Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 $14 and $13 in the first quarter of 2023 and 2022, respectively. Right-of-use assets obtained in exchange for operating lease obligations in the first quarter of 2023 and 2022 were $9 and $11, respectively. 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 March 31, 2023 and December 31, 2022 was 5.1 years and 5.2 years, respectively, and 6.5% and 6.3%, respectively.
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