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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
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
Second quarter ended June 30, 2023 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 821 |  |  | $ | 329 |  |  | $ | 200 |  |  | $ | 298 |  |  | $ | 1,648 |
Inter-segment sales | 5 |  |  | — |  |  | 1 |  |  | — |  |  | 6 |
Total sales | $ | 826 |  |  | $ | 329 |  |  | $ | 201 |  |  | $ | 298 |  |  | $ | 1,654 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 32 |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | 10 |  |  | $ | 66 |
Segment Adjusted EBITDA | 223 |  |  | 64 |  |  | 20 |  |  | 81 |  |  | 388 |
Restructuring and other (credits) charges | (1) |  |  | — |  |  | 5 |  |  | — |  |  | 4 |
Capital expenditures | 21 |  |  | 5 |  |  | 5 |  |  | 7 |  |  | 38 |
Second quarter ended June 30, 2022 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 652 |  |  | $ | 277 |  |  | $ | 185 |  |  | $ | 279 |  |  | $ | 1,393 |
Inter-segment sales | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 2 |
Total sales | $ | 653 |  |  | $ | 277 |  |  | $ | 186 |  |  | $ | 279 |  |  | $ | 1,395 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 31 |  |  | $ | 11 |  |  | $ | 12 |  |  | $ | 10 |  |  | $ | 64 |
Segment Adjusted EBITDA | 179 |  |  | 56 |  |  | 26 |  |  | 75 |  |  | 336 |
Restructuring and other charges | 4 |  |  | — |  |  | 1 |  |  | — |  |  | 5 |
Capital expenditures | 24 |  |  | 8 |  |  | 2 |  |  | 5 |  |  | 39 |
| Engine Products |  | Fastening Systems |  | Engineered Structures |  | Forged Wheels |  | Total Segment
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 1,616 |  |  | $ | 641 |  |  | $ | 407 |  |  | $ | 587 |  |  | $ | 3,251 |
Inter-segment sales | 7 |  |  | — |  |  | 1 |  |  | — |  |  | 8 |
Total sales | $ | 1,623 |  |  | $ | 641 |  |  | $ | 408 |  |  | $ | 587 |  |  | $ | 3,259 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 64 |  |  | $ | 23 |  |  | $ | 24 |  |  | $ | 19 |  |  | $ | 130 |
Segment Adjusted EBITDA | 435 |  |  | 122 |  |  | 50 |  |  | 160 |  |  | 767 |
Restructuring and other (credits) charges | (1) |  |  | — |  |  | 6 |  |  | — |  |  | 5 |
Capital expenditures | 54 |  |  | 14 |  |  | 15 |  |  | 16 |  |  | 99 |
Six months ended June 30, 2022 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 1,283 |  |  | $ | 541 |  |  | $ | 367 |  |  | $ | 526 |  |  | $ | 2,717 |
Inter-segment sales | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 4 |
Total sales | $ | 1,285 |  |  | $ | 541 |  |  | $ | 369 |  |  | $ | 526 |  |  | $ | 2,721 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 62 |  |  | $ | 23 |  |  | $ | 24 |  |  | $ | 20 |  |  | $ | 129 |
Segment Adjusted EBITDA | 352 |  |  | 112 |  |  | 49 |  |  | 142 |  |  | 655 |
Restructuring and other charges (credits) | 7 |  |  | (3) |  |  | 3 |  |  | — |  |  | 7 |
Capital expenditures | 51 |  |  | 23 |  |  | 9 |  |  | 14 |  |  | 97 |
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.
| Second quarter ended |  | Six months ended
| June 30, |  | June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Total Segment Adjusted EBITDA | $ | 388 |  |  | $ | 336 |  |  | $ | 767 |  |  | $ | 655 |
Segment provision for depreciation and amortization | (66) |  |  | (64) |  |  | (130) |  |  | (129) |
Unallocated amounts: |  |  |  |  |  |  |
Restructuring and other charges | (3) |  |  | (6) |  |  | (4) |  |  | (8) |
Corporate expense | (34) |  |  | (25) |  |  | (63) |  |  | (47) |
Operating income | $ | 285 |  |  | $ | 241 |  |  | $ | 570 |  |  | $ | 471 |
Loss on debt redemption | — |  |  | (2) |  |  | (1) |  |  | (2) |
Interest expense, net | (55) |  |  | (57) |  |  | (112) |  |  | (115) |
Other income, net | 13 |  |  | 1 |  |  | 6 |  |  | — |
Income before income taxes | $ | 243 |  |  | $ | 183 |  |  | $ | 463 |  |  | $ | 354 |
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.
| Second quarter ended |  | Six months ended
| June 30, |  | June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Total segment capital expenditures | $ | 38 |  |  | $ | 39 |  |  | $ | 99 |  |  | $ | 97 |
Corporate | 3 |  |  | 5 |  |  | 6 |  |  | 9 |
Capital expenditures | $ | 41 |  |  | $ | 44 |  |  | $ | 105 |  |  | $ | 106 |
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
Second quarter ended June 30, 2023 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 446 |  |  | $ | 184 |  |  | $ | 141 |  |  | $ | — |  |  | $ | 771 |
Aerospace - Defense | 174 |  |  | 46 |  |  | 42 |  |  | — |  |  | 262 |
Commercial Transportation | — |  |  | 62 |  |  | — |  |  | 298 |  |  | 360 |
Industrial and Other | 201 |  |  | 37 |  |  | 17 |  |  | — |  |  | 255 |
Total end-market revenue | $ | 821 |  |  | $ | 329 |  |  | $ | 200 |  |  | $ | 298 |  |  | $ | 1,648 |
Second quarter ended June 30, 2022 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 362 |  |  | $ | 155 |  |  | $ | 108 |  |  | $ | — |  |  | $ | 625 |
Aerospace - Defense | 123 |  |  | 37 |  |  | 63 |  |  | — |  |  | 223 |
Commercial Transportation | — |  |  | 53 |  |  | — |  |  | 279 |  |  | 332 |
Industrial and Other | 167 |  |  | 32 |  |  | 14 |  |  | — |  |  | 213 |
Total end-market revenue | $ | 652 |  |  | $ | 277 |  |  | $ | 185 |  |  | $ | 279 |  |  | $ | 1,393 |
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 878 |  |  | $ | 354 |  |  | $ | 293 |  |  | $ | — |  |  | $ | 1,525 |
Aerospace - Defense | 337 |  |  | 90 |  |  | 86 |  |  | — |  |  | 513 |
Commercial Transportation | — |  |  | 125 |  |  | — |  |  | 587 |  |  | 712 |
Industrial and Other | 401 |  |  | 72 |  |  | 28 |  |  | — |  |  | 501 |
Total end-market revenue | $ | 1,616 |  |  | $ | 641 |  |  | $ | 407 |  |  | $ | 587 |  |  | $ | 3,251 |
Six months ended June 30, 2022 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 691 |  |  | $ | 303 |  |  | $ | 217 |  |  | $ | — |  |  | $ | 1,211 |
Aerospace - Defense | 260 |  |  | 69 |  |  | 120 |  |  | — |  |  | 449 |
Commercial Transportation | — |  |  | 106 |  |  | — |  |  | 526 |  |  | 632 |
Industrial and Other | 332 |  |  | 63 |  |  | 30 |  |  | — |  |  | 425 |
Total end-market revenue | $ | 1,283 |  |  | $ | 541 |  |  | $ | 367 |  |  | $ | 526 |  |  | $ | 2,717 |

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