METALLUS INC., 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 17, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2024    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Trading Symbol MTUS    
Title of 12(b) Security Common shares    
Security Exchange Name NYSE    
Entity Registrant Name METALLUS INC.    
Entity Central Index Key 0001598428    
Current Fiscal Year End Date --12-31    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Common Stock, Shares Outstanding   42,116,424  
Entity Public Float     $ 852,555,470
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Shell Company false    
Document Financial Statement Error Correction [Flag] false    
ICFR Auditor Attestation Flag true    
Document Annual Report true    
Document Transition Report false    
Entity Incorporation, State or Country Code OH    
Entity Address, Address Line One 1835 Dueber Avenue SW    
Entity Address, City or Town Canton    
Entity Address, State or Province OH    
City Area Code 330    
Local Phone Number 471.7000    
Entity Address, Postal Zip Code 44706    
Entity Tax Identification Number 46-4024951    
Entity File Number 1-36313    
Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE

Document

Parts Into Which Incorporated

Proxy Statement for the 2025 Annual Meeting of Shareholders

Part III
   
Auditor Name Ernst & Young LLP    
Auditor Firm ID 42    
Auditor Location Cleveland, Ohio    
Auditor Opinion [Text Block]

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Metallus Inc. (the Company) as of December 31, 2024 and 2023, and the related consolidated statements of operations, comprehensive income (loss), shareholders' equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and the financial statement schedule listed in the Index at Item 15a (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 27, 2025, expressed an unqualified opinion thereon.

    
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 1,084.0 $ 1,362.4 $ 1,329.9
Cost of products sold 986.3 1,175.9 1,203.2
Gross Profit 97.7 186.5 126.7
Selling, general and administrative expenses 87.7 84.6 73.8
Restructuring charges 0.0 0.0 0.8
Loss (gain) on sale or disposal of assets, net 0.6 (2.5) 1.9
Interest (income) expense, net (9.6) (7.1) 0.6
Loss on extinguishment of debt 9.4 11.4 43.1
Other (income) expense, net 5.0 3.7 (90.6)
Income (loss) from operations before income taxes 4.6 96.4 97.1
Provision (benefit) for income taxes 3.3 27.0 32.0
Net Income (Loss) $ 1.3 $ 69.4 $ 65.1
Per Share Data:      
Basic earnings (loss) per share $ 0.03 $ 1.58 $ 1.42
Diluted earnings (loss) per share $ 0.03 $ 1.47 $ 1.3
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net Income (Loss) $ 1.3 $ 69.4 $ 65.1
Other comprehensive income (loss), net of benefit (provision) for income taxes of $0.1 million in 2024, $(0.2) million in 2023, and $0.4 million in 2022:      
Foreign currency translation adjustments (1.2) 0.3 (1.7)
Pension and postretirement liability adjustments (3.5) (2.6) (4.3)
Other comprehensive income (loss), net of tax (4.7) (2.3) (6.0)
Comprehensive Income (Loss), net of tax $ (3.4) $ 67.1 $ 59.1
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Other comprehensive income (loss), tax $ 0.1 $ (0.2) $ 0.4
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 240.7 $ 280.6
Accounts receivable, net of allowances (2024 - $1.7 million; 2023 - $2.0 million) 90.8 113.2
Inventories, net 219.8 228.0
Deferred charges and prepaid expenses 29.9 10.3
Other current assets 6.1 24.7
Total Current Assets 587.3 656.8
Property, plant and equipment, net 507.3 492.5
Operating lease right-of-use assets 11.7 11.4
Pension assets 5.5 9.9
Intangible assets, net 3.4 2.7
Other non-current assets 1.5 2.0
Total Assets 1,116.7 1,175.3
Current Liabilities    
Accounts payable 119.2 133.3
Salaries, wages and benefits 16.8 26.8
Accrued pension and postretirement costs 66.5 43.5
Current operating lease liabilities 4.8 5.0
Current convertible notes, net 5.4 13.2
Government funding liabilities 53.5 0.0
Other current liabilities 15.3 26.6
Total Current Liabilities 281.5 248.4
Non-Current Liabilities    
Credit Agreement 0.0 0.0
Non-current operating lease liabilities 6.9 6.4
Accrued pension and postretirement costs 110.2 160.5
Deferred income taxes 14.3 15.0
Other non-current liabilities 13.3 13.4
Total Liabilities 426.2 443.7
Shareholders’ Equity    
Preferred shares, without par value; authorized 10.0 million shares, none issued 0.0 0.0
Common shares, without par value; authorized 200.0 million shares; issued 2024 - 48.2 million shares; issued 2023 - 47.1 million shares 0.0 0.0
Additional paid-in capital 843.9 844.2
Retained deficit (52.4) (53.7)
Treasury shares - 2024 - 5.9 million; 2023 - 4.0 million (108.7) (71.3)
Accumulated other comprehensive income (loss) 7.7 12.4
Total Shareholders’ Equity 690.5 731.6
Total Liabilities and Shareholders’ Equity $ 1,116.7 $ 1,175.3
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowances for accounts receivable $ 1.7 $ 2.0
Preferred shares, authorized (in shares) 10,000,000 10,000,000
Preferred shares, issued (in shares) 0 0
Common shares, authorized (in shares) 200,000,000 200,000,000
Common shares, issued (in shares) 48,200,000 47,100,000
Treasury shares 5,900,000 4,000,000
v3.25.0.1
Consolidated Statements of Shareholder's Equity - USD ($)
$ in Millions
Total
Common Shares
Additional Paid-in Capital
Retained Earnings (Deficit)
Treasury Shares
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021 $ 664.6   $ 832.1 $ (188.2)   $ 20.7
Beginning balance (in shares) at Dec. 31, 2021   46,268,855        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net Income (Loss) 65.1     65.1    
Other comprehensive income (loss) (6.0)         (6.0)
Stock-based compensation expense 8.8   8.8      
Stock-based compensation expense (in shares)   342,805        
Stock option activity 8.0   8.0      
Stock options activity (in shares)   499,040        
Purchase of treasury shares, including excise tax (52.0)       $ (52.0)  
Purchase of treasury shares, including excise tax (in Shares)   (3,026,491)        
Issuance of treasury shares     (1.7)   1.7  
Issuance of treasury shares (in shares)   97,475        
Shares surrendered for taxes (2.0)   (0.2)   (1.8)  
Shares surrendered for taxes (in shares)   (116,793)        
Ending balance at Dec. 31, 2022 686.5   847.0 (123.1) (52.1) 14.7
Ending balance (in shares) at Dec. 31, 2022   44,064,891        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net Income (Loss) 69.4     69.4    
Other comprehensive income (loss) (2.3)         (2.3)
Stock-based compensation expense 11.5   11.5      
Stock option activity 2.8   2.8      
Stock options activity (in shares)   322,074        
Purchase of treasury shares, including excise tax (32.9)   (0.3)   (32.6)  
Purchase of treasury shares, including excise tax (in Shares)   (1,713,743)        
Issuance of treasury shares     (16.8)   16.8  
Issuance of treasury shares (in shares)   640,549        
Shares surrendered for taxes (3.4)       (3.4)  
Shares surrendered for taxes (in shares)   (177,460)        
Ending balance at Dec. 31, 2023 731.6   844.2 (53.7) (71.3) 12.4
Ending balance (in shares) at Dec. 31, 2023   43,136,311        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net Income (Loss) 1.3     1.3    
Other comprehensive income (loss) (4.7)         (4.7)
Stock-based compensation expense 14.0   14.0      
Stock option activity $ 1.4   1.4      
Stock options activity (in shares) 134,552 134,552        
Purchase of treasury shares, including excise tax $ (37.6)       (37.6)  
Purchase of treasury shares, including excise tax (in Shares)   (2,037,110)        
Issuance of treasury shares     (15.7)   15.7  
Issuance of treasury shares (in shares)   1,780,574        
Shares surrendered for taxes (15.5)       (15.5)  
Shares surrendered for taxes (in shares)   (747,019)        
Ending balance at Dec. 31, 2024 $ 690.5   $ 843.9 $ (52.4) $ (108.7) $ 7.7
Ending balance (in shares) at Dec. 31, 2024   42,267,308        
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net Income (Loss) $ 1.3 $ 69.4 $ 65.1
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:      
Depreciation and amortization 54.1 56.9 58.3
Amortization of deferred financing fees 0.5 0.5 0.7
Loss on extinguishment of debt 9.4 11.4 43.1
Loss (gain) on sale or disposal of assets, net 0.6 (2.5) 1.9
Deferred income taxes 0.5 (9.7) 24.9
Stock-based compensation expense 14.0 11.5 8.8
Pension and postretirement (benefit) expense, net 14.4 47.1 (40.5)
Changes in operating assets and liabilities:      
Accounts receivable, net 21.7 (33.4) 21.3
Inventories, net 7.3 (34.9) 18.8
Accounts payable (19.2) 15.3 (33.2)
Other accrued expenses (21.7) 5.3 (8.8)
Deferred charges and prepaid expenses (19.6) (3.9) (2.6)
Pension and postretirement contributions and payments (45.5) (2.8) (5.4)
Other, net 22.5 (4.9) (17.9)
Net Cash Provided (Used) by Operating Activities 40.3 125.3 134.5
Investing Activities      
Capital expenditures (64.3) (51.6) (27.1)
Proceeds from government funding 53.5 0.0 0.0
Proceeds from disposals of property, plant and equipment 0.0 1.7 5.4
Net Cash Provided (Used) by Investing Activities (10.8) (49.9) (21.7)
Financing Activities      
Purchase of treasury shares (37.6) (32.6) (52.0)
Proceeds from exercise of stock options 1.4 2.8 8.0
Shares surrendered for employee taxes on stock compensation (15.5) (3.4) (2.0)
Repayments on convertible notes (17.2) (18.7) (67.6)
Debt issuance costs 0.0 0.0 (1.0)
Net Cash Provided (Used) by Financing Activities (68.9) (51.9) (114.6)
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash (39.4) 23.5 (1.8)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 281.3 257.8 259.6
Cash, Cash Equivalents, and Restricted Cash at End of Period $ 241.9 $ 281.3 $ 257.8
v3.25.0.1
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents $ 240.7 $ 280.6 $ 257.2
Restricted cash reported in other current assets 1.2 0.7 0.6
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 241.9 $ 281.3 $ 257.8
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 1.3 $ 69.4 $ 65.1
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

During the quarter ended December 31, 2024, officers (as defined in Exchange Act Rule 16a-1(f)) of the Company adopted written plans for the sale of the Company’s common shares intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) (“Rule 10b5-1 trading arrangements”) as follows:

On November 14, 2024, Kristine C. Syrvalin, Executive Vice President, General Counsel and Chief Human Resources Officer, adopted a 10b5-1 trading arrangement that provides for the potential sale of up to 15,000 common shares, which trading arrangement is scheduled to start no sooner than March 3, 2025 and terminate no later than September 3, 2025.

On November 16, 2024, Michael S. Williams, President and Chief Executive Officer, adopted a 10b5-1 trading arrangement that provides for the potential sale of up to 100,000 common shares, which trading arrangement is scheduled to start no sooner than March 6, 2025 and terminate no later than September 19, 2025.

On November 18, 2024, Kristopher R. Westbrooks, Executive Vice President and Chief Financial Officer, adopted a 10b5-1 trading arrangement that provides for the potential sale of up to 12,000 common shares and up to 12,104 common shares acquired upon the exercise of stock options, which trading arrangement is scheduled to start no sooner than March 6, 2025 and terminate no later than September 8, 2025.

On December 5, 2024, Nicholas A. Yacobozzi, Chief Accounting Officer, adopted a 10b5-1 trading arrangement that provides for the potential sale of up to 21,974 common shares, which trading arrangement is scheduled to start no sooner than March 6, 2025 and terminate no later than September 8, 2025.

Each of the above-named officers is currently and is expected to remain in compliance with his or her share ownership guidelines following the sale of any common shares pursuant to his or her 10b5-1 trading arrangement.

 


 
Insider Trading Policies and Procedures Adopted true
Kristine C. Syrvalin  
Trading Arrangements, by Individual  
Name Kristine C. Syrvalin
Title Executive Vice President, General Counsel and Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 14, 2024
Aggregate Available 15,000
Kristopher R. Westbrooks  
Trading Arrangements, by Individual  
Name Kristopher R. Westbrooks
Title Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 18, 2024
Aggregate Available 12,000
Michael S. Williams  
Trading Arrangements, by Individual  
Name Michael S. Williams
Title President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 16, 2024
Aggregate Available 100,000
Nicholas A. Yacobozzi  
Trading Arrangements, by Individual  
Name Nicholas A. Yacobozzi
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 5, 2024
Aggregate Available 21,974
Kristopher R. Westbrooks Trading Arrangement Common Sale [Member]  
Trading Arrangements, by Individual  
Aggregate Available 12,104
v3.25.0.1
Insider Trading Policies and Procedures
 3 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cyber Security

Our cybersecurity program is led by a team of skilled cybersecurity professionals, including dedicated internal cybersecurity resources and external advisors. In the normal course of business, we may collect and store sensitive information, including proprietary and confidential business information, trade secrets, intellectual property, sensitive third-party information and employee information. We maintain a robust cybersecurity incident response plan, which details the incident response procedures, tactical and strategic team membership, and points of contact related to the response processes. The Company also maintains a detailed decision-tree-based playbook which is a supplement to the plan and focuses on specific types of incidents and the appropriate response steps. Cybersecurity is an important part of our Enterprise Risk Management (“ERM”) program, and the Company seeks to address cybersecurity risks through a comprehensive, cross-functional approach. The Company’s cybersecurity policies, standards, processes, and practices for assessing, identifying and managing material risks from cybersecurity threats and responding to cybersecurity incidents are fully integrated into the Company’s ERM program. The plan and playbook are structured to align with the National Institute of Standards and Technology (“NIST”) Cybersecurity framework practices. The plan and playbook are reviewed at least annually. In addition, we maintain insurance that includes cybersecurity coverage.

The Company adheres to a periodic, third-party facilitated testing exercise of the cybersecurity incident response plan and playbook with the Company's tactical and strategic team members. The teams are comprised of key members of the organization and external advisors who hold critical importance in the handling of cybersecurity events. The exercise covers response procedures for prevalent cybersecurity incidents including but not limited to phishing, third-party breaches, and a standard incident response process. The documentation helps leaders make appropriate, pre-planned decisions. To assist, appendices detailing generalized incident response checklists and workflows from the Cybersecurity & Infrastructure Security Agency ("CISA") and the NIST are referenced and used as a framework. Lastly, the response plans contain instructions on collecting and incorporating lessons learned after a successful identification and remediation of a security event. The information security team also works in partnership with the Company's internal audit team to review information technology-related internal controls with our external auditor as part of our overall internal controls process.

 

In addition, the rapid evolution and increased adoption of artificial intelligence (“AI”) and similar machine learning technologies may intensify our cybersecurity risks. In 2024, we established an AI council comprised of a cross-functional group of employees with an objective to deliver value by providing education regarding the uses, benefits and risks of AI and similar technologies in our business, establishing a governance framework and principles for our use of AI, and enabling deliberate experimentation with new technologies employing AI. At this time, our use of AI is focused primarily on data analytics and improving product quality and asset reliability.

 

In light of the pervasive and increasing threat from cyberattacks, the Board of Directors, with input from management, assesses the measures implemented by us to mitigate and prevent cyberattacks. The Company’s Information Technology (“IT”) leadership team consults with and provides regular updates to the Board of Directors, as well as our chief executive officer and other members of our senior management team, as appropriate, on technology and cybersecurity matters, the status of projects to strengthen our information security systems, assessments of the information security program, timely reports regarding any cybersecurity incident that meets established reporting thresholds, and emerging threat landscape. In addition, the Company has an IT governance committee, which is comprised of the chief executive officer, IT and other officers of the Company. The IT governance committee meets quarterly, and as necessary, to discuss the cybersecurity program and other relevant topics. The IT team also consults regularly with the Board of Director’s cybersecurity expert in between meetings. Our program is evaluated by internal and external experts with the results of those reviews reported to senior management and the Board of Directors, at least semi-annually. The Board of Directors has oversight responsibility for our data security practices and we believe the Board of Directors has the requisite skills and awareness into the design and operation of our data security practices to fulfill this responsibility effectively.

As of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition.

See “Risk Factors – General Risk Factors” for additional information about the risks to our business associated with a breach or compromise to our information security systems.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company’s cybersecurity policies, standards, processes, and practices for assessing, identifying and managing material risks from cybersecurity threats and responding to cybersecurity incidents are fully integrated into the Company’s ERM program.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

In light of the pervasive and increasing threat from cyberattacks, the Board of Directors, with input from management, assesses the measures implemented by us to mitigate and prevent cyberattacks. The Company’s Information Technology (“IT”) leadership team consults with and provides regular updates to the Board of Directors, as well as our chief executive officer and other members of our senior management team, as appropriate, on technology and cybersecurity matters, the status of projects to strengthen our information security systems, assessments of the information security program, timely reports regarding any cybersecurity incident that meets established reporting thresholds, and emerging threat landscape. In addition, the Company has an IT governance committee, which is comprised of the chief executive officer, IT and other officers of the Company. The IT governance committee meets quarterly, and as necessary, to discuss the cybersecurity program and other relevant topics. The IT team also consults regularly with the Board of Director’s cybersecurity expert in between meetings. Our program is evaluated by internal and external experts with the results of those reviews reported to senior management and the Board of Directors, at least semi-annually. The Board of Directors has oversight responsibility for our data security practices and we believe the Board of Directors has the requisite skills and awareness into the design and operation of our data security practices to fulfill this responsibility effectively.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] In addition, the Company has an IT governance committee, which is comprised of the chief executive officer, IT and other officers of the Company. The IT governance committee meets quarterly, and as necessary, to discuss the cybersecurity program and other relevant topics. The IT team also consults regularly with the Board of Director’s cybersecurity expert in between meetings.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our program is evaluated by internal and external experts with the results of those reviews reported to senior management and the Board of Directors, at least semi-annually.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1 - Basis of Presentation

Metallus Inc. (the "Company" or "Metallus") manufactures alloy steel, as well as carbon and micro-alloy steel using electric arc furnace ("EAF") technology. Metallus' portfolio includes special bar quality ("SBQ") bars, seamless mechanical tubing ("tubes"), manufactured components, such as precision steel components, and billets. Additionally, Metallus manages raw material recycling programs, which are used internally as a feeder system for our melt operations and allow us to sell scrap not used in our operations to third parties. The Company’s products and services are used in a diverse range of demanding applications in the following end-markets: industrial, which includes industrial equipment, mining, construction, rail, heavy truck, agriculture and power generation; automotive; aerospace & defense; and energy.

The SBQ bar, tube, and billet production processes take place at the Company’s Canton, Ohio manufacturing location. This location accounts for all of the SBQ bars, seamless mechanical tubes and billets the Company produces and includes three manufacturing facilities: the Faircrest, Harrison, and Gambrinus facilities. Metallus' production of manufactured components takes place at two downstream manufacturing facilities: Tryon Peak (Columbus, North Carolina) and St. Clair (Eaton, Ohio). Many of the production processes are integrated, and the manufacturing facilities produce products that are sold in all of the Company’s markets. As a result, investments in the Company’s facilities and resource allocation decisions affecting the Company’s operations are designed to benefit the overall business, not any specific aspect of the business.

Our annual melt capacity is approximately 1.2 million tons and our shipment capacity is approximately 0.9 million tons. In addition to our internal melt capacity, the Company periodically purchases third party melt to supplement customer demand and leverage our downstream operations.

Basis of Consolidation:

The Consolidated Financial Statements include the consolidated assets, liabilities, revenues and expenses related to Metallus as of December 31, 2024, 2023 and 2022. All significant intercompany accounts and transactions within Metallus have been eliminated in the preparation of the Consolidated Financial Statements.

Use of Estimates:

The preparation of these Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. These estimates and assumptions are reviewed and updated regularly to reflect recent experience.

Presentation:

Certain items previously reported in specific financial statement captions have been reclassified to conform with current year presentation.

v3.25.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies

Note 2 - Significant Accounting Policies

Revenue Recognition:

Metallus recognizes revenue from contracts at a point in time when it has satisfied its performance obligation and the customer obtains control of the goods, at the amount that reflects the consideration the Company expects to receive for those goods.

 

Substantially all performance obligations arise from the sale of manufactured steel products. The Company receives and acknowledges purchase orders from its customers, which define the quantity, pricing, payment and other applicable terms and

conditions. In some cases, the Company receives a blanket purchase order from its customer, which includes pricing, payment and other terms and conditions, with quantities defined at the time the customer issues periodic releases from the blanket purchase order.

 

Transfer of control and revenue recognition for substantially all the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership, and risk of loss pass to the customer and is based on the applicable customer shipping terms.

 

The Company invoices its customers at the time of title transfer. Payment terms are generally 30 days from the invoice date. Invoiced amounts are usually inclusive of shipping and handling activities incurred. Shipping and handling activities billed are included in net sales in the Consolidated Statements of Operations. The related costs incurred by the Company for the delivery of goods are classified as cost of products sold in the Consolidated Statements of Operations.

 

Certain contracts contain variable consideration, which primarily consists of rebates that are accounted for in net sales and accrued based on the estimated probability of the requirements being met.

 

Sales returns and allowances are treated as a reduction to net sales and are provided for primarily based on historical experience. These reserves also capture any potential warranty claims, which normally result in returned or replaced product.

 

The Company’s contracts with certain Manufactured Components customers extend multiple years and generally average five years. While these contracts set the duration of time, they do not cover or guarantee volumes but rather are focused on piece prices, which are established at the inception of the contract. From time to time, subsequent pricing adjustments are agreed to through negotiation. Pricing adjustments are occasionally determined retroactively based on historical shipments. The Company recognizes revenue for these subsequent price adjustments when they are determined to be probable and estimable. For the year ended December 31, 2023, the Company recognized $16.0 million in subsequent pricing adjustments. There were no subsequent price adjustments recognized for the year ended December 31, 2024.

Cash Equivalents and Restricted Cash:

Metallus considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

The Company's restricted cash balance represents an imprest cash account used for the funding of employee healthcare costs. Funding of this account began in 2022 when the Company changed its healthcare plan administrator. The balance of restricted cash as of December 31, 2024 was $1.2 million, which is included in other current assets on the Consolidated Balance Sheets. The Company had $0.7 million of restricted cash as of December 31, 2023.

Accounts Receivables, Net:

The Company’s accounts receivables arise from sales to customers across the industrial, automotive, aerospace & defense, and energy end markets. The allowance for doubtful account reserve has been established using qualitative and quantitative methods. In general, account balances are fully reserved when greater than one year of age or sent to third party collection. Account balances for customers that are viewed as higher risk are also analyzed for a reserve. In addition to these methods, the allowance for doubtful accounts is adjusted for forward-looking estimates of uncollectible balances based on end-market outlook and dynamics. Historically, write-offs for Metallus' allowance for doubtful accounts have been immaterial.

Inventories, Net:

Inventories are stated at lower of cost or net realizable value. All inventories, including raw materials, manufacturing supplies inventory, as well as international (outside the U.S.) inventories, have been valued using the FIFO or average cost method.

Property, Plant and Equipment, Net:

Property, plant and equipment, net are valued at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred. The provision for depreciation is computed principally by the straight-line method based upon the estimated useful lives of the assets. The useful lives are approximately 30 years for buildings and 3 to 20 years for machinery and equipment.

Intangible Assets, Net:

Intangible assets, net are valued at cost less accumulated amortization. Intangible assets subject to amortization are amortized using a straight-line method over their legal or estimated useful lives. Definite lived intangible assets are primarily capitalized software with a weighted average useful life of 8 years and amortization expense of $1.7 million, $2.3 million and $2.8 million for the years ended December 31, 2024, 2023 and 2022. Intangible assets subject to amortization are amortized using a straight-line method over their legal or estimated useful lives.

Government Funding:

 

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, "Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance", which requires business entities to provide disclosures on material government assistance transactions for annual reporting periods. The Company prospectively applied the guidance in conjunction with the agreement with the United States Army entered into during the first quarter of 2024 to support the Army's mission of ramping up munitions production in the coming years. In accordance with “International Accounting Standards (“IAS”) 20 – Accounting for Government Grants and Disclosure of Government Assistance”, funding for capital expenditures is recorded as a reduction to property, plant and equipment at the completion of the project, as the primary conditions for receipt of these funds are to build-out new assets to support increased munitions production for the United States Army.

For the year ended December 31, 2024, the Company received $53.5 million in funding related to this agreement and recorded the funding as a current liability on the Consolidated Balance Sheets and as investing within the Consolidated Cash Flows. There was $8.0 million in capital spending related to assets associated with this agreement in 2024.

 

In February 2025, the Company received an additional $11.9 million in funding related to this agreement.

Impairment and Disposal of Long-lived Assets, Net:

Long-lived assets (including property, plant and equipment, tangible assets and intangible assets subject to amortization) are reviewed for impairment when events or changes in circumstances have occurred indicating that the carrying value of the assets may not be recoverable.

Metallus tests recoverability of long-lived assets at the lowest level for which there are identifiable cash flows that are independent from the cash flows of other assets. Assets and asset groups held and used are measured for recoverability by comparing the carrying amount of the asset or asset group to the sum of future undiscounted net cash flows expected to be generated by the asset or asset group.

If an asset or asset group is considered to be impaired, the impairment loss that would be recognized is the amount by which the carrying amount of the assets exceeds the fair value of the assets. To determine fair value, Metallus uses internal cash flow estimates discounted at an appropriate interest rate, third party appraisals, as appropriate, and/or market prices of similar assets, when available.

Refer to “Note 9 - Property, Plant and Equipment” for additional information.

Income Taxes:

Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. Metallus accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Metallus recognizes deferred tax assets to the extent Metallus believes these assets are more likely than not to be realized. In making such a determination, Metallus considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If Metallus determines that it would be able to realize deferred tax assets in the future in excess of their net recorded amount, Metallus would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

Metallus records uncertain tax positions in accordance with applicable accounting guidance, on the basis of a two-step process whereby (1) Metallus determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position, and (2) for those tax positions that meet the more-likely-than-not recognition threshold, Metallus recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

Metallus recognizes interest and penalties related to unrecognized tax benefits within the provision (benefit) for income taxes line in the accompanying Consolidated Statements of Operations, if applicable. Accrued interest and penalties are included within the related tax liability line in the Consolidated Balance Sheets.

Pension and Other Postretirement Benefits:

Metallus recognizes an overfunded status or underfunded status (e.g., the difference between the fair value of plan assets and the benefit obligations) as either an asset or a liability for its defined benefit pension and other postretirement benefit plans on the Consolidated Balance Sheets. The Company recognizes actuarial gains and losses immediately through net periodic benefit cost in the Consolidated Statements of Operations upon the annual remeasurement at December 31, or on an interim basis as triggering events warrant remeasurement. An example of a potential triggering event would be settlements. The Company’s accounting policy is to recognize settlements during the quarter in which it is projected that the costs of all settlements during the year will be greater than the sum of the service cost and interest cost components of net periodic benefit cost. In addition, the Company uses fair value to account for the value of plan assets.

Stock-Based Compensation:

Metallus recognizes stock-based compensation expense based on the grant date fair value of the stock-based awards over their required vesting period on a straight-line basis, whether the awards were granted with graded or cliff vesting. Stock options are issued with an exercise price equal to the closing market price of Metallus common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield.

Annual grants of performance-based restricted stock units vest based on achievement of a relative total shareholder return ("TSR") metric. The TSR metric is considered a market condition, which requires Metallus to reflect it in the fair value on grant date using an advanced option-pricing model. The fair value of each performance share was therefore determined using a Monte Carlo valuation model, a generally accepted lattice pricing model. The Monte Carlo valuation model, among other factors, uses commonly-accepted economic theory underlying all valuation models, estimates fair value using simulations of future share prices based on stock price behavior and considers the correlation of peer company returns in determining fair value.

In the fourth quarter of 2023, the Board approved and authorized a performance-based Transformation Incentive Grant program (the “Transformation Incentive Grant Program”). Under the Transformation Incentive Grant Program, certain employees were granted performance-based restricted stock unit awards designed to be earned based upon the closing price performance of the Company's common shares during a performance period running from December 1, 2023 through December 31, 2026. Similar to the annual performance-based restricted stock units, the fair value of each share is determined using a Monte Carlo valuation model, a generally accepted lattice pricing model. There were no additional grants under the Transformation Incentive Grant Program during 2024.

The fair value of stock-based awards that will settle in Metallus common shares, other than stock options and performance-based restricted stock units, is based on the closing market price of Metallus common shares on the grant date.

Metallus recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the Consolidated Statements of Operations. The excess tax benefits and tax deficiencies are considered discrete items in the reporting period they occur and are not included in the estimate of an entity’s annual effective tax rate.

Adoption of New Accounting Standards

The Company adopted the following Accounting Standard Updates (“ASU”) during 2024:

 

Standard Adopted

Description

Date of Adoption

Impact

ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures

The standard enhances reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

January 1, 2024

The Company adopted this standard retrospectively to all periods presented in the Form 10-K for the year ended December 31, 2024. The guidance resulted in additional disclosures and does not impact recognition or measurement in our Consolidated Financial Statements. Refer to Note 3 - Segment Information.

Accounting Standards Issued But Not Yet Adopted

The Company has considered the recent ASU's issued by the Financial Accounting Standards Board summarized below:

Standard Adopted

Description

Date of Adoption

Impact

ASU 2024-03, Disaggregated Expenses

The standard enhances the detail of expenses presented in the income statement including items such as: (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization.

January 1, 2027

The Company is currently evaluating the impact of the adoption of this ASU on its disclosures. The standard has no impact on the results of operations and financial condition.

ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

The standard enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid.

January 1, 2025

The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

Note 3 - Segment Information

We conduct our business activities and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way the Company operates its business and is consistent with the manner in which the Chief Operating Decision Maker ("CODM") evaluates performance and makes resource and operating decisions for the business as described above. Our CODM is our President and Chief Executive Officer. Furthermore, the Company notes that monitoring financial results as one reportable segment helps the CODM manage costs on a consolidated basis, consistent with the integrated nature of the operations. The CODM uses Net Income (Loss), as reported on our Consolidated Statements of Operations, in evaluating performance of the Company and determining how to allocate resources of the Company as a whole. As the CODM evaluates performance on a consolidated basis, all required financial segment information is included in our consolidated financial statements.

Geographic Information

Net sales by geographic area are reported by the country in which the customer is domiciled. Long-lived assets include property, plant and equipment and intangible assets subject to amortization. Long-lived assets by geographic area are reported by the location of the Metallus operations to which the asset is attributed.
 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net Sales:

 

 

 

 

 

 

 

 

 

United States

 

$

951.0

 

 

$

1,239.4

 

 

$

1,201.3

 

Foreign

 

 

133.0

 

 

 

123.0

 

 

 

128.6

 

 

 

$

1,084.0

 

 

$

1,362.4

 

 

$

1,329.9

 

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Long-lived Assets, net:

 

 

 

 

 

 

United States

 

$

522.0

 

 

$

506.2

 

Foreign

 

 

0.4

 

 

 

0.4

 

 

 

$

522.4

 

 

$

506.6

 
v3.25.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 4 - Revenue Recognition

The following table provides the major sources of revenue by end-market for the years ended December 31, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Industrial

 

$

390.5

 

 

 

533.3

 

 

 

549.0

 

Automotive

 

 

452.3

 

 

 

531.9

 

 

539.1

 

Aerospace and Defense

 

 

134.9

 

 

 

115.0

 

 

 

79.7

 

Energy

 

 

87.3

 

 

 

160.4

 

 

136.6

 

Other(1)

 

 

19.0

 

 

 

21.8

 

 

25.5

 

Total Net Sales

 

$

1,084.0

 

 

$

1,362.4

 

 

$

1,329.9

 

 

(1) “Other” sales by end-market includes the Company’s scrap sales.

The following table provides the major sources of revenue by product type for the years ended December 31, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Bar

 

$

641.8

 

 

$

917.1

 

 

$

887.4

 

Tube

 

 

139.1

 

 

 

170.1

 

 

 

173.7

 

Manufactured components

 

 

284.1

 

 

 

253.4

 

 

 

243.3

 

Other(2)

 

 

19.0

 

 

 

21.8

 

 

 

25.5

 

Total Net Sales

 

$

1,084.0

 

 

$

1,362.4

 

 

$

1,329.9

 

 

(2) “Other” for sales by product type relates to the Company’s scrap sales.

 

Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods at a future point in time. Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers and are included in other current liabilities on the Consolidated Balance Sheets. There were no contract liabilities as of December 31, 2024 and $0.8 million as of December 31, 2023.
v3.25.0.1
Other (Income) Expense, net
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Other (Income) Expense, net

Note 5 - Other (Income) Expense, net

The following table provides the components of other (income) expense, net for the years ended December 31, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Pension and postretirement non-service benefit (income) loss

 

$

(5.7

)

 

$

(4.6

)

 

$

(20.3

)

Loss (gain) from remeasurement of benefit plans

 

 

10.3

 

 

 

40.6

 

 

 

(35.4

)

Foreign currency exchange loss (gain)

 

 

0.4

 

 

 

—

 

 

 

(0.2

)

Insurance recoveries

 

 

—

 

 

 

(31.3

)

 

 

(34.5

)

Sales and use tax refund

 

 

—

 

 

 

(1.4

)

 

 

—

 

Miscellaneous (income) expense

 

 

—

 

 

 

0.4

 

 

 

(0.2

)

Total other (income) expense, net

 

$

5.0

 

 

$

3.7

 

 

$

(90.6

)

 

Non-service related pension and other postretirement benefit income, for all years, consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost.

The Company's Bargaining Unit Pension Plan ("Bargaining Plan"), the Supplemental Pension Plan ("Supplemental Plan") and the recently terminated Retirement Plan ("Salaried Plan") each have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. In the first quarter of 2024, the cumulative cost of all lump sum payments was expected to exceed the sum of the service cost and interest cost components of net periodic pension cost for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan during the first quarter of 2024 and recorded a loss of $0.8 million.

In the second quarter of 2024, the Company entered into an agreement to purchase a group annuity contract from The Prudential Insurance Company of America (“Prudential”) in connection with the annuitization of the Salaried Plan. The Company remeasured the Salaried Plan upon annuitization on May 15, 2024. A loss of $1.0 million from the remeasurement of the Salaried Plan was recognized for the three months ended June 30, 2024. The loss was primarily due to investment losses on plan assets of $1.8 million partially offset by a decrease in the liability due to an increase in the discount rate of $0.7 million. In addition, the three months ended June 30, 2024 included a $0.1 million gain as a result of the completion of the Salaried Plan annuitization. As of December 31, 2024, the Company has no remaining liabilities or obligations as it relates to the Salaried Plan.

 

 

A net loss of $10.3 million from the remeasurement of all Company pension and postretirement benefit plans was recognized for the year ended December 31, 2024. This loss was driven by investment losses on plan assets of $35.0 million partially offset by a $24.7 million decrease in the pension liability primarily due to an increase in discount rate, updated census data and updates to certain underlying assumptions.

 

A net loss of $40.6 million from the remeasurement of all Company pension and postretirement benefit plans was recognized for the year ended December 31, 2023. This loss was driven by a $36.6 million increase in the pension liability primarily due to a decrease in discount rate, updated census data and updates to certain underlying assumptions, as well as a loss of $4.0 million due to investment losses on plan assets.

 

A net gain of $35.4 million from the remeasurement of all Company pension and postretirement benefit plans was recognized for the year ended December 31, 2022. This gain was driven by a $359.9 million decrease in the pension liability primarily due to an increase in discount rates and a $2.7 million non-cash settlement related to the partial annuitization of the Bargaining Plan. This was partially offset by a loss of $327.2 million driven primarily by investment losses on plan assets and lump sum basis losses.

 

In January 2025, the Company contributed an additional $5.3 million to the Bargaining Plan and expects total pension contributions of approximately $65.0 million in 2025.

For more details on the aforementioned remeasurements, refer to “Note 12 - Retirement and Postretirement Plans.”

During the second half of 2022, the Faircrest melt shop experienced unplanned operational downtime. Metallus recognizes an insurance recovery when it is realized or considered realizable, in accordance with the accounting guidance. The 2022 insurance claims were closed in the first quarter of 2024. Insurance recovery activity for the years ended December 31, 2024, 2023 and 2022 were as follows:

 

 

 

Year Ended December 31,

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

Total

 

Insurance recovery income

 

$

—

 

 

$

31.3

 

 

$

34.5

 

 

$

65.8

 

Insurance recovery cash collection

 

 

20.0

 

 

 

31.3

 

 

 

14.5

 

 

 

65.8

 

During the fourth quarter of 2023, the Company received a commitment from the State of Ohio related to the overpayment of sales and use taxes for the period of January 1, 2020 through March 31, 2023. This resulted in a gain recognized of $1.4 million, net of related professional fees, for the year ended December 31, 2023.

v3.25.0.1
Income Tax Provision
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Tax Provision

Note 6 - Income Tax Provision

Income (loss) from operations before income taxes, based on geographic location of the operations to which such earnings are attributable, is provided below.

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

United States

 

$

4.5

 

 

$

103.2

 

 

$

108.5

 

Non-United States

 

 

0.1

 

 

 

(6.8

)

 

 

(11.4

)

Income (loss) from operations before income taxes

 

$

4.6

 

 

$

96.4

 

 

$

97.1

 

 

The provision (benefit) for income taxes consisted of the following:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

2.6

 

 

$

30.4

 

 

$

0.6

 

State and local

 

 

(0.1

)

 

 

6.1

 

 

 

5.7

 

Foreign

 

 

0.3

 

 

 

0.2

 

 

 

0.8

 

Total current tax expense (benefit)

 

$

2.8

 

 

$

36.7

 

 

$

7.1

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

$

0.4

 

 

$

(9.2

)

 

$

24.2

 

State and local

 

 

0.1

 

 

 

(0.5

)

 

 

0.7

 

Foreign

 

 

—

 

 

 

—

 

 

 

—

 

Total deferred tax expense (benefit)

 

 

0.5

 

 

 

(9.7

)

 

 

24.9

 

Provision (benefit) for incomes taxes

 

$

3.3

 

 

$

27.0

 

 

$

32.0

 

For the year ended December 31, 2024, Metallus made $21.5 million in U.S. federal payments, $6.1 million in state and local tax payments and $0.3 million in foreign tax payments. For the year ended December 31, 2023, the Company made $19.0 million in U.S. federal payments, $4.9 million in state and local tax payments, $1.4 million in foreign tax payments, and had refundable overpayments of $0.3 million related to U.S. federal, state, and local income taxes.

The reconciliation between Metallus' effective tax rate on income (loss) from continuing operations and the statutory tax rate is as follows:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

U.S. federal income tax provision (benefit) at statutory rate

 

$

1.0

 

 

$

20.2

 

 

$

20.4

 

Adjustments:

 

 

 

 

 

 

 

 

 

State and local income taxes, net of federal tax benefit

 

 

—

 

 

 

4.2

 

 

 

8.4

 

Permanent differences

 

 

1.9

 

 

 

1.2

 

 

 

8.9

 

Foreign earnings taxed at different rates

 

 

0.1

 

 

 

—

 

 

 

(3.6

)

Valuation allowance

 

 

(0.5

)

 

 

1.8

 

 

 

(2.5

)

U.S. research tax credit

 

 

(0.1

)

 

 

(0.3

)

 

 

(0.6

)

Other items, net

 

 

1.0

 

 

 

(0.1

)

 

 

1.0

 

Provision (benefit) for income taxes

 

$

3.3

 

 

$

27.0

 

 

$

32.0

 

Effective tax rate

 

 

72.2

%

 

 

28.0

%

 

 

32.9

%

Income tax expense includes U.S. and international income taxes. Except as required under U.S. tax law, U.S. income and foreign withholding taxes have not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested outside the U.S. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary.

The permanent differences for the year ended December 31, 2024 are primarily due to the non-deductible loss on extinguishment of Convertible Senior Notes due 2025 and non-deductible compensation.

The effect of temporary differences giving rise to deferred tax assets and liabilities at December 31, 2024 and 2023 was as follows:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation

 

$

(69.5

)

 

$

(75.0

)

Inventory

 

 

—

 

 

 

—

 

Prepaid insurance

 

 

(1.3

)

 

 

(1.9

)

Leases - right-of-use asset

 

 

(2.8

)

 

 

(2.8

)

Deferred tax liabilities

 

$

(73.6

)

 

$

(79.7

)

Deferred tax assets:

 

 

 

 

 

 

Tax loss carryforwards

 

$

15.6

 

 

$

16.0

 

Pension and postretirement benefits

 

 

41.2

 

 

 

46.8

 

Other employee benefit accruals

 

 

8.4

 

 

 

8.0

 

Lease liability

 

 

2.8

 

 

 

2.8

 

State decoupling

 

 

1.2

 

 

 

1.2

 

Capital loss carryforward

 

 

0.8

 

 

 

0.8

 

Intangible assets

 

 

0.1

 

 

 

0.1

 

Inventory

 

 

0.8

 

 

 

0.8

 

Allowance for doubtful accounts

 

 

0.4

 

 

 

0.5

 

Capitalized R&D

 

 

3.0

 

 

 

3.2

 

Other, net

 

 

—

 

 

 

—

 

Deferred tax assets subtotal

 

$

74.3

 

 

$

80.2

 

Valuation allowances

 

 

(15.0

)

 

 

(15.5

)

Deferred tax assets

 

 

59.3

 

 

 

64.7

 

Net deferred tax assets (liabilities)

 

$

(14.3

)

 

$

(15.0

)

As of December 31, 2024 and 2023, the Company had a net deferred tax liability of $14.3 million and $15.0 million, respectively, on the Consolidated Balance Sheets. As of December 31, 2024, the Company had loss carryforwards in the UK totaling $58.6 million having various expiration dates. There are no federal loss carryforwards in the U.S.; however, there are $15.8 million in state and certain local loss carryforwards with various expiration dates.

During 2016, operating losses generated in the U.S. resulted in a decrease in the carrying value of the Company’s U.S. deferred tax liability to the point that would result in a net U.S. deferred tax asset at December 31, 2016. In light of the Company's operating performance in the U.S. and current industry conditions, the Company assessed, based upon all available evidence at the time, and concluded that it was more likely than not that it would not realize a portion of its U.S. deferred tax assets. As such, the Company recorded a valuation allowance in 2016.

Each reporting period we assess available positive and negative evidence and estimate if sufficient future taxable income will be generated to utilize the Company’s deferred tax assets. Due to Metallus' historical operating performance in the U.S., we have historically been limited in our ability to rely on other subjective evidence such as projections of our future profitability. However, as of December 31, 2022, based on consecutive years of profitability, utilization of the majority of previously generated loss carryforwards in the U.S., and forecasted future profitability, the Company released a portion of its U.S. valuation allowance. The Company maintained a domestic partial valuation allowance on a capital loss carryforward and certain state loss carryforwards that are expected to expire unused. Metallus has provided a valuation allowance on the aforementioned UK loss carryforward.

The need to maintain valuation allowances against deferred tax assets in the U.S. and other affected countries may cause variability in the Company’s effective tax rate. The majority of Metallus' income taxes are derived from federal, domestic state and local taxes.

As of December 31, 2024 and 2023, the Company had no total gross unrecognized tax benefits, and no amounts which represented unrecognized tax benefits that would favorably impact Metallus' effective income tax rate in any future periods if such benefits were recognized. As of December 31, 2024, Metallus does not anticipate a change in its unrecognized tax positions during the next 12 months. Metallus had no accrued interest and penalties related to uncertain tax positions as of December 31, 2024 and 2023.

As of December 31, 2024, the tax years 2021 to the present remain open to examination by the IRS.
v3.25.0.1
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

Note 7 - Earnings (Loss) Per Share

Basic earnings (loss) per share is computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed based upon the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method or if-converted method. For the Convertible Notes, the Company utilizes the if-converted method to calculate diluted earnings (loss) per share. Under the if-converted method, the Company adjusts net earnings to add back interest expense (including amortization of debt issuance costs) recognized on the Convertible Notes and includes the number of shares potentially issuable related to the Convertible Notes in the weighted average shares outstanding. Treasury stock, if any, is excluded from the denominator in calculating both basic and diluted earnings (loss) per share.

Equity-based Awards

Common share equivalents for shares issuable for equity-based awards amounted to 2.6 million shares for the year ended December 31, 2024. For the year ended December 31, 2024, 0.8 million shares were excluded from the computation of diluted earnings (loss) per share, primarily related to options with exercise prices above the average market price of our common shares (i.e., “underwater” options), because the effect of their inclusion would have been anti-dilutive. The difference between the remaining 1.8 million shares and 0.7 million shares assumed purchased with potential proceeds for the year ended December 31, 2024, were included in the denominator of the diluted earnings (loss) per share calculation.

Common share equivalents for shares issuable for equity-based awards amounted to 3.4 million shares for the year ended December 31, 2023. For the year ended December 31, 2023, 0.4 million shares were excluded from the computation of diluted earnings (loss) per share, primarily related to options with exercise prices above the average market price of our common shares (i.e., “underwater” options), because the effect of their inclusion would have been anti-dilutive. The difference between the remaining 3.0 million shares and 0.9 million shares assumed purchased with potential proceeds for the year ended December 31, 2023, were included in the denominator of the diluted earnings (loss) per share calculation.

Common share equivalents for shares issuable for equity-based awards amounted to 4.0 million shares for the year ended December 31, 2022. For the year ended December 31, 2022, 0.8 million shares were excluded from the computation of diluted earnings (loss) per share, primarily related to options with exercise prices above the average market price of our common shares (i.e., “underwater” options), because the effect of their inclusion would have been anti-dilutive. The difference between the remaining 3.2 million shares and 1.1 million shares assumed purchased with potential proceeds for the year ended December 31, 2022, were included in the denominator of the diluted earnings (loss) per share calculation.

Convertible Notes

Common share equivalents for shares issuable upon the conversion of outstanding Convertible Notes were excluded in the computation of diluted earnings (loss) per share for the year ended December 31, 2024 as these shares would be anti-dilutive.

In the fourth quarter of 2024, the Company repurchased $7.8 million of outstanding principal related to the Convertible Notes. These repurchases of Convertible Notes reduced weighted average diluted shares outstanding by approximately 0.1 million shares for the year ended December 31, 2024. Refer to “Note 11 – Financing Arrangements” for additional information on the Convertible Notes.

In the first quarter of 2023, the Company repurchased $7.5 million of outstanding principal related to the Convertible Notes. These repurchases of Convertible Notes reduced weighted average diluted shares outstanding by approximately 0.7 million shares for the year ended December 31, 2023.

During the first half of 2022, the Company repurchased $25.2 million of outstanding principal related to the Convertible Notes. These repurchases of Convertible Notes reduced weighted average diluted shares outstanding by 2.3 million shares for the year ended December 31, 2022.

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the years ended December 31, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss), basic

 

$

1.3

 

 

$

69.4

 

 

$

65.1

 

Add convertible notes interest

 

 

—

 

 

 

1.0

 

 

 

1.9

 

Net income (loss), diluted

 

$

1.3

 

 

$

70.4

 

 

$

67.0

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

43.2

 

 

 

43.8

 

 

 

45.8

 

Dilutive effect of equity-based awards

 

 

1.1

 

 

 

2.1

 

 

 

2.1

 

Dilutive effect of convertible notes

 

 

—

 

 

 

1.9

 

 

 

3.6

 

Weighted average shares outstanding, diluted

 

 

44.3

 

 

 

47.8

 

 

 

51.5

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

0.03

 

 

$

1.58

 

 

$

1.42

 

Diluted earnings (loss) per share

 

$

0.03

 

 

$

1.47

 

 

$

1.30

 
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories

Note 8 – Inventories

The components of inventories as of December 31, 2024 and 2023 were as follows:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Manufacturing supplies

 

$

57.5

 

 

$

51.5

 

Raw materials

 

 

13.6

 

 

 

17.5

 

Work in process

 

 

114.5

 

 

 

109.6

 

Finished products

 

 

35.3

 

 

 

50.1

 

Gross inventory

 

 

220.9

 

 

 

228.7

 

Allowance for inventory reserves

 

 

(1.1

)

 

 

(0.7

)

Total inventories, net

 

$

219.8

 

 

$

228.0

 
v3.25.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 9 - Property, Plant and Equipment

The components of property, plant and equipment, net as of December 31, 2024 and 2023 were as follows:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Land

 

$

11.2

 

 

$

11.2

 

Buildings and improvements

 

 

436.0

 

 

 

429.2

 

Machinery and equipment

 

 

1,375.5

 

 

 

1,367.6

 

Construction in progress

 

 

92.1

 

 

 

59.3

 

Subtotal

 

 

1,914.8

 

 

 

1,867.3

 

Less allowances for depreciation

 

 

(1,407.5

)

 

 

(1,374.8

)

Property, plant and equipment, net

 

$

507.3

 

 

$

492.5

 

 

Total depreciation expense was $52.4 million, $54.6 million, and $55.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. There was no accelerated depreciation for the years ended December 31, 2024, 2023 and 2022.

For the year ended December 31, 2024, the Company recorded a net loss on sale and disposal of assets of $0.6 million primarily related to the write-offs of aged assets removed from service. No impairment charges were recognized in 2024.

For the year ended December 31, 2023, the Company recorded a net gain on sale and disposal of assets of $2.5 million primarily related to the sale of the small-diameter seamless mechanical tubing machinery and equipment, partially offset by assets removed from service. No impairment charges were recognized in 2023.

For the year ended December 31, 2022, the Company recorded a net loss on sale of assets of $1.9 million primarily related to the sale of the remaining land and buildings at the Company's former facility in Houston, Texas, as well as the disposition of excess and aged assets. No impairment charges were recognized in 2022.

Supplemental cash flow information related to non-cash investing activity was as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Accrued property, plant and equipment purchases

 

$

17.6

 

 

$

12.1

 

 

$

10.6

 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

Note 10 - Leases

The Company has operating leases primarily related to machinery and equipment, vehicles and information technology equipment. These leases have remaining lease terms of less than one year to approximately five years, some of which may include options to extend the lease for one or more years. Certain leases also include options to purchase the leased asset. As of December 31, 2024, the Company has no financing leases. The weighted average remaining lease term for our operating leases as of December 31, 2024 was 3.3 years.

Leases with an initial term of 12 months or less ("short-term leases") are not recorded on the balance sheet. Rather, the Company recognizes lease expense for these leases on a straight-line basis over the lease term in accordance with the applicable accounting guidance. For lease agreements entered into after the adoption of lease accounting guidance on January 1, 2019, the Company combines lease and non-lease components. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants.

The Company recorded lease cost for the years ended December 31, 2024, 2023 and 2022 as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Operating lease cost

 

$

7.5

 

 

$

7.3

 

 

$

6.7

 

Short-term lease cost

 

 

1.5

 

 

 

0.8

 

 

 

0.9

 

Total lease cost

 

$

9.0

 

 

$

8.1

 

 

$

7.6

 

When available, the rate implicit in the lease is used to discount lease payments to present value; however, the Company’s leases generally do not provide a readily determinable implicit rate. Therefore, the incremental borrowing rate to discount the lease payments is estimated using market-based information available at lease commencement. The weighted average discount rate used to measure our operating lease liabilities as of December 31, 2024 and 2023 was 4.9% and 4.3%, respectively.

Supplemental cash flow information related to leases was as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

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

 

$

6.9

 

 

$

7.1

 

 

$

6.7

 

Right-of-use assets obtained in exchange for operating lease obligations

 

$

5.5

 

 

$

5.6

 

 

$

4.5

 

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:

2025

 

$

5.2

 

2026

 

 

2.8

 

2027

 

 

2.2

 

2028

 

 

1.6

 

2029 and after

 

 

0.9

 

Total future minimum lease payments

 

 

12.7

 

    Less amount of lease payment representing interest

 

 

(1.0

)

Total present value of lease payments

 

$

11.7

 
v3.25.0.1
Financing Arrangements
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Financing Arrangements

Note 11 - Financing Arrangements

The following table summarizes the current and non-current debt as of December 31, 2024 and 2023:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Credit Agreement

 

$

—

 

 

$

—

 

Convertible Senior Notes due 2025

 

 

5.4

 

 

 

13.2

 

Total debt

 

$

5.4

 

 

$

13.2

 

     Less current portion of debt

 

 

5.4

 

 

 

13.2

 

Total non-current portion of debt

 

$

—

 

 

$

—

 

Credit Agreement

On September 30, 2022, the Company, as borrower, and certain domestic subsidiaries of the Company, as subsidiary guarantors (the “Subsidiary Guarantors”), entered into a Fourth Amended and Restated Credit Agreement (the “Amended Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto (collectively, the “Lenders”), which further amended and restated the Company’s secured Third Amended and Restated Credit Agreement, dated as of October 15, 2019.

The Amended Credit Agreement provides for a $400.0 million asset-based revolving credit facility (the “Credit Facility”), including a $15.0 million sublimit for the issuance of commercial and standby letters of credit and a $40.0 million sublimit for swingline loans. Pursuant to the terms of the Amended Credit Agreement, the Company is entitled, on up to two occasions and subject to the satisfaction of certain conditions, to request increases in the commitments under the Amended Credit Agreement in the aggregate principal amount of up to $100.0 million, to the extent that existing or new lenders agree to provide such additional commitments. In addition to and independent of any increase described in the preceding sentence, the Company is entitled, subject to the satisfaction of certain conditions, to request a separate “first-in, last-out” tranche (the “Incremental FILO Tranche”) in an aggregate principal amount of up to $30.0 million with a separate borrowing base and interest rate margins, in each case, to be agreed upon among the Company, the Administrative Agent and the Lenders providing the Incremental FILO Tranche.

The availability of borrowings under the Credit Facility is subject to a borrowing base calculation based upon a valuation of the eligible accounts receivable, inventory and machinery and equipment of the Company and the Subsidiary Guarantors, each

multiplied by an applicable advance rate. The availability of borrowings may be further modified by reserves established from time to time by the Administrative Agent in its permitted discretion.

The interest rate per annum applicable to loans under the Credit Facility will be, at the Company’s option, equal to either (i) the Alternate Base Rate (as defined in the Amended Credit Agreement) plus the applicable margin or (ii) the Adjusted Term SOFR Rate (as defined in the Amended Credit Agreement) plus the applicable margin. The applicable margin will be determined by a pricing grid based on the Company’s average quarterly availability. The Alternate Base Rate is subject to a 1.00% floor, and the Adjusted Term SOFR Rate is subject to a 0.00% floor. In addition, the Company will pay a 0.25% per annum commitment fee on the average daily unused amount of the Credit Facility.

The Credit Facility may be used to finance working capital, capital expenditures, certain permitted acquisitions and for other general corporate purposes. All of the indebtedness under the Credit Facility is guaranteed by the Company’s material domestic subsidiaries, as well as any other domestic subsidiary that the Company elects to make a party to the Amended Credit Agreement, and is secured by substantially all of the personal property of the Company and the Subsidiary Guarantors.
 

The Credit Facility matures on September 30, 2027. Prior to the maturity date, amounts outstanding are required to be repaid (without reduction of the commitments thereunder) from mandatory prepayment events from the proceeds of certain asset sales, equity or debt issuances or casualty events.

 

The Amended Credit Agreement contains certain customary covenants, including covenants that limit the ability of the Company and its subsidiaries to, among other things, (i) incur or suffer to exist certain liens, (ii) make investments, (iii) incur or guaranty additional indebtedness (iv) enter into consolidations, mergers, acquisitions, sale-leaseback transactions and sales of assets, (v) make distributions and other restricted payments, (vi) change the nature of its business, (vii) engage in transactions with affiliates and (viii) enter into restrictive agreements, including agreements that restrict the ability to incur liens or make distributions.

 

In addition, the Amended Credit Agreement requires the Company to maintain a minimum specified fixed charge coverage ratio on a springing basis if minimum availability requirements as specified in the Amended Credit Agreement are not maintained.

 

The Amended Credit Agreement contains certain customary events of default. If any event of default occurs and is continuing, the Lenders would be entitled to take various actions, including the acceleration of amounts due under the Amended Credit Agreement, and exercise other rights and remedies.

 

As of December 31, 2024, the amount available under the Amended Credit Agreement was $217.9 million, reflective of the Company’s asset borrowing base with no outstanding borrowings. Additionally, the Company is in compliance with all covenants outlined in the Amended Credit Agreement.

Convertible Senior Notes due 2025

The Convertible Senior Notes due 2025 were issued pursuant to the provisions of the indenture dated May 31, 2016, as supplemented by a supplemental indenture dated December 15, 2020, which was filed with the Securities and Exchange Commission as an exhibit to a Form 8-K on December 15, 2020. The indentures contain a complete description of the terms of the Convertible Senior Notes due 2025. The key terms are as follows:

 

Maturity Date:

December 1, 2025 unless repurchased or converted earlier

Interest Rate:

6.0% cash interest per year

Interest Payments Dates:

June 1 and December 1 of each year, beginning on December 1, 2021

Initial Conversion Price:

$7.82 per common share of the Company

Initial Conversion Rate:

127.8119 common shares per $1,000 principal amount of Notes

 

The principal amount of the Convertible Senior Notes due 2025 as of December 31, 2024 is $5.5 million. Transaction costs related to the Convertible Senior Notes due 2025 incurred upon issuance were $1.5 million. These costs are amortized to interest expense over the term of the notes. The Convertible Senior Notes due 2025 are convertible at the option of the holders in certain circumstances and during certain periods into the Company's common shares, cash, or a combination thereof, at the Company's election.

The Indenture for the Convertible Senior Notes due 2025 provides that notes will become convertible during a quarter when the share price for 20 trading days during the final 30 trading days of the immediately preceding quarter was greater than 130% of the conversion price. This criterion was met during the fourth quarter of 2024 (and each preceding quarter of 2024 and 2023) and as such the notes can be converted at the option of the holders beginning January 1 through March 31, 2025. Whether the notes will be convertible following such period will depend on if this criterion, or another conversion condition, is met in the future. To date, no holders have elected to convert their notes during any optional conversion periods.

For details regarding all conversion mechanics and methods of settlement, refer to the Indenture for the Convertible Senior Notes due 2025 filed as an exhibit to a Form 8-K on December 15, 2020.

The components of the Convertible Senior Notes due 2025 as of December 31, 2024 and 2023 were as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Principal

 

$

5.5

 

 

$

13.3

 

Less: Debt issuance costs, net of amortization

 

 

(0.1

)

 

 

(0.1

)

Convertible Senior Notes due 2025, net

 

$

5.4

 

 

$

13.2

 

In the fourth quarter of 2024, the Company repurchased a total of $7.8 million aggregate principal amount of its Convertible Senior Notes due 2025. Total cash paid to noteholders was $17.2 million. A loss on extinguishment of debt of $9.4 million was recognized, including a charge of $0.1 million for unamortized debt issuance costs related to the portion of debt extinguished, as well as the related transaction costs.

In the first quarter of 2023, the Company repurchased a total of $7.5 million aggregate principal amount of its Convertible Senior Notes due 2025. Total cash paid to noteholders was $18.7 million. A loss on extinguishment of debt of $11.4 million was recognized, including a charge of $0.2 million for unamortized debt issuance costs related to the portion of debt extinguished, as well as the related transaction costs.

In the first half of 2022, the Company repurchased a total of $25.2 million aggregate principal amount of its Convertible Senior Notes Due 2025. There were no repurchases related to the Convertible Notes during the second half of 2022. Total cash paid to noteholders was $67.6 million. A loss on extinguishment of debt was recognized of $43.0 million, including a charge of $0.6 million for unamortized debt issuance costs related to the portion of debt extinguished, as well as the related transaction costs.

Fair Value Measurement

The fair value of the Convertible Senior Notes due 2025 was approximately $10.2 million as of December 31, 2024 and $41.5 million as of December 31, 2023. The fair value of the Convertible Senior Notes due 2025, which falls within Level 2 of the fair value hierarchy as defined by applicable accounting guidance, is based on a valuation model primarily using observable market inputs and requires a recurring fair value measurement on a quarterly basis.

Metallus' Credit Facility is variable-rate debt. As such, any outstanding carrying value is a reasonable estimate of fair value as interest rates on these borrowings approximate current market rates. This valuation falls within Level 2 of the fair value hierarchy and is based on quoted prices for similar assets and liabilities in active markets that are observable either directly or indirectly. There were no outstanding borrowings on the Credit Facility as of December 31, 2024, 2023, and 2022.

Interest (income) expense, net

The following table provides the components of interest (income) expense, net for the years ended December 31, 2024, 2023 and 2022:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Interest expense

 

$

2.5

 

 

$

2.7

 

 

$

3.9

 

Interest income

 

 

(12.1

)

 

 

(9.8

)

 

 

(3.3

)

Interest (income) expense, net

 

$

(9.6

)

 

$

(7.1

)

 

$

0.6

 

Interest income primarily relates to interest earned on cash invested in a money market fund and deposits with financial institutions. As of December 31, 2024, the carrying value of the Company's money market investment was $110.2 million, which approximates the fair value. The Company had $139.7 million invested in a money market fund as of December 31, 2023, and $209.5 cash invested in a money market fund as of December 31, 2022. The money market fund is a cash equivalent and is included in cash and cash equivalents on the Consolidated Balance Sheets. The fund consists of highly liquid investments with an average maturity of three months or less and falls within Level 1 of the fair value hierarchy as defined by applicable accounting guidance. Additionally, as of December 31, 2024 and 2023, the Company has $125.4 and $119.9 million, respectively, of cash held in other accounts which generate interest income at a rate similar to the money market fund.

The following table sets forth total interest expense recognized specifically related to the Convertible Notes:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Contractual interest expense

 

$

0.7

 

 

$

0.9

 

 

$

1.7

 

Amortization of debt issuance costs

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

Total

 

$

0.8

 

 

$

1.0

 

 

$

1.8

 

The total cash interest paid for the year ended December 31, 2024 , 2023, and 2022 was $ 2.0 million, $2.1 million and $3.1 million, respectively.

Treasury Shares

On December 20, 2021 Metallus announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to $50.0 million of its outstanding common shares. On November 2, 2022, the Board of Directors authorized an additional $75.0 million towards its share repurchase program and on May 6, 2024 the Board of Directors authorized an additional $100.0 million. The share repurchase program is intended to return capital to shareholders while also offsetting dilution from annual equity compensation awards. The share repurchase program does not require the Company to acquire any dollar amount or number of shares and may be modified, suspended, extended or terminated by the Company at any time without prior notice. These authorizations reflect the continued confidence of the Board and senior leadership in the Company’s ability to generate sustainable through-cycle profitability while maintaining a strong balance sheet and cash flow.

For the year ended December 31, 2024, the Company repurchased approximately 2.0 million common shares in the open market at an aggregate cost of $37.6 million, which equates to an average repurchase price of $18.45 per share. As of December 31, 2024, the Company had a balance of $102.8 million remaining under its share repurchase program. For the year ended December 31, 2023, the Company repurchased approximately 1.7 million common shares in the open market at an aggregate cost of $32.6 million, which equates to an average repurchase price of $19.03 per share. For the year ended December 31, 2022, the Company repurchased approximately 3.0 million common shares in the open market at an aggregate cost of $52.0 million, which equates to an average repurchase price of $17.18 per share.

Subsequent to December 31, 2024, the Company repurchased 0.2 million additional common shares in the open market at an aggregate cost of $3.3 million, which equates to an average repurchase price of $14.61 per share. As of February 17, 2025, the Company has $99.5 million remaining under its authorized share repurchase program.
v3.25.0.1
Retirement and Postretirement Plans
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Retirement and Postretirement Plans

Note 12 - Retirement and Postretirement Plans

Eligible employees, including certain employees in foreign countries, participate in the following Company-sponsored plans: Bargaining Unit Pension Plan ("Bargaining Plan"), Supplemental Pension Plan ("Supplemental Plan"), UK Pension Scheme ("Pension Scheme"), Mexico Pension Plan, and Postretirement Plans made up of the Company's Bargaining Unit Welfare Benefit Plan for Retirees and Welfare Benefit Plan for Retirees. The Retirement Plan ("Salaried Plan") was annuitized with the purchase of a group annuity contract on May 15, 2024.

Bargaining Plan

On October 29, 2021, the United Steelworkers ("USW") Local 1123 voted to ratify a new four-year contract (the “Contract”). The Contract is in effect until September 27, 2025 and resulted in several changes to the Bargaining Plan which increased the pension liability by $14.2 million in 2021. These plan amendments were recognized in other comprehensive income (loss) in 2021 and will be amortized as part of the pension net periodic benefit cost in future periods. The main change that drove the increase in the pension liability was the addition of a full lump sum form of payment for participants commencing benefits on or after January 1, 2022. In addition, the plan is now closed to new entrants effective January 1, 2022.

On July 7, 2022, the Company entered into an agreement with The Prudential Insurance Company of America ("Prudential") to purchase an irrevocable group annuity contract and transfer approximately $256.2 million of pension obligations under the Bargaining Plan. In connection with the agreement, Prudential began paying benefits under the group annuity contract as of October 1, 2022 for a specified group of approximately 1,900 participants and beneficiaries who previously received payments from the Bargaining Plan. Benefits payable to these participants and beneficiaries were not reduced as a result of this transaction. Plan participants and beneficiaries not included in the transaction remain in the Bargaining Plan. The Company recorded a non-cash settlement gain of approximately $2.7 million in the third quarter of 2022 related to this partial plan annuitization. This settlement is a significant event which also required remeasurement of the Bargaining Plan during the third quarter of 2022. The transaction was funded directly by the assets of the Bargaining Plan and required no cash contribution from the Company.

 

In the twelve months ended December 31, 2024, the Company contributed a total of $42.8 million in pension contributions, most of which related to the Bargaining Plan. The timing and amount of future required pension contributions is significantly affected by asset returns and actuarial assumptions. Based on the results of the December 31, 2024 pension calculations, the Company estimates total required Bargaining Plan contributions of approximately $65.0 million in 2025. In January 2025, the Company contributed an additional $5.3 million to the Bargaining Plan. Future required pension contribution timing and amounts are subject to significant change based on future investment performance, Company estimates and actuarial assumptions, as well as future funding laws.

Salaried Plan

During the fourth quarter of 2021, the Company's Board of Directors approved the termination of the Salaried Plan. Participants were notified in January 2022 and the plan was terminated effective March 31, 2022, subject to regulatory approval which was received in the fourth quarter of 2023. On May 15, 2024, the Company entered into an agreement to purchase a group annuity contract from Prudential in connection with the annuitization of the Salaried Plan. The Salaried Plan annuitization settled approximately $121 million of the Company’s remaining U.S. pension obligations. Prudential began future benefit payments under the group annuity contract starting August 1, 2024 for all remaining participants in the Salaried Plan. Benefits payable to Salaried Plan participants were not reduced as a result of the annuitization. The group annuity contract was purchased using existing assets of the Salaried Plan and required no cash contribution from the Company. At the date of the annuitization of the Salaried Plan, the Company transferred the Salaried Plan assets and liabilities to Prudential and recorded a non-cash loss of approximately $1.0 million. As of December 31, 2024, the Company has no remaining liabilities or obligations as it relates to the Salaried Plan.

The following table sets forth the change in benefit obligation for the pension and postretirement benefit plans as of December 31, 2024:
 

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in benefit obligation:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Benefit obligation at the beginning of year

 

$

490.9

 

 

$

124.0

 

 

$

16.5

 

 

$

56.7

 

 

$

0.5

 

 

$

688.6

 

 

$

84.9

 

Service cost

 

 

8.9

 

 

 

0.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9.2

 

 

 

0.6

 

Interest cost

 

 

25.4

 

 

 

2.3

 

 

 

0.9

 

 

 

2.5

 

 

 

—

 

 

 

31.1

 

 

 

4.3

 

Actuarial (gains) losses

 

 

(16.9

)

 

 

(1.5

)

 

 

(0.7

)

 

 

(5.1

)

 

 

(0.4

)

 

 

(24.6

)

 

 

(0.2

)

Benefits paid

 

 

(36.7

)

 

 

(6.9

)

 

 

(0.6

)

 

 

(4.0

)

 

 

—

 

 

 

(48.2

)

 

 

(9.5

)

Settlements

 

 

—

 

 

 

(118.2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(118.2

)

 

 

—

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.8

)

 

 

—

 

 

 

(0.8

)

 

 

—

 

Benefit obligation at the end of year

 

$

471.6

 

 

$

—

 

 

$

16.1

 

 

$

49.3

 

 

$

0.1

 

 

$

537.1

 

 

$

80.1

 

Significant actuarial gains related to changes in benefit obligations for 2024 primarily resulted from an increase in discount rates. Significant settlements were a result of the Salaried Plan annuity purchase as well as lump sum payments during 2024.

The following table sets forth the change in benefit obligation for the pension and postretirement benefit plans as of December 31, 2023:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in benefit obligation:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Benefit obligation at the beginning of year

 

$

474.9

 

 

$

128.1

 

 

$

15.5

 

 

$

47.7

 

 

$

0.4

 

 

$

666.6

 

 

$

87.4

 

Service cost

 

 

9.5

 

 

 

0.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10.4

 

 

 

0.7

 

Interest cost

 

 

25.9

 

 

 

6.7

 

 

 

0.9

 

 

 

2.3

 

 

 

—

 

 

 

35.8

 

 

 

4.7

 

Actuarial (gains) losses

 

 

19.1

 

 

 

5.7

 

 

 

0.7

 

 

 

7.3

 

 

 

—

 

 

 

32.8

 

 

 

3.8

 

Benefits paid

 

 

(38.5

)

 

 

(11.4

)

 

 

(0.6

)

 

 

(3.3

)

 

 

—

 

 

 

(53.8

)

 

 

(11.7

)

Settlements

 

 

—

 

 

 

(6.0

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6.0

)

 

 

—

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.7

 

 

 

0.1

 

 

 

2.8

 

 

 

—

 

Benefit obligation at the end of year

 

$

490.9

 

 

$

124.0

 

 

$

16.5

 

 

$

56.7

 

 

$

0.5

 

 

$

688.6

 

 

$

84.9

 

Significant actuarial losses related to changes in benefit obligations for 2023 primarily resulted from a decrease in discount rates.

The following table sets forth the change in plan assets and funded status for the pension and postretirement benefit plan as of December 31, 2024:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in plan assets:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Fair value of plan assets at the beginning of year

 

$

334.7

 

 

$

129.6

 

 

$

—

 

 

$

61.0

 

 

$

0.3

 

 

$

525.6

 

 

$

53.8

 

Actual return on plan assets

 

 

2.8

 

 

 

(0.9

)

 

 

—

 

 

 

(3.4

)

 

 

—

 

 

 

(1.5

)

 

 

2.7

 

Company contributions / payments

 

 

40.9

 

 

 

(3.6

)

 

 

0.6

 

 

 

1.9

 

 

 

—

 

 

 

39.8

 

 

 

2.4

 

Benefits paid

 

 

(36.7

)

 

 

(6.9

)

 

 

(0.6

)

 

 

(4.0

)

 

 

—

 

 

 

(48.2

)

 

 

(9.5

)

Settlements

 

 

—

 

 

 

(118.2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(118.2

)

 

 

—

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.9

)

 

 

—

 

 

 

(0.9

)

 

 

—

 

Fair value of plan assets at end of year

 

$

341.7

 

 

$

—

 

 

$

—

 

 

$

54.6

 

 

$

0.3

 

 

$

396.6

 

 

$

49.4

 

Funded status at end of year

 

$

(129.9

)

 

$

—

 

 

$

(16.1

)

 

$

5.3

 

 

$

0.2

 

 

$

(140.5

)

 

$

(30.7

)

The following table sets forth the change in plan assets and funded status for the pension and postretirement benefit plan as of December 31, 2023:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in plan assets:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Fair value of plan assets at the beginning of year

 

$

353.9

 

 

$

137.7

 

 

$

—

 

 

$

57.5

 

 

$

0.3

 

 

$

549.4

 

 

$

59.2

 

Actual return on plan assets

 

 

19.3

 

 

 

9.3

 

 

 

—

 

 

 

2.5

 

 

 

—

 

 

 

31.1

 

 

 

5.3

 

Company contributions / payments

 

 

—

 

 

 

—

 

 

 

0.6

 

 

 

1.2

 

 

 

—

 

 

 

1.8

 

 

 

1.0

 

Benefits paid

 

 

(38.5

)

 

 

(11.4

)

 

 

(0.6

)

 

 

(3.3

)

 

 

—

 

 

 

(53.8

)

 

 

(11.7

)

Settlements

 

 

—

 

 

 

(6.0

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6.0

)

 

 

—

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3.1

 

 

 

—

 

 

 

3.1

 

 

 

—

 

Fair value of plan assets at end of year

 

$

334.7

 

 

$

129.6

 

 

$

—

 

 

$

61.0

 

 

$

0.3

 

 

$

525.6

 

 

$

53.8

 

Funded status at end of year

 

$

(156.2

)

 

$

5.6

 

 

$

(16.5

)

 

$

4.3

 

 

$

(0.2

)

 

$

(163.0

)

 

$

(31.1

)

 

The Bargaining Plan, Supplemental Plan and the recently terminated Salaried Plan have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. The Company's accounting policy is to recognize settlements during the quarter in which it is projected that the costs of all settlements during the year will be greater than the sum of the service cost and interest cost components.

In the first quarter of 2024, the cumulative cost of all lump sum payments was expected to exceed the sum of the service cost and interest cost components of net periodic pension cost for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan during the first quarter of 2024. On May 1, 2024, in advance of the annuitization of the Salaried plan and upon the election of certain participants, the Company made $20.8 million in lump sum payments. The Company also remeasured the Salaried Plan ahead of the annuitization on May 15, 2024.

In the first quarter of 2023, in anticipation of receiving the regulatory approval to move forward with the plan termination process, the cumulative costs of all lump sum payments and other settlements were projected to exceed the sum of the service cost and interest cost components of net periodic pension cost during 2023 for the Salaried Plan. Ultimately, these costs did not exceed this threshold for the Salaried Plan during 2023. The Salaried Plan's pension obligations and plan assets were remeasured during each quarter of 2023.

For the years ended December 31, 2024 and 2023, the administrative expenses for all plans totaled $3.3 million and $2.9 million, respectively. These expenses are included in benefits paid in the tables above.

The accumulated benefit obligation at December 31, 2024 exceeded the fair value of plan assets for the Bargaining Plan and the unfunded Supplemental Plan. For the Bargaining Plan and Supplemental Plan, the accumulated benefit obligation was $467.1 million and $16.1 million, respectively, as of December 31, 2024.

The accumulated benefit obligation for all pension plans was $532.5 million and $683.7 million as of December 31, 2024 and 2023, respectively.

Amounts recognized on the balance sheet at December 31, 2024 for the Company's pension and postretirement benefit plans include:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Non-current assets

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5.3

 

 

$

0.2

 

 

$

5.5

 

 

$

—

 

Current liabilities

 

 

(64.7

)

 

 

—

 

 

 

(0.6

)

 

 

—

 

 

 

—

 

 

 

(65.3

)

 

 

(1.2

)

Non-current liabilities

 

 

(65.2

)

 

 

—

 

 

 

(15.5

)

 

 

—

 

 

 

—

 

 

 

(80.7

)

 

 

(29.5

)

Total

 

$

(129.9

)

 

$

—

 

 

$

(16.1

)

 

$

5.3

 

 

$

0.2

 

 

$

(140.5

)

 

$

(30.7

)

 

Amounts recognized on the balance sheet at December 31, 2023 for the Company's pension and postretirement benefit plans include:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Non-current assets

 

$

—

 

 

$

5.6

 

 

$

—

 

 

$

4.3

 

 

$

—

 

 

$

9.9

 

 

$

—

 

Current liabilities

 

 

(41.7

)

 

 

—

 

 

 

(0.6

)

 

 

—

 

 

 

—

 

 

 

(42.3

)

 

 

(1.2

)

Non-current liabilities

 

 

(114.5

)

 

 

—

 

 

 

(15.9

)

 

 

—

 

 

 

(0.2

)

 

 

(130.6

)

 

 

(29.9

)

Total

 

$

(156.2

)

 

$

5.6

 

 

$

(16.5

)

 

$

4.3

 

 

$

(0.2

)

 

$

(163.0

)

 

$

(31.1

)

Included in accumulated other comprehensive income (loss) at December 31, 2024 were the following before-tax amounts that had not been recognized in net periodic benefit cost:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Unrecognized prior service (benefit) cost

 

$

9.9

 

 

$

—

 

 

$

—

 

 

$

0.4

 

 

$

—

 

 

$

10.3

 

 

$

(38.0

)

Included in accumulated other comprehensive income (loss) at December 31, 2023 were the following before-tax amounts that had not been recognized in net periodic benefit cost:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Unrecognized prior service (benefit) cost

 

$

11.1

 

 

$

—

 

 

$

—

 

 

$

0.5

 

 

$

—

 

 

$

11.6

 

 

$

(44.0

)

The weighted average assumptions used in determining benefit obligation as of December 31, 2024 and 2023 were as follows:

 

 

Pension

 

 

Postretirement

 

Assumptions:

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Discount rate

 

 

5.71

%

 

 

5.33

%

 

 

5.73

%

 

 

5.43

%

Future compensation assumption

 

 

3.50

%

 

 

3.00

%

 

n/a

 

 

n/a

 

The weighted average assumptions used in determining benefit cost for the years ended December 31, 2024 and 2023 were as follows:

 

 

 

Pension

 

 

Postretirement

 

Assumptions:

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Discount rate

 

 

5.33

%

 

 

5.61

%

 

 

5.43

%

 

 

5.70

%

Future compensation assumption

 

 

3.00

%

 

 

3.00

%

 

n/a

 

 

n/a

 

Expected long-term return on plan assets

 

 

7.15

%

 

 

7.13

%

 

 

5.80

%

 

 

6.25

%

 

 

The discount rate assumption is based on current rates of high-quality long-term corporate bonds over the same period that benefit payments will be required to be made. The expected rate of return on plan assets assumption is based on the weighted-average expected return on the various asset classes in the plans’ portfolios. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance.

For measurement purposes, the weighted-average annual rate of increase in the per capita cost ("health care cost trend rate") was not applicable for the years 2024 and 2023.

The components of net periodic benefit cost (income) for the year ended December 31, 2024 were as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Components of net periodic benefit cost (income):

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Service cost

 

$

8.9

 

 

$

0.3

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

9.2

 

 

$

0.6

 

Interest cost

 

 

25.4

 

 

 

2.3

 

 

 

0.9

 

 

 

2.5

 

 

 

—

 

 

 

31.1

 

 

 

4.3

 

Expected return on plan assets

 

 

(28.0

)

 

 

(2.4

)

 

 

—

 

 

 

(3.1

)

 

 

—

 

 

 

(33.5

)

 

 

(2.9

)

Amortization of prior service cost

 

 

1.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.2

 

 

 

(5.9

)

Settlements

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net remeasurement losses (gains)

 

 

8.3

 

 

 

1.8

 

 

 

(0.7

)

 

 

1.4

 

 

 

(0.4

)

 

 

10.4

 

 

 

(0.1

)

Net Periodic Benefit Cost (Income)

 

$

15.8

 

 

$

2.0

 

 

$

0.2

 

 

$

0.8

 

 

$

(0.4

)

 

$

18.4

 

 

$

(4.0

)

The components of net periodic benefit cost (income) for the year ended December 31, 2023 were as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Components of net periodic benefit cost (income):

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Service cost

 

$

9.5

 

 

$

0.9

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

10.4

 

 

$

0.7

 

Interest cost

 

 

25.9

 

 

 

6.7

 

 

 

0.9

 

 

 

2.3

 

 

 

—

 

 

 

35.8

 

 

 

4.7

 

Expected return on plan assets

 

 

(26.9

)

 

 

(7.5

)

 

 

—

 

 

 

(2.7

)

 

 

—

 

 

 

(37.1

)

 

 

(3.4

)

Amortization of prior service cost

 

 

1.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.3

 

 

 

(6.0

)

Settlements

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net remeasurement losses (gains)

 

 

26.6

 

 

 

4.0

 

 

 

0.6

 

 

 

7.5

 

 

 

—

 

 

 

38.7

 

 

 

1.9

 

Net Periodic Benefit Cost (Income)

 

$

36.4

 

 

$

4.1

 

 

$

1.5

 

 

$

7.1

 

 

$

—

 

 

$

49.1

 

 

$

(2.1

)

 

The components of net periodic benefit cost (income) for the year ended December 31, 2022 were as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Components of net periodic benefit cost (income):

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Service cost

 

$

13.9

 

 

$

0.3

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

14.2

 

 

$

1.1

 

Interest cost

 

 

31.1

 

 

 

6.5

 

 

 

0.7

 

 

 

1.3

 

 

 

—

 

 

 

39.6

 

 

 

3.4

 

Expected return on plan assets

 

 

(46.7

)

 

 

(5.0

)

 

 

—

 

 

 

(3.2

)

 

 

—

 

 

 

(54.9

)

 

 

(3.4

)

Amortization of prior service cost

 

 

1.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.3

 

 

 

(6.0

)

Curtailment

 

 

(2.7

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2.7

)

 

 

—

 

Net remeasurement losses (gains)

 

 

(37.2

)

 

 

6.9

 

 

 

(6.5

)

 

 

15.9

 

 

 

—

 

 

 

(20.9

)

 

 

(11.8

)

Net Periodic Benefit Cost (Income)

 

$

(40.3

)

 

$

8.7

 

 

$

(5.8

)

 

$

14.0

 

 

$

—

 

 

$

(23.4

)

 

$

(16.7

)

Metallus recognizes its overall responsibility to ensure that the assets of its various defined benefit pension plans are managed effectively and prudently and in compliance with its policy guidelines and all applicable laws. Preservation of capital is important; however, Metallus also recognizes that appropriate levels of risk are necessary to allow its investment managers to achieve satisfactory long-term results consistent with the objectives and the fiduciary character of the pension funds. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for various asset classes. The expected rate of return for the investment portfolios is based on expected rates of return for various asset classes, as well as historical asset class and fund performance.

The target allocations for each plan's assets are as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Target Allocations:

 

Bargaining
Plan

 

 

Salaried
Plan

 

Supplemental
Plan

 

Pension
Scheme

 

 

Pension
Plan

 

 

Weighted
Average
Pension

 

 

Postretirement
Plans

 

Equity securities

 

 

38.0

%

 

n/a

 

n/a

 

 

15.8

%

 

 

—

 

 

 

34.9

%

 

 

26.0

%

Debt securities

 

 

34.0

%

 

n/a

 

n/a

 

 

68.5

%

 

 

100.0

%

 

 

38.8

%

 

 

67.0

%

Other investments

 

 

28.0

%

 

n/a

 

n/a

 

 

15.7

%

 

 

—

 

 

 

26.3

%

 

 

7.0

%

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date ("exit price"). The inputs used to measure fair value are classified into the following hierarchy:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3 - Unobservable inputs for the asset or liability.

The following table presents the fair value hierarchy for those investments of the Company's pension assets measured at fair value on a recurring basis as of December 31, 2024:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

12.6

 

 

$

3.3

 

 

$

9.3

 

 

$

—

 

U.S government and agency securities

 

 

36.3

 

 

 

36.3

 

 

 

—

 

 

 

—

 

Mutual fund - equities

 

 

80.9

 

 

 

80.9

 

 

 

—

 

 

 

—

 

Mutual fund - fixed income

 

 

12.5

 

 

 

12.5

 

 

 

—

 

 

 

—

 

Mutual fund - tactical tilt

 

 

10.8

 

 

 

10.8

 

 

 

—

 

 

 

—

 

Exchange traded funds

 

 

0.5

 

 

 

0.5

 

 

 

—

 

 

 

—

 

Real estate

 

 

29.7

 

 

 

—

 

 

 

—

 

 

 

29.7

 

Private debt

 

 

22.2

 

 

 

—

 

 

 

—

 

 

 

22.2

 

Total Assets in the fair value hierarchy

 

$

205.5

 

 

$

144.3

 

 

$

9.3

 

 

$

51.9

 

Assets measured at net asset value (1)

 

 

191.1

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

396.6

 

 

$

144.3

 

 

$

9.3

 

 

$

51.9

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities, limited partnerships, real estate partnerships, and hedge funds. As of December 31, 2024, these assets are redeemable at net asset value within 90 days, except for certain private investments with an estimated liquidation period of one to ten years.

The following table presents the fair value hierarchy for those investments of the Company's pension assets measured at fair value on a recurring basis as of December 31, 2023:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5.8

 

 

$

—

 

 

$

5.8

 

 

$

—

 

U.S government and agency securities

 

 

59.8

 

 

 

50.7

 

 

 

9.1

 

 

 

—

 

Corporate bonds

 

 

39.8

 

 

 

—

 

 

 

39.8

 

 

 

—

 

Mutual fund - equities

 

 

83.3

 

 

 

83.3

 

 

 

—

 

 

 

—

 

Mutual fund - fixed income

 

 

12.2

 

 

 

12.2

 

 

 

—

 

 

 

—

 

Mutual fund - tactical tilt

 

 

10.6

 

 

 

10.6

 

 

 

—

 

 

 

—

 

Real estate

 

 

14.1

 

 

 

—

 

 

 

—

 

 

 

14.1

 

Private debt

 

 

25.7

 

 

 

—

 

 

 

—

 

 

 

25.7

 

Other

 

 

0.6

 

 

 

—

 

 

 

0.6

 

 

 

—

 

Total Assets in the fair value hierarchy

 

$

251.9

 

 

$

156.8

 

 

$

55.3

 

 

$

39.8

 

Assets measured at net asset value (1)

 

 

273.7

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

525.6

 

 

$

156.8

 

 

$

55.3

 

 

$

39.8

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities, limited partnerships, real estate partnerships, and hedge funds. As of December 31, 2023, these assets were redeemable at net asset value within 90 days, except for certain private investments with an estimated liquidation period of one to ten years.

The following table sets forth a summary of changes in the fair value of the Company's pension plan level three assets for the year ended December 31, 2024:

 

 

Level 3 assets only

 

 

 

2024

 

Balance at the beginning of year

 

$

39.8

 

Transfers in and/or out of Level 3

 

 

—

 

Actual return on plan assets:

 

 

 

Realized gain (loss)

 

 

(0.4

)

Net unrealized gain (loss)

 

 

3.5

 

Purchases, sales, issuances and settlements:

 

 

 

Purchases

 

 

15.5

 

Sales

 

 

(6.5

)

Balance at the end of year

 

$

51.9

 

 

The following table presents the fair value hierarchy for those investments of the Company's postretirement assets measured at fair value on a recurring basis as of December 31, 2024:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3.6

 

 

$

3.6

 

 

$

—

 

 

$

—

 

Mutual fund - equities

 

 

11.9

 

 

 

11.9

 

 

 

—

 

 

 

—

 

Mutual fund - fixed income

 

 

6.6

 

 

 

6.6

 

 

 

—

 

 

 

—

 

Mutual fund - real assets

 

 

0.9

 

 

 

0.9

 

 

 

—

 

 

 

—

 

Mutual fund - tactical tilt

 

 

2.3

 

 

 

2.3

 

 

 

—

 

 

 

—

 

Total Assets in the fair value hierarchy

 

$

25.3

 

 

$

25.3

 

 

$

—

 

 

$

—

 

Assets measured at net asset value (1)

 

 

24.1

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

49.4

 

 

$

25.3

 

 

$

—

 

 

$

—

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities. As of December 31, 2024, these assets are redeemable at net asset value on a daily basis.

The following table presents the fair value hierarchy for those investments of the Company's postretirement assets measured at fair value on a recurring basis as of December 31, 2023:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2.2

 

 

$

2.2

 

 

$

—

 

 

$

—

 

Mutual fund - equities

 

 

13.5

 

 

 

13.5

 

 

 

—

 

 

 

—

 

Mutual fund - fixed income

 

 

7.3

 

 

 

7.3

 

 

 

—

 

 

 

—

 

Mutual fund - real assets

 

 

1.1

 

 

 

1.1

 

 

 

—

 

 

 

—

 

Mutual fund - tactical tilt

 

 

2.5

 

 

 

2.5

 

 

 

—

 

 

 

—

 

Total Assets in the fair value hierarchy

 

$

26.6

 

 

$

26.6

 

 

$

—

 

 

$

—

 

Assets measured at net asset value (1)

 

 

27.2

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

53.8

 

 

$

26.6

 

 

$

—

 

 

$

—

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities, fixed income securities, and limited partnerships. As of December 31, 2023, these assets are redeemable at net asset value on a daily basis.

Future benefit payments are expected to be as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Benefit Payments:

 

Bargaining
Plan

 

 

Salaried
Plan (1)

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

2025

 

$

43.5

 

 

$

—

 

 

$

0.6

 

 

$

2.8

 

 

$

—

 

 

$

46.9

 

 

$

8.8

 

2026

 

 

43.2

 

 

 

—

 

 

 

0.6

 

 

 

2.7

 

 

 

—

 

 

 

46.5

 

 

 

8.3

 

2027

 

 

47.2

 

 

 

—

 

 

 

13.0

 

 

 

3.2

 

 

 

—

 

 

 

63.4

 

 

 

7.9

 

2028

 

 

46.4

 

 

 

—

 

 

 

0.5

 

 

 

3.3

 

 

 

—

 

 

 

50.2

 

 

 

7.5

 

2029

 

 

44.3

 

 

 

—

 

 

 

0.5

 

 

 

3.5

 

 

 

—

 

 

 

48.3

 

 

 

7.2

 

2030-2034

 

 

196.4

 

 

 

—

 

 

 

2.0

 

 

 

19.5

 

 

 

—

 

 

 

217.9

 

 

 

32.4

 

 

The Company expects to make required contributions and payments to its pension and postretirement plans of $68.5 million in the next 12 months and $103.3 million from 2026 through 2034. The timing and amount of future required pension contributions is significantly affected by asset returns and actuarial assumptions.

 

(1) As of August 1, 2024, Prudential assumed the responsibility for all future Salaried Plan benefit payments as a result of the annuitization that occurred.

Defined Contribution Plans

The Company recorded expense primarily related to employer matching and non-discretionary contributions to these defined contribution plans of $3.1 million in 2024, $3.4 million in 2023, and $3.3 million in 2022.

v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 13 - Stock-Based Compensation

Description of the Plan

On May 6, 2020, the Company's shareholders approved the 2020 Equity and Incentive Compensation Plan ("2020 Plan"), which replaced the previously approved Amended and Restated 2014 Equity and Incentive Compensation Plan ("2014 Plan"). The 2020 Plan authorizes the Compensation Committee to provide cash awards and equity-based compensation in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, performance units, dividend equivalents, and certain other awards for the primary purpose of providing our employees, officers and directors incentives and rewards for service and/or performance. Subject to adjustment as described in the 2020 Plan, and subject to the 2020 Plan share counting rules, a total of 2.0 million common shares of the Company are available for awards granted under the 2020 Plan (plus shares subject to awards granted under the 2020 Plan or the 2014 Plan that are canceled or forfeited, expire, are settled for cash, or are unearned to the extent of such cancellation, forfeiture, expiration, cash settlement or unearned amount, as further described in the 2020 Plan). These shares may be shares of original issuance or treasury shares, or a combination of both. The aggregate number of shares available under the 2020 Plan will generally be reduced by one common share for every one share subject to an award granted under the 2020 Plan. The 2020 Plan also provides that, subject to adjustment as described in the 2020 Plan: (1) the aggregate number of common shares actually issued or transferred upon the exercise of incentive stock options will not exceed 2.0 million common shares; and (2) no non-employee director of the Company will be granted, in any period of one calendar year, compensation for such service having an aggregate maximum value (measured at the grant date as applicable, and calculating the value of any awards based on the grant date fair value for financial reporting purposes) in excess of $0.5 million.

On May 5, 2021, shareholders approved the Amended and Restated 2020 Equity and Incentive Compensation Plan (the “Amended 2020 Plan”), which amended and restated the 2020 plan. In general, the Amended 2020 Plan modified the 2020 Plan to (1) increase the number of common shares, without par value, of the Company available for awards by 2,000,000 shares, (2) correspondingly increase the limit on shares that may be issued or transferred upon the exercise of incentive stock options by 2,000,000 shares, (3) remove the 2020 Plan’s full value award limit of 1.8 million shares and (4) extend the plan term until May 5, 2031. In addition, the Amended 2020 Plan made certain other conforming, clarifying or non-substantive changes to the terms of the 2020 Plan to implement the Amended 2020 Plan but did not make other material changes to the 2020 Plan.

Stock Options

There were no stock options granted during the years ended December 31, 2024, 2023 and 2022.

The following summarizes the Company's stock option activity from January 1, 2024 to December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic Value
(millions)

 

Outstanding as of December 31, 2023

 

 

621,350

 

 

$

17.95

 

 

 

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

(134,552

)

 

 

10.83

 

 

 

—

 

 

 

—

 

Canceled, forfeited or expired

 

 

(186,580

)

 

 

33.90

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2024

 

 

300,218

 

 

$

11.23

 

 

 

3.8

 

 

$

3.8

 

Options expected to vest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Options exercisable

 

 

300,218

 

 

$

11.23

 

 

 

3.8

 

 

$

3.8

 

Time-Based Restricted Stock Units

Time-based restricted stock units are issued with the fair value equal to the closing market price of Metallus common shares on the date of grant. These restricted stock units do not have any performance conditions for vesting. Expense is recognized over the service period, adjusted for any forfeitures that occur during the vesting period.

The following summarizes the Company's stock-settled, time-based restricted stock unit activity from January 1, 2024 to December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding as of December 31, 2023

 

 

1,619,719

 

 

$

11.99

 

Granted

 

 

447,376

 

 

 

20.41

 

Vested

 

 

(839,669

)

 

 

12.66

 

Canceled, forfeited or expired

 

 

(12,294

)

 

 

19.80

 

Outstanding as of December 31, 2024

 

 

1,215,132

 

 

$

14.55

 

Performance-Based Restricted Stock Units

Annual grants of performance-based restricted stock units are generally earned (determined under a Compensation Committee approved matrix) based on the Company's relative total shareholder return as compared to an identified peer group of steel companies. The fair value of each unit is determined using a Monte Carlo valuation model, a generally accepted lattice pricing model. The overall vesting period is generally three years, with relative total shareholder return measured for the one, two and three-year periods creating effectively a “nested” 1-year, 2-year, and 3-year performance period. Relative total shareholder return is calculated for each nested performance period by taking the beginning and ending price points based off a 20-trading day average closing stock price as of December 31.

The following summarizes the Company's stock-settled performance-based restricted stock unit activity from January 1, 2024 to December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding as of December 31, 2023

 

 

1,014,658

 

 

$

15.99

 

Granted

 

 

205,944

 

 

 

18.73

 

Vested

 

 

(623,596

)

 

 

7.41

 

Canceled, forfeited or expired

 

 

(6,119

)

 

 

22.65

 

Outstanding as of December 31, 2024

 

 

590,887

 

 

$

25.93

 

Transformation Incentive Grant Program

In the fourth quarter of 2023, the Board approved and authorized a performance-based Transformation Incentive Grant program (the “Transformation Incentive Grant Program”). Under the Transformation Incentive Grant Program, certain employees were granted performance-based restricted stock unit awards designed to be earned based upon the closing price performance of the Company's common shares during a performance period running from December 1, 2023 through December 31, 2026. Similar to the annual performance-based restricted stock units, the fair value of each share is determined using a Monte Carlo valuation model, a generally accepted lattice pricing model. There were no additional grants under the Transformation Incentive Grant Program during 2024.

The following summarizes the Company's Transformation Incentive Grant Program activity from January 1, 2024 to December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding as of December 31, 2023

 

 

350,000

 

 

$

22.46

 

Granted (Tier 1-2)

 

 

—

 

 

 

—

 

Granted (Tier 3-4)

 

 

—

 

 

 

—

 

Canceled, forfeited or expired

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2024

 

 

350,000

 

 

$

22.46

 

Other Information

Metallus recognized stock-based compensation expense of $14.0 million, $11.5 million and $8.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, future stock-based compensation expense related to the unvested portion of all awards is approximately $18.9 million, which is expected to be recognized over a weighted average period of 2.0 years.
v3.25.0.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 14 - Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023 by component were as follows:

 

 

 

Foreign Currency
Translation
Adjustments

 

 

Pension and
Postretirement
Liability
Adjustments

 

 

Total

 

Balance as of December 31, 2023

 

$

(6.5

)

 

$

18.9

 

 

$

12.4

 

Other comprehensive income before reclassifications, before income tax

 

 

(1.2

)

 

 

—

 

 

 

(1.2

)

Amounts reclassified from accumulated other comprehensive income
   (loss), before income tax

 

 

—

 

 

 

(3.6

)

 

 

(3.6

)

Amounts deferred to accumulated other comprehensive income
   (loss), before income tax

 

—

 

 

 

—

 

 

 

—

 

Tax effect

 

—

 

 

 

0.1

 

 

 

0.1

 

Net current period other comprehensive income (loss), net of income taxes

 

 

(1.2

)

 

 

(3.5

)

 

 

(4.7

)

Balance as of December 31, 2024

 

$

(7.7

)

 

$

15.4

 

 

$

7.7

 

 

 

 

Foreign Currency
Translation
Adjustments

 

 

Pension and
Postretirement
Liability
Adjustments

 

 

Total

 

Balance as of December 31, 2022

 

$

(6.8

)

 

$

21.5

 

 

$

14.7

 

Other comprehensive income before reclassifications, before income tax

 

 

—

 

 

 

—

 

 

 

—

 

Amounts reclassified from accumulated other comprehensive income
   (loss), before income tax

 

 

0.3

 

 

 

(4.9

)

 

 

(4.6

)

Amounts deferred to accumulated other comprehensive income
   (loss), before income tax

 

—

 

 

 

2.3

 

 

 

2.3

 

Tax effect

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss), net of income taxes

 

 

0.3

 

 

 

(2.6

)

 

 

(2.3

)

Balance as of December 31, 2023

 

$

(6.5

)

 

$

18.9

 

 

$

12.4

 

 

The amount reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2024 and December 31, 2023 for the pension and postretirement liability adjustment was included in other (income) expense, net in the Consolidated Statements of Operations. The amount deferred to accumulated other comprehensive income (loss) for the year ended December 31, 2022 was a result of a plan amendment to the Company's Bargaining Plan. For more details refer to "Note 12 - Retirement and Postretirement Plans."
v3.25.0.1
Contingencies
 12 Months Ended
Dec. 31, 2024
Loss Contingency Accrual, Disclosures [Abstract]  
Contingencies

Note 15 – Contingencies

Metallus has a number of loss exposures incurred in the ordinary course of business, such as environmental claims, product warranty claims, employee-related matters, and other litigation. Establishing loss reserves for these matters requires management’s estimate and judgment regarding risk exposure and ultimate liability or realization. These loss reserves are reviewed periodically and adjustments are made to reflect the most recent facts and circumstances. Accruals related to environmental claims represent management’s best estimate of the fees and costs associated with these claims. Although it is not possible to predict with certainty the outcome of such claims, management believes that their ultimate dispositions should not have a material adverse effect on our financial position, cash flows or results of operations. As of December 31, 2024 and 2023 Metallus had a $0.5 million and $1.1 million contingency reserve, respectively, related to loss exposures incurred in the ordinary course of business.
v3.25.0.1
Schedule II-Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II-Valuation and Qualifying Accounts

Schedule II-Valuation and Qualifying Accounts

 

Allowance for uncollectible accounts:

 

2024

 

 

2023

 

 

2022

 

Balance at Beginning of Period

 

$

2.0

 

 

$

1.0

 

 

$

1.9

 

Additions:

 

 

 

 

 

 

 

 

 

Charged to Costs and Expenses (1)

 

 

—

 

 

 

1.2

 

 

 

—

 

Deductions (2)

 

 

(0.3

)

 

 

(0.2

)

 

 

(0.9

)

Balance at End of Period

 

$

1.7

 

 

$

2.0

 

 

$

1.0

 

Allowance for inventory reserves:

 

2024

 

 

2023

 

 

2022

 

Balance at Beginning of Period

 

$

0.7

 

 

$

0.5

 

 

$

0.8

 

Additions:

 

 

 

 

 

 

 

 

 

Charged to Costs and Expenses (3)

 

 

0.6

 

 

 

1.1

 

 

 

0.5

 

Deductions (4)

 

 

(0.2

)

 

 

(0.9

)

 

 

(0.8

)

Balance at End of Period

 

$

1.1

 

 

$

0.7

 

 

$

0.5

 

Valuation allowance on deferred tax assets:

 

2024

 

 

2023

 

 

2022

 

Balance at Beginning of Period

 

$

15.5

 

 

$

13.0

 

 

$

15.5

 

Additions:

 

 

 

 

 

 

 

 

 

Charged to Costs and Expenses (5)

 

—

 

 

 

2.5

 

 

—

 

Charged to Other Accounts (6)

 

 

—

 

 

 

—

 

 

 

—

 

Deductions (7)

 

 

(0.5

)

 

 

—

 

 

 

(2.5

)

Balance at End of Period

 

$

15.0

 

 

$

15.5

 

 

$

13.0

 


(1) Provision for uncollectible accounts included in expenses.


(2) Actual accounts written off against the allowance, net of recoveries.


(3) Provisions for surplus and obsolete inventory and lower cost or net realizable value included in expenses.


(4) Inventory items released against the allowance, either via write-off or a recovery.

(5) Increase in valuation allowance is recorded as a component of the provision for income taxes.

(6) Amount relates to valuation allowances recorded against other comprehensive income (loss).

(7) For the year ended December 31, 2024, this amount related to the release of a portion of a foreign valuation allowance. For the year ended December 31, 2022, this amount related to the release of a portion of the U.S. valuation allowance.

v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Revenue Recognition

Revenue Recognition:

Metallus recognizes revenue from contracts at a point in time when it has satisfied its performance obligation and the customer obtains control of the goods, at the amount that reflects the consideration the Company expects to receive for those goods.

 

Substantially all performance obligations arise from the sale of manufactured steel products. The Company receives and acknowledges purchase orders from its customers, which define the quantity, pricing, payment and other applicable terms and

conditions. In some cases, the Company receives a blanket purchase order from its customer, which includes pricing, payment and other terms and conditions, with quantities defined at the time the customer issues periodic releases from the blanket purchase order.

 

Transfer of control and revenue recognition for substantially all the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership, and risk of loss pass to the customer and is based on the applicable customer shipping terms.

 

The Company invoices its customers at the time of title transfer. Payment terms are generally 30 days from the invoice date. Invoiced amounts are usually inclusive of shipping and handling activities incurred. Shipping and handling activities billed are included in net sales in the Consolidated Statements of Operations. The related costs incurred by the Company for the delivery of goods are classified as cost of products sold in the Consolidated Statements of Operations.

 

Certain contracts contain variable consideration, which primarily consists of rebates that are accounted for in net sales and accrued based on the estimated probability of the requirements being met.

 

Sales returns and allowances are treated as a reduction to net sales and are provided for primarily based on historical experience. These reserves also capture any potential warranty claims, which normally result in returned or replaced product.

 

The Company’s contracts with certain Manufactured Components customers extend multiple years and generally average five years. While these contracts set the duration of time, they do not cover or guarantee volumes but rather are focused on piece prices, which are established at the inception of the contract. From time to time, subsequent pricing adjustments are agreed to through negotiation. Pricing adjustments are occasionally determined retroactively based on historical shipments. The Company recognizes revenue for these subsequent price adjustments when they are determined to be probable and estimable. For the year ended December 31, 2023, the Company recognized $16.0 million in subsequent pricing adjustments. There were no subsequent price adjustments recognized for the year ended December 31, 2024.
Cash Equivalents and Restricted Cash

Cash Equivalents and Restricted Cash:

Metallus considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

The Company's restricted cash balance represents an imprest cash account used for the funding of employee healthcare costs. Funding of this account began in 2022 when the Company changed its healthcare plan administrator. The balance of restricted cash as of December 31, 2024 was $1.2 million, which is included in other current assets on the Consolidated Balance Sheets. The Company had $0.7 million of restricted cash as of December 31, 2023.
Accounts Receivables, Net

Accounts Receivables, Net:

The Company’s accounts receivables arise from sales to customers across the industrial, automotive, aerospace & defense, and energy end markets. The allowance for doubtful account reserve has been established using qualitative and quantitative methods. In general, account balances are fully reserved when greater than one year of age or sent to third party collection. Account balances for customers that are viewed as higher risk are also analyzed for a reserve. In addition to these methods, the allowance for doubtful accounts is adjusted for forward-looking estimates of uncollectible balances based on end-market outlook and dynamics. Historically, write-offs for Metallus' allowance for doubtful accounts have been immaterial.
Inventories, Net

Inventories, Net:

Inventories are stated at lower of cost or net realizable value. All inventories, including raw materials, manufacturing supplies inventory, as well as international (outside the U.S.) inventories, have been valued using the FIFO or average cost method.
Property, Plant and Equipment, Net

Property, Plant and Equipment, Net:

Property, plant and equipment, net are valued at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred. The provision for depreciation is computed principally by the straight-line method based upon the estimated useful lives of the assets. The useful lives are approximately 30 years for buildings and 3 to 20 years for machinery and equipment.
Intangible Assets, Net

Intangible Assets, Net:

Intangible assets, net are valued at cost less accumulated amortization. Intangible assets subject to amortization are amortized using a straight-line method over their legal or estimated useful lives. Definite lived intangible assets are primarily capitalized software with a weighted average useful life of 8 years and amortization expense of $1.7 million, $2.3 million and $2.8 million for the years ended December 31, 2024, 2023 and 2022. Intangible assets subject to amortization are amortized using a straight-line method over their legal or estimated useful lives.

Government Funding

Government Funding:

 

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, "Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance", which requires business entities to provide disclosures on material government assistance transactions for annual reporting periods. The Company prospectively applied the guidance in conjunction with the agreement with the United States Army entered into during the first quarter of 2024 to support the Army's mission of ramping up munitions production in the coming years. In accordance with “International Accounting Standards (“IAS”) 20 – Accounting for Government Grants and Disclosure of Government Assistance”, funding for capital expenditures is recorded as a reduction to property, plant and equipment at the completion of the project, as the primary conditions for receipt of these funds are to build-out new assets to support increased munitions production for the United States Army.

For the year ended December 31, 2024, the Company received $53.5 million in funding related to this agreement and recorded the funding as a current liability on the Consolidated Balance Sheets and as investing within the Consolidated Cash Flows. There was $8.0 million in capital spending related to assets associated with this agreement in 2024.

 

In February 2025, the Company received an additional $11.9 million in funding related to this agreement.
Impairment and Disposal of Long-lived Assets, Net

Impairment and Disposal of Long-lived Assets, Net:

Long-lived assets (including property, plant and equipment, tangible assets and intangible assets subject to amortization) are reviewed for impairment when events or changes in circumstances have occurred indicating that the carrying value of the assets may not be recoverable.

Metallus tests recoverability of long-lived assets at the lowest level for which there are identifiable cash flows that are independent from the cash flows of other assets. Assets and asset groups held and used are measured for recoverability by comparing the carrying amount of the asset or asset group to the sum of future undiscounted net cash flows expected to be generated by the asset or asset group.

If an asset or asset group is considered to be impaired, the impairment loss that would be recognized is the amount by which the carrying amount of the assets exceeds the fair value of the assets. To determine fair value, Metallus uses internal cash flow estimates discounted at an appropriate interest rate, third party appraisals, as appropriate, and/or market prices of similar assets, when available.

Refer to “Note 9 - Property, Plant and Equipment” for additional information.
Income Taxes

Income Taxes:

Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. Metallus accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Metallus recognizes deferred tax assets to the extent Metallus believes these assets are more likely than not to be realized. In making such a determination, Metallus considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If Metallus determines that it would be able to realize deferred tax assets in the future in excess of their net recorded amount, Metallus would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

Metallus records uncertain tax positions in accordance with applicable accounting guidance, on the basis of a two-step process whereby (1) Metallus determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position, and (2) for those tax positions that meet the more-likely-than-not recognition threshold, Metallus recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

Metallus recognizes interest and penalties related to unrecognized tax benefits within the provision (benefit) for income taxes line in the accompanying Consolidated Statements of Operations, if applicable. Accrued interest and penalties are included within the related tax liability line in the Consolidated Balance Sheets.
Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits:

Metallus recognizes an overfunded status or underfunded status (e.g., the difference between the fair value of plan assets and the benefit obligations) as either an asset or a liability for its defined benefit pension and other postretirement benefit plans on the Consolidated Balance Sheets. The Company recognizes actuarial gains and losses immediately through net periodic benefit cost in the Consolidated Statements of Operations upon the annual remeasurement at December 31, or on an interim basis as triggering events warrant remeasurement. An example of a potential triggering event would be settlements. The Company’s accounting policy is to recognize settlements during the quarter in which it is projected that the costs of all settlements during the year will be greater than the sum of the service cost and interest cost components of net periodic benefit cost. In addition, the Company uses fair value to account for the value of plan assets.
Stock-Based Compensation

Stock-Based Compensation:

Metallus recognizes stock-based compensation expense based on the grant date fair value of the stock-based awards over their required vesting period on a straight-line basis, whether the awards were granted with graded or cliff vesting. Stock options are issued with an exercise price equal to the closing market price of Metallus common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield.

Annual grants of performance-based restricted stock units vest based on achievement of a relative total shareholder return ("TSR") metric. The TSR metric is considered a market condition, which requires Metallus to reflect it in the fair value on grant date using an advanced option-pricing model. The fair value of each performance share was therefore determined using a Monte Carlo valuation model, a generally accepted lattice pricing model. The Monte Carlo valuation model, among other factors, uses commonly-accepted economic theory underlying all valuation models, estimates fair value using simulations of future share prices based on stock price behavior and considers the correlation of peer company returns in determining fair value.

In the fourth quarter of 2023, the Board approved and authorized a performance-based Transformation Incentive Grant program (the “Transformation Incentive Grant Program”). Under the Transformation Incentive Grant Program, certain employees were granted performance-based restricted stock unit awards designed to be earned based upon the closing price performance of the Company's common shares during a performance period running from December 1, 2023 through December 31, 2026. Similar to the annual performance-based restricted stock units, the fair value of each share is determined using a Monte Carlo valuation model, a generally accepted lattice pricing model. There were no additional grants under the Transformation Incentive Grant Program during 2024.

The fair value of stock-based awards that will settle in Metallus common shares, other than stock options and performance-based restricted stock units, is based on the closing market price of Metallus common shares on the grant date.

Metallus recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the Consolidated Statements of Operations. The excess tax benefits and tax deficiencies are considered discrete items in the reporting period they occur and are not included in the estimate of an entity’s annual effective tax rate.
Adoption of New Accounting Standards

Adoption of New Accounting Standards

The Company adopted the following Accounting Standard Updates (“ASU”) during 2024:

 

Standard Adopted

Description

Date of Adoption

Impact

ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures

The standard enhances reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

January 1, 2024

The Company adopted this standard retrospectively to all periods presented in the Form 10-K for the year ended December 31, 2024. The guidance resulted in additional disclosures and does not impact recognition or measurement in our Consolidated Financial Statements. Refer to Note 3 - Segment Information.

Accounting Standards Issued But Not Yet Adopted

The Company has considered the recent ASU's issued by the Financial Accounting Standards Board summarized below:

Standard Adopted

Description

Date of Adoption

Impact

ASU 2024-03, Disaggregated Expenses

The standard enhances the detail of expenses presented in the income statement including items such as: (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization.

January 1, 2027

The Company is currently evaluating the impact of the adoption of this ASU on its disclosures. The standard has no impact on the results of operations and financial condition.

ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

The standard enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid.

January 1, 2025

The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Revenue from External Customers by Geographic Areas Net sales by geographic area are reported by the country in which the customer is domiciled.

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net Sales:

 

 

 

 

 

 

 

 

 

United States

 

$

951.0

 

 

$

1,239.4

 

 

$

1,201.3

 

Foreign

 

 

133.0

 

 

 

123.0

 

 

 

128.6

 

 

 

$

1,084.0

 

 

$

1,362.4

 

 

$

1,329.9

 
Long-lived Assets by Geographic Areas Long-lived assets include property, plant and equipment and intangible assets subject to amortization. Long-lived assets by geographic area are reported by the location of the Metallus operations to which the asset is attributed.

 

 

December 31,

 

 

 

2024

 

 

2023

 

Long-lived Assets, net:

 

 

 

 

 

 

United States

 

$

522.0

 

 

$

506.2

 

Foreign

 

 

0.4

 

 

 

0.4

 

 

 

$

522.4

 

 

$

506.6

 
v3.25.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue

The following table provides the major sources of revenue by end-market for the years ended December 31, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Industrial

 

$

390.5

 

 

 

533.3

 

 

 

549.0

 

Automotive

 

 

452.3

 

 

 

531.9

 

 

539.1

 

Aerospace and Defense

 

 

134.9

 

 

 

115.0

 

 

 

79.7

 

Energy

 

 

87.3

 

 

 

160.4

 

 

136.6

 

Other(1)

 

 

19.0

 

 

 

21.8

 

 

25.5

 

Total Net Sales

 

$

1,084.0

 

 

$

1,362.4

 

 

$

1,329.9

 

 

(1) “Other” sales by end-market includes the Company’s scrap sales.

The following table provides the major sources of revenue by product type for the years ended December 31, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Bar

 

$

641.8

 

 

$

917.1

 

 

$

887.4

 

Tube

 

 

139.1

 

 

 

170.1

 

 

 

173.7

 

Manufactured components

 

 

284.1

 

 

 

253.4

 

 

 

243.3

 

Other(2)

 

 

19.0

 

 

 

21.8

 

 

 

25.5

 

Total Net Sales

 

$

1,084.0

 

 

$

1,362.4

 

 

$

1,329.9

 

 

(2) “Other” for sales by product type relates to the Company’s scrap sales.
v3.25.0.1
Other (Income) Expense, net (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other (Income) Expense, Net

The following table provides the components of other (income) expense, net for the years ended December 31, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Pension and postretirement non-service benefit (income) loss

 

$

(5.7

)

 

$

(4.6

)

 

$

(20.3

)

Loss (gain) from remeasurement of benefit plans

 

 

10.3

 

 

 

40.6

 

 

 

(35.4

)

Foreign currency exchange loss (gain)

 

 

0.4

 

 

 

—

 

 

 

(0.2

)

Insurance recoveries

 

 

—

 

 

 

(31.3

)

 

 

(34.5

)

Sales and use tax refund

 

 

—

 

 

 

(1.4

)

 

 

—

 

Miscellaneous (income) expense

 

 

—

 

 

 

0.4

 

 

 

(0.2

)

Total other (income) expense, net

 

$

5.0

 

 

$

3.7

 

 

$

(90.6

)
Schedule of Insurance Recovery Activity Insurance recovery activity for the years ended December 31, 2024, 2023 and 2022 were as follows:

 

 

 

Year Ended December 31,

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

Total

 

Insurance recovery income

 

$

—

 

 

$

31.3

 

 

$

34.5

 

 

$

65.8

 

Insurance recovery cash collection

 

 

20.0

 

 

 

31.3

 

 

 

14.5

 

 

 

65.8

 
v3.25.0.1
Income Tax Provision (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) from operations before income taxes, based on geographic location of the operations to which such earnings are attributable, is provided below.

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

United States

 

$

4.5

 

 

$

103.2

 

 

$

108.5

 

Non-United States

 

 

0.1

 

 

 

(6.8

)

 

 

(11.4

)

Income (loss) from operations before income taxes

 

$

4.6

 

 

$

96.4

 

 

$

97.1

 

 
Schedule of (Benefit) Provision for Income Taxes

The provision (benefit) for income taxes consisted of the following:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

2.6

 

 

$

30.4

 

 

$

0.6

 

State and local

 

 

(0.1

)

 

 

6.1

 

 

 

5.7

 

Foreign

 

 

0.3

 

 

 

0.2

 

 

 

0.8

 

Total current tax expense (benefit)

 

$

2.8

 

 

$

36.7

 

 

$

7.1

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

$

0.4

 

 

$

(9.2

)

 

$

24.2

 

State and local

 

 

0.1

 

 

 

(0.5

)

 

 

0.7

 

Foreign

 

 

—

 

 

 

—

 

 

 

—

 

Total deferred tax expense (benefit)

 

 

0.5

 

 

 

(9.7

)

 

 

24.9

 

Provision (benefit) for incomes taxes

 

$

3.3

 

 

$

27.0

 

 

$

32.0

 
Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between Metallus' effective tax rate on income (loss) from continuing operations and the statutory tax rate is as follows:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

U.S. federal income tax provision (benefit) at statutory rate

 

$

1.0

 

 

$

20.2

 

 

$

20.4

 

Adjustments:

 

 

 

 

 

 

 

 

 

State and local income taxes, net of federal tax benefit

 

 

—

 

 

 

4.2

 

 

 

8.4

 

Permanent differences

 

 

1.9

 

 

 

1.2

 

 

 

8.9

 

Foreign earnings taxed at different rates

 

 

0.1

 

 

 

—

 

 

 

(3.6

)

Valuation allowance

 

 

(0.5

)

 

 

1.8

 

 

 

(2.5

)

U.S. research tax credit

 

 

(0.1

)

 

 

(0.3

)

 

 

(0.6

)

Other items, net

 

 

1.0

 

 

 

(0.1

)

 

 

1.0

 

Provision (benefit) for income taxes

 

$

3.3

 

 

$

27.0

 

 

$

32.0

 

Effective tax rate

 

 

72.2

%

 

 

28.0

%

 

 

32.9

%
Schedule of Deferred Tax Assets and Liabilities

The effect of temporary differences giving rise to deferred tax assets and liabilities at December 31, 2024 and 2023 was as follows:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation

 

$

(69.5

)

 

$

(75.0

)

Inventory

 

 

—

 

 

 

—

 

Prepaid insurance

 

 

(1.3

)

 

 

(1.9

)

Leases - right-of-use asset

 

 

(2.8

)

 

 

(2.8

)

Deferred tax liabilities

 

$

(73.6

)

 

$

(79.7

)

Deferred tax assets:

 

 

 

 

 

 

Tax loss carryforwards

 

$

15.6

 

 

$

16.0

 

Pension and postretirement benefits

 

 

41.2

 

 

 

46.8

 

Other employee benefit accruals

 

 

8.4

 

 

 

8.0

 

Lease liability

 

 

2.8

 

 

 

2.8

 

State decoupling

 

 

1.2

 

 

 

1.2

 

Capital loss carryforward

 

 

0.8

 

 

 

0.8

 

Intangible assets

 

 

0.1

 

 

 

0.1

 

Inventory

 

 

0.8

 

 

 

0.8

 

Allowance for doubtful accounts

 

 

0.4

 

 

 

0.5

 

Capitalized R&D

 

 

3.0

 

 

 

3.2

 

Other, net

 

 

—

 

 

 

—

 

Deferred tax assets subtotal

 

$

74.3

 

 

$

80.2

 

Valuation allowances

 

 

(15.0

)

 

 

(15.5

)

Deferred tax assets

 

 

59.3

 

 

 

64.7

 

Net deferred tax assets (liabilities)

 

$

(14.3

)

 

$

(15.0

)
v3.25.0.1
Earnings (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the years ended December 31, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss), basic

 

$

1.3

 

 

$

69.4

 

 

$

65.1

 

Add convertible notes interest

 

 

—

 

 

 

1.0

 

 

 

1.9

 

Net income (loss), diluted

 

$

1.3

 

 

$

70.4

 

 

$

67.0

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

43.2

 

 

 

43.8

 

 

 

45.8

 

Dilutive effect of equity-based awards

 

 

1.1

 

 

 

2.1

 

 

 

2.1

 

Dilutive effect of convertible notes

 

 

—

 

 

 

1.9

 

 

 

3.6

 

Weighted average shares outstanding, diluted

 

 

44.3

 

 

 

47.8

 

 

 

51.5

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

0.03

 

 

$

1.58

 

 

$

1.42

 

Diluted earnings (loss) per share

 

$

0.03

 

 

$

1.47

 

 

$

1.30

 
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Components of Inventory

The components of inventories as of December 31, 2024 and 2023 were as follows:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Manufacturing supplies

 

$

57.5

 

 

$

51.5

 

Raw materials

 

 

13.6

 

 

 

17.5

 

Work in process

 

 

114.5

 

 

 

109.6

 

Finished products

 

 

35.3

 

 

 

50.1

 

Gross inventory

 

 

220.9

 

 

 

228.7

 

Allowance for inventory reserves

 

 

(1.1

)

 

 

(0.7

)

Total inventories, net

 

$

219.8

 

 

$

228.0

 
v3.25.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment

The components of property, plant and equipment, net as of December 31, 2024 and 2023 were as follows:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Land

 

$

11.2

 

 

$

11.2

 

Buildings and improvements

 

 

436.0

 

 

 

429.2

 

Machinery and equipment

 

 

1,375.5

 

 

 

1,367.6

 

Construction in progress

 

 

92.1

 

 

 

59.3

 

Subtotal

 

 

1,914.8

 

 

 

1,867.3

 

Less allowances for depreciation

 

 

(1,407.5

)

 

 

(1,374.8

)

Property, plant and equipment, net

 

$

507.3

 

 

$

492.5

 
Schedule of Supplemental Cash Flow Information Related to Non-Cash Investing Activity

Supplemental cash flow information related to non-cash investing activity was as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Accrued property, plant and equipment purchases

 

$

17.6

 

 

$

12.1

 

 

$

10.6

 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease, Cost

The Company recorded lease cost for the years ended December 31, 2024, 2023 and 2022 as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Operating lease cost

 

$

7.5

 

 

$

7.3

 

 

$

6.7

 

Short-term lease cost

 

 

1.5

 

 

 

0.8

 

 

 

0.9

 

Total lease cost

 

$

9.0

 

 

$

8.1

 

 

$

7.6

 

Supplemental cash flow information related to leases was as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

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

 

$

6.9

 

 

$

7.1

 

 

$

6.7

 

Right-of-use assets obtained in exchange for operating lease obligations

 

$

5.5

 

 

$

5.6

 

 

$

4.5

 
Future Lease Maturity

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:

2025

 

$

5.2

 

2026

 

 

2.8

 

2027

 

 

2.2

 

2028

 

 

1.6

 

2029 and after

 

 

0.9

 

Total future minimum lease payments

 

 

12.7

 

    Less amount of lease payment representing interest

 

 

(1.0

)

Total present value of lease payments

 

$

11.7

 
v3.25.0.1
Financing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Summary of Current and Non-current Debt

The following table summarizes the current and non-current debt as of December 31, 2024 and 2023:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Credit Agreement

 

$

—

 

 

$

—

 

Convertible Senior Notes due 2025

 

 

5.4

 

 

 

13.2

 

Total debt

 

$

5.4

 

 

$

13.2

 

     Less current portion of debt

 

 

5.4

 

 

 

13.2

 

Total non-current portion of debt

 

$

—

 

 

$

—

 
Schedule of Interest (income) Expense

The following table provides the components of interest (income) expense, net for the years ended December 31, 2024, 2023 and 2022:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Interest expense

 

$

2.5

 

 

$

2.7

 

 

$

3.9

 

Interest income

 

 

(12.1

)

 

 

(9.8

)

 

 

(3.3

)

Interest (income) expense, net

 

$

(9.6

)

 

$

(7.1

)

 

$

0.6

 
Convertible Senior Notes due 2025  
Debt Instrument [Line Items]  
Schedule of Components of Convertible Notes

The components of the Convertible Senior Notes due 2025 as of December 31, 2024 and 2023 were as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Principal

 

$

5.5

 

 

$

13.3

 

Less: Debt issuance costs, net of amortization

 

 

(0.1

)

 

 

(0.1

)

Convertible Senior Notes due 2025, net

 

$

5.4

 

 

$

13.2

 
Convertible Notes  
Debt Instrument [Line Items]  
Schedule of Interest (income) Expense

The following table sets forth total interest expense recognized specifically related to the Convertible Notes:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Contractual interest expense

 

$

0.7

 

 

$

0.9

 

 

$

1.7

 

Amortization of debt issuance costs

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

Total

 

$

0.8

 

 

$

1.0

 

 

$

1.8

 
v3.25.0.1
Retirement and Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Defined Benefit Plans Disclosures

The following table sets forth the change in benefit obligation for the pension and postretirement benefit plans as of December 31, 2024:
 

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in benefit obligation:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Benefit obligation at the beginning of year

 

$

490.9

 

 

$

124.0

 

 

$

16.5

 

 

$

56.7

 

 

$

0.5

 

 

$

688.6

 

 

$

84.9

 

Service cost

 

 

8.9

 

 

 

0.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9.2

 

 

 

0.6

 

Interest cost

 

 

25.4

 

 

 

2.3

 

 

 

0.9

 

 

 

2.5

 

 

 

—

 

 

 

31.1

 

 

 

4.3

 

Actuarial (gains) losses

 

 

(16.9

)

 

 

(1.5

)

 

 

(0.7

)

 

 

(5.1

)

 

 

(0.4

)

 

 

(24.6

)

 

 

(0.2

)

Benefits paid

 

 

(36.7

)

 

 

(6.9

)

 

 

(0.6

)

 

 

(4.0

)

 

 

—

 

 

 

(48.2

)

 

 

(9.5

)

Settlements

 

 

—

 

 

 

(118.2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(118.2

)

 

 

—

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.8

)

 

 

—

 

 

 

(0.8

)

 

 

—

 

Benefit obligation at the end of year

 

$

471.6

 

 

$

—

 

 

$

16.1

 

 

$

49.3

 

 

$

0.1

 

 

$

537.1

 

 

$

80.1

 

Significant actuarial gains related to changes in benefit obligations for 2024 primarily resulted from an increase in discount rates. Significant settlements were a result of the Salaried Plan annuity purchase as well as lump sum payments during 2024.

The following table sets forth the change in benefit obligation for the pension and postretirement benefit plans as of December 31, 2023:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in benefit obligation:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Benefit obligation at the beginning of year

 

$

474.9

 

 

$

128.1

 

 

$

15.5

 

 

$

47.7

 

 

$

0.4

 

 

$

666.6

 

 

$

87.4

 

Service cost

 

 

9.5

 

 

 

0.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10.4

 

 

 

0.7

 

Interest cost

 

 

25.9

 

 

 

6.7

 

 

 

0.9

 

 

 

2.3

 

 

 

—

 

 

 

35.8

 

 

 

4.7

 

Actuarial (gains) losses

 

 

19.1

 

 

 

5.7

 

 

 

0.7

 

 

 

7.3

 

 

 

—

 

 

 

32.8

 

 

 

3.8

 

Benefits paid

 

 

(38.5

)

 

 

(11.4

)

 

 

(0.6

)

 

 

(3.3

)

 

 

—

 

 

 

(53.8

)

 

 

(11.7

)

Settlements

 

 

—

 

 

 

(6.0

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6.0

)

 

 

—

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.7

 

 

 

0.1

 

 

 

2.8

 

 

 

—

 

Benefit obligation at the end of year

 

$

490.9

 

 

$

124.0

 

 

$

16.5

 

 

$

56.7

 

 

$

0.5

 

 

$

688.6

 

 

$

84.9

 

Significant actuarial losses related to changes in benefit obligations for 2023 primarily resulted from a decrease in discount rates.

The following table sets forth the change in plan assets and funded status for the pension and postretirement benefit plan as of December 31, 2024:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in plan assets:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Fair value of plan assets at the beginning of year

 

$

334.7

 

 

$

129.6

 

 

$

—

 

 

$

61.0

 

 

$

0.3

 

 

$

525.6

 

 

$

53.8

 

Actual return on plan assets

 

 

2.8

 

 

 

(0.9

)

 

 

—

 

 

 

(3.4

)

 

 

—

 

 

 

(1.5

)

 

 

2.7

 

Company contributions / payments

 

 

40.9

 

 

 

(3.6

)

 

 

0.6

 

 

 

1.9

 

 

 

—

 

 

 

39.8

 

 

 

2.4

 

Benefits paid

 

 

(36.7

)

 

 

(6.9

)

 

 

(0.6

)

 

 

(4.0

)

 

 

—

 

 

 

(48.2

)

 

 

(9.5

)

Settlements

 

 

—

 

 

 

(118.2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(118.2

)

 

 

—

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.9

)

 

 

—

 

 

 

(0.9

)

 

 

—

 

Fair value of plan assets at end of year

 

$

341.7

 

 

$

—

 

 

$

—

 

 

$

54.6

 

 

$

0.3

 

 

$

396.6

 

 

$

49.4

 

Funded status at end of year

 

$

(129.9

)

 

$

—

 

 

$

(16.1

)

 

$

5.3

 

 

$

0.2

 

 

$

(140.5

)

 

$

(30.7

)

The following table sets forth the change in plan assets and funded status for the pension and postretirement benefit plan as of December 31, 2023:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in plan assets:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Fair value of plan assets at the beginning of year

 

$

353.9

 

 

$

137.7

 

 

$

—

 

 

$

57.5

 

 

$

0.3

 

 

$

549.4

 

 

$

59.2

 

Actual return on plan assets

 

 

19.3

 

 

 

9.3

 

 

 

—

 

 

 

2.5

 

 

 

—

 

 

 

31.1

 

 

 

5.3

 

Company contributions / payments

 

 

—

 

 

 

—

 

 

 

0.6

 

 

 

1.2

 

 

 

—

 

 

 

1.8

 

 

 

1.0

 

Benefits paid

 

 

(38.5

)

 

 

(11.4

)

 

 

(0.6

)

 

 

(3.3

)

 

 

—

 

 

 

(53.8

)

 

 

(11.7

)

Settlements

 

 

—

 

 

 

(6.0

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6.0

)

 

 

—

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3.1

 

 

 

—

 

 

 

3.1

 

 

 

—

 

Fair value of plan assets at end of year

 

$

334.7

 

 

$

129.6

 

 

$

—

 

 

$

61.0

 

 

$

0.3

 

 

$

525.6

 

 

$

53.8

 

Funded status at end of year

 

$

(156.2

)

 

$

5.6

 

 

$

(16.5

)

 

$

4.3

 

 

$

(0.2

)

 

$

(163.0

)

 

$

(31.1

)

 
Schedule of Amounts Recognized in Balance Sheet

Amounts recognized on the balance sheet at December 31, 2024 for the Company's pension and postretirement benefit plans include:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Non-current assets

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5.3

 

 

$

0.2

 

 

$

5.5

 

 

$

—

 

Current liabilities

 

 

(64.7

)

 

 

—

 

 

 

(0.6

)

 

 

—

 

 

 

—

 

 

 

(65.3

)

 

 

(1.2

)

Non-current liabilities

 

 

(65.2

)

 

 

—

 

 

 

(15.5

)

 

 

—

 

 

 

—

 

 

 

(80.7

)

 

 

(29.5

)

Total

 

$

(129.9

)

 

$

—

 

 

$

(16.1

)

 

$

5.3

 

 

$

0.2

 

 

$

(140.5

)

 

$

(30.7

)

 

Amounts recognized on the balance sheet at December 31, 2023 for the Company's pension and postretirement benefit plans include:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Non-current assets

 

$

—

 

 

$

5.6

 

 

$

—

 

 

$

4.3

 

 

$

—

 

 

$

9.9

 

 

$

—

 

Current liabilities

 

 

(41.7

)

 

 

—

 

 

 

(0.6

)

 

 

—

 

 

 

—

 

 

 

(42.3

)

 

 

(1.2

)

Non-current liabilities

 

 

(114.5

)

 

 

—

 

 

 

(15.9

)

 

 

—

 

 

 

(0.2

)

 

 

(130.6

)

 

 

(29.9

)

Total

 

$

(156.2

)

 

$

5.6

 

 

$

(16.5

)

 

$

4.3

 

 

$

(0.2

)

 

$

(163.0

)

 

$

(31.1

)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Included in accumulated other comprehensive income (loss) at December 31, 2024 were the following before-tax amounts that had not been recognized in net periodic benefit cost:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Unrecognized prior service (benefit) cost

 

$

9.9

 

 

$

—

 

 

$

—

 

 

$

0.4

 

 

$

—

 

 

$

10.3

 

 

$

(38.0

)

Included in accumulated other comprehensive income (loss) at December 31, 2023 were the following before-tax amounts that had not been recognized in net periodic benefit cost:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Unrecognized prior service (benefit) cost

 

$

11.1

 

 

$

—

 

 

$

—

 

 

$

0.5

 

 

$

—

 

 

$

11.6

 

 

$

(44.0

)
Schedule of Assumptions Used

The weighted average assumptions used in determining benefit obligation as of December 31, 2024 and 2023 were as follows:

 

 

Pension

 

 

Postretirement

 

Assumptions:

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Discount rate

 

 

5.71

%

 

 

5.33

%

 

 

5.73

%

 

 

5.43

%

Future compensation assumption

 

 

3.50

%

 

 

3.00

%

 

n/a

 

 

n/a

 
The weighted average assumptions used in determining benefit cost for the years ended December 31, 2024 and 2023 were as follows:

 

 

 

Pension

 

 

Postretirement

 

Assumptions:

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Discount rate

 

 

5.33

%

 

 

5.61

%

 

 

5.43

%

 

 

5.70

%

Future compensation assumption

 

 

3.00

%

 

 

3.00

%

 

n/a

 

 

n/a

 

Expected long-term return on plan assets

 

 

7.15

%

 

 

7.13

%

 

 

5.80

%

 

 

6.25

%

 

 
Schedule of Periodic Benefit Cost

The components of net periodic benefit cost (income) for the year ended December 31, 2024 were as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Components of net periodic benefit cost (income):

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Service cost

 

$

8.9

 

 

$

0.3

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

9.2

 

 

$

0.6

 

Interest cost

 

 

25.4

 

 

 

2.3

 

 

 

0.9

 

 

 

2.5

 

 

 

—

 

 

 

31.1

 

 

 

4.3

 

Expected return on plan assets

 

 

(28.0

)

 

 

(2.4

)

 

 

—

 

 

 

(3.1

)

 

 

—

 

 

 

(33.5

)

 

 

(2.9

)

Amortization of prior service cost

 

 

1.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.2

 

 

 

(5.9

)

Settlements

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net remeasurement losses (gains)

 

 

8.3

 

 

 

1.8

 

 

 

(0.7

)

 

 

1.4

 

 

 

(0.4

)

 

 

10.4

 

 

 

(0.1

)

Net Periodic Benefit Cost (Income)

 

$

15.8

 

 

$

2.0

 

 

$

0.2

 

 

$

0.8

 

 

$

(0.4

)

 

$

18.4

 

 

$

(4.0

)

The components of net periodic benefit cost (income) for the year ended December 31, 2023 were as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Components of net periodic benefit cost (income):

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Service cost

 

$

9.5

 

 

$

0.9

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

10.4

 

 

$

0.7

 

Interest cost

 

 

25.9

 

 

 

6.7

 

 

 

0.9

 

 

 

2.3

 

 

 

—

 

 

 

35.8

 

 

 

4.7

 

Expected return on plan assets

 

 

(26.9

)

 

 

(7.5

)

 

 

—

 

 

 

(2.7

)

 

 

—

 

 

 

(37.1

)

 

 

(3.4

)

Amortization of prior service cost

 

 

1.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.3

 

 

 

(6.0

)

Settlements

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net remeasurement losses (gains)

 

 

26.6

 

 

 

4.0

 

 

 

0.6

 

 

 

7.5

 

 

 

—

 

 

 

38.7

 

 

 

1.9

 

Net Periodic Benefit Cost (Income)

 

$

36.4

 

 

$

4.1

 

 

$

1.5

 

 

$

7.1

 

 

$

—

 

 

$

49.1

 

 

$

(2.1

)

 

The components of net periodic benefit cost (income) for the year ended December 31, 2022 were as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Components of net periodic benefit cost (income):

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Service cost

 

$

13.9

 

 

$

0.3

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

14.2

 

 

$

1.1

 

Interest cost

 

 

31.1

 

 

 

6.5

 

 

 

0.7

 

 

 

1.3

 

 

 

—

 

 

 

39.6

 

 

 

3.4

 

Expected return on plan assets

 

 

(46.7

)

 

 

(5.0

)

 

 

—

 

 

 

(3.2

)

 

 

—

 

 

 

(54.9

)

 

 

(3.4

)

Amortization of prior service cost

 

 

1.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.3

 

 

 

(6.0

)

Curtailment

 

 

(2.7

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2.7

)

 

 

—

 

Net remeasurement losses (gains)

 

 

(37.2

)

 

 

6.9

 

 

 

(6.5

)

 

 

15.9

 

 

 

—

 

 

 

(20.9

)

 

 

(11.8

)

Net Periodic Benefit Cost (Income)

 

$

(40.3

)

 

$

8.7

 

 

$

(5.8

)

 

$

14.0

 

 

$

—

 

 

$

(23.4

)

 

$

(16.7

)
Schedule of Target Allocations for each Plan's Assets

The target allocations for each plan's assets are as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Target Allocations:

 

Bargaining
Plan

 

 

Salaried
Plan

 

Supplemental
Plan

 

Pension
Scheme

 

 

Pension
Plan

 

 

Weighted
Average
Pension

 

 

Postretirement
Plans

 

Equity securities

 

 

38.0

%

 

n/a

 

n/a

 

 

15.8

%

 

 

—

 

 

 

34.9

%

 

 

26.0

%

Debt securities

 

 

34.0

%

 

n/a

 

n/a

 

 

68.5

%

 

 

100.0

%

 

 

38.8

%

 

 

67.0

%

Other investments

 

 

28.0

%

 

n/a

 

n/a

 

 

15.7

%

 

 

—

 

 

 

26.3

%

 

 

7.0

%
Schedule of Allocation of Plan Assets

The following table presents the fair value hierarchy for those investments of the Company's pension assets measured at fair value on a recurring basis as of December 31, 2024:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

12.6

 

 

$

3.3

 

 

$

9.3

 

 

$

—

 

U.S government and agency securities

 

 

36.3

 

 

 

36.3

 

 

 

—

 

 

 

—

 

Mutual fund - equities

 

 

80.9

 

 

 

80.9

 

 

 

—

 

 

 

—

 

Mutual fund - fixed income

 

 

12.5

 

 

 

12.5

 

 

 

—

 

 

 

—

 

Mutual fund - tactical tilt

 

 

10.8

 

 

 

10.8

 

 

 

—

 

 

 

—

 

Exchange traded funds

 

 

0.5

 

 

 

0.5

 

 

 

—

 

 

 

—

 

Real estate

 

 

29.7

 

 

 

—

 

 

 

—

 

 

 

29.7

 

Private debt

 

 

22.2

 

 

 

—

 

 

 

—

 

 

 

22.2

 

Total Assets in the fair value hierarchy

 

$

205.5

 

 

$

144.3

 

 

$

9.3

 

 

$

51.9

 

Assets measured at net asset value (1)

 

 

191.1

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

396.6

 

 

$

144.3

 

 

$

9.3

 

 

$

51.9

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities, limited partnerships, real estate partnerships, and hedge funds. As of December 31, 2024, these assets are redeemable at net asset value within 90 days, except for certain private investments with an estimated liquidation period of one to ten years.

The following table presents the fair value hierarchy for those investments of the Company's pension assets measured at fair value on a recurring basis as of December 31, 2023:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5.8

 

 

$

—

 

 

$

5.8

 

 

$

—

 

U.S government and agency securities

 

 

59.8

 

 

 

50.7

 

 

 

9.1

 

 

 

—

 

Corporate bonds

 

 

39.8

 

 

 

—

 

 

 

39.8

 

 

 

—

 

Mutual fund - equities

 

 

83.3

 

 

 

83.3

 

 

 

—

 

 

 

—

 

Mutual fund - fixed income

 

 

12.2

 

 

 

12.2

 

 

 

—

 

 

 

—

 

Mutual fund - tactical tilt

 

 

10.6

 

 

 

10.6

 

 

 

—

 

 

 

—

 

Real estate

 

 

14.1

 

 

 

—

 

 

 

—

 

 

 

14.1

 

Private debt

 

 

25.7

 

 

 

—

 

 

 

—

 

 

 

25.7

 

Other

 

 

0.6

 

 

 

—

 

 

 

0.6

 

 

 

—

 

Total Assets in the fair value hierarchy

 

$

251.9

 

 

$

156.8

 

 

$

55.3

 

 

$

39.8

 

Assets measured at net asset value (1)

 

 

273.7

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

525.6

 

 

$

156.8

 

 

$

55.3

 

 

$

39.8

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities, limited partnerships, real estate partnerships, and hedge funds. As of December 31, 2023, these assets were redeemable at net asset value within 90 days, except for certain private investments with an estimated liquidation period of one to ten years.

The following table sets forth a summary of changes in the fair value of the Company's pension plan level three assets for the year ended December 31, 2024:

 

 

Level 3 assets only

 

 

 

2024

 

Balance at the beginning of year

 

$

39.8

 

Transfers in and/or out of Level 3

 

 

—

 

Actual return on plan assets:

 

 

 

Realized gain (loss)

 

 

(0.4

)

Net unrealized gain (loss)

 

 

3.5

 

Purchases, sales, issuances and settlements:

 

 

 

Purchases

 

 

15.5

 

Sales

 

 

(6.5

)

Balance at the end of year

 

$

51.9

 

 

The following table presents the fair value hierarchy for those investments of the Company's postretirement assets measured at fair value on a recurring basis as of December 31, 2024:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3.6

 

 

$

3.6

 

 

$

—

 

 

$

—

 

Mutual fund - equities

 

 

11.9

 

 

 

11.9

 

 

 

—

 

 

 

—

 

Mutual fund - fixed income

 

 

6.6

 

 

 

6.6

 

 

 

—

 

 

 

—

 

Mutual fund - real assets

 

 

0.9

 

 

 

0.9

 

 

 

—

 

 

 

—

 

Mutual fund - tactical tilt

 

 

2.3

 

 

 

2.3

 

 

 

—

 

 

 

—

 

Total Assets in the fair value hierarchy

 

$

25.3

 

 

$

25.3

 

 

$

—

 

 

$

—

 

Assets measured at net asset value (1)

 

 

24.1

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

49.4

 

 

$

25.3

 

 

$

—

 

 

$

—

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities. As of December 31, 2024, these assets are redeemable at net asset value on a daily basis.

The following table presents the fair value hierarchy for those investments of the Company's postretirement assets measured at fair value on a recurring basis as of December 31, 2023:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2.2

 

 

$

2.2

 

 

$

—

 

 

$

—

 

Mutual fund - equities

 

 

13.5

 

 

 

13.5

 

 

 

—

 

 

 

—

 

Mutual fund - fixed income

 

 

7.3

 

 

 

7.3

 

 

 

—

 

 

 

—

 

Mutual fund - real assets

 

 

1.1

 

 

 

1.1

 

 

 

—

 

 

 

—

 

Mutual fund - tactical tilt

 

 

2.5

 

 

 

2.5

 

 

 

—

 

 

 

—

 

Total Assets in the fair value hierarchy

 

$

26.6

 

 

$

26.6

 

 

$

—

 

 

$

—

 

Assets measured at net asset value (1)

 

 

27.2

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

53.8

 

 

$

26.6

 

 

$

—

 

 

$

—

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities, fixed income securities, and limited partnerships. As of December 31, 2023, these assets are redeemable at net asset value on a daily basis.
Schedule of Expected Benefit Payments

Future benefit payments are expected to be as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Benefit Payments:

 

Bargaining
Plan

 

 

Salaried
Plan (1)

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

2025

 

$

43.5

 

 

$

—

 

 

$

0.6

 

 

$

2.8

 

 

$

—

 

 

$

46.9

 

 

$

8.8

 

2026

 

 

43.2

 

 

 

—

 

 

 

0.6

 

 

 

2.7

 

 

 

—

 

 

 

46.5

 

 

 

8.3

 

2027

 

 

47.2

 

 

 

—

 

 

 

13.0

 

 

 

3.2

 

 

 

—

 

 

 

63.4

 

 

 

7.9

 

2028

 

 

46.4

 

 

 

—

 

 

 

0.5

 

 

 

3.3

 

 

 

—

 

 

 

50.2

 

 

 

7.5

 

2029

 

 

44.3

 

 

 

—

 

 

 

0.5

 

 

 

3.5

 

 

 

—

 

 

 

48.3

 

 

 

7.2

 

2030-2034

 

 

196.4

 

 

 

—

 

 

 

2.0

 

 

 

19.5

 

 

 

—

 

 

 

217.9

 

 

 

32.4

 

 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-based Compensation, Stock Options, Activity

The following summarizes the Company's stock option activity from January 1, 2024 to December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic Value
(millions)

 

Outstanding as of December 31, 2023

 

 

621,350

 

 

$

17.95

 

 

 

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

(134,552

)

 

 

10.83

 

 

 

—

 

 

 

—

 

Canceled, forfeited or expired

 

 

(186,580

)

 

 

33.90

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2024

 

 

300,218

 

 

$

11.23

 

 

 

3.8

 

 

$

3.8

 

Options expected to vest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Options exercisable

 

 

300,218

 

 

$

11.23

 

 

 

3.8

 

 

$

3.8

 
Transformation Incentive Grant Program Activity

The following summarizes the Company's Transformation Incentive Grant Program activity from January 1, 2024 to December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding as of December 31, 2023

 

 

350,000

 

 

$

22.46

 

Granted (Tier 1-2)

 

 

—

 

 

 

—

 

Granted (Tier 3-4)

 

 

—

 

 

 

—

 

Canceled, forfeited or expired

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2024

 

 

350,000

 

 

$

22.46

 
Time-Based Restricted Stock Units  
Nonvested Restricted Stock Shares Activity

The following summarizes the Company's stock-settled, time-based restricted stock unit activity from January 1, 2024 to December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding as of December 31, 2023

 

 

1,619,719

 

 

$

11.99

 

Granted

 

 

447,376

 

 

 

20.41

 

Vested

 

 

(839,669

)

 

 

12.66

 

Canceled, forfeited or expired

 

 

(12,294

)

 

 

19.80

 

Outstanding as of December 31, 2024

 

 

1,215,132

 

 

$

14.55

 
Performance-Based Restricted Stock Units  
Nonvested Restricted Stock Shares Activity

The following summarizes the Company's stock-settled performance-based restricted stock unit activity from January 1, 2024 to December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding as of December 31, 2023

 

 

1,014,658

 

 

$

15.99

 

Granted

 

 

205,944

 

 

 

18.73

 

Vested

 

 

(623,596

)

 

 

7.41

 

Canceled, forfeited or expired

 

 

(6,119

)

 

 

22.65

 

Outstanding as of December 31, 2024

 

 

590,887

 

 

$

25.93

 
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023 by component were as follows:

 

 

 

Foreign Currency
Translation
Adjustments

 

 

Pension and
Postretirement
Liability
Adjustments

 

 

Total

 

Balance as of December 31, 2023

 

$

(6.5

)

 

$

18.9

 

 

$

12.4

 

Other comprehensive income before reclassifications, before income tax

 

 

(1.2

)

 

 

—

 

 

 

(1.2

)

Amounts reclassified from accumulated other comprehensive income
   (loss), before income tax

 

 

—

 

 

 

(3.6

)

 

 

(3.6

)

Amounts deferred to accumulated other comprehensive income
   (loss), before income tax

 

—

 

 

 

—

 

 

 

—

 

Tax effect

 

—

 

 

 

0.1

 

 

 

0.1

 

Net current period other comprehensive income (loss), net of income taxes

 

 

(1.2

)

 

 

(3.5

)

 

 

(4.7

)

Balance as of December 31, 2024

 

$

(7.7

)

 

$

15.4

 

 

$

7.7

 

 

 

 

Foreign Currency
Translation
Adjustments

 

 

Pension and
Postretirement
Liability
Adjustments

 

 

Total

 

Balance as of December 31, 2022

 

$

(6.8

)

 

$

21.5

 

 

$

14.7

 

Other comprehensive income before reclassifications, before income tax

 

 

—

 

 

 

—

 

 

 

—

 

Amounts reclassified from accumulated other comprehensive income
   (loss), before income tax

 

 

0.3

 

 

 

(4.9

)

 

 

(4.6

)

Amounts deferred to accumulated other comprehensive income
   (loss), before income tax

 

—

 

 

 

2.3

 

 

 

2.3

 

Tax effect

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss), net of income taxes

 

 

0.3

 

 

 

(2.6

)

 

 

(2.3

)

Balance as of December 31, 2023

 

$

(6.5

)

 

$

18.9

 

 

$

12.4

 
v3.25.0.1
Basis of Presentation - Narrative (Details)
Tons in Millions, T in Millions
 12 Months Ended
Dec. 31, 2024
Tons
T
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Annual Melt Capacity | T 1.2
Annual Shipment Capacity | Tons 0.9
v3.25.0.1
Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 28, 2025
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Subsequent pricing adjustments $ 0.0 $ 16.0    
Restricted Cash 1.2 0.7    
Amortization expense for intangible assets 1.7 2.3 $ 2.8  
Government funding liabilities 53.5 $ 0.0    
Government assistance capital fundings $ 8.0      
Subsequent Event        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Government fund received       $ 11.9
ASU 2023-07        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
New accounting pronouncement description The standard enhances reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.      
Change in accounting principle, accounting standards update, adoption date Jan. 01, 2024      
Change In Accounting Principle Accounting Standards Update Adopted true      
Change in accounting principle, accounting standards update, immaterial effect false      
ASU 2024-03        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
New accounting pronouncement description The standard enhances the detail of expenses presented in the income statement including items such as: (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization.      
Change in accounting principle, accounting standards update, adoption date Jan. 01, 2027      
Change In Accounting Principle Accounting Standards Update Adopted false      
ASU 2023-09        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
New accounting pronouncement description The standard enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid.      
Change in accounting principle, accounting standards update, adoption date Jan. 01, 2025      
Change In Accounting Principle Accounting Standards Update Adopted false      
Building        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Useful lives of property, plant and equipment, net 30 years      
Minimum [Member] | Machinery and Equipment        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Useful lives of property, plant and equipment, net 3 years      
Maximum [Member] | Machinery and Equipment        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Useful lives of property, plant and equipment, net 20 years      
Capitalized software        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Weighted average remaining useful life 8 years      
v3.25.0.1
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM uses Net Income (Loss), as reported on our Consolidated Statements of Operations, in evaluating performance of the Company and determining how to allocate resources of the Company as a whole. As the CODM evaluates performance on a consolidated basis, all required financial segment information is included in our consolidated financial statements.
v3.25.0.1
Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,084.0 $ 1,362.4 $ 1,329.9
Long-lived assets, net 522.4 506.6  
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 951.0 1,239.4 1,201.3
Long-lived assets, net 522.0 506.2  
Foreign      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 133.0 123.0 $ 128.6
Long-lived assets, net $ 0.4 $ 0.4  
v3.25.0.1
Revenue Recognition (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Net sales $ 1,084.0 $ 1,362.4 $ 1,329.9
Bar      
Disaggregation of Revenue [Line Items]      
Net sales 641.8 917.1 887.4
Tube      
Disaggregation of Revenue [Line Items]      
Net sales 139.1 170.1 173.7
Manufactured Components      
Disaggregation of Revenue [Line Items]      
Net sales 284.1 253.4 243.3
Other      
Disaggregation of Revenue [Line Items]      
Net sales [1] 19.0 21.8 25.5
Industrial      
Disaggregation of Revenue [Line Items]      
Net sales 390.5 533.3 549.0
Automotive      
Disaggregation of Revenue [Line Items]      
Net sales 452.3 531.9 539.1
Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net sales 134.9 115.0 79.7
Energy      
Disaggregation of Revenue [Line Items]      
Net sales 87.3 160.4 136.6
Other      
Disaggregation of Revenue [Line Items]      
Net sales [2] $ 19.0 $ 21.8 $ 25.5
[1] “Other” for sales by product type relates to the Company’s scrap sales.
[2] “Other” sales by end-market includes the Company’s scrap sales.
v3.25.0.1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contract liabilities totalated $ 0.0 $ 0.8
v3.25.0.1
Other (Income) Expense, net - Schedule of Other (Income) Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]          
Pension and postretirement non-service benefit (income) loss     $ (5.7) $ (4.6) $ (20.3)
Loss (gain) from remeasurement of benefit plans $ 1.0 $ 0.8 10.3 40.6 (35.4)
Foreign currency exchange loss (gain)     0.4 0.0 (0.2)
Insurance recoveries     0.0 (31.3) (34.5)
Sales and use tax refund     0.0 (1.4) 0.0
Miscellaneous (income) expense     0.0 0.4 (0.2)
Total other (income) expense, net     $ 5.0 $ 3.7 $ (90.6)
v3.25.0.1
Other (Income) Expense, net - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statutory Accounting Practices [Line Items]            
Sales and use tax refund       $ 0.0 $ 1.4 $ 0.0
Loss (gain) from remeasurement of benefit plans   $ 1.0 $ 0.8 10.3 40.6 (35.4)
Increase in liability         36.6  
Decrease in liability       24.7   359.9
Investment losses on plan assets   1.8   35.0 4.0  
Lump sum based loss           327.2
Insurance recoveries       0.0 $ 31.3 34.5
Investment gains on plan assets   0.7        
Gain on plan asset annuitization   $ 0.1        
Remaining liabilities or obligations relates to Salaried Plan       0.0    
Non cash settlement related to bargaining plan           $ 2.7
Bargaining Plan            
Statutory Accounting Practices [Line Items]            
Company contributions to plans       $ 42.8    
Subsequent Event | Bargaining Plan            
Statutory Accounting Practices [Line Items]            
Company contributions to plans $ 5.3          
Anticipated contribution during the year $ 65.0          
v3.25.0.1
Other (Income) Expense, net - Schedule of Insurance Recovery Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]      
Insurance recovery income $ 0.0 $ 31.3 $ 34.5
Total insurance recovery income 65.8    
Insurance recovery cash collection 20.0 $ 31.3 $ 14.5
Total insurance recovery cash collection $ 65.8    
v3.25.0.1
Income Tax Provision - Income from Operations Before Income Taxes Based on Geographic Location of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ 4.5 $ 103.2 $ 108.5
Non-United States 0.1 (6.8) (11.4)
Income (loss) from operations before income taxes $ 4.6 $ 96.4 $ 97.1
v3.25.0.1
Income Tax Provision - (Benefit) Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 2.6 $ 30.4 $ 0.6
State and local (0.1) 6.1 5.7
Foreign 0.3 0.2 0.8
Total current tax expense (benefit) 2.8 36.7 7.1
Deferred:      
Federal 0.4 (9.2) 24.2
State and local 0.1 (0.5) 0.7
Foreign 0.0 0.0 0.0
Total deferred tax expense (benefit) 0.5 (9.7) 24.9
Provision (benefit) for incomes taxes $ 3.3 $ 27.0 $ 32.0
v3.25.0.1
Income Tax Provision - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]    
Income Taxes Receivable, Current   $ 0.3
Open tax year   2020 2021 2022 2023
Deferred income taxes $ 14.3 $ 15.0
Unrecognized Tax Benefits 0.0 0.0
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 0.0 0.0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued 0.0 0.0
Foreign    
Operating Loss Carryforwards [Line Items]    
Income Taxes Paid 0.3 1.4
Operating Loss Carryforwards 58.6  
State and Local    
Operating Loss Carryforwards [Line Items]    
Income Taxes Paid 6.1 4.9
Operating Loss Carryforwards 15.8  
U.S.    
Operating Loss Carryforwards [Line Items]    
Income Taxes Paid 21.5 $ 19.0
Operating Loss Carryforwards $ 0.0  
v3.25.0.1
Income Tax Provision - Reconciliation Between Effective Tax Rate and Statutory Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. federal income tax provision (benefit) at statutory rate $ 1.0 $ 20.2 $ 20.4
Adjustments:      
State and local income taxes, net of federal tax benefit 0.0 4.2 8.4
Permanent differences 1.9 1.2 8.9
Foreign earnings taxed at different rates 0.1 0.0 (3.6)
Valuation allowance (0.5) 1.8 (2.5)
U.S. research tax credit (0.1) (0.3) (0.6)
Other items, net 1.0 (0.1) 1.0
Provision (benefit) for incomes taxes $ 3.3 $ 27.0 $ 32.0
Effective tax rate 72.20% 28.00% 32.90%
v3.25.0.1
Income Tax Provision - Effect of Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax liabilities:    
Depreciation $ (69.5) $ (75.0)
Inventory 0.0 0.0
Prepaid insurance (1.3) (1.9)
Leases - right-of-use asset (2.8) (2.8)
Deferred tax liabilities (73.6) (79.7)
Deferred tax assets:    
Tax loss carryforwards 15.6 16.0
Pension and postretirement benefits 41.2 46.8
Other employee benefit accruals 8.4 8.0
Lease liability 2.8 2.8
State decoupling 1.2 1.2
Capital loss carryforward 0.8 0.8
Intangible assets 0.1 0.1
Inventory 0.8 0.8
Allowance for doubtful accounts 0.4 0.5
Capitalized R&D 3.0 3.2
Other, net 0.0 0.0
Deferred tax assets subtotal 74.3 80.2
Valuation allowances (15.0) (15.5)
Deferred tax assets 59.3 64.7
Net deferred tax assets (liabilities) $ (14.3) $ (15.0)
v3.25.0.1
Earnings (Loss) Per Share - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2023
Jun. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]            
Shares assumed purchased       1.8 3.0 3.2
Shares assumed purchased with potential proceeds       0.7 0.9 1.1
Convertible Senior Notes due 2025            
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]            
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share       0.1 0.7 2.3
Convertible notes repurchased outstanding principal amount $ 7.8 $ 7.5 $ 25.2      
Underwater Options            
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]            
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share       0.8 0.4 0.8
Equity-based Awards            
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]            
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share       2.6 3.4 4.0
v3.25.0.1
Earnings (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income (loss), basic $ 1.3 $ 69.4 $ 65.1
Add convertible notes interest 0.0 1.0 1.9
Net income (loss), diluted $ 1.3 $ 70.4 $ 67.0
Denominator:      
Weighted average shares outstanding, basic (in shares) 43.2 43.8 45.8
Dilutive effect of equity-based awards (in shares) 1.1 2.1 2.1
Dilutive effect of convertible notes (in shares) 0.0 1.9 3.6
Weighted average shares outstanding, diluted (in shares) 44.3 47.8 51.5
Basic earnings (loss) per share $ 0.03 $ 1.58 $ 1.42
Diluted earnings (loss) per share $ 0.03 $ 1.47 $ 1.3
v3.25.0.1
Inventories - Schedule of Inventory (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Manufacturing supplies $ 57.5 $ 51.5
Raw materials 13.6 17.5
Work in process 114.5 109.6
Finished products 35.3 50.1
Gross inventory 220.9 228.7
Allowance for inventory reserves (1.1) (0.7)
Total inventories, net $ 219.8 $ 228.0
v3.25.0.1
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Land $ 11.2 $ 11.2
Buildings and improvements 436.0 429.2
Machinery and equipment 1,375.5 1,367.6
Construction in progress 92.1 59.3
Subtotal 1,914.8 1,867.3
Less allowances for depreciation (1,407.5) (1,374.8)
Property, plant and equipment, net $ 507.3 $ 492.5
v3.25.0.1
Property, Plant and Equipment - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation $ 52,400,000 $ 54,600,000 $ 55,500,000
Accelerated depreciation 0 0 0
Impairment charges and loss on sale $ 600,000 $ 2,500,000 $ 1,900,000
v3.25.0.1
Property, Plant and Equipment - Schedule of Supplemental Cash Flow Information Related to Non-Cash Investing Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]      
Accrued property, plant and equipment purchases $ 17.6 $ 12.1 $ 10.6
v3.25.0.1
Leases - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Lessee, operating lease, option to extend true  
Extension term 1 year  
Weighted average remaining lease term for operating leases 3 years 3 months 18 days  
Weighted average discount rate used to measure operating lease liabilities 4.90% 4.30%
Minimum [Member]    
Lessee, Lease, Description [Line Items]    
Remaining lease term 1 year  
Maximum [Member]    
Lessee, Lease, Description [Line Items]    
Remaining lease term 5 years  
v3.25.0.1
Leases - Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 7.5 $ 7.3 $ 6.7
Short-term lease cost 1.5 0.8 0.9
Total lease cost $ 9.0 $ 8.1 $ 7.6
v3.25.0.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Cash paid for amounts included in the measurement of operating lease liabilities $ 6.9 $ 7.1 $ 6.7
Right-of-use assets obtained in exchange for operating lease obligations $ 5.5 $ 5.6 $ 4.5
v3.25.0.1
Leases - Future Minimum Lease Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 5.2
2026 2.8
2027 2.2
2028 1.6
2029 and after 0.9
Total future minimum lease payments 12.7
Less amount of lease payment representing interest (1.0)
Total present value of lease payments $ 11.7
v3.25.0.1
Financing Arrangements - Summary of Current and Non-current Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt $ 5.4 $ 13.2
Less current portion of debt 5.4 13.2
Total non-current portion of debt 0.0 0.0
Credit Agreement    
Debt Instrument [Line Items]    
Total debt 0.0 0.0
Convertible Senior Notes due 2025    
Debt Instrument [Line Items]    
Total debt $ 5.4 $ 13.2
v3.25.0.1
Financing Arrangements - Narrative (Details)
$ / shares in Units, shares in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 01, 2025
USD ($)
shares
Dec. 15, 2020
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
Days
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Feb. 17, 2025
USD ($)
May 06, 2024
USD ($)
Nov. 02, 2022
USD ($)
Dec. 20, 2021
shares
Debt Instrument [Line Items]                        
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]           Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]            
Variable interest rate, spread           0.00%            
Settled with cash payment           $ 17,200,000 $ 18,700,000 $ 67,600,000        
Loss on extinguishment of debt           9,400,000 11,400,000 43,100,000        
Interest paid           2,000,000 2,100,000 3,100,000        
Money market investment carrying value     $ 110,200,000     110,200,000 139,700,000 $ 209,500,000        
Cash Held In Other Investments     125,400,000     125,400,000 119,900,000          
Common Stock, Shares outstanding | shares                       50.0
Stock Repurchase Program, Amount                     $ 75,000,000  
Average Repurchase price           $ 18.45 $ 19.03          
Common Shares                        
Debt Instrument [Line Items]                        
Stock Repurchase Program, Amount                   $ 100,000,000    
Stock Repurchased, Shares | shares           2.0 1.7 3.0        
Stock Repurchased, Amount           $ 37,600,000 $ 32,600,000 $ 52,000,000        
Average Repurchase price               17.18        
Stock Repurchase Program, Remaining Amount     102,800,000     $ 102,800,000            
Subsequent Event | Common Shares                        
Debt Instrument [Line Items]                        
Stock Repurchased, Shares | shares 0.2                      
Stock Repurchased, Amount $ 3,300,000                      
Average Repurchase price $ 14.61                      
Stock Repurchase Program, Remaining Amount                 $ 99,500,000      
Third Amended Credit Facility                        
Debt Instrument [Line Items]                        
Maturity date           Sep. 30, 2027            
Third Amended Credit Facility | Credit Agreement                        
Debt Instrument [Line Items]                        
Line of credit facility, tentative future commitment increase     217,900,000     $ 217,900,000            
Fourth Amended Credit Facility                        
Debt Instrument [Line Items]                        
Line of credit facility, maximum borrowing capacity     400,000,000     400,000,000            
Line of credit facility, tentative future commitment increase     100,000,000     $ 100,000,000            
Variable interest rate, spread           1.00%            
Line of credit facility, unused capacity, commitment fee percentage           0.25%            
Fourth Amended Credit Facility | Commercial and Standby Letters of Credit                        
Debt Instrument [Line Items]                        
Line of credit facility, borrowing sublimit     15,000,000     $ 15,000,000            
Fourth Amended Credit Facility | Swingline Loans                        
Debt Instrument [Line Items]                        
Line of credit facility, borrowing sublimit     40,000,000     40,000,000            
Fourth Amended Credit Facility | First In, Last Out (FILO)                        
Debt Instrument [Line Items]                        
Line of credit facility, tentative future commitment increase     30,000,000     $ 30,000,000            
Convertible Senior Notes due 2025                        
Debt Instrument [Line Items]                        
Maturity date   Dec. 01, 2025                    
Terms of conversion           The Convertible Senior Notes due 2025 are convertible at the option of the holders in certain circumstances and during certain periods into the Company's common shares, cash, or a combination thereof, at the Company's election.            
Principal amount     5,500,000     $ 5,500,000   0        
Principal amount, repurchased     7,800,000 $ 7,500,000 $ 25,200,000 $ 7,800,000            
Settled with cash payment     17,200,000 18,700,000 67,600,000              
Debt instrument, threshold trading days | Days           20            
Debt Instrument, threshold consecutive trading days | Days           30            
Debt Instrument, threshold Percentage of stock price conversion           130.00%            
Loss on extinguishment of debt     9,400,000 11,400,000 43,000,000              
Unamortized debt issuance costs     100,000 $ 200,000 $ 600,000 $ 100,000            
Debt instrument, interest rate, stated percentage   6.00%                    
Debt instrument interest payment dates description   June 1 and December 1 of each year, beginning on December 1, 2021                    
Debt instrument, convertible, conversion price | $ / shares   $ 7.82                    
Debt instrument, convertible, conversion ratio   0.1278119                    
Debt instrument, convertible, amounts by which instrument can be converted   $ 1,000                    
Transaction costs, debt gross     1,500,000     1,500,000            
Fair value of convertible notes     10,200,000     10,200,000 41,500,000          
Outstanding borrowings     $ 0     $ 0 $ 0 $ 0        
v3.25.0.1
Financing Arrangements - Schedule of Convertible Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt $ 5.4 $ 13.2
Convertible Senior Notes due 2025    
Debt Instrument [Line Items]    
Principal 5.5 13.3
Less: Debt issuance costs, net of amortization (0.1) (0.1)
Total debt $ 5.4 $ 13.2
v3.25.0.1
Financing Arrangements - Schedule of Components of Interest (Income) Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest Expense, Operating and Nonoperating [Abstract]      
Interest expense $ 2.5 $ 2.7 $ 3.9
Interest income (12.1) (9.8) (3.3)
Interest (income) expense, net $ (9.6) $ (7.1) $ 0.6
v3.25.0.1
Financing Arrangements - Schedule of Interest Expense (Details) - Convertible Notes - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Contractual interest expense $ 0.7 $ 0.9 $ 1.7
Amortization of debt issuance costs 0.1 0.1 0.1
Total $ 0.8 $ 1.0 $ 1.8
v3.25.0.1
Retirement and Postretirement Plans - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
May 01, 2024
Jul. 07, 2022
Jan. 31, 2025
Oct. 29, 2021
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                      
Bargaining Plan's obligations $ 20.8                    
Defined contribution plan cost               $ 3.1 $ 3.4 $ 3.3  
Loss (gain) from remeasurement of benefit plans         $ 1.0 $ 0.8   10.3 40.6 (35.4)  
Investment losses on plan assets         1.8     35.0 4.0    
Investment gains on plan assets         0.7            
Gain on plan asset annuitization         $ 0.1            
Salaried Plan                      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                      
Non cash gain (loss)               $ (1.0)      
Benefit plan terminated effective date               Mar. 31, 2022      
Bargaining Plan                      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                      
Defined benefit plan term of contract       4 years              
Defined benefit plan contract expiration date       Sep. 27, 2025              
Increased in pension liability                     $ 14.2
Bargaining Plan's obligations   $ 256.2           $ 65.0      
Settlement gain             $ 2.7        
Company contributions to plans               42.8      
Accumulated benefit obligation for plans which the accumulated benefit obligation exceeded the fair value of plan assets               467.1      
Bargaining Plan | Subsequent Event                      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                      
Company contributions to plans     $ 5.3                
Postretirement                      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                      
Settlement gain               0.1 (1.9) 11.8  
Non cash gain (loss)               0.2 (3.8)    
Expected contributions and payments from 2026 through 2034               32.4      
Pension                      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                      
Settlement gain               (10.4) (38.7) 20.9  
Retirement plan expenses               3.3 2.9    
Defined benefit plan settlement               118.2 6.0    
Non cash gain (loss)               24.6 (32.8)    
Accumulated benefit obligation               532.5 683.7    
Expected contributions and payments from 2026 through 2034               217.9      
Pension | Salaried Plan | United States of America                      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                      
Settlement gain               (1.8) (4.0) $ (6.9)  
Defined benefit plan settlement               118.2 6.0    
Defined benefit plan annuitization settlement               121.0      
Non cash gain (loss)               1.5 $ (5.7)    
Expected contributions and payments from 2026 through 2034               0.0      
Supplemental Plan                      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                      
Accumulated benefit obligation for plans which the accumulated benefit obligation exceeded the fair value of plan assets               16.1      
Pension and Postretirement Plans                      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                      
Expected contributions and payments in next 12 months               68.5      
Expected contributions and payments from 2026 through 2034               $ 103.3      
v3.25.0.1
Retirement and Postretirement Plans - Change in Benefit Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Salaried Plan      
Change in benefit obligation:      
Actuarial (gains) losses $ 1.0    
Pension      
Change in benefit obligation:      
Benefit obligation at the beginning of year 688.6 $ 666.6  
Service cost 9.2 10.4 $ 14.2
Interest cost 31.1 35.8 39.6
Actuarial (gains) losses (24.6) 32.8  
Benefits paid (48.2) (53.8)  
Settlements (118.2) (6.0)  
Foreign currency translation adjustment (0.8) 2.8  
Benefit obligation at the end of year 537.1 688.6 666.6
Pension | United States of America | Bargaining Plan      
Change in benefit obligation:      
Benefit obligation at the beginning of year 490.9 474.9  
Service cost 8.9 9.5 13.9
Interest cost 25.4 25.9 31.1
Actuarial (gains) losses (16.9) 19.1  
Benefits paid (36.7) (38.5)  
Settlements 0.0    
Benefit obligation at the end of year 471.6 490.9 474.9
Pension | United States of America | Salaried Plan      
Change in benefit obligation:      
Benefit obligation at the beginning of year 124.0 128.1  
Service cost 0.3 0.9 0.3
Interest cost 2.3 6.7 6.5
Actuarial (gains) losses (1.5) 5.7  
Benefits paid (6.9) (11.4)  
Settlements (118.2) (6.0)  
Benefit obligation at the end of year 0.0 124.0 128.1
Pension | United States of America | Supplemental Plan      
Change in benefit obligation:      
Benefit obligation at the beginning of year 16.5 $ 15.5  
Service cost $ 0.0    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Liability, Defined Benefit Plan, Noncurrent Liability, Defined Benefit Plan, Noncurrent  
Interest cost $ 0.9 $ 0.9 0.7
Actuarial (gains) losses (0.7) 0.7  
Benefits paid (0.6) (0.6)  
Settlements 0.0    
Benefit obligation at the end of year 16.1 16.5 15.5
Pension | United Kingdom | Pension Scheme      
Change in benefit obligation:      
Benefit obligation at the beginning of year 56.7 47.7  
Service cost 0.0    
Interest cost 2.5 2.3 1.3
Actuarial (gains) losses (5.1) 7.3  
Benefits paid (4.0) (3.3)  
Foreign currency translation adjustment (0.8) 2.7  
Benefit obligation at the end of year 49.3 56.7 47.7
Pension | Mexico | Pension Plan      
Change in benefit obligation:      
Benefit obligation at the beginning of year 0.5 0.4  
Actuarial (gains) losses (0.4)    
Foreign currency translation adjustment 0.0 0.1  
Benefit obligation at the end of year 0.1 0.5 0.4
Postretirement      
Change in benefit obligation:      
Benefit obligation at the beginning of year 84.9 87.4  
Service cost 0.6 0.7 1.1
Interest cost 4.3 4.7 3.4
Actuarial (gains) losses (0.2) 3.8  
Benefits paid (9.5) (11.7)  
Benefit obligation at the end of year $ 80.1 $ 84.9 $ 87.4
v3.25.0.1
Retirement and Postretirement Plans - Change in Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Pension    
Change in plan assets:    
Fair value of plan assets at the beginning of year $ 525.6 $ 549.4
Actual return on plan assets (1.5) 31.1
Company contributions / payments 39.8 1.8
Benefits paid (48.2) (53.8)
Settlements (118.2) (6.0)
Foreign currency translation adjustment (0.9) 3.1
Fair value of plan assets at end of year 396.6 525.6
Funded status at end of year (140.5) (163.0)
Pension | United States of America | Bargaining Plan    
Change in plan assets:    
Fair value of plan assets at the beginning of year 334.7 353.9
Actual return on plan assets 2.8 19.3
Company contributions / payments 40.9  
Benefits paid (36.7) (38.5)
Settlements 0.0 0.0
Fair value of plan assets at end of year 341.7 334.7
Funded status at end of year (129.9) (156.2)
Pension | United States of America | Salaried Plan    
Change in plan assets:    
Fair value of plan assets at the beginning of year 129.6 137.7
Actual return on plan assets (0.9) 9.3
Company contributions / payments (3.6)  
Benefits paid (6.9) (11.4)
Settlements (118.2) (6.0)
Fair value of plan assets at end of year 0.0 129.6
Funded status at end of year 0.0 5.6
Pension | United States of America | Supplemental Plan    
Change in plan assets:    
Company contributions / payments 0.6 0.6
Benefits paid (0.6) (0.6)
Settlements 0.0 0.0
Funded status at end of year (16.1) (16.5)
Pension | United Kingdom | Pension Scheme    
Change in plan assets:    
Fair value of plan assets at the beginning of year 61.0 57.5
Actual return on plan assets (3.4) 2.5
Company contributions / payments 1.9 1.2
Benefits paid (4.0) (3.3)
Foreign currency translation adjustment (0.9) 3.1
Fair value of plan assets at end of year 54.6 61.0
Funded status at end of year 5.3 4.3
Pension | Mexico | Pension Plan    
Change in plan assets:    
Fair value of plan assets at the beginning of year 0.3 0.3
Fair value of plan assets at end of year 0.3 0.3
Funded status at end of year 0.2 (0.2)
Postretirement    
Change in plan assets:    
Fair value of plan assets at the beginning of year 53.8 59.2
Actual return on plan assets 2.7 5.3
Company contributions / payments 2.4 1.0
Benefits paid (9.5) (11.7)
Fair value of plan assets at end of year 49.4 53.8
Funded status at end of year $ (30.7) $ (31.1)
v3.25.0.1
Retirement and Postretirement Plans - Amounts Recognized in the Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Non-current assets $ 5.5 $ 9.9
Current liabilities (66.5) (43.5)
Non-current liabilities (110.2) (160.5)
Pension    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Non-current assets 5.5 9.9
Current liabilities (65.3) (42.3)
Non-current liabilities (80.7) (130.6)
Total assets (liabilities) recognized (140.5) (163.0)
Pension | United States of America | Bargaining Plan    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Current liabilities (64.7) (41.7)
Non-current liabilities (65.2) (114.5)
Total assets (liabilities) recognized (129.9) (156.2)
Pension | United States of America | Salaried Plan    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Non-current assets 0.0 5.6
Total assets (liabilities) recognized 0.0 5.6
Pension | United States of America | Supplemental Plan    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Current liabilities (0.6) (0.6)
Non-current liabilities (15.5) (15.9)
Total assets (liabilities) recognized (16.1) (16.5)
Pension | United Kingdom | Pension Scheme    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Non-current assets 5.3 4.3
Total assets (liabilities) recognized 5.3 4.3
Pension | Mexico | Pension Plan    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Non-current assets 0.2  
Non-current liabilities 0.0 (0.2)
Total assets (liabilities) recognized 0.2 (0.2)
Postretirement    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Current liabilities (1.2) (1.2)
Non-current liabilities (29.5) (29.9)
Total assets (liabilities) recognized $ (30.7) $ (31.1)
v3.25.0.1
Retirement and Postretirement Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Unrecognized prior service (benefit) cost $ 10.3 $ 11.6
Pension | United States of America | Bargaining Plan    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Unrecognized prior service (benefit) cost 9.9 11.1
Pension | United Kingdom | Pension Scheme    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Unrecognized prior service (benefit) cost 0.4 0.5
Postretirement    
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]    
Unrecognized prior service (benefit) cost $ (38.0) $ (44.0)
v3.25.0.1
Retirement and Postretirement Plans - Weighted Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Pension    
Benefit Obligation    
Discount rate 5.71% 5.33%
Future compensation assumption 3.50% 3.00%
Benefit Cost    
Discount rate 5.33% 5.61%
Future compensation assumption 3.00% 3.00%
Expected long-term return on plan assets 7.15% 7.13%
Postretirement    
Benefit Obligation    
Discount rate 5.73% 5.43%
Benefit Cost    
Discount rate 5.43% 5.70%
Expected long-term return on plan assets 5.80% 6.25%
v3.25.0.1
Retirement and Postretirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost $ 9.2 $ 10.4 $ 14.2
Interest cost 31.1 35.8 39.6
Expected return on plan assets (33.5) (37.1) (54.9)
Amortization of prior service cost 1.2 1.3 1.3
Settlements 0.0 0.0  
Curtailments     (2.7)
Net remeasurement losses (gains) 10.4 38.7 (20.9)
Net Periodic Benefit Cost (Income) 18.4 49.1 (23.4)
Pension | United States of America | Bargaining Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 8.9 9.5 13.9
Interest cost 25.4 25.9 31.1
Expected return on plan assets (28.0) (26.9) (46.7)
Amortization of prior service cost 1.2 1.3 1.3
Settlements 0.0 0.0  
Curtailments     (2.7)
Net remeasurement losses (gains) 8.3 26.6 (37.2)
Net Periodic Benefit Cost (Income) 15.8 36.4 (40.3)
Pension | United States of America | Salaried Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 0.3 0.9 0.3
Interest cost 2.3 6.7 6.5
Expected return on plan assets (2.4) (7.5) (5.0)
Curtailments     0.0
Net remeasurement losses (gains) 1.8 4.0 6.9
Net Periodic Benefit Cost (Income) 2.0 4.1 8.7
Pension | United States of America | Supplemental Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 0.0    
Interest cost 0.9 0.9 0.7
Curtailments     0.0
Net remeasurement losses (gains) (0.7) 0.6 (6.5)
Net Periodic Benefit Cost (Income) 0.2 1.5 (5.8)
Pension | United Kingdom | Pension Scheme      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 0.0    
Interest cost 2.5 2.3 1.3
Expected return on plan assets (3.1) (2.7) (3.2)
Net remeasurement losses (gains) 1.4 7.5 15.9
Net Periodic Benefit Cost (Income) 0.8 7.1 14.0
Pension | Mexico | Pension Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Net remeasurement losses (gains) (0.4)   0.0
Net Periodic Benefit Cost (Income) (0.4)   0.0
Postretirement      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 0.6 0.7 1.1
Interest cost 4.3 4.7 3.4
Expected return on plan assets (2.9) (3.4) (3.4)
Amortization of prior service cost (5.9) (6.0) (6.0)
Net remeasurement losses (gains) (0.1) 1.9 (11.8)
Net Periodic Benefit Cost (Income) $ (4.0) $ (2.1) $ (16.7)
v3.25.0.1
Retirement and Postretirement Plans - Schedule of Target Allocations for each Plan's Assets (Details)
Dec. 31, 2024
Pension | Equity securities  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 34.90%
Pension | Debt Securities  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 38.80%
Pension | Other Investments  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 26.30%
Pension | Bargaining Plan | United States of America | Equity securities  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 38.00%
Pension | Bargaining Plan | United States of America | Debt Securities  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 34.00%
Pension | Bargaining Plan | United States of America | Other Investments  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 28.00%
Pension | Pension Scheme | United Kingdom | Equity securities  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 15.80%
Pension | Pension Scheme | United Kingdom | Debt Securities  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 68.50%
Pension | Pension Scheme | United Kingdom | Other Investments  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 15.70%
Pension | Pension Plan | Mexico | Debt Securities  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 100.00%
Postretirement | Equity securities  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 26.00%
Postretirement | Debt Securities  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 67.00%
Postretirement | Other Investments  
Defined Benefit Plan, Plan Assets, Allocation [Line Items]  
Target asset allocation 7.00%
v3.25.0.1
Retirement and Postretirement Plans - Allocation of Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets $ 396.6 $ 525.6 $ 549.4
Pension | Level 1, 2 and 3      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 205.5 251.9  
Pension | Level 1, 2 and 3 | Cash and cash equivalents      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 12.6 5.8  
Pension | Level 1, 2 and 3 | U.S government and agency securities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 36.3 59.8  
Pension | Level 1, 2 and 3 | Corporate bonds      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets   39.8  
Pension | Level 1, 2 and 3 | Mutual fund - equities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 80.9 83.3  
Pension | Level 1, 2 and 3 | Mutual fund - fixed income      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 12.5 12.2  
Pension | Level 1, 2 and 3 | Mutual fund - tactical tilt      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 10.8 10.6  
Pension | Level 1, 2 and 3 | Equity securities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.5    
Pension | Level 1, 2 and 3 | Real estate      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 29.7 14.1  
Pension | Level 1, 2 and 3 | Private debt      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 22.2 25.7  
Pension | Level 1, 2 and 3 | Other      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets   0.6  
Pension | Level 1      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 144.3 156.8  
Pension | Level 1 | Cash and cash equivalents      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 3.3 0.0  
Pension | Level 1 | U.S government and agency securities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 36.3 50.7  
Pension | Level 1 | Corporate bonds      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets   0.0  
Pension | Level 1 | Mutual fund - equities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 80.9 83.3  
Pension | Level 1 | Mutual fund - fixed income      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 12.5 12.2  
Pension | Level 1 | Mutual fund - tactical tilt      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 10.8 10.6  
Pension | Level 1 | Equity securities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.5    
Pension | Level 1 | Real estate      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.0 0.0  
Pension | Level 1 | Private debt      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.0 0.0  
Pension | Level 1 | Other      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets   0.0  
Pension | Level 2      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 9.3 55.3  
Pension | Level 2 | Cash and cash equivalents      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 9.3 5.8  
Pension | Level 2 | U.S government and agency securities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.0 9.1  
Pension | Level 2 | Corporate bonds      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets   39.8  
Pension | Level 2 | Equity securities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.0    
Pension | Level 2 | Real estate      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.0 0.0  
Pension | Level 2 | Private debt      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.0 0.0  
Pension | Level 2 | Other      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets   0.6  
Pension | Level 3      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 51.9 39.8  
Pension | Level 3 | Cash and cash equivalents      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.0    
Pension | Level 3 | U.S government and agency securities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.0    
Pension | Level 3 | Equity securities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.0    
Pension | Level 3 | Real estate      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 29.7 14.1  
Pension | Level 3 | Private debt      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 22.2 25.7  
Pension | Assets measured at net asset value      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets $ 191.1 $ 273.7  
Redemption period 90 days 90 days  
Postretirement      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets $ 49.4 $ 53.8 $ 59.2
Postretirement | Level 1, 2 and 3      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 25.3 26.6  
Postretirement | Level 1, 2 and 3 | Cash and cash equivalents      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 3.6 2.2  
Postretirement | Level 1, 2 and 3 | Mutual fund - equities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 11.9 13.5  
Postretirement | Level 1, 2 and 3 | Mutual fund - fixed income      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 6.6 7.3  
Postretirement | Level 1, 2 and 3 | Mutual fund - tactical tilt      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 2.3 2.5  
Postretirement | Level 1, 2 and 3 | Real estate      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.9 1.1  
Postretirement | Level 1      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 25.3 26.6  
Postretirement | Level 1 | Cash and cash equivalents      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 3.6 2.2  
Postretirement | Level 1 | Mutual fund - equities      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 11.9 13.5  
Postretirement | Level 1 | Mutual fund - fixed income      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 6.6 7.3  
Postretirement | Level 1 | Mutual fund - tactical tilt      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 2.3 2.5  
Postretirement | Level 1 | Real estate      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets 0.9 1.1  
Postretirement | Assets measured at net asset value      
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total Assets $ 24.1 $ 27.2  
v3.25.0.1
Retirement and Postretirement Plans - Summary of Changes in the Fair Value of Pension Plan Level Three Assets (Details) - Pension
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Fair value of plan assets at the beginning of year $ 525.6
Fair value of plan assets at end of year 396.6
Level 3  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Fair value of plan assets at the beginning of year 39.8
Transfers in and/or out of Level 3 0.0
Realized gain (loss) (0.4)
Net unrealized gain (loss) 3.5
Purchases 15.5
Sales (6.5)
Fair value of plan assets at end of year $ 51.9
v3.25.0.1
Retirement and Postretirement Plans - Benefit Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension  
Benefit Payments:  
2025 $ 46.9
2026 46.5
2027 63.4
2028 50.2
2029 48.3
2030-2034 217.9
Pension | Bargaining Plan | United States of America  
Benefit Payments:  
2025 43.5
2026 43.2
2027 47.2
2028 46.4
2029 44.3
2030-2034 196.4
Pension | Salaried Plan | United States of America  
Benefit Payments:  
2025 0.0
2026 0.0
2027 0.0
2028 0.0
2029 0.0
2030-2034 0.0
Pension | Supplemental Plan | United States of America  
Benefit Payments:  
2025 0.6
2026 0.6
2027 13.0
2028 0.5
2029 0.5
2030-2034 2.0
Pension | Pension Scheme | United Kingdom  
Benefit Payments:  
2025 2.8
2026 2.7
2027 3.2
2028 3.3
2029 3.5
2030-2034 19.5
Pension | Pension Plan | Mexico  
Benefit Payments:  
2027 0.0
Postretirement  
Benefit Payments:  
2025 8.8
2026 8.3
2027 7.9
2028 7.5
2029 7.2
2030-2034 $ 32.4
v3.25.0.1
Stock-Based Compensation - Narrative (Details)
 12 Months Ended
May 05, 2021
shares
May 06, 2020
USD ($)
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Stock-based compensation expense | $     $ 14,000,000 $ 11,500,000 $ 8,800,000
Future stock-based compensation expense | $     $ 18,900,000    
Future stock-based compensation expense, period of recognition     2 years    
Time-Based Restricted Stock Units          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Vesting rights description     These restricted stock units do not have any performance conditions for vesting.    
Performance-Based Restricted Stock Units          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Vesting rights description     The overall vesting period is generally three years, with relative total shareholder return measured for the one, two and three-year periods creating effectively a “nested” 1-year, 2-year, and 3-year performance period.    
Vesting period     3 years    
Number of trading days to calculate average closing stock price     20 days    
Equity and incentive compensation 2020 plan          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Aggregate share limit ratio   1      
Stock-based compensation, extended-term plan May 05, 2031        
Shares available for grant (in shares)   2,000,000      
Shares available for grant (in shares) 2,000,000        
Equity and incentive compensation 2020 plan | Maximum [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Number of shares authorized (in shares) 2,000,000 2,000,000      
Share-based compensation, full value award limit 1,800,000        
Equity and incentive compensation 2020 plan | Non-employee Director | Maximum [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based compensation, maximum grant value | $   $ 500,000      
v3.25.0.1
Stock-Based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Shares      
Beginning balance (in shares) 621,350    
Granted (in shares) 0 0 0
Exercised (in shares) (134,552)    
Canceled, forfeited or expired (in shares) (186,580)    
Ending balance (in shares) 300,218 621,350  
Options expected to vest, number of shares (in shares) 0    
Options exercisable, number of shares (in shares) 300,218    
Weighted Average Exercise Price      
Beginning balance (in USD per share) $ 17.95    
Granted (in USD per share) 0    
Exercised (in USD per share) 10.83    
Canceled, forfeited or expired (in USD per share) 33.9    
Ending balance (in USD per share) 11.23 $ 17.95  
Options expected to vest, weighted average exercise price (in USD per share) 0    
Options exercisable, weighted average exercise price (in USD per share) $ 11.23    
Additional Information      
Outstanding, weighted average remaining contractual term 3 years 9 months 18 days    
Options expected to vest, weighted average remaining contractual term 0 years    
Options exercisable, weighted average remaining contractual term 3 years 9 months 18 days    
Outstanding, aggregate intrinsic value $ 3.8    
Options expected to vest, aggregate intrinsic value 0.0    
Options exercisable, aggregate intrinsic value $ 3.8    
v3.25.0.1
Stock-Based Compensation - Schedule of Time-Based Restricted Stock Unit Activity (Details) - Time-Based Restricted Stock Units
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of Shares  
Beginning balance (in shares) | shares 1,619,719
Granted (in shares) | shares 447,376
Vested (in shares) | shares (839,669)
Canceled, forfeited or expired (in shares) | shares (12,294)
Ending balance (in shares) | shares 1,215,132
Weighted Average Grant Date Fair Value  
Beginning balance (in USD per share) | $ / shares $ 11.99
Granted (in USD per share) | $ / shares 20.41
Vested (in USD per share) | $ / shares 12.66
Canceled, forfeited or expired (in USD per share) | $ / shares 19.80
Ending balance (in USD per share) | $ / shares $ 14.55
v3.25.0.1
Stock-Based Compensation - Schedule of Performance-Based Restricted Stock Unit Activity (Details) - Performance-Based Restricted Stock Units
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of Shares  
Beginning balance (in shares) | shares 1,014,658
Granted (in shares) | shares 205,944
Vested (in shares) | shares (623,596)
Canceled, forfeited or expired (in shares) | shares (6,119)
Ending balance (in shares) | shares 590,887
Weighted Average Grant Date Fair Value  
Beginning balance (in USD per share) | $ / shares $ 15.99
Granted (in USD per share) | $ / shares 18.73
Vested (in USD per share) | $ / shares 7.41
Canceled, forfeited or expired (in USD per share) | $ / shares 22.65
Ending balance (in USD per share) | $ / shares $ 25.93
v3.25.0.1
Stock-Based Compensation - Schedule of Transformation Incentive Grant Program Activity (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Transformation Incentive Grant Program Activity  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Beginning balance (in shares) | shares 350,000
Canceled, forfeited or expired (in shares) | shares 0
Ending balance (in shares) | shares 350,000
Weighted Average Grant Date Fair Value  
Beginning balance (in USD per share) | $ / shares $ 22.46
Canceled, forfeited or expired (in USD per share) | $ / shares 0
Ending balance (in USD per share) | $ / shares $ 22.46
Tier 1-2  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Granted (in shares) | shares 0
Weighted Average Grant Date Fair Value  
Granted (in USD per share) | $ / shares $ 0
Tier 3-4  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Granted (in shares) | shares 0
Weighted Average Grant Date Fair Value  
Granted (in USD per share) | $ / shares $ 0
Performance-Based Restricted Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Beginning balance (in shares) | shares 1,014,658
Granted (in shares) | shares 205,944
Canceled, forfeited or expired (in shares) | shares (6,119)
Ending balance (in shares) | shares 590,887
Weighted Average Grant Date Fair Value  
Beginning balance (in USD per share) | $ / shares $ 15.99
Granted (in USD per share) | $ / shares 18.73
Canceled, forfeited or expired (in USD per share) | $ / shares 22.65
Ending balance (in USD per share) | $ / shares $ 25.93
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 731.6 $ 686.5 $ 664.6
Other comprehensive income before reclassifications, before income tax (1.2) 0.0  
Amounts reclassified from accumulated other comprehensive income (loss), before income tax (3.6) (4.6)  
Amounts deferred to accumulated other comprehensive income (loss), before income tax 0.0 2.3  
Tax effect 0.1 (0.2) 0.4
Other comprehensive income (loss), net of tax (4.7) (2.3) (6.0)
Ending balance 690.5 731.6 686.5
Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (6.5) (6.8)  
Other comprehensive income before reclassifications, before income tax (1.2) 0.0  
Amounts reclassified from accumulated other comprehensive income (loss), before income tax 0.0 0.3  
Amounts deferred to accumulated other comprehensive income (loss), before income tax 0.0 0.0  
Tax effect 0.0 0.0  
Other comprehensive income (loss), net of tax (1.2) 0.3  
Ending balance (7.7) (6.5) (6.8)
Pension and Postretirement Liability Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 18.9 21.5  
Other comprehensive income before reclassifications, before income tax 0.0 0.0  
Amounts reclassified from accumulated other comprehensive income (loss), before income tax (3.6) (4.9)  
Amounts deferred to accumulated other comprehensive income (loss), before income tax 0.0 2.3  
Tax effect 0.1 0.0  
Other comprehensive income (loss), net of tax (3.5) (2.6)  
Ending balance 15.4 18.9 21.5
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 12.4 14.7 20.7
Other comprehensive income (loss), net of tax (4.7) (2.3) (6.0)
Ending balance $ 7.7 $ 12.4 $ 14.7
v3.25.0.1
Contingencies - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Loss Contingency Accrual, Disclosures [Abstract]    
Contingency reserves $ 0.5 $ 1.1
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for Uncollectible Accounts      
Valuation And Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period $ 2.0 $ 1.0 $ 1.9
Charged to Costs and Expenses 0.0 1.2 0.0
Deductions (0.3) (0.2) (0.9)
Balance at End of Period 1.7 2.0 1.0
Allowance for Inventory Reserves      
Valuation And Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 0.7 0.5 0.8
Charged to Costs and Expenses 0.6 1.1 0.5
Deductions (0.2) (0.9) (0.8)
Balance at End of Period 1.1 0.7 0.5
Valuation Allowance on Deferred Tax Assets      
Valuation And Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 15.5 13.0 15.5
Charged to Costs and Expenses 0.0 2.5 0.0
Charged to Other Accounts 0.0 0.0 0.0
Deductions (0.5) 0.0 (2.5)
Balance at End of Period $ 15.0 $ 15.5 $ 13.0