v3.22.2.2

Fair Value Measures and Disclosures (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Sep. 30, 2022 USD ($) kiloMetricTon MMBTU | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) kiloMetricTon MMBTU | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) MMBTU kiloMetricTon
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative Asset | $ 119 |  |  |  | $ 119 |  | $ 1
Derivative Liability | 0 |  |  |  | 0 |  | 23
Total sales | 2,280 |  | $ 1,890 |  | 7,019 | $ 5,366 |
Cost of goods sold (exclusive of expenses below) | 2,074 |  | 1,676 |  | 6,288 | 4,674 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 78 |  | (66) |  | 136 | (160) |
Realized Gain (Loss) on Cash Flow Hedging Instruments | 100 |  | (49) |  | 1 | (96) |
Unrealized Gain (Loss) on Derivatives | (7) |  | 0 |  | $ 16 | 0 |
Fair Value Disclosures |  |  |  |  | Financial Instruments Amounts designated below as kmt are thousand metric tons and MMBtu are million British thermal units. Fair Value—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: •Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. •Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. •Level 3—Inputs that are both significant to the fair value measurement and unobservable. The respective carrying value and fair value of Arconic’s financial instruments were as follows:
|  | September 30, 2022 |  | December 31, 2021
|  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Cash and cash equivalents |  | $ | 312 |  |  | $ | 312 |  |  | $ | 335 |  |  | $ | 335 |
Hedging instruments and derivatives - assets |  | 136 |  |  | 136 |  |  | 1 |  |  | 1 |
Short-term debt |  | 150 |  |  | 150 |  |  | — |  |  | — |
Hedging instruments and derivatives - liabilities |  | 1 |  |  | 1 |  |  | 23 |  |  | 23 |
Long-term debt |  | 1,596 |  |  | 1,470 |  |  | 1,594 |  |  | 1,692 |
The following methods were used to estimate the fair value of financial instruments: Cash and cash equivalents and Short-term debt. The carrying amounts approximate fair value because of the short maturity of the instruments. The fair value amounts for Cash and cash equivalents were classified in Level 1 of the fair value hierarchy and Short-term debt was classified in Level 2 of the fair value hierarchy. Hedging instruments and derivatives. Arconic is exposed to certain risks relating to its ongoing business operations, including financial, market, political, and economic risks. Information regarding the Company’s exposure to the risks of changing commodity prices is described below. Arconic’s commodity and hedging activities are subject to the management, direction, and control of the Strategic Risk Management Committee (SRMC), which consists of at least three members, including the Company’s chief executive officer and chief financial officer. The remaining member(s) are other Arconic officers and/or employees as the chief executive officer may designate from time to time. Currently, the only other member of the SRMC is the Company’s treasurer. The SRMC meets on a periodic basis to review hedging positions and strategy and reports to the Audit and Finance Committee of Arconic’s Board of Directors on the scope of its activities. The Company’s hedging instruments are held for purposes other than trading. They are used primarily to mitigate uncertainty and volatility, and to cover underlying exposures. Specifically, these instruments hedge forward sale commitments for aluminum and forward purchase commitments for aluminum, natural gas, and certain alloying materials. Arconic is not involved in trading activities for energy, weather derivatives, or other nonexchange commodity trading activities. The fair value of the Company’s hedging instruments was based on quoted market prices (e.g., aluminum prices on the 10-year London Metal Exchange forward curve) and were classified in Level 1 of the fair value hierarchy. Most of these instruments are comprised of those that were designated as cash flow hedges while the remainder are marked-to-market as they do not qualify for hedge accounting. The following table presents the fair value and amount of underlying by type for all hedging instruments:
|  | September 30, 2022 |  | December 31, 2021
Assets |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Aluminum |  | $ | 109 |  |  | 230 |  | kmt |  | $ | — |  |  | — |  |
Energy |  | 10 |  |  | 8.6 |  | MMBtu |  | — |  |  | — |  |
Alloying materials |  | (4) |  |  | 5 |  | kmt |  | — |  |  | — |  |
Marked-to-market |  |  |  |  |  |  |  |  |  |
Aluminum |  | 1 |  |  | 17 |  | kmt |  | 1 |  |  | 14 |  | kmt
Energy |  | 3 |  |  | 0.2 |  | MMBtu |  | — |  |  | — |  |
|  | $ | 119 |  |  |  |  |  | $ | 1 |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Aluminum |  | $ | — |  |  | — |  |  |  | $ | 18 |  |  | 251 |  | kmt
Energy |  | — |  |  | — |  |  |  | 2 |  |  | 3.3 |  | MMBtu
Alloying materials |  | — |  |  | — |  |  |  | — |  |  | — |  | kmt
Marked-to-market |  |  |  |  |  |  |  |  |  |
Aluminum |  | — |  |  | — |  |  |  | 3 |  |  | 19 |  | kmt
|  | $ | — |  |  |  |  |  | $ | 23 |  |  |  |
The following table presents the unrealized and realized gains and losses associated with those hedging instruments designated as cash flow hedges:
|  | Third quarter ended September 30, |  | Nine months ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Unrealized |  |  |  |  |  |  |  |
Other comprehensive loss |  |  |  |  |  |  |  |
Aluminum |  | $ | 66 |  |  | $ | (66) |  |  | $ | 113 |  |  | $ | (161) |
Energy |  | 14 |  |  | — |  |  | 27 |  |  | — |
Alloying materials |  | (2) |  |  | — |  |  | (4) |  |  | 1 |
|  | $ | 78 |  |  | $ | (66) |  |  | $ | 136 |  |  | $ | (160) |
Realized* |  |  |  |  |  |  |  |
Sales |  |  |  |  |  |  |  |
Aluminum |  | $ | 90 |  |  | $ | (52) |  |  | $ | (17) |  |  | $ | (104) |
Cost of goods sold |  |  |  |  |  |  |  |
Aluminum |  | (3) |  |  | (2) |  |  | (4) |  |  | (6) |
Energy |  | (8) |  |  | — |  |  | (15) |  |  | — |
Alloying materials |  | 1 |  |  | (1) |  |  | 1 |  |  | (2) |
|  | $ | 100 |  |  | $ | (49) |  |  | $ | 1 |  |  | $ | (96) |
__________________ * In all periods presented, these amounts were reclassified from Accumulated other comprehensive loss (see Note K). For hedging instruments that do not qualify for hedge accounting, in the 2022 third quarter and nine-month period, the Company recognized both an unrealized loss of $5 and an unrealized gain of $1, respectively, and a realized gain of $3 and $5, respectively, in Sales for aluminum, and an unrealized loss of $1 and an unrealized gain of $2, respectively, and a realized gain of $2 (both periods) in Cost of goods sold for energy. Unrealized and realized impacts were not material in the 2021 third quarter and nine-month period. The disclosures with respect to commodity price risk do not consider the underlying commitments or anticipated transactions. If the underlying items were included, the gains or losses on the hedging instruments may be offset. Actual results will be determined by several factors that are not under Arconic’s control and could vary significantly from those factors disclosed. The Company is exposed to credit loss in the event of nonperformance by counterparties on the above instruments, as well as credit or performance risk with respect to its hedged customers’ commitments. Arconic does not anticipate nonperformance by any of these parties. Contracts are with creditworthy counterparties and are further supported by cash or irrevocable letters of credit issued by carefully chosen banks. In addition, master netting arrangements are in place with counterparties to facilitate settlement of gains and losses on these contracts. Separately, Arconic has three natural gas supply contracts that are treated as derivatives for accounting purposes as they failed to qualify for the normal purchase normal sale exception due to net settlement provisions. These derivatives also do not qualify for hedge accounting. The Company does not have a regular practice of entering into contracts that are treated as derivatives for accounting purposes. As of September 30, 2022, Arconic’s derivatives classified as assets and liabilities consisted of $16 (9.1 MMBtu) and $1 (6.0 MMBtu), respectively. Additionally, in the 2022 third quarter and nine-month period, the Company recognized an unrealized loss of $5 and an unrealized gain of $15, respectively, in Cost of goods sold for these derivatives (see Note A). Long-term debt. The fair value was based on quoted market prices for public debt and was classified in Level 2 of the fair value hierarchy. |  |
Designated as Hedging Instrument | Commodity Contract | Cash Flow Hedging |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative Asset | (4) |  |  |  | $ (4) |  | 0
Derivative Liability | 0 |  |  |  | 0 |  | $ 0
Designated as Hedging Instrument | Commodity Contract | Cash Flow Hedging | Other Comprehensive Income (Loss) |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ (2) |  | 0 |  | $ (4) | 1 |
Designated as Hedging Instrument | Commodity Contract | Cash Flow Hedging | Other Assets |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | kiloMetricTon | 5 |  |  |  | 5 |  | 0
Designated as Hedging Instrument | Commodity Contract | Cash Flow Hedging | Other Liabilities |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | kiloMetricTon | 0 |  |  |  | 0 |  | 0
Designated as Hedging Instrument | Commodity Contract | Cash Flow Hedging | Cost of Sales |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Realized Gain (Loss) on Cash Flow Hedging Instruments | $ 1 |  | (1) |  | $ 1 | (2) |
Designated as Hedging Instrument | Energy Related Derivative | Cash Flow Hedging |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative Asset | 10 |  |  |  | 10 |  | $ 0
Derivative Liability | 0 |  |  |  | 0 |  | $ 2
Derivative, Nonmonetary Notional Amount | MMBTU |  |  |  |  |  |  | 0
Designated as Hedging Instrument | Energy Related Derivative | Cash Flow Hedging | Other Comprehensive Income (Loss) |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 14 |  | 0 |  | $ 27 | 0 |
Designated as Hedging Instrument | Energy Related Derivative | Cash Flow Hedging | Other Assets |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | MMBTU | 8.6 |  |  |  | 8.6 |  |
Designated as Hedging Instrument | Energy Related Derivative | Cash Flow Hedging | Other Liabilities |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | MMBTU | 0 |  |  |  | 0 |  | 3.3
Designated as Hedging Instrument | Energy Related Derivative | Cash Flow Hedging | Cost of Sales |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Realized Gain (Loss) on Cash Flow Hedging Instruments | $ (8) |  | 0 |  | $ (15) | 0 |
Designated as Hedging Instrument | Aluminum Contract | Cash Flow Hedging |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative Asset | 109 |  |  |  | 109 |  | $ 0
Derivative Liability | 0 |  |  |  | 0 |  | $ 18
Derivative, Nonmonetary Notional Amount | kiloMetricTon |  |  |  |  |  |  | 251
Designated as Hedging Instrument | Aluminum Contract | Cash Flow Hedging | Other Comprehensive Income (Loss) |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 66 |  | (66) |  | $ 113 | (161) |
Designated as Hedging Instrument | Aluminum Contract | Cash Flow Hedging | Other Assets |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | 230 |  |  |  | 230 |  | 0
Designated as Hedging Instrument | Aluminum Contract | Cash Flow Hedging | Other Liabilities |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | kiloMetricTon | 0 |  |  |  | 0 |  |
Designated as Hedging Instrument | Aluminum Contract | Cash Flow Hedging | Sales |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Realized Gain (Loss) on Cash Flow Hedging Instruments | $ 90 |  | (52) |  | $ (17) | (104) |
Designated as Hedging Instrument | Aluminum Contract | Cash Flow Hedging | Cost of Sales |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Realized Gain (Loss) on Cash Flow Hedging Instruments | (3) |  | (2) |  | (4) | (6) |
Not Designated as Hedging Instrument | Energy Related Derivative |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative Asset | $ 3 |  |  |  | $ 3 |  | $ 0
Not Designated as Hedging Instrument | Energy Related Derivative | Other Assets |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | kiloMetricTon | 0.2 |  |  |  | 0.2 |  | 0
Not Designated as Hedging Instrument | Energy Related Derivative | Sales |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Realized Gain (Loss) on Derivatives |  |  |  |  | $ 2 |  |
Not Designated as Hedging Instrument | Energy Related Derivative | Cost of Sales |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Unrealized Gain (Loss) on Derivatives | $ 1 | $ 5 |  | $ 2 | 2 |  | $ 6
Not Designated as Hedging Instrument | Aluminum Contract |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative Asset | 1 |  |  |  | 1 |  | 1
Derivative Liability | $ 0 |  |  |  | $ 0 |  | $ 3
Not Designated as Hedging Instrument | Aluminum Contract | Other Assets |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | kiloMetricTon | 17 |  |  |  | 17 |  | 14
Not Designated as Hedging Instrument | Aluminum Contract | Other Liabilities |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | kiloMetricTon | 0 |  |  |  | 0 |  | 19
Not Designated as Hedging Instrument | Aluminum Contract | Sales |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Realized Gain (Loss) on Derivatives | $ 3 |  |  |  | $ 5 |  |
Unrealized Gain (Loss) on Derivatives | 5 |  |  |  | 1 |  |
Not Designated as Hedging Instrument | Natural Gas Contract |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative Asset | 16 |  |  |  | 16 |  |
Derivative Liability | $ 1 |  |  |  | $ 1 |  |
Not Designated as Hedging Instrument | Natural Gas Contract | Other Assets |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | MMBTU | 9.1 |  |  |  | 9.1 |  |
Not Designated as Hedging Instrument | Natural Gas Contract | Other Liabilities |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Derivative, Nonmonetary Notional Amount | MMBTU | 6.0 |  |  |  | 6.0 |  |
Not Designated as Hedging Instrument | Natural Gas Contract | Cost of Sales |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Unrealized Gain (Loss) on Derivatives | $ 5 |  |  |  | $ 15 |  |
Cash flow hedges |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 78 |  | (66) |  | 136 | (160) |
Amortization of net actuarial loss and prior service cost | (100) |  | 49 |  | (1) | 96 |
Cash flow hedges | Commodity Contract |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Amortization of net actuarial loss and prior service cost | (1) |  | 1 |  | (1) | 2 |
Cash flow hedges | Energy Related Derivative |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Amortization of net actuarial loss and prior service cost | 8 |  | 0 |  | 15 | 0 |
Cash flow hedges | Aluminum Contract |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Amortization of net actuarial loss and prior service cost | 93 |  | $ (50) |  | (13) | $ (98) |
Reported Value Measurement |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Cash and Cash Equivalents, Fair Value Disclosure | 312 |  |  |  | 312 |  | $ 335
Derivative Asset | 136 |  |  |  | 136 |  | 1
Other Short-term Borrowings | 150 |  |  |  | 150 |  | 0
Derivative Liability | 1 |  |  |  | 1 |  | 23
Debt, fair value | 1,596 |  |  |  | 1,596 |  | 1,594
Estimate of Fair Value Measurement |  |  |  |  |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |  |  |  |  |
Cash and Cash Equivalents, Fair Value Disclosure | 312 |  |  |  | 312 |  | 335
Derivative Asset | 136 |  |  |  | 136 |  | 1
Other Short-term Borrowings | 150 |  |  |  | 150 |  | 0
Derivative Liability | 1 |  |  |  | 1 |  | 23
Debt, fair value | $ 1,470 |  |  |  | $ 1,470 |  | $ 1,692

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