Kaiser Aluminum Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Kaiser Aluminum Corp. has filed its 2023 10-K report detailing financial performance and disclosures.</b>

AI Summary

KAISER ALUMINUM CORP (KALU) filed a Annual Report (10-K) with the SEC on February 23, 2024. Kaiser Aluminum Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing includes financial statements and disclosures for the period. Key dates mentioned include various reporting and filing deadlines throughout 2024 and beyond. The company's business address is 27422 Portola Parkway, Suite 200, Foothill Ranch, CA 92610-2831. The filing references specific accounting standards and financial instruments, including hedging activities and defined benefit plans.

Why It Matters

For investors and stakeholders tracking KAISER ALUMINUM CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kaiser Aluminum's financial health, operational performance, and strategic outlook for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial position, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: medium — KAISER ALUMINUM CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the typical disclosures of a large public company.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Kaiser Aluminum's performance and outlook for 2024.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240223 — Filed As Of Date (Filing Date)
• 141 — Public Document Count (Number of documents in the filing)
• 3350 — Standard Industrial Classification (Industry code for Rolling Drawing & Extruding of Nonferrous Metals)

Key Players & Entities

• KAISER ALUMINUM CORP (company) — Filer name
• 0000811596 (company) — Central Index Key
• 27422 PORTOLA PARKWAY, SUITE 200 (company) — Business Address
• FOOTHILL RANCH (company) — Business Address City
• CA (company) — Business Address State
• 92610-2831 (company) — Business Address Zip
• KAISERTECH LTD (company) — Former Company Name
• 19901122 (date) — Date of Name Change

FAQ

Risk Factors

• Supplier Concentration Risk [medium — financial]: The company faces supplier concentration risk, particularly with its top five major suppliers for Aluminum.

Industry Context

Kaiser Aluminum Corp. operates in the rolling, drawing, and extruding of nonferrous metals industry.

Regulatory Implications

The filing adheres to SEC regulations for annual reports (Form 10-K) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Evaluate the identified risk factors, especially supplier concentration.
3. Review management's discussion and analysis for strategic insights.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share KALU Nasdaq Global Select
• $550.0 million — al amounts, respectively: (i) 4.50% and $550.0 million; and (ii) 4.625% and $500.0 million T
• $500.0 million — and $550.0 million; and (ii) 4.625% and $500.0 million Term SOFR Forward looking term rate
• $3,087.0 million — 023, our consolidated Net sales totaled $3,087.0 million on 1,196.4 million pounds shipped from

Filing Documents

• kalu-20231231.htm (10-K) — 4280KB
• kalu-ex19_1.htm (EX-19.1) — 58KB
• kalu-ex21_1.htm (EX-21.1) — 17KB
• kalu-ex23_1.htm (EX-23.1) — 4KB
• kalu-ex31_1.htm (EX-31.1) — 11KB
• kalu-ex31_2.htm (EX-31.2) — 11KB
• kalu-ex32_1.htm (EX-32.1) — 8KB
• kalu-ex32_2.htm (EX-32.2) — 8KB
• kalu-ex97_1.htm (EX-97.1) — 49KB
• img243590764_0.jpg (GRAPHIC) — 101KB
• 0000950170-24-018958.txt (&nbsp;) — 20801KB
• kalu-20231231.xsd (EX-101.SCH) — 2428KB
• kalu-20231231_htm.xml (XML) — 4893KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 86 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 86 PART III Item 10. Directors, Executive Officers and Corporate Governance 87 Item 11.

Executive Compensation

Executive Compensation 87 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions and Director Independence 87 Item 14. Principal Accountant Fees and Services 87 PART IV Item 15. Exhibits and Financial Statement Schedules 88 Item 16. Form 10-K Summary 91

SIGNATURES

SIGNATURES 92 PA RT I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains statements which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, as applicable. These statements appear throughout this Form 10-K, including Item 1. "Business – Business Operations," Item 1A. "Risk Factors" and Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "estimates," "will," "should," "plans" or "anticipates," or the negative of the foregoing or other variations or comparable terminology, or by discussions of strategy. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties and that actual results may vary from those in the forward-looking statements as a result of various factors. These factors include: (i) the effectiveness of management's strategies and decisions, including strategic investments, capital spending strategies, processes and countermeasures implemented to address operational and supply chain challenges and the execution of those strategies; (ii) general economic and business conditions, including the impact of geopolitical factors and governmental and other actions taken in response, cyclicality, reshoring, labor challenges, supply interruptions, and other conditions that impact demand drivers in the Aero/HS Products, Packaging, GE Products, Automotive Extrusions and other end markets we serve; (iii) our ability to participate in mature and anticipated new automotive programs expected to launch in the future and successfully launch new automotive programs; (iv) changes or shifts in defense spending due to competing na

B usiness

Item 1. B usiness Availability of Information We file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements, any amendments to those reports and statements and other information with the SEC. You may obtain the documents that we file electronically from the SEC's website at http://www.sec.gov . Our filings with the SEC are made available free of charge on our website at http://www.kaiseraluminum.com as soon as reasonably practicable after we file or furnish the materials with the SEC. News releases, announcements of upcoming earnings calls and events in which our management participates or hosts with members of the investment community and an archive of webcasts of such earnings calls and investor events and related investor presentations, are also available on our website. Information on our website is not incorporated into this Form 10-K unless expressly noted. Business Overview Kaiser Aluminum Corporation, a Delaware corporation, manufactures and sells semi-fabricated specialty aluminum mill products for the following end market applications: (i) Aero/HS Products; (ii) Packaging; (iii) GE Products; (iv) Automotive Extrusions; and (v) Other products. Our fabricated aluminum mill products include flat-rolled (plate, sheet, and coil), extruded (rod, bar, hollows, and shapes), drawn (rod, bar, pipe, tube and wire) and certain cast aluminum products. The sophistication of our products is due to the metallurgy and physical properties of the metal and the special characteristics that are required for particular end uses. We strategically choose to serve technically challenging applications for which we can deploy our core metallurgical and process technology capabilities to produce highly engineered mill products with differentiated characteristics that present opportunities for us to receive premium pricing and to create long-term profitable growth. A fundamental part of our business model is to remain neutra

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View this 10-K filing on SEC EDGAR