0000004281-23-000004 | 10-K | XBRL Viewer

Interest Cost Components


For the year ended December 31,	2022		2021		2020
Amount charged to interest expense, net	$	229	$	259	$	317
Loss on debt redemption (R)	2		146		64
Amount capitalized	6		8		11
Total	$	237	$	413	$	392

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Excluding Interest and Penalties) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 2	$ 2	$ 176
Reductions for tax positions of prior years	0	0	(182)
Settlements with tax authorities	0	0	(1)
Foreign currency translation	0	0	9
Balance at end of year	$ 2	$ 2	$ 2

Debt - Public Debt (Details) - USD ($)							1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
Debt - Public Debt (Details) - USD ($)	Sep. 02, 2021	Sep. 01, 2021	May 03, 2021	Jan. 15, 2021	May 21, 2020	Apr. 06, 2020	Jan. 31, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Apr. 24, 2020
Debt Instrument [Line Items]
Early redemption of debt	$ 600,000,000
Early termination premium						$ 35,000,000
Debt prepayment cost											$ 2,000,000	$ 138,000,000	$ 59,000,000
Interest expense						17,000,000
5.125% Notes, due 2024
Debt Instrument [Line Items]
Early redemption of debt									$ 100,000,000	$ 69,000,000
Long- term debt, interest rate								5.125%	5.125%	5.125%	5.125%	5.125%
Repurchase of debt									$ 111,000,000	$ 71,000,000
Early termination premium									10,000,000	$ 2,000,000
Interest expense									$ 1,000,000
5.125% Notes, due 2024 \| Subsequent Event
Debt Instrument [Line Items]
Early redemption of debt							$ 26,000,000
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long- term debt, interest rate	6.875%									6.875%	6.875%				6.875%
Early termination premium	$ 105,000,000
Interest expense	$ 14,000,000
Aggregate principal amount															$ 1,200,000,000
Deferred financing costs														$ 14,000,000
3.000% Notes due 2029
Debt Instrument [Line Items]
Early redemption of debt		$ 700,000,000
Long- term debt, interest rate		3.00%
5.870% Notes due 2022
Debt Instrument [Line Items]
Early redemption of debt			$ 476,000,000		$ 151,000,000
Long- term debt, interest rate			5.87%		5.87%
Early termination premium								$ 23,000,000
Debt prepayment cost			$ 503,000,000
Debt prepayment, accrued interest			$ 5,000,000
Interest expense					$ 4,000,000
5.400% Notes, due 2021
Debt Instrument [Line Items]
Early redemption of debt				$ 361,000,000	$ 589,000,000	$ 300,000,000
Long- term debt, interest rate				5.40%	5.40%	5.40%
Early termination premium				$ 5,000,000
Debt prepayment cost						$ 315,000,000
Interest expense					$ 24,000,000
6.150% Notes, due 2020
Debt Instrument [Line Items]
Early redemption of debt						$ 1,000,000,000
Long- term debt, interest rate						6.15%
Debt prepayment cost						$ 1,020,000,000

Preferred and Common Stock - Schedule of Activity for Stock Options and Stock Awards (Details) shares in Millions	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options outstanding at the beginning of the year (in shares) \| shares	2
Number of options granted (in shares) \| shares	0
Number of options exercised (in shares) \| shares	(1)
Number of options converted (in shares) \| shares	0
Number of options expired or forfeited (in shares) \| shares	0
Number of options outstanding at the end of the year (in shares) \| shares	1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price per option, outstanding beginning of year (in usd per share) \| $ / shares	$ 23.64
Weighted average exercise price per option, granted (in usd per share) \| $ / shares	0
Weighted average exercise price per option, exercised (in usd per share) \| $ / shares	22.75
Weighted average exercise price per option, converted (in usd per share) \| $ / shares	0
Weighted average exercise price per option, expired or forfeited (in usd per share) \| $ / shares	33.61
Weighted average exercise price per option, outstanding end of year (in usd per share) \| $ / shares	$ 23.86
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of awards, outstanding beginning of year (in shares) \| shares	8
Number of awards, granted (in shares) \| shares	1
Number of awards, exercised (in shares) \| shares	0
Number of awards, converted (in shares) \| shares	(2)
Number of awards, expired or forfeited (in shares) \| shares	(1)
Number of awards, outstanding end of year (in shares) \| shares	6
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average FMV per award, outstanding beginning of year (in usd per share) \| $ / shares	$ 16.19
Weighted average FMV per award, granted (in usd per share) \| $ / shares	35.79
Weighted average FMV per award, exercised (in usd per share) \| $ / shares	0
Weighted average FMV per award, converted (in usd per share) \| $ / shares	16.35
Weighted average FMV per award, expired or forfeited (in usd per share) \| $ / shares	24.92
Weighted average FMV per award, outstanding, end of year (in usd per share) \| $ / shares	$ 17.77

Recently Adopted and Recently Issued Accounting Guidance	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Recently Adopted and Recently Issued Accounting Guidance	Recently Adopted and Recently Issued Accounting Guidance Recently Adopted Accounting Guidance. On January 1, 2021, the Company adopted changes issued by the Financial Accounting Standards Board (“FASB”) that were intended to simplify various aspects of accounting for income taxes by eliminating certain exceptions contained in existing guidance and amending other guidance to simplify several other income tax accounting matters. The adoption of this new guidance did not have a material impact on the Consolidated Financial Statements. On January 1, 2020, the Company adopted changes issued by the 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. In August 2018, the FASB issued guidance that impacts disclosures for defined benefit pension plans and other postretirement benefit plans. These changes became effective for Howmet's annual report for the year ended December 31, 2020 which did not have a material impact on its Consolidated Financial Statements. Recently Issued Accounting Guidance. In September 2022, the FASB issued guidance to enhance the transparency of disclosures regarding supplier finance programs. These changes become effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements. 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 London Inter-bank Offered Rate (“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. In December 2022, the FASB deferred the sunset date to December 31, 2024. In February 2023, the Company amended its Five-Year Revolving Credit Agreement to replace LIBOR with the term secured overnight financing rate (“Term SOFR”) as the reference rate for U.S. dollar-denominated loans (See Note R). Management has concluded that the impact of these changes is not expected to have a material impact on the Consolidated Financial Statements.

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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Segment and Geographic Area Information

Segment and Geographic Area Information - Schedule of Segment Reporting Information to Consolidated Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Assets	$ 10,255	$ 10,219
Cash and cash equivalents	791	720
Corporate fixed assets, net	2,332	2,467
Total segment sales
Assets:
Assets	9,419	9,262	$ 9,535
Other
Assets:
Cash and cash equivalents	791	720
Deferred income taxes	54	184
Corporate fixed assets, net	91	133
Fair value of derivative contracts	6	2
Accounts receivable securitization	(250)	(250)
Other	$ 144	$ 168

Preferred and Common Stock - Schedule of Share Activity (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock outstanding, beginning balance (in shares)	422,000,000
Common stock outstanding, ending balance (in shares)	412,155,057	422,000,000
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock outstanding, beginning balance (in shares)	421,691,912	432,906,377	432,855,183
Issued for stock-based compensation plans (in shares)	1,819,651	2,195,681	3,896,119
Repurchase and retirement of common stock (in shares)	(11,356,506)	(13,410,146)	(3,844,925)
Common stock outstanding, ending balance (in shares)	412,155,057	421,691,912	432,906,377

Income Taxes - Schedule of Expiration Periods of Deferred Tax Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	$ 2,955
Tax credit carryforwards	268
Other	436
Valuation allowance	(1,965)	$ (2,279)	$ (2,307)	$ (2,121)
Deferred tax assets, net	1,694	$ 1,798
Expires within 10 years
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	362
Tax credit carryforwards	196
Other	0
Valuation allowance	(522)
Deferred tax assets, net	36
Expires within 11-20 years
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	533
Tax credit carryforwards	59
Other	0
Valuation allowance	(234)
Deferred tax assets, net	358
No expiration
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	2,060
Tax credit carryforwards	13
Other	380
Valuation allowance	(1,204)
Deferred tax assets, net	1,249
Other
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	0
Tax credit carryforwards	0
Other	56
Valuation allowance	(5)
Deferred tax assets, net	$ 51

Segment and Geographic Area Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Howmet is a global leader in lightweight metals engineering and manufacturing. Howmet’s innovative, multi-material products, which include nickel, titanium, aluminum, and cobalt, are used worldwide in the aerospace (commercial and defense), commercial transportation, and industrial and other markets. Segment performance under Howmet’s management reporting system is evaluated based on a number of factors; however, the primary measure of performance is Segment Adjusted EBITDA. Prior to the first quarter of 2022, the Company used Segment operating profit as its primary measure of performance. However, the Company’s Chief Executive Officer believes that Segment Adjusted EBITDA is now a better representation of its business because it provides additional information with respect to the Company’s operating performance and the Company’s ability to meet its financial obligations. Howmet’s definition of Segment Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation and amortization. Special items, including Restructuring and other charges, are excluded from Net margin and Segment Adjusted EBITDA. Segment Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Differences between the total segment and consolidated totals are in Corporate.

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

Engine Products

Engine Products produces investment castings, including airfoils, 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, industrial and other fasteners. The business’s high-tech, multi-material fastening systems are found nose to tail on aircraft and aero engines. Fastening Systems’ products are also critical components of commercial transportation vehicles, automobiles, construction and industrial equipment, and renewable energy sectors.

Engineered Structures

Engineered Structures produces titanium ingots and mill products for aerospace and defense applications and is vertically integrated to produce titanium forgings, extrusions, forming 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 market.

The operating results and assets of the Company's reportable segments were as follows:


Year ended	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
2022
Sales:
Third-party sales	$	2,698	$	1,117	$	790	$	1,058	$	5,663
Inter-segment sales	4		—		6		—		10
Total sales	$	2,702	$	1,117	$	796	$	1,058	$	5,673
Profit and loss:

Segment Adjusted EBITDA	$	729	$	234	$	111	$	278	$	1,352
Restructuring and other charges	29		8		7		2		46
Provision for depreciation and amortization	125		45		48		40		258
Other:
Capital expenditures	$	94	$	39	$	17	$	28	$	178
Total assets	4,784		2,661		1,273		701		9,419

2021
Sales:
Third-party sales	$	2,282	$	1,044	$	725	$	921	$	4,972
Inter-segment sales	4		—		6		—		10
Total sales	$	2,286	$	1,044	$	731	$	921	$	4,982
Profit and loss:

Segment Adjusted EBITDA	$	564	$	239	$	103	$	294	$	1,200
Restructuring and other charges	74		—		16		—		90
Provision for depreciation and amortization	124		49		49		39		261
Other:
Capital expenditures	$	74	$	42	$	21	$	45	$	182
Total assets	4,663		2,635		1,280		684		9,262

2020
Sales:
Third-party sales	$	2,406	$	1,245	$	927	$	679	$	5,257
Inter-segment sales	5		—		7		—		12
Total sales	$	2,411	$	1,245	$	934	$	679	$	5,269
Profit and loss:

Segment Adjusted EBITDA	$	540	$	295	$	125	$	192	$	1,152
Restructuring and other charges	36		39		28		3		106
Provision for depreciation and amortization	123		48		52		39		262
Other:
Capital expenditures	$	77	$	39	$	19	$	23	$	158
Total assets	4,756		2,707		1,444		628		9,535

The following table reconciles Total segment capital expenditures, which are presented on an accrual basis, with Capital expenditures as presented on the Statement of Consolidated Cash Flows. Differences between the total segment and consolidated totals are in Corporate and discontinued operations, including the impact of changes in accrued capital expenditures during the period.


For the year ended December 31,	2022		2021		2020
Total segment capital expenditures	$	178	$	182	$	158
Corporate and discontinued operations	15		17		109
Capital expenditures	$	193	$	199	$	267

The following tables reconcile certain segment information to consolidated totals. Differences between the total segment and consolidated totals are in Corporate.


For the year ended December 31,	2022		2021		2020
Sales:
Total segment sales	$	5,673	$	4,982	$	5,269
Elimination of inter-segment sales	(10)		(10)		(12)
Corporate	—		—		2
Consolidated sales	$	5,663	$	4,972	$	5,259


For the year ended December 31,	2022		2021		2020
Total Segment Adjusted EBITDA	$	1,352	$	1,200	$	1,152
Segment provision for depreciation and amortization	(258)		(261)		(262)
Unallocated amounts:
Restructuring and other charges	(56)		(90)		(182)
Corporate expense	(119)		(101)		(82)
Operating income	$	919	$	748	$	626
Loss on debt redemption	(2)		(146)		(64)
Interest expense, net	(229)		(259)		(317)
Other expense, net (V)	(82)		(19)		(74)
Income from continuing operations before income taxes	$	606	$	324	$	171


December 31,	2022		2021
Assets:
Total segment assets	$	9,419	$	9,262
Unallocated amounts:
Cash and cash equivalents	791		720
Deferred income taxes	54		184
Corporate fixed assets, net	91		133
Fair value of derivative contracts	6		2

Accounts receivable securitization	(250)		(250)
Other	144		168

Consolidated assets	$	10,255	$	10,219

Segment assets include third-party receivables while the accounts receivable securitization item includes the impact of sold receivables under the Company's Accounts Receivable securitization programs. See Note M for further details.

Geographic information for sales was as follows (based upon the destination of the sale):


For the year ended December 31,	2022		2021		2020
Sales:
United States	$	2,928	$	2,542	$	2,782
France	394		330		327
Japan	319		319		388
Germany	292		257		309
Mexico	235		225		185
United Kingdom	228		213		231
Italy	180		181		181
Canada	138		127		119
China	111		71		75
Poland	96		77		76
Other	742		630		586
	$	5,663	$	4,972	$	5,259

Geographic information for long-lived tangible assets was as follows (based upon the physical location of the assets):


December 31,	2022		2021
Long-lived assets:
United States	$	1,793	$	1,868
Hungary	193		205
France	114		127
United Kingdom	107		116
Germany	58		66
Mexico	58		61
China	46		53



Other	74		79
	$	2,443	$	2,575

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


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Year ended December 31, 2022
Aerospace - Commercial	$	1,495	$	616	$	495	$	—	$	2,606
Aerospace - Defense	526		158		239		—		923
Commercial Transportation	—		225		—		1,058		1,283
Industrial and Other	677		118		56		—		851
Total end-market revenue	$	2,698	$	1,117	$	790	$	1,058	$	5,663

Year ended December 31, 2021
Aerospace - Commercial	$	1,105	$	537	$	387	$	—	$	2,029
Aerospace - Defense	523		158		270		—		951
Commercial Transportation	—		208		—		921		1,129
Industrial and Other	654		141		68		—		863
Total end-market revenue	$	2,282	$	1,044	$	725	$	921	$	4,972

Year ended December 31, 2020
Aerospace - Commercial	$	1,247	$	808	$	542	$	—	$	2,597
Aerospace - Defense	557		156		303		—		1,016
Commercial Transportation	—		155		—		679		834
Industrial and Other	602		126		82		—		810
Total end-market revenue	$	2,406	$	1,245	$	927	$	679	$	5,257

The Company derived 62%, 60%, and 69% of its revenue for the years ended December 31, 2022, 2021, and 2020, respectively, from aerospace (commercial and defense) markets.

General Electric Company and Raytheon Technologies Corporation represented approximately 12% and 9%, respectively, of the Company’s third-party sales for the year ended December 31, 2022, primarily from the Engine Products segment.

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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Goodwill and Intangible Assets Disclosure [Abstract]

Arconic Inc Separation Transaction and Discontinued Operations - Summary of Results of Discontinued Operations (Details) - Arconic Corportion - Discontinued Operations, Disposed of by Means Other than Sale $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales	$ 1,575
Cost of goods sold	1,293
Selling, general administrative, research and development and other expenses	106
Provision for depreciation and amortization	58
Restructuring and other credits	(18)
Operating income from discontinued operations	136
Interest expense, net	7
Other expense, net	41
Income from discontinued operations	88
Provision for income taxes	38
Income from discontinued operations after income taxes	$ 50

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Operating lease cost, which included short-term leases and variable lease payments and approximated cash paid, was $61, $63, and $67 in 2022, 2021, and 2020, respectively.

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


December 31,	2022		2021
Right-of-use assets classified in Other noncurrent assets	$	111	$	108

Current portion of lease liabilities classified in Other current liabilities	$	32	$	33
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	83		81
Total lease liabilities	$	115	$	114

Future minimum contractual operating lease obligations were as follows at December 31, 2022:





2023	$	39
2024	29
2025	18
2026	14
2027	10
Thereafter	24
Total lease payments	$	134
Less: Imputed interest	(19)
Present value of lease liabilities	$	115


December 31,	2022			2021			2020
Right-of-use assets obtained in exchange for operating lease obligations (O)	$	34		$	16		$	35
Weighted-average remaining lease term in years	6			6			6
Weighted-average discount rate	5.4		%	5.4		%	5.6		%

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Changes in Carrying Amount of Goodwill

The following table details the changes in the carrying amount of goodwill:


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total
Balances at December 31, 2020
Goodwill	$	2,890	$	1,620	$	306	$	7	$	4,823
Accumulated impairment losses	(719)		—		(2)		—		(721)
Goodwill, net	2,171		1,620		304		7		4,102
Impairment (See Note U)	—		(4)		—		—		(4)
Translation and other	(22)		(9)		—		—		(31)


Balances at December 31, 2021
Goodwill	2,868		1,611		306		7		4,792
Accumulated impairment losses	(719)		(4)		(2)		—		(725)
Goodwill, net	2,149		1,607		304		7		4,067


Translation and other	(38)		(16)		—		—		(54)

Balances at December 31, 2022
Goodwill	2,830		1,595		306		7		4,738
Accumulated impairment losses	(719)		(4)		(2)		—		(725)
Goodwill, net	$	2,111	$	1,591	$	304	$	7	$	4,013

Other Intangible Assets

Other intangible assets were as follows:


December 31, 2022	Gross carrying amount		Accumulated amortization		Intangibles, net
Computer software	$	204	$	(173)	$	31
Patents and licenses	67		(66)		1
Other intangibles	678		(221)		457
Total amortizable intangible assets	949		(460)		489
Indefinite-lived trade names and trademarks	32		—		32
Total intangible assets, net	$	981	$	(460)	$	521


December 31, 2021	Gross carrying amount		Accumulated amortization		Intangibles, net
Computer software	$	206	$	(175)	$	31
Patents and licenses	67		(65)		2
Other intangibles	686		(202)		484
Total amortizable intangible assets	959		(442)		517
Indefinite-lived trade names and trademarks	32		—		32
Total intangible assets, net	$	991	$	(442)	$	549

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Loss

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



	2022		2021		2020
Pension and other postretirement benefits (H)
Balance at beginning of period	$	(799)	$	(980)	$	(2,732)

Other comprehensive income (loss):
Unrecognized net actuarial gain (loss) and prior service cost/benefit	87		111		(211)
Tax (expense) benefit	(18)		(26)		48
Total Other comprehensive income (loss) before reclassifications, net of tax	69		85		(163)
Amortization of net actuarial loss and prior service cost(1)	99		123		149
Tax expense(2)	(22)		(27)		(32)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	77		96		117
Total Other comprehensive income (loss)	146		181		(46)
Transfer to Arconic Corporation	—		—		1,798
Balance at end of period	$	(653)	$	(799)	$	(980)
Foreign currency translation
Balance at beginning of period	$	(1,062)	$	(966)	$	(596)


Other comprehensive (loss) income(4)	(131)		(96)		58
Transfer to Arconic Corporation	—		—		(428)
Balance at end of period	$	(1,193)	$	(1,062)	$	(966)




Cash flow hedges
Balance at beginning of period	$	(2)	$	3	$	(1)

Other comprehensive (loss) income:
Net change from periodic revaluations	(8)		20		—
Tax benefit (expense)	2		(4)		—
Total Other comprehensive (loss) income before reclassifications, net of tax	(6)		16		—
Net amount reclassified to earnings	17		(26)		6






Tax (expense) benefit(2)	(4)		5		(2)
Total amount reclassified from Accumulated other comprehensive income (loss), net of tax(3)	13		(21)		4
Total Other comprehensive income (loss)	7		(5)		4
Balance at end of period	$	5	$	(2)	$	3

Accumulated other comprehensive loss balance at end of period	$	(1,841)	$	(1,863)	$	(1,943)

(1)These amounts were recorded in Other expense, net (see Note G) and Restructuring and other charges (see Note E) in the Statement of Consolidated Operations.

(2)These amounts were included in Provision (benefit) for income taxes (see Note I) in 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)In all periods presented, no amounts were reclassified to earnings.

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Receivables from customers, allowance	$ 1	$ 0

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension benefits paid
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4	$ 4	$ 12
Interest cost	51	47	97
Expected return on plan assets	(80)	(90)	(136)
Recognized net actuarial loss	49	56	78
Amortization of prior service cost (benefit)	0	1	0
Settlements	58	69	76
Curtailments	0	6	0
Net periodic benefit cost	82	93	127
Discontinued operations	0	0	20
Net amount recognized in Statement of Consolidated Operations	82	93	107
Pension benefits paid \| United States
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	79	61	58
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2	3
Interest cost	4	5	10
Expected return on plan assets	0	0	0
Recognized net actuarial loss	1	0	3
Amortization of prior service cost (benefit)	(9)	(9)	(6)
Settlements	0	0	0
Curtailments	0	0	(2)
Net periodic benefit cost	(2)	(2)	8
Discontinued operations	0	0	6
Net amount recognized in Statement of Consolidated Operations	$ (2)	(2)	2
Decrease in net periodic benefit cost for the recognition of the federal subsidy awarded under Medicare Part D (less than $1)		1	1
Other postretirement benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Curtailments		$ (23)	$ (66)

Pension and Other Postretirement Benefits - Schedule of Pension Plan Benefit Obligations (Details) - Pension benefits paid - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 1,599	$ 2,296	$ 2,713
Accumulated benefit obligation	1,598	2,293
The aggregate projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were as follows:
Projected benefit obligation	1,482	1,982
Fair value of plan assets	833	1,193
The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were as follows:
Accumulated benefit obligation	1,481	1,981
Fair value of plan assets	$ 833	$ 1,193

Leases - Operating Lease Assets and Liabilities in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other noncurrent assets (A and Q)	Other noncurrent assets (A and Q)
Right-of-use assets classified in Other noncurrent assets	$ 111	$ 108
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities (A and Q)	Other current liabilities (A and Q)
Current portion of lease liabilities classified in Other current liabilities	$ 32	$ 33
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities and deferred credits (A and Q)	Other noncurrent liabilities and deferred credits (A and Q)
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	$ 83	$ 81
Total lease liabilities	$ 115	$ 114

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories


December 31,	2022		2021
Finished goods	$	490	$	478
Work-in-process	748		631
Purchased raw materials	317		256
Operating supplies	54		37
Total inventories	$	1,609	$	1,402

At December 31, 2022 and 2021, the portion of total inventories valued on a LIFO basis was $441 and $331, respectively. If valued on an average-cost basis, total inventories would have been $220 and $192 higher at December 31, 2022 and 2021, respectively. During 2022 and 2020, reductions in LIFO inventory quantities caused partial liquidations of LIFO inventory layers. These liquidations resulted in the recognition of expense of less than $1 in 2022 and 2020. In 2021, we did not have any LIFO inventory layer liquidations.

Properties, Plants, and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Properties, Plants, and Equipment, Net

The following table details the weighted-average useful lives of structures and machinery and equipment by reporting segment (numbers in years):


	Structures	Machinery and equipment
Engine Products	30	17
Fastening Systems	27	17
Engineered Structures	28	19
Forged Wheels	28	18

Properties, Plants, and Equipment, Net


	December 31, 2022		December 31, 2021
Land and land rights(1)	$	84	$	91
Structures(1)	986		1,034
Machinery and equipment	3,941		3,932
	5,011		5,057
Less: accumulated depreciation and amortization(1)	2,858		2,772
	2,153		2,285
Construction work-in-progress	179		182
Properties, plants, and equipment, net	$	2,332	$	2,467

Restructuring and Other Charges - Schedule of Restructuring and Other Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Layoff costs	$ 0	$ 7	$ 113
Net reversals of previously recorded layoff reserves	(1)	(3)	(21)
Pension, other post-retirement benefits and deferred compensation - net settlement and curtailments	58	75	69
Non-cash asset impairments and accelerated depreciation	1	15	5
Net (gain) loss related to divestitures of assets and businesses (U)	(8)	(8)	8
Other	6	4	8
Restructuring and other charges	$ 56	$ 90	$ 182

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation. The Consolidated Financial Statements of Howmet Aerospace Inc. (formerly known as Arconic Inc.) and subsidiaries (“Howmet” or the “Company” or “we” or “our”) are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and require 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 and changes in the aerospace industry as a result of the pandemic. The impact of these changes is rapidly changing and of unknown duration and macroeconomic impact and, as a result, these conditions 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 judgments and estimations and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates upon subsequent resolution of identified matters. Certain amounts in previously issued financial statements were reclassified to conform to the current period presentation.

The separation of Arconic Inc. into two standalone, publicly-traded companies, Howmet Aerospace Inc. and Arconic Corporation, (the “Arconic Inc. Separation Transaction”) occurred on April 1, 2020. The Engineered Products and Forgings (“EP&F”) segment remained in the existing company, which was renamed Howmet Aerospace Inc. The Global Rolled Products (“GRP”) segment was spun off and was named Arconic Corporation. In the second quarter of 2020, in conjunction with the Arconic Inc. Separation Transaction, the Company realigned its operations by separating the former EP&F segment into four new segments: Engine Products, Fastening Systems, Engineered Structures and Forged Wheels. See Note D for further details.

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. 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, and Statement of Changes in Consolidated Equity, respectively, for all periods prior to the Arconic Inc. Separation Transaction. See Note C for additional information related to the Arconic Inc. Separation Transaction and discontinued operations.

The Company derived approximately 46%, 41%, and 49% of its revenue from products sold to the commercial aerospace market for the years ended December 31, 2022, 2021, and 2020, respectively, which is substantially less than the pre-pandemic 2019 annual rate of approximately 60%. Due to the global COVID-19 pandemic and its impact on the commercial aerospace industry to date, there has been a decrease in domestic and international air travel, which in turn has adversely affected demand for narrow-body and wide-body aircraft. Although domestic air travel now approximates pre-pandemic levels, China domestic air travel is still below pre-pandemic 2019 levels on an average monthly basis in 2022. International travel also continues to be lower than pre-pandemic 2019 levels. We expect commercial aerospace growth to continue with narrow-body demand returning faster than wide-body demand. The commercial wide-body aircraft market is taking longer to recover, which is creating a shift in our product mix compared to pre-pandemic conditions. In addition to the impact from the pandemic, the timing and level of future aircraft builds by original equipment manufacturers are subject to changes and uncertainties, such as declines in Boeing 787 production rates due to delays in its recertification, which may cause our future results to differ from prior periods due to changes in product mix in certain segments.

Principles of Consolidation

Principles of Consolidation. The Consolidated Financial Statements include the accounts of Howmet Aerospace Inc. and companies in which Howmet Aerospace Inc. has a controlling interest. Intercompany transactions have been eliminated. Investments in affiliates in which Howmet Aerospace Inc. cannot exercise significant influence that do not have readily determinable fair values are accounted for at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

Management also evaluates whether a Howmet Aerospace Inc. entity or interest is a variable interest entity and whether Howmet Aerospace Inc. is the primary beneficiary. Consolidation is required if both of these criteria are met. Howmet Aerospace Inc. does not have any variable interest entities requiring consolidation.

Cash Equivalents

Cash Equivalents. Cash equivalents are highly liquid investments purchased with an original maturity of three months or less.

Inventory Valuation

Inventory Valuation. Inventories are carried at the lower of cost or net realizable value with the cost of inventories determined under a combination of the first-in, first-out (“FIFO”), last-in, first-out (“LIFO”), and average-cost methods. See Note N for further details.

Properties, Plants, and Equipment

Properties, Plants, and Equipment. Properties, plants, and equipment are recorded at cost. Depreciation is recorded principally on the straight-line method at rates based on the estimated useful lives of the assets.

The following table details the weighted-average useful lives of structures and machinery and equipment by reporting segment (numbers in years):


	Structures	Machinery and equipment
Engine Products	30	17
Fastening Systems	27	17
Engineered Structures	28	19
Forged Wheels	28	18

Gains or losses from the sale of asset groups or properties are generally recorded in Restructuring and other charges while the sale of individual assets are recorded in Other expense, net (see policy below for assets classified as held for sale and discontinued operations). Repairs and maintenance are charged to expense as incurred. Interest related to the construction of qualifying assets is capitalized as part of the construction costs.

Properties, plants, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (asset group) may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets (asset group) to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets (asset group) exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is measured as the excess of the carrying value of the assets (asset group) over their fair value, with fair value determined using the best information available, which generally is a discounted cash flow (“DCF”) model. The determination of what constitutes an asset group, the associated estimated undiscounted net cash flows, and the estimated useful lives of the assets also require significant judgments. See Note O for further details.

Goodwill and Other Intangible Assets

Goodwill. Goodwill is not amortized; instead, it is reviewed for impairment annually (in the fourth quarter) or more frequently if indicators of impairment exist or if a decision is made to sell or realign a business. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill.

Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment. Howmet has four reporting units composed of the Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels segments.

Howmet determines annually, based on facts and circumstances, which of its reporting units will be subject to the qualitative assessment. Under the qualitative assessment, various events and circumstances (similar to the impairment indicators above) that would affect the estimated fair value of a reporting unit are identified to determine if a quantitative assessment should be performed. Management also considers the most recent forecasted cash flows and discount rates in determining if the prior fair value measurement estimate may be reduced to a level that would indicate impairment is more likely than not and compares the weighted average cost of capital (“WACC”) between the current and prior years for each reporting unit. If management concludes it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount, we will proceed directly to the quantitative impairment test. Howmet will periodically refresh a reporting unit’s fair value measurement and is based upon a number of factors, including how much fair value exceeded carrying value in the most recent quantitative assessment and the reporting unit’s recent performance. Our policy is that a quantitative impairment test be performed for each reporting unit at least once during every three-year period. For those reporting units where a qualitative assessment is either not performed or for which the conclusion is that an impairment is more likely than not, a quantitative impairment test will be performed.

Other Intangible Assets. Intangible assets with indefinite useful lives are not amortized while intangible assets with finite useful lives are amortized generally on a straight-line basis over the periods benefited.

The following table details the weighted-average useful lives of software and other intangible assets by reporting segment (numbers in years):


	Software	Other intangible assets
Engine Products	7	32
Fastening Systems	6	23
Engineered Structures	4	18
Forged Wheels	4	25

Leases

Leases. The Company determines whether a contract contains a lease at inception. The Company leases land and buildings, plant equipment, vehicles, and computer equipment which have been classified as operating leases. Certain real estate leases include one or more options to renew; the exercise of lease renewal options is at the Company’s discretion. The Company includes renewal option periods in the lease term when it is determined that the options are reasonably certain to be exercised. Certain of Howmet's real estate lease agreements include rental payments that either have fixed contractual increases over time or adjust periodically for inflation. Certain of the Company's lease agreements include variable lease payments. The variable portion of payments is not included in the initial measurement of the right-of-use asset or lease liability due to the uncertainty of the payment amount and is recorded as lease cost in the period incurred. The Company also rents or subleases certain real estate to third parties, which is not material to the consolidated financial statements.

Operating lease right-of-use assets and lease liabilities with an initial term greater than 12 months are recorded on the balance sheet at the present value of the future minimum lease payments over the lease term at the lease commencement date and are recognized as lease expense on a straight-line basis over the lease term. The Company uses an incremental collateralized borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, as most of its leases do not provide an implicit rate. The operating lease right-of-use assets also include any lease prepayments made and are reduced by lease incentives and accrued exit costs.

Environmental Matters

Environmental Matters. Expenditures for current operations are expensed or capitalized, as appropriate. Expenditures relating to existing conditions caused by past operations, which will not contribute to future sales, are expensed. Liabilities are recorded when remediation costs are probable and can be reasonably estimated. The liability may include costs such as site investigations, consultant fees, feasibility studies, outside contractors, and monitoring expenses. Estimates are generally not discounted or reduced by potential claims for recovery. Claims for recovery are recognized when probable and as agreements are reached with third parties. The estimates also include costs related to other potentially responsible parties to the extent that Howmet has reason to believe such parties will not fully pay their proportionate share. The liability is continuously reviewed and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be relevant, including changes in technology or regulations.

Litigation and Contingent Liabilities

Litigation and Contingent Liabilities. From time to time, we are involved in various lawsuits, claims, investigations, and proceedings. These matters may include speculative claims for substantial or indeterminate amounts of damages. Management determines the likelihood of an unfavorable outcome based on many factors, such as the nature of the matter, available defenses and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of appeals processes, and the outcome of similar historical matters, among others. If an unfavorable outcome is deemed probable and the amount of the potential loss can be estimated, the most reasonable loss estimate is recorded. If an unfavorable outcome of a matter is deemed probable but the loss is not reasonably estimable, or if an unfavorable outcome is deemed reasonably possible, then the matter is disclosed but no liability is recorded. Legal matters are reviewed on a continuous basis to determine if there has been a change in management’s judgment regarding the likelihood of an unfavorable outcome or the estimate of a potential loss.

Revenue Recognition

Revenue Recognition. The Company's contracts with customers are comprised of acknowledged purchase orders incorporating the Company’s standard terms and conditions, or for larger customers, may also generally include terms under negotiated multi-year agreements. These contracts with customers typically consist of the manufacture of products which represent single performance obligations that are satisfied upon transfer of control of the product to the customer. The Company produces fastening systems; seamless rolled rings; investment castings, including airfoils; extruded, machined and formed aircraft parts; and forged aluminum commercial vehicle wheels. Transfer of control is assessed based on alternative use of the products we produce and our enforceable right to payment for performance to date under the contract terms. Transfer of control and revenue recognition generally occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms vary across all businesses and depend on the product, the country of origin, and the type of transportation (truck, train, or vessel). An invoice for payment is issued at time of shipment. Our segments set commercial terms on which Howmet sells products to its customers. These terms are influenced by industry custom, market conditions, product line (specialty versus commodity products), and other considerations.In certain circumstances, Howmet receives advanced payments from its customers for product to be delivered in future periods. These advanced payments are recorded as deferred revenue until the product is delivered and title and risk of loss have passed to the customer in accordance with the terms of the contract. Deferred revenue is included in Other current liabilities and Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet. Advanced payments were $32 and $46 at December 31, 2022 and 2021, respectively.

Income Taxes

Income Taxes. The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of Howmet’s assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted.

Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, projections of future profitability within the carryforward period, including from tax planning strategies, and Howmet’s experience with similar operations. Existing favorable contracts and the ability to sell products into established markets are additional positive evidence. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded may not be realized upon changes in facts and circumstances, resulting in a future charge to establish a valuation allowance. Existing valuation allowances are re-examined under the same standards of positive and negative evidence. If it is determined that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, is released. Deferred tax assets and liabilities are also remeasured to reflect changes in underlying tax rates due to law changes and the granting and lapse of tax holidays.

It is Howmet’s policy to apply a tax law ordering approach when considering the need for a valuation allowance on net operating losses expected to offset Global Intangible Low-Taxed Income (“GILTI”) income inclusions. Under this approach, reductions in cash tax savings are not considered as part of the valuation allowance assessment. Instead, future GILTI inclusions are considered a source of taxable income that support the realizability of deferred tax assets.

It is Howmet’s policy to treat taxes due from future inclusions in United States (“U.S.”) taxable income related to GILTI as a current period expense when incurred.

Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitations has expired or the appropriate taxing authority has completed their examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized.

Stock-Based Compensation

Stock-Based Compensation. Howmet recognizes compensation expense for employee equity grants using the non-substantive vesting period approach, in which the expense is recognized ratably over the requisite service period based on the grant date fair value. Forfeitures are accounted for as they occur. The fair value of new stock options is estimated on the date of grant using a lattice-pricing model. The fair value of performance awards containing a market condition is valued using a Monte Carlo valuation model. Determining the fair value at the grant date requires judgment, including estimates for the average risk-free interest rate, dividend yield, volatility, and exercise behavior. These assumptions may differ significantly between grant dates because of changes in the actual results of these inputs that occur over time.

Foreign Currency

Foreign Currency. The local currency is the functional currency for Howmet’s significant operations outside the U.S., except for certain operations in Canada, the United Kingdom (“U.K.”), and France, where the U.S. dollar is used as the functional currency. The determination of the functional currency for Howmet’s operations is made based on the appropriate economic and management indicators.

Acquisitions

Acquisitions. Howmet’s business acquisitions are accounted for using the acquisition method. The purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. Any excess purchase price over the fair value of the net assets acquired is recorded as goodwill. For all acquisitions, operating results are included in the Statement of Consolidated Operations from the date of the acquisition.

Discontinued Operations and Assets Held for Sale

Discontinued Operations and Assets Held for Sale. For those businesses where management has committed to a plan to divest, each business is valued at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, an impairment loss is recognized. Fair value is estimated using accepted valuation techniques such as a DCF model, valuations performed by third parties, earnings multiples, or indicative bids, when available. A number of significant estimates and assumptions are involved in the application of these techniques, including the forecasting of markets and market share, sales volumes and prices, costs and expenses, and multiple other factors. Management considers historical experience and all available information at the time the estimates are made; however, the fair value that is ultimately realized upon the divestiture of a business may differ from the estimated fair value reflected in the Consolidated Financial Statements. Depreciation and amortization expense is not recorded on assets of a business to be divested once they are classified as held for sale. Businesses to be divested are generally classified in the Consolidated Financial Statements as either discontinued operations or held for sale.

For businesses classified as discontinued operations, the balance sheet amounts and results of operations are reclassified from their historical presentation to assets and liabilities of discontinued operations on the Consolidated Balance Sheet and to discontinued operations on the Statement of Consolidated Operations, respectively, for all periods presented. The gains or losses associated with these divested businesses are recorded in discontinued operations on the Statement of Consolidated Operations. The Statement of Consolidated Cash Flows is not required to be reclassified for discontinued operations for any period. Segment information does not include the assets or operating results of businesses classified as discontinued operations for all periods presented. These businesses are expected to be disposed of within one year.

For businesses classified as held for sale that do not qualify for discontinued operations treatment, the balance sheet and cash flow amounts are reclassified from their historical presentation to assets and liabilities of operations held for sale for all periods presented. The results of operations continue to be reported in continuing operations. The gains or losses associated with these divested businesses are recorded in Restructuring and other charges on the Statement of Consolidated Operations. The segment information includes the assets and operating results of businesses classified as held for sale for all periods presented.

Recently Adopted and Recently Issued Accounting Guidance

Recently Adopted Accounting Guidance.

On January 1, 2021, the Company adopted changes issued by the Financial Accounting Standards Board (“FASB”) that were intended to simplify various aspects of accounting for income taxes by eliminating certain exceptions contained in existing guidance and amending other guidance to simplify several other income tax accounting matters. The adoption of this new guidance did not have a material impact on the Consolidated Financial Statements.

On January 1, 2020, the Company adopted changes issued by the 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.

In August 2018, the FASB issued guidance that impacts disclosures for defined benefit pension plans and other postretirement benefit plans. These changes became effective for Howmet's annual report for the year ended December 31, 2020 which did not have a material impact on its Consolidated Financial Statements.

Recently Issued Accounting Guidance.

In September 2022, the FASB issued guidance to enhance the transparency of disclosures regarding supplier finance programs. These changes become effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements.

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 London Inter-bank Offered Rate (“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. In December 2022, the FASB deferred the sunset date to December 31, 2024. In February 2023, the Company amended its Five-Year Revolving Credit Agreement to replace LIBOR with the term secured overnight financing rate (“Term SOFR”) as the reference rate for U.S. dollar-denominated loans (See Note R). Management has concluded that the impact of these changes is not expected to have a material impact on the Consolidated Financial Statements.

Leases - Right of Use Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Right-of-use assets obtained in exchange for operating lease obligations (O)	$ 34	$ 16	$ 35
Weighted-average remaining lease term in years	6 years	6 years	6 years
Weighted-average discount rate	5.40%	5.40%	5.60%

Debt - Short-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Short-term debt	$ 0	$ 5

Restructuring and Other Charges (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other Charges

Restructuring and other charges were comprised of the following:


For the year ended December 31,	2022		2021		2020
Layoff costs	$	—	$	7	$	113
Net reversals of previously recorded layoff reserves	(1)		(3)		(21)
Pension, other post-retirement benefits and deferred compensation - net settlement and curtailments	58		75		69
Non-cash asset impairments and accelerated depreciation	1		15		5
Net (gain) loss related to divestitures of assets and businesses (U)	(8)		(8)		8
Other	6		4		8
Restructuring and other charges	$	56	$	90	$	182

Schedule of Restructuring and Other Charges by Reportable Segments, Pretax

Activity and reserve balances for restructuring charges were as follows:


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2019	$	13	$	—	$	13
2020 Activity
Cash payments	(51)		—		(51)
Restructuring and other charges	161		21		182
Other(1)	(69)		(21)		(90)
Reserve balances at December 31, 2020	$	54	$	—	$	54
2021 Activity
Cash payments	$	(41)	$	(2)	$	(43)
Restructuring and other charges	79		11		90
Other(2)	(75)		(7)		(82)
Reserve balances at December 31, 2021	$	17	$	2	$	19
2022 Activity
Cash payments	$	(9)	$	(7)	$	(16)
Restructuring and other charges	56		—		56
Other(3)	(58)		7		(51)
Reserve balances at December 31, 2022	$	6	$	2	$	8

(1)In 2020, other for layoff costs included $74 in settlement accounting charges related to U.K. and U.S. pension plans, offset by a $3 benefit from the termination of a deferred compensation plan and a $2 curtailment benefit related to a postretirement plan; while other for other exit costs included a charge of $5 for impairment of assets; a $5 post-closing adjustment related to the sale of a business; a $5 charge related to the impairment of a cost method investment; a $2 charge for accelerated depreciation; a $1 charge for impairment of assets due to a facility closure and a $6 charge for various other exit costs, which were offset by a gain of $3 on the sale of assets.

(2)In 2021, other for layoff costs included $75 in settlement accounting charges related to U.K. and U.S. pension plans; while other for other exit costs included a charge of $15 for accelerated depreciation and a $4 charge for various other exit costs, which were offset by a gain of $12 on the sale of assets.

(3)In 2022, other for layoff costs included $58 in settlement accounting charges related to U.S. and U.K. pension plans; while other for other exit costs included a gain of $8 on the sale of assets, which was offset by a $1 charge for accelerated depreciation.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Percentage of temporary tax differences that reverse within the carryforward period	4.00%
Percentage of deferred tax asset exclusive of reversing temporary differences	96.00%
Minimum percentage of estimated fair value of reporting unit to be less than carrying amount of goodwill	50.00%
Foreign tax credits	$ 68	$ 22
Foreign tax credit carryforward	12
Reduction from repatriation of foreign earnings		9
Reduction from suspended foreign tax credits		4
Cumulative amount of valuation allowance	124
Increase (decrease) to valuation allowance	40	113	$ 136
Valuation allowance	1,965	2,279	2,307	$ 2,121
Income taxes, net of amounts refunded	$ 50	$ 53	$ (33)
Percentage of the effect of unrecognized tax benefit, if recorded (less than)	1.00%	1.00%	1.00%
Interest or penalties recognized (less than for 2022 and 2021)	$ 1	$ 1	$ 2
Income related to accrued interest and penalties (less than for 2022)	1	3	25
Amount accrued for payment of interest and penalties (less than for 2022 and 2021)	1	1	2
Domestic Tax Authority
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance	1	3	20
UK Tax Authority \| Foreign Tax Authority
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance	6
Switzerland Tax Authority \| Foreign Tax Authority
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance		8
Tax Authority, Spain \| Foreign Tax Authority
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance			104
Other Net State Deferred Tax Asset
Income Tax Contingency [Line Items]
Valuation allowance	489
Other Net State Deferred Tax Asset \| Domestic Tax Authority
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance	142	20	$ (58)
Capital Loss Carryforward
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance		$ (9)
Valuation allowance, amount released	$ 0

Leases - Future Minimum Contractual Operating Lease Obligations (Details) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 39
2024	29
2025	18
2026	14
2027	10
Thereafter	24
Total lease payments	134
Less: Imputed interest	(19)
Present value of lease liabilities	$ 115	$ 114

Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other Expense, Net


For the year ended December 31,	2022		2021		2020
Non-service costs - pension and other postretirement benefits (H)	$	16	$	9	$	26
Interest income	(6)		(2)		(5)
Foreign currency (gains) losses, net	(1)		2		(11)
Net realized and unrealized losses	18		9		8
Deferred compensation	(8)		8		10
Judgment from legal proceeding (V)	65		—		—
Other, net(1)	(2)		(7)		46
Total	$	82	$	19	$	74

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesThe components of income from continuing operations before income taxes were as follows:


For the year ended December 31,	2022		2021		2020
United States	$	287	$	28	$	84
Foreign	319		296		87
Total	$	606	$	324	$	171

The provision for income taxes consisted of the following:


For the year ended December 31,	2022		2021		2020
Current:
Federal(1)	$	3	$	(9)	$	(2)
Foreign	53		39		2
State and local	—		(2)		(2)
	56		28		(2)
Deferred:
Federal	71		22		(67)
Foreign	5		11		11
State and local	5		5		18
	81		38		(38)
Total	$	137	$	66	$	(40)

(1)Includes U.S. taxes related to foreign income.

A reconciliation of the U.S. federal statutory rate to Howmet’s effective tax rate was as follows (the effective tax rate for 2022 and 2021 was a provision on income and for 2020 was a benefit on income):


For the year ended December 31,	2022		2021		2020
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
Foreign tax rate differential	0.1		(0.7)		(1.2)
U.S. and residual tax on foreign earnings(1)	1.2		6.5		5.6
U.S. state and local taxes	0.7		1.0		2.2
Federal cost of state tax	(0.2)		(0.3)		(2.0)
Permanent differences related to asset disposals and items included in restructuring and other charges	—		(0.3)		6.8

Non-deductible officer compensation	1.2		1.6		3.5
Statutory tax rate and law changes(2)	0.1		1.0		(15.9)
Tax holidays	(0.5)		(0.4)		(0.4)
Tax credits(3)	(0.9)		(10.4)		(0.4)
Changes in valuation allowances(4)	1.4		5.1		74.8

Changes in uncertain tax positions(5)	—		—		(116.9)
Excess benefit for stock compensation	(0.8)		(0.3)		(0.7)
Prior year tax adjustments	(0.1)		(3.7)		(1.7)
Other	(0.6)		0.3		1.9
Effective tax rate	22.6	%	20.4	%	(23.4)	%

(1)It is Howmet’s policy to treat taxes due from future inclusions in U.S. taxable income related to GILTI as a current period expense when incurred.

(2)In 2020, final regulations were issued that provided an election to exclude from GILTI any foreign earnings subject to a local country tax rate of at least 90% of the U.S. tax rate. The Company recorded a $30 benefit related to this tax law change.

(3)In 2021, a $32 benefit for income tax credits related to development incentives in Hungary was recognized.

(4)In 2020, a $104 valuation allowance was recorded related to deferred tax assets that were previously subject to a reserve that was otherwise released in 2020 as a result of a favorable Spanish tax case decision.

(5)In 2020, the Company released a $64 reserve liability and a $104 reserve recorded as a contra balance against deferred tax assets as a result of a favorable Spanish tax case decision. A $30 benefit related to a previously uncertain U.S. tax position was also recognized in 2020.

The components of net deferred tax assets and liabilities were as follows:


	2022				2021
December 31,	Deferred tax assets		Deferred tax liabilities		Deferred tax assets		Deferred tax liabilities
Depreciation	$	11	$	492	$	8	$	538
Employee benefits	232		1		300		3
Loss provisions	26		1		20		1
Deferred income/expense	62		1,161		50		1,098
Interest	99		—		105		—
Tax loss carryforwards	2,955		—		3,226		—
Tax credit carryforwards	268		—		358		—
Other	6		6		10		7
	$	3,659	$	1,661	$	4,077	$	1,647
Valuation allowance	(1,965)		—		(2,279)		—
	$	1,694	$	1,661	$	1,798	$	1,647

The following table details the expiration periods of the deferred tax assets presented above:


December 31, 2022	Expires within 10 years		Expires within 11-20 years		No Expiration(1)		Other(2)		Total
Tax loss carryforwards	$	362	$	533	$	2,060	$	—	$	2,955
Tax credit carryforwards	196		59		13		—		268
Other(3)	—		—		380		56		436
Valuation allowance	(522)		(234)		(1,204)		(5)		(1,965)
	$	36	$	358	$	1,249	$	51	$	1,694

(1)Deferred tax assets with no expiration may still have annual limitations on utilization.

(2)Other represents deferred tax assets whose expiration is dependent upon the reversal of the underlying temporary difference.

(3)A substantial amount of Other deferred tax assets relates to employee benefits that will become deductible for tax purposes in jurisdictions with unlimited expiration over an extended period of time as contributions are made to employee benefit plans and payments are made to retirees.

The total deferred tax asset (net of valuation allowance) is supported by projections of future taxable income exclusive of reversing temporary differences (4%), and taxable temporary differences that reverse within the carryforward period (96%).

It is Howmet’s policy to apply a tax law ordering approach when considering the need for a valuation allowance on net operating losses expected to offset GILTI income inclusions. Under this approach, reductions in cash tax savings are not considered as part of the valuation allowance assessment. Instead, future GILTI inclusions are considered a source of taxable income that support the realizability of deferred tax assets.

Howmet’s foreign tax credits in the U.S. have a 10-year carryforward period with expirations ranging from 2023 to 2027 (as of December 31, 2022). Valuation allowances were initially established in prior years on a portion of the foreign tax credit carryforwards, primarily due to insufficient foreign source income to allow for full utilization of the credits within the expiration period. Foreign tax credits of $68 and $22 expired at the end of 2022 and 2021, respectively, resulting in a corresponding decrease to the valuation allowance. In 2022, the Company decided to increase the valuation allowance by $12 in order to fully reserve the foreign tax credit carryover after weighing all available evidence including foreign source income projections. The valuation allowance was reduced in 2021 by $9 as a result of updated U.S. regulatory guidance concerning the utilization of foreign tax credits in connection with the one-time transition tax on the deemed repatriation of previously non-taxed post-1986 earnings and profits of certain foreign subsidiaries enacted as part of the 2017 Act, and by $4 as a result of a corresponding reduction in the deferred tax asset related to suspended foreign tax credits. At December 31, 2022, the cumulative amount of the valuation allowance was $124. The need for this valuation allowance will be reassessed on a continuous basis in future periods and, as a result, the allowance may increase or decrease based on changes in facts and circumstances.

During 2021, the Company concluded that it would not pursue a deduction related to a capital investment for which a deferred tax asset of $9 and offsetting valuation allowance had previously been recorded. As such, both the deferred tax asset and the valuation allowance were eliminated. The need for valuation allowances against other capital investments will be reassessed on a continuing basis. As of December 31, 2022, there is no valuation allowance recorded related to capital investments.

The Company recorded a net $1 decrease, $3 increase, and $20 increase to U.S. state valuation allowances in 2022, 2021, and 2020, respectively. After weighing all available positive and negative evidence, the Company determined the adjustments based on the underlying net deferred tax assets that were more likely than not realizable based on projected taxable income. Changes in fully reserved U.S. state tax losses, credits and other deferred tax assets resulting from expirations, audit adjustments, tax rate, and tax law changes also resulted in a corresponding net $142 decrease, $20 increase, and $58 decrease in the valuation allowance in 2022, 2021, and 2020, respectively. Valuation allowances of $489 remain against state deferred tax assets expected to expire before utilization. The need for valuation allowances against state deferred tax assets will be reassessed on a continuous basis in future periods and, as a result, the allowance may increase or decrease based on changes in facts and circumstances.

In 2022, after weighing all available evidence, the Company released a $6 valuation allowance in the U.K. related to interest deduction carryforwards. In 2021, after weighing all available evidence, the Company recognized a discrete income tax cost to establish a valuation allowance of $8 in Switzerland. In 2020, the Company increased a valuation allowance by $104 as a result of releasing a tax reserve following a favorable Spanish tax case decision. The need for valuation allowances will be reassessed by entity and by jurisdiction on a continuous basis in future periods and, as a result, the allowances may increase or decrease based on changes in facts and circumstances.

The following table details the changes in the valuation allowance:


December 31,	2022		2021		2020
Balance at beginning of year	$	2,279	$	2,307	$	2,121
Increase to allowance	40		113		136
Release of allowance	(154)		(94)		(50)

Tax apportionment, tax rate and tax law changes	(110)		63		(23)
Foreign currency translation	(90)		(110)		123
Balance at end of year	$	1,965	$	2,279	$	2,307

Foreign U.S. GAAP earnings that have not otherwise been subject to U.S. tax, will generally be exempt from future U.S. tax under the 2017 Act when distributed. Such distributions, as well as distributions of previously taxed foreign earnings, could potentially be subject to U.S. state tax in certain states, and foreign withholding taxes. Foreign currency gains/losses related to the translation of previously taxed earnings from functional currency to U.S. dollars could also be subject to U.S. tax when distributed. Howmet would expect the potential withholding tax, U.S. state tax, and U.S. capital gains tax impacts to be immaterial and the potential deferred tax liability associated with future currency gains to be impracticable to determine.

Howmet and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. With a few minor exceptions, Howmet is no longer subject to income tax examinations by tax authorities for years prior to 2014. All U.S. tax years prior to 2022 have been audited by the Internal Revenue Service. Various state and foreign jurisdiction tax authorities are in the process of examining the Company’s income tax returns for various tax years through 2021. The Company had net cash income tax payments of $50 and $53 in 2022 and 2021, respectively, and net cash refunds of $33 in 2020.

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) was as follows:


December 31,	2022		2021		2020
Balance at beginning of year	$	2	$	2	$	176


Reductions for tax positions of prior years	—		—		(182)
Settlements with tax authorities	—		—		(1)

Foreign currency translation	—		—		9
Balance at end of year	$	2	$	2	$	2

For all periods presented, a portion of the balance pertains to state tax liabilities, which are presented before any offset for federal tax benefits. The effect of unrecognized tax benefits, if recorded, that would impact the annual effective tax rate for 2022, 2021, and 2020 would be approximately less than 1%, 1%, and 1%, respectively, of pre-tax book income. Howmet does not anticipate that changes in its unrecognized tax benefits will have a material impact on the Statement of Consolidated Operations during 2023.

It is Howmet’s policy to recognize interest and penalties related to income taxes as a component of the Provision for income taxes in the Statement of Consolidated Operations. Howmet recognized interest of less than $1, less than $1, and $2 in 2022, 2021, and 2020, respectively. Due to the expiration of the statute of limitations, settlements with tax authorities, reductions in prior accruals, and refunded overpayments, Howmet recognized interest income of less than $1, $3, and $25 in 2022, 2021, and 2020, respectively. As of December 31, 2022, 2021, and 2020, the amount accrued for the payment of interest and penalties was less than $1, less than $1, and $2, respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
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Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Cash Equivalents. Cash equivalents are highly liquid investments purchased with an original maturity of three months or less.

The following table details the weighted-average useful lives of structures and machinery and equipment by reporting segment (numbers in years):


	Structures	Machinery and equipment
Engine Products	30	17
Fastening Systems	27	17
Engineered Structures	28	19
Forged Wheels	28	18

The following table details the weighted-average useful lives of software and other intangible assets by reporting segment (numbers in years):


	Software	Other intangible assets
Engine Products	7	32
Fastening Systems	6	23
Engineered Structures	4	18
Forged Wheels	4	25

In certain circumstances, Howmet receives advanced payments from its customers for product to be delivered in future periods. These advanced payments are recorded as deferred revenue until the product is delivered and title and risk of loss have passed to the customer in accordance with the terms of the contract. Deferred revenue is included in Other current liabilities and Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet. Advanced payments were $32 and $46 at December 31, 2022 and 2021, respectively.

It is Howmet’s policy to treat taxes due from future inclusions in United States (“U.S.”) taxable income related to GILTI as a current period expense when incurred.

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 3,508	$ 3,577	$ 4,605
Other comprehensive income (loss):
Tax (expense) benefit			(2)
Total Other comprehensive income, net of tax	22	80	16
Ending balance	3,601	3,508	3,577
Accumulated other comprehensive loss balance at end of period
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,863)	(1,943)	(3,329)
Other comprehensive income (loss):
Total Other comprehensive income, net of tax	22	80	16
Ending balance	(1,841)	(1,863)	(1,943)
Pension and other postretirement benefits (H)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(799)	(980)	(2,732)
Other comprehensive income (loss):
Unrecognized net actuarial gain (loss) and prior service cost/benefit	87	111	(211)
Tax (expense) benefit	(18)	(26)	48
Total Other comprehensive income (loss) before reclassifications, net of tax	69	85	(163)
Amortization of net actuarial loss and prior service cost	99	123	149
Tax (expense) benefit	(22)	(27)	(32)
Total amount reclassified from Accumulated other comprehensive income (loss), net of tax	77	96	117
Total Other comprehensive income, net of tax	146	181	(46)
Transfer to Arconic Corporation	0	0	1,798
Ending balance	(653)	(799)	(980)
Foreign currency translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,062)	(966)	(596)
Other comprehensive income (loss):
Total Other comprehensive income (loss) before reclassifications, net of tax	(131)	(96)	58
Transfer to Arconic Corporation	0	0	(428)
Ending balance	(1,193)	(1,062)	(966)
Cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2)	3	(1)
Other comprehensive income (loss):
Unrecognized net actuarial gain (loss) and prior service cost/benefit	(8)	20	0
Tax (expense) benefit	2	(4)	0
Total Other comprehensive income (loss) before reclassifications, net of tax	(6)	16	0
Amortization of net actuarial loss and prior service cost	17	(26)	6
Tax (expense) benefit	(4)	5
Total amount reclassified from Accumulated other comprehensive income (loss), net of tax	13	(21)	4
Total Other comprehensive income, net of tax	7	(5)	4
Ending balance	$ 5	$ (2)	$ 3

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Howmet maintains pension plans covering U.S. employees and certain employees in foreign locations. Defined pension benefits generally depend on length of service and job grade. Substantially all benefits are paid through pension trusts that are sufficiently funded to ensure that all plans can pay benefits to retirees as they become due. Most salaried and non-bargaining hourly U.S. employees hired after March 1, 2006, participate in a defined contribution plan instead of a defined benefit plan.

Howmet also maintains health care and life insurance postretirement benefit plans covering eligible U.S. retired employees. Generally, the medical plans are unfunded and pay a percentage of medical expenses, reduced by deductibles and other coverage. Life benefits are generally provided by insurance contracts. Howmet retains the right, subject to existing agreements, to change or eliminate these benefits. Effective May 1, 2019, salaried and non-bargaining hourly U.S. employees and retirees are not eligible for postretirement life insurance benefits. Salaried and non-bargaining hourly U.S. employees that retire on or after January 1, 2022 are not eligible for any postretirement medical benefits. Certain previously retired salary and non-bargaining hourly U.S. employees remain eligible for Medicare Part B reimbursement.

In 2022, a certain U.S. pension plan attained funding levels that allowed full lump sum payments. These payments resulted in settlement charges of $41 that were recorded in Restructuring and other charges in the Statement of Consolidated Operations. Additionally, in 2022, 2021, and 2020, the Company applied settlement accounting to other U.S. and U.K. pension plans due to lump sum payments to participants, which resulted in settlement charges of $17, $12, and $8, respectively, that were recorded in Restructuring and other charges.

In December 2022, the Canadian pension plan was amended to provide for termination of the plan. As a result, the Company recognized a reduction of $2 in the pension benefit obligation through curtailment, which was offset in Accumulated other comprehensive loss in the Consolidated Balance Sheet. The wind-up efforts and satisfaction of all plan liabilities are expected to be completed in 2023.

In 2021 and 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 $23 and $66, respectively, that were recorded in Restructuring and other charges in the Statement of Consolidated Operations. These actions reduced the number of pension plan participants in the U.K. by approximately 70%.

In 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 amendments, the Company recorded a decrease to the Accrued other postretirement benefits liability of $6 in 2020, which was offset in Accumulated other comprehensive loss.

In the first quarter of 2021, the Company announced a plan administration change of certain of its Medicare-eligible prescription drug benefits to an Employer Group Waiver Plan with a wrap-around secondary plan effective July 1, 2021. The administration change is expected to reduce costs to the Company through the usage of Medicare Part D and drug manufacturer subsidies. Due to this amendment, along with the associated plan remeasurements, the Company recorded a decrease to its Accrued other postretirement benefits liability of $39, which was offset in Accumulated other comprehensive loss.

In October 2021, the Company undertook additional actions to reduce gross pension obligations by $125 by purchasing group annuity contracts with a third-party carrier to pay and administer future annuity payments. These actions resulted in a settlement charge of $34 and were recorded in Restructuring and other charges in the fourth quarter ended December 31, 2021 in the Statement of Consolidated Operations. The funded status of the plans have not been significantly impacted.

Obligations and Funded Status


	Pension benefits				Other postretirement benefits
December 31,	2022		2021		2022		2021
Change in benefit obligation
Benefit obligation at beginning of year	$	2,296	$	2,713	$	165	$	215

Service cost	4		4		2		2
Interest cost	51		47		4		5
Amendments	—		3		—		(31)
Actuarial gains(1)	(553)		(55)		(38)		(10)
Settlements	(72)		(275)		—		—
Curtailments	(2)		—		—		—
Benefits paid	(102)		(140)		(13)		(17)
Medicare Part D subsidy receipts	—		—		—		1
Foreign currency translation impact	(23)		(1)		—		—
Benefit obligation at end of year(2)	$	1,599	$	2,296	$	120	$	165
Change in plan assets(2)
Fair value of plan assets at beginning of year	$	1,531	$	1,724	$	—	$	—

Actual (loss) return on plan assets	(383)		124		—		—
Employer contributions	43		96		—		—

Benefits paid	(87)		(123)		—		—
Administrative expenses	(12)		(12)		—		—

Settlement payments	(98)		(277)		—		—
Foreign currency translation impact	(24)		(1)		—		—
Fair value of plan assets at end of year(2)	$	970	$	1,531	$	—	$	—
Funded status	$	(629)	$	(765)	$	(120)	$	(165)


Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets	$	20	$	22	$	—	$	—

Current liabilities	(16)		(16)		(11)		(12)

Noncurrent liabilities	(633)		(771)		(109)		(153)

Net amount recognized	$	(629)	$	(765)	$	(120)	$	(165)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)	$	907	$	1,067	$	(28)	$	11
Prior service cost (benefit)	2		3		(40)		(49)


Net amount recognized, before tax effect	$	909	$	1,070	$	(68)	$	(38)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial benefit	$	(53)	$	(81)	$	(38)	$	(10)
Amortization of accumulated net actuarial loss	(107)		(125)		(1)		—

Prior service (benefit) cost	(1)		3		—		(31)
Amortization of prior service (cost) benefit	—		(7)		9		9



Net amount recognized, before tax effect	$	(161)	$	(210)	$	(30)	$	(32)

(1)At December 31, 2022, the actuarial gains impacting the benefit obligation were primarily due to changes in the discount rate as well as the alternative interest cost method, and other changes including census data.

(2)At December 31, 2022, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $1,459, $833, and $(626), respectively. At December 31, 2021, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $2,039, $1,278, and $(761), respectively.

Pension Plan Benefit Obligations


	Pension benefits
	2022		2021
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans were as follows:
Projected benefit obligation	$	1,599	$	2,296
Accumulated benefit obligation	1,598		2,293
The aggregate projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were as follows:
Projected benefit obligation	1,482		1,982
Fair value of plan assets	833		1,193
The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were as follows:
Accumulated benefit obligation	1,481		1,981
Fair value of plan assets	833		1,193

Components of Net Periodic Benefit Cost


	Pension benefits(1)						Other postretirement benefits(2)
For the year ended December 31,	2022		2021		2020		2022		2021		2020
Service cost	$	4	$	4	$	12	$	2	$	2	$	3
Interest cost	51		47		97		4		5		10
Expected return on plan assets	(80)		(90)		(136)		—		—		—
Recognized net actuarial loss	49		56		78		1		—		3
Amortization of prior service cost (benefit)	—		1		—		(9)		(9)		(6)
Settlements(3)	58		69		76		—		—		—
Curtailments(4)	—		6		—		—		—		(2)

Net periodic benefit cost(5)	$	82	$	93	$	127	$	(2)	$	(2)	$	8
Discontinued operations	—		—		20		—		—		6
Net amount recognized in Statement of Consolidated Operations	$	82	$	93	$	107	$	(2)	$	(2)	$	2

(1)In 2022, 2021, and 2020, net periodic benefit cost for U.S. pension plans was $79, $61, and $58, respectively.

(2)In 2021 and 2020, net periodic benefit cost for other postretirement benefits reflects a reduction of less than $1 and $1, respectively, related to the recognition of the federal subsidy awarded under Medicare Part D.

(3)In 2022, settlements were related to U.S. and U.K. lump sum benefit payments. In 2021, settlements were related to U.S. and U.K. actions including the purchase of group annuity contracts and lump sum benefit payments. In 2020, settlements were related to U.K. actions including lump sum benefit payments and the purchase of group annuity contracts as well as U.S. lump sum benefit payments. See Note E for further details.

(4)In 2021, the curtailment was due to plan termination. In 2020, the curtailment was due to workforce reductions.

(5)Service cost was included within Cost of goods sold, Selling, general administrative, and other expenses; curtailments and settlements were included in Restructuring and other charges; and all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations.

Assumptions

Weighted average assumptions used to determine benefit obligations for pension and other postretirement benefit plans were as follows:


December 31,	2022		2021
Discount rate	5.40	%	2.70	%

Cash balance plan interest crediting rate	3.00	%	3.00	%

The U.S. discount rate is determined using a Company-specific yield curve model (above-median) developed with the assistance of an external actuary, while both the U.K. and Canada utilize models developed internally by their respective actuary. The cash flows of the plans’ projected benefit obligations are discounted using a single equivalent rate derived from yields on high quality corporate bonds, which represent a broad diversification of issuers in various sectors, including finance and banking, industrials, transportation, and utilities, among others. The yield curve models parallel the plans’ projected cash flows, which have a global average duration of 10 years. The underlying cash flows of the bonds included in the models exceed the cash flows needed to satisfy the Company’s plans’ obligations multiple times.

Benefit accruals for future compensation under the Company’s major salaried and non-bargained hourly defined benefit pension plans have ceased. The rate of compensation increase no longer impacts the determination of the benefit obligation.

Weighted average assumptions used to determine net periodic benefit cost for pension and other postretirement benefit plans were as follows:


	2022		2021		2020
Discount rate to calculate service cost(1)	2.80	%	2.80	%	3.30	%
Discount rate to calculate interest cost(1)	2.50	%	2.10	%	2.70	%
Expected long-term rate of return on plan assets	6.70	%	6.20	%	6.00	%

Cash balance plan interest crediting rate	3.00	%	3.00	%	3.00	%

(1)In all periods presented, the respective global discount rates were used to determine net periodic benefit cost for most pension plans for the full annual period. The discount rates for certain plans were updated during 2022, 2021, and 2020 to reflect the remeasurement of these plans due to settlements and/or curtailments. The weighted-average rates reflecting these remeasurements does not significantly differ from the rates presented.

The expected long-term rate of return on plan assets (“EROA”) is generally applied to a five-year market-related value of plan assets. The process used by management to develop this assumption is one that relies on a combination of historical asset return information and forward-looking returns by asset class. As it relates to historical asset return information, management focuses on various historical moving averages when developing this assumption. While consideration is given to recent performance and historical returns, the assumption represents a long-term, prospective return. Management also incorporates expected future returns on current and planned asset allocations using information from various external investment managers and consultants, as well as management’s own judgment.

For 2023, management anticipates that approximately 7% will continue to be the expected long-term rate of return for global plan assets. EROA assumptions are developed by country. Annual changes in the weighted average EROA are impacted by the relative size of the assets by country.

For 2022, 2021, and 2020, the U.S. expected long-term rate of return used by management was based on the prevailing and planned strategic asset allocations, as well as estimates of future returns by asset class. These rates were within the respective range of the 20-year moving average of actual performance and the expected future return developed by asset class.

Assumed health care cost trend rates for U.S. other postretirement benefit plans were as follows:


	2022		2021		2020
Health care cost trend rate assumed for next year	5.50	%	5.50	%	5.50	%
Rate to which the cost trend rate gradually declines	4.50	%	4.50	%	4.50	%
Year that the rate reaches the rate at which it is assumed to remain	2025		2024		2023

The assumed health care cost trend rate is used to measure the expected cost of gross eligible charges covered by Howmet’s other postretirement benefit plans. For 2023, a 5.50% trend rate will be used, reflecting management’s best estimate of the change in future health care costs covered by the plans. The plans’ actual annual health care cost trend experience over the past three years has ranged from 1.80% to 11.30%. Management does not believe this three-year range is indicative of expected increases for future health care costs over the long-term.

Plan Assets

Howmet’s pension plans’ investment policy at December 31, 2022 by asset class, were as follows:

Asset class

Policy range(1)

Equities

20–55%

Fixed income

25–55%

Other investments

15–35%

(1)Policy range is for U.S. plan assets only, as both the U.K. and Canadian asset investment allocations are controlled by a third-party trustee with input from Howmet.

The principal objectives underlying the investment of the pension plans’ assets are to ensure that Howmet can properly fund benefit obligations as they become due under a broad range of potential economic and financial scenarios, maximize the long-term investment return with an acceptable level of risk based on such obligations, and broadly diversify investments across and within various asset classes to protect asset values against adverse movements. Specific objectives for long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, and attaining and maintaining a sufficiently funded status. The use of derivative instruments is permitted where appropriate and necessary for achieving overall investment policy objectives. The investment strategy uses long duration cash bonds and derivative instruments to offset a portion of the interest rate sensitivity of U.S. pension liabilities. Exposure to broad equity risk is decreased and diversified through investments in hedge funds, private equity, private credit, private real estate, high-yield bonds, global and emerging market debt, and global and emerging market equities. Investments are further diversified by strategy, asset class, geography, and sector to enhance returns and mitigate downside risk. A large number of external investment managers are used to gain broad exposure to the financial markets and to mitigate manager-concentration risk.

Investment practices comply with the requirements of the Employee Retirement Income Security Act (“ERISA”) and other applicable laws and regulations.

The following section describes the valuation methodologies used to measure the fair value of pension plan assets, including an indication of the level in the fair value hierarchy in which each type of asset is generally classified (see Note S for the definition of fair value and a description of the fair value hierarchy).

Equities. These securities consist of: (i) direct investments in the stock of publicly traded U.S. and non-U.S. companies that are valued based on the closing price reported in an active market on which the individual securities are traded (generally classified in Level 1); (ii) the plans’ share of commingled funds that are invested in the stock of publicly traded companies and are valued at the net asset value of shares held at December 31 (included in Level 1 and Level 2); and (iii) direct investments in long/short equity hedge funds and private equity (limited partnerships and venture capital partnerships) that are valued at net asset value.

Fixed income. These securities consist of: (i) U.S. government debt that are generally valued using quoted prices (included in Level 1); (ii) cash and cash equivalents invested in publicly-traded funds and are valued based on the closing price reported in an active market on which the individual securities are traded (generally classified in Level 1); (iii) publicly traded U.S. and non-U.S. fixed interest obligations (principally corporate bonds and debentures) and are valued through consultation and evaluation with brokers in the institutional market using quoted prices and other observable market data (included in Level 2); (iv) fixed income derivatives that are generally valued using industry standard models with market-based observable inputs (included in Level 2); and (v) cash and cash equivalents invested in institutional funds and are valued at net asset value.

Other investments. These investments include, among others: (i) real estate investment trusts that are valued based on the quoted prices and other observable market data (included in Level 2) and (ii) direct investments of discretionary and systematic macro hedge funds and private real estate (includes limited partnerships) and are valued at net asset value.

The fair value methods described above may not be indicative of net realizable value or reflective of future fair values. Additionally, while Howmet believes the valuation methods used by the plans’ trustees are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table presents the fair value of pension plan assets classified under the appropriate level of the fair value hierarchy or net asset value:


December 31, 2022	Level 1		Level 2		Net Asset Value		Total
Equities:
Equity securities	$	—	$	133	$	283	$	416
Long/short equity hedge funds	—		—		18		18
Private equity	—		—		107		107
	$	—	$	133	$	408	$	541
Fixed income:
Intermediate and long duration government/credit	$	107	$	148	$	—	$	255
Other	6		59		—		65
	$	113	$	207	$	—	$	320
Other investments:
Real estate	$	—	$	3	$	62	$	65
Discretionary and systematic macro hedge funds	—		—		29		29
Other	—		—		7		7
	$	—	$	3	$	98	$	101
Net plan assets(1)	$	113	$	343	$	506	$	962


December 31, 2021	Level 1		Level 2		Net Asset Value		Total
Equities:
Equity securities	$	2	$	197	$	409	$	608
Long/short equity hedge funds	—		—		60		60
Private equity	—		—		126		126
	$	2	$	197	$	595	$	794
Fixed income:
Intermediate and long duration government/credit	$	124	$	328	$	—	$	452
Other	15		119		—		134
	$	139	$	447	$	—	$	586
Other investments:
Real estate	$	—	$	—	$	64	$	64
Discretionary and systematic macro hedge funds	—		—		47		47
Other	—		—		23		23
	$	—	$	—	$	134	$	134
Net plan assets(2)	$	141	$	644	$	729	$	1,514

(1)As of December 31, 2022, the total fair value of pension plans’ assets excludes a net receivable of $8, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments.

(2)As of December 31, 2021, the total fair value of pension plans’ assets excludes a net receivable of $17, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments.

Funding and Cash Flows

It is Howmet’s policy to fund amounts for pension plans sufficient to meet the minimum requirements set forth in the benefits laws and tax laws of the applicable country. Periodically, Howmet contributes additional amounts as deemed appropriate. In 2022 and 2021, cash contributions to Howmet’s pension plans were $43 and $96, respectively. The 2021 cash contributions include $12 that was contributed to the Company’s U.S. plans in excess of the minimum required under ERISA.

The contributions to the Company’s pension plans in 2023 are estimated to be $45 (of which $35 is for U.S. plans).

Due to the plan administration change of certain Medicare-eligible prescription drug benefits to an Employer Group Waiver Plan with a wrap-around secondary plan in 2021, there will be no direct Medicare Part D subsidy receipts going forward. Benefit payments expected to be paid to pension and other postretirement benefit plans’ participants are as follows utilizing the current assumptions outlined above:


For the year ended December 31,	Pension benefits paid		Other post- retirement benefits
2023	$	144	$	11
2024	129		11
2025	128		11
2026	126		11
2027	125		10
2028 - 2032	581		48
	$	1,233	$	102

Defined Contribution Plans

Howmet sponsors savings and investment plans in various countries, primarily in the U.S. Howmet’s contributions and expenses related to these plans were $76, $66, and $73 in 2022, 2021, and 2020, respectively. U.S. employees may contribute a portion of their compensation to the plans, and Howmet matches a portion of these contributions in equivalent form of the investments elected by the employee. Additionally, for certain U.S. employees, Howmet makes a contribution of either a percentage of applicable eligible compensation or per hour worked.

The entire disclosure for retirement benefits.

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Weighted-Average Useful Lives Of Structures and Machinery and Equipment

Preferred and Common Stock - Details For the Share Repurchases (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Q1 2022 open market repurchase
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	5,147,307
Average price per share (in usd per share) \| $ / shares	$ 34.00
Total \| $	$ 175
Q2 2022 open market repurchase
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	1,770,271
Average price per share (in usd per share) \| $ / shares	$ 33.89
Total \| $	$ 60
Q3 2022 open market repurchase
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	2,764,846
Average price per share (in usd per share) \| $ / shares	$ 36.17
Total \| $	$ 100
Q4 2022 open market repurchase
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	1,674,082
Average price per share (in usd per share) \| $ / shares	$ 38.83
Total \| $	$ 65
2022 Share repurchase total
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	11,356,506
Average price per share (in usd per share) \| $ / shares	$ 35.22
Total \| $	$ 400
Q2 2021 accelerated share repurchase
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	5,878,791
Average price per share (in usd per share) \| $ / shares	$ 34.02
Total \| $	$ 200
Q3 2021 open market repurchase
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	769,274
Average price per share (in usd per share) \| $ / shares	$ 32.50
Total \| $	$ 25
Q4 2021 open market repurchase
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	6,762,081
Average price per share (in usd per share) \| $ / shares	$ 30.32
Total \| $	$ 205
2021 Share repurchase total
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	13,410,146
Average price per share (in usd per share) \| $ / shares	$ 32.07
Total \| $	$ 430
Q3 2020 open market repurchase
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	2,907,094
Average price per share (in usd per share) \| $ / shares	$ 17.36
Total \| $	$ 51
Q4 2020 open market repurchase
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	937,831
Average price per share (in usd per share) \| $ / shares	$ 23.99
Total \| $	$ 22
2020 Share repurchase total
Accelerated Share Repurchases [Line Items]
Number of shares (in shares) \| shares	3,844,925
Average price per share (in usd per share) \| $ / shares	$ 18.98
Total \| $	$ 73

Properties, Plants, and Equipment, Net - Property Plant and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, gross		$ 5,011	$ 5,057
Less: accumulated depreciation and amortization		2,858	2,772
Properties plants and equipment excluding construction work in progress		2,153	2,285
Construction work-in-progress		179	182
Properties, plants, and equipment, net		$ 2,332	2,467
Disposed of by Sale \| Corporate Center
Property, Plant and Equipment [Line Items]
Proceeds from the sales of businesses	$ 44
Transaction costs	3
Loss on sale	1
Purchaser lease term		12 years
Land and land rights
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, gross		$ 84	91
Structures
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, gross		986	1,034
Structures \| Disposed of by Sale \| Corporate Center
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, net	$ 41
Machinery and equipment
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, gross		$ 3,941	$ 3,932

Segment and Geographic Area Information - Schedule of Operating Results of Arconic's Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Sales (D)	$ 5,663	$ 4,972	$ 5,259
Segment operating profit	919	748	626
Restructuring and other charges	56	90	182
Provision for depreciation and amortization	265	270	279
Capital expenditures	193	199	267
Total assets	10,255	10,219
Third-party sales
Segment Reporting Information [Line Items]
Sales (D)	5,663	4,972	5,257
Inter-segment sales
Segment Reporting Information [Line Items]
Sales (D)	(10)	(10)	(12)
Total segment sales
Segment Reporting Information [Line Items]
Sales (D)	5,673	4,982	5,269
Segment operating profit	1,352	1,200	1,152
Segment Adjusted EBITDA	1,352	1,200	1,152
Restructuring and other charges	46	90	106
Provision for depreciation and amortization	258	261	262
Capital expenditures	178	182	158
Total assets	9,419	9,262	9,535
Engine Products \| Third-party sales
Segment Reporting Information [Line Items]
Sales (D)	2,698	2,282	2,406
Engine Products \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales (D)	4	4	5
Engine Products \| Total segment sales
Segment Reporting Information [Line Items]
Sales (D)	2,702	2,286	2,411
Segment Adjusted EBITDA	729	564	540
Restructuring and other charges	29	74	36
Provision for depreciation and amortization	125	124	123
Capital expenditures	94	74	77
Total assets	4,784	4,663	4,756
Fastening Systems \| Third-party sales
Segment Reporting Information [Line Items]
Sales (D)	1,117	1,044	1,245
Fastening Systems \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales (D)	0	0	0
Fastening Systems \| Total segment sales
Segment Reporting Information [Line Items]
Sales (D)	1,117	1,044	1,245
Segment Adjusted EBITDA	234	239	295
Restructuring and other charges	8	0	39
Provision for depreciation and amortization	45	49	48
Capital expenditures	39	42	39
Total assets	2,661	2,635	2,707
Engineered Structures \| Third-party sales
Segment Reporting Information [Line Items]
Sales (D)	790	725	927
Engineered Structures \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales (D)	6	6	7
Engineered Structures \| Total segment sales
Segment Reporting Information [Line Items]
Sales (D)	796	731	934
Segment Adjusted EBITDA	111	103	125
Restructuring and other charges	7	16	28
Provision for depreciation and amortization	48	49	52
Capital expenditures	17	21	19
Total assets	1,273	1,280	1,444
Forged Wheels \| Third-party sales
Segment Reporting Information [Line Items]
Sales (D)	1,058	921	679
Forged Wheels \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales (D)	0	0	0
Forged Wheels \| Total segment sales
Segment Reporting Information [Line Items]
Sales (D)	1,058	921	679
Segment Adjusted EBITDA	278	294	192
Restructuring and other charges	2	0	3
Provision for depreciation and amortization	40	39	39
Capital expenditures	28	45	23
Total assets	$ 701	$ 684	$ 628

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

The following table details the weighted-average useful lives of structures and machinery and equipment by reporting segment (numbers in years):


	Structures	Machinery and equipment
Engine Products	30	17
Fastening Systems	27	17
Engineered Structures	28	19
Forged Wheels	28	18

Properties, Plants, and Equipment, Net


	December 31, 2022		December 31, 2021
Land and land rights(1)	$	84	$	91
Structures(1)	986		1,034
Machinery and equipment	3,941		3,932
	5,011		5,057
Less: accumulated depreciation and amortization(1)	2,858		2,772
	2,153		2,285
Construction work-in-progress	179		182
Properties, plants, and equipment, net	$	2,332	$	2,467

Weighted-Average Useful Lives of Software and Other Intangibles

The following table details the weighted-average useful lives of software and other intangible assets by reporting segment (numbers in years):


	Software	Other intangible assets
Engine Products	7	32
Fastening Systems	6	23
Engineered Structures	4	18
Forged Wheels	4	25

Contingencies and Commitments - Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Purchase obligations due in 2023	$ 265
Purchase obligations due in 2024	140
Purchase obligations due in 2025	14
Purchase obligations due in 2026	2
Purchase obligations due in 2027	0
Purchase obligations due thereafter	0
Guarantees of third party related to project financing	13
Combined fair value of guarantees	6
Insurance annual coverage limit	80	$ 80	$ 80
Total amount committed under outstanding surety bonds	43
Amount of outstanding surety bonds relating to these liabilities	22
Alcoa Corporation Workers Compensation Claims
Loss Contingencies [Line Items]
Letters of credit, total amount committed	53
Arconic Corporation Environmental Obligations
Loss Contingencies [Line Items]
Letters of credit, total amount committed	17
Bank Loan Obligations
Loss Contingencies [Line Items]
Letters of credit	120
Separation Agreement \| Other Noncurrent Liabilities and Deferred Credits
Loss Contingencies [Line Items]
Guarantees of third party related to project financing	$ 1,040	$ 1,406

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Mar. 30, 2020
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount				15.00%	60.00%
Impairment of goodwill		$ 4
Amortization of intangible assets	$ 36	36	$ 40
Engineered Structures
Goodwill [Line Items]
Impairment of goodwill		0
Fastening Systems
Goodwill [Line Items]
Impairment of goodwill		$ 4
Engineered Structures And Fastening Systems
Goodwill [Line Items]
Impairment of goodwill	0
Minimum
Goodwill [Line Items]
Expected amortization for the year 2023	34
Expected amortization for the year 2024	34
Expected amortization for the year 2025	34
Expected amortization for the year 2026	34
Expected amortization for the year 2027	$ 34
Minimum \| Engineered Structures
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount	40.00%
Maximum
Goodwill [Line Items]
Expected amortization for the year 2023	$ 39
Expected amortization for the year 2024	39
Expected amortization for the year 2025	39
Expected amortization for the year 2026	39
Expected amortization for the year 2027	$ 39

Contingencies and Commitments - Contingencies (Details) $ in Thousands, € in Millions			12 Months Ended
	Dec. 23, 2020 defendant	Jun. 06, 2019 USD ($) survivor	Dec. 31, 2022 USD ($) location	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Jun. 26, 2020 USD ($) entity	Sep. 30, 2018 USD ($)	Sep. 30, 2018 EUR (€)	Dec. 31, 2017 claim
Loss Contingencies [Line Items]
Number of cleanup locations (more than) \| location			30
Remediation reserve balance			$ 16,000	$ 15,000
Remediation reserve balance, classified as a current liability			6,000
Payments related to remediation expenses applied against the reserve			$ 4,000	$ 2,000
Total combined assessments					$ 0			$ 64,000
Number of defendants \| defendant	23
Number of plaintiffs \| survivor		247
Monetary damages sought		$ 75
Number of claims \| claim										2
Lehman Brothers International (Europe) (“LBIE”) Claims
Loss Contingencies [Line Items]
Number of entities \| entity							2
Estimate of claim							$ 64,000
Extension period			3 years
Amount reserved			$ 65,000
Spain
Loss Contingencies [Line Items]
Income taxes receivable					$ 53,000	€ 45
Tax agreement, indemnification of ultimate liability, percent					33.66%	33.66%
Alcoa Corporation
Loss Contingencies [Line Items]
Tax agreement, indemnification of ultimate liability, percent					49.00%	49.00%
Arconic Corporation
Loss Contingencies [Line Items]
Tax agreement, indemnification of ultimate liability, percent					33.66%	33.66%
Euro
Loss Contingencies [Line Items]
Total combined assessments \| €									€ 54
Recurring Costs of Managing Hazardous Substances and Environmental Programs \| Maximum
Loss Contingencies [Line Items]
Percentage of cost of goods sold			1.00%

Pension and Other Postretirement Benefits - Funding and Cash Flows and Defined Contribution Plans (Details) $ in Millions	Dec. 31, 2022 USD ($)
Pension benefits paid
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2023	$ 144
2024	129
2025	128
2026	126
2027	125
2028 - 2032	581
Total benefit payments	1,233
Other post- retirement benefits
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2023	11
2024	11
2025	11
2026	11
2027	10
2028 - 2032	48
Total benefit payments	$ 102

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense	$ 61	$ 63	$ 67

Income Taxes - Reconciliation of U.S. Federal Statutory Rate to Arconic's Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%
Foreign tax rate differential	0.10%	(0.70%)	(1.20%)
U.S. and residual tax on foreign earnings	1.20%	6.50%	5.60%
U.S. state and local taxes	0.70%	1.00%	2.20%
Federal cost of state tax	(0.20%)	(0.30%)	(2.00%)
Permanent differences related to asset disposals and items included in restructuring and other charges	0.00%	(0.30%)	6.80%
Non-deductible officer compensation	1.20%	1.60%	3.50%
Statutory tax rate and law changes	0.10%	1.00%	(15.90%)
Tax holidays	(0.50%)	(0.40%)	(0.40%)
Tax credits	(0.90%)	(10.40%)	(0.40%)
Changes in valuation allowances	1.40%	5.10%	74.80%
Changes in uncertain tax positions	0.00%	0.00%	(116.90%)
Excess benefit for stock compensation	(0.80%)	(0.30%)	(0.70%)
Prior year tax adjustments	(0.10%)	(3.70%)	(1.70%)
Other	(0.60%)	0.30%	1.90%
Effective tax rate	22.60%	20.40%	(23.40%)
Tax law change expense (benefit)			$ (30)
Benefit for income tax credits related to development incentives in Hungary		$ 32
Favorable spanish tax case decision			104
Reserve liability			64
Tax position expense (benefit)			$ (30)

Income Taxes - Schedule of Provision for Income Taxes on Income from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 3	$ (9)	$ (2)
Foreign	53	39	2
State and local	0	(2)	(2)
Current provision for income taxes, total	56	28	(2)
Deferred:
Federal	71	22	(67)
Foreign	5	11	11
State and local	5	5	18
Deferred provision for income taxes, total	81	38	(38)
Total	$ 137	$ 66	$ (40)

Segment and Geographic Area Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Operating Results and Assets of Arconic's Reportable Segments

The operating results and assets of the Company's reportable segments were as follows:


Year ended	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
2022
Sales:
Third-party sales	$	2,698	$	1,117	$	790	$	1,058	$	5,663
Inter-segment sales	4		—		6		—		10
Total sales	$	2,702	$	1,117	$	796	$	1,058	$	5,673
Profit and loss:

Segment Adjusted EBITDA	$	729	$	234	$	111	$	278	$	1,352
Restructuring and other charges	29		8		7		2		46
Provision for depreciation and amortization	125		45		48		40		258
Other:
Capital expenditures	$	94	$	39	$	17	$	28	$	178
Total assets	4,784		2,661		1,273		701		9,419

2021
Sales:
Third-party sales	$	2,282	$	1,044	$	725	$	921	$	4,972
Inter-segment sales	4		—		6		—		10
Total sales	$	2,286	$	1,044	$	731	$	921	$	4,982
Profit and loss:

Segment Adjusted EBITDA	$	564	$	239	$	103	$	294	$	1,200
Restructuring and other charges	74		—		16		—		90
Provision for depreciation and amortization	124		49		49		39		261
Other:
Capital expenditures	$	74	$	42	$	21	$	45	$	182
Total assets	4,663		2,635		1,280		684		9,262

2020
Sales:
Third-party sales	$	2,406	$	1,245	$	927	$	679	$	5,257
Inter-segment sales	5		—		7		—		12
Total sales	$	2,411	$	1,245	$	934	$	679	$	5,269
Profit and loss:

Segment Adjusted EBITDA	$	540	$	295	$	125	$	192	$	1,152
Restructuring and other charges	36		39		28		3		106
Provision for depreciation and amortization	123		48		52		39		262
Other:
Capital expenditures	$	77	$	39	$	19	$	23	$	158
Total assets	4,756		2,707		1,444		628		9,535


For the year ended December 31,	2022		2021		2020
Total segment capital expenditures	$	178	$	182	$	158
Corporate and discontinued operations	15		17		109
Capital expenditures	$	193	$	199	$	267

Schedule of Reconciliation of Certain Segment Information to Consolidated Totals

The following tables reconcile certain segment information to consolidated totals. Differences between the total segment and consolidated totals are in Corporate.


For the year ended December 31,	2022		2021		2020
Sales:
Total segment sales	$	5,673	$	4,982	$	5,269
Elimination of inter-segment sales	(10)		(10)		(12)
Corporate	—		—		2
Consolidated sales	$	5,663	$	4,972	$	5,259

Schedule of Segment ATOI to Consolidated Net (Loss) Income Attributable to Arconic


For the year ended December 31,	2022		2021		2020
Total Segment Adjusted EBITDA	$	1,352	$	1,200	$	1,152
Segment provision for depreciation and amortization	(258)		(261)		(262)
Unallocated amounts:
Restructuring and other charges	(56)		(90)		(182)
Corporate expense	(119)		(101)		(82)
Operating income	$	919	$	748	$	626
Loss on debt redemption	(2)		(146)		(64)
Interest expense, net	(229)		(259)		(317)
Other expense, net (V)	(82)		(19)		(74)
Income from continuing operations before income taxes	$	606	$	324	$	171

Schedule of Segment Reporting Information to Consolidated Assets


December 31,	2022		2021
Assets:
Total segment assets	$	9,419	$	9,262
Unallocated amounts:
Cash and cash equivalents	791		720
Deferred income taxes	54		184
Corporate fixed assets, net	91		133
Fair value of derivative contracts	6		2

Accounts receivable securitization	(250)		(250)
Other	144		168

Consolidated assets	$	10,255	$	10,219

Schedule of Geographic Information for Sales

Geographic information for sales was as follows (based upon the destination of the sale):


For the year ended December 31,	2022		2021		2020
Sales:
United States	$	2,928	$	2,542	$	2,782
France	394		330		327
Japan	319		319		388
Germany	292		257		309
Mexico	235		225		185
United Kingdom	228		213		231
Italy	180		181		181
Canada	138		127		119
China	111		71		75
Poland	96		77		76
Other	742		630		586
	$	5,663	$	4,972	$	5,259

Schedule of Geographic Information for Long-Lived Assets

Geographic information for long-lived tangible assets was as follows (based upon the physical location of the assets):


December 31,	2022		2021
Long-lived assets:
United States	$	1,793	$	1,868
Hungary	193		205
France	114		127
United Kingdom	107		116
Germany	58		66
Mexico	58		61
China	46		53



Other	74		79
	$	2,443	$	2,575

Disaggregation of Revenue by Major End Market Served

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


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Year ended December 31, 2022
Aerospace - Commercial	$	1,495	$	616	$	495	$	—	$	2,606
Aerospace - Defense	526		158		239		—		923
Commercial Transportation	—		225		—		1,058		1,283
Industrial and Other	677		118		56		—		851
Total end-market revenue	$	2,698	$	1,117	$	790	$	1,058	$	5,663

Year ended December 31, 2021
Aerospace - Commercial	$	1,105	$	537	$	387	$	—	$	2,029
Aerospace - Defense	523		158		270		—		951
Commercial Transportation	—		208		—		921		1,129
Industrial and Other	654		141		68		—		863
Total end-market revenue	$	2,282	$	1,044	$	725	$	921	$	4,972

Year ended December 31, 2020
Aerospace - Commercial	$	1,247	$	808	$	542	$	—	$	2,597
Aerospace - Defense	557		156		303		—		1,016
Commercial Transportation	—		155		—		679		834
Industrial and Other	602		126		82		—		810
Total end-market revenue	$	2,406	$	1,245	$	927	$	679	$	5,257

Other Expense, Net - Schedule of Other Expenses (Income), Net (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)
Schedule Of Other Non operating Income Expense [Line Items]
Non-service costs - pension and other postretirement benefits (H)	$ 16	$ 9	$ 26
Interest income	(6)	(2)	(5)
Foreign currency (gains) losses, net	(1)	2	(11)
Net realized and unrealized losses	18	9	8
Deferred compensation	(8)	8	10
Judgment from legal proceeding (V)	65	0	0
Other, net	(2)	(7)	46
Total	$ 82	$ 19	$ 74
Alcoa Corporation
Schedule Of Other Non operating Income Expense [Line Items]
Tax agreement, indemnification of ultimate liability, percent			49.00%	49.00%
Spain
Schedule Of Other Non operating Income Expense [Line Items]
Income taxes receivable			$ 53	€ 45
Tax agreement, indemnification of ultimate liability, percent			33.66%	33.66%

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Restructuring and other charges				$ 56	$ 90	$ 182
Average duration for plans' projected cash flows				10 years
Period expected long-term rate of return is applied				5 years
Expected long-term rate of return on plan assets				6.70%	6.20%	6.00%
Number of years over actual annual healthcare cost trend experience				20 years
Health care cost trend rate assumed for next year				5.50%	5.50%	5.50%
Rate to which the cost trend rate gradually declines				4.50%	4.50%	4.50%
Pension contributions				$ 43	$ 96	$ 257
Expenses related to defined contribution plan				$ 76	66	73
Minimum
Defined Benefit Plan Disclosure [Line Items]
Rate to which the cost trend rate gradually declines				1.80%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Rate to which the cost trend rate gradually declines				11.30%
Scenario, forecast
Defined Benefit Plan Disclosure [Line Items]
Contribution next fiscal year			$ 45
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Restructuring and other charges	$ 34					69
Decrease in postretirement benefits liability	$ 125
Curtailment (charge) benefit				$ 0	(6)	0
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Decrease in postretirement benefits liability		$ 39				6
Curtailment (charge) benefit				$ 0	0	2
Number of years over actual annual healthcare cost trend experience				3 years
United States
Defined Benefit Plan Disclosure [Line Items]
Pension contributions				$ 43	96
Payment for pension benefit plan in excess of minimum required					12
United States \| Scenario, forecast
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets			7.00%
Contribution next fiscal year			$ 35
United States \| Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Curtailment (charge) benefit					$ 23	66
Percent reduction of plan participants					70.00%
Foreign Plan \| Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Decrease in postretirement benefits liability				2
Pension Settlement Cost
Defined Benefit Plan Disclosure [Line Items]
Restructuring and other charges				17	$ 12	$ 8
Pension Settlement Cost \| United States
Defined Benefit Plan Disclosure [Line Items]
Restructuring and other charges				$ 41

Divestitures	12 Months Ended
Divestitures	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures 2021 Divestiture On March 15, 2021, the Company reached an agreement to sell a small manufacturing plant in France within the Fastening Systems segment, which resulted in a charge of $4 related to the non-cash impairment of the net book value of the business, primarily goodwill, in the first quarter of 2021 which was recorded in Restructuring and other charges in the Statement of Consolidated Operations. On June 1, 2021, the Company completed the sale for $10 (of which $8 of cash was received in the second quarter of 2021). In the third quarter of 2022, $1 was received, and the remaining $1 in escrow is expected to be received in the third quarter of 2023. 2020 Divestiture On January 31, 2020, the Company reached an agreement to sell a small manufacturing plant in the U.K. within the Engineered Structures segment for $12 in cash, and therefore was classified as held for sale. As a result of entering into the agreement, a charge of $12 was recognized 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, which was recorded in Restructuring and other charges in the Statement of Consolidated Operations. As the sale did not close, the Company changed the classification from held for sale to held for use in the second quarter of 2020 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.

Pension and Other Postretirement Benefits - Schedule of Assumed Health Care Cost Trend Rates (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Health care cost trend rate assumed for next year	5.50%	5.50%	5.50%
Rate to which the cost trend rate gradually declines	4.50%	4.50%	4.50%

Summary of Significant Accounting Policies - Weighted-Average Useful Lives of Software and Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Software \| Engine Products
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives of other intangible assets	7 years
Software \| Fastening Systems
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives of other intangible assets	6 years
Software \| Engineered Structures
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives of other intangible assets	4 years
Software \| Forged Wheels
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives of other intangible assets	4 years
Other intangibles \| Engine Products
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives of other intangible assets	32 years
Other intangibles \| Fastening Systems
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives of other intangible assets	23 years
Other intangibles \| Engineered Structures
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives of other intangible assets	18 years
Other intangibles \| Forged Wheels
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives of other intangible assets	25 years

Arconic Inc Separation Transaction and Discontinued Operations

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Arconic Inc Separation Transaction and Discontinued Operations

Arconic Inc. Separation Transaction and Discontinued Operations

On April 1, 2020, the Company completed the separation of its business into two independent, publicly-traded companies, which was effected by the distribution (the “Distribution”) by the Company of all of the outstanding common stock of Arconic Corporation to the Company’s stockholders. Following the Arconic Inc. Separation Transaction, Arconic Corporation held 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).

In connection with the Arconic Inc. Separation Transaction, the Company entered into several agreements with Arconic Corporation, including the following: a Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreement, certain Patent, Know-How, Trade Secret License and Trademark License Agreements, and Raw Material Supply 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 year ended December 31, 2020.

On February 1, 2020, the Company completed the sale of its rolling mill in Itapissuma, Brazil for $50 in cash, which resulted in a loss of $59, of which $53 was recognized in Restructuring and other charges within discontinued operations in the second half of 2019 and $6 in the first quarter of 2020 and year ended December 31, 2020. On March 1, 2020, the Company sold its hard alloy extrusions plant in South Korea for $62 in cash, which resulted in a gain that was recognized in Restructuring and other charges within discontinued operations in the first quarter of 2020 and year ended December 31, 2020.

Discontinued Operations

The results of operations of Arconic Corporation are presented as Income from discontinued operations after income taxes in the Statement of Consolidated Operations as summarized below:


	Year ended December 31,
	2020
Sales	$	1,575
Cost of goods sold	1,293
Selling, general administrative, research and development and other expenses	106
Provision for depreciation and amortization	58
Restructuring and other credits	(18)
Operating income from discontinued operations	136
Interest expense, net	7
Other expense, net	41
Income from discontinued operations	88
Provision for income taxes	38
Income from discontinued operations after income taxes	$	50

The following table presents purchases of properties, plants, and equipment, proceeds from the sale of businesses, and the provision for depreciation and amortization of discontinued operations related to Arconic Corporation:


	Year ended December 31,
	2020
Capital expenditures	$	72
Proceeds from the sales of businesses	112
Provision for depreciation and amortization	58

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 prior to the Arconic Inc. Separation Transaction.

Debt - Maturities of Long-term Debt (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2024	$ 1,081
2025	600
2027	625
2023	0
2026	$ 0

Statement of Consolidated Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income	$ 469	$ 258	$ 261
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization	265	270	338
Deferred income taxes	79	38	2
Restructuring and other charges	56	90	164
Net realized and unrealized losses	18	9	8
Net periodic pension cost (H)	24	18	51
Stock-based compensation	54	41	45
Loss on debt redemption (R)	2	146	64
Other	12	20	(5)
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables	(161)	(337)	(238)
(Increase) decrease in inventories	(234)	60	74
(Increase) decrease in prepaid expenses and other current assets	(6)	11	(2)
Increase (decrease) in accounts payable, trade	246	144	(381)
Increase (decrease) in accrued expenses	23	(146)	(217)
(Decrease) increase in taxes, including income taxes	(12)	(41)	98
Pension contributions	(43)	(96)	(257)
Decrease (increase) in noncurrent assets	1	(13)	39
Decrease in noncurrent liabilities	(60)	(23)	(35)
Cash provided from operations	733	449	9
Financing Activities
Net change in short-term borrowings	(5)	(9)	(15)
Additions to debt (R)	0	700	2,400
Repurchases and payments on debt (R)	(69)	(1,538)	(2,043)
Debt issuance costs (C and R)	0	(11)	(61)
Premiums paid on early redemption of debt (R)	(2)	(138)	(59)
Repurchase of common stock (J)	(400)	(430)	(73)
Proceeds from exercise of employee stock options	16	22	33
Dividends paid to shareholders (J)	(44)	(19)	(11)
Net cash transferred to Arconic Corporation at separation	0	0	(500)
Other	(22)	(21)	(40)
Cash used for financing activities	(526)	(1,444)	(369)
Investing Activities
Capital expenditures (D and T)	(193)	(199)	(267)
Proceeds from the sale of assets and businesses (O and U)	58	32	114
Sales of debt securities	0	6	0
Cash receipts from sold receivables (M)	0	267	422
Other	0	1	2
Cash (used for) provided from investing activities	(135)	107	271
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2)	(1)	(3)
Net change in cash, cash equivalents and restricted cash	70	(889)	(92)
Cash, cash equivalents and restricted cash at beginning of year	722	1,611	1,703
Cash, cash equivalents and restricted cash at end of year	$ 792	$ 722	$ 1,611

Interest Cost Components (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Interest Cost Components


For the year ended December 31,	2022		2021		2020
Amount charged to interest expense, net	$	229	$	259	$	317
Loss on debt redemption (R)	2		146		64
Amount capitalized	6		8		11
Total	$	237	$	413	$	392

Statement of Consolidated Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Sales (D)	$ 5,663	$ 4,972	$ 5,259
Cost of goods sold (exclusive of expenses below)	4,103	3,596	3,878
Selling, general administrative, and other expenses	288	251	277
Research and development expenses	32	17	17
Provision for depreciation and amortization	265	270	279
Restructuring and other charges	56	90	182
Operating income	919	748	626
Loss on debt redemption (R)	2	146	64
Interest expense, net (F)	229	259	317
Other expense, net (G)	82	19	74
Income from continuing operations before income taxes	606	324	171
Provision (benefit) for income taxes (I)	137	66	(40)
Net income from continuing operations attributable to common shareholders	469	258	211
Income from discontinued operations after income taxes (C)	0	0	50
Net income	469	258	261
Amounts Attributable to Howmet Aerospace Inc. Common Shareholders (K):
Net income	$ 467	$ 256	$ 259
Earnings per share - basic
Continuing operations (in usd per share)	$ 1.12	$ 0.60	$ 0.48
Discontinued operations (in usd per share)	0	0	0.11
Earnings per share - diluted
Continuing operations (in usd per share)	1.11	0.59	0.48
Discontinued operations (in usd per share)	$ 0	$ 0	$ 0.11
Average Shares Outstanding (J):
Average shares outstanding - basic (in shares)	416	430	435
Average shares outstanding - diluted (in shares)	421	435	439

Receivables (Details) - USD ($) $ in Millions			12 Months Ended
Receivables (Details) - USD ($) $ in Millions	Aug. 30, 2021	Aug. 29, 2021	Dec. 31, 2022	Dec. 31, 2021
Customer One
Schedule Of Financial Receivables [Line Items]
Accounts receivable, sale			$ 474
Accounts receivable sale, amount outstanding			126	$ 109
Customer Two
Schedule Of Financial Receivables [Line Items]
Accounts receivable, sale				$ 368
Receivables Sale Program
Schedule Of Financial Receivables [Line Items]
Net cash funding received during the period			44
Amount of cash draws under arrangement during the period			41
Amount of cash repayments under arrangement during the period			85
Receivables Purchase Agreement
Schedule Of Financial Receivables [Line Items]
Funding of customer receivables sold	$ 190	$ 325
Increase in funding of customer receivables sold	250
Repurchases of receivables	$ 79
Accounts receivable, sale			$ 1,799

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 02, 2021	Apr. 24, 2020
Debt Instrument [Line Items]
Other	$ (19)		$ (18)
Long-term debt	4,162		4,232
Less: amount due within one year	0		5
Total long-term debt	$ 4,162		$ 4,227
5.125% Notes, due 2024
Debt Instrument [Line Items]
Long- term debt, interest rate	5.125%	5.125%	5.125%
Amount outstanding	$ 1,081		$ 1,150
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long- term debt, interest rate	6.875%			6.875%	6.875%
Amount outstanding	$ 600		600
5.900% Notes, due 2027
Debt Instrument [Line Items]
Long- term debt, interest rate	5.90%
Amount outstanding	$ 625		625
6.750% Bonds, due 2028
Debt Instrument [Line Items]
Long- term debt, interest rate	6.75%
Amount outstanding	$ 300		300
3.000% Notes, due 2029
Debt Instrument [Line Items]
Long- term debt, interest rate	3.00%
Amount outstanding	$ 700		700
5.950% Notes, due 2037
Debt Instrument [Line Items]
Long- term debt, interest rate	5.95%
Amount outstanding	$ 625		625
4.750% Iowa Finance Authority Loan, due 2042
Debt Instrument [Line Items]
Long- term debt, interest rate	4.75%
Amount outstanding	$ 250		$ 250

Receivables	12 Months Ended
Receivables	Dec. 31, 2022
Transfers and Servicing [Abstract]
Receivables	Receivables Sale of Receivables Programs The Company maintains an accounts receivables securitization arrangement through a wholly-owned special purpose entity (“SPE”). The Company previously had a second arrangement which terminated on August 30, 2021. The net cash funding from the sale of accounts receivable was neither a use of cash nor a source of cash during 2022 or 2021. The terminated arrangement was with financial institutions to sell certain customer receivables without recourse on a revolving basis. The Company had $44 net cash repayments ($41 in draws and $85 in repayments) in 2021 in connection with this arrangement. The total cash receipts from both customer payments on sold receivables (which were cash receipts on the underlying trade receivables that had been previously sold) and net cash repayments under the program were presented as cash receipts from sold receivables within investing activities in the Statement of Consolidated Cash Flows in 2021. The current accounts receivables securitization arrangement is one in which the Company, through an SPE, has a receivables purchase agreement (the “Receivables Purchase Agreement”) such that the SPE may sell certain receivables to financial institutions until the earlier of August 30, 2024 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. This accounts receivable securitization arrangement totaled $325 at both December 31, 2022 and December 31, 2021 of which $250 was drawn as of December 31, 2022 and December 31, 2021. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which were $190 and $79 at December 31, 2022 and December 31, 2021, respectively. The Company sold $1,799 of its receivables without recourse and received cash funding under this program during 2022, resulting in derecognition of the receivables from the Company’s Consolidated Balance Sheet. Costs associated with the sales of receivables are reflected in the Company’s Statement of Consolidated Operations for the periods in which the sales occur. Cash receipts from sold receivables under the Receivables Purchase Agreement are presented within operating activities in the Statement of Consolidated Cash Flows. Other Customer Receivable Sales In 2022, the Company sold $474 of certain customers’ receivables in exchange for cash (of which $126 was outstanding from customers at December 31, 2022), the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows. In 2021, the Company sold $368 of certain customers’ receivables in exchange for cash (of which $109 was outstanding from customers at December 31, 2021), the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows.

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.

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Preferred and Common Stock (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Share Activity

Common Stock Outstanding and Share Activity (number of shares)




Balance at December 31, 2019									432,855,183
Issued for stock-based compensation plans									3,896,119
Repurchase and retirement of common stock									(3,844,925)
Balance at December 31, 2020									432,906,377
Issued for stock-based compensation plans									2,195,681
Repurchase and retirement of common stock									(13,410,146)
Balance at December 31, 2021									421,691,912
Issued for stock-based compensation plans									1,819,651
Repurchase and retirement of common stock									(11,356,506)
Balance at December 31, 2022									412,155,057

Accelerated Share Repurchases

The following table provides details for share repurchases during 2022, 2021, and 2020:


	Number of shares	Average price per share(1)	Total



































Q1 2022 open market repurchase	5,147,307	$34.00	$175

Q2 2022 open market repurchase	1,770,271	$33.89	$60

Q3 2022 open market repurchase	2,764,846	$36.17	$100

Q4 2022 open market repurchase	1,674,082	$38.83	$65

2022 Share repurchase total	11,356,506	$35.22	$400

Q2 2021 accelerated share repurchase	5,878,791	$34.02	$200

Q3 2021 open market repurchase	769,274	$32.50	$25

Q4 2021 open market repurchase	6,762,081	$30.32	$205

2021 Share repurchase total	13,410,146	$32.07	$430

Q3 2020 open market repurchase	2,907,094	$17.36	$51

Q4 2020 open market repurchase	937,831	$23.99	$22

2020 Share repurchase total	3,844,925	$18.98	$73

(1)Excludes commissions cost.

Schedule of Activity for Stock Options and Stock Awards

The activity for stock options and stock awards during 2022 was as follows (options and awards in millions):


	Stock options			Stock awards
	Number of options	Weighted average exercise price per option		Number of awards	Weighted average FMV per award
Outstanding, December 31, 2021	2	$	23.64	8	$	16.19
Granted	—	—		1	35.79
Exercised	(1)	22.75		—	—
Converted	—	—		(2)	16.35
Expired or forfeited	—	33.61		(1)	24.92



Outstanding, December 31, 2022	1	$	23.86	6	$	17.77

Statement of Changes in Consolidated Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common stock, dividends declared per share (usd per share)	$ 0.10	$ 0.04	$ 0.02
Preferred Class A
Preferred, dividends per share (usd per share)	$ 3.75	$ 3.75	$ 3.75

Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Paid for Interest and Income Taxes


December 31,	2022			2021			2020
Right-of-use assets obtained in exchange for operating lease obligations (O)	$	34		$	16		$	35
Weighted-average remaining lease term in years	6			6			6
Weighted-average discount rate	5.4		%	5.4		%	5.6		%

Cash paid for interest and income taxes for both continuing and discontinued operations was as follows:


	2022		2021		2020
Interest, net of amounts capitalized	$	224	$	267	$	401
Income taxes, net of amounts refunded	$	50	$	53	$	(33)

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 10, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 13
Entity Common Stock, Shares Outstanding		412,282,856
Documents Incorporated by Reference	Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A (Proxy Statement).
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000004281
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 $100.00 per share
Trading Symbol	HWM PR
Security Exchange Name	NYSEAMER

Arconic Inc Separation Transaction and Discontinued Operations - Narrative (Details)				3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 01, 2020 company	Mar. 25, 2020 USD ($)	Feb. 01, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2021 USD ($)	Feb. 07, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of independent, publicly-traded companies resulting from proposed separation transaction \| company	2
Debt issuance costs (C and R)						$ 0	$ 11,000,000	$ 61,000,000
Asset impairment charges						$ 1,000,000	15,000,000	5,000,000
Aluminum Rolling Mill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration			$ 50,000,000
Gain (loss) on disposition of business, before tax			$ (59,000,000)
Asset impairment charges				$ 6,000,000	$ 53,000,000			6,000,000
Hard Alloy Extrusions Plant In South Korea
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration							$ 62,000,000		$ 62,000,000
Lien Notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt issuance costs (C and R)				$ 45,000,000				$ 45,000,000
Senior Notes \| Second-Lien Notes Due 2028
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate principal amount										$ 600,000,000
Convertible notes, interest rate percentage										6.125%
Line of Credit \| Senior Secured First Lien Term B Loan Facility Due 2027 \| Secured Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate principal amount		$ 600,000,000
Debt instrument, term		7 years

Inventories - Schedule of Inventory Components (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 490	$ 478
Work-in-process	748	631
Purchased raw materials	317	256
Operating supplies	54	37
Total inventories	$ 1,609	$ 1,402

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 791	$ 720
Receivables from customers, less allowances of $1 in 2022 and $— in 2021 (M)	506	367
Other receivables (M)	31	53
Inventories (N)	1,609	1,402
Prepaid expenses and other current assets	206	195
Total current assets	3,143	2,737
Properties, plants, and equipment, net (O)	2,332	2,467
Goodwill (A and P)	4,013	4,067
Deferred income taxes (I)	54	184
Intangibles, net (P)	521	549
Other noncurrent assets (A and Q)	192	215
Total assets	10,255	10,219
Current liabilities:
Accounts payable, trade	962	732
Accrued compensation and retirement costs	195	198
Taxes, including income taxes	48	61
Accrued interest payable	75	74
Other current liabilities (A and Q)	202	183
Short-term debt (R and S)	0	5
Total current liabilities	1,482	1,253
Long-term debt, less amount due within one year (R and S)	4,162	4,227
Accrued pension benefits (H)	633	771
Accrued other postretirement benefits (H)	109	153
Other noncurrent liabilities and deferred credits (A and Q)	268	307
Total liabilities	6,654	6,711
Contingencies and commitments (V)
Howmet Aerospace Inc. shareholders’ equity:
Preferred stock (J)	55	55
Common stock (J)	412	422
Additional capital (J)	3,947	4,291
Retained earnings (A)	1,028	603
Accumulated other comprehensive loss (A and L)	(1,841)	(1,863)
Total equity	3,601	3,508
Total liabilities and equity	$ 10,255	$ 10,219

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory Components

Inventories


December 31,	2022		2021
Finished goods	$	490	$	478
Work-in-process	748		631
Purchased raw materials	317		256
Operating supplies	54		37
Total inventories	$	1,609	$	1,402

Properties, Plants, and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Properties, Plants, and Equipment, Net


	December 31, 2022		December 31, 2021
Land and land rights(1)	$	84	$	91
Structures(1)	986		1,034
Machinery and equipment	3,941		3,932
	5,011		5,057
Less: accumulated depreciation and amortization(1)	2,858		2,772
	2,153		2,285
Construction work-in-progress	179		182
Properties, plants, and equipment, net	$	2,332	$	2,467

(1)In the first quarter of 2022, the Company entered into an agreement to sell the corporate headquarters in Pittsburgh, PA. The proceeds from the sale of the corporate headquarters, which closed in June 2022, were $44, excluding $3 of transaction costs, and the carrying value at the time of sale was $41. A loss of less than $1 was recorded in Restructuring and other charges in the Statement of Consolidated Operations upon finalization of the sale in the second quarter of 2022. The Company entered into a 12-year lease with the purchaser for a portion of the property.Depreciation expense related to Properties, plants, and equipment recorded in Provision for depreciation and amortization in the Statement of Consolidated Operations was $227, $232, and $236 for the years ended December 31, 2022, 2021, and 2020, respectively

Recently Adopted and Recently Issued Accounting Guidance (Details) - USD ($) $ in Millions		1 Months Ended
	Sep. 28, 2021	Feb. 14, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets classified in Other noncurrent assets			$ 111	$ 108
Present value of lease liabilities			115	114
Total equity			3,601	3,508	$ 3,577	$ 4,605
Revolving Credit Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt instrument, term	5 years
Revolving Credit Agreement \| Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt instrument, term		5 years
Retained earnings (Accumulated deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			$ 1,028	$ 603	$ 364	$ 113

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Restructuring and Other Charges - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) employee	Dec. 31, 2020 USD ($) employee
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		$ 56	$ 90	$ 182
Pension, other post-retirement benefits and deferred compensation - net settlement and curtailments		(58)	(75)	(69)
Other		6	4	8
Accelerated depreciation		1	15	2
Gain (loss) on sale of assets		8	12	3
Benefit from termination of plan				3
Impairment of assets to be disposed of		8	15	5
Pension benefits paid
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 34			69
Pension, other post-retirement benefits and deferred compensation - net settlement and curtailments		(58)	(75)
Curtailment (charge) benefit		0	(6)	0
Other postretirement benefits
Restructuring Cost and Reserve [Line Items]
Curtailment (charge) benefit		0	0	2
Layoff costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges			$ 7	$ 113
Number of employees associated with layoff costs \| employee			253	4,301
Layoff costs \| Corporate
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee				23
Layoff costs \| Engineered Structures
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee			171
Layoff costs \| Engine Products
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee			75	1,706
Layoff costs \| Fastening Systems
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee			6	1,675
Layoff costs \| Corporate Aircraft
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee			1
Layoff costs \| Engineered Structures
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee				805
Layoff costs \| Forged Wheels
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee				92
Asset Impairment Associated Facility Closure
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges			$ 4	$ 1
Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		1	4	6
Facility Closing \| U.K. Forging Business
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges				5
Reversal Of Prior Period Programs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		$ (1)	(3)	(21)
2021 Restructuring Programs
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| segment		253
Number of employees separated \| segment		80
U.K. and U.S. pension plan settlement accounting \| Pension benefits paid
Restructuring Cost and Reserve [Line Items]
Pension, other post-retirement benefits and deferred compensation - net settlement and curtailments				74
Impairment Of A Cost Method Investment
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges				5
Pension Settlement Cost
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		$ 17	$ 12	$ 8

Earnings Per Share - Calculation of Average Share Outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	0	0	1

Segment and Geographic Area Information - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Number of reportable segments		4
Revenue Benchmark \| Customer Concentration Risk \| Aerospace
Segment Reporting Information [Line Items]
Concentration risk, percentage	62.00%	60.00%	69.00%
Revenue Benchmark \| Customer Concentration Risk \| Aerospace \| General Electric Company
Segment Reporting Information [Line Items]
Concentration risk, percentage	12.00%
Revenue Benchmark \| Customer Concentration Risk \| Aerospace \| Raytheon Technologies Corporation
Segment Reporting Information [Line Items]
Concentration risk, percentage	9.00%

Preferred and Common Stock - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended						12 Months Ended
	Sep. 28, 2021	Jun. 30, 2020 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares shares	Sep. 30, 2021 $ / shares	Dec. 31, 2022 USD ($) class $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Preferred Stock
Preferred stock, number of classes \| class									2
Common Stock
Common stock, shares authorized (in shares) \| shares			600,000,000						600,000,000
Common stock issued (in shares) \| shares			412,155,057						412,155,057
Common stock outstanding (in shares) \| shares			412,155,057				422,000,000		412,155,057	422,000,000
Common stock, dividends declared per share (usd per share) \| $ / shares									$ 0.10	$ 0.04	$ 0.02
Dividends paid per share (usd per share) \| $ / shares			$ 0.04	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02
Number of shares available for issuance (in shares) \| shares			47,000,000						47,000,000
Common stock reserved for future issuance (in shares) \| shares			29,000,000						29,000,000
Stock repurchased during period									$ 400	$ 430	$ 73
Stock repurchase program, remaining repurchase amount			$ 947						$ 947
Average shares outstanding - diluted (in shares) \| shares									421,000,000	435,000,000	439,000,000
Stock-based Compensation
Cash payments for performance awards										$ 23
Stock based compensation expense (benefit), before tax		$ 12							$ 54	40	$ 46
Stock based compensation expense, after tax									49	$ 36	42
Share-based payment arrangement included in cash bonus award											$ 2
Unrecognized compensation costs on non-vested stock option grants (pretax)			35						$ 35
Unrecognized compensation costs on non-vested awards, weighted average period of recognition in years									1 year 3 months 18 days
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in usd per share) \| $ / shares										$ 2.57
Average risk-free interest rate. percentage									2.00%	0.20%	0.30%
Number of options, outstanding weighted average remaining contractual life									2 years 1 month 6 days
Total intrinsic value of options outstanding			$ 15						$ 15
Proceeds from exercise of employee stock options									16	$ 22	$ 33
Total tax benefit realized from these exercises									2	2	3
Total intrinsic value of options exercised									10	10	14
Total intrinsic value of options exercised converted									61	55	$ 104
Restructuring and Other Charges
Stock-based Compensation
Stock based compensation expense (benefit), before tax									$ (2)
Stock options
Stock-based Compensation
Stock options granted, vesting period									3 years
Share-based compensation arrangement by share-based payment award, expiration period									10 years
Stock options granted, contractual term									6 months
Restricted Stock Units (RSUs)
Stock-based Compensation
Stock options granted, contractual term									3 years
Percentage of remaining share based compensation expenses											95.00%
Stock-based compensation capitalized									$ 0	$ 0	$ 0
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in usd per share) \| $ / shares									$ 44.44	$ 43.41
Volatility, percentage									39.40%	56.00%	48.30%
Share-based Compensation Award, Tranche One \| Stock options
Stock-based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage									33.33%
Share-based Compensation Award, Tranche Two \| Stock options
Stock-based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage									33.33%
Share-based Compensation Award, Tranche Three \| Stock options
Stock-based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage									33.33%
Revolving Credit Agreement
Common Stock
Debt instrument, term	5 years
Preferred Class A
Preferred Stock
Preferred stock dividend declared (usd per share) \| $ / shares									$ 3.75	$ 3.75	$ 3.75
Number of shares of preferred stock authorized (in shares) \| shares			660,000						660,000
Preferred stock par value (usd per share) \| $ / shares			$ 100						$ 100
Preferred stock, shares outstanding (in shares) \| shares			546,024						546,024
Preferred Class B
Preferred Stock
Number of shares of preferred stock authorized (in shares) \| shares			10,000,000						10,000,000
Preferred stock par value (usd per share) \| $ / shares			$ 1						$ 1
Preferred stock, shares outstanding (in shares) \| shares			0				0		0	0

Segment and Geographic Area Information - Schedule of Reconciliation of Certain Segment Information to Consolidated Totals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	$ 5,663	$ 4,972	$ 5,259
Total segment sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	5,673	4,982	5,269
Elimination of inter-segment sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	(10)	(10)	(12)
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	$ 0	$ 0	$ 2

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Arconic Inc Separation Transaction and Discontinued Operations - Summary of Property, Plant and Equipment Purchases of the Discontinued Operations (Details) - Arconic Corporation - Discontinued Operations, Disposed of by Means Other than Sale $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital expenditures	$ 72
Proceeds from the sales of businesses	$ 112

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Changes in Accumulated Other Comprehensive Loss by Component

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



	2022		2021		2020
Pension and other postretirement benefits (H)
Balance at beginning of period	$	(799)	$	(980)	$	(2,732)

Other comprehensive income (loss):
Unrecognized net actuarial gain (loss) and prior service cost/benefit	87		111		(211)
Tax (expense) benefit	(18)		(26)		48
Total Other comprehensive income (loss) before reclassifications, net of tax	69		85		(163)
Amortization of net actuarial loss and prior service cost(1)	99		123		149
Tax expense(2)	(22)		(27)		(32)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	77		96		117
Total Other comprehensive income (loss)	146		181		(46)
Transfer to Arconic Corporation	—		—		1,798
Balance at end of period	$	(653)	$	(799)	$	(980)
Foreign currency translation
Balance at beginning of period	$	(1,062)	$	(966)	$	(596)


Other comprehensive (loss) income(4)	(131)		(96)		58
Transfer to Arconic Corporation	—		—		(428)
Balance at end of period	$	(1,193)	$	(1,062)	$	(966)




Cash flow hedges
Balance at beginning of period	$	(2)	$	3	$	(1)

Other comprehensive (loss) income:
Net change from periodic revaluations	(8)		20		—
Tax benefit (expense)	2		(4)		—
Total Other comprehensive (loss) income before reclassifications, net of tax	(6)		16		—
Net amount reclassified to earnings	17		(26)		6






Tax (expense) benefit(2)	(4)		5		(2)
Total amount reclassified from Accumulated other comprehensive income (loss), net of tax(3)	13		(21)		4
Total Other comprehensive income (loss)	7		(5)		4
Balance at end of period	$	5	$	(2)	$	3

Accumulated other comprehensive loss balance at end of period	$	(1,841)	$	(1,863)	$	(1,943)

(1)These amounts were recorded in Other expense, net (see Note G) and Restructuring and other charges (see Note E) in the Statement of Consolidated Operations.

(2)These amounts were included in Provision (benefit) for income taxes (see Note I) in 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)In all periods presented, no amounts were reclassified to earnings.

Arconic Inc Separation Transaction and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Summary of Discontinued Operations

The results of operations of Arconic Corporation are presented as Income from discontinued operations after income taxes in the Statement of Consolidated Operations as summarized below:


	Year ended December 31,
	2020
Sales	$	1,575
Cost of goods sold	1,293
Selling, general administrative, research and development and other expenses	106
Provision for depreciation and amortization	58
Restructuring and other credits	(18)
Operating income from discontinued operations	136
Interest expense, net	7
Other expense, net	41
Income from discontinued operations	88
Provision for income taxes	38
Income from discontinued operations after income taxes	$	50


	Year ended December 31,
	2020
Capital expenditures	$	72
Proceeds from the sales of businesses	112
Provision for depreciation and amortization	58

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.

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Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

12 Months Ended

Dec. 31, 2022

Restructuring and Other Charges

Restructuring and other charges were comprised of the following:


For the year ended December 31,	2022		2021		2020
Layoff costs	$	—	$	7	$	113
Net reversals of previously recorded layoff reserves	(1)		(3)		(21)
Pension, other post-retirement benefits and deferred compensation - net settlement and curtailments	58		75		69
Non-cash asset impairments and accelerated depreciation	1		15		5
Net (gain) loss related to divestitures of assets and businesses (U)	(8)		(8)		8
Other	6		4		8
Restructuring and other charges	$	56	$	90	$	182

Layoff costs were recorded based on approved detailed action plans submitted by the operating locations that specified positions to be eliminated, benefits to be paid under existing severance plans, union contracts or statutory requirements and the expected timetable for completion of the plans.

2022 Actions. In 2022, Howmet recorded Restructuring and other charges of $56, which included a $58 charge for U.S. and U.K. pension plans' settlement accounting; a $6 charge for various other exit costs, and a $1 charge for accelerated depreciation primarily related to the closure of small U.S. manufacturing facilities in Engineered Structures. These charges were partially offset by a gain of $8 on the sale of assets at a small U.S. manufacturing facility in Engine Products and a benefit of $1 related to the reversal of a number of layoff reserves related to prior periods.

2021 Actions. In 2021, Howmet recorded Restructuring and other charges of $90, which included a $75 charge for U.K. and U.S. pension plans' settlement accounting; a $15 charge for accelerated depreciation primarily related to the closure of small U.S. manufacturing facilities in Engine Products and Fastening Systems; a $7 charge for layoff costs, including the separation of 253 employees (171 in Engineered Structures, 75 in Engine Products, 6 in Fastening Systems and 1 in Corporate); a $4 charge for impairment of assets associated with an agreement to sell a small manufacturing business in France, and a $4 charge for various other exit costs. These charges were partially offset by a gain of $12 on the sale of assets at a small U.S. manufacturing facility in Fastening Systems and a benefit of $3 related to the reversal of a number of layoff reserves related to prior periods.

As of December 31, 2022, 80 of the 253 employees were separated. The remaining separations for the 2021 restructuring programs are expected to be completed in 2023 with certain final payouts expected to occur in 2024.

2020 Actions. In 2020, Howmet recorded Restructuring and other charges of $182, which included a $113 charge for layoff costs, including the separation of 4,301 employees (1,706 in Engine Products, 1,675 in Fastening Systems, 805 in Engineered Structures, 92 in Forged Wheels and 23 in Corporate); a $69 net charge for Pension, Other postretirement benefits and deferred compensation - net settlement and curtailments, composed of a $74 charge for U.K. and U.S. pension plans' settlement accounting offset by a $3 benefit from the termination of a deferred compensation plan and a $2 curtailment benefit related to a postretirement plan; a $5 post-closing adjustment related to the sale of the Company’s U.K. forgings business (which was formerly part of the Engine Products segment); a $5 charge for impairment of assets associated with an agreement to sell an aerospace components business in the U.K. (within the Engineered Structures segment), which ultimately did not occur and the business was returned to held for use; $5 charge related to the impairment of a cost method investment; a $2 charge for accelerated depreciation; a $1 charge for impairment of assets due to a facility sale, and a $6 charge for various other exit costs. These charges were partially offset by a benefit of $21 related to the reversal of a number of prior period programs and a gain of $3 on the sale of assets.

As of December 31, 2022, the employee separations associated with the 2020 restructuring programs were essentially complete.

Activity and reserve balances for restructuring charges were as follows:


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2019	$	13	$	—	$	13
2020 Activity
Cash payments	(51)		—		(51)
Restructuring and other charges	161		21		182
Other(1)	(69)		(21)		(90)
Reserve balances at December 31, 2020	$	54	$	—	$	54
2021 Activity
Cash payments	$	(41)	$	(2)	$	(43)
Restructuring and other charges	79		11		90
Other(2)	(75)		(7)		(82)
Reserve balances at December 31, 2021	$	17	$	2	$	19
2022 Activity
Cash payments	$	(9)	$	(7)	$	(16)
Restructuring and other charges	56		—		56
Other(3)	(58)		7		(51)
Reserve balances at December 31, 2022	$	6	$	2	$	8

The remaining reserves at December 31, 2022 are expected to be paid in cash during 2023 and 2024

Segment and Geographic Area Information - Capital Expenditure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Capital expenditures	$ 193	$ 199	$ 267
Total segment sales
Segment Reporting Information [Line Items]
Capital expenditures	178	182	158
Corporate
Segment Reporting Information [Line Items]
Capital expenditures	$ 15	$ 17	$ 109

Income Taxes - Components of Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 287	$ 28	$ 84
Foreign	319	296	87
Income from continuing operations before income taxes	$ 606	$ 324	$ 171

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Supplemental Cash Flow Information [Abstract]

Earnings Per Share - Reconciliation of Information Used to Compute Basic and Diluted EPS (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income from continuing operations	$ 469	$ 258	$ 211
Less: preferred stock dividends declared	2	2	2
Net income from continuing operations attributable to common shareholders	467	256	209
Income from discontinued operations	0	0	50
Net income attributable to common shareholders - basic	467	256	259
Net income attributable to common shareholders - diluted	$ 467	$ 256	$ 259
Average shares outstanding - basic (in shares)	416	430	435
Effect of dilutive securities:
Stock and performance awards (in shares)	5	5	4
Average shares outstanding - diluted (in shares)	421	435	439

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 949	$ 959
Accumulated amortization	(460)	(442)
Intangibles, net	489	517
Indefinite-lived trade names and trademarks	32	32
Total other intangible assets, gross	981	991
Total other intangible assets, net	521	549
Computer software
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	204	206
Accumulated amortization	(173)	(175)
Intangibles, net	31	31
Patents and licenses
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	67	67
Accumulated amortization	(66)	(65)
Intangibles, net	1	2
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	678	686
Accumulated amortization	(221)	(202)
Intangibles, net	$ 457	$ 484

Interest Cost Components (Details) - USD ($) $ in Millions	12 Months Ended
Interest Cost Components (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Amount charged to interest expense, net	$ 229	$ 259	$ 317
Loss on debt redemption (R)	2	146	64
Amount capitalized	6	8	11
Total	$ 237	$ 413	$ 392

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill	$ 4,792	$ 4,823
Accumulated impairment losses	(725)	(721)
Goodwill, net	4,067	4,102
Impairment		(4)
Translation and other	(54)	(31)
Goodwill	4,738	4,792
Accumulated impairment losses	(725)	(725)
Goodwill, net	4,013	4,067
Engine Products
Goodwill [Roll Forward]
Goodwill	2,868	2,890
Accumulated impairment losses	(719)	(719)
Goodwill, net	2,149	2,171
Impairment		0
Translation and other	(38)	(22)
Goodwill	2,830	2,868
Accumulated impairment losses	(719)	(719)
Goodwill, net	2,111	2,149
Fastening Systems
Goodwill [Roll Forward]
Goodwill	1,611	1,620
Accumulated impairment losses	(4)	0
Goodwill, net	1,607	1,620
Impairment		(4)
Translation and other	(16)	(9)
Goodwill	1,595	1,611
Accumulated impairment losses	(4)	(4)
Goodwill, net	1,591	1,607
Engineered Structures
Goodwill [Roll Forward]
Goodwill	306	306
Accumulated impairment losses	(2)	(2)
Goodwill, net	304	304
Impairment		0
Translation and other	0	0
Goodwill	306	306
Accumulated impairment losses	(2)	(2)
Goodwill, net	304	304
Forged Wheels
Goodwill [Roll Forward]
Goodwill	7	7
Accumulated impairment losses	0	0
Goodwill, net	7	7
Impairment		0
Translation and other	0	0
Goodwill	7	7
Accumulated impairment losses	0	0
Goodwill, net	$ 7	$ 7

Income Taxes - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred tax assets, depreciation	$ 11	$ 8
Deferred tax assets, employee benefits	232	300
Deferred tax assets, loss provisions	26	20
Deferred tax assets, deferred income	62	50
Deferred tax assets, interest	99	105
Deferred tax assets, tax loss carryforwards	2,955	3,226
Deferred tax assets, tax credit carryforwards	268	358
Deferred tax assets, other	6	10
Deferred tax assets, gross	3,659	4,077
Valuation allowance	(1,965)	(2,279)	$ (2,307)	$ (2,121)
Deferred tax assets, net	1,694	1,798
Deferred tax liabilities, depreciation	492	538
Deferred tax liabilities, employee benefits	1	3
Deferred tax liabilities, loss provisions	1	1
Deferred tax liabilities, deferred expense	1,161	1,098
Deferred tax liabilities, interest	0	0
Deferred tax liabilities, tax loss carryforwards	0	0
Deferred tax liabilities, tax credit carryforwards	0	0
Deferred tax liabilities, other	6	7
Deferred tax liabilities, gross	$ 1,661	$ 1,647

Cash Flow Information

12 Months Ended

Dec. 31, 2022

Cash Flow Information

Cash paid for interest and income taxes for both continuing and discontinued operations was as follows:


	2022		2021		2020
Interest, net of amounts capitalized	$	224	$	267	$	401
Income taxes, net of amounts refunded	$	50	$	53	$	(33)

The Company incurred capital expenditures which remain unpaid at December 31, 2022, 2021, and 2020 of $55, $49, and $50, respectively, and will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods.

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Obligations and Funded Status

Obligations and Funded Status


	Pension benefits				Other postretirement benefits
December 31,	2022		2021		2022		2021
Change in benefit obligation
Benefit obligation at beginning of year	$	2,296	$	2,713	$	165	$	215

Service cost	4		4		2		2
Interest cost	51		47		4		5
Amendments	—		3		—		(31)
Actuarial gains(1)	(553)		(55)		(38)		(10)
Settlements	(72)		(275)		—		—
Curtailments	(2)		—		—		—
Benefits paid	(102)		(140)		(13)		(17)
Medicare Part D subsidy receipts	—		—		—		1
Foreign currency translation impact	(23)		(1)		—		—
Benefit obligation at end of year(2)	$	1,599	$	2,296	$	120	$	165
Change in plan assets(2)
Fair value of plan assets at beginning of year	$	1,531	$	1,724	$	—	$	—

Actual (loss) return on plan assets	(383)		124		—		—
Employer contributions	43		96		—		—

Benefits paid	(87)		(123)		—		—
Administrative expenses	(12)		(12)		—		—

Settlement payments	(98)		(277)		—		—
Foreign currency translation impact	(24)		(1)		—		—
Fair value of plan assets at end of year(2)	$	970	$	1,531	$	—	$	—
Funded status	$	(629)	$	(765)	$	(120)	$	(165)


Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets	$	20	$	22	$	—	$	—

Current liabilities	(16)		(16)		(11)		(12)

Noncurrent liabilities	(633)		(771)		(109)		(153)

Net amount recognized	$	(629)	$	(765)	$	(120)	$	(165)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)	$	907	$	1,067	$	(28)	$	11
Prior service cost (benefit)	2		3		(40)		(49)


Net amount recognized, before tax effect	$	909	$	1,070	$	(68)	$	(38)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial benefit	$	(53)	$	(81)	$	(38)	$	(10)
Amortization of accumulated net actuarial loss	(107)		(125)		(1)		—

Prior service (benefit) cost	(1)		3		—		(31)
Amortization of prior service (cost) benefit	—		(7)		9		9



Net amount recognized, before tax effect	$	(161)	$	(210)	$	(30)	$	(32)

Schedule of Pension Plan Benefit Obligations

Pension Plan Benefit Obligations


	Pension benefits
	2022		2021
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans were as follows:
Projected benefit obligation	$	1,599	$	2,296
Accumulated benefit obligation	1,598		2,293
The aggregate projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were as follows:
Projected benefit obligation	1,482		1,982
Fair value of plan assets	833		1,193
The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were as follows:
Accumulated benefit obligation	1,481		1,981
Fair value of plan assets	833		1,193

Components of Net Periodic Benefit Cost


	Pension benefits(1)						Other postretirement benefits(2)
For the year ended December 31,	2022		2021		2020		2022		2021		2020
Service cost	$	4	$	4	$	12	$	2	$	2	$	3
Interest cost	51		47		97		4		5		10
Expected return on plan assets	(80)		(90)		(136)		—		—		—
Recognized net actuarial loss	49		56		78		1		—		3
Amortization of prior service cost (benefit)	—		1		—		(9)		(9)		(6)
Settlements(3)	58		69		76		—		—		—
Curtailments(4)	—		6		—		—		—		(2)

Net periodic benefit cost(5)	$	82	$	93	$	127	$	(2)	$	(2)	$	8
Discontinued operations	—		—		20		—		—		6
Net amount recognized in Statement of Consolidated Operations	$	82	$	93	$	107	$	(2)	$	(2)	$	2

(1)In 2022, 2021, and 2020, net periodic benefit cost for U.S. pension plans was $79, $61, and $58, respectively.

(4)In 2021, the curtailment was due to plan termination. In 2020, the curtailment was due to workforce reductions.

Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

Assumptions

Weighted average assumptions used to determine benefit obligations for pension and other postretirement benefit plans were as follows:


December 31,	2022		2021
Discount rate	5.40	%	2.70	%

Cash balance plan interest crediting rate	3.00	%	3.00	%

Weighted average assumptions used to determine net periodic benefit cost for pension and other postretirement benefit plans were as follows:


	2022		2021		2020
Discount rate to calculate service cost(1)	2.80	%	2.80	%	3.30	%
Discount rate to calculate interest cost(1)	2.50	%	2.10	%	2.70	%
Expected long-term rate of return on plan assets	6.70	%	6.20	%	6.00	%

Cash balance plan interest crediting rate	3.00	%	3.00	%	3.00	%

Schedule of Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates for U.S. other postretirement benefit plans were as follows:


	2022		2021		2020
Health care cost trend rate assumed for next year	5.50	%	5.50	%	5.50	%
Rate to which the cost trend rate gradually declines	4.50	%	4.50	%	4.50	%
Year that the rate reaches the rate at which it is assumed to remain	2025		2024		2023

Schedule of Pension and Postretirement Plans Investment Policy and Weighted Average Asset Allocations

Howmet’s pension plans’ investment policy at December 31, 2022 by asset class, were as follows:

Asset class

Policy range(1)

Equities

20–55%

Fixed income

25–55%

Other investments

15–35%

(1)Policy range is for U.S. plan assets only, as both the U.K. and Canadian asset investment allocations are controlled by a third-party trustee with input from Howmet.

Schedule of Fair Value of Pension Plan Assets

The following table presents the fair value of pension plan assets classified under the appropriate level of the fair value hierarchy or net asset value:


December 31, 2022	Level 1		Level 2		Net Asset Value		Total
Equities:
Equity securities	$	—	$	133	$	283	$	416
Long/short equity hedge funds	—		—		18		18
Private equity	—		—		107		107
	$	—	$	133	$	408	$	541
Fixed income:
Intermediate and long duration government/credit	$	107	$	148	$	—	$	255
Other	6		59		—		65
	$	113	$	207	$	—	$	320
Other investments:
Real estate	$	—	$	3	$	62	$	65
Discretionary and systematic macro hedge funds	—		—		29		29
Other	—		—		7		7
	$	—	$	3	$	98	$	101
Net plan assets(1)	$	113	$	343	$	506	$	962


December 31, 2021	Level 1		Level 2		Net Asset Value		Total
Equities:
Equity securities	$	2	$	197	$	409	$	608
Long/short equity hedge funds	—		—		60		60
Private equity	—		—		126		126
	$	2	$	197	$	595	$	794
Fixed income:
Intermediate and long duration government/credit	$	124	$	328	$	—	$	452
Other	15		119		—		134
	$	139	$	447	$	—	$	586
Other investments:
Real estate	$	—	$	—	$	64	$	64
Discretionary and systematic macro hedge funds	—		—		47		47
Other	—		—		23		23
	$	—	$	—	$	134	$	134
Net plan assets(2)	$	141	$	644	$	729	$	1,514

Schedule of Benefit Payments Expected to be Paid and Expected Medicare Part D Subsidy Receipts

Benefit payments expected to be paid to pension and other postretirement benefit plans’ participants are as follows utilizing the current assumptions outlined above:


For the year ended December 31,	Pension benefits paid		Other post- retirement benefits
2023	$	144	$	11
2024	129		11
2025	128		11
2026	126		11
2027	125		10
2028 - 2032	581		48
	$	1,233	$	102

Summary of Significant Accounting Policies - Weighted-Average Useful Lives of Structures and Machinery and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Structures \| Engine Products
Property, Plant and Equipment [Line Items]
Weighted-average useful lives of assets, years	30 years
Structures \| Fastening Systems
Property, Plant and Equipment [Line Items]
Weighted-average useful lives of assets, years	27 years
Structures \| Engineered Structures
Property, Plant and Equipment [Line Items]
Weighted-average useful lives of assets, years	28 years
Structures \| Forged Wheels
Property, Plant and Equipment [Line Items]
Weighted-average useful lives of assets, years	28 years
Machinery and equipment \| Engine Products
Property, Plant and Equipment [Line Items]
Weighted-average useful lives of assets, years	17 years
Machinery and equipment \| Fastening Systems
Property, Plant and Equipment [Line Items]
Weighted-average useful lives of assets, years	17 years
Machinery and equipment \| Engineered Structures
Property, Plant and Equipment [Line Items]
Weighted-average useful lives of assets, years	19 years
Machinery and equipment \| Forged Wheels
Property, Plant and Equipment [Line Items]
Weighted-average useful lives of assets, years	18 years

Statement of Changes in Consolidated Equity - USD ($) $ in Millions	Total	Preferred Class A	Preferred stock	Common stock	Additional capital	Retained earnings (Accumulated deficit)	Retained earnings (Accumulated deficit) Preferred Class A	Accumulated other comprehensive loss	Noncontrolling Interests
Beginning balance at Dec. 31, 2019	$ 4,605		$ 55	$ 433	$ 7,319	$ 113		$ (3,329)	$ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	261					261
Other comprehensive income (L)	16							16
Cash dividends declared:
Cash dividends declared, Preferred-Class A		$ (2)					$ (2)
Cash dividends declared, common	(8)					(8)
Repurchase and retirement of common stock (J)	(73)			(3)	(70)
Stock-based compensation (J)	45				45
Common stock issued: compensation plans (J)	(6)			3	(9)
Distributions to Arconic Corporation (C)	(1,261)				(2,617)			1,370	(14)
Ending balance at Dec. 31, 2020	3,577		55	433	4,668	364		(1,943)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	258					258
Other comprehensive income (L)	80							80
Cash dividends declared:
Cash dividends declared, Preferred-Class A		(2)					(2)
Cash dividends declared, common	(17)					(17)
Repurchase and retirement of common stock (J)	(430)			(13)	(417)
Stock-based compensation (J)	40				40
Common stock issued: compensation plans (J)	2			2
Ending balance at Dec. 31, 2021	3,508		55	422	4,291	603		(1,863)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	469					469
Other comprehensive income (L)	22							22
Cash dividends declared:
Cash dividends declared, Preferred-Class A		$ (2)					$ (2)
Cash dividends declared, common	(42)					(42)
Repurchase and retirement of common stock (J)	(400)			(12)	(388)
Stock-based compensation (J)	54				54
Common stock issued: compensation plans (J)	(8)			2	(10)
Ending balance at Dec. 31, 2022	$ 3,601		$ 55	$ 412	$ 3,947	$ 1,028		$ (1,841)	$ 0

Income Taxes - Schedule of Changes in Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation Of Changes In Valuation Allowance [Roll Forward]
Balance at beginning of year	$ 2,279	$ 2,307	$ 2,121
Increase to allowance	40	113	136
Release of allowance	(154)	(94)	(50)
Tax apportionment, tax rate and tax law changes	(110)	63	(23)
Foreign currency translation	(90)	(110)	123
Balance at end of year	$ 1,965	$ 2,279	$ 2,307

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Common stock outstanding (in shares)	412,155,057	422,000,000
Decrease in average shares outstanding (in shares)	14,000,000
Incremental common shares attributable to dilutive effect of accelerated share repurchase agreements (in shares)		11,000,000

Restructuring and Other Charges - Activity and Reserve Balances for Restructuring Charges (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance		$ 19	$ 54	$ 13
Cash payments		(16)	(43)	(51)
Restructuring and other charges		56	90	182
Other		(51)	(82)	(90)
Restructuring reserve ending balance		8	19	54
Restructuring and other charges		56	90	182
Gain (loss) on sale of assets		8	12	3
Benefit from termination of plan				3
Impairment of assets to be disposed of		8	15	5
Accelerated depreciation		1	15	2
Pension benefits paid
Restructuring Reserve [Roll Forward]
Restructuring and other charges	$ 34			69
Settlements		58	69	76
Curtailment (charge) benefit		0	(6)	0
Other postretirement benefits
Restructuring Reserve [Roll Forward]
Settlements		0	0	0
Curtailment (charge) benefit		0	0	2
Layoff costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance		17	54	13
Cash payments		(9)	(41)	(51)
Restructuring and other charges		56	79	161
Other		(58)	(75)	(69)
Restructuring reserve ending balance		6	17	54
Restructuring and other charges			7	113
Layoff costs \| Pension benefits paid
Restructuring Reserve [Roll Forward]
Settlements		58	75	74
Other exit costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance		2	0	0
Cash payments		(7)	(2)	0
Restructuring and other charges		0	11	21
Other		7	(7)	(21)
Restructuring reserve ending balance		2	2	0
Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring and other charges		$ 1	4	6
Impairment Of A Cost Method Investment
Restructuring Reserve [Roll Forward]
Restructuring and other charges				5
Asset Impairment Associated Facility Closure
Restructuring Reserve [Roll Forward]
Restructuring and other charges			$ 4	1
U.K. Forging Business \| Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring and other charges				$ 5

Properties, Plants, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 1	$ 15	$ 5
Depreciation	$ 227	$ 232	$ 236

Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
Cash Flow Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Interest, net of amounts capitalized	$ 224	$ 267	$ 401
Income taxes, net of amounts refunded	50	53	(33)
Capital expenditures	$ 55	$ 49	$ 50

Inventories - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories valued on a LIFO basis	$ 441	$ 331
Total inventories valued on an average-cost basis	220	192
LIFO inventory layer liquidations	$ 1	$ 0	$ 1

Other Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Other Financial Instruments

Fair Value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

•Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

•Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

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 and are carried at fair value based on quoted market prices. The aforementioned securities are classified in Level 1 of the fair value hierarchy and are included in Other noncurrent assets in the Consolidated Balance Sheet. 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 Howmet 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.


	2022				2021
December 31,	Carrying value		Fair value		Carrying value		Fair value
Long-term debt, less amounts due within one year	$	4,162	$	4,059	$	4,227	$	4,707

Restricted cash was $1, $2, and $1 in 2022, 2021, and 2020, respectively, and was recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheet.

Pension and Other Postretirement Benefits - Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.40%	2.70%
Cash balance plan interest crediting rate	3.00%	3.00%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate to calculate service cost	2.80%	2.80%	3.30%
Discount rate to calculate interest cost	2.50%	2.10%	2.70%
Expected long-term rate of return on plan assets	6.70%	6.20%	6.00%
Cash balance plan interest crediting rate	3.00%	3.00%	3.00%

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Long-Term Debt

Debt.


December 31,	2022		2021



5.125% Notes, due 2024	$	1,081	$	1,150
6.875% Notes, due 2025	600		600
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
3.000% Notes, due 2029	700		700
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Other(1)	(19)		(18)
	4,162		4,232
Less: amount due within one year	—		5
Total long-term debt	$	4,162	$	4,227

(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.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management evaluated all activity of Howmet 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, except as noted below: See Note R for the open market debt repurchases made subsequent to the fourth quarter of 2022 as well as an amendment to the Credit Agreement on February 13, 2023 to replace LIBOR with Term SOFR as the reference rate therein.

Segment and Geographic Area Information - Disaggregation of Revenue by Major End Market Served (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue, Major Customer [Line Items]
Sales	$ 5,663	$ 4,972	$ 5,259
Third-party sales
Revenue, Major Customer [Line Items]
Sales	5,663	4,972	5,257
Third-party sales \| Engine Products
Revenue, Major Customer [Line Items]
Sales	2,698	2,282	2,406
Third-party sales \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	1,117	1,044	1,245
Third-party sales \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	790	725	927
Third-party sales \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	1,058	921	679
Third-party sales \| Aerospace - Commercial
Revenue, Major Customer [Line Items]
Sales	2,606	2,029	2,597
Third-party sales \| Aerospace - Commercial \| Engine Products
Revenue, Major Customer [Line Items]
Sales	1,495	1,105	1,247
Third-party sales \| Aerospace - Commercial \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	616	537	808
Third-party sales \| Aerospace - Commercial \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	495	387	542
Third-party sales \| Aerospace - Commercial \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	0	0	0
Third-party sales \| Aerospace - Defense
Revenue, Major Customer [Line Items]
Sales	923	951	1,016
Third-party sales \| Aerospace - Defense \| Engine Products
Revenue, Major Customer [Line Items]
Sales	526	523	557
Third-party sales \| Aerospace - Defense \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	158	158	156
Third-party sales \| Aerospace - Defense \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	239	270	303
Third-party sales \| Aerospace - Defense \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	0	0	0
Third-party sales \| Commercial Transportation
Revenue, Major Customer [Line Items]
Sales	1,283	1,129	834
Third-party sales \| Commercial Transportation \| Engine Products
Revenue, Major Customer [Line Items]
Sales	0	0	0
Third-party sales \| Commercial Transportation \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	225	208	155
Third-party sales \| Commercial Transportation \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	0	0	0
Third-party sales \| Commercial Transportation \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	1,058	921	679
Third-party sales \| Industrial and Other
Revenue, Major Customer [Line Items]
Sales	851	863	810
Third-party sales \| Industrial and Other \| Engine Products
Revenue, Major Customer [Line Items]
Sales	677	654	602
Third-party sales \| Industrial and Other \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	118	141	126
Third-party sales \| Industrial and Other \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	56	68	82
Third-party sales \| Industrial and Other \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	$ 0	$ 0	$ 0

Preferred and Common Stock

12 Months Ended

Dec. 31, 2022

Preferred and Common Stock

Preferred Stock. Howmet has two classes of preferred stock: $3.75 Cumulative Preferred Stock (“Class A Preferred Stock”) and Class B Serial Preferred Stock. Class A Preferred Stock has 660,000 shares authorized at a par value of $100 per share with an annual $3.75 cumulative dividend preference per share. There were 546,024 shares of Class A Preferred Stock outstanding at both December 31, 2022 and 2021. Class B Serial Preferred Stock has 10,000,000 shares authorized at a par value of $1 per share. There were no shares of Class B Serial Preferred Stock outstanding at both December 31, 2022 and 2021.

Common Stock. At December 31, 2022, there were 600,000,000 shares authorized and 412,155,057 shares issued and outstanding. Dividends paid were $0.10 per share in 2022 ($0.02 per share in each of the first, second, and third quarters of 2022 and $0.04 per share in the fourth quarter of 2022), $0.04 per share in 2021 ($0.02 per share in each of the third and fourth quarters of 2021), and $0.02 per share in 2020 (all in the first quarter of 2020).

As of December 31, 2022, 47 million shares of common stock were reserved for issuance under Howmet’s stock-based compensation plans. As of December 31, 2022, 29 million shares remain available for issuance. Howmet issues new shares to satisfy the exercise of stock options and the conversion of stock awards.

Common Stock Outstanding and Share Activity (number of shares)




Balance at December 31, 2019									432,855,183
Issued for stock-based compensation plans									3,896,119
Repurchase and retirement of common stock									(3,844,925)
Balance at December 31, 2020									432,906,377
Issued for stock-based compensation plans									2,195,681
Repurchase and retirement of common stock									(13,410,146)
Balance at December 31, 2021									421,691,912
Issued for stock-based compensation plans									1,819,651
Repurchase and retirement of common stock									(11,356,506)
Balance at December 31, 2022									412,155,057

The following table provides details for share repurchases during 2022, 2021, and 2020:


	Number of shares	Average price per share(1)	Total



































Q1 2022 open market repurchase	5,147,307	$34.00	$175

Q2 2022 open market repurchase	1,770,271	$33.89	$60

Q3 2022 open market repurchase	2,764,846	$36.17	$100

Q4 2022 open market repurchase	1,674,082	$38.83	$65

2022 Share repurchase total	11,356,506	$35.22	$400

Q2 2021 accelerated share repurchase	5,878,791	$34.02	$200

Q3 2021 open market repurchase	769,274	$32.50	$25

Q4 2021 open market repurchase	6,762,081	$30.32	$205

2021 Share repurchase total	13,410,146	$32.07	$430

Q3 2020 open market repurchase	2,907,094	$17.36	$51

Q4 2020 open market repurchase	937,831	$23.99	$22

2020 Share repurchase total	3,844,925	$18.98	$73

(1)Excludes commissions cost.

The total value of shares repurchased during 2022, 2021, and 2020 were $400, $430, and $73, respectively. All of the shares repurchased during 2022, 2021, and 2020 were immediately retired. After giving effect to the share repurchases made through December 31, 2022, approximately $947 remained available for share repurchases as of January 1, 2023 under the prior authorizations by the Board. Under the Company’s share repurchase programs (the “Share Repurchase Programs”), the Company may repurchase shares by means of trading plans established from time to time in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, block trades, private transactions, open market repurchases and/or accelerated share repurchase agreements or other derivative transactions. There is no stated expiration for the Share Repurchase Programs. Under its Share Repurchase Programs, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time, and the Share Repurchase Programs may be suspended, modified or terminated at any time without prior notice.

Stock-Based Compensation

Howmet has a stock-based compensation plan under which stock options and/or restricted stock unit awards are granted, generally, in the first half of each year to eligible employees. Stock options are granted at the closing market price of Howmet’s common stock on the date of grant and typically vest over a three-year service period (1/3 each year) with a ten-year contractual term. Restricted stock unit awards typically vest over a three-year service period from the date of grant. As part of Howmet’s stock-based compensation plan design, individuals who are retirement-eligible have a six-month requisite service period in the year of grant. Certain of the restricted stock unit awards include performance and market conditions and are granted to certain eligible employees. In 2020, performance stock awards were granted to a senior executive that vest either based on achievement of the Arconic Inc. Separation Transaction (see Note C for further details) or the achievement of certain stock price thresholds. For performance stock awards granted in 2022, 2021, and for annual performance awards granted in 2020, the final number of shares earned will be based on Howmet’s achievement of profitability targets over the respective performance periods and will be earned at the end of the third year. Additionally, the annual 2022, 2021, and 2020 performance stock awards will be scaled by a total shareholder return (“TSR”) multiplier, which depends upon relative performance against the TSRs of a group of peer companies.

In conjunction with their employment agreements, certain current and former executives were granted cash bonus awards based on the achievement of certain stock price thresholds. These awards are liability classified and were marked-to-market each quarter using a Monte Carlo simulation. The stock price thresholds were fully reached. The cash payment of $23 occurred in 2021 in accordance with the terms of the agreements.

In 2022, 2021, and 2020, Howmet recognized stock-based compensation expense of $54 ($49 after-tax), $40 ($36 after-tax), and $46 ($42 after-tax), respectively. Senior executive performance awards granted in April 2020 were modified in June 2020, resulting in incremental compensation expense of $12, which is amortized over the remaining service period ending April 1, 2023. Additionally, the effect of the Arconic Inc. Separation Transaction was a modification of the original stock options and restricted stock award units. The modifications were designed with the intention that the intrinsic value of the stock option or stock award were the same both previous to and after the adjustments. An immaterial charge was recorded to Restructuring and other charges related to the modification.

All stock-based compensation expense recorded in 2022 and 2021 relates to restricted stock unit awards. Cash bonus awards of $2 were recorded in 2020. Of the remaining stock-based compensation expense in 2020, more than 95% relates to restricted stock unit awards. No stock-based compensation expense was capitalized in any of those years. Stock-based compensation expense was reduced by $2 in 2021 for certain executive pre-vest cancellations, which were recorded in Restructuring and other charges within the Statement of Consolidated Operations. At December 31, 2022, there was $35 (pre-tax) of unrecognized compensation expense related to non-vested restricted stock unit award grants. This expense is expected to be recognized over a weighted average period of 1.3 years.

Stock-based compensation expense is based on the grant date fair value of the applicable equity grant. For restricted stock unit awards, the fair value is equivalent to the closing market price of Howmet’s common stock on the date of grant. The weighted average grant date fair value per share of the 2022 and 2021 performance stock awards with a market condition scaled by a TSR multiplier is $44.44 and $43.41, respectively. The weighted average grant date fair value per share of the April 2020 senior executive performance stock awards with a market condition (achievement of certain stock price thresholds) is $2.57. The 2022, 2021, and 2020 performance awards were valued using a Monte Carlo model. A Monte Carlo simulation uses assumptions of stock price behavior to estimate the probability of satisfying market conditions and the resulting fair value of the award. The risk-free interest rate (2.0% in 2022, 0.2% in 2021, and in 0.3% in 2020) was based on a yield curve of interest rates at the time of the grant based on the remaining performance period. In 2022, 2021, and 2020, volatility of 39.4%, 56.0%, and 48.3%, respectively, was estimated using Howmet's historical volatility in 2022 and a blended rate of Howmet's historical volatility and a peer-based volatility due to the Arconic Inc. Separation Transaction and the related changes in the nature of the business in 2021 and 2020. Stock options were last granted in 2018.

The activity for stock options and stock awards during 2022 was as follows (options and awards in millions):


	Stock options			Stock awards
	Number of options	Weighted average exercise price per option		Number of awards	Weighted average FMV per award
Outstanding, December 31, 2021	2	$	23.64	8	$	16.19
Granted	—	—		1	35.79
Exercised	(1)	22.75		—	—
Converted	—	—		(2)	16.35
Expired or forfeited	—	33.61		(1)	24.92



Outstanding, December 31, 2022	1	$	23.86	6	$	17.77

As of December 31, 2022, the stock options outstanding had a weighted average remaining contractual life of 2.1 years and a total intrinsic value of $15. All of the stock options outstanding were fully vested and exercisable. In 2022, 2021, and 2020, the cash received from stock option exercises was $16, $22, and $33, respectively, and the total tax benefit realized from these exercises was $2, $2, and $3, respectively. The total intrinsic value of stock options exercised during 2022, 2021, and 2020 was $10, $10, and $14, respectively. The total intrinsic value of stock awards converted during 2022, 2021, and 2020 was $61, $55, and $104, respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Schedule of Supplemental Balance Sheet Information Related to Leases

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Pittsburgh, Pennsylvania

Segment and Geographic Area Information - Schedule of Geographic Information for Sales (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	$ 5,663	$ 4,972	$ 5,259
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	2,928	2,542	2,782
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	394	330	327
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	319	319	388
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	292	257	309
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	235	225	185
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	228	213	231
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	180	181	181
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	138	127	119
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	111	71	75
Poland
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	96	77	76
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	$ 742	$ 630	$ 586

Pension and Other Postretirement Benefits - Schedule of Obligations and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in the Consolidated Balance Sheet consist of:
Current liabilities	$ (11)	$ (12)
Noncurrent liabilities	(109)	(153)
Pension benefits
Change in benefit obligation
Benefit obligation at beginning of year	2,296	2,713
Service cost	4	4
Interest cost	51	47
Amendments	0	3
Actuarial gains	(553)	(55)
Settlements	(72)	(275)
Curtailments	(2)	0
Benefits paid	(102)	(140)
Medicare Part D subsidy receipts	0	0
Foreign currency translation impact	(23)	(1)
Benefit obligation at end of year	1,599	2,296
Change in plan assets
Fair value of plan assets at beginning of year	1,531	1,724
Actual (loss) return on plan assets	(383)	124
Employer contributions	43	96
Benefits paid	(87)	(123)
Administrative expenses	(12)	(12)
Settlement payments	(98)	(277)
Foreign currency translation impact	(24)	(1)
Fair value of plan assets at end of year	970	1,531
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Funded status	(629)	(765)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets	20	22
Current liabilities	(16)	(16)
Noncurrent liabilities	(633)	(771)
Net amount recognized	(629)	(765)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)	907	1,067
Prior service cost (benefit)	2	3
Net amount recognized, before tax effect	909	1,070
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial benefit	(53)	(81)
Amortization of accumulated net actuarial loss	(107)	(125)
Prior service (benefit) cost	(1)	3
Amortization of prior service (cost) benefit	0	(7)
Net amount recognized, before tax effect	(161)	(210)
Other postretirement benefits
Change in benefit obligation
Benefit obligation at beginning of year	165	215
Service cost	2	2
Interest cost	4	5
Amendments	0	(31)
Actuarial gains	(38)	(10)
Settlements	0	0
Curtailments	0	0
Benefits paid	(13)	(17)
Medicare Part D subsidy receipts	0	1
Foreign currency translation impact	0	0
Benefit obligation at end of year	120	165
Change in plan assets
Fair value of plan assets at beginning of year	0	0
Actual (loss) return on plan assets	0	0
Employer contributions	0	0
Benefits paid	0	0
Administrative expenses	0	0
Settlement payments	0	0
Foreign currency translation impact	0	0
Fair value of plan assets at end of year	0	0
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Funded status	(120)	(165)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets	0	0
Net amount recognized	(120)	(165)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)	(28)	11
Prior service cost (benefit)	(40)	(49)
Net amount recognized, before tax effect	(68)	(38)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial benefit	(38)	(10)
Amortization of accumulated net actuarial loss	(1)	0
Prior service (benefit) cost	0	(31)
Amortization of prior service (cost) benefit	9	9
Net amount recognized, before tax effect	(30)	(32)
United States \| Pension benefits
Change in benefit obligation
Benefit obligation at beginning of year	2,039
Benefit obligation at end of year	1,459	2,039
Change in plan assets
Fair value of plan assets at beginning of year	1,278
Fair value of plan assets at end of year	833	1,278
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Funded status	$ (626)	$ (761)

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Contingencies Environmental Matters. Howmet participates in environmental assessments and cleanups at more than 30 locations. These include owned or operating facilities and adjoining properties, previously owned or operated 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 $16 and $15 at December 31, 2022 and 2021, respectively, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $6 was classified as a current liability for both periods), 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 $4 and $2 in 2022 and 2021, respectively, and included 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 less than 1% of Cost of goods sold. Tax. 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. The Company appealed this assessment to Spain's Central Tax Administrative Court, and subsequently to Spain's National Court, each of which was denied. The Company then appealed the decision to the Supreme Court of Spain. In November 2020, the Supreme Court of Spain rendered a decision in favor of the taxpayer, removing the assessment in its entirety. The decision is final and cannot be further appealed. As a result of the favorable decision, in the fourth quarter of 2020, the Company released an income tax reserve, including interest, of $64 (€54), which was recorded in Provision (benefit) for income taxes in the Consolidated Statement of Operations, that was previously established in the third quarter of 2018. In addition, the Company reversed a combined indemnification receivable of $53 (€45) for Alcoa Corporation's 49% share and Arconic Corporation's 33.66% share of the total reserve, which was recorded in Other expense, net in the Consolidated Statement of Operations, that were previously established pursuant to the October 31, 2016 and March 31, 2020 Tax Matters Agreements, respectively. As of the end of 2020, the Company no longer has a balance recorded for this matter. Indemnified Matters. The Separation and Distribution Agreement, dated October 31, 2016, that the Company entered into with Alcoa Corporation in connection with the Alcoa Inc. Separation Transaction, provides for cross-indemnities between the Company and Alcoa Corporation for claims subject to indemnification. The Separation and Distribution Agreement, dated March 31, 2020, that the Company entered into with Arconic Corporation in connection with the Arconic Inc. Separation Transaction, provides for cross-indemnities between the Company and Arconic Corporation for claims subject to indemnification. Among other claims that are covered by these indemnities, Arconic Corporation indemnifies the Company (f/k/a Arconic Inc. and f/k/a Alcoa Inc.) for all potential liabilities associated with the fire that occurred at the Grenfell Tower in London, U.K. on June 14, 2017 (“Grenfell Fire”), including the following: (i) Regulatory Investigations. Arconic Architectural Products SAS ("AAP SAS") (now a subsidiary of Arconic Corporation) supplied Reynobond PE to its customer who used the product as one component of the overall cladding system on Grenfell Tower. Regulatory Investigations into the overall Grenfell Fire are being conducted, including a criminal investigation by the London Metropolitan Police Service and a Public Inquiry by the British government (regarding which AAP SAS is a participant). (ii) United Kingdom Litigation. On December 23, 2020, survivors and estates of decedents of the Grenfell Fire and emergency responders filed suit against 23 defendants, including the Company. No substantive allegations or requests for relief have been provided. The suits are stayed until the next case management conference, which will be scheduled after April 27, 2023. (iii) Behrens et al. v. Arconic Inc. et al. (United States District Court for the Eastern District of Pennsylvania). On June 6, 2019, 247 survivors and estates of decedents of the Grenfell Fire filed a complaint against Arconic Inc., Alcoa Inc. and Arconic Architectural Products, LLC (now a subsidiary of Arconic Corporation), among others, for product liability and wrongful death. The plaintiffs seek monetary damages exceeding $75,000 (amount not in millions) for each plaintiff. On September 16, 2020, the court dismissed the U.S. case, determining that the U.K. is the appropriate jurisdiction for the case. The plaintiffs appealed that decision. The Third Circuit Court of Appeals affirmed the dismissal on July 8, 2022, and denied a petition for a rehearing on October 7, 2022. On January 5, 2023, the plaintiffs filed a petition for a writ of certiorari in the U.S. Supreme Court, which is currently pending. (iv) Howard v. Arconic Inc. et al. (United States District Court for the Western District of Pennsylvania). In 2017, two purported class actions were filed against Arconic Inc., Klaus Kleinfeld and other former Arconic Inc. executives and directors, and certain banks. The actions, which later were consolidated, allege violations of the federal securities laws relating to the Grenfell Fire. On June 23, 2021, the court ruled that certain claims related to a particular registration statement, other SEC filings, product brochures and websites can proceed and dismissed all other claims with prejudice. On December 2, 2022, the court issued an initial case management order, setting forth deadlines for class certification briefing and discovery. Discovery has begun and is ongoing. (v) Raul v. Albaugh, et al. (United States District Court for the District of Delaware). 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, Klaus Kleinfeld and Ken Giacobbe, naming Arconic Inc. as a nominal defendant. The complaint asserts claims under federal securities laws, most of which are similar to those in Howard, as well as claims under Delaware state law for breaches of fiduciary duty, gross mismanagement and abuse of control, and also alleges that the defendants improperly authorized the sale of Reynobond PE for unsafe uses. The case has been stayed until the final resolution of the Howard case and the Regulatory Investigations. (vi) Stockholder Demands. Following the Grenfell Fire, the then Arconic Inc. Board of Directors (the “Board”) received letters, purportedly sent on behalf of stockholders, reciting allegations similar to the Howard and Raul cases and demanding that the Board authorize Arconic Inc. to initiate litigation against members of management, the Board and others. On May 28, 2019, the Board adopted the findings and recommendations of its Special Litigation Committee and rejected the stockholders’ demands. On June 28, 2021, one of the stockholders whose demand was rejected asked the current Howmet Board of Directors to reconsider the decision of the Board, which was declined. On August 4, 2021, another stockholder whose demand was rejected requested books and records relating to, among other things, the Board’s decision to reject his initial demand, which the Company declined. There has been no further correspondence with either stockholder. Legal Proceedings. Lehman Brothers International (Europe) (“LBIE”) Proceeding. On June 26, 2020, Lehman Brothers International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and Wales (the “Court”) against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. (collectively, the “Firth Rixson Entities”). The proceedings concern two interest rate swap transactions with LBIE (collectively, the “ISDAs”). In 2007 and 2008, the Firth Rixson Entities, then owned by Oak Hill, entered into the ISDAs in order to meet their obligation to hedge interest rate exposure under a lending agreement with LBIE. When LBIE went into bankruptcy in 2008, the Firth Rixson Entities entered into alternative swap agreements with another counterparty in order to meet this hedging obligation. The Firth Rixson Entities were acquired by the Company as part of its acquisition of the Firth Rixson business from Oak Hill in 2014. In the LBIE legal proceeding, LBIE claims the amounts owing by the Firth Rixson Entities under the ISDAs to be approximately $64, plus applicable interest. The Court issued its ruling in these proceedings on October 11, 2022 (the “Judgment”). In its ruling, the Court determined that the event of default under the ISDAs caused by LBIE as a result of its insolvency in 2008 and other defaults will conclude upon LBIE’s expected emergence from administration under the Insolvency Act of 1986. The Court ruled that upon such future event and other relevant steps being completed, the timing of which is unknown, the Firth Rixson Entities will be obligated to pay amounts due under the ISDAs. In late 2022, the Court granted LBIE a three-year extension of its bankruptcy administration. The Company recorded $65 in Other current liabilities in the Consolidated Balance Sheet, and took a pre-tax charge of this amount in Other expense, net in the Statement of Consolidated Operations in 2022. The matter of interest was not specifically addressed in the proceeding and no related amounts have been reserved. The Company vigorously disagrees with the ruling including as to any payment obligation in respect of the principal as well as any interest. In December 2022, the Company was granted permission to appeal the Court’s decision. 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 Purchase Obligations. Howmet has entered into purchase commitments for raw materials, energy and other goods and services, which total $265 in 2023, $140 in 2024, $14 in 2025, $2 in 2026, and none in 2027 and thereafter. Operating Leases. See Note Q for the operating lease future minimum contractual obligations. Guarantees. At December 31, 2022, Howmet had outstanding bank guarantees related to tax matters, outstanding debt, workers’ compensation, environmental obligations, and customs duties, among others. The total amount committed under these guarantees, which expire at various dates between 2023 and 2040, was $13 at December 31, 2022. Pursuant to the Separation and Distribution Agreement, dated as of October 31, 2016, between Howmet and Alcoa Corporation, Howmet was required to provide certain guarantees for Alcoa Corporation, which had a fair value of $6 at both December 31, 2022 and 2021, and were included in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet. The remaining guarantee, for which the Company and Arconic Corporation are secondarily liable in the event of a payment default by Alcoa Corporation, relates to a long-term energy supply agreement that expires in 2047 at an Alcoa Corporation facility. The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be remote. The Company and Arconic Corporation are required to provide a guarantee up to an estimated present value amount of approximately $1,040 and $1,406 at December 31, 2022 and 2021, respectively, in the event of an Alcoa Corporation default. In December 2020, December 2021, and December 2022, a surety bond with a limit of $80 relating to this guarantee was obtained by Alcoa Corporation to protect Howmet's obligation. This surety bond will be renewed on an annual basis by Alcoa Corporation. Letters of Credit. The Company has outstanding letters of credit, primarily related to workers’ compensation, environmental obligations, and insurance obligations. The total amount committed under these letters of credit, which automatically renew or expire at various dates, mostly in 2023, was $120 at December 31, 2022. Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company is required to retain letters of credit of $53 (which are included in the $120 in the above paragraph) that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation workers’ compensation claims that occurred prior to the respective separation transactions of April 1, 2020 and November 1, 2016. Arconic Corporation and Alcoa Corporation workers’ compensation and letters of credit fees paid by the Company are proportionally billed to, and are reimbursed by, Arconic Corporation and Alcoa Corporation, respectively. Also, the Company was required to provide letters of credit for certain Arconic Corporation environmental obligations and, as a result, the Company has $17 of outstanding letters of credit relating to such liabilities (which are also included in the $120 in the above paragraph). Arconic Corporation has issued surety bonds to cover these environmental obligations. Arconic Corporation is being billed for these letter of credit fees paid by the Company and will reimburse the Company for any payments made under these letters of credit. Surety Bonds. The Company has outstanding surety bonds primarily related to tax matters, contract performance, workers’ compensation, environmental-related matters, energy contracts, and customs duties. The total amount committed under these annual surety bonds, which expire and automatically renew at various dates, primarily in 2023 and 2024, was $43 at December 31, 2022. Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company is required to provide surety bonds of $22 (which are included in the $43 in the above paragraph) that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation workers’ compensation claims that 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 proportionately billed to, and are reimbursed by, Arconic Corporation and Alcoa Corporation.

Segment and Geographic Area Information - Schedule of Segment Operating Profit to Consolidated Net Income (Loss) Income Attributable to Arconic (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	$ 919	$ 748	$ 626
Loss on debt redemption	(2)	(146)	(64)
Interest expense, net	(229)	(259)	(317)
Other expense, net (V)	(82)	(19)	(74)
Income from continuing operations before income taxes	606	324	171
Total segment sales
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	1,352	1,200	1,152
Other Depreciation and Amortization	(258)	(261)	(262)
Restructuring and other charges
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	(56)	(90)	(182)
Corporate expense
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	$ (119)	$ (101)	$ (82)

Divestitures (Details) - USD ($) $ in Millions	3 Months Ended						12 Months Ended
Divestitures (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 01, 2021	Jan. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash asset impairments and accelerated depreciation							$ 1	$ 15	$ 5
Fastening Systems \| Small Manufacturing Facility In France \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash asset impairments and accelerated depreciation				$ 4
Consideration										$ 10
Proceeds from the sales of businesses		$ 1	$ 8
Fastening Systems \| Small Manufacturing Facility In France \| Disposed of by Sale \| Scenario, forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposits	$ 1
Engineered Structures \| Small Manufacturing Facility In The United Kingdom \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash asset impairments and accelerated depreciation					$ 7	$ 12
Consideration											$ 12

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

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


December 31,	2022		2021
Right-of-use assets classified in Other noncurrent assets	$	111	$	108

Current portion of lease liabilities classified in Other current liabilities	$	32	$	33
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	83		81
Total lease liabilities	$	115	$	114

Schedule of Future Minimum Contractual Operating Lease Obligations

Future minimum contractual operating lease obligations were as follows at December 31, 2022:





2023	$	39
2024	29
2025	18
2026	14
2027	10
Thereafter	24
Total lease payments	$	134
Less: Imputed interest	(19)
Present value of lease liabilities	$	115

Summary of Other Lease Information


December 31,	2022			2021			2020
Right-of-use assets obtained in exchange for operating lease obligations (O)	$	34		$	16		$	35
Weighted-average remaining lease term in years	6			6			6
Weighted-average discount rate	5.4		%	5.4		%	5.6		%

Cash paid for interest and income taxes for both continuing and discontinued operations was as follows:


	2022		2021		2020
Interest, net of amounts capitalized	$	224	$	267	$	401
Income taxes, net of amounts refunded	$	50	$	53	$	(33)

Earnings Per Share

12 Months Ended

Dec. 31, 2022

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


For the year ended December 31,	2022		2021		2020
Net income from continuing operations	$	469	$	258	$	211
Less: preferred stock dividends declared	2		2		2
Net income from continuing operations attributable to common shareholders	467		256		209
Income from discontinued operations	—		—		50


Net income attributable to common shareholders - basic and diluted	$	467	$	256	$	259

Average shares outstanding - basic	416		430		435
Effect of dilutive securities:
Stock and performance awards	5		5		4


Average shares outstanding - diluted	421		435		439

Common stock outstanding at December 31, 2022 and 2021 was approximately 412 million and 422 million, respectively.

The 14 million decrease in average shares outstanding (basic) for the year ended December 31, 2022 compared to the year ended December 31, 2021 was primarily due to the 11 million shares repurchased during 2022. As average shares outstanding are used in the calculation of both basic and diluted EPS, the full impact of share repurchases is not realized in EPS in the year of repurchase.

The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions):


For the year ended December 31,	2022	2021	2020

Stock options	—	—	1

Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Restricted cash	$ 1	$ 2	$ 1
Carrying value
Derivative [Line Items]
Long-term debt, less amounts due within one year	4,162	4,227
Fair value
Derivative [Line Items]
Long-term debt, less amounts due within one year	$ 4,059	$ 4,707

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

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


For the year ended December 31,	2022		2021		2020
Net income from continuing operations	$	469	$	258	$	211
Less: preferred stock dividends declared	2		2		2
Net income from continuing operations attributable to common shareholders	467		256		209
Income from discontinued operations	—		—		50


Net income attributable to common shareholders - basic and diluted	$	467	$	256	$	259

Average shares outstanding - basic	416		430		435
Effect of dilutive securities:
Stock and performance awards	5		5		4


Average shares outstanding - diluted	421		435		439

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions):


For the year ended December 31,	2022	2021	2020

Stock options	—	—	1

Pension and Other Postretirement Benefits - Schedule of Pension and Postretirement Plans Investment Policy and Weighted Average Asset Allocations (Details)	Dec. 31, 2022
Equities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Policy range	20.00%
Equities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Policy range	55.00%
Fixed income \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Policy range	25.00%
Fixed income \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Policy range	55.00%
Other investments \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Policy range	15.00%
Other investments \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Policy range	35.00%

Debt

12 Months Ended

Dec. 31, 2022

Debt

Debt.


December 31,	2022		2021



5.125% Notes, due 2024	$	1,081	$	1,150
6.875% Notes, due 2025	600		600
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
3.000% Notes, due 2029	700		700
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Other(1)	(19)		(18)
	4,162		4,232
Less: amount due within one year	—		5
Total long-term debt	$	4,162	$	4,227

(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.

The principal amount of long-term debt maturing in each of the next five years is $1,081 in 2024, $600 in 2025, $625 in 2027, and no debt maturities in each of 2023 and 2026.

Public Debt. In the second and fourth quarters of 2022, the Company repurchased in the open market approximately $69 aggregate principal amount of its 5.125% Notes due October 2024 (the “5.125% Notes”) and paid approximately $71, including an early termination premium of approximately $2, which was recorded in Loss on debt redemption in the Statement of Consolidated Operations. In January 2023, the Company repurchased approximately $26 aggregate principal amount of additional 5.125% Notes in the open market.

In the third and fourth quarters of 2021, the Company repurchased an additional $100 aggregate principal amount of its 5.125% Notes in the open market and paid approximately $111, including an early termination premium and accrued interest of approximately $10 and $1, respectively, which were recorded in Loss on debt redemption and Interest expense, net, respectively, in the Statement of Consolidated Operations.

On September 2, 2021, the Company completed a cash tender offer and repurchased approximately $600 aggregate principal amount of its 6.875% Notes due 2025 (the “6.875% Notes”). The amount of tender premium and accrued interest associated with the notes accepted for settlement were $105 and $14, respectively, which were recorded in Loss on debt redemption and Interest expense, net, respectively, in the Statement of Consolidated Operations.

On September 1, 2021, the Company completed an offering of $700 aggregate principal amount of 3.000% Notes due 2029, the proceeds of which were used to fund the cash tender offer noted above and to pay related transaction fees, including applicable premiums and expenses.

On May 3, 2021, the Company completed the early redemption of all the remaining $476 aggregate principal amount of its 5.870% Notes due 2022 (the “5.870% Notes”) and paid an aggregate of $503, including $5 of accrued interest. The Company also incurred an early termination premium and other costs of $23, which was recorded in Loss on debt redemption in the Statement of Consolidated Operations.

On January 15, 2021 the Company completed the early redemption of all the remaining $361 of its 5.400% Notes due 2021 (the “5.400% Notes”) at par and paid $5 in accrued interest.

On May 21, 2020, the Company completed a cash tender offer and repurchased $589 and $151 of principal amount of the 5.400% Notes and its 5.870% Notes, respectively. The amount of early tender premium and accrued interest associated with the notes accepted for early settlement were $24 and $4, respectively, which were recorded in Loss on debt redemption and Interest expense, net, respectively, in the Statement of Consolidated Operations.

On April 24, 2020, the Company completed an offering of $1,200 aggregate principal amount of 6.875% Notes, the proceeds of which have been used to fund the May 2020 cash tender offers noted above 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 the second quarter of 2020.

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. 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 were recorded in Loss on debt redemption and Interest expense, net, respectively, in the Statement of Consolidated Operations.

The Company has the option to redeem certain of its notes and bonds in whole or part, at any time at a redemption price equal to the greater of principal amount or the sum of the present values of the remaining scheduled payments, discounted using a defined treasury rate plus a spread, plus in either case accrued and unpaid interest to the redemption date.

Credit Facility. On September 28, 2021, the Company amended and restated its Five-Year Revolving Credit Agreement (as so amended and restated, the “Credit Agreement”). Capitalized terms used in this “Credit Facility” section but not otherwise defined shall have the meanings given to such terms in the Credit Agreement.

The Credit Agreement provides a $1,000 senior unsecured revolving credit facility (the “Credit Facility”) that matures on September 28, 2026, unless extended or earlier terminated in accordance with the provisions of the Credit Agreement. Howmet may make two one-year extension requests during the term of the Credit Facility, subject to the lender consent requirements set forth in the Credit Agreement. Subject to the terms and conditions of the Credit Agreement, the Company may from time to time request increases in lender commitments under the Credit Facility, not to exceed $500 in aggregate principal amount, and may also request the issuance of letters of credit, subject to a letter of credit sublimit of $500 of the Credit Facility. Under the provisions of the Credit Agreement, based on Howmet’s current long-term debt ratings, Howmet pays an annual fee of 0.23% of the total commitment to maintain the Credit Facility.

The Credit Facility is unsecured and amounts payable under it will rank pari passu with all other unsecured, unsubordinated indebtedness of Howmet. Borrowings under the Credit Facility may be denominated in U.S. dollars or euros. On February 13, 2023, the Company amended the Credit Agreement to replace LIBOR with Term SOFR as the reference rate for U.S. dollar-denominated loans. Loans under the Credit Agreement will bear interest at a base rate or, in the case of U.S. dollar-denominated loans, a rate equal to Term SOFR plus adjustment or, in the case of euro-denominated loans, the Euro inter-bank offered rate (“EURIBOR”), plus, in each case, an applicable margin based on the credit ratings of Howmet’s outstanding senior unsecured long-term debt. Based on Howmet’s current long-term debt ratings, the applicable margin on base rate loans would be 0.40% per annum and the applicable margin on Term SOFR loans and EURIBOR loans would be 1.40% per annum. The applicable margin is subject to change based on the Company’s long-term debt ratings. Loans may be prepaid without premium or penalty, subject to customary breakage costs.

The obligation of Howmet to pay amounts outstanding under the Credit Facility may be accelerated upon the occurrence of an “Event of Default” as defined in the Credit Agreement. Such Events of Default include, among others, (a) non-payment of obligations; (b) breach of any representation or warranty in any material respect; (c) non-performance of covenants and obligations; (d) with respect to other indebtedness in a principal amount in excess of $100, a default thereunder that causes such indebtedness to become due prior to its stated maturity or a default in the payment at maturity of any principal of such indebtedness; (e) the bankruptcy or insolvency of Howmet; and (f) a change in control of Howmet.

Under the Credit Agreement, the Company’s ratio of Consolidated Net Debt to Consolidated EBITDA as of the end of each fiscal quarter for the period of the four fiscal quarters of the Company most recently ended, is required to be no greater than 3.50 to 1.00.

During the Covenant Relief Period, which ended on December 31, 2022, the Company was required to maintain a Consolidated Net Debt to Consolidated EBITDA ratio of no greater than 5.00 to 1.00 as of the end of the fiscal quarter for the period of four fiscal quarters ended September 30, 2021, stepping down as of the end of each fiscal quarter to 3.75 to 1.00 as of December 31, 2022. In addition, during the Covenant Relief Period, common stock dividends and share repurchases (see Note J) were permitted only if no loans under the Credit Agreement were outstanding at the time and were limited to an aggregate amount not to exceed $500 during the year ended December 31, 2022. Common stock dividends and share repurchases were $442 during the year ended December 31, 2022. Following the end of the Covenant Relief Period, the restriction on common stock dividends and share repurchases under the Credit Agreement, along with certain covenants, no longer applies.

The Credit Agreement includes additional covenants, including, among others, (a) limitations on Howmet’s ability to incur liens securing indebtedness for borrowed money, (b) limitations on Howmet’s ability to consummate a merger, consolidation or sale of all or substantially all of its assets, and (c) limitations on Howmet’s ability to change the nature of its business.

There were no amounts outstanding under the Credit Agreement at December 31, 2022 and 2021, and no amounts were borrowed during 2022, 2021 or 2020 under the Credit Agreement. At December 31, 2022, the Company was in compliance with all covenants under the Credit Agreement. Availability under the Credit Agreement could be reduced in future periods if the Company fails to maintain the required ratios referenced above.

In addition to the Credit Agreement, the Company had several other credit agreements that provided a borrowing capacity of $640 as of December 31, 2019, and all of which expired in 2020. In 2020, nothing was borrowed or repaid under these arrangements.

Short-Term Debt. At December 31, 2022 and 2021, short-term debt was zero and $5, respectively, substantially all of which related to accounts payable settlement arrangements with certain vendors and third-party intermediaries. These arrangements provide that, at the vendor’s request, the third-party intermediary advances the amount of the scheduled payment to the vendor, less an appropriate discount, before the scheduled payment date, and Howmet makes payment to the third-party intermediary on the date stipulated in accordance with the commercial terms negotiated with its vendors. Howmet records imputed interest related to these arrangements in Interest expense, net in the Statement of Consolidated Operations.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Statement of Consolidated Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 469	$ 258	$ 261
Other comprehensive income (loss), net of tax (L):
Change in unrecognized net actuarial loss and prior service cost (benefit) related to pension and other postretirement benefits	146	181	(46)
Foreign currency translation adjustments	(131)	(96)	58
Net change in unrecognized gains (losses) on cash flow hedges	7	(5)	4
Total Other comprehensive income, net of tax	22	80	16
Comprehensive income	$ 491	$ 338	$ 277

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

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

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