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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 September 30, 2022
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 October 21, 2022, 176,937,165 shares of common stock, par value $0.01 per share, of the registrant were outstanding.
TABLE OF CONTENTS
Forward-Looking Statements
This report 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 “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “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 (including our ability to execute on strategies related to environmental, social and governance matters); 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 to the global economy and our industry, business and financial condition caused by various worldwide or macroeconomic events, such as the COVID-19 pandemic and the ongoing conflict between Russia and Ukraine, and related regulatory developments; (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) changes in global economic and financial market conditions generally, such as inflation, recessionary conditions, and interest rate increases, 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) unfavorable changes in cost, quality, or availability of key inputs, including energy and raw materials, or uncertainty of or disruption to the supply chain, including logistics; (g) the inability to execute on strategies related to or achieve improvement in profitability and margins, cost savings, cash generation, revenue growth, fiscal discipline, environmental- and social-related goals and targets (including due to delays in scientific and technological developments), or strengthening of competitiveness and operations anticipated from portfolio actions, operational and productivity improvements, technology advancements, and other initiatives; (h) 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; (i) political, economic, trade, legal, public health and safety, and regulatory risks in the countries in which Alcoa Corporation operates or sells products; (j) labor disputes and/or work stoppages and strikes; (k) the outcome of contingencies, including legal and tax proceedings, government or regulatory investigations, and environmental remediation; (l) the impact of cyberattacks and potential information technology or data security breaches; (m) risks associated with long-term debt obligations; (n) the timing and amount of future cash dividends and share repurchases; (o) 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; and (p) 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, 2021, Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, 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)
|
|
Third quarter ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Sales (E) |
|
$ |
2,851 |
|
|
$ |
3,109 |
|
|
$ |
9,788 |
|
|
$ |
8,812 |
|
Cost of goods sold (exclusive of expenses below) |
|
|
2,668 |
|
|
|
2,322 |
|
|
|
7,616 |
|
|
|
6,770 |
|
Selling, general administrative, and other expenses |
|
|
44 |
|
|
|
53 |
|
|
|
140 |
|
|
|
159 |
|
Research and development expenses |
|
|
7 |
|
|
|
8 |
|
|
|
23 |
|
|
|
21 |
|
Provision for depreciation, depletion, and amortization |
|
|
149 |
|
|
|
156 |
|
|
|
470 |
|
|
|
499 |
|
Restructuring and other charges, net (D) |
|
|
652 |
|
|
|
33 |
|
|
|
702 |
|
|
|
73 |
|
Interest expense |
|
|
25 |
|
|
|
58 |
|
|
|
80 |
|
|
|
167 |
|
Other expense (income), net (Q) |
|
|
35 |
|
|
|
(18 |
) |
|
|
(185 |
) |
|
|
(147 |
) |
Total costs and expenses |
|
|
3,580 |
|
|
|
2,612 |
|
|
|
8,846 |
|
|
|
7,542 |
|
(Loss) income before income taxes |
|
|
(729 |
) |
|
|
497 |
|
|
|
942 |
|
|
|
1,270 |
|
Provision for income taxes |
|
|
40 |
|
|
|
127 |
|
|
|
484 |
|
|
|
331 |
|
Net (loss) income |
|
|
(769 |
) |
|
|
370 |
|
|
|
458 |
|
|
|
939 |
|
Less: Net (loss) income attributable to noncontrolling interest |
|
|
(23 |
) |
|
|
33 |
|
|
|
186 |
|
|
|
118 |
|
NET (LOSS) INCOME ATTRIBUTABLE TO ALCOA
CORPORATION |
|
$ |
(746 |
) |
|
$ |
337 |
|
|
$ |
272 |
|
|
$ |
821 |
|
EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA
CORPORATION COMMON SHAREHOLDERS (F): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(4.17 |
) |
|
$ |
1.80 |
|
|
$ |
1.50 |
|
|
$ |
4.40 |
|
Diluted |
|
$ |
(4.17 |
) |
|
$ |
1.76 |
|
|
$ |
1.47 |
|
|
$ |
4.32 |
|
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 |
|
|
|
Third quarter ended
September 30, |
|
|
Third quarter ended
September 30, |
|
|
Third quarter ended
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net (loss) income |
|
$ |
(746) |
|
|
$ |
337 |
|
|
$ |
(23) |
|
|
$ |
33 |
|
|
$ |
(769) |
|
|
$ |
370 |
|
Other comprehensive income (loss), net of tax (G): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrecognized net actuarial loss and
prior service cost/benefit related to pension
and other postretirement benefits |
|
|
656 |
|
|
|
72 |
|
|
|
6 |
|
|
|
12 |
|
|
|
662 |
|
|
|
84 |
|
Foreign currency translation adjustments |
|
|
(173 |
) |
|
|
(202 |
) |
|
|
(81 |
) |
|
|
(78 |
) |
|
|
(254 |
) |
|
|
(280 |
) |
Net change in unrecognized gain (loss) on cash
flow hedges |
|
|
128 |
|
|
|
(111 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
128 |
|
|
|
(113 |
) |
Total Other comprehensive income (loss), net of tax |
|
|
611 |
|
|
|
(241 |
) |
|
|
(75 |
) |
|
|
(68 |
) |
|
|
536 |
|
|
|
(309 |
) |
Comprehensive (loss) income |
|
$ |
(135 |
) |
|
$ |
96 |
|
|
$ |
(98 |
) |
|
$ |
(35 |
) |
|
$ |
(233 |
) |
|
$ |
61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcoa Corporation |
|
|
Noncontrolling
interest |
|
|
Total |
|
|
|
Nine months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net income |
|
$ |
272 |
|
|
$ |
821 |
|
|
$ |
186 |
|
|
$ |
118 |
|
|
$ |
458 |
|
|
$ |
939 |
|
Other comprehensive income (loss), net of tax (G): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrecognized net actuarial loss and
prior service cost/benefit related to pension
and other postretirement benefits |
|
|
730 |
|
|
|
456 |
|
|
|
7 |
|
|
|
16 |
|
|
|
737 |
|
|
|
472 |
|
Foreign currency translation adjustments |
|
|
(217 |
) |
|
|
(174 |
) |
|
|
(115 |
) |
|
|
(87 |
) |
|
|
(332 |
) |
|
|
(261 |
) |
Net change in unrecognized gain (loss) on
cash flow hedges |
|
|
435 |
|
|
|
(581 |
) |
|
|
2 |
|
|
|
— |
|
|
|
437 |
|
|
|
(581 |
) |
Total Other comprehensive income (loss), net of tax |
|
|
948 |
|
|
|
(299 |
) |
|
|
(106 |
) |
|
|
(71 |
) |
|
|
842 |
|
|
|
(370 |
) |
Comprehensive income |
|
$ |
1,220 |
|
|
$ |
522 |
|
|
$ |
80 |
|
|
$ |
47 |
|
|
$ |
1,300 |
|
|
$ |
569 |
|
The accompanying notes are an integral part of the consolidated financial statements.
2
Alcoa Corporation and Subsidiaries
Consolidated Balance Sheet (unaudited)
(in millions)
|
|
September 30,
2022 |
|
|
December 31,
2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents (L) |
|
$ |
1,432 |
|
|
$ |
1,814 |
|
Receivables from customers |
|
|
749 |
|
|
|
757 |
|
Other receivables |
|
|
119 |
|
|
|
127 |
|
Inventories (I) |
|
|
2,400 |
|
|
|
1,956 |
|
Fair value of derivative instruments (L) |
|
|
207 |
|
|
|
14 |
|
Prepaid expenses and other current assets |
|
|
443 |
|
|
|
358 |
|
Total current assets |
|
|
5,350 |
|
|
|
5,026 |
|
Properties, plants, and equipment |
|
|
19,019 |
|
|
|
19,753 |
|
Less: accumulated depreciation, depletion, and amortization |
|
|
12,765 |
|
|
|
13,130 |
|
Properties, plants, and equipment, net |
|
|
6,254 |
|
|
|
6,623 |
|
Investments (H) |
|
|
1,223 |
|
|
|
1,199 |
|
Deferred income taxes |
|
|
417 |
|
|
|
506 |
|
Fair value of derivative instruments (L) |
|
|
20 |
|
|
|
7 |
|
Other noncurrent assets |
|
|
1,621 |
|
|
|
1,664 |
|
Total assets |
|
$ |
14,885 |
|
|
$ |
15,025 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable, trade |
|
$ |
1,590 |
|
|
$ |
1,674 |
|
Accrued compensation and retirement costs |
|
|
329 |
|
|
|
383 |
|
Taxes, including income taxes |
|
|
301 |
|
|
|
374 |
|
Fair value of derivative instruments (L) |
|
|
167 |
|
|
|
274 |
|
Other current liabilities |
|
|
566 |
|
|
|
517 |
|
Long-term debt due within one year (J & L) |
|
|
1 |
|
|
|
1 |
|
Total current liabilities |
|
|
2,954 |
|
|
|
3,223 |
|
Long-term debt, less amount due within one year (J & L) |
|
|
1,725 |
|
|
|
1,726 |
|
Accrued pension benefits (K) |
|
|
370 |
|
|
|
417 |
|
Accrued other postretirement benefits (K) |
|
|
616 |
|
|
|
650 |
|
Asset retirement obligations (O) |
|
|
611 |
|
|
|
622 |
|
Environmental remediation (P) |
|
|
262 |
|
|
|
265 |
|
Fair value of derivative instruments (L) |
|
|
812 |
|
|
|
1,048 |
|
Noncurrent income taxes |
|
|
201 |
|
|
|
191 |
|
Other noncurrent liabilities and deferred credits |
|
|
442 |
|
|
|
599 |
|
Total liabilities |
|
|
7,993 |
|
|
|
8,741 |
|
CONTINGENCIES AND COMMITMENTS (P) |
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
Alcoa Corporation shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
2 |
|
|
|
2 |
|
Additional capital |
|
|
9,171 |
|
|
|
9,577 |
|
Accumulated deficit |
|
|
(158 |
) |
|
|
(315 |
) |
Accumulated other comprehensive loss (G) |
|
|
(3,644 |
) |
|
|
(4,592 |
) |
Total Alcoa Corporation shareholders’ equity |
|
|
5,371 |
|
|
|
4,672 |
|
Noncontrolling interest |
|
|
1,521 |
|
|
|
1,612 |
|
Total equity |
|
|
6,892 |
|
|
|
6,284 |
|
Total liabilities and equity |
|
$ |
14,885 |
|
|
$ |
15,025 |
|
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)
|
|
Nine months ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
CASH FROM OPERATIONS |
|
|
|
|
|
|
|
|
Net income |
|
$ |
458 |
|
|
$ |
939 |
|
Adjustments to reconcile net income to cash from operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion, and amortization |
|
|
470 |
|
|
|
499 |
|
Deferred income taxes |
|
|
93 |
|
|
|
61 |
|
Equity earnings, net of dividends |
|
|
(35 |
) |
|
|
(84 |
) |
Restructuring and other charges, net (D) |
|
|
702 |
|
|
|
73 |
|
Net loss (gain) from investing activities – asset sales (C) |
|
|
7 |
|
|
|
(132 |
) |
Net periodic pension benefit cost (K) |
|
|
39 |
|
|
|
36 |
|
Stock-based compensation |
|
|
28 |
|
|
|
26 |
|
Premium paid on early redemption of debt |
|
|
— |
|
|
|
43 |
|
Gain on mark-to-market derivative financial contracts |
|
|
(84 |
) |
|
|
— |
|
Other |
|
|
30 |
|
|
|
45 |
|
Changes in assets and liabilities, excluding effects of divestitures and
foreign currency translation adjustments: |
|
|
|
|
|
|
|
|
Decrease (Increase) in receivables |
|
|
23 |
|
|
|
(408 |
) |
Increase in inventories |
|
|
(580 |
) |
|
|
(373 |
) |
(Increase) Decrease in prepaid expenses and other current assets |
|
|
(10 |
) |
|
|
39 |
|
(Decrease) Increase in accounts payable, trade |
|
|
(10 |
) |
|
|
153 |
|
Decrease in accrued expenses |
|
|
(122 |
) |
|
— |
|
(Decrease) Increase in taxes, including income taxes |
|
|
(103 |
) |
|
|
143 |
|
Pension contributions (K) |
|
|
(12 |
) |
|
|
(575 |
) |
Increase in noncurrent assets |
|
|
(94 |
) |
|
|
(47 |
) |
Decrease in noncurrent liabilities |
|
|
(96 |
) |
|
|
(83 |
) |
CASH PROVIDED FROM OPERATIONS |
|
|
704 |
|
|
|
355 |
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Additions to debt (original maturities greater than three months) |
|
|
— |
|
|
|
495 |
|
Payments on debt (original maturities greater than three months) |
|
|
— |
|
|
|
(1,294 |
) |
Proceeds from the exercise of employee stock options |
|
|
22 |
|
|
|
19 |
|
Repurchase of common stock |
|
|
(500 |
) |
|
|
— |
|
|