Kaiser Aluminum changes inventory accounting from LIFO to WAC; restates 2023-2024 results

KAISER ALUMINUM CORP

Effective Jan 1, 2025, switches from LIFO to weighted average cost for virtually all inventories; applied retrospectively.
Restated 2023: net income increased $20.6M to $67.8M; retained earnings as of Dec 31, 2023: $66.3M (up $56.2M).
Restated 2024: net income increased $18.9M to $65.7M; retained earnings as of Dec 31, 2024: $81.3M (up $75.1M).
Inventory increased $73.5M to $550.7M at Dec 31, 2023, and $98.0M to $601.9M at Dec 31, 2024.
Company cites improved comparability, better reflects physical flow of goods, and simplifies financial close.

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