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Guarantor and Non-Guarantor Financial Statements Guarantor and Non-Guarantor Financial Statements (Notes) | 3 Months Ended
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Mar. 31, 2012
Guarantor and Non-Guarantor Financial Statement [Abstract] |
Guarantor and Non-Guarantor Financial Statements | 19. Condensed Guarantor and Non-Guarantor Financial Information On May 23, 2012, Kaiser Aluminum Corporation (the "Parent") issued $225.0 aggregate principal amount of its 8.250% Senior Notes due 2020 (the “Senior Notes”) pursuant to an indenture, dated May 23, 2012 (the “Indenture”), among the Parent, the subsidiary guarantors party thereto (the “Guarantor Subsidiaries”) and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Guarantor Subsidiaries currently include Kaiser Aluminum Investments Company, Kaiser Aluminum Fabricated Products, LLC, Kaiser Aluminum Mill Products Inc., Kaiser Aluminum Washington, LLC and Kaiser Aluminum Alexco, LLC, all of which are 100% owned by the Parent. The guarantees are full and unconditional and joint and several. Pursuant to the requirements of Section 210.3-10(f) of Regulation S-X, the following tables present the condensed consolidating balance sheets as of March 31, 2012 and December 31, 2011, and the condensed consolidating statements of comprehensive income and condensed consolidating statements of cash flow for the quarters ended March 31, 2012 and March 31, 2011 for (i) the Parent and issuer, (ii) the Guarantor Subsidiaries on a combined basis, (iii) the Non-Guarantor Subsidiaries (as defined below) on a combined basis, (iv) Consolidating Adjustments, and (v) total consolidated amounts. In the following tables, "Non-Guarantor Subsidiaries" refers to Kaiser Aluminum Canada Limited, Trochus Insurance Company, DCO Management, LLC, Kaiser Aluminum France, S.A.S. and Kaiser Aluminum Beijing Trading Company; and "Consolidating Adjustments" represent the adjustments necessary to eliminate the investments in the Company's subsidiaries and other intercompany sales and cost of sales transactions. The condensed consolidating financial information should be read in conjunction with the consolidated financial statements herein. CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2012
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5.0 |  |  | $ | 71.6 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 77.3 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade, less allowance for doubtful receivables |  | — |  |  | 125.8 |  |  | 4.3 |  |  | — |  |  | 130.1 |
Intercompany receivables |  | — |  |  | — |  |  | 2.9 |  |  | (2.9 | ) |  | — |
Other |  | — |  |  | 0.9 |  |  | 0.4 |  |  | — |  |  | 1.3 |
Inventories |  | — |  |  | 189.4 |  |  | 8.8 |  |  | — |  |  | 198.2 |
Prepaid expenses and other current assets |  | — |  |  | 74.5 |  |  | 0.8 |  |  | — |  |  | 75.3 |
Total current assets |  | 5.0 |  |  | 462.2 |  |  | 17.9 |  |  | (2.9 | ) |  | 482.2 |
Investments in and advances to unconsolidated affiliates |  | 1,111.9 |  |  | 7.3 |  |  | — |  |  | (1,119.2 | ) |  | — |
Property, plant, and equipment — net |  | — |  |  | 358.8 |  |  | 12.0 |  |  | — |  |  | 370.8 |
Long-term intercompany receivables |  | — |  |  | 22.3 |  |  | 2.5 |  |  | (24.8 | ) |  | — |
Net asset in respect of VEBA(s) |  | — |  |  | 213.4 |  |  | — |  |  | — |  |  | 213.4 |
Deferred tax assets — net |  | — |  |  | 178.9 |  |  | (0.6 | ) |  | 8.6 |  |  | 186.9 |
Intangible assets — net |  | — |  |  | 36.8 |  |  | — |  |  | — |  |  | 36.8 |
Goodwill |  | — |  |  | 37.2 |  |  | — |  |  | — |  |  | 37.2 |
Other assets |  | 41.0 |  |  | 18.9 |  |  | 3.1 |  |  | — |  |  | 63.0 |
Total |  | $ | 1,157.9 |  |  | $ | 1,335.8 |  |  | $ | 34.9 |  |  | $ | (1,138.3 | ) |  | $ | 1,390.3 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 0.1 |  |  | $ | 57.0 |  |  | $ | 8.3 |  |  | $ | — |  |  | $ | 65.4 |
Intercompany payable |  | — |  |  | 2.9 |  |  | — |  |  | (2.9 | ) |  | — |
Accrued salaries, wages, and related expenses |  | — |  |  | 29.2 |  |  | 2.4 |  |  | — |  |  | 31.6 |
Other accrued liabilities |  | 4.1 |  |  | 37.1 |  |  | 1.4 |  |  | — |  |  | 42.6 |
Payable to affiliate |  | — |  |  | 22.4 |  |  | — |  |  | — |  |  | 22.4 |
Long-term debt-current portion |  | — |  |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Total current liabilities |  | 4.2 |  |  | 150.3 |  |  | 12.1 |  |  | (2.9 | ) |  | 163.7 |
Net liability in respect of VEBA |  | — |  |  | 20.4 |  |  | — |  |  | — |  |  | 20.4 |
Long-term intercompany payable |  | 22.0 |  |  | 2.5 |  |  | 0.3 |  |  | (24.8 | ) |  | — |
Long-term liabilities |  | 44.6 |  |  | 53.7 |  |  | 17.8 |  |  | — |  |  | 116.1 |
Cash convertible senior notes |  | 149.8 |  |  | — |  |  | — |  |  | — |  |  | 149.8 |
Other long-term debt |  | — |  |  | 3.0 |  |  | — |  |  | — |  |  | 3.0 |
Total liabilities |  | 220.6 |  |  | 229.9 |  |  | 30.2 |  |  | (27.7 | ) |  | 453.0 |
Total stockholders’ equity |  | 937.3 |  |  | 1,105.9 |  |  | 4.7 |  |  | (1,110.6 | ) |  | 937.3 |
Total |  | $ | 1,157.9 |  |  | $ | 1,335.8 |  |  | $ | 34.9 |  |  | $ | (1,138.3 | ) |  | $ | 1,390.3 |
CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2011
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5.0 |  |  | $ | 43.0 |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 49.8 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade, less allowance for doubtful receivables |  | — |  |  | 96.0 |  |  | 2.9 |  |  | — |  |  | 98.9 |
Intercompany receivables |  | — |  |  | 2.3 |  |  | 0.2 |  |  | (2.5 | ) |  | — |
Other |  | — |  |  | 0.8 |  |  | 0.4 |  |  | — |  |  | 1.2 |
Inventories |  | — |  |  | 196.6 |  |  | 9.1 |  |  | — |  |  | 205.7 |
Prepaid expenses and other current assets |  | 6.9 |  |  | 71.0 |  |  | 1.0 |  |  | — |  |  | 78.9 |
Total current assets |  | 11.9 |  |  | 409.7 |  |  | 15.4 |  |  | (2.5 | ) |  | 434.5 |
Investments in and advances to unconsolidated affiliates |  | 1,036.9 |  |  | 5.8 |  |  | — |  |  | (1,042.7 | ) |  | — |
Property, plant, and equipment — net |  | — |  |  | 355.9 |  |  | 11.9 |  |  | — |  |  | 367.8 |
Long-term intercompany receivables |  | — |  |  | 22.0 |  |  | 2.5 |  |  | (24.5 | ) |  | — |
Net asset in respect of VEBA(s) |  | — |  |  | 144.7 |  |  | — |  |  | — |  |  | 144.7 |
Deferred tax assets — net |  | — |  |  | 218.9 |  |  | (0.6 | ) |  | 8.6 |  |  | 226.9 |
Intangible assets — net |  | — |  |  | 37.2 |  |  | — |  |  | — |  |  | 37.2 |
Goodwill |  | — |  |  | 37.2 |  |  | — |  |  | — |  |  | 37.2 |
Other assets |  | 50.2 |  |  | 19.2 |  |  | 2.9 |  |  | — |  |  | 72.3 |
Total |  | $ | 1,099.0 |  |  | $ | 1,250.6 |  |  | $ | 32.1 |  |  | $ | (1,061.1 | ) |  | $ | 1,320.6 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | — |  |  | $ | 57.1 |  |  | $ | 5.1 |  |  | $ | — |  |  | $ | 62.2 |
Intercompany payable |  | — |  |  | 0.2 |  |  | 2.3 |  |  | (2.5 | ) |  | — |
Accrued salaries, wages, and related expenses |  | — |  |  | 28.7 |  |  | 2.2 |  |  | — |  |  | 30.9 |
Other accrued liabilities |  | 2.2 |  |  | 38.0 |  |  | 0.8 |  |  | — |  |  | 41.0 |
Payable to affiliate |  | — |  |  | 14.4 |  |  | — |  |  | — |  |  | 14.4 |
Long-term debt-current portion |  | — |  |  | 1.3 |  |  | — |  |  | — |  |  | 1.3 |
Total current liabilities |  | 2.2 |  |  | 139.7 |  |  | 10.4 |  |  | (2.5 | ) |  | 149.8 |
Net liability in respect of VEBA |  | — |  |  | 20.6 |  |  | — |  |  | — |  |  | 20.6 |
Long-term intercompany payable |  | 22.0 |  |  | 2.5 |  |  | — |  |  | (24.5 | ) |  | — |
Long-term liabilities |  | 54.0 |  |  | 53.5 |  |  | 18.5 |  |  | — |  |  | 126.0 |
Cash convertible senior notes |  | 148.0 |  |  |  |  |  | — |  |  | — |  |  | 148.0 |
Other long-term debt |  | — |  |  | 3.4 |  |  | — |  |  | — |  |  | 3.4 |
Total liabilities |  | 226.2 |  |  | 219.7 |  |  | 28.9 |  |  | (27.0 | ) |  | 447.8 |
Total stockholders’ equity |  | 872.8 |  |  | 1,030.9 |  |  | 3.2 |  |  | (1,034.1 | ) |  | 872.8 |
Total |  | $ | 1,099.0 |  |  | $ | 1,250.6 |  |  | $ | 32.1 |  |  | $ | (1,061.1 | ) |  | $ | 1,320.6 |
CONDENSED STATEMENT OF CONSOLIDATING COMPREHENSIVE INCOME Quarter Ended March 31, 2012
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 355.5 |  |  | $ | 32.6 |  |  | $ | (22.7 | ) |  | $ | 365.4 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation, amortization and other items |  | — |  |  | 287.4 |  |  | 29.9 |  |  | (22.3 | ) |  | 295.0 |
Depreciation and amortization |  | — |  |  | 6.1 |  |  | 0.2 |  |  | — |  |  | 6.3 |
Selling, administrative, research and development, and general |  | 0.5 |  |  | 17.7 |  |  | — |  |  | (0.3 | ) |  | 17.9 |
Total costs and expenses |  | 0.5 |  |  | 311.2 |  |  | 30.1 |  |  | (22.6 | ) |  | 319.2 |
Operating (loss) income |  | (0.5 | ) |  | 44.3 |  |  | 2.5 |  |  | (0.1 | ) |  | 46.2 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense |  | (4.0 | ) |  | (0.1 | ) |  | — |  |  | — |  |  | (4.1 | )
Other income (expense), net |  | 0.5 |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.7 |
Income before income taxes |  | (4.0 | ) |  | 44.4 |  |  | 2.5 |  |  | (0.1 | ) |  | 42.8 |
Income tax provision |  | — |  |  | (16.8 | ) |  | (0.7 | ) |  | 1.2 |  |  | (16.3 | )
Earnings in equity of subsidiaries |  | 30.5 |  |  | 1.7 |  |  | — |  |  | (32.2 | ) |  | — |
Net income |  | $ | 26.5 |  |  | $ | 29.3 |  |  | $ | 1.8 |  |  | $ | (31.1 | ) |  | $ | 26.5 |
Comprehensive income (loss) |  | $ | 27.6 |  |  | $ | 30.7 |  |  | $ | 1.5 |  |  | $ | (32.2 | ) |  | $ | 27.6 |
CONDENSED STATEMENT OF CONSOLIDATING COMPREHENSIVE INCOME Quarter Ended March 31, 2011
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 312.9 |  |  | $ | 35.0 |  |  | $ | (25.3 | ) |  | $ | 322.6 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation, amortization and other items |  | — |  |  | 272.6 |  |  | 33.1 |  |  | (24.8 | ) |  | 280.9 |
Depreciation and amortization |  | — |  |  | 6.1 |  |  | 0.2 |  |  | — |  |  | 6.3 |
Selling, administrative, research and development, and general |  | 0.4 |  |  | 13.8 |  |  | 1.9 |  |  | (0.5 | ) |  | 15.6 |
Total costs and expenses |  | 0.4 |  |  | 292.5 |  |  | 35.2 |  |  | (25.3 | ) |  | 302.8 |
Operating (loss) income |  | (0.4 | ) |  | 20.4 |  |  | (0.2 | ) |  | — |  |  | 19.8 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense |  | (3.8 | ) |  | (0.7 | ) |  | — |  |  | — |  |  | (4.5 | )
Other income (expense), net |  | 1.6 |  |  | 0.1 |  |  | — |  |  | — |  |  | 1.7 |
Income before income taxes |  | (2.6 | ) |  | 19.8 |  |  | (0.2 | ) |  | — |  |  | 17.0 |
Income tax provision |  | — |  |  | (7.0 | ) |  | (0.4 | ) |  | 1.2 |  |  | (6.2 | )
Earnings in equity of subsidiaries |  | 13.4 |  |  | (0.6 | ) |  | — |  |  | (12.8 | ) |  | — |
Net income (loss) |  | $ | 10.8 |  |  | $ | 12.2 |  |  | $ | (0.6 | ) |  | $ | (11.6 | ) |  | $ | 10.8 |
Comprehensive income (loss) |  | $ | 11.2 |  |  | $ | 12.9 |  |  | $ | (0.9 | ) |  | $ | (12.0 | ) |  | $ | 11.2 |
CONDENSED STATEMENTS OF CONSOLIDATING CASH FLOWS Quarter Ended March 31, 2012
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities |  | $ | 0.1 |  |  | $ | 35.7 |  |  | $ | (0.8 | ) |  | $ | — |  |  | $ | 35.0 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (8.7 | ) |  | (0.3 | ) |  | — |  |  | (9.0 | )
Change in restricted cash |  | 6.9 |  |  | 0.3 |  |  | — |  |  | — |  |  | 7.2 |
Net cash used in investing activities |  | 6.9 |  |  | (8.4 | ) |  | (0.3 | ) |  | — |  |  | (1.8 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest |  | — |  |  | 1.3 |  |  | — |  |  | — |  |  | 1.3 |
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares |  | (2.1 | ) |  | — |  |  | — |  |  | — |  |  | (2.1 | )
Cash dividend paid to stockholders |  | (4.9 | ) |  | — |  |  | — |  |  | — |  |  | (4.9 | )
Net cash (used in) provided by financing activities |  | (7.0 | ) |  | 1.3 |  |  | — |  |  | — |  |  | (5.7 | )
Net increase (decrease) in cash and cash equivalents during the period |  | — |  |  | 28.6 |  |  | (1.1 | ) |  | — |  |  | 27.5 |
Cash and cash equivalents at beginning of period |  | 5.0 |  |  | 43.0 |  |  | 1.8 |  |  | — |  |  | 49.8 |
Cash and cash equivalents at end of period |  | $ | 5.0 |  |  | $ | 71.6 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 77.3 |
CONDENSED STATEMENTS OF CONSOLIDATING CASH FLOWS Quarter Ended March 31, 2011
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities |  | $ | 5.8 |  |  | $ | 10.2 |  |  | $ | (0.2 | ) |  | $ | — |  |  | $ | 15.8 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (5.8 | ) |  | (0.4 | ) |  | — |  |  | (6.2 | )
Cash payment for acquisition of manufacturing facility and related assets (net of $4.9 of cash received in connection with the acquisition in 2011) |  | — |  |  | (83.2 | ) |  | — |  |  | — |  |  | (83.2 | )
Net cash used in investing activities |  | — |  |  | (89.0 | ) |  | (0.4 | ) |  | — |  |  | (89.4 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Repayment of promissory notes |  | — |  |  | (0.3 | ) |  | — |  |  | — |  |  | (0.3 | )
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares |  | (1.1 | ) |  | — |  |  | — |  |  | — |  |  | (1.1 | )
Cash dividend paid to stockholders |  | (4.7 | ) |  | — |  |  | — |  |  | — |  |  | (4.7 | )
Net cash used in financing activities |  | (5.8 | ) |  | (0.3 | ) |  | — |  |  | — |  |  | (6.1 | )
Net decrease in cash and cash equivalents during the period |  | — |  |  | (79.1 | ) |  | (0.6 | ) |  | — |  |  | (79.7 | )
Cash and cash equivalents at beginning of period |  | 5.0 |  |  | 129.6 |  |  | 1.0 |  |  | — |  |  | 135.6 |
Cash and cash equivalents at end of period |  | $ | 5.0 |  |  | $ | 50.5 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 55.9 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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