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Debt | 9 Months Ended
--- | ---
Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt | L. Debt
|  | September 30, 2017 |  |  | December 31, 2016 |
6.50% Bonds, due 2018 |  | $ | — |  |  | $ | 250 |
6.75% Notes, due 2018 |  |  | — |  |  |  | 750 |
5.72% Notes, due 2019 |  |  | 500 |  |  |  | 750 |
1.63% Convertible Notes, due 2019* |  |  | 403 |  |  |  | 403 |
6.150% Notes, due 2020 |  |  | 1,000 |  |  |  | 1,000 |
5.40% Notes due 2021 |  |  | 1,250 |  |  |  | 1,250 |
5.87% Notes, due 2022 |  |  | 627 |  |  |  | 627 |
5.125% Notes, due 2024 |  |  | 1,250 |  |  |  | 1,250 |
5.90% Notes, due 2027 |  |  | 625 |  |  |  | 625 |
6.75% Bonds, due 2028 |  |  | 300 |  |  |  | 300 |
5.95% Notes, due 2037 |  |  | 625 |  |  |  | 625 |
Iowa Finance Authority Loan, due 2042 |  |  | 250 |  |  |  | 250 |
Other** |  |  | (27 | ) |  |  | (32 | )
Total debt |  |  | 6,803 |  |  |  | 8,048 |
Less: amount due within one year |  |  | 1 |  |  |  | 4 |
Total long-term debt |  | $ | 6,802 |  |  | $ | 8,044 |
* | Amount was assumed in conjunction with the July 2015 acquisition of RTI International Metals, Inc.
** | Includes various financing arrangements related to subsidiaries, unamortized debt discounts related to outstanding notes and bonds listed in the table above, an equity option related to the convertible notes due in 2019, adjustments to the carrying value of long-term debt related to an interest rate swap contract accounted for as a fair value hedge, and unamortized debt issuance costs.
Public Debt – In April 2017, the Company announced three separate cash tender offers by the Investment Banks for the purchase of the Company’s 6.50% Bonds due 2018 (the “6.50% Bonds”), 6.75% Notes due 2018 (the “6.75% Notes”), and 5.72% Notes due 2019 (the “5.72% Notes”), up to a maximum purchase amount of $1,000 aggregate principal amount of notes, subject to certain conditions. The Investment Banks purchased notes totaling $805 aggregate principal amount, including $150 aggregate principal amount of 6.50% Bonds, $405 aggregate principal amount of 6.75% Notes, and $250 aggregate principal amount of $5.72% Notes. During the second quarter of 2017, the Company agreed to acquire the notes from the Investment Banks for $409 in cash plus its remaining investment in Alcoa Corporation common stock (12,958,767 shares valued at $35.91 per share) for total consideration of $874 including accrued and unpaid interest. The Company recorded a charge of $58 ($27 in cash) primarily for the premium for the early redemption of the notes, a benefit of $8 for the proceeds of a related interest rate swap agreement, and a charge of $2 for legal fees associated with the transaction in Interest expense, and recorded a gain of $167 in Other income, net in the accompanying Statement of Consolidated Operations for the nine months ended September 30, 2017 for the Debt-for-Equity Exchange. On June 19, 2017, the Company completed the early redemption of its remaining outstanding 6.50% Bonds, with aggregate principal amount of $100, and its remaining outstanding 6.75% Notes, with aggregate principal amount of $345, for $479 in cash including accrued and unpaid interest. As a result of the early redemption of the 6.50% Bonds and 6.75% Notes, the Company recorded a charge of $24 in Interest expense in the accompanying Statement of Consolidated Operations for the nine months ended September 30, 2017 for the premium paid for the early redemption of these notes in excess of their carrying value.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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