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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Operating Results of Arconic's Reportable Segments | The operating results of the Company’s reportable segments were as follows:
| Engine Products |  | Fastening Systems |  | Engineered Structures |  | Forged Wheels |  | Total Segment
Third quarter ended September 30, 2022 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 683 |  |  | $ | 291 |  |  | $ | 193 |  |  | $ | 266 |  |  | $ | 1,433 |
Inter-segment sales | 1 |  |  | — |  |  | 3 |  |  | — |  |  | 4 |
Total sales | $ | 684 |  |  | $ | 291 |  |  | $ | 196 |  |  | $ | 266 |  |  | $ | 1,437 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 31 |  |  | $ | 11 |  |  | $ | 12 |  |  | $ | 10 |  |  | $ | 64 |
Segment Adjusted EBITDA | 186 |  |  | 64 |  |  | 28 |  |  | 64 |  |  | 342 |
Restructuring and other charges | 2 |  |  | — |  |  | 1 |  |  | — |  |  | 3 |
Capital expenditures | 23 |  |  | 7 |  |  | 3 |  |  | 6 |  |  | 39 |
Third quarter ended September 30, 2021 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 599 |  |  | $ | 254 |  |  | $ | 199 |  |  | $ | 231 |  |  | $ | 1,283 |
Inter-segment sales | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 2 |
Total sales | $ | 600 |  |  | $ | 254 |  |  | $ | 200 |  |  | $ | 231 |  |  | $ | 1,285 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 31 |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | 10 |  |  | $ | 65 |
Segment Adjusted EBITDA | 151 |  |  | 59 |  |  | 26 |  |  | 72 |  |  | 308 |
Restructuring and other charges | 5 |  |  | 3 |  |  | — |  |  | — |  |  | 8 |
Capital expenditures | 21 |  |  | 8 |  |  | 3 |  |  | 15 |  |  | 47 |
| Engine Products |  | Fastening Systems |  | Engineered Structures |  | Forged Wheels |  | Total Segment
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 1,966 |  |  | $ | 832 |  |  | $ | 560 |  |  | $ | 792 |  |  | $ | 4,150 |
Inter-segment sales | 3 |  |  | — |  |  | 5 |  |  | — |  |  | 8 |
Total sales | $ | 1,969 |  |  | $ | 832 |  |  | $ | 565 |  |  | $ | 792 |  |  | $ | 4,158 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 93 |  |  | $ | 34 |  |  | $ | 36 |  |  | $ | 30 |  |  | $ | 193 |
Segment Adjusted EBITDA | 538 |  |  | 176 |  |  | 77 |  |  | 206 |  |  | 997 |
Restructuring and other charges (credits) | 9 |  |  | (3) |  |  | 4 |  |  | — |  |  | 10 |
Capital expenditures | 74 |  |  | 30 |  |  | 12 |  |  | 20 |  |  | 136 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 1,677 |  |  | $ | 788 |  |  | $ | 535 |  |  | $ | 687 |  |  | $ | 3,687 |
Inter-segment sales | 3 |  |  | — |  |  | 4 |  |  | — |  |  | 7 |
Total sales | $ | 1,680 |  |  | $ | 788 |  |  | $ | 539 |  |  | $ | 687 |  |  | $ | 3,694 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 92 |  |  | $ | 37 |  |  | $ | 37 |  |  | $ | 29 |  |  | $ | 195 |
Segment Adjusted EBITDA | 413 |  |  | 179 |  |  | 72 |  |  | 222 |  |  | 886 |
Restructuring and other charges | 15 |  |  | 8 |  |  | 1 |  |  | — |  |  | 24 |
Capital expenditures | 48 |  |  | 22 |  |  | 13 |  |  | 37 |  |  | 120 |
Schedule of Segment Reporting Information to Consolidated Income Before income Taxes | The following table reconciles Total Segment Adjusted EBITDA to Income before income taxes. Differences between the total segment and consolidated totals are in Corporate.
| Third quarter ended |  | Nine months ended
| September 30, |  | September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Total Segment Adjusted EBITDA | $ | 342 |  |  | $ | 308 |  |  | $ | 997 |  |  | $ | 886 |
Segment provision for depreciation and amortization | (64) |  |  | (65) |  |  | (193) |  |  | (195) |
Unallocated amounts: |  |  |  |  |  |  |
Restructuring and other charges | (4) |  |  | (8) |  |  | (12) |  |  | (22) |
Corporate expense | (46) |  |  | (30) |  |  | (93) |  |  | (68) |
Operating income | $ | 228 |  |  | $ | 205 |  |  | $ | 699 |  |  | $ | 601 |
Loss on debt redemption | — |  |  | (118) |  |  | (2) |  |  | (141) |
Interest expense, net | (57) |  |  | (63) |  |  | (172) |  |  | (201) |
Other expense, net (Q) | (67) |  |  | (1) |  |  | (67) |  |  | (13) |
Income before income taxes | $ | 104 |  |  | $ | 23 |  |  | $ | 458 |  |  | $ | 246 |
Schedule of Reconciliation of Capital Expenditures from Segments to Consolidated | The following table reconciles total segment capital expenditures with Capital expenditures as presented in the Statement of Consolidated Cash Flows.
| Third quarter ended |  | Nine months ended
| September 30, |  | September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Total segment capital expenditures | $ | 39 |  |  | $ | 47 |  |  | $ | 136 |  |  | $ | 120 |
Corporate | 3 |  |  | — |  |  | 12 |  |  | 18 |
Capital expenditures | $ | 42 |  |  | $ | 47 |  |  | $ | 148 |  |  | $ | 138 |
Schedule of Disaggregation of Revenue by Major End Market Served | The following table disaggregates segment revenue by major market served. Differences between the total segment and consolidated totals are in Corporate.
| Engine Products |  | Fastening Systems |  | Engineered Structures |  | Forged Wheels |  | Total Segment
Third quarter ended September 30, 2022 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 388 |  |  | $ | 156 |  |  | $ | 124 |  |  | $ | — |  |  | $ | 668 |
Aerospace - Defense | 124 |  |  | 43 |  |  | 56 |  |  | — |  |  | 223 |
Commercial Transportation | — |  |  | 63 |  |  | — |  |  | 266 |  |  | 329 |
Industrial and Other | 171 |  |  | 29 |  |  | 13 |  |  | — |  |  | 213 |
Total end-market revenue | $ | 683 |  |  | $ | 291 |  |  | $ | 193 |  |  | $ | 266 |  |  | $ | 1,433 |
Third quarter ended September 30, 2021 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 299 |  |  | $ | 126 |  |  | $ | 118 |  |  | $ | — |  |  | $ | 543 |
Aerospace - Defense | 130 |  |  | 37 |  |  | 65 |  |  | — |  |  | 232 |
Commercial Transportation | — |  |  | 59 |  |  | — |  |  | 231 |  |  | 290 |
Industrial and Other | 170 |  |  | 32 |  |  | 16 |  |  | — |  |  | 218 |
Total end-market revenue | $ | 599 |  |  | $ | 254 |  |  | $ | 199 |  |  | $ | 231 |  |  | $ | 1,283 |
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 1,079 |  |  | $ | 459 |  |  | $ | 341 |  |  | $ | — |  |  | $ | 1,879 |
Aerospace - Defense | 384 |  |  | 112 |  |  | 176 |  |  | — |  |  | 672 |
Commercial Transportation | — |  |  | 169 |  |  | — |  |  | 792 |  |  | 961 |
Industrial and Other | 503 |  |  | 92 |  |  | 43 |  |  | — |  |  | 638 |
Total end-market revenue | $ | 1,966 |  |  | $ | 832 |  |  | $ | 560 |  |  | $ | 792 |  |  | $ | 4,150 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 786 |  |  | $ | 403 |  |  | $ | 277 |  |  | $ | — |  |  | $ | 1,466 |
Aerospace - Defense | 402 |  |  | 120 |  |  | 206 |  |  | — |  |  | 728 |
Commercial Transportation | — |  |  | 154 |  |  | — |  |  | 687 |  |  | 841 |
Industrial and Other | 489 |  |  | 111 |  |  | 52 |  |  | — |  |  | 652 |
Total end-market revenue | $ | 1,677 |  |  | $ | 788 |  |  | $ | 535 |  |  | $ | 687 |  |  | $ | 3,687 |

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