v3.22.2.2

Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

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

The components of net periodic benefit cost for defined benefit plans were as follows:

						Third quarter ended September 30,												Nine months ended September 30,
						2022						2021						2022						2021
Pension benefits
Service cost						$	3					$	5					$	12					$	16
Interest cost						18						15						51						48
Expected return on plan assets						(21)						(24)						(68)						(84)
Recognized net actuarial loss						18						19						56						75
Amortization of prior service cost						1						—						2						—
Settlements (1)						15						5						16						573
Net periodic benefit cost(2)						$	34					$	20					$	69					$	628
Other postretirement benefits
Service cost						$	1					$	2					$	3					$	5
Interest cost						2						3						8						8
Recognized net actuarial loss						2						2						6						7
Amortization of prior service benefit						(2)						(2)						(6)						(5)
Net periodic benefit cost(2)						$	3					$	5					$	11					$	15

__________________

(1)    In the 2022 third quarter and nine-month period, Settlements included $15 related to the payment of lump-sum benefits (see below). Settlements included $549 in the 2021 nine-month period due to the purchase of a group annuity contract and $5 and $24 in the 2021 third quarter and nine-month period, respectively, related to the payment of lump-sum benefits (see Note H to the Consolidated Financial Statements in Part II Item 8 of Arconic’s Annual Report on Form 10-K for the year ended December 31, 2021 (filed on February 22, 2022)).    

(2)    Service cost was reported in Cost of goods sold, Settlements were reported in Restructuring and other charges, and all other components were reported in Other expenses, 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

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