Debt (Tables)

12 Months Ended

Dec. 31, 2018



	December 31,
	2018		2017
Debt classified as current liabilities:
Hancock County industrial revenue bonds ("IRBs") due April 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) ⁽¹⁾	$	7.8	$	7.8
U.S. Revolving Credit Facility ⁽²⁾	23.3		—
Debt classified as non-current liabilities:
7.5% senior secured notes due June 2021, net of debt discount of $1.4 million and $1.8 million, respectively, interest payable semiannually	248.6		248.2
Total	$	279.7	$	256.0


⁽¹⁾	The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRB interest rate at December 31, 2018 was 1.90%.


⁽²⁾	The U.S. revolving credit facility is classified as a current liability because we repay amounts outstanding and re-borrow funds based on our working capital requirements. For borrowings that we expect to repay within a month, we generally elect to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2018 was 5.75%.

Schedule of line of credit facilities

Status of our U.S. revolving credit facility:



	December 31, 2018
Credit facility maximum amount	$	175.0
Borrowing availability	175.0
Outstanding letters of credit issued	44.8
Outstanding borrowings	23.3
Borrowing availability, net of outstanding letters of credit and borrowings	$	106.9

Status of our Iceland revolving credit facility:



	December 31, 2018
Credit facility maximum amount	$	50.0
Borrowing availability	50.0
Outstanding letters of credit issued	—
Outstanding borrowings	—
Borrowing availability, net of outstanding letters of credit and borrowings	$	50.0

Schedule of debt instrument redemption

We may redeem the 2021 Notes, in whole or in part, for 101.875% of the outstanding principal amount plus accrued and unpaid interest before June 1, 2019 or for 100% of the outstanding principal amount plus accrued and unpaid interest on June 1, 2019 and thereafter.

Schedule of offsetting of financial instruments and derivatives

The following table provides information about the balance sheet location and gross amounts offset:



Offsetting of financial instruments and derivatives	Balance sheet location	December 31, 2018			December 31, 2017
Contingent obligation – principal	Other liabilities	$	(12.9	)	$	(12.9	)
Contingent obligation – accrued interest	Other liabilities	(10.9		)	(9.5		)
Contingent obligation – derivative asset	Other liabilities	23.8			22.4
		$	—		$	—