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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Statements of Consolidated Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (In millions of dollars) | |||
| Cash flows from operating activities1: | |||
| Net income (loss) | $46.8 | $47.2 | $(29.6) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation of property, plant and equipment | 111.9 | 103.3 | 97.6 |
| Amortization of definite-lived intangible assets | 4.5 | 5.3 | 9.3 |
| Amortization of debt premium and debt issuance costs | 2.3 | 2.2 | 2.3 |
| Deferred income taxes | 6.8 | 7.5 | (12.0) |
| LIFO valuation inventory expense | 3.5 | 1.0 | 22.0 |
| Non-cash equity compensation | 14.4 | 16.1 | 14.3 |
| Non-cash asset impairment charges2 | 3.6 | — | 23.7 |
| Gain on disposition of property, plant and equipment | (3.3) | (13.8) | (6.0) |
| Gain on reimbursement on certain machinery and equipment – Note 13 | — | — | (6.0) |
| Bad debt expense | 0.3 | — | — |
| Non-cash postretirement and postemployment defined benefit plan cost | 9.0 | 13.4 | 13.1 |
| Changes in operating assets and liabilities: | |||
| Trade and other receivables | (4.4) | 33.1 | 15.0 |
| Contract assets | (14.9) | 0.1 | 4.6 |
| Inventories (excluding LIFO adjustments) | (29.4) | 47.2 | (142.8) |
| Prepaid expenses and other current assets | (9.6) | (2.8) | (1.5) |
| Accounts payable | 14.1 | (43.0) | (61.2) |
| Accrued liabilities | 10.0 | 6.6 | 4.4 |
| Annual variable cash contributions to Salaried VEBA | (1.1) | — | — |
| Long-term assets and liabilities, net | 2.6 | (11.5) | (10.3) |
| Net cash provided by (used in) operating activities | 167.1 | 211.9 | (63.1) |
| Cash flows from investing activities1: | |||
| Capital expenditures | (180.8) | (143.2) | (142.5) |
| Purchase of equity securities | (0.1) | (0.3) | (0.3) |
| Proceeds from sale of equity securities | 0.3 | 0.1 | — |
| Proceeds from reimbursement on certain machinery and equipment – Note 13 | — | — | 6.0 |
| Proceeds from disposition of property, plant and equipment | 6.0 | 15.2 | 11.0 |
| Net cash used in investing activities | (174.6) | (128.2) | (125.8) |
| Cash flows from financing activities1: | |||
| Borrowings under the Revolving Credit Facility | — | 215.1 | — |
| Repayment of borrowings under the Revolving Credit Facility | — | (215.1) | — |
| Cash paid for debt issuance costs | — | — | (1.8) |
| Repayment of finance lease | (2.5) | (2.1) | (2.1) |
| Cancellation of shares to cover tax withholdings upon common shares issued | (2.1) | (1.8) | (2.8) |
| Cash dividends and dividend equivalents paid | (50.7) | (50.4) | (50.1) |
| Net cash used in financing activities | (55.3) | (54.3) | (56.8) |
| Net (decrease) increase in cash, cash equivalents and restricted cash during the period | (62.8) | 29.4 | (245.7) |
| Cash, cash equivalents and restricted cash at beginning of period | 100.7 | 71.3 | 317.0 |
| Cash, cash equivalents and restricted cash at end of period | $37.9 | $100.7 | $71.3 |
See Note 16 for supplemental disclosure of cash flow information.
Non-cash asset impairment charges for the year ended December 31, 2024 are comprised of: (i) a $3.2 million inventory write-down related to certain alloying metals and (ii) a $0.4 million impairment charge on land held for sale. Non-cash asset impairment charges for the year ended December 31, 2022 are comprised of: (i) a $20.5 million goodwill impairment charge and (ii) a $3.2 million other operating charge primarily due to the impairment of a favorable commodity contract intangible asset (see Note 4).
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