Restructuring

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

12. Restructuring

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

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

BALANCE, December 31, 2024	$	—
Restructuring costs		1.9
Costs paid or otherwise settled1		(1.8	)
BALANCE, December 31, 2025	$	0.1

1.Cash paid during the year ended December 31, 2025 was $1.8 million.

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

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

BALANCE, December 31, 2023	$	—
Restructuring costs		7.5
Costs paid or otherwise settled1		(2.8	)
BALANCE, December 31, 2024	$	4.7
Restructuring costs		—
Costs paid or otherwise settled1		(0.1	)
BALANCE, December 31, 2025	$	4.6

1.Cash paid during the years ended December 31, 2025 and December 31, 2024 was $0.1 million and $2.6 million, respectively.