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Inventories (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule of Inventory Components

December 31,

 

2019

 

 

2018

 

Finished goods

 

$

305

 

 

$

346

 

Work-in-process

 

 

282

 

 

 

189

 

Bauxite and alumina

 

 

446

 

 

 

609

 

Purchased raw materials

 

 

453

 

 

 

529

 

Operating supplies

 

 

158

 

 

 

146

 

 

 

$

1,644

 

 

$

1,819

 

 
Change in Accounting Principle from LIFO to Average Cost [Member]  
Schedule of Effects of Change In Accounting Principle From LIFO to Average Cost

 

The effects of the change in accounting principle from LIFO to average cost have been retrospectively applied to all periods presented. This change resulted in a favorable adjustment to Retained (deficit) earnings of $143 and an unfavorable adjustment to Noncontrolling interest of $22 as of January 1, 2017. In addition, certain financial statement line items in the Company’s Statement of Consolidated Operations, Statement of Consolidated Comprehensive Income, and Statement of Consolidated Cash Flows for the years ended December 31, 2018 and 2017 and Consolidated Balance Sheet as of December 31, 2018 were adjusted as follows:

 

 

As

Originally

Reported

 

 

Effect of

Change

 

 

As Adjusted

 

Statement of Consolidated Operations for the year ended December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

$

10,081

 

 

$

(28

)

 

$

10,053

 

Provision for income taxes

 

726

 

 

 

6

 

 

 

732

 

Net income

 

871

 

 

 

22

 

 

 

893

 

Net income attributable to noncontrolling interest

 

644

 

 

 

(1

)

 

 

643

 

Net income attributable to Alcoa Corporation

 

227

 

 

 

23

 

 

 

250

 

Earnings per share attributable to Alcoa Corporation common shareholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.22

 

 

$

0.12

 

 

$

1.34

 

Diluted

 

1.20

 

 

 

0.13

 

 

 

1.33

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Consolidated Comprehensive Income for the year ended

   December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

$

1,240

 

 

$

22

 

 

$

1,262

 

Comprehensive income attributable to noncontrolling interest

 

396

 

 

 

(1

)

 

 

395

 

Comprehensive income attributable to Alcoa Corporation

 

844

 

 

 

23

 

 

 

867

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

Inventories

$

1,644

 

 

$

175

 

 

$

1,819

 

Prepaid expenses and other current assets

 

301

 

 

 

19

 

 

 

320

 

Retained earnings

 

341

 

 

 

229

 

 

 

570

 

Noncontrolling interest

 

2,005

 

 

 

(35

)

 

 

1,970

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Consolidated Cash Flows for the year ended December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

Net income

$

871

 

 

$

22

 

 

$

893

 

Deferred income taxes

 

(36

)

 

 

6

 

 

 

(30

)

(Increase) in inventories

 

(278

)

 

 

(28

)

 

 

(306

)

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Consolidated Operations for the year ended December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

$

8,991

 

 

$

(41

)

 

$

8,950

 

Provision for income taxes

 

600

 

 

 

(8

)

 

 

592

 

Net income

 

559

 

 

 

49

 

 

 

608

 

Net income attributable to noncontrolling interest

 

342

 

 

 

(13

)

 

 

329

 

Net income attributable to Alcoa Corporation

 

217

 

 

 

62

 

 

 

279

 

Earnings per share attributable to Alcoa Corporation common shareholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.18

 

 

$

0.33

 

 

$

1.51

 

Diluted

 

1.16

 

 

 

0.33

 

 

 

1.49

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Consolidated Comprehensive Income for the year ended

   December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

$

(693

)

 

$

49

 

 

$

(644

)

Comprehensive income attributable to noncontrolling interest

 

497

 

 

 

(13

)

 

 

484

 

Comprehensive loss attributable to Alcoa Corporation

 

(1,190

)

 

 

62

 

 

 

(1,128

)

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Consolidated Cash Flows for the year ended December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

Net income

$

559

 

 

$

49

 

 

$

608

 

Deferred income taxes

 

176

 

 

 

(8

)

 

 

168

 

(Increase) in inventories

 

(238

)

 

 

(41

)

 

 

(279

)

 

The following table compares the amounts that would have been reported under LIFO with the amounts recorded under the average cost method in the Consolidated Financial Statements as of December 31, 2019 and for the year then ended:  

 

 

As

Computed

under LIFO

 

 

As

Reported

under

Average

Cost

 

 

Effect of

Change

 

Statement of Consolidated Operations for the year ended December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

$

8,528

 

 

$

8,537

 

 

$

9

 

Provision for income taxes

 

400

 

 

 

415

 

 

 

15

 

Net loss

 

(829

)

 

 

(853

)

 

 

(24

)

Net income attributable to noncontrolling interest

 

246

 

 

 

272

 

 

 

26

 

Net loss attributable to Alcoa Corporation

 

(1,075

)

 

 

(1,125

)

 

 

(50

)

Earnings per share attributable to Alcoa Corporation common shareholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(5.80

)

 

$

(6.07

)

 

$

(0.27

)

Diluted

 

(5.80

)

 

 

(6.07

)

 

 

(0.27

)

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Consolidated Comprehensive Income for the year ended

   December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

$

(1,283

)

 

$

(1,307

)

 

$

(24

)

Comprehensive income attributable to noncontrolling interest

 

201

 

 

 

227

 

 

 

26

 

Comprehensive loss attributable to Alcoa Corporation

 

(1,484

)

 

 

(1,534

)

 

 

(50

)

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

Inventories

$

1,478

 

 

$

1,644

 

 

$

166

 

Prepaid expenses and other current assets

 

284

 

 

 

288

 

 

 

4

 

Retained deficit

 

(734

)

 

 

(555

)

 

 

179

 

Noncontrolling interest

 

1,783

 

 

 

1,774

 

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Consolidated Cash Flows for the year ended December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(829

)

 

$

(853

)

 

$

(24

)

Deferred income taxes

 

—

 

 

 

15

 

 

 

15

 

Decrease in inventories

 

128

 

 

 

137

 

 

 

9