KAISER ALUMINUM CORP
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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Accumulated Other Comprehensive Income
- Accumulated Other Comprehensive Income
The following table presents the changes in the accumulated balances for each component of AOCI (in millions of dollars):
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Defined Benefit Plans: | |||
| Beginning balance | $11.0 | $2.8 | $(21.4) |
| Actuarial gain arising during the period | 12.2 | 4.3 | 27.0 |
| Less: income tax expense | (2.8) | (1.0) | (6.5) |
| Net actuarial gain arising during the period | 9.4 | 3.3 | 20.5 |
| Prior service (cost) credit arising during the period | (2.2) | 2.2 | — |
| Less: income tax benefit (expense) | 0.5 | (0.5) | — |
| Net prior service (cost) credit arising during the period | (1.7) | 1.7 | — |
| Amortization of net actuarial gain1,2 | (2.0) | (1.1) | — |
| Amortization of prior service cost1 | 2.5 | 5.3 | 4.9 |
| Less: income tax expense3 | (0.1) | (1.0) | (1.2) |
| Net amortization reclassified from AOCI to Net income (loss) | 0.4 | 3.2 | 3.7 |
| Other comprehensive income, net of tax | 8.1 | 8.2 | 24.2 |
| Ending balance | $19.1 | $11.0 | $2.8 |
| Cash Flow Hedges: | |||
| Beginning balance | $2.1 | $0.4 | $17.7 |
| Unrealized loss on cash flow hedges | (0.2) | (10.7) | (12.2) |
| Less: income tax benefit | — | 2.5 | 2.9 |
| Net unrealized loss on cash flow hedges | (0.2) | (8.2) | (9.3) |
| Reclassification of unrealized (gain) loss upon settlement of cash flow hedges | (0.9) | 12.9 | (10.5) |
| Reclassification due to forecasted transactions probable of not occurring | 0.2 | — | — |
| Less: income tax benefit (expense)3 | 0.2 | (3.0) | 2.5 |
| Net (gain) loss reclassified from AOCI to Net income (loss) | (0.5) | 9.9 | (8.0) |
| Other comprehensive (loss) income, net of tax | (0.7) | 1.7 | (17.3) |
| Ending balance4 | $1.4 | $2.1 | $0.4 |
| Total AOCI ending balance | $20.5 | $13.1 | $3.2 |
Amounts amortized out of AOCI related to pension and other postretirement and postemployment benefits were included within Net periodic postretirement and postemployment benefit cost (see Note 5).
Amounts amortized out of AOCI during the year ended December 31, 2024 include net actuarial gains recognized on a pro-rata basis in conjunction with a group annuity purchase (see Note 5).
Income tax amounts reclassified out of AOCI were included as a component of Income tax (provision) benefit.
As of December 31, 2024, we esti mate a net mark-to-market gain before tax of $1.9 million in AOCI will be reclassified into Net income (loss) upon settlement within the next 12 months.
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