v3.20.2

Inventories (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020 | Sep. 30, 2019
Inventory Disclosure [Abstract] |  |
Schedule of Inventories |
​ | September 30, 2020 | ​ | December 31, 2019
Finished goods | $ | 242 |  |  | $ | 237 |
Work-in-process | 525 |  |  | 746 |
Purchased raw materials | 66 |  |  | 85 |
Operating supplies | 68 |  |  | 69 |
​ | $ | 901 |  |  | $ | 1,137 |
Accounting Standards Update and Change in Accounting Principle | The following table compares the amounts that were reported under average cost in the Consolidated Financial Statements as of and for the quarter and nine months ended September 30, 2020 with the amounts had they continued to be reported under LIFO:
| As Reported under Average Cost |  | As Computed under LIFO |  | Effect of Change
Statement of Consolidated Operations for the third quarter ended September 30, 2020: |  |  |  |  |
Cost of goods sold | $ | 1,218 |  |  | $ | 1,232 |  |  | $ | (14) |
Operating income | 64 |  |  | 50 |  |  | 14 |
Income before income taxes | 15 |  |  | 1 |  |  | 14 |
Provision for income taxes | 10 |  |  | 6 |  |  | 4 |
Net income (loss) | 5 |  |  | (5) |  |  | 10 |
Net income (loss) attributable to Arconic Corporation | 5 |  |  | (5) |  |  | 10 |
Earnings per share attributable to Arconic Corporation common shareholders: |  |  |  |  |
Basic | $ | 0.05 |  |  | $ | (0.05) |  |  | $ | 0.10 |
Diluted | 0.05 |  |  | (0.05) |  |  | 0.10 |
Statement of Consolidated Operations for the nine months ended September 30, 2020: |  |  |  |  |
Cost of goods sold | $ | 3,614 |  |  | $ | 3,605 |  |  | $ | 9 |
Operating income | 126 |  |  | 135 |  |  | (9) |
Loss before income taxes | (40) |  |  | (31) |  |  | (9) |
Provision for income taxes | 5 |  |  | 6 |  |  | (1) |
| As Reported under Average Cost |  | As Computed under LIFO |  | Effect of Change
Net loss | (45) |  |  | (37) |  |  | (8) |
Net loss attributable to Arconic Corporation | (45) |  |  | (37) |  |  | (8) |
Earnings per share attributable to Arconic Corporation common shareholders: |  |  |  |  |
Basic | $ | (0.41) |  |  | $ | (0.34) |  |  | $ | (0.07) |
Diluted | (0.41) |  |  | (0.34) |  |  | (0.07) |
Statement of Consolidated Comprehensive Income for the third quarter ended September 30, 2020: |  |  |  |  |
Comprehensive income | $ | 85 |  |  | $ | 75 |  |  | $ | 10 |
Comprehensive income attributable to Arconic Corporation | 85 |  |  | 75 |  |  | 10 |
Statement of Consolidated Comprehensive Income for the nine months ended September 30, 2020: |  |  |  |  |
Comprehensive income | $ | 94 |  |  | $ | 102 |  |  | $ | (8) |
Comprehensive income attributable to Arconic Corporation | 94 |  |  | 102 |  |  | (8) |
Consolidated Balance Sheet as of September 30, 2020: |  |  |  |  |
Inventories | $ | 901 |  |  | $ | 591 |  |  | $ | 310 |
Deferred income tax assets | 296 |  |  | 366 |  |  | (70) |
Additional capital | 3,332 |  |  | 3,098 |  |  | 234 |
Accumulated deficit | (91) |  |  | (97) |  |  | 6 |
Statement of Consolidated Cash Flows for the nine months ended September 30, 2020: |  |  |  |  |
Net loss | $ | (45) |  |  | $ | (37) |  |  | $ | (8) |
Deferred income taxes | 28 |  |  | 29 |  |  | (1) |
Decrease in inventories | 197 |  |  | 188 |  |  | 9 |
| Additionally, certain financial statement line items in the accompanying Consolidated Balance Sheet as of December 31, 2019 and each of the Statement of Consolidated Operations, Statement of Consolidated Comprehensive Income, and Statement of Consolidated Cash Flows for the 2019 third quarter and nine-month period were recast as follows:
| As Previously Reported |  | Effect of Change |  | As Recast
Statement of Consolidated Operations for the third quarter ended September 30, 2019: |  |  |  |  |
Cost of goods sold | $ | 1,543 |  |  | $ | 22 |  |  | $ | 1,565 |
Operating income | 44 |  |  | (22) |  |  | 22 |
Income (loss) before income taxes | 15 |  |  | (22) |  |  | (7) |
Provision for income taxes | 22 |  |  | (5) |  |  | 17 |
Net loss | (7) |  |  | (17) |  |  | (24) |
Net loss attributable to Arconic Corporation | (7) |  |  | (17) |  |  | (24) |
Earnings per share attributable to Arconic Corporation common shareholders: |  |  |  |  |
Basic | $ | (0.07) |  |  | $ | (0.15) |  |  | $ | (0.22) |
Diluted | (0.07) |  |  | (0.15) |  |  | (0.22) |
Statement of Consolidated Operations for the nine months ended September 30, 2019: |  |  |  |  |
Cost of goods sold | $ | 4,810 |  |  | $ | 39 |  |  | $ | 4,849 |
Operating income | 176 |  |  | (39) |  |  | 137 |
Income before income taxes | 94 |  |  | (39) |  |  | 55 |
Provision for income taxes | 55 |  |  | (9) |  |  | 46 |
Net income | 39 |  |  | (30) |  |  | 9 |
Net income attributable to Arconic Corporation | 39 |  |  | (30) |  |  | 9 |
Earnings per share attributable to Arconic Corporation common shareholders: |  |  |  |  |
Basic | $ | 0.35 |  |  | $ | (0.27) |  |  | $ | 0.08 |
Diluted | 0.35 |  |  | (0.27) |  |  | 0.08 |
| As Previously Reported |  | Effect of Change |  | As Recast
Statement of Consolidated Comprehensive Income for the third quarter ended September 30, 2019: |  |  |  |  |
Comprehensive income | $ | 39 |  |  | $ | (17) |  |  | $ | 22 |
Comprehensive income attributable to Arconic Corporation | 39 |  |  | (17) |  |  | 22 |
Statement of Consolidated Comprehensive Income for the nine months ended September 30, 2019: |  |  |  |  |
Comprehensive income | $ | 99 |  |  | $ | (30) |  |  | $ | 69 |
Comprehensive income attributable to Arconic Corporation | 99 |  |  | (30) |  |  | 69 |
Consolidated Balance Sheet as of December 31, 2019: |  |  |  |  |
Inventories | $ | 820 |  |  | $ | 317 |  |  | $ | 1,137 |
Deferred income tax liabilities | 87 |  |  | 72 |  |  | 159 |
Parent Company net investment | 2,419 |  |  | 245 |  |  | 2,664 |
Statement of Consolidated Cash Flows for the nine months ended September 30, 2019: |  |  |  |  |
Net income | $ | 39 |  |  | $ | (30) |  |  | $ | 9 |
Deferred income taxes | 20 |  |  | (9) |  |  | 11 |
(Increase) in inventories | (69) |  |  | 39 |  |  | (30) |

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