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Segment and Geographic Area Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Operating Results and Assets of Arconic's Reportable Segments | The operating results and assets of the Company's reportable segments were as follows:
Year ended | Engine Products |  | Fastening Systems |  | Engineered Structures |  | Forged Wheels |  | Total Segment
2023 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 3,266 |  |  | $ | 1,349 |  |  | $ | 878 |  |  | $ | 1,147 |  |  | $ | 6,640 |
Inter-segment sales | 13 |  |  | — |  |  | 3 |  |  | — |  |  | 16 |
Total sales | $ | 3,279 |  |  | $ | 1,349 |  |  | $ | 881 |  |  | $ | 1,147 |  |  | $ | 6,656 |
Profit and loss: |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 887 |  |  | $ | 278 |  |  | $ | 113 |  |  | $ | 309 |  |  | $ | 1,587 |
Restructuring and other (credits) charges | (2) |  |  | 1 |  |  | 21 |  |  | — |  |  | 20 |
Provision for depreciation and amortization | 130 |  |  | 46 |  |  | 47 |  |  | 39 |  |  | 262 |
Other: |  |  |  |  |  |  |  |  |
Capital expenditures | $ | 112 |  |  | $ | 31 |  |  | $ | 26 |  |  | $ | 36 |  |  | $ | 205 |
Total assets | 4,926 |  |  | 2,749 |  |  | 1,415 |  |  | 724 |  |  | 9,814 |
2022 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 2,698 |  |  | $ | 1,117 |  |  | $ | 790 |  |  | $ | 1,058 |  |  | $ | 5,663 |
Inter-segment sales | 4 |  |  | — |  |  | 6 |  |  | — |  |  | 10 |
Total sales | $ | 2,702 |  |  | $ | 1,117 |  |  | $ | 796 |  |  | $ | 1,058 |  |  | $ | 5,673 |
Profit and loss: |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 729 |  |  | $ | 234 |  |  | $ | 111 |  |  | $ | 278 |  |  | $ | 1,352 |
Restructuring and other charges | 29 |  |  | 8 |  |  | 7 |  |  | 2 |  |  | 46 |
Provision for depreciation and amortization | 125 |  |  | 45 |  |  | 48 |  |  | 40 |  |  | 258 |
Other: |  |  |  |  |  |  |  |  |
Capital expenditures | $ | 94 |  |  | $ | 39 |  |  | $ | 17 |  |  | $ | 28 |  |  | $ | 178 |
Total assets | 4,784 |  |  | 2,661 |  |  | 1,273 |  |  | 701 |  |  | 9,419 |
2021 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 2,282 |  |  | $ | 1,044 |  |  | $ | 725 |  |  | $ | 921 |  |  | $ | 4,972 |
Inter-segment sales | 4 |  |  | — |  |  | 6 |  |  | — |  |  | 10 |
Total sales | $ | 2,286 |  |  | $ | 1,044 |  |  | $ | 731 |  |  | $ | 921 |  |  | $ | 4,982 |
Profit and loss: |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 564 |  |  | $ | 239 |  |  | $ | 103 |  |  | $ | 294 |  |  | $ | 1,200 |
Restructuring and other charges | 74 |  |  | — |  |  | 16 |  |  | — |  |  | 90 |
Provision for depreciation and amortization | 124 |  |  | 49 |  |  | 49 |  |  | 39 |  |  | 261 |
Other: |  |  |  |  |  |  |  |  |
Capital expenditures | $ | 74 |  |  | $ | 42 |  |  | $ | 21 |  |  | $ | 45 |  |  | $ | 182 |
Total assets | 4,663 |  |  | 2,635 |  |  | 1,280 |  |  | 684 |  |  | 9,262 |
The following table reconciles Total segment capital expenditures, which are presented on an accrual basis, with Capital expenditures as presented on the Statement of Consolidated Cash Flows. Differences between the total segment and consolidated totals are in Corporate, including the impact of changes in accrued capital expenditures during the period.
For the year ended December 31, | 2023 |  | 2022 |  | 2021
Total segment capital expenditures | $ | 205 |  |  | $ | 178 |  |  | $ | 182 |
Corporate | 14 |  |  | 15 |  |  | 17 |
Capital expenditures | $ | 219 |  |  | $ | 193 |  |  | $ | 199 |
Schedule of Reconciliation of Certain Segment Information to Consolidated Totals | The following tables reconcile certain segment information to consolidated totals. Differences between the total segment and consolidated totals are in Corporate.
For the year ended December 31, | 2023 |  | 2022 |  | 2021
Sales: |  |  |  |  |
Total segment sales | $ | 6,656 |  |  | $ | 5,673 |  |  | $ | 4,982 |
Elimination of inter-segment sales | (16) |  |  | (10) |  |  | (10) |
Consolidated sales | $ | 6,640 |  |  | $ | 5,663 |  |  | $ | 4,972 |
Schedule of Segment ATOI to Consolidated Net (loss) Income Attributable to Arconic |
For the year ended December 31, | 2023 |  | 2022 |  | 2021
Total Segment Adjusted EBITDA | $ | 1,587 |  |  | $ | 1,352 |  |  | $ | 1,200 |
Segment provision for depreciation and amortization | (262) |  |  | (258) |  |  | (261) |
Unallocated amounts: |  |  |  |  |
Restructuring and other charges | (23) |  |  | (56) |  |  | (90) |
Corporate expense | (99) |  |  | (119) |  |  | (101) |
Operating income | $ | 1,203 |  |  | $ | 919 |  |  | $ | 748 |
Loss on debt redemption | (2) |  |  | (2) |  |  | (146) |
Interest expense, net | (218) |  |  | (229) |  |  | (259) |
Other expense, net (F) | (8) |  |  | (82) |  |  | (19) |
Income before income taxes | $ | 975 |  |  | $ | 606 |  |  | $ | 324 |
Schedule of Segment Reporting Information to Consolidated Assets |
December 31, | 2023 |  | 2022
Assets: |  |  |
Total segment assets | $ | 9,814 |  |  | $ | 9,419 |
Unallocated amounts: |  |  |
Cash and cash equivalents | 610 |  |  | 791 |
Deferred income taxes | 46 |  |  | 54 |
Corporate fixed assets, net | 83 |  |  | 91 |
Fair value of derivative contracts | — |  |  | 6 |
Accounts receivable securitization | (250) |  |  | (250) |
Other | 125 |  |  | 144 |
Consolidated assets | $ | 10,428 |  |  | $ | 10,255 |
Schedule of Geographic Information for Sales | Geographic information for sales was as follows (based upon the destination of the sale):
For the year ended December 31, | 2023 |  | 2022 |  | 2021
Sales: |  |  |  |  |
United States | $ | 3,273 |  |  | $ | 2,928 |  |  | $ | 2,542 |
France | 578 |  |  | 394 |  |  | 330 |
Japan | 378 |  |  | 319 |  |  | 319 |
Germany | 363 |  |  | 292 |  |  | 257 |
United Kingdom | 283 |  |  | 228 |  |  | 213 |
Mexico | 263 |  |  | 235 |  |  | 225 |
Italy | 220 |  |  | 180 |  |  | 181 |
Canada | 145 |  |  | 138 |  |  | 127 |
Poland | 130 |  |  | 96 |  |  | 77 |
China | 98 |  |  | 111 |  |  | 71 |
Other | 909 |  |  | 742 |  |  | 630 |
| $ | 6,640 |  |  | $ | 5,663 |  |  | $ | 4,972 |
Schedule of Geographic Information for Long-lived Assets | Geographic information for long-lived tangible assets was as follows (based upon the physical location of the assets):
December 31, | 2023 |  | 2022
Long-lived assets: |  |  |
United States | $ | 1,760 |  |  | $ | 1,793 |
Hungary | 200 |  |  | 193 |
France | 121 |  |  | 114 |
United Kingdom | 120 |  |  | 107 |
Mexico | 71 |  |  | 58 |
Germany | 58 |  |  | 58 |
China | 46 |  |  | 46 |
Other | 80 |  |  | 74 |
| $ | 2,456 |  |  | $ | 2,443 |
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
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 1,798 |  |  | $ | 790 |  |  | $ | 641 |  |  | $ | — |  |  | $ | 3,229 |
Aerospace - Defense | 670 |  |  | 173 |  |  | 172 |  |  | — |  |  | 1,015 |
Commercial Transportation | — |  |  | 255 |  |  | — |  |  | 1,147 |  |  | 1,402 |
Industrial and Other | 798 |  |  | 131 |  |  | 65 |  |  | — |  |  | 994 |
Total end-market revenue | $ | 3,266 |  |  | $ | 1,349 |  |  | $ | 878 |  |  | $ | 1,147 |  |  | $ | 6,640 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 1,495 |  |  | $ | 616 |  |  | $ | 495 |  |  | $ | — |  |  | $ | 2,606 |
Aerospace - Defense | 526 |  |  | 158 |  |  | 239 |  |  | — |  |  | 923 |
Commercial Transportation | — |  |  | 225 |  |  | — |  |  | 1,058 |  |  | 1,283 |
Industrial and Other | 677 |  |  | 118 |  |  | 56 |  |  | — |  |  | 851 |
Total end-market revenue | $ | 2,698 |  |  | $ | 1,117 |  |  | $ | 790 |  |  | $ | 1,058 |  |  | $ | 5,663 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 1,105 |  |  | $ | 537 |  |  | $ | 387 |  |  | $ | — |  |  | $ | 2,029 |
Aerospace - Defense | 523 |  |  | 158 |  |  | 270 |  |  | — |  |  | 951 |
Commercial Transportation | — |  |  | 208 |  |  | — |  |  | 921 |  |  | 1,129 |
Industrial and Other | 654 |  |  | 141 |  |  | 68 |  |  | — |  |  | 863 |
Total end-market revenue | $ | 2,282 |  |  | $ | 1,044 |  |  | $ | 725 |  |  | $ | 921 |  |  | $ | 4,972 |

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