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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2020	Aug. 03, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		436,141,507
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	Q2
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Sales (D)	$ 1,253	$ 1,818	$ 2,887	$ 3,570
Cost of goods sold (exclusive of expenses below)	923	1,335	2,106	2,628
Selling, general administrative, and other expenses	74	102	153	218
Research and development expenses	4	7	8	16
Provision for depreciation and amortization	73	78	144	154
Restructuring and other charges (E)	105	472	144	516
Operating income (loss)	74	(176)	332	38
Interest expense	144	86	228	171
Other expense (income), net (F)	16	6	(8)	18
Income (loss) before income taxes	(86)	(268)	112	(151)
Provision (benefit) for income taxes (H)	(2)	(132)	43	(101)
Income (loss) from continuing operations after income taxes	(84)	(136)	69	(50)
Income (loss) from discontinued operations after income taxes	(12)	15	50	116
Net income (loss)	(96)	(121)	119	66
Amounts Attributable to Howmet Aerospace Common Shareholders (H):
Net income (loss)	$ (96)	$ (121)	$ 118	$ 65
Earnings (loss) per share - basic
Continuing operations (in usd per share)	$ (0.19)	$ (0.31)	$ 0.16	$ (0.11)
Discontinued operations (in usd per share)	(0.03)	0.03	0.11	0.25
Earnings (loss) per share - diluted
Continuing operations (in usd per share)	(0.19)	(0.31)	0.15	(0.11)
Discontinued operations (in usd per share)	$ (0.03)	$ 0.03	$ 0.11	$ 0.25
Average Shares Outstanding (I):
Average shares outstanding - basic (in shares)	436	445	436	458
Average shares outstanding - diluted (in shares)	436	445	440	462

Statement of Consolidated Operations (unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2020
Income Statement [Abstract]
Cost, Product and Service [Extensible List]	us-gaap:ProductMember

Statement of Consolidated Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ (96)	$ (121)	$ 119	$ 66
Other comprehensive income (loss), net of tax (J):
Change in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits	9	23	46	63
Foreign currency translation adjustments	(8)	(30)	(73)	(4)
Net change in unrealized gains (losses) on available-for-sale securities	(1)	0	0	3
Net change in unrecognized gains (losses) on cash flow hedges	9	(10)	(4)	(3)
Total Other comprehensive income (loss), net of tax	9	(17)	(31)	59
Comprehensive income (loss)	$ (87)	$ (138)	$ 88	$ 125

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

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

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+ Details

Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,281	$ 1,577
Receivables from customers, less allowances of $1 in 2020 and $1 in 2019 (K)	364	583
Other receivables (K)	163	349
Inventories (L)	1,673	1,607
Prepaid expenses and other current assets	221	285
Current assets of discontinued operations	0	1,442
Total current assets	3,702	5,843
Properties, plants, and equipment, net (M)	2,558	2,629
Goodwill (D)	4,051	4,067
Deferred income taxes	194	225
Intangibles, net	589	599
Other noncurrent assets (N)	269	316
Disposal Group, Including Discontinued Operation, Assets, Noncurrent	0	3,899
Total assets	11,363	17,578
Current liabilities:
Accounts payable, trade	632	976
Accrued compensation and retirement costs	201	285
Taxes, including income taxes	66	65
Accrued interest payable	91	112
Other current liabilities (N)	277	229
Short-term debt (O)	391	1,034
Current liabilities of discontinued operations	0	1,424
Total current liabilities	1,658	4,125
Long-term debt, less amount due within one year (O and P)	4,695	4,906
Accrued pension benefits (G)	1,006	1,030
Accrued other postretirement benefits (G)	190	200
Other noncurrent liabilities and deferred credits (N)	365	438
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	0	2,258
Total liabilities	7,914	12,957
Contingencies and commitments (R)
Howmet Aerospace shareholders’ equity:
Preferred stock	55	55
Common stock	436	433
Additional capital	4,703	7,319
Retained earnings	223	129
Accumulated other comprehensive loss (J)	(1,968)	(3,329)
Total Howmet Aerospace shareholders’ equity	3,449	4,607
Noncontrolling interests	0	14
Total equity	3,449	4,621
Total liabilities and equity	$ 11,363	$ 17,578

Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1	$ 1

Statement of Consolidated Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income	$ 119	$ 66
Adjustments to reconcile net income to cash used for operations:
Depreciation and amortization	203	276
Deferred income taxes	25	(78)
Restructuring and other charges	126	511
Net loss from investing activities—asset sales	4	4
Net periodic pension benefit cost (G)	34	58
Stock-based compensation	23	27
Other	48	14
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
(Increase) in receivables	(70)	(743)
(Increase) in inventories	(136)	(117)
(Increase) decrease in prepaid expenses and other current assets	(11)	18
(Decrease) in accounts payable, trade	(403)	(29)
(Decrease) in accrued expenses	(173)	(46)
Increase in taxes, including income taxes	96	41
Pension contributions	(102)	(140)
(Increase) in noncurrent assets	(6)	(5)
(Decrease) in noncurrent liabilities	(37)	(9)
Cash used for operations	(260)	(152)
Financing Activities
Net change in short-term borrowings (original maturities of three months or less)	(2)	0
Additions to debt (original maturities greater than three months) (B)(O)	2,400	226
Debt issuance costs (B)(O)	(61)	0
Payments on debt (original maturities greater than three months) (O)	(2,041)	(226)
Premiums paid on early redemption of debt (O)	(59)	0
Proceeds from exercise of employee stock options	30	11
Dividends paid to shareholders	(10)	(39)
Repurchase of common stock	0	(900)
Net cash transferred to Arconic Corporation at separation (B)	(500)	0
Other	(34)	(14)
Cash used for financing activities	(277)	(942)
Investing Activities
Capital expenditures	(101)	(304)
Proceeds from the sale of assets and businesses (B)	114	12
Sale of debt securities	0	47
Cash receipts from sold receivables (K)	114	417
Other	0	(1)
Cash provided from investing activities	127	171
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8)	1
Net change in cash, cash equivalents and restricted cash	(418)	(922)
Cash, cash equivalents and restricted cash at beginning of period	1,703	2,282
Cash, cash equivalents and restricted cash at end of period	$ 1,285	$ 1,360

Statement of Changes in Consolidated Equity (unaudited) - USD ($)
$ in Millions

Total

Cumulative Effect, Period of Adoption, Adjustment

^[1]

Preferred Class A

Preferred stock

Common stock

Additional capital

Retained earnings (Accumulated other comprehensive loss)

Cumulative Effect, Period of Adoption, Adjustment

Retained earnings (Accumulated other comprehensive loss)

Preferred Class A

Accumulated other comprehensive loss

Cumulative Effect, Period of Adoption, Adjustment

Noncontrolling Interests

Balance at beginning of period at Dec. 31, 2018

$ 5,585

$ 73

$ 55

$ 483

$ 8,319

$ (358)

$ 75

^[1]

$ (2,926)

$ (2)

^[1]

$ 12

Balance at beginning of period (Accounting Standards Update 2014-09) at Dec. 31, 2018

$ 73

Balance at beginning of period (Accounting Standards Update 2017-12) at Dec. 31, 2018

$ 2

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

Other comprehensive income (loss)

Cash dividends declared:

Preferred dividends declared, value

$ (1)

Common share, value

(38)

Stock-based compensation

Common stock issued: compensation plans

(3)

(5)

Repurchase and retirement of common stock

(900)

(45)

(855)

Balance at end of period at Jun. 30, 2019

4,866

440

7,484

(256)

(2,869)

Balance at beginning of period at Mar. 31, 2019

5,178

453

7,644

(134)

(2,852)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

(121)

Other comprehensive income (loss)

(17)

Cash dividends declared:

Stock-based compensation

Common stock issued: compensation plans

Repurchase and retirement of common stock

(200)

(13)

(187)

Other

(1)

Balance at end of period at Jun. 30, 2019

4,866

440

7,484

(256)

(2,869)

Balance at beginning of period at Dec. 31, 2019

4,621

433

7,319

129

(3,329)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

119

Other comprehensive income (loss)

(31)

Cash dividends declared:

Preferred dividends declared, value

$ (1)

Common share, value

(8)

Stock-based compensation

Common stock issued: compensation plans

(3)

(6)

Distributions to Arconic Corp (B)

(1,255)

(2,633)

1,392

(14)

Other

(16)

Balance at end of period at Jun. 30, 2020

3,449

436

4,703

223

(1,968)

Balance at beginning of period at Mar. 31, 2020

4,797

436

7,326

335

(3,369)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

(96)

Other comprehensive income (loss)

Cash dividends declared:

Stock-based compensation

Distributions to Arconic Corp (B)

(2,633)

1,392

(14)

Other

(16)

Balance at end of period at Jun. 30, 2020

$ 3,449

$ 55

$ 436

$ 4,703

$ 223

$ (1,968)

$ 0

[1]

The Company entered into a sale leaseback arrangement in October 2018 for a cast house that is now part of Arconic Corporation, and due to continuing involvement, the gain on sale was deferred. In connection with the adoption of the new lease accounting standard on January 1, 2019, the arrangement no longer required that the gain be deferred. As such, the associated $73 deferred gain, net of tax was recognized as a cumulative effect of an accounting change within Accumulated deficit. Also, the Company adopted the new hedge accounting guidance on January 1, 2019. As a result, an adjustment of $2 was recognized as a cumulative effect of an accounting change within Accumulated deficit with an offset to Accumulated other comprehensive loss related to the elimination of a separate measurement of ineffectiveness for its cash flow hedges.

Statement of Changes in Consolidated Equity (unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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)	$ 1.875	$ 1.875

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 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 D). 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 B). The financial results of Arconic Corporation for all periods prior to the Arconic Inc. Separation Transaction have been retrospectively reflected in the Statement of Consolidated Operations as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. In addition, the related assets and liabilities associated with Arconic Corporation in the December 2019 Consolidated Balance Sheet are classified as assets and liabilities of discontinued operations. The cash flows, comprehensive income, and equity related to Arconic Corporation have not been segregated and are included in the Statement of Consolidated Cash Flows, Statement of Consolidated Comprehensive Income (Loss), and Statement of Changes in Consolidated Equity, respectively, for all periods prior to the Arconic Inc. Separation Transaction. See Note B for additional information related to the Arconic Inc. Separation Transaction and discontinued operations. The Company derives approximately 70% of its revenue from products sold to the aerospace end-market. 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. Since the start of the pandemic, certain original equipment manufacturer (“OEM”) customers have reduced production or suspended manufacturing operations in North America and Europe on a temporary basis. While the pandemic has resulted in the temporary closure of a small number of the Company's manufacturing facilities, all of our manufacturing facilities are currently operating. Since the duration of the pandemic is uncertain, 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 level of its capital expenditures to preserve cash and maintain liquidity. The preparation of the Consolidated Financial Statements of the Company in conformity with GAAP requires management to make certain judgments, estimates, and assumptions. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience, including considerations relating to the impact of COVID-19. The impact of COVID-19 is rapidly changing and of unknown duration and macroeconomic impact and as a result, these considerations remain highly uncertain. We have made our best estimates using all relevant information available at the time, but it is possible that our estimates will differ from our actual results and affect the Consolidated Financial Statements in future periods and potentially require adverse adjustments to the recoverability of goodwill, intangible and long-lived assets, the realizability of deferred tax assets and other judgements and estimations and assumptions that may be impacted by COVID-19.

Arconic Inc. Separation Transaction and Discontinued Operations

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Arconic Inc. Separation Transaction and Discontinued Operations

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.

On February 7, 2020 Arconic Corporation completed an offering of $600 aggregate principal amount of 6.125% senior secured second-lien notes due 2028. On March 25, 2020. Arconic Corporation entered into a credit agreement which provided for a $600 aggregate principal amount seven-year senior secured first-lien loan B facility and a revolving credit facility which 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 subsidiary guarantors. Arconic Corporation used the proceeds to make 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. The Company incurred debt issuance costs of $45 associated with these issuances for the first quarter of 2020 and six months ended June 30, 2020.

On February 1, 2020, Arconic Corp completed the sale of its rolling million in Itapissuma, Brazil for $50 in cash which resulted in a loss of $59, of which $53 was recognized in discontinued operations in the second half of 2019 and $6 in the first quarter of 2020 and six months ended June 30, 2020. On March 1, 2020, Arconic Corporation sold its hard alloy extrusions plant in South Korea for $62 in cash, which resulted in a gain that was recognized in discontinued operations in the first quarter of 2020 and six months ended June 30, 2020.

Discontinued Operations

The results of operations of Arconic Corporation are presented as discontinued operations in the Statement of Consolidated Operations as summarized below:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Sales	$	—	$	1,874	$	1,576	$	3,662
Cost of goods sold	—		1,603		1,292		3,129
Selling, general administrative, research and development and other expenses	4		85		106		160
Provision for depreciation and amortization	—		61		59		122
Restructuring and other charges	—		27		(18)		(5)
Interest expense	—		—		7		—
Other expense, net	—		24		42		43
Income (loss) from discontinued operations	(4)		74		88		213
Provision for income taxes	8		59		38		97
Income (loss) from discontinued operations after income taxes	$	(12)	$	15	$	50	$	116

The following table presents purchases of property, plant and equipment of the discontinued operations related to Arconic Corporation:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Capital Expenditures	$	—	$	35	$	25	$	81
Proceeds from the sales of businesses	$	—	$	—	$	112	$	—
Provision for depreciation and amortization	$	—	$	61	$	59	$	122

On April 1, 2020, management evaluated the net assets of Arconic Corporation for potential impairment and determined that no impairment charge was required.

The cash flows and equity related to Arconic Corporation have not been segregated and are included in the Statement of Consolidated Cash Flows or Statement of Comprehensive Income for all periods presented.

The carrying amount of the major classes of assets and liabilities related to Arconic Corporation classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheet consisted of the following:


	December 31, 2019
Total Assets of Discontinued Operations
Cash and cash equivalents	$	71
Receivables from customers	385
Other receivables	135
Inventories	822
Prepaid expenses and other current assets	29
Current assets of discontinued operations	1,442
Properties, plants, and equipment, net	2,834
Goodwill	426
Intangibles, net	60
Deferred income taxes	383
Other noncurrent assets	196
Noncurrent assets of discontinued operations	3,899
Total assets of discontinued operations	$	5,341

Total Liabilities of Discontinued Operations:
Accounts payable, trade	$	1,067
Accrued compensation and retirement costs	147
Taxes, including income taxes	22
Other current liabilities	188
Current liabilities of discontinued operations	1,424
Accrued pension benefits	1,430
Accrued other postretirement benefits	514
Other noncurrent liabilities and deferred credits	314
Noncurrent liabilities of discontinued operations	2,258
Total liabilities of discontinued operations	$	3,682

Recently Adopted and Recently Issued Accounting Guidance	6 Months Ended
	Jun. 30, 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

Following the Arconic Inc. Separation Transaction, Howmet’s operations consist of four worldwide reportable segments as follows:

Engine Products

Engine Products produces investment castings and seamless rolled rings primarily for aircraft engines and industrial gas turbines. Engine Products produces rotating parts as well as structural parts.

Fastening Systems

Fastening Systems produces aerospace fastening systems, as well as commercial transportation fasteners. The business’s high-tech, multi-material fastening systems are found nose to tail on aircraft and aero engines. The business’s products are also critical components of industrial gas turbines, automobiles, commercial transportation vehicles, and construction and industrial equipment.

Engineered Structures

Engineered Structures produces titanium and aluminum ingots and mill products for aerospace and defense applications and is vertically integrated to produce titanium forgings, extrusions formings and machining services for airframe, wing, aero-engine, and landing gear components. Engineered Structures also produces aluminum forgings, nickel forgings, and aluminum machined components and assemblies for aerospace and defense applications.

Forged Wheels

Forged Wheels provides forged aluminum wheels and related products for heavy-duty trucks and the commercial transportation markets.

Goodwill

The Company had $4,051 of Goodwill at June 30, 2020, and the Company reviews 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 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 in the first quarter 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. In the second quarter of 2020, there were no indicators of impairment identified for the Engineered Structures reporting unit as the margin between fair value of the reporting unit and carrying value exceeded 20%. 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:


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Second quarter ended June 30, 2020
Sales:
Third-party sales	$	585	$	326	$	229	$	113	$	1,253
Inter-segment sales	1		—		2		—		3
Total sales	$	586	$	326	$	231	$	113	$	1,256
Profit and loss:
Segment operating profit	$	105	$	70	$	19	$	6	$	200
Restructuring and other charges (credits)	22		24		(5)		1		42
Provision for depreciation and amortization	31		12		14		9		66
Capital expenditures	14		7		5		4		30

Second quarter ended June 30, 2019
Sales:
Third-party sales	$	835	$	399	$	331	$	257	$	1,822
Inter-segment sales	3		—		3		—		6
Total sales	$	838	$	399	$	334	$	257	$	1,828
Profit and loss:
Segment operating profit	$	163	$	99	$	25	$	73	$	360
Restructuring and other charges	250		1		193		1		445
Provision for depreciation and amortization	35		12		14		8		69
Capital expenditures	55		8		7		20		90

	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Six months ended June 30, 2020
Sales:
Third-party sales	$	1,366	$	711	$	504	$	304	$	2,885
Inter-segment sales	3		—		5		—		8
Total sales	$	1,369	$	711	$	509	$	304	$	2,893
Profit and loss:
Segment operating profit	$	270	$	166	$	47	$	56	$	539
Restructuring and other charges (credits)	35		26		12		3		76
Provision for depreciation and amortization	61		24		27		19		131
Capital expenditures	33		15		8		11		67

Six months ended June 30, 2019
Sales:
Third-party sales	$	1,648	$	794	$	625	$	511	$	3,578
Inter-segment sales	8		—		6		—		14
Total sales	$	1,656	$	794	$	631	$	511	$	3,592
Profit and loss:
Segment operating profit	$	304	$	195	$	41	$	133	$	673
Restructuring and other charges	253		6		197		5		461
Provision for depreciation and amortization	69		24		31		16		140
Capital expenditures	126		17		18		45		206

The following table reconciles Total segment operating profit to Income (loss) from continuing operations before income taxes:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Total segment operating profit	$	200	$	360	$	539	$	673
Unallocated amounts:
Restructuring and other charges	(105)		(472)		(144)		(516)
Corporate expense	(21)		(64)		(63)		(119)
Consolidated operating income (loss)	$	74	$	(176)	$	332	$	38
Interest expense	(144)		(86)		(228)		(171)
Other expense, net	(16)		(6)		8		(18)
Income (loss) from continuing operations before income taxes	$	(86)	$	(268)	$	112	$	(151)

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


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Second quarter ended June 30, 2020
Aerospace	$	437	$	263	$	208	$	—	$	908
Commercial Transportation	—		35		—		113		148
Industrial and Other	148		28		21		—		197
Total end-market revenue	$	585	$	326	$	229	$	113	$	1,253

Second quarter ended June 30, 2019
Aerospace	$	676	$	304	$	303	$	—	$	1,283
Commercial Transportation	5		62		—		257		324
Industrial and Other	154		33		28		—		215
Total end-market revenue	$	835	$	399	$	331	$	257	$	1,822

Six months ended June 30, 2020
Aerospace	$	1,071	$	564	$	462	$	—	$	2,097
Commercial Transportation	—		80		—		304		384
Industrial and Other	295		67		42		—		404
Total end-market revenue	$	1,366	$	711	$	504	$	304	$	2,885

Six months ended June 30, 2019
Aerospace	$	1,348	$	610	$	575	$	—	$	2,533
Commercial Transportation	12		120		—		513		645
Industrial and Other	288		64		50		(2)		400
Total end-market revenue	$	1,648	$	794	$	625	$	511	$	3,578

In the six months ended June 30, 2020, the Company derived 73% of its revenue from aerospace end markets of which 12% related to General Electric Company.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (b)
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+ Details

Restructuring and Other Charges

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

In the second quarter of 2020, the Company recorded Restructuring and other charges of $105 ($80 after-tax), which included $64 ($53 after-tax) charge for United Kingdom (U.K.) and U.S. pension plans' settlement accounting; $54 ($38 after-tax) charge for layoff costs, including the separation of approximately 2,521 employees (1,169 in Fastening Systems, 1,116 in Engine Products, 200 in Engineered Structures and 36 in Forged Wheels); and $2 ($2 after-tax) charge for various other exit costs. These charges were partially offset by $8 ($6 after-tax) benefit from the reversal of several existing layoff reserves; and a $7 ($7 after-tax) benefit from the reversal of an impairment due to change in classification from held for sale to held for use related to a U.K. plant.

In the six months ended June 30, 2020 the Company recorded Restructuring and other charges of $144 ($114 after-tax), which included $76 ($55 after-tax) for layoff costs, including the separation of approximately 2,981 employees (1,291 in Engine Products, 1,275 in Fastening Systems, 300 in Engineered Structures, 92 in Forged Wheels and 23 in Corporate ); $64 ($53 after-tax) charge for U.K. and U.S. pension plans' settlement accounting; a $6 ($6 after-tax) post-closing adjustment related to the sale of the Company’s U.K. forgings business; $5 ($5 after-tax) for impairment of assets associated with an agreement to sell an aerospace components business in the U.K.; and $5 ($5 after-tax) charge for various other exit costs. These charges were partially offset by a benefit of $10 ($8 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 second quarter of 2019, the Company recorded Restructuring and other charges of $472 ($377 after-tax), which included a $ $428 ($345 after-tax) charge for impairment of the Disks long-lived asset group; a $15 ($11 after-tax) charge for layoff costs including the separation of approximately 220 employees (53 in Engine Products, 53 in Engineered Structures, 69 in Corporate, 39 in Fastening Systems and 6 in Forged Wheels); a $12 ($9 after-tax) charge for other exit costs from lease terminations, primarily related to the exit of the corporate aircraft; a $12 ($9 after-tax) loss on sale primarily related to a small additive business within the Engineered Structures segment; a $6 ($5 after-tax) charge for impairment of properties, plant, and equipment; a $2 ($1 after-tax) charge for pension plan settlement accounting; offset by a benefit of $3 ($3 after-tax) for the reversal of a number of small layoff reserves related to prior periods.

In the six months ended June 30, 2019, the Company recorded Restructuring and other charges of $516 ($411 after-tax), which included a $428 ($345 after-tax) charge for impairment of the Disks long-lived asset group; a $68 ($52 after-tax) charge for layoff costs, including the separation of approximately 901 employees (103 in Engine Products, 112 in Engineered Structures, 132 in Fastening Systems, 60 in Forged Wheels and 494 in Corporate); a $12 ($9 after-tax) charge for other exit costs from lease terminations, primarily related to the exit of the corporate aircraft; a $12 ($9 after-tax) loss on sale of assets primarily related to a small additive business; a $6 ($5 after-tax) charge for impairment of properties, plant, and equipment; a $4 ($3 after-tax) charge for pension plan settlement accounting; a $2 ($1 after-tax) net charge for executive severance net of the benefit of forfeited executive stock compensation and $3 ($3 after-tax) charge for other exit costs; partially offset by a benefit of $15 ($12 after-tax) related to the elimination of the life insurance benefit for the U.S. salaried and non-bargaining hourly retirees of the Company and its subsidiaries, and a benefit of $4 ($4 after-tax) for the reversal of a number of small layoff reserves related to prior periods.

The Company recorded an impairment charge of $428 related to the Disks long-lived asset group in the second quarter and six months ended 2019, of which $247 and $181 was related to the Engine Products and Engineered Structures segments, respectively, as the carrying value exceeded the forecasted undiscounted cash flows composed of a write-down of properties, plant and equipment, intangible assets and certain other noncurrent assets.


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2019	$	13	$	—	13
Cash payments	(24)		—		(24)
Restructuring charges	131		13		144
Other⁽¹⁾	(64)		(13)		(77)
Reserve balances at June 30, 2020	$	56	$	—	$	56

(1) In 2020, Layoff costs included a $64 charge for U.K. and U.S. pension plans' settlement accounting while Other exit costs included a charge of $6 for impairment of assets and a $6 post-closing adjustment, both associated with an agreement to sell an aerospace component business in the U.K.; and a $3 charge for other exit costs which were offset by a gain of $2 on the sale of assets.

The remaining reserves are expected to be paid in cash during 2020.

Other Expense (Income), Net

6 Months Ended

Jun. 30, 2020

Other Income and Expenses [Abstract]

Other Expense (Income), Net


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Non-service related net periodic benefit cost	$	5	$	4	11		8
Interest income	—		(5)		(4)		(15)
Foreign currency (gains) losses, net	(7)		(4)		(7)		1
Net loss from asset sales	2		5		4		7

Deferred compensation	7		5		(3)		15
Other, net	9		1		(9)		2
	$	16	$	6	$	(8)	$	18

Pension and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

The components of net periodic benefit cost were as follows:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Pension benefits
Service cost	$	2	$	6	$	9	$	13
Interest cost	17		59		64		118
Expected return on plan assets	(24)		(71)		(94)		(143)
Recognized net actuarial loss	12		34		54		69
Amortization of prior service cost (benefit)	—		1		—		1
Settlements	64		2		64		4


Net periodic benefit cost⁽¹⁾	71		31		97		62
Discontinued operations	—		24		20		48
Net amount recognized in Statement of Consolidated Operations	$	71	$	7	$	77	$	14

Other postretirement benefits
Service cost	$	1	$	2	$	2	$	4
Interest cost	1		7		7		14
Recognized net actuarial loss	—		1		2		2
Amortization of prior service cost (benefit)	(1)		(2)		(3)		(3)
Curtailments	—		—		—		(58)

Net periodic benefit cost⁽¹⁾	1		8		8		(41)
Discontinued operations	—		7		6		(29)
Net amount recognized in Statement of Consolidated Operations	$	1	$	1	$	2	$	(12)

⁽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 second quarter of 2020, the Company undertook a number of actions to reduce pension obligations in the U.K. by offering lump sum payments to certain plan participants and entering into group annuity contracts with a third party carrier to pay and administer future annuity payments. The Company applied settlement accounting to these U.K. pension plans which resulted in settlement charges of $62 that were recorded in Restructuring and other charges in the Statement of Consolidated Operations. The Company also applied settlement accounting to a U.S. pension plan due to lump sum payments to participants which resulted in settlement charges of $2 that were recorded in Restructuring and other charges.

In the second quarter of 2020, 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 certain health care subsidies effective December 31, 2021 and that for certain bargained retirees of the Company, it would eliminate certain health care subsidies effective December 31, 2021 and the life insurance benefit effective August 1, 2020. As a result of these changes, in the second quarter of 2020, the Company recorded a decrease to the Accrued other postretirement benefits liability of $6, which was offset in Accumulated other comprehensive loss.

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 in the Statement of Consolidated Operations and $17 in Accumulated other comprehensive loss in the Statement of Changes in Consolidated Equity.

In the second quarter and six months ended June 30, 2019, the Company applied settlement accounting to a U.S. pension plan due to lump sum payments to participants, which resulted in settlement charges of $2 and $4, respectively, that were recorded in Restructuring and other charges.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes

6 Months Ended

Jun. 30, 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.

The estimated annual effective tax rate, before discrete items, applied to ordinary income was 36.1% in both the second quarter and six months ended June 30, 2020, and 51.8% in both the second quarter and six months ended June 30, 2019. The 2020 rate was higher than the U.S. federal statutory rate of 21% primarily due to U.S. tax on foreign earnings, incremental state tax and foreign taxes on earnings also subject to U.S. federal income tax and higher nondeductible expenses. The 2019 rate was higher due to U.S. tax on foreign earnings including estimated U.S. tax on Global Intangible Low Taxed Income, nondeductible impairment of certain domestic and foreign long-lived assets and other nondeductible expenses.

For the second quarter of 2020 and 2019, the tax rate including discrete items was 2.3% and 49.3% (both are benefits on losses), respectively. For the second quarter of 2020, the Company recorded a discrete tax charge of $10 related to a $6 charge for the remeasurement of deferred tax balances in various jurisdictions as a result of the Arconic Inc. Separation Transaction and a net $4 charge for prior year items. For the second quarter of 2019, the Company recorded a discrete tax benefit of $37 related to a $25 benefit to deduct prior year foreign taxes rather than claim a U.S. foreign tax credit and a $12 benefit to remeasure certain deferred tax assets as a result of a foreign tax rate change.

For the six months ended June 30, 2020 and 2019, the tax rate including discrete items was 2.3% (provision on income) and 49.3% (benefit on loss), respectively. For the six months ended June 30, 2019, the Company recorded a discrete tax benefit of $37 related to a $25 benefit to deduct prior year foreign taxes rather than claim a U.S. foreign tax credit and a $12 benefit to remeasure certain deferred tax assets as a result of a foreign tax rate change.

The tax provisions for the second quarter and six months ended June 30, 2020 and 2019 were comprised of the following:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Pre-tax income (loss) at estimated annual effective income tax rate before discrete items	$	(31)	$	(139)	$	40	$	(78)
Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income	18		31		—		—
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	1		13		1		14
Other discrete items	10		(37)		2		(37)
Provision (benefit) for income taxes	$	(2)	$	(132)	$	43	$	(101)

During the period, a $16 tax adjustment was identified related to periods prior to 2018. The adjustment was evaluated and determined not to be material to any periods. As such, it was corrected through Retained earnings in the Statement of Changes in Consolidated Equity.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings Per Share

6 Months Ended

Jun. 30, 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):


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Net income (loss) attributable to common shareholders:
Income (loss) from continuing operations attributable to common shareholders	$	(84)	$	(136)	$	69	$	(50)
Income (loss) attributable from discontinued operations	(12)		15		50		116
Net income (loss) attributable to common shareholders	(96)		(121)		119		66
Less: preferred stock dividends declared	—		—		(1)		(1)
Net income available to the Company's common shareholders - basic	(96)		(121)		118		65
Add: Interest expense related to convertible notes	—		3		—		6
Net income available to the Company's common shareholders - diluted	$	(96)	$	(118)	$	118	$	71

Average shares outstanding - basic	436		445		436		458
Effect of dilutive securities:
Stock options	—		—		—		—
Stock and performance awards	—		—		4		4
Convertible notes⁽¹⁾	—		—		—		—
Average shares outstanding - diluted	436		445		440		462

⁽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 June 30, 2020 and 2019 was 436 and 440, respectively. The decrease in common stock outstanding at June 30, 2020 was primarily due to the impact of 8 of share repurchases during the second half of 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 second quarter and six months ended June 30, 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).


	Second quarter ended			Six months ended
	June 30,			June 30,
	2020	2019	2020	2019
Convertible notes	—	14	—	14
Stock options⁽¹⁾	3	3	3	3
Stock and performance awards	3	4	—	—

(1)The weighted average exercise price per share of options excluded from diluted EPS was $26.04 and $32.66 as of June 30, 2020 and June 30, 2019, respectively.

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Accumulated Other Comprehensive Loss

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


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Pension and other postretirement benefits (G)
Balance at beginning of period	$	(2,695)	$	(2,304)	$	(2,732)	$	(2,344)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit	(60)		(6)		(59)		66
Tax expense	8		1		8		(15)
Total Other comprehensive income (loss) before reclassifications, net of tax	(52)		(5)		(51)		51
Amortization of net actuarial loss and prior service cost⁽¹⁾	74		36		117		15
Tax (expense) benefit ⁽²⁾	(13)		(8)		(20)		(3)
Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽³⁾	61		28		97		12
Total Other comprehensive income	9		23		46		63
Transfer to Arconic Corporation	$	1,820	$	—	$	1,820	$	—
Balance at end of period	$	(866)	$	(2,281)	$	(866)	$	(2,281)
Foreign currency translation
Balance at beginning of period	$	(661)	$	(557)	$	(596)	$	(583)
Foreign currency translation	(8)		(30)		(87)		(4)
Net amount reclassified from Accumulated other comprehensive loss⁽⁴⁾	—		—		14		—
Other comprehensive (loss) income	(8)		(30)		(73)		(4)
Transfer to Arconic Corporation	(428)		—		(428)		—
Balance at end of period	$	(1,097)	$	(587)	$	(1,097)	$	(587)
Available-for-sale securities
Balance at beginning of period	$	1	$	—	$	—	$	(3)
Other comprehensive income (loss)⁽⁵⁾	(1)		—		—		3
Balance at end of period	$	—	$	—	$	—	$	—
Cash flow hedges
Balance at beginning of period	$	(14)	$	9	$	(1)	$	4
Adoption of accounting standard	—		—		—		(2)
Other comprehensive (loss) income:
Net change from periodic revaluations	3		(13)		(8)		(5)
Tax expense	1		3		—		2
Total Other comprehensive loss (income) before reclassifications, net of tax	4		(10)		(8)		(3)
Net amount reclassified to earnings	5		(1)		4		(1)
Tax expense⁽²⁾	—		1		—		1
Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽³⁾	5		—		4		—
Total Other comprehensive (loss) income	9		(10)		(4)		(3)
Balance at end of period	$	(5)	$	(1)	$	(5)	$	(1)

Accumulated other comprehensive loss	$	(1,968)	$	(2,869)	$	(1,968)	$	(2,869)

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

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

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

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

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

Receivables	6 Months Ended
Receivables	Jun. 30, 2020
Receivables [Abstract]
Receivables	Receivables Sale of Receivables Programs The Company has two accounts receivable securitization arrangements. The first is an arrangement with several 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 Arconic Corporation from the sale of receivables program in preparation for the Arconic Inc. Separation Transaction and repurchased the remaining $282 unpaid receivables of Arconic Corporation 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. The Company had net cash repayments totaling $136 ($138 in draws and $274 in repayments) for the six months ended June 30, 2020. As of June 30, 2020 and December 31, 2019, the deferred purchase program receivable was $97 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. The second arrangement is one in which the Company, through a wholly-owned special purpose entity (“SPE”), entered into a receivables purchase agreement (the “Receivables Purchase Agreement”) on June 30, 2020 such that the SPE may sell certain receivables to financial institutions until the earlier of June 30, 2021 or a termination event. The Receivables Purchase Agreement also contains customary representations and warranties, as well as affirmative and negative covenants. Pursuant to the Receivables Purchase Agreement, the Company does not maintain effective control over the transferred receivables, and therefore accounts for these transfers as sales of receivables. The SPE sold $77 of its receivables without recourse and received cash funding under this program during the second quarter and six months ended June 30, 2020 resulting in derecognition of the receivables from the Company’s consolidated balance sheets. Cash received from collections of sold receivables is used by the SPE to fund additional purchases of receivables on a revolving basis, not to exceed $125, which is the aggregate maximum limit. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which was $30 at June 30, 2020. Costs associated with the sales of receivables are reflected in the Company’s Consolidated statements of operations for the periods in which the sales occur. Cash receipts from sold receivables are presented within Operating Activities in the Statement of Consolidated Cash Flows. Other Customer Receivable Sales In the second quarter and six months ended June 30, 2020, the Company supplemented the first accounts receivable securitization arrangement by selling $10 and $24 of a certain customer’s 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. The sale of these customer receivables partially offset the maximum funding reduction resulting from the Arconic Inc. Separation Transaction as well as customer concentration limits within the first accounts receivable securitization arrangement. In the second quarter and six months ended June 30, 2020, the Company also began to sell another customer’s receivables of $48 and $65 in exchange for cash, the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows. The sale of these customer receivables is being undertaken to offset a change in the customer’s payment patterns in which the customer had been taking a contractually available discount for paying early.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

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+ Details

Inventories

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories


	June 30, 2020		December 31, 2019
Finished goods	$	525	$	524
Work-in-process	764		741
Purchased raw materials	339		299
Operating supplies	45		43
Total inventories	$	1,673	$	1,607

At June 30, 2020 and December 31, 2019, the portion of inventories valued on a last-in, first-out (LIFO) basis was $510 and $503, respectively. If valued on an average-cost basis, total inventories would have been $124 and $133 higher at June 30, 2020 and December 31, 2019, respectively.

Properties, Plants, and Equipment, net

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Properties, Plants, and Equipment, net


	June 30, 2020		December 31, 2019
Land and land rights	$	96	$	101
Structures	1,004		1,058
Machinery and equipment	3,767		3,742
	4,867		4,901
Less: accumulated depreciation and amortization	2,506		2,620
	2,361		2,281
Construction work-in-progress	197		348
Properties, plants, and equipment, net	$	2,558	$	2,629

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $18 and $22 in the second quarter of 2020 and 2019, respectively. Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $36 and $43 in the first half of 2020 and 2019, respectively.

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


	June 30, 2020		December 31, 2019
Right-of-use assets classified in Other noncurrent assets	$	118	$	125

Current portion of lease liabilitiesclassified in Other current liabilities	36		38
Long-term portion of lease liabilities classified in Other noncurrent liabilities	91		98
Total lease liabilities	$	127	$	136

Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt


	June 30, 2020		December 31, 2019
6.150% Notes, due 2020	—		1,000
5.400% Notes due 2021	361		1,250
5.870% Notes, due 2022	476		627
5.125% Notes, due 2024	1,250		1,250
6.875% Notes, due 2025	1,200		—
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
Other ⁽¹⁾	(1)		13
	5,086		5,940
Less: amount due within one year	391		1,034
Total long-term debt	$	4,695	$	4,906

⁽¹⁾Includes various financing arrangements related to subsidiaries, unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and bonds listed in the table above

Public Debt.

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 accrued interest of $35 and $17, respectively, which has been recorded in Interest expense, net during the second quarter of 2020 in the Statement of Consolidated Operations.

On April 16, 2020, The Company 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 24, 2020, the Company completed an offering of $1,200 aggregate principal amount of 6.875% Notes due 2025, the proceeds of which have been 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 $14 associated with the issuance in second quarter of 2020.

On May 21, 2020, the Company completed a cash tender offer and redeemed $589 and $151 of principal amount of the 5.400% Notes due 2021 and its 5.870% Notes due 2022, respectively. The amount of early tender premium and accrued interest and associated with the notes accepted for early settlement were $24 and $4, respectively, which was recorded during the second quarter of 2020 in Interest expense, net in the Statement of Consolidated Operations.

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 was 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.

On June 26, 2020, the Company entered into another amendment to its Credit Agreement to provide relief from its existing financial covenant through December 31, 2021 and reduce total commitment available from $1,500 to $1,000. 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) as of the end of each fiscal quarter for the period of the four fiscal quarters of the Company most recently ended, to be no greater than (i) 5.00 to 1.00 for any quarter ending on or prior to December 31, 2020, (ii) 5.25 to 1.00 for the quarter ending March 31, 2021, (iii) 5.00 to 1.00 for the quarter ending June 30, 2021, (iv) 4.50 to 1.00 for the quarter ending September 30, 2021, and (v) 4.00 to 1.00 for the quarter ending December 31, 2021. The ratio returns to 3.50 to 1.00 for all periods thereafter. There were no amounts outstanding at June 30, 2020 or December 31, 2019, and no amounts were borrowed during 2020 or 2019 under the Credit Agreement. At June 30, 2020, the Company was in compliance with all covenants under the Credit Agreement.

In addition to the Credit Agreement, the Company has a number of other credit agreements that provide a combined borrowing capacity of $250 at June 30, 2020 which is due to expire at various dates in the second half of 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 six months ended June 30, 2020, there were no borrowings or repayments under these other credit facilities.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 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.


	June 30, 2020						December 31, 2019
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt, less amount due within one year	$	4,695	$	4,997	$	4,906	$	5,337

Restricted cash, which was included in Prepaid assets and other current liabilities in the Consolidated Balance Sheet, was $4 and $55 at June 30, 2020 and December 31, 2019, respectively.

Acquisitions and Divestitures	6 Months Ended
Acquisitions and Divestitures	Jun. 30, 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 U.K. 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 Engineered Structures segment. 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 in the first quarter of 2020. The sale is not expected to occur. As a result the Company changed the classification of the assets from held for sale to held for use and recorded these assets at their lower of carrying value (assuming no initial reclassification for held for sale was made) or fair value. The result was a reversal of $7 related to a non-cash impairment in the second quarter of 2020. These charges were recorded in Restructuring and other charges in the Statement of Consolidated Operations. 2019 Divestiture. On December 1, 2019, the Company completed the sale of its forgings business in the U.K. 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 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 as its use is subject to restriction by the U.K. pension authority until certain U.K. pension plan changes were made and approved. In the second quarter of 2020, the restriction was removed, and the proceeds were reclassified to Cash and cash equivalents. 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 Engine Products segment. The sale remains subject to certain remaining post-closing adjustments. This business generated sales of $34 and $66 in the second quarter and six months ended June 30, 2019, respectively, and had 540 employees at the time of divestiture. On May 31, 2019, the Company sold a small additive manufacturing facility within the Engineered Structures segment for $1 in cash, which resulted in a loss of $13 related to the non-cash impairment of the net book value of the business recorded in Restructuring and other charges in the Statement of Consolidated Operations. On August 15, 2019, the Company sold inventories and properties, plant and equipment related to a small energy business within the Engineered Structures segment for $13 in cash. As the sale was substantially complete as of June 30, 2019, and the sale price was estimated to be less than the carrying value, the Company recognized a charge of $9 in the second quarter of 2019 related to inventory impairment and recorded the charge in Cost of goods sold in the Statement of Consolidated Operations.

Contingencies and Commitments	6 Months Ended
Contingencies and Commitments	Jun. 30, 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 30 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 $8 at June 30, 2020 and $8 at December 31, 2019, recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $4 and $3, 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 less than $1 in the second quarter ended June 30, 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 Company previously reported on a remediation project related to the Grasse River, which is adjacent to the Massena West, New York plant site that is now part of Arconic Corporation. In connection with the Arconic Inc. Separation Transaction, the Company entered into a separation and distribution agreement (the “Separation and Distribution Agreement”) with Arconic Corporation, which, together with the documents and agreements by which the internal reorganization of the Company prior to the separation was effected, determined the allocation of assets and liabilities between the Company and Arconic Corporation following the separation and included any necessary indemnifications related to liabilities and obligations. In general, the respective parties will be responsible for the environmental matters associated with their operations, and with the properties and other assets assigned to each. Pursuant to the Separation and Distribution Agreement, Arconic Corporation agreed to assume and indemnify the Company against potential liabilities associated with the remediation project related to the Grasse River. Therefore, the Company will no longer report on the Grasse River matter unless and until some event in the future causes it to become material and reportable. Tax Pursuant to the October 31, 2016 Tax Matters Agreement between the Company and Alcoa Corporation, Alcoa Corporation shares responsibility with and has agreed to partially indemnify the Company for the following matter. Additionally, as part of the March 31, 2020 Tax Matters Agreement between the Company and Arconic Corporation, Arconic Corporation also shares partial responsibility with and has agreed to partially indemnify the Company for its own share of the same matter. In connection with these indemnities, Alcoa Corporation and Arconic Corporation retain 49% and 34% of the total liability, respectively, for the following matter, and the Company retains the remaining 17% of the total liability. 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 $174 (€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 in existence during the audit period. 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. Pursuant to the Tax Matters Agreement with Arconic Corporation, as of the second quarter of 2020 the Company established an additional income tax receivable representing Arconic Corporation's 34% share of the total liability. As of June 30, 2020, the balances of the Company's reserve, including interest, and the receivables are $60 (€54) and $50 (€45), respectively. The tax years 2010 through 2013 are closed to audit. In July of 2020, a Spanish corporate income tax audit covering the period 2014 through 2018 commenced. Any potential assessment for the tax period open to audit is not expected to be material to the Company’s consolidated operations. Reynobond PE Prior to the Arconic Inc. Separation Transaction on April 1, 2020, the Company was known as Arconic Inc. References to “Arconic Inc.” in this “Reynobond PE” section refer to Arconic Inc. only and do not include its subsidiaries, except as otherwise stated. On June 13, 2017, the Grenfell Tower in London, U.K. caught fire resulting in fatalities, injuries and damage. A French subsidiary of Arconic Inc., 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 Inc. 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. Pursuant to the Separation and Distribution Agreement, Arconic Corporation agreed to indemnify the Company for certain liabilities and the Company agreed to indemnify Arconic Corporation for certain liabilities. As a result of the Arconic Inc. Separation Transaction, Arconic Corporation holds the building and construction systems businesses previously held by the Company and AAP SAS is a subsidiary of Arconic Corporation; accordingly, Arconic Corporation has agreed to assume and indemnify the Company against potential liabilities associated with the June 13, 2017 fire at the Grenfell Tower in London, U.K., including the following legal proceedings: Behrens et al. v. Arconic Inc. et al. 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 alleging 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 case has been removed to the United States District Court for the Eastern District of Pennsylvania and discovery is ongoing on defendants’ motion to have the case dismissed in favor of a UK forum (forum non conveniens). Howard v. Arconic Inc. et al. 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 Inc. executives, several current and former directors, and certain banks Howard and Sullivan were subsequently consolidated and the lead plaintiffs in the consolidated purported class action filed a consolidated amended complaint alleging violations of the federal securities laws and seeking, among other things, unspecified compensatory damages and an award of attorney and expert fees and expenses. After the Court granted the defendants’ motion to dismiss in full, the lead plaintiffs filed a second amended complaint, and all defendants have moved to dismiss the second amended complaint. Raul v. Albaugh, et al. On June 22, 2018, a derivative complaint was filed nominally on behalf of Arconic Inc. by a purported Arconic Inc. stockholder against the then members of Arconic Inc.’s Board of Directors and Klaus Kleinfeld and Ken Giacobbe, naming Arconic Inc. 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 federal securities laws and Delaware state law. The case has been stayed until the final resolution of the Howard case, the Grenfell Tower Public Inquiry in London, and the investigation by the Police. There can be no assurances regarding the ultimate resolution of these matters. Stockholder Demands. Prior to the Arconic Inc. Separation Transaction 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 June 30, 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 $25 at June 30, 2020. In addition, 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 $16 and $9 at June 30, 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 $1,167 and $1,353 at June 30, 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 $66 at June 30, 2020. Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company was required to retain letters of credit of $54 (which are included in the above paragraph) that had previously been provided related to 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 $43 at June 30, 2020. Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company was required to provide surety bonds of $26 (which are included in the above paragraph) that had previously been provided related to 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.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsManagement 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.

Recently Adopted and Recently Issued Accounting Guidance (Policies)	6 Months Ended
	Jun. 30, 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.

Arconic Inc. Separation Transaction and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Summary of Discontinued Operations

The results of operations of Arconic Corporation are presented as discontinued operations in the Statement of Consolidated Operations as summarized below:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Sales	$	—	$	1,874	$	1,576	$	3,662
Cost of goods sold	—		1,603		1,292		3,129
Selling, general administrative, research and development and other expenses	4		85		106		160
Provision for depreciation and amortization	—		61		59		122
Restructuring and other charges	—		27		(18)		(5)
Interest expense	—		—		7		—
Other expense, net	—		24		42		43
Income (loss) from discontinued operations	(4)		74		88		213
Provision for income taxes	8		59		38		97
Income (loss) from discontinued operations after income taxes	$	(12)	$	15	$	50	$	116

The following table presents purchases of property, plant and equipment of the discontinued operations related to Arconic Corporation:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Capital Expenditures	$	—	$	35	$	25	$	81
Proceeds from the sales of businesses	$	—	$	—	$	112	$	—
Provision for depreciation and amortization	$	—	$	61	$	59	$	122


	December 31, 2019
Total Assets of Discontinued Operations
Cash and cash equivalents	$	71
Receivables from customers	385
Other receivables	135
Inventories	822
Prepaid expenses and other current assets	29
Current assets of discontinued operations	1,442
Properties, plants, and equipment, net	2,834
Goodwill	426
Intangibles, net	60
Deferred income taxes	383
Other noncurrent assets	196
Noncurrent assets of discontinued operations	3,899
Total assets of discontinued operations	$	5,341

Total Liabilities of Discontinued Operations:
Accounts payable, trade	$	1,067
Accrued compensation and retirement costs	147
Taxes, including income taxes	22
Other current liabilities	188
Current liabilities of discontinued operations	1,424
Accrued pension benefits	1,430
Accrued other postretirement benefits	514
Other noncurrent liabilities and deferred credits	314
Noncurrent liabilities of discontinued operations	2,258
Total liabilities of discontinued operations	$	3,682

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 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:


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Second quarter ended June 30, 2020
Sales:
Third-party sales	$	585	$	326	$	229	$	113	$	1,253
Inter-segment sales	1		—		2		—		3
Total sales	$	586	$	326	$	231	$	113	$	1,256
Profit and loss:
Segment operating profit	$	105	$	70	$	19	$	6	$	200
Restructuring and other charges (credits)	22		24		(5)		1		42
Provision for depreciation and amortization	31		12		14		9		66
Capital expenditures	14		7		5		4		30

Second quarter ended June 30, 2019
Sales:
Third-party sales	$	835	$	399	$	331	$	257	$	1,822
Inter-segment sales	3		—		3		—		6
Total sales	$	838	$	399	$	334	$	257	$	1,828
Profit and loss:
Segment operating profit	$	163	$	99	$	25	$	73	$	360
Restructuring and other charges	250		1		193		1		445
Provision for depreciation and amortization	35		12		14		8		69
Capital expenditures	55		8		7		20		90

	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Six months ended June 30, 2020
Sales:
Third-party sales	$	1,366	$	711	$	504	$	304	$	2,885
Inter-segment sales	3		—		5		—		8
Total sales	$	1,369	$	711	$	509	$	304	$	2,893
Profit and loss:
Segment operating profit	$	270	$	166	$	47	$	56	$	539
Restructuring and other charges (credits)	35		26		12		3		76
Provision for depreciation and amortization	61		24		27		19		131
Capital expenditures	33		15		8		11		67

Six months ended June 30, 2019
Sales:
Third-party sales	$	1,648	$	794	$	625	$	511	$	3,578
Inter-segment sales	8		—		6		—		14
Total sales	$	1,656	$	794	$	631	$	511	$	3,592
Profit and loss:
Segment operating profit	$	304	$	195	$	41	$	133	$	673
Restructuring and other charges	253		6		197		5		461
Provision for depreciation and amortization	69		24		31		16		140
Capital expenditures	126		17		18		45		206

Schedule of Segment Reporting Information to Consolidated Income Before income Taxes

The following table reconciles Total segment operating profit to Income (loss) from continuing operations before income taxes:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Total segment operating profit	$	200	$	360	$	539	$	673
Unallocated amounts:
Restructuring and other charges	(105)		(472)		(144)		(516)
Corporate expense	(21)		(64)		(63)		(119)
Consolidated operating income (loss)	$	74	$	(176)	$	332	$	38
Interest expense	(144)		(86)		(228)		(171)
Other expense, net	(16)		(6)		8		(18)
Income (loss) from continuing operations before income taxes	$	(86)	$	(268)	$	112	$	(151)

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.


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Second quarter ended June 30, 2020
Aerospace	$	437	$	263	$	208	$	—	$	908
Commercial Transportation	—		35		—		113		148
Industrial and Other	148		28		21		—		197
Total end-market revenue	$	585	$	326	$	229	$	113	$	1,253

Second quarter ended June 30, 2019
Aerospace	$	676	$	304	$	303	$	—	$	1,283
Commercial Transportation	5		62		—		257		324
Industrial and Other	154		33		28		—		215
Total end-market revenue	$	835	$	399	$	331	$	257	$	1,822

Six months ended June 30, 2020
Aerospace	$	1,071	$	564	$	462	$	—	$	2,097
Commercial Transportation	—		80		—		304		384
Industrial and Other	295		67		42		—		404
Total end-market revenue	$	1,366	$	711	$	504	$	304	$	2,885

Six months ended June 30, 2019
Aerospace	$	1,348	$	610	$	575	$	—	$	2,533
Commercial Transportation	12		120		—		513		645
Industrial and Other	288		64		50		(2)		400
Total end-market revenue	$	1,648	$	794	$	625	$	511	$	3,578

Restructuring and Other Charges (Tables)

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Activity and Reserve Balances for Restructuring Charges


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2019	$	13	$	—	13
Cash payments	(24)		—		(24)
Restructuring charges	131		13		144
Other⁽¹⁾	(64)		(13)		(77)
Reserve balances at June 30, 2020	$	56	$	—	$	56

Other Expense (Income), Net (Tables)

6 Months Ended

Jun. 30, 2020

Other Income and Expenses [Abstract]

Schedule of Other Expense (Net)


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Non-service related net periodic benefit cost	$	5	$	4	11		8
Interest income	—		(5)		(4)		(15)
Foreign currency (gains) losses, net	(7)		(4)		(7)		1
Net loss from asset sales	2		5		4		7

Deferred compensation	7		5		(3)		15
Other, net	9		1		(9)		2
	$	16	$	6	$	(8)	$	18

Pension and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost were as follows:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Pension benefits
Service cost	$	2	$	6	$	9	$	13
Interest cost	17		59		64		118
Expected return on plan assets	(24)		(71)		(94)		(143)
Recognized net actuarial loss	12		34		54		69
Amortization of prior service cost (benefit)	—		1		—		1
Settlements	64		2		64		4


Net periodic benefit cost⁽¹⁾	71		31		97		62
Discontinued operations	—		24		20		48
Net amount recognized in Statement of Consolidated Operations	$	71	$	7	$	77	$	14

Other postretirement benefits
Service cost	$	1	$	2	$	2	$	4
Interest cost	1		7		7		14
Recognized net actuarial loss	—		1		2		2
Amortization of prior service cost (benefit)	(1)		(2)		(3)		(3)
Curtailments	—		—		—		(58)

Net periodic benefit cost⁽¹⁾	1		8		8		(41)
Discontinued operations	—		7		6		(29)
Net amount recognized in Statement of Consolidated Operations	$	1	$	1	$	2	$	(12)

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provisions

The tax provisions for the second quarter and six months ended June 30, 2020 and 2019 were comprised of the following:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Pre-tax income (loss) at estimated annual effective income tax rate before discrete items	$	(31)	$	(139)	$	40	$	(78)
Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income	18		31		—		—
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	1		13		1		14
Other discrete items	10		(37)		2		(37)
Provision (benefit) for income taxes	$	(2)	$	(132)	$	43	$	(101)

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 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):


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Net income (loss) attributable to common shareholders:
Income (loss) from continuing operations attributable to common shareholders	$	(84)	$	(136)	$	69	$	(50)
Income (loss) attributable from discontinued operations	(12)		15		50		116
Net income (loss) attributable to common shareholders	(96)		(121)		119		66
Less: preferred stock dividends declared	—		—		(1)		(1)
Net income available to the Company's common shareholders - basic	(96)		(121)		118		65
Add: Interest expense related to convertible notes	—		3		—		6
Net income available to the Company's common shareholders - diluted	$	(96)	$	(118)	$	118	$	71

Average shares outstanding - basic	436		445		436		458
Effect of dilutive securities:
Stock options	—		—		—		—
Stock and performance awards	—		—		4		4
Convertible notes⁽¹⁾	—		—		—		—
Average shares outstanding - diluted	436		445		440		462

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).


	Second quarter ended			Six months ended
	June 30,			June 30,
	2020	2019	2020	2019
Convertible notes	—	14	—	14
Stock options⁽¹⁾	3	3	3	3
Stock and performance awards	3	4	—	—

(1)The weighted average exercise price per share of options excluded from diluted EPS was $26.04 and $32.66 as of June 30, 2020 and June 30, 2019, respectively.

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 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:


	Second quarter ended						Six months ended
	June 30,						June 30,
	2020		2019		2020		2019
Pension and other postretirement benefits (G)
Balance at beginning of period	$	(2,695)	$	(2,304)	$	(2,732)	$	(2,344)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit	(60)		(6)		(59)		66
Tax expense	8		1		8		(15)
Total Other comprehensive income (loss) before reclassifications, net of tax	(52)		(5)		(51)		51
Amortization of net actuarial loss and prior service cost⁽¹⁾	74		36		117		15
Tax (expense) benefit ⁽²⁾	(13)		(8)		(20)		(3)
Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽³⁾	61		28		97		12
Total Other comprehensive income	9		23		46		63
Transfer to Arconic Corporation	$	1,820	$	—	$	1,820	$	—
Balance at end of period	$	(866)	$	(2,281)	$	(866)	$	(2,281)
Foreign currency translation
Balance at beginning of period	$	(661)	$	(557)	$	(596)	$	(583)
Foreign currency translation	(8)		(30)		(87)		(4)
Net amount reclassified from Accumulated other comprehensive loss⁽⁴⁾	—		—		14		—
Other comprehensive (loss) income	(8)		(30)		(73)		(4)
Transfer to Arconic Corporation	(428)		—		(428)		—
Balance at end of period	$	(1,097)	$	(587)	$	(1,097)	$	(587)
Available-for-sale securities
Balance at beginning of period	$	1	$	—	$	—	$	(3)
Other comprehensive income (loss)⁽⁵⁾	(1)		—		—		3
Balance at end of period	$	—	$	—	$	—	$	—
Cash flow hedges
Balance at beginning of period	$	(14)	$	9	$	(1)	$	4
Adoption of accounting standard	—		—		—		(2)
Other comprehensive (loss) income:
Net change from periodic revaluations	3		(13)		(8)		(5)
Tax expense	1		3		—		2
Total Other comprehensive loss (income) before reclassifications, net of tax	4		(10)		(8)		(3)
Net amount reclassified to earnings	5		(1)		4		(1)
Tax expense⁽²⁾	—		1		—		1
Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽³⁾	5		—		4		—
Total Other comprehensive (loss) income	9		(10)		(4)		(3)
Balance at end of period	$	(5)	$	(1)	$	(5)	$	(1)

Accumulated other comprehensive loss	$	(1,968)	$	(2,869)	$	(1,968)	$	(2,869)

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

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

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

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

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

Inventories (Tables)

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory Components


	June 30, 2020		December 31, 2019
Finished goods	$	525	$	524
Work-in-process	764		741
Purchased raw materials	339		299
Operating supplies	45		43
Total inventories	$	1,673	$	1,607

Properties, Plants, and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plants, and Equipment, Net


	June 30, 2020		December 31, 2019
Land and land rights	$	96	$	101
Structures	1,004		1,058
Machinery and equipment	3,767		3,742
	4,867		4,901
Less: accumulated depreciation and amortization	2,506		2,620
	2,361		2,281
Construction work-in-progress	197		348
Properties, plants, and equipment, net	$	2,558	$	2,629

Leases (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2020		December 31, 2019
Right-of-use assets classified in Other noncurrent assets	$	118	$	125

Current portion of lease liabilitiesclassified in Other current liabilities	36		38
Long-term portion of lease liabilities classified in Other noncurrent liabilities	91		98
Total lease liabilities	$	127	$	136

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


	June 30, 2020		December 31, 2019
6.150% Notes, due 2020	—		1,000
5.400% Notes due 2021	361		1,250
5.870% Notes, due 2022	476		627
5.125% Notes, due 2024	1,250		1,250
6.875% Notes, due 2025	1,200		—
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
Other ⁽¹⁾	(1)		13
	5,086		5,940
Less: amount due within one year	391		1,034
Total long-term debt	$	4,695	$	4,906

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

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Financial Instruments


	June 30, 2020						December 31, 2019
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt, less amount due within one year	$	4,695	$	4,997	$	4,906	$	5,337

Basis of Presentation (Details) - company		6 Months Ended
Basis of Presentation (Details) - company	Apr. 01, 2020	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of independent, publicly-traded companies resulting from proposed separation transaction	2
Percentage of revenue from aerospace end market (percent)		73.00%

Arconic Inc. Separation Transaction and Discontinued Operations - Narrative (Details)				3 Months Ended	6 Months Ended
	Apr. 01, 2020 company	Mar. 25, 2020 USD ($)	Feb. 01, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Mar. 01, 2020 USD ($)	Feb. 07, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of independent, publicly-traded companies resulting from proposed separation transaction \| company	2
Separation, share distribution ratio	0.25
Debt issuance costs incurred					$ 61,000,000	$ 0
Aluminum Rolling Mill
Restructuring Cost and Reserve [Line Items]
Disposal group, consideration			$ 50,000,000
Gain on sale of business			$ 59,000,000
Asset impairment charges				$ 6,000,000		$ 53,000,000
Hard Alloy Extrusions Plant In South Korea
Restructuring Cost and Reserve [Line Items]
Disposal group, consideration							$ 62,000,000
Lien Notes
Restructuring Cost and Reserve [Line Items]
Debt issuance costs incurred				$ 45,000,000	$ 45,000,000
Senior Notes \| Second Lien Notes Due 2028
Restructuring Cost and Reserve [Line Items]
Aggregate principal amount								$ 600,000,000
Long-term debt, interest rate (percentage)								6.125%
Line of Credit \| Senior Secured First Lien Term B Loan Facility Due 2027 \| Secured Debt
Restructuring Cost and Reserve [Line Items]
Aggregate principal amount		$ 600,000,000
Credit Agreement term		7 years

Arconic Inc. Separation Transaction and Discontinued Operations - Summary of Results of Discontinued Operations (Details) - Discontinued Operations, Disposed of by Means Other than Sale - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Sales	$ 0	$ 1,874	$ 1,576	$ 3,662
Cost of goods sold	0	1,603	1,292	3,129
Selling, general administrative, research and development and other expenses	4	85	106	160
Provision for depreciation and amortization	0	61	59	122
Restructuring and other charges	0	27	(18)	(5)
Interest expense	0	0	7	0
Other expense, net	0	24	42	43
Income (loss) from discontinued operations	(4)	74	88	213
Provision for income taxes	8	59	38	97
Income (loss) from discontinued operations after income taxes	$ (12)	$ 15	$ 50	$ 116

Arconic Inc. Separation Transaction and Discontinued Operations - Summary of Property, Plant and Equipment Purchases of the Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for depreciation and amortization	$ 0	$ 61	$ 59	$ 122
Discontinued Operations, Disposed of by Means Other than Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital Expenditures	0	35	25	81
Proceeds from the sales of businesses	$ 0	$ 0	$ 112	$ 0

Arconic Inc. Separation Transaction and Discontinued Operations - Carrying Amount of Major Classes of Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Total Assets of Discontinued Operations
Current assets of discontinued operations	$ 0	$ 1,442
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total	0	3,899
Total Liabilities of Discontinued Operations:
Current liabilities of discontinued operations	0	1,424
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent, Total	$ 0	2,258
Discontinued Operations, Disposed of by Means Other than Sale
Total Assets of Discontinued Operations
Cash and cash equivalents		71
Receivables from customers		385
Other receivables		135
Inventories		822
Prepaid expenses and other current assets		29
Current assets of discontinued operations		1,442
Properties, plants, and equipment, net		2,834
Goodwill		426
Intangibles, net		60
Deferred income taxes		383
Other noncurrent assets		196
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total		3,899
Total assets of discontinued operations		5,341
Total Liabilities of Discontinued Operations:
Accounts payable, trade		1,067
Accrued compensation and retirement costs		147
Taxes, including income taxes		22
Other current liabilities		188
Current liabilities of discontinued operations		1,424
Accrued pension benefits		1,430
Accrued other postretirement benefits		514
Other noncurrent liabilities and deferred credits		314
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent, Total		2,258
Total liabilities of discontinued operations		$ 3,682

Segment Information - Narrative (Details) $ in Millions	6 Months Ended
Segment Information - Narrative (Details) $ in Millions	Jun. 30, 2020 USD ($) segment	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| segment	4
Goodwill	$ 4,051		$ 4,067
Percentage of revenue from aerospace end market (percent)	73.00%
Revenue Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	12.00%
Engineered Structures
Segment Reporting Information [Line Items]
Goodwill		$ 17
Margin between fair value of reporting unit and carrying value (percent)	20.00%	15.00%	60.00%
Engine Products
Segment Reporting Information [Line Items]
Goodwill		$ (17)

Segment Information - Schedule of Operating Results of Arconic's Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Sales:	$ 1,253	$ 1,818	$ 2,887	$ 3,570
Segment operating profit	200	360	539	673
Operating Segments
Segment Reporting Information [Line Items]
Sales:	1,253	1,822	2,885	3,578
Total sales	1,256	1,828	2,893	3,592
Segment operating profit	200	360	539	673
Restructuring and other charges (credits)	42	445	76	461
Provision for depreciation and amortization	66	69	131	140
Capital expenditures	30	90	67	206
Inter-segment sales
Segment Reporting Information [Line Items]
Sales:	(3)	(6)	(8)	(14)
Engine Products
Segment Reporting Information [Line Items]
Sales:	585	835	1,366	1,648
Segment operating profit	105	163	270	304
Restructuring and other charges (credits)	22	250	35	253
Provision for depreciation and amortization	31	35	61	69
Capital expenditures	14	55	33	126
Engine Products \| Operating Segments
Segment Reporting Information [Line Items]
Sales:	585	835	1,366	1,648
Total sales	586	838	1,369	1,656
Engine Products \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales:	(1)	(3)	(3)	(8)
Fastening Systems
Segment Reporting Information [Line Items]
Sales:	326	399	711	794
Segment operating profit	70	99	166	195
Restructuring and other charges (credits)	24	1	26	6
Provision for depreciation and amortization	12	12	24	24
Capital expenditures	7	8	15	17
Fastening Systems \| Operating Segments
Segment Reporting Information [Line Items]
Sales:	326	399	711	794
Total sales	326	399	711	794
Fastening Systems \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales:	0	0	0	0
Engineered Structures
Segment Reporting Information [Line Items]
Sales:	229	331	504	625
Segment operating profit	19	25	47	41
Restructuring and other charges (credits)	(5)	193	12	197
Provision for depreciation and amortization	14	14	27	31
Capital expenditures	5	7	8	18
Engineered Structures \| Operating Segments
Segment Reporting Information [Line Items]
Sales:	229	331	504	625
Total sales	231	334	509	631
Engineered Structures \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales:	(2)	(3)	(5)	(6)
Forged Wheels
Segment Reporting Information [Line Items]
Sales:	113	257	304	511
Segment operating profit	6	73	56	133
Restructuring and other charges (credits)	1	1	3	5
Provision for depreciation and amortization	9	8	19	16
Capital expenditures	4	20	11	45
Forged Wheels \| Operating Segments
Segment Reporting Information [Line Items]
Sales:	113	257	304	511
Total sales	113	257	304	511
Forged Wheels \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales:	$ 0	$ 0	$ 0	$ 0

Segment Information - Schedule of Segment Operating Profit to Consolidated Income before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total segment operating profit	$ 200	$ 360	$ 539	$ 673
Restructuring and other charges	(105)	(472)	(144)	(516)
Operating income (loss)	74	(176)	332	38
Interest expense	(144)	(86)	(228)	(171)
Other (expense) income	(16)	(6)	8	(18)
Income (loss) before income taxes	(86)	(268)	112	(151)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Restructuring and other charges	(105)	(472)	(144)	(516)
Corporate expense	(21)	(64)	(63)	(119)
Operating income (loss)	74	(176)	332	38
Interest expense	(144)	(86)	(228)	(171)
Other (expense) income	(16)	(6)	8	(18)
Income (loss) before income taxes	$ (86)	$ (268)	$ 112	$ (151)

Segment Information - Disaggregation of Revenue by Major End Market Served (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Major Customer [Line Items]
Sales:	$ 1,253	$ 1,818	$ 2,887	$ 3,570
Operating Segments
Revenue, Major Customer [Line Items]
Sales:	1,253	1,822	2,885	3,578
Engine Products
Revenue, Major Customer [Line Items]
Sales:	585	835	1,366	1,648
Engine Products \| Operating Segments
Revenue, Major Customer [Line Items]
Sales:	585	835	1,366	1,648
Engineered Structures
Revenue, Major Customer [Line Items]
Sales:	229	331	504	625
Engineered Structures \| Operating Segments
Revenue, Major Customer [Line Items]
Sales:	229	331	504	625
Fastening Systems
Revenue, Major Customer [Line Items]
Sales:	326	399	711	794
Fastening Systems \| Operating Segments
Revenue, Major Customer [Line Items]
Sales:	326	399	711	794
Forged Wheels
Revenue, Major Customer [Line Items]
Sales:	113	257	304	511
Forged Wheels \| Operating Segments
Revenue, Major Customer [Line Items]
Sales:	113	257	304	511
Aerospace \| Operating Segments
Revenue, Major Customer [Line Items]
Sales:	908	1,283	2,097	2,533
Aerospace \| Engine Products
Revenue, Major Customer [Line Items]
Sales:	437	676	1,071	1,348
Aerospace \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales:	208	303	462	575
Aerospace \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales:	263	304	564	610
Aerospace \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales:	0	0	0	0
Commercial Transportation \| Operating Segments
Revenue, Major Customer [Line Items]
Sales:	148	324	384	645
Commercial Transportation \| Engine Products
Revenue, Major Customer [Line Items]
Sales:	0	5	0	12
Commercial Transportation \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales:	0	0	0	0
Commercial Transportation \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales:	35	62	80	120
Commercial Transportation \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales:	113	257	304	513
Industrial and Other \| Operating Segments
Revenue, Major Customer [Line Items]
Sales:	197	215	404	400
Industrial and Other \| Engine Products
Revenue, Major Customer [Line Items]
Sales:	148	154	295	288
Industrial and Other \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales:	21	28	42	50
Industrial and Other \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales:	28	33	67	64
Industrial and Other \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales:	$ 0	$ 0	$ 0	$ (2)

Restructuring and Other Charges - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) employee	Jun. 30, 2019 USD ($) employee	Jun. 30, 2020 USD ($) employee	Jun. 30, 2019 USD ($) employee
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 105	$ 472	$ 144	$ 516
Restructuring and other charges (benefits) after tax	80	377	114	411
Reversal of impairment charge due to reclassification of assets	7
Reversal of impairment charge due to reclassification of assets, after tax	7
Gain on sale of assets	(2)	(5)	(4)	(7)
Layoff costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	54	15	76	68
Restructuring and other charges (benefits) after tax	38	11	55	52
Pension Settlement and Contribution Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	64		64
Restructuring and other charges (benefits) after tax	$ 53		$ 53
Restructuring Programs Layoffs 2020
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee	2,521,000,000		2,981,000,000
Other exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2		$ 5
Restructuring and other charges (benefits) after tax	2		5
Reversal of Prior Period Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(8)	(3)	(10)	(4)
Restructuring and other charges (benefits) after tax	(6)	(3)	(8)	(4)
UK Forgings
Restructuring Cost and Reserve [Line Items]
Restructuring charges			6
Restructuring and other charges (benefits) after tax	$ 6
Impairments of Assets Associated with Agreement to Sell Aerospace Components Business
Restructuring Cost and Reserve [Line Items]
Restructuring charges			5
Restructuring and other charges (benefits) after tax			5
Sale of Assets
Restructuring Cost and Reserve [Line Items]
Gain on sale of assets			2
Gain on sale of assets, net of tax			$ 2
Impairment of Disks
Restructuring Cost and Reserve [Line Items]
Restructuring charges		428		428
Restructuring and other charges (benefits) after tax		345		$ 345
Asset impairment charges		$ 428
Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		220,000,000		901,000,000
Other Exit Costs from Lease Terminations
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 12		$ 12
Restructuring and other charges (benefits) after tax		9		9
Pension Settlement Cost
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2		4
Restructuring and other charges (benefits) after tax		1		3
Impairment of Property, Plant and Equipment
Restructuring Cost and Reserve [Line Items]
Restructuring charges		6		6
Restructuring and other charges (benefits) after tax		$ 5		5
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
Other Exit Cost Lease Termination Loss
Restructuring Cost and Reserve [Line Items]
Restructuring charges				(3)
Restructuring and other charges (benefits) after tax				(3)
Elimination of Life Insurance Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges				(15)
Restructuring and other charges (benefits) after tax				$ (12)
Fastening Systems \| Restructuring Programs Layoffs 2020
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee	1,169,000,000		1,275,000,000
Fastening Systems \| Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		39,000,000		132,000,000
Engine Products \| Restructuring Programs Layoffs 2020
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee	1,116,000,000		1,291,000,000
Engine Products \| Impairment of Disks
Restructuring Cost and Reserve [Line Items]
Asset impairment charges		$ 247
Engine Products \| Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		53,000,000		103,000,000
Engineered Structures \| Restructuring Programs Layoffs 2020
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee	200,000,000		300,000,000
Engineered Structures \| Impairment of Disks
Restructuring Cost and Reserve [Line Items]
Asset impairment charges		$ 181
Engineered Structures \| Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		53,000,000		112,000,000
Forged Wheels \| Restructuring Programs Layoffs 2020
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee	36,000,000		92,000,000
Forged Wheels \| Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		6,000,000		60,000,000
Corporate Segment \| Restructuring Programs Layoffs 2020
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee			23,000,000
Corporate Segment \| Restructuring Programs Layoffs 2019
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		69,000,000		494,000,000
Small Additive Business
Restructuring Cost and Reserve [Line Items]
Loss on sale of business				$ 12
Loss on sale of business, net of tax				$ 9
Small Additive Business \| Engineered Structures
Restructuring Cost and Reserve [Line Items]
Loss on sale of business		$ 12
Loss on sale of business, net of tax		$ 9

Restructuring and Other Charges - Activity and Reserve Balances for Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance			$ 13
Cash payments			(24)
Restructuring charges			144
Other			(77)
Restructuring reserve ending balance	$ 56		56
Restructuring charges	105	$ 472	144	$ 516
Gain on sale of assets	(2)	(5)	(4)	(7)
Layoff costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance			13
Cash payments			(24)
Restructuring charges			131
Other			(64)
Restructuring reserve ending balance	56		56
Restructuring charges	54	$ 15	76	$ 68
Other exit costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance			0
Cash payments			0
Restructuring charges			13
Other			(13)
Restructuring reserve ending balance	0		0
Restructuring charges	$ 2		5
Other Exit Costs, United Kingdom Pension Settlement Accounting
Restructuring Reserve [Roll Forward]
Restructuring charges			64
Other Exit Costs, Impairments Of Assets
Restructuring Reserve [Roll Forward]
Restructuring charges			6
Other Exit Costs, Post Closing Adjustment
Restructuring Reserve [Roll Forward]
Restructuring charges			6
Other Exit Costs, Other
Restructuring Reserve [Roll Forward]
Restructuring charges			3
Sale of Assets
Restructuring Reserve [Roll Forward]
Gain on sale of assets			$ 2

Other Expense (Income), Net - Schedule (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income and Expenses [Abstract]
Non-service related net periodic benefit cost	$ 5	$ 4	$ 11	$ 8
Interest income	0	(5)	(4)	(15)
Foreign currency (gains) losses, net	(7)	(4)	(7)	1
Net loss from asset sales	2	5	4	7
Deferred compensation	7	5	(3)	15
Other, net	9	1	(9)	2
Nonoperating Income (Expense)	$ 16	$ 6	$ (8)	$ 18

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 6	$ 9	$ 13
Interest cost	17	59	64	118
Expected return on plan assets	(24)	(71)	(94)	(143)
Recognized net actuarial loss	12	34	54	69
Amortization of prior service cost (benefit)	0	1	0	1
Settlements	64	2	64	4
Net periodic benefit cost	71	31	97	62
Discontinued operations	0	24	20	48
Net amount recognized in Statement of Consolidated Operations	71	7	77	14
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2	2	4
Interest cost	1	7	7	14
Recognized net actuarial loss	0	1	2	2
Amortization of prior service cost (benefit)	(1)	(2)	(3)	(3)
Curtailments	0	0	0	(58)
Net periodic benefit cost	1	8	8	(41)
Discontinued operations	0	7	6	(29)
Net amount recognized in Statement of Consolidated Operations	$ 1	$ 1	$ 2	$ (12)

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Pension benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement charges	$ 64	$ 2		$ 64	$ 4
Pension benefits \| UNITED STATES
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement charges	2	2			4
Decrease in obligation, pension benefits	(6)		$ 75
Curtailment benefit			17
Pension benefits \| UNITED KINGDOM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement charges	62
Other postretirement benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Curtailment benefit	$ 0	$ 0		$ 0	$ 58
Other postretirement benefits \| UNITED STATES
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Curtailment benefit			$ 58

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Effective income tax rate reconciliation (percent)	36.10%	51.80%	36.10%	51.80%
Effective income tax rate reconciliation, including discrete items (percent)	(2.30%)	(49.30%)	2.30%	(49.30%)
Discrete income tax charge (benefit)	$ 10	$ (37)		$ (37)
Income tax charge related to remeasurement as a result of the Separation Transaction	6
Income tax charge for prior year items	4
Income tax benefit from deduction of prior year foreign taxes		(25)		25
Income tax benefit from remeasurement of certain deferred tax assets		$ 12		$ 12
Tax misstatement recorded to retained earnings	$ 223		$ 223		$ 129
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Tax misstatement recorded to retained earnings						$ 16

Income Taxes - Summary of Tax Provisions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Pre-tax income (loss) at estimated annual effective income tax rate before discrete items	$ (31)	$ (139)	$ 40	$ (78)
Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income	18	31	0	0
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	1	13	1	14
Other discrete items	10	(37)	2	(37)
Provision (benefit) for income taxes	$ (2)	$ (132)	$ 43	$ (101)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Earnings Per Share - Reconciliation of Information Used to Compute Basic and Diluted EPS (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Oct. 15, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income (loss) from continuing operations attributable to common shareholders		$ (84)	$ (136)	$ 69	$ (50)
Income (loss) from discontinued operations after income taxes		(12)	15	50	116
Net income (loss)		(96)	(121)	119	66
Less: preferred stock dividends declared		0	0	(1)	(1)
Net income available to the Company's common shareholders - basic		(96)	(121)	118	65
Add: Interest expense related to convertible notes		0	3	0	6
Net income available to the Company's common shareholders - diluted		$ (96)	$ (118)	$ 118	$ 71
Average shares outstanding - basic (in shares)		436	445	436	458
Effect of dilutive securities:
Stock options (in shares)		0	0	0	0
Stock and performance awards (in shares)		0	0	4	4
Convertible notes (in shares)		0	0	0	0
Average shares outstanding - diluted (in shares)		436	445	440	462
Common stock outstanding (in shares)		436	440	436	440
Incremental common shares attributable to dilutive effect of accelerated share repurchase agreements (in shares)					8
Convertible notes
Effect of dilutive securities:
Number of shares of common stock previously attributable to the convertible notes (in shares)	15	0	14	0	14

Earnings Per Share - Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding (Details) - $ / shares shares in Millions		3 Months Ended		6 Months Ended
	Oct. 15, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	15	0	14	0	14
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)		3	3	3	3
Weighted average exercise price of options (in usd per share)				$ 26.04	$ 32.66
Stock and performance awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)		3	4	0	0

Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

$ 4,797

$ 5,178

$ 4,621

$ 5,585

Other comprehensive income:

Foreign currency translation adjustments

(8)

(30)

(73)

(4)

Total Other comprehensive income (loss), net of tax

(17)

(31)

Balance at end of period

3,449

4,866

3,449

4,866

Cumulative Effect, Period of Adoption, Adjustment

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

^[1]

Accumulated other comprehensive loss

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

(3,369)

(2,852)

(3,329)

(2,926)

Other comprehensive income:

Total Other comprehensive income (loss), net of tax

(17)

(31)

Balance at end of period

(1,968)

(2,869)

(1,968)

(2,869)

Accumulated other comprehensive loss | Cumulative Effect, Period of Adoption, Adjustment

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

^[1]

(2)

Pension and other postretirement benefits

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

(2,695)

(2,304)

(2,732)

(2,344)

Other comprehensive income:

Unrecognized net actuarial loss and prior service cost/benefit

(60)

(6)

(59)

Tax expense

(15)

Total Other comprehensive loss (income) before reclassifications, net of tax

(52)

(5)

(51)

Amortization of net actuarial loss and prior service cost

117

Tax (expense) benefit

(13)

(8)

(20)

(3)

Amount reclassified from Accumulated other comprehensive loss, net of tax

Total Other comprehensive income (loss), net of tax

Transfer to Arconic Corporation

1,820

Balance at end of period

(866)

(2,281)

(866)

(2,281)

Foreign currency translation

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

(661)

(557)

(596)

(583)

Other comprehensive income:

Foreign currency translation adjustments

(8)

(30)

(87)

(4)

Amount reclassified from Accumulated other comprehensive loss, net of tax

Total Other comprehensive income (loss), net of tax

(8)

(30)

(73)

(4)

Transfer to Arconic Corporation

(428)

Balance at end of period

(1,097)

(587)

(1,097)

(587)

Available-for-sale securities

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

(3)

Other comprehensive income:

Total Other comprehensive income (loss), net of tax

(1)

Balance at end of period

Cash flow hedges

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

(14)

(1)

Other comprehensive income:

Unrecognized net actuarial loss and prior service cost/benefit

(13)

(8)

(5)

Tax expense

Total Other comprehensive loss (income) before reclassifications, net of tax

(10)

(8)

(3)

Amortization of net actuarial loss and prior service cost

(1)

Tax (expense) benefit

Amount reclassified from Accumulated other comprehensive loss, net of tax

Total Other comprehensive income (loss), net of tax

(10)

(4)

(3)

Balance at end of period

(5)

(1)

(5)

(1)

Cash flow hedges | Cumulative Effect, Period of Adoption, Adjustment

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

$ 0

$ (2)

[1]

Receivables (Details) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
Receivables (Details) $ in Millions	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($) agreement	Dec. 31, 2019 USD ($)
Schedule Of Financial Receivables [Line Items]
Accounts receivable securitization arrangements \| agreement			2
Deferred purchase program receivable			$ 97	$ 246
Net cash funding received during the period			136
Amount of cash draws under arrangement during the period			138
Amount of cash repayments under arrangement during the period			274
Customer One
Schedule Of Financial Receivables [Line Items]
Accounts receivables sold	$ 10		24
Customer Two
Schedule Of Financial Receivables [Line Items]
Accounts receivables sold	48		65
Arconic Corporation
Schedule Of Financial Receivables [Line Items]
Deferred purchase program receivable		$ 282
Special purpose entity
Schedule Of Financial Receivables [Line Items]
Accounts receivables sold	77		77
Receivables, maximum allowable purchase limit			125
Financing receivables, held as collateral	$ 30		$ 30
Maximum
Schedule Of Financial Receivables [Line Items]
Funding of customer receivables sold, maximum		$ 300		$ 400

Inventories - Schedule of Inventory Components (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 525	$ 524
Work-in-process	764	741
Purchased raw materials	339	299
Operating supplies	45	43
Total inventories	$ 1,673	$ 1,607

Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventories valued on a LIFO basis	$ 510	$ 503
Total inventories valued on an average-cost basis	$ 124	$ 133

Properties, Plants, and Equipment, net (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ 2,506	$ 2,620
Properties, plants and equipment excluding construction work in progress	2,361	2,281
Construction work-in-progress	197	348
Properties, plants, and equipment, net	2,558	2,629
Land and land rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	96	101
Structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,004	1,058
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,767	3,742
Depreciable property, plant and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,867	$ 4,901

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 18	$ 22	$ 36	$ 43

Leases - Operating Lease Assets and Liabilities in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:DeferredCreditsAndOtherLiabilitiesNoncurrent
Right-of-use assets classified in Other noncurrent assets	$ 118	$ 125
Current portion of lease liabilities classified in Other current liabilities	36	38
Long-term portion of lease liabilities classified in Other noncurrent liabilities	91	98
Total lease liabilities	$ 127	$ 136

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2020	May 21, 2020	Apr. 24, 2020	Apr. 06, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 5,086				$ 5,940
Less: amount due within one year	391				1,034
Total long-term debt	$ 4,695				4,906
6.150% Notes, due 2020
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	6.15%			6.15%
Long-term debt	$ 0				1,000
5.400% Notes due 2021
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	5.40%	5.40%		5.40%
Long-term debt	$ 361				1,250
5.870% Notes, due 2022
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	5.87%	5.87%
Long-term debt	$ 476				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
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)	6.875%		6.875%
Long-term debt	$ 1,200				0
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
Other
Debt Instrument [Line Items]
Other	$ (1)				$ 13

Debt - Public Debt (Details) - USD ($)			3 Months Ended	6 Months Ended
Debt - Public Debt (Details) - USD ($)	May 21, 2020	Apr. 06, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Apr. 24, 2020
Debt Instrument [Line Items]
Payment for early redemption of debt				$ 59,000,000	$ 0
Early termination premium			$ 35,000,000
Interest expense			$ 17,000,000
6.150% Notes, due 2020
Debt Instrument [Line Items]
Early redemption of debt		$ 1,000,000,000
Long-term debt, interest rate (percentage)		6.15%	6.15%	6.15%
Payment for early redemption of debt		$ 1,020,000,000
5.400% Notes due 2021
Debt Instrument [Line Items]
Early redemption of debt	$ 589,000,000	$ 300,000,000
Long-term debt, interest rate (percentage)	5.40%	5.40%	5.40%	5.40%
Payment for early redemption of debt		$ 315,000,000
Interest expense			$ 24,000,000
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate (percentage)			6.875%	6.875%		6.875%
Aggregate principal amount						$ 1,200,000,000
Deferred financing costs			$ 14,000,000	$ 14,000,000
5.870% Notes, due 2022
Debt Instrument [Line Items]
Early redemption of debt	$ 151,000,000
Long-term debt, interest rate (percentage)	5.87%		5.87%	5.87%
Interest expense			$ 4,000,000

Debt - Credit Facilities (Details)	1 Months Ended		6 Months Ended	12 Months Ended
Debt - Credit Facilities (Details)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 26, 2020 USD ($)	Jun. 25, 2020 USD ($)	Feb. 29, 2020 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000		$ 250,000,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Credit Agreement term		5 years
Long-term line of credit		$ 1,500,000,000					$ 3,000,000,000
Maximum borrowing capacity					$ 1,000,000,000	$ 1,500,000,000
Debt covenants, net debt to consolidated EBITDA ratio		3.50
Amount outstanding	$ 0		0	$ 0
Amount borrowed			$ 0	$ 0
Revolving Credit Agreement \| Period One
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	5.00
Revolving Credit Agreement \| Period Two
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	5.25
Revolving Credit Agreement \| Period Three
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	5.00
Revolving Credit Agreement \| Period Four
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	4.50
Revolving Credit Agreement \| Period Five
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	4.00
Revolving Credit Agreement \| Period Six
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	3.50

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Restricted cash	$ 4	$ 55
Carrying value
Derivative [Line Items]
Long-term debt, less amount due within one year	4,695	4,906
Fair value
Derivative [Line Items]
Long-term debt, less amount due within one year	$ 4,997	$ 5,337

Acquisitions and Divestitures (Details) $ in Millions				3 Months Ended			6 Months Ended
Acquisitions and Divestitures (Details) $ in Millions	Dec. 01, 2019 USD ($) employee	Aug. 15, 2019 USD ($)	May 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Jan. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash				$ 4					$ 55
Engineered Structures \| 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 charge (reversal)				$ (7)	$ 12
Engineered Structures \| Small Additive Manufacturing Facility Member [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration			$ 1
Asset impairment charge (reversal)						$ 9
Loss on sale of business			$ 13
Proceeds from the sales of businesses		$ 13
Engine Products \| Forgings Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	$ 64
Asset impairment charge (reversal)					$ 6
Loss on sale of business	$ 46
Restricted cash									$ 53
Sales						$ 34	$ 66
Number of employees \| employee	540

Contingencies and Commitments (Details) € in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jun. 06, 2019 plaintiff	Jun. 30, 2020 USD ($)	Jun. 30, 2020 EUR (€)	Jun. 30, 2020 USD ($) location	Jun. 30, 2020 EUR (€)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Sep. 30, 2018	Nov. 01, 2016 USD ($)
Loss Contingencies [Line Items]
Number of cleanup locations \| location				30
Remediation reserve balance						$ 8	$ 8
Remediation reserve balance, classified as a current liability						3	$ 4
Payments related to remediation expenses applied against the reserve		$ 1
Income tax examination assessment outstanding		174		$ 174	€ 154
Income tax reserve		60	€ 54
Tax indemnification receivable		50		50	€ 45
Number of plaintiffs \| plaintiff	247
Guarantees of third party related to project financing		25		25
Combined fair value of guarantees		16		16		9
Total amount committed under outstanding surety bonds		43		43
Surety bonds, amount outstanding		26		26
Bank Loan Obligations
Loss Contingencies [Line Items]
Letters of credit, total amount		66		66
Other Noncurrent Liabilities and Deferred Credits \| Separation Agreement
Loss Contingencies [Line Items]
Guarantees of third party related to project financing		$ 1,167		$ 1,167		$ 1,353
Alcoa Corporation
Loss Contingencies [Line Items]
Tax agreement, indemnification of ultimate liability (percent)		49.00%		49.00%	49.00%			49.00%
Arconic Corporation
Loss Contingencies [Line Items]
Tax agreement, indemnification of ultimate liability (percent)		34.00%		34.00%	34.00%
Howmet Aerospace
Loss Contingencies [Line Items]
Tax agreement, indemnification of ultimate liability (percent)		17.00%		17.00%	17.00%
Recurring Costs of Managing Hazardous Substances and Environmental Programs \| Maximum
Loss Contingencies [Line Items]
Percentage of cost of goods sold (percent)				1.00%
Alcoa Corporation Workers Compensation Claims
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding									$ 54