v3.23.2

Income Taxes​ | 6 Months Ended
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Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Arconic’s year-to-date tax provision is comprised of the most recent estimated annual effective tax rate applied to year-to-date pretax ordinary income or loss. The tax impacts of unusual or infrequently occurring items, including changes in judgment about the realizability of deferred tax assets in future years and effects of changes in tax laws or rates, are recorded discretely in the interim period in which they occur. In addition, the tax provision is adjusted for the interim period impact of non-benefited pretax losses. For the 2023 six-month period, the estimated annual effective tax rate, before discrete items, applied to ordinary income was 27.0%. This rate differs by 6.0 percentage points from the U.S. federal statutory rate of 21.0% primarily due to the state tax impact of domestic taxable income, U.S. tax on foreign earnings, and non-deductible costs, partially offset by a valuation allowance release for a capital loss carryforward and non-taxable income. In the 2023 six-month period, Arconic realized capital gain income supporting the utilization of the capital loss carryforward. For the 2022 six-month period, the estimated annual effective tax rate, before discrete items, applied to ordinary income was 25.6%. This rate differs by 4.6 percentage points from the U.S. federal statutory rate of 21.0% primarily due to estimated U.S. tax on global intangible low-taxed income, the state tax impact of domestic taxable income, and U.S. tax on foreign earnings, partially offset by non-taxable income and foreign income taxed in lower rate jurisdictions. The effective tax rate including discrete items was 22.4% and 24.3% in the 2023 second quarter and six-month period, respectively, and 24.8% and 24.2% in the 2022 second quarter and six-month period, respectively. The following table presents the components of Provision for income taxes:
|  | Second quarter ended June 30, |  | Six months ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Pretax ordinary income at estimated annual effective tax rate |  | $ | 21 |  |  | $ | 39 |  |  | $ | 30 |  |  | $ | 53 |
Impact of change in estimated annual effective tax rate on previous quarter’s pretax income |  | (1) |  |  | (1) |  |  | — |  |  | — |
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized* |  | — |  |  | — |  |  | — |  |  | 1 |
Discrete items |  | (3) |  |  | — |  |  | (3) |  |  | (4) |
Provision for income taxes |  | $ | 17 |  |  | $ | 38 |  |  | $ | 27 |  |  | $ | 50 |
__________________ * The interim period impact related to operational losses in foreign jurisdictions for which no tax benefit is recognized will reverse by the end of the calendar year.

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