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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 June 30, 2020

 

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 July 20, 2020, there were 15,812,169 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

 

26

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

36

Item 4. Controls and Procedures

 

37

 

 

 

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)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

(In millions of dollars, except share

and per share amounts)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

710.6

 

 

$

264.3

 

Short-term investments

 

 

 

 

 

78.7

 

Receivables:

 

 

 

 

 

 

 

 

Trade receivables, net

 

 

126.4

 

 

 

167.1

 

Other

 

 

22.0

 

 

 

18.1

 

Contract assets

 

 

41.6

 

 

 

54.6

 

Inventories

 

 

181.4

 

 

 

177.6

 

Prepaid expenses and other current assets

 

 

25.7

 

 

 

19.4

 

Total current assets

 

 

1,107.7

 

 

 

779.8

 

Property, plant and equipment, net

 

 

627.1

 

 

 

622.0

 

Operating lease assets

 

 

28.0

 

 

 

25.8

 

Deferred tax assets, net

 

 

 

 

 

11.8

 

Intangible assets, net

 

 

28.1

 

 

 

29.6

 

Goodwill

 

 

18.8

 

 

 

18.8

 

Other assets

 

 

38.7

 

 

 

38.4

 

Total

 

$

1,848.4

 

 

$

1,526.2

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

61.0

 

 

$

92.0

 

Accrued salaries, wages and related expenses

 

 

34.9

 

 

 

34.4

 

Other accrued liabilities

 

 

54.5

 

 

 

44.0

 

Total current liabilities

 

 

150.4

 

 

 

170.4

 

Long-term portion of operating lease liabilities

 

 

27.0

 

 

 

25.2

 

Net liabilities of Salaried VEBA

 

 

32.5

 

 

 

32.6

 

Deferred tax liabilities

 

 

7.3

 

 

 

4.5

 

Long-term liabilities

 

 

75.3

 

 

 

67.0

 

Long-term debt

 

 

837.1

 

 

 

492.6

 

Total liabilities

 

 

1,129.6

 

 

 

792.3

 

Commitments and contingencies – Note 7

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, 5,000,000 shares authorized at both June 30, 2020 and December 31, 2019; no shares were issued and outstanding at June 30, 2020 and December 31, 2019

 

 

 

 

 

 

Common stock, par value $0.01, 90,000,000 shares authorized at both June 30, 2020 and at December 31, 2019; 22,647,455 shares issued and 15,812,169 shares outstanding at June 30, 2020; 22,550,827 shares issued and 15,868,304 shares outstanding at December 31, 2019

 

 

0.2

 

 

 

0.2

 

Additional paid in capital

 

 

1,063.3

 

 

 

1,062.9

 

Retained earnings

 

 

173.4

 

 

 

172.8

 

Treasury stock, at cost, 6,835,286 shares at June 30, 2020 and 6,682,523 shares at December 31, 2019, respectively

 

 

(475.9

)

 

 

(463.4

)

Accumulated other comprehensive loss

 

 

(42.2

)

 

 

(38.6

)

Total stockholders' equity

 

 

718.8

 

 

 

733.9

 

Total

 

$

1,848.4

 

 

$

1,526.2

 

 

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 (LOSS) INCOME (UNAUDITED)

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

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

 

Net sales

 

$

275.7

 

 

$

375.3

 

 

$

645.0

 

 

$

770.5

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

224.5

 

 

 

303.5

 

 

 

511.1

 

 

 

618.6

 

Depreciation and amortization

 

 

13.0

 

 

 

12.1

 

 

 

26.2

 

 

 

24.0

 

Selling, general, administrative, research and development

 

 

22.7

 

 

 

27.2

 

 

 

46.6

 

 

 

52.4

 

Restructuring costs

 

 

11.9

 

 

 

 

 

 

11.9

 

 

 

 

Other operating (income) charges, net

 

 

(1.1

)

 

 

0.1

 

 

 

(1.1

)

 

 

0.1

 

Total costs and expenses

 

 

271.0

 

 

 

342.9

 

 

 

594.7

 

 

 

695.1

 

Operating income

 

 

4.7

 

 

 

32.4

 

 

 

50.3

 

 

 

75.4

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(10.5

)

 

 

(5.8

)

 

 

(16.6

)

 

 

(11.5

)

Other income (expense), net – Note 10

 

 

0.5

 

 

 

(0.1

)

 

 

(0.3

)

 

 

0.4

 

(Loss) income before income taxes

 

 

(5.3

)

 

 

26.5

 

 

 

33.4

 

 

 

64.3

 

Income tax provision

 

 

(1.3

)

 

 

(7.3

)

 

 

(10.9

)

 

 

(17.1

)

Net (loss) income

 

$

(6.6

)

 

$

19.2

 

 

$

22.5

 

 

$

47.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.41

)

 

$

1.19

 

 

$

1.42

 

 

$

2.93

 

Diluted

 

$

(0.41

)

 

$

1.18

 

 

$

1.41

 

 

$

2.89

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

15,781

 

 

 

16,063

 

 

 

15,809

 

 

 

16,085

 

Diluted

 

 

15,781

 

 

 

16,240

 

 

 

15,929

 

 

 

16,298

 

 

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 (LOSS) (UNAUDITED)

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In millions of dollars)

 

Net (loss) income

 

$

(6.6

)

 

$

19.2

 

 

$

22.5

 

 

$

47.2

 

Other comprehensive income (loss), net of tax – Note 8:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan and Salaried VEBA

 

 

0.9

 

 

 

1.1

 

 

 

2.0

 

 

 

2.2

 

Available for sale securities

 

 

(0.3

)

 

 

(0.1

)

 

 

(0.5

)

 

 

(0.3

)

Cash flow hedges

 

 

10.8

 

 

 

(4.2

)

 

 

(5.1

)

 

 

4.6

 

Fair value hedges

 

 

0.5

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

 

11.9

 

 

 

(3.2

)

 

 

(3.6

)

 

 

6.5

 

Comprehensive income

 

$

5.3

 

 

$

16.0

 

 

$

18.9

 

 

$

53.7

 

 

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)

Six Months Ended June 30, 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)1

 

 

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 stock2

 

 

(152,763

)

 

 

 

 

 

 

 

 

 

 

 

(12.5

)

 

 

 

 

 

(12.5

)

Cash dividends declared3

 

 

 

 

 

 

 

 

 

 

 

(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

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(6.6

)

 

 

 

 

 

 

 

 

(6.6

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.9

 

 

 

11.9

 

Common shares issued (including impacts from Long-Term Incentive programs)1

 

 

22,575

 

 

 

 

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

Cash dividends declared3

 

 

 

 

 

 

 

 

 

 

 

(10.6

)

 

 

 

 

 

 

 

 

(10.6

)

Amortization of unearned equity compensation

 

 

 

 

 

 

 

 

2.6

 

 

 

 

 

 

 

 

 

 

 

 

2.6

 

BALANCE, June 30, 2020

 

 

15,812,169

 

 

$

0.2

 

 

$

1,063.3

 

 

$

173.4

 

 

$

(475.9

)

 

$

(42.2

)

 

$

718.8

 

 

1

At June 30, 2020, 358,122 shares were available for awards under the Kaiser Aluminum Corporation 2016 Equity and Incentive Compensation Plan ("2016 Plan").

2

Weighted-average repurchase price (dollars per share) for the quarter ended March 31, 2020 was $81.94. There was no repurchase of common stock for the quarter ended June 30, 2020. At June 30, 2020, $93.1 million remained available to repurchase our common shares pursuant to the stock repurchase program.

3

Dividends declared per common share was $0.67 for each of the quarters ended March 31, 2020 and June 30, 2020.

 

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)

Six Months Ended June 30, 2019

 

 

 

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, 2018

 

 

16,234,603

 

 

$

0.2

 

 

$

1,059.3

 

 

$

150.2

 

 

$

(420.5

)

 

$

(48.8

)

 

$

740.4

 

Net income

 

 

 

 

 

 

 

 

 

 

 

28.0

 

 

 

 

 

 

 

 

 

28.0

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.7

 

 

 

9.7

 

Common shares issued (including impacts from Long-Term Incentive programs)

 

 

122,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares

 

 

(46,388

)

 

 

 

 

 

(5.0

)

 

 

 

 

 

 

 

 

 

 

 

(5.0

)

Repurchase of common stock1

 

 

(175,977

)

 

 

 

 

 

 

 

 

 

 

 

(17.4

)

 

 

 

 

 

(17.4

)

Cash dividends declared2

 

 

 

 

 

 

 

 

 

 

 

(10.2

)

 

 

 

 

 

 

 

 

(10.2

)

Amortization of unearned equity compensation

 

 

 

 

 

 

 

 

2.4

 

 

 

 

 

 

 

 

 

 

 

 

2.4

 

BALANCE, March 31, 2019

 

 

16,134,547

 

 

$

0.2

 

 

$

1,056.7

 

 

$

168.0

 

 

$

(437.9

)

 

$

(39.1

)

 

$

747.9

 

Net income

 

 

 

 

 

 

 

 

 

 

 

19.2

 

 

 

 

 

 

 

 

 

19.2

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.2

)

 

 

(3.2

)

Common shares issued (including impacts from Long-Term Incentive programs)

 

 

14,700

 

 

 

 

 

 

0.3