Variable Interest Entity

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

16.    Variable Interest Entity

The Company consolidates Jamalco, a bauxite mining and alumina refinery in Jamaica, under the variable interest entity ("VIE") model. Jamalco lacks sufficient equity investment at risk in accordance with relevant guidance. Based on its purpose and design, Jamalco is expected to require additional subordinated financial support, such as those in the form of equity contributions or other forms of subordinated financing, which the Company expects would require parent guarantees.

The Company owns a 55% ownership interest in Jamalco through its wholly-owned subsidiary, GAJL, which serves as the managing partner. The Company is responsible for funding 55% of Jamalco's operating costs and capital requirements and is not obligated to provide additional financial support beyond its equity interest. Upon acquisition, the Company made an immediate equity contribution to Jamalco and has provided subsequent financing of costs for Jamalco to perform its activities in the ordinary course of business.

The Company obtains direct ownership of our 55% share of Jamalco’s outputs and purchases the remaining 45% of the output from the Government of Jamaica. Through direct ownership and purchase, 100% of Jamalco’s output is either retained and utilized in the Company’s business operations or sold by the Company. The Company’s consolidated statement of cash flows reflects 100% of cash flows related to the Jamalco operations. The Company receives cash proceeds from the Government of Jamaica for its 45% interest of the Jamalco operating costs and capital requirements.

Although our partner has certain participating rights over some decisions of the entity, the Company has power over the majority of key activities at Jamalco that significantly affect its economic performance over which the counterparty does not have such participating rights; therefore, the Company is the primary beneficiary of the VIE.

The table below shows the carrying amounts and classification of the consolidated VIE's assets and liabilities included in the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

	March 31, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	7.0	$	4.6
Accounts receivable - net	0.5		0.1
Inventories	107.1		116.6
Prepaid and other current assets	9.5		8.9
Total current assets	124.1		130.2
Property, plant and equipment - net	448.6		426.3
Other assets	14.4		12.0
TOTAL	$	587.1	$	568.5
LIABILITIES
LIABILITIES:
Accounts payable, trade	$	45.3	$	49.0
Accrued compensation and benefits	12.2		11.7
Due to affiliates	13.5		17.3
Accrued and other current liabilities	6.1		8.2
Total current liabilities	77.1		86.2
Accrued benefits costs - less current portion	29.2		32.2
Other liabilities	62.8		62.1
Asset retirement obligations - less current portion	51.9		46.6
Total noncurrent liabilities	143.9		140.9
TOTAL	$	221.0	$	227.1