Company Quick10K Filing
Arconic
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 462 $11,730
10-Q 2019-11-05 Quarter: 2019-09-30
10-Q 2019-08-02 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-11-01 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-05-01 Quarter: 2018-03-31
10-K 2018-02-26 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-09-30
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-05-02 Quarter: 2017-03-31
10-K 2017-02-28 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-07-29 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-19 Annual: 2015-12-31
10-Q 2015-10-23 Quarter: 2015-09-30
10-Q 2015-07-22 Quarter: 2015-06-30
10-Q 2015-04-23 Quarter: 2015-03-31
10-K 2015-02-19 Annual: 2014-12-31
10-Q 2014-10-23 Quarter: 2014-09-30
10-Q 2014-07-24 Quarter: 2014-06-30
10-Q 2014-04-24 Quarter: 2014-03-31
10-K 2014-02-13 Annual: 2013-12-31
10-Q 2013-10-18 Quarter: 2013-09-30
10-Q 2013-07-25 Quarter: 2013-06-30
10-Q 2013-04-18 Quarter: 2013-03-31
10-K 2013-02-15 Annual: 2012-12-31
10-Q 2012-10-25 Quarter: 2012-09-30
10-Q 2012-07-26 Quarter: 2012-06-30
10-Q 2012-04-26 Quarter: 2012-03-31
10-K 2012-02-16 Annual: 2011-12-31
10-Q 2011-10-20 Quarter: 2011-09-30
10-Q 2011-07-21 Quarter: 2011-06-30
10-Q 2011-04-21 Quarter: 2011-03-31
10-K 2011-02-17 Annual: 2010-12-31
10-Q 2010-10-22 Quarter: 2010-09-30
10-Q 2010-07-22 Quarter: 2010-06-30
10-Q 2010-04-22 Quarter: 2010-03-31
10-K 2010-02-18 Annual: 2009-12-31
8-K 2020-01-13 Officers, Exhibits
8-K 2019-12-17 Officers
8-K 2019-12-04 Officers, Exhibits
8-K 2019-12-01 Other Events
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-10-15 Other Events
8-K 2019-09-13 Other Events
8-K 2019-08-23 Other Events
8-K 2019-08-06 Other Events, Exhibits
8-K 2019-08-02 Earnings, Exhibits
8-K 2019-08-01 Officers, Exhibits
8-K 2019-05-14 Officers, Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K 2019-05-14 Other Events
8-K 2019-05-02 Other Events, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-03-14 Officers, Exhibits
8-K 2019-03-04
8-K 2019-02-19 Other Events, Exhibits
8-K 2019-02-08 Earnings, Exhibits
8-K 2019-02-06 Earnings, Officers, Exhibits
8-K 2019-01-22 Regulation FD, Exhibits
8-K 2018-11-30 Other Events
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-01 Regulation FD, Other Events
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-06-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-16 Officers, Shareholder Vote, Exhibits
8-K 2018-04-30 Earnings, Exhibits
8-K 2018-04-18 Officers
8-K 2018-03-23
8-K 2018-03-07 Other Events, Exhibits
8-K 2018-02-14
8-K 2018-02-05 Earnings, Exhibits
8-K 2018-02-01 Enter Agreement, Officers, Other Events, Exhibits
8-K 2018-01-19 Enter Agreement, Exhibits
8-K 2018-01-03 Officers, Regulation FD, Exhibits
8-K 2017-12-31 Enter Agreement, Off-BS Arrangement, Shareholder Rights, Amend Bylaw, Exhibits
ARNC 2019-09-30
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 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-15.1 ex153q19.htm
EX-31.1 ex313q19.htm
EX-32.1 ex323q19.htm

Arconic Earnings 2019-09-30

ARNC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ARNC 11,730 17,913 13,047 14,228 0 445 1,448 16,676 0% 11.5 2%
FTI 11,451 25,513 15,094 12,814 555 -1,975 -1,651 10,612 4% -6.4 -8%
NOV 8,208 14,349 5,862 8,624 1,120 -5,443 -4,571 9,570 13% -2.1 -38%
RS 5,946 8,327 3,386 11,629 1,544 614 1,162 7,749 13% 6.7 7%
CR 4,892 4,142 2,467 3,369 1,218 360 619 5,591 36% 9.0 9%
GNRC 4,274 2,523 1,593 2,135 760 260 426 5,047 36% 11.9 10%
ROLL 4,055 1,192 195 709 280 108 173 4,049 39% 23.3 9%
TKR 3,912 4,674 2,891 3,771 1,116 323 667 5,396 30% 8.1 7%
RBC 3,471 4,660 2,259 3,535 951 262 532 4,403 27% 8.3 6%
VMI 3,161 2,712 1,630 2,769 660 135 317 3,670 24% 11.6 5%

Document
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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, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-3610
 
ARCONIC INC.
(Exact name of registrant as specified in its charter)
 
Delaware
 
25-0317820
(State of incorporation)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
201 Isabella Street,
Suite 200,
Pittsburgh,
Pennsylvania
 
15212-5872
(Address of principal executive offices)
 
(Zip code)
Investor Relations 412-553-1950
Office of the Secretary 412-553-1940
(Registrant’s telephone number including area code)

(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 $1.00 per share
ARNC
New York Stock Exchange
$3.75 Cumulative Preferred Stock, par value $100 per share
ARNC PR
NYSE American
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
x
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  x
As of November 1, 2019, there were 432,941,063 shares of common stock, par value $1.00 per share, of the registrant outstanding.
 




PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
Arconic and subsidiaries
Statement of Consolidated Operations (unaudited)
(in millions, except per-share amounts)
 
Third quarter ended
 
Nine months ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Sales (C)
$
3,559

 
$
3,524

 
$
10,791

 
$
10,542

Cost of goods sold (exclusive of expenses below)
2,800

 
2,881

 
8,557

 
8,552

Selling, general administrative, and other expenses
167

 
134

 
523

 
464

Research and development expenses
16

 
25

 
55

 
77

Provision for depreciation and amortization
131

 
141

 
407

 
427

Restructuring and other charges (D)
119

 
(2
)
 
630

 
20

Operating income
326

 
345

 
619

 
1,002

Interest expense
86

 
88

 
256

 
291

Other expense, net (E)
31

 
8

 
92

 
69

Income before income taxes
209

 
249

 
271

 
642

Provision for income taxes (G)
114

 
88

 
110

 
218

Net income
$
95

 
$
161

 
$
161

 
$
424

 
 
 
 
 
 
 
 
Amounts Attributable to Arconic Common Shareholders (I):
 
 
 
 
 
 
 
Net income
$
94

 
$
160

 
$
159

 
$
422

Earnings per share - basic
$
0.22

 
$
0.33

 
$
0.35

 
$
0.87

Earnings per share - diluted
$
0.21

 
$
0.32

 
$
0.35

 
$
0.86

Average Shares Outstanding (I):
 
 
 
 
 
 
 
Average shares outstanding - basic
436

 
483

 
451

 
483

Average shares outstanding - diluted
457

 
502

 
455

 
503

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


2



Arconic and subsidiaries
Statement of Consolidated Comprehensive Income (unaudited)
(in millions)
 
Third quarter ended
 
Nine months ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
95

 
$
161

 
$
161

 
$
424

Other comprehensive (loss) income, net of tax (J):
 
 
 
 
 
 
 
Change in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits
26

 
37

 
89

 
209

Foreign currency translation adjustments
(87
)
 
(16
)
 
(91
)
 
(95
)
Net change in unrealized gains on available-for-sale securities
1

 
1

 
4

 
(1
)
Net change in unrecognized gains/losses on cash flow hedges
1

 
(10
)
 
(2
)
 
(13
)
Total Other comprehensive (loss) income, net of tax
(59
)
 
12

 

 
100

Comprehensive income
$
36

 
$
173

 
$
161

 
$
524

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

3



Arconic and subsidiaries
Consolidated Balance Sheet (unaudited)
(in millions)
 
September 30, 2019
 
December 31, 2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,321

 
$
2,277

Receivables from customers, less allowances of $4 in 2019 and 2018 (K)
1,116

 
1,047

Other receivables (K)
657

 
451

Inventories (L)
2,555

 
2,492

Prepaid expenses and other current assets
259

 
314

Total current assets
5,908

 
6,581

Properties, plants, and equipment, net (M)
5,377

 
5,704

Goodwill (C)
4,460

 
4,500

Deferred income taxes
466

 
573

Intangibles, net (D and M)
668

 
919

Other noncurrent assets (N)
605

 
416

Total assets
$
17,484

 
$
18,693

Liabilities
 
 
 
Current liabilities:
 
 
 
Accounts payable, trade
$
1,988

 
$
2,129

Accrued compensation and retirement costs
392

 
370

Taxes, including income taxes
115

 
118

Accrued interest payable
97

 
113

Other current liabilities (N)
434

 
356

Short-term debt (O)
1,434

 
434

Total current liabilities
4,460

 
3,520

Long-term debt, less amount due within one year (O and P)
4,905

 
5,896

Accrued pension benefits (F)
2,001

 
2,230

Accrued other postretirement benefits (F)
629

 
723

Other noncurrent liabilities and deferred credits (B and N)
779

 
739

Total liabilities
12,774

 
13,108

Contingencies and commitments (R)


 


Equity
 
 
 
Arconic shareholders’ equity:
 
 
 
Preferred stock
55

 
55

Common stock (H)
434

 
483

Additional capital (H)
7,314

 
8,319

Accumulated deficit
(179
)
 
(358
)
Accumulated other comprehensive loss (J)
(2,928
)
 
(2,926
)
Total Arconic shareholders’ equity
4,696

 
5,573

Noncontrolling interests
14

 
12

Total equity
4,710

 
5,585

Total liabilities and equity
$
17,484

 
$
18,693

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

4



Arconic and subsidiaries
Statement of Consolidated Cash Flows (unaudited)
(in millions)
 
Nine months ended
 
September 30,
 
2019
 
2018
Operating activities
 
 
 
Net income
$
161

 
$
424

Adjustments to reconcile net income to cash used for operations:
 
 
 
Depreciation and amortization
407

 
427

Deferred income taxes
(36
)
 
95

Restructuring and other charges
630

 
20

Net loss from investing activities—asset sales
6

 
7

Net periodic pension benefit cost (F)
87

 
100

Stock-based compensation
44

 
43

Other
15

 
61

Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
 
 
 
(Increase) in receivables
(957
)
 
(1,020
)
(Increase) in inventories
(92
)
 
(184
)
Decrease (increase) in prepaid expenses and other current assets
17

 
(3
)
(Decrease) increase in accounts payable, trade
(119
)
 
257

(Decrease) in accrued expenses
(90
)
 
(96
)
Increase in taxes, including income taxes
92

 
63

Pension contributions
(217
)
 
(288
)
(Increase) in noncurrent assets
(12
)
 
(33
)
(Decrease) in noncurrent liabilities
(36
)
 
(82
)
Cash used for operations
(100
)
 
(209
)
Financing Activities
 
 

Net change in short-term borrowings (original maturities of three months or less)

 
3

Additions to debt (original maturities greater than three months)
300

 
450

Payments on debt (original maturities greater than three months)
(303
)
 
(952
)
Premiums paid on early redemption of debt

 
(17
)
Proceeds from exercise of employee stock options
19

 
15

Dividends paid to shareholders
(48
)
 
(89
)
Repurchase of common stock (H)
(1,100
)
 

Other
(12
)
 
(19
)
Cash used for financing activities
(1,144
)
 
(609
)
Investing Activities
 
 

Capital expenditures
(415
)
 
(497
)
Proceeds from the sale of assets and businesses (Q)
27

 
7

Sales of investments
47

 
9

Cash receipts from sold receivables (K)
630

 
693

Other
(1
)
 
(1
)
Cash provided from investing activities
288

 
211

Effect of exchange rate changes on cash, cash equivalents and restricted cash
(2
)
 
(4
)
Net change in cash, cash equivalents and restricted cash
(958
)
 
(611
)
Cash, cash equivalents and restricted cash at beginning of year
2,282

 
2,153

Cash, cash equivalents and restricted cash at end of period
$
1,324

 
$
1,542

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

5



Arconic and subsidiaries
Statement of Changes in Consolidated Equity (unaudited)
(in millions, except per-share amounts)
 
Arconic Shareholders
 
 
 
 
 
Preferred
stock
 
Common
stock
 
Additional
capital
 
Accumulated deficit
 
Accumulated
other
comprehensive
loss
 
Noncontrolling
interests
 
Total
Equity
Balance at June 30, 2018
$
55

 
$
483

 
$
8,295

 
$
(1,073
)
 
$
(2,556
)
 
$
14

 
$
5,218

Net income

 

 

 
161

 

 

 
161

Other comprehensive income (J)

 

 

 

 
12

 

 
12

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred-Class A @ $0.9375 per share

 

 

 
(1
)
 

 

 
(1
)
Common @ $0.06 per share

 

 

 
(30
)
 

 

 
(30
)
Stock-based compensation

 

 
14

 

 

 

 
14

Common stock issued: compensation plans

 

 
1

 

 

 

 
1

Balance at September 30, 2018
$
55


$
483


$
8,310


$
(943
)

$
(2,544
)

$
14


$
5,375

 
Arconic Shareholders
 
 
 
 
 
Preferred
stock
 
Common
stock
 
Additional
capital
 
Accumulated deficit
 
Accumulated
other
comprehensive
loss
 
Noncontrolling
interests
 
Total
Equity
Balance at June 30, 2019
$
55

 
$
440

 
$
7,484

 
$
(256
)
 
$
(2,869
)
 
$
12

 
$
4,866

Net income

 

 

 
95

 

 

 
95

Other comprehensive loss (J)

 

 

 

 
(59
)
 

 
(59
)
Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred-Class A @ $0.9375 per share

 

 

 
(1
)
 

 

 
(1
)
Common @ $0.04 per share

 

 

 
(17
)
 

 

 
(17
)
Repurchase and retirement of common stock (H)

 
(7
)
 
(193
)
 

 

 

 
(200
)
Stock-based compensation

 

 
16

 

 

 

 
16

Common stock issued: compensation plans

 
1

 
5

 

 

 

 
6

Other

 

 
2

 

 

 
2

 
4

Balance at September 30, 2019
$
55

 
$
434

 
$
7,314


$
(179
)

$
(2,928
)

$
14


$
4,710

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

6



 
Arconic Shareholders
 
 
 
 
 
Preferred
stock
 
Common
stock
 
Additional
capital
 
Accumulated deficit
 
Accumulated
other
comprehensive
loss
 
Noncontrolling
interests
 
Total
Equity
Balance at December 31, 2017
$
55

 
$
481

 
$
8,266

 
$
(1,248
)
 
$
(2,644
)
 
$
14

 
$
4,924

Net income

 

 

 
424

 

 

 
424

Other comprehensive income (J)

 

 

 

 
100

 

 
100

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 

Preferred-Class A @ $2.8125 per share

 

 

 
(2
)
 

 

 
(2
)
Common @ $0.24 per share

 

 

 
(117
)
 

 

 
(117
)
Stock-based compensation

 

 
43

 

 

 

 
43

Common stock issued: compensation plans

 
2

 
1

 

 

 

 
3

Balance at September 30, 2018
$
55


$
483


$
8,310


$
(943
)

$
(2,544
)

$
14


$
5,375

 
Arconic Shareholders
 
 
 
 
 
Preferred
stock
 
Common
stock
 
Additional
capital
 
Accumulated deficit
 
Accumulated
other
comprehensive
loss
 
Noncontrolling
interests
 
Total
Equity
Balance at December 31, 2018
$
55

 
$
483

 
$
8,319

 
$
(358
)
 
$
(2,926
)
 
$
12

 
$
5,585

Adoption of accounting standards (B)

 

 

 
75

 
(2
)
 

 
73

Net income

 

 

 
161

 

 

 
161

Other comprehensive income (J)

 

 

 

 

 

 

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 

Preferred-Class A @ $2.8125 per share

 

 

 
(2
)
 

 

 
(2
)
Common @ $0.12 per share

 

 

 
(55
)
 

 

 
(55
)
Repurchase and retirement of common stock (H)

 
(52
)
 
(1,048
)
 

 

 

 
(1,100
)
Stock-based compensation

 

 
41

 

 

 

 
41

Common stock issued: compensation plans

 
3

 

 

 

 

 
3

Other

 

 
2

 

 

 
2

 
4

Balance at September 30, 2019
$
55

 
$
434

 
$
7,314

 
$
(179
)
 
$
(2,928
)
 
$
14


$
4,710

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

7



Arconic and subsidiaries
Notes to the Consolidated Financial Statements (unaudited)
(dollars in millions, except per-share amounts)
A. Basis of Presentation
The interim Consolidated Financial Statements of Arconic Inc. and its subsidiaries (“Arconic” or the “Company”) are unaudited. These Consolidated Financial Statements include all adjustments, consisting only of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year. The 2018 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Form 10-Q report should be read in conjunction with Arconic’s Annual Report on Form 10-K for the year ended December 31, 2018, which includes all disclosures required by GAAP. Certain amounts in previously issued financial statements were reclassified to conform to the current period presentation (see Note C).
B. Recently Adopted and Recently Issued Accounting Guidance
Adopted
In February 2016, the Financial Accounting Standards Board (FASB) issued changes to the accounting and presentation of leases. These changes require lessees to recognize a right-of-use asset and lease liability on the balance sheet, initially measured at the present value of the future lease payments for all operating leases with a term greater than 12 months.
These changes became effective for Arconic on January 1, 2019 and have been applied using the modified retrospective approach as of the date of adoption, under which leases existing at, or entered into after, January 1, 2019 were required to be recognized and measured. Prior period amounts have not been adjusted and continue to be reflected in accordance with the Company’s historical accounting. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. The Company also elected to separate lease components from non-lease components for all classes of assets.
The adoption of this new standard resulted in the Company recording operating lease right-of-use assets and lease liabilities of approximately $320 on the Consolidated Balance Sheet as of January 1, 2019. Also, the Company reclassified cash proceeds of $119 from Other noncurrent liabilities and deferred credits, assets of $24 from Properties, plants, and equipment, net, and deferred tax assets of $22 from Other noncurrent assets to Accumulated deficit reflecting the cumulative effect of an accounting change related to the sale-leaseback of the Texarkana, Texas cast house (see Note Q). The adoption of the standard had no impact on the Statement of Consolidated Operations or Statement of Consolidated Cash Flows.
In August 2017, the FASB issued guidance that made more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amended the presentation and disclosure requirements and changed how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. These changes became effective for Arconic on January 1, 2019. For cash flow hedges, Arconic recorded a cumulative effect adjustment of $2 related to eliminating the separate measurement of ineffectiveness by decreasing Accumulated other comprehensive loss and increasing Accumulated deficit on the accompanying Consolidated Balance Sheet. The amendments to presentation and disclosure are required prospectively. Arconic has determined that under the new accounting guidance it is able to more broadly use cash flow hedge accounting for its variable priced inventory purchases and customer sales.
In March 2019, the Securities and Exchange Commission (SEC) issued guidance to modernize and simplify certain disclosure requirements in a manner that reduces the costs and burdens on preparers while continuing to provide all material information to investors. This guidance became effective on May 2, 2019 and has been applied to filings thereafter. The adoption of this guidance did not have a material impact on the Notes to Consolidated Financial Statements.
Issued
In June 2016, the FASB added a new impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. These changes become effective for Arconic on January 1, 2020. Management has determined that the adoption of this guidance will not have a material impact on the Consolidated Financial Statements.

8



In August 2018, the FASB issued guidance that impacts disclosures for defined benefit pension plans and other postretirement benefit plans. These changes become effective for Arconic's annual report for the year ending December 31, 2020, with early adoption permitted. Management has determined that the adoption of this guidance will not have a material impact on the Consolidated Financial Statements.
C. Segment Information
Arconic is a global leader in lightweight metals engineering and manufacturing. Arconic’s innovative, multi-material products, which include aluminum, titanium, and nickel, are used worldwide in aerospace, automotive, commercial transportation, building and construction, industrial applications, defense, and packaging. Arconic has two operating and reportable segments, which are organized by product on a worldwide basis: Engineered Products and Forgings (EP&F) (formerly named the Engineered Products and Solutions segment) and Global Rolled Products (GRP) (see further details below). Segment performance under Arconic’s management reporting system is evaluated based on a number of factors; however, the primary measure of performance is Segment operating profit. Arconic’s definition of Segment operating profit is Operating income excluding Special items. Special items include Restructuring and other charges. Segment operating profit includes the impact of LIFO inventory accounting, metal price lag, intersegment profit eliminations, and derivative activities. Segment operating profit may not be comparable to similarly titled measures of other companies. Differences between segment totals and consolidated Arconic are in Corporate.
In the third quarter of 2019, the Company realigned its operations by eliminating its Transportation and Construction Solutions (TCS) segment and transferring the Forged Wheels business to its EP&F segment and the Building and Construction Systems (BCS) business to its GRP segment, consistent with how the Chief Executive Officer is assessing operating performance and allocating capital in conjunction with the planned separation of the Company (see Note S). The Latin American extrusions business, which was formerly part of the Company's TCS segment until its sale in April of 2018 (see Note Q), was moved to Corporate. In the first quarter of 2019, management transferred its aluminum extrusions operations (Aluminum Extrusions) from its Engineered Structures business unit within the EP&F segment to the GRP segment, based on synergies with GRP including similar customer base, technologies, and manufacturing capabilities. Prior period financial information has been recast to conform to current year presentation.
As a result of the elimination of the TCS segment in the third quarter of 2019 as noted above, the Company transferred its existing Forged Wheels goodwill of $7 and its existing BCS goodwill of $68 from the TCS segment to the EP&F segment and GRP segment, respectively. Both Forged Wheels and BCS will continue to be reporting units for purposes of evaluating goodwill for impairment. In the second quarter of 2019, management transferred its castings operations from the Engineered Structures business unit to the Engine Products business unit within the EP&F segment based on process expertise for investment castings that existed within Engine Products. As a result, goodwill of $105 was reallocated from the Engineered Structures reporting unit to the Engine Products reporting unit and these reporting units were evaluated for impairment during the second quarter of 2019. The estimated fair value of each of these reporting units substantially exceeded their carrying value; thus, there was no impairment. Also in the second quarter of 2019, as a result of the decline in the forecasted financial performance and related impairment of long-lived assets of the Disks asset group within the Engine Products business unit (see Note M), an additional evaluation of the Engine Products reporting unit goodwill was performed. The estimated fair value of the reporting unit was substantially in excess of its carrying value; thus, there was no impairment of goodwill. As a result of the reorganization of Aluminum Extrusions in the first quarter of 2019 as noted above, management assessed and concluded that the remaining Engineered Structures business unit and the Aluminum Extrusions business unit represent reporting units for purposes of evaluating goodwill for impairment. Goodwill of $110 was reallocated from the Engineered Structures reporting unit to the Aluminum Extrusions reporting unit and these reporting units were evaluated for impairment during the first quarter of 2019. The estimated fair value of each of these reporting units substantially exceeded their carrying value; thus, there was no goodwill impairment.


9



The operating results of Arconic’s reportable segments were as follows:
 
Engineered Products and Forgings
 
Global Rolled Products
 
Total
Segment
Third quarter ended September 30, 2019
 
 
 
 
 
Sales:
 
 
 
 
 
Third-party sales
$
1,794

 
$
1,763

 
$
3,557

Intersegment sales

 
41

 
41

Total sales
$
1,794

 
$
1,804

 
$
3,598

Profit and loss:
 
 
 
 
 
Segment operating profit
$
363

 
$
161

 
$
524

Restructuring and other charges
45

 
62

 
107

Provision for depreciation and amortization
65

 
57

 
122

 
 
 
 
 
 
Third quarter ended September 30, 2018
 
 
 
 
 
Sales:
 
 
 
 
 
Third-party sales
$
1,683


$
1,839

 
$
3,522

Intersegment sales

 
44

 
44

Total sales
$
1,683

 
$
1,883

 
$
3,566

Profit and loss:
 
 
 
 
 
Segment operating profit
$
284

 
$
107

 
$
391

Restructuring and other charges
15

 
2

 
17

Provision for depreciation and amortization
73

 
61

 
134


 
Engineered Products and Forgings
 
Global Rolled Products
 
Total
Segment
Nine months ended September 30, 2019
 
 
 
 
 
Sales:
 
 
 
 
 
Third-party sales
$
5,372

 
$
5,415

 
$
10,787

Intersegment sales

 
142

 
142

Total sales
$
5,372

 
$
5,557

 
$
10,929

Profit and loss:
 
 
 
 
 
Segment operating profit
$
1,036

 
$
475

 
$
1,511

Restructuring and other charges
506

 
99

 
605

Provision for depreciation and amortization
206

 
175

 
381

 
 
 
 
 
 
Nine months ended September 30, 2018
 
 
 
 
 
Sales:
 
 
 
 
 
Third-party sales
$
5,083

 
$
5,468

 
$
10,551

Intersegment sales

 
161

 
161

Total sales
$
5,083