Company Quick10K Filing
Alcoa
Price21.49 EPS-4
Shares186 P/E-5
MCap3,988 P/FCF6
Net Debt917 EBIT-265
TEV4,905 TEV/EBIT-19
TTM 2019-12-31, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-05
10-K 2020-12-31 Filed 2021-02-25
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-10
S-1 2017-01-18 Public Filing
10-K 2016-12-31 Filed 2017-03-15
S-1 2016-10-26 Public Filing
10-Q 2016-09-30 Filed 2016-12-01
8-K 2020-11-30
8-K 2020-10-14
8-K 2020-10-09
8-K 2020-09-29
8-K 2020-07-15
8-K 2020-07-13
8-K 2020-07-08
8-K 2020-07-08
8-K 2020-07-07
8-K 2020-06-24
8-K 2020-05-06
8-K 2020-04-21
8-K 2020-02-03
8-K 2020-01-15
8-K 2019-12-16
8-K 2019-12-11
8-K 2019-12-04
8-K 2019-10-16
8-K 2019-09-20
8-K 2019-09-07
8-K 2019-07-17
8-K 2019-07-03
8-K 2019-07-02
8-K 2019-06-26
8-K 2019-05-08
8-K 2019-04-17
8-K 2019-01-16
8-K 2018-11-21
8-K 2018-10-11
8-K 2018-09-11
8-K 2018-08-08
8-K 2018-07-18
8-K 2018-06-18
8-K 2018-05-17
8-K 2018-05-14
8-K 2018-05-14
8-K 2018-05-09
8-K 2018-04-18
8-K 2018-04-03
8-K 2018-01-17

AA 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 4. Mine Safety Disclosures.
Item 6. Exhibits.
EX-31.1 aa-ex311_7.htm
EX-31.2 aa-ex312_10.htm
EX-32.1 aa-ex321_11.htm
EX-32.2 aa-ex322_6.htm
EX-95.1 aa-ex951_9.htm

Alcoa Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
2016128402014201620182021
Assets, Equity
3.62.82.01.20.4-0.42014201620182021
Rev, G Profit, Net Income
1.10.70.40.0-0.3-0.72014201620182021
Ops, Inv, Fin

aa-10q_20210331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to _____

 

Commission File Number 1-37816

 

ALCOA CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

(State or other jurisdiction of

incorporation or organization)

 

81-1789115

(I.R.S. Employer

Identification No.)

 

 

 

201 Isabella Street, Suite 500,

Pittsburgh, Pennsylvania

(Address of principal executive offices)

 

 

15212-5858

(Zip Code)

412-315-2900

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

AA

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes     No  

As of April 30, 2021, 186,724,745 shares of common stock, par value $0.01 per share, of the registrant were outstanding.

 


 


 

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

1

 

 

 

 

Item 1.

Financial Statements

 

1

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

24

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

39

 

 

 

 

Item 4.

Controls and Procedures

 

39

 

 

 

 

PART II – OTHER INFORMATION

 

40

 

 

 

 

Item 1.

Legal Proceedings

 

40

 

 

 

 

Item 1A.

Risk Factors

 

40

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

40

 

 

 

 

Item 4.

Mine Safety Disclosures

 

40

 

 

 

 

Item 6.

Exhibits

 

41

 

 

 

 

SIGNATURES

 

42

Forward-Looking Statements

This report may contain 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,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating or sustainability performance; statements about strategies, outlook, and business and financial prospects; and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) current and potential future impacts of the coronavirus (COVID-19) pandemic on the global economy and our business, financial condition, results of operations, or cash flows and judgments and assumptions used in our estimates; (b) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices and premiums, as applicable, for primary aluminum and other products, and fluctuations in indexed-based and spot prices for alumina; (c) deterioration in global economic and financial market conditions generally and which may also affect Alcoa Corporation’s ability to obtain credit or financing upon acceptable terms or at all; (d) unfavorable changes in the markets served by Alcoa Corporation; (e) the impact of changes in foreign currency exchange and tax rates on costs and results; (f) increases in energy or raw material costs or uncertainty of energy supply or raw materials; (g) declines in the discount rates used to measure pension and other postretirement benefit liabilities or lower-than-expected investment returns on pension assets, or unfavorable changes in laws or regulations that govern pension plan funding; (h) the inability to achieve improvement in profitability and margins, cost savings, cash generation, revenue growth, fiscal discipline, sustainability targets, or strengthening of competitiveness and operations anticipated from portfolio actions, operational and productivity improvements, technology advancements, and other initiatives; (i) the inability to realize expected benefits, in each case as planned and by targeted completion dates, from acquisitions, divestitures, restructuring activities, facility closures, curtailments, restarts, expansions, or joint ventures; (j) political, economic, trade, legal, public health and safety, and regulatory risks in the countries in which Alcoa Corporation operates or sells products; (k) labor disputes and/or work stoppages; (l) the outcome of contingencies, including legal and tax proceedings, government or regulatory investigations, and environmental remediation; (m) the impact of cyberattacks and potential information technology or data security breaches; (n) risks associated with long-term debt obligations; and (o) the other risk factors discussed in Part I Item 1A of Alcoa Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to

 


 

new information, future events or otherwise, except as required by applicable law. Market projections are subject to the risks described above and other risks in the market.

 

 


 

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Alcoa Corporation and Subsidiaries

Statement of Consolidated Operations (unaudited)

(in millions, except per-share amounts)

 

 

 

First quarter ended

March 31,

 

 

 

2021

 

 

2020

 

Sales (E)

 

$

2,870

 

 

$

2,381

 

Cost of goods sold (exclusive of expenses below)

 

 

2,292

 

 

 

2,025

 

Selling, general administrative, and other expenses

 

 

52

 

 

 

60

 

Research and development expenses

 

 

7

 

 

 

7

 

Provision for depreciation, depletion, and amortization

 

 

182

 

 

 

170

 

Restructuring and other charges, net (D)

 

 

7

 

 

 

2

 

Interest expense

 

 

42

 

 

 

30

 

Other income, net (Q)

 

 

(24

)

 

 

(132

)

Total costs and expenses

 

 

2,558

 

 

 

2,162

 

Income before income taxes

 

 

312

 

 

 

219

 

Provision for income taxes

 

 

93

 

 

 

80

 

Net income

 

 

219

 

 

 

139

 

Less: Net income attributable to noncontrolling interest

 

 

44

 

 

 

59

 

NET INCOME ATTRIBUTABLE TO ALCOA

   CORPORATION

 

$

175

 

 

$

80

 

EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA

   CORPORATION COMMON SHAREHOLDERS (F):

 

 

 

 

 

 

 

 

Basic

 

$

0.94

 

 

$

0.43

 

Diluted

 

$

0.93

 

 

$

0.43

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

1


 

 

Alcoa Corporation and Subsidiaries

Statement of Consolidated Comprehensive Income (unaudited)

(in millions)

 

 

 

Alcoa Corporation

 

 

Noncontrolling

interest

 

 

Total

 

 

 

First quarter ended

March 31,

 

 

First quarter ended

March 31,

 

 

First quarter ended

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

175

 

 

$

80

 

 

$

44

 

 

$

59

 

 

$

219

 

 

$

139

 

Other comprehensive (loss) income, net of tax (G):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrecognized net actuarial loss and

   prior service cost/benefit related to pension

   and other postretirement benefits

 

 

131

 

 

 

38

 

 

 

1

 

 

 

 

 

 

132

 

 

 

38

 

Foreign currency translation adjustments

 

 

(176

)

 

 

(663

)

 

 

(60

)

 

 

(245

)

 

 

(236

)

 

 

(908

)

Net change in unrecognized gains/losses on cash

   flow hedges

 

 

(204

)

 

 

701

 

 

 

(3

)

 

 

(20

)

 

 

(207

)

 

 

681

 

Total Other comprehensive (loss) income, net of tax

 

 

(249

)

 

 

76

 

 

 

(62

)

 

 

(265

)

 

 

(311

)

 

 

(189

)

Comprehensive (loss) income

 

$

(74

)

 

$

156

 

 

$

(18

)

 

$

(206

)

 

$

(92

)

 

$

(50

)

 

The accompanying notes are an integral part of the consolidated financial statements.

 

2


 

 

Alcoa Corporation and Subsidiaries

Consolidated Balance Sheet (unaudited)

(in millions)

 

 

 

March 31,

2021

 

 

December 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents (M)

 

$

2,544

 

 

$

1,607

 

Receivables from customers (I)

 

 

587

 

 

 

471

 

Other receivables

 

 

90

 

 

 

85

 

Inventories (J)

 

 

1,417

 

 

 

1,398

 

Fair value of derivative instruments (M)

 

 

15

 

 

 

21

 

Assets held for sale (C)

 

 

 

 

 

648

 

Prepaid expenses and other current assets

 

 

238

 

 

 

290

 

Total current assets

 

 

4,891

 

 

 

4,520

 

Properties, plants, and equipment

 

 

20,199

 

 

 

20,522

 

Less: accumulated depreciation, depletion, and amortization

 

 

13,269

 

 

 

13,332

 

Properties, plants, and equipment, net

 

 

6,930

 

 

 

7,190

 

Investments (H)

 

 

1,055

 

 

 

1,051

 

Deferred income taxes

 

 

653

 

 

 

655

 

Other noncurrent assets

 

 

1,402

 

 

 

1,444

 

Total assets

 

$

14,931

 

 

$

14,860

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable, trade

 

$

1,284

 

 

$

1,403

 

Accrued compensation and retirement costs

 

 

365

 

 

 

395

 

Taxes, including income taxes

 

 

92

 

 

 

91

 

Fair value of derivative instruments (M)

 

 

181

 

 

 

103

 

Liabilities held for sale (C)

 

 

 

 

 

242

 

Other current liabilities

 

 

554

 

 

 

525

 

Long-term debt due within one year (K & M)

 

 

745

 

 

 

2

 

Total current liabilities

 

 

3,221

 

 

 

2,761

 

Long-term debt, less amount due within one year (K & M)

 

 

2,214

 

 

 

2,463

 

Accrued pension benefits (L)

 

 

1,393

 

 

 

1,492

 

Accrued other postretirement benefits (L)

 

 

671

 

 

 

744

 

Asset retirement obligations

 

 

596

 

 

 

625

 

Environmental remediation (P)

 

 

278

 

 

 

293

 

Fair value of derivative instruments (M)

 

 

923

 

 

 

742

 

Noncurrent income taxes

 

 

204

 

 

 

209

 

Other noncurrent liabilities and deferred credits

 

 

558

 

 

 

515

 

Total liabilities

 

 

10,058

 

 

 

9,844

 

CONTINGENCIES AND COMMITMENTS (P)

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Alcoa Corporation shareholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

2

 

 

 

2

 

Additional capital

 

 

9,674

 

 

 

9,663

 

Accumulated deficit

 

 

(550

)

 

 

(725

)

Accumulated other comprehensive loss (G)

 

 

(5,878

)

 

 

(5,629

)

Total Alcoa Corporation shareholders’ equity

 

 

3,248

 

 

 

3,311

 

Noncontrolling interest

 

 

1,625

 

 

 

1,705

 

Total equity

 

 

4,873

 

 

 

5,016

 

Total liabilities and equity

 

$

14,931

 

 

$

14,860

 

 

The accompanying notes are an integral part of the consolidated financial statements.

3


 

Alcoa Corporation and Subsidiaries

Statement of Consolidated Cash Flows (unaudited)

(in millions)

 

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

CASH FROM OPERATIONS

 

 

 

 

 

 

 

 

Net income

 

$

219

 

 

$

139

 

Adjustments to reconcile net income to cash from operations:

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

182

 

 

 

170

 

Deferred income taxes

 

 

18

 

 

 

23

 

Equity earnings, net of dividends

 

 

(11

)

 

 

 

Restructuring and other charges, net (D)

 

 

7

 

 

 

2

 

Net gain from investing activities – asset sales (Q)

 

 

(27

)

 

 

(177

)

Net periodic pension benefit cost (L)

 

 

12

 

 

 

33

 

Stock-based compensation

 

 

8

 

 

 

8

 

Provision for bad debt expense

 

 

 

 

 

2

 

Other

 

 

(1

)

 

 

4

 

Changes in assets and liabilities, excluding effects of divestitures and

   foreign currency translation adjustments:

 

 

 

 

 

 

 

 

(Increase) in receivables

 

 

(212

)

 

 

(70

)

(Increase) Decrease in inventories

 

 

(68

)

 

 

41

 

Decrease in prepaid expenses and other current assets

 

 

57

 

 

 

11

 

(Decrease) in accounts payable, trade

 

 

(64

)

 

 

(121

)

Increase (Decrease) in accrued expenses

 

 

3

 

 

 

(85

)

(Decrease) in taxes, including income taxes

 

 

(1

)

 

 

(11

)

Pension contributions (L)

 

 

(63

)

 

 

(48

)

(Increase) Decrease in noncurrent assets

 

 

(22

)

 

 

32

 

(Decrease) in noncurrent liabilities

 

 

(31

)

 

 

(43

)

CASH PROVIDED FROM (USED FOR) OPERATIONS

 

 

6

 

 

 

(90

)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Additions to debt (original maturities greater than three months)

 

 

495

 

 

 

 

Proceeds from the exercise of employee stock options

 

 

4

 

 

 

 

Financial contributions for the divestiture of businesses (D)

 

 

(6

)

 

 

(12

)

Distributions to noncontrolling interest

 

 

(62

)

 

 

(31

)

Other

 

 

(3

)

 

 

(1

)

CASH PROVIDED FROM (USED FOR) FINANCING ACTIVITIES

 

 

428

 

 

 

(44

)

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(75

)

 

 

(91

)

Proceeds from the sale of assets

 

 

591

 

 

 

199

 

Additions to investments

 

 

(2

)

 

 

(1

)

CASH PROVIDED FROM INVESTING ACTIVITIES

 

 

514

 

 

 

107

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH

   EQUIVALENTS AND RESTRICTED CASH

 

 

(11

)

 

 

(24

)

Net change in cash and cash equivalents and restricted cash

 

 

937

 

 

 

(51

)

Cash and cash equivalents and restricted cash at beginning of year

 

 

1,610

 

 

 

883

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT

   END OF PERIOD

 

$

2,547

 

 

$

832

 

 

The accompanying notes are an integral part of the consolidated financial statements.

4


 

Alcoa Corporation and Subsidiaries

Statement of Changes in Consolidated Equity (unaudited)

(in millions)

 

 

 

Alcoa Corporation shareholders

 

 

 

 

 

 

 

 

 

First quarter ended March 31, 2020

 

Common

stock

 

 

Additional

capital

 

 

Accumulated

deficit

 

 

Accumulated

other

comprehensive

loss

 

 

Non-

controlling

interest

 

 

Total

equity

 

Balance at December 31, 2019

 

$

2

 

 

$

9,639

 

 

$

(555

)

 

$

(4,974

)

 

$

1,774

 

 

$

5,886

 

Net income

 

 

 

 

 

 

 

 

80

 

 

 

 

 

 

59

 

 

 

139

 

Other comprehensive income (loss) (G)

 

 

 

 

 

 

 

 

 

 

 

76

 

 

 

(265

)

 

 

(189

)

Stock-based compensation

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

8

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31

)

 

 

(31

)

Other

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

 

 

(2

)

Balance at March 31, 2020

 

$

2

 

 

$

9,647

 

 

$

(476

)

 

$

(4,898

)

 

$

1,536

 

 

$

5,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First quarter ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

$

2

 

 

$

9,663

 

 

$

(725

)

 

$

(5,629

)

 

$

1,705

 

 

$

5,016

 

Net income

 

 

 

 

 

 

 

 

175

 

 

 

 

 

 

44

 

 

 

219

 

Other comprehensive loss (G)