<SEC-DOCUMENT>0001193125-22-253408.txt : 20230117
<SEC-HEADER>0001193125-22-253408.hdr.sgml : 20230117
<ACCEPTANCE-DATETIME>20220928172630
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-253408
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KAISER ALUMINUM CORP
		CENTRAL INDEX KEY:			0000811596
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				943030279
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		27422 PORTOLA PARKWAY, SUITE 200
		CITY:			FOOTHILL RANCH
		STATE:			CA
		ZIP:			92610-2831
		BUSINESS PHONE:		949-614-1740

	MAIL ADDRESS:	
		STREET 1:		27422 PORTOLA PARKWAY, SUITE 200
		CITY:			FOOTHILL RANCH
		STATE:			CA
		ZIP:			92610-2831

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KAISERTECH LTD
		DATE OF NAME CHANGE:	19901122
</SEC-HEADER>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1550 West McEwen Drive, Suite 500</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Franklin, TN 37067</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">September&nbsp;28, 2022</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Charles Eastman and Ms.&nbsp;Claire Erlanger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Kaiser Aluminum Corporation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended June&nbsp;30, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response letter dated August&nbsp;2, 2022 <U> </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>File No.</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;1-09447</FONT></U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Eastman and Ms.&nbsp;Erlanger: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Kaiser Aluminum Corporation (the &#147;Company&#148;), I am writing to respond to your letter dated September&nbsp;6, 2022,
containing comments of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission in regard to the above-referenced filings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For ease of reference, I have included the text of the Staff&#146;s comments in bold-face type below, followed in each case by the
Company&#146;s response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response letter dated August&nbsp;2, 2022 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Selected Operational and Financial Information, page 33 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to our comment number 2. To help us better understand your &#147;Hedged Cost of
Alloyed Metal&#148; <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustment please provide us with the inputs, such as the total cost of alloying elements, that make up this adjustment and which line item in the income statement the amounts are
recognized in. Please also tell us when an input is based on an estimate, how such estimate is developed and why an estimate is used instead of the actual costs in the financial statements. Last, describe how gains and losses on settled hedges are
reflected in the adjustment and how the amounts in your (Gain) Loss footnote on page 77 relate to this input. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Response: As
discussed with the Staff on our conference call of September&nbsp;22, 2022, we sell to our customers with the objective of achieving metal price neutrality. The Hedged Cost of Alloyed Metal reflects the metal pass through component of our pricing to
customers. The resulting Value Added </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Eastman and Ms. Erlanger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 28, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>
Revenue metric, defined as Net sales less the Hedged Cost of Alloyed Metal, is intended to help users of our financial statements better understand what our Net sales would have been without the
metal pass through component that is exposed to metal price fluctuations. For the year ended December&nbsp;31, 2021, the Hedged Cost of Alloyed Metal totaled $1,510.8&nbsp;million and included the following inputs, all of which were included within
both Net sales and Cost of products sold, excluding depreciation and amortization and other items in our Statements of Consolidated (Loss) Income: (i)&nbsp;$1,525.2&nbsp;million reflecting the cost of aluminum at the average Midwest Transaction
Price (&#147;MWTP&#148;) and (ii)&nbsp;$27.2&nbsp;million reflecting the estimated cost of alloying elements, partially offset by (iii)&nbsp;$41.6&nbsp;million of metal price exposure on shipments that we hedged and realized gains upon settlement in
the referenced period. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The pass through component of aluminum in the Hedged Cost of Alloyed Metal reflects the cost of aluminum at the average
MWTP, and is calculated by multiplying the shipment volume for the period by the pricing mechanisms in our customer contracts (i.e., predominantly the current or prior month MWTP). </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The pass through component of alloying cost elements in the Hedged Cost of Alloyed Metal is based on an alloy recipe driven calculation using our standard
cost, (which is determined either by an index or our actual purchase cost, depending on the alloy) for the required alloying metal. For example, if the alloy recipe of a pound of our product includes 98% prime aluminum and 2% copper, the copper
alloying element would be multiplied by its cost (if $3.00/lb was the cost per pound of copper, we would multiply that cost by the 2% used in the product alloy recipe). </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The $41.6&nbsp;million of metal price exposure on shipments represents the amount by which our sales to customers were lower than the market price of metal
at the time of sale, and for which we recognized gains upon settlement of forward swaps during the referenced period. The purpose of including this adjustment within the Hedged Cost of Alloyed Metal is that our hedging program is intended to
compensate for this metal price exposure on firm price sales and therefore allow our Net sales pass through even when invoicing to customers at a fixed price. Such gains are reflected in our (Gain) Loss footnote on page 77. Additionally, any
settlement gains and losses on forward swaps that could not be matched <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-one</FONT></FONT> with our metal price exposure were also included in our total realized aluminum and
alloy gains and losses within our (Gain) Loss footnote on page 77. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarter Ended
June&nbsp;30, 2022 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations Selected
Operational and Financial information, page 25 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that one of your adjustments in your Adjusted EBITDA measure is titled &#147;Adjustments to
plant-level LIFO&#148; and appears to convert from GAAP LIFO applied on a consolidated basis to monthly LIFO applied on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">plant-by-plant</FONT></FONT> basis. Please
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Eastman and Ms. Erlanger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 28, 2022 </P>
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explain to us how the amount of this adjustment is calculated or determined and explain to us why you believe it is an appropriate adjustment to your
<FONT STYLE="white-space:nowrap">Non-GAAP</FONT> performance measure. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Response: We acknowledge the Staff&#146;s comment and
respectfully advise the Staff that the amount is calculated by adjusting each plant&#146;s monthly LIFO inventory balances back to a single consolidated GAAP LIFO value using the annual or beginning of the year GAAP LIFO rate. We believe this is an
appropriate adjustment to our <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> performance measure because we believe it helpfully reflects the way we price our products and manage our business. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>We price our products with the objective of achieving metal price neutrality as described in our response to the Staff&#146;s first comment. As discussed
with the Staff on our conference call of September&nbsp;22, 2022, we manage our business using the monthly LIFO values, which we believe enables us to identify the extent to which metal costs have been passed through to our customers. As GAAP LIFO
is calculated using an annual rather than monthly rate, we do not believe that it coincides with the way we pass the alloyed metal cost on to the customer through pricing and we believe that adjusting this
<FONT STYLE="white-space:nowrap">Non-GAAP</FONT> performance measure so that it removes the metal price volatility of marking our inventory to a January rate is helpful to users of our financial statements. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any additional questions regarding the foregoing, please do not hesitate to contact me at (629)
<FONT STYLE="white-space:nowrap">252-7023</FONT> or by email at neal.west@kaiseraluminum.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ </I>Neal E. West</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Neal E. West</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">John M. Donnan, <I>Kaiser Aluminum Corporation</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cherrie Tsai, <I>Kaiser Aluminum Corporation </I> </P>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
