KAISER ALUMINUM CORPORATION KALU Cash Flow

Kaiser aluminum corporation (KALU)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net income
29,100	-10,600	25,400	19,200	28,000	23,600	21,700	20,700	25,700	-15,200	19,900	4,700	36,000	24,500	14,900	26,000	26,300	13,300	22,100	20,200	-292,200	15,600	15,900	24,500	15,800	27,300	25,400	18,600	33,500	9,100	29,200	21,000	26,500	6,100	4,100	4,100	10,800	-2,400	5,500	100	8,800
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
12,500	12,100	11,600	11,400	11,200	10,800	10,600	10,600	10,100	10,000	9,900	9,200	9,200	9,000	8,600	8,600	8,300	7,800	7,700	7,700	7,600	7,600	7,600	7,300	7,000	6,800	6,500	6,500	6,600	6,400	6,300	6,100	5,900	5,700	5,700	5,900	5,700	5,700	4,800	5,000	4,000
Amortization of definite-lived intangible assets
700	700	700	700	700	700	400	300	400	400	300	300	400	300	400	400	400	400	400	400	400	400	400	400	400	400	400	500	400	500	400	500	400	600	500	500	600	-	-	-	0
Amortization of debt discount and debt issuance costs
300	300	300	300	300	200	300	200	300	300	300	300	300	300	300	200	300	100	600	400	3,200	3,000	3,000	2,900	2,900	2,800	2,800	2,700	2,700	2,600	2,600	2,300	2,300	3,000	1,800	1,900	1,900	1,500	1,500	1,500	0
Deferred income taxes
14,800	-6,700	9,500	7,900	10,400	9,300	9,600	9,900	7,900	50,400	18,700	1,800	18,100	16,700	9,400	16,200	15,100	19,300	12,800	12,900	-176,700	4,700	7,200	13,700	8,700	14,500	14,800	10,800	15,300	7,200	15,900	12,900	16,000	7,600	1,800	2,400	5,800	5,800	1,900	500	5,100
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	200	0	100	1,000	0	0	100	700	100	100	100	800	0	0	0	1,300	200	0	0	0	-	-	-	100
Non-cash equity compensation
1,700	1,400	2,300	3,700	2,400	1,900	2,700	2,900	2,800	3,200	3,500	3,600	3,000	3,000	3,100	3,100	2,600	2,500	2,200	2,700	2,100	1,600	900	2,500	2,000	700	1,400	2,100	2,600	400	1,600	1,300	2,500	1,400	1,200	1,400	1,400	600	1,000	1,500	1,600
Gain on disposition of short-term investments
500	300	200	100	300	500	900	400	1,100	500	500	600	700	0	0	0	0	-	-	-	-	-	-	-	-	0	100	-200	500	0	0	0	0	-	-	-	-	-	-	-	-
Lower of cost or market inventory write-down
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	4,900	2,600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net non-cash LIFO benefits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,700	-4,900	-2,900	-19,900	-7,100	5,000	14,900	10,300	-2,000	-1,000	9,200
Non-cash unrealized loss (gain) on derivative instruments
-	-	-	-	-	-	-	-	-	-	-	-	15,100	-	2,000	10,900	4,000	4,300	-1,700	-1,500	-4,500	-10,400	-1,300	2,000	2,900	6,200	3,100	-5,100	-300	-400	12,200	600	3,600	-6,100	-12,700	-13,100	6,000	1,600	10,800	-18,100	200
Amortization of option premiums (received) paid, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	100	100	100	-300	-300	-300	-300	800	300	500	200
Non-cash asset impairment charge
-	-	-	-	-	-	0	0	100	-	18,400	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposition of property, plant and equipment
-200	-100	-100	200	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-100	0	0	-100	0	0	0	-100
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)
-	-	-	-	-	-	-	-	-	-	-	-	-	1,200	800	900	800	1,000	600	600	600	-5,800	-6,000	-6,100	-5,600	-5,100	-5,600	-5,700	-5,600	-2,600	-2,900	-3,000	-3,000	-1,200	-1,500	-1,500	-1,500	-	-	-	-
Non-cash loss on removal of Union VEBA, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	446,700	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-cash changes in assets and liabilities
-1,800	700	-3,200	-2,500	-3,600	-1,700	-4,500	-7,600	-8,100	700	10,400	4,300	100	18,600	-200	-600	-300	-200	0	-100	-300	-100	-200	-200	-100	4,700	2,100	100	2,400	-100	-400	100	-800	-300	100	-100	-100	1,600	-1,100	-300	500
Changes in operating assets and liabilities:
Trade and other receivables
12,600	-29,000	11,000	-15,000	12,800	-13,400	6,100	6,600	23,000	26,900	-2,700	-12,500	19,200	100	6,700	-4,600	24,600	-13,200	-8,500	-14,000	18,300	-2,600	8,700	-1,300	2,200	-3,400	2,200	-19,100	23,600	-30,900	24,900	1,800	31,300	-30,900	8,100	5,600	25,500	-7,200	-2,900	-2,800	14,100
Contract assets
-7,500	8,500	-800	-11,500	3,500	3,900	-1,600	-4,900	1,900	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivable from affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-200
Inventories
17,000	-14,900	-38,600	-2,800	18,800	19,400	15,600	400	9,600	-4,300	12,300	-3,600	1,900	-22,000	6,100	6,900	-4,100	4,900	0	-700	3,300	3,400	13,200	-5,000	-11,300	6,500	5,000	3,600	13,300	10,500	-13,500	-6,300	-10,400	-8,800	9,300	13,600	10,400	24,500	800	15,600	15,400
Prepaid expenses and other current assets
2,800	0	-2,600	900	3,400	-1,200	-1,400	800	2,200	-100	-2,400	900	3,300	7,100	-1,800	500	2,200	-500	-1,700	-700	2,400	-300	-1,200	-200	2,300	-1,000	-1,800	-600	2,300	300	-3,100	-500	1,900	900	-300	1,600	700	3,500	-1,800	-1,400	600
Accounts payable
21,700	-2,600	-8,500	-20,800	7,400	-1,900	-12,800	11,900	32,000	-8,600	11,500	700	9,400	2,600	-2,600	1,500	1,900	1,400	-8,900	-6,500	400	-8,400	16,500	1,800	10,400	-10,300	-400	-800	9,900	-5,700	400	700	3,300	-1,600	-11,100	10,000	13,600	1,000	-3,300	-1,500	8,000
Accrued liabilities
-2,300	-4,200	3,300	-6,200	-400	-1,600	9,800	-3,500	-7,300	-5,600	10,700	1,600	-11,400	-1,700	10,500	-3,800	21,200	-6,900	12,700	-12,100	19,100	-3,200	7,400	-8,800	-1,400	-5,900	7,900	-700	500	-5,300	8,600	2,800	4,300	-1,800	7,100	-5,700	-1,100	-1,100	10,900	-400	-9,000
Annual variable cash contributions to Salaried VEBA
2,900	0	0	0	2,100	0	0	0	15,700	0	0	0	20,000	0	0	0	19,500	0	0	0	13,700	0	0	0	16,000	0	0	0	20,000	-	-	-	-	-	-	-	-	-	-	-	-
Payable to affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-12,300	4,400	-6,100	-4,300	-4,100	8,000	-6,000	-4,700	1,200	6,800	-2,900	1,400	1,900	7,700
Long-term assets and liabilities, net
-200	-200	-4,700	-800	-100	5,700	-1,600	-500	500	3,300	-1,000	-700	600	11,000	200	200	14,600	-2,100	1,700	2,300	-30,100	5,300	2,600	-1,100	400	-3,200	800	400	1,400	-800	100	300	1,500	-3,300	5,100	200	400	2,800	-12,200	1,300	-16,500
Net cash provided by operating activities
52,400	78,400	83,400	47,700	22,800	37,700	28,500	57,900	26,100	10,000	58,400	69,000	4,100	58,200	35,200	50,900	21,300	50,800	60,600	40,900	7,400	20,400	32,400	44,200	27,100	21,100	41,700	42,600	6,300	45,700	32,000	39,700	35,000	42,000	-12,100	17,100	15,800	1,000	26,700	16,100	22,500
Cash flows from investing activities
Capital expenditures
21,100	19,500	10,800	16,300	13,600	21,000	17,300	16,100	19,700	19,400	16,400	24,900	14,800	18,700	15,100	16,400	25,900	24,700	15,500	11,600	11,300	19,800	9,500	14,700	15,400	23,400	21,000	16,700	9,300	18,400	8,800	7,900	9,000	9,600	8,800	7,900	6,200	4,000	8,200	12,800	13,900
Purchase of short-term investments
39,100	75,900	23,300	14,900	18,100	23,300	87,900	24,000	0	51,500	68,000	53,300	74,700	54,200	128,700	72,400	0	-	-	-	-	-	-	-	-	26,000	103,600	12,600	85,600	5,000	79,700	300	0	-	-	-	-	0	0	500	3,900
Proceeds from disposition of short-term investments
78,800	22,900	22,500	13,000	32,700	75,200	72,100	36,300	100,300	59,700	53,000	73,300	110,900	25,000	0	10,000	20,000	0	0	0	84,000	26,000	57,200	0	25,000	12,400	35,000	50,500	85,200	0	0	0	0	-	-	-	-	-	-	-	-
Cash payment for acquisition of Imperial Machine & Tool Co., net of cash received
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	83,200	-	-	-	0
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-100	400	0	-7,200	-100	1,100	0	0	-	-	-	-
Net cash provided by investing activities
18,600	-72,500	-11,600	-18,700	1,000	31,000	-75,800	-4,700	80,600	-11,200	-30,800	-4,900	21,400	-47,900	-143,800	-78,800	-5,900	-24,700	-15,500	-12,100	72,700	-33,200	17,000	-38,100	9,600	-36,000	-89,600	21,900	-9,700	-23,000	-88,900	-8,200	-1,800	-8,900	-9,800	-8,200	-89,400	-4,000	-12,400	-12,200	-17,800
Cash flows from financing activities
Cash paid for debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	100	5,800
Repayment of Convertible Notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Repayment of promissory notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	300	7,400	300	300	-	-	-	-
Cash paid for debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,900	0	100	2,600
Proceeds from issuance of Convertible Notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	175,000
Purchase of call option in connection with issuance of cash convertible senior notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-31,400
Proceeds from issuance of warrants
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	14,300
Repayment of finance lease
400	300	500	300	300	200	200	100	200	200	100	-100	200	-100	0	100	0	0	0	-100	100	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	200	0	100	1,000	0	0	100	700	100	100	100	800	0	0	0	1,300	200	0	0	0	-	-	-	100
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares
4,300	0	0	1,200	5,000	0	0	0	6,900	0	0	100	4,400	100	0	100	2,700	-200	0	500	2,500	0	0	200	2,200	100	200	0	2,200	0	100	0	2,100	2,000	0	0	1,100	-	-	-	-
Retirement of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Repurchase of common stock
12,500	3,600	12,000	10,100	18,500	28,800	13,000	13,200	5,700	12,800	2,300	31,800	32,600	19,700	5,100	2,200	6,300	4,100	3,700	13,200	28,200	15,400	5,000	11,000	12,700	34,400	4,000	25,200	14,700	0	0	0	0	-	-	-	-	0	0	0	44,200
Cash dividends and dividend equivalents paid
11,300	9,600	9,700	9,900	10,200	9,200	9,200	9,300	10,000	8,600	8,500	8,600	9,300	8,000	8,100	8,100	8,200	7,100	7,000	6,900	7,100	6,300	6,300	6,400	6,400	5,700	5,700	5,700	5,900	4,900	4,900	4,900	4,900	4,800	4,700	4,700	4,700	4,700	4,700	4,700	4,900
Net cash used in financing activities
-28,500	86,200	-22,200	-21,500	-34,000	-38,200	-22,400	-22,600	-22,800	-21,600	-10,900	-40,400	-46,500	-27,500	-13,100	152,600	-17,200	-35,300	-16,800	-195,400	-36,900	-21,800	-11,300	-17,500	-20,600	-40,200	-9,200	-30,800	-22,000	-4,900	-5,300	209,000	-5,700	-6,900	-14,300	-5,000	-6,100	-5,100	-5,000	-5,000	100,500
Net increase (decrease) in cash, cash equivalents and restricted cash during the period
42,500	92,100	49,600	7,500	-10,200	30,500	-69,700	30,600	83,900	-22,800	16,700	23,700	-21,000	-17,200	-121,700	124,700	-1,800	-9,200	28,300	-166,600	43,200	-34,600	38,100	-11,400	16,100	-55,100	-57,100	33,700	-25,400	17,800	-62,200	240,500	27,500	26,200	-36,200	3,900	-79,700	-8,100	9,300	-1,100	105,200