v3.23.2

Segment and Related Information​ | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segment and Related Information​ | Segment and Related Information Arconic’s profit or loss measure for its reportable segments is Segment Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization). The Company calculates Segment Adjusted EBITDA as Total sales (third-party and intersegment) minus each of (i) Cost of goods sold, (ii) Selling, general administrative, and other expenses, and (iii) Research and development expenses, plus each of (i) Stock-based compensation expense, (ii) Metal price lag, and (iii) Unrealized (gains) losses on mark-to-market hedging instruments and derivatives. Arconic’s Segment Adjusted EBITDA may not be comparable to similarly titled measures of other companies’ reportable segments. The operating results of Arconic’s reportable segments were as follows (differences between segment totals and the Company’s consolidated totals for line items not reconciled are in Corporate):
Second quarter ended June 30, |  | Rolled Products |  | Building and Construction Systems |  | Extrusions |  | Total
2023 |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |
Third-party sales |  | $ | 1,529 |  |  | $ | 319 |  |  | $ | 125 |  |  | $ | 1,973 |
Intersegment sales |  | 8 |  |  | — |  |  | 5 |  |  | 13 |
Total sales |  | $ | 1,537 |  |  | $ | 319 |  |  | $ | 130 |  |  | $ | 1,986 |
Segment Adjusted EBITDA |  | $ | 158 |  |  | $ | 53 |  |  | $ | (1) |  |  | $ | 210 |
Provision for depreciation and amortization |  | $ | 42 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 50 |
2022 |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |
Third-party sales* |  | $ | 2,113 |  |  | $ | 329 |  |  | $ | 105 |  |  | $ | 2,547 |
Intersegment sales |  | 11 |  |  | — |  |  | — |  |  | 11 |
Total sales |  | $ | 2,124 |  |  | $ | 329 |  |  | $ | 105 |  |  | $ | 2,558 |
Segment Adjusted EBITDA* |  | $ | 174 |  |  | $ | 53 |  |  | $ | (12) |  |  | $ | 215 |
Provision for depreciation and amortization |  | $ | 49 |  |  | $ | 5 |  |  | $ | 6 |  |  | $ | 60 |
Six months ended June 30, |  | Rolled Products |  | Building and Construction Systems |  | Extrusions |  | Total
2023 |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |
Third-party sales |  | $ | 3,033 |  |  | $ | 627 |  |  | $ | 245 |  |  | $ | 3,905 |
Intersegment sales |  | 19 |  |  | — |  |  | 5 |  |  | 24 |
Total sales |  | $ | 3,052 |  |  | $ | 627 |  |  | $ | 250 |  |  | $ | 3,929 |
Segment Adjusted EBITDA |  | $ | 275 |  |  | $ | 107 |  |  | $ | (5) |  |  | 377 |
Provision for depreciation and amortization |  | $ | 84 |  |  | $ | 8 |  |  | $ | 7 |  |  | $ | 99 |
2022 |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |
Third-party sales* |  | $ | 3,917 |  |  | $ | 620 |  |  | $ | 202 |  |  | $ | 4,739 |
Intersegment sales |  | 23 |  |  | — |  |  | 1 |  |  | 24 |
Total sales |  | $ | 3,940 |  |  | $ | 620 |  |  | $ | 203 |  |  | $ | 4,763 |
Segment Adjusted EBITDA* |  | $ | 350 |  |  | $ | 97 |  |  | $ | (17) |  |  | $ | 430 |
Provision for depreciation and amortization |  | $ | 97 |  |  | $ | 9 |  |  | $ | 10 |  |  | $ | 116 |
__________________ * In November 2022, Arconic completed the sale of all of its operations in Russia (see Note O), the results of which were previously reported in the Company’s Rolled Products segment. In the 2022 second quarter and six-month period, Third- party sales and Segment Adjusted EBITDA for the Rolled Products segment included $314 and $24, respectively, and $547 and $42, respectively, related to these former operations. The following table reconciles total Segment Adjusted EBITDA to consolidated net income attributable to Arconic Corporation:
|  | Second quarter ended June 30, |  | Six months ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Total Segment Adjusted EBITDA |  | $ | 210 |  |  | $ | 215 |  |  | $ | 377 |  |  | $ | 430 |
Unallocated amounts: |  |  |  |  |  |  |  |
Corporate expenses(1) |  | (11) |  |  | (10) |  |  | (20) |  |  | (19) |
Stock-based compensation expense |  | (12) |  |  | (8) |  |  | (18) |  |  | (13) |
Metal price lag(2) |  | (20) |  |  | 30 |  |  | (20) |  |  | (6) |
Unrealized gains (losses) on mark-to-market hedging instruments and derivatives (Q) |  | 18 |  |  | 21 |  |  | (2) |  |  | 23 |
Provision for depreciation and amortization |  | (52) |  |  | (62) |  |  | (105) |  |  | (122) |
Restructuring and other charges(3) (E) |  | (9) |  |  | (2) |  |  | (9) |  |  | (7) |
Other(4) |  | (7) |  |  | (40) |  |  | (15) |  |  | (46) |
Operating income |  | 117 |  |  | 144 |  |  | 188 |  |  | 240 |
Interest expense |  | (25) |  |  | (26) |  |  | (50) |  |  | (51) |
Other (expenses) income, net (F) |  | (16) |  |  | 35 |  |  | (27) |  |  | 18 |
Provision for income taxes (H) |  | (17) |  |  | (38) |  |  | (27) |  |  | (50) |
Net income attributable to noncontrolling interest (O) |  | — |  |  | (1) |  |  | — |  |  | (1) |
Consolidated net income attributable to Arconic Corporation |  | $ | 59 |  |  | $ | 114 |  |  | $ | 84 |  |  | $ | 156 |
_____________________ (1)Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities. (2)Metal price lag represents the financial impact of the timing difference between when aluminum prices included in Sales are recognized and when aluminum purchase prices included in Cost of goods sold are realized. This adjustment aims to remove the effect of the volatility in metal prices and the calculation of this impact considers applicable metal hedging transactions. (3)In the 2023 second quarter and six-month period, Restructuring and other charges includes $11 for costs incurred related to the Transaction (see Note A and Note E). (4)Other includes certain items that impact Cost of goods sold and Selling, general administrative, and other expenses on the Company’s Statement of Consolidated Operations that are not included in Segment Adjusted EBITDA. In the 2022 second quarter and six-month period, the respective amounts include costs related to a new union labor agreement of $19 (see Note G) and environmental remediation charges of $9, both of which were recorded in Cost of goods sold on the accompanying Statement of Consolidated Operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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