v3.23.2

Business Combinations and Asset Acquisitions | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisitions and Divestitures | Acquisitions and Divestitures Russia. On November 15, 2022, Arconic completed the sale of all of its operations in Russia to Promishlennie Investitsii LLC, the majority owner of VSMPO-AVISMA Corporation. The legal form of the transaction was a stock sale of all the Company’s Russian subsidiaries. At that time, VSMPO-AVISMA owned a limited portion of one of these legal entities, which was reported as Noncontrolling interest in the accompanying Consolidated Financial Statements prior to consummation of the sale transaction. See Note S to the Consolidated Financial Statements in Part II Item 8 of Arconic’s Annual Report on Form 10-K for the year ended December 31, 2022 (filed on February 21, 2023) for additional information related to this transaction. Arconic’s former operations in Russia were comprised of one principal location in Samara, which manufactured sheet, plate, extrusions, and forgings across all of the Company’s end markets. Prior to the sale transaction, the operating results of Arconic’s former operations in Russia were reported in the Company’s Rolled Products segment. The following table presents selected financial information related to Arconic’s former operations in Russia:
|  | Second quarter ended June 30, 2022 |  | Six months ended June 30, 2022
Third-party sales* |  | $ | 314 |  |  | $ | 547 |
Segment Adjusted EBITDA |  | 24 |  | 42 |
_____________________ *Third-party sales include aluminum products manufactured at the Company’s former plant in Russia and sold through Arconic’s international selling company located in Hungary. Building and Construction Systems. On June 6, 2022, the Company announced that it was evaluating strategic options for the businesses that comprise the Building and Constructions Systems segment, including exploring a sale of its architectural systems business (Kawneer® brand). Subsequent to this announcement, Arconic initiated a sale process with respect to its architectural systems business, which has six principal locations in the United States, Canada, and Europe. Products manufactured under the Kawneer brand include windows, doors, and curtain walls. This business generated third-party sales of approximately $970 in 2022 and had approximately 2,900 employees as of June 30, 2023. On August 2, 2022, the Company announced a pause in the sale process of this business due to unfavorable economic conditions, particularly uncertainty in the debt markets. This business will remain classified as held and in-use in Arconic’s Consolidated Financial Statements and will continue to be reported within the Building and Construction Systems segment.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent + Details
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