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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
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
First quarter ended March 31, 2024 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 885 |  |  | $ | 389 |  |  | $ | 262 |  |  | $ | 288 |  |  | $ | 1,824 |
Inter-segment sales | 2 |  |  | — |  |  | 1 |  |  | — |  |  | 3 |
Total sales | $ | 887 |  |  | $ | 389 |  |  | $ | 263 |  |  | $ | 288 |  |  | $ | 1,827 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 33 |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | 10 |  |  | $ | 65 |
Segment Adjusted EBITDA | 249 |  |  | 92 |  |  | 37 |  |  | 82 |  |  | 460 |
Capital expenditures | 55 |  |  | 7 |  |  | 6 |  |  | 12 |  |  | 80 |
First quarter ended March 31, 2023 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 795 |  |  | $ | 312 |  |  | $ | 207 |  |  | $ | 289 |  |  | $ | 1,603 |
Inter-segment sales | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Total sales | $ | 797 |  |  | $ | 312 |  |  | $ | 207 |  |  | $ | 289 |  |  | $ | 1,605 |
Profit and loss: |  |  |  |  |  |  |  |  |
Provision for depreciation and amortization | $ | 32 |  |  | $ | 11 |  |  | $ | 12 |  |  | $ | 9 |  |  | $ | 64 |
Segment Adjusted EBITDA | 212 |  |  | 58 |  |  | 30 |  |  | 79 |  |  | 379 |
Restructuring and other charges | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Capital expenditures | 33 |  |  | 9 |  |  | 10 |  |  | 9 |  |  | 61 |
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.
| First quarter ended |  |
| March 31, |  |
| 2024 |  | 2023 |  |  |  |
Total Segment Adjusted EBITDA | $ | 460 |  |  | $ | 379 |  |  |  |  |
Segment provision for depreciation and amortization | (65) |  |  | (64) |  |  |  |  |
Unallocated amounts: |  |  |  |  |  |  |
Restructuring and other charges | — |  |  | (1) |  |  |  |  |
Corporate expense | (26) |  |  | (29) |  |  |  |  |
Operating income | $ | 369 |  |  | $ | 285 |  |  |  |  |
Loss on debt redemption | — |  |  | (1) |  |  |  |  |
Interest expense, net | (49) |  |  | (57) |  |  |  |  |
Other expense, net | (17) |  |  | (7) |  |  |  |  |
Income before income taxes | $ | 303 |  |  | $ | 220 |  |  |  |  |
Schedule of Reconciliation of Capital Expenditures from Segments to Consolidated Cash Flows | The following table reconciles total segment capital expenditures with Capital expenditures as presented in the Statement of Consolidated Cash Flows.
| First quarter ended |  |
| March 31, |  |
| 2024 |  | 2023 |  |  |  |
Total segment capital expenditures | $ | 80 |  |  | $ | 61 |  |  |  |  |
Corporate | 2 |  |  | 3 |  |  |  |  |
Capital expenditures | $ | 82 |  |  | $ | 64 |  |  |  |  |
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
First quarter ended March 31, 2024 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 492 |  |  | $ | 244 |  |  | $ | 192 |  |  | $ | — |  |  | $ | 928 |
Aerospace - Defense | 185 |  |  | 39 |  |  | 56 |  |  | — |  |  | 280 |
Commercial Transportation | — |  |  | 66 |  |  | — |  |  | 288 |  |  | 354 |
Industrial and Other | 208 |  |  | 40 |  |  | 14 |  |  | — |  |  | 262 |
Total end-market revenue | $ | 885 |  |  | $ | 389 |  |  | $ | 262 |  |  | $ | 288 |  |  | $ | 1,824 |
First quarter ended March 31, 2023 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 432 |  |  | $ | 170 |  |  | $ | 152 |  |  | $ | — |  |  | $ | 754 |
Aerospace - Defense | 163 |  |  | 44 |  |  | 44 |  |  | — |  |  | 251 |
Commercial Transportation | — |  |  | 63 |  |  | — |  |  | 289 |  |  | 352 |
Industrial and Other | 200 |  |  | 35 |  |  | 11 |  |  | — |  |  | 246 |
Total end-market revenue | $ | 795 |  |  | $ | 312 |  |  | $ | 207 |  |  | $ | 289 |  |  | $ | 1,603 |

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