Company Quick10K Filing
Quick10K
Arconic
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$22.09 449 $9,910
10-Q 2019-06-30 Quarter: 2019-06-30
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
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
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 2019-02-19 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
OGE Oklahoma Gas & Electric 8,140
PFGC Performance Food Group 4,130
EPC Edgewell Personal Care 1,820
SYKE Sykes Enterprises 1,120
GDEN Golden Entertainment 402
CVR Chicago Rivet & Machine 27
FOSI Frontier Oilfield Services 0
EWD FSP 303 East Wacker Drive 0
ALPLT Alp Liquidating Trust 0
CFT Campbell Fund Trust 0
ARNC 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 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-10.D ex10d2q19.htm
EX-15.1 ex152q19.htm
EX-31.2 ex312q19.htm
EX-32.1 ex322q19.htm

Arconic Earnings 2019-06-30

ARNC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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 June 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 212-836-2758
Office of the Secretary 212-836-2732
(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 July 30, 2019, there were 440,188,364 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)
 
Second quarter ended
Six months ended
 
June 30,
June 30,
 
2019
 
2018
2019
 
2018
Sales (C)
$
3,691

 
$
3,573

$
7,232

 
$
7,018

Cost of goods sold (exclusive of expenses below)
2,939

 
2,903

5,757

 
5,671

Selling, general administrative, and other expenses
178

 
158

356

 
330

Research and development expenses
17

 
29

39

 
52

Provision for depreciation and amortization
139

 
144

276

 
286

Restructuring and other charges (D)
499

 
15

511

 
22

Operating (loss) income
(81
)
 
324

293

 
657

Interest expense
85

 
89

170

 
203

Other expense, net (E)
29

 
41

61

 
61

(Loss) income before income taxes
(195
)
 
194

62

 
393

(Benefit) provision for income taxes (G)
(74
)
 
74

(4
)
 
130

Net (loss) income
$
(121
)
 
$
120

$
66

 
$
263

 
 
 
 
 
 
 
Amounts Attributable to Arconic Common Shareholders (I):
 
 
 
 
 
 
Net (loss) income
$
(121
)
 
$
120

$
65

 
$
262

(Loss) earnings per share - basic
$
(0.27
)
 
$
0.25

$
0.14

 
$
0.54

(Loss) earnings per share - diluted
$
(0.27
)
 
$
0.24

$
0.14

 
$
0.53

Average Shares Outstanding (I):
 
 
 
 
 
 
Average shares outstanding - basic
445

 
483

458

 
483

Average shares outstanding - diluted
445

 
502

462

 
502

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


2



Arconic and subsidiaries
Statement of Consolidated Comprehensive (Loss) Income (unaudited)
(in millions)
 
Second quarter ended
 
Six months ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net (loss) income
$
(121
)
 
$
120

 
$
66

 
$
263

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
23

 
29

 
63

 
172

Foreign currency translation adjustments
(30
)
 
(201
)
 
(4
)
 
(79
)
Net change in unrealized gains on available-for-sale securities

 
(2
)
 
3

 
(2
)
Net change in unrecognized gains/losses on cash flow hedges
(10
)
 
4

 
(3
)
 
(3
)
Total Other comprehensive (loss) income, net of tax
(17
)
 
(170
)
 
59

 
88

Comprehensive (loss) income
$
(138
)
 
$
(50
)
 
$
125

 
$
351

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

3



Arconic and subsidiaries
Consolidated Balance Sheet (unaudited)
(in millions)
 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,357

 
$
2,277

Receivables from customers, less allowances of $4 in 2019 and 2018 (K)
1,155

 
1,047

Other receivables (K)
640

 
451

Inventories (L)
2,606

 
2,492

Prepaid expenses and other current assets
260

 
314

Total current assets
6,018

 
6,581

Properties, plants, and equipment, net (M)
5,517

 
5,704

Goodwill (C)
4,500

 
4,500

Deferred income taxes
568

 
573

Intangibles, net (D and M)
686

 
919

Other noncurrent assets (N)
624

 
416

Total assets
$
17,913

 
$
18,693

Liabilities
 
 
 
Current liabilities:
 
 
 
Accounts payable, trade
$
2,095

 
$
2,129

Accrued compensation and retirement costs
384

 
370

Taxes, including income taxes
116

 
118

Accrued interest payable
113

 
113

Other current liabilities (N)
479

 
356

Short-term debt (O)
434

 
434

Total current liabilities
3,621

 
3,520

Long-term debt, less amount due within one year (O and P)
5,901

 
5,896

Accrued pension benefits (F)
2,079

 
2,230

Accrued other postretirement benefits (F)
641

 
723

Other noncurrent liabilities and deferred credits (B and N)
805

 
739

Total liabilities
13,047

 
13,108

Contingencies and commitments (R)


 


Equity
 
 
 
Arconic shareholders’ equity:
 
 
 
Preferred stock
55

 
55

Common stock (H)
440

 
483

Additional capital (H)
7,484

 
8,319

Accumulated deficit
(256
)
 
(358
)
Accumulated other comprehensive loss (J)
(2,869
)
 
(2,926
)
Total Arconic shareholders’ equity
4,854

 
5,573

Noncontrolling interests
12

 
12

Total equity
4,866

 
5,585

Total liabilities and equity
$
17,913

 
$
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)
 
Six months ended
 
June 30,
 
2019
 
2018
Operating activities
 
 
 
Net income
$
66

 
$
263

Adjustments to reconcile net income to cash used for operations:
 
 
 
Depreciation and amortization
276

 
286

Deferred income taxes
(78
)
 
47

Restructuring and other charges
511

 
22

Net loss from investing activities—asset sales
4

 
5

Net periodic pension benefit cost (F)
58

 
71

Stock-based compensation
27

 
29

Other
14

 
50

Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
 
 
 
(Increase) in receivables
(743
)
 
(709
)
(Increase) in inventories
(117
)
 
(220
)
Decrease in prepaid expenses and other current assets
18

 
8

(Decrease) increase in accounts payable, trade
(29
)
 
218

(Decrease) in accrued expenses
(46
)
 
(84
)
Increase in taxes, including income taxes
41

 
37

Pension contributions
(140
)
 
(237
)
(Increase) in noncurrent assets
(5
)
 
(4
)
(Decrease) in noncurrent liabilities
(9
)
 
(42
)
Cash used for operations
(152
)
 
(260
)
Financing Activities
 
 

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

 
5

Additions to debt (original maturities greater than three months)
226

 
300

Payments on debt (original maturities greater than three months)
(226
)
 
(801
)
Premiums paid on early redemption of debt

 
(17
)
Proceeds from exercise of employee stock options
11

 
13

Dividends paid to shareholders
(39
)
 
(60
)
Repurchase of common stock (H)
(900
)
 

Other
(14
)
 
(17
)
Cash used for financing activities
(942
)
 
(577
)
Investing Activities
 
 

Capital expenditures
(304
)
 
(288
)
Proceeds from the sale of assets and businesses
12

 
5

Sales of investments
47

 
9

Cash receipts from sold receivables (K)
417

 
420

Other
(1
)
 

Cash provided from investing activities
171

 
146

Effect of exchange rate changes on cash, cash equivalents and restricted cash
1

 
(2
)
Net change in cash, cash equivalents and restricted cash
(922
)
 
(693
)
Cash, cash equivalents and restricted cash at beginning of period
2,282

 
2,153

Cash, cash equivalents and restricted cash at end of period
$
1,360

 
$
1,460

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 March 31, 2018
$
55

 
$
483

 
$
8,280

 
$
(1,164
)
 
$
(2,386
)
 
$
14

 
$
5,282

Net income

 

 

 
120

 

 

 
120

Other comprehensive loss (J)

 

 

 

 
(170
)
 

 
(170
)
Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common @ $0.06 per share

 

 

 
(29
)
 

 

 
(29
)
Stock-based compensation

 

 
14

 

 

 

 
14

Common stock issued: compensation plans

 

 
1

 

 

 

 
1

Balance at June 30, 2018
$
55


$
483


$
8,295


$
(1,073
)

$
(2,556
)

$
14


$
5,218

 
Arconic Shareholders
 
 
 
 
 
Preferred
stock
 
Common
stock
 
Additional
capital
 
Accumulated deficit
 
Accumulated
other
comprehensive
loss
 
Noncontrolling
interests
 
Total
Equity
Balance at March 31, 2019
$
55

 
$
453

 
$
7,644

 
$
(134
)
 
$
(2,852
)
 
$
12

 
$
5,178

Net loss

 

 

 
(121
)
 

 

 
(121
)
Other comprehensive loss (J)

 

 

 

 
(17
)
 

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

 
(13
)
 
(187
)
 

 

 

 
(200
)
Stock-based compensation

 

 
17

 

 

 

 
17

Common stock issued: compensation plans

 

 
10

 

 

 

 
10

Other

 

 

 
(1
)
 

 

 
(1
)
Balance at June 30, 2019
$
55

 
$
440

 
$
7,484


$
(256
)

$
(2,869
)

$
12


$
4,866

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

 

 

 
263

 

 

 
263

Other comprehensive income (J)

 

 

 

 
88

 

 
88

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 

Preferred-Class A @ $1.875 per share

 

 

 
(1
)
 

 

 
(1
)
Common @ $0.18 per share

 

 

 
(87
)
 

 

 
(87
)
Stock-based compensation

 

 
29

 

 

 

 
29

Common stock issued: compensation plans

 
2

 

 

 

 

 
2

Balance at June 30, 2018
$
55

$

$
483


$
8,295


$
(1,073
)

$
(2,556
)

$
14


$
5,218

 
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

 

 

 
66

 

 

 
66

Other comprehensive income (J)

 

 

 

 
59

 

 
59

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 

Preferred-Class A @ $1.875 per share

 

 

 
(1
)
 

 

 
(1
)
Common @ $0.08 per share

 

 

 
(38
)
 

 

 
(38
)
Repurchase and retirement of common stock (H)

 
(45
)
 
(855
)
 

 

 

 
(900
)
Stock-based compensation

 

 
25

 

 

 

 
25

Common stock issued: compensation plans

 
2

 
(5
)
 

 

 

 
(3
)
Balance at June 30, 2019
$
55

 
$
440

 
$
7,484

 
$
(256
)
 
$
(2,869
)
 
$
12


$
4,866

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 is currently evaluating the potential impact of these changes 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’s segments are organized by product on a worldwide basis. In the first quarter of 2019, management transferred its aluminum extrusions operations (Aluminum Extrusions) from the Arconic Engineered Structures (AES) business unit within the Engineered Products and Solutions (EP&S) segment to the Global Rolled Products (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.
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.
As a result of the reorganization of Aluminum Extrusions noted above, management assessed and concluded that the remaining AES 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 AES 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. In the second quarter of 2019, management transferred its castings operations from the AES business unit to the Arconic Engines (AEN) business unit within the EP&S segment based on process expertise for investment castings that existed within AEN. As a result, goodwill of $105 was reallocated from the AES reporting unit to the AEN 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 AEN business unit (see Note M), an additional evaluation of the AEN 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.
The Company will continue to evaluate its organizational structure and portfolio in conjunction with its planned separation (see Note S), which may result in further changes to its reportable segments and the need to evaluate assets for impairment in future periods.

9



The operating results of Arconic’s reportable segments were as follows:
 
Engineered
Products and
Solutions
 
Global Rolled
Products
 
Transportation
and Construction
Solutions
 
Total
Segment
Second quarter ended June 30, 2019
 
 
 
 
 
 
 
Sales:
 
 
 
 
 
 
 
Third-party sales
$
1,565

 
$
1,577

 
$
548

 
$
3,690

Intersegment sales

 
55

 

 
55

Total sales
$
1,565

 
$
1,632

 
$
548

 
$
3,745

Profit and loss:
 
 
 
 
 
 
 
Segment operating profit
$
286

 
$
145

 
$
107

 
$
538

Restructuring and other charges
442

 
2

 
25

 
469

Provision for depreciation and amortization
62

 
54

 
13

 
129

 
 
 
 
 
 
 
 
Second quarter ended June 30, 2018
 
 
 
 
 
 
 
Sales:
 
 
 
 
 
 
 
Third-party sales
$
1,474


$
1,573

 
$
562

 
$
3,609

Intersegment sales

 
61

 

 
61

Total sales
$
1,474

 
$
1,634

 
$
562

 
$
3,670

Profit and loss:
 
 
 
 
 
 
 
Segment operating profit
$
224

 
$
111

 
$
97

 
$
432

Restructuring and other charges
8

 
2

 

 
10

Provision for depreciation and amortization
65

 
59

 
12

 
136


 
Engineered
Products and
Solutions
 
Global Rolled
Products
 
Transportation
and Construction
Solutions
 
Total
Segment
Six months ended June 30, 2019
 
 
 
 
 
 
 
Sales:
 
 
 
 
 
 
 
Third-party sales
$
3,067

 
$
3,080

 
$
1,083

 
$
7,230

Intersegment sales

 
110

 

 
110

Total sales
$
3,067

 
$
3,190

 
$
1,083

 
$
7,340

Profit and loss:
 
 
 
 
 
 
 
Segment operating profit
$
539

 
$
252

 
$
194

 
$
985

Restructuring and other charges
456

 
8

 
34

 
498

Provision for depreciation and amortization
126

 
108

 
26

 
260

 
 
 
 
 
 
 
 
Six months ended June 30, 2018
 
 
 
 
 
 
 
Sales:
 
 
 
 
 
 
 
Third-party sales
$
2,900

 
$
3,054

 
$
1,099

 
$
7,053

Intersegment sales

 
118

 

 
118

Total sales
$
2,900

 
$
3,172

 
$
1,099

 
$
7,171

Profit and loss:
 
 
 
 
 
 
 
Segment operating profit
$
433

 
$
235

 
$
164

 
$
832

Restructuring and other charges
9

 
1

 

 
10

Provision for depreciation and amortization
130

 
115

 
25

 
270



10



The following table reconciles Total segment operating profit to Consolidated (loss) income before income taxes:
 
Second quarter ended
 
Six months ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Total segment operating profit
$
538

 
$
432

 
$
985

 
$
832

Unallocated amounts:
 
 
 
 
 
 
 
Restructuring and other charges
(499
)
 
(15
)
 
(511