0000811596-20-000005.txt : 20200219 0000811596-20-000005.hdr.sgml : 20200219 20200219163628 ACCESSION NUMBER: 0000811596-20-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200219 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200219 DATE AS OF CHANGE: 20200219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KAISER ALUMINUM CORP CENTRAL INDEX KEY: 0000811596 STANDARD INDUSTRIAL CLASSIFICATION: ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350] IRS NUMBER: 943030279 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09447 FILM NUMBER: 20630337 BUSINESS ADDRESS: STREET 1: 27422 PORTOLA PARKWAY, SUITE 200 CITY: FOOTHILL RANCH STATE: CA ZIP: 92610-2831 BUSINESS PHONE: 949-614-1740 MAIL ADDRESS: STREET 1: 27422 PORTOLA PARKWAY, SUITE 200 CITY: FOOTHILL RANCH STATE: CA ZIP: 92610-2831 FORMER COMPANY: FORMER CONFORMED NAME: KAISERTECH LTD DATE OF NAME CHANGE: 19901122 8-K 1 a2019earningsrelease.htm 8-K Document
false0000811596 0000811596 2020-02-19 2020-02-19


 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): February 19, 2020
KAISER ALUMINUM CORPORATION
(Exact Name of Registrant as Specified in its Charter)
 
 
 
 
 
Delaware
 
1-09447
 
94-3030279
(State or Other Jurisdiction
 
(Commission
 
(I.R.S. Employer
of Incorporation)
 
File Number)
 
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)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
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 is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
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 standard provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 




Item 2.02. Results of Operations and Financial Condition.          

On February 19, 2020, Kaiser Aluminum Corporation (the "Company") issued a press release reporting its financial results for the quarter and year ended December 31, 2019. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.

The information in Item 2.02, including Exhibit 99.1, of this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 9.01. Financial Statements and Exhibits.
 
(d)
 
Exhibits.
 
 
 
Exhibit
 
 
Number
 
Description
99.1
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document).






SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
KAISER ALUMINUM CORPORATION
(Registrant)
 
 
 
 
 
 
 
By:
 
/s/ Cherrie I. Tsai
 
 
 
 
Cherrie I. Tsai
Vice President, Deputy General Counsel and Corporate Secretary
Date: February 19, 2020



 EX-99.1 2 pressreleasedatedfebru.htm PRESS RELEASE DATED FEBRUARY 19, 2020 Exhibit


Exhibit 99.1
Kaiser Aluminum Corporation Reports
Fourth Quarter and Full Year 2019 Financial Results



Fourth Quarter 2019:
•
Net Sales $369 Million; Value Added Revenue $213 Million, Up 1% Year-over-Year
•
Net Loss $11 Million; Net Loss per Diluted Share $0.66, Includes Pre-tax Charges of $45 Million, or $2.14 per Diluted Share After-tax, Related to Senior Notes Refinancing and Goodwill Impairment
•
Adjusted Net Income $29 Million; Adjusted Earnings per Diluted Share $1.79
•
Adjusted EBITDA $52 Million; Adjusted EBITDA Margin 24.5%

Full Year 2019:
•
Net Sales $1.5 Billion; Record Value Added Revenue $856 Million, Up 3% Year-over-Year
•
Net Income $62 Million; Earnings per Diluted Share $3.83, Reflects Fourth Quarter Charges
•
Record Adjusted Net Income $111 Million; Record Adjusted Earnings per Diluted Share $6.85
•
Record Adjusted EBITDA $213 Million; Adjusted EBITDA Margin 24.9%
•
Trentwood Capacity and Efficiency Hindered by Planned and Unplanned Downtime on Key Equipment
•
New Revolving Credit Facility and Senior Notes Increased Liquidity and Extended Debt Maturity Dates
•
Successfully Negotiated New 5-Year USW Master Labor Agreement (October 2020 - September 2025)

FOOTHILL RANCH, Calif., February 19, 2020 - Kaiser Aluminum Corporation (NASDAQ:KALU), a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, custom automotive, general engineering, and other industrial applications, today announced fourth quarter and full year 2019 results.

"We achieved several financial milestones in 2019, including record value added revenue, adjusted EBITDA, adjusted net income and adjusted earnings per diluted share," said Jack A. Hockema, Chairman and Chief Executive Officer. "These milestones were accomplished despite planned and unplanned downtime at our Trentwood facility in Spokane, Washington in the first half of 2019, the impact of the General Motors strike in the second half of the year, and reduced sales and inefficiency related to the significant number of automotive model changeovers in 2019."

"We were proactive to enhance our financial and operational position during the year. Capitalizing on attractive credit markets, we successfully completed two new debt financings that increased liquidity. This enhanced financial flexibility will support our strategic investment initiatives, ensuring our continued financial strength throughout the business and economic cycles. In addition, we recently finalized a new labor agreement that extends through 2025 for our two largest facilities in Spokane, Washington and Newark, Ohio. Our continued confidence in the long-term outlook for our business is reflected in our decision to increase the quarterly dividend by 12% to $0.67 per share, up from the 9% increase in early 2019, marking the ninth consecutive year we have increased our quarterly dividend," stated Mr. Hockema.

Full Year 2019 Management Summary

Full year 2019 results were driven by record aerospace shipments and strong value added pricing, partially offset by lower general engineering and automotive shipments. Strong aerospace demand was driven by growing military airframe builds and restocking in the commercial aerospace supply chain. The strong demand provided a favorable environment for non-contract pricing on the Company's aerospace and industrial products. Results were negatively impacted by heat treat plate capacity constraints at the Company's Trentwood facility due to planned and unplanned downtime during the first half of 2019. Lower shipments of the Company's general engineering applications resulted primarily from allocating a portion of its heat treat plate capacity to meet the strong aerospace demand during the year. In addition, demand for general engineering and industrial applications began to slow in the second




half of 2019, and supply chain destocking resulted in additional pressure on demand for the Company's products. Automotive shipments reflected lower build rates, a significant number of automotive model changeovers and new program delays, in addition to the impact of the General Motors strike in the latter part of 2019.

Record adjusted EBITDA for the full year 2019 reflected an impact of approximately $15 million related to the Trentwood downtime, $5 million related to the General Motors strike, and other costs and inefficiencies due to the transition of a number of automotive extrusion programs to new vehicle platforms, as previously noted. Non-recurring charges of $20 million associated with refinancing the Company's $375 million, 5.875% senior notes and a non-cash goodwill impairment of $25 million related to the 2018 acquisition of Imperial Machine & Tool Co. were reflected in the Company's reported Net Income. The goodwill impairment was driven by a change in valuation of the additive manufacturing business which was determined to have a longer term horizon for development and acceptance than anticipated at the time of acquisition.

2020 Outlook

"Looking forward, we expect that the impact of the Boeing 737 MAX situation on our aerospace shipments will be offset by higher general engineering and automotive shipments than in 2019, resulting in a low-single-digit year-over-year increase in both total shipments and value added revenue," stated Mr. Hockema. "With a market environment continuing to support strong value added pricing and with expected efficiency gains in both our automotive operations and at our Trentwood facility, we expect to achieve an EBITDA margin above 26% for the full year."

The Company's aerospace order book for 2020 is strengthened by increased defense spending and demand for the F35 Joint Strike Fighter, the F/A-18 Super Hornet, and other military applications. For the full year 2020, the Company expects a single-digit reduction in aerospace/high strength shipments and value added revenue, compared to the record high of 2019. The Company also anticipates North American automotive build rates in 2020 to be similar to 2019 and expects double-digit year-over-year growth in its automotive shipments as new programs continue to come on stream. General engineering demand is expected to be driven by strong semi-conductor demand and relief from the supply chain destocking that suppressed demand in the second half of 2019. The Company's shipments of non-core applications are expected to decline significantly in 2020 as capacity is allocated to more strategic applications.

Commencing in 2020, the Company will launch a $375 million multi-year expansion and operational security investment project at its Trentwood facility. Trentwood has consistently operated at capacity since 2004 and the Company expects this to continue in 2020. While the 737 MAX situation has short-term demand implications, the Company expects that the result will be pent-up long-term demand for commercial aerospace applications in addition to growing long-term demand for its heat treat plate products. The long-term fundamentals for strong secular growth in aerospace applications remain intact and the strategic investment and expansion project will further position the Company to capitalize on demand growth throughout the next decade and beyond.

The initial project at Trentwood is a new $145 million heavy gauge plate stretcher that will relieve the load on the Company's existing plate stretcher which has operated at far greater production rates than anticipated when it was installed in 2008. The new stretcher will provide increased capacity, redundancy, efficiency and operational security for a critical operation in the Company's process flow. Timing of other investment modules of the $375 million project will depend upon market conditions, although the Company currently expects to complete the full expansion project by 2025. Expected benefits include an increase in heat treat plate production capacity of approximately 25% in addition to enhanced quality, and cost and inventory efficiency. Capital spending in 2020 is expected to be approximately $100 - $125 million including annual sustaining capital and other growth and efficiency investments across the platform.  





Fourth Quarter and Full Year 2019 Consolidated Results
(Unaudited)*
(In millions of dollars, except shipments, realized price and per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarterly
 
December 31,
 
4Q19
 
3Q19
 
4Q18
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
Shipments (millions of lbs.)
153

 
154

 
159

 
625

 
652

 
 
 
 
 
 
 
 
 
 
Net sales
$
369

 
$
375

 
$
389

 
$
1,514

 
$
1,586

Less hedged cost of alloyed metal1
(156
)
 
(160
)
 
(179
)
 
(658
)
 
(758
)
Value added revenue
$
213

 
$
215

 
$
210

 
$
856

 
$
828

 
 
 
 
 
 
 
 
 
 
Realized price per pound ($/lb.)
 
 
 
 
 
 
 
 
 
Net sales
$
2.42

 
$
2.43

 
$
2.46

 
$
2.42

 
$
2.43

Less hedged cost of alloyed metal
(1.02
)
 
(1.04
)
 
(1.14
)
 
(1.05
)
 
(1.16
)
Value added revenue
$
1.40

 
$
1.39

 
$
1.32

 
$
1.37

 
$
1.27

 
 
 
 
 
 
 
 
 
 
As reported
 
 
 
 
 
 
 
 
 
Operating income
$
10

 
$
41

 
$
37

 
$
126

 
$
144

Net (loss) income
$
(11
)
 
$
25

 
$
24

 
$
62

 
$
92

   Net (loss) income per share, diluted2
$
(0.66
)
 
$
1.57

 
$
1.41

 
$
3.83

 
$
5.43

 
 
 
 
 
 
 
 
 
 
Adjusted3
 
 
 
 
 
 
 
 
 
Operating income
$
40

 
$
44

 
$
43

 
$
164

 
$
161

   EBITDA4
$
52

 
$
57

 
$
55

 
$
213

 
$
205

   EBITDA margin5
24.5
%
 
26.4
%
 
26.0
%
 
24.9
%
 
24.7
%
Net income
$
29

 
$
29

 
$
30

 
$
111

 
$
109

   EPS, diluted2
$
1.79

 
$
1.82

 
$
1.77

 
$
6.85

 
$
6.48

 
 
 
 
 
 
 
 
 
 
1 Hedged cost of alloyed metal is our Midwest transaction price of aluminum plus the price of alloying elements plus any realized gains and/or losses on settled hedges, related to the metal sold in the referenced period.
2 Diluted shares for EPS are calculated using the treasury stock method.
3 Adjusted numbers exclude non-run-rate items (for all Adjusted numbers and EBITDA refer to Reconciliation of Non-GAAP Measures).
4 Adjusted EBITDA = Consolidated operating income, excluding operating non-run-rate items, plus Depreciation and amortization.
5 Adjusted EBITDA margin = Adjusted EBITDA as a percent of Value Added Revenue.
 
 
 
 
 
 
 
 
 
 
*Please refer to GAAP financial statements.
Totals may not sum due to rounding.




Fourth Quarter 2019

Net sales for the fourth quarter 2019 were $369 million, compared to $389 million in the prior year period, reflecting a 4% decrease in shipments and a 2% decrease in average selling price. The decrease in average selling price reflected an approximately 6% increase in value added revenue per pound and an 11% decrease in underlying contained metal costs.

Value added revenue for the fourth quarter 2019 increased to $213 million from $210 million in the prior year period, driven by strong aerospace demand and value added revenue pricing, partially offset by lower general engineering and automotive shipments. Value added revenue for the Company’s aerospace/high strength applications increased 13% to $138 million and shipments increased 10% reflecting a strong aerospace order book for the Company's products. Value added revenue for general engineering applications decreased 5% to $52 million on an 8% decrease in shipments, reflecting weakening industrial demand, supply chain destocking and the impact of allocating a portion of heat treat plate capacity to meet strong aerospace demand. Value added revenue for automotive extrusions decreased 19% to $22 million, reflecting a 9% decrease in shipments due to delays in program launches and the impact of the General Motors strike.

Adjusted EBITDA of $52 million in the fourth quarter 2019 decreased $3 million compared to the prior year period reflecting the impact of approximately $4 million related to the General Motors strike and approximately $1 million of costs associated with the ratification of a new five-year labor agreement. Adjusted EBITDA as a percentage of value added revenue was 24.5% in the fourth quarter 2019 as compared to 26.0% in the prior year period.

Reported net loss for the fourth quarter 2019 was $11 million, or a loss of $0.66 per diluted share, compared to net income and diluted earnings per share of $24 million and $1.41, respectively, for the prior year period due to the impact of non-recurring pre-tax charges of approximately $45 million as previously noted. Excluding the impact of these charges and other non-run-rate items, adjusted net income was $29 million or $1.79 per diluted share, for the fourth quarter 2019, compared to adjusted net income of $30 million or $1.77 per diluted share, for the fourth quarter 2018.

Full Year 2019

Net sales for the full year 2019 were $1,514 million compared to $1,586 million in the prior year period, reflecting a 4% decrease in shipments. The average selling price was relatively flat with the prior year and reflected an approximately 8% increase in value added revenue per pound and a 9% decrease in underlying contained metal costs.

Value added revenue for the full year 2019 increased 3% to $856 million despite a 4% decrease in shipments, compared to $828 million in the prior year period. Higher value added revenue reflected strong aerospace demand and a richer mix of sales, partially offset by lower automotive and general engineering shipments. In addition, overall heat treat plate capacity was constrained during the first half 2019 due to the planned and unplanned downtime at Trentwood. Value added revenue for the Company’s aerospace/high strength applications increased 12% to $511 million and shipments increased 10% reflecting continued strength in the Company's aerospace order book. Value added revenue for general engineering applications remained relatively unchanged at $232 million as strong value added pricing mitigated the impact of an 11% decline in shipments year-over-year. Value added revenue for automotive extrusions decreased 20% to $93 million, reflecting a 10% decrease in shipments due to the transition from end-of-life programs to new program applications and a trend to lower value added mix.

Adjusted EBITDA of $213 million for the full year 2019 increased $8 million compared to the prior year period reflecting continued strength in demand for the Company's aerospace products and higher valued added revenue pricing partially offset by the approximately $20 million negative impact of Trentwood downtime and the General Motors strike, in addition to the impact of lower automotive shipments and related cost inefficiencies as previously noted. Adjusted EBITDA as a percentage of value added revenue increased to 24.9% for the full year 2019 as compared to 24.7% in the prior year period.





Net income for the full year 2019 was $62 million, or $3.83 per diluted share, compared to net income and diluted earnings per share of $92 million and $5.43, respectively, for the prior year period, and included a $2.14 per diluted share after-tax impact of the non-recurring fourth quarter charges. Excluding the impact of the charges and other non-run-rate items, adjusted net income was $111 million, or $6.85 per diluted share, for the full year 2019, an increase from adjusted net income of $109 million or $6.48 per diluted share, for the full year 2018.

Cash Flow and Balance Sheet

In the full year 2019, adjusted EBITDA of $213 million funded approximately $60 million of capital investments, $24 million of interest payments, and $84 million of cash returned to shareholders through dividends and share repurchases. In addition, the Company improved working capital by approximately $33 million, driven primarily by a reduction in inventory and accounts receivable.

During the fourth quarter 2019, the Company entered into a new $375 million senior secured revolving credit facility maturing in 2024, replacing a $300 million facility that was due to mature in December 2020. In addition, the Company issued $500 million of new 4.625% senior notes that mature in 2028 and redeemed $375 million of 5.875% senior notes with a maturity of 2024 resulting in net proceeds of approximately $100 million.

As of December 31, 2019, total cash and cash equivalents and short-term investments were approximately $343 million and borrowing availability under the Company's revolving credit facility was approximately $353 million. The Company's strong balance sheet, liquidity and cash flow generation continues to support growth and capital deployment priorities while providing flexibility and sustainability through economic and industry cycles.


Conference Call

Kaiser Aluminum Corporation will host a conference call on Thursday, February 20, 2020, at 10:00am (Pacific Time); 12:00pm (Central Time); 1:00pm (Eastern Time), to discuss fourth quarter and full year 2019 results. To participate, the conference call can be directly accessed from the U.S. and Canada at (844) 889-7783, and accessed internationally at (661) 378-9764. A link to the simultaneous webcast can be accessed on the Company’s website at http://investors.kaiseraluminum.com/events.cfm. A copy of a presentation will be available for download prior to the call and an audio archive will be available on the Company’s website following the call.

Company Description

Kaiser Aluminum Corporation, headquartered in Foothill Ranch, Calif., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, custom automotive, general engineering, and other industrial applications. The Company’s North American facilities produce value-added sheet, plate, extrusions, rod, bar, tube, and wire products, adhering to traditions of quality, innovation, and service that have been key components of the culture since the Company was founded in 1946. The Company’s stock is included in the Russell 2000® index and the S&P Small Cap 600® index.

Available Information

For more information, please visit the Company’s website at www.kaiseraluminum.com. The website includes a section for investor relations under which the Company provides notifications of news or announcements regarding its financial performance, including Securities and Exchange Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all Company filings submitted to the SEC are available through a link to the section of the SEC’s website at www.sec.gov, which includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the Company’s annual stockholders’ meetings, and other information statements as filed with the SEC. In addition, the Company provides




a webcast of its quarterly earnings calls and certain events in which management participates or hosts with members of the investment community.

Non-GAAP Financial Measures

This earnings release contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flow of the Company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation of non-GAAP financial measures to the most directly comparable financial measure in the accompanying tables.

The non-GAAP financial measures used within this earnings release are value added revenue, adjusted operating income, EBITDA, adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share which exclude non-run-rate items and ratios related thereto. As more fully described in these reports, “non-run-rate” items are items that, while they may occur from period to period, are particularly material to results, impact costs primarily as a result of external market factors and may not occur in future periods if the same level of underlying performance were to occur. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this information to also be useful for investors.

Forward-Looking Statements

This press release contains statements based on management’s current expectations, estimates and projections that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied. Kaiser Aluminum cautions that such forward-looking statements are not guarantees of future performance or events and involve significant risks and uncertainties and actual events may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. These factors include: (a) the continuation of strong long-term demand growth for the Company’s aerospace, automotive and general engineering applications and improvement in the Company’s manufacturing efficiencies; (b) the ability of the Company to identify and successfully execute strategic capital investments and continuous improvement projects to facilitate growth in the Company’s results including internal and external growth opportunities; (c) the Company’s ability to achieve the level of shipments, profitable sales growth, capacity and capability expansions, manufacturing cost efficiencies, increasing operating leverage, productivity improvements, product quality enhancements or other benefits anticipated by management, including those anticipated from the Company’s strategic investments; (d) demand drivers and the Company’s ability to participate in mature and anticipated new automotive programs expected to launch in the future and to successfully launch new automotive programs; (e) growing demand for the Company's products driven by higher airframe build rates, larger airframes and the continued conversion to monolithic designs; (f) changes in the markets served by the Company, including aerospace, defense, general engineering, automotive, distribution and other markets, including changes impacting the volume, price or mix of products sold by the Company and the Company’s ability to flex production consistent with changing demand levels; (g) the impact of the Company’s future earnings, financial condition, capital requirements and other factors on future dividends or the repurchase of shares of the Company’s common stock and any decision by the Company’s board of directors in regard to either; (h) uncertainties related to the resolution of the Boeing 737 MAX situation; and (i) other risk factors summarized in the Company's reports filed with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2019. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.





Investor Relations and Public Relations Contact:
 
Melinda C. Ellsworth
 
Kaiser Aluminum Corporation
 
(949) 614-1757
 





KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
STATEMENTS OF CONSOLIDATED INCOME(1) 
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
 
 
(In millions of dollars, except share and per share amounts)
Net sales
 
$
1,514.1

 
$
1,585.9

 
$
1,397.5

Costs and expenses:
 
 
 
 
 
 
Cost of products sold, excluding depreciation and amortization and other items
 
1,215.2

 
1,300.7

 
1,085.9

Depreciation and amortization
 
49.1

 
43.9

 
39.7

Selling, general, administrative, research and development
 
98.0

 
96.3

 
97.5

Goodwill impairment
 
25.2

 
—

 
18.4

Other operating charges, net
 
0.9

 
1.4

 
0.8

Total costs and expenses
 
1,388.4

 
1,442.3

 
1,242.3

Operating income
 
125.7

 
143.6

 
155.2

Other expense:
 
 
 
 
 
 
Interest expense
 
(24.6
)
 
(22.7
)
 
(22.2
)
Other expense, net
 
(20.7
)
 
(0.9
)
 
—

Income before income taxes
 
80.4

 
120.0

 
133.0

Income tax provision
 
(18.4
)
 
(28.3
)
 
(87.6
)
Net income
 
$
62.0

 
$
91.7

 
$
45.4

 
 
 
 
 
 
 
Net income per common share:
 
 
 
 

 
 

Basic
 
$
3.88

 
$
5.53

 
$
2.67

Diluted2
 
$
3.83

 
$
5.43

 
$
2.63

Weighted-average number of common shares outstanding (in thousands):
 
 
 
 
 
 
Basic
 
15,997

 
16,585

 
16,996

Diluted2
 
16,203

 
16,874

 
17,259

1 Please refer to the Company's Form 10-K for the year ended December 31, 2019 for detail regarding the items in the table.
2 Diluted shares for EPS are calculated using the treasury stock method.





KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS (1) 
 
 
December 31,
2019
 
December 31, 2018
 
 
(In millions of dollars, except share and per share amounts)
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
264.3

 
$
125.6

Short-term investments
 
78.7

 
36.7

Receivables:
 
 
 
 
Trade receivables, net
 
167.1

 
179.8

Other
 
18.1

 
25.6

Contract assets
 
54.6

 
54.9

Inventories
 
177.6

 
215.1

Prepaid expenses and other current assets
 
19.4

 
18.9

Total current assets
 
779.8

 
656.6

Property, plant and equipment, net
 
622.0

 
611.8

Operating lease assets
 
25.8

 
—

Deferred tax assets, net
 
11.8

 
35.9

Intangible assets, net
 
29.6

 
32.4

Goodwill
 
18.8

 
44.0

Other assets
 
38.4

 
38.6

Total
 
$
1,526.2

 
$
1,419.3

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
92.0

 
$
121.4

Accrued salaries, wages and related expenses
 
34.4

 
40.1

Other accrued liabilities
 
44.0

 
44.0

Total current liabilities
 
170.4

 
205.5

Long-term portion of operating lease liabilities
 
25.2

 
—

Net liabilities of Salaried VEBA
 
32.6

 
32.4

Deferred tax liabilities
 
4.5

 
4.2

Long-term liabilities
 
67.0

 
66.4

Long-term debt
 
492.6

 
370.4

Total liabilities
 
792.3

 
678.9

Commitments and contingencies
 
 
 
 
Stockholders' equity:
 
 
 
 
Preferred stock, 5,000,000 shares authorized at both December 31, 2019 and December 31, 2018; no shares were issued and outstanding at December 31, 2019 and December 31, 2018
 
—

 
—

Common stock, par value $0.01, 90,000,000 shares authorized at both December 31, 2019 and December 31, 2018; 22,550,827 shares issued and 15,868,304 shares outstanding at December 31, 2019; 22,471,705 shares issued and 16,234,603 shares outstanding at December 31, 2018
 
0.2

 
0.2

Additional paid in capital
 
1,062.9

 
1,059.3

Retained earnings
 
172.8

 
150.2

Treasury stock, at cost, 6,682,523 shares at December 31, 2019 and 6,237,102 shares at December 31, 2018
 
(463.4
)
 
(420.5
)
Accumulated other comprehensive loss
 
(38.6
)
 
(48.8
)
Total stockholders' equity
 
733.9

 
740.4

Total
 
$
1,526.2

 
$
1,419.3

1 Please refer to the Company's Form 10-K for the year ended December 31, 2019 for detail regarding the items in the table.




Reconciliation of Non-GAAP Measures - Consolidated
(Unaudited)
(In millions of dollars, except share and per share amounts)
 
 
 
 
 
 
 
 
 
Quarter Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
GAAP net (loss) income
$
(10.6
)
 
$
23.6

 
$
62.0

 
$
91.7

Interest expense
7.3

 
5.7

 
24.6

 
22.7

Other expense, net 1
20.3

 
1.2

 
20.7

 
0.9

Income tax (benefit) provision
(7.4
)
 
6.4

 
18.4

 
28.3

GAAP operating income
9.6

 
36.9

 
125.7

 
143.6

Mark-to-market loss 2
0.8

 
3.0

 
5.8

 
17.7

Goodwill impairment
25.2

 
—

 
25.2

 
—

Other operating NRR loss (gain) 3,4
3.9

 
3.2

 
6.9

 
(0.4
)
Operating income, excluding operating NRR items
39.5

 
43.1

 
163.6

 
160.9

Depreciation and amortization
12.8

 
11.5

 
49.1

 
43.9

Adjusted EBITDA 5
$
52.3

 
$
54.6

 
$
212.7

 
$
204.8

 
 
 
 
 
 
 
 
GAAP net (loss) income
$
(10.6
)
 
$
23.6

 
$
62.0

 
$
91.7

Operating NRR Items
29.9

 
6.2

 
37.9

 
17.3

Non-operating NRR Items 6
22.0

 
1.6

 
26.9

 
6.1

Tax impact of above NRR Items
(12.5
)
 
(1.7
)
 
(15.8
)
 
(5.8
)
Adjusted net income
$
28.8

 
$
29.7

 
$
111.0

 
$
109.3

 
 
 
 
 
 
 
 
Net (loss) income per share, diluted 7
$
(0.66
)
 
$
1.41

 
$
3.83

 
$
5.43

Adjusted earnings per diluted share 7
$
1.79

 
$
1.77

 
$
6.85

 
$
6.48

 
 
 
 
 
 
 
 
1 Other expense, net includes loss on extinguishment of our 5.875% Senior Notes during the year ended December 31, 2019 which includes a $16.5 million premium paid to redeem the notes and a $3.8 million write-off of unamortized debt issuance costs associated with the notes.
2 Mark-to market loss on derivative instruments represents the reversal of mark-to-market gain on hedges entered into prior to the adoption of ASU 2017-12 and settled in 2019 and 2018. Operating income excluding non-run-rate items reflect the realized (gain) loss of such settlements.
3 NRR is an abbreviation for Non-Run-Rate; NRR items are pre-tax.
4 Other operating NRR items primarily represent the impact of non-cash service cost related to the Salaried VEBA, adjustments to plant-level LIFO, environmental expenses, workers' compensation cost (benefit) due to discounting and impairment losses.
5 Adjusted EBITDA = Consolidated operating income, excluding operating NRR items, plus Depreciation and amortization.
6 Non-operating NRR items represents the impact of non-cash net periodic benefit cost related to the Salaried VEBA excluding service cost, loss on extinguishment of our 5.875% Senior Notes during the year ended December 31, 2019 which includes a $16.5 million premium paid to redeem the notes and a $3.8 million write-off of unamortized debt issuance costs associated with the notes.
7 Diluted shares for EPS are calculated using the treasury stock method.



EX-101.SCH 3 kalu-20200219.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001000 - Document - Cover Page Cover Page link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 kalu-20200219_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 kalu-20200219_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 kalu-20200219_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Cover Page [Abstract] Cover Page Title of 12(b) Security Title of 12(b) Security Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name City Area Code City Area Code Local Phone Number Local Phone Number Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Two Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Entity Emerging Growth Company Entity Emerging Growth Company Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name EX-101.PRE 7 kalu-20200219_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 8 R1.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Cover Page Cover Page
Feb. 19, 2020
Cover Page [Abstract]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Entity Central Index Key 0000811596
Amendment Flag false
Document Type 8-K
Document Period End Date Feb. 19, 2020
Entity Registrant Name KAISER ALUMINUM CORPORATION
City Area Code 949
Local Phone Number 614-1740
Entity Incorporation, State or Country Code DE
Entity File Number 1-09447
Entity Tax Identification Number 94-3030279
Entity Address, Address Line One 27422 Portola Parkway,
Entity Address, Address Line Two Suite 200
Entity Address, City or Town Foothill Ranch,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92610-2831
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Trading Symbol KALU
Security Exchange Name NASDAQ
JSON 9 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "a2019earningsrelease.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "calculationLink": { "local": [ "kalu-20200219_cal.xml" ] }, "definitionLink": { "local": [ "kalu-20200219_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "a2019earningsrelease.htm" ] }, "labelLink": { "local": [ "kalu-20200219_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "kalu-20200219_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "kalu-20200219.xsd" ], "remote": [ "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd", "http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd", "http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "kalu", "nsuri": "http://www.kaiseraluminum.com/20200219", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "span", "div", "td", "tr", "table", "div", "div", "div", "body", "html" ], "baseRef": "a2019earningsrelease.htm", "contextRef": "D2020Q1SpecialDate", "decimals": null, "first": true, "lang": "en-US", "name": "dei:Security12bTitle", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "0001000 - Document - Cover Page Cover Page", "role": "http://www.kaiseraluminum.com/role/CoverPageCoverPage", "shortName": "Cover Page Cover Page", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "span", "div", "td", "tr", "table", "div", "div", "div", "body", "html" ], "baseRef": "a2019earningsrelease.htm", "contextRef": "D2020Q1SpecialDate", "decimals": null, "first": true, "lang": "en-US", "name": "dei:Security12bTitle", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two", "terseLabel": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code", "terseLabel": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security", "terseLabel": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.kaiseraluminum.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "kalu_CoverPageAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover Page", "label": "Cover Page [Abstract]" } } }, "localname": "CoverPageAbstract", "nsuri": "http://www.kaiseraluminum.com/20200219", "xbrltype": "stringItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } XML 10 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3.a.u2 html 1 95 1 false 0 0 false 0 false false R1.htm 0001000 - Document - Cover Page Cover Page Sheet http://www.kaiseraluminum.com/role/CoverPageCoverPage Cover Page Cover Page Cover 1 false false All Reports Book All Reports a2019earningsrelease.htm kalu-20200219.xsd kalu-20200219_cal.xml kalu-20200219_def.xml kalu-20200219_lab.xml kalu-20200219_pre.xml pressreleasedatedfebru.htm http://xbrl.sec.gov/dei/2019-01-31 true true EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000811596-20-000005-xbrl.zip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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 15 a2019earningsrelease_htm.xml IDEA: XBRL DOCUMENT 0000811596 2020-02-19 2020-02-19 false 0000811596 8-K 2020-02-19 KAISER ALUMINUM CORPORATION DE 1-09447 94-3030279 27422 Portola Parkway, Suite 200 Foothill Ranch, CA 92610-2831 949 614-1740 false false false false Common Stock, par value $0.01 per share KALU NASDAQ false XML 16 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; }