kalu-10q_20210930.htm
0000811596 --12-31 2021 Q3 false true true P12M P30Y P25Y1M6D P7Y8M12D http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent P120Y P2Y P12Y P14Y 2021-10 2021-10 2021-10 2023-12 2021-12 2023-12 2021-10 2021-10 2022-12 2021-12 2021-10 2024-12 2021-10 2022-12 2021-12 2023-03 0000811596 2021-01-01 2021-09-30 xbrli:shares 0000811596 2021-10-18 iso4217:USD 0000811596 2021-09-30 0000811596 2020-12-31 iso4217:USD xbrli:shares 0000811596 2021-07-01 2021-09-30 0000811596 2020-07-01 2020-09-30 0000811596 2020-01-01 2020-09-30 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 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 2021-03-31 0000811596 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0000811596 2021-04-01 2021-06-30 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0000811596 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0000811596 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0000811596 us-gaap:CommonStockMember 2021-06-30 0000811596 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0000811596 us-gaap:RetainedEarningsMember 2021-06-30 0000811596 us-gaap:TreasuryStockMember 2021-06-30 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0000811596 2021-06-30 0000811596 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0000811596 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0000811596 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0000811596 us-gaap:CommonStockMember 2021-09-30 0000811596 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0000811596 us-gaap:RetainedEarningsMember 2021-09-30 0000811596 us-gaap:TreasuryStockMember 2021-09-30 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0000811596 2020-01-01 2020-03-31 0000811596 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0000811596 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0000811596 2020-04-01 2020-06-30 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:RetainedEarningsMember 2020-04-01 2020-06-30 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0000811596 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0000811596 us-gaap:CommonStockMember 2020-06-30 0000811596 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0000811596 us-gaap:RetainedEarningsMember 2020-06-30 0000811596 us-gaap:TreasuryStockMember 2020-06-30 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0000811596 2020-06-30 0000811596 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0000811596 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0000811596 us-gaap:CommonStockMember 2020-09-30 0000811596 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0000811596 us-gaap:RetainedEarningsMember 2020-09-30 0000811596 us-gaap:TreasuryStockMember 2020-09-30 0000811596 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0000811596 2020-09-30 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember 2021-01-01 2021-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember 2020-01-01 2020-09-30 xbrli:pure 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember us-gaap:SeniorNotesMember 2021-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2020-09-30 0000811596 kalu:SalariedVEBAMember 2021-01-01 2021-09-30 0000811596 kalu:WarrickRollingMillMember us-gaap:PensionPlansDefinedBenefitMember 2021-01-01 2021-09-30 0000811596 kalu:WarrickRollingMillMember us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2021-01-01 2021-09-30 0000811596 kalu:KaiserAluminumCanadaLimitedMember 2020-07-01 2020-09-30 0000811596 kalu:KaiserAluminumCanadaLimitedMember 2020-01-01 2020-09-30 0000811596 us-gaap:AccountingStandardsUpdate201912Member 2021-03-31 0000811596 us-gaap:BilledRevenuesMember 2021-09-30 0000811596 us-gaap:BilledRevenuesMember 2020-12-31 0000811596 srt:MinimumMember 2021-09-30 0000811596 srt:MaximumMember 2021-09-30 0000811596 kalu:AlcoaWarrickLLCMember 2021-03-30 2021-03-31 0000811596 kalu:AlcoaWarrickLLCMember kalu:SellingGeneralAdministrativeResearchAndDevelopmentMember 2021-07-01 2021-09-30 0000811596 kalu:AlcoaWarrickLLCMember kalu:SellingGeneralAdministrativeResearchAndDevelopmentMember 2021-01-01 2021-09-30 0000811596 kalu:AlcoaWarrickLLCMember 2021-09-29 2021-09-30 0000811596 kalu:AlcoaWarrickLLCMember 2021-03-31 0000811596 kalu:AlcoaWarrickLLCMember srt:RestatementAdjustmentMember 2021-09-30 0000811596 kalu:AlcoaWarrickLLCMember 2021-09-30 0000811596 kalu:FavorableLeaseContractsMember 2021-01-01 2021-09-30 0000811596 kalu:FavorableCommodityContractsMember 2021-01-01 2021-09-30 0000811596 us-gaap:CustomerRelationshipsMember 2021-01-01 2021-09-30 0000811596 kalu:FavorableLeaseContractsMember 2021-09-30 0000811596 kalu:FavorableCommodityContractsMember 2021-09-30 0000811596 us-gaap:CustomerRelationshipsMember 2021-09-30 0000811596 us-gaap:DeferredBonusMember 2021-09-30 0000811596 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 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:WarrickMember 2021-03-31 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember kalu:WarrickMember 2021-03-31 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember kalu:WarrickMember 2021-01-01 2021-03-31 0000811596 kalu:WarrickMember kalu:AccruedSalariesWagesAndRelatedExpensesMember 2021-03-31 0000811596 us-gaap:PensionPlansDefinedBenefitMember kalu:WarrickRollingMillMember 2021-09-30 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember kalu:WarrickRollingMillMember 2021-09-30 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2021-07-01 2021-09-30 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-07-01 2020-09-30 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2021-01-01 2021-09-30 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-01-01 2020-09-30 0000811596 us-gaap:DefinedBenefitPostretirementHealthCoverageMember kalu:SalariedVEBAMember 2021-07-01 2021-09-30 0000811596 us-gaap:DefinedBenefitPostretirementHealthCoverageMember kalu:SalariedVEBAMember 2020-07-01 2020-09-30 0000811596 us-gaap:DefinedBenefitPostretirementHealthCoverageMember kalu:SalariedVEBAMember 2021-01-01 2021-09-30 0000811596 us-gaap:DefinedBenefitPostretirementHealthCoverageMember kalu:SalariedVEBAMember 2020-01-01 2020-09-30 0000811596 us-gaap:PensionPlansDefinedBenefitMember kalu:WarrickRollingMillMember 2021-07-01 2021-09-30 0000811596 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember kalu:WarrickRollingMillMember 2021-07-01 2021-09-30 0000811596 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2021-09-30 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 2021-09-30 0000811596 kalu:AluminumMember us-gaap:ShortMember srt:MinimumMember 2021-01-01 2021-09-30 0000811596 kalu:MidwestPremiumSwapContractsMember us-gaap:LongMember srt:MinimumMember 2021-01-01 2021-09-30 0000811596 kalu:AluminumMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-09-30 0000811596 kalu:AluminumMember us-gaap:ShortMember srt:MaximumMember 2021-01-01 2021-09-30 0000811596 kalu:MidwestPremiumSwapContractsMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-09-30 kalu:mmlb 0000811596 kalu:AluminumMember us-gaap:LongMember 2021-09-30 0000811596 kalu:AluminumMember us-gaap:ShortMember 2021-09-30 0000811596 kalu:MidwestPremiumSwapContractsMember us-gaap:LongMember 2021-09-30 0000811596 kalu:AlloyMetalHedgeMember us-gaap:LongMember srt:MinimumMember 2021-01-01 2021-09-30 0000811596 kalu:AlloyMetalHedgeMember us-gaap:ShortMember srt:MinimumMember 2021-01-01 2021-09-30 0000811596 kalu:AlloyMetalHedgeMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-09-30 0000811596 kalu:AlloyMetalHedgeMember us-gaap:ShortMember srt:MaximumMember 2021-01-01 2021-09-30 0000811596 kalu:AlloyMetalHedgeMember us-gaap:LongMember 2021-09-30 0000811596 kalu:AlloyMetalHedgeMember us-gaap:ShortMember 2021-09-30 0000811596 kalu:NaturalGasMember us-gaap:LongMember srt:MinimumMember 2021-01-01 2021-09-30 0000811596 kalu:NaturalGasMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-09-30 utr:MMBTU 0000811596 kalu:NaturalGasMember us-gaap:LongMember 2021-09-30 0000811596 us-gaap:ElectricityMember us-gaap:LongMember srt:MinimumMember 2021-01-01 2021-09-30 0000811596 us-gaap:ElectricityMember us-gaap:LongMember srt:MaximumMember 2021-01-01 2021-09-30 utr:MWh 0000811596 us-gaap:ElectricityMember us-gaap:LongMember 2021-09-30 0000811596 us-gaap:LongMember srt:MinimumMember us-gaap:ForeignExchangeContractMember 2021-01-01 2021-09-30 0000811596 us-gaap:LongMember srt:MaximumMember us-gaap:ForeignExchangeContractMember 2021-01-01 2021-09-30 iso4217:EUR 0000811596 us-gaap:LongMember us-gaap:ForeignExchangeContractMember 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember 2021-07-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember 2020-07-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember 2021-01-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember 2020-01-01 2020-09-30 0000811596 us-gaap:FairValueHedgingMember 2020-07-01 2020-09-30 0000811596 us-gaap:FairValueHedgingMember 2020-01-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AluminumMember 2021-07-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AluminumMember 2020-07-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AluminumMember 2021-01-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AluminumMember 2020-01-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AlloyMetalHedgeMember 2021-07-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AlloyMetalHedgeMember 2021-01-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AlloyMetalHedgeMember 2020-01-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AlloyMetalReclassificationDueToForecastedTransactionsMember 2020-07-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:AlloyMetalReclassificationDueToForecastedTransactionsMember 2020-01-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:NaturalGasMember 2021-07-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:NaturalGasMember 2020-07-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:NaturalGasMember 2021-01-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember kalu:NaturalGasMember 2020-01-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ElectricityMember 2021-07-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ElectricityMember 2021-01-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ElectricityMember 2020-01-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-07-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-07-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0000811596 kalu:DepreciationandAmortizationMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0000811596 us-gaap:FairValueHedgingMember kalu:DepreciationandAmortizationMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0000811596 us-gaap:FairValueHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0000811596 us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember kalu:AlloyingMetalsMember 2021-07-01 2021-09-30 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember kalu:AlloyingMetalsMember 2020-07-01 2020-09-30 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember kalu:AlloyingMetalsMember 2021-01-01 2021-09-30 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember kalu:AlloyingMetalsMember 2020-01-01 2020-09-30 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember 2021-07-01 2021-09-30 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember 2020-07-01 2020-09-30 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember 2021-01-01 2021-09-30 0000811596 us-gaap:CostOfSalesMember us-gaap:NondesignatedMember 2020-01-01 2020-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember kalu:AluminumMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember kalu:AluminumMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember kalu:MidwestPremiumSwapContractsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember kalu:NaturalGasMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:ElectricityMember 2021-09-30 0000811596 us-gaap:CashFlowHedgingMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0000811596 us-gaap:NondesignatedMember us-gaap:LongMember kalu:AlloyMetalHedgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0000811596 us-gaap:NondesignatedMember us-gaap:ShortMember kalu:AlloyMetalHedgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0000811596 us-gaap:NondesignatedMember kalu:AlloyMetalHedgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 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 2021-09-30 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherCurrentAssetsMember 2020-12-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherAssetsMember 2021-09-30 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherAssetsMember 2020-12-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember 2021-09-30 0000811596 us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherCurrentLiabilitiesMember 2021-09-30 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherCurrentLiabilitiesMember 2020-12-31 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherNoncurrentLiabilitiesMember 2021-09-30 0000811596 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherNoncurrentLiabilitiesMember 2020-12-31 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember us-gaap:SeniorNotesMember 2021-05-20 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember us-gaap:SeniorNotesMember 2021-01-01 2021-09-30 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember us-gaap:SeniorNotesMember 2021-07-01 2021-09-30 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember us-gaap:SeniorNotesMember kalu:OnOrAfterJuneOneTwoThousandTwentySixMember 2021-01-01 2021-09-30 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember us-gaap:SeniorNotesMember kalu:OnOrAfterJuneOneTwoThousandTwentySevenMember 2021-01-01 2021-09-30 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember us-gaap:SeniorNotesMember kalu:OnOrAfterJuneOneTwoThousandTwentyEightMember 2021-01-01 2021-09-30 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember us-gaap:SeniorNotesMember kalu:OnOrAfterJuneOneTwoThousandTwentyNineMember 2021-01-01 2021-09-30 0000811596 kalu:UnsecuredSeniorNotesDueJuneOneTwoThousandAndThirtyOneMember us-gaap:SeniorNotesMember kalu:PriorToJuneOneTwoThousandTwentySixMember 2021-01-01 2021-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2020-05-01 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2020-04-28 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2021-05-21 2021-05-21 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2021-05-21 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2020-07-01 2020-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2020-01-01 2020-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2021-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2021-01-01 2021-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyFiveMember us-gaap:SeniorNotesMember 2020-12-31 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2019-11-26 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2021-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2021-01-01 2021-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2021-07-01 2021-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2020-07-01 2020-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2020-01-01 2020-09-30 0000811596 kalu:SeniorNotesDueTwoThousandAndTwentyEightMember us-gaap:SeniorNotesMember 2020-12-31 0000811596 us-gaap:RevolvingCreditFacilityMember 2021-09-30 0000811596 srt:MinimumMember 2021-01-01 2021-09-30 0000811596 srt:MaximumMember 2021-01-01 2021-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-06-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-06-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-12-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2021-07-01 2021-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2021-01-01 2021-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2020-01-01 2020-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2021-07-01 2021-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2020-07-01 2020-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2021-01-01 2021-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2020-01-01 2020-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-07-01 2021-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-07-01 2020-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-01-01 2021-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-09-30 0000811596 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-09-30 0000811596 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-06-30 0000811596 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-12-31 0000811596 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-01-01 2020-09-30 0000811596 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-09-30 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-06-30 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-06-30 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-12-31 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-07-01 2021-09-30 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-07-01 2020-09-30 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-01-01 2021-09-30 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-09-30 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-09-30 0000811596 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-09-30 0000811596 us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember 2019-12-31 0000811596 us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember 2020-01-01 2020-09-30 0000811596 us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember 2020-09-30 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2021-06-30 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2020-06-30 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2020-07-01 2020-09-30 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2021-01-01 2021-09-30 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2020-01-01 2020-09-30 0000811596 us-gaap:AccumulatedTranslationAdjustmentMember 2021-09-30 0000811596 kalu:TwoThousandAndTwentyRestructuringPlanMember 2020-04-01 2021-09-30 0000811596 kalu:TwoThousandAndTwentyRestructuringPlanMember 2020-12-31 0000811596 kalu:TwoThousandAndTwentyRestructuringPlanMember 2021-01-01 2021-09-30 kalu:Productionfacility 0000811596 country:US 2021-01-01 2021-09-30 0000811596 country:CA 2021-01-01 2021-09-30 0000811596 kalu:AeroHsProductsMember 2021-07-01 2021-09-30 0000811596 kalu:AeroHsProductsMember 2020-07-01 2020-09-30 0000811596 kalu:AeroHsProductsMember 2021-01-01 2021-09-30 0000811596 kalu:AeroHsProductsMember 2020-01-01 2020-09-30 0000811596 kalu:PackagingMember 2021-07-01 2021-09-30 0000811596 kalu:PackagingMember 2021-01-01 2021-09-30 0000811596 kalu:AutomotiveExtrusionsMember 2021-07-01 2021-09-30 0000811596 kalu:AutomotiveExtrusionsMember 2020-07-01 2020-09-30 0000811596 kalu:AutomotiveExtrusionsMember 2021-01-01 2021-09-30 0000811596 kalu:AutomotiveExtrusionsMember 2020-01-01 2020-09-30 0000811596 kalu:GeProductsMember 2021-07-01 2021-09-30 0000811596 kalu:GeProductsMember 2020-07-01 2020-09-30 0000811596 kalu:GeProductsMember 2021-01-01 2021-09-30 0000811596 kalu:GeProductsMember 2020-01-01 2020-09-30 0000811596 kalu:OtherProductsMember 2021-07-01 2021-09-30 0000811596 kalu:OtherProductsMember 2020-07-01 2020-09-30 0000811596 kalu:OtherProductsMember 2021-01-01 2021-09-30 0000811596 kalu:OtherProductsMember 2020-01-01 2020-09-30 0000811596 us-gaap:TransferredAtPointInTimeMember 2021-07-01 2021-09-30 0000811596 us-gaap:TransferredAtPointInTimeMember 2020-07-01 2020-09-30 0000811596 us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-09-30 0000811596 us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-09-30 0000811596 us-gaap:TransferredOverTimeMember 2021-07-01 2021-09-30 0000811596 us-gaap:TransferredOverTimeMember 2020-07-01 2020-09-30 0000811596 us-gaap:TransferredOverTimeMember 2021-01-01 2021-09-30 0000811596 us-gaap:TransferredOverTimeMember 2020-01-01 2020-09-30 0000811596 country:US 2021-07-01 2021-09-30 0000811596 country:US 2020-07-01 2020-09-30 0000811596 country:US 2020-01-01 2020-09-30 0000811596 us-gaap:NonUsMember 2021-07-01 2021-09-30 0000811596 us-gaap:NonUsMember 2020-07-01 2020-09-30 0000811596 us-gaap:NonUsMember 2021-01-01 2021-09-30 0000811596 us-gaap:NonUsMember 2020-01-01 2020-09-30 0000811596 us-gaap:SubsequentEventMember 2021-10-14 2021-10-15

 

 

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, 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 October 18, 2021, there were 15,862,672 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

 

30

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

40

Item 4. Controls and Procedures

 

41

 

 

 

PART II

 

 

Item 1. Legal Proceedings

 

42

Item 1A. Risk Factors

 

42

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

 

43

Item 3. Defaults Upon Senior Securities

 

43

Item 4. Mine Safety Disclosures

 

43

Item 5. Other Information

 

43

Item 6. Exhibits

 

44

 

 

 

SIGNATURES

 

45

 

 

 


 

 

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

As of September 30, 2021

 

 

As of December 31, 2020

 

 

 

(In millions of dollars, except share

and per share amounts)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

295.7

 

 

$

780.3

 

Receivables:

 

 

 

 

 

 

 

 

Trade receivables, net

 

 

361.6

 

 

 

112.8

 

Other

 

 

44.5

 

 

 

11.6

 

Contract assets

 

 

40.2

 

 

 

36.1

 

Inventories

 

 

413.6

 

 

 

152.0

 

Prepaid expenses and other current assets

 

 

67.7

 

 

 

28.6

 

Total current assets

 

 

1,223.3

 

 

 

1,121.4

 

Property, plant and equipment, net

 

 

948.7

 

 

 

627.2

 

Operating lease assets

 

 

45.2

 

 

 

26.5

 

Intangible assets, net

 

 

70.5

 

 

 

26.7

 

Goodwill

 

 

39.3

 

 

 

18.8

 

Other assets

 

 

110.2

 

 

 

44.1

 

Total

 

$

2,437.2

 

 

$

1,864.7

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

340.7

 

 

$

86.1

 

Accrued salaries, wages and related expenses

 

 

48.9

 

 

 

30.8

 

Other accrued liabilities

 

 

55.2

 

 

 

41.4

 

Total current liabilities

 

 

444.8

 

 

 

158.3

 

Long-term portion of operating lease liabilities

 

 

40.2

 

 

 

25.6

 

Pension and other postretirement benefits

 

 

89.2

 

 

 

1.3

 

Net liabilities of Salaried VEBA

 

 

16.6

 

 

 

17.8

 

Deferred tax liabilities

 

 

15.0

 

 

 

13.9

 

Long-term liabilities

 

 

74.5

 

 

 

77.3

 

Long-term debt

 

 

1,035.9

 

 

 

838.1

 

Total liabilities

 

 

1,716.2

 

 

 

1,132.3

 

Commitments and contingencies – Note 8

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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

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

   September 30, 2021 and December 31, 2020

 

 

 

 

 

 

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

   September 30, 2021 and December 31, 2020; 22,697,958 shares issued and

   15,862,672 shares outstanding at September 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

 

 

1,076.6

 

 

 

1,068.6

 

Retained earnings

 

 

103.0

 

 

 

158.2

 

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

   December 31, 2020

 

 

(475.9

)

 

 

(475.9

)

Accumulated other comprehensive income (loss)

 

 

17.1

 

 

 

(18.7

)

Total stockholders’ equity

 

 

721.0

 

 

 

732.4

 

Total

 

$

2,437.2

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

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

 

Net sales

 

$

750.6

 

 

$

255.7

 

 

$

1,815.6

 

 

$

900.7

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

677.8

 

 

 

208.4

 

 

 

1,613.6

 

 

 

719.5

 

Depreciation and amortization

 

 

24.9

 

 

 

12.9

 

 

 

64.2

 

 

 

39.1

 

Selling, general, administrative, research and development

 

 

28.1

 

 

 

21.3

 

 

 

90.8

 

 

 

67.9

 

Restructuring costs (benefit)

 

 

 

 

 

0.5

 

 

 

(0.8

)

 

 

12.4

 

Other operating charges (income), net

 

 

 

 

 

0.3

 

 

 

 

 

 

(0.8

)

Total costs and expenses

 

 

730.8

 

 

 

243.4

 

 

 

1,767.8

 

 

 

838.1

 

Operating income

 

 

19.8

 

 

 

12.3

 

 

 

47.8

 

 

 

62.6

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(12.5

)

 

 

(12.1

)

 

 

(37.2

)

 

 

(28.7

)

Other expense, net – Note 11

 

 

(1.2

)

 

 

(0.5

)

 

 

(38.2

)

 

 

(0.8

)

Income (loss) before income taxes

 

 

6.1

 

 

 

(0.3

)

 

 

(27.6

)

 

 

33.1

 

Income tax (provision) benefit

 

 

(8.4

)

 

 

0.7

 

 

 

7.4

 

 

 

(10.2

)

Net (loss) income

 

$

(2.3

)

 

$

0.4

 

 

$

(20.2

)

 

$

22.9

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.14

)

 

$

0.02

 

 

$

(1.28

)

 

$

1.45

 

Diluted

 

$

(0.14

)

 

$

0.02

 

 

$

(1.28

)

 

$

1.44

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

15,852

 

 

 

15,794

 

 

 

15,831

 

 

 

15,804

 

Diluted

 

 

15,852

 

 

 

15,865

 

 

 

15,831

 

 

 

15,904

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(In millions of dollars)

 

 

(In millions of dollars)

 

Net (loss) income

 

$

(2.3

)

 

$

0.4

 

 

$

(20.2

)

 

$

22.9

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan and Salaried VEBA

 

 

0.8

 

 

 

0.8

 

 

 

2.2

 

 

 

2.8

 

Available for sale securities

 

 

 

 

 

 

 

 

 

 

 

(0.5

)

Cash flow hedges

 

 

10.0

 

 

 

7.3

 

 

 

33.7

 

 

 

2.2

 

Foreign currency translation

 

 

 

 

 

0.1

 

 

 

(0.1

)

 

 

0.1

 

Other comprehensive income, net of tax

 

 

10.8

 

 

 

8.2

 

 

 

35.8

 

 

 

4.6

 

Comprehensive income

 

$

8.5

 

 

$

8.6

 

 

$

15.6

 

 

$

27.5

 

 

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, 2021

 

 

 

Common

Shares

Outstanding1,2

 

 

Common

Stock

 

 

Additional

Paid in Capital

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Income (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

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(2.3

)

 

 

 

 

 

 

 

 

(2.3

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.8

 

 

 

10.8

 

Common shares issued (including impacts from

   Long-Term Incentive programs)

 

 

3,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of shares to cover employees' tax

   withholdings upon vesting of non-vested shares

 

 

(579

)

 

 

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

Cash dividends declared3

 

 

 

 

 

 

 

 

 

 

 

(11.6

)

 

 

 

 

 

 

 

 

(11.6

)

Amortization of unearned equity compensation

 

 

 

 

 

 

 

 

3.5

 

 

 

 

 

 

 

 

 

 

 

 

3.5

 

BALANCE, September 30, 2021

 

 

15,862,672

 

 

$

0.2

 

 

$

1,076.6

 

 

$

103.0

 

 

$

(475.9

)

 

$

17.1

 

 

$

721.0

 

 

1

At September 30, 2021, 710,580 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, June 30, 2021 and September 30, 2021. At September 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 the quarters ended March 31, 2021, June 30, 2021 and September 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)

Nine Months Ended September 30, 2020

 

 

 

Common

Shares

Outstanding

 

 

Common

Stock

 

 

Additional

Paid in Capital

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Income (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