Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

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 Arconic common shareholders was as follows (shares in millions):

	Second quarter ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
Income from continuing operations after income taxes	$	212		$	53		$	534		$	163
Less: Preferred stock dividends declared		(18	)		(17	)		(35	)		(35	)
Income from continuing operations available to Arconic common shareholders		194			36			499			128
Income (loss) from discontinued operations after income taxes and noncontrolling interests		—			82			—			(12	)
Net income available to Arconic common shareholders - basic		194			118			499			116
Add: Interest expense related to convertible notes		2			2			4			—
Add: Dividends related to mandatory convertible preferred stock		—			—			34			—
Net income available to Arconic common shareholders - diluted	$	196		$	120		$	537		$	116
Average shares outstanding - basic		441			438			440			438
Effect of dilutive securities:
Stock options		2			1			2			—
Stock and performance awards		5			4			5			4
Mandatory convertible preferred stock		—			—			39			—
Convertible notes		14			9			14			—
Average shares outstanding - diluted		462			452			500			442

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

The following shares were excluded from the calculation of Average shares outstanding – diluted as their effect was anti-dilutive.

	Second quarter ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
Mandatory convertible preferred stock		39		26		—		26
Convertible notes		—		—		—		9