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Preferred and Common Stock (Tables)
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Schedule of Share Activity

Share Activity (number of shares)

 

     Common stock  
      Treasury     Outstanding  

Balance at end of 2013

      106,895,705       1,071,011,162  

Conversion of convertible notes

      -       89,383,953  

Private placement

      -       36,523,010  

Issued for stock-based compensation plans

      (19,745,536 )      19,745,536  

Balance at end of 2014

      87,150,169       1,216,663,661  

Acquisition of RTI

      -       87,397,414  

Issued for stock-based compensation plans

      (6,099,066 )      6,099,066  

Balance at end of 2015

      81,051,103       1,310,160,141  

Treasury stock retirement

      (75,831,443 )      -  

Reverse Stock Split (A)

      -       (876,942,489 ) 

Issued for stock-based compensation plans

      (5,219,660 )      5,302,128  

Balance at end of 2016

      -       438,519,780  
Schedule of Activity for Stock Options and Stock Awards

The activity for stock options and stock awards during 2016 was as follows (options and awards in millions):

 

     Stock options(A)(D)      Stock awards(A)(D)  
     

Number of

options

    

Weighted

average

exercise price

     

Number of

awards

    

Weighted

average FMV

per award

  

Outstanding, January 1, 2016

      11     $ 35.72        7     $ 34.13  

Granted

      3     $ 20.22        4     $ 20.64  

Exercised

      -     $ 26.89        -     $ -  

Converted

      -     $ -        (3 )    $ 26.72  

Expired or forfeited

      -     $ 36.75        -     $ 31.90  

Cancelled due to Separation Transaction(B)

      (4 )    $ 32.70        (2 )    $ 30.46  

Adjustment due to Separation Transaction(C)(D)

      3     $ 24.14        2     $ 22.20  

Performance share adjustment

      -     $ -        -     $ 20.87  

Outstanding, December 31, 2016

      13     $ 24.14        8     $ 22.26  

 

(A) 

The number of stock options, stock awards and the weighted average exercise price has been adjusted to reflect the Reverse Stock Split (see Note A).
(B) 

As a result of the Separation Transaction, all stock options and stock awards relating to Alcoa Corporation employees were canceled.
(C) 

As a result of the Separation Transaction, all stock options and stock awards relating to Arconic employees were adjusted to reflect the Separation Transaction.
(D) 

Both the effect of the Reverse Stock Split and the effect of the Separation Transaction were considered modifications of the original stock options and awards and the modifications were designed such that the intrinsic values of the stock option or stock award were the same both previous to and after the adjustments.