Item 8.01 Other Events.
On December 4, 2019, Alcoa Corporation (the "Company") issued a press release
announcing additional actions that will reduce the Company's pension and other
postemployment benefits (OPEB) liabilities by approximately $190 million, before
remeasurements for the affected plans, in the fourth quarter 2019. As a result
of the actions, the Company will record a non-cash settlement charge of
approximately $75 million (pre- and after-tax), or $0.40 per share, in the
fourth quarter of 2019. A copy of the press release is attached hereto as
Exhibit 99.1 and is incorporated by reference herein.
Forward-Looking Statements
This Current Report on Form 8-K contains statements that relate to future events
and expectations, including those relating to the Company's expectations
regarding the reduction in liabilities and corresponding financial impacts from
certain pension and other postemployment benefit actions, and as such constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include those
containing such words as "anticipates," "believes," "could," "estimates,"
"expects," "forecasts," "intends," "may," "outlook," "plans," "projects,"
"seeks," "sees," "should," "targets," "will," "would," or other words of similar
meaning. All statements that reflect the Company's expectations, assumptions or
projections about the future, other than statements of historical fact, are
forward-looking statements. Forward-looking statements are not guarantees of
future performance and are subject to known and unknown risks, uncertainties,
and changes in circumstances that are difficult to predict. Although the Company
believes that the expectations reflected in any forward-looking statements are
based on reasonable assumptions, it can give no assurance that these
expectations will be attained and it is possible that actual results may differ
materially from those indicated by these forward-looking statements due to a
variety of risks and uncertainties. Additional information concerning factors
that could cause actual results to differ materially from those projected in the
forward-looking statements is contained in the Company's filings with the U.S.
Securities and Exchange Commission. The Company disclaims any obligation to
update publicly any forward-looking statements, whether in response to new
information, future events or otherwise, except as required by applicable law.
--------------------------------------------------------------------------------
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
number Description
99.1 Press release of Alcoa Corporation dated December 4, 2019
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document)
The internet addresses in the press release attached as Exhibit 99.1 hereto are
included only as inactive textual references and are not intended to be active
links to the information therein. Information contained on such websites or
platforms, or that can be accessed therein, do not constitute a part of this
report.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses