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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, 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 July 19, 2021, there were 15,859,820 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

 

28

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

38

Item 4. Controls and Procedures

 

39

 

 

 

PART II

 

 

Item 1. Legal Proceedings

 

40

Item 1A. Risk Factors

 

40

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

 

41

Item 3. Defaults Upon Senior Securities

 

41

Item 4. Mine Safety Disclosures

 

41

Item 5. Other Information

 

41

Item 6. Exhibits

 

42

 

 

 

SIGNATURES

 

43

 

 

 


 

 

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

As of June 30, 2021

 

 

As of December 31, 2020

 

 

 

(In millions of dollars, except share

and per share amounts)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

283.1

 

 

$

780.3

 

Receivables:

 

 

 

 

 

 

 

 

Trade receivables, net

 

 

389.2

 

 

 

112.8

 

Other

 

 

38.9

 

 

 

11.6

 

Contract assets

 

 

46.6

 

 

 

36.1

 

Inventories

 

 

383.2

 

 

 

152.0

 

Prepaid expenses and other current assets

 

 

59.6

 

 

 

28.6

 

Total current assets

 

 

1,200.6

 

 

 

1,121.4

 

Property, plant and equipment, net

 

 

951.9

 

 

 

627.2

 

Operating lease assets

 

 

39.5

 

 

 

26.5

 

Deferred tax assets, net

 

 

1.2

 

 

 

 

Intangible assets, net

 

 

79.6

 

 

 

26.7

 

Goodwill

 

 

39.3

 

 

 

18.8

 

Other assets

 

 

102.4

 

 

 

44.1

 

Total

 

$

2,414.5

 

 

$

1,864.7

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

344.1

 

 

$

86.1

 

Accrued salaries, wages and related expenses

 

 

39.9

 

 

 

30.8

 

Other accrued liabilities

 

 

55.5

 

 

 

41.4

 

Total current liabilities

 

 

439.5

 

 

 

158.3

 

Long-term portion of operating lease liabilities

 

 

34.4

 

 

 

25.6

 

Pension and other postretirement benefits

 

 

87.0

 

 

 

1.3

 

Net liabilities of Salaried VEBA

 

 

17.0

 

 

 

17.8

 

Deferred tax liabilities

 

 

4.6

 

 

 

13.9

 

Long-term liabilities

 

 

75.8

 

 

 

77.3

 

Long-term debt

 

 

1,035.5

 

 

 

838.1

 

Total liabilities

 

 

1,693.8

 

 

 

1,132.3

 

Commitments and contingencies – Note 8

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, 5,000,000 shares authorized at both June 30, 2021 and

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

   June 30, 2021 and December 31, 2020

 

 

 

 

 

 

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

   June 30, 2021 and December 31, 2020; 22,695,106 shares issued and

   15,859,820 shares outstanding at June 30, 2021; 22,647,455 shares

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

 

 

0.2

 

 

 

0.2

 

Additional paid in capital

 

 

1,073.2

 

 

 

1,068.6

 

Retained earnings

 

 

116.9

 

 

 

158.2

 

Treasury stock, at cost, 6,835,286 shares at both June 30, 2021 and

   December 31, 2020

 

 

(475.9

)

 

 

(475.9

)

Accumulated other comprehensive income (loss)

 

 

6.3

 

 

 

(18.7

)

Total stockholders’ equity

 

 

720.7

 

 

 

732.4

 

Total

 

$

2,414.5

 

 

$

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 (LOSS) INCOME (UNAUDITED)

 

 

 

Quarter Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

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

 

Net sales

 

$

741.0

 

 

$

275.7

 

 

$

1,065.0

 

 

$

645.0

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

673.3

 

 

 

224.5

 

 

 

935.8

 

 

 

511.1

 

Depreciation and amortization

 

 

25.8

 

 

 

13.0

 

 

 

39.3

 

 

 

26.2

 

Selling, general, administrative, research and development

 

 

30.9

 

 

 

22.7

 

 

 

62.7

 

 

 

46.6

 

Restructuring (benefit) costs

 

 

(0.1

)

 

 

11.9

 

 

 

(0.8

)

 

 

11.9

 

Other operating loss (income), net

 

 

 

 

 

(1.1

)

 

 

 

 

 

(1.1

)

Total costs and expenses

 

 

729.9

 

 

 

271.0

 

 

 

1,037.0

 

 

 

594.7

 

Operating income

 

 

11.1

 

 

 

4.7

 

 

 

28.0

 

 

 

50.3

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(12.4

)

 

 

(10.5

)

 

 

(24.7

)

 

 

(16.6

)

Other (expense) income, net – Note 11

 

 

(36.6

)

 

 

0.5

 

 

 

(37.0

)

 

 

(0.3

)

(Loss) income before income taxes

 

 

(37.9

)

 

 

(5.3

)

 

 

(33.7

)

 

 

33.4

 

Income tax benefit (provision)

 

 

15.5

 

 

 

(1.3

)

 

 

15.8

 

 

 

(10.9

)

Net (loss) income

 

$

(22.4

)

 

$

(6.6

)

 

$

(17.9

)

 

$

22.5

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.42

)

 

$

(0.41

)

 

$

(1.13

)

 

$

1.42

 

Diluted

 

$

(1.42

)

 

$

(0.41

)

 

$

(1.13

)

 

$

1.41

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

15,835

 

 

 

15,781

 

 

 

15,820

 

 

 

15,809

 

Diluted

 

 

15,835

 

 

 

15,781

 

 

 

15,820

 

 

 

15,929

 

 

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 (LOSS) INCOME (UNAUDITED)

 

 

 

Quarter Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(In millions of dollars)

 

 

(In millions of dollars)

 

Net (loss) income

 

$

(22.4

)

 

$

(6.6

)

 

$

(17.9

)

 

$

22.5

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan and Salaried VEBA

 

 

0.7

 

 

 

0.9

 

 

 

1.4

 

 

 

2.0

 

Available for sale securities

 

 

 

 

 

(0.3

)

 

 

 

 

 

(0.5

)

Cash flow hedges

 

 

15.2

 

 

 

10.8

 

 

 

23.7

 

 

 

(5.1

)

Fair value hedges

 

 

 

 

 

0.5

 

 

 

 

 

 

 

Foreign currency translation

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

Other comprehensive income (loss), net of tax

 

 

15.9

 

 

 

11.9

 

 

 

25.0

 

 

 

(3.6

)

Comprehensive (loss) income

 

$

(6.5

)

 

$

5.3

 

 

$

7.1

 

 

$

18.9

 

 

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, 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

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(22.4

)

 

 

 

 

 

 

 

 

(22.4

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15.9

 

 

 

15.9

 

Common shares issued (including impacts from

   Long-Term Incentive programs)

 

 

12,291

 

 

 

 

 

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

Cancellation of shares to cover employees' tax

   withholdings upon vesting of non-vested shares

 

 

(409

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared3

 

 

 

 

 

 

 

 

 

 

 

(11.7

)

 

 

 

 

 

 

 

 

(11.7

)

Amortization of unearned equity compensation

 

 

 

 

 

 

 

 

3.6

 

 

 

 

 

 

 

 

 

 

 

 

3.6

 

BALANCE, June 30, 2021

 

 

15,859,820

 

 

$

0.2

 

 

$

1,073.2

 

 

$

116.9

 

 

$

(475.9

)

 

$

6.3

 

 

$

720.7

 

 

1

At June 30, 2021, 729,450 shares were available for awards under the Kaiser Aluminum Corporation 2021 Equity and Incentive Compensation Plan (“2021 Plan”).

2

There were no repurchases of common stock during the quarters ended March 31, 2021 and June 30, 2021. At June 30, 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 each of the quarters ended March 31, 2021 and June 30, 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)

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)

 

 

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

 

Net income

 

 

 

 

 

 

 

 

 

 

 

(6.6

)