KAISER ALUMINUM CORP, 10-Q filed on 10/23/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Oct. 20, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 1-09447  
Entity Registrant Name KAISER ALUMINUM CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 94-3030279  
Entity Address, Address Line One 1550 West McEwen Drive  
Entity Address, Address Line Two Suite 500  
Entity Address, City or Town Franklin  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 37067  
City Area Code 629  
Local Phone Number 252-7040  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol KALU  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   16,206,255
Entity Central Index Key 0000811596  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 17.2 $ 18.4 [1]
Receivables:    
Trade receivables, net 388.9 319.7 [1],[2]
Other 32.3 22.2 [1]
Contract assets 54.0 73.4 [1]
Inventories 702.3 601.9 [1],[2]
Prepaid expenses and other current assets 49.5 39.0 [1]
Total current assets 1,244.2 1,074.6 [1]
Property, plant and equipment, net 1,199.8 1,161.2 [1],[2]
Operating lease assets 24.1 27.2 [1]
Deferred tax assets, net 1.4 4.0 [1]
Intangible assets, net 42.1 45.5 [1]
Goodwill 18.8 18.8 [1]
Other assets 61.7 78.6 [1],[2]
Total assets 2,592.1 2,409.9 [1]
Current liabilities:    
Accounts payable 392.8 266.9 [1]
Accrued salaries, wages and related expenses 58.4 54.3 [1]
Other accrued liabilities 49.5 79.3 [1],[2]
Total current liabilities 500.7 400.5 [1]
Long-term portion of operating lease liabilities 22.8 25.2 [1]
Pension and OPEB 70.6 71.4 [1]
Deferred tax liabilities 64.6 44.1 [1]
Long-term liabilities 84.4 84.0 [1],[2]
Long-term debt, net 1,042.9 1,041.6 [1]
Total liabilities 1,786.0 1,666.8 [1]
Commitments and contingencies - Note 7
Stockholders’ equity:    
Preferred stock, 5,000,000 shares authorized at both September 30, 2025 and December 31, 2024; no shares were issued and outstanding at September 30, 2025 and December 31, 2024 0.0 0.0 [1]
Common stock, par value $0.01, 90,000,000 shares authorized at both September 30, 2025 and December 31, 2024; 23,041,541 shares issued and 16,206,255 shares outstanding at September 30, 2025; 22,931,184 shares issued and 16,095,898 shares outstanding at December 31, 2024 0.2 0.2 [1]
Additional paid in capital 1,128.0 1,117.0 [1]
Retained earnings 127.1 81.3 [1]
Treasury stock, at cost, 6,835,286 shares at both September 30, 2025 and December 31, 2024 (475.9) (475.9) [1]
AOCI 26.7 20.5 [1]
Total stockholders’ equity 806.1 743.1 [1],[3]
Total liabilities and stockholders' equity $ 2,592.1 $ 2,409.9 [1]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 90,000,000 90,000,000
Common Stock, shares issued 23,041,541 22,931,184
Common stock, shares outstanding 16,206,255 16,095,898
Treasury stock, shares 6,835,286 6,835,286
v3.25.3
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
 [1]
Sep. 30, 2025
Sep. 30, 2024
 [1]
Income Statement [Abstract]        
Net sales $ 843.5 $ 747.7 [2] $ 2,444.0 $ 2,258.6 [2]
Costs and expenses:        
Cost of products sold, excluding depreciation and amortization 728.8 676.0 2,125.0 1,997.1
Depreciation and amortization 32.0 29.0 [2] 91.6 86.8 [2]
Selling, general, administrative, research and development 33.9 28.8 97.3 93.0
Restructuring costs 0.0 0.7 1.9 7.6
Other operating charges, net 0.0 0.0 [2] 0.0 0.4 [2]
Total costs and expenses 794.7 734.5 2,315.8 2,184.9
Operating income 48.8 13.2 128.2 73.7
Other (expense) income:        
Interest expense (12.4) (10.7) [2] (36.1) (33.3) [2]
Other income, net - Note 9 11.4 8.7 [2] 14.4 19.1 [2]
Income before income taxes 47.8 11.2 106.5 59.5
Income tax provision (8.3) (2.4) [3] (22.2) (13.6) [3]
Net income $ 39.5 $ 8.8 [4] $ 84.3 [5] $ 45.9 [4],[5]
Net income per common share:        
Basic $ 2.44 $ 0.54 [6] $ 5.22 [6] $ 2.85 [6]
Diluted $ 2.38 $ 0.54 [6] $ 5.1 [6] $ 2.81 [6]
Weighted-average number of common shares outstanding (in thousands):        
Basic 16,192 16,087 [6] 16,156 [6] 16,062 [6]
Diluted 16,612 16,335 [6] 16,511 [6] 16,291 [6]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[4] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[5] See Note 12 for supplemental cash flow information.
[6] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
 [2]
Sep. 30, 2025
Sep. 30, 2024
 [2]
Statement of Comprehensive Income [Abstract]        
Net income $ 39.5 $ 8.8 [1] $ 84.3 [3] $ 45.9 [1],[3]
Other comprehensive income (loss), net of tax - Note 8:        
Defined benefit plans 0.2 0.5 0.7 (0.1)
Cash flow hedges (0.7) 1.6 5.5 3.3
Other comprehensive (loss) income, net of tax (0.5) 2.1 6.2 3.2
Comprehensive income $ 39.0 $ 10.9 $ 90.5 $ 49.1
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] See Note 12 for supplemental cash flow information.
v3.25.3
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid in Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2023 $ 652.2 [1] $ 0.2 $ 1,104.7 $ 10.1 [1] $ (475.9) $ 13.1
Beginning balance (Cumulative Effect of Change in Inventory Valuation Methodology, Net of Tax) at Dec. 31, 2023 [1] 56.2     56.2    
Beginning balance (shares) at Dec. 31, 2023   16,015,791        
Net income [1] 18.2     18.2    
Other comprehensive (loss) income, net of tax (2.1) [1]         (2.1)
Common shares issued (including impacts from Long-Term Incentive programs) (shares)   56,416        
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (1.2) [1]   (1.2)      
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (shares)   (16,175)        
Cash dividends declared [1],[2] (12.6)     (12.6)    
Amortization of unearned equity compensation 4.0 [1]   4.0      
Ending balance at Mar. 31, 2024 [1] 714.7 $ 0.2 1,107.5 71.9 (475.9) 11.0
Ending balance (shares) at Mar. 31, 2024 [1]   16,056,032        
Beginning balance at Dec. 31, 2023 652.2 [1] $ 0.2 1,104.7 10.1 [1] (475.9) 13.1
Beginning balance (Cumulative Effect of Change in Inventory Valuation Methodology, Net of Tax) at Dec. 31, 2023 [1] 56.2     56.2    
Beginning balance (shares) at Dec. 31, 2023   16,015,791        
Net income [3],[4],[5] 45.9          
Other comprehensive (loss) income, net of tax [4] 3.2          
Ending balance at Sep. 30, 2024 729.4 [1] $ 0.2 1,114.6 74.2 [1] (475.9) 16.3
Ending balance (shares) at Sep. 30, 2024   16,087,755        
Beginning balance at Mar. 31, 2024 [1] 714.7 $ 0.2 1,107.5 71.9 (475.9) 11.0
Beginning balance (shares) at Mar. 31, 2024 [1]   16,056,032        
Net income [1] 18.9     18.9    
Other comprehensive (loss) income, net of tax 3.2 [1]         3.2
Common shares issued (including impacts from Long-Term Incentive programs) 0.5 [1]   0.5      
Common shares issued (including impacts from Long-Term Incentive programs) (shares)   38,143        
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (0.6) [1]   (0.6)      
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (shares)   (7,063)        
Cash dividends declared [1] (12.7)     (12.7)    
Amortization of unearned equity compensation 3.6 [1]   3.6      
Ending balance at Jun. 30, 2024 [1] 727.6 $ 0.2 1,111.0 78.1 (475.9) 14.2
Ending balance (shares) at Jun. 30, 2024 [1]   16,087,112        
Net income 8.8 [3],[4]     8.8 [1]    
Other comprehensive (loss) income, net of tax 2.1 [4]         2.1
Common shares issued (including impacts from Long-Term Incentive programs) 0.1 [1]   0.1      
Common shares issued (including impacts from Long-Term Incentive programs) (shares)   1,000        
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (shares)   (357)        
Cash dividends declared [1] (12.7)     (12.7)    
Amortization of unearned equity compensation 3.5 [1]   3.5      
Ending balance at Sep. 30, 2024 729.4 [1] $ 0.2 1,114.6 74.2 [1] (475.9) 16.3
Ending balance (shares) at Sep. 30, 2024   16,087,755        
Beginning balance at Dec. 31, 2024 [6] $ 743.1 [7] $ 0.2 1,117.0 81.3 (475.9) 20.5
Beginning balance (shares) at Dec. 31, 2024 16,095,898 16,095,898 [6],[8]        
Net income $ 21.6     21.6    
Other comprehensive (loss) income, net of tax 2.6         2.6
Common shares issued (including impacts from Long-Term Incentive programs) (shares) [8]   84,115        
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (1.8)   (1.8)      
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (shares) [8]   (25,637)        
Cash dividends declared [9] (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 [8]   16,154,376        
Beginning balance at Dec. 31, 2024 [6] $ 743.1 [7] $ 0.2 1,117.0 81.3 (475.9) 20.5
Beginning balance (shares) at Dec. 31, 2024 16,095,898 16,095,898 [6],[8]        
Net income [5] $ 84.3          
Other comprehensive (loss) income, net of tax 6.2          
Ending balance at Sep. 30, 2025 $ 806.1 $ 0.2 1,128.0 127.1 (475.9) 26.7
Ending balance (shares) at Sep. 30, 2025 16,206,255 16,206,255 [8]        
Beginning balance at Mar. 31, 2025 $ 756.8 $ 0.2 1,119.4 90.0 (475.9) 23.1
Beginning balance (shares) at Mar. 31, 2025 [8]   16,154,376        
Net income 23.2     23.2    
Other comprehensive (loss) income, net of tax 4.1         4.1
Common shares issued (including impacts from Long-Term Incentive programs) 0.4   0.4      
Common shares issued (including impacts from Long-Term Incentive programs) (shares) [8]   23,582        
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (shares) [8]   (219)        
Cash dividends declared [6] (12.8)     (12.8)    
Amortization of unearned equity compensation 4.3   4.3      
Ending balance at Jun. 30, 2025 776.0 $ 0.2 1,124.1 100.4 (475.9) 27.2
Ending balance (shares) at Jun. 30, 2025 [8]   16,177,739        
Net income 39.5     39.5    
Other comprehensive (loss) income, net of tax (0.5)         (0.5)
Common shares issued (including impacts from Long-Term Incentive programs) 0.1   0.1      
Common shares issued (including impacts from Long-Term Incentive programs) (shares) [8]   42,894        
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (1.1)   (1.1)      
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares/common shares issued (shares) [8]   (14,378)        
Cash dividends declared [6] (12.8)     (12.8)    
Amortization of unearned equity compensation 4.9   4.9      
Ending balance at Sep. 30, 2025 $ 806.1 $ 0.2 $ 1,128.0 $ 127.1 $ (475.9) $ 26.7
Ending balance (shares) at Sep. 30, 2025 16,206,255 16,206,255 [8]        
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Dividends declared per common share were $0.77 for each of the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[4] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[5] See Note 12 for supplemental cash flow information.
[6] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[7] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[8] At September 30, 2025, 449,765 shares were available for awards under the Kaiser Aluminum Corporation 2021 Equity and Incentive Compensation Plan, as amended and restated.
[9] Dividends declared per common share were $0.77 for each of the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025.
v3.25.3
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical)
 3 Months Ended
Sep. 30, 2025
$ / shares
shares
Statement of Stockholders' Equity [Abstract]  
Shares available for awards (shares) | shares 449,765
Cash dividends declared (in dollars per share) | $ / shares $ 0.77
v3.25.3
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income [1] $ 84.3 $ 45.9 [2],[3]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment [1] 88.2 83.4 [4]
Amortization of definite-lived intangible assets [1] 3.4 3.4 [4]
Amortization of debt premium and debt issuance costs [1] 1.7 1.8 [4]
Deferred income taxes [1] 21.2 10.4 [4]
LIFO valuation inventory expense (benefit)   0.0
Non-cash equity compensation [1] 13.9 11.7 [4]
Non-cash asset impairment charge [1],[4],[5]   3.6
Non-cash unrealized loss on derivative positions [1],[4]   2.2
Gain on disposition of property, plant and equipment [1] (9.1) (3.7) [4]
Bad debt expense [1] 0.3 0.3 [4]
Non-cash postretirement and postemployment defined benefit plan cost [1] 7.1 6.8 [4]
Changes in operating assets and liabilities:    
Trade and other receivables [1] (79.7) (33.7) [4]
Contract assets [1] 19.4 (3.5) [4]
Inventories [1] (100.4) (8.0) [4]
Prepaid expenses and other current assets [1] (3.4) (5.6) [4]
Accounts payable [1] 122.3 17.5 [4]
Accrued liabilities [1] (28.3) (11.6) [4]
Annual variable cash contributions to Salaried VEBA [1] (0.7) (1.1) [4]
Long-term assets and liabilities, net [1] (8.2) 3.9 [4]
Net cash provided by operating activities [1] 132.0 123.7 [4]
Cash flows from investing activities:    
Capital expenditures [1] (106.4) (124.8) [4]
Purchase of equity securities [1] (0.4) (0.1) [4]
Proceeds from sale of equity securities [1] 6.4 0.3 [4]
Proceeds from disposition of property, plant and equipment [1] 10.7 6.0 [4]
Net cash used in investing activities [1] (89.7) (118.6) [4]
Cash flows from financing activities:    
Borrowings under the Revolving Credit Facility [1] 290.4  
Repayment of borrowings under the Revolving Credit Facility [1] (290.4)  
Repayment of finance lease [1] (1.8) (2.0) [4]
Cancellation of shares to cover tax withholdings upon common shares issued [1] (2.9) (1.8) [4]
Cash dividends and dividend equivalents paid [1] (38.5) (38.0) [4]
Net cash used in financing activities [1] (43.2) (41.8) [4]
Net decrease in cash, cash equivalents and restricted cash during the period (0.9) (36.7) [4]
Cash, cash equivalents and restricted cash at beginning of period 37.9 100.7 [4]
Cash, cash equivalents and restricted cash at end of period $ 37.0 $ 64.0 [4]
[1] See Note 12 for supplemental cash flow information.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[4] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[5] Non-cash asset impairment charge for the nine months ended September 30, 2024 is comprised of: (i) a $3.2 million inventory write-down related to certain alloying metals and (ii) a $0.4 million impairment charge on land held for sale.
v3.25.3
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) (Parenthetical)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Statement of Cash Flows [Abstract]  
Inventory write-down related to certain alloying metals $ 3.2
Impairment charge on land held for sale $ 0.4
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure                
Net Income (Loss) $ 39.5 $ 23.2 $ 21.6 $ 8.8 [1],[2] $ 18.9 [3] $ 18.2 [3] $ 84.3 [4] $ 45.9 [1],[2],[4]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[4] See Note 12 for supplemental cash flow information.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.25.3
Basis of Presentation and Recent Accounting Pronouncements
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Recent Accounting Pronouncements

1. Basis of Presentation and Recent Accounting Pronouncements

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

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

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

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

Accounting Pronouncements Issued But Not Yet Adopted

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

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

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance requires additional, disaggregated disclosure about certain income statement expense line items. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December

15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. We plan to adopt the provisions of ASU 2024-03 prospectively in the fourth quarter of fiscal 2027 and continue to evaluate the disclosure requirements related to the new standard.

Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU No. 2025-05 (“ASU 2025-05”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides entities with a practical expedient to simplify the estimation of expected credit losses by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied prospectively. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.

Accounting for Internal-Use Software. In September 2025, the 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 improves the operability of the guidance by removing all references to software development stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of the annual reporting period. The amendments may be applied by using a prospective transition approach, a retrospective transition approach, or a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.
v3.25.3
Supplemental Balance Sheet Information
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Balance Sheet Information

2. Supplemental Balance Sheet Information

 

 

 

As of September 30, 2025

 

 

As of December 31, 2024
As Adjusted1

 

 

 

(In millions of dollars)

 

Trade Receivables, Net

 

 

 

 

 

 

Billed trade receivables

 

$

389.5

 

 

$

320.5

 

Allowance for doubtful receivables

 

 

(0.6

)

 

 

(0.8

)

Trade receivables, net

 

$

388.9

 

 

$

319.7

 

 

 

 

 

 

 

Inventories

 

 

 

 

 

 

Finished products

 

$

144.1

 

 

$

130.0

 

Work-in-process

 

 

296.0

 

 

 

229.1

 

Raw materials

 

 

246.8

 

 

 

228.7

 

Operating supplies

 

 

15.4

 

 

 

14.1

 

Inventories

 

$

702.3

 

 

$

601.9

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 

 

 

 

 

Land and improvements

 

$

38.7

 

 

$

37.2

 

Buildings and leasehold improvements

 

 

320.9

 

 

 

256.3

 

Machinery and equipment 2

 

 

1,562.9

 

 

 

1,337.4

 

Construction in progress

 

 

128.7

 

 

 

297.5

 

Property, plant and equipment, gross

 

 

2,051.2

 

 

 

1,928.4

 

Accumulated depreciation and amortization

 

 

(851.5

)

 

 

(767.5

)

Land held for sale

 

 

0.1

 

 

 

0.3

 

Property, plant and equipment, net

 

$

1,199.8

 

 

$

1,161.2

 

 

 

 

 

 

 

Other Assets

 

 

 

 

 

 

Assets to be conveyed associated with Warrick acquisition 2

 

$

—

 

 

$

18.3

 

Restricted cash – Note 12

 

 

19.8

 

 

 

19.5

 

Long-term replacement parts

 

 

25.5

 

 

 

18.3

 

Other

 

 

16.4

 

 

 

22.5

 

Other assets

 

$

61.7

 

 

$

78.6

 

 

 

 

 

 

 

Other Accrued Liabilities

 

 

 

 

 

 

Uncleared cash disbursements

 

$

1.4

 

 

$

24.5

 

Accrued income taxes and other taxes payable

 

 

11.5

 

 

 

11.1

 

Accrued annual contribution to Salaried VEBA

 

 

—

 

 

 

0.7

 

Accrued interest

 

 

10.5

 

 

 

9.9

 

Short-term environmental accrual – Note 7

 

 

0.7

 

 

 

0.7

 

Current operating lease liabilities

 

 

5.3

 

 

 

6.3

 

Current finance lease liabilities

 

 

2.4

 

 

 

2.4

 

Current deferred compensation plan liabilities – Note 3

 

 

0.4

 

 

 

6.7

 

Other – Note 5

 

 

17.3

 

 

 

17.0

 

Other accrued liabilities

 

$

49.5

 

 

$

79.3

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

Workers' compensation accrual

 

$

27.7

 

 

$

26.8

 

Long-term environmental accrual – Note 7

 

 

17.5

 

 

 

17.7

 

Other long-term liabilities

 

 

39.2

 

 

 

39.5

 

Long-term liabilities

 

$

84.4

 

 

$

84.0

 
1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
During the quarter ended March 31, 2025, $18.3 million of certain assets associated with our acquisition of Warrick were conveyed to us and placed in service. At September 30, 2025, such assets are presented within Machinery and equipment.
v3.25.3
Employee Benefits
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefits

3. Employee Benefits

Deferred Compensation Plan

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

 

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

Deferred compensation program - Diversified investment funds in registered investment companies

 

$

6.6

 

 

$

11.9

 

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

Short-Term Incentive Plans

As of September 30, 2025, we had a liability of $20.0 million recorded within Accrued salaries, wages and related expenses for estimated probable future payments under the 2025 short-term incentive plans.

Postretirement and Postemployment Benefit Plans

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Defined contribution plans1

 

$

4.2

 

 

$

4.4

 

 

$

14.8

 

 

$

14.4

 

Deferred compensation plan2

 

 

0.5

 

 

 

0.5

 

 

 

1.1

 

 

 

1.2

 

Multiemployer pension plans1

 

 

1.6

 

 

 

1.6

 

 

 

4.7

 

 

 

4.6

 

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

 

 

2.3

 

 

 

2.5

 

 

 

7.1

 

 

 

6.8

 

Total

 

$

8.6

 

 

$

9.0

 

 

$

27.7

 

 

$

27.0

 

 

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”) within our Statements of Consolidated Income. For the nine months ended September 30, 2024, the expense presented for our multiemployer pension plans excludes a $4.6 million charge to Restructuring costs (see Note 4).
2.
Deferred compensation plan expense and the current service cost component of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within our Statements of Consolidated Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within Other income, net, on our Statements of Consolidated Income.
3.
The current service cost component of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan is included within our Statements of Consolidated Income in COGS for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan are included within Other income, net, on 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

 

 

Quarter Ended

 

 

Quarter Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

0.9

 

 

$

0.7

 

 

$

0.2

 

 

$

0.3

 

 

$

—

 

 

$

—

 

Interest cost

 

 

0.4

 

 

 

0.4

 

 

 

0.9

 

 

 

0.8

 

 

 

0.6

 

 

 

0.5

 

Expected return on plan assets

 

 

(0.4

)

 

 

(0.3

)

 

 

—

 

 

 

—

 

 

 

(0.6

)

 

 

(0.6

)

Amortization of prior service cost1

 

 

0.3

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

0.8

 

Amortization of net actuarial gain

 

 

(0.1

)

 

 

—

 

 

 

(0.5

)

 

 

(0.3

)

 

 

(0.1

)

 

 

—

 

Total net periodic postretirement and postemployment benefit cost

 

$

1.1

 

 

$

1.0

 

 

$

0.6

 

 

$

0.8

 

 

$

0.6

 

 

$

0.7

 

 

 

 

Pension Plans

 

 

OPEB

 

 

Salaried VEBA

 

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

2.6

 

 

$

2.7

 

 

$

0.7

 

 

$

0.8

 

 

$

—

 

 

$

—

 

Interest cost

 

 

1.2

 

 

 

1.2

 

 

 

2.6

 

 

 

2.5

 

 

 

1.7

 

 

 

1.6

 

Expected return on plan assets

 

 

(1.1

)

 

 

(1.0

)

 

 

—

 

 

 

—

 

 

 

(1.7

)

 

 

(1.7

)

Amortization of prior service cost1

 

 

0.7

 

 

 

0.5

 

 

 

—

 

 

 

—

 

 

 

2.2

 

 

 

1.0

 

Amortization of net actuarial gain

 

 

(0.1

)

 

 

—

 

 

 

(1.4

)

 

 

(0.8

)

 

 

(0.3

)

 

 

—

 

Total net periodic postretirement and postemployment benefit cost

 

$

3.3

 

 

$

3.4

 

 

$

1.9

 

 

$

2.5

 

 

$

1.9

 

 

$

0.9

 

 

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

Pension Plan Contributions. During the nine months ended September 30, 2025, we contributed $4.6 million to our pension plans. We expect to make additional contributions of approximately $1.6 million to the pension plans during the remainder of 2025.
v3.25.3
Restructuring
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring

4. Restructuring

2025 Restructuring Plan. During the quarter ended March 31, 2025, we initiated a plan to reduce certain operating costs (“2025 Restructuring Plan”). Through September 30, 2025, we have recorded a charge of $1.9 million for severance and related benefits. Substantially all of the costs associated with the restructuring efforts initiated under the 2025 Restructuring Plan were incurred and expensed as of September 30, 2025. The costs are recorded within Restructuring costs in our Statements of Consolidated Income.

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

BALANCE, December 31, 2024

 

$

—

 

Restructuring costs

 

 

1.8

 

Costs paid or otherwise settled1

 

 

(1.3

)

BALANCE, March 31, 2025

 

 

0.5

 

Restructuring costs

 

 

0.1

 

Costs paid or otherwise settled1

 

 

(0.4

)

BALANCE, June 30, 2025

 

$

0.2

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

(0.1

)

BALANCE, September 30, 2025

 

$

0.1

 

 

1.
Cash paid during the quarter and nine months ended September 30, 2025 was $0.1 million and $1.8 million, respectively.

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

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

BALANCE, December 31, 2024

 

$

4.7

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

(0.1

)

BALANCE, March 31, 2025

 

 

4.6

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

—

 

BALANCE, June 30, 2025

 

$

4.6

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

—

 

BALANCE, September 30, 2025

 

$

4.6

 

 

1.
Cash paid during the quarter and nine months ended September 30, 2025 was $0.0 million and $0.1 million, respectively.
v3.25.3
Derivatives, Hedging Programs and Other Financial Instruments
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives, Hedging Programs and Other Financial Instruments

5. 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. All hedging transactions are executed centrally and are overseen by a committee (“Hedging Committee”) composed of key operations and finance personnel from the management team. The scope of the Hedging Committee’s activities is reviewed 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 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 $0.1 million and $0.8 million at September 30, 2025 and December 31, 2024, respectively. 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 September 30, 2025 and December 31, 2024.

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 8 for the total amount of gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments that was reported in AOCI, as well as the related reclassifications into earnings and tax effects. Cumulative gains and losses related to cash flow hedges are reclassified out of AOCI and recorded within COGS when the associated hedged commodity purchases impact earnings.

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 income, net, respectively. As of September 30, 2025 and December 31, 2024, we had no outstanding non-designated derivative hedge positions.

Notional Amount of Derivative Contracts

The following table summarizes our derivative positions at September 30, 2025:

 

Aluminum

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts for LME

 

October 2025 through November 2026

 

 

64.1

 

Fixed price sale contracts for LME

 

October 2025 through March 2026

 

 

23.5

 

Fixed price purchase contracts for MWTP

 

October 2025 through November 2026

 

 

64.1

 

Fixed price sale contracts for MWTP

 

October 2025 through April 2026

 

 

23.5

 

 

Alloying Metals

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts

 

October 2025 through December 2027

 

 

6.8

 

 

Natural Gas

 

Maturity Period

 

Notional Amount of Contracts (mmbtu)

 

Fixed price purchase contracts

 

October 2025 through December 2027

 

 

3,300,000

 

 

Euro

 

Maturity Period

 

Notional Amount of Contracts (in millions of Euros)

 

Fixed price forward purchase contracts

 

October 2025 through July 2027

 

€

1.7

 

 

(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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

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

 

 

 

 

 

 

 

Cash flow hedges

 

$

728.8

 

 

$

676.0

 

 

$

2,125.0

 

 

$

1,997.1

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum

 

$

(9.7

)

 

$

1.6

 

 

$

(17.1

)

 

$

0.9

 

Alloying Metals

 

 

(0.5

)

 

 

(0.3

)

 

 

(1.4

)

 

 

(0.8

)

Natural gas

 

 

0.4

 

 

 

0.3

 

 

 

0.7

 

 

 

1.0

 

Electricity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.6

 

Foreign exchange contracts

 

 

(0.2

)

 

 

(0.1

)

 

 

(0.2

)

 

 

(0.1

)

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

 

$

(10.0

)

 

$

1.5

 

 

$

(18.0

)

 

$

1.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss recognized in our Statements of Consolidated Income related to non-designated derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Electricity – Realized loss

 

 

—

 

 

 

2.0

 

 

 

—

 

 

 

2.0

 

Electricity – Unrealized mark-to-market loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.0

 

Electricity (reclassification from AOCI due to forecasted transactions probable of not occurring)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

Total loss recognized in our Statements of Consolidated Income related to non-designated derivatives

 

$

—

 

 

$

2.0

 

 

$

—

 

 

$

4.2

 

 

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

Fair Values of Derivative Contracts

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

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

 

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price purchase contracts for LME

 

$

1.8

 

 

$

—

 

 

$

1.8

 

 

$

1.1

 

 

$

(0.8

)

 

$

0.3

 

Fixed price sale contracts for LME

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

 

 

—

 

 

 

—

 

 

 

—

 

Fixed price purchase contracts for MWTP

 

 

7.8

 

 

 

—

 

 

 

7.8

 

 

 

1.1

 

 

 

—

 

 

 

1.1

 

Fixed price sale contracts for MWTP

 

 

—

 

 

 

(1.2

)

 

 

(1.2

)

 

 

—

 

 

 

—

 

 

 

—

 

Alloying Metals – Fixed price purchase contracts

 

 

1.2

 

 

 

(0.1

)

 

 

1.1

 

 

 

1.3

 

 

 

(0.1

)

 

 

1.2

 

Natural gas – Fixed price purchase contracts

 

 

1.0

 

 

 

(1.0

)

 

 

—

 

 

 

0.5

 

 

 

(0.8

)

 

 

(0.3

)

Foreign currency – Fixed price forward contracts

 

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

(0.4

)

 

 

(0.4

)

Total

 

$

11.9

 

 

$

(2.8

)

 

$

9.1

 

 

$

4.0

 

 

$

(2.1

)

 

$

1.9

 

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

 

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

Derivative assets:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

10.8

 

 

$

3.7

 

Other assets

 

 

1.1

 

 

 

0.3

 

Total derivative assets

 

$

11.9

 

 

$

4.0

 

Derivative liabilities:

 

 

 

 

 

 

Other accrued liabilities

 

$

(2.2

)

 

$

(1.8

)

Long-term liabilities

 

 

(0.6

)

 

 

(0.3

)

Total derivative liabilities

 

$

(2.8

)

 

$

(2.1

)

Fair Values of Other Financial Instruments

All Other Financial Assets and Liabilities. We believe that the carrying amounts of our accounts receivable, contract assets, accounts payable and accrued liabilities approximate their respective fair values due to their short-term nature and nominal credit risk.
v3.25.3
Debt and Credit Facility
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt and Credit Facility

6. Debt and Credit Facility

Senior Notes

At September 30, 2025 and December 31, 2024, we had outstanding fixed-rate unsecured Senior Notes with varying maturity dates. The stated interest rates and aggregate principal amounts of such Senior Notes were, respectively: (i) 4.625% and $500.0 million (“4.625% Senior Notes”) and (ii) 4.50% and $550.0 million (“4.50% Senior Notes”). Our Senior Notes do not require us to make any mandatory redemptions or sinking fund payments. The following table summarizes key details of our Senior Notes:

 

 

 

 

 

 

 

Outstanding (in millions of dollars)

 

 

 

Issuance Date

 

Maturity

 

Effective Interest Rate

 

As of September 30, 2025

 

 

As of December 31, 2024

 

4.625% Senior Notes

 

November 2019

 

March 2028

 

4.8%

 

$

500.0

 

 

$

500.0

 

4.50% Senior Notes

 

May 2021

 

June 2031

 

4.7%

 

 

550.0

 

 

 

550.0

 

Total debt

 

 

 

 

 

 

 

 

1,050.0

 

 

 

1,050.0

 

Unamortized issuance costs

 

 

 

 

 

 

 

 

(7.1

)

 

 

(8.4

)

Total carrying amount

 

 

 

 

 

 

 

$

1,042.9

 

 

$

1,041.6

 

 

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

 

 

 

 

 

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

4.625% Senior Notes

 

 

 

 

 

$

494.4

 

 

$

470.1

 

4.50% Senior Notes

 

 

 

 

 

$

518.4

 

 

$

484.8

 

Revolving Credit Facility

In October 2019, we entered into a Revolving Credit Facility. Joining us as borrowers under the Revolving Credit Facility are four of our wholly owned domestic operating subsidiaries: (i) Kaiser Aluminum Investments Company; (ii) Kaiser Aluminum Fabricated Products, LLC; (iii) Kaiser Aluminum Washington, LLC; and (iv) Kaiser Aluminum Warrick, LLC (collectively with the Company, the “Borrowers”). On October 14, 2025, we entered into amendment No. 5 to our Revolving Credit Facility. See Note 15, for details regarding the revised terms of the Revolving Credit Facility as amended.

The Revolving Credit Facility contains a maximum commitment amount of $575.0 million (of which up to a maximum of $50.0 million may be utilized for letters of credit) and, prior to the October 14, 2025 amendment, had a maturity date of April 2027. The amount we can borrow under our Revolving Credit Facility is determined by the value of our receivables and inventory, which serve as collateral for the facility. Our effective interest rate on outstanding borrowings under the amended Revolving Credit Facility is based on the rates of Base Rate Loans and SOFR Loans (as defined in the amended Revolving Credit Facility). As of September 30, 2025, the rate for Base Rate Loans was equal to the prevailing Prime Rate plus 0.25% (or, if borrowing availability was less than 40% of the maximum revolving commitments, 0.50%), while the rate for SOFR Loans, which are made for one or three month periods, was equal to the Term SOFR Reference Rate (as defined in the amended Revolving Credit Facility) plus 1.35% (or, if borrowing availability was less than 40% of the maximum revolving commitments, 1.60%). Outstanding borrowings under the Revolving Credit Facility are reported within Long-term debt, net, on our Consolidated Balance Sheets. We had no outstanding borrowings under the Revolving Credit Facility as of September 30, 2025 after repaying borrowings of $290.4 million incurred during the nine months ended September 30, 2025. We had no outstanding borrowings under the Revolving Credit Facility as of or during the year ended December 31, 2024.

The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of September 30, 2025 (in millions of dollars):

 

Revolving Credit Facility borrowing commitment

 

$

575.0

 

Borrowing base availability

 

$

575.0

 

Less: Outstanding borrowings under Revolving Credit Facility

 

 

—

 

Less: Outstanding letters of credit under Revolving Credit Facility

 

 

(14.6

)

Remaining borrowing availability

 

$

560.4

 

Interest Expense

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

 

 

 

Quarter Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Senior Notes interest expense, including debt issuance cost amortization

 

$

12.4

 

 

$

12.4

 

 

$

37.2

 

 

$

37.2

 

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

 

 

0.7

 

 

 

0.6

 

 

 

2.0

 

 

 

1.8

 

Interest expense on finance lease liabilities

 

 

0.2

 

 

 

0.2

 

 

 

0.6

 

 

 

0.6

 

Interest expense capitalized as construction in progress

 

 

(0.9

)

 

 

(2.5

)

 

 

(3.7

)

 

 

(6.3

)

Total interest expense

 

$

12.4

 

 

$

10.7

 

 

$

36.1

 

 

$

33.3

 

 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

7. Commitments and Contingencies

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

Environmental Contingencies. We are subject to 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 $18.2 million as of September 30, 2025. 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.
v3.25.3
Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income

8. Accumulated Other Comprehensive Income

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

19.6

 

 

$

10.4

 

 

$

19.1

 

 

$

11.0

 

Actuarial (loss) gain arising during the period

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

1.4

 

Less: income tax expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.3

)

Net actuarial (loss) gain arising during the period

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

1.1

 

Prior service cost arising during the period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2.2

)

Less: income tax benefit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.5

 

Net prior service cost arising during the period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.7

)

Amortization of net actuarial gain1

 

 

(0.7

)

 

 

(0.3

)

 

 

(1.8

)

 

 

(0.8

)

Amortization of prior service cost1

 

 

1.0

 

 

 

1.0

 

 

 

2.9

 

 

 

1.5

 

Less: income tax expense2

 

 

(0.1

)

 

 

(0.2

)

 

 

(0.3

)

 

 

(0.2

)

Net amortization reclassified from AOCI to Net income

 

 

0.2

 

 

 

0.5

 

 

 

0.8

 

 

 

0.5

 

Other comprehensive income (loss), net of tax

 

 

0.2

 

 

 

0.5

 

 

 

0.7

 

 

 

(0.1

)

Ending balance

 

$

19.8

 

 

$

10.9

 

 

$

19.8

 

 

$

10.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

7.6

 

 

$

3.8

 

 

$

1.4

 

 

$

2.1

 

Unrealized gain on cash flow hedges

 

 

9.0

 

 

 

0.6

 

 

 

25.2

 

 

 

2.5

 

Less: income tax expense

 

 

(2.1

)

 

 

(0.2

)

 

 

(5.9

)

 

 

(0.6

)

Net unrealized gain on cash flow hedges

 

 

6.9

 

 

 

0.4

 

 

 

19.3

 

 

 

1.9

 

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

 

 

(10.0

)

 

 

1.5

 

 

 

(18.0

)

 

 

1.6

 

Reclassification due to forecasted transactions probable of not occurring

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

Less: income tax benefit (expense)2

 

 

2.4

 

 

 

(0.3

)

 

 

4.2

 

 

 

(0.4

)

Net (gain) loss reclassified from AOCI to Net income

 

 

(7.6

)

 

 

1.2

 

 

 

(13.8

)

 

 

1.4

 

Other comprehensive (loss) income, net of tax

 

 

(0.7

)

 

 

1.6

 

 

 

5.5

 

 

 

3.3

 

Ending balance3

 

$

6.9

 

 

$

5.4

 

 

$

6.9

 

 

$

5.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

26.7

 

 

$

16.3

 

 

$

26.7

 

 

$

16.3

 

 

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 September 30, 2025, we estimate a net mark-to-market gain before tax of $8.7 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.
v3.25.3
Other Income, Net
 9 Months Ended
Sep. 30, 2025
Other Income and Expenses [Abstract]  
Other Income, Net

9. Other Income, Net

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest income

 

$

0.2

 

 

$

0.9

 

 

$

0.6

 

 

$

3.0

 

Net periodic postretirement and postemployment benefit cost

 

 

(1.2

)

 

 

(1.5

)

 

 

(3.8

)

 

 

(3.3

)

Unrealized gain on equity securities

 

 

0.3

 

 

 

0.2

 

 

 

0.4

 

 

 

0.5

 

Gain on disposition of non-operating property, plant and equipment

 

 

10.3

 

 

 

4.4

 

 

 

10.3

 

 

 

3.9

 

Gain on business interruption insurance recoveries1

 

 

1.6

 

 

 

4.6

 

 

 

6.6

 

 

 

15.1

 

All other, net

 

 

0.2

 

 

 

0.1

 

 

 

0.3

 

 

 

(0.1

)

Other income, net

 

$

11.4

 

 

$

8.7

 

 

$

14.4

 

 

$

19.1

 

 

1.
Represents advances against business interruption insurance claims. We recognize such advances in the period in which the insurance proceeds are received or become realizable. During the nine months ended September 30, 2025 and September 30, 2024, we received net cash proceeds of $6.4 million and $13.4 million, respectively.

Supply Chain Financing. We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. During the quarter and nine months ended September 30, 2025, we sold trade accounts receivable totaling $255.9 million and $740.1 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.2 million and $17.2 million, respectively. During the quarter and nine months ended September 30, 2024, we sold trade accounts receivable totaling $260.5 million and $792.9 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.1 million and $18.9 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 income, net. As of September 30, 2025, we had been and/or expected to be substantially reimbursed by our customers for these discount fees, in accordance with the underlying sales agreements.
v3.25.3
Income Tax Matters
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Tax Matters

10. Income Tax Matters

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

Domestic

 

$

(8.0

)

 

$

(1.8

)

 

$

(20.6

)

 

$

(12.0

)

Foreign

 

 

(0.3

)

 

 

(0.6

)

 

 

(1.6

)

 

 

(1.6

)

Total

 

$

(8.3

)

 

$

(2.4

)

 

$

(22.2

)

 

$

(13.6

)

 

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

The income tax provision for the quarters ended September 30, 2025 and September 30, 2024 was $8.3 million and $2.4 million, respectively, reflecting an effective tax rate of 17% and 21%, respectively. The difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended September 30, 2025 was primarily due to a decrease of 7% related to Federal research and development credits, partially offset by an increase of 2% related to non-deductible compensation expense. There was no material difference between the effective tax rate and the blended statutory tax rate for the quarter ended September 30, 2024.

The income tax provision for the nine months ended September 30, 2025 and September 30, 2024 was $22.2 million and $13.6 million, respectively, reflecting an effective tax rate of 21% and 23%, respectively. There was no material difference between the effective tax rate and the blended statutory tax rate for the nine months ended September 30, 2025 and September 30, 2024.

 

Our gross unrecognized benefits relating to uncertain tax positions were $7.7 million and $6.9 million at September 30, 2025 and December 31, 2024, respectively, of which, $7.7 million and $6.9 million would be recorded through our income tax provision and thus, impact the effective tax rate at September 30, 2025 and December 31, 2024, respectively, if the gross unrecognized tax benefits were to be recognized.

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA made permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740, “Income Taxes”, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, the Company evaluated all deferred tax balances under the newly enacted tax law and made all changes required to the Company's Form 10-Q for the quarter ended September 30, 2025, which included no material impact to the income tax rate.
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

11. Earnings Per Share

Basic net income per share is computed by dividing distributed and undistributed net income allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Basic and diluted net income per share was calculated under the two-class method for the quarters and nine months ended September 30, 2025 and September 30, 2024.

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended June 30,

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders2

 

$

39.5

 

 

$

8.8

 

 

$

84.3

 

 

$

45.9

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

16,192

 

 

 

16,087

 

 

 

16,156

 

 

 

16,062

 

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

 

 

420

 

 

 

248

 

 

 

355

 

 

 

229

 

Diluted

 

 

16,612

 

 

 

16,335

 

 

 

16,511

 

 

 

16,291

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, Basic:

 

$

2.44

 

 

$

0.54

 

 

$

5.22

 

 

$

2.85

 

Net income per common share, Diluted:

 

$

2.38

 

 

$

0.54

 

 

$

5.10

 

 

$

2.81

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
3.
Quantities in the following discussion are denoted in whole shares. During the quarter and nine months ended September 30, 2025 approximately 1 and 196 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. For the quarter and nine months ended September 30, 2024, approximately 120 and 700 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.
v3.25.3
Supplemental Cash Flow Information
 9 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information

12. Supplemental Cash Flow Information

 

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

 

(In millions of dollars)

 

Interest paid

 

$

33.3

 

 

$

30.5

 

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

 

 

 

 

 

 

Unpaid purchases of property and equipment

 

$

23.5

 

 

$

24.7

 

 

 

 

 

 

 

Supplemental lease disclosures:

 

 

 

 

 

 

Operating lease liabilities arising from obtaining operating lease assets

 

$

1.9

 

 

$

0.9

 

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

 

$

5.2

 

 

$

6.1

 

Finance lease liabilities arising from obtaining finance lease assets

 

$

1.7

 

 

$

2.6

 

 

 

 

As of September 30,

 

 

 

2025

 

 

2024

 

 

 

(In millions of dollars)

 

Components of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

Cash and cash equivalents

 

$

17.2

 

 

$

45.7

 

Restricted cash included in Other assets1

 

 

19.8

 

 

 

18.3

 

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

 

$

37.0

 

 

$

64.0

 

 

1.
We are required to keep on deposit certain amounts that are pledged or held as collateral relating to workers’ compensation and other agreements. We account for such deposits as restricted cash. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash.
v3.25.3
Business, Product and Geographical Area Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business, Product and Geographical Area Information

13. Business, Product, and Geographical Area Information

Our primary line of business is the production of semi-fabricated specialty aluminum mill products, such as plate and sheet, bare and coated coils, and extruded and drawn products, primarily used in our Aero/HS Products, Packaging, GE Products, and Automotive Extrusions end markets. We operate production facilities in the United States and Canada. We have one operating and reportable segment. Our determination that we operate as a single segment is consistent with the financial information regularly viewed by the chief operating decision maker (“CODM”) to evaluate performance and make decisions regarding resource allocation. The CODM uses Net income to measure segment profitability in deciding whether to reinvest profits into the segment or into other parts of the entity, such as for acquisitions or to pay dividends.

The following table presents the significant segment expenses that are provided to the CODM (in millions of dollars):

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

Net sales

 

$

843.5

 

 

$

747.7

 

 

$

2,444.0

 

 

$

2,258.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Hedged cost of alloyed metal2

 

 

492.8

 

 

 

385.7

 

 

 

1,355.9

 

 

 

1,160.8

 

Manufacturing costs3

 

 

158.8

 

 

 

208.2

 

 

 

532.5

 

 

 

599.1

 

Plant overhead4

 

 

45.9

 

 

 

45.0

 

 

 

136.0

 

 

 

133.5

 

Freight costs

 

 

21.6

 

 

 

23.4

 

 

 

63.6

 

 

 

69.1

 

Other cost of products sold5

 

 

9.7

 

 

 

13.7

 

 

 

37.0

 

 

 

34.6

 

Depreciation and amortization

 

 

32.0

 

 

 

29.0

 

 

 

91.6

 

 

 

86.8

 

Selling, general, administrative, research and development

 

 

 

 

 

 

 

 

 

 

 

 

Research and development costs

 

 

0.4

 

 

 

0.5

 

 

 

1.0

 

 

 

1.7

 

Employee costs6

 

 

24.7

 

 

 

20.2

 

 

 

69.9

 

 

 

63.8

 

Other selling, general and administrative costs7

 

 

8.8

 

 

 

8.1

 

 

 

26.4

 

 

 

27.5

 

Restructuring costs

 

 

—

 

 

 

0.7

 

 

 

1.9

 

 

 

7.6

 

Other operating charges, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.4

 

Interest expense

 

 

12.4

 

 

 

10.7

 

 

 

36.1

 

 

 

33.3

 

Other income, net – Note 9

 

 

(11.4

)

 

 

(8.7

)

 

 

(14.4

)

 

 

(19.1

)

Income tax provision

 

 

8.3

 

 

 

2.4

 

 

 

22.2

 

 

 

13.6

 

Net income

 

$

39.5

 

 

$

8.8

 

 

$

84.3

 

 

$

45.9

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
Hedged cost of alloyed metal includes cost of aluminum at the MWTP and the cost of alloying elements used in the production process. For the quarters ended September 30, 2025 and September 30, 2024, this metric also includes metal price exposure on shipments that we hedged with realized gains (losses) upon settlement of $10.2 million and ($2.1) million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, this metric also includes metal price exposure on shipments that we hedged with realized gains (losses) upon settlement of $15.4 million and ($2.2) million, respectively.
3.
Manufacturing costs primarily includes labor, utilities, supplies, metal valuation impacts, metal profits, and other materials, excluding alloys incurred at our various production facilities.
4.
Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities.
5.
Other cost of products sold primarily includes lease expense, accretion expense related to conditional asset retirement obligations, gains and losses on operating asset disposals, and major maintenance costs.
6.
Employee costs include non direct labor salaries, benefits, and incentive compensation.
7.
Other selling, general and administrative costs primarily include professional services, computer hardware and software costs, office rent, and utilities.

The CODM does not review asset and capital expenditure information by reportable operating segment as such information is presented to the CODM on a consolidated basis.

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Aero/HS Products

 

$

182.2

 

 

$

213.1

 

 

$

624.8

 

 

$

659.7

 

Packaging

 

 

393.9

 

 

 

319.5

 

 

 

1,049.0

 

 

 

930.0

 

GE Products

 

 

192.2

 

 

 

150.7

 

 

 

559.2

 

 

 

466.3

 

Automotive Extrusions

 

 

75.2

 

 

 

62.1

 

 

 

211.0

 

 

 

195.3

 

Other products

 

—

 

 

 

2.3

 

 

 

—

 

 

 

7.3

 

Total net sales

 

$

843.5

 

 

$

747.7

 

 

$

2,444.0

 

 

$

2,258.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Products transferred at a point in time

 

$

670.7

 

 

$

580.2

 

 

$

1,888.1

 

 

$

1,741.4

 

Products transferred over time

 

 

172.8

 

 

 

167.5

 

 

 

555.9

 

 

 

517.2

 

Total net sales

 

$

843.5

 

 

$

747.7

 

 

$

2,444.0

 

 

$

2,258.6

 

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income taxes paid:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

—

 

 

$

0.2

 

 

$

2.6

 

 

$

0.4

 

Foreign

 

 

0.9

 

 

 

0.3

 

 

 

3.6

 

 

 

2.5

 

Total income taxes paid

 

$

0.9

 

 

$

0.5

 

 

$

6.2

 

 

$

2.9

 
v3.25.3
Change in Accounting Principle
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Change in Accounting Principle

14. Change in Accounting Principle

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

Certain financial statement line items in our Statements of Consolidated Income for the quarter and nine months ended September 30, 2024, our Statements of Consolidated Cash Flows for the nine months ended September 30, 2024, and our Consolidated Balance Sheets and Consolidated Stockholders’ Equity as of September 30, 2024 and December 31, 2024, were adjusted as follows (in millions of dollars, except per share amounts):

 

 

As Previously Reported

 

Effect of WAC Change

 

As Adjusted

 

Statements of Consolidated Income (Loss) for the quarter ended September 30, 2024

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

671.8

 

$

4.2

 

$

676.0

 

Operating income

 

 

17.4

 

 

(4.2

)

 

13.2

 

Income tax provision

 

 

(3.4

)

 

1.0

 

 

(2.4

)

Net income

 

 

12.0

 

 

(3.2

)

 

8.8

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

 

$

0.75

 

$

(0.21

)

$

0.54

 

Diluted

 

$

0.74

 

$

(0.20

)

$

0.54

 

 

 

 

 

 

 

 

 

Statements of Consolidated Income (Loss) for the nine months ended September 30, 2024

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

2,005.2

 

$

(8.1

)

$

1,997.1

 

Operating income

 

 

65.6

 

 

8.1

 

 

73.7

 

Income tax provision

 

 

(11.7

)

 

(1.9

)

 

(13.6

)

Net income

 

 

39.7

 

 

6.2

 

 

45.9

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

 

$

2.47

 

$

0.38

 

$

2.85

 

Diluted

 

$

2.44

 

$

0.37

 

$

2.81

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the nine months ended September 30, 2024

 

 

 

 

 

 

 

Net income

 

$

39.7

 

$

6.2

 

$

45.9

 

Deferred income taxes

 

 

8.5

 

 

1.9

 

 

10.4

 

LIFO valuation inventory expense

 

 

8.8

 

 

(8.8

)

 

—

 

Inventories

 

 

(8.7

)

 

0.7

 

 

(8.0

)

Net cash provided by operating activities

 

 

123.7

 

 

—

 

 

123.7

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of September 30, 2024

 

 

 

 

 

 

 

Receivables, other

 

$

0.9

 

$

0.1

 

$

1.0

 

Inventories

 

 

473.9

 

 

81.6

 

 

555.5

 

Deferred tax assets, net

 

 

6.3

 

 

(2.7

)

 

3.6

 

Deferred tax liabilities

 

 

23.7

 

 

16.6

 

 

40.3

 

Retained earnings

 

 

11.8

 

 

62.4

 

 

74.2

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of December 31, 2024

 

 

 

 

 

 

 

Receivables, other

 

$

22.0

 

$

0.2

 

$

22.2

 

Inventories

 

 

503.9

 

 

98.0

 

 

601.9

 

Deferred tax assets, net

 

 

7.2

 

 

(3.2

)

 

4.0

 

Other accrued liabilities

 

 

79.4

 

 

(0.1

)

 

79.3

 

Deferred tax liabilities

 

 

24.1

 

 

20.0

 

 

44.1

 

Retained earnings

 

 

6.2

 

 

75.1

 

 

81.3

 

 

The following table compares the amounts that would have been reported under LIFO with amounts reported under WAC in the current period Interim Consolidated Financial Statements (in millions of dollars, except per share amounts):

 

 

As Computed (using LIFO)

 

Effect of Change

 

As Reported (using WAC)

 

Statements of Consolidated Income (Loss) for the quarter ended September 30, 2025

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

790.2

 

$

(61.4

)

$

728.8

 

Operating (loss) income

 

 

(12.6

)

 

61.4

 

 

48.8

 

Income tax benefit (provision)

 

 

1.4

 

 

(9.7

)

 

(8.3

)

Net (loss) income

 

 

(12.2

)

 

51.7

 

 

39.5

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

Basic

 

$

(0.75

)

$

3.19

 

$

2.44

 

Diluted

 

$

(0.75

)

$

3.13

 

$

2.38

 

 

 

 

 

 

 

 

 

Statements of Consolidated Income (Loss) for the nine months ended September 30, 2025

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

2,242.3

 

$

(117.3

)

$

2,125.0

 

Operating income

 

 

10.9

 

 

117.3

 

 

128.2

 

Income tax provision

 

 

(0.1

)

 

(22.1

)

 

(22.2

)

Net (loss) income

 

 

(10.9

)

 

95.2

 

 

84.3

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

Basic

 

$

(0.68

)

$

5.90

 

$

5.22

 

Diluted

 

$

(0.68

)

$

5.78

 

$

5.10

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the nine months ended September 30, 2025

 

 

 

 

 

 

 

Net (loss) income

 

$

(10.9

)

$

95.2

 

$

84.3

 

Deferred income taxes

 

 

(0.9

)

 

22.1

 

 

21.2

 

Inventories

 

 

16.9

 

 

(117.3

)

 

(100.4

)

Net cash provided by operating activities

 

 

132.0

 

 

—

 

 

132.0

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of September 30, 2025

 

 

 

 

 

 

 

Receivables, other

 

$

32.1

 

$

0.2

 

$

32.3

 

Inventories

 

 

487.0

 

 

215.3

 

 

702.3

 

Deferred tax assets, net

 

 

7.1

 

 

(5.7

)

 

1.4

 

Other accrued liabilities

 

 

49.6

 

 

(0.1

)

 

49.5

 

Deferred tax liabilities

 

 

25.0

 

 

39.6

 

 

64.6

 

Retained (deficit) earnings

 

 

(43.2

)

 

170.3

 

 

127.1

 
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

Dividend Declaration. On October 14, 2025, we announced that our Board of Directors declared a quarterly cash dividend of $0.77 per common share. As such, we expect to pay approximately $12.8 million (including dividend equivalents) on or about November 14, 2025 to stockholders of record and the holders of certain restricted stock units at the close of business on October 24, 2025.

Revolving Credit Facility. On October 14, 2025, we entered into amendment No. 5 to our Revolving Credit Facility with a syndicate of commercial lenders led by Wells Fargo Bank, National Association (the “Amended Credit Facility”). The Amended Credit Facility, among other things, (i) 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), (ii) allows the Company to request an increase of the revolving commitments by up to an amount equal to $200.0 million plus an additional amount for a first-in last-out tranche, subject to certain conditions and the agreement

of one or more lenders to provide such increased commitment, and (iii) is set to mature on the earlier of (i) March 1, 2028, if by that date the scheduled maturity of the Company’s senior notes due 2028 has not been extended to a date not earlier than 90 days after October 14, 2030, repaid in full, or refinanced or replaced on terms mutually satisfactory to the Borrowers and Wells Fargo; and (ii) October 14, 2030. The amount we can borrow under the Amended Credit Facility is determined by the value of our eligible accounts receivable and inventory and certain other assets, which serve as collateral for the Amended Credit Facility. Our effective interest rate on outstanding borrowings under the Amended Credit Facility bear interest at a rate equal to either a base rate or the secured overnight financing rate (SOFR), plus, in each case, a specified variable percentage of between 125 basis points and 150 basis points for SOFR loans (or 25 basis points and 50 basis points for base rate loans) determined by reference to the then-remaining borrowing availability under the Amended Credit Facility and, in certain instances, a fixed margin. At the time of execution of the Amended Credit Facility, we had no outstanding borrowings under the previous revolving credit facility nor did we borrow on the Amended Credit Facility. As of the effective date, under the Amended Credit Facility, there were outstanding letters of credit totaling $14.6 million.
v3.25.3
Basis of Presentation and Recent Accounting Pronouncements (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation

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

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

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

Supply Chain Financing. We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. During the quarter and nine months ended September 30, 2025, we sold trade accounts receivable totaling $255.9 million and $740.1 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.2 million and $17.2 million, respectively. During the quarter and nine months ended September 30, 2024, we sold trade accounts receivable totaling $260.5 million and $792.9 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.1 million and $18.9 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 income, net. As of September 30, 2025, we had been and/or expected to be substantially reimbursed by our customers for these discount fees, in accordance with the underlying sales agreements.
Accounting Pronouncements Issued But Not Yet Adopted

Accounting Pronouncements Issued But Not Yet Adopted

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

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

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance requires additional, disaggregated disclosure about certain income statement expense line items. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December

15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. We plan to adopt the provisions of ASU 2024-03 prospectively in the fourth quarter of fiscal 2027 and continue to evaluate the disclosure requirements related to the new standard.

Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU No. 2025-05 (“ASU 2025-05”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides entities with a practical expedient to simplify the estimation of expected credit losses by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied prospectively. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.

Accounting for Internal-Use Software. In September 2025, the 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 improves the operability of the guidance by removing all references to software development stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of the annual reporting period. The amendments may be applied by using a prospective transition approach, a retrospective transition approach, or a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.
v3.25.3
Supplemental Balance Sheet Information (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Supplemental Balance Sheet Information

 

 

As of September 30, 2025

 

 

As of December 31, 2024
As Adjusted1

 

 

 

(In millions of dollars)

 

Trade Receivables, Net

 

 

 

 

 

 

Billed trade receivables

 

$

389.5

 

 

$

320.5

 

Allowance for doubtful receivables

 

 

(0.6

)

 

 

(0.8

)

Trade receivables, net

 

$

388.9

 

 

$

319.7

 

 

 

 

 

 

 

Inventories

 

 

 

 

 

 

Finished products

 

$

144.1

 

 

$

130.0

 

Work-in-process

 

 

296.0

 

 

 

229.1

 

Raw materials

 

 

246.8

 

 

 

228.7

 

Operating supplies

 

 

15.4

 

 

 

14.1

 

Inventories

 

$

702.3

 

 

$

601.9

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 

 

 

 

 

Land and improvements

 

$

38.7

 

 

$

37.2

 

Buildings and leasehold improvements

 

 

320.9

 

 

 

256.3

 

Machinery and equipment 2

 

 

1,562.9

 

 

 

1,337.4

 

Construction in progress

 

 

128.7

 

 

 

297.5

 

Property, plant and equipment, gross

 

 

2,051.2

 

 

 

1,928.4

 

Accumulated depreciation and amortization

 

 

(851.5

)

 

 

(767.5

)

Land held for sale

 

 

0.1

 

 

 

0.3

 

Property, plant and equipment, net

 

$

1,199.8

 

 

$

1,161.2

 

 

 

 

 

 

 

Other Assets

 

 

 

 

 

 

Assets to be conveyed associated with Warrick acquisition 2

 

$

—

 

 

$

18.3

 

Restricted cash – Note 12

 

 

19.8

 

 

 

19.5

 

Long-term replacement parts

 

 

25.5

 

 

 

18.3

 

Other

 

 

16.4

 

 

 

22.5

 

Other assets

 

$

61.7

 

 

$

78.6

 

 

 

 

 

 

 

Other Accrued Liabilities

 

 

 

 

 

 

Uncleared cash disbursements

 

$

1.4

 

 

$

24.5

 

Accrued income taxes and other taxes payable

 

 

11.5

 

 

 

11.1

 

Accrued annual contribution to Salaried VEBA

 

 

—

 

 

 

0.7

 

Accrued interest

 

 

10.5

 

 

 

9.9

 

Short-term environmental accrual – Note 7

 

 

0.7

 

 

 

0.7

 

Current operating lease liabilities

 

 

5.3

 

 

 

6.3

 

Current finance lease liabilities

 

 

2.4

 

 

 

2.4

 

Current deferred compensation plan liabilities – Note 3

 

 

0.4

 

 

 

6.7

 

Other – Note 5

 

 

17.3

 

 

 

17.0

 

Other accrued liabilities

 

$

49.5

 

 

$

79.3

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

Workers' compensation accrual

 

$

27.7

 

 

$

26.8

 

Long-term environmental accrual – Note 7

 

 

17.5

 

 

 

17.7

 

Other long-term liabilities

 

 

39.2

 

 

 

39.5

 

Long-term liabilities

 

$

84.4

 

 

$

84.0

 
1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
During the quarter ended March 31, 2025, $18.3 million of certain assets associated with our acquisition of Warrick were conveyed to us and placed in service. At September 30, 2025, such assets are presented within Machinery and equipment.
v3.25.3
Employee Benefits (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Fair Value of Plan Assets The following table presents the fair value of these assets (in millions of dollars):

 

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

Deferred compensation program - Diversified investment funds in registered investment companies

 

$

6.6

 

 

$

11.9

 
Schedule of Total Expense Related to Benefit Plans

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Defined contribution plans1

 

$

4.2

 

 

$

4.4

 

 

$

14.8

 

 

$

14.4

 

Deferred compensation plan2

 

 

0.5

 

 

 

0.5

 

 

 

1.1

 

 

 

1.2

 

Multiemployer pension plans1

 

 

1.6

 

 

 

1.6

 

 

 

4.7

 

 

 

4.6

 

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

 

 

2.3

 

 

 

2.5

 

 

 

7.1

 

 

 

6.8

 

Total

 

$

8.6

 

 

$

9.0

 

 

$

27.7

 

 

$

27.0

 

 

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”) within our Statements of Consolidated Income. For the nine months ended September 30, 2024, the expense presented for our multiemployer pension plans excludes a $4.6 million charge to Restructuring costs (see Note 4).
2.
Deferred compensation plan expense and the current service cost component of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within our Statements of Consolidated Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within Other income, net, on our Statements of Consolidated Income.
3.
The current service cost component of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan is included within our Statements of Consolidated Income in COGS for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan are included within Other income, net, on 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

 

 

Quarter Ended

 

 

Quarter Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

0.9

 

 

$

0.7

 

 

$

0.2

 

 

$

0.3

 

 

$

—

 

 

$

—

 

Interest cost

 

 

0.4

 

 

 

0.4

 

 

 

0.9

 

 

 

0.8

 

 

 

0.6

 

 

 

0.5

 

Expected return on plan assets

 

 

(0.4

)

 

 

(0.3

)

 

 

—

 

 

 

—

 

 

 

(0.6

)

 

 

(0.6

)

Amortization of prior service cost1

 

 

0.3

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

0.8

 

Amortization of net actuarial gain

 

 

(0.1

)

 

 

—

 

 

 

(0.5

)

 

 

(0.3

)

 

 

(0.1

)

 

 

—

 

Total net periodic postretirement and postemployment benefit cost

 

$

1.1

 

 

$

1.0

 

 

$

0.6

 

 

$

0.8

 

 

$

0.6

 

 

$

0.7

 

 

 

 

Pension Plans

 

 

OPEB

 

 

Salaried VEBA

 

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

2.6

 

 

$

2.7

 

 

$

0.7

 

 

$

0.8

 

 

$

—

 

 

$

—

 

Interest cost

 

 

1.2

 

 

 

1.2

 

 

 

2.6

 

 

 

2.5

 

 

 

1.7

 

 

 

1.6

 

Expected return on plan assets

 

 

(1.1

)

 

 

(1.0

)

 

 

—

 

 

 

—

 

 

 

(1.7

)

 

 

(1.7

)

Amortization of prior service cost1

 

 

0.7

 

 

 

0.5

 

 

 

—

 

 

 

—

 

 

 

2.2

 

 

 

1.0

 

Amortization of net actuarial gain

 

 

(0.1

)

 

 

—

 

 

 

(1.4

)

 

 

(0.8

)

 

 

(0.3

)

 

 

—

 

Total net periodic postretirement and postemployment benefit cost

 

$

3.3

 

 

$

3.4

 

 

$

1.9

 

 

$

2.5

 

 

$

1.9

 

 

$

0.9

 

 

1.
We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.
v3.25.3
Restructuring (Tables)
 9 Months Ended
Sep. 30, 2025
2025 Plan  
Restructuring Cost and Reserve [Line Items]  
Summary of Activity Relating to Restructuring Plan Liabilities

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

BALANCE, December 31, 2024

 

$

—

 

Restructuring costs

 

 

1.8

 

Costs paid or otherwise settled1

 

 

(1.3

)

BALANCE, March 31, 2025

 

 

0.5

 

Restructuring costs

 

 

0.1

 

Costs paid or otherwise settled1

 

 

(0.4

)

BALANCE, June 30, 2025

 

$

0.2

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

(0.1

)

BALANCE, September 30, 2025

 

$

0.1

 

 

1.
Cash paid during the quarter and nine months ended September 30, 2025 was $0.1 million and $1.8 million, respectively.
2024 Plan  
Restructuring Cost and Reserve [Line Items]  
Summary of Activity Relating to Restructuring Plan Liabilities

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

BALANCE, December 31, 2024

 

$

4.7

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

(0.1

)

BALANCE, March 31, 2025

 

 

4.6

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

—

 

BALANCE, June 30, 2025

 

$

4.6

 

Restructuring costs

 

 

—

 

Costs paid or otherwise settled1

 

 

—

 

BALANCE, September 30, 2025

 

$

4.6

 

 

1.
Cash paid during the quarter and nine months ended September 30, 2025 was $0.0 million and $0.1 million, respectively.
v3.25.3
Derivatives, Hedging Programs and Other Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Derivative Positions

The following table summarizes our derivative positions at September 30, 2025:

 

Aluminum

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts for LME

 

October 2025 through November 2026

 

 

64.1

 

Fixed price sale contracts for LME

 

October 2025 through March 2026

 

 

23.5

 

Fixed price purchase contracts for MWTP

 

October 2025 through November 2026

 

 

64.1

 

Fixed price sale contracts for MWTP

 

October 2025 through April 2026

 

 

23.5

 

 

Alloying Metals

 

Maturity Period

 

Notional Amount of Contracts (mmlbs)

 

Fixed price purchase contracts

 

October 2025 through December 2027

 

 

6.8

 

 

Natural Gas

 

Maturity Period

 

Notional Amount of Contracts (mmbtu)

 

Fixed price purchase contracts

 

October 2025 through December 2027

 

 

3,300,000

 

 

Euro

 

Maturity Period

 

Notional Amount of Contracts (in millions of Euros)

 

Fixed price forward purchase contracts

 

October 2025 through July 2027

 

€

1.7

 

 
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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

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

 

 

 

 

 

 

 

Cash flow hedges

 

$

728.8

 

 

$

676.0

 

 

$

2,125.0

 

 

$

1,997.1

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum

 

$

(9.7

)

 

$

1.6

 

 

$

(17.1

)

 

$

0.9

 

Alloying Metals

 

 

(0.5

)

 

 

(0.3

)

 

 

(1.4

)

 

 

(0.8

)

Natural gas

 

 

0.4

 

 

 

0.3

 

 

 

0.7

 

 

 

1.0

 

Electricity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.6

 

Foreign exchange contracts

 

 

(0.2

)

 

 

(0.1

)

 

 

(0.2

)

 

 

(0.1

)

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

 

$

(10.0

)

 

$

1.5

 

 

$

(18.0

)

 

$

1.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss recognized in our Statements of Consolidated Income related to non-designated derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Electricity – Realized loss

 

 

—

 

 

 

2.0

 

 

 

—

 

 

 

2.0

 

Electricity – Unrealized mark-to-market loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.0

 

Electricity (reclassification from AOCI due to forecasted transactions probable of not occurring)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

Total loss recognized in our Statements of Consolidated Income related to non-designated derivatives

 

$

—

 

 

$

2.0

 

 

$

—

 

 

$

4.2

 

 

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

 

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

 

Assets

 

 

Liabilities

 

 

Net Amount

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price purchase contracts for LME

 

$

1.8

 

 

$

—

 

 

$

1.8

 

 

$

1.1

 

 

$

(0.8

)

 

$

0.3

 

Fixed price sale contracts for LME

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

 

 

—

 

 

 

—

 

 

 

—

 

Fixed price purchase contracts for MWTP

 

 

7.8

 

 

 

—

 

 

 

7.8

 

 

 

1.1

 

 

 

—

 

 

 

1.1

 

Fixed price sale contracts for MWTP

 

 

—

 

 

 

(1.2

)

 

 

(1.2

)

 

 

—

 

 

 

—

 

 

 

—

 

Alloying Metals – Fixed price purchase contracts

 

 

1.2

 

 

 

(0.1

)

 

 

1.1

 

 

 

1.3

 

 

 

(0.1

)

 

 

1.2

 

Natural gas – Fixed price purchase contracts

 

 

1.0

 

 

 

(1.0

)

 

 

—

 

 

 

0.5

 

 

 

(0.8

)

 

 

(0.3

)

Foreign currency – Fixed price forward contracts

 

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

(0.4

)

 

 

(0.4

)

Total

 

$

11.9

 

 

$

(2.8

)

 

$

9.1

 

 

$

4.0

 

 

$

(2.1

)

 

$

1.9

 

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

 

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

Derivative assets:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

10.8

 

 

$

3.7

 

Other assets

 

 

1.1

 

 

 

0.3

 

Total derivative assets

 

$

11.9

 

 

$

4.0

 

Derivative liabilities:

 

 

 

 

 

 

Other accrued liabilities

 

$

(2.2

)

 

$

(1.8

)

Long-term liabilities

 

 

(0.6

)

 

 

(0.3

)

Total derivative liabilities

 

$

(2.8

)

 

$

(2.1

)
v3.25.3
Debt and Credit Facility (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Summary of Senior Notes The following table summarizes key details of our Senior Notes:

 

 

 

 

 

 

Outstanding (in millions of dollars)

 

 

 

Issuance Date

 

Maturity

 

Effective Interest Rate

 

As of September 30, 2025

 

 

As of December 31, 2024

 

4.625% Senior Notes

 

November 2019

 

March 2028

 

4.8%

 

$

500.0

 

 

$

500.0

 

4.50% Senior Notes

 

May 2021

 

June 2031

 

4.7%

 

 

550.0

 

 

 

550.0

 

Total debt

 

 

 

 

 

 

 

 

1,050.0

 

 

 

1,050.0

 

Unamortized issuance costs

 

 

 

 

 

 

 

 

(7.1

)

 

 

(8.4

)

Total carrying amount

 

 

 

 

 

 

 

$

1,042.9

 

 

$

1,041.6

 

 
Summary of Fair Value of Outstanding Senior Notes

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

 

 

 

 

 

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

4.625% Senior Notes

 

 

 

 

 

$

494.4

 

 

$

470.1

 

4.50% Senior Notes

 

 

 

 

 

$

518.4

 

 

$

484.8

 
Schedule of Availability and Usage of Revolving Credit Facility

The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of September 30, 2025 (in millions of dollars):

 

Revolving Credit Facility borrowing commitment

 

$

575.0

 

Borrowing base availability

 

$

575.0

 

Less: Outstanding borrowings under Revolving Credit Facility

 

 

—

 

Less: Outstanding letters of credit under Revolving Credit Facility

 

 

(14.6

)

Remaining borrowing availability

 

$

560.4

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

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

 

 

 

Quarter Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Senior Notes interest expense, including debt issuance cost amortization

 

$

12.4

 

 

$

12.4

 

 

$

37.2

 

 

$

37.2

 

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

 

 

0.7

 

 

 

0.6

 

 

 

2.0

 

 

 

1.8

 

Interest expense on finance lease liabilities

 

 

0.2

 

 

 

0.2

 

 

 

0.6

 

 

 

0.6

 

Interest expense capitalized as construction in progress

 

 

(0.9

)

 

 

(2.5

)

 

 

(3.7

)

 

 

(6.3

)

Total interest expense

 

$

12.4

 

 

$

10.7

 

 

$

36.1

 

 

$

33.3

 

 
v3.25.3
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

19.6

 

 

$

10.4

 

 

$

19.1

 

 

$

11.0

 

Actuarial (loss) gain arising during the period

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

1.4

 

Less: income tax expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.3

)

Net actuarial (loss) gain arising during the period

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

1.1

 

Prior service cost arising during the period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2.2

)

Less: income tax benefit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.5

 

Net prior service cost arising during the period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.7

)

Amortization of net actuarial gain1

 

 

(0.7

)

 

 

(0.3

)

 

 

(1.8

)

 

 

(0.8

)

Amortization of prior service cost1

 

 

1.0

 

 

 

1.0

 

 

 

2.9

 

 

 

1.5

 

Less: income tax expense2

 

 

(0.1

)

 

 

(0.2

)

 

 

(0.3

)

 

 

(0.2

)

Net amortization reclassified from AOCI to Net income

 

 

0.2

 

 

 

0.5

 

 

 

0.8

 

 

 

0.5

 

Other comprehensive income (loss), net of tax

 

 

0.2

 

 

 

0.5

 

 

 

0.7

 

 

 

(0.1

)

Ending balance

 

$

19.8

 

 

$

10.9

 

 

$

19.8

 

 

$

10.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

7.6

 

 

$

3.8

 

 

$

1.4

 

 

$

2.1

 

Unrealized gain on cash flow hedges

 

 

9.0

 

 

 

0.6

 

 

 

25.2

 

 

 

2.5

 

Less: income tax expense

 

 

(2.1

)

 

 

(0.2

)

 

 

(5.9

)

 

 

(0.6

)

Net unrealized gain on cash flow hedges

 

 

6.9

 

 

 

0.4

 

 

 

19.3

 

 

 

1.9

 

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

 

 

(10.0

)

 

 

1.5

 

 

 

(18.0

)

 

 

1.6

 

Reclassification due to forecasted transactions probable of not occurring

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

Less: income tax benefit (expense)2

 

 

2.4

 

 

 

(0.3

)

 

 

4.2

 

 

 

(0.4

)

Net (gain) loss reclassified from AOCI to Net income

 

 

(7.6

)

 

 

1.2

 

 

 

(13.8

)

 

 

1.4

 

Other comprehensive (loss) income, net of tax

 

 

(0.7

)

 

 

1.6

 

 

 

5.5

 

 

 

3.3

 

Ending balance3

 

$

6.9

 

 

$

5.4

 

 

$

6.9

 

 

$

5.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

26.7

 

 

$

16.3

 

 

$

26.7

 

 

$

16.3

 

 

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 September 30, 2025, we estimate a net mark-to-market gain before tax of $8.7 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.
v3.25.3
Other Income, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Other Income and Expenses [Abstract]  
Other Income, Net

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest income

 

$

0.2

 

 

$

0.9

 

 

$

0.6

 

 

$

3.0

 

Net periodic postretirement and postemployment benefit cost

 

 

(1.2

)

 

 

(1.5

)

 

 

(3.8

)

 

 

(3.3

)

Unrealized gain on equity securities

 

 

0.3

 

 

 

0.2

 

 

 

0.4

 

 

 

0.5

 

Gain on disposition of non-operating property, plant and equipment

 

 

10.3

 

 

 

4.4

 

 

 

10.3

 

 

 

3.9

 

Gain on business interruption insurance recoveries1

 

 

1.6

 

 

 

4.6

 

 

 

6.6

 

 

 

15.1

 

All other, net

 

 

0.2

 

 

 

0.1

 

 

 

0.3

 

 

 

(0.1

)

Other income, net

 

$

11.4

 

 

$

8.7

 

 

$

14.4

 

 

$

19.1

 

 

1.
Represents advances against business interruption insurance claims. We recognize such advances in the period in which the insurance proceeds are received or become realizable. During the nine months ended September 30, 2025 and September 30, 2024, we received net cash proceeds of $6.4 million and $13.4 million, respectively.
v3.25.3
Income Tax Matters (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Tax Provision by Region

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

Domestic

 

$

(8.0

)

 

$

(1.8

)

 

$

(20.6

)

 

$

(12.0

)

Foreign

 

 

(0.3

)

 

 

(0.6

)

 

 

(1.6

)

 

 

(1.6

)

Total

 

$

(8.3

)

 

$

(2.4

)

 

$

(22.2

)

 

$

(13.6

)

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income Per Share

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended June 30,

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders2

 

$

39.5

 

 

$

8.8

 

 

$

84.3

 

 

$

45.9

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

16,192

 

 

 

16,087

 

 

 

16,156

 

 

 

16,062

 

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

 

 

420

 

 

 

248

 

 

 

355

 

 

 

229

 

Diluted

 

 

16,612

 

 

 

16,335

 

 

 

16,511

 

 

 

16,291

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, Basic:

 

$

2.44

 

 

$

0.54

 

 

$

5.22

 

 

$

2.85

 

Net income per common share, Diluted:

 

$

2.38

 

 

$

0.54

 

 

$

5.10

 

 

$

2.81

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
3.
Quantities in the following discussion are denoted in whole shares. During the quarter and nine months ended September 30, 2025 approximately 1 and 196 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. For the quarter and nine months ended September 30, 2024, approximately 120 and 700 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.
v3.25.3
Supplemental Cash Flow Information (Tables)
 9 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

 

(In millions of dollars)

 

Interest paid

 

$

33.3

 

 

$

30.5

 

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

 

 

 

 

 

 

Unpaid purchases of property and equipment

 

$

23.5

 

 

$

24.7

 

 

 

 

 

 

 

Supplemental lease disclosures:

 

 

 

 

 

 

Operating lease liabilities arising from obtaining operating lease assets

 

$

1.9

 

 

$

0.9

 

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

 

$

5.2

 

 

$

6.1

 

Finance lease liabilities arising from obtaining finance lease assets

 

$

1.7

 

 

$

2.6

 

 

 

 

As of September 30,

 

 

 

2025

 

 

2024

 

 

 

(In millions of dollars)

 

Components of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

Cash and cash equivalents

 

$

17.2

 

 

$

45.7

 

Restricted cash included in Other assets1

 

 

19.8

 

 

 

18.3

 

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

 

$

37.0

 

 

$

64.0

 

 

1.
We are required to keep on deposit certain amounts that are pledged or held as collateral relating to workers’ compensation and other agreements. We account for such deposits as restricted cash. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash.
v3.25.3
Business, Product and Geographical Area Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Significant Segment Expenses Provided to CODM

The following table presents the significant segment expenses that are provided to the CODM (in millions of dollars):

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

Net sales

 

$

843.5

 

 

$

747.7

 

 

$

2,444.0

 

 

$

2,258.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Hedged cost of alloyed metal2

 

 

492.8

 

 

 

385.7

 

 

 

1,355.9

 

 

 

1,160.8

 

Manufacturing costs3

 

 

158.8

 

 

 

208.2

 

 

 

532.5

 

 

 

599.1

 

Plant overhead4

 

 

45.9

 

 

 

45.0

 

 

 

136.0

 

 

 

133.5

 

Freight costs

 

 

21.6

 

 

 

23.4

 

 

 

63.6

 

 

 

69.1

 

Other cost of products sold5

 

 

9.7

 

 

 

13.7

 

 

 

37.0

 

 

 

34.6

 

Depreciation and amortization

 

 

32.0

 

 

 

29.0

 

 

 

91.6

 

 

 

86.8

 

Selling, general, administrative, research and development

 

 

 

 

 

 

 

 

 

 

 

 

Research and development costs

 

 

0.4

 

 

 

0.5

 

 

 

1.0

 

 

 

1.7

 

Employee costs6

 

 

24.7

 

 

 

20.2

 

 

 

69.9

 

 

 

63.8

 

Other selling, general and administrative costs7

 

 

8.8

 

 

 

8.1

 

 

 

26.4

 

 

 

27.5

 

Restructuring costs

 

 

—

 

 

 

0.7

 

 

 

1.9

 

 

 

7.6

 

Other operating charges, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.4

 

Interest expense

 

 

12.4

 

 

 

10.7

 

 

 

36.1

 

 

 

33.3

 

Other income, net – Note 9

 

 

(11.4

)

 

 

(8.7

)

 

 

(14.4

)

 

 

(19.1

)

Income tax provision

 

 

8.3

 

 

 

2.4

 

 

 

22.2

 

 

 

13.6

 

Net income

 

$

39.5

 

 

$

8.8

 

 

$

84.3

 

 

$

45.9

 

 

1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
Hedged cost of alloyed metal includes cost of aluminum at the MWTP and the cost of alloying elements used in the production process. For the quarters ended September 30, 2025 and September 30, 2024, this metric also includes metal price exposure on shipments that we hedged with realized gains (losses) upon settlement of $10.2 million and ($2.1) million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, this metric also includes metal price exposure on shipments that we hedged with realized gains (losses) upon settlement of $15.4 million and ($2.2) million, respectively.
3.
Manufacturing costs primarily includes labor, utilities, supplies, metal valuation impacts, metal profits, and other materials, excluding alloys incurred at our various production facilities.
4.
Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities.
5.
Other cost of products sold primarily includes lease expense, accretion expense related to conditional asset retirement obligations, gains and losses on operating asset disposals, and major maintenance costs.
6.
Employee costs include non direct labor salaries, benefits, and incentive compensation.
7.
Other selling, general and administrative costs primarily include professional services, computer hardware and software costs, office rent, and utilities.
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Aero/HS Products

 

$

182.2

 

 

$

213.1

 

 

$

624.8

 

 

$

659.7

 

Packaging

 

 

393.9

 

 

 

319.5

 

 

 

1,049.0

 

 

 

930.0

 

GE Products

 

 

192.2

 

 

 

150.7

 

 

 

559.2

 

 

 

466.3

 

Automotive Extrusions

 

 

75.2

 

 

 

62.1

 

 

 

211.0

 

 

 

195.3

 

Other products

 

—

 

 

 

2.3

 

 

 

—

 

 

 

7.3

 

Total net sales

 

$

843.5

 

 

$

747.7

 

 

$

2,444.0

 

 

$

2,258.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Products transferred at a point in time

 

$

670.7

 

 

$

580.2

 

 

$

1,888.1

 

 

$

1,741.4

 

Products transferred over time

 

 

172.8

 

 

 

167.5

 

 

 

555.9

 

 

 

517.2

 

Total net sales

 

$

843.5

 

 

$

747.7

 

 

$

2,444.0

 

 

$

2,258.6

 
Schedule of Income Taxes Paid by Geographical Area

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

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income taxes paid:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

—

 

 

$

0.2

 

 

$

2.6

 

 

$

0.4

 

Foreign

 

 

0.9

 

 

 

0.3

 

 

 

3.6

 

 

 

2.5

 

Total income taxes paid

 

$

0.9

 

 

$

0.5

 

 

$

6.2

 

 

$

2.9

 
v3.25.3
Change in Accounting Principle (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Schdule of consolidated financial statements

Certain financial statement line items in our Statements of Consolidated Income for the quarter and nine months ended September 30, 2024, our Statements of Consolidated Cash Flows for the nine months ended September 30, 2024, and our Consolidated Balance Sheets and Consolidated Stockholders’ Equity as of September 30, 2024 and December 31, 2024, were adjusted as follows (in millions of dollars, except per share amounts):

 

 

As Previously Reported

 

Effect of WAC Change

 

As Adjusted

 

Statements of Consolidated Income (Loss) for the quarter ended September 30, 2024

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

671.8

 

$

4.2

 

$

676.0

 

Operating income

 

 

17.4

 

 

(4.2

)

 

13.2

 

Income tax provision

 

 

(3.4

)

 

1.0

 

 

(2.4

)

Net income

 

 

12.0

 

 

(3.2

)

 

8.8

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

 

$

0.75

 

$

(0.21

)

$

0.54

 

Diluted

 

$

0.74

 

$

(0.20

)

$

0.54

 

 

 

 

 

 

 

 

 

Statements of Consolidated Income (Loss) for the nine months ended September 30, 2024

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

2,005.2

 

$

(8.1

)

$

1,997.1

 

Operating income

 

 

65.6

 

 

8.1

 

 

73.7

 

Income tax provision

 

 

(11.7

)

 

(1.9

)

 

(13.6

)

Net income

 

 

39.7

 

 

6.2

 

 

45.9

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

 

$

2.47

 

$

0.38

 

$

2.85

 

Diluted

 

$

2.44

 

$

0.37

 

$

2.81

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the nine months ended September 30, 2024

 

 

 

 

 

 

 

Net income

 

$

39.7

 

$

6.2

 

$

45.9

 

Deferred income taxes

 

 

8.5

 

 

1.9

 

 

10.4

 

LIFO valuation inventory expense

 

 

8.8

 

 

(8.8

)

 

—

 

Inventories

 

 

(8.7

)

 

0.7

 

 

(8.0

)

Net cash provided by operating activities

 

 

123.7

 

 

—

 

 

123.7

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of September 30, 2024

 

 

 

 

 

 

 

Receivables, other

 

$

0.9

 

$

0.1

 

$

1.0

 

Inventories

 

 

473.9

 

 

81.6

 

 

555.5

 

Deferred tax assets, net

 

 

6.3

 

 

(2.7

)

 

3.6

 

Deferred tax liabilities

 

 

23.7

 

 

16.6

 

 

40.3

 

Retained earnings

 

 

11.8

 

 

62.4

 

 

74.2

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of December 31, 2024

 

 

 

 

 

 

 

Receivables, other

 

$

22.0

 

$

0.2

 

$

22.2

 

Inventories

 

 

503.9

 

 

98.0

 

 

601.9

 

Deferred tax assets, net

 

 

7.2

 

 

(3.2

)

 

4.0

 

Other accrued liabilities

 

 

79.4

 

 

(0.1

)

 

79.3

 

Deferred tax liabilities

 

 

24.1

 

 

20.0

 

 

44.1

 

Retained earnings

 

 

6.2

 

 

75.1

 

 

81.3

 

 

The following table compares the amounts that would have been reported under LIFO with amounts reported under WAC in the current period Interim Consolidated Financial Statements (in millions of dollars, except per share amounts):

 

 

As Computed (using LIFO)

 

Effect of Change

 

As Reported (using WAC)

 

Statements of Consolidated Income (Loss) for the quarter ended September 30, 2025

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

790.2

 

$

(61.4

)

$

728.8

 

Operating (loss) income

 

 

(12.6

)

 

61.4

 

 

48.8

 

Income tax benefit (provision)

 

 

1.4

 

 

(9.7

)

 

(8.3

)

Net (loss) income

 

 

(12.2

)

 

51.7

 

 

39.5

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

Basic

 

$

(0.75

)

$

3.19

 

$

2.44

 

Diluted

 

$

(0.75

)

$

3.13

 

$

2.38

 

 

 

 

 

 

 

 

 

Statements of Consolidated Income (Loss) for the nine months ended September 30, 2025

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

2,242.3

 

$

(117.3

)

$

2,125.0

 

Operating income

 

 

10.9

 

 

117.3

 

 

128.2

 

Income tax provision

 

 

(0.1

)

 

(22.1

)

 

(22.2

)

Net (loss) income

 

 

(10.9

)

 

95.2

 

 

84.3

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

Basic

 

$

(0.68

)

$

5.90

 

$

5.22

 

Diluted

 

$

(0.68

)

$

5.78

 

$

5.10

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the nine months ended September 30, 2025

 

 

 

 

 

 

 

Net (loss) income

 

$

(10.9

)

$

95.2

 

$

84.3

 

Deferred income taxes

 

 

(0.9

)

 

22.1

 

 

21.2

 

Inventories

 

 

16.9

 

 

(117.3

)

 

(100.4

)

Net cash provided by operating activities

 

 

132.0

 

 

—

 

 

132.0

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of September 30, 2025

 

 

 

 

 

 

 

Receivables, other

 

$

32.1

 

$

0.2

 

$

32.3

 

Inventories

 

 

487.0

 

 

215.3

 

 

702.3

 

Deferred tax assets, net

 

 

7.1

 

 

(5.7

)

 

1.4

 

Other accrued liabilities

 

 

49.6

 

 

(0.1

)

 

49.5

 

Deferred tax liabilities

 

 

25.0

 

 

39.6

 

 

64.6

 

Retained (deficit) earnings

 

 

(43.2

)

 

170.3

 

 

127.1

 
v3.25.3
Supplemental Balance Sheet Information - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Trade Receivables, Net        
Allowance for doubtful receivables $ (0.6)   $ (0.8) [1]  
Trade receivables, net 388.9   319.7 [1],[2]  
Inventories        
Finished products 144.1   130.0 [1]  
Work-in-process 296.0   229.1 [1]  
Raw materials 246.8   228.7 [1]  
Operating supplies 15.4   14.1 [1]  
Inventories 702.3   601.9 [1],[2] $ 555.5
Property, Plant and Equipment, Net        
Land and improvements 38.7   37.2 [1]  
Buildings and leasehold improvements 320.9   256.3 [1]  
Machinery and equipment [3] 1,562.9   1,337.4 [1]  
Construction in progress 128.7   297.5 [1]  
Property, plant and equipment, gross 2,051.2   1,928.4 [1]  
Accumulated depreciation and amortization (851.5)   (767.5) [1]  
Land held for sale 0.1   0.3 [1]  
Property, plant and equipment, net 1,199.8   1,161.2 [1],[2]  
Other Assets        
Assets to be conveyed associated with Warrick acquisition   $ 18.3 18.3 [1],[3]  
Restricted cash - Note 12 19.8   19.5 [1] $ 18.3
Long-term replacement parts 25.5   18.3 [1]  
Other 16.4   22.5 [1]  
Other assets 61.7   78.6 [1],[2]  
Other Accrued Liabilities        
Uncleared cash disbursements 1.4   24.5 [1]  
Accrued income taxes and other taxes payable 11.5   11.1 [1]  
Accrued annual contribution to Salaried VEBA [1]     0.7  
Accrued interest 10.5   9.9 [1]  
Short-term environmental accrual - Note 7 0.7   0.7 [1]  
Current operating lease liabilities 5.3   6.3 [1]  
Current finance lease liabilities 2.4   2.4 [1]  
Current deferred compensation plan liabilities - Note 3 0.4   6.7  
Other - Note 5 17.3   17.0 [1]  
Other accrued liabilities 49.5   79.3 [1],[2]  
Long-Term Liabilities        
Workers' compensation accrual 27.7   26.8 [1]  
Long-term environmental accrual - Note 7 17.5   17.7 [1]  
Other long-term liabilities 39.2   39.5 [1]  
Long-term liabilities 84.4   84.0 [1],[2]  
Billed        
Trade Receivables, Net        
Billed trade receivables $ 389.5   $ 320.5 [1]  
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] During the quarter ended March 31, 2025, $18.3 million of certain assets associated with our acquisition of Warrick were conveyed to us and placed in service. At September 30, 2025, such assets are presented within Machinery and equipment.
v3.25.3
Supplemental Balance Sheet Information - Schedule of Supplemental Balance Sheet Information (Parenthetical) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Assets to be conveyed associated with Warrick acquisition $ 18.3 $ 18.3 [1],[2]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] During the quarter ended March 31, 2025, $18.3 million of certain assets associated with our acquisition of Warrick were conveyed to us and placed in service. At September 30, 2025, such assets are presented within Machinery and equipment.
v3.25.3
Employee Benefits - Additional Information (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Pension plan contributions $ 4.6
Employer contributions, remainder of fiscal year 1.6
Accrued salaries, wages and related expenses  
Defined Benefit Plan Disclosure [Line Items]  
Accrued salaries, wages and related expenses $ 20.0
v3.25.3
Employee Benefits - Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Level 1 | Fair Value, Measurements, Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Deferred compensation program - Diversified investment funds in registered investment companies $ 6.6 $ 11.9
v3.25.3
Employee Benefits - Summary of Total Expense Related to All Postretirement Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]        
Net periodic postretirement and postemployment benefit cost relating to defined benefit plans $ 1.2 $ 1.5 $ 3.8 $ 3.3
Postretirement and Postemployment Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Defined contribution plan, cost 4.2 4.4 14.8 14.4
Deferred compensation arrangement with individual, compensation expense 0.5 0.5 1.1 1.2
Multiemployer plan, contributions by employer 1.6 1.6 4.7 4.6
Net periodic postretirement and postemployment benefit cost relating to defined benefit plans 2.3 2.5 7.1 6.8
Total other employee benefit plans $ 8.6 $ 9.0 $ 27.7 $ 27.0
v3.25.3
Employee Benefits - Summary of Total Expense Related to All Postretirement Benefit Plans (Parenthetical) (Details) - USD ($)
$ in Millions
 9 Months Ended 18 Months Ended
Sep. 30, 2024
Sep. 30, 2025
2024 Plan    
Defined Benefit Plan Disclosure [Line Items]    
Multiemployer pension plans excludes charge to restructuring costs $ 4.6 $ 4.6
v3.25.3
Employee Benefits - Summary of Components of Net Periodic Postretirement Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]        
Total net periodic postretirement and postemployment benefit cost (credit) $ 1.2 $ 1.5 $ 3.8 $ 3.3
Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0.9 0.7 2.6 2.7
Interest cost 0.4 0.4 1.2 1.2
Expected return on plan assets (0.4) (0.3) (1.1) (1.0)
Amortization of prior service cost 0.3 0.2 0.7 0.5
Amortization of net actuarial gain (0.1)   (0.1)  
Total net periodic postretirement and postemployment benefit cost (credit) 1.1 1.0 3.3 3.4
Other Postretirement Benefits Plan        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0.2 0.3 0.7 0.8
Interest cost 0.9 0.8 2.6 2.5
Amortization of net actuarial gain (0.5) (0.3) (1.4) (0.8)
Total net periodic postretirement and postemployment benefit cost (credit) 0.6 0.8 1.9 2.5
Postretirement Health Coverage | Salaried VEBA        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost 0.6 0.5 1.7 1.6
Expected return on plan assets (0.6) (0.6) (1.7) (1.7)
Amortization of prior service cost 0.7 0.8 2.2 1.0
Amortization of net actuarial gain (0.1)   (0.3)  
Total net periodic postretirement and postemployment benefit cost (credit) $ 0.6 $ 0.7 $ 1.9 $ 0.9
v3.25.3
Restructuring - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 18 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
 [1]
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]              
Restructuring costs $ 0.0     $ 0.7 $ 1.9 $ 7.6 [1]  
Multiemployer pension obligation expected payment year         2027    
2024 Plan              
Restructuring Cost and Reserve [Line Items]              
Restructuring costs 0.0 $ 0.0 $ 0.0       $ 7.5
Pension obligation expected to be paid           $ 4.6 4.6
Severance charge             $ 2.9
2025 Plan              
Restructuring Cost and Reserve [Line Items]              
Restructuring costs $ 0.0 $ 0.1 $ 1.8        
Severance charge         $ 1.9    
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Restructuring - Summary of Activity Relating to Restructuring Plan Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 18 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
 [1]
Sep. 30, 2025
Sep. 30, 2024
 [1]
Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]              
Restructuring costs $ 0.0     $ 0.7 $ 1.9 $ 7.6  
2025 Plan              
Restructuring Cost and Reserve [Line Items]              
Beginning balance 0.2 $ 0.5 $ 0.0   0.0    
Restructuring costs 0.0 0.1 1.8        
Costs paid or otherwise settled (0.1) (0.4) (1.3)        
Ending balance 0.1 0.2 0.5   0.1   $ 0.1
2024 Plan              
Restructuring Cost and Reserve [Line Items]              
Beginning balance 4.6 4.6 4.7   4.7    
Restructuring costs 0.0 0.0 0.0       7.5
Costs paid or otherwise settled 0.0 0.0 (0.1)        
Ending balance $ 4.6 $ 4.6 $ 4.6   $ 4.6   $ 4.6
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Restructuring - Summary of Activity Relating to Restructuring Plan Liabilities (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
2025 Plan    
Restructuring Cost and Reserve [Line Items]    
Cash Paid $ 0.1 $ 1.8
2024 Plan    
Restructuring Cost and Reserve [Line Items]    
Cash Paid $ 0.0 $ 0.1
v3.25.3
Derivatives, Hedging Programs and Other Financial Instruments - Additional Information (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Collateral posted for net derivatives $ 0 $ 0
Cash collateral posted by customers 0 0
Designated as Hedging Instrument | Purchase    
Derivative [Line Items]    
Derivative net liability 100,000 800,000
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Outstanding amount $ 0 $ 0
v3.25.3
Derivatives, Hedging Programs and Other Financial Instruments - Summary of Derivative Positions (Details)
Mmlb in Millions
 9 Months Ended
Sep. 30, 2025
EUR (€)
Mmlb
MMBTU
Purchase | Aluminum  
Derivative [Line Items]  
Derivative non-monetary notional amount 64.1
Purchase | Aluminum | Minimum  
Derivative [Line Items]  
Derivative maturity period Oct. 31, 2025
Purchase | Aluminum | Maximum  
Derivative [Line Items]  
Derivative maturity period Nov. 30, 2026
Purchase | Fixed Price Purchase Contracts for MWTP  
Derivative [Line Items]  
Derivative non-monetary notional amount 64.1
Purchase | Fixed Price Purchase Contracts for MWTP | Minimum  
Derivative [Line Items]  
Derivative maturity period Oct. 31, 2025
Purchase | Fixed Price Purchase Contracts for MWTP | Maximum  
Derivative [Line Items]  
Derivative maturity period Nov. 30, 2026
Purchase | Alloying Metals  
Derivative [Line Items]  
Derivative non-monetary notional amount 6.8
Purchase | Alloying Metals | Minimum  
Derivative [Line Items]  
Derivative maturity period Oct. 31, 2025
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 3,300,000
Purchase | Natural Gas | Minimum  
Derivative [Line Items]  
Derivative maturity period Oct. 31, 2025
Purchase | Natural Gas | Maximum  
Derivative [Line Items]  
Derivative maturity period Dec. 31, 2027
Purchase | Euro  
Derivative [Line Items]  
Derivative notional amount | € € 1,700,000
Purchase | Euro | Minimum  
Derivative [Line Items]  
Derivative maturity period Oct. 31, 2025
Purchase | Euro | Maximum  
Derivative [Line Items]  
Derivative maturity period Jul. 31, 2027
Sales | Aluminum  
Derivative [Line Items]  
Derivative non-monetary notional amount 23.5
Sales | Aluminum | Minimum  
Derivative [Line Items]  
Derivative maturity period Oct. 31, 2025
Sales | Aluminum | Maximum  
Derivative [Line Items]  
Derivative maturity period Mar. 31, 2026
Sales | Fixed Price Sale Contracts for MWTP  
Derivative [Line Items]  
Derivative non-monetary notional amount 23.5
Sales | Fixed Price Sale Contracts for MWTP | Minimum  
Derivative [Line Items]  
Derivative maturity period Oct. 31, 2025
Sales | Fixed Price Sale Contracts for MWTP | Maximum  
Derivative [Line Items]  
Derivative maturity period Apr. 30, 2026
v3.25.3
Derivatives, Hedging Programs and Other Financial Instruments - Summary of (Gain) Loss Associated with Derivative Contracts (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments Gain Loss [Line Items]        
Total of income and expense line items presented in our Statements of Consolidated Income in which the effects of cash flow hedges are recorded $ 728.8 $ 676.0 [1] $ 2,125.0 $ 1,997.1 [1]
Loss (gain) recognized in our Statements of Consolidated Income - Unrealized mark-to-market (gain) loss [2],[3]       2.2
Not Designated as Hedging Instrument        
Derivative Instruments Gain Loss [Line Items]        
Loss (gain) recognized in our Statements of Consolidated Income [4]   2.0   4.2
Not Designated as Hedging Instrument | Electricity        
Derivative Instruments Gain Loss [Line Items]        
Loss (gain) recognized in our Statements of Consolidated Income [4]   2.0   2.0
Loss (gain) recognized in our Statements of Consolidated Income - Unrealized mark-to-market (gain) loss [4]       2.0
Reclassification from AOCI due to forecasted transactions probable of not occurring [4]       0.2
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 728.8 676.0 [4] 2,125.0 1,997.1 [4]
Cash Flow Hedges | Designated as Hedging Instrument        
Derivative Instruments Gain Loss [Line Items]        
Loss (gain) recognized in our Statements of Consolidated Income $ (10.0) $ 1.5 [4] $ (18.0) $ 1.6 [4]
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 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]        
Loss (gain) recognized in our Statements of Consolidated Income $ (9.7) $ 1.6 [4] $ (17.1) $ 0.9 [4]
Cash Flow Hedges | Designated as Hedging Instrument | Alloying Metals        
Derivative Instruments Gain Loss [Line Items]        
Loss (gain) recognized in our Statements of Consolidated Income (0.5) (0.3) [4] (1.4) (0.8) [4]
Cash Flow Hedges | Designated as Hedging Instrument | Foreign exchange contracts        
Derivative Instruments Gain Loss [Line Items]        
Loss (gain) recognized in our Statements of Consolidated Income (0.2) (0.1) [4] (0.2) (0.1) [4]
Cash Flow Hedges | Designated as Hedging Instrument | Natural Gas        
Derivative Instruments Gain Loss [Line Items]        
Loss (gain) recognized in our Statements of Consolidated Income $ 0.4 $ 0.3 [4] $ 0.7 1.0 [4]
Cash Flow Hedges | Designated as Hedging Instrument | Electricity        
Derivative Instruments Gain Loss [Line Items]        
Loss (gain) recognized in our Statements of Consolidated Income [4]       $ 0.6
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] See Note 12 for supplemental cash flow information.
[4] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Derivatives, Hedging Programs and Other Financial Instruments - Schedule of Fair Value of Derivative Financial Assets and Liabilities (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Designated as Hedging Instrument | Purchase    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities $ (100,000) $ (800,000)
Not Designated as Hedging Instrument    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Net Amount 0 0
Fair Value, Measurements, Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 11,900,000 4,000,000.0
Liabilities (2,800,000) (2,100,000)
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 11,900,000 4,000,000.0
Liabilities (2,800,000) (2,100,000)
Net Amount 9,100,000 1,900,000
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Natural Gas    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 1,000,000.0 500,000
Liabilities (1,000,000.0) (800,000)
Net Amount   (300,000)
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Aluminum    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 1,800,000 1,100,000
Liabilities   (800,000)
Net Amount 1,800,000 300,000
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Fixed Price Purchase Contracts for MWTP    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 7,800,000 1,100,000
Net Amount 7,800,000 1,100,000
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Fixed Price Sale Contracts for MWTP    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities (1,200,000)  
Net Amount (1,200,000)  
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Foreign Currency    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 100,000  
Liabilities   (400,000)
Net Amount 100,000 (400,000)
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Purchase | Alloying Metals    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets 1,200,000 1,300,000
Liabilities (100,000) (100,000)
Net Amount 1,100,000 $ 1,200,000
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 1 | Designated as Hedging Instrument | Sales | Aluminum    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities (500,000)  
Net Amount $ (500,000)  
v3.25.3
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
Sep. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivative asset current $ 10.8 $ 3.7
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current
Derivative asset noncurrent $ 1.1 $ 0.3
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Total derivative assets $ 11.9 $ 4.0
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Assets Assets
Derivative liabilities current $ (2.2) $ (1.8)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Accrued Liabilities, Current Other Accrued Liabilities, Current
Derivative liabilities noncurrent $ (0.6) $ (0.3)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total derivative liabilities $ (2.8) $ (2.1)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Liabilities Liabilities
v3.25.3
Debt and Credit Facility (Senior Notes) - Additional Information (Details) - Senior Notes - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt instrument aggregate principal amount $ 1,050.0 $ 1,050.0
4.50% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 4.50% 4.50%
Debt instrument aggregate principal amount $ 550.0 $ 550.0
4.625% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 4.625% 4.625%
Debt instrument aggregate principal amount $ 500.0 $ 500.0
v3.25.3
Debt and Credit Facility - Summary of Senior Notes (Details) - Senior Notes - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 1,050.0 $ 1,050.0
Unamortized issuance costs (7.1) (8.4)
Total carrying amount $ 1,042.9 1,041.6
4.50% Senior Notes    
Debt Instrument [Line Items]    
Issuance Date May 31, 2021  
Debt Instrument, Maturity Date Jun. 30, 2031  
Effective interest rate (percent) 4.70%  
Total debt $ 550.0 550.0
4.625% Senior Notes    
Debt Instrument [Line Items]    
Issuance Date Nov. 30, 2019  
Debt Instrument, Maturity Date Mar. 31, 2028  
Effective interest rate (percent) 4.80%  
Total debt $ 500.0 $ 500.0
v3.25.3
Debt and Credit Facility - Summary of Senior Notes (Parenthetical) (Details) - Senior Notes
Sep. 30, 2025
Dec. 31, 2024
4.50% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 4.50% 4.50%
4.625% Senior Notes    
Debt Instrument [Line Items]    
Debt instrument contractual rate (percent) 4.625% 4.625%
v3.25.3
Debt and Credit Facility - Summary of Fair Value of Outstanding Senior Notes (Details) - Senior Notes - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
4.625% Senior Notes    
Debt Instrument [Line Items]    
Fair value of outstanding senior notes $ 494.4 $ 470.1
4.50% Senior Notes    
Debt Instrument [Line Items]    
Fair value of outstanding senior notes $ 518.4 $ 484.8
v3.25.3
Debt and Credit Facility (Revolving Credit Facility) - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Oct. 31, 2019
Sep. 30, 2025
Dec. 31, 2024
Apr. 30, 2022
Debt Instrument [Line Items]        
Total borrowings incurred [1]   $ 290.4    
Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 575.0   $ 575.0
Line of credit mature description   The Revolving Credit Facility contains a maximum commitment amount of $575.0 million (of which up to a maximum of $50.0 million may be utilized for letters of credit) and, prior to the October 14, 2025 amendment, had a maturity date of April 2027.    
Outstanding borrowings   $ 0.0 $ 0.0  
Total borrowings incurred   $ 290.4    
Revolving Credit Facility | Prime Rate        
Debt Instrument [Line Items]        
Line of credit maximum revolving commitment 0.50%      
Line of credit facility Less than unused capacity commitment 40.00%      
Effective interest rate (percent) 0.25%      
Revolving Credit Facility | SOFR | Amended Credit Agreement        
Debt Instrument [Line Items]        
Line of credit maximum revolving commitment 1.60%      
Line of credit facility Less than unused capacity commitment 40.00%      
Effective interest rate (percent) 1.35%      
Revolving Credit Facility | Letter of Credit        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity       $ 50.0
[1] See Note 12 for supplemental cash flow information.
v3.25.3
Debt and Credit Facility - Schedule of Availability and Usage of Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Apr. 30, 2022
Line Of Credit Facility [Line Items]      
Revolving Credit Facility borrowing commitment $ 575.0   $ 575.0
Borrowing base availability 575.0    
Less: Outstanding borrowings under Revolving Credit Facility 0.0 $ 0.0  
Less: Outstanding letters of credit under Revolving Credit Facility (14.6)    
Remaining borrowing availability $ 560.4    
v3.25.3
Debt and Credit Facility - Summary of Interest Expense Relating to Senior Notes and Revolving Credit Facility (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]        
Total interest expense $ 12.4 $ 10.7 [1],[2] $ 36.1 $ 33.3 [1],[2]
Senior Notes and Revolving Credit Facility        
Debt Instrument [Line Items]        
Interest expense on finance lease liabilities 0.2 0.2 0.6 0.6
Interest expense capitalized as construction in progress (0.9) (2.5) (3.7) (6.3)
Total interest expense 12.4 10.7 36.1 33.3
Revolving Credit Facility        
Debt Instrument [Line Items]        
Revolving Credit Facility interest expense, including commitment fees and finance cost amortization 0.7 0.6 2.0 1.8
Senior Notes        
Debt Instrument [Line Items]        
Senior Notes interest expense, including debt issuance cost amortization $ 12.4 $ 12.4 $ 37.2 $ 37.2
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Commitments and Contingencies - Additional Information (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Environmental Contingency  
Environmental accrual $ 18.2
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
v3.25.3
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance $ 776.0 $ 756.8 $ 743.1 [1],[2] $ 727.6 [3] $ 714.7 [3] $ 652.2 [3] $ 743.1 [1],[2] $ 652.2 [3]
Other comprehensive (loss) income, net of tax (0.5) 4.1 2.6 2.1 [4] 3.2 [3] (2.1) [3] 6.2 3.2 [4]
Ending balance 806.1 776.0 756.8 729.4 [3] 727.6 [3] 714.7 [3] 806.1 729.4 [3]
Defined Benefit Plans:                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance 19.6   19.1 10.4   11.0 19.1 11.0
Less: income tax benefit (expense) [5] (0.1)     (0.2)     (0.3) (0.2)
Net (gain) loss reclassified from AOCI to Net income 0.2     0.5     0.8 0.5
Other comprehensive (loss) income, net of tax 0.2     0.5     0.7 (0.1)
Ending balance 19.8 19.6   10.9 10.4   19.8 10.9
Defined Benefit Plans: Net Actuarial (Loss) Gain                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Unrealized gain on cash flow hedges             (0.1) 1.4
Less: income tax expense               (0.3)
Net unrealized gain (loss) on available for sale securities, cash flow hedges and fair value hedges             (0.1) 1.1
Reclassification from AOCI [6] (0.7)     (0.3)     (1.8) (0.8)
Defined Benefit Plans: Net Prior Service Cost                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Unrealized gain on cash flow hedges               (2.2)
Less: income tax expense               0.5
Net unrealized gain (loss) on available for sale securities, cash flow hedges and fair value hedges               (1.7)
Reclassification from AOCI [6] 1.0     1.0     2.9 1.5
Cash Flow Hedges:                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance 7.6   1.4 3.8   2.1 1.4 2.1
Unrealized gain on cash flow hedges 9.0     0.6     25.2 2.5
Less: income tax expense (2.1)     (0.2)     (5.9) (0.6)
Net unrealized gain (loss) on available for sale securities, cash flow hedges and fair value hedges 6.9     0.4     19.3 1.9
Reclassification from AOCI (10.0)     1.5     (18.0) 1.6
Reclassification due to forecasted transactions probable of not occurring               0.2
Less: income tax benefit (expense) 2.4     (0.3)     4.2 (0.4)
Net (gain) loss reclassified from AOCI to Net income (7.6)     1.2     (13.8) 1.4
Other comprehensive (loss) income, net of tax (0.7)     1.6     5.5 3.3
Ending balance 6.9 [7] 7.6   5.4 [7] 3.8   6.9 [7] 5.4 [7]
Accumulated Other Comprehensive Income (Loss)                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance 27.2 23.1 20.5 [1] 14.2 [3] 11.0 [3] 13.1 20.5 [1] 13.1
Other comprehensive (loss) income, net of tax (0.5) 4.1 2.6 2.1 3.2 (2.1)    
Ending balance $ 26.7 $ 27.2 $ 23.1 $ 16.3 $ 14.2 [3] $ 11.0 [3] $ 26.7 $ 16.3
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[4] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[5] Income tax amounts reclassified out of AOCI were included as a component of Income tax provision.
[6] 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).
[7] As of September 30, 2025, we estimate a net mark-to-market gain before tax of $8.7 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.
v3.25.3
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Parenthetical) (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Equity [Abstract]  
Estimated net mark-to-market gain before tax within next twelve months - cash flow hedges $ 8.7
v3.25.3
Other Income, Net - Components of Other Income, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Other Income and Expenses [Abstract]        
Interest income $ 0.2 $ 0.9 $ 0.6 $ 3.0
Net periodic postretirement and postemployment benefit cost (1.2) (1.5) (3.8) (3.3)
Unrealized gain on equity securities 0.3 0.2 0.4 0.5
Gain on disposition of non-operating property, plant and equipment 10.3 4.4 10.3 3.9
Gain on business interruption insurance recoveries [1] 1.6 4.6 6.6 15.1
All other, net 0.2 0.1 0.3 (0.1)
Other Income, net $ 11.4 $ 8.7 $ 14.4 $ 19.1
[1] Represents advances against business interruption insurance claims. We recognize such advances in the period in which the insurance proceeds are received or become realizable. During the nine months ended September 30, 2025 and September 30, 2024, we received net cash proceeds of $6.4 million and $13.4 million, respectively.
v3.25.3
Other Income, Net - Components of Other Income, Net (Parenthetical) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Other Income and Expenses [Abstract]    
Proceeds from insurance business interruption policy $ 6.4 $ 13.4
v3.25.3
Other Income, Net - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Other Income and Expenses [Abstract]        
Trade accounts receivable sold $ 255.9 $ 260.5 $ 740.1 $ 792.9
Net discount fees recognized $ 6.2 $ 6.1 $ 17.2 $ 18.9
v3.25.3
Income Tax Matters - Income Tax Provision by Region (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
 [1]
Sep. 30, 2025
Sep. 30, 2024
 [1]
Income Tax Disclosure [Abstract]        
Domestic $ (8.0) $ (1.8) $ (20.6) $ (12.0)
Foreign (0.3) (0.6) (1.6) (1.6)
Total $ (8.3) $ (2.4) [2] $ (22.2) $ (13.6) [2]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Income Tax Matters - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]          
Income tax provision $ 8.3 $ 2.4 [1],[2] $ 22.2 $ 13.6 [1],[2]  
Effective tax rate (percent) 17.00% 21.00% 21.00% 23.00%  
Effective income tax rate reconciliation, related to federal research & development credit, percent (decrease) (7.00%)        
Effective income tax rate reconciliation, related to non-deductible compensation expense, percent 2.00%        
Gross unrecognized tax benefits $ 7.7   $ 7.7   $ 6.9
Gross unrecognized tax benefits that would impact effective tax rate $ 7.7   $ 7.7   $ 6.9
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
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 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
 [2]
Sep. 30, 2025
 [2]
Sep. 30, 2024
 [2]
Numerator:        
Net income available to common shareholders [1] $ 39.5 $ 8.8 $ 84.3 $ 45.9
Denominator – Weighted-average common shares outstanding (in thousands):        
Basic 16,192 16,087 [3] 16,156 16,062 [3]
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares [4] 420 248 355 229
Diluted 16,612 16,335 [3] 16,511 16,291 [3]
Net income per common share, Basic: $ 2.44 $ 0.54 [3] $ 5.22 $ 2.85 [3]
Net income per common share, Diluted: $ 2.38 $ 0.54 [3] $ 5.1 $ 2.81 [3]
[1] Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[4] Quantities in the following discussion are denoted in whole shares. During the quarter and nine months ended September 30, 2025 approximately 1 and 196 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. For the quarter and nine months ended September 30, 2024, approximately 120 and 700 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.
v3.25.3
Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Parenthetical) (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share, amount 1 120 196 700
v3.25.3
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
 [3]
Supplemental Cash Flow Elements [Abstract]        
Interest paid $ 33.3 $ 30.5    
Non-cash investing and financing activities (included in Accounts payable):        
Unpaid purchases of property and equipment 23.5 24.7    
Supplemental lease disclosures:        
Operating lease liabilities arising from obtaining operating lease assets 1.9 0.9    
Cash paid for amounts included in the measurement of operating lease liabilities 5.2 6.1    
Finance lease liabilities arising from obtaining finance lease assets 1.7 2.6    
Components of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 17.2 45.7 $ 18.4 [1]  
Restricted cash included in Other assets 19.8 18.3 19.5 [2]  
Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows $ 37.0 $ 64.0 [3] $ 37.9 $ 100.7
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Business, Product, and Geographical Area Information - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
Segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
Segment reporting, CODM, profit (loss) measure, how used, description The CODM uses Net income to measure segment profitability in deciding whether to reinvest profits into the segment or into other parts of the entity, such as for acquisitions or to pay dividends.
v3.25.3
Business, Product, and Geographical Area Information - Schedule of Significant Segment Expenses Provided to CODM (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
 [11]
Mar. 31, 2024
 [11]
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]                
Net sales $ 843.5     $ 747.7 [1],[2]     $ 2,444.0 $ 2,258.6 [1],[2]
Hedged cost of alloyed metal [3] 492.8     385.7 [2]     1,355.9 1,160.8 [2]
Manufacturing costs [4] 158.8     208.2 [2]     532.5 599.1 [2]
Plant overhead [5] 45.9     45.0 [2]     136.0 133.5 [2]
Freight costs 21.6     23.4 [2]     63.6 69.1 [2]
Other cost of products sold [6] 9.7     13.7 [2]     37.0 34.6 [2]
Depreciation and amortization 32.0     29.0 [1],[2]     91.6 86.8 [1],[2]
Selling, general, administrative, research and development 33.9     28.8 [1]     97.3 93.0 [1]
Research and development costs 0.4     0.5 [2]     1.0 1.7 [2]
Employee costs [7] 24.7     20.2 [2]     69.9 63.8 [2]
Other selling, general and administrative costs [8] 8.8     8.1 [2]     26.4 27.5 [2]
Restructuring costs 0.0     0.7 [2]     1.9 7.6 [2]
Other operating charges, net 0.0     0.0 [1],[2]     0.0 0.4 [1],[2]
Interest expense 12.4     10.7 [1],[2]     36.1 33.3 [1],[2]
Other income, net - Note 9 (11.4)     (8.7) [1],[2]     (14.4) (19.1) [1],[2]
Income tax provision 8.3     2.4 [1],[9]     22.2 13.6 [1],[9]
Net income $ 39.5 $ 23.2 $ 21.6 $ 8.8 [1],[10] $ 18.9 $ 18.2 $ 84.3 [12] $ 45.9 [1],[10],[12]
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Hedged cost of alloyed metal includes cost of aluminum at the MWTP and the cost of alloying elements used in the production process. For the quarters ended September 30, 2025 and September 30, 2024, this metric also includes metal price exposure on shipments that we hedged with realized gains (losses) upon settlement of $10.2 million and ($2.1) million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, this metric also includes metal price exposure on shipments that we hedged with realized gains (losses) upon settlement of $15.4 million and ($2.2) million, respectively.
[4] Manufacturing costs primarily includes labor, utilities, supplies, metal valuation impacts, metal profits, and other materials, excluding alloys incurred at our various production facilities.
[5] Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities.
[6] Other cost of products sold primarily includes lease expense, accretion expense related to conditional asset retirement obligations, gains and losses on operating asset disposals, and major maintenance costs.
[7] Employee costs include non direct labor salaries, benefits, and incentive compensation.
[8] Other selling, general and administrative costs primarily include professional services, computer hardware and software costs, office rent, and utilities.
[9] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[10] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[11] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[12] See Note 12 for supplemental cash flow information.
v3.25.3
Business, Product, and Geographical Area Information - Schedule of Significant Segment Expenses Provided to CODM (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting [Abstract]        
Hedged cost realized gains (losses) upon settlement $ 10.2 $ (2.1) $ 15.4 $ (2.2)
v3.25.3
Business, Product and Geographical Area Information - Schedule of Net Sales by End Market Segment Applications (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net sales:        
Net sales $ 843.5 $ 747.7 [1],[2] $ 2,444.0 $ 2,258.6 [1],[2]
Aero/HS Products        
Net sales:        
Net sales 182.2 213.1 624.8 659.7
Packaging        
Net sales:        
Net sales 393.9 319.5 1,049.0 930.0
GE Products        
Net sales:        
Net sales 192.2 150.7 559.2 466.3
Automotive Extrusions        
Net sales:        
Net sales 75.2 62.1 211.0 195.3
Other Products        
Net sales:        
Net sales 0.0 2.3 0.0 7.3
Products Transferred at a Point in Time        
Net sales:        
Net sales 670.7 580.2 1,888.1 1,741.4
Products Transferred Over Time        
Net sales:        
Net sales $ 172.8 $ 167.5 $ 555.9 $ 517.2
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Business, Product and Geographical Area Information - Schedule of Income Taxes Paid by Geographical Area (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Taxes Paid By Geographical Area [Line Items]        
Income taxes paid $ 0.9 $ 0.5 $ 6.2 $ 2.9
Domestic        
Income Taxes Paid By Geographical Area [Line Items]        
Income taxes paid 0.0 0.2 2.6 0.4
Foreign        
Income Taxes Paid By Geographical Area [Line Items]        
Income taxes paid $ 0.9 $ 0.3 $ 3.6 $ 2.5
v3.25.3
Change in Accounting Principle - Schedule of Consolidated Income (Loss) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
 [4]
Mar. 31, 2024
 [4]
Sep. 30, 2025
Sep. 30, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cost of products sold, excluding depreciation and amortization $ 728.8     $ 676.0 [1]     $ 2,125.0 $ 1,997.1 [1]
Operating (loss) income 48.8     13.2 [1]     128.2 73.7 [1]
Income tax benefit (provision) (8.3)     (2.4) [1],[2]     (22.2) (13.6) [1],[2]
Net Income (Loss) $ 39.5 $ 23.2 $ 21.6 $ 8.8 [1],[3] $ 18.9 $ 18.2 $ 84.3 [5] $ 45.9 [1],[3],[5]
Net (loss) income per common share:                
Basic $ 2.44     $ 0.54 [1],[6]     $ 5.22 [6] $ 2.85 [1],[6]
Diluted $ 2.38     $ 0.54 [1],[6]     $ 5.1 [6] $ 2.81 [1],[6]
Previously Reported                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cost of products sold, excluding depreciation and amortization       $ 671.8       $ 2,005.2
Operating (loss) income       17.4       65.6
Income tax benefit (provision)       (3.4)       (11.7)
Net Income (Loss)       $ 12.0       $ 39.7
Net (loss) income per common share:                
Basic       $ 0.75       $ 2.47
Diluted       $ 0.74       $ 2.44
As Computed using LIFO                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cost of products sold, excluding depreciation and amortization $ 790.2           $ 2,242.3  
Operating (loss) income (12.6)           10.9  
Income tax benefit (provision) 1.4           (0.1)  
Net Income (Loss) $ (12.2)           $ (10.9)  
Net (loss) income per common share:                
Basic $ (0.75)           $ (0.68)  
Diluted $ (0.75)           $ (0.68)  
Effect of Change                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cost of products sold, excluding depreciation and amortization $ (61.4)     $ 4.2     $ (117.3) $ (8.1)
Operating (loss) income 61.4     (4.2)     117.3 8.1
Income tax benefit (provision) (9.7)     1.0     (22.1) (1.9)
Net Income (Loss) $ 51.7     $ (3.2)     $ 95.2 $ 6.2
Net (loss) income per common share:                
Basic $ 3.19     $ (0.21)     $ 5.9 $ 0.38
Diluted $ 3.13     $ (0.2)     $ 5.78 $ 0.37
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[4] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[5] See Note 12 for supplemental cash flow information.
[6] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Change in Accounting Principle - Schedule of Consolidated Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
 [3]
Mar. 31, 2024
 [3]
Sep. 30, 2025
Sep. 30, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Net Income (Loss) $ 39.5 $ 23.2 $ 21.6 $ 8.8 [1],[2] $ 18.9 $ 18.2 $ 84.3 [4] $ 45.9 [1],[2],[4]
Deferred income taxes [4]             21.2 10.4 [5]
LIFO valuation inventory expense               0.0
Inventories [4]             (100.4) (8.0) [5]
Accrued liabilities [4]             (28.3) (11.6) [5]
Net cash provided by operating activities [4]             132.0 123.7 [5]
Previously Reported                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Net Income (Loss)       12.0       39.7
Deferred income taxes               8.5
LIFO valuation inventory expense               8.8
Inventories               (8.7)
Net cash provided by operating activities               123.7
As Computed using LIFO                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Net Income (Loss) (12.2)           (10.9)  
Deferred income taxes             (0.9)  
Inventories             16.9  
Net cash provided by operating activities             132.0  
Effect of Change                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Net Income (Loss) $ 51.7     $ (3.2)     95.2 6.2
Deferred income taxes             22.1 1.9
LIFO valuation inventory expense               (8.8)
Inventories             (117.3) $ 0.7
Net cash provided by operating activities             $ 0.0  
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[4] See Note 12 for supplemental cash flow information.
[5] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Change in Accounting Principle - Schedule of Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Receivables, other $ 32.3 $ 22.2 [1] $ 1.0
Inventories 702.3 601.9 [1],[2] 555.5
Deferred tax assets, net 1.4 4.0 [1] 3.6
Other accrued liabilities 49.5 79.3 [1],[2]  
Deferred tax liabilities 64.6 44.1 [1] 40.3
Retained (deficit) earnings 127.1 81.3 [1] 74.2
Previously Reported      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Receivables, other   22.0 0.9
Inventories   503.9 473.9
Deferred tax assets, net   7.2 6.3
Other accrued liabilities   79.4  
Deferred tax liabilities   24.1 23.7
Retained (deficit) earnings   6.2 11.8
As Computed using LIFO      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Receivables, other 32.1    
Inventories 487.0    
Deferred tax assets, net 7.1    
Other accrued liabilities 49.6    
Deferred tax liabilities 25.0    
Retained (deficit) earnings (43.2)    
Effect of Change      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Receivables, other 0.2 0.2 0.1
Inventories 215.3 98.0 81.6
Deferred tax assets, net (5.7) (3.2) (2.7)
Other accrued liabilities (0.1) (0.1)  
Deferred tax liabilities 39.6 20.0 16.6
Retained (deficit) earnings $ 170.3 $ 75.1 $ 62.4
[1] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
v3.25.3
Subsequent Events - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Oct. 14, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Dec. 31, 2024
Apr. 30, 2022
Oct. 31, 2019
Subsequent Event [Line Items]                      
Cash dividends declared (in dollars per share)   $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 0.77        
Revolving Credit Facility                      
Subsequent Event [Line Items]                      
Line of credit mature description               The Revolving Credit Facility contains a maximum commitment amount of $575.0 million (of which up to a maximum of $50.0 million may be utilized for letters of credit) and, prior to the October 14, 2025 amendment, had a maturity date of April 2027.      
Revolving Credit Facility borrowing commitment   $ 575.0           $ 575.0   $ 575.0  
Outstanding borrowings   $ 0.0           $ 0.0 $ 0.0    
Prime Rate | Revolving Credit Facility                      
Subsequent Event [Line Items]                      
Effective interest rate (percent)                     0.25%
SOFR | Revolving Credit Facility | Amended Credit Agreement                      
Subsequent Event [Line Items]                      
Effective interest rate (percent)                     1.35%
Letter of Credit | Revolving Credit Facility                      
Subsequent Event [Line Items]                      
Revolving Credit Facility borrowing commitment                   $ 50.0  
Subsequent Events | O 2025 Q3 Dividends                      
Subsequent Event [Line Items]                      
Cash dividends declared (in dollars per share) $ 0.77                    
Cash dividends declared $ 12.8                    
Cash dividends, declared date Oct. 14, 2025                    
Cash dividends, payable date Nov. 14, 2025                    
Cash dividends, record date Oct. 24, 2025                    
Subsequent Events | Revolving Credit Facility | Amended Credit Agreement                      
Subsequent Event [Line Items]                      
Line of credit mature description The Amended Credit Facility, among other things, (i) 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), (ii) allows the Company to request an increase of the revolving commitments by up to an amount equal to $200.0 million plus an additional amount for a first-in last-out tranche, subject to certain conditions and the agreement of one or more lenders to provide such increased commitment                    
Revolving Credit Facility borrowing commitment $ 575.0                    
Line of credit facility additional revolving commitments amount 200.0                    
Subsequent Events | Letter of Credit | Revolving Credit Facility | Amended Credit Agreement                      
Subsequent Event [Line Items]                      
Revolving Credit Facility borrowing commitment 50.0                    
Outstanding borrowings $ 14.6                    
Subsequent Events | Maximum | Base Rate | Revolving Credit Facility | Amended Credit Agreement                      
Subsequent Event [Line Items]                      
Effective interest rate (percent) 0.50%                    
Subsequent Events | Maximum | SOFR | Revolving Credit Facility | Amended Credit Agreement                      
Subsequent Event [Line Items]                      
Effective interest rate (percent) 1.50%                    
Subsequent Events | Minimum | Base Rate | Revolving Credit Facility | Amended Credit Agreement                      
Subsequent Event [Line Items]                      
Effective interest rate (percent) 0.25%                    
Subsequent Events | Minimum | SOFR | Revolving Credit Facility | Amended Credit Agreement                      
Subsequent Event [Line Items]                      
Effective interest rate (percent) 1.25%