v3.22.2.2

Fair Value Measures and Disclosures (Tables)

9 Months Ended

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).

X

- 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

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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

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging 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 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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