Docoh
Loading...

ARNC Arconic

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021May 03, 2021
Cover [Abstract]
Document Type10-Q
Document Period End DateMar. 31,
2021
Entity Registrant NameARCONIC CORPORATION
Entity Central Index Key0001790982
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
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 Outstanding110,031,978
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 Ended
Mar. 31, 2021Mar. 31, 2020
Total sales $ 1,675 $ 1,611
Cost of goods sold (exclusive of expenses below)1,431 1,345
Selling, general administrative, and other expenses59 80
Research and development expenses8 11
Provision for depreciation and amortization63 60
Restructuring and other charges (E)1 (19)
Operating income113 134
Interest expense23 35
Other expenses, net22 26
Income before income taxes68 73
Provision for income taxes16 27
Net income52 46
Less: Net income attributable to noncontrolling interest0 0
Net income attributable to Arconic Corporation $ 52 $ 46
Earnings Per Share Attributable to Arconic Corporation Common Stockholders
Basic $ 0.48 $ 0.42
Diluted $ 0.46 $ 0.42

Statement of Combined Comprehen

Statement of Combined Comprehensive Income - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net income $ 52 $ 46
Other comprehensive (loss) income, net of tax
Change in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits25 25
Foreign currency translation adjustments(7)0
Net change in unrecognized losses/gains on cash flow hedges(22)0
Total Other comprehensive (loss) income, net of tax(4)25
Comprehensive income48 71
Arconic Corporation
Net income52 46
Other comprehensive (loss) income, net of tax
Change in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits25 25
Foreign currency translation adjustments(7)0
Net change in unrecognized losses/gains on cash flow hedges(22)0
Total Other comprehensive (loss) income, net of tax(4)25
Comprehensive income48 71
Noncontrolling interest
Net income0 0
Other comprehensive (loss) income, net of tax
Change in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits0 0
Foreign currency translation adjustments0 0
Net change in unrecognized losses/gains on cash flow hedges0 0
Total Other comprehensive (loss) income, net of tax0 0
Comprehensive income $ 0 $ 0

Combined Balance Sheet

Combined Balance Sheet - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 763 $ 787
Receivables from customers, less allowances of $1 in both 2021 and 2020803 631
Other receivables148 128
Inventories1,199 1,043
Prepaid expenses and other current assets45 53
Total current assets2,958 2,642
Properties, plants, and equipment7,381 7,409
Less: accumulated depreciation and amortization4,709 4,697
Properties, plants, and equipment, net2,672 2,712
Goodwill389 390
Operating lease right-of-use assets139 144
Deferred income taxes320 329
Other noncurrent assets95 97
Total assets6,573 6,314
Current liabilities:
Accounts Payable, Trade, Current1,216 1,106
Accrued compensation and retirement costs126 118
Taxes, including income taxes39 33
Environmental remediation79 90
Operating lease liabilities37 36
Other current liabilities115 90
Total current liabilities1,612 1,473
Long-term debt1,592 1,278
Accrued pension benefits1,128 1,343
Accrued other postretirement benefits473 479
Environmental remediation59 66
Operating lease liabilities105 111
Deferred income taxes14 15
Other noncurrent liabilities and deferred credits100 102
Total liabilities5,083 4,867
Contingencies and commitments
Arconic Corporation stockholders’ equity:
Common stock1 1
Additional capital3,343 3,348
Accumulated deficit(103)(155)
Accumulated other comprehensive loss(1,765)(1,761)
Total Arconic Corporation stockholders’ equity1,476 1,433
Noncontrolling interest14 14
Total equity1,490 1,447
Total liabilities and equity $ 6,573 $ 6,314

Combined Balance Sheet (Parenth

Combined Balance Sheet (Parenthetical) - USD ($) $ in MillionsMar. 31, 2021Mar. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances $ 1 $ 1

Statement of Combined Cash Flow

Statement of Combined Cash Flows - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating Activities
Net income $ 52 $ 46
Adjustments to reconcile net income to cash used for operations:
Depreciation and amortization63 60
Deferred income taxes4 22
Restructuring and other charges1 (19)
Non-service costs — Pension and OPEB22 21
Stock-based compensation2 7
Other14 0
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
(Increase) in receivables(186)(309)
(Increase) in inventories(161)(56)
Decrease (Increase) in prepaid expenses and other current assets3 (17)
Increase (Decrease) in accounts payable, trade117 (39)
(Decrease) in accrued expenses(33)(53)
Increase in taxes, including income taxes9 102
Pension contributions(201)(32)
Decrease in noncurrent assets0 10
(Decrease) in noncurrent liabilities0 (3)
Cash used for operations(294)(260)
Financing Activities
Net transfers from former parent company0 216
Additions to debt (original maturities greater than three months)319 1,200
Debt issuance costs(4)(42)
Other18 0
Cash provided from financing activities297 1,374
Investing Activities
Capital expenditures(28)(58)
Proceeds from the sale of assets and businesses1 101
Cash (used for) provided from investing activities(27)43
Effect of exchange rate changes on cash and cash equivalents and restricted cash0 (1)
Net change in cash and cash equivalents and restricted cash(24)1,156
Cash and cash equivalents and restricted cash at beginning of year787 72
Cash and cash equivalents and restricted cash at end of period $ 763 $ 1,228

Statement of Changes in Combine

Statement of Changes in Combined Equity - USD ($) $ in MillionsTotalParent Company net investmentCommon stockAdditional capitalAccumulated deficitAccumulated other comprehensive income (loss)Noncontrolling interest
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ 2,973 $ 2,664 $ 0 $ 0 $ 0 $ 295 $ 14
Net income46 46 0
Other comprehensive income (J)25 25 0
Establishment of additional defined benefit plans (G)1,403 349 1,752
Change in ParentCo contribution217 217
Other(1)(1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest1,857 3,276 0 0 0 (1,432)13
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest1,447 0 1 3,348 (155)(1,761)14
Net income52 52 0
Other comprehensive income (J)(4)(4)0
Stock-based compensation2 2
Other(7)(7)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ 1,490 $ 0 $ 1 $ 3,343 $ (103) $ (1,765) $ 14

The Separation and Basis of Pre

The Separation and Basis of Presentation3 Months Ended
Mar. 31, 2021
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” 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 2020 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 Arconic’s Annual Report on Form 10-K for the year ended December 31, 2020, which includes all disclosures required by 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. They also may affect the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified matters. References to “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. (“Howmet”)). Change in Inventory Accounting Principle. Effective July 1, 2020, the Company changed its inventory cost method to average cost for all U.S. inventories previously carried at last-in, first-out (LIFO) cost. The effects of the change in accounting principle have been retrospectively applied to all prior periods presented in the accompanying Consolidated Financial Statements. See Note K for additional information. Statement of Consolidated Cash Flows. In preparing the Statement of Consolidated Cash Flows for the nine months ended September 30, 2020, management identified a misclassification related to the non-cash portion of properties, plants, and equipment additions. This non-cash portion is the result of the timing difference that exists between when the Company records such additions as assets on its Consolidated Balance Sheet and when such additions have been paid in cash. As a result, the amount of (Decrease) in accounts payable, trade previously reported in Cash used for operations for each of the three months ended March 31, 2020 and the six months ended June 30, 2020 was overstated by $35 and $43, respectively, and the amount of Capital expenditures previously reported in Cash provided from investing activities for each of the three months ended March 31, 2020 and the six months ended June 30, 2020 was understated by $35 and $43, respectively. Accordingly, the amounts for (Decrease) in accounts payable, trade and Capital expenditures on the accompanying Statement of Consolidated Cash Flows for the three months ended March 31, 2020 were revised. Additionally, financial information for the referenced prior period not presented herein will be corrected, as applicable, in future filings. Coronavirus. Our operations and financial results have been, and may continue to be, adversely affected by the coronavirus (COVID-19) pandemic. As a result of the COVID-19 pandemic, several of our automotive and aerospace customers temporarily suspended operations at different points throughout 2020. While many of our customers have resumed operations as it relates to the COVID-19 pandemic, we are unable to estimate with certainty at this time the status, frequency, or duration of any potential reoccurrences of customer shutdowns, or the duration or extent of resumed operations. Due to the impacts of the COVID-19 pandemic on our customers, we are experiencing, and expect to continue experiencing, lower demand and volume for certain of our products. These trends may lead to charges, impairments, and other adverse financial impacts over time, including but not limited to the recoverability of goodwill and long-lived assets and the realizability of deferred tax assets. The impact on our business, results of operations, financial condition, liquidity, and/or cash flows will be magnified if the disruption from the COVID-19 pandemic continues for an extended period. 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, later named 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 Arconic common stock to ParentCo common stockholders of record as of the close of business on March 19, 2020 (the “Record Date”). At the time of the Separation, ParentCo common stockholders were to receive one share of Arconic common stock for every four shares of ParentCo common stock (the “Separation Ratio”) held as of the Record Date (ParentCo common stockholders were to receive cash in lieu of fractional shares). In connection with the Separation, as of March 31, 2020, Arconic and Howmet entered into several agreements to implement the legal and structural separation between the two companies; govern the relationship between Arconic and Howmet after the completion of the Separation; and allocate between Arconic and Howmet 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 and Howmet 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 from a portion of the aggregate net proceeds of previously executed financing arrangements (see 2020 Activity in Note M ). In connection with the Separation, 109,021,376 shares of Arconic 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’s common stock began with the opening of the New York Stock Exchange on April 1, 2020 under the ticker symbol “ARNC.” Arconic’s common stock has a par value of $0.01 per share. ParentCo incurred costs to evaluate, plan, and execute the Separation, and Arconic was allocated a pro rata portion of these costs based on segment revenue (see Cost Allocations below). ParentCo recognized $38 in the 2020 first quarter for such costs, of which $18 was allocated to Arconic. The allocated amount was included in Selling, general administrative, and other expenses on the accompanying Statement of Consolidated Operations. Principles of Consolidation. The Company’s Consolidated Financial Statements include the accounts of Arconic and companies in which Arconic has a controlling interest. Intercompany transactions have been eliminated. Management evaluates whether an Arconic entity or interest is a variable interest entity and whether The Company is the primary beneficiary. Consolidation is required if both of these criteria are met. Arconic does not have any variable interest entities requiring consolidation. Prior to the Separation Date, Arconic did not operate as a separate, standalone entity. Arconic’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. ParentCo’s net investment in these operations was reflected as Parent Company net investment on the Company’s Consolidated Financial Statements. All significant transactions and accounts within Arconic were eliminated. All significant intercompany transactions between ParentCo and Arconic were included within Parent Company net investment on Arconic’s Consolidated Financial Statements. Cost Allocations. The description and information on cost allocations is applicable for all periods included in the Company’s Consolidated Financial Statements prior to the Separation Date. Arconic’s Consolidated Financial Statements 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 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 the Arconic Corporation Businesses was excluded from the Company’s Consolidated Balance Sheet. Financing costs related to these debt obligations were allocated to Arconic 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: First quarter ended March 31, 2020 Cost of goods sold $ — Selling, general administrative, and other expenses* 25 Research and development expenses — Provision for depreciation and amortization 1 Restructuring and other charges ( E ) 2 Interest expense 28 Other (income), net ( F ) (5) _____________________ * In the 2020 first quarter, amount includes an allocation of $18 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 Company’s Consolidated Financial Statements may not include all of the actual expenses that would have been incurred and may not reflect Arconic’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 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 and ParentCo, including sales to the Howmet Aerospace Businesses, 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 Arconic’s 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 Company’s 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 for any of the periods presented prior to the Separation Date. Only cash amounts specifically attributable to Arconic were reflected in the Company’s 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 Arconic’s 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’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 Arconic’s Consolidated Balance Sheet. As of December 31, 2019, the amount of Arconic’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, 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. 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’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 Arconic’s Consolidated Balance Sheet. As of December 31, 2019, the amount of Arconic’s accounts payables settled under such arrangements that had yet to be extinguished between ParentCo and third-party intermediaries was $1.

Recently Adopted and Recently I

Recently Adopted and Recently Issued Accounting Guidance3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Recently Adopted and Recently Issued Accounting GuidanceRecently Adopted and Recently Issued Accounting Guidance Adopted On January 1, 2021, Arconic adopted changes issued by the Financial Accounting Standards Board (FASB) to accounting for income taxes. The FASB issued this guidance to simplify various aspects related to the accounting for income taxes as part of the overall initiative to reduce complexity in accounting standards. These changes include the removal of certain exceptions and the simplification of several provisions, including: requiring an entity to recognize tax that is partially based on income, such as franchise tax, as income-based tax and account for additional amounts incurred as non-income based tax; requiring an entity to evaluate when a step up in tax basis of goodwill should be considered part of the original business combination or a separate transaction; and requiring an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The adoption of this guidance did not have a material impact on the Consolidated Financial Statements. The Company will need to continue to consider this guidance in future periods. Issued In March 2020, the FASB issued guidance that provides optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. These expedients and exceptions may be used when applying GAAP, if certain criteria are met, to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of such reform. The purpose of this guidance is to provide relief to entities from experiencing unintended accounting and/or financial reporting outcomes or consequences due to reference rate reform. This guidance became effective immediately on March 12, 2020 and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022, after which time the expedients and exceptions expire. In January 2021, the FASB issued clarifying guidance to specify that certain of the optional expedients and exceptions apply to derivatives that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This additional guidance may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively in the manner previously described for the guidance issued on March 12, 2020. As of March 31, 2021, Arconic has not experienced any unintended outcomes or consequences of reference rate reform that would necessitate the adoption of this guidance. Additionally, the Company will not need to consider the application of this guidance related to its credit agreement, which is scheduled to mature on May 13, 2025 and provides a credit facility that is referenced to LIBOR in certain borrowing situations, as the terms of such agreement currently provide for a replacement rate if LIBOR is discontinued by the end of 2021 as expected. That said, management will continue to closely monitor all potential instances of reference rate reform to determine if adoption of this guidance becomes necessary in the future.

Revenue from Contracts with Cus

Revenue from Contracts with Customers3 Months Ended
Mar. 31, 2021
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. First quarter ended March 31, Rolled Building and Extrusions Total 2021 Ground Transportation $ 637 $ — $ 25 $ 662 Building and Construction 51 236 — 287 Aerospace 109 — 29 138 Industrial Products and Other 348 — 21 369 Packaging 219 — — 219 Total end-market revenue $ 1,364 $ 236 $ 75 $ 1,675 2020 Ground Transportation $ 499 $ — $ 30 $ 529 Building and Construction 35 256 — 291 Aerospace 225 — 75 300 Industrial Products and Other 285 — 28 313 Packaging 178 — — 178 Total end-market revenue $ 1,222 $ 256 $ 133 $ 1,611

Segment and Related Information

Segment and Related Information​3 Months Ended
Mar. 31, 2021
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. Effective in the third quarter of 2020, management refined the Company’s Segment Adjusted EBITDA measure to remove the impact of metal price lag (see footnote 2 to the Segment Adjusted EBITDA reconciliation below). This change was made to further enhance the transparency and visibility of the underlying operating performance of each segment by removing the volatility associated with metal prices. Arconic 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) Research and development expenses, plus Stock-based compensation expense and Metal price lag. Previously, the Company calculated Segment operating profit as Segment Adjusted EBITDA minus each of (i) the Provision for depreciation and amortization, (ii) Stock-based compensation expense, and (iii) Metal price lag. Arconic’s Segment Adjusted EBITDA may not be comparable to similarly titled measures of other companies’ reportable segments. Also, effective July 1, 2020, the Company changed its inventory cost method to average cost for all U.S. inventories previously carried at LIFO cost. The effects of the change in accounting principle have been retrospectively applied to all prior periods presented in the accompanying Consolidated Financial Statements. See Note K for additional information. Segment information for all prior periods presented was recast to reflect the new measure of segment profit or loss and the change in inventory cost method. The operating results of Arconic’s reportable segments were as follows (differences between segment totals and the Company’s consolidated totals for line items not reconciled are in Corporate): First quarter ended March 31, Rolled Building and Extrusions Total 2021 Sales: Third-party sales $ 1,364 $ 236 $ 75 $ 1,675 Intersegment sales 7 — — 7 Total sales $ 1,371 $ 236 $ 75 $ 1,682 Segment Adjusted EBITDA $ 165 $ 28 $ (4) $ 189 Provision for depreciation and amortization $ 48 $ 4 $ 6 $ 58 2020 Sales: Third-party sales $ 1,222 $ 256 $ 133 $ 1,611 Intersegment sales 7 — — 7 Total sales $ 1,229 $ 256 $ 133 $ 1,618 Segment Adjusted EBITDA $ 165 $ 30 $ 8 $ 203 Provision for depreciation and amortization $ 46 $ 4 $ 6 $ 56 The following table reconciles total Segment Adjusted EBITDA to consolidated net income attributable to Arconic Corporation: First quarter ended March 31, 2021 2020 Total Segment Adjusted EBITDA $ 189 $ 203 Unallocated amounts: Corporate expenses (1) (9) (2) Stock-based compensation expense (2) (7) Metal price lag (2) 5 (4) Provision for depreciation and amortization (63) (60) Restructuring and other charges ( E ) (1) 19 Other (3) (6) (15) Operating income 113 134 Interest expense (23) (35) Other expenses, net ( F ) (22) (26) Provision for income taxes ( H ) (16) (27) Net income attributable to noncontrolling interest — — Consolidated net income attributable to Arconic Corporation $ 52 $ 46 ________________ (1) 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. The amount presented for the 2020 first quarter represents an allocation of ParentCo’s corporate expenses (see Cost Allocations in Note A ). (2) Metal price lag represents the financial impact of the timing difference between when aluminum prices included in Sales are recognized and when aluminum purchase prices included in Cost of goods sold are realized. This adjustment aims to remove the effect of the volatility in metal prices and the calculation of this impact considers applicable metal hedging transactions. (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 Charges3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Other ChargesRestructuring and Other Charges In the 2021 first quarter, Arconic recorded a net charge of $1 in Restructuring and other charges, which were comprised of the following components: a $1 additional loss on the sale of an aluminum rolling mill in Brazil (see Itapissuma in Note N ); a $1 credit for the reversal of reserves established in prior periods; and a $1 net charge for other items. In the 2020 first quarter, Arconic recorded a net benefit of $19 in Restructuring and other charges, which were comprised of the following components: a $31 gain on the sale of an extrusions plant in South Korea (see Changwon in Note N ); a $6 loss on the sale of an aluminum rolling mill in Brazil (see Itapissuma in Note N ); and a $6 net charge for other items. The Company 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: First quarter ended March 31, 2021 2020 Rolled Products $ 1 $ 9 Building and Construction Systems (1) 1 Extrusions 1 (31) Segment total 1 (21) Corporate — 2 $ 1 $ (19) As of March 31, 2021, approximately 450 of the 520 (previously 550) employees associated with 2020 restructuring programs and approximately 360 of the 370 employees associated with 2019 restructuring programs were separated. The total number of employees related to the 2020 restructuring programs was updated to reflect employees initially identified for separation accepting other positions within the Company and natural attrition. The remaining separations for the 2020 and 2019 restructuring programs are expected to be completed between the remainder of 2021 and 2022. In the 2021 first quarter, Arconic made cash payments of $3 and $1 against layoff reserves related to the 2020 and 2019 restructuring programs, respectively. Activity and reserve balances for restructuring charges were as follows: Layoff costs Other costs Total Reserve balances at December 31, 2019 $ 20 $ 1 $ 21 Separation-related adjustments (1) 2 — 2 Cash payments (24) (3) (27) Restructuring charges 23 4 27 Other (2) (8) (1) (9) Reserve balances at December 31, 2020 13 1 14 Cash payments (4) (1) (5) Restructuring charges — 1 1 Other (2) (1) — (1) Reserve balances at March 31, 2021 (3) $ 8 $ 1 $ 9 _____________________ (1) Represents liabilities transferred from ParentCo on April 1, 2020 in connection with the Separation (see Note A ). (2) Other includes reversals of previously recorded restructuring charges and the effects of foreign currency translation. (3) The remaining reserves are expected to be paid in cash during the remainder of 2021, with the exception of $1 that is expected to be paid in 2022 related to special termination benefits.

Other Expenses (Income), Net

Other Expenses (Income), Net3 Months Ended
Mar. 31, 2021
Other Income and Expenses [Abstract]
Other Expenses (Income), NetOther Expenses, Net First quarter ended March 31, 2021 2020 Non-service costs — Pension and OPEB ( G ) $ 20 $ 21 Foreign currency losses, net 2 13 Interest income — (2) Other, net — (6) $ 22 $ 26

Pension and Other Postretiremen

Pension and Other Postretirement Benefits3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]
Pension and Other Postretirement BenefitsPension and Other Postretirement Benefits The components of net periodic benefit cost for defined benefit plans were as follows: First quarter ended March 31, 2021 2020 Pension benefits Service cost $ 6 $ 5 Interest cost 17 26 Expected return on plan assets (33) (40) Recognized net actuarial loss 32 30 Net periodic benefit cost* $ 22 $ 21 Other postretirement benefits Service cost $ 1 $ 1 Interest cost 3 4 Recognized net actuarial loss 2 2 Amortization of prior service benefit (1) (1) Net periodic benefit cost* $ 5 $ 6 __________________ * Service cost was included within Cost of goods sold and all other components were included in Other expenses, net on the accompanying Statement of Consolidated Operations. Pension Funding —The minimum required contributions to Arconic’s funded defined benefit pension plans in 2021 is estimated to be $192, of which $183 is for U.S. plans. In January 2021, the Company contributed a total of $200 to its two funded U.S. defined benefit pension plans, comprised of the estimated minimum required funding for 2021 of $183 and an additional $17. U.S. Pension Plan Annuitization —In April 2021, Arconic purchased a group annuity contract to transfer the obligation to pay the remaining retirement benefits of approximately 8,400 participants in two U.S. defined benefit pension plans to an insurance company. On a combined basis, this transaction resulted in the settlement of approximately $1,000 in plan obligations and the transfer of approximately $1,000 in plan assets. Also in April 2021, the Company contributed a total of $250 to the two plans to maintain the funding level of the remaining plan obligations not transferred. This contribution was funded with the net proceeds from a recent debt offering (see 2021 Activity in Note M ). Prior to this action, these two plans had an aggregate of approximately 23,000 participants. The remaining plan obligations not transferred will be remeasured in the 2021 second quarter. The settlement event is expected to result in a charge of approximately $575 ($450 after-tax), subject to finalization of actuarial assumptions and other applicable adjustments, to be recognized in the 2021 second quarter. The settlement charge represents the accelerated amortization of a portion of the existing net actuarial loss associated with these two plans. This amount will be reclassified to earnings through Restructuring and other charges from Accumulated other comprehensive loss.

Income Taxes_

Income Taxes​3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes Arconic’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 2021 first quarter, the estimated annual effective tax rate, before discrete items, applied to ordinary income was 27.9%. This rate differs by 6.9 percentage points from the U.S. federal statutory rate of 21.0% primarily due to estimated U.S. tax on Global Intangible Low-Taxed Income, the state tax impact of domestic taxable income, and U.S. tax on foreign earnings. For the 2020 first quarter, the estimated annual effective tax rate, before discrete items, applied to ordinary income was 30.1%. This rate differs by 9.1 percentage points from the U.S. federal statutory rate of 21.0% primarily due to nondeductible transaction costs, the state tax impact of domestic taxable income, and foreign income taxed in higher rate jurisdictions. The Company’s effective tax rate, including discrete items, was 23.5% in the 2021 first quarter and 37.0% in the 2020 first quarter. The tax provisions for the first quarter of 2021 and 2020 were comprised of the following components: First quarter ended March 31, 2021 2020 Pretax ordinary income at estimated annual effective income tax rate before discrete items $ 19 $ 22 Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized* — 1 Discrete items (3) 4 Provision for income taxes $ 16 $ 27 __________________ * 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 Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share Basic earnings per share (EPS) amounts are computed by dividing Net 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 stockholders was as follows (shares in millions): First quarter ended March 31, 2021 2020 Weighted-average shares outstanding – basic 110 109 Effect of dilutive share equivalents: Stock options — — Stock units 3 — Weighted-average shares outstanding – diluted 113 109 There were 0.4 million stock options outstanding as of March 31, 2021 with a weighted average exercise price of $31.41 per share that were not considered common share equivalents in the computation of diluted EPS for the 2021 first quarter as the respective exercise price of these options was greater than the average market price of Arconic’s common stock (i.e., anti-dilutive). Prior to the Separation Date, Arconic did not have any publicly-traded issued and outstanding common stock or any common share equivalents. Accordingly, in the 2020 first quarter, the EPS included on the accompanying Statement of Consolidated Operations was calculated based on the 109,021,376 shares of Arconic 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​3 Months Ended
Mar. 31, 2021
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 (such activity for Noncontrolling interest was immaterial for all periods presented): First quarter ended March 31, 2021 2020 Pension and other postretirement benefits ( G ) Balance at beginning of period $ (1,791) $ (43) Establishment of additional defined benefit plans — (1,752) Other comprehensive income: Unrecognized net actuarial loss and prior service cost/benefit (1) 2 Tax expense — (1) Total Other comprehensive (loss) income before reclassifications, net of tax (1) 1 Amortization of net actuarial loss and prior service cost/benefit (1) 33 31 Tax expense (2) (7) (7) Total amount reclassified from Accumulated other comprehensive loss, net of tax (5) 26 24 Total Other comprehensive income 25 25 Balance at end of period $ (1,766) $ (1,770) Foreign currency translation Balance at beginning of period $ 29 $ 338 Other comprehensive loss: Foreign currency translation (3) (7) (22) Net amount reclassified to earnings from Accumulated other comprehensive income (3),(5) — 22 Total Other comprehensive loss (7) — Balance at end of period $ 22 $ 338 Cash flow hedges Balance at beginning of period $ 1 $ — Other comprehensive loss: Net change from periodic revaluations (35) — Tax benefit 8 — Total Other comprehensive loss before reclassifications, net of tax (27) — Net amount reclassified to earnings (4) 7 — Tax expense (2) (2) — Total amount reclassified from Accumulated other comprehensive loss, net of tax (5) 5 — Total Other comprehensive loss (22) — Balance at end of period $ (21) $ — Accumulated other comprehensive loss $ (1,765) $ (1,432) _____________________ (1) These amounts were included in the non-service component of net periodic benefit cost for pension and other postretirement 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 first quarter, 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

Inventories3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
InventoriesInventories March 31, 2021 December 31, 2020 Finished goods $ 301 $ 282 Work-in-process 765 635 Purchased raw materials 65 59 Operating supplies 68 67 $ 1,199 $ 1,043 Effective July 1, 2020, the Company changed its inventory cost method to average cost for all U.S. inventories previously carried at LIFO cost. Management determined that this change in accounting principle is preferable because the average cost method more closely reflects the physical flow of inventories, improves comparability of the Company’s operating results with its industry peers, and provides an increased level of consistency in the measurement of inventories in the Company’s consolidated financial statements. All non-U.S. inventories and a small portion of U.S. inventories were previously, and continue to be, measured using a combination of first in, first out (FIFO) and average cost methods. The effects of the change in accounting principle from LIFO to average cost have been retrospectively applied to all prior periods presented. This change resulted in an increase to Parent Company net investment of $245 as of January 1, 2020. Additionally, certain financial statement line items in each of the accompanying Statement of Consolidated Operations, Statement of Consolidated Comprehensive Income, and Statement of Consolidated Cash Flows for the 2020 first quarter were recast as follows: As Previously Reported Effect of Change As Recast Statement of Consolidated Operations for the first quarter ended March 31, 2020: Cost of goods sold $ 1,327 $ 18 $ 1,345 Operating income 152 (18) 134 Income before income taxes 91 (18) 73 Provision for income taxes 31 (4) 27 Net income 60 (14) 46 Net income attributable to Arconic Corporation 60 (14) 46 Earnings per share attributable to Arconic Corporation common stockholders: Basic $ 0.55 $ (0.13) $ 0.42 Diluted 0.55 (0.13) 0.42 Statement of Consolidated Comprehensive Income for the first quarter ended March 31, 2020: Comprehensive income $ 85 $ (14) $ 71 Comprehensive income attributable to Arconic Corporation 85 (14) 71 Statement of Consolidated Cash Flows for the three months ended March 31, 2020: Net income $ 60 $ (14) $ 46 Deferred income taxes 26 (4) 22 (Increase) in inventories (74) 18 (56)

Leases_

Leases​3 Months Ended
Mar. 31, 2021
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 $16 and $15 for the first quarter of 2021 and 2020, respectively. Right-of-use assets obtained in exchange for operating lease obligations in the first quarter of 2021 and 2020 were $5 and $9, respectively. Future minimum contractual operating lease obligations were as follows: March 31, 2021 December 31, 2020 2021 $ 34 $ 43 2022 35 34 2023 27 26 2024 20 20 2025 16 16 Thereafter 40 41 Total lease payments $ 172 $ 180 Less: imputed interest 30 33 Present value of lease liabilities $ 142 $ 147 The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating leases at March 31, 2021 and December 31, 2020 was 6.4 years and 6.6 years, respectively, and 5.9% and 5.9%, respectively.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDebt 2021 Activity —On March 3, 2021, the Company completed a Rule 144A (U.S. Securities Act of 1933, as amended) debt offering for an additional $300 aggregate principal amount of 6.125% Senior Secured Second-Lien Notes due 2028 (the “Additional 2028 Notes”). The Additional 2028 Notes were issued under the indenture governing Arconic’s existing 6.125% Senior Secured Second-Lien Notes due 2028 (see 2020 Activity below). Other than with respect to the date of issuance and issue price, the Additional 2028 Notes are treated as a single series with and have the same terms as the referenced existing notes. The Additional 2028 Notes were sold at 106.25% of par (i.e., a premium) and, after reflecting a discount to the initial purchasers of the Additional 2028 Notes, the Company received $315 in net proceeds from the debt offering. Arconic intends to use the net proceeds of this issuance to fund an annuitization of certain U.S. defined benefit pension plan obligations (see Note G ). The premium ($19) and costs to complete the financing ($5) were deferred and are being amortized to interest expense over the term of the Additional 2028 Notes. The amortization of the premium is reflected as a reduction to interest expense and the amortization of the costs to complete the financing is reflected as an addition to interest expense. Interest on the Additional 2028 Notes will be paid semi-annually in February and August, commencing August 15, 2021. 2020 Activity —In connection with the capital structure to be established at the time of the Separation, Arconic secured $1,200 in third-party indebtedness. On February 7, 2020, the Company completed a Rule 144A (U.S. Securities Act of 1933, as amended) debt offering for $600 aggregate principal amount of 6.125% Senior Secured Second-Lien Notes due 2028 (the “2028 Notes”). Arconic 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, the Company entered into a credit agreement, which provided a $600 Senior Secured First-Lien Term Loan B Facility (variable rate and seven five 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 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 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 pandemic. On May 13, 2020, Arconic executed a refinancing of its existing Credit Agreement in order to provide improved financial flexibility. The Company completed a Rule 144A (U.S. Securities Act of 1933, as amended) debt offering for $700 aggregate principal amount of 6.0% Senior Secured First-Lien Notes due 2025 (the “2025 Notes”). Arconic received $691 in net proceeds from the debt offering reflecting a discount to the initial purchasers of the 2025 Notes. Additionally, the Company entered into a five-year 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 (see ABL Credit Agreement below), 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 Arconic to request one or more increases to the revolving commitments in an aggregate principal amount up to $350. The Company 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 in Note Q to the Consolidated Financial Statements in Part II Item 8 of Arconic’s Annual Report on Form 10-K for the year ended December 31, 2020 (filed on February 23, 2021). 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 the Term Loan 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, the Term Loan, and the Credit Facility. In connection with the issuance of the 2025 Notes and the execution of the ABL Credit Agreement, Arconic 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 Arconic’s Statement of Consolidated Operations for the quarter ended June 30, 2020. 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. ABL Credit Agreement— Availability under the ABL Credit Facility is subject to a monthly borrowing base calculation, which, in general, is determined by applying a predetermined percentage to the amount of eligible accounts receivable and inventory, less customary reserves. During the 2021 first quarter, the average available balance was $773. 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 March 31, 2021 and December 31, 2020, the 2028 Notes and 2025 Notes had a combined carrying value of $1,592 and $1,278, respectively, and a combined fair value of $1,716 and $1,399, 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 Divestitures3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions and DivestituresAcquisitions and Divestitures Divestitures Itapissuma. On February 1, 2020, Arconic completed the sale of its aluminum rolling mill (aseptic foil and sheet products) in Itapissuma, Brazil to Companhia Brasileira de Alumínio for a net $46 in cash. In December 2020, the Company paid $4 in cash to Companhia Brasileira de Alumínio to settle certain working capital and other post-closing adjustments. Arconic has recognized a cumulative loss of $60 (pretax) on this transaction, composed of the following: a charge of $53 in 2019 for the non-cash impairment of the carrying value (i.e., write-down to fair value) of the rolling mill’s net assets, primarily properties, plants, and equipment, as a result of entering into an agreement in August 2019 to sell this rolling mill; a charge of $6 in February 2020 for further necessary adjustments upon completion of the divestiture; and a charge of $1 in the 2021 first quarter for a proposed final settlement of the remaining post-closing adjustments and other items. Each of these amounts were recorded in Restructuring and other charges (see Note E ) on the Company’s Statement of Consolidated Operations in the respective reporting periods. Prior to the divestiture, this rolling mill’s operating results and assets and liabilities were reported in Arconic’s Rolled Products segment. The rolling mill generated third-party sales of $143 in 2019 and, at the time of divestiture, had approximately 500 employees. Changwon. On March 1, 2020, Arconic 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 May 2020, the Company 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 Arconic’s Extrusions segment. The extrusions plant generated third-party sales of $51 in 2019 and, at the time of divestiture, had approximately 160 employees.

Contingencies and Commitments_

Contingencies and Commitments​3 Months Ended
Mar. 31, 2021
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 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 for claims subject to indemnification. Contingencies Environmental Matters. Arconic 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. The Company’s remediation reserve balance was $138 and $156 (of which $79 and $90, respectively, was classified as a current liability) at March 31, 2021 and December 31, 2020, respectively, and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. Payments related to remediation expenses applied against the reserve were $17 in the 2021 first quarter, which include expenditures currently mandated, as well as those not required by any regulatory authority or third party. The change in the reserve in the 2021 first quarter also reflects a decrease of $1 for other items. The Separation and Distribution Agreement includes provisions for the assignment or allocation of environmental liabilities between Arconic and Howmet, 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 and Howmet 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 an active Arconic site. Massena West, NY— Arconic has an ongoing remediation project related to the Grasse River, which is adjacent to the Company’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. Arconic 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. In June 2019, the Company 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 related 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. At March 31, 2021 and December 31, 2020, the reserve balance associated with this matter was $99 and $115, respectively. The majority of the remaining expenditures related to the project are expected to occur between the remainder of 2021 and 2022. 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 continues, 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. • On December 23, 2020, several additional suits were filed by claimant groups comprised of survivors and estates of decedents. These suits were all filed against the same group of 23 defendants: AAP SAS, Arconic Corporation, Howmet Aerospace Inc., the Royal Borough of Kensington and Chelsea, the Royal Borough of Kensington and Chelsea Tenant Management Organisation Ltd, the London Fire Commissioner, the UK Home Office, The Ministry of Housing, Communities and Local Government, Rydon Maintenance Ltd, Celotex Ltd, Saint-Gobain Construction Products UK Limited, Kingspan Insulation Limited, Kingspan Group PLC, Studio E Architects Ltd (In liquidation), Harley Facades Ltd, Harley Curtain Wall Limited (In liquidation), CEP Architectural Facades Ltd, Exova (U.K.) Ltd, CS Stokes & Associates Ltd, Artelia Projects UK Limited, Whirlpool UK Appliances Limited, Whirlpool Company Polska Sp.z.o.o. and Whirlpool Corporation. These suits include as follows (represent preliminary best estimates of claimants in each suit): ◦ Seven claimants represented by Deighton Pierce Glynn; ◦ Five claimants represented by SMQ Legal Services; ◦ Four claimants represented by Scott Moncrieff; ◦ Six claimants represented by Saunders Law; ◦ Twenty-four claimants represented by Russell Cooke LLP; ◦ Forty claimants represented by Imran Khan & Partners; ◦ Sixty-seven claimants represented by Howe & Co.; ◦ One hundred fourteen claimants represented by Hodge Jones and Allen Solicitor; ◦ Nineteen claimants represented by Hickman & Rose; ◦ Five claimants represented by Duncan Lewis Solicitors; ◦ One hundred eighteen claimants represented by Birnberg Peirce; ◦ Three hundred forty-one claimants represented by Bindmans LLP; and ◦ Eighty-two claimants represented by Bhatt Murphy Ltd. Legal representatives acting for the above parties are seeking to agree on a stay of the above-mentioned suits until July 7, 2021, when they will be heard together at a case management hearing scheduled by the High Court for July 7-8, 2021 (see below). 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. Since then, another 5 firefighters have sought to be added to the suit. • 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. Since then, some claimants have withdrawn and others have sought to be added to the suit. • 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. One of the original firefighter claimants has now withdrawn from the suit. All of these claims have been filed in the High Court in London. On October 2, 2020, the High Court ordered that: (a) the suits of the survivors and estates of decedents that were issued in June 2020 be stayed until a hearing scheduled by the High Court for June 9-10, 2021; and (b) that the suits of emergency responders be stayed until a hearing scheduled by the High Court for July 7-8, 2021. Legal representatives acting for the above parties are in the process of seeking to vacate the hearing scheduled for June 9-10, 2021, with the intention that the above-mentioned suits be heard together at the hearing scheduled for July 7-8, 2021. On December 17, 2020, a claim was issued by the Royal Borough of Kensington and Chelsea and the Royal Borough of Kensington and Chelsea Tenant Management Organisation Ltd against: (1) Whirlpool Company Polska Spolka z Organiczona; and (2) AAP SAS. The Claimants seek damages in respect of their own losses and/or a contribution to the extent that they are found to be liable by the London High Court for any losses arising out of the Grenfell Tower fire on June 14, 2017. This suit is stayed until July 8, 2021. 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. On September 16, 2020, the Court issued an order granting Defendants’ motion to dismiss on forum non conveniens grounds, subject to certain conditions, determining that the United Kingdom, and not the United States, is the appropriate place for plaintiffs to bring their case. Plaintiffs subsequently filed a motion for reconsideration, which the Court denied on November 23, 2020. Plaintiffs are appealing this judgment; ParentCo Defendants are cross-appealing one of the conditions. Plaintiffs filed their opening appeal brief on March 8, 2021; Defendants opening brief was filed on April 21, 2021. 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 Corporation 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. Airbus Matters —In 2017, Airbus and various of its affiliates (“Airbus”) filed three separate confidential requests for arbitration against ParentCo and various of its then affiliates, one of which is Arconic Manufacturing (GB) Limited, an Arconic Corporation subsidiary, with the International Chamber of Commerce. Airbus specifically alleges that a defect exists in certain of our products sold to Airbus under various separate contracts. Airbus’s claims include claims of breach of certain alleged express and implied warranties and negligence. On June 12, 2020, Airbus filed its Second Memorial in the arbitration in which it claims damages attributed specifically to our products. In two of the three arbitrations, Airbus was seeking damages in excess of $200 and an order of indemnification with respect to conditional future losses; in the third of the arbitrations, Airbus is seeking an order of indemnification with respect to contingent future losses. A private and confidential arbitration hearing occurred in late October 2020 on two of the three requests for arbitration and on March 26, 2021, the Arbitral Panel issued final awards in those two arbitrations in favor of the Respondents (including Arconic Manufacturing (GB) Limited), rejecting Airbus’s claims and denying Airbus the relief sought. The hearing on the third request for arbitration was originally scheduled for February 2021 but is currently stayed. While the monetary value of the indemnification requested by Airbus in this third arbitration matter may be substantial, the ultimate liability is not determinable because of the considerable uncertainties that exist in this matter. Accordingly, it is possible that our liquidity or results of operations in a reporting period could be materially adversely affected by the Airbus arbitration. However, based on facts currently available, management believes that the disposition of the Airbus arbitration will not have a material adverse effect on our results of operations, financial position or cash flows. Federal Antimonopoly Service Of The Russian Federation Litigation —The Federal Antimonopoly Service of the Russian Federation (“FAS”) filed a lawsuit on March 17, 2020 with the Arbitrazh (State Commercial) Court of Samara Region against two of the Company’s subsidiaries, Arconic Rus Investment Holdings LLC (“LLC ARIH”) and AlTi Forge Holding Sarl (the “Arconic Russian Holding Companies”), naming Elliott Associates L.P., Elliott International L.P., and Elliot International Capital Advisors Inc. (“Elliott”) as third parties. Also named as interested parties are: Parent Co. and certain of its foreign subsidiaries; and Arconic Netherland B.V., the Company’s subsidiary that directly and indirectly owns LLC ARIH, Arconic SMZ JSC and JSC AlTi Forge (the “Arconic Russian Subsidiaries”). FAS alleges that Elliott indirectly acquired control over the Arconic Russian Subsidiaries when, in May 2019, directors who had previously been nominated by Elliott and appointed or elected to Parent Co.’s board of directors pursuant to certain settlement agreements among Parent Co. and Elliott constituted a majority of that board as a result of a reduction in the size of the board. FAS claims alleged non-compliance with Russian Federal Law No. 57-FZ, which governs foreign ownership of certain Russian companies and requires certain governmental approvals for a foreign investor to acquire control over strategically important Russian companies. On April 6, 2020, the Samara Court granted injunctions against the Arconic Russian Holding Companies prohibiting the taking of certain corporate governance actions, including with respect to: (i) the disposal of shares in the Arconic Russian Subsidiaries; and (ii) the making of certain decisions with respect to the Arconic Russian Subsidiaries, including decisions regarding the payment of dividends, placement of bonds, amendment of bylaws and internal documents, the appointment, change and compensation of the Arconic Russian Subsidiaries’ CEO, and the election of the Arconic Russian Subsidiaries’ board of directors. On April 29, 2020, the Arconic Russian Holding Companies simultaneously filed an appeal and motion to revoke the previously issued injunctions. Both the appeal and motion to revoke were denied. A hearing on the merits of the claim is currently scheduled for June 8, 2021. As a consequence of the alleged violation, FAS is seeking removal and exclusion of the Arconic Russian Holding Companies from the affairs of the Arconic Russian Subsidiaries, resulting in the deprivation of the benefits of their ownership interests in the Arconic Russian Subsidiaries, including the rights currently restricted in the injunctions granted on April 6, 2020. Due to the nature of this matter, geopolitical tensions between the U.S. and Russia could have an adverse impact on our ability to obtain a favorable outcome in this matter, as well as our operations in Russia. Given the preliminary nature of this matter and the uncertainty of litigation, we 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. In addition to the matters described above, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against Arconic, including those pertaining to environmental, product liability, safety and health,

Subsequent Events_

Subsequent Events​3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent EventsSubsequent Events Management evaluated all activity of Arconic 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, except as described below. In April 2021, the Company purchased a group annuity contract to transfer the obligation to pay the remaining retirement benefits of approximately 8,400 participants in two U.S. defined benefit pension plans to an insurance company (see Note G ). Also in April 2021, the Company’s Board of Directors approved a share repurchase program authorizing the repurchase of up to $300 of common stock over a two-year period. Repurchases under the program may be made from time to time, as the Company deems appropriate, solely through open market repurchases effected through a broker dealer, based on a variety of factors such as price, capital position, liquidity, financial performance, alternative uses of capital, and overall market conditions. There can be no assurance as to the number of shares the Company will purchase, if any. The share repurchase program may be increased or otherwise modified, renewed, suspended or terminated by the Company at any time, without prior notice.

Recently Adopted and Recently_2

Recently Adopted and Recently Issued Accounting Guidance (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Recent Accounting GuidanceAdopted On January 1, 2021, Arconic adopted changes issued by the Financial Accounting Standards Board (FASB) to accounting for income taxes. The FASB issued this guidance to simplify various aspects related to the accounting for income taxes as part of the overall initiative to reduce complexity in accounting standards. These changes include the removal of certain exceptions and the simplification of several provisions, including: requiring an entity to recognize tax that is partially based on income, such as franchise tax, as income-based tax and account for additional amounts incurred as non-income based tax; requiring an entity to evaluate when a step up in tax basis of goodwill should be considered part of the original business combination or a separate transaction; and requiring an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The adoption of this guidance did not have a material impact on the Consolidated Financial Statements. The Company will need to continue to consider this guidance in future periods. Issued In March 2020, the FASB issued guidance that provides optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. These expedients and exceptions may be used when applying GAAP, if certain criteria are met, to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of such reform. The purpose of this guidance is to provide relief to entities from experiencing unintended accounting and/or financial reporting outcomes or consequences due to reference rate reform. This guidance became effective immediately on March 12, 2020 and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022, after which time the expedients and exceptions expire. In January 2021, the FASB issued clarifying guidance to specify that certain of the optional expedients and exceptions apply to derivatives that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This additional guidance may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively in the manner previously described for the guidance issued on March 12, 2020. As of March 31, 2021, Arconic has not experienced any unintended outcomes or consequences of reference rate reform that would necessitate the adoption of this guidance. Additionally, the Company will not need to consider the application of this guidance related to its credit agreement, which is scheduled to mature on May 13, 2025 and provides a credit facility that is referenced to LIBOR in certain borrowing situations, as the terms of such agreement currently provide for a replacement rate if LIBOR is discontinued by the end of 2021 as expected. That said, management will continue to closely monitor all potential instances of reference rate reform to determine if adoption of this guidance becomes necessary in the future.
Consolidation, PolicyPrinciples of Consolidation. The Company’s Consolidated Financial Statements include the accounts of Arconic and companies in which Arconic has a controlling interest. Intercompany transactions have been eliminated. Management evaluates whether an Arconic entity or interest is a variable interest entity and whether The Company is the primary beneficiary. Consolidation is required if both of these criteria are met. Arconic does not have any variable interest entities requiring consolidation. Prior to the Separation Date, Arconic did not operate as a separate, standalone entity. Arconic’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. ParentCo’s net investment in these operations was reflected as Parent Company net investment on the Company’s Consolidated Financial Statements. All significant transactions and accounts within Arconic were eliminated. All significant intercompany transactions between ParentCo and Arconic were included within Parent Company net investment on Arconic’s Consolidated Financial Statements.
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 Company’s Consolidated Financial Statements prior to the Separation Date. Arconic’s Consolidated Financial Statements 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 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 the Arconic Corporation Businesses was excluded from the Company’s Consolidated Balance Sheet. Financing costs related to these debt obligations were allocated to Arconic 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)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Costs AllocationsThe following table reflects the allocations described above: First quarter ended March 31, 2020 Cost of goods sold $ — Selling, general administrative, and other expenses* 25 Research and development expenses — Provision for depreciation and amortization 1 Restructuring and other charges ( E ) 2 Interest expense 28 Other (income), net ( F ) (5) _____________________ * In the 2020 first quarter, amount includes an allocation of $18 for costs incurred by ParentCo associated with the Separation (see above).

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Major End Market ServedThe following table disaggregates revenue by major end market served. First quarter ended March 31, Rolled Building and Extrusions Total 2021 Ground Transportation $ 637 $ — $ 25 $ 662 Building and Construction 51 236 — 287 Aerospace 109 — 29 138 Industrial Products and Other 348 — 21 369 Packaging 219 — — 219 Total end-market revenue $ 1,364 $ 236 $ 75 $ 1,675 2020 Ground Transportation $ 499 $ — $ 30 $ 529 Building and Construction 35 256 — 291 Aerospace 225 — 75 300 Industrial Products and Other 285 — 28 313 Packaging 178 — — 178 Total end-market revenue $ 1,222 $ 256 $ 133 $ 1,611

Segment and Related Informati_2

Segment and Related Information​ (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by SegmentThe operating results of Arconic’s reportable segments were as follows (differences between segment totals and the Company’s consolidated totals for line items not reconciled are in Corporate): First quarter ended March 31, Rolled Building and Extrusions Total 2021 Sales: Third-party sales $ 1,364 $ 236 $ 75 $ 1,675 Intersegment sales 7 — — 7 Total sales $ 1,371 $ 236 $ 75 $ 1,682 Segment Adjusted EBITDA $ 165 $ 28 $ (4) $ 189 Provision for depreciation and amortization $ 48 $ 4 $ 6 $ 58 2020 Sales: Third-party sales $ 1,222 $ 256 $ 133 $ 1,611 Intersegment sales 7 — — 7 Total sales $ 1,229 $ 256 $ 133 $ 1,618 Segment Adjusted EBITDA $ 165 $ 30 $ 8 $ 203 Provision for depreciation and amortization $ 46 $ 4 $ 6 $ 56 The following table reconciles total Segment Adjusted EBITDA to consolidated net income attributable to Arconic Corporation: First quarter ended March 31, 2021 2020 Total Segment Adjusted EBITDA $ 189 $ 203 Unallocated amounts: Corporate expenses (1) (9) (2) Stock-based compensation expense (2) (7) Metal price lag (2) 5 (4) Provision for depreciation and amortization (63) (60) Restructuring and other charges ( E ) (1) 19 Other (3) (6) (15) Operating income 113 134 Interest expense (23) (35) Other expenses, net ( F ) (22) (26) Provision for income taxes ( H ) (16) (27) Net income attributable to noncontrolling interest — — Consolidated net income attributable to Arconic Corporation $ 52 $ 46 ________________ (1) 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. The amount presented for the 2020 first quarter represents an allocation of ParentCo’s corporate expenses (see Cost Allocations in Note A ). (2) Metal price lag represents the financial impact of the timing difference between when aluminum prices included in Sales are recognized and when aluminum purchase prices included in Cost of goods sold are realized. This adjustment aims to remove the effect of the volatility in metal prices and the calculation of this impact considers applicable metal hedging transactions. (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)3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by SegmentThe Company 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: First quarter ended March 31, 2021 2020 Rolled Products $ 1 $ 9 Building and Construction Systems (1) 1 Extrusions 1 (31) Segment total 1 (21) Corporate — 2 $ 1 $ (19)
Schedule of Restructuring ReserveActivity and reserve balances for restructuring charges were as follows: Layoff costs Other costs Total Reserve balances at December 31, 2019 $ 20 $ 1 $ 21 Separation-related adjustments (1) 2 — 2 Cash payments (24) (3) (27) Restructuring charges 23 4 27 Other (2) (8) (1) (9) Reserve balances at December 31, 2020 13 1 14 Cash payments (4) (1) (5) Restructuring charges — 1 1 Other (2) (1) — (1) Reserve balances at March 31, 2021 (3) $ 8 $ 1 $ 9 _____________________ (1) Represents liabilities transferred from ParentCo on April 1, 2020 in connection with the Separation (see Note A ). (2) Other includes reversals of previously recorded restructuring charges and the effects of foreign currency translation. (3) The remaining reserves are expected to be paid in cash during the remainder of 2021, with the exception of $1 that is expected to be paid in 2022 related to special termination benefits.

Other Expenses (Income), Net (T

Other Expenses (Income), Net (Tables)3 Months Ended
Mar. 31, 2021
Other Income and Expenses [Abstract]
Schedule of Other (Income) Expense, NetFirst quarter ended March 31, 2021 2020 Non-service costs — Pension and OPEB ( G ) $ 20 $ 21 Foreign currency losses, net 2 13 Interest income — (2) Other, net — (6) $ 22 $ 26

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost Classified as Direct PlansThe components of net periodic benefit cost for defined benefit plans were as follows: First quarter ended March 31, 2021 2020 Pension benefits Service cost $ 6 $ 5 Interest cost 17 26 Expected return on plan assets (33) (40) Recognized net actuarial loss 32 30 Net periodic benefit cost* $ 22 $ 21 Other postretirement benefits Service cost $ 1 $ 1 Interest cost 3 4 Recognized net actuarial loss 2 2 Amortization of prior service benefit (1) (1) Net periodic benefit cost* $ 5 $ 6 __________________

Income Taxes_ (Tables)

Income Taxes​ (Tables)3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax ProvisionsThe tax provisions for the first quarter of 2021 and 2020 were comprised of the following components: First quarter ended March 31, 2021 2020 Pretax ordinary income at estimated annual effective income tax rate before discrete items $ 19 $ 22 Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized* — 1 Discrete items (3) 4 Provision for income taxes $ 16 $ 27 __________________ * 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)3 Months Ended
Mar. 31, 2021
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 stockholders was as follows (shares in millions): First quarter ended March 31, 2021 2020 Weighted-average shares outstanding – basic 110 109 Effect of dilutive share equivalents: Stock options — — Stock units 3 — Weighted-average shares outstanding – diluted 113 109

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income​ (Tables)3 Months Ended
Mar. 31, 2021
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 (such activity for Noncontrolling interest was immaterial for all periods presented): First quarter ended March 31, 2021 2020 Pension and other postretirement benefits ( G ) Balance at beginning of period $ (1,791) $ (43) Establishment of additional defined benefit plans — (1,752) Other comprehensive income: Unrecognized net actuarial loss and prior service cost/benefit (1) 2 Tax expense — (1) Total Other comprehensive (loss) income before reclassifications, net of tax (1) 1 Amortization of net actuarial loss and prior service cost/benefit (1) 33 31 Tax expense (2) (7) (7) Total amount reclassified from Accumulated other comprehensive loss, net of tax (5) 26 24 Total Other comprehensive income 25 25 Balance at end of period $ (1,766) $ (1,770) Foreign currency translation Balance at beginning of period $ 29 $ 338 Other comprehensive loss: Foreign currency translation (3) (7) (22) Net amount reclassified to earnings from Accumulated other comprehensive income (3),(5) — 22 Total Other comprehensive loss (7) — Balance at end of period $ 22 $ 338 Cash flow hedges Balance at beginning of period $ 1 $ — Other comprehensive loss: Net change from periodic revaluations (35) — Tax benefit 8 — Total Other comprehensive loss before reclassifications, net of tax (27) — Net amount reclassified to earnings (4) 7 — Tax expense (2) (2) — Total amount reclassified from Accumulated other comprehensive loss, net of tax (5) 5 — Total Other comprehensive loss (22) — Balance at end of period $ (21) $ — Accumulated other comprehensive loss $ (1,765) $ (1,432) _____________________ (1) These amounts were included in the non-service component of net periodic benefit cost for pension and other postretirement 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 first quarter, 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)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of InventoriesMarch 31, 2021 December 31, 2020 Finished goods $ 301 $ 282 Work-in-process 765 635 Purchased raw materials 65 59 Operating supplies 68 67 $ 1,199 $ 1,043
Accounting Standards Update and Change in Accounting PrincipleAdditionally, certain financial statement line items in each of the accompanying Statement of Consolidated Operations, Statement of Consolidated Comprehensive Income, and Statement of Consolidated Cash Flows for the 2020 first quarter were recast as follows: As Previously Reported Effect of Change As Recast Statement of Consolidated Operations for the first quarter ended March 31, 2020: Cost of goods sold $ 1,327 $ 18 $ 1,345 Operating income 152 (18) 134 Income before income taxes 91 (18) 73 Provision for income taxes 31 (4) 27 Net income 60 (14) 46 Net income attributable to Arconic Corporation 60 (14) 46 Earnings per share attributable to Arconic Corporation common stockholders: Basic $ 0.55 $ (0.13) $ 0.42 Diluted 0.55 (0.13) 0.42 Statement of Consolidated Comprehensive Income for the first quarter ended March 31, 2020: Comprehensive income $ 85 $ (14) $ 71 Comprehensive income attributable to Arconic Corporation 85 (14) 71 Statement of Consolidated Cash Flows for the three months ended March 31, 2020: Net income $ 60 $ (14) $ 46 Deferred income taxes 26 (4) 22 (Increase) in inventories (74) 18 (56)

Leases_ (Tables)

Leases​ (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Schedule of Operating Lease MaturityFuture minimum contractual operating lease obligations were as follows: March 31, 2021 December 31, 2020 2021 $ 34 $ 43 2022 35 34 2023 27 26 2024 20 20 2025 16 16 Thereafter 40 41 Total lease payments $ 172 $ 180 Less: imputed interest 30 33 Present value of lease liabilities $ 142 $ 147

The Separation and Basis of P_3

The Separation and Basis of Presentation - Narrative (Details) $ / shares in Units, $ in MillionsApr. 01, 2020USD ($)$ / sharessharesMar. 31, 2021USD ($)Mar. 31, 2020USD ($)Jun. 30, 2020USD ($)Dec. 31, 2019USD ($)Dec. 31, 2020USD ($)Feb. 05, 2020Jan. 02, 2020USD ($)Feb. 08, 2019company
Related Party Transaction [Line Items]
Number of publicly traded companies | company2
Increase (Decrease) in accounts payable, trade $ 117 $ (39)
Capital expenditures(28)(58)
Separation transaction, share conversion ratio0.25
Separation payment to former parent company (A) $ 728
Separation transaction, shares issued to parent | shares109,021,376
Common stock, par value (in dollars per share) | $ / shares $ 0.01
Separation transaction, costs incurred18
Receivables from customers $ 803 $ 631 $ 281
Accounts payable, settlement arrangements $ 1
ParentCo | Sale of customer receivables
Related Party Transaction [Line Items]
Transaction with related party, amount $ 281
ParentCo
Related Party Transaction [Line Items]
Common stock, outstanding (in shares) | shares436,085,504
Separation transaction, costs incurred38
As Previously Reported
Related Party Transaction [Line Items]
Increase (Decrease) in accounts payable, trade35 $ 43
Capital expenditures $ (35) $ (43)

The Separation and Basis of P_4

The Separation and Basis of Presentation - Cost Allocations (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Cost of goods sold $ 1,431 $ 1,345
Selling, general administrative, and other expenses59 80
Research and development expenses8 11
Provision for depreciation and amortization63 60
Restructuring and other charges (E)1 (19)
Interest expense23 35
Other expenses, net $ 22 26
Separation transaction, costs incurred18
Spin-off
Restructuring Cost and Reserve [Line Items]
Cost of goods sold0
Selling, general administrative, and other expenses25
Research and development expenses0
Provision for depreciation and amortization1
Restructuring and other charges (E)2
Interest expense28
Other expenses, net $ (5)

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax $ 1,675 $ 1,611
External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax1,675 1,611
Ground Transportation | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax662 529
Building and Construction | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax287 291
Aerospace | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax138 300
Industrial Products and Other | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax369 313
Packaging | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax219 178
Rolled Products | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax1,364 1,222
Rolled Products | Ground Transportation | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax637 499
Rolled Products | Building and Construction | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax51 35
Rolled Products | Aerospace | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax109 225
Rolled Products | Industrial Products and Other | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax348 285
Rolled Products | Packaging | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax219 178
Building and Construction Systems | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax236 256
Building and Construction Systems | Ground Transportation | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax0 0
Building and Construction Systems | Building and Construction | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax236 256
Building and Construction Systems | Aerospace | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax0 0
Building and Construction Systems | Industrial Products and Other | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax0 0
Building and Construction Systems | Packaging | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax0 0
Extrusions | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax75 133
Extrusions | Ground Transportation | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax25 30
Extrusions | Building and Construction | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax0 0
Extrusions | Aerospace | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax29 75
Extrusions | Industrial Products and Other | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax21 28
Extrusions | Packaging | External Sales Including Reconciling Items [Domain]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax $ 0 $ 0

Segment and Related Informati_3

Segment and Related Information​ - Operating Results (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales $ 1,675 $ 1,611
Provision for depreciation and amortization63 60
Intersegment sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales7 7
Intersegment sales | Rolled Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales7 7
Intersegment sales | Building and Construction Systems
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales0 0
Intersegment sales | Extrusions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales0 0
Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales1,682 1,618
Segment Adjusted EBITDA189 203
Provision for depreciation and amortization58 56
Operating segments | Rolled Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales1,371 1,229
Segment Adjusted EBITDA165 165
Provision for depreciation and amortization48 46
Operating segments | Building and Construction Systems
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales236 256
Segment Adjusted EBITDA28 30
Provision for depreciation and amortization4 4
Operating segments | Extrusions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales75 133
Segment Adjusted EBITDA4 (8)
Provision for depreciation and amortization6 6
Third-party sales | External Sales Including Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales1,675 1,611
Third-party sales | External Sales Including Reconciling Items | Rolled Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales1,364 1,222
Third-party sales | External Sales Including Reconciling Items | Building and Construction Systems
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales236 256
Third-party sales | External Sales Including Reconciling Items | Extrusions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total sales $ 75 $ 133

Segment and Related Informati_4

Segment and Related Information​ - Segment Operating Profit (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate expenses(1) $ (9) $ (2)
Stock-based compensation expense(2)(7)
Metal Price Lag5 (4)
Provision for depreciation and amortization(63)(60)
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business(1)19
Operating income113 134
Interest expense(23)(35)
Other expenses, net(22)(26)
Provision for income taxes(16)(27)
Net Income (Loss) Attributable to Noncontrolling Interest0 0
Net Income (Loss) Attributable to Parent52 46
Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA189 203
Provision for depreciation and amortization(58)(56)
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business(1)21
Operating segments | Rolled Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA165 165
Provision for depreciation and amortization(48)(46)
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business1 (9)
Operating segments | Building and Construction Systems
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA28 30
Provision for depreciation and amortization(4)(4)
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business1 (1)
Operating segments | Extrusions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA4 (8)
Provision for depreciation and amortization(6)(6)
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business(1)(31)
Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Other $ (6) $ (15)

Restructuring and Other Charg_3

Restructuring and Other Charges - Narrative (Details) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)employeeMar. 31, 2020USD ($)Dec. 31, 2020USD ($)employee
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E) $ 1 $ (19)
Cash payments, restructuring5 $ 27
Other miscellaneous costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E)1 6
Cash payments, restructuring1 3
Layoff costs
Restructuring Cost and Reserve [Line Items]
Cash payments, restructuring $ 4 $ 24
2019 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees separated | employee360
Expected number of employees separated | employee370
2019 Restructuring Program [Member] | Layoff costs
Restructuring Cost and Reserve [Line Items]
Cash payments, restructuring $ 1
2020 Restructuring Programs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E)19
Number of employees separated | employee450
Expected number of employees separated | employee520 550
2020 Restructuring Programs | Disposals | Aluminum Rolling Mill in Itapissuma, Brazil
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E)6
2020 Restructuring Programs | Disposals | Hard Alloy Extrusions Plant in South Korea
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E) $ 31
2020 Restructuring Programs | Layoff costs
Restructuring Cost and Reserve [Line Items]
Cash payments, restructuring $ 3
2021 Restructuring Programs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E)1
2021 Restructuring Programs | Disposals | Aluminum Rolling Mill in Itapissuma, Brazil
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E)1
2021 Restructuring Programs | Reversal of Reserve [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E) $ 1

Restructuring and Other Charg_4

Restructuring and Other Charges - Restructuring and Other Charges by Segment (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E) $ 1 $ (19)
Operating segments
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E)1 (21)
Operating segments | Rolled Products
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E)(1)9
Operating segments | Building and Construction Systems
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E)(1)1
Operating segments | Extrusions
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E)1 31
Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (E) $ 0 $ 2

Restructuring and Other Charg_5

Restructuring and Other Charges - Restructuring Reserve (Details) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2022Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Beginning balance $ 14 $ 21 $ 21
Restructuring Reserve, Accrual Adjustment2
Cash payments(5)(27)
Restructuring charges1 27
Other(1)(9)
Ending balance9 14
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business(1)19
Operating segments
Restructuring Reserve [Roll Forward]
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business(1)21
Operating segments | Rolled Products
Restructuring Reserve [Roll Forward]
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business1 (9)
Operating segments | Building and Construction Systems
Restructuring Reserve [Roll Forward]
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business1 (1)
Operating segments | Extrusions
Restructuring Reserve [Roll Forward]
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business(1)(31)
Corporate, Non-Segment
Restructuring Reserve [Roll Forward]
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business0 (2)
Layoff costs
Restructuring Reserve [Roll Forward]
Beginning balance13 20 20
Restructuring Reserve, Accrual Adjustment2
Cash payments(4)(24)
Restructuring charges0 23
Other(1)(8)
Ending balance8 13
Other costs
Restructuring Reserve [Roll Forward]
Beginning balance1 1 1
Restructuring Reserve, Accrual Adjustment0
Cash payments(1)(3)
Restructuring charges1 4
Other0 (1)
Ending balance1 $ 1
Restructuring, Settlement And Impairment Provisions, Including Gain (Loss) On Disposition Of Assets And Business $ (1) $ (6)
Special Termination Benefits | Forecast
Restructuring Reserve [Roll Forward]
Cash payments $ (1)

Other Expenses (Income), Net (D

Other Expenses (Income), Net (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Other Income and Expenses [Abstract]
Non-service costs — Pension and OPEB $ 20 $ 21
Foreign currency losses, net2 13
Interest income0 (2)
Other, net0 (6)
Other expenses, net $ 22 $ 26

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost $ 6 $ 5
Interest cost17 26
Expected return on plan assets(33)(40)
Recognized net actuarial loss32 30
Net periodic benefit cost22 21
Other postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost1 1
Interest cost3 4
Recognized net actuarial loss2 2
Amortization of prior service benefit(1)(1)
Net periodic benefit cost $ 5 $ 6

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions1 Months Ended3 Months Ended
Apr. 30, 2021USD ($)planparticipantJan. 31, 2021USD ($)planJun. 30, 2021USD ($)Mar. 31, 2021USD ($)participantMar. 31, 2020USD ($)Dec. 31, 2021USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Payment for Pension Benefits $ 201 $ 32
Pension benefits | UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Number Of Participants | participant23,000
Pension benefits | UNITED STATES | Subsequent events
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Number Of Pension Plans | plan2
Defined Benefit Plan, Number Of Participants | participant8,400
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement $ 1,000
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan1,000 $ 575
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax $ (450)
Defined Benefit Plan, Plan Assets, Contributions by Employer $ 250
Defined Benefit Plan, Funded Plan | Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Minimum Required Employer Contributions, Next Fiscal Year $ 192
Defined Benefit Plan, Funded Plan | Pension benefits | UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Minimum Required Employer Contributions, Next Fiscal Year $ 183
Payment for Pension Benefits $ 200
Defined Benefit Plan, Number Of Pension Plans | plan2
Defined Benefit Plan, Employer Contribution, Additional Contribution Above Minimum Requirement $ 17
Defined Benefit Plan, Funded Plan | Pension benefits | UNITED STATES | Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Minimum Required Employer Contributions, Next Fiscal Year $ 183

Income Taxes_ (Details)

Income Taxes​ (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)pointsMar. 31, 2020USD ($)points
Income Tax Disclosure [Abstract]
Effective income tax rate, before discrete items27.90%30.10%
Effective Income Tax Rate Reconciliation, Percentage Points | points6.9 9.1
Effective income tax rate, including discrete items23.50%37.00%
Income Tax Expense (Benefit)
Pretax ordinary income at estimated annual effective income tax rate before discrete items $ 19 $ 22
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized*0 1
Discrete items(3)4
Provision for income taxes $ 16 $ 27

Earnings Per Share (Details)

Earnings Per Share (Details) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020Apr. 01, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average shares outstanding – basic110,000,000 109,000,000
Weighted-average shares outstanding – diluted113,000,000 109,000,000
Separation transaction, shares issued to parent109,021,376
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements0 0
Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements3,000,000 0
Exercise Price Range, Greater Than Average Market Price
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding400,000
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price $ 31.41

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income​ (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
AOCI Attributable to Parent [Abstract]
Balance at beginning of period $ 1,447 $ 2,973
Other comprehensive income:
Total Other comprehensive (loss) income, net of tax(4)25
Balance at end of period1,490 1,857
Pension and other postretirement benefits
AOCI Attributable to Parent [Abstract]
Balance at beginning of period(1,791)(43)
Other comprehensive income:
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax0 (1,752)
Other Comprehensive Income (Loss), before Reclassifications, before Tax(1)2
Other Comprehensive Income (Loss) before Reclassifications, Tax0 (1)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax(1)1
Amortization of net actuarial loss and prior service cost33 31
Tax expense(7)(7)
Total amount reclassified from Accumulated other comprehensive loss, net of tax26 24
Total Other comprehensive (loss) income, net of tax25 25
Balance at end of period(1,766)(1,770)
Foreign currency translation
AOCI Attributable to Parent [Abstract]
Balance at beginning of period29 338
Other comprehensive income:
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax(7)(22)
Total amount reclassified from Accumulated other comprehensive loss, net of tax0 22
Total Other comprehensive (loss) income, net of tax(7)0
Balance at end of period22 338
Cash flow hedges
AOCI Attributable to Parent [Abstract]
Balance at beginning of period1 0
Other comprehensive income:
Other Comprehensive Income (Loss), before Reclassifications, before Tax(35)0
Other Comprehensive Income (Loss) before Reclassifications, Tax8 0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax(27)0
Amortization of net actuarial loss and prior service cost7 0
Tax expense(2)0
Total amount reclassified from Accumulated other comprehensive loss, net of tax5 0
Total Other comprehensive (loss) income, net of tax(22)0
Balance at end of period(21)0
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent [Abstract]
Balance at beginning of period(1,761)295
Other comprehensive income:
Total Other comprehensive (loss) income, net of tax(4)25
Balance at end of period $ (1,765) $ (1,432)

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods $ 301 $ 282
Work-in-process765 635
Purchased raw materials65 59
Operating supplies68 67
Inventories $ 1,199 $ 1,043

Inventories - Effects of Change

Inventories - Effects of Change in Accounting Principle (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Jan. 01, 2020
Inventory [Line Items]
Cost of goods sold (exclusive of expenses below) $ 1,431 $ 1,345
Operating income113 134
Income before income taxes68 73
Provision for income taxes16 27
Net income52 46
Net Income (Loss) Attributable to Parent $ 52 $ 46
Basic $ 0.48 $ 0.42
Diluted $ 0.46 $ 0.42
Comprehensive income $ 48 $ 71
Comprehensive income attributable to Arconic Corporation71
Deferred income taxes4 22
(Increase) in inventories $ (161)(56)
As Previously Reported
Inventory [Line Items]
Cost of goods sold (exclusive of expenses below)1,327
Operating income152
Income before income taxes91
Provision for income taxes31
Net income60
Net Income (Loss) Attributable to Parent $ 60
Basic $ 0.55
Diluted $ 0.55
Comprehensive income $ 85
Comprehensive income attributable to Arconic Corporation85
Deferred income taxes26
(Increase) in inventories(74)
Effect of Change
Inventory [Line Items]
Cost of goods sold (exclusive of expenses below)18
Operating income(18)
Income before income taxes(18)
Provision for income taxes(4)
Net income(14)
Net Income (Loss) Attributable to Parent $ (14)
Basic $ (0.13)
Diluted $ (0.13)
Comprehensive income $ (14)
Comprehensive income attributable to Arconic Corporation(14)
Deferred income taxes(4)
(Increase) in inventories $ 18
Parent Company Net Investment $ 245

Leases_ (Details)

Leases​ (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Leases [Abstract]
Lease cost $ 16 $ 15
Right-of-use asset obtained in exchange for operating lease liability5 $ 9
Operating Lease Obligation
202134 $ 43
202235 34
202327 26
202420 20
202516 16
Thereafter40 41
Total lease payments172 180
Less: imputed interest30 33
Present value of lease liabilities $ 142 $ 147
Weighted-average remaining lease term6 years 4 months 24 days6 years 7 months 6 days
Weighted-average discount rate5.90%5.90%

Debt (Details)

Debt (Details) - USD ($)Mar. 03, 2021May 13, 2020Apr. 02, 2020Apr. 01, 2020Mar. 25, 2020Feb. 07, 2020Feb. 05, 2020Mar. 25, 2020Mar. 31, 2021May 13, 2020Mar. 31, 2020Dec. 31, 2020
Debt Instrument [Line Items]
Debt instrument, face amount $ 1,200,000,000
Proceeds from debt issuance $ 1,168,000,000 $ 319,000,000 $ 1,200,000,000
Separation payment to former parent company (A) $ 728,000,000
Cash $ 500,000,000 $ 60,000,000
Senior Secured Notes
Debt Instrument [Line Items]
Fixed interest rate6.125%
Senior Secured Loans
Debt Instrument [Line Items]
Debt Instrument, Unamortized Premium $ 19,000,000
Unamortized Debt Issuance Expense5,000,000
Second-Lien Notes due 2028, 6.125% | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, face amount $ 300,000,000 $ 600,000,000
Debt Instrument, Interest Rate, Increase (Decrease)106.25%
Proceeds from debt issuance $ 593,000,000
Debt, carrying value1,592,000,000 $ 1,278,000,000
Debt, fair value1,716,000,000 1,399,000,000
Second-Lien Notes due 2028, 6.125% | Senior Secured Loans
Debt Instrument [Line Items]
Proceeds from debt issuance $ 315,000,000
First-Lien Term B Loan Facility
Debt Instrument [Line Items]
Debt Issuance Costs, Net $ 30,000,000 $ 30,000,000 14,000,000
Write off of Deferred Debt Issuance Cost16,000,000 $ 19,000,000
First-Lien Term B Loan Facility | Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, face amount600,000,000 600,000,000
Proceeds from debt issuance $ 575,000,000
Debt instrument, term7 years
Repayments of Long-term Debt $ 600,000,000
First-Lien Revolving Credit Facility
Debt Instrument [Line Items]
Debt Issuance Costs, Net $ 30,000,000 30,000,000 14,000,000
Write off of Deferred Debt Issuance Cost16,000,000 19,000,000
First-Lien Revolving Credit Facility | Senior Secured Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount $ 1,000 1,000
Debt instrument, term5 years
Proceeds from revolving credit facility $ 500,000,000
Repayments of Long-term Debt500,000,000
First-Lien Revolving Credit Facility | Senior Secured Credit Facility | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate2.00%
First-Lien Notes due 2025, 6.000%
Debt Instrument [Line Items]
Debt Issuance Costs, Net15,000,000 12,000,000 15,000,000
Write off of Deferred Debt Issuance Cost3,000,000 19,000,000
First-Lien Notes due 2025, 6.000% | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, face amount $ 700,000,000 $ 700,000,000
Fixed interest rate6.00%6.00%
Proceeds from debt issuance $ 691,000,000
Debt, carrying value1,592,000,000 1,278,000,000
Debt, fair value1,716,000,000 $ 1,399,000,000
ABL Credit Agreement
Debt Instrument [Line Items]
Debt Issuance Costs, Net15,000,000 12,000,000 $ 15,000,000
Write off of Deferred Debt Issuance Cost3,000,000 19,000,000
ABL Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity800,000,000 800,000,000
Revolving credit facility, additional borrowing capacity, accordion feature $ 350,000,000 $ 350,000,000
Line of Credit Facility, Remaining Borrowing Capacity $ 773,000,000
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

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in MillionsMar. 01, 2020USD ($)employeeDec. 31, 2020USD ($)May 31, 2020USD ($)Feb. 28, 2020USD ($)Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)Dec. 31, 2019USD ($)Feb. 01, 2020USD ($)employee
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sales $ 1,675 $ 1,611
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
Payments To Settle Working Capital And Other Adjustments Related To Disposal $ 4
Gain (loss) on sale60
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down $ 6 $ 53
Proceeds from Divestiture of Businesses $ 1
Total sales $ 143
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
Write-off of goodwill $ 6
Proceeds from Divestiture of Businesses $ 1
Total sales $ 51
Number of employees | employee160

Contingencies and Commitments_

Contingencies and Commitments​ (Details) $ in MillionsDec. 23, 2020claimantdefendantJun. 26, 2020claimantJun. 12, 2020USD ($)firefighterpolice_officerclaimantJun. 11, 2020firefighterMar. 17, 2020subsidiaryJun. 06, 2019plaintiffSep. 15, 2017executiveJun. 30, 2019USD ($)Mar. 31, 2021USD ($)Mar. 31, 2018requestFeb. 23, 2021firefighterFeb. 23, 2021firefighterDec. 31, 2017requestDec. 31, 2020USD ($)
Site Contingency [Line Items]
Environmental remediation | $ $ 138 $ 156
Environmental remediation, current | $79 90
Environmental remediation, payments | $17
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Other Items | $1
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Birnberg Peirce Ltd | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs118 4
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Howe & Co Solicitors | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs2
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Russell-Cooke LLP | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs24 3
Grenfell Tower Fire, Survivors And Estates Of Decedents | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Loss Contingency, Number of Defendants | defendant23
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Deighton Pierce Glynn | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs7
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By SMQ Legal Services | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs5
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Scott Moncrieff | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs4
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Saunders Law | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs6
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Imran Khan And Partners | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs40
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Howe And Co | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs67
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Hodge Jones And Allen Solicitor | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs114
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Hickman And Rose | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs19
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Duncan Lewis Solicitors | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs5
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Bindmans LLP | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs341
Grenfell Tower Fire, Survivors And Estates Of Decedents, Represented By Bhatt Murphy Ltd | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs82
Grenfell Tower Fire, Emergency Responders, Represented By Thompsons Solicitors | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs | firefighter80
Loss Contingency, Number Of Additional Plaintiffs | firefighter5
Grenfell Tower Fire, Emergency Responders, Represented By Penningtons Manches Cooper LLP | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs | police_officer27
Grenfell Tower Fire, Emergency Responders, Represented By Pattinson And Brewer | Damage from Fire, Explosion or Other Hazard
Site Contingency [Line Items]
Number of plaintiffs | firefighter2
Loss, Contingency, Number Of Plaintiffs Withdrawn | firefighter1
Behrens v. Arconic
Site Contingency [Line Items]
Number of plaintiffs | plaintiff247
Sullivan v. Arconic
Site Contingency [Line Items]
Number of former executives | executive3
Airbus Matters | Damages from Product Defects
Site Contingency [Line Items]
Loss Contingency, New Claims Filed, Number | request3 3
Loss Contingency, Damages Sought, Value | $ $ 200
Federal Antimonopoly Services Of The Russian Federation Litigation | Unfavorable Regulatory Action
Site Contingency [Line Items]
Loss Contingency, Number Of Subsidiaries | subsidiary2
Massena West, NY
Site Contingency [Line Items]
Environmental remediation | $ $ 99 $ 115
Environmental remediation, additions | $ $ (25)

Subsequent Events_ (Details)

Subsequent Events​ (Details) $ in Millions1 Months Ended3 Months Ended24 Months Ended
Apr. 30, 2021planparticipantMar. 31, 2021participantApr. 01, 2023USD ($)
Subsequent events | Common stock
Subsequent Event [Line Items]
Stock Repurchase Program, Maximum Dollar Amount Authorized to be Repurchased | $ $ 300
UNITED STATES | Pension benefits
Subsequent Event [Line Items]
Defined Benefit Plan, Number Of Participants23,000
UNITED STATES | Pension benefits | Subsequent events
Subsequent Event [Line Items]
Defined Benefit Plan, Number Of Participants8,400
Defined Benefit Plan, Number Of Pension Plans | plan2