0000004281-24-000034 | 10-Q | XBRL Viewer

Income Taxes

9 Months Ended

Sep. 30, 2024

The Company’s year-to-date tax provision is comprised of the most recent estimated annual effective tax rate applied to year-to-date pre-tax ordinary income. The tax impacts of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are recorded discretely in the interim period in which they occur. In addition, the tax provision is adjusted for the interim period impact of non-benefited pre-tax losses.

The estimated annual effective tax rate, before discrete items, applied to ordinary income was 20.9% in both the third quarter and nine months ended September 30, 2024, and 23.0% in both the third quarter and nine months ended September 30, 2023. The 2024 rate was lower than the 2023 rate and the U.S. federal statutory rate of 21% primarily due to a net benefit related to U.S. federal and state research and development (“R&D”) credits, a U.S. deduction on Foreign Derived Intangible Income (“FDII”), and a U.S. tax benefit recognized for foreign tax credits, partially offset by additional U.S. tax on Global Intangible Low-Taxed Income (“GILTI”), incremental state tax, nondeductible expenses, and foreign earnings subject to tax in jurisdictions with tax rates higher than the U.S. federal statutory rate of 21%. The 2023 rate was higher than the U.S. federal statutory rate of 21% primarily due to additional U.S. tax on GILTI and other foreign earnings, incremental state tax and foreign taxes on earnings also subject to U.S. federal income tax, nondeductible expenses, and foreign earnings subject to tax in jurisdictions with tax rates higher than the U.S. federal statutory rate of 21%.

For the third quarter of 2024 and 2023, the tax rate including discrete items was 6.2% and 22.3%, respectively. In the third quarter of 2024, the Company recorded a discrete net tax benefit of $46 primarily attributable to a $44 net benefit related to additional U.S. federal and state R&D credits claimed for prior years upon completion of the Company’s R&D study, the substantial portion of which are U.S. federal credits which have been approved under audit by the U.S. Internal Revenue Service, and a $2 excess tax benefit for stock compensation. In the third quarter of 2023, the Company recorded a discrete net tax benefit of $1 for other small items.

For the nine months ended September 30, 2024 and 2023, the tax rate including discrete items was 15.1% and 25.0%, respectively. For the nine months ended September 30, 2024, the Company recorded a discrete net tax benefit of $58 primarily attributable to a $44 net benefit related to additional U.S. federal and state R&D credits claimed for prior years upon completion of the Company’s R&D study, the substantial portion of which are U.S. federal credits which have been approved under audit by the U.S. Internal Revenue Service, a $9 excess tax benefit for stock compensation, a $6 benefit to release a valuation allowance related to U.S. foreign tax credits, and a net tax charge of $1 for other small items. For the nine months ended September 30, 2023, the Company recorded a discrete net tax charge of $13 attributable to a $20 charge for a tax reserve established in France (See Note Q) and a net tax charge of $1 for other small items, reduced by an $8 excess tax benefit for stock compensation.

The tax provision was comprised of the following:


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Pre-tax income at estimated annual effective income tax rate before discrete items	$	74	$	55	$	207	$	162
Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income	(5)		—		—		—
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	(1)		—		1		1
Tax reserve (Q)	—		—		—		20
Other discrete items	(46)		(1)		(58)		(7)
Provision for income taxes	$	22	$	54	$	150	$	176

- Definition

The entire disclosure for income tax.

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+ Details

Divestiture	9 Months Ended
Divestiture	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Divestiture	Divestiture 2024 Divestiture On May 31, 2024, the Company completed the sale of a small manufacturing facility in the U.K. within the Engineered Structures segment. The sale, including post-close adjustments, resulted in a year-to-date charge of $13 that was recorded in Restructuring and other (credits) charges in the Statement of Consolidated Operations.

Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Pre-tax income at estimated annual effective income tax rate before discrete items	$ 74	$ 55	$ 207	$ 162
Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income	(5)	0	0	0
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	(1)	0	1	1
Tax reserve (Q)	0	0	0	20
Other discrete items	(46)	(1)	(58)	(7)
Provision for income taxes	$ 22	$ 54	$ 150	$ 176

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Inventories - Inventories Components (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 475	$ 451
Work-in-process	923	891
Purchased raw materials	433	355
Operating supplies	71	68
Total inventories	$ 1,902	$ 1,765

Statement of Consolidated Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 841	$ 529
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization	204	204
Deferred income taxes	39	92
Restructuring and other charges	21	8
Net realized and unrealized losses	18	17
Net periodic pension cost (E)	31	28
Stock-based compensation	54	39
Loss on debt redemption (N)	6	1
Other	4	2
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables (J)	(97)	(211)
Increase in inventories	(139)	(148)
Decrease (increase) in prepaid expenses and other current assets	9	(12)
Decrease in accounts payable, trade	(67)	(57)
Decrease in accrued expenses	(42)	(18)
(Decrease) increase in taxes, including income taxes	(5)	17
Pension contributions	(33)	(19)
Increase in noncurrent assets	(6)	(2)
Decrease in noncurrent liabilities	(20)	(27)
Cash provided from operations	818	443
Financing Activities
Additions to debt (N)	500	0
Repurchases and payments on debt (N)	(805)	(376)
Debt issuance costs (N)	(5)	0
Premiums paid on early redemption of debt (N)	(5)	(1)
Repurchases of common stock	(310)	(150)
Proceeds from exercise of employee stock options	7	10
Dividends paid to shareholders	(76)	(52)
Taxes paid for net share settlement of equity awards	(48)	(77)
Cash used for financing activities	(742)	(646)
Investing Activities
Capital expenditures (C)	(219)	(164)
Proceeds from the sale of assets and businesses (D)(P)	9	1
Other	1	0
Cash used for investing activities	(209)	(163)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2)	(1)
Net change in cash, cash equivalents and restricted cash	(135)	(367)
Cash, cash equivalents and restricted cash at beginning of period	610	792
Cash, cash equivalents and restricted cash at end of period	$ 475	$ 425

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $18 and $16 in the third quarter of 2024 and 2023, respectively, and $50 and $48 in the nine months ended September 30, 2024 and 2023, respectively.

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


	September 30, 2024		December 31, 2023
Right-of-use assets classified in Other noncurrent assets	$	159	$	128

Current portion of lease liabilities classified in Other current liabilities	$	38	$	32
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	122		97
Total lease liabilities	$	160	$	129

Earnings Per Share and Common Stock - Reconciliation of Information Used to Compute Basic and Diluted EPS (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 332	$ 188	$ 841	$ 529
Less: preferred stock dividends declared	1	1	2	2
Net income available to Howmet Aerospace common shareholders - basic	331	187	839	527
Net income available to Howmet Aerospace common shareholders - diluted	$ 331	$ 187	$ 839	$ 527
Average shares outstanding - basic (in shares)	408	412	408	412
Effect of dilutive securities:
Stock and performance awards (in shares)	2	3	3	5
Average shares outstanding - diluted (in shares)	410	415	411	417

- Definition

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

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- Definition

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

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- 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

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

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:


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Pension and other postretirement benefits (E)
Balance at beginning of period	$	(682)	$	(644)	$	(689)	$	(653)
Other comprehensive income (loss):
Unrecognized net actuarial gain and prior service benefit	4		7		3		7
Tax expense	(1)		(1)		(1)		(1)
Total Other comprehensive income before reclassifications, net of tax	3		6		2		6
Amortization of net actuarial loss and prior service benefit(1)	6		5		16		17
Tax expense(2)	(1)		(1)		(3)		(4)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	5		4		13		13
Total Other comprehensive income	8		10		15		19

Balance at end of period	$	(674)	$	(634)	$	(674)	$	(634)
Foreign currency translation
Balance at beginning of period	$	(1,177)	$	(1,155)	$	(1,136)	$	(1,193)


Other comprehensive income (loss)(4)	71		(56)		30		(18)

Balance at end of period	$	(1,106)	$	(1,211)	$	(1,106)	$	(1,211)




Cash flow hedges
Balance at beginning of period	$	1	$	(9)	$	(5)	$	5

Other comprehensive (loss) income:
Net change from periodic revaluations	(25)		1		(22)		(13)
Tax benefit	6		—		5		3
Total Other comprehensive (loss) income before reclassifications, net of tax	(19)		1		(17)		(10)
Net amount reclassified to earnings	1		4		6		—
Tax expense(2)	(1)		(1)		(2)		—
Total amount reclassified from Accumulated other comprehensive income, net of tax(3)	—		3		4		—
Total Other comprehensive (loss) income	(19)		4		(13)		(10)
Balance at end of period	$	(18)	$	(5)	$	(18)	$	(5)

Accumulated other comprehensive loss	$	(1,798)	$	(1,850)	$	(1,798)	$	(1,850)

(1)These amounts were recorded in Restructuring and other (credits) 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 G) 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.

Debt - Term Loan Facilities (Details) ¥ in Millions, $ in Millions	Nov. 22, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2024 JPY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 JPY (¥)
USD Term Loan
Debt Instrument [Line Items]
Amount outstanding		$ 200		$ 200
Fixed interest rate (as a percent)		5.795%	5.795%
JPY Term Loan
Debt Instrument [Line Items]
Amount outstanding		$ 208	¥ 29,702	$ 211	¥ 29,702
Fixed interest rate (as a percent)		2.044%	2.044%
Maximum
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	3.75

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Lease cost	$ 18	$ 16	$ 50	$ 48

Receivables	9 Months Ended
Receivables	Sep. 30, 2024
Receivables [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 for the third quarter or nine months ended September 30, 2024 or September 30, 2023. 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 also contains a provision that allows the Company to increase the limit to $325. The facility limit under the Receivables Purchase Agreement was $250 as of both September 30, 2024 and December 31, 2023, of which $250 was drawn as of both September 30, 2024 and December 31, 2023. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which were $231 and $197 as of September 30, 2024 and December 31, 2023, respectively. The Company sold $503 and $1,233 of its receivables without recourse and received cash funding under this program during the third quarter and nine months ended September 30, 2024, respectively, resulting in derecognition of the receivables from the Company’s Consolidated Balance Sheet. The Company sold $439 and $1,158 of its receivables without recourse and received cash funding under the program during the third quarter and nine months ended September 30, 2023, 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 the third quarter and nine months ended September 30, 2024, the Company sold $172 and $517, respectively, of certain customers’ receivables in exchange for cash ($167 was outstanding from customers as of September 30, 2024), the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows. In the third quarter and nine months ended September 30, 2023, the Company sold $140 and $429, respectively, of certain customers’ receivables in exchange for cash ($134 was outstanding from customers as of September 30, 2023), 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.

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-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

Segment Information - Narrative (Details) - segment	9 Months Ended
Segment Information - Narrative (Details) - segment	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Number of reportable segments	4
Revenue Benchmark \| Customer Concentration Risk \| General Electric Company
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	10.00%	13.00%
Revenue Benchmark \| Customer Concentration Risk \| RTX Corporation
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	10.00%	10.00%
Revenue Benchmark \| Customer Concentration Risk \| Aerospace
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	67.00%	63.00%

Leases - Operating Lease Assets and Liabilities in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets classified in Other noncurrent assets	$ 159	$ 128
Current portion of lease liabilities classified in Other current liabilities	38	32
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	122	97
Total lease liabilities	$ 160	$ 129
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities (M)(Q)	Other current liabilities (M)(Q)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities and deferred credits (M)	Other noncurrent liabilities and deferred credits (M)

Other Expense, Net

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Other Expense, Net


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Non-service costs - pension and other postretirement benefits (E)	$	8	$	7	$	24	$	22
Interest income	(4)		(5)		(15)		(15)
Foreign currency losses, net	2		5		9		3
Net realized and unrealized losses	5		6		18		17

Deferred compensation	6		(1)		14		5
Other, net	—		(1)		(1)		(27)
Total other expense, net	$	17	$	11	$	49	$	5

In the nine months ended September 30, 2023, Other, net primarily includes the reversal of $25, net of legal fees of $1, of the $65 pre-tax charge taken in the third quarter of 2022 related to the Lehman Brothers International (Europe) legal proceeding (See Note Q) due to the final settlement of such proceeding in June 2023.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation (as a percent)	20.90%	23.00%	20.90%	23.00%
Effective income tax rate reconciliation, including discrete items (as a percent)	6.20%	22.30%	15.10%	25.00%
Discrete tax charge (benefit)	$ (46)	$ (1)	$ (58)	$ 13
Net benefit related to U.S. federal and state R&D credits	44		44
Excess tax benefit for stock compensation	2		9	8
Charge (benefit) for other small items			1	1
Income tax reserve	$ 0	$ 0	0	20
US
Income Tax Contingency [Line Items]
Release of valuation allowance, foreign tax credits, amount			$ 6
France
Income Tax Contingency [Line Items]
Income tax reserve				$ 20

Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Cost (Benefit)

The components of net periodic cost (benefit) were as follows:


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Pension benefits
Service cost	$	1	$	—	$	2	$	2
Interest cost	18		20		56		60
Expected return on plan assets	(17)		(18)		(52)		(55)
Recognized net actuarial loss	9		7		25		21

Settlements	—		2		—		5


Net periodic cost(1)	$	11	$	11	$	31	$	33



Other postretirement benefits
Service cost	$	—	$	1	$	—	$	1
Interest cost	1		2		4		5
Recognized net actuarial gain	(1)		(1)		(2)		(2)
Amortization of prior service benefit	(2)		(3)		(7)		(7)


Net periodic benefit(1)	$	(2)	$	(1)	$	(5)	$	(3)

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

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The interim Consolidated Financial Statements of Howmet Aerospace Inc. and its subsidiaries (“Howmet” or the “Company” or “we” or “our”) are unaudited. These Consolidated Financial Statements include all adjustments, consisting only of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year. The 2023 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Form 10-Q report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”), which includes all disclosures required by GAAP. Certain amounts in previously issued financial statements were reclassified to conform to the current period presentation. In the nine months ended September 30, 2024, the Company derived approximately 52% of its revenue from products sold to the commercial aerospace market which is 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 our commercial aerospace wide body and narrow body demand, including engine spares, also to continue to grow. Quality control issues at The Boeing Company (“Boeing”) are expected to negatively impact narrow body and wide body production rates in the near term. For instance, the Federal Aviation Administration stated that it will not approve production rate increases or additional production lines for the Boeing 737 MAX until it is satisfied that Boeing is in full compliance with required quality control procedures. In addition, a labor union work stoppage at Boeing has negatively impacted results. Boeing production levels have a material impact on the financial performance of Howmet. 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. The preparation of the Consolidated Financial Statements of the Company in conformity with GAAP requires 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 expectations, including considerations relating to changes in the aerospace industry. The impact of these changes, including the macroeconomic considerations, remains highly uncertain. Management has made its 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.
Recently Adopted and Recently Issued Accounting Guidance	Recently Adopted and Recently Issued Accounting Guidance Adopted In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance the transparency of disclosures regarding supplier finance programs (See Note Q). 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. Issued In November 2024, the FASB issued guidance to improve disclosures about an entity’s expenses including more detailed information about the components of expenses in commonly presented expense captions. These changes become effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements. In December 2023, the FASB issued guidance to enhance the transparency of income tax disclosures including additional details on the rate reconciliation and taxes paid by jurisdiction. 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 significant segment expenses and other matters 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.
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.

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The interim Consolidated Financial Statements of Howmet Aerospace Inc. and its subsidiaries (“Howmet” or the “Company” or “we” or “our”) are unaudited. These Consolidated Financial Statements include all adjustments, consisting only of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year. The 2023 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Form 10-Q report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”), which includes all disclosures required by GAAP. Certain amounts in previously issued financial statements were reclassified to conform to the current period presentation. In the nine months ended September 30, 2024, the Company derived approximately 52% of its revenue from products sold to the commercial aerospace market which is 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 our commercial aerospace wide body and narrow body demand, including engine spares, also to continue to grow. Quality control issues at The Boeing Company (“Boeing”) are expected to negatively impact narrow body and wide body production rates in the near term. For instance, the Federal Aviation Administration stated that it will not approve production rate increases or additional production lines for the Boeing 737 MAX until it is satisfied that Boeing is in full compliance with required quality control procedures. In addition, a labor union work stoppage at Boeing has negatively impacted results. Boeing production levels have a material impact on the financial performance of Howmet. 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. The preparation of the Consolidated Financial Statements of the Company in conformity with GAAP requires 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 expectations, including considerations relating to changes in the aerospace industry. The impact of these changes, including the macroeconomic considerations, remains highly uncertain. Management has made its 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.

Segment Information - Reconciliation of Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Capital expenditures	$ 82	$ 59	$ 219	$ 164
Total segment
Segment Reporting Information [Line Items]
Capital expenditures	79	54	211	153
Corporate
Segment Reporting Information [Line Items]
Capital expenditures	$ 3	$ 5	$ 8	$ 11

Inventories - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories valued on a LIFO basis	$ 505	$ 446
Total inventories valued on an average-cost basis	$ 265	$ 236

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories Components


	September 30, 2024		December 31, 2023
Finished goods	$	475	$	451
Work-in-process	923		891
Purchased raw materials	433		355
Operating supplies	71		68
Total inventories	$	1,902	$	1,765

Segment Information - Operating Results of Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Sales	$ 1,835	$ 1,658	$ 5,539	$ 4,909
Provision for depreciation and amortization	68	68	204	204
Restructuring and other (credits) charges	(1)	4	21	8
Capital expenditures	82	59	219	164
Third-party sales
Segment Reporting Information [Line Items]
Sales	1,835	1,658	5,539	4,909
Third-party sales \| Engine Products
Segment Reporting Information [Line Items]
Sales	945	798	2,763	2,414
Third-party sales \| Fastening Systems
Segment Reporting Information [Line Items]
Sales	392	348	1,175	989
Third-party sales \| Engineered Structures
Segment Reporting Information [Line Items]
Sales	253	227	790	634
Third-party sales \| Forged Wheels
Segment Reporting Information [Line Items]
Sales	245	285	811	872
Inter-segment sales
Segment Reporting Information [Line Items]
Sales	6	5	13	13
Inter-segment sales \| Engine Products
Segment Reporting Information [Line Items]
Sales	3	5	6	12
Inter-segment sales \| Fastening Systems
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Inter-segment sales \| Engineered Structures
Segment Reporting Information [Line Items]
Sales	3	0	7	1
Inter-segment sales \| Forged Wheels
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Total segment
Segment Reporting Information [Line Items]
Sales	1,841	1,663	5,552	4,922
Provision for depreciation and amortization	66	67	198	197
Segment Adjusted EBITDA	511	402	1,479	1,169
Restructuring and other (credits) charges	4	2	19	7
Capital expenditures	79	54	211	153
Total segment \| Engine Products
Segment Reporting Information [Line Items]
Sales	948	803	2,769	2,426
Provision for depreciation and amortization	34	33	100	97
Segment Adjusted EBITDA	307	219	848	654
Restructuring and other (credits) charges	1	0	0	(1)
Capital expenditures	55	30	143	84
Total segment \| Fastening Systems
Segment Reporting Information [Line Items]
Sales	392	348	1,175	989
Provision for depreciation and amortization	12	12	36	35
Segment Adjusted EBITDA	102	76	295	198
Restructuring and other (credits) charges	1	1	3	1
Capital expenditures	5	9	17	23
Total segment \| Engineered Structures
Segment Reporting Information [Line Items]
Sales	256	227	797	635
Provision for depreciation and amortization	10	12	32	36
Segment Adjusted EBITDA	38	30	115	80
Restructuring and other (credits) charges	1	1	15	7
Capital expenditures	5	6	16	21
Total segment \| Forged Wheels
Segment Reporting Information [Line Items]
Sales	245	285	811	872
Provision for depreciation and amortization	10	10	30	29
Segment Adjusted EBITDA	64	77	221	237
Restructuring and other (credits) charges	1	0	1	0
Capital expenditures	$ 14	$ 9	$ 35	$ 25

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Operating Results by Reportable Segments

The operating results of the Company’s reportable segments were as follows:


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Third quarter ended September 30, 2024
Sales:
Third-party sales	$	945	$	392	$	253	$	245	$	1,835
Inter-segment sales	3		—		3		—		6
Total sales	$	948	$	392	$	256	$	245	$	1,841
Profit and loss:

Provision for depreciation and amortization	$	34	$	12	$	10	$	10	$	66
Segment Adjusted EBITDA	307		102		38		64		511
Restructuring and other charges	1		1		1		1		4
Capital expenditures	55		5		5		14		79

Third quarter ended September 30, 2023
Sales:
Third-party sales	$	798	$	348	$	227	$	285	$	1,658
Inter-segment sales	5		—		—		—		5
Total sales	$	803	$	348	$	227	$	285	$	1,663
Profit and loss:

Provision for depreciation and amortization	$	33	$	12	$	12	$	10	$	67
Segment Adjusted EBITDA	219		76		30		77		402
Restructuring and other charges	—		1		1		—		2
Capital expenditures	30		9		6		9		54

	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Nine months ended September 30, 2024
Sales:
Third-party sales	$	2,763	$	1,175	$	790	$	811	$	5,539
Inter-segment sales	6		—		7		—		13
Total sales	$	2,769	$	1,175	$	797	$	811	$	5,552
Profit and loss:

Provision for depreciation and amortization	$	100	$	36	$	32	$	30	$	198
Segment Adjusted EBITDA	848		295		115		221		1,479
Restructuring and other charges	—		3		15		1		19
Capital expenditures	143		17		16		35		211

Nine months ended September 30, 2023
Sales:
Third-party sales	$	2,414	$	989	$	634	$	872	$	4,909
Inter-segment sales	12		—		1		—		13
Total sales	$	2,426	$	989	$	635	$	872	$	4,922
Profit and loss:

Provision for depreciation and amortization	$	97	$	35	$	36	$	29	$	197
Segment Adjusted EBITDA	654		198		80		237		1,169
Restructuring and other (credits) charges	(1)		1		7		—		7
Capital expenditures	84		23		21		25		153

Schedule of Segment Reporting Information to Consolidated Income Before Income Taxes

The following table reconciles Total Segment Adjusted EBITDA to Income before income taxes. Differences between the total segment and consolidated totals are in Corporate.


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Total Segment Adjusted EBITDA	$	511	$	402	$	1,479	$	1,169
Segment provision for depreciation and amortization	(66)		(67)		(198)		(197)
Unallocated amounts:
Restructuring and other credits (charges)	1		(4)		(21)		(8)
Corporate expense	(25)		(24)		(72)		(87)
Operating income	$	421	$	307	$	1,188	$	877
Loss on debt redemption	(6)		—		(6)		(1)
Interest expense, net	(44)		(54)		(142)		(166)
Other expense, net	(17)		(11)		(49)		(5)
Income before income taxes	$	354	$	242	$	991	$	705

Schedule of Reconciliation of Capital Expenditures from Segments to Consolidated Cash Flows

The following table reconciles total segment capital expenditures with Capital expenditures as presented in the Statement of Consolidated Cash Flows.


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Total segment capital expenditures	$	79	$	54	$	211	$	153
Corporate	3		5		8		11
Capital expenditures	$	82	$	59	$	219	$	164

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
Third quarter ended September 30, 2024
Aerospace - Commercial	$	534	$	245	$	183	$	—	$	962
Aerospace - Defense	189		43		57		—		289
Commercial Transportation	—		65		—		245		310
Industrial and Other	222		39		13		—		274
Total end-market revenue	$	945	$	392	$	253	$	245	$	1,835

Third quarter ended September 30, 2023
Aerospace - Commercial	$	446	$	209	$	165	$	—	$	820
Aerospace - Defense	165		41		45		—		251
Commercial Transportation	—		67		—		285		352
Industrial and Other	187		31		17		—		235
Total end-market revenue	$	798	$	348	$	227	$	285	$	1,658

Nine months ended September 30, 2024
Aerospace - Commercial	$	1,554	$	740	$	575	$	—	$	2,869
Aerospace - Defense	566		119		174		—		859
Commercial Transportation	—		199		—		811		1,010
Industrial and Other	643		117		41		—		801
Total end-market revenue	$	2,763	$	1,175	$	790	$	811	$	5,539

Nine months ended September 30, 2023
Aerospace - Commercial	$	1,324	$	563	$	458	$	—	$	2,345
Aerospace - Defense	502		131		131		—		764
Commercial Transportation	—		192		—		872		1,064
Industrial and Other	588		103		45		—		736
Total end-market revenue	$	2,414	$	989	$	634	$	872	$	4,909

Restructuring and Other (Credits) Charges

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other (Credits) Charges


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Layoff costs	$	1	$	1	$	8	$	1
Reversals of previously recorded layoff reserves	(1)		—		(1)		(1)
Pension and Other post-retirement benefits - net settlements (E)	—		2		—		5

Net (gain) loss related to divestitures of assets and businesses (P)	(1)		—		12		—
Other	—		1		2		3
Total restructuring and other (credits) charges	$	(1)	$	4	$	21	$	8

In the third quarter of 2024, the Company recorded Restructuring and other credits of $1, which were primarily due to a $1 gain related to the resolution of post-closing adjustments from the May 2024 sale of a small U.K. manufacturing facility in Engineered Structures and a reversal of $1 for a layoff reserve related to a prior period, partially offset by a $1 charge for layoff costs.

In the nine months ended September 30, 2024, the Company recorded Restructuring and other (credits) charges of $21, which were primarily due to a net loss on the sale of a small U.K. manufacturing facility in Engineered Structures of $13, an $8 charge for layoff costs, including the separation of 293 employees (144 in Fastening Systems, 111 in Engineered Structures and 38 in Forged Wheels), and exit related costs, including accelerated depreciation, of $2, partially offset by a gain on the sale of assets at a small U.K. manufacturing facility in Engine Products of $1 and a reversal of $1 for a layoff reserve related to a prior period.

In the third quarter of 2023, the Company recorded Restructuring and other (credits) charges of $4, which were primarily due to charges for a Canadian pension plan settlement of $2, layoff charges of $1, and exit related costs, including accelerated depreciation of $1.

In the nine months ended September 30, 2023, the Company recorded Restructuring and other (credits) charges of $8, which were primarily due to charges for a U.S. and Canadian pension plan settlements of $5, exit related costs, including accelerated depreciation of $3, and layoff charges of $1, partially offset by a reversal of $1 for a layoff reserve related to a prior period.


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2023	$	5	$	2	$	7
Cash payments	(6)		(1)		(7)
Restructuring charges	7		14		21
Other(1)	—		(14)		(14)
Reserve balances at September 30, 2024	$	6	$	1	$	7

(1)In the nine months ended September 30, 2024, other for other exit costs included a net loss of $13 on the sale of a small U.K. manufacturing facility and a charge of $2 for accelerated depreciation, partially offset by a gain on the sale of assets at a small U.K. manufacturing facility in Engine Products of $1.

The remaining reserves as of September 30, 2024 are expected to be paid in cash during the remainder of 2024 and 2025.

Other Expense, Net (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Expense, Net


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Non-service costs - pension and other postretirement benefits (E)	$	8	$	7	$	24	$	22
Interest income	(4)		(5)		(15)		(15)
Foreign currency losses, net	2		5		9		3
Net realized and unrealized losses	5		6		18		17

Deferred compensation	6		(1)		14		5
Other, net	—		(1)		(1)		(27)
Total other expense, net	$	17	$	11	$	49	$	5

Restructuring and Other (Credits) Charges - Activity and Reserve Balances for Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		$ 7
Cash payments		(7)
Restructuring and other charges		21
Other		(14)
Restructuring reserve, ending balance		7
Accelerated depreciation	$ 1	2	$ 3
Layoff costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		5
Cash payments		(6)
Restructuring and other charges		7
Other		0
Restructuring reserve, ending balance		6
Other exit costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		2
Cash payments		(1)
Restructuring and other charges		14
Other		(14)
Restructuring reserve, ending balance		1
Gain (loss) on sale of assets		$ (13)

Receivables (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Certain Customers
Schedule Of Financial Receivables [Line Items]
Accounts receivables sold	$ 172	$ 140	$ 517	$ 429
Accounts receivable outstanding	167	134	167	134
Receivables Purchase Agreement
Schedule Of Financial Receivables [Line Items]
Accounts receivable securitization following a provision to increase the limit	325		325
Accounts receivable securitization	250		250		$ 250
Accounts receivable securitization amount drawn	250		250		250
Financing receivables, held as collateral	231		231		$ 197
Accounts receivables sold	$ 503	$ 439	$ 1,233	$ 1,158

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt


	September 30, 2024		December 31, 2023



5.125% Notes, due 2024	$	—	$	205
6.875% Notes, due 2025	—		600
USD Term Loan Facility, due 2026	200		200
JPY Term Loan Facility, due 2026	208		211
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
3.000% Notes, due 2029	700		700
4.850% Notes, due 2031(1)	500		—
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Other, net(2)	(14)		(10)
	3,394		3,706
Less: amount due within one year	1		206
Total long-term debt	$	3,393	$	3,500

(1)The Company entered into a cross-currency swap to synthetically convert the 2031 Notes into a Euro liability of approximately €458 million with a fixed annual interest rate of 3.720%.

(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.

Public Debt

In January 2023, the Company repurchased approximately $26 aggregate principal amount of the 5.125% Notes due October 2024 (the “2024 Notes”) through an open market repurchase (“OMR”). The OMR was settled at slightly less than par value.

On March 29, 2023, the Company completed the early partial redemption of an additional $150 aggregate principal amount of the 2024 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.

On September 28, 2023, the Company completed an early redemption of its outstanding 2024 Notes in the aggregate principal amount of $200. Such 2024 Notes were redeemed at par with cash on hand at an aggregate redemption price of approximately $205, including accrued interest of approximately $5.

In the second quarter of 2024, the Company repurchased approximately $23 aggregate principal amount of the 6.875% Notes due May 2025 (the “2025 Notes”) through an OMR. The OMR was settled at slightly more than par value.

On July 1, 2024, the Company completed the early redemption of all of the remaining outstanding principal amount of $205 of the 2024 Notes. The Company redeemed the 2024 Notes at par value plus accrued interest. The 2024 Notes were redeemed with cash on hand at an aggregate redemption price of approximately $208, including accrued interest of approximately $3.

On August 22, 2024, the Company completed an offering of $500 aggregate principal amount of the 4.850% Notes due October 2031 (the “2031 Notes”). The Company entered into a cross-currency swap to synthetically convert the 2031 Notes into a Euro liability of approximately €458 million. The fixed interest rate on the Euro liability is approximately 3.720% per annum.

On August 23, 2024, the Company completed the early redemption of all of the remaining outstanding principal amount of approximately $577 of its 2025 Notes in accordance with the terms of the notes. The Company completed the redemption with the net proceeds from the aforementioned offering of its 2031 Notes and cash on hand at an aggregate redemption price of approximately $594, including accrued interest and an early termination premium of approximately $12 and $5, respectively, which were recorded in Interest expense, net, and Loss on debt redemption, respectively, in the Statement of Consolidated Operations.

Term Loan Facilities

The Company maintains (i) a U.S. dollar-denominated, senior unsecured term loan facility (the “USD Term Loan Facility”) and (ii) a Japanese yen-denominated, senior unsecured term loan facility (the “JPY Term Loan Facility”), each of which matures on November 22, 2026 unless earlier terminated in accordance with the provisions of the applicable term loan agreement. The term loan agreements relating to these facilities contain respective covenants, including, among others, a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the agreements) 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. As of September 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the USD Term Loan Facility and JPY Term Loan Facility.

The amounts outstanding under the USD Term Loan Facility were $200 as of September 30, 2024 and December 31, 2023. The amounts outstanding under the JPY Term Loan Facility were ¥29,702 million ($208) and ¥29,702 million ($211) as of September 30, 2024 and December 31, 2023, respectively. The Company has entered into interest rate swaps to exchange the floating interest rates of the USD Term Loan Facility and JPY Term Loan Facility to fixed annual interest rates of 5.795% and 2.044%, respectively.

Credit Facility

The Company has entered into a Five-Year Revolving Credit Agreement (the “Credit Agreement”) that provides a $1,000 senior unsecured revolving credit facility that matures on July 27, 2028. The Credit Agreement contains covenants, including, among others, a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA (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. As of September 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the Credit Agreement.

There were no amounts outstanding under the Credit Agreement as of September 30, 2024 or December 31, 2023, and no amounts were borrowed during 2024 or 2023 under the Credit Agreement.

Commercial Paper

On April 4, 2024, the Company established a commercial paper program under which the Company may issue unsecured commercial paper notes (“commercial paper”) from time to time up to a maximum aggregate face amount of $1,000 outstanding at any time. The maturities of the commercial paper may vary but will not exceed 397 days from the date of issue and will rank equal in right of payment with all other unsecured senior indebtedness of the Company. The proceeds of the commercial paper will be used for general corporate purposes.

There were no amounts outstanding under the commercial paper program as of September 30, 2024.

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Statement of Consolidated Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 332	$ 188	$ 841	$ 529
Other comprehensive income (loss), net of tax (I):
Change in unrecognized net actuarial loss and prior service benefit related to pension and other postretirement benefits	8	10	15	19
Foreign currency translation adjustments	71	(56)	30	(18)
Net change in unrecognized (losses) gains on cash flow hedges	(19)	4	(13)	(10)
Total Other comprehensive income (loss), net of tax	60	(42)	32	(9)
Comprehensive income	$ 392	$ 146	$ 873	$ 520

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Other Expense, Net - Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Non-service costs - pension and other postretirement benefits (E)	$ 8	$ 7	$ 24	$ 22
Interest income	(4)	(5)	(15)	(15)
Foreign currency losses, net	2	5	9	3
Net realized and unrealized losses	5	6	18	17
Deferred compensation	6	(1)	14	5
Other, net	0	(1)	(1)	(27)
Total other expense, net	$ 17	$ 11	$ 49	$ 5

Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 475	$ 610
Receivables from customers, less allowances of $— in both 2024 and 2023 (J)	757	675
Other receivables	18	17
Inventories (K)	1,902	1,765
Prepaid expenses and other current assets	239	249
Total current assets	3,391	3,316
Properties, plants, and equipment, net (L)	2,358	2,328
Goodwill	4,047	4,035
Deferred income taxes	39	46
Intangibles, net	484	505
Other noncurrent assets (M)	239	198
Total assets	10,558	10,428
Current liabilities:
Accounts payable, trade (Q)	917	982
Accrued compensation and retirement costs	288	263
Taxes, including income taxes (G)	59	68
Accrued interest payable	25	65
Other current liabilities (M)(Q)	227	200
Long-term debt due within one year (N)	1	206
Total current liabilities	1,517	1,784
Long-term debt (N)(O)	3,393	3,500
Accrued pension benefits (E)	629	664
Accrued other postretirement benefits (E)	84	92
Other noncurrent liabilities and deferred credits (M)	432	351
Total liabilities	6,055	6,391
Contingencies and commitments (Q)
Howmet Aerospace shareholders’ equity:
Preferred stock	55	55
Common stock	407	410
Additional capital	3,386	3,682
Retained earnings	2,453	1,720
Accumulated other comprehensive loss (I)	(1,798)	(1,830)
Total equity	4,503	4,037
Total liabilities and equity	$ 10,558	$ 10,428

Restructuring and Other (Credits) Charges - Narrative (Details) $ in Millions		3 Months Ended		9 Months Ended
	May 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) employee	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and other (credits) charges		$ (1)	$ 4	$ 21	$ 8
Reversal of previously recorded layoff reserve		1	0	1	1
Layoff costs		1	1	$ 8	1
Number of employees associated with layoff costs \| employee				293
Accelerated depreciation			1	$ 2	3
Pension plan settlement		0	2	0	5
Pension benefits
Restructuring Cost and Reserve [Line Items]
Pension plan settlement		0	$ 2	$ 0	5
United States and Canada \| Pension benefits
Restructuring Cost and Reserve [Line Items]
Pension plan settlement					$ 5
Engineered Structures
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee				111
Fastening Systems
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee				144
Forged Wheels
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs \| employee				38
UK \| Engineered Structures
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets	$ (13)	$ (1)		$ (13)
UK \| Engine Products
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets				$ 1

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provisions

The tax provision was comprised of the following:


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Pre-tax income at estimated annual effective income tax rate before discrete items	$	74	$	55	$	207	$	162
Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income	(5)		—		—		—
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	(1)		—		1		1
Tax reserve (Q)	—		—		—		20
Other discrete items	(46)		(1)		(58)		(7)
Provision for income taxes	$	22	$	54	$	150	$	176

Property, Plant, and Equipment, net- Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Capital expenditures incurred but not yet paid	$ 71	$ 44

Leases (Tables)

9 Months Ended

Sep. 30, 2024

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:


	September 30, 2024		December 31, 2023
Right-of-use assets classified in Other noncurrent assets	$	159	$	128

Current portion of lease liabilities classified in Other current liabilities	$	38	$	32
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	122		97
Total lease liabilities	$	160	$	129

Debt - Commercial Paper (Details) - USD ($) $ in Millions	Apr. 04, 2024	Sep. 30, 2024
Short-Term Debt [Line Items]
Commercial paper		$ 0
Commercial Paper
Short-Term Debt [Line Items]
Aggregate principal amount	$ 1,000
Debt term	397 days

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Decrease in obligation, pension benefits	$ 19		$ 12		$ 12
Pension plan settlement		$ 0	2	$ 0	5
Contributions and payments		19	9	41	28
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Pension plan settlement		$ 0	$ 2	$ 0	$ 5

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 04, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		406,260,649
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000004281
Current Fiscal Year End Date	--12-31
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

Properties, Plants, and Equipment, net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Properties, Plants, and Equipment, net


	September 30, 2024		December 31, 2023
Land and land rights	$	84	$	88
Structures	1,031		1,018
Machinery and equipment	4,173		4,079
	5,288		5,185
Less: accumulated depreciation and amortization	3,193		3,081
	2,095		2,104
Construction work-in-progress	263		224
Properties, plants, and equipment, net	$	2,358	$	2,328

The Company incurred capital expenditures which remained unpaid as of September 30, 2024 and September 30, 2023 of $71 and $44, respectively, which will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods.

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Restricted cash	$ 1	$ 1
Carrying value
Derivative [Line Items]
Long-term debt	3,393	3,500
Fair value
Derivative [Line Items]
Long-term debt	$ 3,470	$ 3,504

Earnings Per Share and Common Stock

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share and Common Stock

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):


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023


Net income	$	332	$	188	$	841	$	529
Less: preferred stock dividends declared	1		1		2		2
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	331	$	187	$	839	$	527



Average shares outstanding - basic	408		412		408		412
Effect of dilutive securities:
Stock and performance awards	2		3		3		5


Average shares outstanding - diluted	410		415		411		417

Common stock outstanding as of September 30, 2024 and 2023 was 407,129,690 and 411,742,755, respectively.

The following table provides details for share repurchases made for the periods presented:


	Number of shares	Average price per share(1)		Total
Q1 2024 open market repurchase	2,243,259	$	66.87	$	150

Q2 2024 open market repurchase	734,737	$	81.66	$	60

Q3 2024 open market repurchase	1,061,323	$	94.22	$	100

2024 Share repurchases as of September 30, 2024	4,039,319	$	76.75	$	310

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

2023 Share repurchases as of September 30, 2023	3,329,723	$	45.05	$	150

(1)Excludes commissions cost.

The Company has a share repurchase program (the “Share Repurchase Program”) that, after giving effect to the additional $90 share repurchases made in October 2024 at an average price per share of $103.15, retiring approximately 0.9 million shares, has approximately $2,297 in Board authorization remaining available as of October 31, 2024. The current Share Repurchase Program was authorized by the Company’s Board of Directors on August 18, 2021 at $1,500, which was increased by the Board by $2,000 on July 30, 2024. Under the Company’s 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.

As average shares outstanding are used in the calculation for both basic and diluted EPS, the full impact of share repurchases and issuances was not fully realized in EPS in the period of repurchase or issuance since share activity 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 for the third quarter and nine months ended September 30, 2024 and 2023.

Common stock dividends declared were $0.16 per share in the third quarter of 2024 (of which $0.08 per share were paid) and $0.26 per share in the nine months ended September 30, 2024 (of which $0.18 per share were paid). Common stock dividends declared were $0.09 per share in the third quarter of 2023 (of which $0.04 per share were paid) and $0.17 per share in the nine months ended September 30, 2023 (of which $0.12 per share were paid).

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The carrying values of Cash and cash equivalents, restricted cash, derivatives, noncurrent receivables and Long-term debt due within one year included in the Consolidated Balance Sheet approximate their fair value. The aforementioned derivatives are included in Prepaid expenses and other current assets, Other noncurrent assets, Other current liabilities and Other noncurrent liabilities and deferred credits in the Consolidated Balance sheet, as applicable. 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.


	September 30, 2024				December 31, 2023
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt	$	3,393	$	3,470	$	3,500	$	3,504

Restricted cash, which is included in Prepaid expenses and other current assets in the Consolidated Balance Sheet, was less than $1 as of both September 30, 2024 and December 31, 2023.

Earnings Per Share and Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended						9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 30, 2024	Aug. 18, 2021
Earnings Per Share [Abstract]
Common stock outstanding (in shares)		407,129,690			411,742,755			407,129,690	411,742,755
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Value of shares repurchased		$ 100	$ 60	$ 150	$ 25	$ 100	$ 25	$ 310	$ 150
Average price per share (in usd per share)		$ 94.22	$ 81.66	$ 66.87	$ 49.32	$ 44.52	$ 43.36	$ 76.75	$ 45.05
Authorized repurchase amount										$ 2,000	$ 1,500
Dividends declared (in usd per share)		0.16			0.09			0.26	0.17
Common stock, dividends per share, paid (in usd per share)		$ 0.08			$ 0.04			$ 0.18	$ 0.12
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)		0			0			0	0
Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Value of shares repurchased	$ 90
Average price per share (in usd per share)	$ 103.15
Stock repurchased and retired (in shares)	900,000
Remaining authorized repurchase amount	$ 2,297

Debt - Long-Term Debt (Details) € in Millions, $ in Millions	Sep. 30, 2024 USD ($)	Aug. 23, 2024 USD ($)	Aug. 22, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Other, net	$ (14)			$ (10)
Long-term debt	3,394			3,706
Less: amount due within one year	1			206
Total long-term debt	$ 3,393			3,500
Currency Swap
Debt Instrument [Line Items]
Derivative liability \| €			€ 458
Fixed interest rate (as a percent)			3.72%
5.125% Notes, due 2024
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	5.125%
Amount outstanding	$ 0			205
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	6.875%
Amount outstanding	$ 0	$ 577		600
USD Term Loan Facility, due 2026
Debt Instrument [Line Items]
Amount outstanding	200			200
JPY Term Loan Facility, due 2026
Debt Instrument [Line Items]
Amount outstanding	$ 208			211
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%
Amount outstanding	$ 700			700
4.850% Notes, due 2031
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	4.85%
Amount outstanding	$ 500			0
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

Statement of Changes in Consolidated Equity (unaudited) - USD ($) $ in Millions	Total	Preferred Class A	Preferred stock	Common stock	Additional capital	Retained earnings	Retained earnings Preferred Class A	Accumulated other comprehensive loss
Beginning balance at Dec. 31, 2022	$ 3,601		$ 55	$ 412	$ 3,947	$ 1,028		$ (1,841)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	529					529
Other comprehensive income (loss)	(9)							(9)
Cash dividends declared:
Preferred stock-Class A		$ (2)					$ (2)
Common	(70)					(70)
Repurchase and retirement of common stock (H)	(150)			(3)	(147)
Stock-based compensation	39				39
Common stock issued: compensation plans	(66)			3	(69)
Ending balance at Sep. 30, 2023	3,872		55	412	3,770	1,485		(1,850)
Beginning balance at Jun. 30, 2023	3,775		55	412	3,782	1,334		(1,808)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	188					188
Other comprehensive income (loss)	(42)							(42)
Cash dividends declared:
Preferred stock-Class A		(1)					(1)
Common	(36)					(36)
Repurchase and retirement of common stock (H)	(25)				(25)
Stock-based compensation	13				13
Ending balance at Sep. 30, 2023	3,872		55	412	3,770	1,485		(1,850)
Beginning balance at Dec. 31, 2023	4,037		55	410	3,682	1,720		(1,830)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	841					841
Other comprehensive income (loss)	32							32
Cash dividends declared:
Preferred stock-Class A		(2)					(2)
Common	(106)					(106)
Repurchase and retirement of common stock (H)	(313)			(4)	(309)
Stock-based compensation	54				54
Common stock issued: compensation plans	(40)			1	(41)
Ending balance at Sep. 30, 2024	4,503		55	407	3,386	2,453		(1,798)
Beginning balance at Jun. 30, 2024	4,277		55	408	3,486	2,186		(1,858)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	332					332
Other comprehensive income (loss)	60							60
Cash dividends declared:
Preferred stock-Class A		$ (1)					$ (1)
Common	(64)					(64)
Repurchase and retirement of common stock (H)	(102)			(1)	(101)
Stock-based compensation	16				16
Common stock issued: compensation plans	(15)				(15)
Ending balance at Sep. 30, 2024	$ 4,503		$ 55	$ 407	$ 3,386	$ 2,453		$ (1,798)

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Pension and Other post-retirement benefits - net settlements (E)	$ 0	$ 2	$ 0	$ 5
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	0	2	2
Interest cost	18	20	56	60
Expected return on plan assets	(17)	(18)	(52)	(55)
Recognized net actuarial (gain) loss	9	7	25	21
Pension and Other post-retirement benefits - net settlements (E)	0	2	0	5
Net periodic cost (benefit)	11	11	31	33
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1	0	1
Interest cost	1	2	4	5
Recognized net actuarial (gain) loss	(1)	(1)	(2)	(2)
Amortization of prior service benefit	(2)	(3)	(7)	(7)
Net periodic cost (benefit)	$ (2)	$ (1)	$ (5)	$ (3)

Earnings Per Share and Common Stock - Accelerated Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Number of shares (in shares)	1,061,323	734,737	2,243,259	506,800	2,246,294	576,629	4,039,319	3,329,723
Average price per share (in usd per share)	$ 94.22	$ 81.66	$ 66.87	$ 49.32	$ 44.52	$ 43.36	$ 76.75	$ 45.05
Total	$ 100	$ 60	$ 150	$ 25	$ 100	$ 25	$ 310	$ 150

- 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

Segment Information - Disaggregation of Revenue by Major End Market Served (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Major Customer [Line Items]
Sales	$ 1,835	$ 1,658	$ 5,539	$ 4,909
Third-party sales
Revenue, Major Customer [Line Items]
Sales	1,835	1,658	5,539	4,909
Third-party sales \| Engine Products
Revenue, Major Customer [Line Items]
Sales	945	798	2,763	2,414
Third-party sales \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	392	348	1,175	989
Third-party sales \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	253	227	790	634
Third-party sales \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	245	285	811	872
Third-party sales \| Aerospace - Commercial
Revenue, Major Customer [Line Items]
Sales	962	820	2,869	2,345
Third-party sales \| Aerospace - Commercial \| Engine Products
Revenue, Major Customer [Line Items]
Sales	534	446	1,554	1,324
Third-party sales \| Aerospace - Commercial \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	245	209	740	563
Third-party sales \| Aerospace - Commercial \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	183	165	575	458
Third-party sales \| Aerospace - Commercial \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	0	0	0	0
Third-party sales \| Aerospace - Defense
Revenue, Major Customer [Line Items]
Sales	289	251	859	764
Third-party sales \| Aerospace - Defense \| Engine Products
Revenue, Major Customer [Line Items]
Sales	189	165	566	502
Third-party sales \| Aerospace - Defense \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	43	41	119	131
Third-party sales \| Aerospace - Defense \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	57	45	174	131
Third-party sales \| Aerospace - Defense \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	0	0	0	0
Third-party sales \| Commercial Transportation
Revenue, Major Customer [Line Items]
Sales	310	352	1,010	1,064
Third-party sales \| Commercial Transportation \| Engine Products
Revenue, Major Customer [Line Items]
Sales	0	0	0	0
Third-party sales \| Commercial Transportation \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	65	67	199	192
Third-party sales \| Commercial Transportation \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	0	0	0	0
Third-party sales \| Commercial Transportation \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	245	285	811	872
Third-party sales \| Industrial and Other
Revenue, Major Customer [Line Items]
Sales	274	235	801	736
Third-party sales \| Industrial and Other \| Engine Products
Revenue, Major Customer [Line Items]
Sales	222	187	643	588
Third-party sales \| Industrial and Other \| Fastening Systems
Revenue, Major Customer [Line Items]
Sales	39	31	117	103
Third-party sales \| Industrial and Other \| Engineered Structures
Revenue, Major Customer [Line Items]
Sales	13	17	41	45
Third-party sales \| Industrial and Other \| Forged Wheels
Revenue, Major Customer [Line Items]
Sales	$ 0	$ 0	$ 0	$ 0

Properties, Plants, and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Properties, Plants, and Equipment, Net


	September 30, 2024		December 31, 2023
Land and land rights	$	84	$	88
Structures	1,031		1,018
Machinery and equipment	4,173		4,079
	5,288		5,185
Less: accumulated depreciation and amortization	3,193		3,081
	2,095		2,104
Construction work-in-progress	263		224
Properties, plants, and equipment, net	$	2,358	$	2,328

Earnings Per Share and Common Stock (Tables)

9 Months Ended

Sep. 30, 2024

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):


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023


Net income	$	332	$	188	$	841	$	529
Less: preferred stock dividends declared	1		1		2		2
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	331	$	187	$	839	$	527



Average shares outstanding - basic	408		412		408		412
Effect of dilutive securities:
Stock and performance awards	2		3		3		5


Average shares outstanding - diluted	410		415		411		417

Schedule of Accelerated Share Repurchases

The following table provides details for share repurchases made for the periods presented:


	Number of shares	Average price per share(1)		Total
Q1 2024 open market repurchase	2,243,259	$	66.87	$	150

Q2 2024 open market repurchase	734,737	$	81.66	$	60

Q3 2024 open market repurchase	1,061,323	$	94.22	$	100

2024 Share repurchases as of September 30, 2024	4,039,319	$	76.75	$	310

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

2023 Share repurchases as of September 30, 2023	3,329,723	$	45.05	$	150

(1)Excludes commissions cost.

Statement of Consolidated Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Sales (C)	$ 1,835	$ 1,658	$ 5,539	$ 4,909
Cost of goods sold (exclusive of expenses below)	1,253	1,183	3,830	3,543
Selling, general administrative, and other expenses	85	87	270	250
Research and development expenses	9	9	26	27
Provision for depreciation and amortization	68	68	204	204
Restructuring and other (credits) charges (D)	(1)	4	21	8
Operating income	421	307	1,188	877
Loss on debt redemption (N)	6	0	6	1
Interest expense, net	44	54	142	166
Other expense, net (F)	17	11	49	5
Income before income taxes	354	242	991	705
Provision for income taxes (G)	22	54	150	176
Net income	332	188	841	529
Amounts Attributable to Howmet Aerospace Common Shareholders (H):
Net income, Basic	331	187	839	527
Net income, Diluted	$ 331	$ 187	$ 839	$ 527
Earnings per share:
Basic (in usd per share)	$ 0.81	$ 0.45	$ 2.06	$ 1.28
Diluted (in usd per share)	$ 0.81	$ 0.45	$ 2.04	$ 1.27
Average Shares Outstanding (H):
Basic (in shares)	408	412	408	412
Diluted (in shares)	410	415	411	417

Segment Information - Segment Operating Profit to Consolidated Income before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Provision for depreciation and amortization	$ (68)	$ (68)	$ (204)	$ (204)
Restructuring and other credits (charges)	1	(4)	(21)	(8)
Operating income	421	307	1,188	877
Loss on debt redemption	(6)	0	(6)	(1)
Interest income	(44)	(54)	(142)	(166)
Other expense, net	(17)	(11)	(49)	(5)
Income before income taxes	354	242	991	705
Total segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	511	402	1,479	1,169
Provision for depreciation and amortization	(66)	(67)	(198)	(197)
Restructuring and other credits (charges)	(4)	(2)	(19)	(7)
Restructuring and other credits (charges)
Segment Reporting Information [Line Items]
Restructuring and other credits (charges)	1	(4)	(21)	(8)
Corporate expense
Segment Reporting Information [Line Items]
Corporate expense	$ (25)	$ (24)	$ (72)	$ (87)

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


	September 30, 2024		December 31, 2023



5.125% Notes, due 2024	$	—	$	205
6.875% Notes, due 2025	—		600
USD Term Loan Facility, due 2026	200		200
JPY Term Loan Facility, due 2026	208		211
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
3.000% Notes, due 2029	700		700
4.850% Notes, due 2031(1)	500		—
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Other, net(2)	(14)		(10)
	3,394		3,706
Less: amount due within one year	1		206
Total long-term debt	$	3,393	$	3,500

(1)The Company entered into a cross-currency swap to synthetically convert the 2031 Notes into a Euro liability of approximately €458 million with a fixed annual interest rate of 3.720%.

(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.

Debt - Public Debt (Details) € in Millions, $ in Millions					1 Months Ended	3 Months Ended		9 Months Ended
Debt - Public Debt (Details) € in Millions, $ in Millions	Aug. 23, 2024 USD ($)	Jul. 01, 2024 USD ($)	Sep. 28, 2023 USD ($)	Mar. 29, 2023 USD ($)	Jan. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Aug. 22, 2024 USD ($)	Aug. 22, 2024 EUR (€)	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Payment for early redemption of debt								$ 5	$ 1
Loss on debt redemption						$ 6	$ 0	$ 6	$ 1
Currency Swap
Debt Instrument [Line Items]
Derivative liability \| €											€ 458
Fixed interest rate (as a percent)										3.72%	3.72%
5.125% Notes, due 2024
Debt Instrument [Line Items]
Early redemption of debt		$ 205	$ 200		$ 26
Long-term debt, interest rate (as a percent)						5.125%		5.125%
Payment for early redemption of debt				$ 150
Repayments of debt				155
Interest expense				4
Loss on debt redemption				$ 1
Redemption price, amount		208	205
Accrued interest		$ 3	$ 5
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)						6.875%		6.875%
Repurchased face amount												$ 23
4.850% Notes, due 2031
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)						4.85%		4.85%
Interest expense	$ 12
Loss on debt redemption	5
Redemption price, amount	$ 594
Aggregate principal amount										$ 500

Restructuring and Other (Credits) Charges - Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Layoff costs	$ 1	$ 1	$ 8	$ 1
Reversals of previously recorded layoff reserves	(1)	0	(1)	(1)
Pension and Other post-retirement benefits - net settlements (E)	0	2	0	5
Net (gain) loss related to divestitures of assets and businesses (P)	(1)	0	12	0
Other	0	1	2	3
Total restructuring and other (credits) charges	$ (1)	$ 4	$ 21	$ 8

Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

The components of net periodic cost (benefit) were as follows:


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Pension benefits
Service cost	$	1	$	—	$	2	$	2
Interest cost	18		20		56		60
Expected return on plan assets	(17)		(18)		(52)		(55)
Recognized net actuarial loss	9		7		25		21

Settlements	—		2		—		5


Net periodic cost(1)	$	11	$	11	$	31	$	33



Other postretirement benefits
Service cost	$	—	$	1	$	—	$	1
Interest cost	1		2		4		5
Recognized net actuarial gain	(1)		(1)		(2)		(2)
Amortization of prior service benefit	(2)		(3)		(7)		(7)


Net periodic benefit(1)	$	(2)	$	(1)	$	(5)	$	(3)

Pension benefits

In the third quarter and nine months ended September 30, 2023, the Company applied settlement accounting to its Canadian pension plan due to lump sum payments made to participants, reducing gross pension obligations by $12. In June 2023, the Company also undertook additional actions to reduce gross pension obligations by $19 by purchasing group annuity contracts from a third-party carrier to pay and administer future annuity payments of a U.S. pension plan. Settlement charges of $2 and $5 were recognized in the third quarter and nine months ended September 30, 2023, respectively. All settlement charges were recorded in Restructuring and other (credits) charges in the Statement of Consolidated Operations.

For the third quarter and nine months ended September 30, 2024, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $19 and $41, respectively. For the third quarter and nine months ended September 30, 2023, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $9 and $28, respectively

- 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

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-Paragraph 1
-Subparagraph (d)(iv)(03)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Other Expense, Net - Narrative (Details) - Lehman Brothers International (Europe) (“LBIE”) Claims - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023
Loss Contingencies [Line Items]
Reversal of previously recorded litigation amount		$ 25
Legal fees		$ 1
Loss contingency, provision	$ 65

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,277	$ 3,775	$ 4,037	$ 3,601
Other comprehensive income (loss):
Total Other comprehensive income (loss), net of tax	60	(42)	32	(9)
Ending balance	4,503	3,872	4,503	3,872
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,858)	(1,808)	(1,830)	(1,841)
Other comprehensive income (loss):
Total Other comprehensive income (loss), net of tax	60	(42)	32	(9)
Ending balance	(1,798)	(1,850)	(1,798)	(1,850)
Pension and other postretirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(682)	(644)	(689)	(653)
Other comprehensive income (loss):
Unrecognized net actuarial gain and prior service benefit and net change from periodic revaluations	4	7	3	7
Tax benefit	(1)	(1)	(1)	(1)
Total Other comprehensive (loss) income before reclassifications, net of tax	3	6	2	6
Amortization of net actuarial loss and prior service cost and net amount reclassified to earnings	6	5	16	17
Tax expense	(1)	(1)	(3)	(4)
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax	5	4	13	13
Total Other comprehensive income (loss), net of tax	8	10	15	19
Ending balance	(674)	(634)	(674)	(634)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,177)	(1,155)	(1,136)	(1,193)
Other comprehensive income (loss):
Total Other comprehensive income (loss), net of tax	71	(56)	30	(18)
Ending balance	(1,106)	(1,211)	(1,106)	(1,211)
Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1	(9)	(5)	5
Other comprehensive income (loss):
Unrecognized net actuarial gain and prior service benefit and net change from periodic revaluations	(25)	1	(22)	(13)
Tax benefit	6	0	5	3
Total Other comprehensive (loss) income before reclassifications, net of tax	(19)	1	(17)	(10)
Amortization of net actuarial loss and prior service cost and net amount reclassified to earnings	1	4	6	0
Tax expense	(1)	(1)	(2)	0
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax	0	3	4	0
Total Other comprehensive income (loss), net of tax	(19)	4	(13)	(10)
Ending balance	$ (18)	$ (5)	$ (18)	$ (5)

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management evaluated all activity of Howmet and concluded that no subsequent events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements, except as noted below: See Note H regarding share repurchases made in October 2024.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Financial Instruments


	September 30, 2024				December 31, 2023
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt	$	3,393	$	3,470	$	3,500	$	3,504

Basis of Presentation (Details)	9 Months Ended	12 Months Ended
Basis of Presentation (Details)	Sep. 30, 2024	Dec. 31, 2018
Aerospace - Commercial \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	52.00%	60.00%

Statement of Changes in Consolidated Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common (in usd per share)	$ 0.16	$ 0.09	$ 0.26	$ 0.17
Preferred Class A
Preferred (in usd per share)	$ 0.9375	$ 0.9375	$ 2.8125	$ 2.8125

Divestiture (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
Divestiture (Details) - USD ($) $ in Millions	May 31, 2024	Sep. 30, 2024	Sep. 30, 2024
Engineered Structures \| UK
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of assets	$ (13)	$ (1)	$ (13)

Properties, Plants, and Equipment, net- Properties, Plants, and Equipment, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, net	$ 2,358	$ 2,328
Property, plant and equipment, excluding construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,288	5,185
Less: accumulated depreciation and amortization	3,193	3,081
Properties, plants, and equipment, net	2,095	2,104
Land and land rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	84	88
Structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,031	1,018
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,173	4,079
Construction work-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 263	$ 224

Debt - Credit Facility (Details)			3 Months Ended	9 Months Ended
Debt - Credit Facility (Details)	Nov. 22, 2023	Jul. 27, 2023 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Amounts outstanding				$ 0	$ 0
Borrowings			$ 0	$ 0
Maximum
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	3.75
Line of Credit \| Maximum
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio		3.75
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt term		5 years
Maximum borrowing capacity		$ 1,000,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Contingencies, Commitments and Other Liabilities	9 Months Ended
Contingencies, Commitments and Other Liabilities	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Other Liabilities	Contingencies, Commitments and Other Liabilities Contingencies The following information supplements and, as applicable, updates the discussion of the contingencies and commitments in Note U to the Consolidated Financial Statements in our Form 10-K, and should be read in conjunction with the complete descriptions provided in the Form 10-K. 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 $19 and $17 as of September 30, 2024 and December 31, 2023, respectively, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $10 and $7, respectively, was 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 less than $1 and $2 in the third quarter and nine months ended September 30, 2024, 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 was $17 (€16 million), including $10 (€9 million) of tax and interest up through 2017 and $7 (€7 million) of penalties. The Company estimates additional interest to be $2 (€2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. That decision upheld the assessment of $10 (€9 million) of tax and interest, while cancelling the penalties of $7 (€7 million) and remanding the penalty assessment issue to the Paris Administrative Court of Appeal for reexamination. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. 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 tax, 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 including tax, interest, and penalties, to the FTA in December 2023. The Company is expecting to pay the additional interest related to the assessment in 2024. The Company also paid the estimated tax related to the 2020-2023 tax years during 2023. No changes were made to the income tax reserve as of June 30, 2024 as a result of the French Administrative Supreme Court’s decision. As of the start of the third quarter of 2024, the Company no longer records an uncertain tax position related to the tax and interest assessed. In October 2024, the Company received a refund of the penalties that were remanded. We will continue to record an income tax reserve for penalties determined more than likely to be upheld, until the uncertain tax position is settled. 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. To date, Alcoa Corporation and Arconic Corporation have fulfilled their respective indemnification obligations, and claims subject to indemnification by Alcoa Corporation or Arconic Corporation have not impacted the Company financially. Among other claims that are covered by these indemnities, Arconic Corporation indemnifies the Company (previously named Arconic Inc. and, prior to that, Alcoa Inc.) for all potential liabilities associated with the fire that occurred at the Grenfell Tower in London, U.K. on June 14, 2017, including the following legal proceedings, as updated from the Form 10-K: Regulatory Investigations in the U.K. On September 4, 2024, the Public Inquiry ordered by the British government published its Phase 2 report on the Grenfell fire. Raul v. Albaugh, et al. (derivative related claim). On October 22, 2024, the parties executed a settlement term sheet that set forth the material terms and conditions associated with the resolution of this derivative action. On October 28, 2024, the parties filed a joint status report regarding this development. On October 30, 2024, the court ordered that the parties file a joint status report or a stipulation of dismissal on or before November 28, 2024. The parties plan to enter into a formal, final Stipulation and Agreement of Settlement, Compromise, and Release in the near term, which will be presented to the court for approval. With respect to the United Kingdom Litigation (various claims on behalf of survivors and estates of decedents) described in the Form 10-K, there are no updates. 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 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. 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 LBIE legal proceeding. The settlement provided for a payment of $40: $15 paid in July 2023 and $25 paid in July 2024. 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 against the Company and its subsidiary RTI Advanced Forming, Inc. (“RTI”) as defendants. The complaint alleged that the Company and RTI breached a Master Purchase Order 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. Following various claims and counterclaims and court-ordered mediation, the parties reached a confidential settlement agreement on April 2, 2024, to supply until December 31, 2026 subject to revised terms mutually agreed to by the parties. The settlement had no material impact on the results of operations in the current year. The parties stipulated to the dismissal of all claims and counterclaims with prejudice on April 2, 2024. 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 Guarantees. As of September 30, 2024, Howmet had outstanding bank guarantees related to energy contracts, tax matters, customs duties and environmental obligations, among others. The total amount committed under these guarantees, which expire at various dates between 2024 and 2027, was $23 as of September 30, 2024. 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 were included in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet. The remaining guarantee which had a fair value of $6 as of September 30, 2024 and December 31, 2023, 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 as of both September 30, 2024 and December 31, 2023 in the event of an Alcoa Corporation default. In 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 environmental obligations, insurance obligations and workers’ compensation, among others. The total amount committed under these letters of credit, which automatically renew or expire at various dates, primarily in 2024 and 2025, was $91 as of September 30, 2024. 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 $48, which are included in the $91 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 $91 in the above paragraph. Surety Bonds. The Company has outstanding surety bonds primarily related to workers’ compensation, customs duties, environmental-related matters, and contract performance. 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 September 30, 2024. 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, respectively. Other Liabilities Supplier Financing Arrangements. 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 suppliers 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 September 30, 2024 and December 31, 2023, supplier invoices that are subject to future payment under these programs were $251 and $258, respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet.

Contingencies, Commitments and Other Liabilities (Details) € in Millions, $ in Millions					1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 15, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Jan. 01, 2023	Jul. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) location	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Jul. 23, 2024 USD ($)	Jul. 23, 2024 EUR (€)	Jun. 26, 2020 entity transaction
Loss Contingencies [Line Items]
Number of cleanup locations \| location										30
Remediation reserve balance						$ 17		$ 19		$ 19		$ 17
Remediation reserve balance, classified as a current liability						7		10		10		7
Payments related to remediation expenses applied against the reserve (less than in second quarter)								1		2
Income tax reserve								0	$ 0	0	$ 20
Guarantees of third party related to project financing								23		23
Combined fair value of guarantees						6		6		6		$ 6
Coverage limit						$ 80
Total amount committed under outstanding surety bonds								43		43
Surety bonds, amount outstanding								$ 21		$ 21
Termination notice period (in days)				30 days
Payment timing (in days)				120 days
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]						Accounts payable, trade (Q)		Accounts payable, trade (Q)		Accounts payable, trade (Q)		Accounts payable, trade (Q)
Supplier invoices subject to future payment						$ 258		$ 251		$ 251		$ 258
Letter of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity								91		91
Other Noncurrent Liabilities and Deferred Credits \| Separation Agreement
Loss Contingencies [Line Items]
Guarantees of third party related to project financing						$ 1,131		1,131		$ 1,131		1,131
Lehman Brothers International (Europe) (“LBIE”) Claims
Loss Contingencies [Line Items]
Number of entities \| entity																2
Number of interest rate swap transactions \| transaction																2
Judgement from legal proceedings	$ 40
Payments for legal settlements					$ 25		$ 15
Foreign Tax Authority \| Ministry of the Economy, Finance and Industry, France \| Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Income tax assessment, estimate of possible loss		$ 17	€ 16
Income tax assessment, amount of penalties cancelled														$ 7	€ 7
Income tax reserve												$ 21	€ 19
Recurring Costs of Managing Hazardous Substances and Environmental Programs
Loss Contingencies [Line Items]
Percentage of cost of goods sold (as a percent)										1.00%
Income Tax and Interest \| Foreign Tax Authority \| Ministry of the Economy, Finance and Industry, France \| Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Income tax assessment, estimate of possible loss		10	9
Income Tax Penalties \| Foreign Tax Authority \| Ministry of the Economy, Finance and Industry, France \| Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Income tax assessment, estimate of possible loss		7	7
Additional Interest on Income Tax \| Foreign Tax Authority \| Ministry of the Economy, Finance and Industry, France \| Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Income tax assessment, estimate of possible loss		$ 2	€ 2
Alcoa Corporation Workers Compensation Claims
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding								48		$ 48
Arconic Corporation Environmental Obligations
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding								$ 17		$ 17

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories


	September 30, 2024		December 31, 2023
Finished goods	$	475	$	451
Work-in-process	923		891
Purchased raw materials	433		355
Operating supplies	71		68
Total inventories	$	1,902	$	1,765

As of September 30, 2024 and December 31, 2023, the portion of inventories valued on a last-in, first-out (“LIFO”) basis was $505 and $446, respectively. If valued on an average-cost basis, total inventories would have been $265 and $236 higher as of September 30, 2024 and December 31, 2023, respectively.

Restructuring and Other (Credits) Charges (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other (Credits) Charges


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Layoff costs	$	1	$	1	$	8	$	1
Reversals of previously recorded layoff reserves	(1)		—		(1)		(1)
Pension and Other post-retirement benefits - net settlements (E)	—		2		—		5

Net (gain) loss related to divestitures of assets and businesses (P)	(1)		—		12		—
Other	—		1		2		3
Total restructuring and other (credits) charges	$	(1)	$	4	$	21	$	8

Schedule of Activity and Reserve Balances for Restructuring Charges


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2023	$	5	$	2	$	7
Cash payments	(6)		(1)		(7)
Restructuring charges	7		14		21
Other(1)	—		(14)		(14)
Reserve balances at September 30, 2024	$	6	$	1	$	7

Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables from customers, allowances	$ 0	$ 0

Recently Adopted and Recently Issued Accounting Guidance	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Recently Adopted and Recently Issued Accounting Guidance	Recently Adopted and Recently Issued Accounting Guidance Adopted In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance the transparency of disclosures regarding supplier finance programs (See Note Q). 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. Issued In November 2024, the FASB issued guidance to improve disclosures about an entity’s expenses including more detailed information about the components of expenses in commonly presented expense captions. These changes become effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements. In December 2023, the FASB issued guidance to enhance the transparency of income tax disclosures including additional details on the rate reconciliation and taxes paid by jurisdiction. 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 significant segment expenses and other matters 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.

- 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.

+ References

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+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

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


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Pension and other postretirement benefits (E)
Balance at beginning of period	$	(682)	$	(644)	$	(689)	$	(653)
Other comprehensive income (loss):
Unrecognized net actuarial gain and prior service benefit	4		7		3		7
Tax expense	(1)		(1)		(1)		(1)
Total Other comprehensive income before reclassifications, net of tax	3		6		2		6
Amortization of net actuarial loss and prior service benefit(1)	6		5		16		17
Tax expense(2)	(1)		(1)		(3)		(4)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	5		4		13		13
Total Other comprehensive income	8		10		15		19

Balance at end of period	$	(674)	$	(634)	$	(674)	$	(634)
Foreign currency translation
Balance at beginning of period	$	(1,177)	$	(1,155)	$	(1,136)	$	(1,193)


Other comprehensive income (loss)(4)	71		(56)		30		(18)

Balance at end of period	$	(1,106)	$	(1,211)	$	(1,106)	$	(1,211)




Cash flow hedges
Balance at beginning of period	$	1	$	(9)	$	(5)	$	5

Other comprehensive (loss) income:
Net change from periodic revaluations	(25)		1		(22)		(13)
Tax benefit	6		—		5		3
Total Other comprehensive (loss) income before reclassifications, net of tax	(19)		1		(17)		(10)
Net amount reclassified to earnings	1		4		6		—
Tax expense(2)	(1)		(1)		(2)		—
Total amount reclassified from Accumulated other comprehensive income, net of tax(3)	—		3		4		—
Total Other comprehensive (loss) income	(19)		4		(13)		(10)
Balance at end of period	$	(18)	$	(5)	$	(18)	$	(5)

Accumulated other comprehensive loss	$	(1,798)	$	(1,850)	$	(1,798)	$	(1,850)

(1)These amounts were recorded in Restructuring and other (credits) 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 G) 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.

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment 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. 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 (credits) 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, and construction, industrial, and renewable energy equipment.

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 of the Company’s reportable segments were as follows:


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Third quarter ended September 30, 2024
Sales:
Third-party sales	$	945	$	392	$	253	$	245	$	1,835
Inter-segment sales	3		—		3		—		6
Total sales	$	948	$	392	$	256	$	245	$	1,841
Profit and loss:

Provision for depreciation and amortization	$	34	$	12	$	10	$	10	$	66
Segment Adjusted EBITDA	307		102		38		64		511
Restructuring and other charges	1		1		1		1		4
Capital expenditures	55		5		5		14		79

Third quarter ended September 30, 2023
Sales:
Third-party sales	$	798	$	348	$	227	$	285	$	1,658
Inter-segment sales	5		—		—		—		5
Total sales	$	803	$	348	$	227	$	285	$	1,663
Profit and loss:

Provision for depreciation and amortization	$	33	$	12	$	12	$	10	$	67
Segment Adjusted EBITDA	219		76		30		77		402
Restructuring and other charges	—		1		1		—		2
Capital expenditures	30		9		6		9		54

	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Nine months ended September 30, 2024
Sales:
Third-party sales	$	2,763	$	1,175	$	790	$	811	$	5,539
Inter-segment sales	6		—		7		—		13
Total sales	$	2,769	$	1,175	$	797	$	811	$	5,552
Profit and loss:

Provision for depreciation and amortization	$	100	$	36	$	32	$	30	$	198
Segment Adjusted EBITDA	848		295		115		221		1,479
Restructuring and other charges	—		3		15		1		19
Capital expenditures	143		17		16		35		211

Nine months ended September 30, 2023
Sales:
Third-party sales	$	2,414	$	989	$	634	$	872	$	4,909
Inter-segment sales	12		—		1		—		13
Total sales	$	2,426	$	989	$	635	$	872	$	4,922
Profit and loss:

Provision for depreciation and amortization	$	97	$	35	$	36	$	29	$	197
Segment Adjusted EBITDA	654		198		80		237		1,169
Restructuring and other (credits) charges	(1)		1		7		—		7
Capital expenditures	84		23		21		25		153

The following table reconciles Total Segment Adjusted EBITDA to Income before income taxes. Differences between the total segment and consolidated totals are in Corporate.


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Total Segment Adjusted EBITDA	$	511	$	402	$	1,479	$	1,169
Segment provision for depreciation and amortization	(66)		(67)		(198)		(197)
Unallocated amounts:
Restructuring and other credits (charges)	1		(4)		(21)		(8)
Corporate expense	(25)		(24)		(72)		(87)
Operating income	$	421	$	307	$	1,188	$	877
Loss on debt redemption	(6)		—		(6)		(1)
Interest expense, net	(44)		(54)		(142)		(166)
Other expense, net	(17)		(11)		(49)		(5)
Income before income taxes	$	354	$	242	$	991	$	705

The following table reconciles total segment capital expenditures with Capital expenditures as presented in the Statement of Consolidated Cash Flows.


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Total segment capital expenditures	$	79	$	54	$	211	$	153
Corporate	3		5		8		11
Capital expenditures	$	82	$	59	$	219	$	164

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
Third quarter ended September 30, 2024
Aerospace - Commercial	$	534	$	245	$	183	$	—	$	962
Aerospace - Defense	189		43		57		—		289
Commercial Transportation	—		65		—		245		310
Industrial and Other	222		39		13		—		274
Total end-market revenue	$	945	$	392	$	253	$	245	$	1,835

Third quarter ended September 30, 2023
Aerospace - Commercial	$	446	$	209	$	165	$	—	$	820
Aerospace - Defense	165		41		45		—		251
Commercial Transportation	—		67		—		285		352
Industrial and Other	187		31		17		—		235
Total end-market revenue	$	798	$	348	$	227	$	285	$	1,658

Nine months ended September 30, 2024
Aerospace - Commercial	$	1,554	$	740	$	575	$	—	$	2,869
Aerospace - Defense	566		119		174		—		859
Commercial Transportation	—		199		—		811		1,010
Industrial and Other	643		117		41		—		801
Total end-market revenue	$	2,763	$	1,175	$	790	$	811	$	5,539

Nine months ended September 30, 2023
Aerospace - Commercial	$	1,324	$	563	$	458	$	—	$	2,345
Aerospace - Defense	502		131		131		—		764
Commercial Transportation	—		192		—		872		1,064
Industrial and Other	588		103		45		—		736
Total end-market revenue	$	2,414	$	989	$	634	$	872	$	4,909

The Company derived 67% and 63% of its revenue from the aerospace (commercial and defense) markets for the nine months ended September 30, 2024 and 2023, respectively.

On April 2, 2024, General Electric Company, one of our largest customers, completed the spin-off of its energy-focused business into GE Vernova, a new publicly traded company. Since then, General Electric Company operates as GE Aerospace. GE Aerospace and RTX Corporation each represented approximately 10% of the Company’s third-party sales in the nine months ended September 30, 2024. General Electric Company and RTX Corporation represented approximately 13% and 10%, respectively, of the Company’s third-party sales in the nine months ended September 30, 2023. These sales were 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.

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+ Details