Arconic Inc. Separation Transaction and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Summary of Discontinued Operations

The results of operations of Arconic Corporation are presented as discontinued operations in the Statement of Consolidated Operations as summarized below:

	Third quarter ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Sales	$	—	$	1,765	$	1,576	$	5,427
Cost of goods sold	—		1,483		1,292		4,612
Selling, general administrative, research and development and other expenses	—		88		106		249
Provision for depreciation and amortization	—		61		59		183
Restructuring and other charges	—		63		(18)		58
Interest expense	—		—		7		—
Other expense, net	—		24		42		66
Income from discontinued operations	—		46		88		259
Provision for income taxes	—		9		38		106
Income from discontinued operations after income taxes	$	—	$	37	$	50	$	153

The following table presents purchases of properties, plant and equipment, proceeds from the sale of businesses and the provision for depreciation and amortization of discontinued operations related to Arconic Corporation:

	Third quarter ended				Nine months ended
	September 30,				2020
	2020		2019		2020		2019
Capital expenditures	$	—	$	40	$	72	$	175
Proceeds from the sales of businesses	$	—	$	—	$	112	$	—
Provision for depreciation and amortization	—		61		59		183

The carrying amount of the major classes of assets and liabilities related to Arconic Corporation classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheet consisted of the following:

	December 31, 2019
Total Assets of Discontinued Operations
Cash and cash equivalents	$	71
Receivables from customers	385
Other receivables	135
Inventories	822
Prepaid expenses and other current assets	29
Current assets of discontinued operations	1,442
Properties, plants, and equipment, net	2,834
Goodwill	426
Intangibles, net	60
Deferred income taxes	383
Other noncurrent assets	196
Noncurrent assets of discontinued operations	3,899
Total assets of discontinued operations	$	5,341
Total Liabilities of Discontinued Operations:
Accounts payable, trade	$	1,067
Accrued compensation and retirement costs	147
Taxes, including income taxes	22
Other current liabilities	188
Current liabilities of discontinued operations	1,424
Accrued pension benefits	1,430
Accrued other postretirement benefits	514
Other noncurrent liabilities and deferred credits	314
Noncurrent liabilities of discontinued operations	2,258
Total liabilities of discontinued operations	$	3,682