$KALU
KAISER ALUMINUM CORP

2022 Q1 Form 10-Q Financial Statement

#000156459022015319 Filed on April 25, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $948.8M $324.0M
YoY Change 192.84% -12.27%
Cost Of Revenue $865.9M $262.5M
YoY Change 229.87% -8.41%
Gross Profit $82.90M $61.50M
YoY Change 34.8% -25.63%
Gross Profit Margin 8.74% 18.98%
Selling, General & Admin $29.60M $20.80M
YoY Change 42.31% -12.97%
% of Gross Profit 35.71% 33.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.00M $13.50M
YoY Change 77.78% 2.27%
% of Gross Profit 28.95% 21.95%
Operating Expenses $57.10M $34.30M
YoY Change 66.47% -7.55%
Operating Profit $25.20M $16.90M
YoY Change 49.11% -62.94%
Interest Expense $12.20M $12.30M
YoY Change -0.81% 101.64%
% of Operating Profit 48.41% 72.78%
Other Income/Expense, Net -$1.600M -$400.0K
YoY Change 300.0% -50.0%
Pretax Income $11.40M $4.200M
YoY Change 171.43% -89.15%
Income Tax $3.300M -$300.0K
% Of Pretax Income 28.95% -7.14%
Net Earnings $8.100M $4.500M
YoY Change 80.0% -84.54%
Net Earnings / Revenue 0.85% 1.39%
Basic Earnings Per Share $0.51 $0.28
Diluted Earnings Per Share $0.51 $0.28
COMMON SHARES
Basic Shares Outstanding 15.87M 15.81M
Diluted Shares Outstanding 16.04M 15.99M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $261.0M $128.0M
YoY Change 103.91% -63.06%
Cash & Equivalents $261.0M $128.0M
Short-Term Investments
Other Short-Term Assets $71.20M $35.80M
YoY Change 98.88% 75.49%
Inventory $431.5M $385.3M
Prepaid Expenses
Receivables $432.2M $305.8M
Other Receivables $50.60M $31.50M
Total Short-Term Assets $1.321B $930.8M
YoY Change 41.96% 15.43%
LONG-TERM ASSETS
Property, Plant & Equipment $960.2M $1.007B
YoY Change -4.61% 59.55%
Goodwill $46.20M
YoY Change 145.74%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $115.8M $47.80M
YoY Change 142.26% 28.15%
Total Long-Term Assets $1.220B $1.222B
YoY Change -0.16% 63.65%
TOTAL ASSETS
Total Short-Term Assets $1.321B $930.8M
Total Long-Term Assets $1.220B $1.222B
Total Assets $2.541B $2.153B
YoY Change 18.05% 38.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $442.8M $259.6M
YoY Change 70.57% 127.92%
Accrued Expenses $95.50M $78.40M
YoY Change 21.81% 43.33%
Deferred Revenue $0.00 $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M
YoY Change 66.67%
Total Short-Term Liabilities $554.6M $350.4M
YoY Change 58.28% 75.99%
LONG-TERM LIABILITIES
Long-Term Debt $1.037B $846.3M
YoY Change 22.51% 71.73%
Other Long-Term Liabilities $74.40M $76.30M
YoY Change -2.49% 1.33%
Total Long-Term Liabilities $1.111B $76.30M
YoY Change 1356.36% -86.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $554.6M $350.4M
Total Long-Term Liabilities $1.111B $76.30M
Total Liabilities $1.833B $426.7M
YoY Change 329.62% -48.71%
SHAREHOLDERS EQUITY
Retained Earnings $88.60M
YoY Change
Common Stock $1.081B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $475.9M
YoY Change
Treasury Stock Shares $6.835M
Shareholders Equity $708.2M $735.0M
YoY Change
Total Liabilities & Shareholders Equity $2.541B $2.153B
YoY Change 18.05% 38.61%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $8.100M $4.500M
YoY Change 80.0% -84.54%
Depreciation, Depletion And Amortization $24.00M $13.50M
YoY Change 77.78% 2.27%
Cash From Operating Activities $1.400M -$11.40M
YoY Change -112.28% -121.76%
INVESTING ACTIVITIES
Capital Expenditures -$28.30M -$9.100M
YoY Change 210.99% -56.87%
Acquisitions $617.5M
YoY Change
Other Investing Activities $0.00 -$617.5M
YoY Change -100.0% -1655.42%
Cash From Investing Activities -$28.30M -$626.6M
YoY Change -95.48% -3468.82%
FINANCING ACTIVITIES
Cash Dividend Paid $12.50M $11.70M
YoY Change 6.84% 3.54%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.90M -14.50M
YoY Change 2.76% -49.12%
NET CHANGE
Cash From Operating Activities 1.400M -11.40M
Cash From Investing Activities -28.30M -626.6M
Cash From Financing Activities -14.90M -14.50M
Net Change In Cash -41.80M -652.5M
YoY Change -93.59% -1635.29%
FREE CASH FLOW
Cash From Operating Activities $1.400M -$11.40M
Capital Expenditures -$28.30M -$9.100M
Free Cash Flow $29.70M -$2.300M
YoY Change -1391.3% -103.13%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates in the Preparation of Financial Statements.<span style="font-style:normal;"> 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. </span></p>
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group
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CY2021Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
3800000
CY2022Q1 us-gaap Property Plant And Equipment Net
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960200000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
955200000
CY2022Q1 us-gaap Bank Overdrafts
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16700000
CY2021Q4 us-gaap Bank Overdrafts
BankOverdrafts
10900000
CY2022Q1 us-gaap Taxes Payable Current
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16300000
CY2021Q4 us-gaap Taxes Payable Current
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9500000
CY2022Q1 us-gaap Interest Payable Current
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10300000
CY2021Q4 us-gaap Interest Payable Current
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9900000
CY2022Q1 us-gaap Accrued Environmental Loss Contingencies Current
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2300000
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Current
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2600000
CY2022Q1 us-gaap Accrued Liabilities And Other Liabilities
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25300000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
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CY2022Q1 us-gaap Other Accrued Liabilities Current
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CY2021Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q1 us-gaap Self Insurance Reserve Noncurrent
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31800000
CY2021Q4 us-gaap Self Insurance Reserve Noncurrent
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31900000
CY2022Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
14100000
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
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CY2022Q1 us-gaap Other Sundry Liabilities Noncurrent
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CY2021Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
26400000
CY2022Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
72500000
CY2022Q1 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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210500000
CY2021Q4 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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CY2022Q1 kalu Construction In Progress Temporarily Idled
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CY2021Q4 kalu Construction In Progress Temporarily Idled
ConstructionInProgressTemporarilyIdled
24900000
CY2022Q1 us-gaap Margin Deposit Assets
MarginDepositAssets
0
CY2021Q4 us-gaap Margin Deposit Assets
MarginDepositAssets
0
CY2022Q1 us-gaap Contract With Customer Liability Current
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0
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0
CY2022Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
600000
CY2021Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
100000
CY2022Q1 us-gaap Accrual For Environmental Loss Contingencies
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16400000
CY2022Q1 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
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11700000
CY2022Q1 kalu Time Period Within Which Recorded Estimate Of Its Obligation May Change
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P12M
CY2022Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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CY2021Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2022Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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1400000
CY2021Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
600000
CY2022Q1 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
-400000
CY2021Q1 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
-100000
CY2022Q1 kalu Other Nonoperating Income Expense Net
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200000
CY2021Q1 kalu Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
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CY2022Q1 us-gaap Nonoperating Income Expense
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CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-400000
CY2022Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
2900000
CY2021Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
-600000
CY2022Q1 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
400000
CY2021Q1 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
300000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3300000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-300000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3300000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-300000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.29
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.06
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.04
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.01
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.01
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.02
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.15
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies State And Local
EffectiveIncomeTaxRateReconciliationTaxContingenciesStateAndLocal
-0.10
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.06
CY2022Q1 us-gaap Unrecognized Tax Benefits
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4600000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4100000
CY2022Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4600000
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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4100000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
8100000
CY2021Q1 us-gaap Net Income Loss
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4500000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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15866000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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15805000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
172000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
182000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16038000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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15987000
CY2022Q1 us-gaap Earnings Per Share Basic
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0.51
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
11200000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
11700000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
12600000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2000000.0
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1100000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
13600000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2400000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1300000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
200000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1800000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
261000000.0
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
128000000.0
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
14200000
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
13800000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
275200000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
141800000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
948800000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
324000000.0
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
948800000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
324000000.0
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
100000
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
400000

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