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Spot price. Some of our customers pay a product price that incorporates the spot price of primary aluminum (LME plus Midwest premium) in effect at the time of shipment to a customer. Spot prices for these products change regularly based on competitive dynamics. Fluctuation in the underlying aluminum price is a significant factor influencing changes in competitive spot prices. This pricing mechanism typically allows us to pass metal price risk through to the customers. For some of our higher value added products sold on a spot basis, the pass through of metal price movements can sometimes lag by as much as several months, with a favorable impact to us when metal prices decline and an adverse impact to us when metal prices increase. We, from time to time, enter into hedging transactions with third parties to minimize the impact to us of metal price swings for these higher value added products.

•	Index-based price. Some of our customers pay a product price that incorporates an index-based price for primary aluminum, such as Platt’s Midwest price for primary aluminum. This pricing mechanism also typically allows us to pass metal price risk through to the customer.

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Firm price. Some of our customers who commit to volumes and timing of delivery pay a firm price, creating metal price risk that we must hedge. We are able to limit exposure to metal price risks created by firm-price customer sales contracts by using third-party hedging instruments. Total fabricated product shipments for which we were subject to price risk were, in millions of pounds, 204.6, 138.3 and 119.8 during 2015, 2014 and 2013, respectively.

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1.	We are currently in the process of negotiating the labor agreement covering employees at our Kalamazoo, Michigan facility. We consider our relationship with our employees to be good.

2.	There are two labor agreements with the USW covering employees at the Trentwood facility. One agreement covers the majority of the employees at the facility as well as our Newark, Ohio facility. The other agreement covers employees working at a leased site near the Trentwood rolling mill complex. In January 2015, both agreements were extended through September 30, 2020.

•	We directly own 100% of the issued and outstanding shares of capital stock of Kaiser Aluminum Investments Company, a Delaware corporation ("KAIC"), which functions as an intermediate holding company.

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•	We directly own 100% of the ownership interest in Kaiser Aluminum Beijing Trading Company, which was formed in China for the primary purpose of engaging in market development and commercialization and distribution of our products in Asia.

•	KAIC owns 100% of the ownership interests of each of:

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Kaiser Aluminum Fabricated Products, LLC, a Delaware limited liability company ("KAFP"), which directly holds the assets and liabilities associated with our Fabricated Products segment (excluding those assets and liabilities associated with our London, Ontario and Chandler, Arizona (Extrusion) facilities and certain of the assets and liabilities associated with our Fabricated Products segment’s operations in the State of Washington) and owns 100% of the ownership interest of each of:

•	Kaiser Aluminum Washington, LLC, a Delaware limited liability company, which holds certain of the assets and liabilities associated with our Fabricated Products segment’s operations in the State of Washington; and

•	Kaiser Aluminum Alexco, LLC, a Delaware limited liability company, which holds the assets and liabilities associated with our Chandler, Arizona (Extrusion) facility;

•	Kaiser Aluminum Canada Limited, an Ontario corporation, which holds the assets and liabilities associated with our London, Ontario facility;

•	Kaiser Aluminum Mill Products, Inc., a Delaware corporation, which engages in market development and commercialization and distribution of our products in the United Kingdom.

•	Trochus Insurance Co., Ltd., a corporation formed in Bermuda, which has historically functioned as a captive insurance company;

•	Kaiser Aluminum France, SAS, a corporation formed in France for the primary purpose of engaging in market development and commercialization and distribution of our products in Europe; and

•	DCO Management, LLC, a Delaware limited liability company, which, as a successor by merger to Kaiser Aluminum & Chemical Corporation, holds our remaining non-operating assets and liabilities.

•	disruption in global financial markets that has at times reduced the liquidity available to us, our customers, our suppliers and the purchasers of products that materially affect demand for our products, including commercial airlines;

•	a weakened global banking and financial system that creates ongoing risk and exposure to the impact of non-performance by banks committed to provide financing, hedging counterparties, insurers, customers and suppliers;

•

volatility in commodity prices that potentially could result in substantial non-cash charges as we adjust inventory values and mark our commodity hedge positions to market and that potentially could also adversely affect our liquidity by creating cash margin requirements on our commodity hedge positions and by reducing the value of our inventories and borrowing base under our revolving credit facility;

•	our inability to achieve the level of growth, integration or other benefits anticipated from our strategic investments;

•	fluctuations in our costs, including the cost of energy, raw materials and freight, which we may not be able to pass entirely through to our customers;

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•	substantial fluctuations in consumer spending that have at times reduced the demand for some applications that use our products;

•	destocking and restocking of inventory levels throughout the supply chain for certain of our products;

•	pressure to reduce defense spending, which reductions could affect demand for our products used in defense applications, as the U.S. and foreign governments are faced with competing national priorities;

•	the inability to predict with any certainty the success or failure of efforts to reduce government deficit spending or the scope, nature or effect of such efforts; and

•	rapidly changing oil prices, which could impact the demand of our products, especially in aerospace/high strength and automotive applications.

•	acts of war or terrorism or the threat of war or terrorism;

•	government regulation in the countries in which we operate, service customers or purchase raw materials;

•	the implementation of controls on imports, exports or prices;

•	the adoption of new forms of taxation and duties;

•	new forms of emission controls and tax, commonly known as "cap and trade";

•	increasing medical benefit costs and the potential impact of the excise tax contemplated by the Affordable Care Act;

•	the imposition of currency restrictions;

•	the nationalization or appropriation of rights or other assets; and

•	trade disputes involving countries in which we operate, service customers or purchase raw materials.

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•	the volatility of costs of fuel, principally natural gas and utility services, principally electricity, used by production facilities;

•	regulations that subject us to additional capital or margin requirements, or other restrictions on our trading and commodity positions, could have an adverse effect on our ability to hedge risks associated with our business or on the cost of our hedging activities;

•	changes in economic factors, including inflation and fluctuations in foreign currency exchange rates and interest rates, in the countries in which operations exist, customers are serviced or raw materials are purchased;

•	the ability to attract and retain key management and other personnel and develop effective succession plans;

•	compliance with a wide variety of health and safety laws and regulations and changes to such laws and regulations;

•	disputes, legal proceedings, or investigations, whether meritorious or not, with respect to a variety of matters, including matters related to personal injury, employees, taxes, contracts and product liability;

•	pursuing growth through acquisitions, including the ability to identify acceptable acquisition candidates, finance and consummate acquisitions on favorable terms and successfully integrate acquired assets or businesses;

•	protection of intellectual property, including patents, trademarks, trade secrets and copyrights, from infringement by others and the potential defense of claims, whether meritorious or not, alleging the unauthorized use of the intellectual property of others;

•	taxation by multiple jurisdictions and the impact of such taxation on effective tax rate and the amount of taxes paid;

•	compliance with Section 404 of the Sarbanes-Oxley Act of 2002, including the potential impact of compliance failures; and

•	the failure to meet the expectations of investors, including as a result of factors beyond the control of an individual company.

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1.	The Chandler, Arizona (Extrusion) facility is subject to a land lease with a lease term that expires in 2023, subject to certain extension rights held by us. The facility is owned by us and is not subject to any leases.

2.	The Chandler, Arizona (Tube) facility is subject to a land lease with a lease term that expires in 2033, subject to certain extension rights held by us. The facility is owned by us and is not subject to any leases.

3.	The Kalamazoo, Michigan facility is subject to a lease with a 2033 expiration date.

4.	The Richland, Washington facility is subject to a lease that expires in December 2016, which we are currently in negotiations to extend.

5.	The Spokane, Washington facility consists of 2,751,000 square feet, which is owned by us, and 121,000 square feet, which is subject to a lease with a 2020 expiration date and a renewal option subject to certain terms and conditions.

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1.

Under our equity and performance incentive plan, participants may elect to have us withhold common shares to satisfy minimum statutory tax withholding obligations arising from the recognition of income and the vesting of restricted stock, restricted stock units and performance shares. When we withhold these shares, we are required to remit to the appropriate taxing authorities the market price of the shares withheld by us on the date of withholding. The withholding of common shares by us could be deemed a purchase of such common shares. During the quarter ended December 31, 2015, we withheld 1,928 shares of common stock to satisfy employee tax withholding obligations. All such were withheld and canceled by us on the applicable vesting dates or dates on which income to the employees was recognized and the number of shares withheld was determined based on the closing price per common share as reported on the Nasdaq Global Select Market on such dates.

2.

Of the $123.3 million that as of December 31, 2015 may yet be used to purchase our shares pursuant to the stock repurchase plan, $23.3 million is part of the $75.0 million that was authorized in December 2013 and $100.0 million was authorized in April 2015. Repurchase transactions will occur at such times and prices as management deems appropriate and will be funded with our excess liquidity after giving consideration to internal and external growth opportunities and future cash flows. Repurchases may be in open-market transactions or in privately negotiated transactions and the program may be modified or terminated by our Board of Directors at any time.

1.

Net (loss) income includes the impact of removing the net assets of the voluntary employees beneficiary association that provides benefits for eligible retirees represented by certain unions and their surviving spouses and eligible dependents and related deferred tax liabilities from our Consolidated Balance Sheets during the first quarter of 2015. See Note 6 of Notes to Consolidated Financial Statements included in this Report for further details.

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1.	The 2015 Total assets reflect the removal of the Union VEBA net assets from our Consolidated Balance Sheets during the first quarter of 2015. See Note 6 of Notes to Consolidated Financial Statements included in this Report for further details.

•	Overview;

•	Management Review of 2015 and Outlook for the Future;

•	Results of Operations;

•	Certain Information Related to Our Significant Tax Attributes;

•	Liquidity and Capital Resources;

•	Contractual Obligations, Commercial Commitments and Off-Balance Sheet and Other Arrangements;

•	Critical Accounting Estimates and Policies; and

•	New Accounting Pronouncements.

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We reached agreement on a definitive expiration date of our obligation to make variable cash contributions to the Union VEBA which caused us to terminate defined benefit accounting with respect to the Union VEBA in the first quarter 2015. Removing the net assets and the deferred tax liabilities related to the Union VEBA from our balance sheet and establishing liabilities for expected remaining payments resulted in a predominantly non-cash pretax loss of $492.2 million in the first quarter, which we considered to be non-run-rate.

•

Our reported operating loss for 2015 was $345.9 million reflecting predominantly non-cash, non-run-rate charges totaling $496.4 million, primarily related to settlement accounting for the Union VEBA. Adjusted for non-run-rate items, operating income was $150.5 million for the full year 2015. See "Segment and Business Unit Information" below for further discussion of our operating loss before non-run-rate items.

•	Net loss for 2015 was $236.6 million, as reported. Adjusting for the non-run-rate items as discussed above, adjusted net income was $71.6 million. See "Segment and Business Unit Information" below for discussion of additional non-run-rate items.

•	We recorded a $2.6 million lower of cost or market inventory adjustment in the fourth quarter primarily due to the decline in metal prices. We considered this inventory adjustment to be a non-run-rate item.

•	We had combined cash balances, short-term investments and net borrowing availability under our revolving credit facility (with no borrowings thereunder outstanding) of approximately $383.3 million as of December 31, 2015.

•	We invested $63.1 million in capital spending. See "Liquidity and Capital Resources – Capital Expenditures and Investments" below.

•	We paid a variable cash contribution to the VEBAs with respect to 2014 of $13.7 million and recorded a $19.6 million payable to the VEBAs for the variable contribution with respect to 2015.

•	We settled our 4.5% Cash Convertible Senior Notes ("Convertible Notes") and the related Option Asset and Bifurcated Conversion Feature on April 1, 2015 with a net cash outflow of $175.0 million; we issued 1,015,185 shares of our common stock in connection with exercised warrants also related to the Convertible Notes. See Note 3 for additional information.

•	We repurchased $27.2 million aggregate principal amount of our 8.25% Senior Notes due 2020 ("Senior Notes") for 107.5% of the face value.

•	In December 2015, we amended our revolving credit facility to extend the maturity to December 2020, improve pricing and provide more financial flexibility. The commitment under the facility remained unchanged at $300.0 million.

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We paid a total of approximately $28.1 million, or $1.60 per common share, in cash dividends to stockholders, including holders of restricted stock, and dividend equivalents to holders of certain restricted stock units and to the holders of performance shares granted prior to 2014 with respect to the target number of underlying common shares (constituting approximately one-half of the maximum payout).

•	We repurchased 647,520 shares of common stock in 2015 for a total cost of $49.4 million. Share repurchases were pursuant to a stock repurchase program authorized by our Board of Directors. As of December 31, 2015, $123.3 million was available under the program to purchase additional shares of our common stock.

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1.	We manage our Fabricated Products segment business on a monthly last-in, first-out ("LIFO") basis at each plant, but report inventory externally on an annual LIFO basis in accordance with GAAP on a consolidated basis. This amount represents the conversion from GAAP LIFO applied on a consolidated basis for the Fabricated Products segment to monthly LIFO applied on a plant-by-plant basis.

2.	The $2.6 million lower of cost or market inventory write-down in 2015 was due primarily to declining metal prices.

3.	See Note 9 of Notes to Consolidated Financial Statements included in this Report for additional information relating to the environmental expenses.

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1.	See Note 6 of Notes to Consolidated Financial Statements included in this Report for additional information relating to the VEBAs.

2.

Our obligation to make variable contributions to the Union VEBA continues until September 30, 2017. This loss includes a liability of $46.7 million for the estimated remaining variable cash contributions to be made with respect to 2015, 2016 and the first nine months of 2017 (in each case paid in the following calendar year). See Note 6 for additional information regarding our estimated future variable cash contributions.

3.

Amount represents a portion of the workers' compensation benefit (expense) resulting from the change in the discount rates applied in estimating workers' compensation liabilities. We consider such expense to be non-run-rate because such amounts are not related to the incurrence and resolution of workers' compensation claims. Non-run-rate workers' compensation benefit (expense) for years presented was not material because discount rates did not fluctuate significantly.

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1.	Such borrowing rate, if applicable, represents the interest rate for any overnight borrowings under the Revolving Credit Facility.

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1.	See "Obligations for Operating Activities" below.

2.

Total contractual obligations include: (i) the annual administration fees to the VEBAs; (ii) variable cash contribution to the VEBAs to be made in the first quarter of 2016 with respect to the 2015 calendar year; and (iii) estimated future annual variable cash contributions to the Union VEBA that we recorded as a result of settlement accounting, which are subject to change until the close of each respective calendar year. See Note 6 of Notes to Consolidated Financial Statements included in this Report for a description of our annual variable cash obligations to the VEBAs.

3.

Of the $7.7 million of standby letters of credit, $0.4 million represents cash collateralized and $7.3 million represents letters of credit issued under our Revolving Credit Facility. The letters of credit provide financial assurance of our payment of obligations, primarily related to workers' compensation and environmental compliance. The specific timing of payments with respect to such matters is uncertain. The letters of credit generally automatically renew every 12 months and terminate when the underlying obligations no longer require assurance or upon the maturity of our Revolving Credit Facility in September 2020 (for those letters of credit issued under that facility).

4.	At December 31, 2015, we had uncertain tax positions which ultimately could result in tax payments. As the amount of ultimate tax payments beyond 2016 is contingent on the tax authorities’ assessment, it is not practical to present annual payment information.

5.	The amount represents liability relating to our deferred compensation plan for certain key employees. As the distribution amount is contingent upon vesting and other eligibility requirements, it is not practical to present annual payment information.

6.	See "Obligations for Investing Activities" below.

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7.	See "Obligations for Financing Activities" below.

8.	Interest obligations on the Senior Notes are based on scheduled interest payments.

9.	Future commitment fees are estimated based on the amount of unused credit under our Revolving Credit Facility at December 31, 2015 and assuming no extension of terms beyond the current maturity date of our Revolving Credit Facility, which is in December 2020.

•	See Note 7 of Notes to Consolidated Financial Statements included in this Report for information regarding our participation in multi-employer pension plans.

•	See Note 8 of Notes to Consolidated Financial Statements included in this Report for information regarding our employee incentive plans. Additional equity awards are expected to be made to employees and non-employee directors in 2016 and future years.

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1.	See Note 3 for more information relating to the Senior Notes (defined in Note 3) and the Convertible Notes.

2.	See Note 6 for the impact of removing the Union VEBA (defined in Note 6) net assets.

3.	Excludes the reclassification of derivatives relating to the Convertible Notes (defined in Note 3) from long-term to current at December 31, 2014 as the amounts had no impact on cash flow - see Note 3 and Note 11.

4.	See Note 14 for the supplemental disclosure on non-cash transactions.

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•	Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

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Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including: quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•	Level 3 – Inputs that are both significant to the fair value measurement and unobservable.

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1.	A portion of the interest relating to the Convertible Notes was capitalized as construction in progress.

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1.

The State income tax benefit was $10.3 million in 2015, but was offset by a $3.1 million increase due to state tax rate and state law changes enacted during the current year and a $3.0 million increase relating to the expiration of certain current and future state net operating losses. State income taxes were $2.3 million in 2014, but were offset by a $1.6 million decrease due to lower tax rates in various states and a $0.7 million in the valuation allowance relating to certain state net operating losses. State income taxes of $4.4 million in 2013 included a $1.2 million increase in the valuation allowance relating to certain unused state net operating losses expected to expire.

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1.

Of the total net deferred income tax assets of $210.1 million, $49.6 million was included in Prepaid expenses and other current assets, $162.6 million was presented as Deferred tax assets, net and $2.1 million was presented as Deferred tax liabilities on the Consolidated Balance Sheet as of December 31, 2015. Of the total net deferred income tax assets of $116.4 million, $86.4 million was included in Prepaid expenses and other current assets and $30.9 million was presented as Deferred tax assets, net and $0.9 million was presented as Deferred tax liabilities on the Consolidated Balance Sheet as of December 31, 2014.

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•

A defined contribution 401(k) savings plan for hourly bargaining unit employees at nine of our production facilities based on the specific collective bargaining agreement at each facility. For active bargaining unit employees at three of these production facilities, we are required to make fixed rate contributions. For active bargaining unit employees at one of these production facilities, we are required to match certain employee contributions. For active bargaining unit employees at three of these production facilities, we are required to make both fixed rate contributions and concurrent matches. For active bargaining unit employees at two remaining production facilities, we are not required to make any contributions. Fixed rate contributions either: (i) range from (in whole dollars) $800 to $2,400 per employee per year, depending on the employee’s age, or (ii) vary between 2% to 10% of the employees’ compensation depending on their age and years of service for employees hired prior to January 1, 2004 or is a fixed 2% annual contribution for employees hired on or after January 1, 2004. We contributed $1.9 million to such plans during 2015.

•

A defined contribution 401(k) savings plan for salaried and certain hourly employees providing for a concurrent match of up to 4% of certain contributions made by employees plus an annual contribution of between 2% and 10% of their compensation depending on their age and years of service to employees hired prior to January 1, 2004. All new hires on or after January 1, 2004 receive a fixed 2% contribution annually. We contributed $6.7 million to such plans during 2015.

•

A defined benefit plan for salaried employees at our London, Ontario facility, with annual contributions based on each salaried employee’s age and years of service. At December 31, 2015, approximately 59% of the plan assets were invested in equity securities and 37% of plan assets were invested in fixed income securities. The remaining plan assets were invested in short-term securities. Our investment committee reviews and evaluates the investment portfolio. The asset mix target allocation on the long-term investments is approximately 66% in equity securities, 30% in fixed income securities and the remaining assets in short-term securities. See Note 11 for additional information regarding the fair values of the Canadian pension plan assets.

•

A non-qualified, unfunded, unsecured plan of deferred compensation for key employees who would otherwise suffer a loss of benefits under our defined contribution plan as a result of the limitations imposed by the Internal Revenue Code of 1986 (the "Code"). Despite the plan being an unfunded plan, we make an annual contribution to a rabbi trust to fulfill future funding obligations, as contemplated by the terms of the plan. The assets in the trust are at all times subject to the claims of our general creditors and no participant has a claim to any assets of the trust. Plan participants are eligible to receive distributions from the trust subject to vesting and other eligibility requirements. Assets in the rabbi trust relating to the deferred compensation plan are accounted for as available for sale securities and are included in Other assets on the Consolidated Balance Sheets (see Note 2). Liabilities relating to the deferred compensation plan are included in Long-term liabilities on the Consolidated Balance Sheets (see Note 2).

•	An employment agreement with our chief executive officer extending through December 31, 2018. We also provide certain members of senior management, including each of our named executive officers, with benefits related to

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1.	The medical trend rate assumptions used for the Union VEBA at December 31, 2014 were provided by the Union VEBA and certain industry data were provided by our actuaries. The trend rate was assumed to decline to 5% by 2019.

•	Based on the information received from the Salaried VEBA at December 31, 2015 and the VEBAs at December 31, 2014, both the Salaried VEBA and Union VEBA assets were invested in various managed proprietary funds. VEBA plan assets are managed by an independent fiduciary selected by the applicable VEBA's trustees and are not under our control.

•	Our variable payment, if any, is treated as a funding/contribution policy and not counted as a VEBA asset at December 31 for actuarial purposes.

•	The accumulated postretirement benefit obligation ("APBO") for each VEBA was computed based on the level of benefits being provided by it at December 31, 2015 for the Salaried VEBA and December 31, 2014 for the VEBAs.

•	Since the Salaried VEBA was paying a fixed annual amount to its constituents at both December 31, 2015 and December 31, 2014, no future cost trend rate increase has been assumed in computing the APBO for the Salaried VEBA.

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1.	The expected long-term rate of return assumption is based on the targeted investment portfolios provided to us by the VEBAs’ trustees.

2.	The medical trend rate was assumed to decline to 5% by 2019 for each of 2014 and 2013.

1.	The prior service cost relating to the Salaried VEBA in 2015 was primarily comprised of a $13.2 million loss due to an increase in the annual healthcare reimbursement benefit starting in 2016 for plan participants.

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2.	The actuarial gain relating to the Salaried VEBA in 2015 was primarily comprised of: (i) a $5.5 million gain due to projected lower benefit utilization; (ii) a $2.0 million gain due primarily to reductions in the discount rates; and (iii) a $3.7 million gain due primarily to updated actuarial mortality rates.

3.	The Union VEBA was eligible for the retiree drug subsidy of the Medicare Modernization Act that went into effect January 1, 2006. As a result, we measured the Union VEBA’s obligations and costs for the year ended December 31, 2014 to take into account this subsidy.

4.	Removal of Union VEBA and Employer/Company contributions each include $46.7 million of accrued variable cash contribution, of which: (i) $16.8 million relates to the Union VEBA for the 2015 year, which will be paid during the first quarter of 2016 and (ii) $29.9 million relates to the estimated accrual for the Union VEBA with respect to the variable contributions for 2016 and 2017.

5.

In addition to the $46.7 million discussed above, Employer/Company contributions included $2.8 million of accrued variable cash contribution related to the Salaried VEBA for the 2015 year, which will be paid during the first quarter of 2016. For the calendar year 2014, we accrued a total (Union and Salaried) liability for a variable cash contribution of $13.7 million, which was paid in the first quarter of 2015.

6.

Net funded status of $19.0 million relating to the Salaried VEBA at December 31, 2015 was presented as Net liabilities of Salaried VEBA on the Consolidated Balance Sheet. Net funded status of $322.9 million at December 31, 2014 was comprised of $340.1 million presented as Net assets of Union VEBA on the Consolidated Balance Sheet, offset by $17.2 million presented as Net liabilities of Salaried VEBA.

1.	Such amounts are based on benefit amounts and certain key assumptions obtained from the Salaried VEBA.

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1.	The service cost related to the Salaried VEBA was insignificant for all periods presented.

2.	We amortize prior service cost on a straight-line basis over the average remaining years of service to full eligibility for benefits of the active plan participants.

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1.	Substantially all of the Fabricated Products segment’s charges related to employee benefits were in Cost of products sold, excluding depreciation and amortization and other items with the remaining balance in SG&A and R&D.

2.	Charges (income) related to VEBAs is included within the Statements of Consolidated (Loss) Income as Net periodic postretirement benefit cost (income) relating to VEBAs with the remaining balance in SG&A and R&D.

•	Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

•	If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

•	If we choose to stop participating in some of our multiemployer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

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1.	The most recent Pension Protection Act zone status available in 2015 and 2014 for the Steelworkers Pension Trust is for the plan's year-end at December 31, 2014 and December 31, 2013, respectively. The zone status is based on information that we received from the plan and is certified by the plan's actuary. Among other factors, plans in the green zone are at least 80 percent funded.

2.	The "FIP/RP Status Pending/Implemented" column indicates if a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented for the plan under the Pension Protection Act.

3.

We are party to three USW collective bargaining agreements that require contributions to the Steelworkers Pension Trust. As of December 31, 2015, USW collective bargaining agreements covering employees at the Newark and Trentwood facilities covered 85% of our USW-represented employees and expires in September 2020. Our monthly contributions per hour worked by each bargaining unit employee at the Newark and Trentwood facilities are (in whole dollars) $1.50 and will increase to $1.75 in 2019. The union contracts covering employees at the Richmond, Virginia facility and Florence, Alabama facility cover 10% and 5% of our USW-represented employees, respectively, and expire in November 2017 and March 2017, respectively.

4.	Other Funds consists of plans that are not individually significant.

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1.	For EVA-Based Performance Shares and TSR-Based Performance Shares, the number of shares granted and forfeited are presented at their maximum payout; and the number of shares canceled includes the number of shares that did not vest due to EVA performance results falling below those required for maximum payout.

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1.	Realized (loss) gain on hedges of operational risk are recorded within Cost of products sold, excluding depreciation, amortization and other items.

2.	Unrealized (loss) gain on hedges of operational risk are recorded within Unrealized loss (gain) on derivative instruments.

3.	Unrealized (loss) gain on financial derivatives are recorded within Other (expense) income, net.

1.	Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on our purchases of primary aluminum.

2.	As of December 31, 2015, we had derivative and/or physical delivery commitments with energy companies in place to cover exposure to fluctuations in prices for approximately 73%, 72% and 59% of the expected natural gas purchases for 2016, 2017 and 2018, respectively.

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1.	Such amounts consist primarily of the fair value of the Bifurcated Conversion Feature and Option Assets at December 31, 2014 (see Note 11).

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1.

This category represents investments in various fixed income funds with multiple registered investment companies. Such funds invest in diversified portfolios, including: (i) marketable fixed income securities, such as (a) U.S. Treasury and other government and agency securities, (b) municipal bonds, (c) mortgage-backed securities, (d) asset-backed securities, (e) corporate bonds, notes and debentures in various sectors, (f) preferred and common stock, (g) investments in affiliated and other investment companies, (h) short-term investments and other net assets, and (i) repurchase agreements and reverse repurchase agreements; (ii) other commingled investments; (iii) investment grade debt; (iv) fixed income instruments which may be represented by options, future contracts or swap agreements; and (v) cash and cash equivalents. The fair value of certain assets related to the Union VEBA in this category as of December 31, 2014 was estimated using the NAV per share of the investments.

2.

This category represents investments in equity funds that invest in portfolios comprised of: (i) equity and equity-related securities of U.S. and non-U.S. issuers across all market capitalizations; (ii) common stock in investment trust funds; and (iii) other short-term investments. The fair value of assets related to the Union VEBA presented in this category as of December 31, 2014 was estimated using the NAV per share of the equity fund investments.

3.	This category represents cash and investments in various money market funds.

4.

The plan assets are invested in investment funds that hold a diversified portfolio of: (i) U.S and international debt and equity securities; (ii) fixed income securities such as corporate bonds and government bonds; (iii) mortgage-related securities; and (iv) cash and cash equivalents. The fair value of certain assets related to the Union VEBA in this category as of December 31, 2014 was estimated using the NAV per share of the investments.

5.	See Note 2 for components of cash and cash equivalents.

6.

This category represents investments in fixed income corporate securities in various sectors. Investments in the industrial, financial and utilities sectors in 2014 represented approximately 51%, 37% and 12% of the total portfolio in this category, respectively. The fair value of certain assets related to the Union VEBA in this category as of December 31, 2014 was estimated using the NAV per share of the investments.

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1.	The adjustments in 2013 did not have a material impact on the basic and diluted net income per share for 2013.

1.	The basic weighted-average number of common shares outstanding during the periods presented excludes non-vested common shares, restricted stock units and performance shares.

2.	The diluted weighted-average number of common shares outstanding during the periods presented was calculated using the treasury method.

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1.

Operating income in the Fabricated Products segment for 2015, 2014 and 2013 included $1.7 million, $1.2 million and $4.0 million, respectively, of environmental expense. Fabricated Products segment operating income included $0.1 million and $1.5 million of asset impairment charge relating to certain property, plant and equipment for 2015 and 2014, respectively, and none for 2013. Also included in the Fabricated Products segment operating income for 2015 was a $2.6 million lower of cost or market inventory write-down.

2.	Fabricated Products segment results for 2015, 2014 and 2013 included a non-cash mark-to-market (loss) gain on primary aluminum, natural gas, electricity and foreign currency hedging activities totaling $(3.4) million, $(10.4) million and $0.7 million, respectively. For further discussion regarding mark-to-market matters, see Note 10.

3.	Operating loss of All Other included net periodic postretirement benefit cost (income) of $2.4 million, $(23.7) million and $(22.5) million for 2015, 2014 and 2013, respectively. Additionally, operating loss in All Other included Loss on removal of Union VEBA net assets of $493.4 million during the year ended December 31, 2015. See Note 6 for further details.

4.	Assets in All Other represent primarily all of our cash and cash equivalents, short-term investments, financial derivative assets, net assets of VEBAs (see Note 6 and Note 11) and net deferred income tax assets.

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1.	Long-lived assets represent Property, plant and equipment – net.

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1.	See Note 1 for a discussion of our accounting policy for such instruments.

2.	See Note 12 for discussion of the distribution.

3.	See Note 3 for a discussion of the loss we recognized on our repurchase of Senior Notes during the year ended December 31, 2015.

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1.	Income tax amounts reclassified out of Accumulated other comprehensive loss relating to VEBA adjustments and sales of available for sale securities were included as a component of Income tax benefit (provision).

2.	Amounts reclassified out of Accumulated other comprehensive loss relating to VEBA adjustments were included as a component of Net periodic postretirement benefit cost (income) relating to VEBAs.

3.	Amounts reclassified out of Accumulated other comprehensive loss relating to sales of available for sale securities were included as a component of Other (expense) income, net. We use the specific identification method to determine the amount reclassified out of Accumulated other comprehensive loss.

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1.	The presentation of cash flows from operating activities and cash flows from financing activities in the 2014 table above has been restated from the prior year presentation to reflect $270.0 million of dividends paid in the fourth quarter of 2014 from the Guarantor Subsidiaries to the Parent.

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1.	The quarter ended March 31, 2015 includes the loss recognized on removal of the Union VEBA net assets. See Note 6 for additional information.

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