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Arconic Inc. Separation Transaction and Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2020
Restructuring and Related Activities [Abstract] |
Summary of Discontinued Operations | The results of operations of Arconic Corporation are presented as discontinued operations in the Statement of Consolidated Operations as summarized below:
| Second quarter ended |  |  |  | Six months ended |  |
| June 30, |  |  |  | June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Sales | $ | — |  |  | $ | 1,874 |  |  | $ | 1,576 |  |  | $ | 3,662 |
Cost of goods sold | — |  |  | 1,603 |  |  | 1,292 |  |  | 3,129 |
Selling, general administrative, research and development and other expenses | 4 |  |  | 85 |  |  | 106 |  |  | 160 |
Provision for depreciation and amortization | — |  |  | 61 |  |  | 59 |  |  | 122 |
Restructuring and other charges | — |  |  | 27 |  |  | (18) |  |  | (5) |
Interest expense | — |  |  | — |  |  | 7 |  |  | — |
Other expense, net | — |  |  | 24 |  |  | 42 |  |  | 43 |
Income (loss) from discontinued operations | (4) |  |  | 74 |  |  | 88 |  |  | 213 |
Provision for income taxes | 8 |  |  | 59 |  |  | 38 |  |  | 97 |
Income (loss) from discontinued operations after income taxes | $ | (12) |  |  | $ | 15 |  |  | $ | 50 |  |  | $ | 116 |
The following table presents purchases of property, plant and equipment of the discontinued operations related to Arconic Corporation:
| Second quarter ended |  |  |  | Six months ended |  |
| June 30, |  |  |  | June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Capital Expenditures | $ | — |  |  | $ | 35 |  |  | $ | 25 |  |  | $ | 81 |
Proceeds from the sales of businesses | $ | — |  |  | $ | — |  |  | $ | 112 |  |  | $ | — |
Provision for depreciation and amortization | $ | — |  |  | $ | 61 |  |  | $ | 59 |  |  | $ | 122 |
The carrying amount of the major classes of assets and liabilities related to Arconic Corporation classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheet consisted of the following:
|  | December 31, 2019
Total Assets of Discontinued Operations |  |
Cash and cash equivalents |  | $ | 71 |
Receivables from customers |  | 385 |
Other receivables |  | 135 |
Inventories |  | 822 |
Prepaid expenses and other current assets |  | 29 |
Current assets of discontinued operations |  | 1,442 |
Properties, plants, and equipment, net |  | 2,834 |
Goodwill |  | 426 |
Intangibles, net |  | 60 |
Deferred income taxes |  | 383 |
Other noncurrent assets |  | 196 |
Noncurrent assets of discontinued operations |  | 3,899 |
Total assets of discontinued operations |  | $ | 5,341 |
Total Liabilities of Discontinued Operations: |  |
Accounts payable, trade |  | $ | 1,067 |
Accrued compensation and retirement costs |  | 147 |
Taxes, including income taxes |  | 22 |
Other current liabilities |  | 188 |
Current liabilities of discontinued operations |  | 1,424 |
Accrued pension benefits |  | 1,430 |
Accrued other postretirement benefits |  | 514 |
Other noncurrent liabilities and deferred credits |  | 314 |
Noncurrent liabilities of discontinued operations |  | 2,258 |
Total liabilities of discontinued operations |  | $ | 3,682 |

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