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Statement of Changes in Consolidated Equity (unaudited) - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
[1]
Preferred Class A
Preferred stock
Common stock
Additional capital
Retained earnings (Accumulated other comprehensive loss)
Retained earnings (Accumulated other comprehensive loss)
Cumulative Effect, Period of Adoption, Adjustment
Retained earnings (Accumulated other comprehensive loss)
Preferred Class A
Accumulated other comprehensive loss
Accumulated other comprehensive loss
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling Interests
Balance at beginning of period at Dec. 31, 2018 $ 5,585 $ 73   $ 55 $ 483 $ 8,319 $ (358) $ 75 [1]   $ (2,926) $ (2) [1] $ 12
Balance at beginning of period (Accounting Standards Update 2014-09) at Dec. 31, 2018               $ 73        
Balance at beginning of period (Accounting Standards Update 2017-12) at Dec. 31, 2018                     $ 2  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 66           66          
Other comprehensive income (loss) 59                 59    
Cash dividends declared:                        
Preferred dividends declared, value     $ (1)           $ (1)      
Common share, value (38)           (38)          
Stock-based compensation 25         25            
Common stock issued: compensation plans (3)       2 (5)            
Repurchase and retirement of common stock (900)       (45) (855)            
Balance at end of period at Jun. 30, 2019 4,866     55 440 7,484 (256)     (2,869)   12
Balance at beginning of period at Mar. 31, 2019 5,178     55 453 7,644 (134)     (2,852)   12
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (121)           (121)          
Other comprehensive income (loss) (17)                 (17)    
Cash dividends declared:                        
Stock-based compensation 17         17            
Common stock issued: compensation plans 10         10            
Repurchase and retirement of common stock (200)       (13) (187)            
Other (1)           (1)          
Balance at end of period at Jun. 30, 2019 4,866     55 440 7,484 (256)     (2,869)   12
Balance at beginning of period at Dec. 31, 2019 4,621     55 433 7,319 129     (3,329)   14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 119           119          
Other comprehensive income (loss) (31)                 (31)    
Cash dividends declared:                        
Preferred dividends declared, value     $ (1)           $ (1)      
Common share, value (8)           (8)          
Stock-based compensation 23         23            
Common stock issued: compensation plans (3)       3 (6)            
Distributions to Arconic Corp (B) (1,255)         (2,633)       1,392   (14)
Other (16)           (16)          
Balance at end of period at Jun. 30, 2020 3,449     55 436 4,703 223     (1,968)   0
Balance at beginning of period at Mar. 31, 2020 4,797     55 436 7,326 335     (3,369)   14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (96)           (96)          
Other comprehensive income (loss) 9                 9    
Cash dividends declared:                        
Stock-based compensation 10         10            
Distributions to Arconic Corp (B)           (2,633)       1,392   (14)
Other (16)           (16)          
Balance at end of period at Jun. 30, 2020 $ 3,449     $ 55 $ 436 $ 4,703 $ 223     $ (1,968)   $ 0
[1] The Company entered into a sale leaseback arrangement in October 2018 for a cast house that is now part of Arconic Corporation, and due to continuing involvement, the gain on sale was deferred. In connection with the adoption of the new lease accounting standard on January 1, 2019, the arrangement no longer required that the gain be deferred. As such, the associated $73 deferred gain, net of tax was recognized as a cumulative effect of an accounting change within Accumulated deficit. Also, the Company adopted the new hedge accounting guidance on January 1, 2019. As a result, an adjustment of $2 was recognized as a cumulative effect of an accounting change within Accumulated deficit with an offset to Accumulated other comprehensive loss related to the elimination of a separate measurement of ineffectiveness for its cash flow hedges.