v3.20.2

Pension and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Schedule of Expenses Related to Pension and Other Postretirement Benefits

The following table summarizes the total expenses (excluding settlements and curtailments) recognized by Arconic Corporation related to the pension and other postretirement benefits described above:

​			​			​						Pension benefits																																										Other postretirement benefits
​			​			​						Second quarter ended June 30,																		Six months ended June 30,																		Second quarter ended June 30,																		Six months ended June 30,
Type of Plan			​			Type of Expense						2020			​			2019						2020			​			2019						2020			​			2019						2020			​			2019
Cumulative Direct Plans			​			Net periodic benefit cost						$	18					$	2					$	39					$	3					$	6					$	—					$	12					$	—
Shared Plans			​			Multiemployer contribution						—						14						—						30						—						6						—						11
Shared Plans			​			Cost allocation						—						5						(1)						10						—						1						—						2
​			​			​						$	18					$	21					$	38					$	43					$	6					$	7					$	12					$	13

Schedule of Components of Net Periodic Benefit Cost Classified as Direct Plans

The components of net periodic benefit cost for defined benefit plans classified as Cumulative Direct Plans were as follows:

						Second quarter ended June 30,																		Six months ended June 30,
						2020			​			2019			​			2020			​			2019
Pension benefits
Service cost						$	5					$	1					$	10					$	1
Interest cost						28						1						54						2
Expected return on plan assets						(45)						(1)						(85)						(2)
Recognized net actuarial loss						31						1						61						2
Amortization of prior service benefit						(1)						—						(1)						—
Settlement						55						—						55						—
Net periodic benefit cost*						$	73					$	2					$	94					$	3
Other postretirement benefits
Service cost						$	1					$	—					$	2					$	—
Interest cost						4						—						8						—
Recognized net actuarial loss						1						—						3						—
Amortization of prior service benefit						—						—						(1)						—
Net periodic benefit cost*						$	6					$	—					$	12					$	—

​

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* Service cost was included within Cost of goods sold, Settlement was included within Restructuring and other charges, and all other components were included in Other expenses (income), net on the accompanying Statement of Consolidated Operations.

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
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