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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Goodwill and Intangible Assets
- Goodwill and Intangible Assets
Goodwill. We identifiedno indicators of goodwill impairment during the years ended December 31, 2024 and December 31, 2023. During the year ended December 31, 2022, we recognized an impairment charge of $20.5 million within Operating income in the Statements of Consolidated Income (Loss) related to Warrick. As goodwill is deductible for tax purposes, the deferred tax effects were included in the impairment charge and income tax provision.
The following table presents the changes in the carrying value of our goodwill (in millions of dollars):
| As of December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Gross carrying value1 | $57.7 | $57.7 |
| Accumulated impairment loss1 | (38.9) | (38.9) |
| Net carrying value | $18.8 | $18.8 |
The gross carrying value and accumulated impairment loss excludes $25.2 million of goodwill recorded in conjunction with our acquisition of IMT.
Intangible Assets. The following table presents the gross carrying amount and accumulated amortization by major intangible asset class (in millions of dollars, except amortization periods):
| Weighted-AverageAmortizationPeriod(in years) | GrossAmount | AccumulatedAmortization | IntangibleAssets, Net | |
|---|---|---|---|---|
| Customer relationships | 19 | $68.1 | $(30.3) | $37.8 |
| Trade name | 10 | 2.4 | (1.5) | 0.9 |
| Non-compete agreement | 5 | 5.4 | (5.4) | — |
| Favorable lease contracts | 120 | 7.0 | (0.2) | 6.8 |
| Total | 26 | $82.9 | $(37.4) | $45.5 |
| Customer relationships | 19 | $68.1 | $(26.1) | $42.0 |
| Trade name | 10 | 2.4 | (1.2) | 1.2 |
| Non-compete agreement | 5 | 5.4 | (5.4) | — |
| Favorable lease contracts | 120 | 7.0 | (0.2) | 6.8 |
| Total | 26 | $82.9 | $(32.9) | $50.0 |
We identifiedno indicators of impairment associated with our intangible assets during the years ended December 31, 2024 and December 31, 2023. During the year ended December 31, 2022, we impaired the remaining book value of our favorable commodity contracts intangible asset as the supplier associated with the intangible asset ceased all deliveries of magnesium to us and provided no indication of when or if deliveries would resume over the remainder of the contract. The impairment charge of$3.1 million was included within Other operating charges, net, in our Statements of Consolidated Income (Loss).
Amortization expense relating to definite-lived intangible assets was$4.5 million,$5.3 million and$9.3 million for 2024, 2023, and 2022, respectively. The following table presents the expected amortization of intangible assets for each of the next five calendar years and thereafter as of December 31, 2024 (in millions of dollars):
| 2025 | $4.5 |
| 2026 | 4.5 |
| 2027 | 4.5 |
| 2028 | 4.4 |
| 2029 | 4.1 |
| Thereafter | 23.5 |
| Total | $45.5 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.