assets, net 0.0 0.2
Intangible assets, net 39.9 41.0
Goodwill 18.8 18.8
Other assets 79.7 75.7
Total assets 2,789.9 2,564.8
Current liabilities:    
Accounts payable 494.1 274.6
Accrued salaries, wages and related expenses 51.5 61.3
Other accrued liabilities 56.3 91.3
Total current liabilities 601.9 427.2
Long-term portion of operating lease liabilities 22.5 21.7
Pension and OPEB 72.9 73.4
Deferred tax liabilities 93.5 75.4
Long-term liabilities 84.0 81.4
Long-term debt, net 1,037.8 1,059.6
Total liabilities 1,912.6 1,738.7
Commitments and contingencies - Note 6
Stockholders’ equity:    
Preferred stock, 5,000,000 shares authorized at both March 31, 2026 and December 31, 2025; no shares were issued and outstanding at March 31, 2026 and December 31, 2025 0.0 0.0
Common stock, par value $0.01, 90,000,000 shares authorized at both March 31, 2026 and December 31, 2025; 23,175,410 shares issued and 16,340,124 shares outstanding at March 31, 2026; 23,045,729 shares issued and 16,210,443 shares outstanding at December 31, 2025 0.2 0.2
Additional paid in capital 1,129.6 1,132.5
Retained earnings 191.4 142.5
Treasury stock, at cost, 6,835,286 shares at both March 31, 2026 and December 31, 2025 (475.9) (475.9)
AOCI 32.0 26.8
Total stockholders’ equity 877.3 826.1
Total liabilities and stockholders' equity $ 2,789.9 $ 2,564.8
v3.26.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
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 23,175,410 23,045,729
Common stock, shares outstanding 16,340,124 16,210,443
Treasury stock, shares 6,835,286 6,835,286
v3.26.1
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net sales $ 1,106.8 $ 777.4
Costs and expenses:    
Cost of products sold, excluding depreciation and amortization 943.2 673.4
Depreciation and amortization 30.4 30.0
Selling, general, administrative, research and development 35.4 30.8
Restructuring costs 0.0 1.8
Total costs and expenses 1,009.0 736.0
Operating income 97.8 41.4
Other expense:    
Interest expense (14.4) (11.2)
Other expense, net - Note 8 (1.0) (1.4)
Income before income taxes 82.4 28.8
Income tax provision (19.9) (7.2)
Net income [1] $ 62.5 $ 21.6
Net income per common share:    
Basic $ 3.85 $ 1.34
Diluted $ 3.71 $ 1.31
Weighted-average number of common shares outstanding (in thousands):    
Basic 16,248 16,116
Diluted 16,844 16,399
[1] See Note 11 for supplemental cash flow information.
v3.26.1
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income [1] $ 62.5 $ 21.6
Other comprehensive income, net of tax - Note 7:    
Defined benefit plans 0.2 0.1
Cash flow hedges 5.0 2.5
Other comprehensive income, net of tax 5.2 2.6
Comprehensive income $ 67.7 $ 24.2
[1] See Note 11 for supplemental cash flow information.
v3.26.1
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, 2024 $ 743.1 $ 0.2 $ 1,117.0 $ 81.3 $ (475.9) $ 20.5
Beginning balance (shares) at Dec. 31, 2024   16,095,898        
Net income 21.6 [1]     21.6    
Other comprehensive income, net of tax 2.6         2.6
Common shares issued (including impacts from Long-Term Incentive programs) (shares)   84,115        
Cancellation of shares to cover tax withholdings upon common shares issued (1.8)   (1.8)      
Cancellation of shares to cover tax withholdings upon common shares issued (shares)   (25,637)        
Cash dividends declared [2] (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        
Beginning balance at Dec. 31, 2025 $ 826.1 $ 0.2 1,132.5 142.5 (475.9) 26.8
Beginning balance (shares) at Dec. 31, 2025 16,210,443 16,210,443 [3]        
Net income $ 62.5 [1]     62.5    
Other comprehensive income, net of tax 5.2         5.2
Common shares issued (including impacts from Long-Term Incentive programs) (shares) [3]   199,737        
Cancellation of shares to cover tax withholdings upon common shares issued (8.8)   (8.8)      
Cancellation of shares to cover tax withholdings upon common shares issued (shares) [3]   (70,056)        
Cash dividends declared [4] (13.6)     (13.6)    
Amortization of unearned equity compensation 5.9   5.9      
Ending balance at Mar. 31, 2026 $ 877.3 $ 0.2 $ 1,129.6 $ 191.4 $ (475.9) $ 32.0
Ending balance (shares) at Mar. 31, 2026 16,340,124 16,340,124 [3]        
[1] See Note 11 for supplemental cash flow information.
[2] Dividends declared per common share were $0.77 for the quarter ended March 31, 2025.
[3] At March 31, 2026, 374,182 shares were available for awards under the Kaiser Aluminum Corporation 2021 Equity and Incentive Compensation Plan, as amended and restated.
[4] Dividends declared per common share were $0.77 for the quarter ended March 31, 2026.
v3.26.1
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Statement of Stockholders' Equity [Abstract]  
Shares available for awards (shares) | shares 374,182
Cash dividends declared (in dollars per share) | $ / shares $ 0.77
v3.26.1
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income [1] $ 62.5 $ 21.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment [1] 29.3 28.9
Amortization of definite-lived intangible assets [1] 1.1 1.1
Amortization of debt issuance costs [1] 0.7 0.5
Deferred income taxes [1] 16.8 6.4
Non-cash equity compensation [1] 5.9 4.2
Loss on disposition of property, plant and equipment [1] 0.3 0.0
Non-cash postretirement and postemployment defined benefit plan cost [1] 2.1 2.3
Changes in operating assets and liabilities:    
Receivables [1] (105.3) (48.0)
Contract assets [1] (12.5) 5.5
Inventories [1] (73.8) 29.5
Prepaid expenses and other current assets [1] (1.6) 0.2
Accounts payable [1] 217.6 20.3
Accrued liabilities [1] (46.2) (14.3)
Annual variable cash contributions to Salaried VEBA [1] (2.9) (0.7)
Long-term assets and liabilities, net [1] (6.1) (0.5)
Net cash provided by operating activities [1] 87.9 57.0
Cash flows from investing activities:    
Capital expenditures [1] (19.4) (38.2)
Net cash used in investing activities [1] (19.4) (38.2)
Cash flows from financing activities:    
Borrowings under the Revolving Credit Facility [1] 71.5 42.5
Repayment of borrowings under the Revolving Credit Facility [1] (93.8) (42.5)
Repayment of finance lease [1] (0.7) (0.7)
Cancellation of shares to cover tax withholdings upon common shares issued [1] (8.8) (1.8)
Cash dividends and dividend equivalents paid [1] (13.6) (12.9)
Net cash used in financing activities [1] (45.4) (15.4)
Net increase in cash, cash equivalents and restricted cash during the period 23.1 3.4
Cash, cash equivalents and restricted cash at beginning of period 26.9 37.9
Cash, cash equivalents and restricted cash at end of period $ 50.0 $ 41.3
[1] See Note 11 for supplemental cash flow information.
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) [1] $ 62.5 $ 21.6
[1] See Note 11 for supplemental cash flow information.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Basis of Presentation and Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
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, 2025. 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 2026 fiscal year. The financial information as of December 31, 2025 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, 2025.

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.

Adoption of New Accounting Pronouncements

Accounting for Internal-Use Software. In September 2025, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2025-06 (“ASU 2025-06”), Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development stages so that the guidance is neutral to different software development methods. We early adopted ASU 2025-06 as of January 1, 2026 using the prospective transition approach. The adoption of ASU 2025-06 did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Issued But Not Yet Adopted

Disclosure Improvements. In October 2023, the 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.

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 prospectively in the fourth quarter of fiscal 2027 and continue to evaluate the disclosure requirements related to the new standard.

Hedge Accounting Improvements. In November 2025, the FASB issued ASU No. 2025-09 (“ASU 2025-09”), Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The guidance introduces targeted refinements intended to improve the operability of hedge accounting and better align financial reporting with risk management activities, including greater flexibility in hedge designation and clarifications for certain instruments. ASU 2025-09 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our consolidated financial statements.

Government Grants. In December 2025, the FASB issued ASU No. 2025-10 (“ASU 2025-10”), Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, to establish authoritative guidance on the accounting for government grants received by business entities. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, with early adoption permitted, and is required to be applied using a modified prospective, modified retrospective, or full retrospective transition method. We are currently evaluating the impact of this pronouncement on our consolidated financial statements.

Interim Reporting Narrow-Scope Improvements. In December 2025, the FASB issued ASU No. 2025-11 (“ASU 2025-11”), Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the scope, form and content, and required disclosures in interim financial statements prepared under GAAP. ASU 2025-11 enhances guidance for entities that issue condensed interim statements and reinstates a principles-based requirement to disclose material events since the last annual period. ASU 2025-11 is effective for interim periods in fiscal years beginning after December 15, 2027, with early adoption permitted and retrospective application optional. We are currently evaluating the impact of this standard on our consolidated financial statements.
v3.26.1
Supplemental Balance Sheet Information
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Balance Sheet Information

2. Supplemental Balance Sheet Information

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

(In millions of dollars)

 

Receivables, Net

 

 

 

 

 

 

Accounts receivable

 

$

529.2

 

 

$

423.9

 

Allowance for doubtful receivables

 

 

(0.6

)

 

 

(0.6

)

Receivables, net

 

$

528.6

 

 

$

423.3

 

 

 

 

 

 

 

Inventories

 

 

 

 

 

 

Finished products

 

$

134.0

 

 

$

156.1

 

Work-in-process

 

 

316.6

 

 

 

316.7

 

Raw materials

 

 

332.1

 

 

 

236.2

 

Operating supplies

 

 

16.3

 

 

 

16.2

 

Inventories

 

$

799.0

 

 

$

725.2

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 

 

 

 

 

Land and improvements

 

$

44.1

 

 

$

38.2

 

Buildings and leasehold improvements

 

 

303.4

 

 

 

302.6

 

Machinery and equipment

 

 

1,594.3

 

 

 

1,586.7

 

Construction in progress

 

 

74.8

 

 

 

66.7

 

Property, plant and equipment, gross

 

 

2,016.6

 

 

 

1,994.2

 

Accumulated depreciation and amortization

 

 

(877.2

)

 

 

(849.1

)

Land held for sale

 

 

0.1

 

 

 

0.1

 

Property, plant and equipment, net

 

$

1,139.5

 

 

$

1,145.2

 

 

 

 

 

 

 

Other Assets

 

 

 

 

 

 

Restricted cash – Note 11

 

$

20.0

 

 

$

19.9

 

Long-term replacement parts

 

 

32.3

 

 

 

28.5

 

Net assets of Salaried VEBA

 

 

9.9

 

 

 

9.7

 

Other

 

 

17.5

 

 

 

17.6

 

Other assets

 

$

79.7

 

 

$

75.7

 

.

 

 

 

 

 

 

Other Accrued Liabilities

 

 

 

 

 

 

Uncleared cash disbursements

 

$

1.2

 

 

$

45.8

 

Accrued income taxes and other taxes payable

 

 

15.0

 

 

 

7.8

 

Accrued annual contribution to Salaried VEBA

 

—

 

 

 

2.9

 

Accrued interest

 

 

10.8

 

 

 

6.9

 

Current operating lease liabilities

 

 

5.9

 

 

 

4.8

 

Current finance lease liabilities

 

 

3.4

 

 

 

2.3

 

Current deferred compensation plan liabilities – Note 3

 

 

1.0

 

 

 

1.2

 

Other – Note 4

 

 

19.0

 

 

 

19.6

 

Other accrued liabilities

 

$

56.3

 

 

$

91.3

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

Workers' compensation accrual

 

$

25.5

 

 

$

26.0

 

Long-term environmental accrual – Note 6

 

 

17.3

 

 

 

17.4

 

Other long-term liabilities

 

 

41.2

 

 

 

38.0

 

Long-term liabilities

 

$

84.0

 

 

$

81.4

 
v3.26.1
Employee Benefits
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Employee Benefits

3. Employee Benefits

Deferred Compensation Plan

Assets of our deferred compensation plan are included in Other assets. Such assets, representing diversified investment funds in registered investment companies, are classified within Level 1 of the fair value hierarchy and are measured and recorded at fair value based on their quoted market prices. These assets are accounted for as equity investments, with changes in fair value recorded within Other expense, net (see Note 8). 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, 2026, we had a liability of $11.8 million recorded within Accrued salaries, wages and related expenses for estimated probable future payments under the 2026 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,

 

 

 

 

2026

 

 

2025

 

 

Defined contribution plans1

 

$

6.0

 

 

$

6.0

 

 

Deferred compensation plan2

 

 

0.1

 

 

 

0.2

 

 

Multiemployer pension plans1

 

 

1.5

 

 

 

1.5

 

 

Net periodic postretirement and postemployment benefit cost relating to defined benefit plans3

 

 

2.1

 

 

 

2.3

 

 

Total

 

$

9.7

 

 

$

10.0

 

 

 

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”) in our Statements of Consolidated Income.
2.
Deferred compensation plan expense is included within SG&A and R&D in 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 COGS in our Statements of Consolidated Income for all periods presented. All other components are included within Other expense, net, in our Statements of Consolidated Income.

Components of Net Periodic Postretirement and Postemployment Benefit Cost. The following tables present 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 March 31,

 

 

Quarter Ended March 31,

 

 

Quarter Ended March 31,

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

Service cost

 

$

0.8

 

 

$

0.9

 

 

$

0.2

 

 

$

0.2

 

 

$

—

 

 

$

—

 

 

Interest cost

 

 

0.5

 

 

 

0.4

 

 

 

0.9

 

 

 

0.9

 

 

 

0.5

 

 

 

0.5

 

 

Expected return on plan assets

 

 

(0.5

)

 

 

(0.4

)

 

 

—

 

 

 

—

 

 

 

(0.6

)

 

 

(0.5

)

 

Amortization of prior service cost1

 

 

0.2

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

0.7

 

 

Amortization of net actuarial gain

 

 

—

 

 

 

—

 

 

 

(0.3

)

 

 

(0.5

)

 

 

(0.3

)

 

 

(0.1

)

 

Total net periodic postretirement and postemployment benefit cost

 

$

1.0

 

 

$

1.1

 

 

$

0.8

 

 

$

0.6

 

 

$

0.3

 

 

$

0.6

 

 

 

 

1.
We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.
v3.26.1
Derivatives, Hedging Programs and Other Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives, Hedging Programs and Other Financial Instruments

4. Derivatives, Hedging Programs and Other Financial Instruments

Overview

We utilize derivative instruments to manage exposure to: (i) metal price risk related to aluminum and certain alloys used as raw material for our fabrication operations; (ii) energy price risk related to natural gas and electricity used in our production processes; and (iii) foreign currency exchange rate risk related to certain equipment and service agreements. We do not use derivative financial instruments for trading or other speculative purposes. Hedging transactions are executed centrally and are overseen by a committee (“Hedging Committee”) composed of key operations and finance personnel from the management team. 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. 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 changes 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 $1.6 million and $0.1 million at March 31, 2026 and December 31, 2025, 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 cash collateral posted by our customers at both March 31, 2026 and December 31, 2025.

The above described derivative instruments are typically designated as cash flow hedges. Unrealized gains and losses associated with our cash flow hedges are deferred in Other comprehensive income, 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 7 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.

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, net, respectively. As of March 31, 2026 and December 31, 2025, we had no outstanding non-designated derivative hedge positions.

Notional Amount of Derivative Contracts

The following table summarizes our derivative positions at March 31, 2026:

 

Aluminum

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts for LME

 

April 2026 through July 2027

 

 

72.5

 

Fixed price sale contracts for LME

 

April 2026 through April 2027

 

 

10.1

 

Fixed price purchase contracts for MWTP

 

April 2026 through July 2027

 

 

72.6

 

Fixed price sale contracts for MWTP

 

April 2026 through April 2027

 

 

10.2

 

 

Alloying Metals

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts

 

April 2026 through December 2027

 

 

6.2

 

 

Natural Gas

 

Maturity Period

 

Notional Amount of Contracts (mmbtu)

 

Fixed price purchase contracts

 

April 2026 through December 2028

 

 

3,450,000

 

 

 

Electricity

 

Maturity Period

 

Notional Amount of Contracts (Mwh)

 

Fixed price purchase contracts

 

April 2026 through December 2027

 

 

316,228

 

 

Euro

 

Maturity Period

 

Notional Amount of Contracts (in millions of Euros)

 

Fixed price forward purchase contracts

 

April 2026 through July 2027

 

€

0.6

 

(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,

 

 

2026

 

 

2025

 

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

 

$

943.2

 

 

$

673.4

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Aluminum

 

$

(8.5

)

 

$

(5.2

)

Alloying Metals

 

 

(0.5

)

 

 

(0.4

)

Natural gas

 

 

(0.3

)

 

 

—

 

Foreign exchange contracts

 

 

—

 

 

 

0.1

 

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

 

$

(9.3

)

 

$

(5.5

)

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 financial instruments (in millions of dollars):

 

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price purchase contracts for LME

 

$

8.7

 

 

$

(0.1

)

 

$

8.6

 

 

$

2.6

 

 

$

—

 

 

$

2.6

 

Fixed price sale contracts for LME

 

 

—

 

 

 

(0.8

)

 

 

(0.8

)

 

 

—

 

 

 

(0.8

)

 

 

(0.8

)

Fixed price purchase contracts for MWTP

 

 

7.0

 

 

 

—

 

 

 

7.0

 

 

 

3.8

 

 

 

(0.1

)

 

 

3.7

 

Fixed price sale contracts for MWTP

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

 

 

—

 

 

 

(1.6

)

 

 

(1.6

)

Alloying Metals – Fixed price purchase contracts

 

 

1.9

 

 

 

—

 

 

 

1.9

 

 

 

2.4

 

 

 

—

 

 

 

2.4

 

Natural gas – Fixed price purchase contracts

 

 

0.7

 

 

 

(2.3

)

 

 

(1.6

)

 

 

0.7

 

 

 

(1.3

)

 

 

(0.6

)

Electricity – Fixed price purchase contracts

 

 

1.0

 

 

 

(3.4

)

 

 

(2.4

)

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency – Fixed price forward contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Total

 

$

19.3

 

 

$

(7.1

)

 

$

12.2

 

 

$

9.6

 

 

$

(3.8

)

 

$

5.8

 

 

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, 2026

 

 

As of December 31, 2025

 

Derivative assets:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

18.0

 

 

$

8.3

 

Other assets

 

 

1.3

 

 

 

1.3

 

Total derivative assets

 

$

19.3

 

 

$

9.6

 

Derivative liabilities:

 

 

 

 

 

 

Other accrued liabilities

 

$

(5.0

)

 

$

(3.1

)

Long-term liabilities

 

 

(2.1

)

 

 

(0.7

)

Total derivative liabilities

 

$

(7.1

)

 

$

(3.8

)

Fair Values of Other Financial Instruments

All Other Financial Assets and Liabilities. We believe that the fair values of our financial assets and liabilities (accounts receivable, contract assets, current assets, accounts payable, and accrued liabilities) approximate their respective fair values due to their short maturities and nominal credit risk.
v3.26.1
Debt and Credit Facility
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Credit Facility

5. Debt and Credit Facility

Senior Notes

At March 31, 2026 and December 31, 2025, 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) 4.50% and $550.0 million (“4.50% Senior Notes”) and (ii) 5.875% and $500.0 million (“5.875% 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, 2026

 

 

As of December 31, 2025

 

4.50% Senior Notes

 

May 2021

 

June 2031

 

4.7%

 

$

550.0

 

 

$

550.0

 

5.875% Senior Notes

 

November 2025

 

March 2034

 

6.1%

 

 

500.0

 

 

 

500.0

 

Total debt

 

 

 

 

 

 

 

 

1,050.0

 

 

 

1,050.0

 

Unamortized issuance costs

 

 

 

 

 

 

 

 

(12.2

)

 

 

(12.7

)

Total carrying amount

 

 

 

 

 

 

 

$

1,037.8

 

 

$

1,037.3

 

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, 2026

 

 

As of December 31, 2025

 

4.50% Senior Notes

 

 

 

 

 

$

519.6

 

 

$

531.4

 

5.875% Senior Notes

 

 

 

 

 

$

490.9

 

 

$

501.6

 

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 in October 2025, the Revolving Credit Facility is set to mature in October 2030 and 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). The facility includes an accordion feature that allows for an increase in total revolving commitments of up to $200.0 million, plus an additional amount for a first-in last-out tranche, subject to lender approval and other customary conditions. The amount we can borrow under the Revolving Credit Facility is determined by the value of our eligible accounts receivable and inventory and certain other assets, which serve as collateral for the Revolving Credit Facility. Borrowings under the amended Revolving Credit Facility bear interest at a rate equal to either a base rate or the SOFR, plus, in each case, a specified variable percentage between 125 - 150 basis points for SOFR loans (or 25 - 50 basis points for base rate loans) determined by reference to the then-remaining borrowing availability under the Revolving Credit Facility and, in certain instances, a fixed margin. 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, 2026 and $22.3 million of outstanding borrowings under the Revolving Credit Facility as of December 31, 2025.

The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of March 31, 2026 (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

 

 

(8.7

)

Remaining borrowing availability

 

$

566.3

 

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,

 

 

 

2026

 

 

2025

 

Senior Notes interest expense, including debt issuance cost amortization

 

$

14.0

 

 

$

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

 

 

(0.4

)

 

 

(2.0

)

Total interest expense

 

$

14.4

 

 

$

11.2

 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

6. 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 4 and Note 5).

Environmental Contingencies. We are subject to several 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 our operating facilities prior to July 6, 2006, which represent the majority of our environmental accruals of $17.7 million as of March 31, 2026. This accrual represents our undiscounted estimate of costs reasonably expected to be incurred based on current laws and regulations, available facts, existing technologies, and our assessment of the likely remediation actions to be taken.

Based on approved and proposed remediation action plans for the various facilities, 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 by up to $14.2 million. Changes to our estimates may occur within the next 12 months as new information becomes available.

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.
v3.26.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income

7. 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,

 

 

 

2026

 

 

2025

 

Defined Benefit Plans:

 

 

 

 

 

 

Beginning balance

 

$

22.5

 

 

$

19.1

 

Actuarial loss arising during the period

 

 

—

 

 

 

(0.1

)

Amortization of net actuarial gain1

 

 

(0.6

)

 

 

(0.6

)

Amortization of prior service cost1

 

 

0.9

 

 

 

0.9

 

Less: income tax expense2

 

 

(0.1

)

 

 

(0.1

)

Other comprehensive income, net of tax

 

 

0.2

 

 

 

0.1

 

Ending balance

 

$

22.7

 

 

$

19.2

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

Beginning balance

 

$

4.3

 

 

$

1.4

 

Unrealized gain on cash flow hedges

 

 

15.8

 

 

 

8.7

 

Less: income tax expense

 

 

(3.7

)

 

 

(2.0

)

Net unrealized gain on cash flow hedges

 

 

12.1

 

 

 

6.7

 

Reclassification of unrealized gain upon settlement of cash flow hedges

 

 

(9.3

)

 

 

(5.5

)

Less: income tax benefit2

 

 

2.2

 

 

 

1.3

 

Net gain reclassified from AOCI to Net income

 

 

(7.1

)

 

 

(4.2

)

Other comprehensive income, net of tax

 

 

5.0

 

 

 

2.5

 

Ending balance3

 

$

9.3

 

 

$

3.9

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

32.0

 

 

$

23.1

 

 

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, 2026, we estimate a net mark-to-market gain before tax of $13.0 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.
v3.26.1
Other Expense, Net
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Other Expense, Net

8. Other Expense, Net

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

 

 

 

Quarter Ended March 31,

 

 

 

2026

 

 

2025

 

Interest income

 

$

0.2

 

 

$

0.2

 

Net periodic postretirement and postemployment benefit cost

 

 

(1.0

)

 

 

(1.2

)

Unrealized loss on equity securities

 

 

(0.2

)

 

 

(0.1

)

All other, net

 

 

—

 

 

 

(0.3

)

Other expense, net

 

$

(1.0

)

 

$

(1.4

)

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 quarter March 31, 2026 and March 31, 2025, we sold trade accounts receivable totaling $295.2 million and $270.0 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.5 million and $5.6 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, net. As of March 31, 2026, we had been and/or expected to be substantially reimbursed by our customers for these discount fees, in accordance with the underlying sales agreements.
v3.26.1
Income Tax Matters
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Tax Matters

9. Income Tax Matters

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

 

 

 

Quarter Ended March 31,

 

 

 

2026

 

 

2025

 

Domestic

 

$

(19.3

)

 

$

(6.6

)

Foreign

 

 

(0.6

)

 

 

(0.6

)

Total

 

$

(19.9

)

 

$

(7.2

)

The income tax provision for the quarters ended March 31, 2026 and March 31, 2025 was $19.9 million and $7.2 million, respectively, reflecting an effective tax rate of 24% and 25%, respectively. There was no material difference between the effective tax rate and the blended statutory tax rate for the quarters ended March 31, 2026 and 2025.

Our gross unrecognized benefits relating to uncertain tax positions were $7.7 million and $7.4 million at March 31, 2026 and December 31, 2025, respectively. If recognized, these amounts would be reflected in our income tax provision and affect our effective tax rate.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

10. 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, 2026 and 2025.

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,

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Net income available to common shareholders1

 

$

62.5

 

 

$

21.6

 

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

 

 

 

 

 

 

Basic

 

 

16,248

 

 

 

16,116

 

Add: dilutive effect of non-vested common shares, restricted stock units and performance shares2

 

 

596

 

 

 

283

 

Diluted

 

 

16,844

 

 

 

16,399

 

 

 

 

 

 

 

Net income per common share, Basic:

 

$

3.85

 

 

$

1.34

 

Net income per common share, Diluted:

 

$

3.71

 

 

$

1.31

 

 

1.
Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
2.
Quantities in the following discussion are denoted in whole shares. During the quarters ended March 31, 2026 and 2025, approximately 500 and 4,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.
v3.26.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information

11. Supplemental Cash Flow Information

 

 

 

Quarter Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(In millions of dollars)

 

Interest paid

 

$

9.6

 

 

$

10.0

 

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

 

 

 

 

 

 

Unpaid purchases of property and equipment

 

$

14.4

 

 

$

22.1

 

 

 

 

 

 

 

Supplemental lease disclosures:

 

 

 

 

 

 

Operating lease liabilities arising from obtaining operating lease assets

 

$

3.1

 

 

$

—

 

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

 

$

1.7

 

 

$

1.9

 

Finance lease liabilities arising from obtaining finance lease assets

 

$

2.6

 

 

$

0.3

 

 

 

 

As of March 31,

 

 

 

2026

 

 

2025

 

 

 

(In millions of dollars)

 

Components of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

Cash and cash equivalents

 

$

30.0

 

 

$

21.3

 

Restricted cash included in Other assets1

 

 

20.0

 

 

 

20.0

 

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

 

$

50.0

 

 

$

41.3

 

 

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.
v3.26.1
Business, Product and Geographical Area Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business, Product and Geographical Area Information

12. 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,

 

 

 

2026

 

 

2025

 

Net sales

 

$

1,106.8

 

 

$

777.4

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

 

 

 

 

 

Hedged cost of alloyed metal1

 

 

702.4

 

 

 

414.2

 

Manufacturing costs2

 

 

162.2

 

 

 

181.9

 

Plant overhead3

 

 

47.3

 

 

 

46.1

 

Freight costs

 

 

22.3

 

 

 

20.7

 

Other cost of products sold4

 

 

9.0

 

 

 

10.5

 

Depreciation and amortization

 

 

30.4

 

 

 

30.0

 

Selling, general, administrative, research and development

 

 

 

 

 

 

Research and development costs

 

 

0.6

 

 

 

0.3

 

Employee costs5

 

 

26.7

 

 

 

22.5

 

Other selling, general and administrative costs6

 

 

8.1

 

 

 

8.0

 

Restructuring costs

 

 

—

 

 

 

1.8

 

Interest expense

 

 

14.4

 

 

 

11.2

 

Other expense, net – Note 8

 

 

1.0

 

 

 

1.4

 

Income tax provision

 

 

19.9

 

 

 

7.2

 

Net income

 

$

62.5

 

 

$

21.6

 

 

1.
Hedged cost of alloyed metal includes cost of aluminum at the MWTP 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 $7.5 million and $4.6 million in the quarters ended March 31, 2026 and March 31, 2025, respectively.
2.
Manufacturing costs primarily includes labor, utilities, supplies, metal valuation impacts, metal profits, and other materials, excluding alloys, incurred at our various production facilities.
3.
Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities.
4.
Other cost of products sold primarily includes accretion expense related to conditional asset retirement obligations, gains and losses on operating asset disposals, and major maintenance costs.
5.
Employee costs include indirect labor salaries, benefits, and incentive compensation.
6.
Other selling, general and administrative costs primarily includes professional services, computer hardware and software costs, office rent, and utilities.

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,

 

 

 

 

2026

 

 

2025

 

 

Net sales:

 

 

 

 

 

 

 

Aero/HS Products

 

$

286.8

 

 

$

214.7

 

 

Packaging

 

 

498.4

 

 

 

314.2

 

 

GE Products

 

 

240.3

 

 

 

181.6

 

 

Automotive Extrusions

 

 

81.3

 

 

 

66.9

 

 

Total net sales

 

$

1,106.8

 

 

$

777.4

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

Products transferred at a point in time

 

$

853.2

 

 

$

590.8

 

 

Products transferred over time

 

 

253.6

 

 

 

186.6

 

 

Total net sales

 

$

1,106.8

 

 

$

777.4

 

 

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

 

 

 

Quarter Ended March 31,

 

 

 

 

2026

 

 

2025

 

 

Income taxes paid:

 

 

 

 

 

 

 

Domestic

 

$

0.3

 

 

$

—

 

 

Foreign

 

 

0.7

 

 

 

1.8

 

 

Total income taxes paid

 

$

1.0

 

 

$

1.8

 

 
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events

13. Subsequent Events

Dividend Declaration. On April 13, 2026, 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, 2026 to stockholders of record and the holders of certain restricted stock units at the close of business on April 24, 2026.
v3.26.1
Basis of Presentation and Recent Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2026
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 2026 fiscal year. The financial information as of December 31, 2025 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, 2025.
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.
Adoption of New Accounting Pronouncements

Adoption of New Accounting Pronouncements

Accounting for Internal-Use Software. In September 2025, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2025-06 (“ASU 2025-06”), Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development stages so that the guidance is neutral to different software development methods. We early adopted ASU 2025-06 as of January 1, 2026 using the prospective transition approach. The adoption of ASU 2025-06 did not have a material impact on our consolidated financial statements.
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 quarter March 31, 2026 and March 31, 2025, we sold trade accounts receivable totaling $295.2 million and $270.0 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.5 million and $5.6 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, net. As of March 31, 2026, 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 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.

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 prospectively in the fourth quarter of fiscal 2027 and continue to evaluate the disclosure requirements related to the new standard.

Hedge Accounting Improvements. In November 2025, the FASB issued ASU No. 2025-09 (“ASU 2025-09”), Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The guidance introduces targeted refinements intended to improve the operability of hedge accounting and better align financial reporting with risk management activities, including greater flexibility in hedge designation and clarifications for certain instruments. ASU 2025-09 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our consolidated financial statements.

Government Grants. In December 2025, the FASB issued ASU No. 2025-10 (“ASU 2025-10”), Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, to establish authoritative guidance on the accounting for government grants received by business entities. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, with early adoption permitted, and is required to be applied using a modified prospective, modified retrospective, or full retrospective transition method. We are currently evaluating the impact of this pronouncement on our consolidated financial statements.

Interim Reporting Narrow-Scope Improvements. In December 2025, the FASB issued ASU No. 2025-11 (“ASU 2025-11”), Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the scope, form and content, and required disclosures in interim financial statements prepared under GAAP. ASU 2025-11 enhances guidance for entities that issue condensed interim statements and reinstates a principles-based requirement to disclose material events since the last annual period. ASU 2025-11 is effective for interim periods in fiscal years beginning after December 15, 2027, with early adoption permitted and retrospective application optional. We are currently evaluating the impact of this standard on our consolidated financial statements.
v3.26.1
Supplemental Balance Sheet Information (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Supplemental Balance Sheet Information

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

(In millions of dollars)

 

Receivables, Net

 

 

 

 

 

 

Accounts receivable

 

$

529.2

 

 

$

423.9

 

Allowance for doubtful receivables

 

 

(0.6

)

 

 

(0.6

)

Receivables, net

 

$

528.6

 

 

$

423.3

 

 

 

 

 

 

 

Inventories

 

 

 

 

 

 

Finished products

 

$

134.0

 

 

$

156.1

 

Work-in-process

 

 

316.6

 

 

 

316.7

 

Raw materials

 

 

332.1

 

 

 

236.2

 

Operating supplies

 

 

16.3

 

 

 

16.2

 

Inventories

 

$

799.0

 

 

$

725.2

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 

 

 

 

 

Land and improvements

 

$

44.1

 

 

$

38.2

 

Buildings and leasehold improvements

 

 

303.4

 

 

 

302.6

 

Machinery and equipment

 

 

1,594.3

 

 

 

1,586.7

 

Construction in progress

 

 

74.8

 

 

 

66.7

 

Property, plant and equipment, gross

 

 

2,016.6

 

 

 

1,994.2

 

Accumulated depreciation and amortization

 

 

(877.2

)

 

 

(849.1

)

Land held for sale

 

 

0.1

 

 

 

0.1

 

Property, plant and equipment, net

 

$

1,139.5

 

 

$

1,145.2

 

 

 

 

 

 

 

Other Assets

 

 

 

 

 

 

Restricted cash – Note 11

 

$

20.0

 

 

$

19.9

 

Long-term replacement parts

 

 

32.3

 

 

 

28.5

 

Net assets of Salaried VEBA

 

 

9.9

 

 

 

9.7

 

Other

 

 

17.5

 

 

 

17.6

 

Other assets

 

$

79.7

 

 

$

75.7

 

.

 

 

 

 

 

 

Other Accrued Liabilities

 

 

 

 

 

 

Uncleared cash disbursements

 

$

1.2

 

 

$

45.8

 

Accrued income taxes and other taxes payable

 

 

15.0

 

 

 

7.8

 

Accrued annual contribution to Salaried VEBA

 

—

 

 

 

2.9

 

Accrued interest

 

 

10.8

 

 

 

6.9

 

Current operating lease liabilities

 

 

5.9

 

 

 

4.8

 

Current finance lease liabilities

 

 

3.4

 

 

 

2.3

 

Current deferred compensation plan liabilities – Note 3

 

 

1.0

 

 

 

1.2

 

Other – Note 4

 

 

19.0

 

 

 

19.6

 

Other accrued liabilities

 

$

56.3

 

 

$

91.3

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

Workers' compensation accrual

 

$

25.5

 

 

$

26.0

 

Long-term environmental accrual – Note 6

 

 

17.3

 

 

 

17.4

 

Other long-term liabilities

 

 

41.2

 

 

 

38.0

 

Long-term liabilities

 

$

84.0

 

 

$

81.4

 
v3.26.1
Employee Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
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,

 

 

 

 

2026

 

 

2025

 

 

Defined contribution plans1

 

$

6.0

 

 

$

6.0

 

 

Deferred compensation plan2

 

 

0.1

 

 

 

0.2

 

 

Multiemployer pension plans1

 

 

1.5

 

 

 

1.5

 

 

Net periodic postretirement and postemployment benefit cost relating to defined benefit plans3

 

 

2.1

 

 

 

2.3

 

 

Total

 

$

9.7

 

 

$

10.0

 

 

 

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”) in our Statements of Consolidated Income.
2.
Deferred compensation plan expense is included within SG&A and R&D in 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 COGS in our Statements of Consolidated Income for all periods presented. All other components are included within Other expense, net, in our Statements of Consolidated Income.
Schedule of Net Benefit Costs The following tables present 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 March 31,

 

 

Quarter Ended March 31,

 

 

Quarter Ended March 31,

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

Service cost

 

$

0.8

 

 

$

0.9

 

 

$

0.2

 

 

$

0.2

 

 

$

—

 

 

$

—

 

 

Interest cost

 

 

0.5

 

 

 

0.4

 

 

 

0.9

 

 

 

0.9

 

 

 

0.5

 

 

 

0.5

 

 

Expected return on plan assets

 

 

(0.5

)

 

 

(0.4

)

 

 

—

 

 

 

—

 

 

 

(0.6

)

 

 

(0.5

)

 

Amortization of prior service cost1

 

 

0.2

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

0.7

 

 

Amortization of net actuarial gain

 

 

—

 

 

 

—

 

 

 

(0.3

)

 

 

(0.5

)

 

 

(0.3

)

 

 

(0.1

)

 

Total net periodic postretirement and postemployment benefit cost

 

$

1.0

 

 

$

1.1

 

 

$

0.8

 

 

$

0.6

 

 

$

0.3

 

 

$

0.6

 

 

 

 

1.
We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.
v3.26.1
Derivatives, Hedging Programs and Other Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Derivative Positions

The following table summarizes our derivative positions at March 31, 2026:

 

Aluminum

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts for LME

 

April 2026 through July 2027

 

 

72.5

 

Fixed price sale contracts for LME

 

April 2026 through April 2027

 

 

10.1

 

Fixed price purchase contracts for MWTP

 

April 2026 through July 2027

 

 

72.6

 

Fixed price sale contracts for MWTP

 

April 2026 through April 2027

 

 

10.2

 

 

Alloying Metals

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts

 

April 2026 through December 2027

 

 

6.2

 

 

Natural Gas

 

Maturity Period

 

Notional Amount of Contracts (mmbtu)

 

Fixed price purchase contracts

 

April 2026 through December 2028

 

 

3,450,000

 

 

 

Electricity

 

Maturity Period

 

Notional Amount of Contracts (Mwh)

 

Fixed price purchase contracts

 

April 2026 through December 2027

 

 

316,228

 

 

Euro

 

Maturity Period

 

Notional Amount of Contracts (in millions of Euros)

 

Fixed price forward purchase contracts

 

April 2026 through July 2027

 

€

0.6

 
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,

 

 

2026

 

 

2025

 

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

 

$

943.2

 

 

$

673.4

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Aluminum

 

$

(8.5

)

 

$

(5.2

)

Alloying Metals

 

 

(0.5

)

 

 

(0.4

)

Natural gas

 

 

(0.3

)

 

 

—

 

Foreign exchange contracts

 

 

—

 

 

 

0.1

 

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

 

$

(9.3

)

 

$

(5.5

)
Schedule of Fair Value of Derivative Assets and Liabilities The following table presents the fair value of our derivative financial instruments (in millions of dollars):

 

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price purchase contracts for LME

 

$

8.7

 

 

$

(0.1

)

 

$

8.6

 

 

$

2.6

 

 

$

—

 

 

$

2.6

 

Fixed price sale contracts for LME

 

 

—

 

 

 

(0.8

)

 

 

(0.8

)

 

 

—

 

 

 

(0.8

)

 

 

(0.8

)

Fixed price purchase contracts for MWTP

 

 

7.0

 

 

 

—

 

 

 

7.0

 

 

 

3.8

 

 

 

(0.1

)

 

 

3.7

 

Fixed price sale contracts for MWTP

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

 

 

—

 

 

 

(1.6

)

 

 

(1.6

)

Alloying Metals – Fixed price purchase contracts

 

 

1.9

 

 

 

—

 

 

 

1.9

 

 

 

2.4

 

 

 

—

 

 

 

2.4

 

Natural gas – Fixed price purchase contracts

 

 

0.7

 

 

 

(2.3

)

 

 

(1.6

)

 

 

0.7

 

 

 

(1.3

)

 

 

(0.6

)

Electricity – Fixed price purchase contracts

 

 

1.0

 

 

 

(3.4

)

 

 

(2.4

)

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency – Fixed price forward contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Total

 

$

19.3

 

 

$

(7.1

)

 

$

12.2

 

 

$

9.6

 

 

$

(3.8

)

 

$

5.8

 

 

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, 2026

 

 

As of December 31, 2025

 

Derivative assets:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

18.0

 

 

$

8.3

 

Other assets

 

 

1.3

 

 

 

1.3

 

Total derivative assets

 

$

19.3

 

 

$

9.6

 

Derivative liabilities:

 

 

 

 

 

 

Other accrued liabilities

 

$

(5.0

)

 

$

(3.1

)

Long-term liabilities

 

 

(2.1

)

 

 

(0.7

)

Total derivative liabilities

 

$

(7.1

)

 

$

(3.8

)
v3.26.1
Debt and Credit Facility (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026

 

 

As of December 31, 2025

 

4.50% Senior Notes

 

May 2021

 

June 2031

 

4.7%

 

$

550.0

 

 

$

550.0

 

5.875% Senior Notes

 

November 2025

 

March 2034

 

6.1%

 

 

500.0

 

 

 

500.0

 

Total debt

 

 

 

 

 

 

 

 

1,050.0

 

 

 

1,050.0

 

Unamortized issuance costs

 

 

 

 

 

 

 

 

(12.2

)

 

 

(12.7

)

Total carrying amount

 

 

 

 

 

 

 

$

1,037.8

 

 

$

1,037.3

 
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, 2026

 

 

As of December 31, 2025

 

4.50% Senior Notes

 

 

 

 

 

$

519.6

 

 

$

531.4

 

5.875% Senior Notes

 

 

 

 

 

$

490.9

 

 

$

501.6

 
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, 2026 (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

 

 

(8.7

)

Remaining borrowing availability

 

$

566.3

 
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,

 

 

 

2026

 

 

2025

 

Senior Notes interest expense, including debt issuance cost amortization

 

$

14.0

 

 

$

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

 

 

(0.4

)

 

 

(2.0

)

Total interest expense

 

$

14.4

 

 

$

11.2

 
v3.26.1
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2026
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,

 

 

 

2026

 

 

2025

 

Defined Benefit Plans:

 

 

 

 

 

 

Beginning balance

 

$

22.5

 

 

$

19.1

 

Actuarial loss arising during the period

 

 

—

 

 

 

(0.1

)

Amortization of net actuarial gain1

 

 

(0.6

)

 

 

(0.6

)

Amortization of prior service cost1

 

 

0.9

 

 

 

0.9

 

Less: income tax expense2

 

 

(0.1

)

 

 

(0.1

)

Other comprehensive income, net of tax

 

 

0.2

 

 

 

0.1

 

Ending balance

 

$

22.7

 

 

$

19.2

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

Beginning balance

 

$

4.3

 

 

$

1.4

 

Unrealized gain on cash flow hedges

 

 

15.8

 

 

 

8.7

 

Less: income tax expense

 

 

(3.7

)

 

 

(2.0

)

Net unrealized gain on cash flow hedges

 

 

12.1

 

 

 

6.7

 

Reclassification of unrealized gain upon settlement of cash flow hedges

 

 

(9.3

)

 

 

(5.5

)

Less: income tax benefit2

 

 

2.2

 

 

 

1.3

 

Net gain reclassified from AOCI to Net income

 

 

(7.1

)

 

 

(4.2

)

Other comprehensive income, net of tax

 

 

5.0

 

 

 

2.5

 

Ending balance3

 

$

9.3

 

 

$

3.9

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

32.0

 

 

$

23.1

 

 

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, 2026, we estimate a net mark-to-market gain before tax of $13.0 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.
v3.26.1
Other Expense, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Other Expense, Net

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

 

 

 

Quarter Ended March 31,

 

 

 

2026

 

 

2025

 

Interest income

 

$

0.2

 

 

$

0.2

 

Net periodic postretirement and postemployment benefit cost

 

 

(1.0

)

 

 

(1.2

)

Unrealized loss on equity securities

 

 

(0.2

)

 

 

(0.1

)

All other, net

 

 

—

 

 

 

(0.3

)

Other expense, net

 

$

(1.0

)

 

$

(1.4

)
v3.26.1
Income Tax Matters (Tables)
 3 Months Ended
Mar. 31, 2026
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,

 

 

 

2026

 

 

2025

 

Domestic

 

$

(19.3

)

 

$

(6.6

)

Foreign

 

 

(0.6

)

 

 

(0.6

)

Total

 

$

(19.9

)

 

$

(7.2

)
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
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,

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Net income available to common shareholders1

 

$

62.5

 

 

$

21.6

 

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

 

 

 

 

 

 

Basic

 

 

16,248

 

 

 

16,116

 

Add: dilutive effect of non-vested common shares, restricted stock units and performance shares2

 

 

596

 

 

 

283

 

Diluted

 

 

16,844

 

 

 

16,399

 

 

 

 

 

 

 

Net income per common share, Basic:

 

$

3.85

 

 

$

1.34

 

Net income per common share, Diluted:

 

$

3.71

 

 

$

1.31

 

 

1.
Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
2.
Quantities in the following discussion are denoted in whole shares. During the quarters ended March 31, 2026 and 2025, approximately 500 and 4,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.
v3.26.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information

 

 

Quarter Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(In millions of dollars)

 

Interest paid

 

$

9.6

 

 

$

10.0

 

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

 

 

 

 

 

 

Unpaid purchases of property and equipment

 

$

14.4

 

 

$

22.1

 

 

 

 

 

 

 

Supplemental lease disclosures:

 

 

 

 

 

 

Operating lease liabilities arising from obtaining operating lease assets

 

$

3.1

 

 

$

—

 

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

 

$

1.7

 

 

$

1.9

 

Finance lease liabilities arising from obtaining finance lease assets

 

$

2.6

 

 

$

0.3

 

 

 

 

As of March 31,

 

 

 

2026

 

 

2025

 

 

 

(In millions of dollars)

 

Components of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

Cash and cash equivalents

 

$

30.0

 

 

$

21.3

 

Restricted cash included in Other assets1

 

 

20.0

 

 

 

20.0

 

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

 

$

50.0

 

 

$

41.3

 

 

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.
v3.26.1
Business, Product and Geographical Area Information (Tables)
 3 Months Ended
Mar. 31, 2026
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,

 

 

 

2026

 

 

2025

 

Net sales

 

$

1,106.8

 

 

$

777.4

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

 

 

 

 

 

Hedged cost of alloyed metal1

 

 

702.4

 

 

 

414.2

 

Manufacturing costs2

 

 

162.2

 

 

 

181.9

 

Plant overhead3

 

 

47.3

 

 

 

46.1

 

Freight costs

 

 

22.3

 

 

 

20.7

 

Other cost of products sold4

 

 

9.0

 

 

 

10.5

 

Depreciation and amortization

 

 

30.4

 

 

 

30.0

 

Selling, general, administrative, research and development

 

 

 

 

 

 

Research and development costs

 

 

0.6

 

 

 

0.3

 

Employee costs5

 

 

26.7

 

 

 

22.5

 

Other selling, general and administrative costs6

 

 

8.1

 

 

 

8.0

 

Restructuring costs

 

 

—

 

 

 

1.8

 

Interest expense

 

 

14.4

 

 

 

11.2

 

Other expense, net – Note 8

 

 

1.0

 

 

 

1.4

 

Income tax provision

 

 

19.9

 

 

 

7.2

 

Net income

 

$

62.5

 

 

$

21.6

 

 

1.
Hedged cost of alloyed metal includes cost of aluminum at the MWTP 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 $7.5 million and $4.6 million in the quarters ended March 31, 2026 and March 31, 2025, respectively.
2.
Manufacturing costs primarily includes labor, utilities, supplies, metal valuation impacts, metal profits, and other materials, excluding alloys, incurred at our various production facilities.
3.
Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities.
4.
Other cost of products sold primarily includes accretion expense related to conditional asset retirement obligations, gains and losses on operating asset disposals, and major maintenance costs.
5.
Employee costs include indirect labor salaries, benefits, and incentive compensation.
6.
Other selling, general and administrative costs primarily includes professional services, computer hardware and software costs, office rent, and utilities.
Schedule of Net Sales by End Market Segment Applications

The following table presents Net sales by end market applications and by timing of control transfer (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

 

2026

 

 

2025

 

 

Net sales:

 

 

 

 

 

 

 

Aero/HS Products

 

$

286.8

 

 

$

214.7

 

 

Packaging

 

 

498.4

 

 

 

314.2

 

 

GE Products

 

 

240.3

 

 

 

181.6

 

 

Automotive Extrusions

 

 

81.3

 

 

 

66.9

 

 

Total net sales

 

$

1,106.8

 

 

$

777.4

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

Products transferred at a point in time

 

$

853.2

 

 

$

590.8

 

 

Products transferred over time

 

 

253.6

 

 

 

186.6

 

 

Total net sales

 

$

1,106.8

 

 

$

777.4

 

 
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,

 

 

 

 

2026

 

 

2025

 

 

Income taxes paid:

 

 

 

 

 

 

 

Domestic

 

$

0.3

 

 

$

—

 

 

Foreign

 

 

0.7

 

 

 

1.8

 

 

Total income taxes paid

 

$

1.0

 

 

$

1.8

 

 
v3.26.1
Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Basis of Presentation and Recent Accounting Pronouncements [Line Items]  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
Change in Accounting Principle, Accounting Standards Update, Adoption Date Jan. 01, 2026
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2025-06 [Member]
v3.26.1
Supplemental Balance Sheet Information - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Trade Receivables, Net      
Accounts receivable $ 529.2 $ 423.9  
Allowance for doubtful receivables (0.6) (0.6)  
Receivables, net 528.6 423.3  
Inventories      
Finished products 134.0 156.1  
Work-in-process 316.6 316.7  
Raw materials 332.1 236.2  
Operating supplies 16.3 16.2  
Inventories 799.0 725.2  
Property, Plant and Equipment, Net      
Land and improvements 44.1 38.2  
Buildings and leasehold improvements 303.4 302.6  
Machinery and equipment 1,594.3 1,586.7  
Construction in progress 74.8 66.7  
Property, plant and equipment, gross 2,016.6 1,994.2  
Accumulated depreciation and amortization (877.2) (849.1)  
Land held for sale 0.1 0.1  
Property, plant and equipment, net 1,139.5 1,145.2  
Other Assets      
Restricted cash - Note 11 20.0 19.9 $ 20.0
Long-term replacement parts 32.3 28.5  
Net assets of Salaried VEBA 9.9 9.7  
Other 17.5 17.6  
Other assets 79.7 75.7  
Other Accrued Liabilities      
Uncleared cash disbursements 1.2 45.8  
Accrued income taxes and other taxes payable 15.0 7.8  
Accrued annual contribution to Salaried VEBA 0.0 2.9  
Accrued interest 10.8 6.9  
Current operating lease liabilities 5.9 4.8  
Current finance lease liabilities 3.4 2.3  
Current deferred compensation plan liabilities - Note 3 1.0 1.2  
Other - Note 4 19.0 19.6  
Other accrued liabilities 56.3 91.3  
Long-Term Liabilities      
Workers' compensation accrual 25.5 26.0  
Long-term environmental accrual - Note 6 17.3 17.4  
Other long-term liabilities 41.2 38.0  
Long-term liabilities $ 84.0 $ 81.4  
v3.26.1
Employee Benefits - Additional Information (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Accrued salaries, wages and related expenses  
Defined Benefit Plan Disclosure [Line Items]  
Accrued salaries, wages and related expenses $ 11.8
v3.26.1
Employee Benefits - Summary of Total Expense Related to All Postretirement Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]    
Net periodic postretirement and postemployment benefit cost relating to defined benefit plans $ 1.0 $ 1.2
Postretirement and Postemployment Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
Defined contribution plan, cost [1] 6.0 6.0
Deferred compensation arrangement with individual, compensation expense [2] 0.1 0.2
Multiemployer plan, contributions by employer [1] 1.5 1.5
Net periodic postretirement and postemployment benefit cost relating to defined benefit plans [3] 2.1 2.3
Total other employee benefit plans $ 9.7 $ 10.0
[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”) in our Statements of Consolidated Income.
[2] Deferred compensation plan expense is included within SG&A and R&D in 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 COGS in our Statements of Consolidated Income for all periods presented. All other components are included within Other expense, net, in our Statements of Consolidated Income.
v3.26.1
Employee Benefits - Summary of Components of Net Periodic Postretirement Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]    
Total net periodic postretirement and postemployment benefit cost $ 1.0 $ 1.2
Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 0.8 0.9
Interest cost 0.5 0.4
Expected return on plan assets (0.5) (0.4)
Amortization of prior service cost [1] 0.2 0.2
Total net periodic postretirement and postemployment benefit cost 1.0 1.1
Other Postretirement Benefits Plan    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 0.2 0.2
Interest cost 0.9 0.9
Amortization of net actuarial gain (0.3) (0.5)
Total net periodic postretirement and postemployment benefit cost 0.8 0.6
Postretirement Health Coverage | Salaried VEBA    
Defined Benefit Plan Disclosure [Line Items]    
Interest cost 0.5 0.5
Expected return on plan assets (0.6) (0.5)
Amortization of prior service cost [1] 0.7 0.7
Amortization of net actuarial gain (0.3) (0.1)
Total net periodic postretirement and postemployment benefit cost $ 0.3 $ 0.6
[1] We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.
v3.26.1
Derivatives, Hedging Programs and Other Financial Instruments - Additional Information (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
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 1,600,000 100,000
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Outstanding amount $ 0 $ 0
v3.26.1
Derivatives, Hedging Programs and Other Financial Instruments - Summary of Derivative Positions (Details)
Mmlb in Millions
 3 Months Ended
Mar. 31, 2026
EUR (€)
Mmlb
MWh
MMBTU
Purchase | Aluminum  
Derivative [Line Items]  
Derivative non-monetary notional amount 72.5
Purchase | Aluminum | Minimum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2026
Purchase | Aluminum | Maximum  
Derivative [Line Items]  
Derivative maturity period Jul. 31, 2027
Purchase | Fixed Price Purchase Contracts for MWTP  
Derivative [Line Items]  
Derivative non-monetary notional amount 72.6
Purchase | Fixed Price Purchase Contracts for MWTP | Minimum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2026
Purchase | Fixed Price Purchase Contracts for MWTP | Maximum  
Derivative [Line Items]  
Derivative maturity period Jul. 31, 2027
Purchase | Alloying Metals  
Derivative [Line Items]  
Derivative non-monetary notional amount 6.2
Purchase | Alloying Metals | Minimum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2026
Purchase | Alloying Metals | Maximum  
Derivative [Line Items]  
Derivative maturity period Dec. 31, 2027
Purchase | Natural Gas  
Derivative [Line Items]  
Derivative non-monetary notional amount | MMBTU 3,450,000
Purchase | Natural Gas | Minimum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2026
Purchase | Natural Gas | Maximum  
Derivative [Line Items]  
Derivative maturity period Dec. 31, 2028
Purchase | Electricity  
Derivative [Line Items]  
Derivative non-monetary notional amount | MWh 316,228
Purchase | Electricity | Minimum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2026
Purchase | Electricity | Maximum  
Derivative [Line Items]  
Derivative maturity period Dec. 31, 2027
Purchase | Euro  
Derivative [Line Items]  
Derivative notional amount | € € 600,000
Purchase | Euro | Minimum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2026
Purchase | Euro | Maximum  
Derivative [Line Items]  
Derivative maturity period Jul. 31, 2027
Sales | Aluminum  
Derivative [Line Items]  
Derivative non-monetary notional amount 10.1
Sales | Aluminum | Minimum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2026
Sales | Aluminum | Maximum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2027
Sales | Fixed Price Sale Contracts for MWTP  
Derivative [Line Items]  
Derivative non-monetary notional amount 10.2
Sales | Fixed Price Sale Contracts for MWTP | Minimum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2026
Sales | Fixed Price Sale Contracts for MWTP | Maximum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2027
v3.26.1
Derivatives, Hedging Programs and Other Financial Instruments - Summary of (Gain) Loss Associated with Derivative Contracts (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
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 $ 943.2 $ 673.4
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 943.2 673.4
Cash Flow Hedges | Designated as Hedging Instrument    
Derivative Instruments Gain Loss [Line Items]    
Total gain recognized in our Statements of Consolidated Income related to cash flow hedges $ (9.3) $ (5.5)
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 | Designated as Hedging Instrument | Aluminum    
Derivative Instruments Gain Loss [Line Items]    
Total gain recognized in our Statements of Consolidated Income related to cash flow hedges $ (8.5) $ (5.2)
Cash Flow Hedges | Designated as Hedging Instrument | Alloying Metals    
Derivative Instruments Gain Loss [Line Items]    
Total gain recognized in our Statements of Consolidated Income related to cash flow hedges (0.5) (0.4)
Cash Flow Hedges | Designated as Hedging Instrument | Foreign exchange contracts    
Derivative Instruments Gain Loss [Line Items]    
Total gain recognized in our Statements of Consolidated Income related to cash flow hedges   $ 0.1
Cash Flow Hedges | Designated as Hedging Instrument | Natural Gas    
Derivative Instruments Gain Loss [Line Items]    
Total gain recognized in our Statements of Consolidated Income related to cash flow hedges $ (0.3)  
v3.26.1
Derivatives, Hedging Programs and Other Financial Instruments - Schedule of Fair Value of Derivative Financial Assets and Liabilities (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Designated as Hedging Instrument | Purchase    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities $ (1,600,000) $ (100,000)
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 19,300,000 9,600,000
Liabilities (7,100,000) (3,800,000)
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 19,300,000 9,600,000
Liabilities (7,100,000) (3,800,000)
Net Amount 12,200,000 5,800,000
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 700,000 700,000
Liabilities (2,300,000) (1,300,000)
Net Amount (1,600,000) (600,000)
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 8,700,000 2,600,000
Liabilities (100,000)  
Net Amount 8,600,000 2,600,000
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 7,000,000 3,800,000
Liabilities   (100,000)
Net Amount 7,000,000 3,700,000
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 (500,000) (1,600,000)
Net Amount (500,000) (1,600,000)
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]    
Assets   100,000
Net Amount   100,000
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 1,900,000 2,400,000
Net Amount 1,900,000 2,400,000
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Electricity    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 1,000,000.0  
Liabilities (3,400,000)  
Net Amount (2,400,000)  
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Sales | Fixed Price Sale Contracts for London Metal Exchange [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities (800,000) (800,000)
Net Amount $ (800,000) $ (800,000)
v3.26.1
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, 2026
Dec. 31, 2025
Derivative [Line Items]    
Derivative asset current $ 18.0 $ 8.3
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current
Derivative asset noncurrent $ 1.3 $ 1.3
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Total derivative assets $ 19.3 $ 9.6
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Assets Assets
Derivative liabilities current $ (5.0) $ (3.1)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Accrued Liabilities, Current Other Accrued Liabilities, Current
Derivative liabilities noncurrent $ (2.1) $ (0.7)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total derivative liabilities $ (7.1) $ (3.8)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Liabilities Liabilities
v3.26.1
Debt and Credit Facility (Senior Notes) - Additional Information (Details) - Senior Notes - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
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
5.875% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 5.875% 5.875%
Debt instrument aggregate principal amount $ 500.0 $ 500.0
v3.26.1
Debt and Credit Facility - Summary of Senior Notes (Details) - Senior Notes - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt $ 1,050.0 $ 1,050.0
Unamortized issuance costs (12.2) (12.7)
Total carrying amount $ 1,037.8 1,037.3
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
5.875% Senior Notes    
Debt Instrument [Line Items]    
Issuance Date Nov. 30, 2019  
Debt Instrument, Maturity Date Mar. 31, 2028  
Effective interest rate (percent) 6.10%  
Total debt $ 500.0 $ 500.0
v3.26.1
Debt and Credit Facility - Summary of Senior Notes (Parenthetical) (Details) - Senior Notes
Mar. 31, 2026
Dec. 31, 2025
4.50% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 4.50% 4.50%
5.875% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 5.875% 5.875%
v3.26.1
Debt and Credit Facility - Summary of Fair Value of Outstanding Senior Notes (Details) - Senior Notes - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
4.50% Senior Notes    
Debt Instrument [Line Items]    
Fair value of outstanding senior notes $ 519.6 $ 531.4
5.875% Senior Notes    
Debt Instrument [Line Items]    
Fair value of outstanding senior notes $ 490.9 $ 501.6
v3.26.1
Debt and Credit Facility (Revolving Credit Facility) - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Oct. 31, 2025
Debt Instrument [Line Items]        
Total borrowings incurred [1] $ 71.5 $ 42.5    
Amended Credit Agreement        
Debt Instrument [Line Items]        
Line of credit mature description As amended in October 2025, the Revolving Credit Facility is set to mature in October 2030 and 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). The facility includes an accordion feature that allows for an increase in total revolving commitments of up to $200.0 million, plus an additional amount for a first-in last-out tranche, subject to lender approval and other customary conditions. The amount we can borrow under the Revolving Credit Facility is determined by the value of our eligible accounts receivable and inventory and certain other assets, which serve as collateral for the Revolving Credit Facility. Borrowings under the amended Revolving Credit Facility bear interest at a rate equal to either a base rate or the SOFR, plus, in each case, a specified variable percentage between 125 - 150 basis points for SOFR loans (or 25 - 50 basis points for base rate loans) determined by reference to the then-remaining borrowing availability under the Revolving Credit Facility and, in certain instances, a fixed margin.      
Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity $ 575.0      
Outstanding borrowings $ 0.0   $ 22.3  
Revolving Credit Facility | Amended Credit Agreement        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity       $ 575.0
Line of credit facility additional revolving commitments amount       $ 200.0
Revolving Credit Facility | SOFR | Amended Credit Agreement | Minimum        
Debt Instrument [Line Items]        
Effective interest rate (percent)       125.00%
Revolving Credit Facility | SOFR | Amended Credit Agreement | Maximum        
Debt Instrument [Line Items]        
Effective interest rate (percent)       150.00%
Revolving Credit Facility | Base Rate | Amended Credit Agreement | Minimum        
Debt Instrument [Line Items]        
Effective interest rate (percent)       25.00%
Revolving Credit Facility | Base Rate | Amended Credit Agreement | Maximum        
Debt Instrument [Line Items]        
Effective interest rate (percent)       50.00%
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 11 for supplemental cash flow information.
v3.26.1
Debt and Credit Facility - Schedule of Availability and Usage of Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
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 $ (22.3)
Less: Outstanding letters of credit under Revolving Credit Facility (8.7)  
Remaining borrowing availability $ 566.3  
v3.26.1
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, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Total interest expense $ 14.4 $ 11.2
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 (0.4) (2.0)
Total interest expense 14.4 11.2
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 $ 14.0 $ 12.4
v3.26.1
Commitments and Contingencies - Additional Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Environmental accrual $ 17.7
Expected period related to remediation expenditures for environmental contingencies period 30 years
Potential increase in environmental costs $ 14.2
Time period within which recorded estimate of its environmental obligation may change 12 months
v3.26.1
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 826.1 $ 743.1
Other comprehensive income, net of tax 5.2 2.6
Ending balance 877.3 756.8
Defined Benefit Plans:    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 22.5 19.1
Less: income tax benefit [1] (0.1) (0.1)
Other comprehensive income, net of tax 0.2 0.1
Ending balance 22.7 19.2
Defined Benefit Plans: Actuarial Loss    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Unrealized gain on cash flow hedges   (0.1)
Reclassification of unrealized gain upon settlement of cash flow hedges [2] (0.6) (0.6)
Defined Benefit Plans: Net Prior Service Cost    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Reclassification of unrealized gain upon settlement of cash flow hedges [2] 0.9 0.9
Cash Flow Hedges:    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 4.3 1.4
Unrealized gain on cash flow hedges 15.8 8.7
Less: income tax expense (3.7) (2.0)
Net unrealized gain on cash flow hedges 12.1 6.7
Reclassification of unrealized gain upon settlement of cash flow hedges (9.3) (5.5)
Less: income tax benefit [1] 2.2 1.3
Net gain reclassified from AOCI to Net income (7.1) (4.2)
Other comprehensive income, net of tax 5.0 2.5
Ending balance [3] 9.3 3.9
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 26.8 20.5
Other comprehensive income, net of tax 5.2 2.6
Ending balance $ 32.0 $ 23.1
[1] Income tax amounts reclassified out of AOCI were included as a component of Income tax provision.
[2] 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).
[3] As of March 31, 2026, we estimate a net mark-to-market gain before tax of $13.0 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.
v3.26.1
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Parenthetical) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Equity [Abstract]  
Estimated net mark-to-market gain before tax within next twelve months - cash flow hedges $ 13.0
v3.26.1
Other Expense, Net - Components of Other Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Income and Expenses [Abstract]    
Interest income $ 0.2 $ 0.2
Net periodic postretirement and postemployment benefit cost (1.0) (1.2)
Unrealized loss on equity securities (0.2) (0.1)
All other, net   (0.3)
Other expense, net $ (1.0) $ (1.4)
v3.26.1
Other Expense, Net - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Income and Expenses [Abstract]    
Trade accounts receivable sold $ 295.2 $ 270.0
Net discount fees recognized $ 6.5 $ 5.6
v3.26.1
Income Tax Matters - Income Tax Provision by Region (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Domestic $ (19.3) $ (6.6)
Foreign (0.6) (0.6)
Total $ (19.9) $ (7.2)
v3.26.1
Income Tax Matters - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Effective Income Tax Rate Reconciliation [Line Items]      
Income tax provision $ 19.9 $ 7.2  
Effective tax rate (percent) 24.00% 25.00%  
Gross unrecognized tax benefits $ 7.7   $ 7.4
v3.26.1
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, 2026
Mar. 31, 2025
Numerator:    
Net income available to common shareholders [1] $ 62.5 $ 21.6
Denominator – Weighted-average common shares outstanding (in thousands):    
Basic 16,248 16,116
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares [2] 596 283
Diluted 16,844 16,399
Net income per common share, Basic: $ 3.85 $ 1.34
Net income per common share, Diluted: $ 3.71 $ 1.31
[1] Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
[2] Quantities in the following discussion are denoted in whole shares. During the quarters ended March 31, 2026 and 2025, approximately 500 and 4,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.
v3.26.1
Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Parenthetical) (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of earnings per share, amount 500 4,000
v3.26.1
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]        
Interest paid $ 9.6 $ 10.0    
Non-cash investing and financing activities (included in Accounts payable):        
Unpaid purchases of property and equipment 14.4 22.1    
Supplemental lease disclosures:        
Operating lease liabilities arising from obtaining operating lease assets 3.1 0.0    
Cash paid for amounts included in the measurement of operating lease liabilities 1.7 1.9    
Finance lease liabilities arising from obtaining finance lease assets 2.6 0.3    
Components of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 30.0 21.3 $ 7.0  
Restricted cash included in Other assets 20.0 20.0 19.9  
Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows $ 50.0 $ 41.3 $ 26.9 $ 37.9
v3.26.1
Business, Product, and Geographical Area Information - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
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.
v3.26.1
Business, Product, and Geographical Area Information - Schedule of Significant Segment Expenses Provided to CODM (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Net sales $ 1,106.8 $ 777.4
Hedged cost of alloyed metal [1] 702.4 414.2
Manufacturing costs [2] 162.2 181.9
Plant overhead [3] 47.3 46.1
Freight costs 22.3 20.7
Other cost of products sold [4] 9.0 10.5
Depreciation and amortization 30.4 30.0
Research and development costs 0.6 0.3
Employee costs [5] 26.7 22.5
Other selling, general and administrative costs [6] 8.1 8.0
Restructuring costs 0.0 1.8
Interest expense 14.4 11.2
Other expense, net - Note 8 1.0 1.4
Income tax provision 19.9 7.2
Net income [7] $ 62.5 $ 21.6
[1] Hedged cost of alloyed metal includes cost of aluminum at the MWTP 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 $7.5 million and $4.6 million in the quarters ended March 31, 2026 and March 31, 2025, respectively.
[2] Manufacturing costs primarily includes labor, utilities, supplies, metal valuation impacts, metal profits, and other materials, excluding alloys, incurred at our various production facilities.
[3] Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities.
[4] Other cost of products sold primarily includes accretion expense related to conditional asset retirement obligations, gains and losses on operating asset disposals, and major maintenance costs.
[5] Employee costs include indirect labor salaries, benefits, and incentive compensation.
[6] Other selling, general and administrative costs primarily includes professional services, computer hardware and software costs, office rent, and utilities.
[7] See Note 11 for supplemental cash flow information.
v3.26.1
Business, Product, and Geographical Area Information - Schedule of Significant Segment Expenses Provided to CODM (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Abstract]    
Hedged cost realized gains upon settlement $ 7.5 $ 4.6
v3.26.1
Business, Product and Geographical Area Information - Schedule of Net Sales by End Market Segment Applications (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net sales:    
Net sales $ 1,106.8 $ 777.4
Aero/HS Products    
Net sales:    
Net sales 286.8 214.7
Packaging    
Net sales:    
Net sales 498.4 314.2
GE Products    
Net sales:    
Net sales 240.3 181.6
Automotive Extrusions    
Net sales:    
Net sales 81.3 66.9
Products Transferred at a Point in Time    
Net sales:    
Net sales 853.2 590.8
Products Transferred Over Time    
Net sales:    
Net sales $ 253.6 $ 186.6
v3.26.1
Business, Product and Geographical Area Information - Schedule of Income Taxes Paid by Geographical Area (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Taxes Paid By Geographical Area [Line Items]    
Income taxes paid $ 1.0 $ 1.8
Foreign    
Income Taxes Paid By Geographical Area [Line Items]    
Income taxes paid 0.7 1.8
Domestic    
Income Taxes Paid By Geographical Area [Line Items]    
Income taxes paid $ 0.3 $ 0.0
v3.26.1
Subsequent Events - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Apr. 13, 2026
Mar. 31, 2026
Mar. 31, 2025
Subsequent Event [Line Items]      
Cash dividends declared (in dollars per share)   $ 0.77 $ 0.77
Subsequent Event | O 2026 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. 13, 2026    
Cash dividends, payable date May 15, 2026    
Cash dividends, record date Apr. 24, 2026