KAISER ALUMINUM CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
KALU$110.09-1.3%Stored close · as of Nov 10, 2026
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Statements of Consolidated Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In millions of dollars) | |||
| Cash flows from operating activities1: | |||
| Net income (loss) | $47.2 | $(29.6) | $(18.5) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation of property, plant and equipment | 103.3 | 97.6 | 82.5 |
| Amortization of definite-lived intangible assets | 5.3 | 9.3 | 9.0 |
| Amortization of debt premium and debt issuance costs | 2.2 | 2.3 | 2.1 |
| Deferred income taxes | 7.5 | (12.0) | (11.4) |
| Non-cash equity compensation | 16.1 | 14.3 | 12.9 |
| Non-cash asset impairment charges | — | 23.7 | — |
| Loss on extinguishment of debt | — | — | 35.9 |
| Gain on disposition of property, plant and equipment | (13.8) | (6.0) | (0.5) |
| Gain on reimbursement on certain machinery and equipment – Note 13 | — | (6.0) | — |
| Non-cash defined benefit net periodic postretirement benefit cost | 13.4 | 13.1 | 9.4 |
| Changes in operating assets and liabilities, net of effects of acquisition: | |||
| Trade and other receivables | 33.1 | 15.0 | (90.3) |
| Contract assets | 0.1 | 4.6 | (27.1) |
| Inventories | 48.2 | (120.8) | (43.5) |
| Prepaid expenses and other current assets | (2.8) | (1.5) | (0.9) |
| Accounts payable | (43.0) | (61.2) | 112.5 |
| Accrued liabilities | 6.6 | 4.4 | 17.3 |
| Annual variable cash contributions to Salaried VEBA | — | — | (1.7) |
| Long-term assets and liabilities, net | (11.5) | (10.3) | (8.3) |
| Net cash provided by (used in) operating activities | 211.9 | (63.1) | 79.4 |
| Cash flows from investing activities1: | |||
| Capital expenditures | (143.2) | (142.5) | (58.0) |
| Purchase of equity securities | (0.3) | (0.3) | (0.4) |
| Proceeds from sale of equity securities | 0.1 | — | — |
| Cash payment for acquisition of Warrick, net of cash received – Note 4 | — | — | (609.2) |
| Proceeds from reimbursement on certain machinery and equipment – Note 13 | — | 6.0 | — |
| Proceeds from disposition of property, plant and equipment | 15.2 | 11.0 | 1.8 |
| Net cash used in investing activities | (128.2) | (125.8) | (665.8) |
| Cash flows from financing activities1: | |||
| Borrowings under the Revolving Credit Facility | 215.1 | — | — |
| Repayment of borrowings under the Revolving Credit Facility | (215.1) | — | — |
| Repayment of principal and redemption premium of 6.50% Senior Notes | — | — | (380.9) |
| Issuance of 4.50% Senior Notes | — | — | 550.0 |
| Cash paid for debt issuance costs | — | (1.8) | (8.6) |
| Repayment of finance lease | (2.1) | (2.1) | (2.1) |
| Cancellation of shares to cover tax withholdings upon common shares issued | (1.8) | (2.8) | (2.6) |
| Cash dividends and dividend equivalents paid | (50.4) | (50.1) | (46.7) |
| Net cash (used in) provided by financing activities | (54.3) | (56.8) | 109.1 |
| Net increase (decrease) in cash, cash equivalents and restricted cash during the period | 29.4 | (245.7) | (477.3) |
| Cash, cash equivalents and restricted cash at beginning of period | 71.3 | 317.0 | 794.3 |
| Cash, cash equivalents and restricted cash at end of period | $100.7 | $71.3 | $317.0 |
See Note 16 for supplemental disclosure of cash flow information.
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