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Alcoa Corp (AA) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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AA Annual Reports

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    10-K Annual Report February 2019
    10-K Annual Report February 2018
    10-K Annual Report March 2017

Alcoa Corp

CIK: 1675149 Ticker: AA
Exhibit 99.1

Alcoa Corporation Reports Fourth Quarter and Full Year 2021 Results

PITTSBURGH--(BUSINESS WIRE)--January 19, 2022--Alcoa Corporation (NYSE: AA) today reported fourth quarter and full year 2021 results that included the Company’s highest annual net income and earnings per share, driven by continued strength in alumina and aluminum pricing and solid operational performance.

Fourth Quarter Highlights

  • Increased revenue to $3.3 billion, a 7 percent sequential increase and highest quarterly result since 4Q18
  • Generated $565 million in cash from operations; finished the quarter with a cash balance of $1.9 billion, including restricted cash of $110 million
  • Recorded quarterly net loss of $392 million and loss per share of $2.11, which includes $1.1 billion of restructuring charges, primarily related to pension actions
  • Realized quarterly records for adjusted net income and Adjusted EBITDA excluding special items of $475 million and $896 million, respectively
  • Returned capital to stockholders through $150 million in share repurchases; paid the Company’s first cash dividend of $19 million
  • Sold the Rockdale site in Texas for $240 million
  • Reached agreement to curtail the San Ciprián smelter in Spain for two years; announced permanent closure of Wenatchee smelter in United States

Full Year Highlights

  • Posted highest annual net income of $429 million and earnings per share of $2.26
  • Generated revenue of $12.2 billion, an increase of 31 percent from 2020 and the highest since 2018
  • Realized a 140 percent annual increase in Adjusted EBITDA excluding special items to $2.8 billion
  • Improved the balance sheet by eliminating long term debt maturities until 2027; redeemed $750 million and $500 million in higher interest rate notes and issued $500 million in lower interest rate notes
  • Reduced debt; finished year with total debt of $1.8 billion and net cash of $12 million; reduced adjusted proportional net debt from $3.4 billion at end of 2020 to $1.1 billion on December 31, 2021
  • Reduced pension liabilities through annuitization actions; gross U.S. qualified pension liabilities fell to $2.6 billion on December 31, 2021, from $4.5 billion at year end 2020
  • Generated net cash proceeds of $966 million from noncore asset sales
  • Advanced progress on five-year portfolio review of operating capacity in the Aluminum segment

Financial Results


M, except per share amounts

4Q21

3Q21

4Q20

FY21

FY20

Revenue

$

3,340

 

$

3,109

$

2,392

 

$

12,152

$

9,286

 

Net (loss) income attributable to Alcoa Corporation

$

(392

)

$

337

$

(4

)

$

429

$

(170

)

(Loss) earnings per share attributable to Alcoa Corporation

$

(2.11

)

$

1.76

$

(0.02

)

$

2.26

$

(0.91

)

Adjusted net income (loss)

$

475

 

$

391

$

49

 

$

1,297

$

(215

)

Adjusted earnings (loss) per share

$

2.50

 

$

2.05

$

0.26

 

$

6.83

$

(1.16

)

Adjusted EBITDA excluding special items

$

896

 

$

728

$

361

 

$

2,763

$

1,151

 

1

The following information was filed by Alcoa Corp (AA) on Wednesday, January 19, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Alcoa Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Statement Of Changes In Consolidated Equity
Statement Of Consolidated Cash Flows
Statement Of Consolidated Comprehensive Income
Statement Of Consolidated Operations
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Summary Of Changes In Accumulated Other Comprehensive (Loss) Income By Component (Detail)
Accumulated Other Comprehensive Loss - Summary Of Changes In Accumulated Other Comprehensive (Loss) Income By Component (Parenthetical) (Detail)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Additional Information (Detail)
Asset Retirement Obligations - Schedule Of Carrying Value Of Recorded Aros By Major Category (Detail)
Asset Retirement Obligations - Schedule Of Changes In Carrying Value Of Recorded Aros (Detail)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Additional Information (Detail)
Contingencies And Commitments
Contingencies And Commitments (Tables)
Contingencies And Commitments - Additional Information (Detail)
Contingencies And Commitments - Additional Information - 1 (Detail)
Contingencies And Commitments - Additional Information - 2 (Detail)
Contingencies And Commitments - Changes In Carrying Value Of Recorded Environmental Remediation Reserves (Detail)
Contingencies And Commitments - Estimate Timing Of Cash Outflows From Environmental Reserves (Detail)
Debt
Debt (Credit Facility) - Additional Information (Detail)
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Principal Maturities Of Long-Term Debt - Additional Information (Detail)
Debt - Schedule Of Long-Term Debt (Detail)
Debt - Schedule Of Short-Term Borrowing (Detail)
Derivatives And Other Financial Instruments
Derivatives And Other Financial Instruments (Tables)
Derivatives And Other Financial Instruments - Additional Information (Detail)
Derivatives And Other Financial Instruments - Schedule Of Carrying Values And Fair Values Of Other Financial Instruments (Detail)
Derivatives And Other Financial Instruments - Schedule Of Detail For Level 1, 2 And 3 Derivatives (Detail)
Derivatives And Other Financial Instruments - Schedule Of Fair Values Of Level 3 Derivative Instruments Outstanding (Detail)
Derivatives And Other Financial Instruments - Schedule Of Fair Values Of Level 3 Derivative Instruments Recorded As Assets And Liabilities (Detail)
Derivatives And Other Financial Instruments - Schedule Of Net Fair Values Of Level 3 Derivative Instruments And Effect Of Hypothetical Change (Increase Or Decrease Of 10%) In Market Prices Or Rates (Detail)
Derivatives And Other Financial Instruments - Schedule Of Quantitative Information For Level 3 Derivative Contracts (Detail)
Derivatives And Other Financial Instruments - Schedule Of Reconciliation Of Activity For Derivative Contracts (Detail)
Divestitures And Held For Sale
Divestitures And Held For Sale (Tables)
Divestitures And Held For Sale - Additional Information (Detail)
Divestitures And Held For Sale - Schedule Of Assets And Liabilities Classified As Held For Sale In Consolidated Balance Sheet (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Schedule Of Computation Of Basic And Diluted Eps Attributable To Alcoa Corporation Common Shareholders (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Other Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Summary Of Goodwill Which Is Included In Other Noncurret Assets (Detail)
Goodwill And Other Intangible Assets - Summary Of Goodwill Which Is Included In Other Noncurret Assets (Parenthetical) (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Income (Loss) From Continuing Operations Before Income Taxes (Detail)
Income Taxes - Composition Of Net Deferred Tax Asset By Jurisdiction (Detail)
Income Taxes - Reconciliation Of U.S. Federal Statutory Rate To Alcoa's Effective Tax Rate (Detail)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Excluding Interest And Penalties) (Detail)
Income Taxes - Schedule Of Changes In Valuation Allowance (Detail)
Income Taxes - Schedule Of Components Of Net Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Schedule Of Expiration Periods Of Deferred Tax Assets (Detail)
Income Taxes - Schedule Of Provision For Income Taxes On Income From Continuing Operations (Detail)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventory Components (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments - Schedule Of Equity Investment (Detail)
Investments - Summary Of Balance Sheet Information For Alcoa Corporation's Equity Investments (Detail)
Investments - Summary Of Investment (Detail)
Investments - Summary Of Profit And Loss Information For Alcoa Corporation's Equity Investments (Detail)
Leasing
Leasing (Tables)
Leasing - Additional Information (Detail)
Leasing - Schedule Of Aggregate Right-Of Use Assets And Related Lease Obligations (Detail)
Leasing - Schedule Of Future Cash Flows Related To Operating Lease Obligations (Detail)
Leasing - Schedule Of Lease Expense And Operating Cash Flows (Detail)
Leasing - Schedule Of Weighted Average Lease Term And Weighted Average Discount Rate (Detail)
Other Financial Information
Other Financial Information (Tables)
Other Financial Information - Additional Information (Detail)
Other Financial Information - Schedule Of Cash And Cash Equivalents And Restricted Cash (Detail)
Other Financial Information - Schedule Of Cash Paid For Interest And Income Taxes (Detail)
Other Financial Information - Schedule Of Interest Cost Components (Detail)
Other Financial Information - Schedule Of Other (Income) Expenses, Net (Detail)
Other Financial Information - Schedule Of Other Noncurrent Assets (Detail)
Other Financial Information - Schedule Of Other Noncurrent Liabilities And Deferred Credits (Detail)
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (Tables)
Pension And Other Postretirement Benefits - Additional Information (Detail)
Pension And Other Postretirement Benefits - Components Of Net Periodic Benefit Cost (Detail)
Pension And Other Postretirement Benefits - Components Of Net Periodic Benefit Cost (Parenthetical) (Detail)
Pension And Other Postretirement Benefits - Schedule Of Assumed Health Care Cost Trend Rates (Detail)
Pension And Other Postretirement Benefits - Schedule Of Benefit Payments Expected To Be Paid (Detail)
Pension And Other Postretirement Benefits - Schedule Of Fair Value Of Pension Plan Assets (Detail)
Pension And Other Postretirement Benefits - Schedule Of Fair Value Of Pension Plan Assets (Parenthetical) (Detail)
Pension And Other Postretirement Benefits - Schedule Of Obligations And Funded Status (Detail)
Pension And Other Postretirement Benefits - Schedule Of Pension And Postretirement Plans Weighted Average Target And Actual Asset Allocations (Detail)
Pension And Other Postretirement Benefits - Schedule Of Pension Plan Benefit Obligations (Detail)
Pension And Other Postretirement Benefits - Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost (Detail)
Pension And Other Postretirement Benefits - Summary Of Information In Curtailment Or Settlement Of Benefits Requiring Remeasurement, Update To Discount Rates Used To Determine Benefit Obligations Of Affected Plans (Detail)
Preferred And Common Stock
Preferred And Common Stock (Tables)
Preferred And Common Stock - Additional Information (Detail)
Preferred And Common Stock - Schedule Of Activity For Stock Options And Stock Units (Detail)
Properties, Plants, And Equipment, Net
Properties, Plants, And Equipment, Net (Tables)
Properties, Plants, And Equipment, Net - Schedule Of Properties, Plants, And Equipment, Net (Detail)
Receivables
Receivables - Additional Information (Detail)
Restructuring And Other Charges, Net
Restructuring And Other Charges, Net (2019 Actions) - Additional Information (Detail)
Restructuring And Other Charges, Net (2020 Actions) - Additional Information (Detail)
Restructuring And Other Charges, Net (2021 Actions) - Additional Information (Detail)
Restructuring And Other Charges, Net (Tables)
Restructuring And Other Charges, Net - Activity And Reserve Balances For Restructuring Charges (Detail)
Restructuring And Other Charges, Net - Additional Information (Detail)
Restructuring And Other Charges, Net - Schedule Of Restructuring And Other Charges, Net (Detail)
Restructuring And Other Charges, Net - Schedule Of Restructuring And Other Charges, Net By Reportable Segments, Pretax (Detail)
Segment And Related Information
Segment And Related Information (Tables)
Segment And Related Information - Additional Information (Detail)
Segment And Related Information - Schedule Of Geographic Information For Long-Lived Assets (Detail)
Segment And Related Information - Schedule Of Geographic Information For Third-Party Sales (Detail)
Segment And Related Information - Schedule Of Operating Results, Capital Expenditures And Assets Of Alcoa's Reportable Segments (Detail)
Segment And Related Information - Schedule Of Product Division Information (Detail)
Segment And Related Information - Schedule Of Reconciliation Of Certain Segment Information To Consolidated Totals (Detail)
Segment And Related Information - Schedule Of Segment Adjusted Ebitda To Consolidated Net (Loss) Income Attributable To Alcoa Corporation (Detail)
Segment And Related Information - Schedule Of Segment Reporting Information To Consolidated Assets (Detail)
Segment And Related Information - Schedule Of Third-Party Sales By Product Division (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Weighted-Average Useful Lives Of Software And Other Intangible Assets (Detail)
Summary Of Significant Accounting Policies - Weighted-Average Useful Lives Of Structures And Machinery And Equipment (Detail)
Ticker: AA
CIK: 1675149
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-006763
Submitted to the SEC: Thu Feb 24 2022 5:08:57 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Primary Production Of Aluminum

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