v3.23.1

Fair Value Measures and Disclosures (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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:
|  | March 31, 2023 |  | December 31, 2022
|  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Cash and cash equivalents |  | $ | 197 |  |  | $ | 197 |  |  | $ | 261 |  |  | $ | 261 |
Hedging instruments and derivatives - assets |  | 7 |  |  | 7 |  |  | 21 |  |  | 21 |
Short-term debt |  | 50 |  |  | 50 |  |  | — |  |  | — |
Hedging instruments and derivatives - liabilities |  | 29 |  |  | 29 |  |  | 8 |  |  | 8 |
Long-term debt |  | 1,597 |  |  | 1,595 |  |  | 1,597 |  |  | 1,539 |
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 and derivatives:
|  | March 31, 2023 |  | December 31, 2022
Assets |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Aluminum |  | $ | — |  |  | 2 |  | kmt |  | $ | — |  |  | 17 |  | kmt
Alloying materials* |  | (1) |  |  | 1 |  | kmt |  | (1) |  |  | 1 |  | kmt
Marked-to-market |  |  |  |  |  |  |  |  |  |
Aluminum |  | 4 |  |  | 137 |  | kmt |  | 6 |  |  | 60 |  | kmt
Energy |  | 4 |  |  | 5.9 |  | MMBtu |  | 16 |  |  | 12.1 |  | MMBtu
|  | $ | 7 |  |  |  |  |  | $ | 21 |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Aluminum* |  | $ | (7) |  |  | 337 |  | kmt |  | $ | (14) |  |  | 368 |  | kmt
Energy |  | 14 |  |  | 2.3 |  | MMBtu |  | 5 |  |  | 6.3 |  | MMBtu
Alloying materials |  | — |  |  | 2 |  | kmt |  | 1 |  |  | 3 |  | kmt
Marked-to-market |  |  |  |  |  |  |  |  |  |
Aluminum |  | 15 |  |  | 113 |  | kmt |  | 12 |  |  | 53 |  | kmt
Energy |  | 7 |  |  | 3.8 |  | MMBtu |  | 4 |  |  | 0.6 |  | MMBtu
|  | $ | 29 |  |  |  |  |  | $ | 8 |  |  |  |
__________________ *The hedging instruments are classified as assets or liabilities based on the overall position of all instruments held with respective counterparties.
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:
First quarter ended March 31, |  | 2023 |  | 2022
Unrealized |  |  |  |
Other comprehensive loss |  |  |  |
Aluminum |  | $ | (9) |  |  | $ | (156) |
Energy |  | (13) |  |  | 13 |
Alloying materials |  | 1 |  |  | — |
|  | $ | (21) |  |  | $ | (143) |
Realized* |  |  |  |
Sales |  |  |  |
Aluminum |  | $ | (1) |  |  | $ | (54) |
Cost of goods sold |  |  |  |
Aluminum |  | — |  |  | (1) |
Energy |  | 5 |  |  | — |
|  | $ | (6) |  |  | $ | (53) |
__________________ *In all periods presented, these amounts were reclassified from Accumulated other comprehensive loss (see Note K).
Derivative Instruments, Gain (Loss) | The following table presents the unrealized and realized gains and losses associated with those hedging instruments that do not qualify for hedge accounting and derivatives:
First quarter ended March 31, |  | 2023 |  | 2022
Unrealized |  |  |  |
Sales |  |  |  |
Aluminum |  | $ | (5) |  |  | $ | 2 |
Cost of goods sold |  |  |  |
Energy* |  | 15 |  |  | (3) |
|  | $ | (20) |  |  | $ | 5 |
Realized |  |  |  |
Sales |  |  |  |
Aluminum |  | $ | 4 |  |  | $ | (2) |
Cost of goods sold |  |  |  |
Energy |  | 1 |  |  | — |
|  | $ | 3 |  |  | $ | (2) |
__________________ *In the 2022 first quarter, the Company recorded a net gain of $3 in Cost of goods sold related to the unrealized impact associated with the change in the estimated fair value of natural gas supply contracts determined to be derivatives. This amount was comprised of an unrealized loss of $5 for the 2022 first quarter, an unrealized gain of $6 for the 2021 annual period, and an unrealized gain of $2 for the 2020 fourth quarter. The out-of-period amounts were not material to any interim or annual period.

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