Company Quick10K Filing
Kaiser Aluminum
Price94.51 EPS6
Shares16 P/E15
MCap1,534 P/FCF10
Net Debt185 EBIT144
TEV1,719 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-06
10-K 2020-12-31 Filed 2021-02-26
10-Q 2020-09-30 Filed 2020-10-26
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-04-21
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-21
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-10-25
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-22
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-10-22
10-Q 2015-06-30 Filed 2015-07-23
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-24
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-02-18
10-Q 2013-09-30 Filed 2013-10-23
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-24
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-10-27
10-Q 2010-06-30 Filed 2010-08-03
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-11-30
8-K 2020-10-21
8-K 2020-10-13
8-K 2020-07-31
8-K 2020-07-22
8-K 2020-07-14
8-K 2020-06-22
8-K 2020-06-10
8-K 2020-05-01
8-K 2020-04-29
8-K 2020-04-29
8-K 2020-04-28
8-K 2020-04-21
8-K 2020-04-21
8-K 2020-04-20
8-K 2020-04-14
8-K 2020-03-05
8-K 2020-02-19
8-K 2020-01-14
8-K 2019-12-12
8-K 2019-11-26
8-K 2019-11-19
8-K 2019-11-18
8-K 2019-10-30
8-K 2019-10-30
8-K 2019-10-23
8-K 2019-10-15
8-K 2019-09-17
8-K 2019-07-24
8-K 2019-07-15
8-K 2019-06-06
8-K 2019-04-23
8-K 2019-04-15
8-K 2019-03-05
8-K 2019-02-23
8-K 2019-02-22
8-K 2019-02-20
8-K 2019-01-15
8-K 2018-10-17
8-K 2018-10-15
8-K 2018-09-19
8-K 2018-07-23
8-K 2018-07-16
8-K 2018-06-14
8-K 2018-04-25
8-K 2018-04-16
8-K 2018-03-05
8-K 2018-02-21
8-K 2018-01-16

KALU 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 kalu-ex311_6.htm
EX-31.2 kalu-ex312_8.htm
EX-32.1 kalu-ex321_9.htm
EX-32.2 kalu-ex322_7.htm

Kaiser Aluminum Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
1.91.51.10.80.40.02012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

kalu-10q_20210331.htm
0000811596 --12-31 Q1 false true true P7M P30Y P24Y P7Y6M us-gaap:PropertyPlantAndEquipmentNet us-gaap:PropertyPlantAndEquipmentNet us-gaap:OtherAccruedLiabilitiesCurrent us-gaap:OtherAccruedLiabilitiesCurrent us-gaap:OtherAccruedLiabilitiesCurrent us-gaap:OtherAccruedLiabilitiesCurrent us-gaap:OtherLiabilitiesNoncurrent us-gaap:OtherLiabilitiesNoncurrent P120Y P2Y P12Y P14Y 2021-04 2021-04 2021-04 2023-12 2021-11 2023-12 2021-04 2021-04 2022-12 2021-12 2021-04 2024-12 2021-04 2022-12 0000811596 2021-01-01 2021-03-31 xbrli:shares 0000811596 2021-05-03 iso4217:USD 0000811596 2021-03-31 0000811596 2020-12-31 iso4217:USD xbrli:shares 0000811596 2020-01-01 2020-03-31 0000811596 us-gaap:CommonStockMember 2020-12-31 0000811596 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000811596 us-gaap:RetainedEarningsMember 2020-12-31 0000811596 us-gaap:TreasuryStockMember 2020-12-31 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000811596 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0000811596 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0000811596 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0000811596 us-gaap:CommonStockMember 2021-03-31 0000811596 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0000811596 us-gaap:RetainedEarningsMember 2021-03-31 0000811596 us-gaap:TreasuryStockMember 2021-03-31 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0000811596 us-gaap:CommonStockMember 2019-12-31 0000811596 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000811596 us-gaap:RetainedEarningsMember 2019-12-31 0000811596 us-gaap:TreasuryStockMember 2019-12-31 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000811596 2019-12-31 0000811596 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000811596 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000811596 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0000811596 us-gaap:TreasuryStockMember 2020-01-01 2020-03-31 0000811596 us-gaap:CommonStockMember 2020-03-31 0000811596 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000811596 us-gaap:RetainedEarningsMember 2020-03-31 0000811596 us-gaap:TreasuryStockMember 2020-03-31 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000811596 2020-03-31 0000811596 us-gaap:AccountingStandardsUpdate201912Member 2021-03-31 0000811596 us-gaap:BilledRevenuesMember 2021-03-31 0000811596 us-gaap:BilledRevenuesMember 2020-12-31 0000811596 srt:MinimumMember 2021-03-31 0000811596 srt:MaximumMember 2021-03-31 xbrli:pure 0000811596 kalu:AlcoaWarrickLLCMember 2021-03-30 2021-03-31 0000811596 kalu:AlcoaWarrickLLCMember 2021-01-01 2021-03-31 0000811596 kalu:AlcoaWarrickLLCMember 2021-03-31 0000811596 kalu:FavorableLeaseContractsMember 2021-01-01 2021-03-31 0000811596 kalu:FavorableCommodityContractsMember 2021-01-01 2021-03-31 0000811596 us-gaap:CustomerRelationshipsMember 2021-01-01 2021-03-31 0000811596 kalu:FavorableLeaseContractsMember 2021-03-31 0000811596 kalu:FavorableCommodityContractsMember 2021-03-31 0000811596 us-gaap:CustomerRelationshipsMember 2021-03-31 0000811596 us-gaap:DeferredBonusMember 2021-03-31 0000811596 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-03-31 0000811596 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0000811596 us-gaap:DefinedBenefitPostretirementHealthCoverageMember kalu:SalariedVEBAMember 2020-01-01 2020-12-31 0000811596 us-gaap:DefinedBenefitPostretirementHealthCoverageMember kalu:SalariedVEBAMember 2021-01-01 2021-03-31 0000811596 us-gaap:PensionPlansDefinedBenefitMember kalu:WarrickRollingMillMember 2021-03-31 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember kalu:WarrickRollingMillMember 2021-03-31 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember kalu:WarrickRollingMillMember 2021-01-01 2021-03-31 0000811596 kalu:WarrickRollingMillMember kalu:OtherAccruedLiabilitiesMember 2021-03-31 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2021-01-01 2021-03-31 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-01-01 2020-03-31 0000811596 us-gaap:DefinedBenefitPostretirementHealthCoverageMember kalu:SalariedVEBAMember 2020-01-01 2020-03-31 0000811596 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2021-03-31 0000811596 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2020-12-31 0000811596 kalu:NaturalGasMember srt:ScenarioForecastMember 2021-12-31 0000811596 us-gaap:ElectricityMember srt:ScenarioForecastMember 2021-12-31 0000811596 kalu:NaturalGasMember srt:ScenarioForecastMember 2022-12-31 0000811596 us-gaap:ElectricityMember srt:ScenarioForecastMember 2022-12-31 0000811596 kalu:NaturalGasMember srt:ScenarioForecastMember 2023-12-31 0000811596 us-gaap:ElectricityMember srt:ScenarioForecastMember 2023-12-31 0000811596 kalu:NaturalGasMember srt:ScenarioForecastMember 2024-12-31 0000811596 kalu:NaturalGasMember srt:ScenarioForecastMember 2025-12-31 0000811596 kalu:NaturalGasMember srt:ScenarioForecastMember 2026-12-31 0000811596 kalu:AluminumMember us-gaap:LongMember srt:MinimumMember 2021-01-01 2021-03-31 0000811596 kalu:AluminumMember us-gaap:ShortMember srt:MinimumMember 2021-01-01 2021-03-31 0000811596 kalu:MidwestPremiumSwapContractsMember us-gaap:LongMember srt:MinimumMember 2021-01-01 2021-03-31 0000811596 kalu:AluminumMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-03-31 0000811596 kalu:AluminumMember us-gaap:ShortMember srt:MaximumMember 2021-01-01 2021-03-31 0000811596 kalu:MidwestPremiumSwapContractsMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-03-31 kalu:mmlb 0000811596 kalu:AluminumMember us-gaap:LongMember 2021-03-31 0000811596 kalu:AluminumMember us-gaap:ShortMember 2021-03-31 0000811596 kalu:MidwestPremiumSwapContractsMember us-gaap:LongMember 2021-03-31 0000811596 kalu:AlloyMetalHedgeMember us-gaap:LongMember srt:MinimumMember 2021-01-01 2021-03-31 0000811596 kalu:AlloyMetalHedgeMember us-gaap:ShortMember srt:MinimumMember 2021-01-01 2021-03-31 0000811596 kalu:AlloyMetalHedgeMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-03-31 0000811596 kalu:AlloyMetalHedgeMember us-gaap:ShortMember srt:MaximumMember 2021-01-01 2021-03-31 0000811596 kalu:AlloyMetalHedgeMember us-gaap:LongMember 2021-03-31 0000811596 kalu:AlloyMetalHedgeMember us-gaap:ShortMember 2021-03-31 0000811596 kalu:NaturalGasMember us-gaap:LongMember srt:MinimumMember 2021-01-01 2021-03-31 0000811596 kalu:NaturalGasMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-03-31 utr:MMBTU 0000811596 kalu:NaturalGasMember us-gaap:LongMember 2021-03-31 0000811596 us-gaap:ElectricityMember us-gaap:LongMember srt:MinimumMember 2021-01-01 2021-03-31 0000811596 us-gaap:ElectricityMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-03-31 utr:MWh 0000811596 us-gaap:ElectricityMember us-gaap:LongMember 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember 2021-01-01 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember 2020-01-01 2020-03-31 0000811596 us-gaap:FairValueHedgingMember 2020-01-01 2020-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AluminumMember 2021-01-01 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AluminumMember 2020-01-01 2020-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AlloyMetalHedgeMember 2021-01-01 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AlloyMetalHedgeMember 2020-01-01 2020-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:NaturalGasMember 2020-01-01 2020-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ElectricityMember 2020-01-01 2020-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-03-31 0000811596 kalu:DepreciationandAmortizationMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ForeignExchangeContractMember 2020-01-01 2020-03-31 0000811596 us-gaap:FairValueHedgingMember kalu:DepreciationandAmortizationMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ForeignExchangeContractMember 2020-01-01 2020-03-31 0000811596 us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ForeignExchangeContractMember 2020-01-01 2020-03-31 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember kalu:AlloyingMetalsMember 2021-01-01 2021-03-31 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember 2021-01-01 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember kalu:AluminumMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember kalu:AluminumMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember kalu:MidwestPremiumSwapContractsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember kalu:NaturalGasMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:ElectricityMember 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000811596 us-gaap:NondesignatedMember us-gaap:LongMember kalu:AlloyMetalHedgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000811596 us-gaap:NondesignatedMember us-gaap:ShortMember kalu:AlloyMetalHedgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000811596 us-gaap:NondesignatedMember kalu:AlloyMetalHedgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember kalu:AluminumMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember kalu:AluminumMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember kalu:MidwestPremiumSwapContractsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember kalu:NaturalGasMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:ElectricityMember 2020-12-31 0000811596 us-gaap:CashFlowHedgingMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000811596 us-gaap:NondesignatedMember us-gaap:LongMember kalu:AlloyMetalHedgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000811596 us-gaap:NondesignatedMember us-gaap:ShortMember kalu:AlloyMetalHedgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000811596 us-gaap:NondesignatedMember kalu:AlloyMetalHedgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherCurrentAssetsMember 2021-03-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherCurrentAssetsMember 2020-12-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherAssetsMember 2021-03-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherAssetsMember 2020-12-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember 2021-03-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherCurrentLiabilitiesMember 2021-03-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherCurrentLiabilitiesMember 2020-12-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherNoncurrentLiabilitiesMember 2021-03-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherNoncurrentLiabilitiesMember 2020-12-31 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2020-04-28 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2020-05-01 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2021-03-31 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2021-01-01 2021-03-31 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2020-12-31 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2019-11-26 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2021-03-31 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2021-01-01 2021-03-31 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2020-01-01 2020-03-31 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2020-12-31 0000811596 us-gaap:RevolvingCreditFacilityMember 2021-03-31 0000811596 srt:MinimumMember 2021-01-01 2021-03-31 0000811596 srt:MaximumMember 2021-01-01 2021-03-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-12-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2021-01-01 2021-03-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2020-01-01 2020-03-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2021-01-01 2021-03-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2020-01-01 2020-03-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-01-01 2021-03-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-03-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-03-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-03-31 0000811596 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-12-31 0000811596 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-01-01 2020-03-31 0000811596 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-03-31 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-12-31 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-01-01 2021-03-31 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-03-31 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-03-31 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-03-31 0000811596 us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember 2020-01-01 2020-03-31 0000811596 us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember 2020-03-31 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2021-01-01 2021-03-31 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2021-03-31 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2020-03-31 0000811596 kalu:TwoThousandAndTwentyRestructuringPlanMember 2021-01-01 2021-03-31 0000811596 kalu:TwoThousandAndTwentyRestructuringPlanMember 2020-12-31 0000811596 kalu:TwoThousandAndTwentyRestructuringPlanMember 2021-03-31 kalu:Productionfacility 0000811596 country:US 2021-01-01 2021-03-31 0000811596 country:CA 2021-01-01 2021-03-31 0000811596 kalu:AeroHsProductsMember 2021-01-01 2021-03-31 0000811596 kalu:AeroHsProductsMember 2020-01-01 2020-03-31 0000811596 kalu:AutomotiveExtrusionsMember 2021-01-01 2021-03-31 0000811596 kalu:AutomotiveExtrusionsMember 2020-01-01 2020-03-31 0000811596 kalu:GeProductsMember 2021-01-01 2021-03-31 0000811596 kalu:GeProductsMember 2020-01-01 2020-03-31 0000811596 kalu:OtherProductsMember 2021-01-01 2021-03-31 0000811596 kalu:OtherProductsMember 2020-01-01 2020-03-31 0000811596 us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000811596 us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000811596 us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000811596 us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000811596 country:US 2020-01-01 2020-03-31 0000811596 us-gaap:NonUsMember 2021-01-01 2021-03-31 0000811596 us-gaap:NonUsMember 2020-01-01 2020-03-31 0000811596 us-gaap:SubsequentEventMember 2021-04-13 2021-04-13

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

 

Commission File Number: 1-09447

 

KAISER ALUMINUM CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

94-3030279

(State of incorporation)

 

(I.R.S. Employer Identification No.)

 

27422 Portola Parkway, Suite 200

 

 

Foothill Ranch, California

 

92610-2831

(Address of principal executive offices)

 

(Zip Code)

 

(949) 614-1740

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, par value $0.01 per share

KALU

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).           Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of May 3, 2021, there were 15,847,938 shares of common stock of the registrant outstanding.

 


 

 

TABLE OF CONTENTS

PART I

 

 

Item 1. Financial Statements

 

1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

35

Item 4. Controls and Procedures

 

36

 

 

 

PART II

 

 

Item 1. Legal Proceedings

 

38

Item 1A. Risk Factors

 

38

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

39

Item 3. Defaults Upon Senior Securities

 

39

Item 4. Mine Safety Disclosures

 

39

Item 5. Other Information

 

39

Item 6. Exhibits

 

40

 

 

 

SIGNATURES

 

41

 

 

 


 

 

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

As of March 31, 2021

 

 

As of December 31, 2020

 

 

 

(In millions of dollars, except share

and per share amounts)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

128.0

 

 

$

780.3

 

Receivables:

 

 

 

 

 

 

 

 

Trade receivables, net

 

 

305.8

 

 

 

112.8

 

Other

 

 

31.5

 

 

 

11.6

 

Contract assets

 

 

44.4

 

 

 

36.1

 

Inventories

 

 

385.3

 

 

 

152.0

 

Prepaid expenses and other current assets

 

 

35.8

 

 

 

28.6

 

Total current assets

 

 

930.8

 

 

 

1,121.4

 

Property, plant and equipment, net

 

 

1,006.6

 

 

 

627.2

 

Operating lease assets

 

 

38.9

 

 

 

26.5

 

Intangible assets, net

 

 

82.5

 

 

 

26.7

 

Goodwill

 

 

46.2

 

 

 

18.8

 

Other assets

 

 

47.8

 

 

 

44.1

 

Total

 

$

2,152.8

 

 

$

1,864.7

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

259.6

 

 

$

86.1

 

Accrued salaries, wages and related expenses

 

 

31.9

 

 

 

30.8

 

Other accrued liabilities

 

 

58.9

 

 

 

41.4

 

Total current liabilities

 

 

350.4

 

 

 

158.3

 

Long-term portion of operating lease liabilities

 

 

34.1

 

 

 

25.6

 

Pension and other postretirement benefits

 

 

85.0

 

 

 

1.3

 

Net liabilities of Salaried VEBA

 

 

17.4

 

 

 

17.8

 

Deferred tax liabilities

 

 

15.9

 

 

 

13.9

 

Long-term liabilities

 

 

76.3

 

 

 

77.3

 

Long-term debt

 

 

838.7

 

 

 

838.1

 

Total liabilities

 

 

1,417.8

 

 

 

1,132.3

 

Commitments and contingencies – Note 8

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, 5,000,000 shares authorized at both March 31, 2021 and

   December 31, 2020; no shares were issued and outstanding at

   March 31, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, par value $0.01, 90,000,000 shares authorized at both

   March 31, 2021 and December 31, 2020; 22,683,224 shares issued and

   15,847,938 shares outstanding at March 31, 2021; 22,647,455 shares

   issued and 15,812,169 shares outstanding at December 31, 2020

 

 

0.2

 

 

 

0.2

 

Additional paid in capital

 

 

1,069.3

 

 

 

1,068.6

 

Retained earnings

 

 

151.0

 

 

 

158.2

 

Treasury stock, at cost, 6,835,286 shares at both March 31, 2021 and

   December 31, 2020

 

 

(475.9

)

 

 

(475.9

)

Accumulated other comprehensive loss

 

 

(9.6

)

 

 

(18.7

)

Total stockholders’ equity

 

 

735.0

 

 

 

732.4

 

Total

 

$

2,152.8

 

 

$

1,864.7

 

 

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

1


 

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)

 

 

 

Quarter Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(In millions of dollars, except share and per share amounts)

 

Net sales

 

$

324.0

 

 

$

369.3

 

Costs and expenses:

 

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization and other items

 

 

262.5

 

 

 

286.6

 

Depreciation and amortization

 

 

13.5

 

 

 

13.2

 

Selling, general, administrative, research and development

 

 

31.8

 

 

 

23.9

 

Restructuring benefit

 

 

(0.7

)

 

 

 

Total costs and expenses

 

 

307.1

 

 

 

323.7

 

Operating income

 

 

16.9

 

 

 

45.6

 

Other expense:

 

 

 

 

 

 

 

 

Interest expense

 

 

(12.3

)

 

 

(6.1

)

Other expense, net – Note 11

 

 

(0.4

)

 

 

(0.8

)

Income before income taxes

 

 

4.2

 

 

 

38.7

 

Income tax benefit (provision)

 

 

0.3

 

 

 

(9.6

)

Net income

 

$

4.5

 

 

$

29.1

 

Net income per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.28

 

 

$

1.83

 

Diluted

 

$

0.28

 

 

$

1.81

 

Weighted-average number of common shares outstanding (in thousands):

 

 

 

 

 

 

 

 

Basic

 

 

15,805

 

 

 

15,838

 

Diluted

 

 

15,987

 

 

 

16,008

 

 

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

2


 

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED)

 

 

 

Quarter Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(In millions of dollars)

 

Net income

 

$

4.5

 

 

$

29.1

 

Other comprehensive income (loss), net of tax – Note 9:

 

 

 

 

 

 

 

 

Defined benefit pension plan and Salaried VEBA

 

 

0.7

 

 

 

1.1

 

Available for sale securities

 

 

 

 

 

(0.2

)

Cash flow hedges

 

 

8.5

 

 

 

(15.9

)

Fair value hedges

 

 

 

 

 

(0.5

)

Foreign currency translation

 

 

(0.1

)

 

 

 

Other comprehensive income (loss), net of tax

 

 

9.1

 

 

 

(15.5

)

Comprehensive income

 

$

13.6

 

 

$

13.6

 

 

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

3


 

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED STOCKHOLDERS EQUITY (UNAUDITED)

Quarter Ended March 31, 2021

 

 

 

Common

Shares

Outstanding1,2

 

 

Common

Stock

 

 

Additional

Paid in Capital

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

 

 

 

(In millions of dollars, except share and per share amounts)

 

BALANCE, December 31, 2020

 

 

15,812,169

 

 

$

0.2

 

 

$

1,068.6

 

 

$

158.2

 

 

$

(475.9

)

 

$

(18.7

)

 

$

732.4

 

Net income

 

 

 

 

 

 

 

 

 

 

 

4.5

 

 

 

 

 

 

 

 

 

4.5

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.1

 

 

 

9.1

 

Common shares issued (including impacts from

   Long-Term Incentive programs)

 

 

56,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of shares to cover employees' tax

   withholdings upon vesting of non-vested shares

 

 

(20,625

)

 

 

 

 

 

(2.4

)

 

 

 

 

 

 

 

 

 

 

 

(2.4

)

Cash dividends declared3

 

 

 

 

 

 

 

 

 

 

 

(11.7

)

 

 

 

 

 

 

 

 

(11.7

)

Amortization of unearned equity compensation

 

 

 

 

 

 

 

 

3.1

 

 

 

 

 

 

 

 

 

 

 

 

3.1

 

BALANCE, March 31, 2021

 

 

15,847,938

 

 

$

0.2

 

 

$

1,069.3

 

 

$

151.0

 

 

$

(475.9

)

 

$

(9.6

)

 

$

735.0

 

 

1

At March 31, 2021, 232,320 shares were available for awards under the Kaiser Aluminum Corporation 2016 Equity and Incentive Compensation Plan (“2016 Plan”).

2

There were no repurchases of common stock during the quarter ended March 31, 2021. At March 31, 2021, $93.1 million remained available to repurchase our common shares pursuant to the stock repurchase program.

3

Dividends declared per common share was $0.72 for the quarter ended March 31, 2021.

 

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

4


 

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED STOCKHOLDERS EQUITY CONTINUED (UNAUDITED)

Quarter Ended March 31, 2020

 

 

 

Common

Shares

Outstanding

 

 

Common

Stock

 

 

Additional

Paid in Capital

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

 

 

 

(In millions of dollars, except share and per share amounts)

 

BALANCE, December 31, 2019

 

 

15,868,304

 

 

$

0.2

 

 

$

1,062.9

 

 

$

172.8

 

 

$

(463.4

)

 

$

(38.6

)

 

$

733.9

 

Net income

 

 

 

 

 

 

 

 

 

 

 

29.1

 

 

 

 

 

 

 

 

 

29.1

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15.5

)

 

 

(15.5

)

Common shares issued (including impacts from

   Long-Term Incentive programs)

 

 

119,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of shares to cover employees' tax

   withholdings upon vesting of non-vested shares

 

 

(45,545

)

 

 

 

 

 

(4.3

)

 

 

 

 

 

 

 

 

 

 

 

(4.3

)

Repurchase of common stock1

 

 

(152,763

)

 

 

 

 

 

 

 

 

 

 

 

(12.5

)

 

 

 

 

 

(12.5

)

Cash dividends declared2

 

 

 

 

 

 

 

 

 

 

 

(11.3

)

 

 

 

 

 

 

 

 

(11.3

)

Amortization of unearned equity compensation

 

 

 

 

 

 

 

 

1.7

 

 

 

 

 

 

 

 

 

 

 

 

1.7

 

BALANCE, March 31, 2020

 

 

15,789,594

 

 

$

0.2

 

 

$

1,060.3

 

 

$

190.6

 

 

$

(475.9

)

 

$

(54.1

)

 

$

721.1

 

 

1

Weighted-average repurchase price (dollars per share) for the quarter ended March 31, 2020 was $81.94.

2

Dividends declared per common share was $0.67 for the quarter ended March 31, 2020.

 

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

 

 

5


 

 

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)

 

 

 

Quarter Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(In millions of dollars)

 

Cash flows from operating activities1:

 

 

 

 

 

 

 

 

Net income

 

$

4.5

 

 

$

29.1

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

12.8

 

 

 

12.5

 

Amortization of definite-lived intangible assets

 

 

0.7

 

 

 

0.7

 

Amortization of debt premium and debt issuance costs

 

 

0.7

 

 

 

0.3

 

Deferred income taxes

 

 

(0.9

)

 

 

14.8

 

Non-cash equity compensation

 

 

3.1

 

 

 

1.7

 

Gain on disposition of short-term investments

 

 

 

 

 

(0.5

)

Loss on disposition of property, plant and equipment

 

 

 

 

 

0.2

 

Changes in operating assets and liabilities, net of effects of acquisition:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(31.7

)

 

 

(12.6

)

Contract assets

 

 

(8.3

)

 

 

7.5

 

Inventories

 

 

(24.3

)

 

 

(17.0

)

Prepaid expenses and other current assets

 

 

(0.4

)

 

 

(2.6

)

Accounts payable

 

 

33.0

 

 

 

21.7

 

Accrued liabilities

 

 

4.2

 

 

 

(2.4

)

Annual variable cash contributions to Salaried VEBA

 

 

(1.7

)

 

 

(2.9

)

Long-term assets and liabilities, net

 

 

(3.1

)

 

 

1.9

 

Net cash (used in) provided by operating activities

 

 

(11.4

)

 

 

52.4

 

Cash flows from investing activities1:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(9.1

)

 

 

(21.1

)

Cash payment for acquisition of Warrick Rolling Mill

 

 

(617.5

)

 

 

 

Purchase of short-term investments

 

 

 

 

 

(39.1

)

Proceeds from disposition of short-term investments

 

 

 

 

 

78.8

 

Net cash (used in) provided by investing activities

 

 

(626.6

)

 

 

18.6

 

Cash flows from financing activities1:

 

 

 

 

 

 

 

 

Repayment of finance lease

 

 

(0.4

)

 

 

(0.4

)

Cancellation of shares to cover employees' tax withholdings upon

vesting of non-vested shares

 

 

(2.4

)

 

 

(4.3

)

Repurchase of common stock

 

 

 

 

 

(12.5

)

Cash dividends and dividend equivalents paid

 

 

(11.7

)

 

 

(11.3

)

Net cash used in financing activities

 

 

(14.5

)

 

 

(28.5

)

Net (decrease) increase in cash, cash equivalents and restricted cash during the period

 

 

(652.5

)

 

 

42.5

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

794.3

 

 

 

278.6

 

Cash, cash equivalents and restricted cash at end of period

 

$

141.8

 

 

$

321.1

 

 

1

See Note 14 for supplemental cash flow information.

The accompanying notes to interim consolidated financial statements are an integral part of these statements.

 

 

6


KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

 

 

NOTES INDEX

Note

 

 

Page

Note 1

 

Basis of Presentation and Recent Accounting Pronouncements

8

Note 2

 

Supplemental Balance Sheet Information

9

Note 3

 

Leases

9

Note 4

 

Business Combinations, Goodwill and Intangible Assets

11

Note 5