10-Q 1 arnc-20220930.htm 10-Q arnc-20220930
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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
Commission File Number 1-39162
ARCONIC CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 84-2745636
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
     
201 Isabella Street,Suite 400,Pittsburgh,Pennsylvania 15212-5872
(Address of principal executive offices) (Zip Code)
(412)-992-2500
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareARNCNew 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 31, 2022, there were 101,484,590 shares of common stock, par value $0.01 per share, of the registrant outstanding.


TABLE OF CONTENTS

Forward-Looking Statements
This Quarterly Report on Form 10-Q 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,” “guidance,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect Arconic’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the condition of, or trends or developments in, the ground transportation, aerospace, building and construction, industrial, packaging and other end markets; Arconic’s future financial results, operating performance, working capital, cash flows, liquidity and financial position; cost savings and restructuring programs; Arconic’s strategies, outlook, business and financial prospects; share repurchases; costs associated with pension and other postretirement benefit plans; projected sources of cash flow; and potential legal liability. These statements reflect beliefs and assumptions that are based on Arconic’s perception of historical trends, current conditions and expected future developments, as well as other factors Arconic believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and changes in circumstances, many of which are beyond Arconic’s control. Such risks and uncertainties include, but are not limited to:
continuing uncertainty regarding the duration and impact of the COVID-19 pandemic on our business and the businesses of our customers and suppliers, including labor shortages and increased quarantine rates;
deterioration in global economic and financial market conditions generally;
unfavorable changes in the end markets we serve;
the inability to achieve the level of revenue growth, cash generation, cost savings, benefits of our management of legacy liabilities, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted;
adverse changes in discount rates or investment returns on pension assets;
competition from new product offerings, disruptive technologies, industry consolidation or other developments;
the loss of significant customers or adverse changes in customers’ business or financial condition;
manufacturing difficulties or other issues that impact product performance, quality or safety;


the impact of pricing volatility in raw materials and inflationary pressures on our costs of production, including energy;
a significant downturn in the business or financial condition of a key supplier or other supply chain disruptions;
challenges to or infringements on our intellectual property rights;
the inability to successfully implement our re-entry into the U.S. packaging market or to realize the expected benefits of other strategic initiatives or projects;
the inability to identify or successfully respond to changing trends in our end markets;
the impact of potential cyber attacks and information technology or data security breaches;
geopolitical, economic, and regulatory risks relating to our global operations, including compliance with U.S. and foreign trade and tax laws, potential expropriation of properties located outside the U.S., sanctions, tariffs, embargoes and other regulations;
the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation and compliance matters;
restrictions imposed by authorities on our Russian operations;
our ability to complete the announced divestiture of our Russian operations and the impact of such divestiture on our business and operations;
reactions to or consequences of our announcement regarding the sale of our Russian operations, including the potential for our Russian operations to be nationalized or otherwise expropriated by the Russian government;
the impact of the ongoing conflict between Russia and Ukraine on economic conditions in general and on our business and operations, including sanctions, tariffs, and increased energy prices; and
the other risk factors summarized in Arconic’s Form 10-K for the year ended December 31, 2021 and other reports filed with the U.S. Securities and Exchange Commission.
The above list of factors is not exhaustive or necessarily in order of importance. Market projections are subject to the risks discussed above and in this report, and other risks in the market. For additional information concerning factors that could cause actual results to differ materially from the information contained in this report, reference is made to the information in Part II Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q and Part I Item 1A, “Risk Factors” in Arconic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Arconic disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.



PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Arconic Corporation and subsidiaries
Statement of Consolidated Operations (unaudited)
(in millions, except per-share amounts)
Third quarter ended September 30,Nine months ended September 30,
2022202120222021
Sales (C and D)
$2,280 $1,890 $7,019 $5,366 
Cost of goods sold (exclusive of expenses below)
2,074 1,676 6,288 4,674 
Selling, general administrative, and other expenses62 63 200 183 
Research and development expenses9 8 27 25 
Provision for depreciation and amortization59 61 181 186 
Restructuring and other charges (E)
112 14 119 612 
Operating (loss) income(36)68 204 (314)
Interest expense
27 26 78 74 
Other expenses, net (F)
27 15 9 52 
(Loss) Income before income taxes(90)27 117 (440)
(Benefit) Provision for income taxes (H)
(25)11 25 (81)
Net (loss) income(65)16 92 (359)
Less: Net income attributable to noncontrolling interest  1  
Net (loss) income attributable to Arconic Corporation$(65)$16 $91 $(359)
Earnings Per Share Attributable to Arconic Corporation Common Stockholders (I):
Basic$(0.64)$0.15 $0.87 $(3.28)
Diluted$(0.64)$0.15 $0.85 $(3.28)
The accompanying notes are an integral part of the consolidated financial statements.
1

Arconic Corporation and subsidiaries
Statement of Consolidated Comprehensive (Loss) Income (unaudited)
(in millions)
Arconic CorporationNoncontrolling interestTotal
Third quarter ended September 30,202220212022202120222021
Net (loss) income$(65)$16 $ $ $(65)$16 
Other comprehensive (loss) income, net of tax (K):
Change in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits55 45   55 45 
Foreign currency translation adjustments(72)(11)  (72)(11)
Net change in unrecognized losses on cash flow hedges(17)(13)  (17)(13)
Total Other comprehensive (loss) income, net of tax(34)21   (34)21 
Comprehensive (loss) income$(99)$37 $ $ $(99)$37 
Arconic CorporationNoncontrolling interestTotal
Nine months ended September 30,202220212022202120222021
Net income (loss)$91 $(359)$1 $ $92 $(359)
Other comprehensive income, net of tax (K):
Change in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits139 637   139 637 
Foreign currency translation adjustments(134)(5)  (134)(5)
Net change in unrecognized losses on cash flow hedges103 (49)  103 (49)
Total Other comprehensive income, net of tax108 583   108 583 
Comprehensive income$199 $224 $1 $ $200 $224 


The accompanying notes are an integral part of the consolidated financial statements.
2

Arconic Corporation and subsidiaries
Consolidated Balance Sheet (unaudited)
(in millions)
September 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$312 $335 
Receivables from customers, less allowances of $1 in both 2022 and 2021 (R)
846 922 
Other receivables170 226 
Inventories (L)
1,750 1,630 
Fair value of hedging instruments and derivatives (Q)
138 1 
Prepaid expenses and other current assets90 54 
Total current assets3,306 3,168 
Properties, plants, and equipment7,492 7,529 
Less: accumulated depreciation and amortization5,014 4,878 
Properties, plants, and equipment, net (E)
2,478 2,651 
Goodwill294 322 
Operating lease right-of-use assets (M)
110 122 
Deferred income taxes157 229 
Other noncurrent assets77 88 
Total assets$6,422 $6,580 
Liabilities
Current liabilities:
Short-term debt (N)
$150 $ 
Accounts payable, trade1,489 1,718
Accrued compensation and retirement costs127 116 
Taxes, including income taxes74 61 
Environmental remediation (P)
27 15 
Operating lease liabilities (M)
31 35 
Fair value of hedging instruments and derivatives (Q)
1 23 
Other current liabilities101 95 
Total current liabilities2,000 2,063 
Long-term debt
1,596 1,594 
Accrued pension benefits (G)
589 717 
Accrued other postretirement benefits392 411 
Environmental remediation (P)
52 49 
Operating lease liabilities (M)
82 90 
Deferred income taxes11 12 
Other noncurrent liabilities71 85 
Total liabilities4,793 5,021 
Contingencies and commitments (P)
Equity
Arconic Corporation stockholders equity:
Common stock1 1 
Additional capital3,377 3,368 
Accumulated deficit (461)(552)
Treasury stock (J)
(300)(161)
Accumulated other comprehensive loss (K)
(1,003)(1,111)
Total Arconic Corporation stockholders’ equity1,614 1,545 
Noncontrolling interest15 14 
Total equity1,629 1,559 
Total liabilities and equity$6,422 $6,580 
The accompanying notes are an integral part of the consolidated financial statements.
3

Arconic Corporation and subsidiaries
Statement of Consolidated Cash Flows (unaudited)
(in millions)
Nine months ended September 30,
20222021
Operating Activities
Net income (loss)$92 $(359)
Adjustments to reconcile net income (loss) to cash provided from (used for) operations:
Depreciation and amortization181 186 
Deferred income taxes(16)(111)
Restructuring and other charges (E)
119 612 
Net periodic pension benefit cost (G)
53 55 
Stock-based compensation19 15 
Amortization of debt issuance costs
4 4 
Other(9)17 
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
   Decrease (Increase) in receivables (R)
66 (307)
(Increase) in inventories(170)(488)
(Increase) in prepaid expenses and other current assets(31)(7)
(Decrease) Increase in accounts payable, trade
(143)388 
(Decrease) in accrued expenses(25)(55)
Increase in taxes, including income taxes19 15 
Pension contributions (G)
(22)(456)
Decrease (Increase) in noncurrent assets3 (5)
Increase (Decrease) in noncurrent liabilities10 (7)
Cash provided from (used for) operations150 (503)
Financing Activities
Net change in short term borrowings (original maturities of three months or less) (N)
150  
Additions to debt (original maturities greater than three months) (N)
 319 
Debt issuance costs (N)
(1)(5)
Repurchases of common stock (J)
(139)(106)
Other(9)(18)
Cash provided from financing activities1 190 
Investing Activities
Capital expenditures
(175)(123)
Other4 (2)
Cash used for investing activities(171)(125)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(3) 
Net change in cash and cash equivalents and restricted cash(23)(438)
Cash and cash equivalents and restricted cash at beginning of year335 787 
Cash and cash equivalents and restricted cash at end of period$312 $349 

The accompanying notes are an integral part of the consolidated financial statements.
4

Arconic Corporation and subsidiaries
Statement of Changes in Consolidated Equity (unaudited)
(dollars in millions)
Common shares outstandingCommon stockAdditional capitalAccumulated deficitTreasury stockAccumulated
other
comprehensive loss
Noncontrolling
interest
Total
equity
Balance at June 30, 2021109,933,436$1 $3,351 $(530)$(9)$(1,199)$14 $1,628 
Net income— — — 16 — — — 16 
Other comprehensive income (K)
— — — — — 21 — 21 
Repurchases of common stock (J)
(2,862,694)— — — (97)— — (97)
Stock-based compensation26,844 — 8 — — — — 8 
Other— — 2 — — — — 2 
Balance at September 30, 2021107,097,586$1 $3,361 $(514)$(106)$(1,178)$14 $1,578 
Balance at June 30, 2022104,499,058$1 $3,371 $(396)$(214)$(969)$15 $1,808 
Net loss— — — (65)— —  (65)
Other comprehensive loss (K)
— — — — — (34)— (34)
Repurchases of common stock (J)
(3,033,663)— — — (86)— — (86)
Stock-based compensation19,195 — 6 — — — — 6 
Other— — — — — — — — 
Balance at September 30, 2022101,484,590$1 $3,377 $(461)$(300)$(1,003)$15 $1,629 
Balance at December 31, 2020109,205,226$1 $3,348 $(155)$ $(1,761)$14 $1,447 
Net loss— — — (359)— — — (359)
Other comprehensive income (K)
— — — — — 583 — 583 
Repurchases of common stock (J)
(3,108,705)— — — (106)— — (106)
Stock-based compensation1,001,065 — 15 — — — — 15 
Other— — (2)— — — — (2)
Balance at September 30, 2021107,097,586$1 $3,361 $(514)$(106)$(1,178)$14 $1,578 
Balance at December 31, 2021105,326,885 $1 $3,368 $(552)$(161)$(1,111)$14 $1,559 
Net income— — — 91 — — 1 92 
Other comprehensive income (K)
— — — — — 108 — 108 
Repurchases of common stock (J)
(4,863,672)— — — (139)— — (139)
Stock-based compensation1,021,377 — 19 — — — — 19 
Other— — (10)— — — — (10)
Balance at September 30, 2022101,484,590 $1 $3,377 $(461)$(300)$(1,003)$15 $1,629 
The accompanying notes are an integral part of the consolidated financial statements.
5

Arconic Corporation 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 Corporation 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 2021 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, 2021, which includes all disclosures required by GAAP. In accordance with GAAP, certain situations require management to make estimates based on judgments and assumptions, which may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified matters.
References in these Notes to “ParentCo” refer to Arconic Inc., a Delaware corporation, and its consolidated subsidiaries (through March 31, 2020, at which time it was renamed Howmet Aerospace Inc. (“Howmet”)). On April 1, 2020 (the “Separation Date”), ParentCo separated into two standalone, publicly-traded companies, Arconic Corporation and Howmet (the “Separation”). In connection with the Separation, as of March 31, 2020, the Company and Howmet entered into several agreements to effect the Separation, including a Separation and Distribution Agreement and a Tax Matters Agreement. See Note A to the Consolidated Financial Statements in Part II Item 8 of Arconic Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021 for additional information. Also, references in these Notes to “2016 Separation Transaction” refer to the November 1, 2016 separation of Alcoa Inc., a Pennsylvania corporation, into two standalone, publicly-traded companies, Arconic Inc. and Alcoa Corporation.
In the 2022 first quarter, the Company recorded a net gain of $3 in Cost of goods sold related to the unrealized impact associated with the change in the estimated fair value of natural gas supply contracts now determined to be derivatives (see Note Q). This amount was comprised of an unrealized loss of $5 for the 2022 first quarter, an unrealized gain of $6 for the 2021 annual period, and an unrealized gain of $2 for the 2020 fourth quarter. The out-of-period amounts were not material to any interim or annual period.



6

B.    Recently Adopted and Recently Issued Accounting Guidance
Issued
In March 2020, the FASB issued guidance that provides optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. These expedients and exceptions may be used when applying GAAP, if certain criteria are met, to contracts, hedging relationships, and other transactions that reference London Inter-Bank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of such reform. The purpose of this guidance is to provide relief to entities from experiencing unintended accounting and/or financial reporting outcomes or consequences due to reference rate reform. This guidance became effective immediately on March 12, 2020 and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022, after which time the expedients and exceptions expire. In January 2021, the FASB issued clarifying guidance to specify that certain of the optional expedients and exceptions apply to derivatives that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This additional guidance may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively in the manner previously described for the guidance issued on March 12, 2020. As of September 30, 2022, Arconic has not experienced any unintended outcomes or consequences of reference rate reform that would necessitate the adoption of this guidance. Additionally, the Company’s credit agreement, which previously provided a credit facility that was referenced to LIBOR in certain borrowing situations, was amended in February 2022 to replace LIBOR with the Secured Overnight Financing Rate (SOFR) (see Note N). Management will continue to closely monitor all potential instances of reference rate reform to determine if adoption of this guidance becomes necessary in the future.
In September 2022, the FASB issued guidance to enhance the transparency of supplier finance programs. Under the new guidance, a buyer in a supplier finance program must disclose at least annually qualitative and quantitative information about its supplier finance programs to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. These changes become effective for Arconic on January 1, 2023. The Company has an existing arrangement with a financial institution that provides for a capacity of up to $250. Other than complying with the disclosure requirements, management has determined that the adoption of this guidance will not have an impact on the Consolidated Financial Statements.





7

C.    Revenue from Contracts with Customers
The following table disaggregates revenue by major end market served.
Third quarter ended September 30,Rolled
Products
Building and
Construction
Systems
ExtrusionsTotal
2022
Ground Transportation$758 $ $27 $785 
Packaging405   405 
Building and Construction63 321  384 
Aerospace202  46 248 
Industrial Products and Other433  25 458 
Total end-market revenue$1,861 $321 $98 $2,280 
2021
Ground Transportation$681 $ $25 $706 
Packaging325   325 
Building and Construction70 257  327 
Aerospace134  28 162 
Industrial Products and Other349  21 370 
Total end-market revenue$1,559 $257 $74 $1,890 
Nine months ended September 30,Rolled
Products
Building and
Construction
Systems
ExtrusionsTotal
2022
Ground Transportation$2,328 $ $84 $2,412 
Packaging1,320   1,320 
Building and Construction241 941  1,182 
Aerospace569  138 707 
Industrial Products and Other1,320  78 1,398 
Total end-market revenue$5,778 $941 $300 $7,019 
2021
Ground Transportation$1,928 $ $74 $2,002 
Packaging