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country:US 2021-01-01 2021-06-30 0000811596 us-gaap:NonUsMember 2022-04-01 2022-06-30 0000811596 us-gaap:NonUsMember 2021-04-01 2021-06-30 0000811596 us-gaap:NonUsMember 2022-01-01 2022-06-30 0000811596 us-gaap:NonUsMember 2021-01-01 2021-06-30 0000811596 us-gaap:SubsequentEventMember 2022-07-14 2022-07-14

 

 

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, 2022 

 

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.)

 

1550 West McEwen Drive, Suite 500

 

 

Franklin, Tennessee

 

37067

(Address of principal executive offices)

 

(Zip Code)

 

(629) 252-7040

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

 

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 21, 2022, there were 15,940,580 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

 

22

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

32

Item 4. Controls and Procedures

 

33

 

 

 

PART II

 

 

Item 1. Legal Proceedings

 

34

Item 1A. Risk Factors

 

34

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

 

34

Item 3. Defaults Upon Senior Securities

 

34

Item 4. Mine Safety Disclosures

 

34

Item 5. Other Information

 

34

Item 6. Exhibits

 

35

 

 

 

SIGNATURES

 

36

 

 

 

 


 

 

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

As of June 30, 2022

 

 

As of December 31, 2021

 

 

 

(In millions of dollars, except share

and per share amounts)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

235.2

 

 

$

303.2

 

Receivables:

 

 

 

 

 

 

 

 

Trade receivables, net

 

 

351.1

 

 

 

332.7

 

Other

 

 

49.5

 

 

 

53.0

 

Contract assets

 

 

93.9

 

 

 

63.2

 

Inventories

 

 

468.6

 

 

 

404.6

 

Prepaid expenses and other current assets

 

 

47.6

 

 

 

48.7

 

Total current assets

 

 

1,245.9

 

 

 

1,205.4

 

Property, plant and equipment, net

 

 

956.3

 

 

 

955.2

 

Operating lease assets

 

 

43.4

 

 

 

46.2

 

Deferred tax assets, net

 

 

6.3

 

 

 

3.4

 

Intangible assets, net

 

 

58.1

 

 

 

67.7

 

Goodwill

 

 

39.3

 

 

 

39.3

 

Other assets

 

 

112.4

 

 

 

105.2

 

Total

 

$

2,461.7

 

 

$

2,422.4

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

418.8

 

 

$

351.4

 

Accrued salaries, wages and related expenses

 

 

41.4

 

 

 

46.9

 

Other accrued liabilities

 

 

87.3

 

 

 

58.4

 

Total current liabilities

 

 

547.5

 

 

 

456.7

 

Long-term portion of operating lease liabilities

 

 

39.1

 

 

 

40.8

 

Pension and other postretirement benefits

 

 

90.4

 

 

 

92.5

 

Net liabilities of Salaried VEBA

 

 

20.0

 

 

 

20.6

 

Deferred tax liabilities

 

 

3.9

 

 

 

10.5

 

Long-term liabilities

 

 

73.6

 

 

 

72.5

 

Long-term debt

 

 

1,037.2

 

 

 

1,036.3

 

Total liabilities

 

 

1,811.7

 

 

 

1,729.9

 

Commitments and contingencies – Note 6

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, 5,000,000 shares authorized at both June 30, 2022 and

   December 31, 2021; no shares were issued and outstanding at

   June 30, 2022 and December 31, 2021

 

 

 

 

 

 

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

   June 30, 2022 and December 31, 2021; 22,757,348 shares issued and

   15,922,062 shares outstanding at June 30, 2022; 22,700,404 shares

   issued and 15,865,118 shares outstanding at December 31, 2021

 

 

0.2

 

 

 

0.2

 

Additional paid in capital

 

 

1,084.8

 

 

 

1,078.9

 

Retained earnings

 

 

62.2

 

 

 

93.0

 

Treasury stock, at cost, 6,835,286 shares at both June 30, 2022 and

   December 31, 2021

 

 

(475.9

)

 

 

(475.9

)

Accumulated other comprehensive loss

 

 

(21.3

)

 

 

(3.7

)

Total stockholders’ equity

 

 

650.0

 

 

 

692.5

 

Total

 

$

2,461.7

 

 

$

2,422.4

 

 

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 (UNAUDITED)

 

 

 

Quarter Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

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

 

Net sales

 

$

954.2

 

 

$

741.0

 

 

$

1,903.0

 

 

$

1,065.0

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

898.4

 

 

 

673.3

 

 

 

1,764.3

 

 

 

935.8

 

Depreciation and amortization

 

 

27.1

 

 

 

25.8

 

 

 

54.6

 

 

 

39.3

 

Selling, general, administrative, research and development

 

 

27.5

 

 

 

30.9

 

 

 

57.7

 

 

 

62.7

 

Restructuring costs (benefit)

 

 

 

 

 

(0.1

)

 

 

 

 

 

(0.8

)

Other operating charges, net

 

 

3.2

 

 

 

 

 

 

3.2

 

 

 

 

Total costs and expenses

 

 

956.2

 

 

 

729.9

 

 

 

1,879.8

 

 

 

1,037.0

 

Operating (loss) income

 

 

(2.0

)

 

 

11.1

 

 

 

23.2

 

 

 

28.0

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(12.2

)

 

 

(12.4

)

 

 

(24.4

)

 

 

(24.7

)

Other expense, net – Note 8

 

 

(3.7

)

 

 

(36.6

)

 

 

(5.3

)

 

 

(37.0

)

Loss before income taxes

 

 

(17.9

)

 

 

(37.9

)

 

 

(6.5

)

 

 

(33.7

)

Income tax benefit

 

 

4.1

 

 

 

15.5

 

 

 

0.8

 

 

 

15.8

 

Net loss

 

$

(13.8

)

 

$

(22.4

)

 

$

(5.7

)

 

$

(17.9

)

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.87

)

 

$

(1.42

)

 

$

(0.36

)

 

$

(1.13

)

Diluted

 

$

(0.87

)

 

$

(1.42

)

 

$

(0.36

)

 

$

(1.13

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

15,899

 

 

 

15,835

 

 

 

15,883

 

 

 

15,820

 

Diluted

 

 

15,899

 

 

 

15,835

 

 

 

15,883

 

 

 

15,820

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(In millions of dollars)

 

 

(In millions of dollars)

 

Net loss

 

$

(13.8

)

 

$

(22.4

)

 

$

(5.7

)

 

$

(17.9

)

Other comprehensive income (loss), net of tax – Note 7:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan and Salaried VEBA

 

 

0.9

 

 

 

0.7

 

 

 

1.8

 

 

 

1.4

 

Cash flow hedges

 

 

(36.5

)

 

 

15.2

 

 

 

(19.4

)

 

 

23.7

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

Other comprehensive (loss) income, net of tax

 

 

(35.6

)

 

 

15.9

 

 

 

(17.6

)

 

 

25.0

 

Comprehensive (loss) income

 

$

(49.4

)

 

$

(6.5

)

 

$

(23.3

)

 

$

7.1

 

 

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, 2022

 

 

 

Common

Shares

Outstanding1,2

 

 

Common

Stock

 

 

Additional

Paid in Capital

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

(Loss) Income

 

 

Total

 

 

 

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

 

BALANCE, December 31, 2021

 

 

15,865,118

 

 

$

0.2

 

 

$

1,078.9

 

 

$

93.0

 

 

$

(475.9

)

 

$

(3.7

)

 

$

692.5

 

Net income

 

 

 

 

 

 

 

 

 

 

 

8.1

 

 

 

 

 

 

 

 

 

8.1

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18.0

 

 

 

18.0

 

Common shares issued (including impacts from

   Long-Term Incentive programs)

 

 

58,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of shares to cover employees' tax

   withholdings upon vesting of non-vested shares

 

 

(19,643

)

 

 

 

 

 

(1.9

)

 

 

 

 

 

 

 

 

 

 

 

(1.9

)

Cash dividends declared3

 

 

 

 

 

 

 

 

 

 

 

(12.5

)

 

 

 

 

 

 

 

 

(12.5

)

Amortization of unearned equity compensation

 

 

 

 

 

 

 

 

4.0

 

 

 

 

 

 

 

 

 

 

 

 

4.0

 

BALANCE, March 31, 2022

 

 

15,904,116

 

 

$

0.2

 

 

$

1,081.0

 

 

$

88.6

 

 

$

(475.9

)

 

$

14.3

 

 

$

708.2

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(13.8

)

 

 

 

 

 

 

 

 

(13.8

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35.6

)

 

 

(35.6

)

Common shares issued (including impacts from

   Long-Term Incentive programs)

 

 

18,101

 

 

 

 

 

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

Cancellation of shares to cover employees' tax

   withholdings upon vesting of non-vested shares

 

 

(155

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared3

 

 

 

 

 

 

 

 

 

 

 

(12.6

)

 

 

 

 

 

 

 

 

(12.6

)

Amortization of unearned equity compensation

 

 

 

 

 

 

 

 

3.2

 

 

 

 

 

 

 

 

 

 

 

 

3.2

 

BALANCE, June 30, 2022

 

 

15,922,062

 

 

$

0.2

 

 

$

1,084.8

 

 

$

62.2

 

 

$

(475.9

)

 

$

(21.3

)

 

$

650.0

 

 

1

At June 30, 2022, 601,642 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, 2022 and June 30, 2022. At June 30, 2022, $93.1 million remained available to repurchase our common shares pursuant to the stock repurchase program.

3

Dividends declared per common share were $0.77 for the quarters ended March 31, 2022 and June 30, 2022.

 

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, 2021

 

 

 

Common

Shares

Outstanding1

 

 

Common

Stock

 

 

Additional

Paid in Capital

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

(Loss) Income

 

 

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 declared2

 

 

 

 

 

 

 

 

 

 

 

(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

)