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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