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Revenue from Contracts with Customers | 9 Months Ended
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Sep. 30, 2018
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company's contracts with customers are comprised of acknowledged purchase orders incorporating the Company’s standard terms and conditions, or for larger customers, may also generally include terms under negotiated multi-year agreements. These contracts with customers typically consist of the manufacture of products which represent single performance obligations that are satisfied upon transfer of control of the product to the customer. The Company produces fastening systems; seamless rolled rings; investment castings, including airfoils and forged jet engine components; extruded, machined and formed aircraft parts; aluminum sheet and plate; integrated aluminum structural systems; architectural extrusions; and forged aluminum commercial vehicle wheels. Transfer of control is assessed based on alternative use of the products we produce and our enforceable right to payment for performance to date under the contract terms. Transfer of control and revenue recognition generally occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms vary across all businesses and depend on the product, the country of origin, and the type of transportation (truck, train, or vessel). An invoice for payment is issued at time of shipment. The Company’s objective is to have net 30-day terms. Our business units set commercial terms on which Arconic sells products to its customers. These terms are influenced by industry custom, market conditions, product line (specialty versus commodity products), and other considerations. The following table disaggregates revenue by major end market served. Differences between segment totals and consolidated Arconic are in Corporate. In the nine months ended September 30, 2018, Corporate included $38 of costs related to settlements of certain customer claims primarily related to product introductions.
| Engineered Products and Solutions |  | Global Rolled Products |  | Transportation and Construction Solutions |  | Total Segment
Third quarter ended September 30, 2018 |  |  |  |  |  |  |
Aerospace | $ | 1,244 |  |  | $ | 220 |  |  | $ | — |  |  | $ | 1,464 |
Transportation | 110 |  |  | 625 |  |  | 237 |  |  | 972 |
Building and construction | — |  |  | 59 |  |  | 293 |  |  | 352 |
Industrial and Other | 212 |  |  | 522 |  |  | — |  |  | 734 |
Total end-market revenue | $ | 1,566 |  |  | $ | 1,426 |  |  | $ | 530 |  |  | $ | 3,522 |
Third quarter ended September 30, 2017 |  |  |  |  |  |  |
Aerospace | $ | 1,130 |  |  | $ | 214 |  |  | $ | — |  |  | $ | 1,344 |
Transportation | 98 |  |  | 490 |  |  | 214 |  |  | 802 |
Building and construction | — |  |  | 56 |  |  | 286 |  |  | 342 |
Industrial and Other | 249 |  |  | 474 |  |  | 23 |  |  | 746 |
Total end-market revenue | $ | 1,477 |  |  | $ | 1,234 |  |  | $ | 523 |  |  | $ | 3,234 |
Nine months ended September 30, 2018 |  |  |  |  |  |  |
Aerospace | $ | 3,675 |  |  | $ | 645 |  |  | $ | — |  |  | $ | 4,320 |
Transportation | 326 |  |  | 1,835 |  |  | 733 |  |  | 2,894 |
Building and construction | — |  |  | 167 |  |  | 875 |  |  | 1,042 |
Industrial and Other | 702 |  |  | 1,596 |  |  | 21 |  |  | 2,319 |
Total end-market revenue | $ | 4,703 |  |  | $ | 4,243 |  |  | $ | 1,629 |  |  | $ | 10,575 |
Nine months ended September 30, 2017 |  |  |  |  |  |  |
Aerospace | $ | 3,426 |  |  | $ | 670 |  |  | $ | — |  |  | $ | 4,096 |
Transportation | 288 |  |  | 1,458 |  |  | 587 |  |  | 2,333 |
Building and construction | — |  |  | 156 |  |  | 831 |  |  | 987 |
Industrial and Other | 735 |  |  | 1,469 |  |  | 65 |  |  | 2,269 |
Total end-market revenue | $ | 4,449 |  |  | $ | 3,753 |  |  | $ | 1,483 |  |  | $ | 9,685 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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