v3.22.2.2

Fair Value Measures and Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | 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 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | 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 |  |  |  |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | 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).

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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