KAISER ALUMINUM CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Accumulated Other Comprehensive Income (Loss)
- Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in the accumulated balances for each component of AOCI (in millions of dollars):
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Defined Benefit Plans: | |||
| Beginning balance | $2.8 | $(21.4) | $(19.8) |
| Actuarial gain arising during the period | 4.3 | 27.0 | 8.0 |
| Less: income tax expense | (1.0) | (6.5) | (1.9) |
| Net actuarial gain arising during the period | 3.3 | 20.5 | 6.1 |
| Prior service credit (cost) arising during the period | 2.2 | — | (14.0) |
| Less: income tax (expense) benefit | (0.5) | — | 3.3 |
| Net prior service credit (cost) arising during the period | 1.7 | — | (10.7) |
| Amortization of net actuarial (gain) loss1 | (1.1) | — | 0.4 |
| Amortization of prior service cost1 | 5.3 | 4.9 | 3.5 |
| Less: income tax expense2 | (1.0) | (1.2) | (0.9) |
| Net amortization reclassified from AOCI to Net income (loss) | 3.2 | 3.7 | 3.0 |
| Other comprehensive income (loss), net of tax | 8.2 | 24.2 | (1.6) |
| Ending balance | $11.0 | $2.8 | $(21.4) |
| Cash Flow Hedges: | |||
| Beginning balance | $0.4 | $17.7 | $1.1 |
| Unrealized (loss) gain on cash flow hedges | (10.7) | (12.2) | 63.6 |
| Less: income tax benefit (expense) | 2.5 | 2.9 | (15.0) |
| Net unrealized (loss) gain on cash flow hedges | (8.2) | (9.3) | 48.6 |
| Reclassification of unrealized loss (gain) upon settlement of cash flow hedges | 12.9 | (10.5) | (41.9) |
| Less: income tax (expense) benefit2 | (3.0) | 2.5 | 9.9 |
| Net loss (gain) reclassified from AOCI to Net income (loss) | 9.9 | (8.0) | (32.0) |
| Other comprehensive income (loss), net of tax | 1.7 | (17.3) | 16.6 |
| Ending balance3 | $2.1 | $0.4 | $17.7 |
| Total AOCI ending balance | $13.1 | $3.2 | $(3.7) |
Amounts amortized out of AOCI related to pension and other postretirement benefits were included within Net periodic postretirement benefit cost (see Note 5).
Income tax amounts reclassified out of AOCI were included as a component of Income tax (provision) benefit.
As of December 31, 2023, we estimate a net mark-to-market gain before tax of$2.2 million in AOCI will be reclassified into Net income (loss) upon settlement within the next 12 months.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.