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Other Financial Instruments | 12 Months Ended
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Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Other Financial Instruments | Other Financial Instruments 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.
The carrying values and fair values of Arconic’s financial instruments were as follows:
| 2017 |  | 2016
December 31, | Carrying value | Fair value |  | Carrying value | Fair value
Cash and cash equivalents | $ | 2,150 |  | $ | 2,150 |  |  | $ | 1,863 |  | $ | 1,863 |
Restricted cash | 4 |  | 4 |  |  | 15 |  | 15 |
Derivatives – current asset | 61 |  | 61 |  |  | 14 |  | 14 |
Noncurrent receivables | 20 |  | 20 |  |  | 21 |  | 21 |
Derivatives – noncurrent asset | 33 |  | 33 |  |  | 10 |  | 10 |
Available-for-sale securities | 106 |  | 106 |  |  | 102 |  | 102 |
Investment in common stock of Alcoa Corporation | — |  | — |  |  | 1,020 |  | 1,020 |
Short-term debt | 38 |  | 38 |  |  | 40 |  | 40 |
Derivatives – current liability | 45 |  | 45 |  |  | 5 |  | 5 |
Commercial paper | — |  | — |  |  | — |  | — |
Derivatives – noncurrent liability | 14 |  | 14 |  |  | 3 |  | 3 |
Contingent payment related to an acquisition | — |  | — |  |  | 78 |  | 78 |
Long-term debt, less amount due within one year | 6,806 |  | 7,443 |  |  | 8,044 |  | 8,519 |
The following methods were used to estimate the fair values of financial instruments: Cash and cash equivalents, Restricted cash, Short-term debt, and Commercial paper. The carrying amounts approximate fair value because of the short maturity of the instruments. The fair value amounts for Cash and cash equivalents, Restricted cash, and Commercial paper were classified in Level 1, and Short-term debt was classified in Level 2. Derivatives. The fair value of derivative contracts classified as Level 1 was based on identical unrestricted assets and liabilities. The fair value of derivative contracts classified as Level 2 was based on inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates). Noncurrent receivables. The fair value of noncurrent receivables was based on anticipated cash flows, which approximates carrying value, and was classified in Level 2 of the fair value hierarchy. Available-for-sale securities. The fair value of such securities was based on quoted market prices. These financial instruments consist of exchange-traded fixed income securities, which are carried at fair value and were classified in Level 1 of the fair value hierarchy. Investment in common stock of Alcoa Corporation (see Note C). The fair value was based on the closing stock price of Alcoa Corporation on the New York Stock Exchange at December 31, 2016 multiplied by the number of shares of Alcoa Corporation stock owned by Arconic as of December 31, 2016. This investment was classified in Level 1 of the fair value hierarchy. Contingent payment related to an acquisition (see Note F). The fair value was based on the net present value of expected future cash flows and was classified in Level 3 of the fair value hierarchy. Long-term debt, less amount due within one year. The fair value was based on quoted market prices for public debt and on interest rates that are currently available to Arconic for issuance of debt with similar terms and maturities for non-public debt. The fair value amounts for all Long-term debt were classified in Level 2 of the fair value hierarchy.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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