Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive LossThe 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,
	2021		2020		2021		2020
Pension and other postretirement benefits (G)
Balance at beginning of period	$	(938)	$	(2,695)	$	(980)	$	(2,732)
Other comprehensive income:
Unrecognized net actuarial gain (loss) and prior service cost/benefit	30		(60)		67		(59)
Tax (expense) benefit	(7)		8		(15)		8
Total Other comprehensive income (loss) before reclassifications, net of tax	23		(52)		52		(51)
Amortization of net actuarial loss and prior service cost(1)	15		74		31		117
Tax expense(2)	(3)		(13)		(6)		(20)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	12		61		25		97
Total Other comprehensive income	35		9		77		46
Transfer to Arconic Corporation	—		1,820		—		1,820
Balance at end of period	$	(903)	$	(866)	$	(903)	$	(866)
Foreign currency translation
Balance at beginning of period	$	(1,010)	$	(661)	$	(966)	$	(596)
Foreign currency translation	18		(8)		(26)		(87)
Net amount reclassified from Accumulated other comprehensive loss(4)	—		—		—		14
Other comprehensive income (loss)	18		(8)		(26)		(73)
Transfer to Arconic Corporation	—		(428)		—		(428)
Balance at end of period	$	(992)	$	(1,097)	$	(992)	$	(1,097)
Debt securities
Balance at beginning of period	$	—	$	1	$	—	$	—
Other comprehensive loss(5)	—		(1)		—		—
Balance at end of period	$	—	$	—	$	—	$	—
Cash flow hedges
Balance at beginning of period	$	7	$	(14)	$	3	$	(1)
Other comprehensive income (loss):
Net change from periodic revaluations	11		3		19		(8)
Tax (expense) income	(2)		1		(4)		—
Total Other comprehensive income (loss) before reclassifications, net of tax	9		4		15		(8)
Net amount reclassified to earnings	(5)		5		(8)		4
Tax expense(2)	—		—		1		—
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax(3)	(5)		5		(7)		4
Total Other comprehensive income (loss)	4		9		8		(4)
Balance at end of period	$	11	$	(5)	$	11	$	(5)
Accumulated other comprehensive loss	$	(1,884)	$	(1,968)	$	(1,884)	$	(1,968)

(1)These amounts were recorded in Other expense (income), net on the Statement of Consolidation Operations (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 corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings.

(4)Foreign currency translation charges were included in Restructuring and other charges on the 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.