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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2020	May 01, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-3610
Entity Registrant Name	HOWMET AEROSPACE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-0317820
Entity Address, Address Line One	201 Isabella Street,
Entity Address, Address Line Two	Suite 200,
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15212-5872
City Area Code	412
Local Phone Number	553-1940
Entity Information, Former Legal or Registered Name	Arconic Inc.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		436,103,413
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000004281
Current Fiscal Year End Date	--12-31
Common stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	HWM
Security Exchange Name	NYSE
Preferred stock
Entity Information [Line Items]
Title of 12(b) Security	$3.75 Cumulative Preferred Stock, par value $100 per share
Trading Symbol	HWM PR
Security Exchange Name	NYSEAMER

Statement of Consolidated Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Sales (C)	$ 3,209	$ 3,541
Cost of goods sold (exclusive of expenses below)	2,476	2,818
Selling, general administrative, and other expenses	169	178
Research and development expenses	15	22
Provision for depreciation and amortization	129	137
Restructuring and other charges (D)	21	12
Operating income	399	374
Interest expense	91	85
Other expense, net (E)	17	32
Income before income taxes	291	257
Provision for income taxes (G)	76	70
Net income	215	187
Amounts Attributable to Howmet Aerospace Common Shareholders (H):
Net income	$ 214	$ 186
Earning per share - basic (in usd per share)	$ 0.49	$ 0.40
Earning per share - diluted (in usd per share)	$ 0.49	$ 0.39
Average Shares Outstanding (H):
Average shares outstanding - basic (in shares)	435	471
Average shares outstanding - diluted (in shares)	440	489

Statement of Consolidated Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 215	$ 187
Other comprehensive (loss) income, net of tax (I):
Change in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits	37	40
Foreign currency translation adjustments	(65)	26
Net change in unrealized gains on available-for-sale securities	1	3
Net change in unrecognized gains/losses on cash flow hedges	(13)	7
Total Other comprehensive (loss) income, net of tax	(40)	76
Comprehensive income	$ 175	$ 263

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and Cash Equivalents, at Carrying Value	$ 2,591	$ 1,648
Receivables from customers, less allowances of $2 in 2020 and $3 in 2019 (J)	1,290	967
Other receivables (J)	244	484
Inventories (K)	2,512	2,429
Prepaid expenses and other current assets	311	314
Total current assets	6,948	5,842
Properties, plants, and equipment, net (L)	5,358	5,463
Goodwill (C)	4,457	4,493
Deferred income taxes	553	608
Intangibles, net	647	658
Other noncurrent assets (M)	502	514
Total assets	18,465	17,578
Current liabilities:
Accounts payable, trade	1,799	2,043
Accrued compensation and retirement costs	323	432
Taxes, including income taxes	88	87
Accrued interest payable	102	112
Other current liabilities (M)	453	418
Short-term debt (N)	1,342	1,034
Total current liabilities	4,107	4,126
Long-term debt, less amount due within one year (N and O)	5,777	4,906
Accrued pension benefits (F)	2,389	2,460
Accrued other postretirement benefits (F)	700	714
Other noncurrent liabilities and deferred credits (M)	695	751
Total liabilities	13,668	12,957
Contingencies and commitments (Q)
Howmet Aerospace shareholders’ equity:
Preferred stock	55	55
Common stock	436	433
Additional capital	7,326	7,319
Retained earnings	335	129
Accumulated other comprehensive loss (I)	(3,369)	(3,329)
Total Howmet Aerospace shareholders’ equity	4,783	4,607
Noncontrolling interests	14	14
Total equity	4,797	4,621
Total liabilities and equity	$ 18,465	$ 17,578

Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 2	$ 3

Statement of Consolidated Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income	$ 215	$ 187
Adjustments to reconcile net income to cash used for operations:
Depreciation and amortization	129	137
Deferred income taxes	19	8
Restructuring and other charges	21	12
Net loss from investing activities—asset sales	2	2
Net periodic pension benefit cost (F)	26	29
Stock-based compensation	13	10
Other	25	11
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
(Increase) in receivables	(210)	(489)
(Increase) in inventories	(136)	(118)
(Increase) in prepaid expenses and other current assets	(2)	(14)
(Decrease) increase in accounts payable, trade	(215)	65
(Decrease) in accrued expenses	(173)	(69)
Increase in taxes, including income taxes	90	47
Pension contributions	(56)	(55)
(Increase) in noncurrent assets	0	(1)
(Decrease) in noncurrent liabilities	(39)	(20)
Cash used for operations	(291)	(258)
Financing Activities
Net change in short-term borrowings (original maturities of three months or less)	2	1
Additions to debt (original maturities greater than three months) (N)	1,200	150
Payments on debt (original maturities greater than three months)	0	(151)
Debt issuance costs	(45)	0
Proceeds from exercise of employee stock options	30	1
Dividends paid to shareholders	(9)	(29)
Repurchase of common stock	0	(700)
Other	(33)	(13)
Cash provided from (used for) financing activities	1,145	(741)
Investing Activities
Capital expenditures	(69)	(168)
Proceeds from the sale of assets and businesses (P)	114	4
Sales of investments	0	47
Cash receipts from sold receivables (J)	48	160
Other	1	(1)
Cash provided from investing activities	94	42
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8)	1
Net change in cash, cash equivalents and restricted cash	940	(956)
Cash, cash equivalents and restricted cash at beginning of year	1,703	2,282
Cash, cash equivalents and restricted cash at end of period	$ 2,643	$ 1,326

Statement of Changes in Consolidated Equity (unaudited) - USD ($) $ in Millions	Total	Preferred Class A	Preferred stock	Common stock	Additional capital	Accumulated deficit	Accumulated deficit Preferred Class A	Accumulated other comprehensive loss	Noncontrolling interests
Balance at beginning of period at Dec. 31, 2018	$ 5,585		$ 55	$ 483	$ 8,319	$ (358)		$ (2,926)	$ 12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	187					187
Other comprehensive income (I)	76							76
Cash dividends declared:
Preferred dividends declared, value		$ (1)					$ (1)
Common share, value	(38)					(38)
Stock-based compensation	8				8
Common stock issued: compensation plans	(13)			2	(15)
Repurchase and retirement of common stock	(700)			(32)	(668)
Other	1					1
Balance at end of period at Mar. 31, 2019	$ 5,178		55	453	7,644	(134)		(2,852)	12
Cash dividends declared:
Preferred, dividends per share (in usd per share)		$ 0.9375
Common stock, dividends per share (in usd per share)	$ 0.08
Balance at beginning of period at Dec. 31, 2019	$ 4,621		55	433	7,319	129		(3,329)	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	215					215
Other comprehensive income (I)	(40)							(40)
Cash dividends declared:
Preferred dividends declared, value		$ (1)					$ (1)
Common share, value	(8)					(8)
Stock-based compensation	13				13
Common stock issued: compensation plans	(3)			3	(6)
Balance at end of period at Mar. 31, 2020	$ 4,797		$ 55	$ 436	$ 7,326	$ 335		$ (3,369)	$ 14
Cash dividends declared:
Preferred, dividends per share (in usd per share)		$ 0.9375
Common stock, dividends per share (in usd per share)	$ 0.02

Statement of Changes in Consolidated Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Common stock, dividends per share (in usd per share)	$ 0.02	$ 0.08
Preferred Class A
Preferred, dividends per share (in usd per share)	$ 0.9375	$ 0.9375

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The interim Consolidated Financial Statements of Howmet Aerospace Inc. (formerly known as Arconic Inc.) and its subsidiaries (“Howmet” or the “Company”) are unaudited. These Consolidated Financial Statements include all adjustments, consisting only of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year. The 2019 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Form 10-Q report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2019, which includes all disclosures required by GAAP. Certain amounts in previously issued financial statements were reclassified to conform to the current period presentation (see Note C). The separation of Arconic Inc. into two standalone, publicly-traded companies, Howmet Aerospace Inc. and Arconic Corporation, (the “Arconic Inc. Separation Transaction”) became effective on April 1, 2020 (see Note R). The accompanying unaudited, interim Consolidated Financial Statements include the historical results of Arconic Corporation, as the Arconic Inc. Separation Transaction did not take place until April 1, 2020, after the most recent period reported in this Form 10-Q. In future filings, the historical results of the businesses that comprise Arconic Corporation will be presented as discontinued operations in Howmet’s Consolidated Financial Statements. As a result of the Arconic Inc. Separation Transaction, the accompanying unaudited, interim Consolidated Financial Statements are not indicative of the Company’s future financial position, results of operations or cash flows. The Company derives a significant portion of its revenue from products sold to the aerospace end-market, including 71% of the Engineered Products and Forgings reportable segment. As a result of the global pandemic coronavirus (“COVID-19”) and its impact on the aerospace industry to-date, the possibility exists that there could be a sustained impact to our operations and financial results. Certain original equipment manufacturer (“OEM”) customers have reduced production or suspended manufacturing operations in North America and Europe on a temporary basis. These suspensions, the duration of which is uncertain, are impacting operations at certain of our facilities resulting in the temporary closure of a small number of manufacturing facilities. As a result, the Company is taking a series of actions to address the financial impact, including announcing certain headcount reductions and reducing certain cash outflows by suspending dividends on common stock and reducing the levels of its capital expenditures to preserve cash and maintain liquidity.

Recently Adopted and Recently Issued Accounting Guidance	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently Adopted and Recently Issued Accounting Guidance	Recently Adopted and Recently Issued Accounting Guidance Adopted On January 1, 2020, the Company adopted changes issued by the Financial Accounting Standards Board ("FASB") related to the impairment model for expected credit losses. The new impairment model (known as the current expected credit loss ("CECL") model) is based on expected losses rather than incurred losses. The Company recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments and requires the measurement of expected credit losses on assets including those that have a low risk of loss. The adoption of this new guidance did not have a material impact on the Consolidated Financial Statements. Issued In August 2018, the FASB issued guidance that impacts disclosures for defined benefit pension plans and other postretirement benefit plans. These changes become effective for the Company's 2020 annual report. Management has determined that the adoption of this guidance will not have a material impact on the Consolidated Financial Statements and plans to adopt for the 2020 annual report. In December 2019, the FASB issued guidance that is intended to simplify various aspects related to the accounting for income taxes. These changes become effective on January 1, 2021, with early adoption permitted. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements and plans to adopt on January 1, 2021. In March 2020, the FASB issued amendments that provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements.

Segment Information

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information

In the third quarter of 2019, the Company realigned its operations by eliminating its Transportation and Construction Solutions (TCS) segment and transferring the Forged Wheels business to its Engineered Products and Forgings ("EP&F") segment and the Building and Construction Systems ("BCS") business to its Global Rolled Products ("GRP") segment, consistent with how the Chief Executive Officer was assessing operating performance and allocating capital in conjunction with the Arconic Inc. Separation Transaction (see Note R). Prior period financial information has been recast to conform to current year presentation.

Engineered Products and Forgings. This segment produces products that are used primarily in the aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets. Such products include fastening systems (titanium, steel, and nickel superalloys) and seamless rolled rings (mostly nickel superalloys); investment castings (nickel superalloys, titanium, and aluminum), including airfoils; forged jet engine components (e.g., jet engine disks); extruded, machined and forged aircraft parts (titanium and aluminum); and forged aluminum commercial vehicle wheels, all of which are sold directly to customers and through distributors.

Global Rolled Products. This segment produces aluminum sheet and plate, aluminum extruded and machined parts, integrated aluminum structural systems, and architectural extrusions used in the automotive, aerospace, building and construction, industrial, packaging, and commercial transportation end markets. Products are sold directly to customers and through distributors. While the customer base for flat-rolled products is large, a significant amount of sales of sheet and plate are to a relatively small number of customers. This segment became part of Arconic Corporation as part of the Arconic Inc. Separation Transaction on April 1, 2020.

The Company will continue to evaluate its organizational structure and portfolio in conjunction with the Arconic Inc. Separation Transaction (see Note R), which may result in further changes to its reportable segments and the need to evaluate goodwill and long-lived assets for impairment in future periods.

Goodwill. The Company had $4,457 of Goodwill at March 31, 2020 and we review it for impairment annually in the fourth quarter or more frequently if indicators exist or if a decision is made to sell or realign a business.

On January 1, 2020, management transferred the Savannah business from Engine Products to Engineered Structures within the Engineered Products and Forgings segment, based on synergies with forgings technologies and manufacturing capabilities. As a result of the reorganization, goodwill of $17 was reallocated from Engine Products to Engineered Structures, and these reporting units were evaluated for impairment during the first quarter of 2020. The estimated fair value of each of these reporting units substantially exceeded their carrying value; thus, there was no goodwill impairment at the date the business was transferred.

During the first quarter of 2020, Howmet’s market capitalization declined significantly compared to the fourth quarter of 2019. Over the same period, the equity value of our peer group companies, and the overall U.S. stock market also declined significantly amid market volatility. In addition, as a result of the COVID-19 pandemic and measures designed to contain the spread, sales globally to customers in the aerospace and commercial transportation industries that are impacted by COVID-19 have been and are expected to be negatively impacted as a result of disruption in demand. As a result of these macroeconomic factors, we performed a qualitative impairment test to evaluate whether it is more likely than not that the fair value of any of our reporting units is less than its carrying value. As a result of this assessment, the Company performed a quantitative impairment test for the Engineered Structures reporting unit and concluded that though the margin between the fair value of the reporting unit and carrying value had declined from approximately 60% to approximately 15%, it was not impaired. Consistent with prior practice, a discounted cash flow model was used to estimate the current fair value of the reporting unit. The significant assumptions and estimates utilized to determine fair value were developed utilizing current market and forecast information reflecting the disruption in demand that has and is expected to negatively impact the Company’s sales globally in the aerospace industry. If our actual results or external market factors decline significantly from management’s estimates, future goodwill impairment charges may be necessary and could be material.

The operating results of the Company’s reportable segments were as follows:


	Engineered Products and Forgings		Global Rolled Products		Total Segment
First quarter ended March 31, 2020
Sales:
Third-party sales	$	1,631	$	1,578	$	3,209
Intersegment sales	—		35		35
Total sales	$	1,631	$	1,613	$	3,244
Profit and loss:
Segment operating profit	$	339	$	169	$	508
Restructuring and other charges (credits)	34		(18)		16
Provision for depreciation and amortization	65		57		122
Capital expenditures	36		22		58

First quarter ended March 31, 2019
Sales:
Third-party sales	$	1,756	$	1,784	$	3,540
Intersegment sales	—		52		52
Total sales	$	1,756	$	1,836	$	3,592
Profit and loss:
Segment operating profit	$	313	$	135	$	448
Restructuring and other charges	18		11		29
Provision for depreciation and amortization	71		59		130
Capital expenditures	117		39		156

The following table reconciles Total segment operating profit to Consolidated income before income taxes:


	First quarter ended
	March 31,
	2020		2019
Total segment operating profit	$	508	$	448
Unallocated amounts:
Restructuring and other charges	(21)		(12)
Corporate expense	(88)		(62)
Consolidated operating income	$	399	$	374
Interest expense	(91)		(85)
Other expense, net	(17)		(32)
Consolidated income before income taxes	$	291	$	257

The following table disaggregates revenue by major end market served. Differences between segment and consolidated totals are in Corporate.


	Engineered Products and Forgings		Global Rolled Products		Total Segment
First quarter ended March 31, 2020
Aerospace	$	1,189	$	285	$	1,474
Transportation	256		509		765
Building and construction	—		291		291
Industrial and Other	186		493		679
Total end-market revenue	$	1,631	$	1,578	$	3,209

First quarter ended March 31, 2019
Aerospace	$	1,250	$	302	$	1,552
Transportation	343		649		992
Building and construction	—		330		330
Industrial and Other	163		503		666
Total end-market revenue	$	1,756	$	1,784	$	3,540

Restructuring and Other Charges

3 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

In the first quarter of 2020, the Company recorded Restructuring and other charges of $21 ($23 after-tax), which included $22 ($17 after-tax) for layoff costs, including the separation of approximately 460 employees (440 in the Engineered Products and Forgings segment and 20 in Corporate); $12 ($12 after-tax) for impairment of assets associated with an agreement to sell an aerospace components business in the U.K.; a $6 ($6 after-tax) post-closing adjustment related to the sale of the Company’s U.K. forgings business; a $6 ($6 after-tax) loss on sale of the Company’s Brazilian rolling mill operations; and a $6 ($6 after-tax) charge for other exit costs related to prior programs; offset by a gain of $27 ($20 after-tax) on the sale of an extrusions business in South Korea; a benefit of $2 ($2 after-tax) related to the reversal of a number of prior period programs; and a gain of $2 ($2 after-tax) on the sale of assets.

In the first quarter of 2019, the Company recorded Restructuring and other charges of $12 ($10 after-tax), which included $65 ($51 after-tax) for layoff costs, including the separation of approximately 800 employees (425 in Corporate, 211 in the Engineered Products and Forgings segment, and 164 in the Global Rolled Products segment); a $2 ($1 after-tax) net charge for executive severance net of the benefit of forfeited executive stock compensation; a pension settlement charge of $2 ($2 after-tax); and $1 ($1 after-tax) for other miscellaneous items; offset by a benefit of $58 ($45 after-tax) related to the elimination of life insurance benefits for U.S. salaried and non-bargained hourly retirees of the Company and its subsidiaries.

As of March 31, 2020, none of the 460 employees associated with the 2020 restructuring programs were separated. Most of the separations for the 2020 restructuring programs are expected to be completed in 2020. As of March 31, 2020, approximately

1,053 of the 1,310 employees associated with the 2019 restructuring programs were separated. The remaining separations for the 2019 restructuring programs are expected to be completed in 2020. In the first quarter ended March 31, 2020, the Company made cash payments of $7 against layoff reserves related to 2019 restructuring programs.

Activity and reserve balances for restructuring and other charges were as follows:


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2018	$	10	$	15	$	25
Cash payments	(74)		(5)		(79)
Restructuring charges	56		574		630
Other⁽¹⁾	39		(581)		(542)
Reserve balances at December 31, 2019	31		3		34
Cash payments	(7)		—		(7)
Restructuring charges	20		1		21
Other⁽²⁾	—		(2)		(2)
Reserve balances at March 31, 2020	$	44	$	2	$	46

⁽¹⁾In 2019, Other for layoff costs included reclassifications of a $58 credit for elimination of life insurance benefits for U.S. salaried and non-bargaining hourly retirees, a charge of $9 for pension plan settlement accounting, as the impacts were reflected in the Company's separate liabilities for Accrued pension benefits and Accrued postretirement benefits and reversals of previously recorded restructuring charges of $10.

In 2019, Other for other exit costs included a charge of $428 for impairment of the Disks long-lived asset group; a charge of $112 for impairment of assets associated with agreement to sell the Company’s Brazilian rolling mill operations, the U.K. forgings business, and a small additive business; a charge of $25 for impairment of properties, plants, and equipment related to the Company’s primary research and development facility and a trade name intangible asset; a charge of $12 for lease terminations; a charge of $9 for accelerated depreciation as the impacts were primarily reflected in various noncurrent asset accounts; a charge of $5 related to the impairment of a cost method investment of the GRP segment, and a charge of $1 related to other miscellaneous items; partially offset by a gain of $20 related to contingent consideration from the Texarkana sale. Additionally, Other included the reclassification of $9 in lease exit costs to reduce right-of-use assets within Other noncurrent assets in accordance with the new lease accounting standard.

⁽²⁾In 2020, Other for other exit costs included a gain of $27 on sale of the Company’s extrusions business in South Korea; a gain of $2 on the sale of assets; a charge of $12 for impairment of assets associated with an agreement to sell an aerospace component business in the U.K., a $6 post-closing adjustment related to the sale of the Company’s U.K. forgings business; a $6 loss on the sale of the Company’s Brazilian rolling mill operations; and a $3 charge for other exit costs.

Other Expense, Net

3 Months Ended

Mar. 31, 2020

Other Income and Expenses [Abstract]

Other Expense, Net


	First quarter ended
	March 31,
	2020		2019
Non-service related net periodic benefit cost	$	25	$	29
Interest income	(4)		(10)
Foreign currency losses, net	11		—
Net loss from asset sales	2		2

Other, net	(17)		11
	$	17	$	32

Other, net included the impacts of deferred compensation arrangements of $16 related to investment performance which were favorable in the first quarter of 2020, but unfavorable of $10 in the first quarter of 2019.

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

The components of net periodic benefit cost were as follows:


	First quarter ended
	March 31,
	2020		2019
Pension benefits
Service cost	$	7	$	7
Interest cost	47		59
Expected return on plan assets	(70)		(72)
Recognized net actuarial loss	42		35

Settlements	—		2


Net periodic benefit cost⁽¹⁾	$	26	$	31

Other postretirement benefits
Service cost	$	1	$	2
Interest cost	6		7
Recognized net actuarial loss	2		1
Amortization of prior service cost (benefit)	(2)		(1)
Curtailments	—		(58)

Net periodic benefit cost⁽¹⁾	$	7	$	(49)

⁽¹⁾Service cost was included within Cost of goods sold, Selling, general administrative, and other expenses, and Research and development expenses; settlements and curtailments were included in Restructuring and other charges; and all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations.

In the first quarter of 2019, the Company communicated to plan participants that for its U.S. salaried and non-bargained hourly retirees of the Company and its subsidiaries, it would eliminate the life insurance benefit effective May 1, 2019, and certain health care subsidies effective December 31, 2019. As a result of these changes, in the first quarter of 2019, the Company recorded a decrease to the Accrued other postretirement benefits liability of $75, which was offset by a curtailment benefit of $58 in Restructuring and other charges and $17 in Accumulated other comprehensive loss.

In the first quarter of 2019, the Company applied settlement accounting to U.S. pension plans due to lump sum payments to participants which resulted in settlement charges of $2 that were recorded in Restructuring and other charges.

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s year-to-date tax provision is comprised of the most recent estimated annual effective tax rate applied to year-to-date pre-tax ordinary income. The tax impacts of unusual or infrequently occurring items, including changes in judgment about valuation allowances 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 pre-tax losses.

For the first quarter of 2020 and 2019, the estimated annual effective tax rate, before discrete items, applied to ordinary income was 27.9% and 25.9%, respectively. The rate in each period was higher than the U.S. federal statutory rate of 21% primarily due to additional estimated U.S. tax on Global Intangible Low-Taxed Income, state income taxes, and foreign income taxed in higher rate jurisdictions. The 2020 estimated annual effective tax rate was also higher due to tax expense resulting from non-deductible transaction costs and restructuring related capital gains associated with the Arconic Inc. Separation Transaction.

For the first quarter of 2020 and 2019, the tax rate including discrete items was 26.1% and 27.2%, respectively, and included a discrete tax benefit of $8 related primarily to stock compensation in the first quarter of 2020 and a discrete tax charge of $1 related to other items in the first quarter of 2019.

The tax provisions for the first quarter ended March 31, 2020 and 2019 were comprised of the following:


	First quarter ended
	March 31,
	2020		2019
Pre-tax income at estimated annual effective income tax rate before discrete items	$	81	$	67

Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	3		2
Other discrete items	(8)		1
Provision for income taxes	$	76	$	70

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share ("EPS") amounts are computed by dividing earnings, after the deduction of preferred stock dividends declared, by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive share equivalents outstanding.

The information used to compute basic and diluted EPS attributable to the Company's common shareholders was as follows (shares in millions):


	First quarter ended
	March 31,
	2020		2019
Net income	$	215	$	187
Less: preferred stock dividends declared	(1)		(1)
Net income available to the Company's common shareholders - basic	214		186
Add: Interest expense related to convertible notes	—		4
Net income available to the Company's common shareholders - diluted	$	214	$	190

Average shares outstanding - basic	435		471
Effect of dilutive securities:
Stock options	1		—
Stock and performance awards	4		4
Convertible notes⁽¹⁾	—		14
Average shares outstanding - diluted	440		489

⁽¹⁾The convertible notes matured on October 15, 2019. No shares of the Company’s common stock were issued in connection with the maturity or the final conversion of the convertible notes. As of October 15, 2019, the calculation of average diluted shares outstanding ceased to include the approximately 15 million shares of common stock and the corresponding interest expense previously attributable to the convertible notes.

Common stock outstanding at March 31, 2020 and 2019 was 436 and 453, respectively. The decrease in common stock outstanding at March 31, 2020 was primarily due to the impact of share repurchases of 55 in 2019. As average shares outstanding are used in the calculation for both basic and diluted EPS, the full impact of share repurchases was not realized in EPS in the first quarter ended March 31, 2019, as the share repurchases occurred at varying points during 2019.

The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions).


	First quarter ended
	March 31,
	2020	2019

Stock options⁽¹⁾	4	8

⁽¹⁾The average exercise price per share of options was $27.65 for the first quarter ended March 31, 2020 and $26.67 for the first quarter ended March 31, 2019.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table details the activity of the four components that comprise Accumulated other comprehensive loss:


	First quarter ended
	March 31,
	2020		2019
Pension and other postretirement benefits (F)
Balance at beginning of period	$	(2,732)	$	(2,344)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit	1		72
Tax expense	—		(16)
Total Other comprehensive income before reclassifications, net of tax	1		56
Amortization of net actuarial loss and prior service cost⁽¹⁾	43		(21)
Tax (expense) benefit ⁽²⁾	(7)		5
Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽³⁾	36		(16)
Total Other comprehensive income	37		40
Balance at end of period	$	(2,695)	$	(2,304)
Foreign currency translation
Balance at beginning of period	$	(596)	$	(583)
Foreign currency translation	(79)		26
Net amount reclassified from Accumulated other comprehensive loss⁽⁴⁾	14		—
Other comprehensive (loss) income	(65)		26
Balance at end of period	$	(661)	$	(557)
Available-for-sale securities
Balance at beginning of period	$	—	$	(3)
Other comprehensive income⁽⁵⁾	1		3
Balance at end of period	$	1	$	—
Cash flow hedges
Balance at beginning of period	$	(1)	$	4
Adoption of accounting standards	—		(2)
Other comprehensive (loss) income:
Net change from periodic revaluations	(11)		8
Tax expense	(1)		(1)
Total Other comprehensive loss (income) before reclassifications, net of tax	(12)		7
Net amount reclassified to earnings	(1)		—
Tax expense⁽²⁾	—		—
Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽³⁾	(1)		—
Total Other comprehensive (loss) income	(13)		7
Balance at end of period	$	(14)	$	9

Accumulated other comprehensive loss	$	(3,369)	$	(2,852)

⁽¹⁾These amounts were recorded in Other expense, net (see Note E).

⁽²⁾These amounts were included in Provision for income taxes on the accompanying Statement of Consolidated Operations.

⁽³⁾A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings.

⁽⁴⁾Foreign currency translation charges were included in Restructuring and other charges on the accompanying Statement of Consolidated Operations due to the sale of foreign entities.

⁽⁵⁾Realized gains and losses were included in Other expense, net on the accompanying Statement of Consolidated Operations.

Receivables	3 Months Ended
Receivables	Mar. 31, 2020
Receivables [Abstract]
Receivables	Receivables The Company has an arrangement with financial institutions to sell certain customer receivables without recourse on a revolving basis ("Receivables Sale Program"). The sale of such receivables is completed using a bankruptcy remote special purpose entity, which is a consolidated subsidiary of the Company. This arrangement historically provided up to a maximum funding of $400 for receivables sold. The Company maintains a beneficial interest, or a right to collect cash, on the sold receivables that have not been funded (deferred purchase program receivable). In the first quarter of 2020, the Company entered into an amendment to remove subsidiaries of the GRP business from the sale of receivables program in preparation for the Arconic Inc. Separation Transaction and repurchased the remaining $282 unpaid receivables of GRP customers in a non-cash transaction by reducing the amount of the deferred purchase program receivable. This amendment also reduced the maximum funding for receivables sold to $300. On March 30, 2012, the Company initially sold $304 of customer receivables in exchange for $50 in cash and $254 of deferred purchase program receivable under the arrangement. The Company has received additional net cash funding of $248 ($3,656 in draws and $3,408 in repayments) since the program’s inception, including net cash repayments totaling $52 ($98 in draws and $150 in repayments) for the three months ended March 31, 2020. As of March 31, 2020 and December 31, 2019, the deferred purchase program receivable was $65 and $246, respectively, which was included in Other receivables on the accompanying Consolidated Balance Sheet. The deferred purchase program receivable is reduced as collections of the underlying receivables occur; however, as this is a revolving program, the sale of new receivables will result in an increase in the deferred purchase program receivable. The Company services the customer receivables for the financial institutions at market rates; therefore, no servicing asset or liability was recorded. Cash receipts from customer payments on sold receivables (which are cash receipts on the underlying trade receivables that have been previously sold in this program) as well as cash receipts and cash disbursements from draws and repayments under the program are presented as cash receipts from sold receivables within investing activities in the Statement of Consolidated Cash Flows. On April 14, 2020, the Company’s credit rating was downgraded by Moody’s Investors Service, Inc., which resulted in a termination event under the provisions of the Receivables Sale Program agreement for which a waiver was obtained. This termination event under the Receivables Sale Program is not an event of default under the Company’s other financing and commercial agreements, including the Credit Agreement. On May 5, 2020, an amendment to the Receivables Sale Program was executed that cured the termination event. Other Customer Receivable Sales In the first quarter of 2020, the Company also sold $31 of customer receivables in exchange for cash, the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows.

Inventories

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories


	March 31, 2020		December 31, 2019
Finished goods	$	723	$	671
Work-in-process	1,352		1,316
Purchased raw materials	339		343
Operating supplies	98		99
Total inventories	$	2,512	$	2,429

At March 31, 2020 and December 31, 2019, the portion of inventories valued on a last-in, first-out (LIFO) basis was $1,295 and $1,257, respectively. If valued on an average-cost basis, total inventories would have been $423 and $445 higher at March 31, 2020 and December 31, 2019, respectively.

Properties, Plants, and Equipment, net

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Properties, Plants, and Equipment, net


	March 31, 2020		December 31, 2019
Land and land rights	$	118	$	128
Structures	2,468		2,385
Machinery and equipment	9,364		9,293
	11,950		11,806
Less: accumulated depreciation and amortization	6,966		7,074
	4,984		4,732
Construction work-in-progress	374		731
Properties, plants, and equipment, net	$	5,358	$	5,463

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $34 and $37 in the first quarter of 2020 and 2019, respectively.

Operating lease right-of-use assets and lease liabilities in the Consolidated Balance Sheet were as follows:


	March 31, 2020		December 31, 2019
Right-of-use assets classified in Other noncurrent assets	$	242	$	252

Current portion of lease liabilitiesclassified in Other current liabilities	70		71
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	188		194
Total lease liabilities	$	258	$	265

Future minimum contractual operating lease obligations were as follows:


	March 31, 2020		December 31, 2019
2020	$	63	$	81
2021	66		62
2022	51		46
2023	36		34
2024	25		24
Thereafter	68		70
Total lease payments	$	309	$	317
Less: Imputed interest	(51)		(52)
Present value of lease liabilities	$	258	$	265

Right-of-use assets obtained in exchange for operating lease obligations in the first quarter ended March 31, 2020 and 2019 were $14 and $6, respectively. The weighted-average remaining lease term at March 31, 2020 and 2019 was 6 years. The weighted-average discount rate at March 31, 2020 and 2019 was 5.8% and 6.2%, respectively.

On October 31, 2018, the Company sold its Texarkana, Texas rolling mill and cast house which were accounted for separately. The Company had continuing involvement related to the lease back of the cast house. As a result, in 2018, the Company continued to treat the cast house assets that it sold to Ta Chen as owned at December 31, 2018. In conjunction with the adoption of the new lease accounting standard on January 1, 2019, the Company's continuing involvement no longer required deferral of the recognition of the cast house sale. As such, the associated $73 deferred gain related to the cast house was recorded in Retained earnings as a cumulative effect of an accounting change in the first quarter of 2019.

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt


	March 31, 2020		December 31, 2019
6.150% Notes, due 2020	1,000		1,000
5.400% Notes due 2021	1,250		1,250
5.870% Notes, due 2022	627		627
5.125% Notes, due 2024	1,250		1,250
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Term Loan, due 2027⁽¹⁾	600		—
6.125% Notes, due 2028⁽¹⁾	600		—
Other⁽²⁾	(41)		(18)
	7,086		5,909
Less: amount due within one year	1,309		1,003
Total long-term debt	$	5,777	$	4,906

⁽¹⁾This debt was issued by Arconic Corporation as part of the Arconic Inc. Separation Transaction.

⁽²⁾Includes various financing arrangements related to subsidiaries, unamortized debt discounts related to outstanding notes and bonds listed in the table above and unamortized debt issuance costs.

Public Debt.

On February 7, 2020, Arconic Corporation, which was a wholly-owned subsidiary of the Company, completed an offering of $600 aggregate principal amount of 6.125% senior secured second-lien notes due 2028 (the "6.125% Notes").

On March 25, 2020, Arconic Corporation entered into a credit agreement (the "Arconic Corporation Credit Agreement"), which provided for a $600 aggregate principal amount seven-year, senior secured first-lien term loan B facility (the "Term Loan") and the Revolving Credit Facility (as defined below). Arconic Corporation borrowed the full amount of the Term Loan on the closing date. The Term Loan has a variable interest rate currently based on LIBOR for the relevant interest period plus an applicable margin of 2.75%. The provisions of the Term Loan require a mandatory 1% repayment of $6 each annual period during the seven-year term. The Arconic Corporation Credit Facility is guaranteed by certain of Arconic Corporation’s wholly-owned domestic subsidiaries and secured on a first-priority basis by liens on substantially all assets of Arconic Corporation and the guarantors.

Arconic Corporation used the proceeds from the 6.125% Notes and Term Loan to make a payment to the Company to fund the transfer of certain assets to Arconic Corporation relating to the Arconic Inc. Separation Transaction and for general corporate purposes. Following the Arconic Inc. Separation Transaction, the Company has no obligations under either the 6.125% Notes or the Arconic Corporation Credit Agreement. See Note R.

On April 6, 2020, the Company completed the early redemption of all $1,000 of its 6.150% Notes due 2020 (the "6.150% Notes") and the early partial redemption of $300 of its 5.400% Notes due 2021 (the 5.400% Notes"). Holders of the 6.150% Notes were paid an aggregate of $1,020 and holders of the 5.400% Notes were paid an aggregate of $315, plus accrued and unpaid interest up to, but not including, the redemption date. The Company incurred early termination premium and interest of $35 and $17, respectively, which will be recorded during the second quarter of 2020 in Interest expense, net.

On April 16, 2020, we filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission, which became effective automatically (the “Shelf Registration Statement”). The Shelf Registration Statement allows for offerings of debt securities from time to time.

On April 22, 2020, the Company priced, and on April 24, 2020, the Company completed, an offering of $1,200 aggregate principal amount of 6.875% Notes due 2025, the proceeds of which are to be used to fund the cash tender offers noted below and to pay related transaction fees, including applicable premiums and expenses, with the remaining amount to be used for general corporate purposes. The Company incurred deferred financing costs of $15, which will be recorded during the second quarter of 2020. The offering satisfies the financing condition for the cash tender offers noted below. On April 22, 2020, the Company announced (1) a cash tender offer and consent solicitation for its 5.400% Notes with a maximum aggregate purchase price of up to $785 and (2) a cash tender offer for its 5.870% Notes due 2022 (the “5.870% Notes”) with a maximum aggregate

purchase price of up to $210. As of 5:00 pm on May 5, 2020, which was the early tender deadline for the tender offers, $561 aggregate principal amount of 5.400% Notes and $147 aggregate principal amount of 5.870% Notes had been tendered. The Company has announced that it expects to purchase the notes tendered on the early settlement date on May 7, 2020. On May 6, 2020, the Company increased the amount of maximum aggregate purchase price for its 5.870% Notes from $210 to $300.

The tender cap related to the 5.400% Notes remains unchanged. The Company also announced that it is extending the deadline for receiving the early tender premium in respect of each tender offer through the expiration date of the tender offers, May 20, 2020. The amount of accrued interest and early tender premium associated with the notes accepted for early settlement was $4 and $35, respectively, which will be recorded during the second quarter of 2020 in Interest expense, net.

Credit Facilities.

In March 2020, the Company entered into an amendment to its Five-Year Revolving Credit Agreement (the “Credit Agreement”). The amendment was entered into to permit the Arconic Inc. Separation Transaction and to amend certain terms of the Credit Agreement, including a change to the existing financial covenant and reduction of total commitments available from $3,000 to $1,500, effective April 1, 2020 and extended the maturity date from June 29, 2023 to April 1, 2025. The Company will be required to maintain a ratio of Consolidated Net Debt (as defined in the Credit Agreement) to Consolidated EBITDA (as defined in the Credit Agreement) to be no greater than 3.50 to 1.00. There were no amounts outstanding at March 31, 2020 or December 31, 2019, and no amounts were borrowed during 2020 or 2019 under the Credit Agreement. At March 31, 2020, Howmet was in compliance with all covenants under the Credit Agreement.

On March 25, 2020, Arconic Corporation entered into the Arconic Corporation Credit Agreement, which provided for the Term Loan and a $1,000 aggregate principal amount five-year, senior secured first-lien revolving credit facility (the “Revolving Credit Facility”), in connection with the Arconic Inc. Separation Transaction. During the three months ended March 31, 2020, there were no borrowings or repayments under this Revolving Credit Facility.

In addition to the Credit Agreement, the Company has a number of other credit agreements that provide a combined borrowing capacity of $250 as of March 31, 2020 which is due to expire in 2020. The purpose of any borrowings under these credit arrangements is to provide for working capital requirements and for other general corporate purposes. The covenants contained in all these arrangements are the same as the Credit Agreement. During the three months ended March 31, 2020, there were no borrowings or repayments under these other credit facilities.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The carrying values of Cash and cash equivalents, Restricted cash, Derivatives, Noncurrent receivables, and Short-term debt included in the Consolidated Balance Sheet approximate their fair value. The Company holds exchange-traded fixed income securities which are considered available-for-sale securities that are carried at fair value which is based on quoted market prices which are classified in Level 1 of the fair value hierarchy. The fair value of Long-term debt, less amount due within one year was based on quoted market prices for public debt and on interest rates that are currently available to the Company for issuance of debt with similar terms and maturities for non-public debt. The fair value amounts for all Long-term debt were classified in Level 2 of the fair value hierarchy.


	March 31, 2020						December 31, 2019
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt, less amount due within one year	$	5,777	$	5,636	$	4,906	$	5,337

Restricted cash was $52 and $55 at March 31, 2020 and December 31, 2019, respectively.

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 2020 Divestitures. On January 31, 2020, the Company reached an agreement to sell a small manufacturing plant in the United Kingdom for $12 in cash, subject to working capital and other adjustments. The operating results and assets and liabilities of this plant are included in the EP&F segment. Subject to regulatory approvals and provided the parties reach agreement regarding customary closing conditions, the Company currently plans to close the sale in the second quarter of 2020. As a result of entering into the agreement to sell, the Company recognized a charge of $12 related to a non-cash impairment of the net book value of the business, primarily properties, plants, and equipment. This charge was recorded in Restructuring and other charges in the Statement of Consolidated Operations. On February 1, 2020, the Company completed the sale of its aluminum rolling mill in Itapissuma, Brazil for $50 which resulted in a loss of $59. The rolling mill produces specialty foil and sheet products and its operating results and assets and liabilities were included in the GRP segment. As a result of entering into the agreement to sell in August 2019, the Company recognized a charge of $53 in 2019 related to a non-cash impairment of the net book value of the business, primarily properties, plants, and equipment. The Company recognized an incremental charge of $6 in the first quarter of 2020 due to certain adjustments related to unfavorable changes in foreign currency. These charges were recorded in Restructuring and other charges in the Statement of Consolidated Operations. The sale remains subject to certain post-closing adjustments. This business generated sales of $11 and $40 in the first quarter of 2020 and 2019, respectively, and had 525 employees at the time of divestiture. On March 1, 2020, the Company sold its hard alloy extrusions plant in South Korea for $62 in cash, which resulted in a gain of $27 in the first quarter of 2020 recorded in Restructuring and other charges in the Statement of Consolidated Operations. This sale remains subject to certain post-closing adjustments. The operating results and assets and liabilities of this plant were included in the GRP segment. This business generated sales of $8 and $13 in the first quarter of 2020 and 2019, respectively, and had 158 employees at the time of divestiture. 2019 Divestiture. On December 1, 2019, the Company completed the sale of its forgings business in the United Kingdom for $64 in cash, which resulted in a loss on sale of $46 that was recognized in 2019 and an incremental charge of $6 related to certain post-closing adjustments that was recorded in the first quarter of 2020. These charges were recorded in Restructuring and other charges in the Statement of Consolidated Operations. Of the cash proceeds received, $53 was recorded as Restricted cash within Prepaid expenses and other current assets on the Consolidated Balance Sheet at December 31, 2019 and March 31, 2020, as its use is subject to restriction by the U.K. pension authority until certain U.K. pension plan changes have been made and approved. The forgings business primarily produces steel, titanium, and nickel based forged components for aerospace, mining, and off-highway markets and its operating results and assets and liabilities were included in the EP&F segment. The sale remains subject to certain remaining post-closing adjustments. This business generated sales of $32 in the first quarter of 2019 and had 540 employees at the time of divestiture.

Contingencies and Commitments	3 Months Ended
Contingencies and Commitments	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Contingencies Environmental Matters The Company participates in environmental assessments and cleanups at more than 100 locations. These include owned or operating facilities and adjoining properties, previously owned or operating facilities and adjoining properties, and waste sites, including Superfund (Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA")) sites. A liability is recorded for environmental remediation when a cleanup program becomes probable and the costs can be reasonably estimated. As assessments and cleanups proceed, the liability is adjusted based on progress made in determining the extent of remedial actions and related costs. The liability can change substantially due to factors such as the nature and extent of contamination, changes in remedial requirements, and technological changes, among others. The Company’s remediation reserve balance was $229 at March 31, 2020 and $230 at December 31, 2019, recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $93 and $94, respectively, were classified as a current liability), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. Payments related to remediation expenses applied against the reserve were $2 in the first quarter ended March 31, 2020, which includes expenditures currently mandated, as well as those not required by any regulatory authority or third party. Included in annual operating expenses are the recurring costs of managing hazardous substances and environmental programs. These costs are estimated to be approximately 1% or less of Cost of goods sold. The following discussion provides details regarding the current status of the most significant remediation reserves related to a current site. Massena West, NY—The Company has an ongoing remediation project related to the Grasse River, which is adjacent to the Company's Massena plant site and is included in the GRP segment. Many years ago, it was determined that sediments and fish in the river contain varying levels of polychlorinated biphenyls ("PCBs"). The project, which was selected by the U.S. Environmental Protection Agency (EPA) in a Record of Decision issued in April 2013, is aimed at capping PCB contaminated sediments with concentration in excess of one part per million in the main channel of the river and dredging PCB contaminated sediments in the near-shore areas where total PCBs exceed one part per million. At March 31, 2020 and December 31, 2019, the reserve balances associated with this matter were $169 and $171, respectively. In the first quarter of 2019, the Company received approval from the EPA of its final remedial design which is now under construction and is expected to be completed in 2022. As the project proceeds, the liability may be updated due to factors such as changes in remedial requirements, site restoration costs, and ongoing operation and maintenance costs, among others. In connection with the Arconic Inc. Separation Transaction, Arconic Corporation agreed to assume and indemnify the Company against certain liabilities relating to Arconic Corporation’s businesses, including potential liabilities associated with the remediation project related to the Grasse River. Tax Pursuant to the Tax Matters Agreement, dated as of October 31, 2016, entered into between the Company and Alcoa Corporation in connection with the separation of Alcoa Corporation, the Company shares responsibility with Alcoa Corporation for, and Alcoa Corporation has agreed to partially indemnify the Company with respect to the following matter. As previously reported, in July 2013, following a Spanish corporate income tax audit covering the 2006 through 2009 tax years, an assessment was received mainly disallowing certain interest deductions claimed by a Spanish consolidated tax group owned by the Company. In August 2013, the Company filed an appeal of this assessment in Spain’s Central Tax Administrative Court, which was denied in January 2015. The Company filed another appeal in Spain’s National Court in March 2015 which was denied in July 2018. The National Court’s decision requires the assessment for the 2006 through 2009 tax years to be reissued to take into account the outcome of the 2003 to 2005 audit which was closed in 2017. The Company estimates the revised assessment to be $170 (€154), including interest. In March 2019, the Supreme Court of Spain accepted the Company's petition to review the National Court’s decision, and the Company has filed a formal appeal of the assessment. The Supreme Court is reviewing the assessment on its merits and will render a final decision. In the event the Company receives an unfavorable ruling from the Supreme Court of Spain, a portion of the assessment may be offset with existing net operating losses and tax credits available to the Spanish consolidated tax group, which would be shared between the Company and Alcoa Corporation as provided for in the Tax Matters Agreement. In the third quarter of 2018, the Company established an income tax reserve and an indemnification receivable representing Alcoa Corporation’s 49% share of the liability. As of March 31, 2020, the balances of the reserve, including interest, and the receivable are $59 (€53) and $29 (€26), respectively. Additionally, while the tax years 2010 through 2013 are closed to audit, it is possible that the Company may receive assessments for tax years subsequent to 2013. Any potential assessment for an individual tax year is not expected to be material to the Company’s consolidated operations. Reynobond PE As previously reported, on June 13, 2017, the Grenfell Tower in London, U.K. caught fire resulting in fatalities, injuries and damage. A French subsidiary of Arconic, Arconic Architectural Products SAS (AAP SAS), supplied a product, Reynobond PE, to its customer, a cladding system fabricator, which used the product as one component of the overall cladding system on Grenfell Tower. The fabricator supplied its portion of the cladding system to the façade installer, who then completed and installed the system under the direction of the general contractor. Neither Arconic nor AAP SAS was involved in the design or installation of the system used at the Grenfell Tower, nor did it have a role in any other aspect of the building’s refurbishment or original design. Regulatory investigations into the overall Grenfell Tower matter are being conducted, including a criminal investigation by the London Metropolitan Police Service (the “Police”), a Public Inquiry by the British government and a consumer protection inquiry by a French public authority. The Public Inquiry was announced by the U.K. Prime Minister on June 15, 2017 and subsequently was authorized to examine the circumstances leading up to and surrounding the Grenfell Tower fire in order to make findings of fact and recommendations to the U.K. Government on matters such as the design, construction and modification of the building, the role of relevant public authorities and contractors, the implications of the fire for the adequacy and enforcement of relevant regulations, arrangements in place for handling emergencies and the handling of concerns from residents, among other things. Hearings for Phase 1 of the Public Inquiry began on May 21, 2018 and concluded on December 12, 2018. Phase 2 hearings of the Public Inquiry began in early 2020, following which a final report will be written and subsequently published. AAP SAS is participating as a Core Participant in the Public Inquiry and is also cooperating with the ongoing parallel investigation by the Police. The Company no longer sells the PE product for architectural use on buildings. Given the preliminary nature of these investigations and the uncertainty of potential future litigation, the Company cannot reasonably estimate at this time the likelihood of an unfavorable outcome or the possible loss or range of losses in the event of an unfavorable outcome. Upon the completion of the Arconic Inc. Separation Transaction, Arconic Corporation holds the building and construction systems businesses previously held by the Company and AAP SAS has become a subsidiary of Arconic Corporation. In connection with the Arconic Inc. Separation Transaction, Arconic Corporation agreed to assume and indemnify the Company against certain liabilities relating to Arconic Corporation’s businesses, including potential liabilities associated with the following legal proceedings. In connection with the Separation, Arconic Corporation has agreed to indemnify the Company for certain liabilities and Howmet has agreed to indemnify Arconic Corporation for certain liabilities. Behrens et al. v. Arconic Inc. et al. As previously reported, on June 6, 2019, 247 plaintiffs comprised of survivors and estates of decedents of the Grenfell Tower fire filed a complaint against “Arconic Inc., Alcoa Inc. and Arconic Architectural Products, LLC” (collectively, for purposes of the description of such proceeding, the “Arconic Defendants”), as well as Saint-Gobain Corporation, d/b/a Celotex and Whirlpool Corporation, in the Court of Common Pleas of Philadelphia County. The complaint alleges claims under Pennsylvania state law for products liability and wrongful death related to the fire. In particular, the plaintiffs allege that the Arconic Defendants knowingly supplied a dangerous product ("Reynobond PE") for installation on the Grenfell Tower despite knowing that Reynobond PE was unfit for use above a certain height. The Arconic Defendants removed the case to the United States District Court for the Eastern District of Pennsylvania on June 19, 2019. On August 29, 2019, the Arconic Defendants moved to dismiss the complaint on the bases, among other things, that: (i) the case should be heard in the United Kingdom, not the United States; (ii) there is no jurisdiction over necessary parties; and (iii) Pennsylvania products liability law does not apply to manufacture and sale of product overseas. On December 23, 2019, the Court issued an order denying the motion to dismiss the complaint on bases (ii) and (iii) and suggesting a procedure for limited discovery followed by further briefing on those subjects. Discovery is ongoing on defendants’ motion to have the case dismissed in favor of a UK forum (forum non conveniens). Given the preliminary nature of this matter and the uncertainty of litigation, the Company cannot reasonably estimate at this time the likelihood of an unfavorable outcome or the possible loss or range of losses in the event of an unfavorable outcome. Howard v. Arconic Inc. et al. As previously reported, a purported class action complaint related to the Grenfell Tower fire was filed on August 11, 2017 in the United States District Court for the Western District of Pennsylvania against Arconic Inc. and Klaus Kleinfeld. A related purported class action complaint was filed in the United States District Court for the Western District of Pennsylvania on September 15, 2017, under the caption Sullivan v. Arconic Inc. et al., against Arconic Inc., three former Arconic executives, several current and former Arconic directors, and banks that acted as underwriters for Arconic’s September 18, 2014 preferred stock offering (the “Preferred Offering”). The plaintiff in Sullivan had previously filed a purported class action against the same defendants on July 18, 2017 in the Southern District of New York and, on August 25, 2017, voluntarily dismissed that action without prejudice. On February 7, 2018, on motion from certain putative class members, the court consolidated Howard and Sullivan, closed Sullivan, and appointed lead plaintiffs in the consolidated case. On April 9, 2018, the lead plaintiffs in the consolidated purported class action filed a consolidated amended complaint. The consolidated amended complaint alleged that the registration statement for the Preferred Offering contained false and misleading statements and omitted to state material information, including by allegedly failing to disclose material uncertainties and trends resulting from sales of Reynobond PE for unsafe uses and by allegedly expressing a belief that appropriate risk management and compliance programs had been adopted while concealing the risks posed by Reynobond PE sales. The consolidated amended complaint also alleged that between November 4, 2013 and June 23, 2017 Arconic and Kleinfeld made false and misleading statements and failed to disclose material information about the Company’s commitment to safety, business and financial prospects, and the risks of the Reynobond PE product, including in Arconic’s Form 10-Ks for the fiscal years ended December 31, 2013, 2014, 2015, and 2016, its Form 10-Qs and quarterly financial press releases from the fourth quarter of 2013 through the first quarter of 2017, its 2013, 2014, 2015, and 2016 Annual Reports, its 2016 Annual Highlights Report, and on its official website. The consolidated amended complaint sought, among other things, unspecified compensatory damages and an award of attorney and expert fees and expenses. On June 8, 2018, all defendants moved to dismiss the consolidated amended complaint for failure to state a claim. On June 21, 2019, the Court granted the defendants’ motion to dismiss in full, dismissing the consolidated amended complaint in its entirety without prejudice. On July 23, 2019, the lead plaintiffs filed a second amended complaint. The second amended complaint alleges generally the same claims as the consolidated amended complaint with certain additional allegations, as well as claims that the risk factors set forth in the registration statement for the Preferred Offering were inadequate and that certain additional statements in the sources identified above were misleading. The second amended complaint seeks, among other things, unspecified compensatory damages and an award of attorney and expert fees and expenses. On September 11, 2019, all defendants moved to dismiss the second amended complaint. Plaintiffs’ opposition to that motion was filed by November 1, 2019 and all defendants filed a reply brief on November 26, 2019. Given the preliminary nature of this matter and the uncertainty of litigation, the Company cannot reasonably estimate at this time the likelihood of an unfavorable outcome or the possible loss or range of losses in the event of an unfavorable outcome. Raul v. Albaugh, et al. As previously reported, on June 22, 2018, a derivative complaint was filed nominally on behalf of Arconic by a purported Arconic stockholder against the then members of Arconic’s Board of Directors and Klaus Kleinfeld and Ken Giacobbe, naming Arconic as a nominal defendant, in the United States District Court for the District of Delaware. The complaint raises similar allegations as the consolidated amended complaint and second amended complaint in Howard, as well as allegations that the defendants improperly authorized the sale of Reynobond PE for unsafe uses, and asserts claims under Section 14(a) of the Securities Exchange Act of 1934 and Delaware state law. On July 13, 2018, the parties filed a stipulation agreeing to stay this case until the final resolution of the Howard case, the Grenfell Tower Public Inquiry in London, and the investigation by the Police and on July 23, 2018, the Court approved the stay. Given the preliminary nature of this matter and the uncertainty of litigation, the Company cannot reasonably estimate at this time the likelihood of an unfavorable outcome or the possible loss or range of losses in the event of an unfavorable outcome. While the Company believes that these cases are without merit and intends to challenge them vigorously, there can be no assurances regarding the ultimate resolution of these matters. Stockholder Demands. As previously noted, the Board of Directors also received letters, purportedly sent on behalf of stockholders, reciting allegations similar to those made in the federal court lawsuits and demanding that the Board authorize the Company to initiate litigation against members of management, the Board and others. The Board of Directors appointed a Special Litigation Committee of the Board to review, investigate, and make recommendations to the Board regarding the appropriate course of action with respect to these stockholder demand letters. On May 22, 2019, the Special Litigation Committee, following completion of its investigation into the claims demanded in the demand letters, recommended to the Board that it reject the demands to authorize commencement of litigation. On May 28, 2019, the Board adopted the Special Litigation Committee’s findings and recommendations and rejected the demands that it authorize commencement of actions to assert the claims set forth in the demand letters. Other In addition to the matters discussed above, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against the Company, including those pertaining to environmental, product liability, safety and health, employment, tax and antitrust matters. While the amounts claimed in these other matters may be substantial, the ultimate liability cannot currently be determined because of the considerable uncertainties that exist. Therefore, it is possible that the Company’s liquidity or results of operations in a period could be materially affected by one or more of these other matters. However, based on facts currently available, management believes that the disposition of these other matters that are pending or asserted will not have a material adverse effect, individually or in the aggregate, on the results of operations, financial position or cash flows of the Company. Commitments Guarantees At March 31, 2020, the Company had outstanding bank guarantees related to tax matters, outstanding debt, workers’ compensation, environmental obligations, energy contracts, and customs duties, among others. The total amount committed under these guarantees, which expire at various dates between 2020 and 2040, was $27 at March 31, 2020. Pursuant to the Separation and Distribution Agreement between the Company and Alcoa Corporation, the Company was required to provide a guarantee for an energy supply agreement at an Alcoa Corporation facility that expires in 2047. This guarantee had a fair value of $10 and $9 at March 31, 2020 and December 31, 2019, respectively, and was included in Other noncurrent liabilities and deferred credits on the accompanying Consolidated Balance Sheet. The Company was required to provide a guarantee up to an estimated present value of approximately $882 and $1,353 at March 31, 2020 and December 31, 2019, respectively. For this guarantee, subject to its provisions, the Company is secondarily liable in the event of a payment default by Alcoa Corporation. The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be remote. Letters of Credit The Company has outstanding letters of credit, primarily related to workers’ compensation, environmental obligations, and leasing obligations. The total amount committed under these letters of credit, which automatically renew or expire at various dates, mostly in 2020, was $138 at March 31, 2020. Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and the Company and Alcoa Corporation, the Company was required to retain letters of credit of $54 that had previously been provided related to both the Company, Arconic Corporation, and Alcoa Corporation workers’ compensation claims which occurred prior to the respective separation transactions of April 1, 2020 and November 1, 2016. Arconic Corporation and Alcoa Corporation workers’ compensation claims and letter of credit fees paid by the Company are being proportionally billed to and are being fully reimbursed by Arconic Corporation and Alcoa Corporation. Surety Bonds The Company has outstanding surety bonds, primarily related to tax matters, contract performance, workers’ compensation, environmental-related matters, and customs duties. The total amount committed under these surety bonds, which expire at various dates, primarily in 2020, was $64 at March 31, 2020. Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and the Company and Alcoa Corporation, the Company was required to provide surety bonds of $27 that had previously been provided related to both the Company, Arconic Corporation, and Alcoa Corporation workers’ compensation claims which occurred prior to the respective separation transactions of April 1, 2020 and November 1, 2016. Arconic Corporation and Alcoa Corporation workers’ compensation claims and surety bond fees paid by the Company are being proportionately billed to and are being fully reimbursed by Arconic Corporation and Alcoa Corporation.

Arconic Inc. Separation Transaction	3 Months Ended
Arconic Inc. Separation Transaction	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Arconic Inc. Separation Transaction	Arconic Inc. Separation Transaction On April 1, 2020, the Company completed the previously announced separation of its business into two independent, publicly-traded companies. Following the Arconic Inc. Separation Transaction, Arconic Corporation holds the Global Rolled Products businesses (global rolled products, aluminum extrusions, and building and construction systems) previously held by the Company. The Company retained the Engineered Products and Forgings businesses (engine products, fastening systems, engineered structures, and forged wheels). The Company's Board of Directors approved the completion of the separation on February 5, 2020, which was effected by the distribution (the “Distribution”) by the Company of all of the outstanding common stock of Arconic Corporation on April 1, 2020 to the Company’s stockholders who held shares as of the close of business on March 19, 2020 (the “Record Date”). In the Distribution, each Company stockholder of record as of the Record Date received one share of Arconic Corporation common stock for every four shares of the Company’s common stock held as of the Record Date. The Company did not issue fractional shares of Arconic Corporation common stock in the Distribution. Instead, each stockholder otherwise entitled to a fractional share of Arconic Corporation common stock received cash in lieu of fractional shares. On March 31, 2020, in connection with the Arconic Inc. Separation Transaction, the Company entered into several agreements with Arconic Corporation that govern the relationship between the Company and Arconic Corporation following the Distribution, including the following: a Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreement, Transition Services Agreement and certain Patent, Know-How, Trade Secret License and Trademark License Agreements. John Plant and Tolga Oal are serving as co-Chief Executive Officers of Howmet. Timothy D. Myers is serving as Chief Executive Officer for Arconic Corporation. The Company’s Board of Directors named new directors to the Arconic Corporation and Howmet boards. The Arconic Corporation Board of Directors comprises: William Austen; Christopher Ayers; Margaret Billson; Austin Camporin; Jacques Croisetiere; Elmer Doty; Carol Eicher; Fritz Henderson; Timothy Myers; E. Stanley O’Neal. Jeffrey Stafeil. Christopher Ayers, Elmer Doty and Stanley O’Neal resigned from Howmet’s Board. Joining the Howmet Board of Directors are: Joseph Cantie; Robert Leduc; Jody Miller; Tolga Oal; and Nicole Piasecki. Rajiv Gupta and Sean Mahoney notified Howmet’s Board that they will not stand for re-election and will retire from the Board effective as of the date of the Company’s 2020 Annual Meeting of Shareholders. For the first quarter ended March 31, 2020, the Company recognized $38 in Selling, general administrative, and other expenses on the accompanying Statement of Consolidated Operations for costs related to the Arconic Inc. Separation Transaction. In addition, the Company incurred debt issuance costs and capital expenditures of $45 and $3, respectively, in the first quarter of 2020 related to the Arconic Inc. Separation Transaction. Inception to date costs recorded in Selling, general administrative, and other expenses were $116 as well as debt issuance costs and capital expenditures of $45 and $10, respectively.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management evaluated all activity of the Company and concluded that no subsequent events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements, except as noted below: See Note N for details of both the issuance and early redemption of debt and changes to the Company's credit facilities. See Note R for updates on the Arconic Inc. Separation Transaction.

Recently Adopted and Recently Issued Accounting Guidance (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently Adopted and Recently Issued Accounting Guidance	Adopted On January 1, 2020, the Company adopted changes issued by the Financial Accounting Standards Board ("FASB") related to the impairment model for expected credit losses. The new impairment model (known as the current expected credit loss ("CECL") model) is based on expected losses rather than incurred losses. The Company recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments and requires the measurement of expected credit losses on assets including those that have a low risk of loss. The adoption of this new guidance did not have a material impact on the Consolidated Financial Statements. Issued In August 2018, the FASB issued guidance that impacts disclosures for defined benefit pension plans and other postretirement benefit plans. These changes become effective for the Company's 2020 annual report. Management has determined that the adoption of this guidance will not have a material impact on the Consolidated Financial Statements and plans to adopt for the 2020 annual report. In December 2019, the FASB issued guidance that is intended to simplify various aspects related to the accounting for income taxes. These changes become effective on January 1, 2021, with early adoption permitted. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements and plans to adopt on January 1, 2021. In March 2020, the FASB issued amendments that provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements.
Earnings Per Share	Basic earnings per share ("EPS") amounts are computed by dividing earnings, after the deduction of preferred stock dividends declared, by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive share equivalents outstanding.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of Operating Results of Arconic's Reportable Segments

The operating results of the Company’s reportable segments were as follows:


	Engineered Products and Forgings		Global Rolled Products		Total Segment
First quarter ended March 31, 2020
Sales:
Third-party sales	$	1,631	$	1,578	$	3,209
Intersegment sales	—		35		35
Total sales	$	1,631	$	1,613	$	3,244
Profit and loss:
Segment operating profit	$	339	$	169	$	508
Restructuring and other charges (credits)	34		(18)		16
Provision for depreciation and amortization	65		57		122
Capital expenditures	36		22		58

First quarter ended March 31, 2019
Sales:
Third-party sales	$	1,756	$	1,784	$	3,540
Intersegment sales	—		52		52
Total sales	$	1,756	$	1,836	$	3,592
Profit and loss:
Segment operating profit	$	313	$	135	$	448
Restructuring and other charges	18		11		29
Provision for depreciation and amortization	71		59		130
Capital expenditures	117		39		156

Schedule of Segment Reporting Information to Consolidated Income Before income Taxes

The following table reconciles Total segment operating profit to Consolidated income before income taxes:


	First quarter ended
	March 31,
	2020		2019
Total segment operating profit	$	508	$	448
Unallocated amounts:
Restructuring and other charges	(21)		(12)
Corporate expense	(88)		(62)
Consolidated operating income	$	399	$	374
Interest expense	(91)		(85)
Other expense, net	(17)		(32)
Consolidated income before income taxes	$	291	$	257

Disaggregation of Revenue by Major End Market Served

The following table disaggregates revenue by major end market served. Differences between segment and consolidated totals are in Corporate.


	Engineered Products and Forgings		Global Rolled Products		Total Segment
First quarter ended March 31, 2020
Aerospace	$	1,189	$	285	$	1,474
Transportation	256		509		765
Building and construction	—		291		291
Industrial and Other	186		493		679
Total end-market revenue	$	1,631	$	1,578	$	3,209

First quarter ended March 31, 2019
Aerospace	$	1,250	$	302	$	1,552
Transportation	343		649		992
Building and construction	—		330		330
Industrial and Other	163		503		666
Total end-market revenue	$	1,756	$	1,784	$	3,540

Restructuring and Other Charges (Tables)

3 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

Activity and Reserve Balances for Restructuring Charges

Activity and reserve balances for restructuring and other charges were as follows:


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2018	$	10	$	15	$	25
Cash payments	(74)		(5)		(79)
Restructuring charges	56		574		630
Other⁽¹⁾	39		(581)		(542)
Reserve balances at December 31, 2019	31		3		34
Cash payments	(7)		—		(7)
Restructuring charges	20		1		21
Other⁽²⁾	—		(2)		(2)
Reserve balances at March 31, 2020	$	44	$	2	$	46

Other Expense, Net (Tables)

3 Months Ended

Mar. 31, 2020

Other Income and Expenses [Abstract]

Schedule of Other Expense (Net)


	First quarter ended
	March 31,
	2020		2019
Non-service related net periodic benefit cost	$	25	$	29
Interest income	(4)		(10)
Foreign currency losses, net	11		—
Net loss from asset sales	2		2

Other, net	(17)		11
	$	17	$	32

Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost were as follows:


	First quarter ended
	March 31,
	2020		2019
Pension benefits
Service cost	$	7	$	7
Interest cost	47		59
Expected return on plan assets	(70)		(72)
Recognized net actuarial loss	42		35

Settlements	—		2


Net periodic benefit cost⁽¹⁾	$	26	$	31

Other postretirement benefits
Service cost	$	1	$	2
Interest cost	6		7
Recognized net actuarial loss	2		1
Amortization of prior service cost (benefit)	(2)		(1)
Curtailments	—		(58)

Net periodic benefit cost⁽¹⁾	$	7	$	(49)

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provisions

The tax provisions for the first quarter ended March 31, 2020 and 2019 were comprised of the following:


	First quarter ended
	March 31,
	2020		2019
Pre-tax income at estimated annual effective income tax rate before discrete items	$	81	$	67

Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	3		2
Other discrete items	(8)		1
Provision for income taxes	$	76	$	70

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of Information Used to Compute Basic and Diluted EPS

The information used to compute basic and diluted EPS attributable to the Company's common shareholders was as follows (shares in millions):


	First quarter ended
	March 31,
	2020		2019
Net income	$	215	$	187
Less: preferred stock dividends declared	(1)		(1)
Net income available to the Company's common shareholders - basic	214		186
Add: Interest expense related to convertible notes	—		4
Net income available to the Company's common shareholders - diluted	$	214	$	190

Average shares outstanding - basic	435		471
Effect of dilutive securities:
Stock options	1		—
Stock and performance awards	4		4
Convertible notes⁽¹⁾	—		14
Average shares outstanding - diluted	440		489

Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding

The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions).


	First quarter ended
	March 31,
	2020	2019

Stock options⁽¹⁾	4	8

⁽¹⁾The average exercise price per share of options was $27.65 for the first quarter ended March 31, 2020 and $26.67 for the first quarter ended March 31, 2019.

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Summary of Changes in Accumulated Other Comprehensive (Loss) by Component

The following table details the activity of the four components that comprise Accumulated other comprehensive loss:


	First quarter ended
	March 31,
	2020		2019
Pension and other postretirement benefits (F)
Balance at beginning of period	$	(2,732)	$	(2,344)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit	1		72
Tax expense	—		(16)
Total Other comprehensive income before reclassifications, net of tax	1		56
Amortization of net actuarial loss and prior service cost⁽¹⁾	43		(21)
Tax (expense) benefit ⁽²⁾	(7)		5
Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽³⁾	36		(16)
Total Other comprehensive income	37		40
Balance at end of period	$	(2,695)	$	(2,304)
Foreign currency translation
Balance at beginning of period	$	(596)	$	(583)
Foreign currency translation	(79)		26
Net amount reclassified from Accumulated other comprehensive loss⁽⁴⁾	14		—
Other comprehensive (loss) income	(65)		26
Balance at end of period	$	(661)	$	(557)
Available-for-sale securities
Balance at beginning of period	$	—	$	(3)
Other comprehensive income⁽⁵⁾	1		3
Balance at end of period	$	1	$	—
Cash flow hedges
Balance at beginning of period	$	(1)	$	4
Adoption of accounting standards	—		(2)
Other comprehensive (loss) income:
Net change from periodic revaluations	(11)		8
Tax expense	(1)		(1)
Total Other comprehensive loss (income) before reclassifications, net of tax	(12)		7
Net amount reclassified to earnings	(1)		—
Tax expense⁽²⁾	—		—
Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽³⁾	(1)		—
Total Other comprehensive (loss) income	(13)		7
Balance at end of period	$	(14)	$	9

Accumulated other comprehensive loss	$	(3,369)	$	(2,852)

⁽¹⁾These amounts were recorded in Other expense, net (see Note E).

⁽²⁾These amounts were included in Provision for income taxes on the accompanying Statement of Consolidated Operations.

⁽³⁾A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings.

⁽⁴⁾Foreign currency translation charges were included in Restructuring and other charges on the accompanying Statement of Consolidated Operations due to the sale of foreign entities.

⁽⁵⁾Realized gains and losses were included in Other expense, net on the accompanying Statement of Consolidated Operations.

Inventories (Tables)

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory Components


	March 31, 2020		December 31, 2019
Finished goods	$	723	$	671
Work-in-process	1,352		1,316
Purchased raw materials	339		343
Operating supplies	98		99
Total inventories	$	2,512	$	2,429

Properties, Plants, and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plants, and Equipment, Net

Properties, Plants, and Equipment, net


	March 31, 2020		December 31, 2019
Land and land rights	$	118	$	128
Structures	2,468		2,385
Machinery and equipment	9,364		9,293
	11,950		11,806
Less: accumulated depreciation and amortization	6,966		7,074
	4,984		4,732
Construction work-in-progress	374		731
Properties, plants, and equipment, net	$	5,358	$	5,463

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases

Operating lease right-of-use assets and lease liabilities in the Consolidated Balance Sheet were as follows:


	March 31, 2020		December 31, 2019
Right-of-use assets classified in Other noncurrent assets	$	242	$	252

Current portion of lease liabilitiesclassified in Other current liabilities	70		71
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	188		194
Total lease liabilities	$	258	$	265

Schedule of Future Minimum Contractual Operating Lease Obligations

Future minimum contractual operating lease obligations were as follows:


	March 31, 2020		December 31, 2019
2020	$	63	$	81
2021	66		62
2022	51		46
2023	36		34
2024	25		24
Thereafter	68		70
Total lease payments	$	309	$	317
Less: Imputed interest	(51)		(52)
Present value of lease liabilities	$	258	$	265

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


	March 31, 2020		December 31, 2019
6.150% Notes, due 2020	1,000		1,000
5.400% Notes due 2021	1,250		1,250
5.870% Notes, due 2022	627		627
5.125% Notes, due 2024	1,250		1,250
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Term Loan, due 2027⁽¹⁾	600		—
6.125% Notes, due 2028⁽¹⁾	600		—
Other⁽²⁾	(41)		(18)
	7,086		5,909
Less: amount due within one year	1,309		1,003
Total long-term debt	$	5,777	$	4,906

⁽¹⁾This debt was issued by Arconic Corporation as part of the Arconic Inc. Separation Transaction.

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Financial Instruments


	March 31, 2020						December 31, 2019
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt, less amount due within one year	$	5,777	$	5,636	$	4,906	$	5,337

Basis of Presentation (Details) - Subsequent Event - company		1 Months Ended
	Apr. 01, 2020	May 06, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of independent, publicly-traded companies resulting from proposed separation transaction	2
Engineered Products and Forgings
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of revenue from aerospace end market (percent)		71.00%

Segment Information - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Goodwill (C)	$ 4,457	$ 4,493
Engineered Structures
Segment Reporting Information [Line Items]
Goodwill (C)	$ 17
Margin between fair value of reporting unit and carrying value (percent)	15.00%	60.00%
Engine Products
Segment Reporting Information [Line Items]
Goodwill (C)	$ (17)

Segment Information - Schedule of Operating Results of Arconic's Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 3,209	$ 3,541
Segment operating profit	508	448
Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,209	3,540
Total sales including intersegment sales	3,244	3,592
Segment operating profit	508	448
Restructuring and other charges (credits)	16	29
Provision for depreciation and amortization	122	130
Capital expenditures	58	156
Intersegment sales
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(35)	(52)
Engineered Products and Forgings
Segment Reporting Information [Line Items]
Segment operating profit	339	313
Restructuring and other charges (credits)	34	18
Provision for depreciation and amortization	65	71
Capital expenditures	36	117
Engineered Products and Forgings \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,631	1,756
Total sales including intersegment sales	1,631	1,756
Engineered Products and Forgings \| Intersegment sales
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Global Rolled Products
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,578	1,784
Segment operating profit	169	135
Restructuring and other charges (credits)	(18)	11
Provision for depreciation and amortization	57	59
Capital expenditures	22	39
Global Rolled Products \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,578	1,784
Total sales including intersegment sales	1,613	1,836
Global Rolled Products \| Intersegment sales
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ (35)	$ (52)

Segment Information - Schedule of Segment operating profit to consolidated income before income taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total segment operating profit	$ 508	$ 448
Restructuring and other charges	(21)	(12)
Operating income	399	374
Interest expense	(91)	(85)
Other expense, net	(17)	(32)
Income before income taxes	291	257
Segment Reconciling Items
Segment Reporting Information [Line Items]
Restructuring and other charges	(21)	(12)
Corporate expense	(88)	(62)
Operating income	399	374
Interest expense	(91)	(85)
Other expense, net	(17)	(32)
Income before income taxes	$ 291	$ 257

Segment Information - Disaggregation of Revenue by Major End Market Served (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 3,209	$ 3,541
Operating Segments
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,209	3,540
Engineered Products and Forgings
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,631	1,756
Global Rolled Products
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,578	1,784
Global Rolled Products \| Operating Segments
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,578	1,784
Aerospace \| Operating Segments
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,474	1,552
Aerospace \| Engineered Products and Forgings
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,189	1,250
Aerospace \| Global Rolled Products
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	285	302
Transportation \| Operating Segments
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	765	992
Transportation \| Engineered Products and Forgings
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	256	343
Transportation \| Global Rolled Products
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	509	649
Building and construction \| Operating Segments
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	291	330
Building and construction \| Engineered Products and Forgings
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Building and construction \| Global Rolled Products
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	291	330
Industrial and Other \| Operating Segments
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	679	666
Industrial and Other \| Engineered Products and Forgings
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	186	163
Industrial and Other \| Global Rolled Products
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 493	$ 503

Restructuring and Other Charges - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($) employee position	Mar. 31, 2019 USD ($) employee	Dec. 31, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 21	$ 12
Restructuring and other charges (benefits) after tax	23	10
Gain on sale of assets	(2)	(2)
Cash payments for restructuring	7		$ 79
Extrusions Busines
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of business	27
Gain on sale of business, net of tax	20
Layoff costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	22	65
Restructuring and other charges (benefits) after tax	17	$ 51
Cash payments for restructuring	$ 7		$ 74
Restructuring Programs Layoffs 2020
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee	460
Approximate number of employees already laid off \| employee	0
Impairments Of Assets Associated With Agreement To Sell Aerospace Components Business
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 12
Restructuring and other charges (benefits) after tax	12
UK Forgings
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6
Restructuring and other charges (benefits) after tax	6
Sale Of Company's Brazilian Rolling Mill Operations
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6
Restructuring and other charges (benefits) after tax	6
Other Exit Costs Related To Prior Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6
Restructuring and other charges (benefits) after tax	6
Reversal Of Prior Period Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(2)
Restructuring and other charges (benefits) after tax	(2)
Sale Of Assets
Restructuring Cost and Reserve [Line Items]
Gain on sale of assets	2
Gain on sale of assets, net of tax	$ 2
Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs	1,310	800
Approximate number of employees already laid off \| position	1,053
Cash payments for restructuring	$ 7
Executive Severance Net Of The Benefit Of Forfeited Executive Stock Compensation
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 2
Restructuring and other charges (benefits) after tax		1
Pension Settlement Cost
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2
Restructuring and other charges (benefits) after tax		2
Other Miscellaneous Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1
Restructuring and other charges (benefits) after tax		1
Elimination Of Life Insurance Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges		(58)
Restructuring and other charges (benefits) after tax		$ (45)
Engineered Products and Forgings \| Restructuring Programs Layoffs 2020
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee	440
Engineered Products and Forgings \| Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		211
Corporate Segment \| Restructuring Programs Layoffs 2020
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee	20
Corporate Segment \| Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		425
Global Rolled Products \| Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		164

Restructuring and Other Charges - Activity and Reserve Balances for Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance	$ 34	$ 25	$ 25
Cash payments	(7)		(79)
Restructuring charges	21		630
Other	(2)		(542)
Restructuring reserve ending balance	46		34
Gain on sale of assets	(2)	(2)
Restructuring charges	21	12
Texarkana, Texas Rolling Mill And Cast House
Restructuring Reserve [Roll Forward]
Gain on sale of assets			20
Extrusions Busines
Restructuring Reserve [Roll Forward]
Gain (loss) on sale of business	27
Layoff costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance	31	10	10
Cash payments	(7)		(74)
Restructuring charges	20		56
Other	0		39
Restructuring reserve ending balance	44		31
Restructuring charges	22	65
Other exit costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance	3	15	15
Cash payments	0		(5)
Restructuring charges	1		574
Other	(2)		(581)
Restructuring reserve ending balance	2		3
Restructuring charges	3
Elimination Of Life Insurance Benefits
Restructuring Reserve [Roll Forward]
Other			58
Restructuring charges		(58)
Other, Pension Settlement Cost
Restructuring Reserve [Roll Forward]
Restructuring charges			9
Employee Severance, Reversal Of Prior Restructuring
Restructuring Reserve [Roll Forward]
Other			10
Impairment Of Disks
Restructuring Reserve [Roll Forward]
Restructuring charges			428
Asset Impairment associated with the sale of business
Restructuring Reserve [Roll Forward]
Restructuring charges			112
Other Exit Costs, Impairment Of Intangibles And Property Plant and Equipment
Restructuring Reserve [Roll Forward]
Restructuring charges			25
Other Exit Cost Lease Termination Loss
Restructuring Reserve [Roll Forward]
Restructuring charges			12
Accelerated Depreciation
Restructuring Reserve [Roll Forward]
Restructuring charges			9
Impairment Of A Cost Investment
Restructuring Reserve [Roll Forward]
Restructuring charges			5
Other Miscellaneous Charges
Restructuring Reserve [Roll Forward]
Restructuring charges			1
Restructuring charges		$ 1
Other Exit Costs, Reclassification Of Lease Exit Costs
Restructuring Reserve [Roll Forward]
Restructuring charges			$ 9
Sale Of Assets
Restructuring Reserve [Roll Forward]
Gain on sale of assets	2
Impairments Of Assets Associated With Agreement To Sell Aerospace Components Business
Restructuring Reserve [Roll Forward]
Restructuring charges	12
UK Forgings
Restructuring Reserve [Roll Forward]
Restructuring charges	6
Sale Of Company's Brazilian Rolling Mill Operations
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 6

Other Expense, Net - Schedule (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Non-service related net periodic benefit cost	$ 25	$ 29
Interest income	(4)	(10)
Foreign currency losses, net	11	0
Net loss from asset sales	2	2
Other, net	(17)	11
Nonoperating Income (Expense)	$ 17	$ 32

Other Expense, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ (16)	$ 10

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7	$ 7
Interest cost	47	59
Expected return on plan assets	(70)	(72)
Recognized net actuarial loss	42	35
Settlements	0	2
Net periodic benefit cost	26	31
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2
Interest cost	6	7
Recognized net actuarial loss	2	1
Amortization of prior service cost (benefit)	(2)	(1)
Curtailments	0	(58)
Net periodic benefit cost	$ 7	$ (49)

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restructuring charges	$ 21	$ 12
Pension benefits \| UNITED STATES
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Decrease in obligation, pension benefits		75
Curtailment benefit		(17)
Other postretirement benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Curtailment benefit	$ 0	58
Pension Settlement Cost
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restructuring charges		$ 2

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation (percent)	27.90%	25.90%
Effective income tax rate reconciliation, including discrete items (percent)	26.10%	27.20%
Discrete income tax charge (benefit)	$ (8)	$ 1

Income Taxes - Summary of Tax Provisions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Pre-tax income at estimated annual effective income tax rate before discrete items	$ 81	$ 67
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	3	2
Other discrete items	(8)	1
Provision for income taxes	$ 76	$ 70

Earnings Per Share - Reconciliation of Information Used to Compute Basic and Diluted EPS (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		12 Months Ended
	Oct. 15, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income		$ 215	$ 187
Less: preferred stock dividends declared		(1)	(1)
Net income available to the Company's common shareholders - basic		214	186
Add: Interest expense related to convertible notes		0	4
Net income available to the Company's common shareholders - diluted		$ 214	$ 190
Average shares outstanding - basic (in shares)		435	471
Effect of dilutive securities:
Stock options (in shares)		1	0
Stock and performance awards (in shares)		4	4
Convertible notes (in shares)		0	14
Average shares outstanding - diluted (in shares)		440	489
Common stock outstanding (in shares)		436	453
Incremental common shares attributable to dilutive effect of accelerated share repurchase agreements (in shares)				55
Convertible notes
Effect of dilutive securities:
Number of shares of common stock previously attributable to the convertible notes (in shares)	15

Earnings Per Share - Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding (Details) - Stock options - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	4	8
Weighted average exercise price of options (in usd per share)	$ 27.65	$ 26.67

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020	Jan. 01, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 4,621	$ 5,585
Other comprehensive income:
Total Other comprehensive (loss) income, net of tax	(40)	76
Foreign currency translation adjustments	(65)	26
Adoption of accounting standards				$ 73
Balance at end of period	4,797	5,178
Arconic
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(3,329)	(2,926)
Other comprehensive income:
Total Other comprehensive (loss) income, net of tax	(40)	76
Adoption of accounting standards				(2)
Balance at end of period	(3,369)	(2,852)
Pension and other postretirement benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(2,732)	(2,344)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit	1	72
Tax expense	0	(16)
Total Other comprehensive income before reclassifications, net of tax	1	56
Amortization of net actuarial loss and prior service cost	43	(21)
Tax (expense) benefit	(7)	5
Amount reclassified from Accumulated other comprehensive loss, net of tax	36	(16)
Total Other comprehensive (loss) income, net of tax	37	40
Balance at end of period	(2,695)	(2,304)
Foreign currency translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(596)	(583)
Other comprehensive income:
Amount reclassified from Accumulated other comprehensive loss, net of tax	14	0
Total Other comprehensive (loss) income, net of tax	(65)	26
Foreign currency translation adjustments	(79)	26
Balance at end of period	(661)	(557)
Available-for-sale securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	0	(3)
Other comprehensive income:
Total Other comprehensive (loss) income, net of tax	1	3
Balance at end of period	1	0
Cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(1)	4
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit	(11)	8
Tax expense	(1)	(1)
Total Other comprehensive income before reclassifications, net of tax	(12)	7
Amortization of net actuarial loss and prior service cost	(1)	0
Tax (expense) benefit	0	0
Amount reclassified from Accumulated other comprehensive loss, net of tax	(1)	0
Total Other comprehensive (loss) income, net of tax	(13)	7
Balance at end of period	$ (14)	$ 9
Accounting Standards Update 2017-12 \| Cash flow hedges
Other comprehensive income:
Adoption of accounting standards			$ 0	$ (2)

Receivables (Details) - USD ($)		3 Months Ended		12 Months Ended
Receivables (Details) - USD ($)	Mar. 30, 2012	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule Of Financial Receivables [Line Items]
Funding of customer receivables sold, maximum		$ 52,000,000
Deferred purchase program receivable	$ 254,000,000	65,000,000		$ 246,000,000
Sale of customer receivables	304,000,000
Cash received for receivables	$ 50,000,000	48,000,000	$ 160,000,000
Net cash funding received during the period		248,000,000
Amount of cash draws under arrangement during the period		3,656,000,000
Amount of cash repayments under arrangement during the period		(3,408,000,000)
Amount of cash repayments under arrangement since inception		(150,000,000)
Amount of cash draws under arrangement since inception		98,000,000
Accounts receivables sold		31,000,000
Global Rolled Products
Schedule Of Financial Receivables [Line Items]
Deferred purchase program receivable		282,000,000
Maximum
Schedule Of Financial Receivables [Line Items]
Funding of customer receivables sold, maximum		$ 300,000,000		$ 400,000,000

Inventories - Schedule of Inventory Components (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 723	$ 671
Work-in-process	1,352	1,316
Purchased raw materials	339	343
Operating supplies	98	99
Total inventories	$ 2,512	$ 2,429

Inventories - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventories valued on a LIFO basis	$ 1,295	$ 1,257
Total inventories valued on an average-cost basis	$ 423	$ 445

Properties, Plants, and Equipment, net - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ 6,966	$ 7,074
Properties, plants and equipment excluding construction work in progress	4,984	4,732
Construction work-in-progress	374	731
Properties, plants, and equipment, net	5,358	5,463
Land and land rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	118	128
Structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,468	2,385
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9,364	9,293
Depreciable property, plant and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,950	$ 11,806

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2019
Sale Leaseback Transaction [Line Items]
Operating lease cost	$ 34	$ 37
Right-of-use assets obtained in exchange for operating lease obligations	$ 14	$ 6
Weighted-average remaining lease term	6 years	6 years
Weighted-average discount rate (percent)	5.80%	6.20%
Adoption of accounting standards			$ 73
Accounting Standards Update 2016-02
Sale Leaseback Transaction [Line Items]
Adoption of accounting standards			$ 73

Leases - Operating Lease Assets and Liabilities in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right-of-use assets classified in Other noncurrent assets	$ 242	$ 252
Current portion of lease liabilities classified in Other current liabilities	70	71
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	188	194
Total lease liabilities	$ 258	$ 265

Leases - Future Minimum Contractual Operating Lease Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 63	$ 81
2021	66	62
2022	51	46
2023	36	34
2024	25	24
Thereafter	68	70
Total lease payments	309	317
Less: Imputed interest	(51)	(52)
Present value of lease liabilities	$ 258	$ 265

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 7,086	$ 5,909
Less: amount due within one year	1,309	1,003
Total long-term debt	$ 5,777	4,906
6.150% Notes, due 2020
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	6.15%
Long-term debt	$ 1,000	1,000
5.400% Notes due 2021
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	5.40%
Long-term debt	$ 1,250	1,250
5.870% Notes, due 2022
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	5.87%
Long-term debt	$ 627	627
5.125% Notes, due 2024
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	5.125%
Long-term debt	$ 1,250	1,250
5.900% Notes, due 2027
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	5.90%
Long-term debt	$ 625	625
6.750% Bonds, due 2028
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	6.75%
Long-term debt	$ 300	300
5.950% Notes, due 2037
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	5.95%
Long-term debt	$ 625	625
4.750% Iowa Finance Authority Loan, due 2042
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	4.75%
Long-term debt	$ 250	250
Term Loan, due 2027
Debt Instrument [Line Items]
Long-term debt	$ 600	0
6.125% Notes, due 2028
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	6.125%
Long-term debt	$ 600	0
Other
Debt Instrument [Line Items]
Other	$ (41)	$ (18)

Debt - Public Debt (Details) - USD ($)				217 Months Ended
Debt - Public Debt (Details) - USD ($)	Apr. 06, 2020	Apr. 06, 2020	Mar. 25, 2020	May 05, 2020	May 06, 2020	Apr. 24, 2020	Apr. 22, 2020	Mar. 31, 2020	Feb. 07, 2020
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 250,000,000
Subsequent Event
Debt Instrument [Line Items]
Early termination premium		$ 35,000,000		$ 35,000,000
Interest expense		$ 17,000,000		$ 4,000,000
6.125% Notes, due 2028
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)								6.125%
6.125% Notes, due 2028 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount									$ 600,000,000
Long-term debt, interest rate (percentage)									6.125%
Senior secured first-lien term loan B facility \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 600,000,000
Debt term			7 years
Mandatory repayment percentage (percent)			1.00%
Borrowing increments subject to fixed mandatory repayment percentage			$ 6,000,000
Senior secured first-lien term loan B facility \| Line of Credit \| Secured Debt \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread (percentage			2.75%
6.150% Notes, due 2020
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)								6.15%
6.150% Notes, due 2020 \| Subsequent Event
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	6.15%	6.15%
Early redemption of debt	$ 1,000,000,000
Payment for early redemption of debt	$ 1,020,000,000
5.400% Notes due 2021
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)								5.40%
5.400% Notes due 2021 \| Subsequent Event
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	5.40%	5.40%		5.40%			5.40%
Early redemption of debt	$ 300,000,000
Payment for early redemption of debt	$ 315,000,000
Cash tender offer and consent solicitation for debt							$ 785,000,000
Amount of debt tendered				$ 561,000,000
6.875% Notes Due 2025 \| Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount						$ 1,200,000,000
Long-term debt, interest rate (percentage)						6.875%
Deferred financing costs						$ 15,000,000
5.870% Notes, due 2022
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)								5.87%
5.870% Notes, due 2022 \| Subsequent Event
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)				5.87%			5.87%
Cash tender offer and consent solicitation for debt				$ 210,000,000	$ 300,000,000		$ 210,000,000
Amount of debt tendered				$ 147,000,000

Debt - Credit Facilities (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
Debt - Credit Facilities (Details) - USD ($)	Mar. 25, 2020	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Feb. 29, 2020
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000	$ 250,000,000
Senior secured first-lien revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit Agreement term	5 years
Maximum borrowing capacity	$ 1,000,000,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Credit Agreement term			5 years
Long-term line of credit		$ 1,500,000,000	$ 1,500,000,000		$ 3,000,000,000
Debt covenants, net debt to consolidated EBITDA ratio		350.00%
Amount outstanding		$ 0	0	$ 0
Amount borrowed			$ 0	$ 0

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Restricted cash	$ 52	$ 55
Carrying value
Derivative [Line Items]
Long-term debt, less amount due within one year	5,777	4,906
Fair value
Derivative [Line Items]
Long-term debt, less amount due within one year	$ 5,636	$ 5,337

Acquisitions and Divestitures (Details) $ in Millions				3 Months Ended		12 Months Ended
Acquisitions and Divestitures (Details) $ in Millions	Mar. 01, 2020 USD ($) employee	Feb. 01, 2020 USD ($) employee	Dec. 01, 2019 USD ($) employee	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Jan. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash				$ 52		$ 55
Engineered Products and Forgings \| Small manufacturing facility in the United Kingdom
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration							$ 12
Asset impairment charges				12
Engineered Products and Forgings \| Forgings Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration			$ 64
Asset impairment charges				6
Gain (loss) on sale of business			$ (46)
Disposal group, including discontinued operation, revenue					$ 32
Number of employees \| employee			540
Restricted cash				53		53
Global Rolled Products \| Aluminum Rolling Mill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration		$ 50
Asset impairment charges				6		$ 53
Gain (loss) on sale of business				(59)
Disposal group, including discontinued operation, revenue				11	40
Number of employees \| employee		525
Global Rolled Products \| Hard alloy extrusions plant in South Korea
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	$ 62
Gain (loss) on sale of business				27
Disposal group, including discontinued operation, revenue				$ 8	$ 13
Number of employees \| employee	158

Contingencies and Commitments (Details) € in Millions, $ in Millions		3 Months Ended
	Jun. 06, 2019 plaintiff	Mar. 31, 2020 USD ($) location	Mar. 31, 2020 EUR (€) location	Mar. 31, 2020 EUR (€)	Dec. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)	Nov. 01, 2016 USD ($)
Loss Contingencies [Line Items]
Number of cleanup locations \| location		100	100
Remediation reserve balance					$ 230	$ 229
Remediation reserve balance, classified as a current liability					94	93
Payments related to remediation expenses applied against the reserve		$ 2
Income tax examination assessment outstanding		170		€ 154
Income tax reserve		59	€ 53
Tax indemnification receivable		29		€ 26
Number of plaintiffs \| plaintiff	247
Guarantees of third party related to project financing		27
Combined fair value of guarantees		10				9
Total amount committed under outstanding surety bonds		64
Surety bonds, amount outstanding		27
Bank Loan Obligations
Loss Contingencies [Line Items]
Letters of credit, total amount		138
Other Noncurrent Liabilities and Deferred Credits \| Separation Agreement
Loss Contingencies [Line Items]
Guarantees of third party related to project financing		$ 882			1,353
Massena West, NY
Loss Contingencies [Line Items]
Remediation reserve balance					$ 171	$ 169
Alcoa Corporation
Loss Contingencies [Line Items]
Tax agreement, indemnification of ultimate liability (percent)		49.00%		49.00%
Recurring Costs of Managing Hazardous Substances and Environmental Programs \| Maximum
Loss Contingencies [Line Items]
Percentage of cost of goods sold (percent)		1.00%	1.00%
Alcoa Corporation Workers Compensation Claims
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding							$ 54

Arconic Inc. Separation Transaction - Narrative (Details) $ in Millions		3 Months Ended
	Apr. 01, 2020 company	May 05, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (D)			$ 21	$ 12
Subsequent Event
Restructuring Cost and Reserve [Line Items]
Number of independent, publicly-traded companies resulting from proposed separation transaction \| company	2
Business separation \| Separation Transaction [Member]
Restructuring Cost and Reserve [Line Items]
Debt issuance costs incurred			45
Capital expenditures			3
Restructuring costs incurred to date			116
Business separation \| Separation Transaction [Member] \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Debt issuance costs incurred		$ 45
Capital expenditures		$ 10
Business separation \| Separation Transaction [Member] \| Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges (D)			$ 38

Subsequent Events (Details)	1 Months Ended
Subsequent Events (Details)	May 06, 2020
Subsequent Event \| Engineered Products and Forgings
Subsequent Event [Line Items]
Percentage of revenue from aerospace end market (percent)	71.00%

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 75,000,000