v3.23.1

Receivables, Loans, Notes Receivable, and Others | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
Working Capital Programs | Working Capital Programs Receivables. Arconic has two separate arrangements, each with a single financial institution, to sell certain customer receivables outright without recourse on a continuous basis. All such sales are at the Company’s discretion. The first arrangement, which was executed in January 2022, relates to certain of Arconic’s U.S. operations and automatically renews each year unless terminated in accordance with the provisions of the underlying purchase agreement. The second arrangement, which was executed in July 2022, relates to certain of the Company’s European operations. Under both arrangements, Arconic serves in an administrative capacity, including collection of the receivables from the respective customers and remittance of these cash collections to the respective financial institution. Accordingly, upon the sale of customer receivables to the financial institutions, the Company removes the underlying trade receivables from its Consolidated Balance Sheet and includes the reduction as a positive amount in the (Increase) in receivables line item within Operating Activities on its Statement of Consolidated Cash Flows. At no time can the outstanding balance due to the respective financial institution exceed $225 and $46 (€42.5) for the U.S. and European, respectively, arrangements. In the 2023 first quarter, Arconic sold customer receivables of $151, collected cash from customers of $129, and remitted cash collections to the financial institutions of $116. The $13 of cash collections yet to be remitted to the financial institutions was included in Accounts payable, trade on the accompanying Consolidated Balance Sheet as of March 31, 2023. In the first quarter of 2022, the Company sold customer receivables of $221 and remitted cash collections to the financial institution of $158 under the U.S. arrangement. Supplier Finance Program. Arconic has an existing arrangement (capacity of approximately $250) with a financial institution to make available a finance program to the Company’s suppliers. Under this program, Arconic agrees to pay the financial institution the stated amount of confirmed invoices from its designated suppliers on the respective original maturity date of the invoices. The supplier invoices that have been confirmed as valid under the program require payment in full within no more than 120 days of the invoice date. The Company or the financial institution may terminate the arrangement upon at least 30 days’ notice. Arconic does not determine the terms or conditions of the arrangement between the financial institution and the suppliers nor does the Company participate in the transactions between its suppliers and the financial institution. As of March 31, 2023 and December 31, 2022, Arconic had outstanding obligations of $117 and $124, respectively, which have been confirmed as valid to the financial institution, under this program. These outstanding obligations were reported in Accounts payable, trade on the accompanying Consolidated Balance Sheet.

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- Definition The entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//326/tableOfContent + Details
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- References No definition available. + Details
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