Kaiser Aluminum (KALU) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-09447
Entity Registrant Name	KAISER ALUMINUM CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3030279
Entity Address, Address Line One	1550 West McEwen Drive
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Franklin
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37067
City Area Code	629
Local Phone Number	252-7040
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KALU
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		15,940,580
Entity Central Index Key	0000811596
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 235.2	$ 303.2
Receivables:
Trade receivables, net	351.1	332.7
Other	49.5	53
Contract assets	93.9	63.2
Inventories	468.6	404.6
Prepaid expenses and other current assets	47.6	48.7
Total current assets	1,245.9	1,205.4
Property, plant and equipment, net	956.3	955.2
Operating lease assets	43.4	46.2
Deferred tax assets, net	6.3	3.4
Intangible assets, net	58.1	67.7
Goodwill	39.3	39.3
Other assets	112.4	105.2
Total	2,461.7	2,422.4
Current liabilities:
Accounts payable	418.8	351.4
Accrued salaries, wages and related expenses	41.4	46.9
Other accrued liabilities	87.3	58.4
Total current liabilities	547.5	456.7
Long-term portion of operating lease liabilities	39.1	40.8
Pension and other postretirement benefits	90.4	92.5
Net liabilities of Salaried VEBA	20	20.6
Deferred tax liabilities	3.9	10.5
Long-term liabilities	73.6	72.5
Long-term debt	1,037.2	1,036.3
Total liabilities	1,811.7	1,729.9
Commitments and contingencies
Stockholders’ equity:
Preferred stock, 5,000,000 shares authorized at both June 30, 2022 and December 31, 2021; no shares were issued and outstanding at June 30, 2022 and December 31, 2021
Common stock, par value $0.01, 90,000,000 shares authorized at both June 30, 2022 and December 31, 2021; 22,757,348 shares issued and 15,922,062 shares outstanding at June 30, 2022; 22,700,404 shares issued and 15,865,118 shares outstanding at December 31, 2021	0.2	0.2
Additional paid in capital	1,084.8	1,078.9
Retained earnings	62.2	93
Treasury stock, at cost, 6,835,286 shares at both June 30, 2022 and December 31, 2021	(475.9)	(475.9)
Accumulated other comprehensive loss	(21.3)	(3.7)
Total stockholders’ equity	650	692.5
Total	$ 2,461.7	$ 2,422.4

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	90,000,000	90,000,000
Common Stock, shares issued	22,757,348	22,700,404
Common stock, shares outstanding	15,922,062	15,865,118
Treasury stock, shares	6,835,286	6,835,286

STATEMENTS OF CONSOLIDATED LOSS

STATEMENTS OF CONSOLIDATED LOSS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 954.2	$ 741	$ 1,903	$ 1,065
Costs and expenses:
Cost of products sold, excluding depreciation and amortization and other items	898.4	673.3	1,764.3	935.8
Depreciation and amortization	27.1	25.8	54.6	39.3
Selling, general, administrative, research and development	27.5	30.9	57.7	62.7
Restructuring costs (benefit)		(0.1)		(0.8)
Other operating charges, net	3.2		3.2
Total costs and expenses	956.2	729.9	1,879.8	1,037
Operating (loss) income	(2)	11.1	23.2	28
Other expense:
Interest expense	(12.2)	(12.4)	(24.4)	(24.7)
Other expense, net – Note 8	(3.7)	(36.6)	(5.3)	(37)
Loss before income taxes	(17.9)	(37.9)	(6.5)	(33.7)
Income tax benefit	4.1	15.5	0.8	15.8
Net loss	$ (13.8)	$ (22.4)	$ (5.7)	$ (17.9)
Net loss per common share:
Basic	$ (0.87)	$ (1.42)	$ (0.36)	$ (1.13)
Diluted	$ (0.87)	$ (1.42)	$ (0.36)	$ (1.13)
Weighted-average number of common shares outstanding (in thousands):
Basic	15,899	15,835	15,883	15,820
Diluted	15,899	15,835	15,883	15,820

STATEMENTS OF CONSOLIDATED COMP

STATEMENTS OF CONSOLIDATED COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (13.8)	$ (22.4)	$ (5.7)	$ (17.9)
Other comprehensive income (loss), net of tax
Defined benefit pension plan and Salaried VEBA	0.9	0.7	1.8	1.4
Cash flow hedges	(36.5)	15.2	(19.4)	23.7
Foreign currency translation				(0.1)
Other comprehensive (loss) income, net of tax	(35.6)	15.9	(17.6)	25
Comprehensive (loss) income	$ (49.4)	$ (6.5)	$ (23.3)	$ 7.1

STATEMENTS OF CONSOLIDATED STOC

STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions		Total	Common Stock		Additional Paid in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive (Loss) Income
Beginning balance at Dec. 31, 2020		$ 732.4	$ 0.2		$ 1,068.6	$ 158.2	$ (475.9)	$ (18.7)
Beginning balance (shares) at Dec. 31, 2020	[1]		15,812,169
Net income (loss)		4.5				4.5
Other comprehensive income (loss), net of tax		9.1						9.1
Common shares issued (including impacts from Long-Term Incentive programs) (shares)	[1]		56,394
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares		(2.4)			(2.4)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (shares)	[1]		(20,625)
Cash dividends declared	[2]	(11.7)				(11.7)
Amortization of unearned equity compensation		3.1			3.1
Ending balance at Mar. 31, 2021		735	$ 0.2		1,069.3	151	(475.9)	(9.6)
Ending balance (shares) at Mar. 31, 2021	[1]		15,847,938
Beginning balance at Dec. 31, 2020		732.4	$ 0.2		1,068.6	158.2	(475.9)	(18.7)
Beginning balance (shares) at Dec. 31, 2020	[1]		15,812,169
Net income (loss)		(17.9)
Other comprehensive income (loss), net of tax		25
Ending balance at Jun. 30, 2021		720.7	$ 0.2		1,073.2	116.9	(475.9)	6.3
Ending balance (shares) at Jun. 30, 2021	[1]		15,859,820
Beginning balance at Mar. 31, 2021		735	$ 0.2		1,069.3	151	(475.9)	(9.6)
Beginning balance (shares) at Mar. 31, 2021	[1]		15,847,938
Net income (loss)		(22.4)				(22.4)
Other comprehensive income (loss), net of tax		15.9						15.9
Common shares issued (including impacts from Long-Term Incentive programs)		0.3			0.3
Common shares issued (including impacts from Long-Term Incentive programs) (shares)	[1]		12,291
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (shares)	[1]		(409)
Cash dividends declared	[2]	(11.7)				(11.7)
Amortization of unearned equity compensation		3.6			3.6
Ending balance at Jun. 30, 2021		720.7	$ 0.2		1,073.2	116.9	(475.9)	6.3
Ending balance (shares) at Jun. 30, 2021	[1]		15,859,820
Beginning balance at Dec. 31, 2021		$ 692.5	$ 0.2		1,078.9	93	(475.9)	(3.7)
Beginning balance (shares) at Dec. 31, 2021		15,865,118	15,865,118	[3],[4]
Net income (loss)		$ 8.1				8.1
Other comprehensive income (loss), net of tax		18						18
Common shares issued (including impacts from Long-Term Incentive programs) (shares)	[3],[4]		58,641
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares		(1.9)			(1.9)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (shares)	[3],[4]		(19,643)
Cash dividends declared	[5]	(12.5)				(12.5)
Amortization of unearned equity compensation		4			4
Ending balance at Mar. 31, 2022		708.2	$ 0.2		1,081	88.6	(475.9)	14.3
Ending balance (shares) at Mar. 31, 2022	[3],[4]		15,904,116
Beginning balance at Dec. 31, 2021		$ 692.5	$ 0.2		1,078.9	93	(475.9)	(3.7)
Beginning balance (shares) at Dec. 31, 2021		15,865,118	15,865,118	[3],[4]
Net income (loss)		$ (5.7)
Other comprehensive income (loss), net of tax		(17.6)
Ending balance at Jun. 30, 2022		$ 650	$ 0.2		1,084.8	62.2	(475.9)	(21.3)
Ending balance (shares) at Jun. 30, 2022		15,922,062	15,922,062	[3],[4]
Beginning balance at Mar. 31, 2022		$ 708.2	$ 0.2		1,081	88.6	(475.9)	14.3
Beginning balance (shares) at Mar. 31, 2022	[3],[4]		15,904,116
Net income (loss)		(13.8)				(13.8)
Other comprehensive income (loss), net of tax		(35.6)						(35.6)
Common shares issued (including impacts from Long-Term Incentive programs)		0.6			0.6
Common shares issued (including impacts from Long-Term Incentive programs) (shares)	[3],[4]		18,101
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (shares)	[3],[4]		(155)
Cash dividends declared	[5]	(12.6)				(12.6)
Amortization of unearned equity compensation		3.2			3.2
Ending balance at Jun. 30, 2022		$ 650	$ 0.2		$ 1,084.8	$ 62.2	$ (475.9)	$ (21.3)
Ending balance (shares) at Jun. 30, 2022		15,922,062	15,922,062	[3],[4]
[1]There were no repurchases of common stock during the quarters ended March 31, 2021 and June 30, 2021.[2]Dividends declared per common share were $0.72

STATEMENTS OF CONSOLIDATED ST_2

STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Shares available for awards (shares)	601,642
Repurchase amount remaining	$ 93.1
Cash dividends declared (in dollars per share)	$ 0.77	$ 0.77	$ 0.72	$ 0.72
Common Stock
Repurchases of common stock	0	0	0	0

STATEMENTS OF CONSOLIDATED CASH

STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (5.7)	$ (17.9)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of property, plant and equipment	48.1	35.7
Amortization of definite-lived intangible assets	6.5	3.6
Amortization of debt premium and debt issuance costs	1.1	1.2
Deferred income taxes	(4.1)	(18.2)
Non-cash equity compensation	7.8	7
Non-cash asset impairment charge	3.2
Loss on extinguishment of debt		35.9
Loss on disposition of property, plant and equipment	2.1	0.1
Changes in operating assets and liabilities, net of effects of acquisition:
Trade and other receivables	(13.5)	(130.5)
Contract assets	(30.7)	(10.5)
Inventories	(64)	(21.2)
Prepaid expenses and other current assets	(5)	(8.5)
Accounts payable	61.8	115.5
Accrued liabilities	1.9	15.6
Annual variable cash contributions to Salaried VEBA		(1.7)
Long-term assets and liabilities, net	(2.5)	(1.2)
Net cash provided by operating activities	7	4.9
Cash flows from investing activities:
Capital expenditures	(45.5)	(18)
Cash payment for acquisition of the Warrick rolling mill		(617.5)
Purchase of equity securities	(0.3)	(0.4)
Proceeds from disposition of property, plant and equipment	1
Net cash used in investing activities	(44.8)	(635.9)
Cash flows from financing activities:
Cash paid for debt issuance costs	(1.8)	(8.6)
Repayment of finance lease	(1)	(1.1)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares	(1.9)	(2.4)
Cash dividends and dividend equivalents paid	(25.1)	(23.4)
Net cash (used in) provided by financing activities	(29.8)	133.6
Net decrease in cash, cash equivalents and restricted cash during the period	(67.6)	(497.4)
Cash, cash equivalents and restricted cash at beginning of period	317	794.3
Cash, cash equivalents and restricted cash at end of period	$ 249.4	296.9
6.50% Senior Notes
Cash flows from financing activities:
Repayment of principal and redemption premium of Senior Notes		(380.9)
4.50% Senior Notes
Cash flows from financing activities:
Issuance of Senior Notes		$ 550

STATEMENTS OF CONSOLIDATED CA_2

STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) (Parenthetical)	Jun. 30, 2022	May 31, 2021
6.50% Senior Notes
Debt instrument contractual rate (percent)		6.50%
4.50% Senior Notes
Debt instrument contractual rate (percent)	4.50%

Basis of Presentation and Recen

Basis of Presentation and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Recent Accounting Pronouncements	1. Basis of Presentation and Recent Accounting Pronouncements This Quarterly Report on Form 10-Q (this “Report”) should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Unless the context otherwise requires, references in these notes to interim consolidated financial statements - unaudited to “Kaiser Aluminum Corporation,” “we,” “us,” “our,” “the Company” and “our Company” refer collectively to Kaiser Aluminum Corporation and its subsidiaries. Principles of Consolidation and Basis of Presentation. The accompanying unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries and are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable for interim periods and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (which include normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2022 fiscal year. The financial information as of December 31, 2021 is derived from our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2021. Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of our consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of our consolidated financial position and results of operations. Supply Chain Financing . We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. We sell our undivided interests in certain of these receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt. Under the terms of the agreements, we retain no rights or interest, have no obligations with respect to the sold receivables and do not service the receivables after the sale. As such, these transactions are being accounted for as a sale. During the quarter and six months ended June 30, 2022, we sold trade accounts receivable totaling $482.0 million and $889.4 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.3 million and $9.2 million, respectively. During both the quarter and six months ended June 30, 2021, we sold trade accounts receivable totaling $316.0 million, of which our customers’ financial institutions applied discount fees totaling $1.9 million. To the extent discount fees related to the sale of trade accounts receivable under supply chain financing arrangements are not reimbursed by our customers, they are included in Other expense, net. As of June 30, 2022, we had been and/or expected to be fully reimbursed by our customers for these discount fees. Government Grants. From time-to-time, we receive grants from certain governmental agencies such as states and municipalities. We recognize government grants when we have reasonable assurance that we will comply with any conditions attached to the grant and the grant will be received. Government grants related to property, plant and equipment are presented as a reduction to the related asset’s carrying amount. Grants related to compensation for expenses already incurred or for immediate financial support with no future related costs are recognized as income in the period in which it is receivable. As of June 30, 2022, we received a $0.3 million performance grant from the Tennessee Valley Authority, which we recorded as an offset to Property, plant and equipment, net. To be eligible to receive and keep the full amount of this grant, we must achieve: (i) minimum cumulative expenditures towards developmental and/or capital expenditures; (ii) a minimum number of new full-time employees; and (iii) a minimum average annual wage, all within seven years of our execution of the grant agreement. Favorable Commodity Contract Intangible Asset Impairment. During the quarter ended June 30, 2022, we impaired the remaining book value of our favorable commodity contract intangible asset as the supplier associated with the intangible asset ceased all deliveries of magnesium to us and provided no indication of when or if deliveries would resume over the remaining six months of the contract. The impairment charge of $3.1 million was included within Other operating charges, net, in our Statements of Consolidated Loss. Adoption of New Accounting Pronouncements Accounting Standard Update (“ASU”) No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”) was issued in November 2021. Under ASU 2021-10, the accounting entities with transactions with a government that are accounted for by analogy to a grant or contribution accounting model are required to annually disclose certain information regarding the transaction including: (i) nature and related accounting policy used; (ii) line items on the balance sheet and income statement affected by the transactions; (iii) amounts applicable to each line item; and (iv) significant terms and conditions. Our adoption of ASU 2021-10 during the quarter ended March 31, 2022 using a prospective approach did no t have a material impact on our consolidated financial statements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Supplemental Balance Sheet Information	2. Supplemental Balance Sheet Information As of June 30, 2022 As of December 31, 2021 (In millions of dollars) Trade Receivables, Net Billed trade receivables $ 351.7 $ 333.5 Allowance for doubtful receivables (0.6 ) (0.8 ) Trade receivables, net $ 351.1 $ 332.7 Inventories 1 Finished products $ 66.9 $ 90.3 Work-in-process 160.3 162.2 Raw materials 230.2 143.0 Operating supplies 11.2 9.1 Total $ 468.6 $ 404.6 Property, Plant and Equipment, Net Land and improvements $ 26.4 $ 26.0 Buildings and leasehold improvements 184.5 179.0 Machinery and equipment 1,171.7 1,151.5 Construction in progress 2 99.8 75.3 Property, plant and equipment, gross 1,482.4 1,431.8 Accumulated depreciation and amortization (526.5 ) (480.4 ) Assets held for sale 0.4 3.8 Property, plant and equipment, net $ 956.3 $ 955.2 Other Accrued Liabilities Uncleared cash disbursements $ 11.1 $ 10.9 Accrued income taxes and other taxes payable 11.7 9.5 Accrued interest 9.9 9.9 Short-term environmental accrual – Note 6 2.8 2.6 Other – Note 4 51.8 25.5 Total $ 87.3 $ 58.4 Long-Term Liabilities Workers' compensation accrual $ 31.8 $ 31.9 Long-term environmental accrual – Note 6 13.2 14.2 Other long-term liabilities 28.6 26.4 Total $ 73.6 $ 72.5 1 At June 30, 2022 and December 31, 2021 the current cost of our inventory exceeded its stated last-in, first-out (“LIFO”) value by $204.5 million and $137.1 million 2 Based on market conditions, we temporarily idled projects within Construction in progress totaling $20.5 million and $24.9 million as of June 30, 2022 and December 31, 2021, respectively, all of which are expected to resume at a future date.

Employee Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2022
Compensation And Retirement Disclosure [Abstract]
Employee Benefits	3. Employee Benefits Deferred Compensation Plan Assets of our deferred compensation plan are included in Other assets, classified within Level 1 of the fair value hierarchy and are measured and recorded at fair value based on their quoted market prices. The fair value of these assets at June 30, 2022 and December 31, 2021 was $9.8 million and $10.5 million, respectively. The assets in the trust are held in various investment funds at certain registered investment companies and are accounted for as equity investments with changes in fair value recorded within Other expense, net (see Note 8). Offsetting liabilities relating to the deferred compensation plan are included in Other accrued liabilities and Long-term liabilities. Short-Term Incentive Plans (“STI Plans”) As of June 30, 2022, we had a liability of $5.1 million Postretirement Benefit Plans The following table presents the total expense (benefit) related to all postretirement benefit plans (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Defined contribution plans 1 $ 4.0 $ 3.6 $ 9.7 $ 7.0 Deferred compensation plan 2 (0.5 ) 0.4 (0.8 ) 0.4 Multiemployer pension plans 1 1.4 1.3 2.6 2.4 Salaried VEBA 2 1.0 0.5 1.9 1.1 Pension plans 3 1.3 1.5 2.7 1.5 OPEB 3 1.0 1.0 1.9 1.0 Total $ 8.2 $ 8.3 $ 18.0 $ 13.4 1 2 3 Components of Net Periodic Postretirement Benefit Cost. Our results of operations included the following impacts associated with the Salaried VEBA, pension plans and OPEB: (i) a charge for service rendered by employees; (ii) a charge for accretion of interest; (iii) a benefit for the expected return on plan assets; (iv) amortization of prior service costs associated with plan amendments; and (v) amortization of net actuarial differences. The following table presents the components of Net periodic postretirement benefit cost (in millions of dollars): Pension Plans OPEB Salaried VEBA Quarter Ended June 30, Quarter Ended June 30, Quarter Ended June 30, 2022 2021 2022 2021 2022 2021 Service cost $ 1.4 $ 1.4 $ 0.4 $ 0.4 $ — $ — Interest cost 0.1 0.2 0.6 0.6 0.4 0.4 Expected return on plan assets (0.2 ) (0.2 ) — — (0.7 ) (0.8 ) Amortization of prior service cost 1 — — — — 1.3 0.8 Amortization of net actuarial loss — 0.1 — — — 0.1 Total net periodic postretirement benefit cost $ 1.3 $ 1.5 $ 1.0 $ 1.0 $ 1.0 $ 0.5 Pension Plans 2 OPEB Salaried VEBA Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2022 2021 Service cost $ 2.8 $ 1.4 $ 0.8 $ 0.4 $ — $ — Interest cost 0.3 0.2 1.1 0.6 0.9 0.8 Expected return on plan assets (0.4 ) (0.2 ) — — (1.5 ) (1.6 ) Amortization of prior service cost 1 — — — — 2.5 1.7 Amortization of net actuarial loss — 0.1 — — — 0.2 Total net periodic postretirement benefit cost $ 2.7 $ 1.5 $ 1.9 $ 1.0 $ 1.9 $ 1.1 1 We amortize prior service cost on a straight-line basis over the average remaining years of service to full eligibility for benefits of the active plan participants. 2 Net periodic benefit cost for the U.S. pension plan was not included in our Statements of Consolidated Loss until the March 31, 2021 acquisition date of our Warrick County, Indiana (“Warrick”) facility.

Derivatives, Hedging Programs a

Derivatives, Hedging Programs and Other Financial Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives, Hedging Programs and Other Financial Instruments	4. Derivatives, Hedging Programs and Other Financial Instruments Overview. In conducting our business, we enter into derivative transactions, including forward contracts and options, to limit our exposure to: (i) metal price risk related to our sale of fabricated aluminum products and the purchase of metal, including primary and scrap, or recycled, aluminum, our main raw material, and certain alloys used as raw material for our fabrication operations; (ii) energy price risk relating to fluctuating prices of natural gas and electricity used in our production processes; and (iii) foreign currency requirements with respect to cash commitments for equipment purchases and/or other agreements denominated in foreign currency. We do not use derivative financial instruments for trading or other speculative purposes. Hedging transactions are executed centrally on behalf of all of our operations to minimize transaction costs, monitor consolidated net exposures and allow for increased responsiveness to changes in market factors. Our derivative activities are overseen by a committee (“Hedging Committee”), which is composed of our chief executive officer, chief financial officer, chief accounting officer, vice president of treasury, risk and procurement and other officers and employees selected by the chief executive officer. We are exposed to counterparty credit risk on all of our derivative instruments, which we manage by monitoring the credit quality of our counterparties, allocating our hedging positions among multiple counterparties to limit exposure to any single entity and using options as part of the hedging strategy. Our counterparties are major investment grade financial institutions or trading companies and our hedged transactions are governed by negotiated reciprocal credit lines, which generally require collateral to be posted above specified credit thresholds which may adjust up or down, depending on our liquidity. As a result, we believe the risk of loss is remote and contained. The aggregate fair value of our derivative instruments that were in a net liability position was $16.4 million and zero at June 30, 2022 and December 31, 2021, respectively, and we had no collateral posted as of those dates. Additionally, our firm-price customer sales commitments create incremental customer credit risk related to metal price movements. Under certain circumstances, we mitigate this risk by periodically requiring cash collateral from them, which we classify as deferred revenue and include as a component of Other accrued liabilities. We had $1.3 million and zero cash collateral posted from our customers at June 30, 2022 and December 31, 2021, respectively. Cash Flow Hedges We designate as cash flow hedges forward swap contracts for aluminum, energy and, from time-to-time, zinc and copper (“Alloying Metals”) used in our fabrication operations and foreign currency forward contracts for equipment and services for which payments are due in foreign currency. Unrealized gains and losses associated with our cash flow hedges are deferred in Other comprehensive (loss) income, net of tax, and reclassified to COGS when such hedges settle or when it is probable that the original forecasted transactions will not occur by the end of the originally specified time period. See Note 7 for the total amount of gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments that was reported in Accumulated other comprehensive loss Aluminum Hedges . Our pricing of fabricated aluminum products is generally intended to lock in a conversion margin (representing the value added from the fabrication process(es)) and to pass through aluminum price fluctuations to our customers. For some of our higher value added products sold on a spot basis, the pass through of aluminum price movements can sometimes lag by as much as several months, with a favorable impact to us when aluminum prices decline and an adverse impact to us when aluminum prices increase. Additionally, in certain instances, we enter into firm-price arrangements with our customers for stipulated volumes to be delivered in the future. Because we generally purchase primary and secondary aluminum on a floating price basis, the lag in passing through aluminum price movements to customers on some of our higher value added products sold on a spot basis and the volume that we have committed to sell to our customers under a firm-price arrangement create aluminum price risk for us. We use third-party hedging instruments to limit exposure to aluminum price risk related to the aluminum pass through lag on some of our products and firm-price customer sales contracts. Alloying Metals Hedges . We are exposed to risk of fluctuating prices for alloying metals used as raw materials in our fabrication operations. We, from time-to-time, in the ordinary course of business, enter into hedging transactions and/or physical delivery commitments with third parties to mitigate our risk from fluctuations in alloying metals prices that are not passed through completely or at the time of sale pursuant to the terms of certain customer contracts. Energy Hedges . We are exposed to risk of fluctuating prices for natural gas and electricity. We, from time-to-time, in the ordinary course of business, enter into hedging transactions and/or physical delivery commitments with third parties to mitigate our risk from fluctuations in natural gas and electricity prices that are not passed through completely or at the time of sale pursuant to the terms of certain customer contracts. The following table summarizes the percentages as of June 30, 2022 of our expected variable priced purchases of metal alloys and energy for which we have executed derivative and/or physical delivery commitments to reduce price fluctuations for each of the following years: Remainder of 2022 2023 2024 2025 2026 Zinc 66% — — — — Copper 58% — — — — Magnesium 1 64% — — — — Silicon 100% — — — — Natural Gas 49% 48% 46% 25% 20% Electricity 77% 43% — — — 1 We have contracts in place to cover the noted percentage of our requirements at a firm or predetermined price. As our largest supplier of magnesium declared force majeure and, during the quarter ended June 30, 2022, stopped all shipments to us, we excluded its contracts from the above table. We have included only qualified magnesium suppliers secured to date in place of the excluded contracted volume. Foreign Currency Hedges. We are exposed to foreign currency exchange risk related to certain equipment and service agreements with vendors for which payments are due in foreign currency. We, from time-to-time, in the ordinary course of business, use foreign currency forward contracts in order to mitigate the exposure to currency exchange rate fluctuations related to these purchases. Non-Designated Hedges of Operational Risks From time-to-time, we enter into commodity contracts that are not designated as hedging instruments to mitigate certain short‑term commodity impacts, as identified. The gain or loss on these derivatives is recognized within COGS. Notional Amount of Derivative Contracts The following table summarizes our derivative positions at June 30, 2022: Aluminum Maturity Period (month/year) Notional Amount of Contracts (mmlbs) Fixed price purchase contracts July 2022 through December 2023 128.0 Fixed price sales contracts July 2022 through December 2022 24.3 Midwest premium swap contracts 1 July 2022 through December 2023 61.5 Alloying Metals Maturity Period (month/year) Notional Amount of Contracts (mmlbs) Fixed price purchase contracts July 2022 through December 2022 3.2 Natural Gas Maturity Period (month/year) Notional Amount of Contracts (mmbtu) Fixed price purchase contracts July 2022 through December 2025 4,320,000 Electricity Maturity Period (month/year) Notional Amount of Contracts (Mwh) Fixed price purchase contracts July 2022 through December 2022 110,425 Euro Maturity Period (month/year) Notional Amount of Contracts (euro) Fixed price forward contracts September 2022 through February 2024 1,160,746 1 Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on our purchases of primary aluminum. Loss (Gain) The following table summarizes the amount of loss (gain) Quarter Ended June 30, Six Months Ended June 30, Statements of Consolidated 2022 2021 2022 2021 Loss Classification Total of income and expense line items presented in our Statements of Consolidated Loss in which the effects of hedges are recorded: Cash flow hedges $ 898.4 $ 673.3 $ 1,764.3 $ 935.8 Cost of products sold Loss (gain) recognized in our Statements of Consolidated Loss related to cash flow hedges: Aluminum $ 5.9 $ (8.1 ) $ (12.8 ) $ (11.0 ) Cost of products sold Alloying Metals — 0.2 — 0.4 Cost of products sold Natural gas (1.9 ) (0.1 ) (2.8 ) (0.1 ) Cost of products sold Electricity (1.1 ) (0.7 ) (1.4 ) (0.7 ) Cost of products sold Total loss (gain) recognized in our Statements of Consolidated Loss related to cash flow hedges $ 2.9 $ (8.7 ) $ (17.0 ) $ (11.4 ) (Gain) loss recognized in our Statements of Consolidated Loss related to non-designated hedges: Alloying Metals – Realized gain $ (0.5 ) $ (1.5 ) $ (1.1 ) $ (2.6 ) Cost of products sold Alloying Metals – Unrealized loss 2.9 0.4 1.9 0.1 Cost of products sold Total loss (gain) recognized in our Statements of Consolidated Loss related to non-designated hedges $ 2.4 $ (1.1 ) $ 0.8 $ (2.5 ) Fair Values of Derivative Contracts The fair values of our derivative contracts are based upon trades in liquid markets. Valuation model inputs can be verified, and valuation techniques do not involve significant judgment. The fair values of such financial instruments are classified within Level 2 of the fair value hierarchy. All of our derivative contracts with counterparties are subject to enforceable master netting arrangements. We reflect the fair value of our derivative contracts on a gross basis on our Consolidated Balance Sheets. The following table presents the fair value of our derivative financial instruments (in millions of dollars): As of June 30, 2022 As of December 31, 2021 Assets Liabilities Net Amount Assets Liabilities Net Amount Cash Flow Hedges: Aluminum – Fixed price purchase contracts $ 2.8 $ (21.6 ) $ (18.8 ) $ 12.2 $ (1.1 ) $ 11.1 Fixed price sales contracts 3.2 — 3.2 — — — Midwest premium swap contracts 2.2 (2.0 ) 0.2 5.5 (0.1 ) 5.4 Natural gas – Fixed price purchase contracts 8.1 — 8.1 3.0 (0.1 ) 2.9 Electricity – Fixed price purchase contracts 5.1 — 5.1 4.4 (0.6 ) 3.8 Total cash flow hedges 21.4 (23.6 ) (2.2 ) 25.1 (1.9 ) 23.2 Non-Designated Hedges: Alloying Metals – Fixed price purchase contracts 0.2 (0.6 ) (0.4 ) 1.6 (0.1 ) 1.5 Total non-designated hedges 0.2 (0.6 ) (0.4 ) 1.6 (0.1 ) 1.5 Total $ 21.6 $ (24.2 ) $ (2.6 ) $ 26.7 $ (2.0 ) $ 24.7 The following table presents the total amounts of derivative assets and liabilities on our Consolidated Balance Sheets (in millions of dollars): As of June 30, 2022 As of December 31, 2021 Derivative assets: Prepaid expenses and other current assets $ 17.5 $ 25.0 Other assets 4.1 1.7 Total derivative assets $ 21.6 $ 26.7 Derivative liabilities: Other accrued liabilities $ (23.9 ) $ (1.9 ) Long-term liabilities (0.3 ) (0.1 ) Total derivative liabilities $ (24.2 ) $ (2.0 ) Fair Value of Other Financial Instruments All Other Financial Assets and Liabilities. We believe that the fair values of our accounts receivable, contract assets, accounts payable and accrued liabilities approximate their respective carrying values due to their short maturities and nominal credit risk.

Debt and Credit Facility

Debt and Credit Facility	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt and Credit Facility	5. Debt and Credit Facility Senior Notes During the years ended December 31, 2021, December 31, 2020 and December 31, 2019, we issued fixed rate unsecured notes with varying maturity dates (“Senior Notes”). The stated interest rates and aggregate principal amounts of our Senior Notes were: (i) 4.50% and $550.0 million (“4.50% Senior Notes”); (ii) 6.50% and $350.0 million (“6.50% Senior Notes”); and (iii) 4.625% and $ 500.0 million (“4.62 5% Senior Notes ” ). Our Senior Notes do not require us to make any mandatory redemptions or sinking fund payments . The following table summarizes key details of our Senior Notes: Outstanding (in millions of dollars) Issuance Date Maturity Effective Interest Rate As of June 30, 2022 As of December 31, 2021 4.50% Senior Notes May 2021 June 2031 4.7% $ 550.0 $ 550.0 6.50% Senior Notes 1 April/May 2020 May 2025 6.8% — — 4.625% Senior Notes November 2019 March 2028 4.8% 500.0 500.0 Total debt 1,050.0 1,050.0 Unamortized issuance costs (12.8 ) (13.7 ) Total carrying amount $ 1,037.2 $ 1,036.3 1 In May 2021 we redeemed in full the remaining balance of our 6.50% Senior Notes at a redemption price of 108.83% of the principal amount plus $1.3 million of accrued and unpaid interest for a total net cash outflow of $382.2 million. Upon redemption of the 6.50% Senior Notes, we recorded a loss on extinguishment of debt of $35.9 million within Other expense, net, on our Statements of Consolidated Loss, which included the premium payment of $30.9 million and a write-off of the remaining unamortized premium and debt issuance costs of $5.0 million. The following table presents the fair value of our outstanding Senior Notes, which are Level 1 liabilities (in millions of dollars): As of June 30, 2022 As of December 31, 2021 4.50% Senior Notes $ 422.5 $ 542.6 4.625% Senior Notes $ 419.2 $ 506.9 Revolving Credit Facility In April 2022, we entered into Amendment No. 3 to our revolving credit facility with Wells Fargo Bank, National Association, the administrative agent, and the other financial institutions party thereto (as amended, the “Revolving Credit Facility”). The Revolving Credit Facility among others: (i) increased the commitment from $375.0 million to $575.0 million (of which up to a maximum of $50.0 million may be utilized for letters of credit); (ii) extended the maturity date from the earlier of (a) February 2024 (if certain conditions were met) and (b) October 2024 to April 2027; (iii) removed eligible equipment from the borrowing base and as collateral; and (iv) updated relevant benchmark provisions to SOFR The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of June 30, 2022 (in millions of dollars): Revolving Credit Facility borrowing commitment $ 575.0 Borrowing base availability $ 563.8 Less: Outstanding borrowings under Revolving Credit Facility — Less: Outstanding letters of credit under Revolving Credit Facility (12.4 ) Remaining borrowing availability $ 551.4 Interest Expense Interest expense relating to our Senior Notes and Revolving Credit Facility was as follows (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Senior Notes interest expense, including debt issuance cost amortization $ 12.4 $ 12.2 $ 24.8 $ 24.2 Revolving Credit Facility commitment fees and finance cost amortization 0.6 0.5 1.0 0.9 Interest expense capitalized as construction in progress (0.8 ) (0.3 ) (1.4 ) (0.4 ) Total interest expense $ 12.2 $ 12.4 $ 24.4 $ 24.7

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Commitments. We have a variety of financial commitments, including purchase agreements, forward foreign exchange and forward sales contracts, indebtedness and letters of credit (see Note 4 and Note 5). Environmental Contingencies. We are subject to a number of environmental laws and regulations, to potential fines or penalties assessed for alleged breaches of such laws and regulations and to potential claims based upon such laws and regulations. We are also subject to legacy environmental contingencies related to activities that occurred at operating facilities prior to July 6, 2006, which represent the majority of our environmental accruals. The status of these environmental contingencies are discussed below. We have established procedures for regularly evaluating environmental loss contingencies. Our environmental accruals represent our undiscounted estimate of costs reasonably expected to be incurred based on presently enacted laws and regulations, currently available facts, existing requirements, existing technology and our assessment of the likely remediation actions to be taken. We continue to pursue remediation activities, primarily to address the historical use of oils containing polychlorinated biphenyls (“PCBs”) at our Spokane, Washington (“Trentwood”) facility. Our remediation efforts are in collaboration with the Washington State Department of Ecology (“Ecology”), to which we submitted a feasibility study in 2012 of remediation alternatives and from which we received permission to begin certain remediation activities pursuant to a signed work order. We have completed a number of sections of the work plan and have received satisfactory completion approval from Ecology on those sections. In cooperation with Ecology, we constructed an experimental treatment facility to determine the treatability and evaluate the feasibility of removing PCBs from ground water under the Trentwood facility. In 2015, we began treatment operations involving a walnut shell filtration system, which we optimized for maximum PCB capture during 2020. Furthermore, based on advancements in technology, we signed an Amended Agreed Order with Ecology in 2020 to evaluate and implement new technologies for PCB removal from groundwater on a pilot basis. The primary technology we are evaluating is Ultraviolet Light Advanced Oxidation Process. As the long-term success of the new methodology cannot be reasonably determined at this time, it is possible we may need to make upward adjustments to our related accruals and cost estimates as the long term results become available. Pursuant to a consent agreement with the Ohio Environmental Protection Agency (“OEPA”), we initiated an investigational study of our Newark, Ohio (“Newark”) facility related to historical on-site waste disposal. During the quarter ended December 31, 2018, we submitted our remedial investigation study to the OEPA for review and approval. The final remedial investigation report was approved by the OEPA during the quarter ended December 31, 2020. We are currently preparing the required feasibility study, which we expect to submit to the OEPA for review during the quarter ending December 31, 2022. The actual and final remediation cost estimates will not be fully determinable until the feasibility study has been accepted by the OEPA and the selected remediation design work plans are completed, which we expect to occur in the next 14 to 20 months. At June 30, 2022, our environmental accrual of $16.0 million represented our estimate of the incremental remediation cost based on: (i) proposed alternatives in the final feasibility study related to the Trentwood facility; (ii) currently available facts with respect to our Newark facility; and (iii) facts related to certain other locations owned or formerly owned by us. In accordance with approved and proposed remediation action plans, we expect that the implementation and ongoing monitoring could occur over a period of 30 or more years. As additional facts are developed, feasibility studies are completed, remediation plans are modified, necessary regulatory approvals for the implementation of remediation are obtained, alternative technologies are developed and/or other factors change, there may be revisions to management’s estimates and actual costs may exceed the current environmental accruals. We believe at this time that it is reasonably possible that undiscounted costs associated with these environmental matters may exceed current accruals by amounts that could be, in the aggregate, up to an estimated $11.6 million over the remediation period. It is reasonably possible that our recorded estimate will change in the next 12 months. Warrick Rolling Mill CARO Liability. During the quarter ended March 31, 2022, we identified conditional asset retirement obligations (“CAROs”) related to the future removal and disposal of asbestos that is contained within the Warrick rolling mill facility. We believe that the asbestos is appropriately contained in accordance with current environmental regulations. If the facility were demolished or subject to renovation activities that disturb the asbestos, certain environmental regulations are in place which specify the manner in which the asbestos must be handled and disposed. We are required to record the fair value of CAROs if they can be reasonably estimated. As of June 30, 2022, our liability related to these CAROs was $2.3 million and was included within Long-term liabilities on our Consolidated Balance Sheets. Other Contingencies. We are party to various lawsuits, claims, investigations and administrative proceedings that arise in connection with past and current operations. We evaluate such matters on a case-by-case basis and our policy is to vigorously contest any such claims we believe are without merit. We accrue for a legal liability when it is both probable that a liability has been incurred and the amount of the loss is reasonably estimable. Quarterly, in addition to when changes in facts and circumstances require it, we review and adjust these accruals to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. While uncertainties are inherent in the final outcome of such matters and it is presently impossible to determine the actual cost that may ultimately be incurred, we believe that we have sufficiently accrued for such matters and that the ultimate resolution of pending matters will not have a material impact on our consolidated financial position, operating results or liquidity.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	7. Accumulated Other Comprehensive (Loss) Income The following table presents the changes in the accumulated balances for each component of AOCI (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Defined Benefit Pension Plan and Salaried VEBA: Beginning balance $ (20.5 ) $ (19.1 ) $ (21.4 ) $ (19.8 ) Amortization of net actuarial loss 1 — 0.1 — 0.2 Amortization of prior service cost 1 1.3 0.8 2.5 1.7 Less: income tax expense 2 (0.4 ) (0.2 ) (0.7 ) (0.5 ) Other comprehensive income, net of tax 0.9 0.7 1.8 1.4 Ending balance $ (19.6 ) $ (18.4 ) $ (19.6 ) $ (18.4 ) Cash Flow Hedges: Beginning balance $ 34.8 $ 9.6 $ 17.7 $ 1.1 Unrealized (loss) gain on cash flow hedges (50.7 ) 28.4 (8.4 ) 42.3 Less: income tax benefit (expense) 12.0 (6.7 ) 2.0 (10.0 ) Net unrealized (loss) gain on cash flow hedges (38.7 ) 21.7 (6.4 ) 32.3 Reclassification of unrealized loss (gain) upon settlement of cash flow hedges 2.9 (8.7 ) (17.0 ) (11.4 ) Less: income tax (expense) benefit 2 (0.7 ) 2.2 4.0 2.8 Net loss (gain) reclassified from AOCI to Net loss 2.2 (6.5 ) (13.0 ) (8.6 ) Other comprehensive (loss) income, net of tax (36.5 ) 15.2 (19.4 ) 23.7 Ending balance 3 $ (1.7 ) $ 24.8 $ (1.7 ) $ 24.8 Foreign Currency Translation: Beginning balance $ — $ (0.1 ) $ — $ — Other comprehensive income (loss), net of tax — — — (0.1 ) Ending balance $ — $ (0.1 ) $ — $ (0.1 ) Total AOCI ending balance $ (21.3 ) $ 6.3 $ (21.3 ) $ 6.3 1 2 3

Other Expense, Net

Other Expense, Net	6 Months Ended
	Jun. 30, 2022
Other Income And Expenses [Abstract]
Other Expense, Net	8. Other Expense Other expense Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest income $ 0.2 $ — $ 0.2 $ 0.1 Net periodic postretirement benefit cost (1.5 ) (1.2 ) (2.9 ) (1.8 ) Unrealized (loss) gain on equity securities (0.7 ) 0.1 (1.1 ) — Gain (loss) on extinguishment of debt — (35.9 ) — (35.9 ) All other, net (1.7 ) 0.4 (1.5 ) 0.6 Other expense, net $ (3.7 ) $ (36.6 ) $ (5.3 ) $ (37.0 )

Income Tax Matters

Income Tax Matters	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax Matters	9. Income Tax Matters The income tax benefit (provision) consisted of the following (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Domestic $ 4.8 $ 16.7 $ 2.0 $ 17.3 Foreign (0.7 ) (1.2 ) (1.2 ) (1.5 ) Total $ 4.1 $ 15.5 $ 0.8 $ 15.8 The income tax benefit (provision) for the quarters ended June 30, 2022 and June 30, 2021 was $4.1 million The difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended June 30, 2021 was primarily due to: (i) an increase of 22% related to non‑deductible compensation expense; (ii) an increase of 5% related to foreign withholding tax; (iii) an increase of 4% due to various permanent items not deductible for tax purposes; (iv) an increase of 1% related to the valuation allowance for certain state net operating losses; and (v) an increase of 1% for the recognition of excess tax benefits from stock-based compensation, of 15 The income tax benefit (provision) for the six months ended June 30, 2022 and June 30, 2021 was $0.8 million and $15.8 million, respectively, reflecting an effective tax rate of 13% (i) The difference between the effective tax rate and the projected blended statutory tax rate for the six months ended June 30, 2021 was primarily due to: (i) 3 related to the valuation allowance for certain state net operating losses an increase of % ; (vi) an increase of 2% for the recognition of excess tax benefits from stock-based compensation; and (vii) an increase of 2% for a change in state tax rate due to the Warrick acquisition, of 15% related to a Federal Research and Development Credit. Our gross unrecognized benefits relating to uncertain tax positions were $4.7 million $4.7 million We do not expect our gross unrecognized tax benefits to significantly change within the next 12 months.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	10. Net Loss Basic net loss per share is computed by dividing distributed and undistributed net loss allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Diluted net loss per share was calculated under the treasury stock method for the quarters and six months ended June 30, 2022 and June 30, 2021, which in both periods was more dilutive than the two-class method. The following table sets forth the computation of basic and diluted net loss per share (in millions of dollars, except share and per share amounts): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ (13.8 ) $ (22.4 ) $ (5.7 ) $ (17.9 ) Denominator – Weighted-average common shares outstanding (in thousands): Basic 15,899 15,835 15,883 15,820 Add: dilutive effect of non-vested common shares, restricted stock units and performance shares 1 — — — — Diluted 15,899 15,835 15,883 15,820 Net loss per common share, Basic: $ (0.87 ) $ (1.42 ) $ (0.36 ) $ (1.13 ) Net loss per common share, Diluted: $ (0.87 ) $ (1.42 ) $ (0.36 ) $ (1.13 ) 1 Quantities in the following discussion are denoted in whole shares. For the quarters ended June 30, 2022 and June 30, 2021 and the six months ended June 30, 2022 and June 30, 2021, approximately 157,000, 226,000, 161,000 and 214,000 shares, respectively, were excluded from the computation of net loss per share as their inclusion would have been anti‑dilutive.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	11. Supplemental Cash Flow Information Six Months Ended June 30, 2022 2021 (In millions of dollars) Interest paid $ 23.1 $ 24.3 Non-cash investing and financing activities (included in Accounts payable): Unpaid purchases of property and equipment $ 19.6 $ 5.7 Supplemental lease disclosures: Operating lease liabilities arising from obtaining operating lease assets $ 2.1 $ 16.4 Cash paid for amounts included in the measurement of operating lease liabilities $ 4.9 $ 3.5 Finance lease liabilities arising from obtaining finance lease assets $ 0.3 $ 1.9 As of June 30, 2022 2021 (In millions of dollars) Components of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 235.2 $ 283.1 Restricted cash included in Other assets 1 14.2 13.8 Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows $ 249.4 $ 296.9 1 We are required to keep on deposit certain amounts that are pledged or held as collateral relating to workers’ compensation and other agreements. We account for such deposits as restricted cash. From time-to-time, such restricted funds could be returned to us or we could be required to pledge additional cash.

Business, Product and Geographi

Business, Product and Geographical Area Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Business, Product and Geographical Area Information	12. Business, Product and Geographical Area Information Our primary line of business is the production of semi-fabricated specialty aluminum mill products, such as bare and coated coils, plate and sheet and extruded and drawn products, for the following end market applications: (i) aerospace and high strength (“Aero/HS products”); (ii) beverage and food packaging products (“Packaging”); (iii) automotive (“Automotive Extrusions”); (iv) general engineering (“GE products”); and (v) other industrial (“Other products”). We operate 13 focused production facilities in the United States and one in Canada. Our chief operating decision maker reviews and evaluates our business as a single operating segment. The following table presents Net sales by end market applications and by timing of control transfer (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net sales: Aero/HS products $ 175.4 $ 133.9 $ 352.0 $ 245.6 Packaging 450.7 358.8 898.7 358.8 Automotive Extrusions 71.6 55.6 135.4 113.2 GE products 247.7 180.9 498.9 331.3 Other products 8.8 11.8 18.0 16.1 Total net sales $ 954.2 $ 741.0 $ 1,903.0 $ 1,065.0 Timing of revenue recognition: Products transferred at a point in time $ 762.9 $ 605.7 $ 1,534.9 $ 805.9 Products transferred over time 191.3 135.3 368.1 259.1 Total net sales $ 954.2 $ 741.0 $ 1,903.0 $ 1,065.0 The following table presents geographic information for income taxes paid (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Income taxes paid: Domestic $ 2.3 $ 1.1 $ 2.4 $ 1.2 Foreign 1.0 0.3 1.0 0.6 Total income taxes paid $ 3.3 $ 1.4 $ 3.4 $ 1.8

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Dividend Declaration. On July 14, 2022, we announced that our Board of Directors declared a quarterly cash dividend of $0.77 per common share. As such, we expect to pay approximately $12.5 million (including dividend equivalents) on or about August 15, 2022 to stockholders of record and the holders of certain restricted stock units at the close of business on July 25, 2022.

Basis of Presentation and Rec_2

Basis of Presentation and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation. The accompanying unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries and are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable for interim periods and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (which include normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2022 fiscal year. The financial information as of December 31, 2021 is derived from our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2021.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of our consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of our consolidated financial position and results of operations.
Supply Chain Financing	Supply Chain Financing . We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. We sell our undivided interests in certain of these receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt. Under the terms of the agreements, we retain no rights or interest, have no obligations with respect to the sold receivables and do not service the receivables after the sale. As such, these transactions are being accounted for as a sale. During the quarter and six months ended June 30, 2022, we sold trade accounts receivable totaling $482.0 million and $889.4 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.3 million and $9.2 million, respectively. During both the quarter and six months ended June 30, 2021, we sold trade accounts receivable totaling $316.0 million, of which our customers’ financial institutions applied discount fees totaling $1.9 million. To the extent discount fees related to the sale of trade accounts receivable under supply chain financing arrangements are not reimbursed by our customers, they are included in Other expense, net. As of June 30, 2022, we had been and/or expected to be fully reimbursed by our customers for these discount fees.
Government Grants	Government Grants. From time-to-time, we receive grants from certain governmental agencies such as states and municipalities. We recognize government grants when we have reasonable assurance that we will comply with any conditions attached to the grant and the grant will be received. Government grants related to property, plant and equipment are presented as a reduction to the related asset’s carrying amount. Grants related to compensation for expenses already incurred or for immediate financial support with no future related costs are recognized as income in the period in which it is receivable. As of June 30, 2022, we received a $0.3 million performance grant from the Tennessee Valley Authority, which we recorded as an offset to Property, plant and equipment, net. To be eligible to receive and keep the full amount of this grant, we must achieve: (i) minimum cumulative expenditures towards developmental and/or capital expenditures; (ii) a minimum number of new full-time employees; and (iii) a minimum average annual wage, all within seven years of our execution of the grant agreement.
Favorable Commodity Contract Intangible Asset Impairment	Favorable Commodity Contract Intangible Asset Impairment. During the quarter ended June 30, 2022, we impaired the remaining book value of our favorable commodity contract intangible asset as the supplier associated with the intangible asset ceased all deliveries of magnesium to us and provided no indication of when or if deliveries would resume over the remaining six months of the contract. The impairment charge of $3.1 million was included within Other operating charges, net, in our Statements of Consolidated Loss.
New Accounting Pronouncements	Adoption of New Accounting Pronouncements Accounting Standard Update (“ASU”) No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”) was issued in November 2021. Under ASU 2021-10, the accounting entities with transactions with a government that are accounted for by analogy to a grant or contribution accounting model are required to annually disclose certain information regarding the transaction including: (i) nature and related accounting policy used; (ii) line items on the balance sheet and income statement affected by the transactions; (iii) amounts applicable to each line item; and (iv) significant terms and conditions. Our adoption of ASU 2021-10 during the quarter ended March 31, 2022 using a prospective approach did no t have a material impact on our consolidated financial statements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Supplemental Balance Sheet Information	Supplemental Balance Sheet Information As of June 30, 2022 As of December 31, 2021 (In millions of dollars) Trade Receivables, Net Billed trade receivables $ 351.7 $ 333.5 Allowance for doubtful receivables (0.6 ) (0.8 ) Trade receivables, net $ 351.1 $ 332.7 Inventories 1 Finished products $ 66.9 $ 90.3 Work-in-process 160.3 162.2 Raw materials 230.2 143.0 Operating supplies 11.2 9.1 Total $ 468.6 $ 404.6 Property, Plant and Equipment, Net Land and improvements $ 26.4 $ 26.0 Buildings and leasehold improvements 184.5 179.0 Machinery and equipment 1,171.7 1,151.5 Construction in progress 2 99.8 75.3 Property, plant and equipment, gross 1,482.4 1,431.8 Accumulated depreciation and amortization (526.5 ) (480.4 ) Assets held for sale 0.4 3.8 Property, plant and equipment, net $ 956.3 $ 955.2 Other Accrued Liabilities Uncleared cash disbursements $ 11.1 $ 10.9 Accrued income taxes and other taxes payable 11.7 9.5 Accrued interest 9.9 9.9 Short-term environmental accrual – Note 6 2.8 2.6 Other – Note 4 51.8 25.5 Total $ 87.3 $ 58.4 Long-Term Liabilities Workers' compensation accrual $ 31.8 $ 31.9 Long-term environmental accrual – Note 6 13.2 14.2 Other long-term liabilities 28.6 26.4 Total $ 73.6 $ 72.5 1 At June 30, 2022 and December 31, 2021 the current cost of our inventory exceeded its stated last-in, first-out (“LIFO”) value by $204.5 million and $137.1 million 2 Based on market conditions, we temporarily idled projects within Construction in progress totaling $20.5 million and $24.9 million as of June 30, 2022 and December 31, 2021, respectively, all of which are expected to resume at a future date.

Employee Benefits (Tables)

Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2022
Compensation And Retirement Disclosure [Abstract]
Schedule of Total Expense (Benefit) Related to Benefit Plans	The following table presents the total expense (benefit) related to all postretirement benefit plans (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Defined contribution plans 1 $ 4.0 $ 3.6 $ 9.7 $ 7.0 Deferred compensation plan 2 (0.5 ) 0.4 (0.8 ) 0.4 Multiemployer pension plans 1 1.4 1.3 2.6 2.4 Salaried VEBA 2 1.0 0.5 1.9 1.1 Pension plans 3 1.3 1.5 2.7 1.5 OPEB 3 1.0 1.0 1.9 1.0 Total $ 8.2 $ 8.3 $ 18.0 $ 13.4 1 2 3
Schedule of Net Benefit Costs	The following table presents the components of Net periodic postretirement benefit cost (in millions of dollars): Pension Plans OPEB Salaried VEBA Quarter Ended June 30, Quarter Ended June 30, Quarter Ended June 30, 2022 2021 2022 2021 2022 2021 Service cost $ 1.4 $ 1.4 $ 0.4 $ 0.4 $ — $ — Interest cost 0.1 0.2 0.6 0.6 0.4 0.4 Expected return on plan assets (0.2 ) (0.2 ) — — (0.7 ) (0.8 ) Amortization of prior service cost 1 — — — — 1.3 0.8 Amortization of net actuarial loss — 0.1 — — — 0.1 Total net periodic postretirement benefit cost $ 1.3 $ 1.5 $ 1.0 $ 1.0 $ 1.0 $ 0.5 Pension Plans 2 OPEB Salaried VEBA Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2022 2021 Service cost $ 2.8 $ 1.4 $ 0.8 $ 0.4 $ — $ — Interest cost 0.3 0.2 1.1 0.6 0.9 0.8 Expected return on plan assets (0.4 ) (0.2 ) — — (1.5 ) (1.6 ) Amortization of prior service cost 1 — — — — 2.5 1.7 Amortization of net actuarial loss — 0.1 — — — 0.2 Total net periodic postretirement benefit cost $ 2.7 $ 1.5 $ 1.9 $ 1.0 $ 1.9 $ 1.1 1 We amortize prior service cost on a straight-line basis over the average remaining years of service to full eligibility for benefits of the active plan participants. 2 Net periodic benefit cost for the U.S. pension plan was not included in our Statements of Consolidated Loss until the March 31, 2021 acquisition date of our Warrick County, Indiana (“Warrick”) facility.

Derivatives, Hedging Programs_2

Derivatives, Hedging Programs and Other Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Percentages of Expected Variable Priced Purchases of Metals Alloys and Energy	The following table summarizes the percentages as of June 30, 2022 of our expected variable priced purchases of metal alloys and energy for which we have executed derivative and/or physical delivery commitments to reduce price fluctuations for each of the following years: Remainder of 2022 2023 2024 2025 2026 Zinc 66% — — — — Copper 58% — — — — Magnesium 1 64% — — — — Silicon 100% — — — — Natural Gas 49% 48% 46% 25% 20% Electricity 77% 43% — — — 1 We have contracts in place to cover the noted percentage of our requirements at a firm or predetermined price. As our largest supplier of magnesium declared force majeure and, during the quarter ended June 30, 2022, stopped all shipments to us, we excluded its contracts from the above table. We have included only qualified magnesium suppliers secured to date in place of the excluded contracted volume.
Summary of Derivative Positions	The following table summarizes our derivative positions at June 30, 2022: Aluminum Maturity Period (month/year) Notional Amount of Contracts (mmlbs) Fixed price purchase contracts July 2022 through December 2023 128.0 Fixed price sales contracts July 2022 through December 2022 24.3 Midwest premium swap contracts 1 July 2022 through December 2023 61.5 Alloying Metals Maturity Period (month/year) Notional Amount of Contracts (mmlbs) Fixed price purchase contracts July 2022 through December 2022 3.2 Natural Gas Maturity Period (month/year) Notional Amount of Contracts (mmbtu) Fixed price purchase contracts July 2022 through December 2025 4,320,000 Electricity Maturity Period (month/year) Notional Amount of Contracts (Mwh) Fixed price purchase contracts July 2022 through December 2022 110,425 Euro Maturity Period (month/year) Notional Amount of Contracts (euro) Fixed price forward contracts September 2022 through February 2024 1,160,746 1 Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on our purchases of primary aluminum.
Summary of Loss (Gain) Associated with Derivative Contracts	The following table summarizes the amount of loss (gain) Quarter Ended June 30, Six Months Ended June 30, Statements of Consolidated 2022 2021 2022 2021 Loss Classification Total of income and expense line items presented in our Statements of Consolidated Loss in which the effects of hedges are recorded: Cash flow hedges $ 898.4 $ 673.3 $ 1,764.3 $ 935.8 Cost of products sold Loss (gain) recognized in our Statements of Consolidated Loss related to cash flow hedges: Aluminum $ 5.9 $ (8.1 ) $ (12.8 ) $ (11.0 ) Cost of products sold Alloying Metals — 0.2 — 0.4 Cost of products sold Natural gas (1.9 ) (0.1 ) (2.8 ) (0.1 ) Cost of products sold Electricity (1.1 ) (0.7 ) (1.4 ) (0.7 ) Cost of products sold Total loss (gain) recognized in our Statements of Consolidated Loss related to cash flow hedges $ 2.9 $ (8.7 ) $ (17.0 ) $ (11.4 ) (Gain) loss recognized in our Statements of Consolidated Loss related to non-designated hedges: Alloying Metals – Realized gain $ (0.5 ) $ (1.5 ) $ (1.1 ) $ (2.6 ) Cost of products sold Alloying Metals – Unrealized loss 2.9 0.4 1.9 0.1 Cost of products sold Total loss (gain) recognized in our Statements of Consolidated Loss related to non-designated hedges $ 2.4 $ (1.1 ) $ 0.8 $ (2.5 )
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of our derivative financial instruments (in millions of dollars): As of June 30, 2022 As of December 31, 2021 Assets Liabilities Net Amount Assets Liabilities Net Amount Cash Flow Hedges: Aluminum – Fixed price purchase contracts $ 2.8 $ (21.6 ) $ (18.8 ) $ 12.2 $ (1.1 ) $ 11.1 Fixed price sales contracts 3.2 — 3.2 — — — Midwest premium swap contracts 2.2 (2.0 ) 0.2 5.5 (0.1 ) 5.4 Natural gas – Fixed price purchase contracts 8.1 — 8.1 3.0 (0.1 ) 2.9 Electricity – Fixed price purchase contracts 5.1 — 5.1 4.4 (0.6 ) 3.8 Total cash flow hedges 21.4 (23.6 ) (2.2 ) 25.1 (1.9 ) 23.2 Non-Designated Hedges: Alloying Metals – Fixed price purchase contracts 0.2 (0.6 ) (0.4 ) 1.6 (0.1 ) 1.5 Total non-designated hedges 0.2 (0.6 ) (0.4 ) 1.6 (0.1 ) 1.5 Total $ 21.6 $ (24.2 ) $ (2.6 ) $ 26.7 $ (2.0 ) $ 24.7 The following table presents the total amounts of derivative assets and liabilities on our Consolidated Balance Sheets (in millions of dollars): As of June 30, 2022 As of December 31, 2021 Derivative assets: Prepaid expenses and other current assets $ 17.5 $ 25.0 Other assets 4.1 1.7 Total derivative assets $ 21.6 $ 26.7 Derivative liabilities: Other accrued liabilities $ (23.9 ) $ (1.9 ) Long-term liabilities (0.3 ) (0.1 ) Total derivative liabilities $ (24.2 ) $ (2.0 )

Debt and Credit Facility (Table

Debt and Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of Senior Notes	The following table summarizes key details of our Senior Notes: Outstanding (in millions of dollars) Issuance Date Maturity Effective Interest Rate As of June 30, 2022 As of December 31, 2021 4.50% Senior Notes May 2021 June 2031 4.7% $ 550.0 $ 550.0 6.50% Senior Notes 1 April/May 2020 May 2025 6.8% — — 4.625% Senior Notes November 2019 March 2028 4.8% 500.0 500.0 Total debt 1,050.0 1,050.0 Unamortized issuance costs (12.8 ) (13.7 ) Total carrying amount $ 1,037.2 $ 1,036.3 1 In May 2021 we redeemed in full the remaining balance of our 6.50% Senior Notes at a redemption price of 108.83% of the principal amount plus $1.3 million of accrued and unpaid interest for a total net cash outflow of $382.2 million. Upon redemption of the 6.50% Senior Notes, we recorded a loss on extinguishment of debt of $35.9 million within Other expense, net, on our Statements of Consolidated Loss, which included the premium payment of $30.9 million and a write-off of the remaining unamortized premium and debt issuance costs of $5.0 million.
Summary of Fair Value of Outstanding Senior Notes	The following table presents the fair value of our outstanding Senior Notes, which are Level 1 liabilities (in millions of dollars): As of June 30, 2022 As of December 31, 2021 4.50% Senior Notes $ 422.5 $ 542.6 4.625% Senior Notes $ 419.2 $ 506.9
Schedule of Availability and Usage of Revolving Credit Facility	The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of June 30, 2022 (in millions of dollars): Revolving Credit Facility borrowing commitment $ 575.0 Borrowing base availability $ 563.8 Less: Outstanding borrowings under Revolving Credit Facility — Less: Outstanding letters of credit under Revolving Credit Facility (12.4 ) Remaining borrowing availability $ 551.4
Summary of Interest Relating to Senior Notes and Revolving Credit Facility	Interest expense relating to our Senior Notes and Revolving Credit Facility was as follows (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Senior Notes interest expense, including debt issuance cost amortization $ 12.4 $ 12.2 $ 24.8 $ 24.2 Revolving Credit Facility commitment fees and finance cost amortization 0.6 0.5 1.0 0.9 Interest expense capitalized as construction in progress (0.8 ) (0.3 ) (1.4 ) (0.4 ) Total interest expense $ 12.2 $ 12.4 $ 24.4 $ 24.7

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in the accumulated balances for each component of AOCI (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Defined Benefit Pension Plan and Salaried VEBA: Beginning balance $ (20.5 ) $ (19.1 ) $ (21.4 ) $ (19.8 ) Amortization of net actuarial loss 1 — 0.1 — 0.2 Amortization of prior service cost 1 1.3 0.8 2.5 1.7 Less: income tax expense 2 (0.4 ) (0.2 ) (0.7 ) (0.5 ) Other comprehensive income, net of tax 0.9 0.7 1.8 1.4 Ending balance $ (19.6 ) $ (18.4 ) $ (19.6 ) $ (18.4 ) Cash Flow Hedges: Beginning balance $ 34.8 $ 9.6 $ 17.7 $ 1.1 Unrealized (loss) gain on cash flow hedges (50.7 ) 28.4 (8.4 ) 42.3 Less: income tax benefit (expense) 12.0 (6.7 ) 2.0 (10.0 ) Net unrealized (loss) gain on cash flow hedges (38.7 ) 21.7 (6.4 ) 32.3 Reclassification of unrealized loss (gain) upon settlement of cash flow hedges 2.9 (8.7 ) (17.0 ) (11.4 ) Less: income tax (expense) benefit 2 (0.7 ) 2.2 4.0 2.8 Net loss (gain) reclassified from AOCI to Net loss 2.2 (6.5 ) (13.0 ) (8.6 ) Other comprehensive (loss) income, net of tax (36.5 ) 15.2 (19.4 ) 23.7 Ending balance 3 $ (1.7 ) $ 24.8 $ (1.7 ) $ 24.8 Foreign Currency Translation: Beginning balance $ — $ (0.1 ) $ — $ — Other comprehensive income (loss), net of tax — — — (0.1 ) Ending balance $ — $ (0.1 ) $ — $ (0.1 ) Total AOCI ending balance $ (21.3 ) $ 6.3 $ (21.3 ) $ 6.3 1 2 3

Other Expense, Net (Tables)

Other Expense, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Other Income And Expenses [Abstract]
Other Expense, Net	Other expense Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest income $ 0.2 $ — $ 0.2 $ 0.1 Net periodic postretirement benefit cost (1.5 ) (1.2 ) (2.9 ) (1.8 ) Unrealized (loss) gain on equity securities (0.7 ) 0.1 (1.1 ) — Gain (loss) on extinguishment of debt — (35.9 ) — (35.9 ) All other, net (1.7 ) 0.4 (1.5 ) 0.6 Other expense, net $ (3.7 ) $ (36.6 ) $ (5.3 ) $ (37.0 )

Income Tax Matters (Tables)

Income Tax Matters (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax Benefit (Provision)	The income tax benefit (provision) consisted of the following (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Domestic $ 4.8 $ 16.7 $ 2.0 $ 17.3 Foreign (0.7 ) (1.2 ) (1.2 ) (1.5 ) Total $ 4.1 $ 15.5 $ 0.8 $ 15.8

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share (in millions of dollars, except share and per share amounts): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ (13.8 ) $ (22.4 ) $ (5.7 ) $ (17.9 ) Denominator – Weighted-average common shares outstanding (in thousands): Basic 15,899 15,835 15,883 15,820 Add: dilutive effect of non-vested common shares, restricted stock units and performance shares 1 — — — — Diluted 15,899 15,835 15,883 15,820 Net loss per common share, Basic: $ (0.87 ) $ (1.42 ) $ (0.36 ) $ (1.13 ) Net loss per common share, Diluted: $ (0.87 ) $ (1.42 ) $ (0.36 ) $ (1.13 ) 1 Quantities in the following discussion are denoted in whole shares. For the quarters ended June 30, 2022 and June 30, 2021 and the six months ended June 30, 2022 and June 30, 2021, approximately 157,000, 226,000, 161,000 and 214,000 shares, respectively, were excluded from the computation of net loss per share as their inclusion would have been anti‑dilutive.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Six Months Ended June 30, 2022 2021 (In millions of dollars) Interest paid $ 23.1 $ 24.3 Non-cash investing and financing activities (included in Accounts payable): Unpaid purchases of property and equipment $ 19.6 $ 5.7 Supplemental lease disclosures: Operating lease liabilities arising from obtaining operating lease assets $ 2.1 $ 16.4 Cash paid for amounts included in the measurement of operating lease liabilities $ 4.9 $ 3.5 Finance lease liabilities arising from obtaining finance lease assets $ 0.3 $ 1.9 As of June 30, 2022 2021 (In millions of dollars) Components of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 235.2 $ 283.1 Restricted cash included in Other assets 1 14.2 13.8 Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows $ 249.4 $ 296.9 1 We are required to keep on deposit certain amounts that are pledged or held as collateral relating to workers’ compensation and other agreements. We account for such deposits as restricted cash. From time-to-time, such restricted funds could be returned to us or we could be required to pledge additional cash.

Business, Product and Geograp_2

Business, Product and Geographical Area Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Net Sales by End Market Segment Applications	The following table presents Net sales by end market applications and by timing of control transfer (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net sales: Aero/HS products $ 175.4 $ 133.9 $ 352.0 $ 245.6 Packaging 450.7 358.8 898.7 358.8 Automotive Extrusions 71.6 55.6 135.4 113.2 GE products 247.7 180.9 498.9 331.3 Other products 8.8 11.8 18.0 16.1 Total net sales $ 954.2 $ 741.0 $ 1,903.0 $ 1,065.0 Timing of revenue recognition: Products transferred at a point in time $ 762.9 $ 605.7 $ 1,534.9 $ 805.9 Products transferred over time 191.3 135.3 368.1 259.1 Total net sales $ 954.2 $ 741.0 $ 1,903.0 $ 1,065.0
Schedule of Income Taxes Paid by Geographical Area	The following table presents geographic information for income taxes paid (in millions of dollars): Quarter Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Income taxes paid: Domestic $ 2.3 $ 1.1 $ 2.4 $ 1.2 Foreign 1.0 0.3 1.0 0.6 Total income taxes paid $ 3.3 $ 1.4 $ 3.4 $ 1.8

Basis of Presentation and Rec_3

Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Significant Accounting Policies [Line Items]
Trade accounts receivable sold	$ 482	$ 316	$ 889.4	$ 316
Net discount fees recognized	$ 6.3	$ 1.9	9.2	$ 1.9
Impairment of intangible assets			$ 3.1
ASU No. 2021-10
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Mar. 31, 2022		Mar. 31, 2022
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect	true		true
ASU No. 2020-04
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jun. 30, 2022		Jun. 30, 2022
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect	true		true
Government | Government Grant | Tennessee Valley Authority
Significant Accounting Policies [Line Items]
Proceeds from government grants			$ 0.3
Government grants eligible conditions description			(i) minimum cumulative expenditures towards developmental and/or capital expenditures; (ii) a minimum number of new full-time employees; and (iii) a minimum average annual wage, all within seven years of our execution of the grant agreement.

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Trade Receivables, Net
Allowance for doubtful receivables	$ (0.6)	$ (0.8)
Trade receivables, net	351.1	332.7
Inventories
Finished products	66.9	90.3
Work-in-process	160.3	162.2
Raw materials	230.2	143
Operating supplies	11.2	9.1
Total	468.6	404.6
Property, Plant and Equipment, Net
Land and improvements	26.4	26
Buildings and leasehold improvements	184.5	179
Machinery and equipment	1,171.7	1,151.5
Construction in progress	99.8	75.3
Property, plant and equipment, gross	1,482.4	1,431.8
Accumulated depreciation and amortization	(526.5)	(480.4)
Assets held for sale	0.4	3.8
Property, plant and equipment, net	956.3	955.2
Other Accrued Liabilities
Uncleared cash disbursements	11.1	10.9
Accrued income taxes and other taxes payable	11.7	9.5
Accrued interest	9.9	9.9
Short-term environmental accrual	2.8	2.6
Other	51.8	25.5
Total	87.3	58.4
Long-Term Liabilities
Workers' compensation accrual	31.8	31.9
Long-term environmental accrual	13.2	14.2
Other long-term liabilities	28.6	26.4
Total	73.6	72.5
Billed
Trade Receivables, Net
Billed trade receivables	$ 351.7	$ 333.5

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Schedule of Supplemental Balance Sheet Information (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Excess of Replacement or Current Costs over Stated LIFO Value	$ 204.5	$ 137.1
Construction in progress temporarily idled	$ 20.5	$ 24.9

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accrued salaries, wages and related expenses
Defined Benefit Plan Disclosure [Line Items]
Accrued salaries, wages and related expenses	$ 5.1
Level 1 | Fair Value, Measurements, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of deferred compensation assets	$ 9.8	$ 10.5

Employee Benefits - Summary of

Employee Benefits - Summary of Total Expense (Benefit) Related to All Postretirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Total net periodic postretirement benefit cost	$ 1.5	$ 1.2	$ 2.9	$ 1.8
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, cost	4	3.6	9.7	7
Deferred compensation arrangement with individual, compensation expense	(0.5)	0.4	(0.8)	0.4
Multiemployer plan, contributions by employer	1.4	1.3	2.6	2.4
Total net periodic postretirement benefit cost	1	1	1.9	1
Total other employee benefit plans	8.2	8.3	18	13.4
Postretirement Health Coverage | Salaried VEBA
Defined Benefit Plan Disclosure [Line Items]
Total net periodic postretirement benefit cost	1	0.5	1.9	1.1
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Total net periodic postretirement benefit cost	$ 1.3	$ 1.5	$ 2.7	$ 1.5

Employee Benefits - Summary o_2

Employee Benefits - Summary of Components of Net Periodic Postretirement Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Total net periodic postretirement benefit cost	$ 1.5	$ 1.2	$ 2.9	$ 1.8
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1.4	1.4	2.8	1.4
Interest cost	0.1	0.2	0.3	0.2
Expected return on plan assets	(0.2)	(0.2)	(0.4)	(0.2)
Amortization of net actuarial loss		0.1		0.1
Total net periodic postretirement benefit cost	1.3	1.5	2.7	1.5
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.4	0.4	0.8	0.4
Interest cost	0.6	0.6	1.1	0.6
Total net periodic postretirement benefit cost	1	1	1.9	1
Postretirement Health Coverage | Salaried VEBA
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.4	0.4	0.9	0.8
Expected return on plan assets	(0.7)	(0.8)	(1.5)	(1.6)
Amortization of prior service cost	1.3	0.8	2.5	1.7
Amortization of net actuarial loss		0.1		0.2
Total net periodic postretirement benefit cost	$ 1	$ 0.5	$ 1.9	$ 1.1

Derivatives, Hedging Programs_3

Derivatives, Hedging Programs and Other Financial Instruments - Additional Information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Collateral posted for net derivatives	$ 0	$ 0
Cash collateral posted from customers	1,300,000	0
Designated as Hedging Instrument | Purchase
Derivative [Line Items]
Derivative net liability	$ 16,400,000	$ 0

Derivatives, Hedging Programs_4

Derivatives, Hedging Programs and Other Financial Instruments - Summary of Volume of Derivative and or Physical Delivery Commitments with Energy Companies (Details) - Scenario, Forecast	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Zinc
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage					66%
Natural Gas
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage	20%	25%	46%	48%	49%
Copper
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage					58%
Magnesium
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage					64%
Silicon
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage					100%
Electricity
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage				43%	77%

Derivatives, Hedging Programs_5

Derivatives, Hedging Programs and Other Financial Instruments - Summary of Derivative Positions (Details) mmlb in Millions	6 Months Ended
	Jun. 30, 2022 EUR (€) mmlb MMBTU MWh
Purchase | Aluminum
Derivative [Line Items]
Derivative non-monetary notional amount	128
Purchase | Aluminum | Minimum
Derivative [Line Items]
Derivative maturity period	Jul. 31, 2022
Purchase | Aluminum | Maximum
Derivative [Line Items]
Derivative maturity period	Dec. 31, 2023
Purchase | Midwest premium swap contracts
Derivative [Line Items]
Derivative non-monetary notional amount	61.5
Purchase | Midwest premium swap contracts | Minimum
Derivative [Line Items]
Derivative maturity period	Jul. 31, 2022
Purchase | Midwest premium swap contracts | Maximum
Derivative [Line Items]
Derivative maturity period	Dec. 31, 2023
Purchase | Alloying Metals
Derivative [Line Items]
Derivative non-monetary notional amount	3.2
Purchase | Alloying Metals | Minimum
Derivative [Line Items]
Derivative maturity period	Jul. 31, 2022
Purchase | Alloying Metals | Maximum
Derivative [Line Items]
Derivative maturity period	Dec. 31, 2022
Purchase | Natural Gas
Derivative [Line Items]
Derivative non-monetary notional amount | MMBTU	4,320,000
Purchase | Natural Gas | Minimum
Derivative [Line Items]
Derivative maturity period	Jul. 31, 2022
Purchase | Natural Gas | Maximum
Derivative [Line Items]
Derivative maturity period	Dec. 31, 2025
Purchase | Foreign Exchange Contract
Derivative [Line Items]
Derivative notional amount | €	€ 1,160,746
Purchase | Foreign Exchange Contract | Minimum
Derivative [Line Items]
Derivative maturity period	Sep. 30, 2022
Purchase | Foreign Exchange Contract | Maximum
Derivative [Line Items]
Derivative maturity period	Feb. 29, 2024
Purchase | Electricity
Derivative [Line Items]
Derivative non-monetary notional amount | MWh	110,425
Purchase | Electricity | Minimum
Derivative [Line Items]
Derivative maturity period	Jul. 31, 2022
Purchase | Electricity | Maximum
Derivative [Line Items]
Derivative maturity period	Dec. 31, 2022
Sales | Aluminum
Derivative [Line Items]
Derivative non-monetary notional amount	24.3
Sales | Aluminum | Minimum
Derivative [Line Items]
Derivative maturity period	Jul. 31, 2022
Sales | Aluminum | Maximum
Derivative [Line Items]
Derivative maturity period	Dec. 31, 2022

Derivatives, Hedging Programs_6

Derivatives, Hedging Programs and Other Financial Instruments - Summary of Loss (Gain) Associated with Derivative Contracts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments Gain Loss [Line Items]
Total of income and expense line items presented in our Statements of Consolidated Loss in which the effects of cash flow hedges are recorded	$ 898.4	$ 673.3	$ 1,764.3	$ 935.8
Cost of Products Sold | Not Designated as Hedging Instrument
Derivative Instruments Gain Loss [Line Items]
Loss (gain) recognized in our Statements of Consolidated Loss	2.4	(1.1)	0.8	(2.5)
Cost of Products Sold | Not Designated as Hedging Instrument | Alloying Metals
Derivative Instruments Gain Loss [Line Items]
Loss (gain) recognized in our Statements of Consolidated Loss	(0.5)	(1.5)	(1.1)	(2.6)
(Gain) loss recognized in our Statements of Consolidated Loss Unrealized loss	2.9	0.4	1.9	0.1
Cash Flow Hedges
Derivative Instruments Gain Loss [Line Items]
Total of income and expense line items presented in our Statements of Consolidated Loss in which the effects of cash flow hedges are recorded	898.4	673.3	1,764.3	935.8
Cash Flow Hedges | Cost of Products Sold | Designated as Hedging Instrument
Derivative Instruments Gain Loss [Line Items]
Loss (gain) recognized in our Statements of Consolidated Loss	2.9	(8.7)	(17)	(11.4)
Cash Flow Hedges | Cost of Products Sold | Designated as Hedging Instrument | Electricity
Derivative Instruments Gain Loss [Line Items]
Loss (gain) recognized in our Statements of Consolidated Loss	(1.1)	(0.7)	(1.4)	(0.7)
Cash Flow Hedges | Cost of Products Sold | Designated as Hedging Instrument | Aluminum
Derivative Instruments Gain Loss [Line Items]
Loss (gain) recognized in our Statements of Consolidated Loss	5.9	(8.1)	(12.8)	(11)
Cash Flow Hedges | Cost of Products Sold | Designated as Hedging Instrument | Alloying Metals
Derivative Instruments Gain Loss [Line Items]
Loss (gain) recognized in our Statements of Consolidated Loss		0.2		0.4
Cash Flow Hedges | Cost of Products Sold | Designated as Hedging Instrument | Natural Gas
Derivative Instruments Gain Loss [Line Items]
Loss (gain) recognized in our Statements of Consolidated Loss	$ (1.9)	$ (0.1)	$ (2.8)	$ (0.1)

Derivatives, Hedging Programs_7

Derivatives, Hedging Programs and Other Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Designated as Hedging Instrument | Purchase
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	$ (16.4)	$ 0
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	21.6	26.7
Derivative liability	(24.2)	(2)
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	21.6	26.7
Derivative liability	(24.2)	(2)
Net Amount	(2.6)	24.7
Fair Value, Measurements, Recurring | Level 2 | Not Designated as Hedging Instrument | Alloying Metals
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	0.2	1.6
Derivative liability	(0.6)	(0.1)
Net Amount	(0.4)	1.5
Fair Value, Measurements, Recurring | Level 2 | Not Designated as Hedging Instrument | Purchase | Alloying Metals
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	0.2	1.6
Derivative liability	(0.6)	(0.1)
Net Amount	(0.4)	1.5
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	21.4	25.1
Derivative liability	(23.6)	(1.9)
Net Amount	(2.2)	23.2
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 2 | Designated as Hedging Instrument | Purchase | Aluminum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	2.8	12.2
Derivative liability	(21.6)	(1.1)
Net Amount	(18.8)	11.1
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 2 | Designated as Hedging Instrument | Purchase | Midwest premium swap contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	2.2	5.5
Derivative liability	(2)	(0.1)
Net Amount	0.2	5.4
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 2 | Designated as Hedging Instrument | Purchase | Natural Gas
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	8.1	3
Derivative liability	0	(0.1)
Net Amount	8.1	2.9
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 2 | Designated as Hedging Instrument | Purchase | Electricity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	5.1	4.4
Derivative liability	0	(0.6)
Net Amount	5.1	3.8
Fair Value, Measurements, Recurring | Cash Flow Hedges | Level 2 | Designated as Hedging Instrument | Sales | Aluminum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset	3.2	0
Derivative liability	0	0
Net Amount	$ 3.2	$ 0

Derivatives, Hedging Programs_8

Derivatives, Hedging Programs and Other Financial Instruments - Schedule of Total Amounts of Derivative Assets and Liabilities on Balance Sheets (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative asset	$ 21.6	$ 26.7
Derivative liability	(24.2)	(2)
Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Derivative asset	17.5	25
Other Assets
Derivative [Line Items]
Derivative asset	4.1	1.7
Other Accrued Liabilities
Derivative [Line Items]
Derivative liability	(23.9)	(1.9)
Long-term Liabilities
Derivative [Line Items]
Derivative liability	$ (0.3)	$ (0.1)

Debt and Credit Facility (Senio

Debt and Credit Facility (Senior Notes) - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	May 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Senior Notes
Debt Instrument [Line Items]
Debt instrument aggregate principal amount	$ 1,050	$ 1,050
4.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)	4.50%
4.50% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)	4.50%	4.50%
Debt instrument aggregate principal amount	$ 550	$ 550
6.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)			6.50%
6.50% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)			6.50%
Debt instrument aggregate principal amount				$ 350
4.625% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)	4.625%				4.625%
Debt instrument aggregate principal amount	$ 500	$ 500			$ 500

Debt and Credit Facility - Summ

Debt and Credit Facility - Summary of Senior Notes (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	May 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Senior Notes
Debt Instrument [Line Items]
Total debt	$ 1,050	$ 1,050
Unamortized issuance costs	(12.8)	(13.7)
Total carrying amount	$ 1,037.2	1,036.3
4.50% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Issuance Date	May 21, 2021
Debt Instrument, Maturity Date	2031-06
Effective interest rate (percent)	4.70%
Total debt	$ 550	550
6.50% Senior Notes
Debt Instrument [Line Items]
Unamortized issuance costs			$ (5)
6.50% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Issuance Date, Start	2020-04
Issuance Date, End	2020-05
Debt Instrument, Maturity Date	2025-05
Effective interest rate (percent)	6.80%
Total debt				$ 350
4.625% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Issuance Date	Nov. 30, 2019
Debt Instrument, Maturity Date	2028-03
Effective interest rate (percent)	4.80%
Total debt	$ 500	$ 500			$ 500

Debt and Credit Facility - Su_2

Debt and Credit Facility - Summary of Senior Notes (Parenthetical) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (35.9)	$ (35.9)
Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs				$ 12.8	$ 13.7
4.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)				4.50%
4.50% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)				4.50%	4.50%
6.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)	6.50%
Percentage of redemption price of principal amount	108.83%
Debt accrued and unpaid interest	$ 1.3
Loss on extinguishment of debt	(35.9)
Premium payment	30.9
Repayments of senior debt	382.2
Unamortized debt issuance costs	$ 5
6.50% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)	6.50%
4.625% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument contractual rate (percent)				4.625%		4.625%

Debt and Credit Facility - Su_3

Debt and Credit Facility - Summary of Fair Value of Outstanding Senior Notes (Details) - Senior Notes - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
4.50% Senior Notes
Debt Instrument [Line Items]
Fair value of outstanding senior notes	$ 422.5	$ 542.6
4.625% Senior Notes
Debt Instrument [Line Items]
Fair value of outstanding senior notes	$ 419.2	$ 506.9

Debt and Credit Facility (Revol

Debt and Credit Facility (Revolving Credit Facility) - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2022	Jun. 30, 2022	Oct. 31, 2019
Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit maturity date description	extended the maturity date from the earlier of (a) February 2024 (if certain conditions were met) and (b) October 2024 to April 2027
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 575	$ 375
Revolving Credit Facility | Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 575
Revolving Credit Facility | Letter of Credit | Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50

Debt and Credit Facility - Sche

Debt and Credit Facility - Schedule of Availability and Usage of Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Millions	Jun. 30, 2022	Oct. 31, 2019
Line Of Credit Facility [Line Items]
Revolving Credit Facility borrowing commitment	$ 575	$ 375
Borrowing base availability	563.8
Less: Outstanding borrowings under Revolving Credit Facility	0
Less: Outstanding letters of credit under Revolving Credit Facility	(12.4)
Remaining borrowing availability	$ 551.4

Debt and Credit Facility - Su_4

Debt and Credit Facility - Summary of Interest Relating to Senior Notes and Revolving Credit Facility (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Total interest expense	$ 12.2	$ 12.4	$ 24.4	$ 24.7
Senior Notes and Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense capitalized as construction in progress	(0.8)	(0.3)	(1.4)	(0.4)
Total interest expense	12.2	12.4	24.4	24.7
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility commitment fees and finance cost amortization	0.6	0.5	1	0.9
Senior Notes
Debt Instrument [Line Items]
Senior Notes interest expense, including debt issuance cost amortization	$ 12.4	$ 12.2	$ 24.8	$ 24.2

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Environmental Contingency
Environmental accrual	$ 16
Expected period related to remediation expenditures for environmental contingencies period	30 years
Potential increase in environmental costs	$ 11.6
Time period within which recorded estimate of its environmental obligation may change	12 months
Long-term Liabilities
Environmental Contingency
Liability for conditional asset retirement obligations	$ 2.3
Minimum
Environmental Contingency
Estimated final remediation cost feasibility study period	14 months
Maximum
Environmental Contingency
Estimated final remediation cost feasibility study period	20 months

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended						6 Months Ended
		Jun. 30, 2022		Mar. 31, 2022	Jun. 30, 2021		Mar. 31, 2021	Jun. 30, 2022		Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 708.2		$ 692.5	$ 735		$ 732.4	$ 692.5		$ 732.4
Other comprehensive (loss) income, net of tax		(35.6)		18	15.9		9.1	(17.6)		25
Ending balance		650		708.2	720.7		735	650		720.7
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(20.5)		(21.4)	(19.1)		(19.8)	(21.4)		(19.8)
Less: income tax benefit (expense)		(0.4)			(0.2)			(0.7)		(0.5)
Other comprehensive (loss) income, net of tax		0.9			0.7			1.8		1.4
Ending balance		(19.6)		(20.5)	(18.4)		(19.1)	(19.6)		(18.4)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI	[1]				0.1					0.2
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI	[1]	1.3			0.8			2.5		1.7
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		34.8		17.7	9.6		1.1	17.7		1.1
Unrealized gain on securities		(50.7)			28.4			(8.4)		42.3
Less: income tax expense		12			(6.7)			2		(10)
Net unrealized gain on available for sale securities, cash flow hedges and fair value hedges		(38.7)			21.7			(6.4)		32.3
Reclassification from AOCI		2.9			(8.7)			(17)		(11.4)
Less: income tax benefit (expense)	[2]	(0.7)			2.2			4		2.8
Net loss (gain) reclassified from AOCI to Net loss		2.2			(6.5)			(13)		(8.6)
Other comprehensive (loss) income, net of tax		(36.5)			15.2			(19.4)		23.7
Ending balance		(1.7)	[3]	34.8	24.8	[3]	9.6	(1.7)	[3]	24.8	[3]
AOCI, Accumulated Foreign Currency Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance					(0.1)
Other comprehensive (loss) income, net of tax										(0.1)
Ending balance					(0.1)		(0.1)			(0.1)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		14.3		(3.7)	(9.6)		(18.7)	(3.7)		(18.7)
Other comprehensive (loss) income, net of tax		(35.6)		18	15.9		9.1
Ending balance		$ (21.3)		$ 14.3	$ 6.3		$ (9.6)	$ (21.3)		$ 6.3
[1]Amounts amortized out of AOCI relating to Salaried VEBA adjustments were included within Other expense, net, as a component of Net periodic postretirement benefit cost relating to Salaried VEBA[2]Income tax amounts reclassified out of AOCI were included as a component of Income tax benefit.[3]As of June 30, 2022, we estimate a net mark-to-market loss before tax of $6.0

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Equity [Abstract]
Estimated net mark-to-market loss before tax within next twelve months - cash flow hedges	$ 6

Other Expense, Net (Details)

Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income And Expenses [Abstract]
Interest income	$ 0.2		$ 0.2	$ 0.1
Net periodic postretirement benefit cost	(1.5)	$ (1.2)	(2.9)	(1.8)
Unrealized (loss) gain on equity securities	(0.7)	0.1	(1.1)
Loss on extinguishment of debt		(35.9)		(35.9)
All other, net	(1.7)	0.4	(1.5)	0.6
Other expense, net	$ (3.7)	$ (36.6)	$ (5.3)	$ (37)

Income Tax Matters - Income Tax

Income Tax Matters - Income Tax Benefit (Provision) - (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 4.8	$ 16.7	$ 2	$ 17.3
Foreign	(0.7)	(1.2)	(1.2)	(1.5)
Total	$ 4.1	$ 15.5	$ 0.8	$ 15.8

Income Tax Matters - Additional

Income Tax Matters - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax benefit (provision)	$ 4.1	$ 15.5	$ 0.8	$ 15.8
Effective tax rate (percent)	23%	41%	13%	47%
Effective income tax rate reconciliation, pre-tax income, related to non-deductible compensation expense, percent		22%	2%	22%
Effective income tax rate reconciliation, pre-tax income, foreign withholding tax, percent		5%	1%	5%
Effective income tax rate reconciliation, pre-tax income, various deductible permanent items, percent		4%		4%
Effective income tax rate reconciliation, pre-tax income, tax expense (benefit), share-based payment arrangement, percent		1%	(8.00%)	2%
Effective income tax rate reconciliation, pre-tax income, valuation allowance for certain state net operating losses, percent		1%
Effective income tax rate reconciliation, pre-tax income, related to federal research & development credit, percent (decrease)		(15.00%)	(5.00%)	(15.00%)
Effective income tax rate reconciliation, pre-tax income, related to state tax adjustments for certain state net operating losses (percent)			(1.00%)	3%
Effective income tax rate reconciliation, pre-tax income, foreign tax rate difference, percent				2%
Effective income tax rate reconciliation, change in state tax rate, percent				2%
Gross unrecognized tax benefits	$ 4.7		$ 4.7		$ 4.1
Gross unrecognized tax benefits that would impact effective tax rate	$ 4.7		$ 4.7		$ 4.1

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (13.8)	$ 8.1	$ (22.4)	$ 4.5	$ (5.7)	$ (17.9)
Denominator – Weighted-average common shares outstanding (in thousands):
Basic	15,899		15,835		15,883	15,820
Diluted	15,899		15,835		15,883	15,820
Net loss per common share, Basic:	$ (0.87)		$ (1.42)		$ (0.36)	$ (1.13)
Net loss per common share, Diluted:	$ (0.87)		$ (1.42)		$ (0.36)	$ (1.13)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Parenthetical) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	157,000	226,000	161,000	214,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 23.1	$ 24.3
Non-cash investing and financing activities (included in Accounts payable) and Supplemental lease disclosures:
Unpaid purchases of property and equipment	19.6	5.7
Operating lease liabilities arising from obtaining operating lease assets	2.1	16.4
Cash paid for amounts included in the measurement of operating lease liabilities	4.9	3.5
Finance lease liabilities arising from obtaining finance lease assets	0.3	1.9
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	235.2	283.1	$ 303.2
Restricted cash included in Other assets	14.2	13.8
Total cash, cash equivalents and restricted cash presented on our Statements of Consolidated Cash Flows	$ 249.4	$ 296.9	$ 317	$ 794.3

Business, Product and Geograp_3

Business, Product and Geographical Area Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 Productionfacility
Domestic
Segment Reporting Information [Line Items]
Number of production facilities	13
Canada
Segment Reporting Information [Line Items]
Number of production facilities	1

Business, Product and Geograp_4

Business, Product and Geographical Area Information - Net Sales by End Market Segment Applications (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net sales:
Net sales	$ 954.2	$ 741	$ 1,903	$ 1,065
Aero/HS products
Net sales:
Net sales	175.4	133.9	352	245.6
Packaging
Net sales:
Net sales	450.7	358.8	898.7	358.8
Automotive Extrusions
Net sales:
Net sales	71.6	55.6	135.4	113.2
GE products
Net sales:
Net sales	247.7	180.9	498.9	331.3
Other products
Net sales:
Net sales	8.8	11.8	18	16.1
Transferred at Point in Time
Net sales:
Net sales	762.9	605.7	1,534.9	805.9
Transferred over Time
Net sales:
Net sales	$ 191.3	$ 135.3	$ 368.1	$ 259.1

Business, Product and Geograp_5

Business, Product and Geographical Area Information - Schedule of Income Taxes Paid by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Taxes Paid By Geographical Area [Line Items]
Income taxes paid	$ 3.3	$ 1.4	$ 3.4	$ 1.8
Domestic
Income Taxes Paid By Geographical Area [Line Items]
Income taxes paid	2.3	1.1	2.4	1.2
Foreign
Income Taxes Paid By Geographical Area [Line Items]
Income taxes paid	$ 1	$ 0.3	$ 1	$ 0.6

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 14, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 0.77	$ 0.77	$ 0.72	$ 0.72
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)	$ 0.77
Cash dividends declared	$ 12.5
Cash dividends, declared date	Jul. 14, 2022
Cash dividends, payable date	Aug. 15, 2022
Cash dividends, record date	Jul. 25, 2022