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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
Beginning balance at Dec. 31, 2018 $ 5,569 $ 73   $ 55 $ 483 $ 8,319 $ (374) $ 75 [1]   $ (2,926) $ (2) [1] $ 12
Beginning balance (Accounting Standards Update 2014-09) at Dec. 31, 2018               $ 73        
Beginning balance (Accounting Standards Update 2017-12) at Dec. 31, 2018                     $ 2  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 161           161          
Other comprehensive income (loss) 0                      
Cash dividends declared:                        
Preferred dividends declared, value     $ (2)           $ (2)      
Common share, value (55)           (55)          
Stock-based compensation 41         41            
Common stock issued: compensation plans 3       3              
Repurchase and retirement of common stock (1,100)       (52) (1,048)            
Other 4         2           2
Ending balance at Sep. 30, 2019 4,694     55 434 7,314 (195)     (2,928)   14
Beginning balance at Jun. 30, 2019 4,850     55 440 7,484 (272)     (2,869)   12
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 95           95          
Other comprehensive income (loss) (59)                 (59)    
Cash dividends declared:                        
Preferred dividends declared, value     (1)           (1)      
Common share, value (17)           (17)          
Stock-based compensation 16         16            
Common stock issued: compensation plans 6       1 5            
Repurchase and retirement of common stock (200)       (7) (193)            
Other 4         2           2
Ending balance at Sep. 30, 2019 4,694     55 434 7,314 (195)     (2,928)   14
Beginning balance at Dec. 31, 2019 4,605     55 433 7,319 113     (3,329)   14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 155           155          
Other comprehensive income (loss) 30                 30    
Cash dividends declared:                        
Preferred dividends declared, value     (2)           (2)      
Common share, value (8)           (8)          
Stock-based compensation 35         35            
Common stock issued: compensation plans (8)       3 (11)            
Repurchase and retirement of common stock (51)       (2) (49)            
Distributions to Arconic Corp (1,255)         (2,611)       1,370   (14)
Ending balance at Sep. 30, 2020 3,501     55 434 4,683 258     (1,929)   0
Beginning balance at Jun. 30, 2020 3,449     55 436 4,703 223     (1,968)   0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 36           36          
Other comprehensive income (loss) 61                 61    
Cash dividends declared:                        
Preferred dividends declared, value     $ (1)           $ (1)      
Stock-based compensation 12         12            
Common stock issued: compensation plans (5)         (5)            
Repurchase and retirement of common stock (51)       (2) (49)            
Distributions to Arconic Corp 0         22       (22)    
Ending balance at Sep. 30, 2020 $ 3,501     $ 55 $ 434 $ 4,683 $ 258     $ (1,929)   $ 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.