Leases |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Arconic 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 $13 and $40 in the 2022 third quarter and nine-month period, respectively, and $15 and $45 in the 2021 third quarter and nine-month period, respectively. Right-of-use assets obtained in exchange for operating lease obligations were $22 in the 2022 nine-month period and $13 in the 2021 nine-month period. Future minimum contractual operating lease obligations were as follows:
The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating leases at September 30, 2022 and December 31, 2021 was 6.0 years and 6.1 years, respectively, and 6.0% and 5.8%, respectively.
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