Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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 $28 in the 2023 second quarter and six-month period, respectively, and $14 and $27 in the 2022 second quarter and six-month period, respectively. Right-of-use assets obtained in exchange for operating lease obligations in the 2023 and 2022 six-month periods were $12 and $18, 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 June 30, 2023 and December 31, 2022 was 5.0 years and 5.2 years, respectively, and 6.6% and 6.3%, respectively.
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