v3.20.1

Income Taxes​ | 3 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes​ Arconic Corporation’s year-to-date tax provision is comprised of the most recent estimated annual effective tax rate applied to year-to-date pretax ordinary income. The tax impacts of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are recorded discretely in the interim period in which they occur. In addition, the tax provision is adjusted for the interim period impact of non-benefited pretax losses. For the first quarter of 2020 and 2019, the estimated annual effective tax rate (the “ETR”) before discrete items, applied to ordinary income was 28.6% and 36.4%, respectively. The ETR for 2020 was higher than the U.S. federal statutory rate of 21.0% primarily due to nondeductible transaction costs, the state tax impact of domestic taxable income, and foreign income taxed in higher rate jurisdictions. The ETR for 2019 was higher than the U.S. federal statutory rate of 21.0% primarily due to estimated U.S. tax on Global Intangible Low-Taxed Income, the state tax impact of domestic taxable income, nondeductible transaction costs, and foreign income taxed in higher rate jurisdictions. Including discrete items, the tax rate for the first quarter of 2020 and 2019 was 34.1% and 37.9%, respectively. The tax provisions for the first quarter ended March 31, 2020 and 2019 were comprised of the following components:
First quarter ended March 31, | ​ | 2020 | ​ | 2019
Pretax income at estimated annual effective income tax rate before discrete items | ​ | $ | 26 |  |  | $ | 24 |
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized* | ​ | 1 |  |  | (1 | )
Other discrete items | ​ | 4 |  |  | 2 |
Provision for income taxes | ​ | $ | 31 |  |  | $ | 25 |
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* | The interim period impact related to operational losses in foreign jurisdictions for which no tax benefit is recognized will reverse by the end of the calendar year.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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