0001564590-21-009132 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2020	Feb. 22, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-09447
Entity Registrant Name	KAISER ALUMINUM CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3030279
Entity Address, Address Line One	27422 Portola Parkway
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Foothill Ranch
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92610-2831
City Area Code	949
Local Phone Number	614-1740
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KALU
Security Exchange Name	NASDAQ
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1.1
Entity Common Stock, Shares Outstanding		15,812,169
Documents Incorporated by Reference	Documents Incorporated by Reference. Certain portions of the registrant’s definitive proxy statement related to the registrant’s 2021 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
ICFR Auditor Attestation Flag	true
Entity Central Index Key	0000811596
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 780.3	$ 264.3
Short-term investments		78.7
Receivables:
Trade receivables, net	112.8	167.1
Other	11.6	18.1
Contract assets	36.1	54.6
Inventories	152.0	177.6
Prepaid expenses and other current assets	28.6	19.4
Total current assets	1,121.4	779.8
Property, plant and equipment, net	627.2	622.0
Operating lease assets	26.5	25.8
Deferred tax assets, net		11.8
Intangible assets, net	26.7	29.6
Goodwill	18.8	18.8
Other assets	44.1	38.4
Total	1,864.7	1,526.2
Current liabilities:
Accounts payable	86.1	92.0
Accrued salaries, wages and related expenses	30.8	34.4
Other accrued liabilities	41.4	44.0
Total current liabilities	158.3	170.4
Long-term portion of operating lease liabilities	25.6	25.2
Net liabilities of Salaried VEBA	17.8	32.6
Deferred tax liabilities	13.9	4.5
Long-term liabilities	78.6	67.0
Long-term debt	838.1	492.6
Total liabilities	1,132.3	792.3
Commitments and contingencies
Stockholders' equity:
Preferred stock, 5,000,000 shares authorized at both December 31, 2020 and December 31, 2019; no shares were issued and outstanding at December 31, 2020 and December 31, 2019
Common stock, par value $0.01, 90,000,000 shares authorized at both December 31, 2020 and December 31, 2019; 22,647,455 shares issued and 15,812,169 shares outstanding at December 31, 2020; 22,550,827 shares issued and 15,868,304 shares outstanding at December 31, 2019	0.2	0.2
Additional paid in capital	1,068.6	1,062.9
Retained earnings	158.2	172.8
Treasury stock, at cost, 6,835,286 shares at December 31, 2020 and 6,682,523 shares at December 31, 2019	(475.9)	(463.4)
Accumulated other comprehensive loss	(18.7)	(38.6)
Total stockholders' equity	732.4	733.9
Total	$ 1,864.7	$ 1,526.2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	90,000,000	90,000,000
Common Stock, shares issued	22,647,455	22,550,827
Common stock, shares outstanding	15,812,169	15,868,304
Treasury stock, shares	6,835,286	6,682,523

STATEMENTS OF CONSOLIDATED INCOME - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net sales	$ 1,172.7	$ 1,514.1	$ 1,585.9
Costs and expenses:
Cost of products sold, excluding depreciation and amortization and other items	941.3	1,215.2	1,300.7
Depreciation and amortization	52.2	49.1	43.9
Selling, general, administrative, research and development	91.2	98.0	96.3
Goodwill impairment	0.0	25.2
Restructuring costs	7.5
Other operating (income) charges, net	(0.6)	0.9	1.4
Total costs and expenses	1,091.6	1,388.4	1,442.3
Operating income	81.1	125.7	143.6
Other expense:
Interest expense	(40.9)	(24.6)	(22.7)
Other expense, net – Note 13	(1.4)	(20.7)	(0.9)
Income before income taxes	38.8	80.4	120.0
Income tax provision	(10.0)	(18.4)	(28.3)
Net income	$ 28.8	$ 62.0	$ 91.7
Net income per common share:
Basic	$ 1.82	$ 3.88	$ 5.53
Diluted	$ 1.81	$ 3.83	$ 5.43
Weighted-average number of common shares outstanding (in thousands):
Basic	15,802	15,997	16,585
Diluted	15,913	16,203	16,874

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 28.8	$ 62.0	$ 91.7
Other comprehensive income (loss), net of tax
Defined benefit pension plan and Salaried VEBA	13.4	2.4	2.9
Available for sale securities	(0.3)		(0.6)
Cash flow hedges	6.7	7.8	(13.9)
Foreign currency translation	0.1		(0.1)
Other comprehensive income (loss), net of tax	19.9	10.2	(11.7)
Comprehensive income	$ 48.7	$ 72.2	$ 80.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY - USD ($)
$ in Millions

Total

Cumulative Effect, Period of Adoption, Adjustment

^[1]