Company Quick10K Filing
Quick10K
Alcoa
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$16.73 185,534,704 $3,103,995,598
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
8-K 2019-09-20 Other Events, Exhibits
8-K 2019-09-07 Exit Costs, Officers, Exhibits
8-K 2019-07-17 Earnings, Exhibits
8-K 2019-07-03 Officers
8-K 2019-07-02 Other Events, Exhibits
8-K 2019-06-26 Enter Agreement, Other Events, Exhibits
8-K 2019-05-08 Shareholder Vote
8-K 2019-04-17 Earnings, Exhibits
8-K 2019-01-16 Earnings, Regulation FD, Exhibits
8-K 2018-11-21 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-10-11 Earnings, Officers, Other Events, Exhibits
8-K 2018-09-11 Regulation FD, Exhibits
8-K 2018-08-08 Other Events, Exhibits
8-K 2018-07-18 Earnings, Exhibits
8-K 2018-06-18 Other Events, Exhibits
8-K 2018-05-17 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-05-14 Regulation FD, Exhibits
8-K 2018-05-09 Officers, Shareholder Vote, Regulation FD, Exhibits
8-K 2018-04-18 Earnings, Exhibits
8-K 2018-04-03 Other Events, Exhibits
8-K 2018-01-17 Earnings, Regulation FD, Other Events, Exhibits
WST West Pharmaceutical Services 10,743
CF CF Industries 10,322
VVV Valvoline 4,161
AGX Argan 621
CENX Century Aluminum 467
PLG Platinum Group Metals 439
SXC Suncoke Energy 401
LMB Limbach 37
CTIB CTI Industries 16
ACH Aluminum Corp of China 0
AA 2019-06-30
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 4. Mine Safety Disclosures.
Item 6. Exhibits.
EX-10.1 aa-ex101_318.htm
EX-10.2 aa-ex102_319.htm
EX-10.3 aa-ex103_454.htm
EX-10.4 aa-ex104_317.htm
EX-10.5 aa-ex105_316.htm
EX-31.1 aa-ex311_6.htm
EX-31.2 aa-ex312_11.htm
EX-32.1 aa-ex321_8.htm
EX-32.2 aa-ex322_10.htm
EX-95.1 aa-ex951_9.htm

Alcoa Earnings 2019-06-30

AA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

aa-10q_20190630.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 June 30, 2019

OR

 

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

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.   Yes     No  

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 July 26, 2019, 185,557,343 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

 

30

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

 

41

 

 

 

 

Item 4.

Controls and Procedures

 

41

 

 

 

 

PART II – OTHER INFORMATION

 

42

 

 

 

 

Item 1.

Legal Proceedings

 

42

 

 

 

 

Item 4.

Mine Safety Disclosures

 

42

 

 

 

 

Item 6.

Exhibits

 

43

 

 

 

 

SIGNATURES

 

44

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 “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 financial results or operating performance; statements about strategies, outlook, and business and financial prospects; and statements about 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) 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; (b) 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; (c) unfavorable changes in the markets served by Alcoa Corporation; (d) the impact of changes in foreign currency exchange and tax rates on costs and results; (e) increases in energy costs or uncertainty of energy supply; (f) declines in the discount rates used to measure pension liabilities or lower-than-expected investment returns on pension assets, or unfavorable changes in laws or regulations that govern pension plan funding; (g) the inability to achieve improvement in profitability and margins, cost savings, cash generation, revenue growth, fiscal discipline, or strengthening of competitiveness and operations anticipated from operational and productivity improvements, cash sustainability, 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, facility closures, curtailments, restarts, expansions, or joint ventures; (i) political, economic, trade, legal, and regulatory risks in the countries in which Alcoa Corporation operates or sells products; (j) labor disputes and/or work stoppages; (k) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (l) the impact of cyberattacks and potential information technology or data security breaches; and (m) the other risk factors discussed in Item 1A of Alcoa Corporation’s Form 10-K for the fiscal year ended December 31, 2018 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission, including those described in this report. 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)

 

 

 

Second quarter ended

June 30,

 

 

Six months ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Sales (D)

 

$

2,711

 

 

$

3,579

 

 

$

5,430

 

 

$

6,669

 

Cost of goods sold (exclusive of expenses below) (H)

 

 

2,189

 

 

 

2,753

 

 

 

4,369

 

 

 

5,055

 

Selling, general administrative, and other expenses

 

 

68

 

 

 

64

 

 

 

152

 

 

 

131

 

Research and development expenses

 

 

7

 

 

 

9

 

 

 

14

 

 

 

17

 

Provision for depreciation, depletion, and amortization

 

 

174

 

 

 

192

 

 

 

346

 

 

 

386

 

Restructuring and other charges, net (C)

 

 

370

 

 

 

231

 

 

 

483

 

 

 

212

 

Interest expense

 

 

30

 

 

 

32

 

 

 

60

 

 

 

58

 

Other expenses, net (N)

 

 

50

 

 

 

9

 

 

 

91

 

 

 

30

 

Total costs and expenses

 

 

2,888

 

 

 

3,290

 

 

 

5,515

 

 

 

5,889

 

(Loss) income before income taxes

 

 

(177

)

 

 

289

 

 

 

(85

)

 

 

780

 

Provision for income taxes

 

 

116

 

 

 

158

 

 

 

266

 

 

 

309

 

Net (loss) income

 

 

(293

)

 

 

131

 

 

 

(351

)

 

 

471

 

Less: Net income attributable to noncontrolling interest

 

 

109

 

 

 

121

 

 

 

250

 

 

 

266

 

NET (LOSS) INCOME ATTRIBUTABLE TO ALCOA

   CORPORATION

 

$

(402

)

 

$

10

 

 

$

(601

)

 

$

205

 

EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA

   CORPORATION COMMON SHAREHOLDERS (E):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(2.17

)

 

$

0.05

 

 

$

(3.24

)

 

$

1.10

 

Diluted

 

$

(2.17

)

 

$

0.05

 

 

$

(3.24

)

 

$

1.09

 

 

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

 

 

 

Second quarter ended

June 30,

 

 

Second quarter ended

June 30,

 

 

Second quarter ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net (loss) income (H)

 

$

(402

)

 

$

10

 

 

$

109

 

 

$

121

 

 

$

(293

)

 

$

131

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrecognized net actuarial loss and

   prior service cost/benefit related to pension

   and other postretirement benefits

 

 

10

 

 

 

183

 

 

 

(2

)

 

 

2

 

 

 

8

 

 

 

185

 

Foreign currency translation adjustments

 

 

40

 

 

 

(445

)

 

 

4

 

 

 

(151

)

 

 

44

 

 

 

(596

)

Net change in unrecognized gains/losses on cash

   flow hedges

 

 

79

 

 

 

(175

)

 

 

(1

)

 

 

(10

)

 

 

78

 

 

 

(185

)

Total Other comprehensive income (loss), net of tax

 

 

129

 

 

 

(437

)

 

 

1

 

 

 

(159

)

 

 

130

 

 

 

(596

)

Comprehensive (loss) income

 

$

(273

)

 

$

(427

)

 

$

110

 

 

$

(38

)

 

$

(163

)

 

$

(465

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcoa Corporation

 

 

Noncontrolling

interest

 

 

Total

 

 

 

Six months ended

June 30,

 

 

Six months ended

June 30,

 

 

Six months ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net (loss) income (H)

 

$

(601

)

 

$

205

 

 

$

250

 

 

$

266

 

 

$

(351

)

 

$

471

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrecognized net actuarial loss and

   prior service cost/benefit related to pension

   and other postretirement benefits

 

 

51

 

 

 

284

 

 

 

(1

)

 

 

3

 

 

 

50

 

 

 

287

 

Foreign currency translation adjustments

 

 

18

 

 

 

(444

)

 

 

6

 

 

 

(165

)

 

 

24

 

 

 

(609

)

Net change in unrecognized gains/losses on

   cash flow hedges

 

 

(209

)

 

 

375

 

 

 

5

 

 

 

(30

)

 

 

(204

)

 

 

345

 

Total Other comprehensive (loss) income, net of tax

 

 

(140

)

 

 

215

 

 

 

10

 

 

 

(192

)

 

 

(130

)

 

 

23

 

Comprehensive (loss) income

 

$

(741

)

 

$

420

 

 

$

260

 

 

$

74

 

 

$

(481

)

 

$

494

 

 

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

 

2


Alcoa Corporation and Subsidiaries

Consolidated Balance Sheet (unaudited)

(in millions)

 

 

 

June 30,

2019

 

 

December 31, 2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents (J)

 

$

834

 

 

$

1,113

 

Receivables from customers

 

 

684

 

 

 

830

 

Other receivables

 

 

203

 

 

 

173

 

Inventories (H)

 

 

1,767

 

 

 

1,819

 

Fair value of derivative instruments (J)

 

 

80

 

 

 

73

 

Prepaid expenses and other current assets (H)

 

 

250

 

 

 

320

 

Total current assets

 

 

3,818

 

 

 

4,328

 

Properties, plants, and equipment

 

 

22,126

 

 

 

21,807

 

Less: accumulated depreciation, depletion, and amortization

 

 

13,853

 

 

 

13,480

 

Properties, plants, and equipment, net

 

 

8,273

 

 

 

8,327

 

Investments (G & M)

 

 

1,141

 

 

 

1,360

 

Deferred income taxes

 

 

599

 

 

 

560

 

Fair value of derivative instruments (J)

 

 

55

 

 

 

82

 

Other noncurrent assets

 

 

1,463

 

 

 

1,475

 

Total assets

 

$

15,349

 

 

$

16,132

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable, trade

 

$

1,523

 

 

$

1,663

 

Accrued compensation and retirement costs

 

 

409

 

 

 

400

 

Taxes, including income taxes

 

 

100

 

 

 

426

 

Fair value of derivative instruments (J)

 

 

71

 

 

 

82

 

Other current liabilities

 

 

427

 

 

 

347

 

Long-term debt due within one year (J)

 

 

1

 

 

 

1

 

Total current liabilities

 

 

2,531

 

 

 

2,919

 

Long-term debt, less amount due within one year (J)

 

 

1,804

 

 

 

1,801

 

Accrued pension benefits (I)

 

 

1,388

 

 

 

1,407

 

Accrued other postretirement benefits (I)

 

 

835

 

 

 

868

 

Asset retirement obligations

 

 

529

 

 

 

529

 

Environmental remediation (M)

 

 

237

 

 

 

236

 

Fair value of derivative instruments (J)

 

 

506

 

 

 

261

 

Noncurrent income taxes

 

 

320

 

 

 

301

 

Other noncurrent liabilities and deferred credits

 

 

340

 

 

 

222

 

Total liabilities

 

 

8,490

 

 

 

8,544

 

CONTINGENCIES AND COMMITMENTS (M)

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Alcoa Corporation shareholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

2

 

 

 

2

 

Additional capital

 

 

9,629

 

 

 

9,611

 

Retained (deficit) earnings (H)

 

 

(31

)

 

 

570

 

Accumulated other comprehensive loss (F)

 

 

(4,705

)

 

 

(4,565

)

Total Alcoa Corporation shareholders’ equity

 

 

4,895

 

 

 

5,618

 

Noncontrolling interest (H)

 

 

1,964

 

 

 

1,970

 

Total equity

 

 

6,859

 

 

 

7,588

 

Total liabilities and equity

 

$

15,349

 

 

$

16,132

 

 

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)

 

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

CASH FROM OPERATIONS

 

 

 

 

 

 

 

 

Net (loss) income (H)

 

$

(351

)

 

$

471

 

Adjustments to reconcile net (loss) income to cash from operations:

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

346

 

 

 

387

 

Deferred income taxes (H)

 

 

64

 

 

 

(40

)

Equity earnings, net of dividends

 

 

14

 

 

 

(11

)

Restructuring and other charges, net (C)

 

 

483

 

 

 

212

 

Net gain from investing activities – asset sales (N)

 

 

(1

)

 

 

(3

)

Net periodic pension benefit cost (I)

 

 

60

 

 

 

81

 

Stock-based compensation

 

 

21

 

 

 

20

 

Provision for bad debt expense

 

 

20

 

 

 

 

Other

 

 

24

 

 

 

(32

)

Changes in assets and liabilities, excluding effects of foreign currency

   translation adjustments:

 

 

 

 

 

 

 

 

Decrease (Increase) in receivables

 

 

94

 

 

 

(209

)

Decrease (Increase) in inventories (H)

 

 

53

 

 

 

(225

)

Decrease (Increase) in prepaid expenses and other current assets

 

 

68

 

 

 

(8

)

(Decrease) in accounts payable, trade

 

 

(144

)

 

 

(105

)

(Decrease) in accrued expenses

 

 

(51

)

 

 

(243

)

(Decrease) Increase in taxes, including income taxes

 

 

(342

)

 

 

101

 

Pension contributions (I)

 

 

(55

)

 

 

(692

)

(Increase) in noncurrent assets

 

 

(32

)

 

 

(49

)

(Decrease) in noncurrent liabilities

 

 

(21

)

 

 

(30

)

CASH PROVIDED FROM (USED FOR) OPERATIONS

 

 

250

 

 

 

(375

)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Additions to debt (original maturities greater than three months)

 

 

 

 

 

553

 

Payments on debt (original maturities greater than three months)

 

 

 

 

 

(7

)

Proceeds from the exercise of employee stock options

 

 

1