0000004281-24-000007 | 10-K | XBRL Viewer

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Segment and Geographic Area Information - Schedule of Operating Results of Arconic's Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales	$ 6,640	$ 5,663	$ 4,972
Restructuring and other (credits) charges	23	56	90
Provision for depreciation and amortization	272	265	270
Capital expenditures	219	193	199
Total assets	10,428	10,255
Third-party sales
Segment Reporting Information [Line Items]
Sales	6,640	5,663	4,972
Inter-segment sales
Segment Reporting Information [Line Items]
Sales	16	10	10
Total segment sales
Segment Reporting Information [Line Items]
Sales	6,656	5,673	4,982
Segment Adjusted EBITDA	1,587	1,352	1,200
Restructuring and other (credits) charges	20	46	90
Provision for depreciation and amortization	262	258	261
Capital expenditures	205	178	182
Total assets	9,814	9,419	9,262
Engine Products \| Third-party sales
Segment Reporting Information [Line Items]
Sales	3,266	2,698	2,282
Engine Products \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales	13	4	4
Engine Products \| Total segment sales
Segment Reporting Information [Line Items]
Sales	3,279	2,702	2,286
Segment Adjusted EBITDA	887	729	564
Restructuring and other (credits) charges	(2)	29	74
Provision for depreciation and amortization	130	125	124
Capital expenditures	112	94	74
Total assets	4,926	4,784	4,663
Fastening Systems \| Third-party sales
Segment Reporting Information [Line Items]
Sales	1,349	1,117	1,044
Fastening Systems \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales	0	0	0
Fastening Systems \| Total segment sales
Segment Reporting Information [Line Items]
Sales	1,349	1,117	1,044
Segment Adjusted EBITDA	278	234	239
Restructuring and other (credits) charges	1	8	0
Provision for depreciation and amortization	46	45	49
Capital expenditures	31	39	42
Total assets	2,749	2,661	2,635
Engineered Structures \| Third-party sales
Segment Reporting Information [Line Items]
Sales	878	790	725
Engineered Structures \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales	3	6	6
Engineered Structures \| Total segment sales
Segment Reporting Information [Line Items]
Sales	881	796	731
Segment Adjusted EBITDA	113	111	103
Restructuring and other (credits) charges	21	7	16
Provision for depreciation and amortization	47	48	49
Capital expenditures	26	17	21
Total assets	1,415	1,273	1,280
Forged Wheels \| Third-party sales
Segment Reporting Information [Line Items]
Sales	1,147	1,058	921
Forged Wheels \| Inter-segment sales
Segment Reporting Information [Line Items]
Sales	0	0	0
Forged Wheels \| Total segment sales
Segment Reporting Information [Line Items]
Sales	1,147	1,058	921
Segment Adjusted EBITDA	309	278	294
Restructuring and other (credits) charges	0	2	0
Provision for depreciation and amortization	39	40	39
Capital expenditures	36	28	45
Total assets	$ 724	$ 701	$ 684

Pension and Other Postretirement Benefits - Schedule of Obligations and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Change in benefit obligation
Benefit obligation at beginning of year	$ 1,599	$ 2,296
Service cost	3	4
Interest cost	80	51
Amendments	0	0
Actuarial losses (gains)	50	(553)
Settlements	(31)	(72)
Curtailments	0	(2)
Benefits paid	(118)	(102)
Foreign currency translation impact	9	(23)
Benefit obligation at end of year	1,592	1,599
Change in plan assets
Fair value of plan assets at beginning of year	970	1,531
Actual return (loss) on plan assets	57	(383)
Employer contributions	36	43
Benefits paid	(101)	(87)
Administrative expenses	(13)	(12)
Settlement payments	(32)	(98)
Foreign currency translation impact	8	(24)
Fair value of plan assets at end of year	925	970
Defined Benefit Plan, Funded (Unfunded) Status of Plan:
Funded status	(667)	(629)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets	13	20
Current liabilities	(16)	(16)
Noncurrent liabilities	(664)	(633)
Net amount recognized	(667)	(629)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)	960	907
Prior service cost (benefit)	2	2
Net amount recognized, before tax effect	962	909
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial cost (benefit)	86	(53)
Amortization of accumulated net actuarial (loss) benefit	(33)	(107)
Prior service benefit	0	(1)
Amortization of prior service benefit	0	0
Net amount recognized, before tax effect	53	(161)
Other postretirement benefits
Change in benefit obligation
Benefit obligation at beginning of year	120	165
Service cost	1	2
Interest cost	7	4
Amendments	(10)	0
Actuarial losses (gains)	(1)	(38)
Settlements	0	0
Curtailments	0	0
Benefits paid	(14)	(13)
Foreign currency translation impact	0	0
Benefit obligation at end of year	103	120
Change in plan assets
Fair value of plan assets at beginning of year	0	0
Actual return (loss) 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:
Funded status	(103)	(120)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets	0	0
Current liabilities	(11)	(11)
Noncurrent liabilities	(92)	(109)
Net amount recognized	(103)	(120)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)	(26)	(28)
Prior service cost (benefit)	(41)	(40)
Net amount recognized, before tax effect	(67)	(68)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial cost (benefit)	(1)	(38)
Amortization of accumulated net actuarial (loss) benefit	3	(1)
Prior service benefit	(10)	0
Amortization of prior service benefit	9	9
Net amount recognized, before tax effect	1	(30)
United States \| Pension benefits
Change in benefit obligation
Benefit obligation at beginning of year	1,459
Benefit obligation at end of year	1,434	1,459
Change in plan assets
Fair value of plan assets at beginning of year	833
Fair value of plan assets at end of year	780	833
Defined Benefit Plan, Funded (Unfunded) Status of Plan:
Funded status	$ (654)	$ (626)

Debt - Term Loan Facilities (Details) ¥ in Millions	Dec. 27, 2023 USD ($)	Dec. 01, 2023 JPY (¥)	Nov. 22, 2023 USD ($)	Jul. 27, 2023	Dec. 31, 2023	Nov. 22, 2023 JPY (¥)
Maximum
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio			3.75
Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)				0.10%
SOFR
Debt Instrument [Line Items]
Basis spread (as a percent)			1.625%	1.10%
USD Term Loan
Debt Instrument [Line Items]
Borrowings \| $	$ 200,000,000
Fixed interest rate					5.795%
JPY Term Loan
Debt Instrument [Line Items]
Borrowings \| ¥		¥ 29,702
Fixed interest rate					2.044%
Unsecured Debt \| USD Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity \| $			$ 200,000,000
Unsecured Debt \| USD Term Loan \| Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)			0.50%
Unsecured Debt \| USD Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread (as a percent)			1.50%
Unsecured Debt \| JPY Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity \| ¥						¥ 33,000,000

Restructuring and Other Charges - Schedule of Restructuring and Other Charges by Reportable Segments, Pretax (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance		$ 8	$ 19	$ 54
Cash payments		(6)	(16)	(43)
Restructuring and other charges		23	56	90
Other		(18)	(51)	(82)
Restructuring reserve ending balance		7	8	19
Pension and other post-retirement benefits - net settlement (G)		5	58	75
Other charges		3	6	4
Asset impairment charges		14	1	15
Pension benefits
Restructuring Reserve [Roll Forward]
Pension and other post-retirement benefits - net settlement (G)	$ 3	5	58	69
Layoff costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance		6	17	54
Cash payments		(3)	(9)	(41)
Restructuring and other charges		7	56	79
Other		(5)	(58)	(75)
Restructuring reserve ending balance		5	6	17
Layoff costs \| Pension benefits \| U.S. and U.K.
Restructuring Reserve [Roll Forward]
Pension and other post-retirement benefits - net settlement (G)			58	75
Layoff costs \| Pension benefits \| U.S. and Canada
Restructuring Reserve [Roll Forward]
Pension and other post-retirement benefits - net settlement (G)		5
Other exit costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance		2	2	0
Cash payments		(3)	(7)	(2)
Restructuring and other charges		16	0	11
Other		(13)	7	(7)
Restructuring reserve ending balance		2	2	2
Accelerated depreciation		2	1	15
Other charges				4
Gain (loss) on sale of assets		1	$ 8	$ 12
Asset impairment charges		$ 12

Segment and Geographic Area Information (Tables)

12 Months Ended

Dec. 31, 2023

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
2023
Sales:
Third-party sales	$	3,266	$	1,349	$	878	$	1,147	$	6,640
Inter-segment sales	13		—		3		—		16
Total sales	$	3,279	$	1,349	$	881	$	1,147	$	6,656




Profit and loss:

Segment Adjusted EBITDA	$	887	$	278	$	113	$	309	$	1,587
Restructuring and other (credits) charges	(2)		1		21		—		20
Provision for depreciation and amortization	130		46		47		39		262
Other:
Capital expenditures	$	112	$	31	$	26	$	36	$	205
Total assets	4,926		2,749		1,415		724		9,814

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

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, including the impact of changes in accrued capital expenditures during the period.


For the year ended December 31,	2023		2022		2021
Total segment capital expenditures	$	205	$	178	$	182
Corporate	14		15		17
Capital expenditures	$	219	$	193	$	199

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,	2023		2022		2021
Sales:
Total segment sales	$	6,656	$	5,673	$	4,982
Elimination of inter-segment sales	(16)		(10)		(10)

Consolidated sales	$	6,640	$	5,663	$	4,972

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


For the year ended December 31,	2023		2022		2021
Total Segment Adjusted EBITDA	$	1,587	$	1,352	$	1,200
Segment provision for depreciation and amortization	(262)		(258)		(261)
Unallocated amounts:
Restructuring and other charges	(23)		(56)		(90)
Corporate expense	(99)		(119)		(101)
Operating income	$	1,203	$	919	$	748
Loss on debt redemption	(2)		(2)		(146)
Interest expense, net	(218)		(229)		(259)
Other expense, net (F)	(8)		(82)		(19)
Income before income taxes	$	975	$	606	$	324

Schedule of Segment Reporting Information to Consolidated Assets


December 31,	2023		2022
Assets:
Total segment assets	$	9,814	$	9,419
Unallocated amounts:
Cash and cash equivalents	610		791
Deferred income taxes	46		54
Corporate fixed assets, net	83		91
Fair value of derivative contracts	—		6

Accounts receivable securitization	(250)		(250)
Other	125		144

Consolidated assets	$	10,428	$	10,255

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,	2023		2022		2021
Sales:
United States	$	3,273	$	2,928	$	2,542
France	578		394		330
Japan	378		319		319
Germany	363		292		257
United Kingdom	283		228		213
Mexico	263		235		225
Italy	220		180		181
Canada	145		138		127
Poland	130		96		77
China	98		111		71
Other	909		742		630
	$	6,640	$	5,663	$	4,972

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,	2023		2022
Long-lived assets:
United States	$	1,760	$	1,793
Hungary	200		193
France	121		114
United Kingdom	120		107
Mexico	71		58
Germany	58		58
China	46		46



Other	80		74
	$	2,456	$	2,443

Schedule of Disaggregation of Revenue by Major End Market Served

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


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Year ended December 31, 2023
Aerospace - Commercial	$	1,798	$	790	$	641	$	—	$	3,229
Aerospace - Defense	670		173		172		—		1,015
Commercial Transportation	—		255		—		1,147		1,402
Industrial and Other	798		131		65		—		994
Total end-market revenue	$	3,266	$	1,349	$	878	$	1,147	$	6,640

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

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 63	$ 61	$ 63

Income Taxes - Schedule of Expiration Periods of Deferred Tax Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	$ 2,905
Tax credit carryforwards	216
Other	350
Valuation allowance	(1,821)	$ (1,965)	$ (2,279)	$ (2,307)
Deferred tax assets, net	1,650	$ 1,694
Expires within 10 years
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	330
Tax credit carryforwards	159
Other	0
Valuation allowance	(450)
Deferred tax assets, net	39
Expires within 11-20 years
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	533
Tax credit carryforwards	45
Other	0
Valuation allowance	(234)
Deferred tax assets, net	344
No Expiration
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	2,042
Tax credit carryforwards	12
Other	314
Valuation allowance	(1,131)
Deferred tax assets, net	1,237
Other
Tax Credit Carryforward [Line Items]
Tax loss carryforwards	0
Tax credit carryforwards	0
Other	36
Valuation allowance	(6)
Deferred tax assets, net	$ 30

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes were as follows:


For the year ended December 31,	2023		2022		2021
United States	$	538	$	287	$	28
Foreign	437		319		296
Total	$	975	$	606	$	324

The provision for income taxes consisted of the following:


For the year ended December 31,	2023		2022		2021
Current:
Federal(1)	$	5	$	3	$	(9)
Foreign	94		53		39
State and local	2		—		(2)
	101		56		28
Deferred:
Federal	92		71		22
Foreign	16		5		11
State and local	1		5		5
	109		81		38
Total	$	210	$	137	$	66

(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 2023, 2022, and 2021 was a provision on income):


For the year ended December 31,	2023		2022		2021
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
Foreign tax rate differential	(0.1)		0.1		(0.7)
U.S. and residual tax on foreign earnings(1)	0.6		1.2		6.5
U.S. state and local taxes, net of federal income tax effect	0.7		0.5		0.8



Non-deductible officer compensation	0.7		1.2		1.6
Statutory tax rate and law changes	(0.3)		0.1		1.0
Tax holidays	(0.4)		(0.5)		(0.4)
Tax credits(2)	(0.7)		(0.9)		(10.4)
Changes in valuation allowances	(1.1)		1.4		4.9

Changes in uncertain tax positions(3)	2.1		—		—
Excess benefit for stock compensation	(0.8)		(0.8)		(0.3)
Prior year tax adjustments	—		(0.1)		(3.7)
Other	(0.2)		(0.6)		0.1
Effective tax rate	21.5	%	22.6	%	20.4	%

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

(3)In 2023, the Company recorded an income tax reserve of $21 related to an uncertain French tax position.

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


	2023				2022
December 31,	Deferred tax assets		Deferred tax liabilities		Deferred tax assets		Deferred tax liabilities
Depreciation	$	8	$	486	$	11	$	492
Employee benefits	240		4		232		1
Loss provisions	28		1		26		1
Deferred income/expense	32		1,210		62		1,161
Interest	32		—		99		—
Tax loss carryforwards	2,905		—		2,955		—
Tax credit carryforwards	216		—		268		—
Other	10		4		6		6
	$	3,471	$	1,705	$	3,659	$	1,661
Valuation allowance	(1,821)		—		(1,965)		—
Total	$	1,650	$	1,705	$	1,694	$	1,661

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


December 31, 2023	Expires within 10 years		Expires within 11-20 years		No Expiration(1)		Other(2)		Total
Tax loss carryforwards	$	330	$	533	$	2,042	$	—	$	2,905
Tax credit carryforwards	159		45		12		—		216
Other(3)	—		—		314		36		350
Valuation allowance	(450)		(234)		(1,131)		(6)		(1,821)
Total	$	39	$	344	$	1,237	$	30	$	1,650

(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 (3%), and taxable temporary differences that reverse within the carryforward period (97%).

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 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 2024 to 2027 (as of December 31, 2023). 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 $20 and $68 expired at the end of 2023 and 2022, respectively, resulting in a corresponding decrease to the valuation allowance. In 2022, the Company increased 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. In 2023, the Company developed a tax planning strategy that will allow for the utilization of a portion of the foreign tax credit carryover and decreased the valuation allowance by $14, accordingly. As of December 31, 2023, the cumulative amount of the valuation allowance was $90. 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.

The Company recorded a net $2 decrease, $1 decrease, and $3 increase to U.S. state valuation allowances in 2023, 2022, and 2021, 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 $49 decrease, $142 decrease, and $20 increase in the valuation allowance in 2023, 2022, and 2021, respectively. Valuation allowances of $438 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. 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,	2023		2022		2021
Balance at beginning of year	$	1,965	$	2,279	$	2,307
Increase to allowance	21		40		113
Release of allowance	(198)		(154)		(94)
Acquisitions, divestitures and liquidations	(16)		—		—
Tax apportionment, tax rate and tax law changes	(11)		(110)		63
Foreign currency translation	60		(90)		(110)
Balance at end of year	$	1,821	$	1,965	$	2,279

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 2023 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 2022. The Company had net cash income tax payments of $104, $50, and $53 in 2023, 2022, and 2021, respectively.

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


December 31,	2023		2022		2021
Balance at beginning of year	$	2	$	2	$	2
Additions for tax positions of the current year	1		—		—
Additions for tax positions of prior years	13		—		—




Balance at end of year	$	16	$	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 2023, 2022, and 2021 would be 2%, less than 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 2024.

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 $7, less than $1, and less than $1 in 2023, 2022, and 2021, 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 $2, less than $1, and $3 in 2023, 2022, and 2021, respectively. As of December 31, 2023, 2022, and 2021, the amount accrued for the payment of interest and penalties was $11, less than $1, and less than $1, respectively.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Segment and Geographic Area Information - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Number of reportable segments	4
Revenue Benchmark \| Customer Concentration Risk \| Aerospace
Segment Reporting Information [Line Items]
Concentration risk, percentage	64.00%	62.00%	60.00%
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 \| RTX Corporation
Segment Reporting Information [Line Items]
Concentration risk, percentage	9.00%

Restructuring and Other Charges - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) employee
Restructuring Cost and Reserve [Line Items]
Restructuring and other (credits) charges		$ 23	$ 56	$ 90
Asset impairment charges		14	1	15
Layoff costs		3	0	$ 7
Number of employees associated with layoff costs \| employee				253
Other exit costs		3	6	$ 4
France
Restructuring Cost and Reserve [Line Items]
Impairment of assets to be disposed of				$ 4
Engineered Structures
Restructuring Cost and Reserve [Line Items]
Asset impairment charges		$ 12
Number of employees associated with layoff costs \| employee		63		171
Accelerated depreciation			1
Engineered Structures \| U.K.
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation		$ 2
Engineered Structures \| U.S.
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets		1
Engine Products
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee				75
Gain (loss) on sale of assets			8
Engine Products and Fastening Systems
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation				$ 15
Fastening Systems
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee				6
Gain (loss) on sale of assets				$ 12
Corporate Aircraft
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee				1
Pension benefits
Restructuring Cost and Reserve [Line Items]
Pension and other post-retirement benefits - net settlement (G)		5	58	$ 75
Restructuring charges	$ (34)
Reversal of prior period programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 1	$ 1	$ 3
2023 Restructuring Programs
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		63
Number of employees separated \| employee		18
2021 Restructuring Programs
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee		253
Number of employees separated \| employee		173

Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other Expense, Net

Other Expense, Net


For the year ended December 31,	2023		2022		2021
Non-service costs - pension and other postretirement benefits (G)	$	29	$	16	$	9
Interest income	(23)		(6)		(2)
Foreign currency (gains) losses, net	(2)		(1)		2
Net realized and unrealized losses	22		18		9
Deferred compensation	10		(8)		8
Legal proceeding(1)	(25)		65		—
Other, net	(3)		(2)		(7)
Total other expense, net	$	8	$	82	$	19

(1) In 2023, due to the final settlement of the Lehman Brothers International (Europe) legal proceeding (See Note U) in June 2023, Legal proceeding included the reversal of $25 of the $65 pre-tax charge taken in 2022.

Preferred and Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

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 as of both December 31, 2023 and 2022. 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 as of both December 31, 2023 and 2022.

Common Stock. As of December 31, 2023, there were 600,000,000 shares authorized at a par value of $1 per share, and 409,914,461 shares issued and outstanding. Dividends paid were $0.17 per share in 2023 ($0.04 per share in each of the first, second, and third quarters of 2023 and $0.05 per share in the fourth quarter of 2023), $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), and $0.04 per share in 2021 ($0.02 per share in each of the third and fourth quarters of 2021).

As of December 31, 2023, 47 million shares of common stock were reserved for issuance under Howmet’s stock-based compensation plans. As of December 31, 2023, 26 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 30, 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
Issued for stock-based compensation plans									2,993,340
Repurchase and retirement of common stock									(5,233,936)
Balance at December 31, 2023									409,914,461

The following table provides details for share repurchases during 2023, 2022, and 2021:


	Number of shares	Average price per share(1)	Total
Q1 2023 open market repurchase	576,629	$43.36	$25

Q2 2023 open market repurchase	2,246,294	$44.52	$100

Q3 2023 open market repurchase	506,800	$49.32	$25

Q4 2023 open market repurchase	1,904,213	$52.52	$100

2023 Share repurchase total	5,233,936	$47.76	$250

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

(1)Excludes commissions cost.

The total value of shares repurchased during 2023, 2022, and 2021 were $250, $400, and $430, respectively. All of the shares repurchased during 2023, 2022, and 2021 were immediately retired. After giving effect to the share repurchases made through December 31, 2023, approximately $697 remained available for share repurchases as of January 1, 2024 under the prior authorizations by the Board. Under the Company’s share repurchase program (the “Share Repurchase Program”), 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 Program. Under its Share Repurchase Program, 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 Program may be suspended, modified, or terminated at any time without prior notice.

The Inflation Reduction Act of 2022 imposes a 1% excise tax on net stock repurchases after December 31, 2022. The Company recorded $1 to additional capital for excise tax on net repurchases in 2023.

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. For annual performance stock awards, 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 performance stock awards include a total shareholder return (“TSR”) component, which depends upon relative performance against the TSRs of a group of peer companies.

In 2023, 2022, and 2021, Howmet recognized stock-based compensation expense of $50 ($44 after-tax), $54 ($49 after-tax), and $40 ($36 after-tax), respectively. Senior executive performance awards granted in April 2020 were modified in June 2020, resulting in incremental compensation expense of $12, which was amortized over the remaining service period that ended April 1, 2023.

All stock-based compensation expense recorded in 2023, 2022, and 2021 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. As of December 31, 2023, there was $24 (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 1.5 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 2023, 2022, and 2021 performance stock awards with a market condition including a TSR component is $47.59, $44.44, and $43.41 respectively. The 2023, 2022, and 2021 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 (4.4% in 2023, 2.0% in 2022, and 0.2% in 2021) was based on a yield curve of interest rates at the time of the grant based on the remaining performance period. In 2023, 2022, and 2021, volatility of 39.0%, 39.4%, and 56.0%, respectively, was estimated using Howmet's historical volatility in 2023 and 2022 and a blended rate of Howmet's historical volatility and a peer-based volatility in 2021 due to changes in the nature of the business. Stock options were last granted in 2018.

The activity for stock options and stock awards during 2023 was as follows (options and awards in millions in the table below):


	Stock options			Stock awards
	Number of options	Weighted average exercise price per option		Number of awards	Weighted average FMV per award
Outstanding, December 31, 2022	0.9	$	23.86	6.5	$	17.77
Granted	—	—		0.6	45.25
Exercised	(0.4)	25.14		—	—
Converted	—	—		(4.3)	10.31
Expired or forfeited	—	—		(0.1)	34.88



Performance share adjustment	—	—		0.3	21.33
Outstanding, December 31, 2023	0.5	$	22.67	3.0	$	34.23

As of December 31, 2023, the stock options outstanding had a weighted average remaining contractual life of 1.7 years and a total intrinsic value of $15. All of the stock options outstanding were fully vested and exercisable. In 2023, 2022, and 2021, the cash received from stock option exercises was $11, $16, and $22, respectively, and the total tax benefit realized from these exercises was $2, $2, and $2, respectively. The total intrinsic value of stock options exercised during 2023, 2022, and 2021 was $9, $10, and $10, respectively. The total intrinsic value of stock awards converted during 2023, 2022, and 2021 was $187, $61, and $55, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Operating lease cost includes short-term leases and variable lease payments and approximates cash paid. Operating lease cost was $63, $61, and $63 in 2023, 2022, and 2021, respectively. Operating lease cost in 2023 and the second half of 2022 includes the lease for the portion of the property in Pittsburgh, PA used as the corporate headquarters.

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


December 31,	2023		2022
Right-of-use assets classified in Other noncurrent assets	$	128	$	111

Current portion of lease liabilities classified in Other current liabilities	$	32	$	32
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	97		83
Total lease liabilities	$	129	$	115

Future minimum contractual operating lease obligations were as follows at December 31, 2023:





2024	$	39
2025	30
2026	23
2027	18
2028	12
Thereafter	40
Total lease payments	$	162
Less: Imputed interest	(33)
Present value of lease liabilities	$	129


December 31,	2023			2022			2021
Right-of-use assets obtained in exchange for operating lease obligations (N)	$	68		$	34		$	16
Weighted-average remaining lease term in years	6.4			5.6			5.8
Weighted-average discount rate	5.9		%	5.4		%	5.4		%

Properties, Plants, and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023		December 31, 2022
Land and land rights	$	88	$	84
Structures	1,018		986
Machinery and equipment	4,079		3,941
	5,185		5,011
Less: accumulated depreciation and amortization	3,081		2,858
	2,104		2,153
Construction work-in-progress	224		179
Properties, plants, and equipment, net	$	2,328	$	2,332

Preferred and Common Stock - Schedule of Activity for Stock Options and Stock Awards (Details) shares in Millions	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of options
Number of options outstanding at the beginning of the year (in shares) \| shares	0.9
Number of options, granted (in shares) \| shares	0.0
Number of options, exercised (in shares) \| shares	(0.4)
Number of options, converted (in shares) \| shares	0.0
Number of options, expired or forfeited (in shares) \| shares	0.0
Number of options, performance share adjustment (in shares) \| shares	0.0
Number of options outstanding at the ending of the year (in shares) \| shares	0.5
Weighted average exercise price per option
Weighted average exercise price per option, outstanding beginning of year (in usd per share) \| $ / shares	$ 23.86
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	25.14
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	0
Weighted average exercise price, performance share adjustment (in usd per share) \| $ / shares	0
Weighted average exercise price per option, outstanding ending of year (in usd per share) \| $ / shares	$ 22.67
Number of awards
Number of awards, outstanding beginning of year (in shares) \| shares	6.5
Number of awards, granted (in shares) \| shares	0.6
Number of awards, exercised (in shares) \| shares	0.0
Number of awards, converted (in shares) \| shares	(4.3)
Number of awards, expired or forfeited (in shares) \| shares	(0.1)
Number of awards, performance share adjustment (in shares) \| shares	0.3
Number of awards, outstanding ending of year (in shares) \| shares	3.0
Weighted average FMV per award
Weighted average FMV per award, outstanding beginning of year (in usd per share) \| $ / shares	$ 17.77
Weighted average FMV per award, granted (in usd per share) \| $ / shares	45.25
Weighted average FMV per award, exercised (in usd per share) \| $ / shares	0
Weighted average FMV per award, converted (in usd per share) \| $ / shares	10.31
Weighted average FMV per award, expired or forfeited (in usd per share) \| $ / shares	34.88
Weighted average FMV per award, performance share adjustment (in usd per share) \| $ / shares	21.33
Weighted average FMV per award, outstanding, ending of year (in usd per share) \| $ / shares	$ 34.23

Income Taxes - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax assets, depreciation	$ 8	$ 11
Deferred tax assets, employee benefits	240	232
Deferred tax assets, loss provisions	28	26
Deferred tax assets, deferred income	32	62
Deferred tax assets, interest	32	99
Deferred tax assets, tax loss carryforwards	2,905	2,955
Deferred tax assets, tax credit carryforwards	216	268
Deferred tax assets, other	10	6
Deferred tax assets, gross	3,471	3,659
Valuation allowance	(1,821)	(1,965)	$ (2,279)	$ (2,307)
Deferred tax assets, net	1,650	1,694
Deferred tax liabilities, depreciation	486	492
Deferred tax liabilities, employee benefits	4	1
Deferred tax liabilities, loss provisions	1	1
Deferred tax liabilities, deferred expense	1,210	1,161
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	4	6
Deferred tax liabilities, gross	$ 1,705	$ 1,661

Leases - Right of Use Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets obtained in exchange for operating lease obligations (N)	$ 68	$ 34	$ 16
Weighted-average remaining lease term in years	6 years 4 months 24 days	5 years 7 months 6 days	5 years 9 months 18 days
Weighted-average discount rate	5.90%	5.40%	5.40%

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended				12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Oct. 31, 2021	Jul. 31, 2023	Jun. 30, 2023	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Change in accrued other postretirement benefits liability				$ 10
Settlements									$ 5	$ 58	$ 75
Average duration for plans' projected cash flows (in years)									10 years
Period expected long-term rate of return is applied (in years)									5 years
Expected long-term rate of return on plan assets									6.70%	6.70%	6.20%
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%	5.50%	5.50%
Defined benefit plan, ultimate health care cost trend rate		4.50%				4.50%			4.50%	4.50%	4.50%
Pension contributions									$ 36	$ 43	$ 96
Contribution next fiscal year									52
Expenses related to defined contribution plan									$ 82	76	66
Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, ultimate health care cost trend rate									(0.40%)
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, ultimate health care cost trend rate									11.30%
United States
Defined Benefit Plan Disclosure [Line Items]
Pension contributions									$ 36	43
Contribution next fiscal year									45
United States \| Scenario, forecast
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets								7.00%
Pension benefits paid
Defined Benefit Plan Disclosure [Line Items]
Restructuring and other (credits) charges						$ 34
Increase (decrease) in obligation, pension benefits			$ 125
Settlements					$ 3				5	58	69
Pension benefits paid \| United States
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in obligation, pension benefits	$ 19
Settlements										41
Pension benefits paid \| Canada
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in obligation, pension benefits		$ 2
Pension benefits paid \| United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Settlements											23
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in obligation, pension benefits							$ 39
Settlements									$ 0	0	0
Number of years over actual annual healthcare cost trend experience									3 years
Pension Settlement Cost
Defined Benefit Plan Disclosure [Line Items]
Restructuring and other (credits) charges									$ 2	$ 17	$ 12

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 967	$ 949
Accumulated amortization	(494)	(460)
Intangibles, net	473	489
Indefinite-lived trade names and trademarks	32	32
Total other intangible assets, gross	999	981
Total other intangible assets, net	505	521
Computer software
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	217	204
Accumulated amortization	(182)	(173)
Intangibles, net	35	31
Patents and licenses
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	67	67
Accumulated amortization	(66)	(66)
Intangibles, net	1	1
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	683	678
Accumulated amortization	(246)	(221)
Intangibles, net	$ 437	$ 457

Preferred and Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Share Activity

Common Stock Outstanding and Share Activity (number of shares)




Balance at December 30, 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
Issued for stock-based compensation plans									2,993,340
Repurchase and retirement of common stock									(5,233,936)
Balance at December 31, 2023									409,914,461

Schedule of Accelerated Share Repurchases

The following table provides details for share repurchases during 2023, 2022, and 2021:


	Number of shares	Average price per share(1)	Total
Q1 2023 open market repurchase	576,629	$43.36	$25

Q2 2023 open market repurchase	2,246,294	$44.52	$100

Q3 2023 open market repurchase	506,800	$49.32	$25

Q4 2023 open market repurchase	1,904,213	$52.52	$100

2023 Share repurchase total	5,233,936	$47.76	$250

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

(1)Excludes commissions cost.

Schedule of Activity for Stock Options and Stock Awards

The activity for stock options and stock awards during 2023 was as follows (options and awards in millions in the table below):


	Stock options			Stock awards
	Number of options	Weighted average exercise price per option		Number of awards	Weighted average FMV per award
Outstanding, December 31, 2022	0.9	$	23.86	6.5	$	17.77
Granted	—	—		0.6	45.25
Exercised	(0.4)	25.14		—	—
Converted	—	—		(4.3)	10.31
Expired or forfeited	—	—		(0.1)	34.88



Performance share adjustment	—	—		0.3	21.33
Outstanding, December 31, 2023	0.5	$	22.67	3.0	$	34.23

Interest Cost Components (Details) - USD ($) $ in Millions	12 Months Ended
Interest Cost Components (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Amount charged to interest expense, net	$ 218	$ 229	$ 259
Loss on debt redemption (Q)	2	2	146
Amount capitalized	6	6	8
Total interest cost	$ 226	$ 237	$ 413

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases

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


December 31,	2023		2022
Right-of-use assets classified in Other noncurrent assets	$	128	$	111

Current portion of lease liabilities classified in Other current liabilities	$	32	$	32
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	97		83
Total lease liabilities	$	129	$	115

Schedule of Future Minimum Contractual Operating Lease Obligations

Future minimum contractual operating lease obligations were as follows at December 31, 2023:





2024	$	39
2025	30
2026	23
2027	18
2028	12
Thereafter	40
Total lease payments	$	162
Less: Imputed interest	(33)
Present value of lease liabilities	$	129

Schedule of Other Lease Information


December 31,	2023			2022			2021
Right-of-use assets obtained in exchange for operating lease obligations (N)	$	68		$	34		$	16
Weighted-average remaining lease term in years	6.4			5.6			5.8
Weighted-average discount rate	5.9		%	5.4		%	5.4		%

Cash paid for interest and income taxes was as follows:


	2023		2022		2021
Interest, net of amounts capitalized	$	221	$	224	$	267
Income taxes, net of amounts refunded	$	104	$	50	$	53

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Excluding Interest and Penalties) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 2	$ 2	$ 2
Additions for tax positions of the current year	1	0	0
Additions for tax positions of prior years	13	0	0
Balance at end of year	$ 16	$ 2	$ 2

Earnings Per Share and Common Stock - Reconciliation of Information Used to Compute Basic and Diluted EPS (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to common shareholders	$ 765	$ 469	$ 258
Less: preferred stock dividends declared	2	2	2
Net income available to Howmet Aerospace common shareholders - basic	763	467	256
Net income available to Howmet Aerospace common shareholders - diluted	$ 763	$ 467	$ 256
Average shares outstanding - basic (in shares)	412	416	430
Effect of dilutive securities:
Stock and performance awards (in shares)	4	5	5
Average shares outstanding - diluted (in shares)	416	421	435

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

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-Section 45
-Paragraph 1A
-Subparagraph (a)
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Statement of Consolidated Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income	$ 765	$ 469	$ 258
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization	272	265	270
Deferred income taxes	108	79	38
Restructuring and other charges	23	56	90
Net realized and unrealized losses	22	18	9
Net periodic pension cost (G)	37	24	18
Stock-based compensation	50	54	41
Loss on debt redemption (Q)	2	2	146
Other	3	12	20
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables	(164)	(161)	(337)
(Increase) decrease in inventories	(142)	(234)	60
(Increase) decrease in prepaid expenses and other current assets	(24)	(6)	11
(Decrease) increase in accounts payable, trade	(7)	246	144
Increase (decrease) in accrued expenses	37	23	(146)
Decrease in taxes, including income taxes	(7)	(12)	(41)
Pension contributions	(36)	(43)	(96)
(Increase) decrease in noncurrent assets	(4)	1	(13)
Decrease in noncurrent liabilities	(34)	(60)	(23)
Cash provided from operations	901	733	449
Financing Activities
Net change in short-term borrowings	0	(5)	(9)
Additions to debt (Q)	400	0	700
Repurchases and payments on debt (Q)	(876)	(69)	(1,538)
Debt issuance costs (Q)	(2)	0	(11)
Premiums paid on early redemption of debt (Q)	(1)	(2)	(138)
Repurchases of common stock (I)	(250)	(400)	(430)
Proceeds from exercise of employee stock options	11	16	22
Dividends paid to shareholders (I)	(73)	(44)	(19)
Taxes paid for net share settlement of equity awards	(77)	(22)	(21)
Cash used for financing activities	(868)	(526)	(1,444)
Investing Activities
Capital expenditures (C and S)	(219)	(193)	(199)
Proceeds from the sale of assets and businesses (N and T)	2	58	32
Proceeds from the sale of securities	2	0	6
Cash receipts from sold receivables (L)	0	0	267
Other	0	0	1
Cash (used for) provided from investing activities	(215)	(135)	107
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	(2)	(1)
Net change in cash, cash equivalents and restricted cash	(182)	70	(889)
Cash, cash equivalents and restricted cash at beginning of year	792	722	1,611
Cash, cash equivalents and restricted cash at end of year	$ 610	$ 792	$ 722

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory Components

Inventories


December 31,	2023		2022
Finished goods	$	451	$	490
Work-in-process	891		748
Purchased raw materials	355		317
Operating supplies	68		54
Total inventories	$	1,765	$	1,609

Other Expense, Net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Expense, Net


For the year ended December 31,	2023		2022		2021
Non-service costs - pension and other postretirement benefits (G)	$	29	$	16	$	9
Interest income	(23)		(6)		(2)
Foreign currency (gains) losses, net	(2)		(1)		2
Net realized and unrealized losses	22		18		9
Deferred compensation	10		(8)		8
Legal proceeding(1)	(25)		65		—
Other, net	(3)		(2)		(7)
Total other expense, net	$	8	$	82	$	19

Income Taxes - Schedule of Components of Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ 538	$ 287	$ 28
Foreign	437	319	296
Income before income taxes	$ 975	$ 606	$ 324

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of 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 in the table below):


For the year ended December 31,	2023		2022		2021
Net income attributable to common shareholders	$	765	$	469	$	258
Less: preferred stock dividends declared	2		2		2
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	763	$	467	$	256





Average shares outstanding - basic	412		416		430
Effect of dilutive securities:
Stock and performance awards	4		5		5


Average shares outstanding - diluted	416		421		435

Pension and Other Postretirement Benefits - Schedule of Assumed Health Care Cost Trend Rates (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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%

Income Taxes - Schedule of Changes in Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation Of Changes In Valuation Allowance [Roll Forward]
Balance at beginning of year	$ 1,965	$ 2,279	$ 2,307
Increase to allowance	21	40	113
Release of allowance	(198)	(154)	(94)
Acquisitions, divestitures and liquidations	(16)	0	0
Tax apportionment, tax rate and tax law changes	(11)	(110)	63
Foreign currency translation	60	(90)	(110)
Balance at end of year	$ 1,821	$ 1,965	$ 2,279

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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, 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


Translation and other	13		9		—		—		22

Balances at December 31, 2023
Goodwill	2,843		1,604		306		7		4,760
Accumulated impairment losses	(719)		(4)		(2)		—		(725)
Goodwill, net	$	2,124	$	1,600	$	304	$	7	$	4,035

During the 2023 annual review of goodwill in the fourth quarter, management performed quantitative assessments on all reporting units. The estimated fair values of the reporting units exceeded their respective carrying values in excess of 50%; thus, there were no goodwill impairments. Howmet uses a DCF model to estimate the current fair value of the reporting unit, which is compared to its carrying value, when testing for impairment. Management believes forecasted cash flows are the best indicator of such fair value. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including sales growth, production costs, capital spending, and discount rate. Assumptions can vary among the reporting units. Cash flow forecasts are generally based on approved business unit operating plans for the early years and historical relationships in later years. The WACC rate for the individual reporting units is estimated with the assistance of valuation experts. The annual goodwill impairment tests in the fourth quarters of 2023, 2022, and 2021 indicated that goodwill was not impaired for any of the Company’s reporting units. If actual results or external market factors decline significantly from management’s estimates, future goodwill impairment charges (or the amount by which the carrying amount exceeds the reporting unit’s fair value without exceeding the total amount of goodwill allocated to that reporting unit) may be necessary and could be material.

Other intangible assets were as follows:


December 31, 2023	Gross carrying amount		Accumulated amortization		Intangibles, net
Computer software	$	217	$	(182)	$	35
Patents and licenses	67		(66)		1
Other intangibles	683		(246)		437
Total amortizable intangible assets	967		(494)		473
Indefinite-lived trade names and trademarks	32		—		32
Total intangible assets, net	$	999	$	(494)	$	505


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

Computer software consists primarily of software costs associated with enterprise business solutions across Howmet's businesses.

Amortization expense related to the intangible assets recorded in Provision for depreciation and amortization in the Statement of Consolidated Operations was $35, $36, and $36 for the years ended December 31, 2023, 2022, and 2021, respectively, and is expected to be in the range of approximately $33 to $38 annually from 2024 to 2028.

Preferred and Common Stock - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended											12 Months Ended
	Jun. 30, 2020 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) class $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 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, Par or Stated Value Per Share \| $ / shares		$ 1											$ 1
Common stock issued (in shares) \| shares		409,914,461											409,914,461
Common stock outstanding (in shares) \| shares		409,914,461				412,000,000				422,000,000			409,914,461	412,000,000	422,000,000
Common (in usd per share) \| $ / shares													$ 0.17	$ 0.10	$ 0.04
Dividends paid per share (in usd per share) \| $ / shares		$ 0.05	$ 0.04	$ 0.04	$ 0.04	$ 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		26,000,000											26,000,000
Total value of shares repurchased		$ 100	$ 25	$ 100	$ 25	$ 65	$ 100	$ 60	$ 175	$ 205	$ 25	$ 200	$ 250	$ 400	$ 430
Stock repurchase program, remaining repurchase amount		697											697
Excise tax on net repurchases													1
Stock-based Compensation
Stock-based compensation	$ 12												50	54	40
Stock based compensation expense, after tax													$ 44	$ 49	$ 36
Average risk-free interest rate. percentage													4.40%	2.00%	0.20%
Number of options, outstanding weighted average remaining contractual life													1 year 8 months 12 days
Total intrinsic value of options outstanding		15											$ 15
Proceeds from exercise of employee stock options													11	$ 16	$ 22
Total tax benefit realized from these exercises													2	2	2
Total intrinsic value of options exercised													9	10	10
Total intrinsic value of options exercised converted													$ 187	61	55
Restructuring and Other Charges
Stock-based Compensation
Stock-based compensation															(2)
Employee stock option
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
Employee stock option \| Share-based Compensation Award, Tranche One
Stock-based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage													33.33%
Employee stock option \| Share-based Compensation Award, Tranche Two
Stock-based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage													33.33%
Employee stock option \| Share-based Compensation Award, Tranche Three
Stock-based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage													33.33%
Restricted Stock Units (RSUs)
Stock-based Compensation
Stock options granted, contractual term													3 years
Stock-based compensation capitalized													$ 0	$ 0	$ 0
Stock-based compensation expense capitalized		$ 24											$ 24
Unrecognized compensation costs on non-vested awards, weighted average period of recognition in years													1 year 6 months
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in usd per share) \| $ / shares													$ 47.59	$ 44.44	$ 43.41
Volatility, percentage													39.00%	39.40%	56.00%
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							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

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of 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, 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


Translation and other	13		9		—		—		22

Balances at December 31, 2023
Goodwill	2,843		1,604		306		7		4,760
Accumulated impairment losses	(719)		(4)		(2)		—		(725)
Goodwill, net	$	2,124	$	1,600	$	304	$	7	$	4,035

Schedule of Other Intangible Assets

Other intangible assets were as follows:


December 31, 2023	Gross carrying amount		Accumulated amortization		Intangibles, net
Computer software	$	217	$	(182)	$	35
Patents and licenses	67		(66)		1
Other intangibles	683		(246)		437
Total amortizable intangible assets	967		(494)		473
Indefinite-lived trade names and trademarks	32		—		32
Total intangible assets, net	$	999	$	(494)	$	505


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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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+ Details

Restructuring and Other Charges

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

Restructuring and other charges were comprised of the following:


For the year ended December 31,	2023		2022		2021
Layoff costs	$	3	$	—	$	7
Net reversals of previously recorded layoff reserves	(1)		(1)		(3)
Pension and other post-retirement benefits - net settlement (G)	5		58		75
Non-cash asset impairments and accelerated depreciation	14		1		15
Net gain related to divestitures of assets and businesses (T)	(1)		(8)		(8)
Other	3		6		4
Total restructuring and other charges	$	23	$	56	$	90

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.

2023 Actions. In 2023, Howmet recorded Restructuring and other charges of $23, which included a $12 charge for impairment of assets primarily related to decommissioned fixed assets in Engineered Structures; a $5 charge for U.S. and Canadian pension plans’ settlement accounting; a $3 charge for layoff costs, including the separation of 63 employees in Engineered Structures; a $3 charge for various other exit costs primarily for the closures of small manufacturing facilities and a $2 charge for accelerated depreciation primarily related to the closure of a small Engineered Structures facility in the U.K. These charges were partially offset by a gain of $1 on the sale of assets at a U.S. Engineered Structures facility and a benefit of $1 related to the reversal of layoff reserves related to prior periods.

As of December 31, 2023, 18 of the 63 employees were separated. The remaining separations for the 2023 restructuring programs are expected to be completed in 2024.

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, 2023, 173 of the 253 employees were separated. The remaining separations for the 2021 programs are expected to be completed in 2024.

Activity and reserve balances for restructuring charges were as follows:


	Layoff costs		Other exit costs		Total
Reserve balances at December 30, 2020	$	54	$	—	$	54
2021 Activity
Cash payments	(41)		(2)		(43)
Restructuring and other charges	79		11		90
Other(1)	(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(2)	(58)		7		(51)
Reserve balances at December 31, 2022	$	6	$	2	$	8
2023 Activity
Cash payments	$	(3)	$	(3)	$	(6)
Restructuring and other charges	7		16		23
Other(3)	(5)		(13)		(18)
Reserve balances at December 31, 2023	$	5	$	2	$	7

(1)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.

(2)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.

(3)In 2023, other for layoff costs included $5 in settlement accounting charges related to U.S. and Canadian pension plans; while other for other exit costs included charges of $12 related to the impairment of assets and a $2 charge for accelerated depreciation which was offset by a gain of $1 on the sale of assets.

The remaining reserves as of December 31, 2023 are expected to be paid in cash during 2024.

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories valued on a LIFO basis	$ 446	$ 441
Total inventories valued on an average-cost basis	236	220
LIFO inventory layer liquidations	$ 1	$ (1)	$ 0

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2023

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. The majority of 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 2023, 2022, and 2021, the Company applied settlement accounting to certain U.S., U.K. and Canadian pension plans due to lump sum payments to participants, which resulted in settlement charges of $2, $17, and $12, respectively, that were recorded in Restructuring and other charges.

In May and July 2023, Howmet entered into new collective bargaining agreements with the United Autoworkers and United Steel Workers, respectively. These agreements amended the existing health and welfare plans, resulting in an adjustment to the Company’s Accrued other postretirement benefits liability of $10, which was offset in Accumulated other comprehensive loss.

In June 2023, the Company undertook additional actions to reduce U.S. gross pension obligations by $19 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 $3 and were recorded in Restructuring and other charges in the second quarter ended June 30, 2023 in the Statement of Consolidated Operations. The funded status of the plans have not been significantly impacted.

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.

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 2024.

In 2021, 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 that were recorded in Restructuring and other charges in the Statement of Consolidated Operations.

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 were not significantly impacted.

Obligations and Funded Status


	Pension benefits				Other postretirement benefits
December 31,	2023		2022		2023		2022
Change in benefit obligation
Benefit obligation at beginning of year	$	1,599	$	2,296	$	120	$	165

Service cost	3		4		1		2
Interest cost	80		51		7		4
Amendments	—		—		(10)		—
Actuarial losses (gains)(1)	50		(553)		(1)		(38)
Settlements	(31)		(72)		—		—
Curtailments	—		(2)		—		—
Benefits paid	(118)		(102)		(14)		(13)

Foreign currency translation impact	9		(23)		—		—
Benefit obligation at end of year(2)	$	1,592	$	1,599	$	103	$	120
Change in plan assets(2)
Fair value of plan assets at beginning of year	$	970	$	1,531	$	—	$	—

Actual return (loss) on plan assets	57		(383)		—		—
Employer contributions	36		43		—		—

Benefits paid	(101)		(87)		—		—
Administrative expenses	(13)		(12)		—		—

Settlement payments	(32)		(98)		—		—
Foreign currency translation impact	8		(24)		—		—
Fair value of plan assets at end of year(2)	$	925	$	970	$	—	$	—
Funded status	$	(667)	$	(629)	$	(103)	$	(120)


Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets	$	13	$	20	$	—	$	—

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

Noncurrent liabilities	(664)		(633)		(92)		(109)

Net amount recognized	$	(667)	$	(629)	$	(103)	$	(120)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)	$	960	$	907	$	(26)	$	(28)
Prior service cost (benefit)	2		2		(41)		(40)


Net amount recognized, before tax effect	$	962	$	909	$	(67)	$	(68)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial cost (benefit)	$	86	$	(53)	$	(1)	$	(38)
Amortization of accumulated net actuarial (loss) benefit	(33)		(107)		3		(1)

Prior service benefit	—		(1)		(10)		—
Amortization of prior service benefit	—		—		9		9



Net amount recognized, before tax effect	$	53	$	(161)	$	1	$	(30)

(1)As of December 31, 2023, the actuarial losses impacting the benefit obligation were primarily due to changes in the discount rate as well as asset returns being lower than expected. 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.

(2)As of December 31, 2023, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $1,434, $780, and $(654), respectively. As of 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.

Pension Plan Benefit Obligations


	Pension benefits
	2023		2022
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans were as follows:
Projected benefit obligation	$	1,592	$	1,599
Accumulated benefit obligation	1,591		1,598
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	1,459		1,482
Fair value of plan assets	780		833
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	1,459		1,481
Fair value of plan assets	780		833

Components of Net Periodic Benefit Cost


	Pension benefits(1)						Other postretirement benefits(2)
For the year ended December 31,	2023		2022		2021		2023		2022		2021
Service cost	$	3	$	4	$	4	$	1	$	2	$	2
Interest cost	80		51		47		7		4		5
Expected return on plan assets	(74)		(80)		(90)		—		—		—
Recognized net actuarial loss (gain)	28		49		56		(3)		1		—
Amortization of prior service cost (benefit)	—		—		1		(9)		(9)		(9)
Settlements(3)	5		58		69		—		—		—
Curtailment(4)	—		—		6		—		—		—

Net periodic benefit cost(5)	$	42	$	82	$	93	$	(4)	$	(2)	$	(2)

(1)In 2023, 2022, and 2021, net periodic benefit cost for U.S. pension plans was $40, $79, and $61, respectively.

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

(3)In 2023, settlements were related to U.S. and Canadian actions including an annuity buyout and lump sum benefit payments. 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. See Note D for further details.

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

(5)Service cost was included within Cost of goods sold, Selling, general administrative, and other expenses; curtailment 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,	2023		2022
Discount rate	5.10	%	5.40	%

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:


	2023		2022		2021
Discount rate to calculate service cost(1)	5.50	%	2.80	%	2.80	%
Discount rate to calculate interest cost(1)	5.30	%	2.50	%	2.10	%
Expected long-term rate of return on plan assets	6.70	%	6.70	%	6.20	%

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 2023, 2022, and 2021 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 2024, 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 2023, 2022, and 2021, 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:


	2023		2022		2021
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	2026		2025		2024

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 2024, 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 (0.40)% to 11.30%. Management’s best estimate considering actual and expected annual health care costs is to maintain the 5.50% trend rate as indicative of expected increases for future health care costs over the long-term.

Plan Assets

Howmet’s pension plans’ investment policy as of December 31, 2023 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 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 R 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, 2023	Level 1		Level 2		Net Asset Value		Total
Equities:
Equity securities	$	—	$	85	$	225	$	310
Long/short equity hedge funds	—		—		18		18
Private equity	—		—		108		108
	$	—	$	85	$	351	$	436
Fixed income:
Intermediate and long duration government/credit	$	199	$	151	$	—	$	350
Other	6		63		—		69
	$	205	$	214	$	—	$	419
Other investments:
Real estate	$	—	$	5	$	68	$	73
Discretionary and systematic macro hedge funds	—		—		29		29
Other	—		—		3		3
	$	—	$	5	$	100	$	105
Net plan assets(1)	$	205	$	304	$	451	$	960


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(2)	$	113	$	343	$	506	$	962

(1)As of December 31, 2023, the total fair value of pension plans’ assets excludes a net payable of $35, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments.

(2)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.

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 2023 and 2022, cash contributions to Howmet’s pension plans were $36 and $43, respectively.

The contributions to the Company’s pension plans in 2024 are estimated to be $52 (of which $45 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 utilizing the current assumptions outlined above are as follows:


For the year ended December 31,	Pension benefits paid		Other post- retirement benefits
2024	$	134	$	11
2025	130		10
2026	129		10
2027	127		9
2028	129		9
2029 - 2033	589		41
Total	$	1,238	$	90

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 $82, $76, and $66 in 2023, 2022, and 2021, 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.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Inventories - Schedule of Inventory Components (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 451	$ 490
Work-in-process	891	748
Purchased raw materials	355	317
Operating supplies	68	54
Total inventories	$ 1,765	$ 1,609

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Obligations and Funded Status

Obligations and Funded Status


	Pension benefits				Other postretirement benefits
December 31,	2023		2022		2023		2022
Change in benefit obligation
Benefit obligation at beginning of year	$	1,599	$	2,296	$	120	$	165

Service cost	3		4		1		2
Interest cost	80		51		7		4
Amendments	—		—		(10)		—
Actuarial losses (gains)(1)	50		(553)		(1)		(38)
Settlements	(31)		(72)		—		—
Curtailments	—		(2)		—		—
Benefits paid	(118)		(102)		(14)		(13)

Foreign currency translation impact	9		(23)		—		—
Benefit obligation at end of year(2)	$	1,592	$	1,599	$	103	$	120
Change in plan assets(2)
Fair value of plan assets at beginning of year	$	970	$	1,531	$	—	$	—

Actual return (loss) on plan assets	57		(383)		—		—
Employer contributions	36		43		—		—

Benefits paid	(101)		(87)		—		—
Administrative expenses	(13)		(12)		—		—

Settlement payments	(32)		(98)		—		—
Foreign currency translation impact	8		(24)		—		—
Fair value of plan assets at end of year(2)	$	925	$	970	$	—	$	—
Funded status	$	(667)	$	(629)	$	(103)	$	(120)


Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets	$	13	$	20	$	—	$	—

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

Noncurrent liabilities	(664)		(633)		(92)		(109)

Net amount recognized	$	(667)	$	(629)	$	(103)	$	(120)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)	$	960	$	907	$	(26)	$	(28)
Prior service cost (benefit)	2		2		(41)		(40)


Net amount recognized, before tax effect	$	962	$	909	$	(67)	$	(68)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial cost (benefit)	$	86	$	(53)	$	(1)	$	(38)
Amortization of accumulated net actuarial (loss) benefit	(33)		(107)		3		(1)

Prior service benefit	—		(1)		(10)		—
Amortization of prior service benefit	—		—		9		9



Net amount recognized, before tax effect	$	53	$	(161)	$	1	$	(30)

Schedule of Pension Plan Benefit Obligations

Pension Plan Benefit Obligations


	Pension benefits
	2023		2022
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans were as follows:
Projected benefit obligation	$	1,592	$	1,599
Accumulated benefit obligation	1,591		1,598
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	1,459		1,482
Fair value of plan assets	780		833
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	1,459		1,481
Fair value of plan assets	780		833

Components of Net Periodic Benefit Cost


	Pension benefits(1)						Other postretirement benefits(2)
For the year ended December 31,	2023		2022		2021		2023		2022		2021
Service cost	$	3	$	4	$	4	$	1	$	2	$	2
Interest cost	80		51		47		7		4		5
Expected return on plan assets	(74)		(80)		(90)		—		—		—
Recognized net actuarial loss (gain)	28		49		56		(3)		1		—
Amortization of prior service cost (benefit)	—		—		1		(9)		(9)		(9)
Settlements(3)	5		58		69		—		—		—
Curtailment(4)	—		—		6		—		—		—

Net periodic benefit cost(5)	$	42	$	82	$	93	$	(4)	$	(2)	$	(2)

(1)In 2023, 2022, and 2021, net periodic benefit cost for U.S. pension plans was $40, $79, and $61, respectively.

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

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

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,	2023		2022
Discount rate	5.10	%	5.40	%

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:


	2023		2022		2021
Discount rate to calculate service cost(1)	5.50	%	2.80	%	2.80	%
Discount rate to calculate interest cost(1)	5.30	%	2.50	%	2.10	%
Expected long-term rate of return on plan assets	6.70	%	6.70	%	6.20	%

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:


	2023		2022		2021
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	2026		2025		2024

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

Howmet’s pension plans’ investment policy as of December 31, 2023 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, 2023	Level 1		Level 2		Net Asset Value		Total
Equities:
Equity securities	$	—	$	85	$	225	$	310
Long/short equity hedge funds	—		—		18		18
Private equity	—		—		108		108
	$	—	$	85	$	351	$	436
Fixed income:
Intermediate and long duration government/credit	$	199	$	151	$	—	$	350
Other	6		63		—		69
	$	205	$	214	$	—	$	419
Other investments:
Real estate	$	—	$	5	$	68	$	73
Discretionary and systematic macro hedge funds	—		—		29		29
Other	—		—		3		3
	$	—	$	5	$	100	$	105
Net plan assets(1)	$	205	$	304	$	451	$	960


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(2)	$	113	$	343	$	506	$	962

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 utilizing the current assumptions outlined above are as follows:


For the year ended December 31,	Pension benefits paid		Other post- retirement benefits
2024	$	134	$	11
2025	130		10
2026	129		10
2027	127		9
2028	129		9
2029 - 2033	589		41
Total	$	1,238	$	90

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount	50.00%
Amortization of intangible assets	$ 35	$ 36	$ 36
Engineered Structures And Fastening Systems
Goodwill [Line Items]
Impairment of goodwill	0
Minimum
Goodwill [Line Items]
Expected amortization for the year 2024	33
Expected amortization for the year 2025	33
Expected amortization for the year 2026	33
Expected amortization for the year 2027	33
Expected amortization for the year 2028	33
Maximum
Goodwill [Line Items]
Expected amortization for the year 2024	38
Expected amortization for the year 2025	38
Expected amortization for the year 2026	38
Expected amortization for the year 2027	38
Expected amortization for the year 2028	$ 38

Preferred and Common Stock - Schedule of Share Activity (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock outstanding, beginning balance (in shares)	412,000,000	422,000,000
Common stock outstanding, ending balance (in shares)	409,914,461	412,000,000	422,000,000
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock outstanding, beginning balance (in shares)	412,155,057	421,691,912	432,906,377
Issued for stock-based compensation plans (in shares)	2,993,340	1,819,651	2,195,681
Repurchase and retirement of common stock (in shares)	(5,233,936)	(11,356,506)	(13,410,146)
Common stock outstanding, ending balance (in shares)	409,914,461	412,155,057	421,691,912

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

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 changes in the aerospace industry. 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 Company derived approximately 49%, 46%, and 41% of its revenue from products sold to the commercial aerospace market for the years ended December 31, 2023, 2022, and 2021, respectively, which is substantially less than the pre-pandemic 2019 annual rate of approximately 60%. Aircraft production in the commercial aerospace industry continues to recover based on increases in demand for narrow body and wide body aircraft. We expect commercial aerospace wide body demand to grow faster than narrow body demand on a production percentage basis. The timing and level of future aircraft builds by original equipment manufacturers are subject to changes and uncertainties, 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 M 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 discontinued operations and held for sale). 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 N 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 this is based on 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	33
Fastening Systems	5	23
Engineered Structures	3	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 manufacturing 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 the 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 was $64 and $32 as of December 31, 2023 and 2022, respectively, and is included in Other current liabilities and Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet.

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.

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 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 and the United Kingdom (“U.K.”), 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.

Derivatives and Hedging

Derivatives and Hedging. Derivatives are held for purposes other than trading and are part of a formally documented risk management program. The Company uses commodity derivative financial instruments to manage its economic risk. For interest rate exposures, we use interest rate swaps to effect a fixed rate payment and hedge the variability in future payment changes.

The Company records derivative instruments on its consolidated balance sheets at fair value and evaluates hedge effectiveness when electing to apply hedge accounting. When electing to apply hedge accounting, the Company formally documents all derivative hedges at inception and the underlying hedged items, as well as the risk management objectives and strategies for undertaking the hedge transaction.

For derivatives and debt instruments that are designated and qualify for hedge accounting, changes in the fair value are recorded in Accumulated other comprehensive income (loss). Derivatives that are designated as cash flow hedges are recorded in Accumulated other comprehensive income (loss) and reclassified to the Consolidated Statements of Operations when the effects of the item being hedged are recognized in the Consolidated Statements of Operations. The remeasurements of debt instruments designated as net investment hedges are recorded in Accumulated other comprehensive income (loss) and will be reclassified to earnings only upon the sale or liquidation of the Company’s hedged net investment. Cash flows from derivatives are recognized in the Statement of Consolidated Cash Flows in a manner consistent with the underlying transactions.

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. As of December 31, 2023, Howmet has no businesses that are classified as discontinued operations or held for sale.

Recently Adopted and Issued Accounting Guidance

Recently Adopted Accounting Guidance.

In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance the transparency of disclosures regarding supplier finance programs (See Note S). These changes became 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.

On January 1, 2021, the Company adopted changes issued by the 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.

Recently Issued Accounting Guidance.

In December 2023, the FASB issued guidance to enhance the transparency of income tax disclosures. These changes become effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements.

In November 2023, the FASB issued guidance to enhance disclosures related to reportable segments. These changes become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. 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. The Company has amended its agreements in accordance with the new guidance (See Note L and Note Q). Management has concluded that the impact of these changes did not have a material impact on the Consolidated Financial Statements.

Earnings Per Share

12 Months Ended

Dec. 31, 2023

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 in the table below):


For the year ended December 31,	2023		2022		2021
Net income attributable to common shareholders	$	765	$	469	$	258
Less: preferred stock dividends declared	2		2		2
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	763	$	467	$	256





Average shares outstanding - basic	412		416		430
Effect of dilutive securities:
Stock and performance awards	4		5		5


Average shares outstanding - diluted	416		421		435

Common stock outstanding as of December 31, 2023, 2022, and 2021 was approximately 410 million, 412 million, and 422 million, respectively.

The approximately 4 million decrease in average shares outstanding (basic) for the year ended December 31, 2023 compared to the year ended December 31, 2022 was primarily due to the approximately 5 million shares repurchased during 2023. As average shares outstanding are used in the calculation for both basic and diluted EPS, the full impact of share repurchases was not fully realized in EPS in the period of repurchase since share repurchases may occur at varying points during a period.

There were no shares relating to outstanding stock options excluded from the calculation of average shares outstanding - diluted during 2023, 2022, and 2021.

Statement of Changes in Consolidated Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common (in usd per share)	$ 0.17	$ 0.10	$ 0.04
Preferred Class A
Preferred (in usd per share)	$ 3.75	$ 3.75	$ 3.75

Other Expense, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Reversal of previously recorded litigation amount	$ 25	$ 25
Lehman Brothers International (Europe) (“LBIE”) Claims
Loss Contingencies [Line Items]
Loss contingency, provision			$ 65

Debt - Maturities of Long-term Debt (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 205
2025	600
2026	411
2027	625
2028	$ 300

Restructuring and Other Charges - Schedule of Restructuring and Other Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Layoff costs	$ 3	$ 0	$ 7
Net reversals of previously recorded layoff reserves	(1)	(1)	(3)
Pension and other post-retirement benefits - net settlement (G)	5	58	75
Non-cash asset impairments and accelerated depreciation	14	1	15
Net gain related to divestitures of assets and businesses (T)	(1)	(8)	(8)
Other	3	6	4
Total restructuring and other charges	$ 23	$ 56	$ 90

Properties, Plants, and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Properties, Plants, and Equipment, Net


	December 31, 2023		December 31, 2022
Land and land rights	$	88	$	84
Structures	1,018		986
Machinery and equipment	4,079		3,941
	5,185		5,011
Less: accumulated depreciation and amortization	3,081		2,858
	2,104		2,153
Construction work-in-progress	224		179
Properties, plants, and equipment, net	$	2,328	$	2,332

The proceeds from the sale of the corporate headquarters in Pittsburgh, PA 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 $236, $227, and $232 for the years ended December 31, 2023, 2022, and 2021, respectively

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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	33
Fastening Systems	5	23
Engineered Structures	3	18
Forged Wheels	4	25

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

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories


December 31,	2023		2022
Finished goods	$	451	$	490
Work-in-process	891		748
Purchased raw materials	355		317
Operating supplies	68		54
Total inventories	$	1,765	$	1,609

As of December 31, 2023 and 2022, the portion of inventories valued on a LIFO basis was $446 and $441, respectively. If valued on an average-cost basis, total inventories would have been $236 and $220 higher as of December 31, 2023 and 2022, respectively. During 2023 and 2022, reductions in LIFO inventory quantities caused partial liquidations of LIFO inventory layers. These liquidations resulted in the recognition of a benefit of $1 in 2023 and a recognition of expense of less than $1 in 2022. In 2021, we did not have any LIFO inventory layer liquidations.

Income Taxes - Schedule of Provision for Income Taxes on Income from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 5	$ 3	$ (9)
Foreign	94	53	39
State and local	2	0	(2)
Current provision for income taxes, total	101	56	28
Deferred:
Federal	92	71	22
Foreign	16	5	11
State and local	1	5	5
Deferred provision for income taxes, total	109	81	38
Total	$ 210	$ 137	$ 66

Contingencies and Commitments - Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Purchase obligations due in 2024	$ 244
Purchase obligations due in 2025	32
Purchase obligations due in 2026	11
Purchase obligations due in 2027	0
Purchase obligations due in 2028	0
Purchase obligations due thereafter	0
Guarantees of third party related to project financing	24
Combined fair value of guarantees	6	$ 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	21
Alcoa Corporation Workers Compensation Claims
Loss Contingencies [Line Items]
Letters of credit, total amount committed	52
Arconic Corporation Environmental Obligations
Loss Contingencies [Line Items]
Letters of credit, total amount committed	17
Letter of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity	114
Other Noncurrent Liabilities and Deferred Credits \| Separation Agreement
Loss Contingencies [Line Items]
Guarantees of third party related to project financing	$ 1,131	$ 1,040

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%
Foreign tax rate differential	(0.10%)	0.10%	(0.70%)
U.S. and residual tax on foreign earnings	0.60%	1.20%	6.50%
U.S. state and local taxes, net of federal income tax effect	0.70%	0.50%	0.80%
Non-deductible officer compensation	0.70%	1.20%	1.60%
Statutory tax rate and law changes	(0.30%)	0.10%	1.00%
Tax holidays	(0.40%)	(0.50%)	(0.40%)
Tax credits	(0.70%)	(0.90%)	(10.40%)
Changes in valuation allowances	(1.10%)	1.40%	4.90%
Changes in uncertain tax positions	2.10%	0.00%	0.00%
Excess benefit for stock compensation	(0.80%)	(0.80%)	(0.30%)
Prior year tax adjustments	0.00%	(0.10%)	(3.70%)
Other	(0.20%)	(0.60%)	0.10%
Effective tax rate	21.50%	22.60%	20.40%
Benefit for income tax credits related to development incentives in Hungary			$ 32
Income tax reserve related to uncertain tax position	$ 21

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
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.

Other Financial Instruments

12 Months Ended

Dec. 31, 2023

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, Short-term debt and Long-term debt due within one year 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.


	2023				2022
December 31,	Carrying value		Fair value		Carrying value		Fair value
Long-term debt, less amount due within one year	$	3,500	$	3,504	$	4,162	$	4,059

Restricted cash was less than $1, $1, and $2 in 2023, 2022, and 2021, respectively, and was recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheet.

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 02, 2021	Sep. 01, 2021
Debt Instrument [Line Items]
Other, net	$ (10)	$ (19)
Long-term debt	3,706	4,162
Less: amount due within one year	206	0
Total long-term debt	$ 3,500	4,162
5.125% Notes, due 2024
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	5.125%		5.125%
Amount outstanding	$ 205	1,081
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	6.875%			6.875%
Amount outstanding	$ 600	600
USD Term Loan Agreement, due 2026
Debt Instrument [Line Items]
Amount outstanding	200	0
JPY Term Loan Agreement, due 2026
Debt Instrument [Line Items]
Amount outstanding	$ 211	0
5.900% Notes, due 2027
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	5.90%
Amount outstanding	$ 625	625
6.750% Bonds, due 2028
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	6.75%
Amount outstanding	$ 300	300
3.000% Notes, due 2029
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	3.00%				3.00%
Amount outstanding	$ 700	700
5.950% Notes, due 2037
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	5.95%
Amount outstanding	$ 625	625
4.750% Iowa Finance Authority Loan, due 2042
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	4.75%
Amount outstanding	$ 250	$ 250

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt.


December 31,	2023		2022



5.125% Notes, due 2024(1)	$	205	$	1,081
6.875% Notes, due 2025(1)	600		600
USD Term Loan Agreement, due 2026	200		—
JPY Term Loan Agreement, due 2026	211		—
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, net(2)	(10)		(19)
	3,706		4,162
Less: amount due within one year	206		—
Total long-term debt	$	3,500	$	4,162

(1)The 5.125% Notes, due 2024 (the “5.125% Notes”) are due in October 2024 and the 6.875% Notes, due 2025 (the “6.875% Notes”) are due in May 2025.

(2)Includes unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and bonds listed in the table above and various financing arrangements related to subsidiaries.

The principal amount of long-term debt maturing in each of the next five years is $205 in 2024, $600 in 2025, $411 in 2026, $625 in 2027, and $300 in 2028.

Public Debt. On December 28, 2023, the Company completed an early partial redemption of its outstanding 5.125% Notes in the aggregate principal amount of $500. Such 5.125% Notes were redeemed at par with approximately $106 of cash on hand and approximately $400 from the Company’s term loan facilities at an aggregate redemption price of approximately $506, including accrued interest of approximately $6.

On September 28, 2023, the Company completed an early partial redemption of its outstanding 5.125% Notes in the aggregate principal amount of $200. Such 5.125% Notes were redeemed at par with cash on hand at an aggregate redemption price of approximately $205, including accrued interest of approximately $5.

In March 2023, the Company completed the early partial redemption of an additional $150 aggregate principal amount of its 5.125% Notes in accordance with the terms of the notes, and paid an aggregate of $155, including accrued interest and an early termination premium of approximately $4 and $1, respectively, which were recorded in Interest expense, net, and Loss on debt redemption, respectively, in the Statement of Consolidated Operations.

In January 2023, the Company repurchased approximately $26 aggregate principal amount of its 5.125% Notes through an open market repurchase (“OMR”). The OMR was settled at slightly less than par.

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 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 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. 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 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 aggregate principal amount of its 5.400% Notes due 2021 at par and paid $5 in accrued interest.

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.

Term Loan Facilities. On November 22, 2023, the Company entered into (i) a U.S. Dollar Term Loan Agreement, due 2026 (the “USD Term Loan Agreement”) and (ii) a Japanese Yen Term Loan Agreement, due 2026 (the “JPY Term Loan Agreement” and, together with the USD Term Loan Agreement, the “Term Loan Agreements” and each, individually, a “Term Loan Agreement”). Capitalized terms used in this “Term Loan Facilities” section but not otherwise defined shall have the meanings given to such terms in the applicable Term Loan Agreement.

The USD Term Loan Agreement provides a $200 senior unsecured delayed draw term loan facility (the “USD Term Loan Facility”) that matures on November 22, 2026, unless earlier terminated in accordance with the provisions of the USD Term Loan Agreement. The JPY Term Loan Agreement provides a ¥33,000 million senior unsecured delayed draw term loan facility (the “JPY Term Loan Facility” and, together with the USD Term Loan Facility, the “Term Loan Facilities”) that matures on November 22, 2026, unless earlier terminated in accordance with the provisions of the JPY Term Loan Agreement.

Each of the Term Loan Facilities is unsecured and amounts payable thereunder rank pari passu with all other unsecured, unsubordinated indebtedness of the Company. Borrowings under the USD Term Loan Facility are denominated in U.S. dollars, and borrowings under the JPY Term Loan Facility are denominated in Japanese yen. Loans under each of the Term Loan Facilities may be prepaid without premium or penalty.

Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, plus, in each case, an applicable margin based on the credit ratings of the Company’s outstanding senior unsecured long-term debt. Based on the Company’s current long-term debt ratings, the applicable margin on base rate loans is 0.500% per annum and the applicable margin on Term SOFR loans is 1.500% per annum.

Under the JPY Term Loan Facility, loans bear interest at a rate equal to the Cumulative Compounded RFR Rate utilizing the Tokyo Overnight Average Rate plus an applicable margin based on the credit ratings of the Company’s outstanding senior unsecured long-term debt. Based on the Company’s current long-term debt ratings, the applicable margin on loans under the JPY Term Loan Facility is 1.625% per annum.

The obligations of the Company to pay amounts outstanding under the respective Term Loan Facilities may be accelerated upon the occurrence of an “Event of Default” as defined therein. 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 the Company; and (f) a change in control of the Company.

The Term Loan Agreements contain respective covenants, including, among others, (a) limitations on the Company’s ability to incur liens securing indebtedness for borrowed money; (b) limitations on the Company’s ability to consummate a consolidation, merger, or sale of all or substantially all of its assets; (c) limitations on the Company’s ability to change the nature of its business; and (d) a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA as of the end of each fiscal quarter for the period of the four fiscal quarters most recently ended, to be less than or equal to 3.75 to 1.00.

On December 27, 2023, the Company borrowed $200 under the USD Term Loan Facility. On December 1, 2023, the Company borrowed ¥29,702 million under the JPY Term Loan Facility.

The Company entered into interest rate swaps to exchange the floating interest rates of the USD Term Loan Facility and JPY Term Loan Facility to fixed interest rates of 5.795% and 2.044%, respectively.

Credit Facility. On July 27, 2023, the Company entered into the Second Amended and Restated Five-Year Revolving Credit Agreement (as so amended and restated, the “Credit Agreement”) by and among the Company, a syndicate of lenders and issuers named therein, Citibank, N.A., as administrative agent for the lenders and issuers, and JPMorgan Chase Bank, N.A., as syndication agent. The Credit Agreement amended and restated the Company’s Amended and Restated Five-Year Revolving Credit Agreement, dated as of September 28, 2021, as amended by Amendment No. 1 to Credit Agreement, dated as of February 13, 2023.

The Credit Agreement provides a $1,000 senior unsecured revolving credit facility (the “Credit Facility”) that matures on July 27, 2028, unless extended or earlier terminated in accordance with the provisions of the Credit Agreement. The Company may make two one-year extension requests during the term of the Credit Facility, with any extension being 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 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 0.150% 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 the Company. Borrowings under the Credit Facility may be denominated in U.S. dollars or Euros. Loans will bear interest at a base rate or, in the case of U.S. dollar-denominated loans, a rate equal to the Term Secured Overnight Financing Rate (“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 the Company’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 0.100% per annum and the applicable margin on Term SOFR loans and EURIBOR loans would be 1.100% 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 the Company 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 the Company.

The Credit Agreement contains covenants, including, among others, (a) limitations on the Company’s ability to incur liens securing indebtedness for borrowed money; (b) limitations on the Company’s ability to consummate a consolidation, merger or sale of all or substantially all of its assets; (c) limitations on the Company’s ability to change the nature of its business; and (d) a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA (each as defined in the Credit Agreement) as of the end of each fiscal quarter for the period of the four fiscal quarters most recently ended, to be less than or equal to 3.75 to 1.00.

There were no amounts outstanding under the Credit Agreement as of December 31, 2023 and 2022, and no amounts were borrowed during 2023, 2022 or 2021 under the Credit Agreement. As of December 31, 2023, 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 ratio referenced above.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Summary of Significant Accounting Policies - Weighted-average Useful Lives of Structures and Machinery and Equipment (Details)	Dec. 31, 2023
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

Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Other Financial Instruments


	2023				2022
December 31,	Carrying value		Fair value		Carrying value		Fair value
Long-term debt, less amount due within one year	$	3,500	$	3,504	$	4,162	$	4,059

Recently Adopted and Recently Issued Accounting Guidance	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Recently Adopted and Recently Issued Accounting Guidance	Recently Adopted and Recently Issued Accounting Guidance Recently Adopted Accounting Guidance. In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance the transparency of disclosures regarding supplier finance programs (See Note S). These changes became 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. On January 1, 2021, the Company adopted changes issued by the 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. Recently Issued Accounting Guidance. In December 2023, the FASB issued guidance to enhance the transparency of income tax disclosures. These changes become effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements. In November 2023, the FASB issued guidance to enhance disclosures related to reportable segments. These changes become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. 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. The Company has amended its agreements in accordance with the new guidance (See Note L and Note Q). Management has concluded that the impact of these changes did not have a material impact on the Consolidated Financial Statements.

- Definition

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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+ Details

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 20
Entity Common Stock, Shares Outstanding		410,303,651
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 2024 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A (Proxy Statement).
Amendment Flag	false
Document Fiscal Year Focus	2023
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

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	$ 1,203	$ 919	$ 748
Loss on debt redemption	(2)	(2)	(146)
Interest expense, net	(218)	(229)	(259)
Other expense, net (F)	(8)	(82)	(19)
Income before income taxes	975	606	324
Total segment sales
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	1,587	1,352	1,200
Segment provision for depreciation and amortization	(262)	(258)	(261)
Restructuring and other charges
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	(23)	(56)	(90)
Corporate expense
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	$ (99)	$ (119)	$ (101)

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables from customers, allowance	$ 0	$ 1

Properties, Plants, and Equipment, Net - Schedule of Properties, Plants, and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, gross	$ 5,185	$ 5,011
Less: accumulated depreciation and amortization	3,081	2,858
Properties plants and equipment excluding construction work in progress	2,104	2,153
Construction work-in-progress	224	179
Properties, plants, and equipment, net	2,328	2,332
Land and land rights
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, gross	88	84
Structures
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, gross	1,018	986
Machinery and equipment
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, gross	$ 4,079	$ 3,941

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill	$ 4,760	$ 4,738	$ 4,792
Accumulated impairment losses	(725)	(725)	(725)
Goodwill, net	4,035	4,013	4,067
Translation and other	22	(54)
Engine Products
Goodwill [Roll Forward]
Goodwill	2,843	2,830	2,868
Accumulated impairment losses	(719)	(719)	(719)
Goodwill, net	2,124	2,111	2,149
Translation and other	13	(38)
Fastening Systems
Goodwill [Roll Forward]
Goodwill	1,604	1,595	1,611
Accumulated impairment losses	(4)	(4)	(4)
Goodwill, net	1,600	1,591	1,607
Translation and other	9	(16)
Engineered Structures
Goodwill [Roll Forward]
Goodwill	306	306	306
Accumulated impairment losses	(2)	(2)	(2)
Goodwill, net	304	304	304
Translation and other	0	0
Forged Wheels
Goodwill [Roll Forward]
Goodwill	7	7	7
Accumulated impairment losses	0	0	0
Goodwill, net	7	7	$ 7
Translation and other	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Pension and Other Postretirement Benefits - Schedule of Pension and Postretirement Plans Investment Policy and Weighted Average Asset Allocations (Details)	Dec. 31, 2023
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%

Pension and Other Postretirement Benefits - Schedule of Funding and Cash Flows and Defined Contribution Plans (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension benefits
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2024	$ 134
2025	130
2026	129
2027	127
2028	129
2029 - 2033	589
Total benefit payments	1,238
Other post- retirement benefits
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2024	11
2025	10
2026	10
2027	9
2028	9
2029 - 2033	41
Total benefit payments	$ 90

Segment and Geographic Area Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment and Geographic Area Information

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 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.

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 turbine applications. 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, 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
2023
Sales:
Third-party sales	$	3,266	$	1,349	$	878	$	1,147	$	6,640
Inter-segment sales	13		—		3		—		16
Total sales	$	3,279	$	1,349	$	881	$	1,147	$	6,656




Profit and loss:

Segment Adjusted EBITDA	$	887	$	278	$	113	$	309	$	1,587
Restructuring and other (credits) charges	(2)		1		21		—		20
Provision for depreciation and amortization	130		46		47		39		262
Other:
Capital expenditures	$	112	$	31	$	26	$	36	$	205
Total assets	4,926		2,749		1,415		724		9,814

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


For the year ended December 31,	2023		2022		2021
Total segment capital expenditures	$	205	$	178	$	182
Corporate	14		15		17
Capital expenditures	$	219	$	193	$	199

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,	2023		2022		2021
Sales:
Total segment sales	$	6,656	$	5,673	$	4,982
Elimination of inter-segment sales	(16)		(10)		(10)

Consolidated sales	$	6,640	$	5,663	$	4,972


For the year ended December 31,	2023		2022		2021
Total Segment Adjusted EBITDA	$	1,587	$	1,352	$	1,200
Segment provision for depreciation and amortization	(262)		(258)		(261)
Unallocated amounts:
Restructuring and other charges	(23)		(56)		(90)
Corporate expense	(99)		(119)		(101)
Operating income	$	1,203	$	919	$	748
Loss on debt redemption	(2)		(2)		(146)
Interest expense, net	(218)		(229)		(259)
Other expense, net (F)	(8)		(82)		(19)
Income before income taxes	$	975	$	606	$	324


December 31,	2023		2022
Assets:
Total segment assets	$	9,814	$	9,419
Unallocated amounts:
Cash and cash equivalents	610		791
Deferred income taxes	46		54
Corporate fixed assets, net	83		91
Fair value of derivative contracts	—		6

Accounts receivable securitization	(250)		(250)
Other	125		144

Consolidated assets	$	10,428	$	10,255

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 L for further details.

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


For the year ended December 31,	2023		2022		2021
Sales:
United States	$	3,273	$	2,928	$	2,542
France	578		394		330
Japan	378		319		319
Germany	363		292		257
United Kingdom	283		228		213
Mexico	263		235		225
Italy	220		180		181
Canada	145		138		127
Poland	130		96		77
China	98		111		71
Other	909		742		630
	$	6,640	$	5,663	$	4,972

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


December 31,	2023		2022
Long-lived assets:
United States	$	1,760	$	1,793
Hungary	200		193
France	121		114
United Kingdom	120		107
Mexico	71		58
Germany	58		58
China	46		46



Other	80		74
	$	2,456	$	2,443

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


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Year ended December 31, 2023
Aerospace - Commercial	$	1,798	$	790	$	641	$	—	$	3,229
Aerospace - Defense	670		173		172		—		1,015
Commercial Transportation	—		255		—		1,147		1,402
Industrial and Other	798		131		65		—		994
Total end-market revenue	$	3,266	$	1,349	$	878	$	1,147	$	6,640

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

The Company derived 64%, 62%, and 60% of its revenue from the aerospace (commercial and defense) markets for the years ended December 31, 2023, 2022, and 2021, respectively.

General Electric Company and RTX Corporation represented approximately 12% and 9%, respectively, of the Company’s third-party sales for the year ended December 31, 2023, primarily from the Engine Products segment.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Segment and Geographic Area Information - Schedule of Disaggregation of Revenue by Major End Market Served (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue, Major Customer [Line Items]
Sales	$ 6,640	$ 5,663	$ 4,972
Third-party sales
Revenue, Major Customer [Line Items]
Sales	6,640	5,663	4,972
Third-party sales \| Engine Products
Revenue, Major Customer [Line Items]
Sales	3,266	2,698	2,282
Third-party sales \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	1,349	1,117	1,044
Third-party sales \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	878	790	725
Third-party sales \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	1,147	1,058	921
Third-party sales \| Aerospace - Commercial
Revenue, Major Customer [Line Items]
Sales	3,229	2,606	2,029
Third-party sales \| Aerospace - Commercial \| Engine Products
Revenue, Major Customer [Line Items]
Sales	1,798	1,495	1,105
Third-party sales \| Aerospace - Commercial \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	790	616	537
Third-party sales \| Aerospace - Commercial \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	641	495	387
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	1,015	923	951
Third-party sales \| Aerospace - Defense \| Engine Products
Revenue, Major Customer [Line Items]
Sales	670	526	523
Third-party sales \| Aerospace - Defense \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	173	158	158
Third-party sales \| Aerospace - Defense \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	172	239	270
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	1,402	1,283	1,129
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	255	225	208
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	1,147	1,058	921
Third-party sales \| Industrial and Other
Revenue, Major Customer [Line Items]
Sales	994	851	863
Third-party sales \| Industrial and Other \| Engine Products
Revenue, Major Customer [Line Items]
Sales	798	677	654
Third-party sales \| Industrial and Other \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	131	118	141
Third-party sales \| Industrial and Other \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	65	56	68
Third-party sales \| Industrial and Other \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	$ 0	$ 0	$ 0

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Percentage of temporary tax differences that reverse within the carryforward period	3.00%
Percentage of deferred tax asset exclusive of reversing temporary differences	97.00%
Foreign tax credits	$ 20	$ 68
Increase (decrease) to valuation allowance	21	40	$ 113
Cumulative amount of valuation allowance	90
Valuation allowance	1,821	1,965	2,279	$ 2,307
Income taxes, net of amounts refunded	$ 104	$ 50	$ 53
Percentage of the effect of unrecognized tax benefit, if recorded (less than)	2.00%	1.00%	1.00%
Interest or penalties recognized (less than for 2022 and 2021)	$ 7	$ 1	$ 1
Income related to accrued interest and penalties (less than for 2022)	2	1	3
Amount accrued for payment of interest and penalties (less than for 2022 and 2021)	11	1	1
Other Net State Deferred Tax Asset
Income Tax Contingency [Line Items]
Valuation allowance	438
Foreign Tax Credit Carryover
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance	14	12
Domestic Tax Authority
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance	(2)	(1)	3
Domestic Tax Authority \| Other Net State Deferred Tax Asset
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance	$ (49)	(142)	20
Foreign Tax Authority \| UK Tax Authority
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance		$ (6)
Foreign Tax Authority \| Switzerland Tax Authority
Income Tax Contingency [Line Items]
Increase (decrease) to valuation allowance			$ 8

Segment and Geographic Area Information - Schedule of Geographic Information for Sales (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	$ 6,640	$ 5,663	$ 4,972
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	3,273	2,928	2,542
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	578	394	330
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	378	319	319
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	363	292	257
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	283	228	213
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	263	235	225
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	220	180	181
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	145	138	127
Poland
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	130	96	77
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	98	111	71
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	$ 909	$ 742	$ 630

Segment and Geographic Area Information - Schedule of Geographic Information for Long-lived Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,456	$ 2,443
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,760	1,793
Hungary
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	200	193
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	121	114
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	120	107
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	71	58
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	58	58
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	46	46
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 80	$ 74

Statement of Consolidated Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 765	$ 469	$ 258
Other comprehensive (loss) income, net of tax (K):
Change in unrecognized net actuarial loss and prior service (benefit) cost related to pension and other postretirement benefits	(36)	146	181
Foreign currency translation adjustments	57	(131)	(96)
Net change in unrecognized (losses) gains on cash flow hedges	(10)	7	(5)
Total Other comprehensive income, net of tax	11	22	80
Comprehensive income	$ 776	$ 491	$ 338

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Segment and Geographic Area Information - Schedule of Reconciliation of Certain Segment Information to Consolidated Totals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	$ 6,640	$ 5,663	$ 4,972
Total segment sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	6,656	5,673	4,982
Elimination of inter-segment sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	$ 16	$ 10	$ 10

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Preferred and Common Stock - Schedule of Details For the Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended											12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Number of shares (in shares)	1,904,213	506,800	2,246,294	576,629	1,674,082	2,764,846	1,770,271	5,147,307	6,762,081	769,274	5,878,791	5,233,936	11,356,506	13,410,146
Average price per share (in usd per share)	$ 52.52	$ 49.32	$ 44.52	$ 43.36	$ 38.83	$ 36.17	$ 33.89	$ 34.00	$ 30.32	$ 32.50	$ 34.02	$ 47.76	$ 35.22	$ 32.07
Total	$ 100	$ 25	$ 100	$ 25	$ 65	$ 100	$ 60	$ 175	$ 205	$ 25	$ 200	$ 250	$ 400	$ 430

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Restricted cash	$ 1	$ 1	$ 2
Carrying value
Derivative [Line Items]
Long-term debt, less amount due within one year	3,500	4,162
Fair value
Derivative [Line Items]
Long-term debt, less amount due within one year	$ 3,504	$ 4,059

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 3,601	$ 3,508	$ 3,577
Other comprehensive (loss) income:
Tax (expense) benefit			5
Total Other comprehensive income, net of tax	11	22	80
Ending balance	4,037	3,601	3,508
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,841)	(1,863)	(1,943)
Other comprehensive (loss) income:
Total Other comprehensive income, net of tax	11	22	80
Ending balance	(1,830)	(1,841)	(1,863)
Pension and other postretirement benefits (E)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(653)	(799)	(980)
Other comprehensive (loss) income:
Other comprehensive gain (loss) income, before reclassifications, before tax	(68)	87	111
Tax benefit (expense)	15	(18)	(26)
Total Other comprehensive (loss) income before reclassifications, net of tax	(53)	69	85
Net amount reclassified to earnings	21	99	123
Tax (expense) benefit	(4)	(22)	(27)
Total amount reclassified from Accumulated other comprehensive loss, net of tax	17	77	96
Total Other comprehensive income, net of tax	(36)	146	181
Ending balance	(689)	(653)	(799)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,193)	(1,062)	(966)
Other comprehensive (loss) income:
Total Other comprehensive income, net of tax	57	(131)	(96)
Ending balance	(1,136)	(1,193)	(1,062)
Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	5	(2)	3
Other comprehensive (loss) income:
Other comprehensive gain (loss) income, before reclassifications, before tax	(19)	(8)	20
Tax benefit (expense)	4	2	(4)
Total Other comprehensive (loss) income before reclassifications, net of tax	(15)	(6)	16
Net amount reclassified to earnings	6	17	(26)
Tax (expense) benefit	(1)	(4)
Total amount reclassified from Accumulated other comprehensive loss, net of tax	5	13	(21)
Total Other comprehensive income, net of tax	(10)	7	(5)
Ending balance	$ (5)	$ 5	$ (2)

Debt - Credit Facility (Details)				12 Months Ended
Debt - Credit Facility (Details)	Nov. 22, 2023 USD ($)	Jul. 27, 2023 USD ($) extension	Sep. 28, 2021	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Amounts outstanding				$ 0	$ 0
Borrowings				0	$ 0	$ 0
Maximum
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	3.75
Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)		0.10%
SOFR
Debt Instrument [Line Items]
Basis spread (as a percent)	1.625%	1.10%
EURIBOR
Debt Instrument [Line Items]
Basis spread (as a percent)		1.10%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 114,000,000
Line of Credit \| Maximum
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio		3.75
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit agreement term (in years)		5 years	5 years
Maximum borrowing capacity		$ 1,000,000,000
Number of extension requests \| extension		2
Expiration period (in years)		1 year
Maximum additional borrowing capacity		$ 500,000,000
Commitment fee (as a percent)		0.15%
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 500,000,000
Other Debt
Debt Instrument [Line Items]
Debt default (in excess of)	$ 100,000,000	$ 100,000,000

Receivables	12 Months Ended
Receivables	Dec. 31, 2023
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 net cash funding from the sale of accounts receivable was neither a use of cash nor a source of cash during 2023 or 2022. The accounts receivables securitization arrangement is one in which the Company, through an SPE, has a receivables purchase agreement (the “Receivables Purchase Agreement”) pursuant to which the SPE may sell certain receivables to financial institutions until the earlier of January 2, 2026 or a termination event. The Receivables Purchase Agreement 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. The Receivables Purchase Agreement was previously amended on February 17, 2023 to update the reference rate and reduce the facility limit to $250 from $325, with a provision that allows the Company to increase the limit to $325. The facility limit under the Receivables Purchase agreement was $250 and $325 as of December 31, 2023 and December 31, 2022, respectively, of which $250 was drawn at both December 31, 2023 and December 31, 2022. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which were $197 and $190 as of December 31, 2023 and December 31, 2022, respectively. The Company sold $1,547 and $1,799 of its receivables without recourse and received cash funding under this program during 2023 and 2022, respectively, 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 2023, the Company sold $593 of certain customers’ receivables in exchange for cash (of which $158 was outstanding from customers as of December 31, 2023), the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows. In 2022, the Company sold $474 of certain customers’ receivables in exchange for cash (of which $126 was outstanding from customers as of December 31, 2022), the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//860/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-7

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

+ Details

Restructuring and Other Charges (Tables)

12 Months Ended

Dec. 31, 2023

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,	2023		2022		2021
Layoff costs	$	3	$	—	$	7
Net reversals of previously recorded layoff reserves	(1)		(1)		(3)
Pension and other post-retirement benefits - net settlement (G)	5		58		75
Non-cash asset impairments and accelerated depreciation	14		1		15
Net gain related to divestitures of assets and businesses (T)	(1)		(8)		(8)
Other	3		6		4
Total restructuring and other charges	$	23	$	56	$	90

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 30, 2020	$	54	$	—	$	54
2021 Activity
Cash payments	(41)		(2)		(43)
Restructuring and other charges	79		11		90
Other(1)	(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(2)	(58)		7		(51)
Reserve balances at December 31, 2022	$	6	$	2	$	8
2023 Activity
Cash payments	$	(3)	$	(3)	$	(6)
Restructuring and other charges	7		16		23
Other(3)	(5)		(13)		(18)
Reserve balances at December 31, 2023	$	5	$	2	$	7

Pension and Other Postretirement Benefits - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Settlements		$ 5	$ 58	$ 75
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost		3	4	4
Interest cost		80	51	47
Expected return on plan assets		(74)	(80)	(90)
Recognized net actuarial loss (gain)		28	49	56
Amortization of prior service cost (benefit)		0	0	1
Settlements	$ 3	5	58	69
Curtailment		0	0	6
Net periodic benefit cost		42	82	93
Pension benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Settlements			41
Net periodic benefit cost		40	79	61
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost		1	2	2
Interest cost		7	4	5
Expected return on plan assets		0	0	0
Recognized net actuarial loss (gain)		(3)	1	0
Amortization of prior service cost (benefit)		(9)	(9)	(9)
Settlements		0	0	0
Curtailment		0	0	0
Net periodic benefit cost		$ (4)	$ (2)	(2)
Decrease in net periodic benefit cost for the recognition of the federal subsidy awarded under Medicare Part D (less than $1)				$ 1

Divestitures	12 Months Ended
Divestitures	Dec. 31, 2023
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). The Company received the remaining $2 in the third quarters of 2022 and 2023.

Properties, Plants, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, net			$ 2,328	$ 2,332
Depreciation			$ 236	$ 227	$ 232
Corporate Center \| Disposed of by Sale
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	12 years
Corporate Center \| Disposed of by Sale \| Structures
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, net	$ 41	$ 41

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Debt.


December 31,	2023		2022



5.125% Notes, due 2024(1)	$	205	$	1,081
6.875% Notes, due 2025(1)	600		600
USD Term Loan Agreement, due 2026	200		—
JPY Term Loan Agreement, due 2026	211		—
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, net(2)	(10)		(19)
	3,706		4,162
Less: amount due within one year	206		—
Total long-term debt	$	3,500	$	4,162

(1)The 5.125% Notes, due 2024 (the “5.125% Notes”) are due in October 2024 and the 6.875% Notes, due 2025 (the “6.875% Notes”) are due in May 2025.

(2)Includes unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and bonds listed in the table above and various financing arrangements related to subsidiaries.

Earnings Per Share - Narrative (Details) - shares	3 Months Ended											12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock outstanding (in shares)	409,914,461				412,000,000				422,000,000			409,914,461	412,000,000	422,000,000
Decrease in average shares outstanding (in shares)												4,000,000
Number of shares (in shares)	1,904,213	506,800	2,246,294	576,629	1,674,082	2,764,846	1,770,271	5,147,307	6,762,081	769,274	5,878,791	5,233,936	11,356,506	13,410,146
Employee stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)												0	0	0

- Definition

+ References + Details

Segment and Geographic Area Information - Schedule of Segment Reporting Information to Consolidated Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Assets	$ 10,428	$ 10,255
Cash and cash equivalents	610	791
Corporate fixed assets, net	2,328	2,332
Total segment sales
Assets:
Assets	9,814	9,419	$ 9,262
Other
Assets:
Cash and cash equivalents	610	791
Deferred income taxes	46	54
Corporate fixed assets, net	83	91
Fair value of derivative contracts	0	6
Accounts receivable securitization	(250)	(250)
Other	$ 125	$ 144

Leases - Future Minimum Contractual Operating Lease Obligations (Details) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 39
2025	30
2026	23
2027	18
2028	12
Thereafter	40
Total lease payments	162
Less: Imputed interest	(33)
Present value of lease liabilities	$ 129	$ 115

Cash Flow Information - Schedule of Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Interest, net of amounts capitalized	$ 221	$ 224	$ 267
Income taxes, net of amounts refunded	$ 104	$ 50	$ 53

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 610	$ 791
Receivables from customers, less allowances of $— in 2023 and $1 in 2022 (L)	675	506
Other receivables (L)	17	31
Inventories (M)	1,765	1,609
Prepaid expenses and other current assets	249	206
Total current assets	3,316	3,143
Properties, plants, and equipment, net (N)	2,328	2,332
Goodwill (A and O)	4,035	4,013
Deferred income taxes (H)	46	54
Intangibles, net (O)	505	521
Other noncurrent assets (A and P)	198	192
Total assets	10,428	10,255
Current liabilities:
Accounts payable, trade	982	962
Accrued compensation and retirement costs	263	195
Taxes, including income taxes	68	48
Accrued interest payable	65	75
Other current liabilities (A and P)	200	202
Long-term debt due within one year (Q and R)	206	0
Total current liabilities	1,784	1,482
Long-term debt, less amount due within one year (Q and R)	3,500	4,162
Accrued pension benefits (G)	664	633
Accrued other postretirement benefits (G)	92	109
Other noncurrent liabilities and deferred credits (A and P)	351	268
Total liabilities	6,391	6,654
Contingencies and commitments (U)
Howmet Aerospace Inc. shareholders’ equity:
Preferred stock (I)	55	55
Common stock (I)	410	412
Additional capital (I)	3,682	3,947
Retained earnings (A)	1,720	1,028
Accumulated other comprehensive loss (A and K)	(1,830)	(1,841)
Total equity	4,037	3,601
Total liabilities and equity	$ 10,428	$ 10,255

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) reporting_unit segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments \| segment	4
Number of reporting units \| reporting_unit	4
Minimum percentage of estimated fair value of reporting unit to be less than carrying amount of goodwill	50.00%
Period required for impairment testing of reporting units	3 years
Deferred revenue \| $	$ 64	$ 32
Businesses expected to be disposed within, years	1 year
Aerospace - Commercial \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	49.00%	46.00%	41.00%	60.00%

Summary of Significant Accounting Policies - Weighted-average Useful Lives of Software and Other Intangible Assets (Details)	Dec. 31, 2023
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	5 years
Software \| Engineered Structures
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives of other intangible assets	3 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	33 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

Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

Cash paid for interest and income taxes was as follows:


	2023		2022		2021
Interest, net of amounts capitalized	$	221	$	224	$	267
Income taxes, net of amounts refunded	$	104	$	50	$	53

The Company incurred capital expenditures which remain unpaid at December 31, 2023, 2022, and 2021 of $72, $55, and $49, respectively, and will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods.

In September 2022, the FASB issued guidance to enhance the transparency of disclosures regarding supplier finance programs. These changes became 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.

On January 1, 2023, the Company adopted the changes issued by the FASB related to disclosure requirements of supplier finance program obligations. We offer voluntary supplier finance programs to suppliers who may elect to sell their receivables to third parties at the sole discretion of both the supplier and the third parties. The program is at no cost to the Company and provides additional liquidity to our suppliers, if they desire, at their cost. Under these programs, the Company pays the third party bank, rather than the supplier, the stated amount of the confirmed invoices on the original maturity date of the invoices. The Company or the third party bank may terminate a program upon at least 30 days’ notice. Supplier invoices under the program require payment in full no more than 120 days of the invoice date. As of December 31, 2023 and 2022, supplier invoices that are subject to future payment under these programs were $258 and $240, respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet.

Segment and Geographic Area Information - Schedule of Capital Expenditure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Capital expenditures	$ 219	$ 193	$ 199
Total segment sales
Segment Reporting Information [Line Items]
Capital expenditures	205	178	182
Corporate
Segment Reporting Information [Line Items]
Capital expenditures	$ 14	$ 15	$ 17

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Contingencies Environmental Matters. Howmet participates in environmental assessments and/or 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 $17 and $16 as of December 31, 2023 and 2022, respectively, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $7 and $6, respectively, were classified as a current liability), 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 $3 and $4 in 2023 and 2022, 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. In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount is $18 (€16 million), including interest up through 2017 and penalties. The Company estimates the additional interest assessment up through 2023 to be $2 (€2 million). As a result of the adverse decision from the Paris Administrative Court of Appeal, the Company has concluded that it is no longer more likely than not to sustain its position. In 2023, the Company recorded an income tax reserve in Provision for income taxes in the Statement of Consolidated Operations of $21 (€19 million), which includes estimated interest and penalties, for the 2010 through 2012 tax years, as well as the remaining tax years open for reassessment (2020-2023). In accordance with FTA dispute resolution practices, the Company paid the assessment amount to the FTA in December 2023 and is expecting to pay the additional interest assessment in 2024. The Company also paid the estimated tax related to the remaining open tax years during 2023. If an appeal to the French Administrative Supreme Court is successful, any payment would be refunded with interest. Indemnified Matters. The Separation and Distribution Agreement, dated October 31, 2016, that the Company entered into with Alcoa Corporation in connection with its separation from Alcoa Corporation, 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 its separation from Arconic Corporation, 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) (together, the “U.K. Proceedings”). (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. The substantial majority of these suits were settled pursuant to the terms of a confidential settlement agreement and are now discontinued and closed. Those suits that have not been settled are stayed until the next case management conference, which will be heard on December 10, 2024. In December 2023, the Royal Borough of Kensington and Chelsea indicated that they plan to join Howmet as a party to proceedings currently pending against AAP SAS and Whirlpool arising out of the Grenfell Tower fire. That pending proceeding is stayed until December 20, 2024. (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. In September 2020, the court dismissed the U.S. case, determining that the U.K. is the appropriate jurisdiction. The Third Circuit Court of Appeals affirmed the dismissal in July 2022, and the U.S. Supreme Court denied the plaintiffs’ petition for a writ of certiorari in February 2023. This case is dismissed and closed. (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, alleged violations of the federal securities laws relating to the Grenfell Fire. In June 2021, the court ruled that certain claims can proceed and dismissed all other claims with prejudice. Following mediation, the parties reached a settlement, which was approved by the court in August 2023, in the amount of $74 to be covered by insurance proceeds in exchange for the dismissal of the action and a release of all claims against the defendants, which did not admit fault or wrongdoing. This case is dismissed and closed. (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 Raul case had been stayed until the final resolution of the Howard case and the U.K. Proceedings. On December 6, 2023, the defendants moved the court for an order lifting the stay. The motion is currently pending. Legal Proceedings. Lehman Brothers International (Europe) Legal 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 concerned two interest rate swap transactions that the Firth Rixson Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, 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 the third quarter of 2022. The Firth Rixson Entities appealed the Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all claims arising out of the proceedings. The settlement provides for a payment of $40 to be paid to LBIE in two installments: $15 paid in July 2023 and $25 payable in July 2024. As a result of the settlement, $25 of the amount previously recorded for the Litigation as a pre-tax charge in Other expense, net was reversed as a credit to Other expense, net in the Company’s second quarter 2023 results. Lockheed Martin Corp. v. Howmet Aerospace Inc. On November 30, 2023, Lockheed Martin Corporation (“Lockheed Martin”) filed a complaint in federal district court in the Northern District of Texas (the “District Court”) against the Company and its subsidiary RTI Advanced Forming, Inc. (“RTI”) as defendants. The complaint alleges that the Company and RTI breached a Master Purchase Order (“MPO”) between Lockheed Martin and RTI related to the F-35 Joint Strike Fighter production program between Lockheed Martin and the United States government (the “F-35 Program”) by seeking a fair market price adjustment for the provision of titanium mill products under RTI’s separate agreements with Lockheed Martin’s subcontractors for the F-35 Program (the “Qualified Suppliers”). The complaint also alleges that RTI’s decision to not provide Lockheed Martin and its suppliers with titanium products violates the Defense Production Act of 1950. As part of the litigation, Lockheed Martin sought a temporary restraining order and preliminary injunction requiring the Company and RTI to perform under the terms of the MPO while the litigation is pending. The District Court granted a temporary restraining order on December 12, 2023. After expedited discovery and a hearing on December 26, 2023, however, the District Court denied Lockheed Martin’s motion for a preliminary injunction on December 29, 2023. On January 11, 2024, the District Court entered a scheduling order setting trial for the four-week docket beginning July 22, 2024 and ordering mandatory mediation, which is scheduled for March 11, 2024. On January 19, 2024, RTI filed counterclaims against Lockheed Martin alleging breach of a clause in the MPO that, in RTI’s view, requires “revert” (reusable scrap titanium) to be made available to RTI from the F-35 Program (the “Revert Clause”), and seeking a declaratory judgment that RTI is not obligated to supply titanium mill products at the MPO prices due to Lockheed Martin’s breach of the Revert Clause. RTI’s counterclaim also alleges Lockheed Martin’s tortious interference with RTI’s contracts and business relations with the Qualified Suppliers. On February 12, 2024, the District Court granted Lockheed Martin leave to file an amended complaint, adding, in relevant part, a claim against the Company and RTI for anticipatory breach for an alleged refusal to agree to a four-year extension option under the MPO that Howmet rejected. The Company and RTI are vigorously contesting this case and, contrary to Lockheed Martin’s assertions, take their contractual and regulatory obligations seriously and believe that RTI has complied with those obligations in all material respects. The Company has not recorded any liability for this matter as it does not believe a loss is probable or reasonably estimable at this time. 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 & Other Obligations. Howmet has entered into commitments for raw materials, energy and other obligations, which total $244 in 2024, $32 in 2025, $11 in 2026, and none in 2027, 2028 and thereafter. Operating Leases. See Note P for the operating lease future minimum contractual obligations. Guarantees. As of December 31, 2023, 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 2024 and 2040, was $24 as of December 31, 2023. 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 as of both December 31, 2023 and 2022, 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 $1,131 and $1,040 as of December 31, 2023 and 2022, respectively, in the event of an Alcoa Corporation default. In December 2021, December 2022, and December 2023, 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, among others. The total amount committed under these letters of credit, which automatically renew or expire at various dates, mostly in 2024, was $114 as of December 31, 2023. 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 $52 (which are included in the $114 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 $114 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 automatically renew or expire at various dates, primarily in 2024 and 2025, was $43 as of December 31, 2023. 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 $21 (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.

Cash Flow Information - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Capital expenditures		$ 72	$ 55	$ 49
Termination notice period (in days)	30 days
Payment timing (in days)	120 days
Supplier invoices subject to future payment		$ 258	$ 240
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]		Accounts payable, trade	Accounts payable, trade

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Weighted-average Useful Lives of Structures and Machinery and Equipment

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, 2023		December 31, 2022
Land and land rights	$	88	$	84
Structures	1,018		986
Machinery and equipment	4,079		3,941
	5,185		5,011
Less: accumulated depreciation and amortization	3,081		2,858
	2,104		2,153
Construction work-in-progress	224		179
Properties, plants, and equipment, net	$	2,328	$	2,332

Schedule of 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	33
Fastening Systems	5	23
Engineered Structures	3	18
Forged Wheels	4	25

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income from Continuing Operations Before Income Taxes

The components of income before income taxes were as follows:


For the year ended December 31,	2023		2022		2021
United States	$	538	$	287	$	28
Foreign	437		319		296
Total	$	975	$	606	$	324

Schedule of Provision for Income Taxes on Income from Continuing Operations

The provision for income taxes consisted of the following:


For the year ended December 31,	2023		2022		2021
Current:
Federal(1)	$	5	$	3	$	(9)
Foreign	94		53		39
State and local	2		—		(2)
	101		56		28
Deferred:
Federal	92		71		22
Foreign	16		5		11
State and local	1		5		5
	109		81		38
Total	$	210	$	137	$	66

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

Schedule of Reconciliation of U.S. Federal Statutory Rate to Arconic's Effective Tax Rate

A reconciliation of the U.S. federal statutory rate to Howmet’s effective tax rate was as follows (the effective tax rate for 2023, 2022, and 2021 was a provision on income):


For the year ended December 31,	2023		2022		2021
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
Foreign tax rate differential	(0.1)		0.1		(0.7)
U.S. and residual tax on foreign earnings(1)	0.6		1.2		6.5
U.S. state and local taxes, net of federal income tax effect	0.7		0.5		0.8



Non-deductible officer compensation	0.7		1.2		1.6
Statutory tax rate and law changes	(0.3)		0.1		1.0
Tax holidays	(0.4)		(0.5)		(0.4)
Tax credits(2)	(0.7)		(0.9)		(10.4)
Changes in valuation allowances	(1.1)		1.4		4.9

Changes in uncertain tax positions(3)	2.1		—		—
Excess benefit for stock compensation	(0.8)		(0.8)		(0.3)
Prior year tax adjustments	—		(0.1)		(3.7)
Other	(0.2)		(0.6)		0.1
Effective tax rate	21.5	%	22.6	%	20.4	%

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

(3)In 2023, the Company recorded an income tax reserve of $21 related to an uncertain French tax position.

Schedule of Components of Net Deferred Tax Assets and Liabilities

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


	2023				2022
December 31,	Deferred tax assets		Deferred tax liabilities		Deferred tax assets		Deferred tax liabilities
Depreciation	$	8	$	486	$	11	$	492
Employee benefits	240		4		232		1
Loss provisions	28		1		26		1
Deferred income/expense	32		1,210		62		1,161
Interest	32		—		99		—
Tax loss carryforwards	2,905		—		2,955		—
Tax credit carryforwards	216		—		268		—
Other	10		4		6		6
	$	3,471	$	1,705	$	3,659	$	1,661
Valuation allowance	(1,821)		—		(1,965)		—
Total	$	1,650	$	1,705	$	1,694	$	1,661

Schedule of Expiration Periods of Deferred Tax Assets

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


December 31, 2023	Expires within 10 years		Expires within 11-20 years		No Expiration(1)		Other(2)		Total
Tax loss carryforwards	$	330	$	533	$	2,042	$	—	$	2,905
Tax credit carryforwards	159		45		12		—		216
Other(3)	—		—		314		36		350
Valuation allowance	(450)		(234)		(1,131)		(6)		(1,821)
Total	$	39	$	344	$	1,237	$	30	$	1,650

(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.

Schedule of Changes in Valuation Allowance

The following table details the changes in the valuation allowance:


December 31,	2023		2022		2021
Balance at beginning of year	$	1,965	$	2,279	$	2,307
Increase to allowance	21		40		113
Release of allowance	(198)		(154)		(94)
Acquisitions, divestitures and liquidations	(16)		—		—
Tax apportionment, tax rate and tax law changes	(11)		(110)		63
Foreign currency translation	60		(90)		(110)
Balance at end of year	$	1,821	$	1,965	$	2,279

Schedule of Reconciliation of Unrecognized Tax Benefits (Excluding Interest and Penalties)

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


December 31,	2023		2022		2021
Balance at beginning of year	$	2	$	2	$	2
Additions for tax positions of the current year	1		—		—
Additions for tax positions of prior years	13		—		—




Balance at end of year	$	16	$	2	$	2

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

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



	2023		2022		2021
Pension and other postretirement benefits (G)
Balance at beginning of period	$	(653)	$	(799)	$	(980)

Other comprehensive (loss) income:
Unrecognized net actuarial (loss) gain and prior service cost/benefit	(68)		87		111
Tax benefit (expense)	15		(18)		(26)
Total Other comprehensive (loss) income before reclassifications, net of tax	(53)		69		85
Amortization of net actuarial loss and prior service cost(1)	21		99		123
Tax expense(2)	(4)		(22)		(27)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	17		77		96
Total Other comprehensive (loss) income	(36)		146		181

Balance at end of period	$	(689)	$	(653)	$	(799)
Foreign currency translation
Balance at beginning of period	$	(1,193)	$	(1,062)	$	(966)


Other comprehensive income (loss)(4)	57		(131)		(96)

Balance at end of period	$	(1,136)	$	(1,193)	$	(1,062)




Cash flow hedges
Balance at beginning of period	$	5	$	(2)	$	3

Other comprehensive (loss) income:
Net change from periodic revaluations	(19)		(8)		20
Tax benefit (expense)	4		2		(4)
Total Other comprehensive (loss) income before reclassifications, net of tax	(15)		(6)		16
Net amount reclassified to earnings	6		17		(26)






Tax (expense) benefit(2)	(1)		(4)		5
Total amount reclassified from Accumulated other comprehensive income (loss), net of tax(3)	5		13		(21)
Total Other comprehensive (loss) income	(10)		7		(5)
Balance at end of period	$	(5)	$	5	$	(2)

Accumulated other comprehensive loss balance at end of period	$	(1,830)	$	(1,841)	$	(1,863)

(1)These amounts were recorded in Restructuring and other charges (See Note D) and Other expense, net (See Note F) in the Statement of Consolidated Operations.

(2)These amounts were included in Provision for income taxes (See Note H) 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.

Pension and Other Postretirement Benefits - Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.10%	5.40%
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	5.50%	2.80%	2.80%
Discount rate to calculate interest cost	5.30%	2.50%	2.10%
Expected long-term rate of return on plan assets	6.70%	6.70%	6.20%
Cash balance plan interest crediting rate	3.00%	3.00%	3.00%

Statement of Consolidated Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Sales (C)	$ 6,640	$ 5,663	$ 4,972
Cost of goods sold (exclusive of expenses below)	4,773	4,103	3,596
Selling, general administrative, and other expenses	333	288	251
Research and development expenses	36	32	17
Provision for depreciation and amortization	272	265	270
Restructuring and other charges (D)	23	56	90
Operating income	1,203	919	748
Loss on debt redemption (Q)	2	2	146
Interest expense, net (E)	218	229	259
Other expense, net (F)	8	82	19
Income before income taxes	975	606	324
Provision for income taxes (H)	210	137	66
Net income	765	469	258
Amounts Attributable to Howmet Aerospace Inc. Common Shareholders (J):
Net income	763	467	256
Net income	$ 763	$ 467	$ 256
Earnings per share:
Basic (in usd per share)	$ 1.85	$ 1.12	$ 0.60
Diluted (in usd per share)	$ 1.83	$ 1.11	$ 0.59
Average Shares Outstanding (I):
Basic (in shares)	412	416	430
Diluted (in shares)	416	421	435

Leases - Operating Lease Assets and Liabilities in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other noncurrent assets (A and P)	Other noncurrent assets (A and P)
Right-of-use assets classified in Other noncurrent assets	$ 128	$ 111
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities (A and P)	Other current liabilities (A and P)
Current portion of lease liabilities classified in Other current liabilities	$ 32	$ 32
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities and deferred credits (A and P)	Other noncurrent liabilities and deferred credits (A and P)
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	$ 97	$ 83
Total lease liabilities	$ 129	$ 115

Pension and Other Postretirement Benefits - Schedule of Pension Plan Benefit Obligations (Details) - Pension benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 1,592	$ 1,599	$ 2,296
Accumulated benefit obligation	1,591	1,598
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	1,459	1,482
Fair value of plan assets	780	833
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	1,459	1,481
Fair value of plan assets	$ 780	$ 833

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule 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:



	2023		2022		2021
Pension and other postretirement benefits (G)
Balance at beginning of period	$	(653)	$	(799)	$	(980)

Other comprehensive (loss) income:
Unrecognized net actuarial (loss) gain and prior service cost/benefit	(68)		87		111
Tax benefit (expense)	15		(18)		(26)
Total Other comprehensive (loss) income before reclassifications, net of tax	(53)		69		85
Amortization of net actuarial loss and prior service cost(1)	21		99		123
Tax expense(2)	(4)		(22)		(27)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	17		77		96
Total Other comprehensive (loss) income	(36)		146		181

Balance at end of period	$	(689)	$	(653)	$	(799)
Foreign currency translation
Balance at beginning of period	$	(1,193)	$	(1,062)	$	(966)


Other comprehensive income (loss)(4)	57		(131)		(96)

Balance at end of period	$	(1,136)	$	(1,193)	$	(1,062)




Cash flow hedges
Balance at beginning of period	$	5	$	(2)	$	3

Other comprehensive (loss) income:
Net change from periodic revaluations	(19)		(8)		20
Tax benefit (expense)	4		2		(4)
Total Other comprehensive (loss) income before reclassifications, net of tax	(15)		(6)		16
Net amount reclassified to earnings	6		17		(26)






Tax (expense) benefit(2)	(1)		(4)		5
Total amount reclassified from Accumulated other comprehensive income (loss), net of tax(3)	5		13		(21)
Total Other comprehensive (loss) income	(10)		7		(5)
Balance at end of period	$	(5)	$	5	$	(2)

Accumulated other comprehensive loss balance at end of period	$	(1,830)	$	(1,841)	$	(1,863)

(1)These amounts were recorded in Restructuring and other charges (See Note D) and Other expense, net (See Note F) in the Statement of Consolidated Operations.

(2)These amounts were included in Provision for income taxes (See Note H) 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.

Receivables (Details) - USD ($) $ in Millions	12 Months Ended
Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Feb. 17, 2023	Feb. 16, 2023
Certain Customers
Schedule Of Financial Receivables [Line Items]
Accounts receivable, sale	$ 593	$ 474
Accounts receivable sale, amount outstanding	158	126
Receivables Purchase Agreement
Schedule Of Financial Receivables [Line Items]
Accounts receivable securitization	250	325	$ 250	$ 325
Accounts receivable securitization following a provision to increase the limit			$ 325
Accounts receivable securitization amount drawn	250	250
Financing receivables, held as collateral	197	190
Accounts receivable, sale	$ 1,547	$ 1,799

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
Beginning balance at Dec. 31, 2020	$ 3,577		$ 55	$ 433	$ 4,668	$ 364		$ (1,943)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	258					258
Other comprehensive income (K)	80							80
Cash dividends declared:
Preferred		$ (2)					$ (2)
Common	(17)					(17)
Repurchase and retirement of common stock (I)	(430)			(13)	(417)
Stock-based compensation (I)	40				40
Common stock issued: compensation plans (I)	2			2
Ending balance at Dec. 31, 2021	3,508		55	422	4,291	603		(1,863)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	469					469
Other comprehensive income (K)	22							22
Cash dividends declared:
Preferred		(2)					(2)
Common	(42)					(42)
Repurchase and retirement of common stock (I)	(400)			(12)	(388)
Stock-based compensation (I)	54				54
Common stock issued: compensation plans (I)	(8)			2	(10)
Ending balance at Dec. 31, 2022	3,601		55	412	3,947	1,028		(1,841)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	765					765
Other comprehensive income (K)	11							11
Cash dividends declared:
Preferred		$ (2)					$ (2)
Common	(71)					(71)
Repurchase and retirement of common stock (I)	(251)			(5)	(246)
Stock-based compensation (I)	50				50
Common stock issued: compensation plans (I)	(66)			3	(69)
Ending balance at Dec. 31, 2023	$ 4,037		$ 55	$ 410	$ 3,682	$ 1,720		$ (1,830)

Debt - Public Debt (Details) - USD ($) $ in Millions							1 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
Debt - Public Debt (Details) - USD ($) $ in Millions	Dec. 28, 2023	Sep. 28, 2023	Sep. 02, 2021	Sep. 01, 2021	May 03, 2021	Jan. 15, 2021	Mar. 31, 2023	Jan. 31, 2023	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Payment for early redemption of debt											$ 1	$ 2	$ 138
5.125% Notes, due 2024
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)									5.125%		5.125%		5.125%
Early redemption of debt	$ 500	$ 200						$ 26	$ 100	$ 69
Cash on hand	106
Debt instrument, redemption price, amount redeemed with loan facility	400
Redemption price, amount	506	205
Accrued interest	$ 6	$ 5
Payment for early redemption of debt							$ 150
Repayments of debt							155		111	71
Interest expense							4		1
Early termination premium							$ 1		$ 10	$ 2
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)			6.875%								6.875%
Early redemption of debt			$ 600
Interest expense			14
Early termination premium			$ 105
3.000% Notes, due 2029
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)				3.00%							3.00%
Early redemption of debt				$ 700
5.870% Notes, due 2022
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)					5.87%
Early redemption of debt					$ 476
Accrued interest					5
Payment for early redemption of debt					503
Early termination premium					$ 23
5.400% Notes, due 2021
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)						5.40%
Early redemption of debt						$ 361
Accrued interest						$ 5

Interest Cost Components (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Interest Cost Components


For the year ended December 31,	2023		2022		2021
Amount charged to interest expense, net	$	218	$	229	$	259
Loss on debt redemption (Q)	2		2		146
Amount capitalized	6		6		8
Total interest cost	$	226	$	237	$	413

Divestitures (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended			15 Months Ended
Divestitures (Details) - USD ($) $ in Millions	Mar. 15, 2021	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023	Jun. 01, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges			$ 14	$ 1	$ 15
Disposed of by Sale \| Small Manufacturing Facility In France \| Fastening Systems
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges	$ 4
Consideration							$ 10
Proceeds from the sales of businesses		$ 8				$ 2

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Pittsburgh, Pennsylvania
Auditor Firm ID	238

Contingencies and Commitments - Contingencies (Details) € in Millions, $ in Millions				1 Months Ended			3 Months Ended	12 Months Ended
	Jun. 15, 2023 USD ($) installment	Dec. 23, 2020 defendant	Jun. 06, 2019 survivor	Jul. 31, 2024 USD ($)	Aug. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) location	Dec. 31, 2023 EUR (€) location	Dec. 31, 2022 USD ($)	Dec. 31, 2023 EUR (€)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 26, 2020 USD ($) entity transaction	Dec. 31, 2017 claim
Loss Contingencies [Line Items]
Number of cleanup locations (more than) \| location								30	30
Remediation reserve balance								$ 17		$ 16
Remediation reserve balance, classified as a current liability								7		6
Payments related to remediation expenses applied against the reserve								3		4
Unrecognized tax benefits								16		$ 2				$ 2	$ 2
Number of defendants \| defendant		23
Number of plaintiffs \| survivor			247
Number of claims \| claim																	2
Judgment from legal proceeding					$ 74
Reversal of previously recorded litigation amount							$ 25	25
Lehman Brothers International (Europe) (“LBIE”) Claims
Loss Contingencies [Line Items]
Judgment from legal proceeding	$ 40
Number of entities \| entity																2
Number of interest rate swap transactions \| transaction																2
Estimate of claim																$ 65
Number of installment payments \| installment	2
Payments for legal settlements						$ 15
Lehman Brothers International (Europe) (“LBIE”) Claims \| Scenario, forecast \| Subsequent Event
Loss Contingencies [Line Items]
Payments for legal settlements				$ 25
Foreign Tax Authority \| Ministry of the Economy, Finance and Industry, France \| Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Unrecognized tax benefits								2			€ 2	$ 18	€ 16
Effective income tax rate reconciliation, tax contingency, amount								$ 21	€ 19
Maximum \| Recurring Costs of Managing Hazardous Substances and Environmental Programs
Loss Contingencies [Line Items]
Percentage of cost of goods sold								1.00%	1.00%

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 765	$ 469	$ 258

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Interest Cost Components

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Interest Cost Components


For the year ended December 31,	2023		2022		2021
Amount charged to interest expense, net	$	218	$	229	$	259
Loss on debt redemption (Q)	2		2		146
Amount capitalized	6		6		8
Total interest cost	$	226	$	237	$	413

Other Expense, Net - Schedule of Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Non-service costs - pension and other postretirement benefits (G)	$ 29	$ 16	$ 9
Interest income	(23)	(6)	(2)
Foreign currency (gains) losses, net	(2)	(1)	2
Net realized and unrealized losses	22	18	9
Deferred compensation	10	(8)	8
Legal proceeding	(25)	65	0
Other, net	(3)	(2)	(7)
Total other expense, net	$ 8	$ 82	$ 19

Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Paid for Interest and Income Taxes


December 31,	2023			2022			2021
Right-of-use assets obtained in exchange for operating lease obligations (N)	$	68		$	34		$	16
Weighted-average remaining lease term in years	6.4			5.6			5.8
Weighted-average discount rate	5.9		%	5.4		%	5.4		%

Cash paid for interest and income taxes was as follows:


	2023		2022		2021
Interest, net of amounts capitalized	$	221	$	224	$	267
Income taxes, net of amounts refunded	$	104	$	50	$	53

Pension and Other Postretirement Benefits - Schedule of Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Net payable	$ 35
Net receivable		$ 8
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Net plan assets	925	970	$ 1,531
Net plan assets excluding certain net receivables	960	962
Pension benefits \| Equities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	436	541
Pension benefits \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	310	416
Pension benefits \| Long/short equity hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	18	18
Pension benefits \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	108	107
Pension benefits \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	419	320
Pension benefits \| Intermediate and long duration government/credit
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	350	255
Pension benefits \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	69	65
Pension benefits \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	105	101
Pension benefits \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	73	65
Pension benefits \| Discretionary and systematic macro hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	29	29
Pension benefits \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	3	7
Pension benefits \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Net plan assets	205	113
Pension benefits \| Level 1 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 1 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 1 \| Long/short equity hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 1 \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 1 \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	205	113
Pension benefits \| Level 1 \| Intermediate and long duration government/credit
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	199	107
Pension benefits \| Level 1 \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	6	6
Pension benefits \| Level 1 \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 1 \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 1 \| Discretionary and systematic macro hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 1 \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Net plan assets	304	343
Pension benefits \| Level 2 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	85	133
Pension benefits \| Level 2 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	85	133
Pension benefits \| Level 2 \| Long/short equity hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 2 \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 2 \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	214	207
Pension benefits \| Level 2 \| Intermediate and long duration government/credit
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	151	148
Pension benefits \| Level 2 \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	63	59
Pension benefits \| Level 2 \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	5	3
Pension benefits \| Level 2 \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	5	3
Pension benefits \| Level 2 \| Discretionary and systematic macro hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Level 2 \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Net plan assets	451	506
Pension benefits \| Net Asset Value \| Equities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	351	408
Pension benefits \| Net Asset Value \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	225	283
Pension benefits \| Net Asset Value \| Long/short equity hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	18	18
Pension benefits \| Net Asset Value \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	108	107
Pension benefits \| Net Asset Value \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Net Asset Value \| Intermediate and long duration government/credit
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Net Asset Value \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	0	0
Pension benefits \| Net Asset Value \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	100	98
Pension benefits \| Net Asset Value \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	68	62
Pension benefits \| Net Asset Value \| Discretionary and systematic macro hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	29	29
Pension benefits \| Net Asset Value \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension and other postretirement plans' assets	$ 3	$ 7