Arconic Reports Fourth Quarter 2021 and Full Year 2021 Results
Fourth Quarter 2021 Highlights
- Sales of $2.1 billion, up 46% year over year, up 13% from prior quarter
- Net loss of $38 million, or $0.36 per share, compared with net loss of $64 million, or $0.59 per share, in fourth quarter 2020. Fourth quarter 2021 includes an after-tax non-cash goodwill impairment charge of $65 million
- Adjusted EBITDA of $175 million, up 16% year over year and up 2% from prior quarter
- Repurchased approximately 1.8 million shares at a cost of approximately $55 million
Full Year 2021 Highlights
- Sales of $7.5 billion, up 32% year over year
- Net loss of $397 million, or $3.65 per share, compared with net loss of $109 million, or $1.00 per share, in 2020. Full-year 2021 includes after-tax non-cash charges for pension settlement related to partial annuitization of U.S. pension obligations of $423 million and goodwill impairment of $65 million
- Adjusted EBITDA of $712 million, up 15% year over year
- Repurchased approximately 4.9 million shares at a cost of approximately $161 million in first eight months of two-year $300 million authorization
- Reduced legacy pension, OPEB, and environmental net liabilities by approximately $700 million since separation and annual cash obligations by approximately $250 million going forward
PITTSBURGH–(BUSINESS WIRE)–Arconic Corporation (NYSE: ARNC) (“Arconic” or “the Company”) today reported fourth quarter 2021 and full year 2021 results.
Fourth Quarter 2021 Results
The Company reported revenue of $2.1 billion, up 13% from the prior quarter, due to higher aluminum prices and growth in packaging, industrial, and ground transportation volumes. The Company reported a net loss of $38 million, or $0.36 per share, in fourth quarter 2021 compared with a net loss of $64 million, or $0.59 per share, in fourth quarter 2020. The fourth quarter 2021 net loss includes an after-tax non-cash goodwill impairment charge of $65 million.
Fourth quarter 2021 Adjusted EBITDA was $175 million, up 16% year over year and up 2% sequentially, primarily due to strength in industrial and ground transportation markets and the ongoing ramp up of North American packaging volumes. Cash provided from operations was $96 million and capital expenditures were $61 million. At quarter-end, the cash balance was $335 million with total available liquidity of approximately $1.1 billion.
Full-Year 2021 Results
Revenues of $7.5 billion increased 32% from 2020 levels primarily due to higher aluminum prices and sales growth in industrial, packaging, and ground transportation markets. Net loss of $397 million, or $3.65 per share compared with a net loss of $109 million, or $1.00 per share, in 2020. The full-year 2021 net loss includes after-tax non-cash charges for pension settlement related to partial annuitization of U.S. pension obligations of $423 million and goodwill impairment of $65 million.
Full-year 2021 Adjusted EBITDA of $712 million increased 15% year over year. The improvement was driven by strength in key end markets, favorable product pricing, and ongoing productivity measures. Cash used for operations was $407 million and capital expenditures were $184 million.
Tim Myers, Chief Executive Officer, said, “We had a strong first full year in 2021, growing Adjusted EBITDA 15%, winning strategic long-term business in key markets, and strengthening our balance sheet with disciplined capital allocation measures. Throughout the year we took swift action to offset automotive market disruptions and aerospace industry weakness while navigating ongoing pandemic-related labor issues and rising costs. We continue to mitigate or pass through cost inflation and improve productivity to protect margins. At the same time, we are optimizing capital allocation and repurchased 4.9 million shares last year for approximately $161 million of our initial $300 million authorization.”
Mr. Myers continued, “While 2022 is starting with similar challenges, our end markets are strong and we expect to deliver another year of double-digit Adjusted EBITDA growth. We expect to grow organic revenue across all of our markets led by a ramp up in packaging volumes, aerospace market improvement, increased automotive demand, and improved pricing and demand for global industrial products. We also expect to generate approximately $250 million in free cash flow through lower legacy obligations, driving working capital improvements, and growing profitability. Looking beyond 2022, we have previously announced two organic growth initiatives in Lancaster and Davenport that represent the next phase of Adjusted EBITDA growth at strong rates of return.”
|
Fourth Quarter Segment Performance
Revenue by Segment (in millions) |
||||||||||||
|
|
Quarter ended |
|||||||||||
|
|
December 31, |
|
|
December 31, |
||||||||
|
Rolled Products |
$ |
1,790 |
|
|
|
|
$ 1,141 |
|
||||
|
Building and Construction Systems |
261 |
|
|
|
236 |
|
||||||
|
Extrusions |
87 |
|
|
|
85 |
|
||||||
|
Adjusted EBITDA (in millions) |
||||||||||||
|
|
Quarter ended |
|||||||||||
|
|
December 31, |
|
|
December 31, |
||||||||
|
Rolled Products |
$ |
162 |
|
|
|
|
$ 139 |
|
||||
|
Building and Construction Systems |
33 |
|
|
|
30 |
|
||||||
|
Extrusions |
(9) |
|
|
|
(4) |
|
||||||
|
Subtotal |
186 |
|
|
|
165 |
|
||||||
|
Corporate |
(11) |
|
|
|
(14) |
|
||||||
|
Adjusted EBITDA |
$ 175 |
|
|
|
$ 151 |
|
||||||
Outlook
The Company expects full-year 2022 revenue to be in a range of $9.9 billion to $10.3 billion (assuming LME aluminum price of $3,000/mt and Midwest Premium of $700/mt for the full year). Adjusted EBITDA for the full-year 2022 is expected to be in a range of $800 million to $850 million. Free cash flow for full-year 2022 is expected to be approximately $250 million.
Share Repurchase Program
The Company repurchased approximately 1.8 million shares in fourth quarter 2021 at an average price of $30.56 for a total of approximately $55 million. Since the start of the program in May 2021 through December 31, 2021, the Company repurchased approximately 4.9 million shares for a total of approximately $161 million toward the $300 million two-year authorization.
Arconic will hold its quarterly conference call at 10:00 AM Eastern Time on February 18, 2022, to present fourth quarter and full year 2021 financial results. The call will be webcast on the Arconic website. Call information and related details are available at www.arconic.com under “Investors.”
About Arconic
Arconic Corporation (NYSE: ARNC), headquartered in Pittsburgh, Pennsylvania, is a leading provider of aluminum sheet, plate, and extrusions, as well as innovative architectural products, that advance the ground transportation, aerospace, building and construction, industrial and packaging end markets. For more information: www.arconic.com.
Dissemination of Company Information
Arconic intends to make future announcements regarding Company developments and financial performance through its website at www.arconic.com.
Forward-Looking Statements
This release contains statements that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect Arconic’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements, relating to the condition of, or trends or developments in, the ground transportation, aerospace, building and construction, industrial, packaging and other end markets; Arconic’s future financial results, operating performance, working capital, cash flows, liquidity and financial position; cost savings and restructuring programs; Arconic’s strategies, outlook, business and financial prospects; share repurchases; costs associated with pension and other post-retirement benefit plans; projected sources of cash flow; potential legal liability; the impact of inflationary price pressures; the impact of the COVID-19 pandemic; and the timing and levels of potential recovery from the COVID-19 pandemic within our end markets. These statements reflect beliefs and assumptions that are based on Arconic’s perception of historical trends, current conditions and expected future developments, as well as other factors Arconic believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and changes in circumstances, many of which are beyond Arconic’s control. Such risks and uncertainties include, but are not limited to: (a) continuing uncertainty regarding the duration and impact of the COVID-19 pandemic on our business and the businesses of our customers and suppliers including labor shortages and increased quarantine rates; (b) deterioration in global economic and financial market conditions generally; (c) unfavorable changes in the end markets we serve; (d) the inability to achieve the level of revenue growth, cash generation, cost savings, benefits of our management of legacy liabilities, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; (e) adverse changes in discount rates or investment returns on pension assets; (f) competition from new product offerings, disruptive technologies, industry consolidation or other developments; (g) the loss of significant customers or adverse changes in customers’ business or financial condition; (h) manufacturing difficulties or other issues that impact product performance, quality or safety; (i) the impact of pricing volatility in raw materials and inflationary pressures on our costs of production; (j) a significant downturn in the business or financial condition of a key supplier or other supply chain disruptions; (k) challenges to or infringements on our intellectual property rights; (l) the inability to successfully implement our re-entry into the U.S. packaging market or to realize the expected benefits of other strategic initiatives or projects; (m) the inability to identify or successfully respond to changing trends in our end markets; (n) the impact of potential cyber attacks and information technology or data security breaches; (o) geopolitical, economic, and regulatory risks relating to our global operations, including compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations, and the potential for increased tensions between the United States and Russia resulting from the current situation involving Russia and the Ukraine; (p) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation and compliance matters; (q) restrictions imposed by authorities on the operation of our Samara, Russia facility; and (r) the other risk factors summarized in Arconic’s Form 10-K for the year ended December 31, 2021 and other reports filed with the U.S. Securities and Exchange Commission (SEC). The above list of factors is not exhaustive or necessarily in order of importance. Market projections are subject to the risks discussed above and in this release, and other risks in the market. The statements in this release are made as of the date of this release, even if subsequently made available by Arconic on its website or otherwise. Arconic disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.
Non-GAAP Financial Measures
Some of the information included in this release is derived from Arconic’s consolidated financial information but is not presented in Arconic’s financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these financial measures are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to any measure of performance or financial condition as determined in accordance with GAAP, and investors should consider Arconic’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Arconic. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP. Non-GAAP financial measures presented by Arconic may not be comparable to non-GAAP financial measures presented by other companies. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release. Arconic has not provided reconciliations of any forward-looking non-GAAP financial measures, such as adjusted EBITDA, free cash flow, and adjusted free cash flow, to the most directly comparable GAAP financial measures because such reconciliations are not available without unreasonable efforts due to the variability and complexity with respect to the charges and other components excluded from the non-GAAP measures, such as the effects of metal price lag, foreign currency movements, gains or losses on sales of assets, taxes, and any future restructuring or impairment charges. These reconciling items are in addition to the inherent variability already included in the GAAP measures, which includes, but is not limited to, price/mix and volume. Arconic believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors.
|
Arconic Corporation and subsidiaries Statement of Consolidated Operations (unaudited) (dollars in millions, except per-share amounts) |
||||||||||
|
|
Quarter ended |
|||||||||
|
|
December 31, |
September 30, |
December 31, |
|||||||
|
|
2021 |
2021 |
2020 |
|||||||
|
Sales |
$ |
2,138 |
|
$ |
1,890 |
$ |
1,462 |
|
||
|
|
|
|
|
|||||||
|
Cost of goods sold (exclusive of expenses below) |
|
1,899 |
|
|
1,676 |
|
1,248 |
|
||
|
Selling, general administrative, and other expenses |
|
64 |
|
|
63 |
|
64 |
|
||
|
Research and development expenses |
|
9 |
|
|
8 |
|
9 |
|
||
|
Provision for depreciation and amortization |
|
67 |
|
|
61 |
|
60 |
|
||
|
Impairment of goodwill(1) |
|
65 |
|
|
– |
|
– |
|
||
|
Restructuring and other charges(2) |
|
12 |
|
|
14 |
|
127 |
|
||
|
Operating income (loss) |
|
22 |
|
|
68 |
|
(46 |
) |
||
|
|
|
|
|
|||||||
|
Interest expense |
|
26 |
|
|
26 |
|
21 |
|
||
|
Other expenses, net(3) |
|
15 |
|
|
15 |
|
1 |
|
||
|
|
|
|
|
|||||||
|
(Loss) Income before income taxes |
|
(19 |
) |
|
27 |
|
(68 |
) |
||
|
Provision (Benefit) for income taxes |
|
19 |
|
|
11 |
|
(4 |
) |
||
|
|
|
|
|
|||||||
|
Net (loss) income |
|
(38 |
) |
|
16 |
|
(64 |
) |
||
|
|
|
|
|
|||||||
|
Less: Net income attributable to noncontrolling interest |
|
– |
|
|
– |
|
– |
|
||
|
|
|
|
|
|||||||
|
NET (LOSS) INCOME ATTRIBUTABLE TO ARCONIC CORPORATION |
$ |
(38 |
) |
$ |
16 |
$ |
(64 |
) |
||
|
|
|
|
|
|||||||
|
EARNINGS PER SHARE ATTRIBUTABLE TO ARCONIC CORPORATION COMMON STOCKHOLDERS: |
|
|
|
|||||||
|
Basic: |
|
|
|
|||||||
|
Net (loss) income |
$ |
(0.36 |
) |
$ |
0.15 |
$ |
(0.59 |
) |
||
|
Weighted-average number of shares |
|
106,262,953 |
|
|
108,677,887 |
|
109,152,402 |
|
||
|
|
|
|
|
|||||||
|
Diluted: |
|
|
|
|||||||
|
Net (loss) income |
$ |
(0.36 |
) |
$ |
0.15 |
$ |
(0.59 |
) |
||
|
Weighted-average number of shares(4) |
|
106,262,953 |
|
|
112,115,436 |
|
109,152,402 |
|
||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
|
COMMON STOCK OUTSTANDING AT THE END OF THE PERIOD |
|
105,326,885 |
|
|
107,097,586 |
|
109,205,226 |
|
||
|
|
|
|
|
|||||||
|
(1) |
In the quarter ended December 31, 2021, Arconic completed its annual review of goodwill for impairment for each of its three reporting units: Rolled Products, Building and Construction Systems, and Extrusions. The results of this review indicated that the carrying value of the Extrusions reporting unit’s goodwill was fully impaired. Accordingly, in the quarter ended December 31, 2021, the Company recognized an impairment charge of $65. This impairment was primarily driven by a combination of market-based factors, including delays in aerospace market improvement and significant cost inflation, resulting in increasingly limited margin expansion. The Company had not previously identified any triggering events during 2021 prior to the annual review. |
|
|
|
|
(2) |
In the quarters ended December 31, 2021 and September 30, 2021, Restructuring and other charges includes $11 and $5, respectively, related to the settlement of a portion of the Company’s U.S. defined benefit pension plan obligations as a result of elections by certain plan participants to receive lump-sum benefit payments. In the quarter ended December 31, 2020, Restructuring and other charges includes a $140 settlement charge related to the annuitization of a portion of the Company’s U.S. defined benefit pension plan obligation and a $25 benefit for contingent consideration received related to the October 2018 sale of the Texarkana (Texas) rolling mill. |
|
|
|
|
(3) |
In the quarter ended December 31, 2020, Other expenses, net includes a $20 benefit for the reversal of a liability previously established on April 1, 2020 related to a potential indemnification to Howmet Aerospace by Arconic for an outstanding income tax matter in Spain. In November 2020, Howmet Aerospace received a favorable ruling from Spain’s Supreme Court bringing a final conclusion to this matter as this decision may not be appealed any further. As no further income tax payment was required of Howmet Aerospace likewise Arconic no longer has a requirement to perform under the indemnification. |
|
|
|
|
(4) |
For periods in which the Company generates net income, the diluted weighted-average number of shares include common share equivalents associated with outstanding employee stock awards. For periods in which the Company generates a net loss, the diluted weighted-average number of shares does not include any common share equivalents as their effect is anti-dilutive. |
|
Arconic Corporation and subsidiaries Statement of Consolidated Operations (unaudited), continued (dollars in millions, except per-share amounts) |
|||||||
|
|
Year ended |
||||||
|
|
December 31, |
||||||
|
|
2021 |
2020(1) |
|||||
|
Sales |
$ |
7,504 |
|
$ |
5,675 |
|
|
|
|
|
|
|||||
|
Cost of goods sold (exclusive of expenses below) |
|
6,573 |
|
|
4,862 |
|
|
|
Selling, general administrative, and other expenses |
|
247 |
|
|
258 |
|
|
|
Research and development expenses |
|
34 |
|
|
36 |
|
|
|
Provision for depreciation and amortization |
|
253 |
|
|
251 |
|
|
|
Impairment of goodwill(2) |
|
65 |
|
|
– |
|
|
|
Restructuring and other charges(3) |
|
624 |
|
|
188 |
|
|
|
Operating (loss) income |
|
(292 |
) |
|
80 |
|
|
|
|
|
|
|||||
|
Interest expense |
|
100 |
|
|
118 |
|
|
|
Other expenses, net(4) |
|
67 |
|
|
70 |
|
|
|
|
|
|
|||||
|
Loss before income taxes |
|
(459 |
) |
|
(108 |
) |
|
|
(Benefit) Provision for income taxes |
|
(62 |
) |
|
1 |
|
|
|
|
|
|
|||||
|
Net loss |
|
(397 |
) |
|
(109 |
) |
|
|
|
|
|
|||||
|
Less: Net income attributable to noncontrolling interest |
|
– |
|
|
– |
|
|
|
|
|
|
|||||
|
NET LOSS ATTRIBUTABLE TO ARCONIC CORPORATION |
$ |
(397 |
) |
$ |
(109 |
) |
|
|
|
|
|
|||||
|
EARNINGS PER SHARE ATTRIBUTABLE TO ARCONIC CORPORATION COMMON SHAREHOLDERS: |
|
|
|||||
|
Basic: |
|
|
|||||
|
Net loss |
$ |
(3.65 |
) |
$ |
(1.00 |
) |
|
|
Weighted-average number of shares |
|
108,692,910 |
|
|
109,073,652 |
|
|
|
|
|
|
|||||
|
Diluted: |
|
|
|||||
|
Net loss |
$ |
(3.65 |
) |
$ |
(1.00 |
) |
|
|
Weighted-average number of shares(5) |
|
108,692,910 |
|
|
109,073,652 |
|
|
|
|
|
|
|||||
|
|
|
|
|||||
|
COMMON STOCK OUTSTANDING AT THE END OF THE PERIOD |
|
105,326,885 |
|
|
109,205,226 |
|
|
|
|
|
|
|||||
|
(1) |
Prior to April 1, 2020, Arconic’s financial statements were prepared on a carve-out basis, as the underlying operations of the Company were previously consolidated as part of Arconic’s former parent company’s financial statements. Accordingly, the Company’s results of operations for the first three months included in the year ended December 31, 2020 were prepared on such basis. The carve-out financial statements of Arconic are not necessarily indicative of the Company’s consolidated results of operations had it been a standalone company during the referenced period. See the Combined Financial Statements included in each of (i) Exhibit 99.1 to the Company’s Form 10 Registration Statement (filed on February 7, 2020), (ii) the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (filed on March 30, 2020), and (iii) the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2020 (filed on May 18, 2020), for additional information. |
|
|
|
|
(2) |
In the quarter ended December 31, 2021, Arconic completed its annual review of goodwill for impairment for each of its three reporting units: Rolled Products, Building and Construction Systems, and Extrusions. The results of this review indicated that the carrying value of the Extrusions reporting unit’s goodwill was fully impaired. Accordingly, in the quarter ended December 31, 2021, the Company recognized an impairment charge of $65. This impairment was primarily driven by a combination of market-based factors, including delays in aerospace market improvement and significant cost inflation, resulting in increasingly limited margin expansion. The Company had not previously identified any triggering events during 2021 prior to the annual review. |
|
|
|
|
(3) |
In the year ended December 31, 2021, Restructuring and other charges includes $584 related to the settlement of a portion of the Company’s U.S. defined benefit pension plan obligations as a result of the purchase of a group annuity contract ($549) and elections by certain plan participants to receive lump-sum benefit payments ($35) (see footnote 5 to the Consolidated Balance Sheet included in this release). In the year ended December 31, 2020, Restructuring and other charges includes a $198 settlement charge related to the annuitizations of a portion of the Company’s U.S. and U.K. defined benefit pension plan obligations and a $25 benefit for contingent consideration received related to the October 2018 sale of the Texarkana (Texas) rolling mill. |
|
|
|
|
(4) |
In the year ended December 31, 2020, Other expenses, net includes a $20 benefit for the reversal of a liability previously established on April 1, 2020 related to a potential indemnification to Howmet Aerospace by Arconic for an outstanding income tax matter in Spain. In November 2020, Howmet Aerospace received a favorable ruling from Spain’s Supreme Court bringing a final conclusion to this matter as this decision may not be appealed any further. As no further income tax payment was required of Howmet Aerospace likewise Arconic no longer has a requirement to perform under the indemnification. |
|
|
|
|
(5) |
For periods in which the Company generates net income, the diluted weighted-average number of shares include common share equivalents associated with outstanding employee stock awards. For periods in which the Company generates a net loss, the diluted weighted-average number of shares does not include any common share equivalents as their effect is anti-dilutive. |
|
Arconic Corporation and subsidiaries Consolidated Balance Sheet (unaudited) (dollars in millions) |
|||||||
|
December 31, 2021 |
December 31, 2020 |
||||||
|
ASSETS |
|
|
|||||
|
Current assets: |
|
|
|||||
|
Cash and cash equivalents |
$ |
335 |
|
$ |
787 |
|
|
|
Receivables from customers, less allowances of $1 in both 2021 and 2020 |
|
922 |
|
|
631 |
|
|
|
Other receivables |
|
226 |
|
|
128 |
|
|
|
Inventories |
|
1,630 |
|
|
1,043 |
|
|
|
Prepaid expenses and other current assets |
|
55 |
|
|
53 |
|
|
|
Total current assets |
|
3,168 |
|
|
2,642 |
|
|
|
|
|
|
|||||
|
Properties, plants, and equipment |
|
7,529 |
|
|
7,409 |
|
|
|
Less: accumulated depreciation and amortization |
|
4,878 |
|
|
4,697 |
|
|
|
Properties, plants, and equipment, net |
|
2,651 |
|
|
2,712 |
|
|
|
Goodwill(1) |
|
322 |
|
|
390 |
|
|
|
Operating lease right-of-use-assets |
|
122 |
|
|
144 |
|
|
|
Deferred income taxes |
|
229 |
|
|
329 |
|
|
|
Other noncurrent assets |
|
88 |
|
|
97 |
|
|
|
Total assets |
$ |
6,580 |
|
$ |
6,314 |
|
|
|
|
|
|
|||||
|
LIABILITIES |
|
|
|||||
|
Current liabilities: |
|
|
|||||
|
Accounts payable, trade |
$ |
1,718 |
|
$ |
1,106 |
|
|
|
Accrued compensation and retirement costs |
|
116 |
|
|
118 |
|
|
|
Taxes, including income taxes |
|
61 |
|
|
33 |
|
|
|
Environmental remediation |
|
15 |
|
|
90 |
|
|
|
Operating lease liabilities |
|
35 |
|
|
36 |
|
|
|
Other current liabilities |
|
118 |
|
|
90 |
|
|
|
Total current liabilities |
|
2,063 |
|
|
1,473 |
|
|
|
Long-term debt(2) |
|
1,594 |
|
|
1,278 |
|
|
|
Accrued pension benefits(3) |
|
717 |
|
|
1,343 |
|
|
|
Accrued other postretirement benefits |
|
411 |
|
|
479 |
|
|
|
Environmental remediation |
|
49 |
|
|
66 |
|
|
|
Operating lease liabilities |
|
90 |
|
|
111 |
|
|
|
Deferred income taxes |
|
12 |
|
|
15 |
|
|
|
Other noncurrent liabilities |
|
85 |
|
|
102 |
|
|
|
Total liabilities |
|
5,021 |
|
|
4,867 |
|
|
|
|
|
|
|||||
|
EQUITY |
|
|
|||||
|
Arconic Corporation stockholders’ equity: |
|
|
|||||
|
Common stock |
|
1 |
|
|
1 |
|
|
|
Additional capital |
|
3,368 |
|
|
3,348 |
|
|
|
Accumulated deficit |
|
(552 |
) |
|
(155 |
) |
|
|
Treasury stock(4) |
|
(161 |
) |
|
– |
|
|
|
Accumulated other comprehensive loss(5) |
|
(1,111 |
) |
|
(1,761 |
) |
|
|
Total Arconic Corporation stockholders’ equity |
|
1,545 |
|
|
1,433 |
|
|
|
Noncontrolling interest |
|
14 |
|
|
14 |
|
|
|
Total equity |
|
1,559 |
|
|
1,447 |
|
|
|
Total liabilities and equity |
$ |
6,580 |
|
$ |
6,314 |
|
|
Contacts
Investor Contact
Shane Rourke
(412) 315-2984
Investor.Relations@arconic.com
Media Contact
Tracie Gliozzi
(412) 992-2525
Tracie.Gliozzi@arconic.com