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ARNC Arconic

Cover Page

Cover Page - shares6 Months Ended
Jun. 30, 2020Aug. 03, 2020
Cover [Abstract]
Document Type10-Q
Document Period End DateJun. 30,
2020
Entity Registrant NameARCONIC CORPORATION
Entity Central Index Key0001790982
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ2
Amendment Flagfalse
Entity Filer CategoryNon-accelerated Filer
Entity Emerging Growth Companyfalse
Entity Small Businessfalse
Entity Interactive Data CurrentYes
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding109,069,013
Document Transition Reportfalse
Document Quarterly Reporttrue
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number84-2745636
Entity Address, Address Line One201 Isabella Street,
Entity Address, Address Line TwoSuite 400,
Entity Address, City or TownPittsburgh,
Entity Address, State or ProvincePA
Entity Address, Postal Zip Code15212-5872
City Area Code412)
Local Phone Number992-2500
Title of 12(b) SecurityCommon Stock, par value $0.01 per share
Trading SymbolARNC
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity File Number1-39162

Statement of Combined Operation

Statement of Combined Operations - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Total Sales $ 1,187 $ 1,923 $ 2,798 $ 3,764
Cost of goods sold (exclusive of expenses below)1,046 1,671 2,373 3,267
Selling, general administrative, and other expenses55 87 135 173
Research and development expenses8 11 19 25
Provision for depreciation and amortization68 64 128 127
Restructuring and other charges (E)77 38 58 40
Operating (loss) income(67)52 85 132
Interest expense40 29 75 57
Other expenses (income), net (F)16 10 42 (4)
(Loss) Income before income taxes(123)13 (32)79
(Benefit) Provision for income taxes (H)(31)8 0 33
Net (loss) income(92)5 (32)46
Less: Net income attributable to noncontrolling interest0 0 0 0
Net (loss) income attributable to Arconic Corporation $ (92) $ 5 $ (32) $ 46
Earnings per Share Attributable to Arconic Corporation Common Shareholders (I):
Basic (in dollars per share) $ (0.84) $ 0.04 $ (0.29) $ 0.42
Diluted (in dollars per share) $ (0.84) $ 0.04 $ (0.29) $ 0.42
Sales to unrelated parties
Total Sales $ 1,165 $ 1,874 $ 2,741 $ 3,663
Sales to related parties
Total Sales $ 22 $ 49 $ 57 $ 101

Statement of Combined Comprehen

Statement of Combined Comprehensive Income - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Net income (loss) $ (92) $ 5 $ (32) $ 46
Other comprehensive income, net of tax (J):
Change in unrecognized net actuarial loss and prior service benefit related to pension and other postretirement benefits36 0 61 0
Foreign currency translation adjustments5 (43)5 14
Net change in unrecognized losses on cash flow hedges(7)0 (7)0
Total Other comprehensive income, net of tax34 (43)59 14
Comprehensive income(58)(38)27 60
Arconic Corporation
Net income (loss)(92)5 (32)46
Other comprehensive income, net of tax (J):
Change in unrecognized net actuarial loss and prior service benefit related to pension and other postretirement benefits36 0 61 0
Foreign currency translation adjustments5 (43)5 14
Net change in unrecognized losses on cash flow hedges(7)0 (7)0
Total Other comprehensive income, net of tax34 (43)59 14
Comprehensive income(58)(38)27 60
Noncontrolling interest
Net income (loss)0 0 0 0
Other comprehensive income, net of tax (J):
Change in unrecognized net actuarial loss and prior service benefit related to pension and other postretirement benefits0 0 0 0
Foreign currency translation adjustments0 0 0 0
Net change in unrecognized losses on cash flow hedges0 0 0 0
Total Other comprehensive income, net of tax0 0 0 0
Comprehensive income $ 0 $ 0 $ 0 $ 0

Combined Balance Sheet

Combined Balance Sheet - USD ($) $ in MillionsJun. 30, 2020Dec. 31, 2019
Current assets:
Cash and cash equivalents $ 595 $ 72
Receivables from customers, less allowances of $1 in 2020 and $2 in 2019 (A)573 384
Other receivables110 136
Inventories (K)678 820
Prepaid expenses and other current assets54 28
Total current assets2,010 1,440
Properties, plants, and equipment7,282 7,210
Less: accumulated depreciation and amortization4,557 4,466
Properties, plants, and equipment, net2,725 2,744
Goodwill374 386
Operating lease right-of-use assets (L)139 125
Deferred income taxes381 14
Other noncurrent assets104 32
Total assets5,733 4,741
Current liabilities:
Accounts payable, trade683 1,061
Accrued compensation and retirement costs126 80
Taxes, including income taxes35 21
Environmental remediation (O)92 83
Operating lease liabilities (L)33 33
Other current liabilities115 63
Total current liabilities1,084 1,341
Long-term debt (M)1,276 250
Accrued pension benefits (G)1,364 63
Accrued other postretirement benefits (G)488 1
Environmental remediation (O)116 125
Operating lease liabilities (L)109 96
Deferred income taxes19 87
Other noncurrent liabilities and deferred credits117 50
Total liabilities4,573 2,013
Contingencies and commitments (O)
Equity
Parent Company net investment (A)0 2,419
Common stock1 0
Additional capital3,085 0
Accumulated deficit(92)0
Accumulated other comprehensive (loss) income (J)(1,848)295
Total Arconic Corporation shareholders’ equity1,146 2,714
Noncontrolling interest14 14
Total equity1,160 2,728
Total liabilities and equity $ 5,733 $ 4,741

Combined Balance Sheet (Parenth

Combined Balance Sheet (Parenthetical) - USD ($) $ in MillionsJun. 30, 2020Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowances $ 1 $ 2

Statement of Combined Cash Flow

Statement of Combined Cash Flows - USD ($) $ in Millions6 Months Ended
Jun. 30, 2020Jun. 30, 2019
Operating Activities
Net income (loss) $ (32) $ 46
Adjustments to reconcile net (loss) income to cash (used for) provided from operations:
Depreciation and amortization128 127
Deferred income taxes55 2
Restructuring and other charges (E)58 40
Net periodic pension benefit cost (G)39 3
Stock-based compensation12 18
Amortization of debt issuance costs (M)21 0
Other2 3
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
(Increase) in receivables(184)(111)
Decrease (Increase) in inventories92 (65)
(Increase) in prepaid expenses and other current assets(25)(6)
(Decrease) in accounts payable, trade(391)(35)
(Decrease) in accrued expenses(82)(13)
Increase (Decrease) in taxes, including income taxes54 (5)
Pension contributions(44)(1)
Decrease in noncurrent assets21 4
Increase in noncurrent liabilities11 20
Cash (used for) provided from operations(265)27
Financing Activities
Net transfers from former parent company216 10
Separation payment to former parent company (A)(728)
Additions to debt (original maturities greater than three months) (M)2,400 0
Debt issuance costs (M)(57)0
Payments on debt (original maturities greater than three months) (M)(1,100)0
Cash provided from financing activities731 10
Investing Activities
Capital expenditures(44)(82)
Proceeds from the sale of assets and businesses (N)102 11
Cash provided from (used for) investing activities58 (71)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(1)(1)
Net change in cash and cash equivalents and restricted cash523 (35)
Cash and cash equivalents and restricted cash at beginning of year72 81
Cash and cash equivalents and restricted cash at end of period $ 595 $ 46

Statement of Changes in Combine

Statement of Changes in Combined Equity - USD ($) shares in Thousands, $ in MillionsTotalCumulative Effect, Period of Adoption, AdjustmentParent Company net investmentParent Company net investmentCumulative Effect, Period of Adoption, AdjustmentCommon stockAdditional capitalAccumulated deficitAccumulated other comprehensive income (loss)Noncontrolling interest
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ 2,677 $ 2,415 $ 250 $ 12
Net income (loss)46 46 0
Other comprehensive income (J)14 14 0
Change in ParentCo contribution27 27
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest2,821 2,502 307 12
Net income (loss)5 5 0
Other comprehensive income (J)(43)(43)0
Change in ParentCo contribution54 54
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest2,837 2,561 264 12
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest2,728 $ 73 2,419 $ 73 295 14
Net income (loss)(32)60 $ (92)0
Other comprehensive income (J)59 59 0
Separation payment to former parent company (A)(728)(728)
Separation-related adjustments (A)314 (2,317) $ 3,081 (450)
Issuance of common stock(1,000)(1,000)
Stock-based compensation5 $ 5
Change in ParentCo contribution217 217
Stockholders' Equity, Establishment of Defined Benefit Plans(1,403)349 (1,752)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest1,626 3,045 (1,432)13
Net income (loss)(92)0 (92)0
Other comprehensive income (J)34 34 0
Separation payment to former parent company (A)728 728
Separation-related adjustments (A)314 (2,317) $ 3,081 (450)
Issuance of common stock(1,000)(1,000)
Stock-based compensation5 $ 5
Stockholders' Equity, Other(1)(1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ 1,160 $ 0 $ 1 $ 3,085 $ (92) $ (1,848) $ 14

The Separation and Basis of Pre

The Separation and Basis of Presentation6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Separation and Basis of PresentationThe Separation and Basis of Presentation​ The interim Consolidated Financial Statements of Arconic Corporation and its subsidiaries (“Arconic Corporation” or the “Company”) are unaudited. These Consolidated Financial Statements include all adjustments, consisting only of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year. The 2019 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP). This Form 10-Q report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which includes all disclosures required by GAAP. Our operations and financial results have been, and are expected to continue to be, adversely affected by the current coronavirus (COVID-19) pandemic. As a result of, among other things, uncertainty regarding the COVID-19 pandemic’s duration and its impact on the Company’s customers, suppliers and operations, Arconic Corporation is not currently able to estimate with certainty the specific future impact on its operations or financial results. Since Arconic’s launch as a standalone company on April 1, 2020, market conditions have been changing rapidly and unpredictably. As a result of the COVID-19 pandemic, several of our automotive and aerospace customers have temporarily suspended operations. While many of our customers have resumed operations, the Company is unable to estimate with certainty at this time the status, frequency, or duration of any potential reoccurrences of customer shutdowns. In 2019, Arconic derived approximately 35% of its revenue from ground transportation end markets and 18% from aerospace end markets, including approximately 13% of its revenue from Ford, our largest customer. We cannot predict with certainty the duration of these or any future shutdowns, or the duration or extent of resumed operations. Due to the impacts of COVID-19 on our customers, we are experiencing, and expect to continue experiencing, lower demand and volume for our products. These trends may lead to charges, impairments and other adverse financial impacts over time. The duration of the current disruptions to our customers and related financial impact to us has been estimated, but remains highly uncertain at this time. Should such disruption continue for an extended period of time, the impact will have a material adverse effect on our business, results of operations, financial condition, liquidity, and/or cash flows. As a result of these developments, Arconic Corporation has implemented several measures to mitigate the impacts of COVID-19 on the Company’s business, results of operations, financial condition, liquidity, and cash flows: • deferred initiating a dividend on common stock; • reduced the CEO’s salary and the Board of Directors’ cash compensation by 30%; • reduced salaries for senior-level management by 20% and for all other salaried employees by 10%; • restructuring of the salaried workforce, targeting a 10% reduction; • idling of various production facilities based on market conditions within the regions where the Company operates; • decreasing production and operating with a reduced labor force through shortened work weeks, shift reductions, layoffs, and the elimination of temporary workers and contractors at U.S.-based rolling and extrusion facilities; • implementing a combination of modified schedules, adjusted work hours, lower costs, and/or delayed raises at all rolling mill facilities in Europe, China and Russia; • suspended the 401K match program for U.S. salaried employees; and • reducing capital expenditures by approximately $50, or approximately 30%. References in these Notes to (i) “ParentCo” refer to Arconic Inc., a Delaware corporation, and its consolidated subsidiaries (through March 31, 2020, at which time it was renamed Howmet Aerospace Inc.), and (ii) “2016 Separation Transaction” refer to the November 1, 2016 separation of Alcoa Inc., a Pennsylvania corporation, into two standalone, publicly-traded companies, Arconic Inc. and Alcoa Corporation. The Separation. On February 8, 2019, ParentCo announced that its Board of Directors approved a plan to separate into two standalone, publicly-traded companies (the “Separation”). The spin-off company, Arconic Corporation, was to include the rolled aluminum products, aluminum extrusions, and architectural products operations of ParentCo, as well as the Latin America extrusions operations sold in April 2018, (collectively, the “Arconic Corporation Businesses”). The existing publicly traded company, ParentCo, was to continue to own the engine products, engineered structures, fastening systems, and forged wheels operations (collectively, the “Howmet Aerospace Businesses”). The Separation was subject to a number of conditions, including, but not limited to: final approval by ParentCo’s Board of Directors (see below); receipt of an opinion of legal counsel (received on March 31, 2020) regarding the qualification of the distribution, together with certain related transactions, as a “reorganization” within the meaning of Sections 335 and 368(a)(1)(D) of the U.S. Internal Revenue Code (i.e., a transaction that is generally tax-free for U.S. federal income tax purposes); and the U.S. Securities and Exchange Commission (the “SEC”) declaring effective a Registration Statement on Form 10, as amended, filed with the SEC on February 13, 2020 (effectiveness was declared by the SEC on February 13, 2020). On February 5, 2020, ParentCo’s Board of Directors approved the completion of the Separation by means of a pro rata distribution by ParentCo of all of the outstanding shares of common stock of Arconic Corporation to ParentCo common shareholders of record as of the close of business on March 19, 2020 (the “Record Date”). At the time of the Separation, ParentCo common shareholders were to receive one share of Arconic Corporation common stock for every four shares of ParentCo common stock (the “Separation Ratio”) held as of the Record Date (ParentCo common shareholders were to receive cash in lieu of fractional shares). In connection with the Separation, as of March 31, 2020, Arconic Corporation and Howmet Aerospace entered into several agreements to implement the legal and structural separation between the two companies; govern the relationship between Arconic Corporation and Howmet Aerospace after the completion of the Separation; and allocate between Arconic Corporation and Howmet Aerospace various assets, liabilities, and obligations, including, among other things, employee benefits, environmental liabilities, intellectual property, and tax-related assets and liabilities. These agreements included a Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreement, and certain Patent, Know-How, Trade Secret License and Trademark License Agreements. The Separation and Distribution Agreement identified the assets to be transferred, the liabilities to be assumed, and the contracts to be transferred to each of Arconic Corporation and Howmet Aerospace as part of the Separation, and provided for when and how these transfers and assumptions were to occur. On April 1, 2020 (the “Separation Date”), the Separation was completed and became effective at 12:01 a.m. Eastern Daylight Time. To effect the Separation, ParentCo undertook a series of transactions to separate the net assets and certain legal entities of ParentCo, resulting in a cash payment of $728 to ParentCo by Arconic Corporation from a portion of the aggregate net proceeds of previously executed financing arrangements (see Note M). In connection with the Separation, 109,021,376 shares of Arconic Corporation common stock were distributed to ParentCo stockholders. This was determined by applying the Separation Ratio to the 436,085,504 shares of ParentCo’s outstanding common stock as of the Record Date. “Regular-way” trading of Arconic Corporation’s common stock began with the opening of the New York Stock Exchange on April 1, 2020 under the ticker symbol “ARNC.” Arconic Corporation’s common stock has a par value of $0.01 per share. ParentCo incurred costs to evaluate, plan, and execute the Separation, and Arconic Corporation was allocated a pro rata portion of these costs based on segment revenue (see Cost Allocations below). ParentCo recognized $38 in the 2020 six-month period and $16 and $19 in the 2019 second quarter and six-month period for such costs, of which $18 in the 2020 six-month period and $9 and $10 in the 2019 second quarter and six-month period, respectively, was allocated to Arconic Corporation. The allocated amounts were included in Selling, general administrative, and other expenses on the accompanying Statement of Consolidated Operations. Basis of Presentation. The Consolidated Financial Statements of Arconic Corporation are prepared in conformity with GAAP. In accordance with GAAP, certain situations require management to make estimates based on judgments and assumptions, which may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience, including considerations related to COVID-19. Management has made its best estimates using all relevant information available at the time, but it is possible that these estimates will differ from actual results and affect the Consolidated Financial Statements in future periods and potentially require adverse adjustments to the recoverability of goodwill and long-lived assets, the realizability of deferred tax assets and other judgments and estimations and assumptions that may be impacted by COVID-19. Principles of Consolidation. The Consolidated Financial Statements of Arconic Corporation include the accounts of Arconic Corporation and companies in which Arconic Corporation has a controlling interest. Intercompany transactions have been eliminated. Prior to the Separation Date, Arconic Corporation did not operate as a separate, standalone entity. Arconic Corporation’s operations were included in ParentCo’s financial results. Accordingly, for all periods prior to the Separation Date, the accompanying Consolidated Financial Statements were prepared from ParentCo’s historical accounting records and were presented on a standalone basis as if the Arconic Corporation Businesses had been conducted independently from ParentCo. Such Consolidated Financial Statements include the historical operations that were considered to comprise the Arconic Corporation Businesses, as well as certain assets and liabilities that were historically held at ParentCo’s corporate level but were specifically identifiable or otherwise attributable to Arconic Corporation. ParentCo’s net investment in these operations was reflected as Parent Company net investment on the accompanying Consolidated Financial Statements. All significant transactions and accounts within Arconic Corporation were eliminated. All significant intercompany transactions between ParentCo and Arconic Corporation were included within Parent Company net investment on the accompanying Consolidated Financial Statements. Cost Allocations. The description and information on cost allocations is applicable for all periods included in the Consolidated Financial Statements prior to the Separation Date. The Consolidated Financial Statements of Arconic Corporation include general corporate expenses of ParentCo that were not historically charged to the Arconic Corporation Businesses for certain support functions that were provided on a centralized basis, such as expenses related to finance, audit, legal, information technology, human resources, communications, compliance, facilities, employee benefits and compensation, and research and development activities. These general corporate expenses were included on the accompanying Statement of Consolidated Operations within Cost of goods sold, Selling, general administrative and other expenses, and Research and development expenses. These expenses were allocated to Arconic Corporation on the basis of direct usage when identifiable, with the remainder allocated based on the Arconic Corporation Businesses’ segment revenue as a percentage of ParentCo’s total segment revenue, as reported in the respective periods. All external debt not directly attributable to Arconic Corporation was excluded from the accompanying Consolidated Balance Sheet. Financing costs related to these debt obligations were allocated to Arconic Corporation based on the ratio of capital invested by ParentCo in the Arconic Corporation Businesses to the total capital invested by ParentCo in both the Arconic Corporation Businesses and the Howmet Aerospace Businesses, and were included on the accompanying Statement of Consolidated Operations within Interest expense. The following table reflects the allocations described above: Second quarter ended June 30, Six months ended June 30, 2020 2019 ​ 2020 2019 Cost of goods sold (1) $ — $ 4 ​ $ — $ 7 Selling, general administrative, and other expenses (2) — 29 ​ 25 53 Research and development expenses — 2 ​ — 7 Provision for depreciation and amortization — 3 ​ 1 5 Restructuring and other charges (E) — 12 ​ 2 3 Interest expense — 29 ​ 28 57 Other expenses (income), net (F) — 11 ​ (5) 3 ​ _____________________ (1) For all periods presented, amount principally relates to an allocation of expenses for ParentCo’s retained pension and other postretirement benefit obligations associated with closed and sold operations. ​ (2) In the 2020 six-month period and the 2019 second quarter and six-month period, amount includes an allocation of $18, $9, and $10, respectively, for costs incurred by ParentCo associated with the Separation (see above). Management believes the assumptions regarding the allocation of ParentCo’s general corporate expenses and financing costs were reasonable. Nevertheless, the Consolidated Financial Statements of Arconic Corporation may not include all of the actual expenses that would have been incurred and may not reflect Arconic Corporation’s consolidated results of operations, financial position, and cash flows had it been a standalone company during the periods prior to the Separation Date. Actual costs that would have been incurred if Arconic Corporation had been a standalone company would depend on multiple factors, including organizational structure, capital structure, and strategic decisions made in various areas, including information technology and infrastructure. Transactions between Arconic Corporation and ParentCo, including sales to the Howmet Aerospace Businesses, were presented as related party transactions in these Consolidated Financial Statements and were considered to be effectively settled for cash at the time the transaction was recorded. The total net effect of the settlement of these transactions was reflected on the accompanying Statement of Consolidated Cash Flows as a financing activity and on the accompanying Consolidated Balance Sheet as Parent Company net investment. Cash management. The description and information on cash management is applicable for all periods included in the Consolidated Financial Statements prior to the Separation Date. Cash was managed centrally with certain net earnings reinvested locally and working capital requirements met from existing liquid funds. Accordingly, the cash and cash equivalents held by ParentCo at the corporate level were not attributed to Arconic Corporation for any of the periods presented prior to the Separation Date. Only cash amounts specifically attributable to Arconic Corporation were reflected in the accompanying Consolidated Balance Sheet. Transfers of cash, both to and from ParentCo’s centralized cash management system, were reflected as a component of Parent Company net investment on the accompanying Consolidated Balance Sheet and as a financing activity on the accompanying Statement of Consolidated Cash Flows. ParentCo had an arrangement with several financial institutions to sell certain customer receivables without recourse on a revolving basis. The sale of such receivables was completed through the use of a bankruptcy-remote special-purpose entity, which was a consolidated subsidiary of ParentCo. In connection with this arrangement, in all periods prior to January 1, 2020, certain of Arconic Corporation’s customer receivables were sold on a revolving basis to this bankruptcy-remote subsidiary of ParentCo; these sales were reflected as a component of Parent Company net investment on the accompanying Consolidated Balance Sheet. As of December 31, 2019, the amount of Arconic Corporation’s outstanding customer receivables sold to ParentCo’s subsidiary was $281. Effective January 2, 2020, in preparation for the Separation, ParentCo’s arrangement was amended to no longer include customer receivables associated with the Arconic Corporation Businesses in this program, as well as to remove previously included customer receivables related to the Arconic Corporation Businesses not yet collected as of January 2, 2020. Accordingly, uncollected customer receivables of $281 related to the Arconic Corporation Businesses were removed from the program and the right to collect and receive the cash from the customer was returned to Arconic Corporation. ParentCo participated in several accounts payable settlement arrangements with certain vendors and third-party intermediaries. These arrangements provided that, at the vendor’s request, the third-party intermediary advance the amount of the scheduled payment to the vendor, less an appropriate discount, before the scheduled payment date and ParentCo make payment to the third-party intermediary on the date stipulated in accordance with the commercial terms negotiated with its vendors. In connection with these arrangements, certain of Arconic Corporation’s accounts payable were settled, at the vendor’s request, before the scheduled payment date; these settlements were reflected as a component of Parent Company net investment on the accompanying Consolidated Balance Sheet. As of December 31, 2019, the amount of Arconic Corporation’s accounts payables settled under such arrangements that had yet to be extinguished between ParentCo and third-party intermediaries was $1. Related Party Transactions . Transactions between the Arconic Corporation Businesses and the Howmet Aerospace Businesses have been presented as related party transactions on the accompanying Consolidated Financial Statements. Sales to the Howmet Aerospace Businesses from the Arconic Corporation Businesses were $22 and $57 in the 2020 second quarter and six-month period, respectively, and $49 and $101 in the 2019 second quarter and six-month period, respectively. As of June 30, 2020, outstanding receivables from the Howmet Aerospace Businesses were $11 and were included in Receivables from customers on the accompanying Consolidated Balance Sheet. Goodwill . During the first quarter of 2020, the equity value of Arconic Corporation’s peer group companies, and the overall U.S. stock market declined significantly amid market volatility. In addition, as a result of the COVID-19 pandemic and measures designed to contain the spread, sales globally to customers in the ground transportation and aerospace industries that are impacted by COVID-19 have been and are expected to be negatively impacted as a result of disruption in demand. As a result of these macroeconomic factors, the Company performed a qualitative assessment to evaluate whether it is more likely than not that the fair value of any of its reporting units is less than the respective carrying values. As a result of this assessment, the Company concluded that no further analysis was required and no impairment exists. The Company revisited this assessment in the second quarter of 2020 amid the continued widespread impact of COVID-19 and arrived at the same conclusion. If Arconic Corporation’s actual results or external market factors further decline significantly, future goodwill impairment charges may be necessary and could be material.

Recently Adopted and Recently I

Recently Adopted and Recently Issued Accounting Guidance6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]
Recently Adopted and Recently Issued Accounting GuidanceRecently Adopted and Recently Issued Accounting Guidance​ Adopted On January 1, 2020, Arconic Corporation adopted changes issued by the Financial Accounting Standards Board (FASB) to credit losses. This guidance added a new impairment model (known as the current expected credit loss (CECL) model), which is based on expected losses rather than incurred losses. Under this model, an entity is required to recognize an allowance equivalent to its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. This model does not have a minimum threshold for recognition of impairment losses and requires the measurement of expected credit losses on assets that have a low risk of loss. The adoption of this guidance did not have a material impact on the Consolidated Financial Statements. This guidance will need to be considered in future assessments of credit losses. Issued In March 2020, the FASB issued amendments that provide optional guidance to ease the potential burden of reference rate reform on financial reporting. Under the amendments, expedients and exceptions are provided for applying GAAP to contracts, hedging relationships, and other transactions affected by the reform, if certain criteria are met, and apply only to those transactions which reference LIBOR or another reference rate that is expected to be discontinued. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with CustomersRevenue from Contracts with Customers​ The following table disaggregates revenue by major end market served. Second quarter ended June 30, Rolled Building and Extrusions Total 2020 ​ ​ ​ ​ Ground Transportation $ 250 $ — $ 7 $ 257 Building and Construction 33 230 — 263 Aerospace 173 — 64 237 Industrial Products and Other 229 — 10 239 Packaging 195 — — 195 Total end-market revenue $ 880 $ 230 $ 81 $ 1,191 2019 ​ ​ ​ ​ Ground Transportation $ 635 $ — $ 31 $ 666 Building and Construction 53 292 — 345 Aerospace 265 — 79 344 Industrial Products and Other 292 — 35 327 Packaging 241 — — 241 Total end-market revenue $ 1,486 $ 292 $ 145 $ 1,923 Six months ended June 30, ​ Rolled Building and Extrusions Total 2020 ​ ​ ​ ​ ​ Ground Transportation ​ $ 749 $ — $ 37 $ 786 Building and Construction ​ 68 486 — 554 Aerospace ​ 398 — 139 537 Industrial Products and Other ​ 514 — 38 552 Packaging ​ 373 — — 373 Total end-market revenue ​ $ 2,102 $ 486 $ 214 $ 2,802 2019 ​ ​ ​ ​ Ground Transportation $ 1,286 $ — $ 62 $ 1,348 Building and Construction 102 573 — 675 Aerospace 511 — 153 664 Industrial Products and Other 547 — 79 626 Packaging 451 — — 451 Total end-market revenue $ 2,897 $ 573 $ 294 $ 3,764

Segment and Related Information

Segment and Related Information​6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]
Segment and Related Information​Segment and Related Information​ Effective in the second quarter of 2020, management elected to change the profit or loss measure of the Company’s reportable segments from Segment operating profit to Segment Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) for internal reporting and performance measurement purposes. This change was made to enhance the transparency and visibility of the underlying operating performance of each segment. Arconic Corporation calculates Segment Adjusted EBITDA as Total sales (third-party and intersegment) minus each of (i) Cost of goods sold, (ii) Selling, general administrative, and other expenses, and (iii) and Research and development expenses, plus Stock-based compensation expense. Previously, the Company calculated Segment operating profit as Segment Adjusted EBITDA minus both Stock-based compensation expense and the Provision for depreciation and amortization. Arconic Corporation’s Segment Adjusted EBITDA may not be comparable to similarly titled measures of other companies’ reportable segments. Segment information for all prior periods presented was recast to reflect the new measure of segment profit or loss. The operating results of the Company’s reportable segments were as follows (differences between segment totals and consolidated amounts are in Corporate): Second quarter ended June 30, ​ Rolled Building and Extrusions Total 2020 ​ ​ ​ ​ ​ Sales: ​ ​ ​ ​ ​ Third-party sales-unrelated party ​ $ 870 $ 230 $ 69 $ 1,169 Third-party sales-related party ​ 10 — 12 22 Intersegment sales ​ 4 — — 4 Total sales ​ $ 884 $ 230 $ 81 $ 1,195 Segment Adjusted EBITDA (1) ​ $ 78 $ 38 $ (13) $ 103 Provision for depreciation and amortization ​ $ 53 $ 5 $ 6 $ 64 2019 ​ Sales: ​ Third-party sales-unrelated party ​ $ 1,451 $ 292 $ 131 $ 1,874 Third-party sales-related party ​ 35 — 14 49 Intersegment sales ​ 9 — — 9 Total sales ​ $ 1,495 $ 292 $ 145 $ 1,932 Segment Adjusted EBITDA (1) ​ $ 185 $ 38 $ — $ 223 Provision for depreciation and amortization ​ $ 46 $ 5 $ 8 $ 59 Six months ended June 30, ​ Rolled Building and Extrusions Total 2020 ​ ​ ​ ​ ​ Sales: ​ ​ ​ ​ ​ Third-party sales-unrelated party ​ $ 2,071 $ 486 $ 188 $ 2,745 Third-party sales-related party ​ 31 — 26 57 Intersegment sales ​ 11 — — 11 Total sales ​ $ 2,113 $ 486 $ 214 $ 2,813 Segment Adjusted EBITDA (1) ​ $ 251 $ 70 $ (1) $ 320 Provision for depreciation and amortization ​ $ 99 $ 9 $ 12 $ 120 2019 ​ Sales: ​ Third-party sales-unrelated party ​ $ 2,827 $ 573 $ 263 $ 3,663 Third-party sales-related party ​ 70 — 31 101 Intersegment sales ​ 16 — — 16 Total sales ​ $ 2,913 $ 573 $ 294 $ 3,780 Segment Adjusted EBITDA (1) ​ $ 325 $ 65 $ 3 $ 393 Provision for depreciation and amortization ​ $ 93 $ 10 $ 15 $ 118 The following table reconciles total Segment Adjusted EBITDA to consolidated net (loss) income attributable to Arconic Corporation: Second quarter ended June 30, Six months ended June 30, 2020 2019 2020 2019 Total Segment Adjusted EBITDA (1) $ 103 $ 223 $ 320 $ 393 Unallocated amounts: Corporate expenses (1),(2) (7) (12) (9) (33) Stock-based compensation expense (5) (12) (12) (18) Provision for depreciation and amortization (68) (64) (128) (127) Restructuring and other charges (E) (77) (38) (58) (40) Other (1),(3) (13) (45) (28) (43) Operating (loss) income (67) 52 85 132 Interest expense (40) (29) (75) (57) Other (expenses) income, net (1) (F) (16) (10) (42) 4 Benefit (Provision) for income taxes 31 (8) — (33) Net income attributable to noncontrolling interest — — — — Consolidated net (loss) income attributable to Arconic Corporation $ (92) $ 5 $ (32) $ 46 ________________ ​ (1) In preparation for the Separation, effective January 1, 2020, certain U.S. defined benefit pension and other postretirement plans previously sponsored by ParentCo were separated into standalone plans for both Arconic Corporation and Howmet Aerospace. Additionally, effective April 1, 2020, Arconic Corporation assumed a portion of the obligations associated with certain non-U.S. defined benefit pension plans that included participants related to both the Arconic Corporation Businesses and the Howmet Aerospace Businesses, as well as legacy defined benefit pension plans assigned to the Company as a result of the Separation. As a result, beginning in the first quarter of 2020 for these U.S. plans and in the second quarter of 2020 for these non-U.S. plans, Arconic Corporation applied defined benefit plan accounting resulting in benefit plan expense being recorded in operating income (service cost) and nonoperating income (nonservice cost). In all historical periods prior to these respective timeframes, Arconic Corporation was considered a participating employer in ParentCo’s defined benefit plans and, therefore, applied multiemployer plan accounting resulting in the Company’s share of benefit plan expense being recorded entirely in operating income. Also, Arconic Corporation is the plan sponsor of certain other non-U.S. defined benefit plans that contain participants related only to the Arconic Corporation Businesses and, therefore, the related benefit plan expense was recorded in accordance with defined benefit plan accounting in all periods presented. The following table presents the total benefit plan expense (excluding settlements and curtailments) recorded by Arconic Corporation based on the foregoing in each period presented: Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 2020 ​ 2019 Segment Adjusted EBITDA: Rolled Products $ (4) $ (15) $ (8) $ (31) Building and Construction Systems — (2) (1) (3) Extrusions (2) (5) (3) (9) Segment total (6) (22) (12) (43) Unallocated amounts: Corporate expenses — (4) — (8) Other — (2) 1 (4) Subtotal — (6) 1 (12) Other income (expenses), net (18) — (39) (1) Total $ (24) $ (28) $ (50) $ (56) (2) Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities, as well as research and development expenses of the corporate technical center. Amounts presented for all periods prior to second quarter 2020 represent an allocation of ParentCo’s corporate expenses (see Cost Allocations in Note A). (3) Other includes certain items that impact Cost of goods sold and Selling, general administrative, and other expenses on the Company’s Statement of Consolidated Operations that are not included in Segment Adjusted EBITDA.

Restructuring and Other Charges

Restructuring and Other Charges6 Months Ended
Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Other ChargesRestructuring and Other Charges​ In the 2020 second quarter, Arconic Corporation recorded a net charge of $77 in Restructuring and other charges, which was comprised of the following components: a $55 charge for the settlement of certain employee retirement benefits (see Note G); a $17 charge for layoff costs associated with the separation of approximately 410 employees across the Company in response to the impact of COVID 19 (see Note A); a $12 credit for the reversal of reserves established in prior periods, including $5 related to an environmental matter (see Note O); an $11 charge for costs, of which $8 is for layoff costs associated with approximately 140 employees, related to the planned closure and related reorganizations of several small facilities in the Building and Construction Systems and Extrusions segments; a $4 charge for legacy non-income tax matters in Brazil; and a $2 charge for other items. In the 2020 six-month period, Arconic Corporation recorded a net charge of $58 in Restructuring and other charges, which was comprised of the following components: the items included in the $77 described above; a $25 net gain related to the sales of an extrusions plant in South Korea and an aluminum rolling mill in Brazil (see Note N); a $2 charge for an allocation of ParentCo’s corporate restructuring activity (see Cost Allocations in Note A); and a $4 charge for other items. In the 2019 second quarter and six-month period, Arconic Corporation recorded a net charge of $38 and $40, respectively, in Restructuring and other charges, which were comprised of the following components: a $14 and $25 charge, respectively, for layoff costs, including the separation of approximately 95 and 250 employees, respectively, (all within the Rolled Products and Building and Construction Systems segments); a $10 charge (both periods) for the impairment of the carrying value of a tradename intangible asset; a $12 charge and a $3 net charge, respectively, for an allocation of ParentCo’s corporate restructuring activity (see Cost Allocations in Note A); and a $2 net charge (both periods) for other items. Arconic Corporation does not include Restructuring and other charges in the results of its reportable segments. The impact of allocating such charges to segment results would have been as follows: Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Rolled Products $ 7 $ 2 $ 16 $ 8 Building and Construction Systems 5 24 6 29 Extrusions 3 — (28) — Segment total 15 26 (6) 37 Corporate 62 12 64 3 $ 77 $ 38 $ 58 $ 40 As of June 30, 2020, approximately 150 of the 550 employees associated with 2020 restructuring programs and approximately 320 of the 380 (previously 480) employees associated with 2019 restructuring programs were separated. The total number of employees associated with 2019 restructuring programs was updated to reflect the reversal of a program initiated by ParentCo in 2019, natural attrition, and employees initially identified for separation accepting other positions within the Company. The remaining separations for the 2020 and 2019 restructuring programs are expected to be completed during the remainder of 2020. In the 2020 second quarter and six-month period, Arconic Corporation made cash payments of $5 (both periods) against layoff reserves related to 2020 restructuring programs and $2 and $6, respectively, against layoff reserves related to 2019 restructuring programs. Activity and reserve balances for restructuring charges were as follows: ​ Layoff costs ​ Other costs ​ Total Reserve balances at December 31, 2018 $ 1 $ 3 $ 4 Cash payments (12) (3) (15) Restructuring charges 30 2 32 Other (1) 1 (1) — Reserve balances at December 31, 2019 20 1 21 Separation-related adjustments (2) 2 — 2 Cash payments (11) (2) (13) Restructuring charges 25 2 27 Other (1) (7) — (7) Reserve balances at June 30, 2020 (3) $ 29 $ 1 $ 30 _____________________ ​ (1) Other includes reversals of previously recorded restructuring charges and the effects of foreign currency translation.​ (2) Represents liabilities transferred from ParentCo on April 1, 2020 in connection with the Separation (see Note A).​ (3) The remaining reserves are expected to be paid in cash during the remainder of 2020, with the exception of $7 that is expected to be paid in 2021 related to special termination benefits.​

Other Expenses (Income), Net

Other Expenses (Income), Net6 Months Ended
Jun. 30, 2020
Other Income and Expenses [Abstract]
Other Expenses (Income), NetOther Expenses (Income), Net​ Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Interest income $ (2) $ (3) ​ $ (4) $ (8) Foreign currency (gains) losses, net (5) 9 ​ 8 (5) Non-service costs — Pension and OPEB (G) 18 — 39 1 Other, net 5 4 ​ (1) 8 ​ $ 16 $ 10 ​ $ 42 $ (4)

Pension and Other Postretiremen

Pension and Other Postretirement Benefits6 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]
Pension and Other Postretirement BenefitsPension and Other Postretirement Benefits​ Arconic Corporation sponsors several defined benefit pension and other postretirement plans covering eligible employees and retirees in U.S. and foreign locations, as well as certain legacy plans previously sponsored by ParentCo. Prior to January 1, 2020 for U.S. plans and prior to April 1, 2020 for certain non-U.S. plans, eligible employees and retirees related to the Arconic Corporation Businesses participated in ParentCo-sponsored defined benefit pension and other postretirement plans (the “Shared Plans”), which included participants related to the Howmet Aerospace Businesses and ParentCo corporate participants, as well as eligible retirees from previously closed or sold operations. Also, prior to the Separation Date, other eligible employees and retirees related to the Arconic Corporation Businesses participated in certain non-U.S. defined benefit pension and other postretirement plans (the “Direct Plans”). The Company accounted for the portion of the Shared Plans related to its employees as multiemployer benefit plans. Accordingly, Arconic Corporation did not record an asset or liability to recognize the funded status of the Shared Plans. However, the related pension and other postretirement benefit expenses attributable to Arconic Corporation were based primarily on pensionable compensation of active Arconic Corporation participants and estimated interest costs, respectively. The Company also recorded an allocation of pension and other postretirement benefit expenses for the Shared Plans attributable to ParentCo corporate participants, as well as to participants related to closed and sold operations (see Cost Allocations in Note A). The Direct Plans were accounted for as defined benefit pension and other postretirement plans. Accordingly, the funded status of each Direct Plan was recorded in the Company’s Consolidated Balance Sheet. Actuarial gains and losses that had not yet been recognized in earnings were recorded in Accumulated other comprehensive loss until they were amortized as a component of net periodic benefit cost. The determination of benefit obligations and recognition of expenses related to Direct Plans were dependent on various assumptions, including discount rates, long-term expected rates of return on plan assets, and future compensation increases. Management developed each assumption using relevant company experience in conjunction with market-related data for each of the plans. In preparation for the Separation, effective January 1, 2020, certain U.S. pension and other postretirement benefit plans previously sponsored by ParentCo (the “U.S. Shared Plans” - see above) were separated into standalone plans for both Arconic Corporation (the “New Direct Plans”) and Howmet Aerospace. Accordingly, on January 1, 2020, Arconic Corporation recognized an aggregate liability of $1,920, of which $60 was current, reflecting the combined net unfunded status of the New Direct Plans, comprised of a benefit obligation of $4,255 and plan assets of $2,335, as well as $1,752 (net of tax impact) in Accumulated other comprehensive loss representing a net actuarial loss. In 2020, Arconic Corporation expects to recognize approximately $100 in combined net periodic benefit cost, of which approximately $25 is service cost. Also, in 2020, Arconic Corporation expects to make approximately $260 in pension contributions and $55 in other postretirement benefit payments, related to the New Direct Plans. Additionally, effective on the Separation Date, certain other Shared Plans (the “Additional New Direct Plans,” and, collectively with the Direct Plans and New Direct Plans, the “Cumulative Direct Plans”) were assumed by Arconic Corporation. Accordingly, on April 1, 2020, Arconic Corporation recognized a noncurrent asset of $65 and a noncurrent liability of $15, reflecting the combined net funded status of the Additional New Direct Plans, as well as $50 (net of tax impact) in Accumulated other comprehensive loss representing a net actuarial loss. In 2020, the Company expects to make approximately $280 in pension contributions to the Cumulative Direct Plans. This amount includes the previously mentioned $260 related to the New Direct Plans and $10 related to a non-U.S. plan (see below). The following table summarizes the total expenses (excluding settlements and curtailments) recognized by Arconic Corporation related to the pension and other postretirement benefits described above: ​ ​ ​ Pension benefits Other postretirement benefits ​ ​ ​ Second quarter ended June 30, Six months ended June 30, Second quarter ended June 30, Six months ended June 30, Type of Plan ​ Type of Expense 2020 ​ 2019 2020 ​ 2019 2020 ​ 2019 2020 ​ 2019 Cumulative Direct Plans ​ Net periodic benefit cost $ 18 $ 2 $ 39 $ 3 $ 6 $ — $ 12 $ — Shared Plans ​ Multiemployer contribution — 14 — 30 — 6 — 11 Shared Plans ​ Cost allocation — 5 (1) 10 — 1 — 2 ​ ​ ​ $ 18 $ 21 $ 38 $ 43 $ 6 $ 7 $ 12 $ 13 The components of net periodic benefit cost for defined benefit plans classified as Cumulative Direct Plans were as follows: Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Pension benefits Service cost $ 5 $ 1 $ 10 $ 1 Interest cost 28 1 54 2 Expected return on plan assets (45) (1) (85) (2) Recognized net actuarial loss 31 1 61 2 Amortization of prior service benefit (1) — (1) — Settlement 55 — 55 — Net periodic benefit cost* $ 73 $ 2 $ 94 $ 3 Other postretirement benefits Service cost $ 1 $ — $ 2 $ — Interest cost 4 — 8 — Recognized net actuarial loss 1 — 3 — Amortization of prior service benefit — — (1) — Net periodic benefit cost* $ 6 $ — $ 12 $ — ​ __________________ * Service cost was included within Cost of goods sold, Settlement was included within Restructuring and other charges, and all other components were included in Other expenses (income), net on the accompanying Statement of Consolidated Operations. In June 2020, Arconic Corporation and Howmet Aerospace, together, executed several liability management actions related to approximately 1,800 participants in a U.K. defined benefit pension plan. The primary action was the purchase of a group annuity contract to transfer the obligation to pay the remaining retirement benefits of certain plan participants to an insurance company. On a combined basis, these actions resulted in the settlement of approximately $400 in plan obligations and the transfer of approximately $460 in plan assets. In the 2020 second quarter, the Company contributed $10 to the plan to facilitate these actions and maintain the funding level of the remaining plan obligations. Prior to these actions, this plan had approximately 3,350 participants combined. Accordingly, this plan was required to be remeasured, and through this process, the discount rate was updated from 2.05% at December 31, 2019 to 1.55% at June 30, 2020. The remeasurement of this plan, along with the settlement events, resulted in a $250 net reduction to the Company’s remaining plan obligation and both a decrease to the Company’s pension benefit asset and a settlement charge of approximately $55 in the 2020 second quarter. The settlement charge represents the accelerated amortization of a portion of the existing net actuarial loss associated with this plan. This amount was reclassified to earnings through Restructuring and other charges (see Note E) from Accumulated other comprehensive loss. Subsequent to this remeasurement, the remaining respective plan obligations and plan assets attributable to Arconic Corporation and Howmet Aerospace were transferred into separate plans and the existing U.K. plan was terminated. As of June 30, 2020, the Company’s remaining plan obligation was approximately $240 and the plan assets were approximately $260 related to 1,050 plan participants.

Income Taxes_

Income Taxes​6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes​ Arconic Corporation’s year-to-date tax provision is comprised of the most recent estimated annual effective tax rate applied to year-to-date pretax ordinary income. The tax impacts of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are recorded discretely in the interim period in which they occur. In addition, the tax provision is adjusted for the interim period impact of non-benefited pretax losses. For the 2020 and 2019 six-month periods, the estimated annual effective tax rate, before discrete items, applied to ordinary income was 60.2% and 40.5%, respectively. The rate for the 2020 six-month period was higher than the U.S. federal statutory rate of 21.0% primarily due to foreign losses taxed in lower rate jurisdictions and losses in foreign jurisdictions subject to existing valuation allowances, as well as the state tax impact of domestic taxable income and nondeductible costs related to the Separation. The rate for the 2019 six-month period was higher than the U.S. federal statutory rate of 21.0% primarily due to certain nondeductible costs related to the separation and the state tax impact of domestic taxable income, partially offset by foreign income taxed in higher jurisdictions. For the second quarter of 2020 and 2019, the effective tax rate including discrete items was 25.2% and 61.5%, respectively. The tax provisions for the second quarter of 2020 and 2019 were comprised of the following components: Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Pretax income at estimated annual effective income tax rate before discrete items $ (74) $ 5 ​ $ (19) $ 32 Impact of change in estimated annual effective tax rate on previous quarter’s pretax income 29 3 — — Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized* 14 1 ​ 15 — Other discrete items — (1) ​ 4 1 (Benefit) Provision for income taxes $ (31) $ 8 ​ $ — $ 33 __________________ * The interim period impact related to operational losses in foreign jurisdictions for which no tax benefit is recognized will reverse by the end of the calendar year.

Earnings Per Share

Earnings Per Share6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share Basic earnings per share (EPS) amounts are computed by dividing Net (loss) income attributable to Arconic Corporation by the weighted-average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive share equivalents outstanding. The share information used to compute basic and diluted EPS attributable to Arconic Corporation common shareholders was as follows (shares in millions): Second quarter ended June 30, Six months ended June 30, ​ 2020 ​ 2019 2020 ​ 2019 Weighted-average shares outstanding – basic ​ 109 109 109 109 Effect of dilutive share equivalents: ​ Stock options — — — — Stock units — — — — Weighted-average shares outstanding – diluted 109 109 109 109 In the 2020 second quarter and six-month period, basic weighted-average shares outstanding and diluted weighted-average shares outstanding were the same because the effect of common share equivalents was anti-dilutive since Arconic Corporation generated a net loss. Had Arconic Corporation generated net income in the 2020 second quarter and six-month period, 3 million and 1 million common share equivalents, respectively, related to outstanding stock units and stock options would have been included in diluted weighted-average shares outstanding. These common share equivalents do not consider 1 million stock options outstanding as of June 30, 2020 with a weighted average exercise price of $26.05 as the respective exercise price of these options was greater than the average market price of Arconic Corporation’s common stock. Prior to the Separation Date, Arconic Corporation did not have any publicly-traded issued and outstanding common stock or any common share equivalents. Accordingly, in the 2019 second quarter and six-month period, the EPS included on the accompanying Statement of Consolidated Operations was calculated based on the 109,021,376 shares of Arconic Corporation common stock distributed on the Separation Date in connection with the completion of the Separation (see Note A).

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income​6 Months Ended
Jun. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income​Accumulated Other Comprehensive (Loss) Income​ The following table details the activity of the three components that comprise Accumulated other comprehensive (loss) income for Arconic Corporation (such activity for noncontrolling interest was immaterial for all periods presented): Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Pension and other postretirement benefits (G) ​ ​ ​ Balance at beginning of period $ (1,770) $ (32) ​ $ (43) $ (32) Establishment of additional defined benefit plans — — (1,752) — Separation-related adjustments (A) (50) — (50) — Other comprehensive income: ​ Unrecognized net actuarial loss and prior service benefit (40) (1) ​ (38) (2) Tax benefit 10 1 ​ 9 1 Total Other comprehensive loss before reclassifications, net of tax (30) — ​ (29) (1) Amortization of net actuarial loss and prior service benefit (1) 86 1 ​ 117 2 Tax expense (2) (20) (1) ​ (27) (1) Total amount reclassified from Accumulated other comprehensive loss, net of tax (5) 66 — ​ 90 1 Total Other comprehensive income 36 — ​ 61 — Balance at end of period $ (1,784) $ (32) ​ $ (1,784) $ (32) Foreign currency translation ​ Balance at beginning of period $ 338 $ 339 ​ $ 338 $ 282 Separation-related adjustments (A) (396) — (396) — Other comprehensive income (loss): Foreign currency translation (3) 5 (43) (17) 14 Net amount reclassified to earnings from Accumulated other comprehensive income (3),(5) — — 22 — Total Other comprehensive income (loss) 5 (43) ​ 5 14 Balance at end of period $ (53) $ 296 ​ $ (53) $ 296 Cash flow hedges Balance at beginning of period $ — $ — $ — $ — Separation-related adjustments (A) (4) — (4) — Other comprehensive loss: Net change from periodic revaluations 2 — 2 — Tax expense — — — — Total Other comprehensive income before reclassifications, net of tax 2 — ​ 2 — Net amount reclassified to earnings (4) (11) — (11) — Tax benefit (2) 2 — 2 — Total amount reclassified from Accumulated other comprehensive loss, net of tax (5) (9) — ​ (9) — Total Other comprehensive loss (7) — ​ (7) — Balance at end of period $ (11) $ — ​ $ (11) $ — Accumulated other comprehensive (loss) income $ (1,848) $ 264 ​ $ (1,848) $ 264 _____________________ (1) These amounts were included in the non-service component of net periodic benefit cost for pension and other postretirement benefits (see Note G). For the second quarter ended and six months ended June 30, 2020, these amounts include $55 related to the settlement of certain pension benefits (see Note G). (2) These amounts were reported in Provision for income taxes on the accompanying Statement of Consolidated Operations. (3) In all periods presented, there were no tax impacts related to rate changes. In the 2020 six-month period, the net amount reclassified to earnings was reported in Restructuring and other charges on the accompanying Statement of Consolidated Operations related to the sale of certain foreign subsidiaries. (4) These amounts relate to aluminum contracts, a portion of which were reported in both Sales and Cost of goods sold on the accompanying Statement of Consolidated Operations. (5) A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings. These amounts were reflected on the accompanying Statement of Consolidated Operations in the line items indicated in footnotes 1 through 4.

Inventories

Inventories6 Months Ended
Jun. 30, 2020
Inventory Disclosure [Abstract]
InventoriesInventories ​ June 30, 2020 ​ December 31, 2019 Finished goods $ 279 $ 237 Work-in-process 540 738 Purchased raw materials 70 85 Operating supplies 71 69 ​ 960 1,129 LIFO reserve (282) (309) ​ $ 678 $ 820 At June 30, 2020 and December 31, 2019, the portion of Inventories subject to the last-in, first-out (LIFO) inventory accounting method was $636, or 66%, and $753, or 67%, respectively, of total inventories before LIFO adjustments.

Leases_

Leases​6 Months Ended
Jun. 30, 2020
Leases [Abstract]
LeasesLeases​ Arconic Corporation leases certain land and buildings, plant equipment, vehicles, and computer equipment, which have been classified as operating leases. Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $14 and $16 for the second quarter of 2020 and 2019, respectively, and $29 and $32 for the six-month period of 2020 and 2019, respectively. Right-of-use assets obtained in exchange for operating lease obligations in the 2020 second quarter and six-month period were $23 and $32, respectively. Future minimum contractual operating lease obligations were as follows: ​ June 30, 2020 ​ December 31, 2019 2020 $ 21 $ 38 2021 35 29 2022 28 22 2023 22 17 2024 17 14 Thereafter 52 38 Total lease payments $ 175 $ 158 Less: imputed interest 33 29 Present value of lease liabilities $ 142 $ 129 The weighted-average remaining lease term and weighted-average discount rate for Arconic Corporation’s operating leases at June 30, 2020 and December 31, 2019 was 6.9 years and 6.7 years, respectively, and 6.0% and 6.0%, respectively.

Debt

Debt6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]
DebtDebt In connection with the capital structure to be established at the time of the Separation, Arconic Corporation secured $1,200 in third-party indebtedness. On February 7, 2020, Arconic Corporation completed a Rule 144A (U.S. Securities Act of 1933, as amended) debt offering for $600 of 6.125% Senior Secured Second-Lien Notes due 2028 (the “2028 Notes”). The Company received $593 in net proceeds from the debt offering reflecting a discount to the initial purchasers of the 2028 Notes. Also, on March 25, 2020, Arconic Corporation entered into a credit agreement, which provided a $600 Senior Secured First-Lien Term Loan B Facility (variable rate and seven-year term) (the “Term Loan”) and a $1,000 Senior Secured First-Lien Revolving Credit Facility (variable rate and five-year term) (the “Credit Facility”), with a syndicate of lenders and issuers named therein (the “Credit Agreement”). The Company received $575 in net proceeds from Term Loan B reflecting upfront fees and costs to enter into the financing arrangement. The Company used a portion of the $1,168 in net proceeds from the aggregate indebtedness to make a $728 payment to ParentCo on April 1, 2020 to fund the transfer of certain net assets from ParentCo to Arconic Corporation in connection with the completion of the Separation (see Note A). The payment to ParentCo was calculated as the difference between (i) the $1,168 of net proceeds from the aggregate indebtedness and (ii) the difference between a beginning cash balance at the Separation Date of $500, as provided for in the Separation and Distribution Agreement, and the amount of cash held by Arconic Corporation Businesses at March 31, 2020 ($60 – the sum of this amount and the aggregate indebtedness in (i) equals the sum of Cash and cash equivalents and Restricted cash on the Company’s Combined Balance Sheet as of March 31, 2020). On April 2, 2020, Arconic Corporation borrowed $500, which was subject to an interest rate equal to the sum of the three-month LIBOR plus a 2.0% applicable margin, under the Credit Facility. This borrowing was a proactive measure taken by the Company to bolster its liquidity and preserve financial flexibility in light of uncertainties resulting from the COVID-19 outbreak (see Note A). On May 13, 2020, Arconic Corporation executed a refinancing of its existing Credit Agreement in order to provide improved financial flexibility. Arconic Corporation completed a Rule 144A (U.S. Securities Act of 1933, as amended) debt offering for $700 of 6.0% Senior Secured First-Lien Notes due 2025 (the “2025 Notes”). The Company received $691 in net proceeds from the debt offering reflecting a discount to the initial purchasers of the 2025 Notes. Additionally, Arconic Corporation entered into a credit agreement with a syndicate of lenders named therein and Deutsche Bank AG New York Branch, as administrative agent (the “ABL Credit Agreement”). The ABL Credit Agreement provides for a senior secured asset-based revolving credit facility in an aggregate principal amount of $800, including a letter of credit sub-facility and a swingline loan sub-facility (the “ABL Credit Facility”). In addition, the ABL Credit Facility includes an accordion feature allowing the Company to request one or more increases to the revolving commitments in an aggregate principal amount up to $350. Arconic Corporation used the net proceeds from the new indebtedness, together with cash on hand, to prepay in full the obligations outstanding under both the Term Loan ($600) and Credit Facility ($500) and to terminate in full the commitments under the Credit Agreement. Descriptions of the 2028 Notes, 2025 Notes, and ABL Credit Agreement are set forth below. In connection with the issuance of the 2028 Notes and the execution of the Credit Agreement, the Company paid $42 in discounts to the initial purchasers and/or upfront fees and costs (the “debt issuance costs”), of which $30 was attributable to Term Loan B and the Credit Facility. The debt issuance costs were initially deferred and were being amortized to interest expense over the respective terms of the 2028 Notes, Term Loan B, and the Credit Facility. In connection with the issuance of the 2025 Notes and the execution of the ABL Credit Agreement, the Company paid $15 in discounts to the initial purchasers and/or upfront fees and costs (the “new debt issuance costs”). As a result of applying both debt modification and debt extinguishment accounting, as appropriate based on the lender mix for each debt instrument, to the debt refinancing, the Company was required to write off $16 of the $30 in debt issuance costs and immediately expense $3 of the $15 in new debt issuance costs. This $19 was reported within Interest expense on the accompanying Statement of Consolidated Operations. The remaining $14 in debt issuance costs continued to be deferred and the remaining $12 in new debt issuance costs were deferred; both are being amortized to interest expense over the respective terms of the 2025 Notes and the ABL Credit Agreement. Separately, in August 2012, ParentCo and the Iowa Finance Authority entered into a loan agreement for the proceeds from the issuance of $250 in Midwestern Disaster Area Revenue Bonds Series 2012 due 2042 (the “Bonds”). The Bonds were issued by the Iowa Finance Authority pursuant to the Heartland Disaster Tax Relief Act of 2008 for the purpose of financing all or part of the cost of acquiring, constructing, reconstructing, and renovating certain facilities (the “Project”) at Arconic Corporation’s rolling mill plant in Davenport, IA. The loan proceeds could only be used for this purpose and, therefore, were included on the Company’s Combined Balance Sheet for all periods prior to the Separation Date. In accordance with the Separation and Distribution Agreement, as well as a Second Supplemental Tax and Project Certificate and Agreement, dated March 31, 2020, to the Tax Exemption Certificate and Agreement, dated August 14, 2012, (collectively, the “Tax Agreement”), ParentCo remained the borrower associated with the Bonds and Arconic Corporation is the legal owner of the Davenport facility, including the Project. The Company has no financial obligations related to the future debt service of the Bonds but is required to continue to operate, and maintain the location of, the Project in accordance with the Tax Agreement. Accordingly, the $250 carrying value of the Bonds, as well as related accrued interest, was removed from Arconic Corporation’s Consolidated Balance Sheet in connection with the Separation. 2028 Notes —Interest on the 2028 Notes will be paid semi-annually in February and August, commencing August 15, 2020. Arconic Corporation has the option to redeem the 2028 Notes on at least 10 days, but not more than 60 days, prior notice to the holders of the 2028 Notes under multiple scenarios, including, in whole or in part, at any time or from time to time after February 14, 2023 at a redemption price specified in the indenture (up to 103.063% of the principal amount plus any accrued and unpaid interest in each case). At any time prior to February 15, 2023, the Company may redeem all or a part of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” redemption price determined as the greater of (1) 1.0% of the principal amount of such notes and (2) the excess, if any, of (a) the present value at the date of redemption of (i) 103.063% of the principal amount of such notes plus (ii) all required interest payments due on such notes (excluding accrued but unpaid interest to the date of redemption) through February 15, 2023, computed using a discount rate equal to, generally, the yield to maturity of United States Treasury securities with a constant maturity as of the date of redemption plus 50 basis points, over (b) the principal amount of such notes, as of, and accrued and unpaid interest, if any, to, but excluding, the date of redemption. Also, at any time prior to February 15, 2023, Arconic Corporation may, on one or more occasions, redeem up to 40% of the aggregate principal amount of the notes at a redemption price equal to 106.125% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, with the net cash proceeds of certain equity offerings, if at least 60% of the original aggregate principal amount of the notes remains outstanding immediately after such redemption and the redemption occurs within 120 days of the date of such equity offering. Additionally, the 2028 Notes are subject to repurchase upon the occurrence of a change in control repurchase event (as defined in the indenture) at a repurchase price in cash equal to 101% of the aggregate principal amount of the 2028 Notes repurchased, plus any accrued and unpaid interest on the 2028 Notes repurchased. The 2028 Notes are senior secured obligations of Arconic Corporation and do not entitle the holders to any registration rights pursuant to a registration rights agreement. The Company does not intend to file a registration statement with respect to resales of or an exchange offer for the 2028 Notes. The 2028 Notes are guaranteed on a senior secured basis by Arconic Corporation and its subsidiaries that are guarantors (the “subsidiary guarantors” and, together with Arconic Corporation, the “guarantors”) under the ABL Credit Agreement (see below). Each of the subsidiary guarantors will be released from their 2028 Notes guarantees upon the occurrence of certain events, including the release of such guarantor from its obligations as a guarantor under the ABL Credit Agreement. The 2028 Notes indenture includes several customary affirmative covenants. Additionally, the 2028 Notes indenture contains several negative covenants, that, subject to certain exceptions, limit the Company’s ability to, among other things, (i) make investments, loans, advances, guarantees, and acquisitions, (ii) pay dividends on or make other distributions in respect of capital stock and make other restricted payments and investments (as defined in the 2028 Notes), (iii) sell or transfer certain assets, and (iv) create liens on assets to secure debt. The 2028 Notes rank equally in right of payment with all of Arconic Corporation’s existing and future senior indebtedness, including the facility under the ABL Credit Agreement (see below); rank senior in right of payment to any future subordinated obligations of Arconic Corporation; and are effectively subordinated to Arconic Corporation’s existing and future secured indebtedness that is secured on a first priority basis, including the 2025 Notes and the facility under the ABL Credit Agreement, to the extent of the value of property and assets securing such indebtedness. 2025 Notes— Interest on the 2025 Notes will be paid semi-annually in May and November, commencing November 15, 2020. Arconic Corporation has the option to redeem the 2025 Notes on at least 10 days, but not more than 60 days, prior notice to the holders of the 2025 Notes under multiple scenarios, including, in whole or in part, at any time or from time to time after May 14, 2022 at a redemption price specified in the indenture (up to 103.0% of the principal amount plus any accrued and unpaid interest in each case). At any time prior to May 15, 2022, the Company may redeem all or a part of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” redemption price determined as the greater of (1) 1.0% of the principal amount of such notes and (2) the excess, if any, of (a) the present value at the date of redemption of (i) 103.0% of the principal amount of such notes plus (ii) all required interest payments due on such notes (excluding accrued but unpaid interest to the date of redemption) through May 15, 2022, computed using a discount rate equal to, generally, the yield to maturity of United States Treasury securities with a constant maturity as of the date of redemption plus 50 basis points, over (b) the principal amount of such notes, as of, and accrued and unpaid interest, if any, to, but excluding, the date of redemption. Also, at any time prior to May 15, 2022, Arconic Corporation may, on one or more occasions, redeem up to 40% of the aggregate principal amount of the notes at a redemption price equal to 106.0% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, with the net cash proceeds of certain equity offerings, if at least 60% of the original aggregate principal amount of the notes remains outstanding immediately after such redemption and the redemption occurs within 120 days of the date of such equity offering. Additionally, the 2025 Notes are subject to repurchase upon the occurrence of a change in control repurchase event (as defined in the indenture) at a repurchase price in cash equal to 101% of the aggregate principal amount of the 2025 Notes repurchased, plus any accrued and unpaid interest on the 2025 Notes repurchased. The 2025 Notes are senior secured obligations of Arconic Corporation and do not entitle the holders to any registration rights pursuant to a registration rights agreement. The Company does not intend to file a registration statement with respect to resales of or an exchange offer for the 2025 Notes. The 2025 Notes are guaranteed on a senior secured basis by Arconic Corporation and its subsidiaries that are guarantors (the “subsidiary guarantors” and, together with Arconic Corporation, the “guarantors”) under the ABL Credit Agreement (see below). Each of the subsidiary guarantors will be released from their 2025 Notes guarantees upon the occurrence of certain events, including the release of such guarantor from its obligations as a guarantor under the ABL Credit Agreement. The 2025 Notes indenture includes several customary affirmative covenants. Additionally, the 2025 Notes indenture contains several negative covenants, that, subject to certain exceptions, limit the Company’s ability to, among other things, (i) pay dividends on or make other distributions in respect of capital stock and make other restricted payments and investments (as defined in the 2025 Notes), (ii) sell or transfer certain assets, (iii) incur indebtedness, and (iv) create liens on assets to secure debt. The 2025 Notes are secured on a first priority basis by certain defined collateral (generally consisting of the Company’s and the Guarantors’ equipment, material owned U.S. real property, intellectual property, certain stock, and other tangible and intangible personal property, in each case, subject to certain exceptions) and on a second priority basis by certain other assets (generally consisting of substantially all of the accounts receivable, inventory, deposit accounts, securities accounts, commodities accounts, and cash assets of the Company and the Guarantors, and the proceeds thereof). ABL Credit Agreement— Availability under the ABL Credit Facility is subject to a borrowing base calculation, generally based upon a set percentage of eligible accounts receivable and inventory, less customary reserves (provided that for a period ending on the earlier of (a) the date of receipt by the administrative agent of the initial inventory appraisal and field examination and (b) 90 days following the date of entry into the ABL Credit Facility, the borrowing base will be deemed to be equal to $500). In July 2020, the field examination was completed and the calculated available balance was determined to be $681 as of June 30, 2020. The ABL Credit Facility is scheduled to mature on May 13, 2025, unless extended or earlier terminated in accordance with the ABL Credit Agreement. Under the provision of the ABL Credit Agreement, Arconic Corporation will pay a quarterly commitment fee ranging from 0.250% to 0.375% (based on Arconic Corporation’s leverage ratio) per annum on the unused portion of the ABL Credit Facility, which will be determined based on the Company’s average daily utilization. The ABL Credit Facility was undrawn as of June 30, 2020 and no amounts were borrowed during the 2020 second quarter. The ABL Credit Facility is subject to an interest rate for U.S. dollar borrowings equal to an applicable margin plus, at the Company’s option, of either (a) base rate (“ABR”) determined by reference to the highest of (1) Deutsche Bank AG New York Branch’s “prime rate,” (2) the greater of the federal funds effective rate and the overnight bank funding rate, plus 0.5%, and (3) the one month adjusted LIBO Rate, plus 1% per annum or (b) an adjusted LIBO Rate (which will not be less than 0.75% per annum) (“LIBOR”). The applicable margin for the ABL Credit Facility through June 30, 2021 is (a) 1.25% for ABR loans and (b) 2.25% for LIBOR loans. Thereafter, the applicable margin for the ABL Credit Facility will be (a) 0.75% to 1.25% per annum for ABR loans and (b) 1.75% per annum to 2.25% per annum for LIBOR loans based on the average daily excess availability (as defined under the ABL Credit Agreement). Accordingly, the interest rates for the ABL Credit Facility will fluctuate based on changes in the ABR, LIBOR, and/or future changes in the average daily excess availability. All obligations under the ABL Credit Facility are unconditionally guaranteed, jointly and severally, by substantially all of the direct and indirect wholly-owned material subsidiaries of the Company that are organized under the laws of the United States, any state thereof or the District of Columbia, subject to certain exceptions (collectively, the “Guarantors”). The Company and the Guarantors entered into a guarantee under the ABL Credit Agreement concurrently with the effectiveness of the ABL Credit Agreement. Subject to certain limitations, the ABL Credit Facility is secured on a first priority basis by certain defined collateral (generally consisting of substantially all of the accounts receivable, inventory, deposit accounts, securities accounts, commodities accounts, and cash assets of the Company and the Guarantors, and the proceeds thereof) and on a second-priority basis by certain defined collateral under the 2025 Notes (generally consisting of the Company and the Guarantors’ equipment, material owned U.S. real property, intellectual property, certain stock, and other tangible and intangible personal property, in each case, subject to exceptions as defined in the 2025 Notes). The Company and the Guarantors entered into collateral agreements concurrently with the effectiveness of the ABL Credit Agreement. The ABL Credit Facility contains certain affirmative and negative covenants customary for financings of this type that, among other things, limit the Company’s and its subsidiaries’ ability to incur additional indebtedness or liens, to dispose of assets, to make certain fundamental changes, to enter into restrictive agreements, to make certain investments, loans, advances, guarantees and acquisitions, to prepay certain indebtedness and to pay dividends, to make other distributions or redemptions/repurchases, in respect of the Company’s and its subsidiaries’ equity interests, to engage in transactions with affiliates and to amend certain material documents. In addition, the ABL Credit Facility contains a financial maintenance covenant applicable to any fiscal quarter in which the excess availability is less than the greater of (a) 10% of the lesser of (x) the aggregate amount of the commitments under the ABL Credit Facility and (y) the borrowing base and (b) $50. In such circumstances, until such time as excess availability shall have exceeded such threshold for at least 30 consecutive days, the Company would be required to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00. The ABL Credit Facility also requires the Company and its subsidiaries to maintain substantially all of the Company’s cash in accounts that are subject to the control of the agent, which control becomes applicable when (a) an event of default under the facility occurs and is continuing until the first day thereafter on which no event of default shall exist or (b) excess availability is less than the greater of (i) 12.5% of the lesser of (x) the aggregate amount of the commitments under the ABL Credit Facility and (y) the borrowing base or (ii) $62.5 for five consecutive business days until the first day thereafter on which excess availability shall have exceeded such threshold for at least 30 consecutive days. The ABL Credit Facility contains customary events of default, including with respect to a failure to make payments thereunder, cross-default and cross-acceleration, certain bankruptcy and insolvency events, and customary change of control events. Fair Value— Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: • Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—Inputs that are both significant to the fair value measurement and unobservable. As of June 30, 2020, the combined carrying value and fair value of the 2028 Notes and 2025 Notes were $1,276 and $1,323, respectively. The fair value amounts for the 2028 Notes and 2025 Notes were based on quoted market prices for public debt and were classified in Level 2 of the fair value hierarchy.

Acquisitions and Divestitures

Acquisitions and Divestitures6 Months Ended
Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions and DivestituresAcquisitions and Divestitures​ On February 1, 2020, Arconic Corporation completed the sale of its aluminum rolling mill (specialty foil and sheet products) in Itapissuma, Brazil to Companhia Brasileira de Alumínio for a net $46 in cash, resulting in a loss of $59 (pretax). As a result of entering into an agreement in August 2019 to sell this rolling mill, Arconic Corporation recognized a charge of $53 (pretax) in the 2019 third quarter for the non-cash impairment of the carrying value of the rolling mill’s net assets, primarily properties, plants, and equipment. Additionally, in the 2020 first quarter, Arconic Corporation recognized a charge of $6 (pretax). These charges were recorded in Restructuring and other charges (see Note E) on the Company’s Statement of Consolidated Operations in the respective reporting periods. This transaction remains subject to certain post-closing adjustments as defined in the agreement. Prior to the divestiture, this rolling mill’s operating results and assets and liabilities were reported in the Rolled Products segment. The rolling mill generated third-party sales of $143, $179, and $162 in 2019, 2018, and 2017, respectively, and, at the time of divestiture, had approximately 500 employees. On March 1, 2020, Arconic Corporation completed the sale of its hard alloy extrusions plant in South Korea to SeAH Besteel Corporation for a net $55 in cash, resulting in a gain of $31 (pretax), which was recorded in Restructuring and other charges (see Note E) on the accompanying Statement of Consolidated Operations. The gain is net of a $6 write-off of related goodwill. In the 2020 second quarter, Arconic Corporation received an additional $1 in cash as a result of a post-closing adjustment, which was previously contemplated in the aforementioned gain. This transaction is no longer subject to post-closing adjustments. Prior to the divestiture, this plant’s operating results and assets and liabilities were reported in the Extrusions segment. The extrusions plant generated third-party sales of $51, $53, and $50 in 2019, 2018, and 2017, respectively, and, at the time of divestiture, had approximately 160 employees.

Contingencies and Commitments_

Contingencies and Commitments​6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments​Contingencies and Commitments​ Unless specifically described to the contrary, all matters within Note O are the full responsibility of Arconic Corporation pursuant to the Separation and Distribution Agreement (see Note A). Additionally, the Separation and Distribution Agreement provides for cross-indemnities between the Company and Howmet Aerospace for claims subject to indemnification. Contingencies Environmental Matters. Arconic Corporation participates in environmental assessments and cleanups at several locations. These include owned or operating facilities and adjoining properties, previously owned or operating facilities and adjoining properties, and waste sites, including Superfund (Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)) sites. A liability is recorded for environmental remediation when a cleanup program becomes probable and the costs can be reasonably estimated. As assessments and cleanups proceed, the liability is adjusted based on progress made in determining the extent of remedial actions and related costs. The liability can change substantially due to factors such as, among others, the nature and extent of contamination, changes in remedial requirements, and technological changes. Arconic Corporation’s remediation reserve balance was $208 (of which $92 and $83, respectively, was classified as a current liability) at both June 30, 2020 and December 31, 2019, respectively, and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. In the 2020 second quarter and six-month period, the remediation reserve was reduced by $5 and $4, respectively. The decrease to the reserve in both periods was for the reversal of a $5 liability previously established by ParentCo as the underlying obligation no longer exists based on an assessment completed by Arconic Corporation management. This credit was recorded in Restructuring and other charges (see Note E) on the accompanying Statement of Consolidated Operations as that is where the initial charge was previously recorded. Additionally, in the 2020 six-month period, the reserve was increased for a charge of $1, which was recorded in Restructuring and other charges (see Note E) on the accompanying Statement of Consolidated Operations, to establish a liability related to the divestiture of a rolling mill in Brazil (see Note N). Payments related to remediation expenses applied against the reserve were $8 and $10 in the 2020 second quarter and six-month period, respectively. These amounts include expenditures currently mandated, as well as those not required by any regulatory authority or third party. The change in the reserve also reflects an increase of both $13 for obligations transferred from ParentCo on April 1, 2020 in connection with the Separation (see below) in both the 2020 second quarter and six-month period and $1 for other items in the 2020 six-month period. The Separation and Distribution Agreement includes provisions for the assignment or allocation of environmental liabilities between Arconic Corporation and Howmet Aerospace, including certain remediation obligations associated with environmental matters. In general, the respective parties are responsible for the environmental matters associated with their operations, and with the properties and other assets assigned to each. Additionally, the Separation and Distribution Agreement lists environmental matters with a shared responsibility between the two companies with an allocation of responsibility and the lead party responsible for management of each matter. For matters assigned to Arconic Corporation and Howmet Aerospace under the Separation and Distribution Agreement, the companies have agreed to indemnify each other in whole or in part for environmental liabilities arising from operations prior to the Separation Date. The following description provides details regarding the current status of one reserve, which represents the majority of the Company’s total remediation reserve balance, related to a current Arconic Corporation site. Massena West, NY— Arconic Corporation has an ongoing remediation project related to the Grasse River, which is adjacent to Arconic Corporation’s Massena plant site. Many years ago, it was determined that sediments and fish in the river contain varying levels of polychlorinated biphenyls (PCBs). The project, which was selected by the U.S. Environmental Protection Agency (EPA) in a Record of Decision issued in April 2013, is aimed at capping PCB contaminated sediments with concentration in excess of one part per million in the main channel of the river and dredging PCB contaminated sediments in the near-shore areas where total PCBs exceed one part per million. At June 30, 2020 and December 31, 2019, the reserve balance associated with this matter was $164 and $171, respectively. Arconic Corporation completed the final design phase of the project, which was approved by the EPA in March 2019. Following the EPA’s approval, the actual remediation fieldwork commenced. The majority of the remaining expenditures related to the project are expected to occur between the remainder of 2020 and 2022. In June 2019, Arconic Corporation increased the reserve balance by $25 due to changes required in the EPA-approved remedial design and post-construction monitoring. These changes were necessary due to several items, the majority of which relate to navigation issues identified by a local seaway development company. Accordingly, the EPA requested an addendum to the final remedial design be submitted to address these issues. The proposed remedy is to dredge certain of the sediments originally identified for capping in the affected areas of the Grasse River, resulting in incremental project costs. The EPA approved the proposal in April 2020. As the project progresses, further changes to the reserve may be required due to factors such as, among others, additional changes in remedial requirements, increased site restoration costs, and incremental ongoing operation and maintenance costs. Litigation. All references to ParentCo in the matters described under this section Litigation refer to Arconic Inc. only and do not include its subsidiaries, except as otherwise stated. Reynobond PE —On June 13, 2017, the Grenfell Tower in London, U.K. caught fire resulting in fatalities, injuries, and damage. A French subsidiary of Arconic Corporation (of ParentCo at that time), Arconic Architectural Products SAS (AAP SAS), supplied a product, Reynobond PE, to its customer, a cladding system fabricator, which used the product as one component of the overall cladding system on Grenfell Tower. The fabricator supplied its portion of the cladding system to the facade installer, who then completed and installed the system under the direction of the general contractor. Neither ParentCo nor AAP SAS was involved in the design or installation of the system used at the Grenfell Tower, nor did it have a role in any other aspect of the building’s refurbishment or original design. Regulatory investigations into the overall Grenfell Tower matter are being conducted, including a criminal investigation by the London Metropolitan Police Service (the “Police”), a Public Inquiry by the British government, and a consumer protection inquiry by a French public authority. The Public Inquiry was announced by the U.K. Prime Minister on June 15, 2017 and subsequently was authorized to examine the circumstances leading up to and surrounding the Grenfell Tower fire in order to make findings of fact and recommendations to the U.K. Government on matters such as the design, construction, and modification of the building, the role of relevant public authorities and contractors, the implications of the fire for the adequacy and enforcement of relevant regulations, arrangements in place for handling emergencies, and the handling of concerns from residents, among other things. Hearings for Phase 1 of the Public Inquiry began on May 21, 2018 and concluded on December 12, 2018. Phase 2 hearings of the Public Inquiry began in early 2020, following which a final report will be written and subsequently published. As Phase 2 of the public inquiry resumed in July after a hiatus due to the COVID-19 pandemic, the testimony has supported AAP SAS’s position that the choice of materials and the responsibility of ensuring compliance of the cladding system with relevant U.K. building code and regulations was with those individuals or entities who designed and installed the cladding system such as the architects, fabricators, contractors and building owners. The ongoing hearings in the U.K. have revealed serious doubts about whether these third parties had the necessary qualifications or expertise to carry out the refurbishment work at Grenfell Tower, adequately oversaw the process, conducted the required fire safety testing or analysis, or otherwise complied with their obligations under U.K. regulations. AAP SAS is participating as a Core Participant in the Public Inquiry and is also cooperating with the ongoing parallel investigation by the Police. Arconic Corporation does not sell and ParentCo previously stopped selling the PE product for architectural use on buildings. Given the preliminary nature of these investigations and the uncertainty of potential future litigation, Arconic Corporation cannot reasonably estimate at this time the likelihood of an unfavorable outcome or the possible loss or range of losses in the event of an unfavorable outcome. United Kingdom Litigation. Multiple claimant groups comprised of survivors and estates of decedents of the Grenfell Tower fire have filed claims in the U.K. arising from that fire, including as follows: • On June 12, 2020, four claimants represented by Birnberg Peirce Ltd filed suit against AAP SAS. • On June 12, 2020, two claimants represented by Howe & Co Solicitors filed suit against AAP SAS. • On June 26, 2020, three claimants represented by Russell-Cooke LLP filed suit against AAP SAS. Multiple claimant groups comprised of emergency responders who attended the Grenfell Tower fire have also filed claims against AAP SAS arising from that fire, including as follows: • On June 11, 2020, 80 firefighters represented by Thompsons Solicitors filed suit against AAP SAS, as well as the Royal Borough of Kensington and Chelsea, the Royal Borough of Kensington and Chelsea Tenant Management Organisation Ltd, Celotex Ltd, Exova (U.K.) Ltd, Rydon Maintenance Ltd, Studio E Architects Ltd, Harley Facades Ltd, CEP Architectural Facades Ltd, CS Stokes & Associates Ltd, and the London Fire Commissioner. • On June 12, 2020, 27 police officers represented by Penningtons Manches Cooper LLP filed suit against AAP SAS, as well as the Royal Borough of Kensington and Chelsea, the Royal Borough of Kensington and Chelsea Tenant Management Organisation Ltd, Celotex Ltd, Exova (U.K.) Ltd, Rydon Maintenance Ltd, Studio E Architects Ltd, Harley Facades Ltd, CEP Architectural Facades Ltd, CS Stokes & Associates Ltd, London Fire Commissioner, and the Commissioner of the Police of the Metropolis. • On June 12, 2020, two firefighters represented by Pattinson and Brewer filed suit against AAP SAS, as well as the Royal Borough of Kensington and Chelsea, the Royal Borough of Kensington and Chelsea Tenant Management Organisation Ltd, Celotex Ltd, Exova (U.K.) Ltd, Rydon Maintenance Ltd, Studio E Architects Ltd, Harley Facades Ltd, CEP Architectural Facades Ltd, CS Stokes & Associates Ltd, and the London Fire Commissioner. A third firefighter, also represented by Pattinson and Brewer, brought a claim against the same defendants on June 15, 2020. All of these claims have been filed in the High Court in London. As of this date, none of these claims have been served on AAP-SAS, and no dates have been set as to any of the court proceedings. The U.K. primary statute of limitations for claims of this nature expired in June 2020. Given the preliminary nature of these matters and the uncertainty of litigation, Arconic Corporation cannot reasonably estimate at this time the likelihood of an unfavorable outcome or the possible loss or range of losses in the event of an unfavorable outcome in any of the above-referenced disputes. Behrens et al. v. Arconic Inc. et al. On June 6, 2019, 247 plaintiffs comprised of survivors and estates of decedents of the Grenfell Tower fire filed a complaint against “Arconic Inc., Alcoa Inc., and Arconic Architectural Products, LLC” (collectively, for purposes of the description of such proceeding, the “ParentCo Defendants”), as well as Saint-Gobain Corporation, d/b/a Celotex and Whirlpool Corporation, in the Court of Common Pleas of Philadelphia County. The complaint alleges claims under Pennsylvania state law for products liability and wrongful death related to the fire. In particular, the plaintiffs allege that the ParentCo Defendants knowingly supplied a dangerous product (Reynobond PE) for installation on the Grenfell Tower despite knowing that Reynobond PE was unfit for use above a certain height. The ParentCo Defendants removed the case to the United States District Court for the Eastern District of Pennsylvania on June 19, 2019. On August 29, 2019, the ParentCo Defendants moved to dismiss the complaint on the bases, among other things, that: (i) the case should be heard in the United Kingdom, not the United States; (ii) there is no jurisdiction over necessary parties; and (iii) Pennsylvania product liability law does not apply to manufacture and sale of product overseas. On December 23, 2019, the Court issued an order denying the motion to dismiss the complaint on bases (ii) and (iii) suggesting a procedure for limited discovery followed by further briefing on those subjects. The parties have continued with forum non conveniens discovery. Arconic Corporation currently anticipates that discovery will conclude in August, as will briefing and the hearing on Defendants’ Motion to Dismiss for Forum non Conveniens. Given the preliminary nature of this matter and the uncertainty of litigation, Arconic Corporation cannot reasonably estimate at this time the likelihood of an unfavorable outcome or the possible loss or range of losses in the event of an unfavorable outcome. Howard v. Arconic Inc. et al. A purported class action complaint related to the Grenfell Tower fire was filed on August 11, 2017 in the United States District Court for the Western District of Pennsylvania against ParentCo and Klaus Kleinfeld. A related purported class action complaint was filed in the United States District Court for the Western District of Pennsylvania on September 15, 2017, under the caption Sullivan v. Arconic Inc. et al. , against ParentCo, three former ParentCo executives, several current and former ParentCo directors, and banks that acted as underwriters for ParentCo’s September 18, 2014 preferred stock offering (the “Preferred Offering”). The plaintiff in Sullivan had previously filed a purported class action against the same defendants on July 18, 2017 in the Southern District of New York and, on August 25, 2017, voluntarily dismissed that action without prejudice. On February 7, 2018, on motion from certain putative class members, the court consolidated Howard and Sullivan , closed Sullivan , and appointed lead plaintiffs in the consolidated case. On April 9, 2018, the lead plaintiffs in the consolidated purported class action filed a consolidated amended complaint. The consolidated amended complaint alleged that the registration statement for the Preferred Offering contained false and misleading statements and omitted to state material information, including by allegedly failing to disclose material uncertainties and trends resulting from sales of Reynobond PE for unsafe uses and by allegedly expressing a belief that appropriate risk management and compliance programs had been adopted while concealing the risks posed by Reynobond PE sales. The consolidated amended complaint also alleged that between November 4, 2013 and June 23, 2017 ParentCo and Kleinfeld made false and misleading statements and failed to disclose material information about ParentCo’s commitment to safety, business and financial prospects, and the risks of the Reynobond PE product, including in ParentCo’s Form 10-Ks for the fiscal years ended December 31, 2013, 2014, 2015, and 2016, its Form 10-Qs and quarterly financial press releases from the fourth quarter of 2013 through the first quarter of 2017, its 2013, 2014, 2015, and 2016 Annual Reports, its 2016 Annual Highlights Report, and on its official website. The consolidated amended complaint sought, among other things, unspecified compensatory damages and an award of attorney and expert fees and expenses. On June 8, 2018, all defendants moved to dismiss the consolidated amended complaint for failure to state a claim. On June 21, 2019, the Court granted the defendants’ motion to dismiss in full, dismissing the consolidated amended complaint in its entirety without prejudice. On July 23, 2019, the lead plaintiffs filed a second amended complaint. The second amended complaint alleges generally the same claims as the consolidated amended complaint with certain additional allegations, as well as claims that the risk factors set forth in the registration statement for the Preferred Offering were inadequate and that certain additional statements in the sources identified above were misleading. The second amended complaint seeks, among other things, unspecified compensatory damages and an award of attorney and expert fees and expenses. On September 11, 2019, all defendants moved to dismiss the second amended complaint. Plaintiffs’ opposition to that motion was filed on November 1, 2019 and all defendants filed a reply brief on November 26, 2019. On June 22, 2020, counsel for Arconic and the individual defendants filed a letter apprising the Court of a recent decision by the Third Circuit and discussing its relevance to the pending motion to dismiss. Pursuant to an Order by the Court directing the plaintiffs to respond to this letter, the plaintiffs filed a letter response on July 9, 2020. The motion to dismiss remains pending. Given the preliminary nature of this matter and the uncertainty of litigation, Arconic Corporation cannot reasonably estimate at this time the likelihood of an unfavorable outcome or the possible loss or range of losses in the event of an unfavorable outcome. Raul v. Albaugh, et al. On June 22, 2018, a derivative complaint was filed nominally on behalf of ParentCo by a purported ParentCo stockholder against the then members of ParentCo’s Board of Directors and Klaus Kleinfeld and Ken Giacobbe, naming ParentCo as a nominal defendant, in the United States District Court for the District of Delaware. The complaint raises similar allegations as the consolidated amended complaint and second amended complaint in Howard , as well as allegations that the defendants improperly authorized the sale of Reynobond PE for unsafe uses, and asserts claims under Section 14(a) of the Securities Exchange Act of 1934, as amended, and Delaware state law. On July 13, 2018, the parties filed a stipulation agreeing to stay this case until the final resolution of the Howard case, the Grenfell Tower Public Inquiry in London, and the investigation by the Police and on July 23, 2018, the Court approved the stay. Given the preliminary nature of this matter and the uncertainty of litigation, Arconic Corporation cannot reasonably estimate at this time the likelihood of an unfavorable outcome or the possible loss or range of losses in the event of an unfavorable outcome. General. While Arconic Corporation believes that all the above referenced Reynobond PE cases are without merit and intends to challenge them vigorously, there can be no assurances regarding the ultimate resolution of these matters. General. In addition to the matters described above, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against Arconic Corporation, including those pertaining to environmental, product liability, safety and health, employment, tax, and antitrust matters. While the amounts claimed in these other matters may be substantial, the ultimate liability is not readily determinable because of the considerable uncertainties that exist. Accordingly, it is possible that the Company’s liquidity or results of operations in a reporting period could be materially affected by one or more of these other matters. However, based on facts currently available, management believes that the disposition of these other matters that are pending or asserted will not have a material adverse effect, individually or in the aggregate, on the results of operations, financial position or cash flows of Arconic Corporation.

Subsequent Events_

Subsequent Events​6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent EventsSubsequent Events​Management evaluated all activity of Arconic Corporation and concluded that no subsequent events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements.

Recently Adopted and Recently_2

Recently Adopted and Recently Issued Accounting Guidance (Policies)6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]
Recent Accounting GuidanceAdopted On January 1, 2020, Arconic Corporation adopted changes issued by the Financial Accounting Standards Board (FASB) to credit losses. This guidance added a new impairment model (known as the current expected credit loss (CECL) model), which is based on expected losses rather than incurred losses. Under this model, an entity is required to recognize an allowance equivalent to its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. This model does not have a minimum threshold for recognition of impairment losses and requires the measurement of expected credit losses on assets that have a low risk of loss. The adoption of this guidance did not have a material impact on the Consolidated Financial Statements. This guidance will need to be considered in future assessments of credit losses. Issued In March 2020, the FASB issued amendments that provide optional guidance to ease the potential burden of reference rate reform on financial reporting. Under the amendments, expedients and exceptions are provided for applying GAAP to contracts, hedging relationships, and other transactions affected by the reform, if certain criteria are met, and apply only to those transactions which reference LIBOR or another reference rate that is expected to be discontinued. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements.
Basis of Accounting, PolicyBasis of Presentation. The Consolidated Financial Statements of Arconic Corporation are prepared in conformity with GAAP. In accordance with GAAP, certain situations require management to make estimates based on judgments and assumptions, which may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience, including considerations related to COVID-19. Management has made its best estimates using all relevant information available at the time, but it is possible that these estimates will differ from actual results and affect the Consolidated Financial Statements in future periods and potentially require adverse adjustments to the recoverability of goodwill and long-lived assets, the realizability of deferred tax assets and other judgments and estimations and assumptions that may be impacted by COVID-19.
Consolidation, PolicyPrinciples of Consolidation. The Consolidated Financial Statements of Arconic Corporation include the accounts of Arconic Corporation and companies in which Arconic Corporation has a controlling interest. Intercompany transactions have been eliminated. Prior to the Separation Date, Arconic Corporation did not operate as a separate, standalone entity. Arconic Corporation’s operations were included in ParentCo’s financial results. Accordingly, for all periods prior to the Separation Date, the accompanying Consolidated Financial Statements were prepared from ParentCo’s historical accounting records and were presented on a standalone basis as if the Arconic Corporation Businesses had been conducted independently from ParentCo. Such Consolidated Financial Statements include the historical operations that were considered to comprise the Arconic
Costs Associated with Exit or Disposal Activities or Restructurings, PolicyCost Allocations. The description and information on cost allocations is applicable for all periods included in the Consolidated Financial Statements prior to the Separation Date. The Consolidated Financial Statements of Arconic Corporation include general corporate expenses of ParentCo that were not historically charged to the Arconic Corporation Businesses for certain support functions that were provided on a centralized basis, such as expenses related to finance, audit, legal, information technology, human resources, communications, compliance, facilities, employee benefits and compensation, and research and development activities. These general corporate expenses were included on the accompanying Statement of Consolidated Operations within Cost of goods sold, Selling, general administrative and other expenses, and Research and development expenses. These expenses were allocated to Arconic Corporation on the basis of direct usage when identifiable, with the remainder allocated based on the Arconic Corporation Businesses’ segment revenue as a percentage of ParentCo’s total segment revenue, as reported in the respective periods. All external debt not directly attributable to Arconic Corporation was excluded from the accompanying Consolidated Balance Sheet. Financing costs related to these debt obligations were allocated to Arconic Corporation based on the ratio of capital invested by ParentCo in the Arconic Corporation Businesses to the total capital invested by ParentCo in both the Arconic Corporation Businesses and the Howmet Aerospace Businesses, and were included on the accompanying Statement of Consolidated Operations within Interest expense.

The Separation and Basis of P_2

The Separation and Basis of Presentation (Tables)6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Costs AllocationsThe following table reflects the allocations described above: Second quarter ended June 30, Six months ended June 30, 2020 2019 ​ 2020 2019 Cost of goods sold (1) $ — $ 4 ​ $ — $ 7 Selling, general administrative, and other expenses (2) — 29 ​ 25 53 Research and development expenses — 2 ​ — 7 Provision for depreciation and amortization — 3 ​ 1 5 Restructuring and other charges (E) — 12 ​ 2 3 Interest expense — 29 ​ 28 57 Other expenses (income), net (F) — 11 ​ (5) 3 ​ _____________________ (1) For all periods presented, amount principally relates to an allocation of expenses for ParentCo’s retained pension and other postretirement benefit obligations associated with closed and sold operations. ​ (2) In the 2020 six-month period and the 2019 second quarter and six-month period, amount includes an allocation of $18, $9, and $10, respectively, for costs incurred by ParentCo associated with the Separation (see above).

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Major End Market ServedThe following table disaggregates revenue by major end market served. Second quarter ended June 30, Rolled Building and Extrusions Total 2020 ​ ​ ​ ​ Ground Transportation $ 250 $ — $ 7 $ 257 Building and Construction 33 230 — 263 Aerospace 173 — 64 237 Industrial Products and Other 229 — 10 239 Packaging 195 — — 195 Total end-market revenue $ 880 $ 230 $ 81 $ 1,191 2019 ​ ​ ​ ​ Ground Transportation $ 635 $ — $ 31 $ 666 Building and Construction 53 292 — 345 Aerospace 265 — 79 344 Industrial Products and Other 292 — 35 327 Packaging 241 — — 241 Total end-market revenue $ 1,486 $ 292 $ 145 $ 1,923 Six months ended June 30, ​ Rolled Building and Extrusions Total 2020 ​ ​ ​ ​ ​ Ground Transportation ​ $ 749 $ — $ 37 $ 786 Building and Construction ​ 68 486 — 554 Aerospace ​ 398 — 139 537 Industrial Products and Other ​ 514 — 38 552 Packaging ​ 373 — — 373 Total end-market revenue ​ $ 2,102 $ 486 $ 214 $ 2,802 2019 ​ ​ ​ ​ Ground Transportation $ 1,286 $ — $ 62 $ 1,348 Building and Construction 102 573 — 675 Aerospace 511 — 153 664 Industrial Products and Other 547 — 79 626 Packaging 451 — — 451 Total end-market revenue $ 2,897 $ 573 $ 294 $ 3,764

Segment and Related Informati_2

Segment and Related Information​ (Tables)6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by SegmentThe operating results of the Company’s reportable segments were as follows (differences between segment totals and consolidated amounts are in Corporate): Second quarter ended June 30, ​ Rolled Building and Extrusions Total 2020 ​ ​ ​ ​ ​ Sales: ​ ​ ​ ​ ​ Third-party sales-unrelated party ​ $ 870 $ 230 $ 69 $ 1,169 Third-party sales-related party ​ 10 — 12 22 Intersegment sales ​ 4 — — 4 Total sales ​ $ 884 $ 230 $ 81 $ 1,195 Segment Adjusted EBITDA (1) ​ $ 78 $ 38 $ (13) $ 103 Provision for depreciation and amortization ​ $ 53 $ 5 $ 6 $ 64 2019 ​ Sales: ​ Third-party sales-unrelated party ​ $ 1,451 $ 292 $ 131 $ 1,874 Third-party sales-related party ​ 35 — 14 49 Intersegment sales ​ 9 — — 9 Total sales ​ $ 1,495 $ 292 $ 145 $ 1,932 Segment Adjusted EBITDA (1) ​ $ 185 $ 38 $ — $ 223 Provision for depreciation and amortization ​ $ 46 $ 5 $ 8 $ 59 Six months ended June 30, ​ Rolled Building and Extrusions Total 2020 ​ ​ ​ ​ ​ Sales: ​ ​ ​ ​ ​ Third-party sales-unrelated party ​ $ 2,071 $ 486 $ 188 $ 2,745 Third-party sales-related party ​ 31 — 26 57 Intersegment sales ​ 11 — — 11 Total sales ​ $ 2,113 $ 486 $ 214 $ 2,813 Segment Adjusted EBITDA (1) ​ $ 251 $ 70 $ (1) $ 320 Provision for depreciation and amortization ​ $ 99 $ 9 $ 12 $ 120 2019 ​ Sales: ​ Third-party sales-unrelated party ​ $ 2,827 $ 573 $ 263 $ 3,663 Third-party sales-related party ​ 70 — 31 101 Intersegment sales ​ 16 — — 16 Total sales ​ $ 2,913 $ 573 $ 294 $ 3,780 Segment Adjusted EBITDA (1) ​ $ 325 $ 65 $ 3 $ 393 Provision for depreciation and amortization ​ $ 93 $ 10 $ 15 $ 118 The following table reconciles total Segment Adjusted EBITDA to consolidated net (loss) income attributable to Arconic Corporation: Second quarter ended June 30, Six months ended June 30, 2020 2019 2020 2019 Total Segment Adjusted EBITDA (1) $ 103 $ 223 $ 320 $ 393 Unallocated amounts: Corporate expenses (1),(2) (7) (12) (9) (33) Stock-based compensation expense (5) (12) (12) (18) Provision for depreciation and amortization (68) (64) (128) (127) Restructuring and other charges (E) (77) (38) (58) (40) Other (1),(3) (13) (45) (28) (43) Operating (loss) income (67) 52 85 132 Interest expense (40) (29) (75) (57) Other (expenses) income, net (1) (F) (16) (10) (42) 4 Benefit (Provision) for income taxes 31 (8) — (33) Net income attributable to noncontrolling interest — — — — Consolidated net (loss) income attributable to Arconic Corporation $ (92) $ 5 $ (32) $ 46 ________________ ​ (1) In preparation for the Separation, effective January 1, 2020, certain U.S. defined benefit pension and other postretirement plans previously sponsored by ParentCo were separated into standalone plans for both Arconic Corporation and Howmet Aerospace. Additionally, effective April 1, 2020, Arconic Corporation assumed a portion of the obligations associated with certain non-U.S. defined benefit pension plans that included participants related to both the Arconic Corporation Businesses and the Howmet Aerospace Businesses, as well as legacy defined benefit pension plans assigned to the Company as a result of the Separation. As a result, beginning in the first quarter of 2020 for these U.S. plans and in the second quarter of 2020 for these non-U.S. plans, Arconic Corporation applied defined benefit plan accounting resulting in benefit plan expense being recorded in operating income (service cost) and nonoperating income (nonservice cost). In all historical periods prior to these respective timeframes, Arconic Corporation was considered a participating employer in ParentCo’s defined benefit plans and, therefore, applied multiemployer plan accounting resulting in the Company’s share of benefit plan expense being recorded entirely in operating income. Also, Arconic Corporation is the plan sponsor of certain other non-U.S. defined benefit plans that contain participants related only to the Arconic Corporation Businesses and, therefore, the related benefit plan expense was recorded in accordance with defined benefit plan accounting in all periods presented. The following table presents the total benefit plan expense (excluding settlements and curtailments) recorded by Arconic Corporation based on the foregoing in each period presented: Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 2020 ​ 2019 Segment Adjusted EBITDA: Rolled Products $ (4) $ (15) $ (8) $ (31) Building and Construction Systems — (2) (1) (3) Extrusions (2) (5) (3) (9) Segment total (6) (22) (12) (43) Unallocated amounts: Corporate expenses — (4) — (8) Other — (2) 1 (4) Subtotal — (6) 1 (12) Other income (expenses), net (18) — (39) (1) Total $ (24) $ (28) $ (50) $ (56) (2) Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities, as well as research and development expenses of the corporate technical center. Amounts presented for all periods prior to second quarter 2020 represent an allocation of ParentCo’s corporate expenses (see Cost Allocations in Note A). (3) Other includes certain items that impact Cost of goods sold and Selling, general administrative, and other expenses on the Company’s Statement of Consolidated Operations that are not included in Segment Adjusted EBITDA.

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)6 Months Ended
Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by SegmentArconic Corporation does not include Restructuring and other charges in the results of its reportable segments. The impact of allocating such charges to segment results would have been as follows: Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Rolled Products $ 7 $ 2 $ 16 $ 8 Building and Construction Systems 5 24 6 29 Extrusions 3 — (28) — Segment total 15 26 (6) 37 Corporate 62 12 64 3 $ 77 $ 38 $ 58 $ 40
Schedule of Restructuring ReserveActivity and reserve balances for restructuring charges were as follows: ​ Layoff costs ​ Other costs ​ Total Reserve balances at December 31, 2018 $ 1 $ 3 $ 4 Cash payments (12) (3) (15) Restructuring charges 30 2 32 Other (1) 1 (1) — Reserve balances at December 31, 2019 20 1 21 Separation-related adjustments (2) 2 — 2 Cash payments (11) (2) (13) Restructuring charges 25 2 27 Other (1) (7) — (7) Reserve balances at June 30, 2020 (3) $ 29 $ 1 $ 30 _____________________ ​ (1) Other includes reversals of previously recorded restructuring charges and the effects of foreign currency translation.​ (2) Represents liabilities transferred from ParentCo on April 1, 2020 in connection with the Separation (see Note A).​ (3) The remaining reserves are expected to be paid in cash during the remainder of 2020, with the exception of $7 that is expected to be paid in 2021 related to special termination benefits.​

Other Expenses (Income), Net (T

Other Expenses (Income), Net (Tables)6 Months Ended
Jun. 30, 2020
Other Income and Expenses [Abstract]
Schedule of Other (Income) Expense, NetSecond quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Interest income $ (2) $ (3) ​ $ (4) $ (8) Foreign currency (gains) losses, net (5) 9 ​ 8 (5) Non-service costs — Pension and OPEB (G) 18 — 39 1 Other, net 5 4 ​ (1) 8 ​ $ 16 $ 10 ​ $ 42 $ (4)

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)6 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]
Schedule of Expenses Related to Pension and Other Postretirement BenefitsThe following table summarizes the total expenses (excluding settlements and curtailments) recognized by Arconic Corporation related to the pension and other postretirement benefits described above: ​ ​ ​ Pension benefits Other postretirement benefits ​ ​ ​ Second quarter ended June 30, Six months ended June 30, Second quarter ended June 30, Six months ended June 30, Type of Plan ​ Type of Expense 2020 ​ 2019 2020 ​ 2019 2020 ​ 2019 2020 ​ 2019 Cumulative Direct Plans ​ Net periodic benefit cost $ 18 $ 2 $ 39 $ 3 $ 6 $ — $ 12 $ — Shared Plans ​ Multiemployer contribution — 14 — 30 — 6 — 11 Shared Plans ​ Cost allocation — 5 (1) 10 — 1 — 2 ​ ​ ​ $ 18 $ 21 $ 38 $ 43 $ 6 $ 7 $ 12 $ 13
Schedule of Components of Net Periodic Benefit Cost Classified as Direct PlansThe components of net periodic benefit cost for defined benefit plans classified as Cumulative Direct Plans were as follows: Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Pension benefits Service cost $ 5 $ 1 $ 10 $ 1 Interest cost 28 1 54 2 Expected return on plan assets (45) (1) (85) (2) Recognized net actuarial loss 31 1 61 2 Amortization of prior service benefit (1) — (1) — Settlement 55 — 55 — Net periodic benefit cost* $ 73 $ 2 $ 94 $ 3 Other postretirement benefits Service cost $ 1 $ — $ 2 $ — Interest cost 4 — 8 — Recognized net actuarial loss 1 — 3 — Amortization of prior service benefit — — (1) — Net periodic benefit cost* $ 6 $ — $ 12 $ — ​ __________________

Income Taxes_ (Tables)

Income Taxes​ (Tables)6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Income Tax ProvisionsThe tax provisions for the second quarter of 2020 and 2019 were comprised of the following components: Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Pretax income at estimated annual effective income tax rate before discrete items $ (74) $ 5 ​ $ (19) $ 32 Impact of change in estimated annual effective tax rate on previous quarter’s pretax income 29 3 — — Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized* 14 1 ​ 15 — Other discrete items — (1) ​ 4 1 (Benefit) Provision for income taxes $ (31) $ 8 ​ $ — $ 33 __________________ * The interim period impact related to operational losses in foreign jurisdictions for which no tax benefit is recognized will reverse by the end of the calendar year.

Earnings Per Share (Tables)

Earnings Per Share (Tables)6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and DilutedThe share information used to compute basic and diluted EPS attributable to Arconic Corporation common shareholders was as follows (shares in millions): Second quarter ended June 30, Six months ended June 30, ​ 2020 ​ 2019 2020 ​ 2019 Weighted-average shares outstanding – basic ​ 109 109 109 109 Effect of dilutive share equivalents: ​ Stock options — — — — Stock units — — — — Weighted-average shares outstanding – diluted 109 109 109 109

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income​ (Tables)6 Months Ended
Jun. 30, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive IncomeThe following table details the activity of the three components that comprise Accumulated other comprehensive (loss) income for Arconic Corporation (such activity for noncontrolling interest was immaterial for all periods presented): Second quarter ended June 30, Six months ended June 30, 2020 ​ 2019 ​ 2020 ​ 2019 Pension and other postretirement benefits (G) ​ ​ ​ Balance at beginning of period $ (1,770) $ (32) ​ $ (43) $ (32) Establishment of additional defined benefit plans — — (1,752) — Separation-related adjustments (A) (50) — (50) — Other comprehensive income: ​ Unrecognized net actuarial loss and prior service benefit (40) (1) ​ (38) (2) Tax benefit 10 1 ​ 9 1 Total Other comprehensive loss before reclassifications, net of tax (30) — ​ (29) (1) Amortization of net actuarial loss and prior service benefit (1) 86 1 ​ 117 2 Tax expense (2) (20) (1) ​ (27) (1) Total amount reclassified from Accumulated other comprehensive loss, net of tax (5) 66 — ​ 90 1 Total Other comprehensive income 36 — ​ 61 — Balance at end of period $ (1,784) $ (32) ​ $ (1,784) $ (32) Foreign currency translation ​ Balance at beginning of period $ 338 $ 339 ​ $ 338 $ 282 Separation-related adjustments (A) (396) — (396) — Other comprehensive income (loss): Foreign currency translation (3) 5 (43) (17) 14 Net amount reclassified to earnings from Accumulated other comprehensive income (3),(5) — — 22 — Total Other comprehensive income (loss) 5 (43) ​ 5 14 Balance at end of period $ (53) $ 296 ​ $ (53) $ 296 Cash flow hedges Balance at beginning of period $ — $ — $ — $ — Separation-related adjustments (A) (4) — (4) — Other comprehensive loss: Net change from periodic revaluations 2 — 2 — Tax expense — — — — Total Other comprehensive income before reclassifications, net of tax 2 — ​ 2 — Net amount reclassified to earnings (4) (11) — (11) — Tax benefit (2) 2 — 2 — Total amount reclassified from Accumulated other comprehensive loss, net of tax (5) (9) — ​ (9) — Total Other comprehensive loss (7) — ​ (7) — Balance at end of period $ (11) $ — ​ $ (11) $ — Accumulated other comprehensive (loss) income $ (1,848) $ 264 ​ $ (1,848) $ 264 _____________________ (1) These amounts were included in the non-service component of net periodic benefit cost for pension and other postretirement benefits (see Note G). For the second quarter ended and six months ended June 30, 2020, these amounts include $55 related to the settlement of certain pension benefits (see Note G). (2) These amounts were reported in Provision for income taxes on the accompanying Statement of Consolidated Operations. (3) In all periods presented, there were no tax impacts related to rate changes. In the 2020 six-month period, the net amount reclassified to earnings was reported in Restructuring and other charges on the accompanying Statement of Consolidated Operations related to the sale of certain foreign subsidiaries. (4) These amounts relate to aluminum contracts, a portion of which were reported in both Sales and Cost of goods sold on the accompanying Statement of Consolidated Operations. (5) A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings. These amounts were reflected on the accompanying Statement of Consolidated Operations in the line items indicated in footnotes 1 through 4.

Inventories (Tables)

Inventories (Tables)6 Months Ended
Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories​ June 30, 2020 ​ December 31, 2019 Finished goods $ 279 $ 237 Work-in-process 540 738 Purchased raw materials 70 85 Operating supplies 71 69 ​ 960 1,129 LIFO reserve (282) (309) ​ $ 678 $ 820

Leases_ (Tables)

Leases​ (Tables)6 Months Ended
Jun. 30, 2020
Leases [Abstract]
Schedule of Operating Lease MaturityFuture minimum contractual operating lease obligations were as follows: ​ June 30, 2020 ​ December 31, 2019 2020 $ 21 $ 38 2021 35 29 2022 28 22 2023 22 17 2024 17 14 Thereafter 52 38 Total lease payments $ 175 $ 158 Less: imputed interest 33 29 Present value of lease liabilities $ 142 $ 129

The Separation and Basis of P_3

The Separation and Basis of Presentation - Narrative (Details) $ / shares in Units, $ in MillionsApr. 01, 2020USD ($)$ / sharessharesJun. 30, 2020USD ($)employeeJun. 30, 2019USD ($)Jun. 30, 2020USD ($)Jun. 30, 2019USD ($)Dec. 31, 2019USD ($)Feb. 05, 2020Jan. 02, 2020USD ($)Feb. 08, 2019companyNov. 01, 2016company
Related Party Transaction [Line Items]
Reduction of planned capital expenditures $ 50 $ 50
Reduction of planned capital expenditures, percentage30.00%30.00%
Number of publicly traded companies | company2 2
Separation transaction, share conversion ratio0.25
Separation transaction, payment to parent $ 728
Separation transaction, shares issued to parent | shares109,021,376
Common stock, par value (in dollars per share) | $ / shares $ 0.01
Separation transaction, costs incurred $ 9 $ 18 $ 10
Receivables from customers $ 573 573 $ 384 $ 281
Accounts payable, settlement arrangements1
Restructuring and other charges $ 77 38 58 40
Number of employees separated | employee410
Spin-off
Related Party Transaction [Line Items]
Restructuring and other charges $ 0 12 2 3
ParentCo | Sale of customer receivables
Related Party Transaction [Line Items]
Transaction with related party, amount $ 281
ParentCo
Related Party Transaction [Line Items]
Third-party sales-related party22 49 57 101
Accounts Receivable, Related Parties $ 11 11
ParentCo
Related Party Transaction [Line Items]
Separation transaction, costs incurred $ 16 $ 38 $ 19
Common stock, outstanding (in shares) | shares436,085,504
Revenue | Product | Ground Transportation
Related Party Transaction [Line Items]
Concentration risk, percentage35.00%
Revenue | Product | Aerospace
Related Party Transaction [Line Items]
Concentration risk, percentage18.00%
Revenue | Customer | Ford | Aerospace
Related Party Transaction [Line Items]
Concentration risk, percentage13.00%
Board of Directors
Related Party Transaction [Line Items]
Salary reduction, percentage30.00%
CEO
Related Party Transaction [Line Items]
Salary reduction, percentage30.00%
Senior-level management
Related Party Transaction [Line Items]
Salary reduction, percentage20.00%
Salaried employees
Related Party Transaction [Line Items]
Salary reduction, percentage10.00%
Salaried workforce
Related Party Transaction [Line Items]
Salary reduction, percentage10.00%

The Separation and Basis of P_4

The Separation and Basis of Presentation - Cost Allocations (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Cost of goods sold $ 1,046 $ 1,671 $ 2,373 $ 3,267
Selling, general administrative, and other expenses55 87 135 173
Research and development expenses8 11 19 25
Provision for depreciation and amortization68 64 128 127
Restructuring and other charges77 38 58 40
Interest expense40 29 75 57
Other expenses (income), net (F)16 10 42 (4)
Separation transaction, costs incurred9 18 10
Spin-off
Restructuring Cost and Reserve [Line Items]
Cost of goods sold0 4 0 7
Selling, general administrative, and other expenses0 29 25 53
Research and development expenses0 2 0 7
Provision for depreciation and amortization0 3 1 5
Restructuring and other charges0 12 2 3
Interest expense0 29 28 57
Other expenses (income), net (F) $ 0 $ 11 $ (5) $ 3

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue $ 1,187 $ 1,923 $ 2,798 $ 3,764
Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue1,195 1,932 2,813 3,780
Ground Transportation
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue257 666 786 1,348
Building and Construction
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue263 345 554 675
Aerospace
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue237 344 537 664
Industrial Products and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue239 327 552 626
Packaging
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue195 241 373 451
Products and Services, Net | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue1,191 1,923 2,802 3,764
Rolled Products [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue880 1,486 2,102 2,897
Rolled Products [Member] | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue884 1,495 2,113 2,913
Rolled Products [Member] | Ground Transportation
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue250 635 749 1,286
Rolled Products [Member] | Building and Construction
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue33 53 68 102
Rolled Products [Member] | Aerospace
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue173 265 398 511
Rolled Products [Member] | Industrial Products and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue229 292 514 547
Rolled Products [Member] | Packaging
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue195 241 373 451
Extrusions [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue81 145 214 294
Extrusions [Member] | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue81 145 214 294
Extrusions [Member] | Ground Transportation
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue7 31 37 62
Extrusions [Member] | Building and Construction
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue0 0 0 0
Extrusions [Member] | Aerospace
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue64 79 139 153
Extrusions [Member] | Industrial Products and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue10 35 38 79
Extrusions [Member] | Packaging
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue0 0 0 0
Building and Construction Systems [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue230 292 486 573
Building and Construction Systems [Member] | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue230 292 486 573
Building and Construction Systems [Member] | Ground Transportation
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue0 0 0 0
Building and Construction Systems [Member] | Building and Construction
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue230 292 486 573
Building and Construction Systems [Member] | Aerospace
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue0 0 0 0
Building and Construction Systems [Member] | Industrial Products and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue0 0 0 0
Building and Construction Systems [Member] | Packaging
Segment Reporting, Revenue Reconciling Item [Line Items]
Total end-market revenue $ 0 $ 0 $ 0 $ 0

Segment and Related Informati_3

Segment and Related Information​ - Operating Results (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales $ 1,187 $ 1,923 $ 2,798 $ 3,764
Segment Adjusted EBITDA(103)(223)(320)(393)
Provision for depreciation and amortization68 64 128 127
Restructuring and other charges77 38 58 40
Net Income (Loss) Attributable to Parent(92)5 (32)46
Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales880 1,486 2,102 2,897
Segment Adjusted EBITDA(78)(185)(251)(325)
Provision for depreciation and amortization53 46 99 93
Restructuring and other charges7 2 16 8
Extrusions [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales81 145 214 294
Segment Adjusted EBITDA13 0 1 (3)
Provision for depreciation and amortization6 8 12 15
Restructuring and other charges3 0 28 0
Building and Construction Systems [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales230 292 486 573
Segment Adjusted EBITDA38 (38)70 (65)
Provision for depreciation and amortization5 5 9 10
Restructuring and other charges5 24 6 29
Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales1,195 1,932 2,813 3,780
Segment Adjusted EBITDA(103)(223)(320)(393)
Provision for depreciation and amortization64 59 120 118
Restructuring and other charges15 26 6 37
Operating segments | Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales884 1,495 2,113 2,913
Operating segments | Extrusions [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales81 145 214 294
Operating segments | Building and Construction Systems [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales230 292 486 573
Intersegment sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales4 9 11 16
Intersegment sales | Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales4 9 11 16
Intersegment sales | Extrusions [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales0 0 0 0
Intersegment sales | Building and Construction Systems [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales0 0 0 0
Sales to unrelated parties
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales1,165 1,874 2,741 3,663
Sales to unrelated parties | Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales870 1,451 2,071 2,827
Sales to unrelated parties | Extrusions [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales69 131 188 263
Sales to unrelated parties | Building and Construction Systems [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales230 292 486 573
Sales to unrelated parties | Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales1,169 1,874 2,745 3,663
Sales to related parties
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales22 49 57 101
Sales to related parties | Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales10 35 31 70
Sales to related parties | Extrusions [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales12 14 26 31
Sales to related parties | Building and Construction Systems [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales0 0 0 0
Sales to related parties | Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales $ 22 $ 49 $ 57 $ 101

Segment and Related Informati_4

Segment and Related Information​ - Segment Operating Profit (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Adjusted EBITDA $ 103 $ 223 $ 320 $ 393
Stock-based compensation expense(5)(12)(12)(18)
Restructuring and other charges(77)(38)(58)(40)
Other(13)(45)(28)(43)
Operating (loss) income(67)52 85 132
Interest expense(40)(29)(75)(57)
Other (expenses) income, net(16)(10)(42)4
(Benefit) Provision for income taxes (H)31 (8)0 (33)
Net Income (Loss) Attributable to Noncontrolling Interest0 0 0 0
Income before income taxes(123)13 (32)79
Non-service costs — Pension and OPEB (G)24 28 50 56
Net Income (Loss) Attributable to Parent(92)5 (32)46
Provision for depreciation and amortization(68)(64)(128)(127)
Non-service costs — Pension and OPEB (G)(18)0 (39)(1)
Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Adjusted EBITDA78 185 251 325
Restructuring and other charges(7)(2)(16)(8)
Non-service costs — Pension and OPEB (G)4 15 8 31
Provision for depreciation and amortization(53)(46)(99)(93)
Extrusions [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Adjusted EBITDA(13)0 (1)3
Restructuring and other charges(3)0 (28)0
Non-service costs — Pension and OPEB (G)2 5 3 9
Provision for depreciation and amortization(6)(8)(12)(15)
Building and Construction Systems [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Adjusted EBITDA(38)38 (70)65
Restructuring and other charges(5)(24)(6)(29)
Non-service costs — Pension and OPEB (G)0 2 1 3
Provision for depreciation and amortization(5)(5)(9)(10)
Other Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Non-service costs — Pension and OPEB (G)0 2 (1)4
Corporate Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate Expenses(7)(12)(9)(33)
Restructuring and other charges(62)(12)(64)(3)
Non-service costs — Pension and OPEB (G)0 4 0 8
Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Adjusted EBITDA103 223 320 393
Restructuring and other charges(15)(26)(6)(37)
Non-service costs — Pension and OPEB (G)6 22 12 43
Provision for depreciation and amortization(64)(59)(120)(118)
Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Non-service costs — Pension and OPEB (G) $ 0 $ 6 $ (1) $ 12

Restructuring and Other Charg_3

Restructuring and Other Charges - Restructuring Reserve (Details) $ in Millions3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2020USD ($)employeeclaimantsJun. 30, 2019USD ($)Jun. 30, 2020USD ($)Jun. 30, 2019USD ($)Dec. 31, 2020USD ($)Dec. 31, 2019USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance $ 21 $ 4 $ 21 $ 4
Cash payments(13)(15)
Restructuring charges27 32
Other(7)0
Ending balance $ 30 30 21
Restructuring and other charges(77) $ (38)(58)(40)
Separation-related adjustments (A)314 314
Restructuring and other charges $ 77 38 58 40
Number of employees separated | employee410
Forecast
Restructuring Reserve [Roll Forward]
Cash payments(7)
Hard Alloy Extrusions Plant in South Korea
Restructuring Reserve [Roll Forward]
Gain (Loss) on Disposition of Business25
Aluminum Rolling Mill in Brazil
Restructuring Reserve [Roll Forward]
Gain (Loss) on Disposition of Business25
Operating segments
Restructuring Reserve [Roll Forward]
Restructuring and other charges $ (15)(26)(6)(37)
Rolled Products [Member]
Restructuring Reserve [Roll Forward]
Restructuring and other charges(7)(2)(16)(8)
Building and Construction Systems [Member]
Restructuring Reserve [Roll Forward]
Restructuring and other charges(5)(24)(6)(29)
Extrusions [Member]
Restructuring Reserve [Roll Forward]
Restructuring and other charges(3)0 (28)0
Corporate Segment
Restructuring Reserve [Roll Forward]
Restructuring and other charges(62)(12)(64)(3)
Layoff costs
Restructuring Reserve [Roll Forward]
Beginning balance20 1 20 1
Cash payments(11)(12)
Restructuring charges25 30
Other(7)1
Ending balance29 29 20
Restructuring and other charges(17)
Separation-related adjustments (A)2
Layoff costs | Building and Construction System and Extrustions [Member]
Restructuring Reserve [Roll Forward]
Restructuring and other charges $ (8)
Number of employees separated | claimants140
Other costs
Restructuring Reserve [Roll Forward]
Beginning balance1 3 $ 1 3
Cash payments(2)(3)
Restructuring charges2 2
Other0 (1)
Ending balance $ 1 1 $ 1
Restructuring and other charges(2)(4)(2)
Separation-related adjustments (A)0
Other costs | Building and Construction System and Extrustions [Member]
Restructuring Reserve [Roll Forward]
Restructuring and other charges(11)
Spin-off
Restructuring Reserve [Roll Forward]
Restructuring and other charges $ 0 $ (12)(2) $ (3)
Separation-related adjustments (A) $ 2

Restructuring and Other Charg_4

Restructuring and Other Charges - Narrative (Details) $ in MillionsMar. 01, 2020USD ($)Jun. 30, 2020USD ($)employeeclaimantsJun. 30, 2019USD ($)employeeJun. 30, 2020USD ($)employeeJun. 30, 2019USD ($)employeeDec. 31, 2020USD ($)Dec. 31, 2019USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges $ 77 $ 38 $ 58 $ 40
Restructuring and other charges $ 77 38 58 40
Number of employees separated | employee410
Cash payments, restructuring $ 13 $ 15
Forecast
Restructuring Cost and Reserve [Line Items]
Cash payments, restructuring $ 7
2020 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Expected number of employees separated | employee550
Number of employees separated | employee150
2019 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Expected number of employees separated | employee380
Number of employees separated | employee320
2019 Restructuring Program [Member] | Previously Reported [Member]
Restructuring Cost and Reserve [Line Items]
Expected number of employees separated | employee480
Layoff costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges $ 17
Cash payments, restructuring $ 11 12
Layoff costs | 2020 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Cash payments, restructuring5
Layoff costs | 2019 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Cash payments, restructuring2 6
Allocated costs, ParentCo
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges0 $ 12 2 3
Other miscellaneous costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges2 4 2
Cash payments, restructuring $ 2 $ 3
Pension Settlement Cost [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges55
Reversal of Reserve [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges12
Environmental [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges5
Legacy Non-Income Taxes [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges4
Impairment of Carrying Value of Tradename [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges $ 10
Hard Alloy Extrusions Plant in South Korea | Disposed of by sale
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale $ 31 1
Rolled Products and Building and Construction Systems
Restructuring Cost and Reserve [Line Items]
Number of employees separated | employee95 250
Rolled Products and Building and Construction Systems | Layoff costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges $ 14 $ 25
Building and Construction System and Extrustions [Member] | Layoff costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges $ 8
Number of employees separated | claimants140
Building and Construction System and Extrustions [Member] | Other miscellaneous costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges $ 11

Other Expenses (Income), Net (D

Other Expenses (Income), Net (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Other Income and Expenses [Abstract]
Interest income $ (2) $ (3) $ (4) $ (8)
Foreign currency (gains) losses, net(5)9 8 (5)
Non-service costs — Pension and OPEB (G)18 0 39 1
Other, net5 4 (1)8
Other (income) expenses, net16 10 42 (4)
Segment Adjusted EBITDA103 223 320 393
Restructuring and other charges(77)(38)(58)(40)
Other(13)(45)(28)(43)
Operating Income (Loss) $ (67) $ 52 $ 85 $ 132

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Narrative (Details) $ in MillionsJan. 01, 2020USD ($)Jun. 30, 2020USD ($)participantsJun. 30, 2020USD ($)participantsJun. 30, 2019USD ($)Jun. 30, 2020USD ($)participantsJun. 30, 2019USD ($)Dec. 31, 2020USD ($)Jun. 01, 2020participantsApr. 01, 2020USD ($)Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Retirement plans, liability $ 1,920
Retirement plans, current liability60
Retirement plans, benefit obligation4,255
Retirement plans, plan assets2,335
Establishment of retirement plans, AOCI $ 1,752 $ 50
Expected employer contributions, 2020 $ 280 $ 280 $ 280
Liability, Defined Benefit Plan, Noncurrent $ 15
asset, defined benefit plan $ 65
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate1.55%1.55%1.55%2.05%
U.K. Defined Benefit Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement $ 250
Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost $ 100
Service cost $ 25
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost $ 73 $ 2 94 $ 3
Service cost5 1 10 1
Multiemployer contribution expense0 14 0 30
Expected employer contributions, 2020 $ 260 260 260
Other postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost6 0 12 0
Service cost1 0 2 0
Multiemployer contribution expense0 $ 6 0 $ 11
Expected employer contributions, 202055 55 55
Other Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected employer contributions, 202010 10 10
U.K. Defined Benefit Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Retirement plans, benefit obligation240 240 240
Retirement plans, plan assets $ 260 $ 260 $ 260
Defined Benefit Plan, Participants | participants1,050 1,050 1,050 1,800
Defined Benefit Plan, Plan Assets, Contributions by Employer $ 10
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement $ 55
U.K. Defined Benefit Plan [Member] | ParentCo
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Participants | participants3,350
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement $ 400
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan $ 460

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Expenses (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost $ 73 $ 2 $ 94 $ 3
Multiemployer contribution0 14 0 30
Cost allocation0 (5)(1)(10)
Pension and other postretirement benefits cost18 21 38 43
Pension benefits | Cumulative Direct Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost18 2 39 3
Other postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost6 0 12 0
Multiemployer contribution0 6 0 11
Cost allocation0 (1)0 (2)
Pension and other postretirement benefits cost6 7 12 13
Other postretirement benefits | Cumulative Direct Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost $ 6 $ 0 $ 12 $ 0

Pension and Other Postretirem_5

Pension and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost $ 5 $ 1 $ 10 $ 1
Interest cost28 1 54 2
Expected return on plan assets(45)(1)(85)(2)
Settlement31 1 61 2
Amortization of prior service benefit(1)0 (1)0
Net periodic benefit cost73 2 94 3
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement55 0 55 0
Other postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost1 0 2 0
Interest cost4 0 8 0
Settlement1 0 3 0
Amortization of prior service benefit0 0 (1)0
Net periodic benefit cost $ 6 $ 0 $ 12 $ 0

Income Taxes_ (Details)

Income Taxes​ (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate, before discrete items60.20%40.50%
Effective income tax rate, including discrete items25.20%61.50%
Income Tax Expense (Benefit)
Pretax income at estimated annual effective income tax rate before discrete items $ (74) $ 5 $ (19) $ 32
Impact of change in estimated annual effective tax rate on previous quarter’s pretax income29 3 0 0
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized*14 1 15 0
Other discrete items0 (1)4 1
(Benefit) Provision for income taxes $ (31) $ 8 $ 0 $ 33

Earnings Per Share (Details)

Earnings Per Share (Details) - $ / sharesApr. 01, 2020Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic109,021,376 109,000,000 109,000,000 109,000,000 109,000,000
Weighted Average Number of Shares Outstanding, Diluted109,000,000 109,000,000 109,000,000 109,000,000
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount1,000,000
Weighted Average Exercise Price Of Underwater Options $ 26.05
Stock Awards and Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares That Would Have Been Included In Diluted Earnings Per Share Calculation $ 3,000,000 $ 1,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income​ (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019Apr. 01, 2020
AOCI Attributable to Parent [Abstract]
Balance at beginning of period $ 1,626 $ 2,821 $ 2,728 $ 2,677
Separation-related adjustments (A)314 314
Other comprehensive income:
Foreign currency translation5 (43)5 14
Total Other comprehensive income, net of tax34 (43)59 14
Balance at end of period1,160 2,837 1,160 2,837
Pension and other postretirement benefits
AOCI Attributable to Parent [Abstract]
Balance at beginning of period(1,770)(32)(43)(32)
Establishment of additional defined benefit plans $ (1,752)
Separation-related adjustments (A)(50)0 (50)0
Other comprehensive income:
Other Comprehensive Income (Loss), before Reclassifications, before Tax(40)(1)(38)(2)
Other Comprehensive Income (Loss) before Reclassifications, Tax10 1 9 1
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax(30)0 (29)(1)
Amortization of net actuarial loss and prior service cost86 1 117 2
Tax expense(20)(1)(27)(1)
Total amount reclassified from Accumulated other comprehensive loss, net of tax66 0 90 1
Total Other comprehensive income, net of tax36 0 61 0
Balance at end of period(1,784)(32)(1,784)(32)
Foreign currency translation
AOCI Attributable to Parent [Abstract]
Balance at beginning of period338 339 338 282
Separation-related adjustments (A)(396)0 (396)0
Other comprehensive income:
Foreign currency translation5 (43)(17)14
Net amount reclassified to earnings from Accumulated other comprehensive income0 0 22 0
Total Other comprehensive income, net of tax5 (43)5 14
Balance at end of period(53)296 (53)296
Cash flow hedges
AOCI Attributable to Parent [Abstract]
Balance at beginning of period0 0 0 0
Separation-related adjustments (A)(4)0 (4)0
Other comprehensive income:
Other Comprehensive Income (Loss), before Reclassifications, before Tax2 0 2 0
Other Comprehensive Income (Loss) before Reclassifications, Tax0 0 0 0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax2 0 2 0
Amortization of net actuarial loss and prior service cost(11)0 (11)0
Tax expense2 0 2 0
Total amount reclassified from Accumulated other comprehensive loss, net of tax(9)0 (9)0
Total Other comprehensive income, net of tax(7)0 (7)0
Balance at end of period(11)0 (11)0
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent [Abstract]
Balance at beginning of period(1,432)307 295 250
Separation-related adjustments (A)(450)(450)
Other comprehensive income:
Total Other comprehensive income, net of tax34 (43)59 14
Balance at end of period $ (1,848) $ 264 $ (1,848) $ 264

Inventories (Details)

Inventories (Details) - USD ($) $ in MillionsJun. 30, 2020Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods $ 279 $ 237
Work-in-process540 738
Purchased raw materials70 85
Operating supplies71 69
Inventory, gross960 1,129
LIFO reserve(282)(309)
Inventory, net678 820
LIFO inventory $ 636 $ 753
LIFO inventory66.00%67.00%

Leases_ (Details)

Leases​ (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019Dec. 31, 2019
Leases [Abstract]
Lease cost $ 14 $ 16 $ 29 $ 32
Right-of-use asset obtained in exchange for operating lease liability $ 23 $ 32
Weighted-average remaining lease term6 years 10 months 24 days6 years 10 months 24 days6 years 8 months 12 days
Weighted-average discount rate6.00%6.00%6.00%
Operating Lease Obligation
2020 $ 21 $ 21 $ 38
202135 35 29
202228 28 22
202322 22 17
202417 17 14
Thereafter52 52 38
Total lease payments175 175 158
Less: imputed interest33 33 29
Present value of lease liabilities $ 142 $ 142 $ 129

Debt 144A due 2028 and Credit A

Debt 144A due 2028 and Credit Agreement (Details)May 13, 2020USD ($)Apr. 02, 2020USD ($)Apr. 01, 2020USD ($)Mar. 25, 2020USD ($)Feb. 07, 2020USD ($)Feb. 05, 2020USD ($)Jun. 30, 2020USD ($)Jun. 30, 2020USD ($)pointsJun. 30, 2019USD ($)Mar. 31, 2020USD ($)Aug. 01, 2012USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount $ 1,200,000,000
Proceeds from debt issuance $ 1,168,000,000 $ 2,400,000,000 $ 0
Cash $ 500,000,000 $ 60,000,000
Separation payment to former parent company (A) $ 728,000,000 $ (728,000,000) $ 728,000,000
Basis Points | points50
DebtDebt In connection with the capital structure to be established at the time of the Separation, Arconic Corporation secured $1,200 in third-party indebtedness. On February 7, 2020, Arconic Corporation completed a Rule 144A (U.S. Securities Act of 1933, as amended) debt offering for $600 of 6.125% Senior Secured Second-Lien Notes due 2028 (the “2028 Notes”). The Company received $593 in net proceeds from the debt offering reflecting a discount to the initial purchasers of the 2028 Notes. Also, on March 25, 2020, Arconic Corporation entered into a credit agreement, which provided a $600 Senior Secured First-Lien Term Loan B Facility (variable rate and seven-year term) (the “Term Loan”) and a $1,000 Senior Secured First-Lien Revolving Credit Facility (variable rate and five-year term) (the “Credit Facility”), with a syndicate of lenders and issuers named therein (the “Credit Agreement”). The Company received $575 in net proceeds from Term Loan B reflecting upfront fees and costs to enter into the financing arrangement. The Company used a portion of the $1,168 in net proceeds from the aggregate indebtedness to make a $728 payment to ParentCo on April 1, 2020 to fund the transfer of certain net assets from ParentCo to Arconic Corporation in connection with the completion of the Separation (see Note A). The payment to ParentCo was calculated as the difference between (i) the $1,168 of net proceeds from the aggregate indebtedness and (ii) the difference between a beginning cash balance at the Separation Date of $500, as provided for in the Separation and Distribution Agreement, and the amount of cash held by Arconic Corporation Businesses at March 31, 2020 ($60 – the sum of this amount and the aggregate indebtedness in (i) equals the sum of Cash and cash equivalents and Restricted cash on the Company’s Combined Balance Sheet as of March 31, 2020). On April 2, 2020, Arconic Corporation borrowed $500, which was subject to an interest rate equal to the sum of the three-month LIBOR plus a 2.0% applicable margin, under the Credit Facility. This borrowing was a proactive measure taken by the Company to bolster its liquidity and preserve financial flexibility in light of uncertainties resulting from the COVID-19 outbreak (see Note A). On May 13, 2020, Arconic Corporation executed a refinancing of its existing Credit Agreement in order to provide improved financial flexibility. Arconic Corporation completed a Rule 144A (U.S. Securities Act of 1933, as amended) debt offering for $700 of 6.0% Senior Secured First-Lien Notes due 2025 (the “2025 Notes”). The Company received $691 in net proceeds from the debt offering reflecting a discount to the initial purchasers of the 2025 Notes. Additionally, Arconic Corporation entered into a credit agreement with a syndicate of lenders named therein and Deutsche Bank AG New York Branch, as administrative agent (the “ABL Credit Agreement”). The ABL Credit Agreement provides for a senior secured asset-based revolving credit facility in an aggregate principal amount of $800, including a letter of credit sub-facility and a swingline loan sub-facility (the “ABL Credit Facility”). In addition, the ABL Credit Facility includes an accordion feature allowing the Company to request one or more increases to the revolving commitments in an aggregate principal amount up to $350. Arconic Corporation used the net proceeds from the new indebtedness, together with cash on hand, to prepay in full the obligations outstanding under both the Term Loan ($600) and Credit Facility ($500) and to terminate in full the commitments under the Credit Agreement. Descriptions of the 2028 Notes, 2025 Notes, and ABL Credit Agreement are set forth below. In connection with the issuance of the 2028 Notes and the execution of the Credit Agreement, the Company paid $42 in discounts to the initial purchasers and/or upfront fees and costs (the “debt issuance costs”), of which $30 was attributable to Term Loan B and the Credit Facility. The debt issuance costs were initially deferred and were being amortized to interest expense over the respective terms of the 2028 Notes, Term Loan B, and the Credit Facility. In connection with the issuance of the 2025 Notes and the execution of the ABL Credit Agreement, the Company paid $15 in discounts to the initial purchasers and/or upfront fees and costs (the “new debt issuance costs”). As a result of applying both debt modification and debt extinguishment accounting, as appropriate based on the lender mix for each debt instrument, to the debt refinancing, the Company was required to write off $16 of the $30 in debt issuance costs and immediately expense $3 of the $15 in new debt issuance costs. This $19 was reported within Interest expense on the accompanying Statement of Consolidated Operations. The remaining $14 in debt issuance costs continued to be deferred and the remaining $12 in new debt issuance costs were deferred; both are being amortized to interest expense over the respective terms of the 2025 Notes and the ABL Credit Agreement. Separately, in August 2012, ParentCo and the Iowa Finance Authority entered into a loan agreement for the proceeds from the issuance of $250 in Midwestern Disaster Area Revenue Bonds Series 2012 due 2042 (the “Bonds”). The Bonds were issued by the Iowa Finance Authority pursuant to the Heartland Disaster Tax Relief Act of 2008 for the purpose of financing all or part of the cost of acquiring, constructing, reconstructing, and renovating certain facilities (the “Project”) at Arconic Corporation’s rolling mill plant in Davenport, IA. The loan proceeds could only be used for this purpose and, therefore, were included on the Company’s Combined Balance Sheet for all periods prior to the Separation Date. In accordance with the Separation and Distribution Agreement, as well as a Second Supplemental Tax and Project Certificate and Agreement, dated March 31, 2020, to the Tax Exemption Certificate and Agreement, dated August 14, 2012, (collectively, the “Tax Agreement”), ParentCo remained the borrower associated with the Bonds and Arconic Corporation is the legal owner of the Davenport facility, including the Project. The Company has no financial obligations related to the future debt service of the Bonds but is required to continue to operate, and maintain the location of, the Project in accordance with the Tax Agreement. Accordingly, the $250 carrying value of the Bonds, as well as related accrued interest, was removed from Arconic Corporation’s Consolidated Balance Sheet in connection with the Separation. 2028 Notes —Interest on the 2028 Notes will be paid semi-annually in February and August, commencing August 15, 2020. Arconic Corporation has the option to redeem the 2028 Notes on at least 10 days, but not more than 60 days, prior notice to the holders of the 2028 Notes under multiple scenarios, including, in whole or in part, at any time or from time to time after February 14, 2023 at a redemption price specified in the indenture (up to 103.063% of the principal amount plus any accrued and unpaid interest in each case). At any time prior to February 15, 2023, the Company may redeem all or a part of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” redemption price determined as the greater of (1) 1.0% of the principal amount of such notes and (2) the excess, if any, of (a) the present value at the date of redemption of (i) 103.063% of the principal amount of such notes plus (ii) all required interest payments due on such notes (excluding accrued but unpaid interest to the date of redemption) through February 15, 2023, computed using a discount rate equal to, generally, the yield to maturity of United States Treasury securities with a constant maturity as of the date of redemption plus 50 basis points, over (b) the principal amount of such notes, as of, and accrued and unpaid interest, if any, to, but excluding, the date of redemption. Also, at any time prior to February 15, 2023, Arconic Corporation may, on one or more occasions, redeem up to 40% of the aggregate principal amount of the notes at a redemption price equal to 106.125% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, with the net cash proceeds of certain equity offerings, if at least 60% of the original aggregate principal amount of the notes remains outstanding immediately after such redemption and the redemption occurs within 120 days of the date of such equity offering. Additionally, the 2028 Notes are subject to repurchase upon the occurrence of a change in control repurchase event (as defined in the indenture) at a repurchase price in cash equal to 101% of the aggregate principal amount of the 2028 Notes repurchased, plus any accrued and unpaid interest on the 2028 Notes repurchased. The 2028 Notes are senior secured obligations of Arconic Corporation and do not entitle the holders to any registration rights pursuant to a registration rights agreement. The Company does not intend to file a registration statement with respect to resales of or an exchange offer for the 2028 Notes. The 2028 Notes are guaranteed on a senior secured basis by Arconic Corporation and its subsidiaries that are guarantors (the “subsidiary guarantors” and, together with Arconic Corporation, the “guarantors”) under the ABL Credit Agreement (see below). Each of the subsidiary guarantors will be released from their 2028 Notes guarantees upon the occurrence of certain events, including the release of such guarantor from its obligations as a guarantor under the ABL Credit Agreement. The 2028 Notes indenture includes several customary affirmative covenants. Additionally, the 2028 Notes indenture contains several negative covenants, that, subject to certain exceptions, limit the Company’s ability to, among other things, (i) make investments, loans, advances, guarantees, and acquisitions, (ii) pay dividends on or make other distributions in respect of capital stock and make other restricted payments and investments (as defined in the 2028 Notes), (iii) sell or transfer certain assets, and (iv) create liens on assets to secure debt. The 2028 Notes rank equally in right of payment with all of Arconic Corporation’s existing and future senior indebtedness, including the facility under the ABL Credit Agreement (see below); rank senior in right of payment to any future subordinated obligations of Arconic Corporation; and are effectively subordinated to Arconic Corporation’s existing and future secured indebtedness that is secured on a first priority basis, including the 2025 Notes and the facility under the ABL Credit Agreement, to the extent of the value of property and assets securing such indebtedness. 2025 Notes— Interest on the 2025 Notes will be paid semi-annually in May and November, commencing November 15, 2020. Arconic Corporation has the option to redeem the 2025 Notes on at least 10 days, but not more than 60 days, prior notice to the holders of the 2025 Notes under multiple scenarios, including, in whole or in part, at any time or from time to time after May 14, 2022 at a redemption price specified in the indenture (up to 103.0% of the principal amount plus any accrued and unpaid interest in each case). At any time prior to May 15, 2022, the Company may redeem all or a part of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” redemption price determined as the greater of (1) 1.0% of the principal amount of such notes and (2) the excess, if any, of (a) the present value at the date of redemption of (i) 103.0% of the principal amount of such notes plus (ii) all required interest payments due on such notes (excluding accrued but unpaid interest to the date of redemption) through May 15, 2022, computed using a discount rate equal to, generally, the yield to maturity of United States Treasury securities with a constant maturity as of the date of redemption plus 50 basis points, over (b) the principal amount of such notes, as of, and accrued and unpaid interest, if any, to, but excluding, the date of redemption. Also, at any time prior to May 15, 2022, Arconic Corporation may, on one or more occasions, redeem up to 40% of the aggregate principal amount of the notes at a redemption price equal to 106.0% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, with the net cash proceeds of certain equity offerings, if at least 60% of the original aggregate principal amount of the notes remains outstanding immediately after such redemption and the redemption occurs within 120 days of the date of such equity offering. Additionally, the 2025 Notes are subject to repurchase upon the occurrence of a change in control repurchase event (as defined in the indenture) at a repurchase price in cash equal to 101% of the aggregate principal amount of the 2025 Notes repurchased, plus any accrued and unpaid interest on the 2025 Notes repurchased. The 2025 Notes are senior secured obligations of Arconic Corporation and do not entitle the holders to any registration rights pursuant to a registration rights agreement. The Company does not intend to file a registration statement with respect to resales of or an exchange offer for the 2025 Notes. The 2025 Notes are guaranteed on a senior secured basis by Arconic Corporation and its subsidiaries that are guarantors (the “subsidiary guarantors” and, together with Arconic Corporation, the “guarantors”) under the ABL Credit Agreement (see below). Each of the subsidiary guarantors will be released from their 2025 Notes guarantees upon the occurrence of certain events, including the release of such guarantor from its obligations as a guarantor under the ABL Credit Agreement. The 2025 Notes indenture includes several customary affirmative covenants. Additionally, the 2025 Notes indenture contains several negative covenants, that, subject to certain exceptions, limit the Company’s ability to, among other things, (i) pay dividends on or make other distributions in respect of capital stock and make other restricted payments and investments (as defined in the 2025 Notes), (ii) sell or transfer certain assets, (iii) incur indebtedness, and (iv) create liens on assets to secure debt. The 2025 Notes are secured on a first priority basis by certain defined collateral (generally consisting of the Company’s and the Guarantors’ equipment, material owned U.S. real property, intellectual property, certain stock, and other tangible and intangible personal property, in each case, subject to certain exceptions) and on a second priority basis by certain other assets (generally consisting of substantially all of the accounts receivable, inventory, deposit accounts, securities accounts, commodities accounts, and cash assets of the Company and the Guarantors, and the proceeds thereof). ABL Credit Agreement— Availability under the ABL Credit Facility is subject to a borrowing base calculation, generally based upon a set percentage of eligible accounts receivable and inventory, less customary reserves (provided that for a period ending on the earlier of (a) the date of receipt by the administrative agent of the initial inventory appraisal and field examination and (b) 90 days following the date of entry into the ABL Credit Facility, the borrowing base will be deemed to be equal to $500). In July 2020, the field examination was completed and the calculated available balance was determined to be $681 as of June 30, 2020. The ABL Credit Facility is scheduled to mature on May 13, 2025, unless extended or earlier terminated in accordance with the ABL Credit Agreement. Under the provision of the ABL Credit Agreement, Arconic Corporation will pay a quarterly commitment fee ranging from 0.250% to 0.375% (based on Arconic Corporation’s leverage ratio) per annum on the unused portion of the ABL Credit Facility, which will be determined based on the Company’s average daily utilization. The ABL Credit Facility was undrawn as of June 30, 2020 and no amounts were borrowed during the 2020 second quarter. The ABL Credit Facility is subject to an interest rate for U.S. dollar borrowings equal to an applicable margin plus, at the Company’s option, of either (a) base rate (“ABR”) determined by reference to the highest of (1) Deutsche Bank AG New York Branch’s “prime rate,” (2) the greater of the federal funds effective rate and the overnight bank funding rate, plus 0.5%, and (3) the one month adjusted LIBO Rate, plus 1% per annum or (b) an adjusted LIBO Rate (which will not be less than 0.75% per annum) (“LIBOR”). The applicable margin for the ABL Credit Facility through June 30, 2021 is (a) 1.25% for ABR loans and (b) 2.25% for LIBOR loans. Thereafter, the applicable margin for the ABL Credit Facility will be (a) 0.75% to 1.25% per annum for ABR loans and (b) 1.75% per annum to 2.25% per annum for LIBOR loans based on the average daily excess availability (as defined under the ABL Credit Agreement). Accordingly, the interest rates for the ABL Credit Facility will fluctuate based on changes in the ABR, LIBOR, and/or future changes in the average daily excess availability. All obligations under the ABL Credit Facility are unconditionally guaranteed, jointly and severally, by substantially all of the direct and indirect wholly-owned material subsidiaries of the Company that are organized under the laws of the United States, any state thereof or the District of Columbia, subject to certain exceptions (collectively, the “Guarantors”). The Company and the Guarantors entered into a guarantee under the ABL Credit Agreement concurrently with the effectiveness of the ABL Credit Agreement. Subject to certain limitations, the ABL Credit Facility is secured on a first priority basis by certain defined collateral (generally consisting of substantially all of the accounts receivable, inventory, deposit accounts, securities accounts, commodities accounts, and cash assets of the Company and the Guarantors, and the proceeds thereof) and on a second-priority basis by certain defined collateral under the 2025 Notes (generally consisting of the Company and the Guarantors’ equipment, material owned U.S. real property, intellectual property, certain stock, and other tangible and intangible personal property, in each case, subject to exceptions as defined in the 2025 Notes). The Company and the Guarantors entered into collateral agreements concurrently with the effectiveness of the ABL Credit Agreement. The ABL Credit Facility contains certain affirmative and negative covenants customary for financings of this type that, among other things, limit the Company’s and its subsidiaries’ ability to incur additional indebtedness or liens, to dispose of assets, to make certain fundamental changes, to enter into restrictive agreements, to make certain investments, loans, advances, guarantees and acquisitions, to prepay certain indebtedness and to pay dividends, to make other distributions or redemptions/repurchases, in respect of the Company’s and its subsidiaries’ equity interests, to engage in transactions with affiliates and to amend certain material documents. In addition, the ABL Credit Facility contains a financial maintenance covenant applicable to any fiscal quarter in which the excess availability is less than the greater of (a) 10% of the lesser of (x) the aggregate amount of the commitments under the ABL Credit Facility and (y) the borrowing base and (b) $50. In such circumstances, until such time as excess availability shall have exceeded such threshold for at least 30 consecutive days, the Company would be required to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00. The ABL Credit Facility also requires the Company and its subsidiaries to maintain substantially all of the Company’s cash in accounts that are subject to the control of the agent, which control becomes applicable when (a) an event of default under the facility occurs and is continuing until the first day thereafter on which no event of default shall exist or (b) excess availability is less than the greater of (i) 12.5% of the lesser of (x) the aggregate amount of the commitments under the ABL Credit Facility and (y) the borrowing base or (ii) $62.5 for five consecutive business days until the first day thereafter on which excess availability shall have exceeded such threshold for at least 30 consecutive days. The ABL Credit Facility contains customary events of default, including with respect to a failure to make payments thereunder, cross-default and cross-acceleration, certain bankruptcy and insolvency events, and customary change of control events. Fair Value— Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: • Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—Inputs that are both significant to the fair value measurement and unobservable. As of June 30, 2020, the combined carrying value and fair value of the 2028 Notes and 2025 Notes were $1,276 and $1,323, respectively. The fair value amounts for the 2028 Notes and 2025 Notes were based on quoted market prices for public debt and were classified in Level 2 of the fair value hierarchy.
Senior Secured Notes | Second-Lien Notes due 2028, 6.125%
Debt Instrument [Line Items]
Debt instrument, face amount $ 600,000,000
Fixed interest rate6.125%
Proceeds from debt issuance $ 593,000,000
Debt, carrying value1,276,000,000 $ 1,276,000,000
Senior Secured Notes | First-Lien Notes due 2025, 6.000%
Debt Instrument [Line Items]
Debt instrument, face amount $ 700,000,000
Fixed interest rate6.00%
Proceeds from debt issuance $ 691,000,000
Debt Issuance Costs, Net15,000,000 15,000,000
Unamortized Debt Issuance Expense12,000,000 12,000,000
Interest Expense, Other Long-term Debt19,000,000
Write off of Deferred Debt Issuance Cost3,000,000
Debt, carrying value1,323,000,000 1,323,000,000
Senior Secured Loans | First-Lien Term B Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount600,000,000 $ 600,000,000
Debt instrument, term7 years
Proceeds from debt issuance $ 575,000,000
Debt Issuance Costs, Net30,000,000 30,000,000
Unamortized Debt Issuance Expense14,000,000 14,000,000
Interest Expense, Other Long-term Debt19,000,000
Write off of Deferred Debt Issuance Cost16,000,000
Senior Secured Credit Facility | First-Lien Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount $ 1,000
Debt instrument, term5 years
Basis spread on variable rate2.00%
Proceeds from revolving credit facility $ 500,000,000 $ 500,000,000
Debt Issuance Costs, Net30,000,000 30,000,000
Unamortized Debt Issuance Expense14,000,000 14,000,000
Interest Expense, Other Long-term Debt19,000,000
Write off of Deferred Debt Issuance Cost16,000,000
Senior Secured Credit Facility | ABL Credit Agreement | Revolving Credit Facility | Deutsche Bank AG New York Branch
Debt Instrument [Line Items]
Debt Issuance Costs, Net15,000,000 15,000,000
Unamortized Debt Issuance Expense12,000,000 12,000,000
Interest Expense, Other Long-term Debt19,000,000
Write off of Deferred Debt Issuance Cost3,000,000
Revolving credit facility, current borrowing capacity681,000,000 $ 681,000,000
Line of Credit Facility, Borrowing Capacity, Description500
Required fixed charge coverage ratio1
Senior Secured Credit Facility | ABL Credit Agreement | Revolving Credit Facility | LIBOR | Deutsche Bank AG New York Branch
Debt Instrument [Line Items]
Basis spread on variable rate1.00%
Bonds [Member] | Midwestern Disaster Area Revenue Bonds Series 2012 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount $ 250,000,000
Secured Debt and Line of Credit [Member] | First-Lien Revolving Credit Facility and Second-Lien Notes due 2028, 6.125% [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net $ 42,000,000 $ 42,000,000
Minimum | Senior Secured Notes | Second-Lien Notes due 2028, 6.125%
Debt Instrument [Line Items]
Required prior notice for debt redemption, term10 days
Minimum | Senior Secured Notes | First-Lien Notes due 2025, 6.000%
Debt Instrument [Line Items]
Required prior notice for debt redemption, term10 days
Minimum | Senior Secured Credit Facility | ABL Credit Agreement | Revolving Credit Facility | LIBOR | Deutsche Bank AG New York Branch
Debt Instrument [Line Items]
Fixed interest rate0.75%
Maximum | Senior Secured Notes | Second-Lien Notes due 2028, 6.125%
Debt Instrument [Line Items]
Required prior notice for debt redemption, term60 days
Maximum | Senior Secured Notes | First-Lien Notes due 2025, 6.000%
Debt Instrument [Line Items]
Required prior notice for debt redemption, term60 days
Redemption prior to February 15, 2023 | Senior Secured Notes | Second-Lien Notes due 2028, 6.125%
Debt Instrument [Line Items]
Debt redemption percentage100.00%
Debt redemption, basis spread on discount rate0.50%
Debt redemption, additional make-whole charge1.00%
Redemption prior to February 15, 2023 | Senior Secured Notes | First-Lien Notes due 2025, 6.000%
Debt Instrument [Line Items]
Debt redemption percentage100.00%
Debt redemption, basis spread on discount rate0.50%
Debt redemption, additional make-whole charge1.00%
Redemption prior to February 15, 2023; limited to 40% of aggregate principal | Senior Secured Notes | Second-Lien Notes due 2028, 6.125%
Debt Instrument [Line Items]
Debt redemption percentage106.125%
Redemption limitation based on aggregate principal40.00%
Minimum aggregate principal following redemption60.00%
Maximum term allowed for redemption following offering120 days
Redemption prior to February 15, 2023; limited to 40% of aggregate principal | Senior Secured Notes | First-Lien Notes due 2025, 6.000%
Debt Instrument [Line Items]
Debt redemption percentage106.00%
Redemption limitation based on aggregate principal40.00%
Minimum aggregate principal following redemption60.00%
Maximum term allowed for redemption following offering120 days
Redemption after February 14, 2023 | Senior Secured Notes | Second-Lien Notes due 2028, 6.125%
Debt Instrument [Line Items]
Debt redemption percentage103.063%
Redemption after February 14, 2023 | Senior Secured Notes | First-Lien Notes due 2025, 6.000%
Debt Instrument [Line Items]
Debt redemption percentage103.00%
Redemption upon change in control | Senior Secured Notes | Second-Lien Notes due 2028, 6.125%
Debt Instrument [Line Items]
Debt redemption percentage101.00%
Redemption upon change in control | Senior Secured Notes | First-Lien Notes due 2025, 6.000%
Debt Instrument [Line Items]
Debt redemption percentage101.00%

Debt Fair Value (Details)

Debt Fair Value (Details) - USD ($)6 Months Ended
Jun. 30, 2020Jun. 30, 2019Mar. 25, 2020Feb. 07, 2020Feb. 05, 2020
Debt Instrument [Line Items]
Payments on debt (original maturities greater than three months) (M) $ 1,100,000,000 $ 0
Debt instrument, face amount $ 1,200,000,000
Senior Secured Notes | Second-Lien Notes due 2028, 6.125%
Debt Instrument [Line Items]
Debt, carrying value $ 1,276,000,000
Debt instrument, face amount $ 600,000,000
Revolving Credit Facility | Senior Secured Credit Facility | First-Lien Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount $ 1,000

Debt 144A due 2025 (Details)

Debt 144A due 2025 (Details) - USD ($) $ in MillionsMay 13, 2020Feb. 05, 2020Jun. 30, 2020Jun. 30, 2019
Debt Instrument [Line Items]
Debt instrument, face amount $ 1,200
Proceeds from debt issuance $ 1,168 $ 2,400 $ 0
Senior Secured Notes | First-Lien Notes due 2025, 6.000%
Debt Instrument [Line Items]
Debt instrument, face amount $ 700
Fixed interest rate6.00%
Proceeds from debt issuance $ 691
Senior Secured Notes | First-Lien Notes due 2025, 6.000% | Minimum
Debt Instrument [Line Items]
Required prior notice for debt redemption, term10 days
Senior Secured Notes | First-Lien Notes due 2025, 6.000% | Maximum
Debt Instrument [Line Items]
Required prior notice for debt redemption, term60 days
Senior Secured Notes | First-Lien Notes due 2025, 6.000% | Redemption prior to May 15, 2022
Debt Instrument [Line Items]
Debt redemption percentage100.00%
Debt redemption, additional make-whole charge1.00%
Debt redemption, basis spread on discount rate0.50%
Senior Secured Notes | First-Lien Notes due 2025, 6.000% | Redemption prior to May 15, 2022; limited to 40% of aggregate principal
Debt Instrument [Line Items]
Debt redemption percentage106.00%
Redemption limitation based on aggregate principal40.00%
Minimum aggregate principal following redemption60.00%
Maximum term allowed for redemption following offering120 days
Senior Secured Notes | First-Lien Notes due 2025, 6.000% | Redemption after May 14, 2022
Debt Instrument [Line Items]
Debt redemption percentage103.00%
Senior Secured Notes | First-Lien Notes due 2025, 6.000% | Redemption upon change in control
Debt Instrument [Line Items]
Debt redemption percentage101.00%

Debt ABL Credit Agreement (Deta

Debt ABL Credit Agreement (Details) - Senior Secured Credit Facility - ABL Credit Agreement - Deutsche Bank AG New York Branch - Revolving Credit Facility - USD ($)May 13, 2020Jun. 30, 2020
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity $ 800,000,000
Revolving credit facility, additional borrowing capacity, accordion feature $ 350,000,000
Revolving credit facility, current borrowing capacity $ 681,000,000
Financial maintenance covenant, percentage of aggregate commitments10.00%
Financial maintenance covenant, percentage of borrowing base10.00%
Financial maintenance covenant, minimum base amount $ 50,000,000
Financial maintenance covenant, term excess availability exceeds threshold30 days
Required fixed charge coverage ratio1
Agent control of cash, percentage of aggregate commitments12.50%
Agent control of cash, percentage of borrowing base12.50%
Agent control of cash, minimum base amount $ 62,500,000
Minimum
Line of Credit Facility [Line Items]
Revolving credit facility, commitment fee0.25%
Agent control of cash, term excess availability exceeds threshold5 days
Maximum
Line of Credit Facility [Line Items]
Revolving credit facility, commitment fee0.375%
Agent control of cash, term excess availability exceeds threshold30 days
Fed funds effective rate and overnight bank funding rate
Line of Credit Facility [Line Items]
Basis spread on variable rate0.50%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate1.00%
Applicable margin2.25%
LIBOR | Minimum
Line of Credit Facility [Line Items]
Adjusted LIBO Rate, stated minimum0.75%
Applicable margin1.75%
LIBOR | Maximum
Line of Credit Facility [Line Items]
Applicable margin2.25%
Base Rate
Line of Credit Facility [Line Items]
Applicable margin1.25%
Base Rate | Minimum
Line of Credit Facility [Line Items]
Applicable margin0.75%
Base Rate | Maximum
Line of Credit Facility [Line Items]
Applicable margin1.25%

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in MillionsMar. 01, 2020USD ($)employeeFeb. 01, 2020USD ($)employeeJun. 30, 2020USD ($)Dec. 31, 2019USD ($)Jun. 30, 2019USD ($)Jun. 30, 2020USD ($)Jun. 30, 2019USD ($)Dec. 31, 2019USD ($)Dec. 31, 2018USD ($)Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Sales $ 1,187 $ 1,923 $ 2,798 $ 3,764
Disposed of by sale | Aluminum Rolling Mill in Itapissuma, Brazil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received $ 46
Gain (loss) on sale $ (59)
Sale transaction costs6 $ 53
Total Sales $ 143 $ 179 $ 162
Number of employees | employee500
Disposed of by sale | Hard Alloy Extrusions Plant in South Korea
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received $ 55
Gain (loss) on sale31 $ 1
Write-off of goodwill $ 6
Total Sales $ 51 $ 53 $ 50
Number of employees | employee160

Contingencies and Commitments_

Contingencies and Commitments​ (Details)Jun. 06, 2019plaintiffSep. 15, 2017executiveJun. 30, 2019USD ($)Jun. 30, 2020USD ($)Jun. 30, 2020USD ($)Jun. 26, 2020claimantsJun. 12, 2020claimantsfirefighterspoliceOfficersJun. 11, 2020firefightersDec. 31, 2019USD ($)
Site Contingency [Line Items]
Environmental remediation $ 208,000,000 $ 208,000,000
Environmental remediation, current92,000,000 92,000,000 $ 83,000,000
Environmental remediation, payments8,000,000 10,000,000
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Acquisitions and Divestitures13,000,000
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)5,000,000 4,000,000
Loss Contingency, Number of Firefighters | firefighters2 80
Accrual for Environmental Loss Contingencies, Revision in Estimates5,000,000
Loss Contingency, Number of Police Officers | policeOfficers27
Environmental Issue [Member]
Site Contingency [Line Items]
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)(1,000,000)
Aluminum Rolling Mill in Itapissuma, Brazil
Site Contingency [Line Items]
Environmental remediation, additions(1,000,000)
Behrens v. Arconic
Site Contingency [Line Items]
Number of plaintiffs | plaintiff247
Sullivan v. Arconic
Site Contingency [Line Items]
Number of former executives | executive3
Birnberg Peirce Ltd [Member]
Site Contingency [Line Items]
Loss Contingency, Number of Claimants | claimants4
Howe & Co Solicitors [Member]
Site Contingency [Line Items]
Loss Contingency, Number of Claimants | claimants2
Russell-Cooke LLP [Member]
Site Contingency [Line Items]
Loss Contingency, Number of Claimants | claimants3
Massena West, NY
Site Contingency [Line Items]
Environmental remediation $ 164,000,000 $ 164,000,000 $ 171,000,000
Environmental remediation, additions $ (25,000,000)

Subsequent Events_ (Details)

Subsequent Events​ (Details) $ in MillionsMay 13, 2020USD ($)Apr. 02, 2020USD ($)Feb. 08, 2019companyNov. 01, 2016company
Subsequent Event [Line Items]
Number of publicly traded companies | company2 2
Senior Secured Credit Facility | First-Lien Revolving Credit Facility | Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from revolving credit facility | $ $ 500 $ 500