Arconic Inc Separation Transaction and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 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:

	Year ended December 31,
		2020		2019		2018
Sales		$	1,576	$	7,094	$	7,236
Cost of goods sold		1,292		6,013		6,283
Selling, general administrative, research and development and other expenses		106		346		295
Provision for depreciation and amortization		59		241		262
Restructuring and other charges (credits)		(18)		38		(154)
Interest expense		7		—		1
Other expense, net		42		91		109
Income from discontinued operations		88		365		440
Provision for income taxes		38		21		107
Income from discontinued operations after income taxes		$	50	$	344	$	333

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

	Year ended December 31,
		2020		2019		2018
Capital expenditures		$	72	$	210	$	308
Proceeds from the sales of businesses		$	112	$	20	$	309
Provision for depreciation and amortization		$	59	$	241	$	262

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	1,429
Accrued other postretirement benefits	514
Other noncurrent liabilities and deferred credits	315
Noncurrent liabilities of discontinued operations	2,258
Total liabilities of discontinued operations	$	3,682