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

 

Employee Benefits

13

Note 6

 

Derivatives, Hedging Programs and Other Financial Instruments

15

Note 7

 

Debt and Credit Facility

19

Note 8

 

Commitments and Contingencies

20

Note 9

 

Accumulated Other Comprehensive Loss

22

Note 10

 

Restructuring

23

Note 11

 

Other Expense, Net

23

Note 12

 

Income Tax Matters

23

Note 13

 

Net Income Per Share

24

Note 14

 

Supplemental Cash Flow Information

25

Note 15

 

Business, Product and Geographical Area Information

25

Note 16

 

Subsequent Events

26

 

 

 

7


Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

 

 

1. Basis of Presentation and Recent Accounting Pronouncements

This Quarterly Report on Form 10-Q (this “Report”) should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Unless the context otherwise requires, references in these notes to interim consolidated financial statements - unaudited to “Kaiser Aluminum Corporation,” “we,” “us,” “our,” “the Company” and “our Company” refer collectively to Kaiser Aluminum Corporation and its subsidiaries.

Principles of Consolidation and Basis of Presentation. The accompanying unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries and are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable for interim periods and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (which include normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for our interim periods are not necessarily indicative of the results of operations that may be achieved for the entire 2021 fiscal year. The financial information as of December 31, 2020 is derived from our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2020. We have reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. On the Consolidated Balance Sheets, prior period presentation of the Canadian pension plan in Long-term liabilities is now reflected in Pension and other postretirement benefits. On the Statements of Consolidated Cash Flows, prior period presentation of Other non-cash changes in assets and liabilities is now reflected in Changes in operating assets and liabilities within the following categories: (i) Prepaid expenses and other current assets; (ii) Accrued liabilities; and (iii) Long-term assets and liabilities, net.

Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of our consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of our consolidated financial position and results of operations.

Supply Chain Financing. Upon our acquisition of the Warrick Rolling Mill (as defined in Note 4 below), we became party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. We sell our undivided interests in certain of these receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt. Under the terms of the agreements, we retain no rights or interest, have no obligations with respect to the sold receivables and do not service the receivables after the sale. As such, these transactions are being accounted for as a sale. Discount fees related to the sale of trade accounts receivable under supply chain financing arrangements will be included in Other expense, net. There were no such discount fees recognized during the quarter ended March 31, 2021.

Adoption of New Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify the accounting for income taxes by eliminating certain exceptions and implementing additional requirements which result in a more consistent application of Accounting Standards Codification (“ASC”) 740 Income Taxes. Most amendments within ASU 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. Our adoption of ASU 2019-12 during the quarter ended March 31, 2021 did not result in a material impact on our consolidated financial statements.

Accounting Pronouncements Issued But Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) and also issued subsequent amendments to the initial guidance (collectively, “Topic 848”). Topic 848 is effective for all entities as of March 12, 2020 through December 31, 2022 and provides optional guidance for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. We will adopt Topic 848 when our relevant contracts are modified upon transition to alternative reference rates. We do not expect our adoption of Topic 848 to have a material impact on our consolidated financial statements.

8


Notes Index

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED

 

2. Supplemental Balance Sheet Information

 

 

 

As of March 31, 2021

 

 

As of December 31, 2020

 

 

 

(In millions of dollars)

 

Trade Receivables, Net

 

 

 

 

 

 

 

 

Billed trade receivables

 

$

306.7

 

 

$

113.6

 

Allowance for doubtful receivables

 

 

(0.9

)

 

 

(0.8

)

Trade receivables, net

 

$

305.8

 

 

$

112.8

 

 

 

 

 

 

 

 

 

 

Inventories1

 

 

 

 

 

 

 

 

Finished products

 

$

83.0

 

 

$

37.2

 

Work-in-process

 

 

178.5

 

 

 

46.0

 

Raw materials

 

 

117.7

 

 

 

62.3

 

Operating supplies

 

 

6.1

 

 

 

6.5

 

Total

 

$

385.3

 

 

$

152.0

 

 

 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 

 

 

 

 

 

 

Land and improvements

 

$

26.9

 

 

$

21.5

 

Buildings and leasehold improvements

 

 

176.0

 

 

 

117.2

 

Machinery and equipment

 

 

1,144.7

 

 

 

847.4

 

Construction in progress2

 

 

68.4

 

 

 

37.8

 

Property, plant and equipment, gross

 

 

1,416.0

 

 

 

1,023.9

 

Accumulated depreciation and amortization

 

 

(411.1

)

 

 

(398.4

)

Assets held for sale

 

 

1.7

 

 

 

1.7

 

Property, plant and equipment, net

 

$

1,006.6

 

 

$

627.2

 

 

 

 

 

 

 

 

 

 

Other Accrued Liabilities

 

 

 

 

 

 

 

 

Uncleared cash disbursements

 

$

7.0

 

 

$

2.1

 

Accrued income taxes and other taxes payable

 

 

10.4

 

 

 

5.2

 

Accrued annual contribution to Salaried VEBA

 

 

 

 

 

1.7

 

Accrued interest

 

 

11.5

 

 

 

11.6

 

Short-term environmental accrual – Note 8

 

 

4.0