Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Arconic Corporation leases certain land and buildings, plant equipment, vehicles, and computer equipment, which have been classified as operating leases. Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $14 and $16 for the second quarter of 2020 and 2019, respectively, and $29 and $32 for the six-month period of 2020 and 2019, respectively. Right-of-use assets obtained in exchange for operating lease obligations in the 2020 second quarter and six-month period were $23 and $32, respectively. Future minimum contractual operating lease obligations were as follows:
The weighted-average remaining lease term and weighted-average discount rate for Arconic Corporation’s operating leases at June 30, 2020 and December 31, 2019 was 6.9 years and 6.7 years, respectively, and 6.0% and 6.0%, respectively.
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