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Leases​
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases Leases
Arconic Corporation leases certain land and buildings, plant equipment, vehicles, and computer equipment, which have been classified as operating leases. Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $15 and $45 in the 2021 third quarter and nine-month period, respectively, and $14 and $43 in the 2020 third quarter and nine-month period, respectively.
Right-of-use assets obtained in exchange for operating lease obligations were $13 in the 2021 nine-month period and $38 in the 2020 nine-month period.
Future minimum contractual operating lease obligations were as follows:
September 30, 2021December 31, 2020
2021$11 $43 
202238 34 
202330 26 
202422 20 
202517 16 
Thereafter40 41 
Total lease payments$158 $180 
Less: imputed interest25 33 
Present value of lease liabilities$133 $147 
The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating leases at September 30, 2021 and December 31, 2020 was 6.2 years and 6.6 years, respectively, and 5.8% and 5.9%, respectively.