凯撒铝业 2025年季度报告

For the transition period from __________ to __________Commission File Number:1-09447 (Exact name of registrant as specified in its charter)Delaware(State of incorporation)1550 West McEwen Drive,Suite 500 Franklin,Tennessee(Address of principal executive offices) (629)252-7040 Securities registered pursuant to Section 12(b) of the Act: Common stock, par value $0.01 per shareKALU Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filerNon-accelerated filer☐Smaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ As of April 21, 2025, there were16,154,376shares of common stock of the registrant outstanding. 2 Cash flow hedgesOther comprehensive income (loss), net of tax 4 —— Quarter Ended March 31,20252024As Adjusted(In millions of dollars)Cash flows from operating activities:2 Amortization of debt premium and debt issuance costs0.5Deferred income taxes6.4Non-cash equity compensation4.2Non-cash asset impairment charge—3 Changes in operating assets and liabilities:Trade and other receivables(48.0)Contract assets5.5Inventories29.5Prepaid expenses and other current assets0.2Accounts payable20.3 Cash flows from investing activities:Capital expenditures2 Proceeds from sale of equity securities—Net cash used in investing activities(38.2)Cash flows from financing activities:Borrowings under the Revolving Credit Facility42.5Repayment of borrowings under the Revolving Credit Facility(42.5)Repayment of finance lease(0.7)2 Net cash used in financing activities(15.4)Net increase in cash, cash equivalents and restricted cash during the period3.4Cash, cash equivalents and restricted cash at beginning of period37.9Cash, cash equivalents and restricted cash at end of period$41.3$Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for furtherdiscussion. Non-cash asset impairment charge for the quarter ended March 31, 2024 is comprised of: (i) a $3.8million inventory write-down related to certain alloying metals and (ii) a $0.4million impairment charge on land held for sale.The accompanying notes to interim consolidated financial statements are an integral part of these statements. Supplemental Balance Sheet InformationEmployee Benefits Debt and Credit FacilityCommitments and Contingencies Use of Estimates in the Preparation of Financial Statements.The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of preparation of our consolidated financial statements; accordingly, it is possible that the actual results could differ from theseestimates and assumptions, which could have a material effect on the reported amounts of our consolidated financial position andresults of operations. Change in Accounting Principle.Effective January 1, 2025, the Company changed its inventory valuation methodology fromLIFO to WAC for its finished products, work-in-process, and raw material inventories. This change is preferable because the believes that the new valuation methodology better reflects the physical flow of goods and simplifies the financial close process byutilizing the WAC valuation methodology for all internal and external reporting purposes. The effects of this change have been retrospectively applied to all prior periods presented. See Note 14for additional information regarding the change in inventory valuation methodology.Accounting Pronouncements Issued But Not Yet Adopted Disclosure Improvements.In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-06(“ASU 2023-06”), Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. Theguidance amends GAAP to reflect updates and simplifications to certain disclosure requirements referred to the FASB by the SEC. effective. If by June 30, 2027, the SEC does not remove the related disclosure, the pending amendment will be removed from ASC2023-06 and it will not be effective. Adoption of ASU 2023-06 is expected to modify the disclosure and presentation requirementsonly and is not expected to have a material