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2020-10-13
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 September 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 October 19, 2020, there were 15,812,169 shares of common stock of the registrant outstanding.
TABLE OF CONTENTS
KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
|
|
(In millions of dollars, except share
and per share amounts) |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
750.1 |
|
|
$ |
264.3 |
|
Short-term investments |
|
|
— |
|
|
|
78.7 |
|
Receivables: |
|
|
|
|
|
|
|
|
Trade receivables, net |
|
|
119.0 |
|
|
|
167.1 |
|
Other |
|
|
22.8 |
|
|
|
18.1 |
|
Contract assets |
|
|
34.8 |
|
|
|
54.6 |
|
Inventories |
|
|
157.5 |
|
|
|
177.6 |
|
Prepaid expenses and other current assets |
|
|
25.4 |
|
|
|
19.4 |
|
Total current assets |
|
|
1,109.6 |
|
|
|
779.8 |
|
Property, plant and equipment, net |
|
|
622.9 |
|
|
|
622.0 |
|
Operating lease assets |
|
|
27.2 |
|
|
|
25.8 |
|
Deferred tax assets, net |
|
|
— |
|
|
|
11.8 |
|
Intangible assets, net |
|
|
27.4 |
|
|
|
29.6 |
|
Goodwill |
|
|
18.8 |
|
|
|
18.8 |
|
Other assets |
|
|
41.1 |
|
|
|
38.4 |
|
Total |
|
$ |
1,847.0 |
|
|
$ |
1,526.2 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
63.4 |
|
|
$ |
92.0 |
|
Accrued salaries, wages and related expenses |
|
|
33.5 |
|
|
|
34.4 |
|
Other accrued liabilities |
|
|
45.3 |
|
|
|
44.0 |
|
Total current liabilities |
|
|
142.2 |
|
|
|
170.4 |
|
Long-term portion of operating lease liabilities |
|
|
26.3 |
|
|
|
25.2 |
|
Net liabilities of Salaried VEBA |
|
|
32.4 |
|
|
|
32.6 |
|
Deferred tax liabilities |
|
|
8.9 |
|
|
|
4.5 |
|
Long-term liabilities |
|
|
80.3 |
|
|
|
67.0 |
|
Long-term debt |
|
|
837.6 |
|
|
|
492.6 |
|
Total liabilities |
|
|
1,127.7 |
|
|
|
792.3 |
|
Commitments and contingencies – Note 7 |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, 5,000,000 shares authorized at both September 30, 2020 and December 31, 2019; no shares were issued and outstanding at September 30, 2020 and December 31, 2019 |
|
|
— |
|
|
|
— |
|
Common stock, par value $0.01, 90,000,000 shares authorized at both September 30, 2020 and at December 31, 2019; 22,647,455 shares issued and 15,812,169 shares outstanding at September 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 |
|
|
1,066.0 |
|
|
|
1,062.9 |
|
Retained earnings |
|
|
163.0 |
|
|
|
172.8 |
|
Treasury stock, at cost, 6,835,286 shares at September 30, 2020 and 6,682,523 shares at December 31, 2019, respectively |
|
|
(475.9 |
) |
|
|
(463.4 |
) |
Accumulated other comprehensive loss |
|
|
(34.0 |
) |
|
|
(38.6 |
) |
Total stockholders’ equity |
|
|
719.3 |
|
|
|
733.9 |
|
Total |
|
$ |
1,847.0 |
|
|
$ |
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 INCOME (UNAUDITED)
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
(In millions of dollars, except share and per share amounts) |
|
Net sales |
|
$ |
255.7 |
|
|
$ |
374.9 |
|
|
$ |
900.7 |
|
|
$ |
1,145.4 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold, excluding depreciation and amortization and other items |
|
|
208.4 |
|
|
|
298.6 |
|
|
|
719.5 |
|
|
|
917.2 |
|
Depreciation and amortization |
|
|
12.9 |
|
|
|
12.3 |
|
|
|
39.1 |
|
|
|
36.3 |
|
Selling, general, administrative, research and development |
|
|
21.3 |
|
|
|
23.3 |
|
|
|
67.9 |
|
|
|
75.7 |
|
Restructuring costs |
|
|
0.5 |
|
|
|
— |
|
|
|
12.4 |
|
|
|
— |
|
Other operating charges (income), net |
|
|
0.3 |
|
|
|
— |
|
|
|
(0.8 |
) |
|
|
0.1 |
|
Total costs and expenses |
|
|
243.4 |
|
|
|
334.2 |
|
|
|
838.1 |
|
|
|
1,029.3 |
|
Operating income |
|
|
12.3 |
|
|
|
40.7 |
|
|
|
62.6 |
|
|
|
116.1 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(12.1 |
) |
|
|
(5.8 |
) |
|
|
(28.7 |
) |
|
|
(17.3 |
) |
Other expense, net – Note 10 |
|
|
(0.5 |
) |
|
|
(0.8 |
) |
|
|
(0.8 |
) |
|
|
(0.4 |
) |
(Loss) income before income taxes |
|
|
(0.3 |
) |
|
|
34.1 |
|
|
|
33.1 |
|
|
|
98.4 |
|
Income tax benefit (provision) |
|
|
0.7 |
|
|
|
(8.7 |
) |
|
|
(10.2 |
) |
|
|
(25.8 |
) |
Net income |
|
$ |
0.4 |
|
|
$ |
25.4 |
|
|
$ |
22.9 |
|
|
$ |
72.6 |
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.02 |
|
|
$ |
1.59 |
|
|
$ |
1.45 |
|
|
$ |
4.52 |
|
Diluted |
|
$ |
0.02 |
|
|
$ |
1.57 |
|
|
$ |
1.44 |
|
|
$ |
4.47 |
|
Weighted-average number of common shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
15,794 |
|
|
|
15,956 |
|
|
|
15,804 |
|
|
|
16,042 |
|
Diluted |
|
|
15,865 |
|
|
|
16,125 |
|
|
|
15,904 |
|
|
|
16,235 |
|
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 |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
(In millions of dollars) |
|
Net income |
|
$ |
0.4 |
|
|
$ |
25.4 |
|
|
$ |
22.9 |
|
|
$ |
72.6 |
|
Other comprehensive income (loss), net of tax – Note 8: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit pension plan and Salaried VEBA |
|
|
0.8 |
|
|
|
1.2 |
|
|
|
2.8 |
|
|
|
3.4 |
|
Available for sale securities |
|
|
— |
|
|
|
0.1 |
|
|
|
(0.5 |
) |
|
|
(0.2 |
) |
Cash flow hedges |
|
|
7.3 |
|
|
|
(2.2 |
) |
|
|
2.2 |
|
|
|
2.4 |
|
Foreign currency translation |
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
Other comprehensive income (loss), net of tax |
|
|
8.2 |
|
|
|
(0.9 |
) |
|
|
4.6 |
|
|
|
5.6 |
|
Comprehensive income |
|
$ |
8.6 |
|
|
$ |
24.5 |
|
|
$ |
27.5 |
|
|
$ |
78.2 |
|
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)
Nine Months Ended September 30, 2020
|
|
Common
Shares
Outstanding1 |
|
|
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 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) |
|
|
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 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
0.4 |
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.2 |
|
|
|
8.2 |
|
Cash dividends declared3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10.8 |
) |
Amortization of unearned equity compensation |
|
|
— |
|
|
|
— |
|
|
|
2.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.7 |
|
BALANCE, September 30, 2020 |
|
|
15,812,169 |
|
|
$ |
0.2 |
|
|
$ |
1,066.0 |
|
|
$ |
163.0 |
|
|
$ |
(475.9 |
) |
|
$ |
(34.0 |
) |
|
$ |
719.3 |
|
1 |
At September 30, 2020, 309,181 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 were no repurchases of common stock during the quarters ended June 30, 2020 and September 30, 2020. At September 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, June 30, 2020 and September 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)
Nine Months Ended September 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 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|