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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Leases
- Leases
The following table presents lease terms and discount rates:
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Weighted-average remaining lease term (in years): | ||
| Finance leases | 38.8 | 29.0 |
| Operating leases | 8.9 | 7.0 |
| Weighted-average discount rate: | ||
| Finance leases | 5.31% | 3.51% |
| Operating leases | 4.35% | 3.95% |
The following table summarizes the classification of lease assets and lease liabilities on our Consolidated Balance Sheets (in millions of dollars):
| As of December 31, | |||
|---|---|---|---|
| Description | Classification | 2023 | 2022 |
| Operating lease assets | Operating lease assets | $32.6 | $39.1 |
| Finance lease assets | Property, plant and equipment, net | $14.3 | $6.7 |
| Current operating lease liabilities | Other accrued liabilities | $8.0 | $9.1 |
| Non-current operating lease liabilities | Long-term portion of operating lease liabilities | $29.2 | $35.4 |
| Total operating lease liabilities | $37.2 | $44.5 | |
| Current finance lease liabilities | Other accrued liabilities | $2.1 | $2.1 |
| Non-current finance lease liabilities | Long-term liabilities | $12.9 | $5.0 |
| Total finance lease liabilities | $15.0 | $7.1 | |
The following table summarizes the components of lease cost in our Statements of Consolidated Income (Loss) (in millions of dollars):
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating lease cost | $11.6 | $12.1 | $11.0 |
| Short-term lease cost | 4.3 | 4.3 | 3.2 |
| Finance lease cost: | |||
| Amortization of leased assets | 2.4 | 2.5 | 2.1 |
| Interest on lease liabilities | 0.7 | 0.3 | 0.3 |
| Total lease cost | $19.0 | $19.2 | $16.6 |
The following table presents the maturity of our lease liabilities as of December 31, 2023 (in millions of dollars):
| Finance Leases · Operating Leases | ||
|---|---|---|
| 2024 | $2.9 | $9.4 |
| 2025 | 2.2 | 6.8 |
| 2026 | 1.7 | 4.4 |
| 2027 | 0.8 | 3.7 |
| 2028 | 0.6 | 3.4 |
| Thereafter | 26.9 | 19.2 |
| Total minimum lease payments | $35.1 | $46.9 |
| Less: interest | (20.1) | (9.7) |
| Present value | $15.0 | $37.2 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.