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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Other Income, Net
- Other Income, Net
The following table presents the components of Other income, net, (in millions of dollars):
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Interest income | $3.6 | $1.7 | $1.3 |
| Net periodic postretirement and postemployment benefit cost | (4.3) | (8.4) | (5.6) |
| Unrealized gain (loss) on equity securities | 0.3 | 0.6 | (1.2) |
| Gain on disposition of property, plant and equipment | 3.8 | 13.8 | 6.0 |
| Gain on business interruption insurance recoveries1 | 16.3 | — | — |
| Post-acquisition funding received from Alcoa Corporation2 | — | — | 6.0 |
| All other, net | (0.2) | (0.3) | (0.1) |
| Other income, net | $19.5 | $7.4 | $6.4 |
Represents advances against business interruption insurance claims. We recognize such advances in the period in which the insurance proceeds are received or become realizable. As of December 31, 2024 we received net cash proceeds of $15.9 million.
Represents reimbursement received for repairs and maintenance expenditures on certain machinery and equipment that we had purchased from Alcoa in connection with our March 31, 2021 acquisition of Warrick.
Supply Chain Financing. During the years ended December 31, 2024 and December 31, 2023, we sold trade accounts receivable totaling$1,078.6 million and$1,240.6 million, respectively, related to these supply chain financing arrangements, of which the financial institutions of our customers applied discount fees totaling$24.8 million and$29.7 million, respectively. To the extent discount fees related to the sale of trade accounts receivable under supply chain financing arrangements are not reimbursed by our customers, they are included in Other income, net. As of December 31, 2024, we had been and/or expected to be substantially reimbursed by our customers for these discount fees, in accordance with the underlying sales agreements.
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