HWM Howmet Aerospace Inc

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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 six months ended June 30, 2024, the Company derived approximately 51% 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 commercial aerospace wide body demand to grow faster than narrow body demand on a production percentage basis. 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. 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.

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 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.

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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 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.

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

			Engine Products						Fastening Systems						Engineered Structures						Forged Wheels						Total Segment
Second quarter ended June 30, 2024
Sales:
Third-party sales			$	933					$	394					$	275					$	278					$	1,880
Inter-segment sales			1						—						3						—						4
Total sales			$	934					$	394					$	278					$	278					$	1,884
Profit and loss:
Provision for depreciation and amortization			$	33					$	13					$	11					$	10					$	67
Segment Adjusted EBITDA			292						101						40						75						508
Restructuring and other (credits) charges			(1)						2						14						—						15
Capital expenditures			33						5						5						9						52
Second quarter ended June 30, 2023
Sales:
Third-party sales			$	821					$	329					$	200					$	298					$	1,648
Inter-segment sales			5						—						1						—						6
Total sales			$	826					$	329					$	201					$	298					$	1,654
Profit and loss:
Provision for depreciation and amortization			$	32					$	12					$	12					$	10					$	66
Segment Adjusted EBITDA			223						64						20						81						388
Restructuring and other (credits) charges			(1)						—						5						—						4
Capital expenditures			21						5						5						7						38
			Engine Products						Fastening Systems						Engineered Structures						Forged Wheels						Total Segment
Six months ended June 30, 2024
Sales:
Third-party sales			$	1,818					$	783					$	537					$	566					$	3,704
Inter-segment sales			3						—						4						—						7
Total sales			$	1,821					$	783					$	541					$	566					$	3,711
Profit and loss:
Provision for depreciation and amortization			$	66					$	24					$	22					$	20					$	132
Segment Adjusted EBITDA			541						193						77						157						968
Restructuring and other (credits) charges			(1)						2						14						—						15
Capital expenditures			88						12						11						21						132
Six months ended June 30, 2023
Sales:
Third-party sales			$	1,616					$	641					$	407					$	587					$	3,251
Inter-segment sales			7						—						1						—						8
Total sales			$	1,623					$	641					$	408					$	587					$	3,259
Profit and loss:
Provision for depreciation and amortization			$	64					$	23					$	24					$	19					$	130
Segment Adjusted EBITDA			435						122						50						160						767
Restructuring and other (credits) charges			(1)						—						6						—						5
Capital expenditures			54						14						15						16						99

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

			Second quarter ended												Six months ended
			June 30,												June 30,
			2024						2023						2024						2023
Total Segment Adjusted EBITDA			$	508					$	388					$	968					$	767
Segment provision for depreciation and amortization			(67)						(66)						(132)						(130)
Unallocated amounts:
Restructuring and other charges			(22)						(3)						(22)						(4)
Corporate expense			(21)						(34)						(47)						(63)
Operating income			$	398					$	285					$	767					$	570
Loss on debt redemption			—						—						—						(1)
Interest expense, net			(49)						(55)						(98)						(112)
Other (expense) income, net			(15)						13						(32)						6
Income before income taxes			$	334					$	243					$	637					$	463

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

			Second quarter ended												Six months ended
			June 30,												June 30,
			2024						2023						2024						2023
Total segment capital expenditures			$	52					$	38					$	132					$	99
Corporate			3						3						5						6
Capital expenditures			$	55					$	41					$	137					$	105

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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
Second quarter ended June 30, 2024
Aerospace - Commercial			$	528					$	251					$	200					$	—					$	979
Aerospace - Defense			192						37						61						—						290
Commercial Transportation			—						68						—						278						346
Industrial and Other			213						38						14						—						265
Total end-market revenue			$	933					$	394					$	275					$	278					$	1,880
Second quarter ended June 30, 2023
Aerospace - Commercial			$	446					$	184					$	141					$	—					$	771
Aerospace - Defense			174						46						42						—						262
Commercial Transportation			—						62						—						298						360
Industrial and Other			201						37						17						—						255
Total end-market revenue			$	821					$	329					$	200					$	298					$	1,648
Six months ended June 30, 2024
Aerospace - Commercial			$	1,020					$	495					$	392					$	—					$	1,907
Aerospace - Defense			377						76						117						—						570
Commercial Transportation			—						134						—						566						700
Industrial and Other			421						78						28						—						527
Total end-market revenue			$	1,818					$	783					$	537					$	566					$	3,704
Six months ended June 30, 2023
Aerospace - Commercial			$	878					$	354					$	293					$	—					$	1,525
Aerospace - Defense			337						90						86						—						513
Commercial Transportation			—						125						—						587						712
Industrial and Other			401						72						28						—						501
Total end-market revenue			$	1,616					$	641					$	407					$	587					$	3,251

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

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In the second quarter of 2024, the Company recorded Restructuring and other charges of $22, which were primarily due to a loss on the sale of a small U.K. manufacturing facility in Engineered Structures of $14, a charge for layoff costs of $7, including the separation of 283 employees (144 in Fastening Systems, 112 in Engineered Structures and 27 in Forged Wheels) and other exit related costs, including accelerated depreciation, of $1.

In the six months ended June 30, 2024, the Company recorded Restructuring and other charges of $22, which were primarily due to a loss on the sale of a small U.K. manufacturing facility in Engineered Structures of $14, a charge for layoff costs of $7, and other 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.

In the second quarter of 2023, the Company recorded Restructuring and other charges of $3, which were primarily due to charges for a U.S. pension plan settlement of $3.

In the six months ended June 30, 2023, the Company recorded Restructuring and other charges of $4, which were primarily due to charges for a U.S. pension plan settlement of $3 and exit related costs, including accelerated depreciation, of $2, 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			(2)						(1)						(3)
Restructuring charges			7						15						22
Other(1)			—						(14)						(14)
Reserve balances at June 30, 2024			$	10					$	2					$	12

(1)In the second quarter of 2024, other for other exit costs included a loss of $14 on the sale of a small U.K. manufacturing facility.

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

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

			Second quarter ended															Six months ended
			June 30,															June 30,
			2024						2023									2024						2023
Pension benefits
Service cost			$	—					$	1								$	1					$	2
Interest cost			19						20									38						40
Expected return on plan assets			(17)						(18)									(35)						(37)
Recognized net actuarial loss			8						7									16						14
Settlements			—						3									—						3
Net periodic cost(1)			$	10					$	13								$	20					$	22
Other postretirement benefits
Service cost			$	—					$	—								$	—					$	—
Interest cost			2						1									3						3
Recognized net actuarial gain			—						—									(1)						(1)
Amortization of prior service benefit			(3)						(2)									(5)						(4)
Net periodic benefit(1)			$	(1)					$	(1)								$	(3)					$	(2)

 

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

Pension benefits

In the second quarter and six months ended June 30, 2023, the Company 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. These actions resulted in settlement charges of $3.

For the second quarter and six months ended June 30, 2024, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $17 and $22, respectively. For the second quarter and six months ended June 30, 2023, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $7 and $19, respectively

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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 21.7% in both the second quarter and six months ended June 30, 2024, and 23.0% in both the second quarter and six months ended June 30, 2023. The 2024 and 2023 rates were higher than the U.S. federal statutory rate of 21% primarily due to additional estimated U.S. tax on Global Intangible Low-Taxed Income (“GILTI”) and other foreign earnings, 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%. Foreign taxes on earnings also subject to U.S. federal income tax also contributed to the 2023 rate being higher than the U.S. federal statutory rate of 21%. The 2024 rate was lower than the 2023 rate primarily due to a U.S. tax benefit recognized for foreign tax credits in 2024 and lower net U.S. tax on GILTI and other foreign earnings.

For the second quarter of 2024 and 2023, the tax rate including discrete items was 20.4% and 20.6%, respectively. In the second quarter of 2024, the Company recorded a discrete tax benefit of $5 related to an excess tax benefit for stock compensation. In the second quarter of 2023, the Company recorded a discrete net tax benefit of $7 related to an $8 excess tax benefit for stock compensation and a net charge of $1 for other small items.

For the six months ended June 30, 2024 and 2023, the tax rate including discrete items was 20.1% and 26.3%, respectively. For the six months ended June 30, 2024, the Company recorded a discrete net tax benefit of $12 attributable to a $7 excess tax benefit for stock compensation, a $6 benefit to release a valuation allowance related to a U.S. foreign tax credits, and a net tax charge of $1 for other small items. For the six months ended June 30, 2023, the Company recorded a discrete net tax charge of $14 attributable to a $20 charge for a tax reserve established in France (See Note Q) and a net tax charge of $2 for other small items, reduced by an $8 excess tax benefit for stock compensation.

The tax provision was comprised of the following:

			Second quarter ended												Six months ended
			June 30,												June 30,
			2024						2023						2024						2023
Pre-tax income at estimated annual effective income tax rate before discrete items			$	72					$	56					$	138					$	107
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized			1						1						2						1
Tax reserve (Q)			—						—						—						20
Other discrete items			(5)						(7)						(12)						(6)
Provision for income taxes			$	68					$	50					$	128					$	122

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.

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The information used to compute basic and diluted EPS attributable to Howmet common shareholders was as follows (shares in millions in the table below):

			Second quarter ended												Six months ended
			June 30,												June 30,
			2024						2023						2024						2023
Net income			$	266					$	193					$	509					$	341
Less: preferred stock dividends declared			—						—						1						1
Net income available to Howmet Aerospace common shareholders - basic and diluted			$	266					$	193					$	508					$	340
Average shares outstanding - basic			408						413						409						413
Effect of dilutive securities:
Stock and performance awards			3						4						2						4
Average shares outstanding - diluted			411						417						411						417

Common stock outstanding as of June 30, 2024 and 2023 was 407,883,027 and 412,169,561, respectively.

On August 18, 2021, the Company announced that its Board of Directors authorized a share repurchase program (the “Share Repurchase Program”) of up to $1,500 of the Company's outstanding common stock. After giving effect to the share repurchases made through June 30, 2024 and as of such date, approximately $487 Board authorization remained available. On July 30, 2024, the Company’s Board of Directors authorized a $2,000 increase in the Share Repurchase Program, which, together with the remaining authorization of approximately $487, results in a Share Repurchase Program of up to approximately $2,487 of the Company’s outstanding common stock.

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.

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
2024 Share repurchases as of June 30, 2024			2,977,996						$	70.52					$	210
Q1 2023 open market repurchase			576,629						$	43.36					$	25
Q2 2023 open market repurchase			2,246,294						$	44.52					$	100
2023 Share repurchases as of June 30, 2023			2,822,923						$	44.28					$	125

(1)Excludes commissions cost.

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 second quarter and six months ended June 30, 2024 and 2023.

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

			Second quarter ended												Six months ended
			June 30,												June 30,
			2024						2023						2024						2023
Pension and other postretirement benefits (E)
Balance at beginning of period			$	(686)					$	(648)					$	(689)					$	(653)
Other comprehensive income (loss):
Unrecognized net actuarial loss and prior service cost/benefit			—						(3)						(1)						—
Tax benefit			—						1						—						—
Total Other comprehensive loss before reclassifications, net of tax			—						(2)						(1)						—
Amortization of net actuarial loss and prior service benefit(1)			5						8						10						12
Tax expense(2)			(1)						(2)						(2)						(3)
Total amount reclassified from Accumulated other comprehensive income, net of tax(3)			4						6						8						9
Total Other comprehensive income			4						4						7						9
Balance at end of period			$	(682)					$	(644)					$	(682)					$	(644)
Foreign currency translation
Balance at beginning of period			$	(1,173)					$	(1,159)					$	(1,136)					$	(1,193)
Other comprehensive (loss) income(4)			(4)						4						(41)						38
Balance at end of period			$	(1,177)					$	(1,155)					$	(1,177)					$	(1,155)
Cash flow hedges
Balance at beginning of period			$	(2)					$	1					$	(5)					$	5
Other comprehensive (loss) income:
Net change from periodic revaluations			4						(10)						3						(14)
Tax (expense) benefit			(1)						2						(1)						3
Total Other comprehensive income (loss) before reclassifications, net of tax			3						(8)						2						(11)
Net amount reclassified to earnings			—						(3)						5						(4)
Tax benefit (expense)(2)			—						1						(1)						1
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax(3)			—						(2)						4						(3)
Total Other comprehensive income (loss)			3						(10)						6						(14)
Balance at end of period			$	1					$	(9)					$	1					$	(9)
Accumulated other comprehensive loss			$	(1,858)					$	(1,808)					$	(1,858)					$	(1,808)

(1)These amounts were recorded in Restructuring and other charges (See Note D) and Other expense (income), 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.

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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 second quarter or six months ended June 30, 2024 or June 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 June 30, 2024 and December 31, 2023, of which $250 was drawn as of both June 30, 2024 and December 31, 2023. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which were $239 and $197 as of June 30, 2024 and December 31, 2023, respectively.

The Company sold $317 and $730 of its receivables without recourse and received cash funding under this program during the second quarter and six months ended June 30, 2024, respectively, resulting in derecognition of the receivables from the Company’s Consolidated Balance Sheet. The Company sold $382 and $719 of its receivables without recourse and received cash funding under the program during the second quarter and six months ended June 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 second quarter and six months ended June 30, 2024, the Company sold $174 and $345, respectively, of certain customers’ receivables in exchange for cash ($172 was outstanding from customers as of June 30, 2024), the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows. In the second quarter and six months ended June 30, 2023, the Company sold $151 and $289, respectively, of certain customers’ receivables in exchange for cash, the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows.

As of June 30, 2024 and December 31, 2023, the portion of inventories valued on a last-in, first-out (“LIFO”) basis was $510 and $446, respectively. If valued on an average-cost basis, total inventories would have been $248 and $236 higher as of June 30, 2024 and December 31, 2023, respectively.

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The Company incurred capital expenditures which remained unpaid as of June 30, 2024 and June 30, 2023 of $62 and $48, respectively, which will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods.

Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $16 in both the second quarter of 2024 and 2023, and $32 in both the six months ended June 30, 2024 and 2023.

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

			June 30, 2024						December 31, 2023
Right-of-use assets classified in Other noncurrent assets			$	157					$	128
Current portion of lease liabilities classified in Other current liabilities			$	37					$	32
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits			121						97
Total lease liabilities			$	158					$	129

 

(1)On July 1, 2024, the Company completed the early redemption of all the remaining outstanding principal amount of $205 of its 5.125% Notes, due in October 2024 (the “5.125% Notes”).

(2)The 6.875% Notes, due 2025 (the “6.875% Notes”) are due in May 2025.

(3)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.

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Public Debt

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

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

In the second quarter of 2024, the Company repurchased approximately $23 aggregate principal amount of the 6.875% 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 5.125% Notes. The Company redeemed the 5.125% Notes at par value plus accrued interest. The 5.125% Notes were redeemed with cash on hand at an aggregate redemption price of approximately $208, including accrued interest of approximately $3.

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 June 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 June 30, 2024 and December 31, 2023. The amounts outstanding under the JPY Term Loan Facility were ¥29,702 million ($185) and ¥29,702 million ($211) as of June 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 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 June 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 June 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 June 30, 2024.

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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 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.

			June 30, 2024												December 31, 2023
			Carrying value						Fair value						Carrying value						Fair value
Long-term debt			$	2,877					$	2,839					$	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 June 30, 2024 and December 31, 2023.

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, which resulted in a charge of $14 in the second quarter of 2024 that was recorded in Restructuring and other charges in the Statement of Consolidated Operations. The sale remains subject to certain post-closing adjustments.

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 $17 as of both June 30, 2024 and December 31, 2023, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $7 was classified as a current liability for both periods), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. Payments related to remediation expenses applied against the reserve were less than $1 and $1 in the second quarter and six months ended June 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

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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 and is expecting to pay the additional interest 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. Beginning in the third quarter of 2024, the Company will no longer record an uncertain tax position related to the tax and interest assessed. 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. 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:

United Kingdom Litigation (various claims on behalf of survivors and estates of decedents). On June 21, 2024, the Company was joined as a party to proceedings initiated by the Royal Borough of Kensington and Chelsea that are currently pending against AAP SAS and Whirlpool. The pending proceedings are stayed until December 10, 2024.

With respect to Raul v. Albaugh, et al. (derivative related claim) and the regulatory investigations in the U.K. 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 June 30, 2024, Howmet had outstanding bank guarantees related to tax matters, environmental obligations, energy contracts, and customs duties, among others. The total amount committed under these guarantees, which expire at

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various dates between 2024 and 2027, was $22 as of June 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 June 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 June 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 workers’ compensation, environmental obligations, and insurance obligations, among others. The total amount committed under these letters of credit, which automatically renew or expire at various dates, primarily in 2024 and 2025, was $96 as of June 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 $52 (which are included in the $96 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 $96 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 June 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 June 30, 2024 and December 31, 2023, supplier invoices that are subject to future payment under these programs were $287 and $258, respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet.

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 N regarding the early redemption of the remaining outstanding 5.125% Notes.

See Note H regarding an increase in share repurchase authorization by the Company’s Board of Directors.

On July 30, 2024, the Company’s Board of Directors declared a dividend of $0.08 per share on its common stock to be paid on August 26, 2024 to holders of record as of the close of business on August 9, 2024. The quarterly dividend represents a 60% increase from the second quarter 2024 dividend of $0.05 per share.

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v3.24.2

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 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		408,146,607
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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

v3.24.2

Statement of Consolidated Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Sales (C)	$ 1,880	$ 1,648	$ 3,704	$ 3,251
Cost of goods sold (exclusive of expenses below)	1,287	1,196	2,577	2,360
Selling, general administrative, and other expenses	97	88	185	163
Research and development expenses	7	9	17	18
Provision for depreciation and amortization	69	67	136	136
Restructuring and other charges (D)	22	3	22	4
Operating income	398	285	767	570
Loss on debt redemption (N)	0	0	0	1
Interest expense, net	49	55	98	112
Other expense (income), net (F)	15	(13)	32	(6)
Income before income taxes	334	243	637	463
Provision for income taxes (G)	68	50	128	122
Net income	266	193	509	341
Amounts Attributable to Howmet Aerospace Common Shareholders (H):
Net income, Basic	266	193	508	340
Net income, Diluted	$ 266	$ 193	$ 508	$ 340
Earnings per share:
Basic (in usd per share)	$ 0.65	$ 0.47	$ 1.24	$ 0.82
Diluted (in usd per share)	$ 0.65	$ 0.46	$ 1.23	$ 0.81
Average Shares Outstanding (H):
Basic (in shares)	408	413	409	413
Diluted (in shares)	411	417	411	417

v3.24.2

Statement of Consolidated Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 266	$ 193	$ 509	$ 341
Other comprehensive income (loss), net of tax (I):
Change in unrecognized net actuarial loss and prior service cost related to pension and other postretirement benefits	4	4	7	9
Foreign currency translation adjustments	(4)	4	(41)	38
Net change in unrecognized gains (losses) on cash flow hedges	3	(10)	6	(14)
Total Other comprehensive income (loss), net of tax	3	(2)	(28)	33
Comprehensive income	$ 269	$ 191	$ 481	$ 374

v3.24.2

Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 752	$ 610
Receivables from customers, less allowances of $— in both 2024 and 2023 (J)	749	675
Other receivables	19	17
Inventories (K)	1,848	1,765
Prepaid expenses and other current assets	235	249
Total current assets	3,603	3,316
Properties, plants, and equipment, net (L)	2,307	2,328
Goodwill	4,016	4,035
Deferred income taxes	32	46
Intangibles, net	489	505
Other noncurrent assets (M)	232	198
Total assets	10,679	10,428
Current liabilities:
Accounts payable, trade (Q)	971	982
Accrued compensation and retirement costs	235	263
Taxes, including income taxes (G)	81	68
Accrued interest payable	64	65
Other current liabilities (M)(Q)	225	200
Long-term debt due within one year (N)	782	206
Total current liabilities	2,358	1,784
Long-term debt (N)(O)	2,877	3,500
Accrued pension benefits (E)	645	664
Accrued other postretirement benefits (E)	90	92
Other noncurrent liabilities and deferred credits (M)	432	351
Total liabilities	6,402	6,391
Contingencies and commitments (Q)
Howmet Aerospace shareholders’ equity:
Preferred stock	55	55
Common stock	408	410
Additional capital	3,486	3,682
Retained earnings	2,186	1,720
Accumulated other comprehensive loss (I)	(1,858)	(1,830)
Total equity	4,277	4,037
Total liabilities and equity	$ 10,679	$ 10,428

v3.24.2

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

v3.24.2

Statement of Consolidated Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 509	$ 341
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization	136	136
Deferred income taxes	67	57
Restructuring and other charges	22	4
Net realized and unrealized losses	13	11
Net periodic pension cost (E)	20	19
Stock-based compensation	38	26
Loss on debt redemption (N)	0	1
Other	7	0
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables (J)	(100)	(141)
Increase in inventories	(109)	(99)
Decrease (increase) in prepaid expenses and other current assets	5	(9)
Increase (decrease) in accounts payable, trade	6	(80)
Decrease in accrued expenses	(17)	(15)
Increase in taxes, including income taxes	13	31
Pension contributions	(17)	(12)
(Increase) decrease in noncurrent assets	(7)	1
Decrease in noncurrent liabilities	(12)	(19)
Cash provided from operations	574	252
Financing Activities
Repurchases and payments on debt (N)	(23)	(176)
Premiums paid on early redemption of debt (N)	0	(1)
Repurchases of common stock	(210)	(125)
Proceeds from exercise of employee stock options	6	9
Dividends paid to shareholders	(42)	(35)
Taxes paid for net share settlement of equity awards	(32)	(75)
Cash used for financing activities	(301)	(403)
Investing Activities
Capital expenditures (C)	(137)	(105)
Proceeds from the sale of assets and businesses (D and P)	8	0
Cash used for investing activities	(129)	(105)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2)	0
Net change in cash, cash equivalents and restricted cash	142	(256)
Cash, cash equivalents and restricted cash at beginning of period	610	792
Cash, cash equivalents and restricted cash at end of period	$ 752	$ 536

v3.24.2

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	341					341
Other comprehensive income (loss) (I)	33							33
Cash dividends declared:
Preferred stock-Class A		$ (1)					$ (1)
Common	(34)					(34)
Repurchase and retirement of common stock (H)	(125)			(3)	(122)
Stock-based compensation	26				26
Common stock issued: compensation plans	(66)			3	(69)
Ending balance at Jun. 30, 2023	3,775		55	412	3,782	1,334		(1,808)
Beginning balance at Mar. 31, 2023	3,761		55	412	3,941	1,159		(1,806)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	193					193
Other comprehensive income (loss) (I)	(2)							(2)
Cash dividends declared:
Common	(18)					(18)
Repurchase and retirement of common stock (H)	(100)			(3)	(97)
Stock-based compensation	12				12
Common stock issued: compensation plans	(71)			3	(74)
Ending balance at Jun. 30, 2023	3,775		55	412	3,782	1,334		(1,808)
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	509					509
Other comprehensive income (loss) (I)	(28)							(28)
Cash dividends declared:
Preferred stock-Class A		$ (1)					$ (1)
Common	(42)					(42)
Repurchase and retirement of common stock (H)	(211)			(3)	(208)
Stock-based compensation	38				38
Common stock issued: compensation plans	(25)			1	(26)
Ending balance at Jun. 30, 2024	4,277		55	408	3,486	2,186		(1,858)
Beginning balance at Mar. 31, 2024	4,086		55	408	3,542	1,942		(1,861)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	266					266
Other comprehensive income (loss) (I)	3							3
Cash dividends declared:
Common	(22)					(22)
Repurchase and retirement of common stock (H)	(61)			(1)	(60)
Stock-based compensation	23				23
Common stock issued: compensation plans	(18)			1	(19)
Ending balance at Jun. 30, 2024	$ 4,277		$ 55	$ 408	$ 3,486	$ 2,186		$ (1,858)

v3.24.2

Statement of Changes in Consolidated Equity (unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Common (in usd per share)	$ 0.10	$ 0.08
Preferred Class A
Preferred (in usd per share)	$ 1.8750	$ 1.8750

v3.24.2

Basis of Presentation	6 Months Ended
	Jun. 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 six months ended June 30, 2024, the Company derived approximately 51% 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 commercial aerospace wide body demand to grow faster than narrow body demand on a production percentage basis. 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. 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.

v3.24.2

Recently Adopted and Recently Issued Accounting Guidance	6 Months Ended
	Jun. 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 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.

v3.24.2

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	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 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 Second quarter ended June 30, 2024 Sales: Third-party sales $ 933  $ 394  $ 275  $ 278  $ 1,880  Inter-segment sales 1  —  3  —  4  Total sales $ 934  $ 394  $ 278  $ 278  $ 1,884  Profit and loss: Provision for depreciation and amortization $ 33  $ 13  $ 11  $ 10  $ 67  Segment Adjusted EBITDA 292  101  40  75  508  Restructuring and other (credits) charges (1) 2  14  —  15  Capital expenditures 33  5  5  9  52  Second quarter ended June 30, 2023 Sales: Third-party sales $ 821  $ 329  $ 200  $ 298  $ 1,648  Inter-segment sales 5  —  1  —  6  Total sales $ 826  $ 329  $ 201  $ 298  $ 1,654  Profit and loss: Provision for depreciation and amortization $ 32  $ 12  $ 12  $ 10  $ 66  Segment Adjusted EBITDA 223  64  20  81  388  Restructuring and other (credits) charges (1) —  5  —  4  Capital expenditures 21  5  5  7  38  Engine Products Fastening Systems Engineered Structures Forged Wheels Total Segment Six months ended June 30, 2024 Sales: Third-party sales $ 1,818  $ 783  $ 537  $ 566  $ 3,704  Inter-segment sales 3  —  4  —  7  Total sales $ 1,821  $ 783  $ 541  $ 566  $ 3,711  Profit and loss: Provision for depreciation and amortization $ 66  $ 24  $ 22  $ 20  $ 132  Segment Adjusted EBITDA 541  193  77  157  968  Restructuring and other (credits) charges (1) 2  14  —  15  Capital expenditures 88  12  11  21  132  Six months ended June 30, 2023 Sales: Third-party sales $ 1,616  $ 641  $ 407  $ 587  $ 3,251  Inter-segment sales 7  —  1  —  8  Total sales $ 1,623  $ 641  $ 408  $ 587  $ 3,259  Profit and loss: Provision for depreciation and amortization $ 64  $ 23  $ 24  $ 19  $ 130  Segment Adjusted EBITDA 435  122  50  160  767  Restructuring and other (credits) charges (1) —  6  —  5  Capital expenditures 54  14  15  16  99  The following table reconciles Total Segment Adjusted EBITDA to Income before income taxes. Differences between the total segment and consolidated totals are in Corporate. Second quarter ended Six months ended June 30, June 30, 2024 2023 2024 2023 Total Segment Adjusted EBITDA $ 508  $ 388  $ 968  $ 767  Segment provision for depreciation and amortization (67) (66) (132) (130) Unallocated amounts: Restructuring and other charges (22) (3) (22) (4) Corporate expense (21) (34) (47) (63) Operating income $ 398  $ 285  $ 767  $ 570  Loss on debt redemption —  —  —  (1) Interest expense, net (49) (55) (98) (112) Other (expense) income, net (15) 13  (32) 6  Income before income taxes $ 334  $ 243  $ 637  $ 463  The following table reconciles total segment capital expenditures with Capital expenditures as presented in the Statement of Consolidated Cash Flows. Second quarter ended Six months ended June 30, June 30, 2024 2023 2024 2023 Total segment capital expenditures $ 52  $ 38  $ 132  $ 99  Corporate 3  3  5  6  Capital expenditures $ 55  $ 41  $ 137  $ 105  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 Second quarter ended June 30, 2024 Aerospace - Commercial $ 528  $ 251  $ 200  $ —  $ 979  Aerospace - Defense 192  37  61  —  290  Commercial Transportation —  68  —  278  346  Industrial and Other 213  38  14  —  265  Total end-market revenue $ 933  $ 394  $ 275  $ 278  $ 1,880  Second quarter ended June 30, 2023 Aerospace - Commercial $ 446  $ 184  $ 141  $ —  $ 771  Aerospace - Defense 174  46  42  —  262  Commercial Transportation —  62  —  298  360  Industrial and Other 201  37  17  —  255  Total end-market revenue $ 821  $ 329  $ 200  $ 298  $ 1,648  Six months ended June 30, 2024 Aerospace - Commercial $ 1,020  $ 495  $ 392  $ —  $ 1,907  Aerospace - Defense 377  76  117  —  570  Commercial Transportation —  134  —  566  700  Industrial and Other 421  78  28  —  527  Total end-market revenue $ 1,818  $ 783  $ 537  $ 566  $ 3,704  Six months ended June 30, 2023 Aerospace - Commercial $ 878  $ 354  $ 293  $ —  $ 1,525  Aerospace - Defense 337  90  86  —  513  Commercial Transportation —  125  —  587  712  Industrial and Other 401  72  28  —  501  Total end-market revenue $ 1,616  $ 641  $ 407  $ 587  $ 3,251  The Company derived 67% and 63% of its revenue from the aerospace (commercial and defense) markets for the six months ended June 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 six months ended June 30, 2024. General Electric Company and RTX Corporation represented approximately 13% and 10%, respectively, of the Company’s third-party sales in the six months ended June 30, 2023. These sales were primarily from the Engine Products segment.

v3.24.2

Restructuring and Other Charges	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	Restructuring and Other Charges Second quarter ended Six months ended June 30, June 30, 2024 2023 2024 2023 Layoff costs $ 7  $ —  $ 7  $ —  Reversals of previously recorded layoff reserves $ —  $ —  —  (1) Pension and Other post-retirement benefits - net settlements (E) —  3  —  3  Net loss related to divestitures of assets and businesses (P) 14  —  13  —  Other 1  —  2  2  Total restructuring and other charges $ 22  $ 3  $ 22  $ 4  In the second quarter of 2024, the Company recorded Restructuring and other charges of $22, which were primarily due to a loss on the sale of a small U.K. manufacturing facility in Engineered Structures of $14, a charge for layoff costs of $7, including the separation of 283 employees (144 in Fastening Systems, 112 in Engineered Structures and 27 in Forged Wheels) and other exit related costs, including accelerated depreciation, of $1. In the six months ended June 30, 2024, the Company recorded Restructuring and other charges of $22, which were primarily due to a loss on the sale of a small U.K. manufacturing facility in Engineered Structures of $14, a charge for layoff costs of $7, and other 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. In the second quarter of 2023, the Company recorded Restructuring and other charges of $3, which were primarily due to charges for a U.S. pension plan settlement of $3. In the six months ended June 30, 2023, the Company recorded Restructuring and other charges of $4, which were primarily due to charges for a U.S. pension plan settlement of $3 and exit related costs, including accelerated depreciation, of $2, 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 (2) (1) (3) Restructuring charges 7  15  22  Other(1) —  (14) (14) Reserve balances at June 30, 2024 $ 10  $ 2  $ 12  (1)In the second quarter of 2024, other for other exit costs included a loss of $14 on the sale of a small U.K. manufacturing facility. The remaining reserves as of June 30, 2024 are expected to be paid in cash during the remainder of 2024 and 2025.

v3.24.2

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The components of net periodic cost (benefit) were as follows: Second quarter ended Six months ended   June 30, June 30, 2024 2023 2024 2023 Pension benefits Service cost $ —  $ 1  $ 1  $ 2  Interest cost 19  20  38  40  Expected return on plan assets (17) (18) (35) (37) Recognized net actuarial loss 8  7  16  14  Settlements —  3  —  3  Net periodic cost(1) $ 10  $ 13  $ 20  $ 22  Other postretirement benefits         Service cost $ —  $ —  $ —  $ —  Interest cost 2  1  3  3  Recognized net actuarial gain —  —  (1) (1) Amortization of prior service benefit (3) (2) (5) (4) Net periodic benefit(1) $ (1) $ (1) $ (3) $ (2)   (1)Service cost was included within Cost of goods sold and Selling, general administrative, and other expenses; settlements were included in Restructuring and other charges; all other cost components were recorded in Other expense (income), net in the Statement of Consolidated Operations. Pension benefits In the second quarter and six months ended June 30, 2023, the Company 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. These actions resulted in settlement charges of $3. For the second quarter and six months ended June 30, 2024, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $17 and $22, respectively. For the second quarter and six months ended June 30, 2023, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $7 and $19, respectively

v3.24.2

Other Expense (Income), Net	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other Expense (Income), Net	Other Expense (Income), Net Second quarter ended Six months ended   June 30, June 30, 2024 2023 2024 2023 Non-service costs - pension and other postretirement benefits (E) $ 9  $ 8  $ 16  $ 15  Interest income (6) (5) (11) (10) Foreign currency losses (gains), net 4  —  7  (2) Net realized and unrealized losses 6  7  13  11  Deferred compensation 3  3  8  6  Other, net (1) (26) (1) (26) Total other expense (income), net $ 15  $ (13) $ 32  $ (6) In the second quarter and six months ended June 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.

v3.24.2

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 21.7% in both the second quarter and six months ended June 30, 2024, and 23.0% in both the second quarter and six months ended June 30, 2023. The 2024 and 2023 rates were higher than the U.S. federal statutory rate of 21% primarily due to additional estimated U.S. tax on Global Intangible Low-Taxed Income (“GILTI”) and other foreign earnings, 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%. Foreign taxes on earnings also subject to U.S. federal income tax also contributed to the 2023 rate being higher than the U.S. federal statutory rate of 21%. The 2024 rate was lower than the 2023 rate primarily due to a U.S. tax benefit recognized for foreign tax credits in 2024 and lower net U.S. tax on GILTI and other foreign earnings. For the second quarter of 2024 and 2023, the tax rate including discrete items was 20.4% and 20.6%, respectively. In the second quarter of 2024, the Company recorded a discrete tax benefit of $5 related to an excess tax benefit for stock compensation. In the second quarter of 2023, the Company recorded a discrete net tax benefit of $7 related to an $8 excess tax benefit for stock compensation and a net charge of $1 for other small items. For the six months ended June 30, 2024 and 2023, the tax rate including discrete items was 20.1% and 26.3%, respectively. For the six months ended June 30, 2024, the Company recorded a discrete net tax benefit of $12 attributable to a $7 excess tax benefit for stock compensation, a $6 benefit to release a valuation allowance related to a U.S. foreign tax credits, and a net tax charge of $1 for other small items. For the six months ended June 30, 2023, the Company recorded a discrete net tax charge of $14 attributable to a $20 charge for a tax reserve established in France (See Note Q) and a net tax charge of $2 for other small items, reduced by an $8 excess tax benefit for stock compensation. The tax provision was comprised of the following: Second quarter ended Six months ended   June 30, June 30,   2024 2023 2024 2023 Pre-tax income at estimated annual effective income tax rate before discrete items $ 72  $ 56  $ 138  $ 107  Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized 1  1  2  1  Tax reserve (Q) —  —  —  20  Other discrete items (5) (7) (12) (6) Provision for income taxes $ 68  $ 50  $ 128  $ 122

v3.24.2

Earnings Per Share and Common Stock	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share and Common Stock	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): Second quarter ended Six months ended   June 30, June 30,   2024 2023 2024 2023 Net income $ 266  $ 193  $ 509  $ 341  Less: preferred stock dividends declared —  —  1  1  Net income available to Howmet Aerospace common shareholders - basic and diluted $ 266  $ 193  $ 508  $ 340  Average shares outstanding - basic 408  413  409  413  Effect of dilutive securities: Stock and performance awards 3  4  2  4  Average shares outstanding - diluted 411  417  411  417  Common stock outstanding as of June 30, 2024 and 2023 was 407,883,027 and 412,169,561, respectively. On August 18, 2021, the Company announced that its Board of Directors authorized a share repurchase program (the “Share Repurchase Program”) of up to $1,500 of the Company's outstanding common stock. After giving effect to the share repurchases made through June 30, 2024 and as of such date, approximately $487 Board authorization remained available. On July 30, 2024, the Company’s Board of Directors authorized a $2,000 increase in the Share Repurchase Program, which, together with the remaining authorization of approximately $487, results in a Share Repurchase Program of up to approximately $2,487 of the Company’s outstanding common stock. 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. 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  2024 Share repurchases as of June 30, 2024 2,977,996  $ 70.52  $ 210  Q1 2023 open market repurchase 576,629  $ 43.36  $ 25  Q2 2023 open market repurchase 2,246,294  $ 44.52  $ 100  2023 Share repurchases as of June 30, 2023 2,822,923  $ 44.28  $ 125  (1)Excludes commissions cost. 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 second quarter and six months ended June 30, 2024 and 2023.

v3.24.2

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table details the activity of the three components that comprise Accumulated other comprehensive loss: Second quarter ended Six months ended June 30, June 30, 2024 2023 2024 2023 Pension and other postretirement benefits (E) Balance at beginning of period $ (686) $ (648) $ (689) $ (653) Other comprehensive income (loss): Unrecognized net actuarial loss and prior service cost/benefit —  (3) (1) —  Tax benefit —  1  —  —  Total Other comprehensive loss before reclassifications, net of tax —  (2) (1) —  Amortization of net actuarial loss and prior service benefit(1) 5  8  10  12  Tax expense(2) (1) (2) (2) (3) Total amount reclassified from Accumulated other comprehensive income, net of tax(3) 4  6  8  9  Total Other comprehensive income 4  4  7  9  Balance at end of period $ (682) $ (644) $ (682) $ (644) Foreign currency translation Balance at beginning of period $ (1,173) $ (1,159) $ (1,136) $ (1,193) Other comprehensive (loss) income(4) (4) 4  (41) 38  Balance at end of period $ (1,177) $ (1,155) $ (1,177) $ (1,155) Cash flow hedges Balance at beginning of period $ (2) $ 1  $ (5) $ 5  Other comprehensive (loss) income: Net change from periodic revaluations 4  (10) 3  (14) Tax (expense) benefit (1) 2  (1) 3  Total Other comprehensive income (loss) before reclassifications, net of tax 3  (8) 2  (11) Net amount reclassified to earnings —  (3) 5  (4) Tax benefit (expense)(2) —  1  (1) 1  Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax(3) —  (2) 4  (3) Total Other comprehensive income (loss) 3  (10) 6  (14) Balance at end of period $ 1  $ (9) $ 1  $ (9) Accumulated other comprehensive loss $ (1,858) $ (1,808) $ (1,858) $ (1,808) (1)These amounts were recorded in Restructuring and other charges (See Note D) and Other expense (income), 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.

v3.24.2

Receivables	6 Months Ended
	Jun. 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 second quarter or six months ended June 30, 2024 or June 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 June 30, 2024 and December 31, 2023, of which $250 was drawn as of both June 30, 2024 and December 31, 2023. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which were $239 and $197 as of June 30, 2024 and December 31, 2023, respectively. The Company sold $317 and $730 of its receivables without recourse and received cash funding under this program during the second quarter and six months ended June 30, 2024, respectively, resulting in derecognition of the receivables from the Company’s Consolidated Balance Sheet. The Company sold $382 and $719 of its receivables without recourse and received cash funding under the program during the second quarter and six months ended June 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 second quarter and six months ended June 30, 2024, the Company sold $174 and $345, respectively, of certain customers’ receivables in exchange for cash ($172 was outstanding from customers as of June 30, 2024), the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows. In the second quarter and six months ended June 30, 2023, the Company sold $151 and $289, respectively, of certain customers’ receivables in exchange for cash, the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows.

v3.24.2

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories June 30, 2024 December 31, 2023 Finished goods $ 466  $ 451  Work-in-process 901  891  Purchased raw materials 412  355  Operating supplies 69  68  Total inventories $ 1,848  $ 1,765  As of June 30, 2024 and December 31, 2023, the portion of inventories valued on a last-in, first-out (“LIFO”) basis was $510 and $446, respectively. If valued on an average-cost basis, total inventories would have been $248 and $236 higher as of June 30, 2024 and December 31, 2023, respectively.

v3.24.2

Properties, Plants, and Equipment, net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Properties, Plants, and Equipment, net	Properties, Plants, and Equipment, net June 30, 2024 December 31, 2023 Land and land rights $ 83  $ 88  Structures 1,022  1,018  Machinery and equipment 4,105  4,079  5,210  5,185  Less: accumulated depreciation and amortization 3,140  3,081  2,070  2,104  Construction work-in-progress 237  224  Properties, plants, and equipment, net $ 2,307  $ 2,328  The Company incurred capital expenditures which remained unpaid as of June 30, 2024 and June 30, 2023 of $62 and $48, respectively, which will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods.

v3.24.2

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $16 in both the second quarter of 2024 and 2023, and $32 in both the six months ended June 30, 2024 and 2023. Operating lease right-of-use assets and lease liabilities in the Consolidated Balance Sheet were as follows: June 30, 2024 December 31, 2023 Right-of-use assets classified in Other noncurrent assets $ 157  $ 128  Current portion of lease liabilities classified in Other current liabilities $ 37  $ 32  Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits 121  97  Total lease liabilities $ 158  $ 129

v3.24.2

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt June 30, 2024 December 31, 2023 5.125% Notes, due 2024(1) $ 205  $ 205  6.875% Notes, due 2025(2) 577  600  USD Term Loan Facility, due 2026 200  200  JPY Term Loan Facility, due 2026 185  211  5.900% Notes, due 2027 625  625  6.750% Bonds, due 2028 300  300  3.000% Notes, due 2029 700  700  5.950% Notes, due 2037 625  625  4.750% Iowa Finance Authority Loan, due 2042 250  250  Other, net(3) (8) (10) 3,659  3,706  Less: amount due within one year 782  206  Total long-term debt $ 2,877  $ 3,500    (1)On July 1, 2024, the Company completed the early redemption of all the remaining outstanding principal amount of $205 of its 5.125% Notes, due in October 2024 (the “5.125% Notes”). (2)The 6.875% Notes, due 2025 (the “6.875% Notes”) are due in May 2025. (3)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 through an open market repurchase (“OMR”). The OMR was settled at slightly less than par value. In March 2023, the Company completed the early partial redemption of an additional $150 aggregate principal amount of the 5.125% Notes in accordance with the terms of the notes, and paid an aggregate of $155, including accrued interest and an early termination premium of approximately $4 and $1, respectively, which were recorded in Interest expense, net, and Loss on debt redemption, respectively, in the Statement of Consolidated Operations. In the second quarter of 2024, the Company repurchased approximately $23 aggregate principal amount of the 6.875% 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 5.125% Notes. The Company redeemed the 5.125% Notes at par value plus accrued interest. The 5.125% Notes were redeemed with cash on hand at an aggregate redemption price of approximately $208, including accrued interest of approximately $3. 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 June 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 June 30, 2024 and December 31, 2023. The amounts outstanding under the JPY Term Loan Facility were ¥29,702 million ($185) and ¥29,702 million ($211) as of June 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 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 June 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 June 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 June 30, 2024.

v3.24.2

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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 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.   June 30, 2024 December 31, 2023   Carrying value Fair value Carrying value Fair value Long-term debt $ 2,877  $ 2,839  $ 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 June 30, 2024 and December 31, 2023.

v3.24.2

Divestiture	6 Months Ended
	Jun. 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, which resulted in a charge of $14 in the second quarter of 2024 that was recorded in Restructuring and other charges in the Statement of Consolidated Operations. The sale remains subject to certain post-closing adjustments.

v3.24.2

Contingencies, Commitments and Other Liabilities	6 Months Ended
	Jun. 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 $17 as of both June 30, 2024 and December 31, 2023, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $7 was classified as a current liability for both periods), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. Payments related to remediation expenses applied against the reserve were less than $1 and $1 in the second quarter and six months ended June 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 and is expecting to pay the additional interest 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. Beginning in the third quarter of 2024, the Company will no longer record an uncertain tax position related to the tax and interest assessed. 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. 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: United Kingdom Litigation (various claims on behalf of survivors and estates of decedents). On June 21, 2024, the Company was joined as a party to proceedings initiated by the Royal Borough of Kensington and Chelsea that are currently pending against AAP SAS and Whirlpool. The pending proceedings are stayed until December 10, 2024. With respect to Raul v. Albaugh, et al. (derivative related claim) and the regulatory investigations in the U.K. 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 June 30, 2024, Howmet had outstanding bank guarantees related to tax matters, environmental obligations, energy contracts, and customs duties, among others. The total amount committed under these guarantees, which expire at various dates between 2024 and 2027, was $22 as of June 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 June 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 June 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 workers’ compensation, environmental obligations, and insurance obligations, among others. The total amount committed under these letters of credit, which automatically renew or expire at various dates, primarily in 2024 and 2025, was $96 as of June 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 $52 (which are included in the $96 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 $96 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 June 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 June 30, 2024 and December 31, 2023, supplier invoices that are subject to future payment under these programs were $287 and $258, respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet.

v3.24.2

Subsequent Events	6 Months Ended
	Jun. 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 N regarding the early redemption of the remaining outstanding 5.125% Notes. See Note H regarding an increase in share repurchase authorization by the Company’s Board of Directors. On July 30, 2024, the Company’s Board of Directors declared a dividend of $0.08 per share on its common stock to be paid on August 26, 2024 to holders of record as of the close of business on August 9, 2024. The quarterly dividend represents a 60% increase from the second quarter 2024 dividend of $0.05 per share.

v3.24.2

Basis of Presentation (Policies)	6 Months Ended
	Jun. 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 six months ended June 30, 2024, the Company derived approximately 51% 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 commercial aerospace wide body demand to grow faster than narrow body demand on a production percentage basis. 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. 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 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.

v3.24.2

Segment Information (Tables)	6 Months Ended
	Jun. 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 Second quarter ended June 30, 2024 Sales: Third-party sales $ 933  $ 394  $ 275  $ 278  $ 1,880  Inter-segment sales 1  —  3  —  4  Total sales $ 934  $ 394  $ 278  $ 278  $ 1,884  Profit and loss: Provision for depreciation and amortization $ 33  $ 13  $ 11  $ 10  $ 67  Segment Adjusted EBITDA 292  101  40  75  508  Restructuring and other (credits) charges (1) 2  14  —  15  Capital expenditures 33  5  5  9  52  Second quarter ended June 30, 2023 Sales: Third-party sales $ 821  $ 329  $ 200  $ 298  $ 1,648  Inter-segment sales 5  —  1  —  6  Total sales $ 826  $ 329  $ 201  $ 298  $ 1,654  Profit and loss: Provision for depreciation and amortization $ 32  $ 12  $ 12  $ 10  $ 66  Segment Adjusted EBITDA 223  64  20  81  388  Restructuring and other (credits) charges (1) —  5  —  4  Capital expenditures 21  5  5  7  38  Engine Products Fastening Systems Engineered Structures Forged Wheels Total Segment Six months ended June 30, 2024 Sales: Third-party sales $ 1,818  $ 783  $ 537  $ 566  $ 3,704  Inter-segment sales 3  —  4  —  7  Total sales $ 1,821  $ 783  $ 541  $ 566  $ 3,711  Profit and loss: Provision for depreciation and amortization $ 66  $ 24  $ 22  $ 20  $ 132  Segment Adjusted EBITDA 541  193  77  157  968  Restructuring and other (credits) charges (1) 2  14  —  15  Capital expenditures 88  12  11  21  132  Six months ended June 30, 2023 Sales: Third-party sales $ 1,616  $ 641  $ 407  $ 587  $ 3,251  Inter-segment sales 7  —  1  —  8  Total sales $ 1,623  $ 641  $ 408  $ 587  $ 3,259  Profit and loss: Provision for depreciation and amortization $ 64  $ 23  $ 24  $ 19  $ 130  Segment Adjusted EBITDA 435  122  50  160  767  Restructuring and other (credits) charges (1) —  6  —  5  Capital expenditures 54  14  15  16  99
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. Second quarter ended Six months ended June 30, June 30, 2024 2023 2024 2023 Total Segment Adjusted EBITDA $ 508  $ 388  $ 968  $ 767  Segment provision for depreciation and amortization (67) (66) (132) (130) Unallocated amounts: Restructuring and other charges (22) (3) (22) (4) Corporate expense (21) (34) (47) (63) Operating income $ 398  $ 285  $ 767  $ 570  Loss on debt redemption —  —  —  (1) Interest expense, net (49) (55) (98) (112) Other (expense) income, net (15) 13  (32) 6  Income before income taxes $ 334  $ 243  $ 637  $ 463
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. Second quarter ended Six months ended June 30, June 30, 2024 2023 2024 2023 Total segment capital expenditures $ 52  $ 38  $ 132  $ 99  Corporate 3  3  5  6  Capital expenditures $ 55  $ 41  $ 137  $ 105
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 Second quarter ended June 30, 2024 Aerospace - Commercial $ 528  $ 251  $ 200  $ —  $ 979  Aerospace - Defense 192  37  61  —  290  Commercial Transportation —  68  —  278  346  Industrial and Other 213  38  14  —  265  Total end-market revenue $ 933  $ 394  $ 275  $ 278  $ 1,880  Second quarter ended June 30, 2023 Aerospace - Commercial $ 446  $ 184  $ 141  $ —  $ 771  Aerospace - Defense 174  46  42  —  262  Commercial Transportation —  62  —  298  360  Industrial and Other 201  37  17  —  255  Total end-market revenue $ 821  $ 329  $ 200  $ 298  $ 1,648  Six months ended June 30, 2024 Aerospace - Commercial $ 1,020  $ 495  $ 392  $ —  $ 1,907  Aerospace - Defense 377  76  117  —  570  Commercial Transportation —  134  —  566  700  Industrial and Other 421  78  28  —  527  Total end-market revenue $ 1,818  $ 783  $ 537  $ 566  $ 3,704  Six months ended June 30, 2023 Aerospace - Commercial $ 878  $ 354  $ 293  $ —  $ 1,525  Aerospace - Defense 337  90  86  —  513  Commercial Transportation —  125  —  587  712  Industrial and Other 401  72  28  —  501  Total end-market revenue $ 1,616  $ 641  $ 407  $ 587  $ 3,251

v3.24.2

Restructuring and Other Charges (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Other Charges	Second quarter ended Six months ended June 30, June 30, 2024 2023 2024 2023 Layoff costs $ 7  $ —  $ 7  $ —  Reversals of previously recorded layoff reserves $ —  $ —  —  (1) Pension and Other post-retirement benefits - net settlements (E) —  3  —  3  Net loss related to divestitures of assets and businesses (P) 14  —  13  —  Other 1  —  2  2  Total restructuring and other charges $ 22  $ 3  $ 22  $ 4
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 (2) (1) (3) Restructuring charges 7  15  22  Other(1) —  (14) (14) Reserve balances at June 30, 2024 $ 10  $ 2  $ 12  (1)In the second quarter of 2024, other for other exit costs included a loss of $14 on the sale of a small U.K. manufacturing facility.

v3.24.2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Cost (Benefit)	The components of net periodic cost (benefit) were as follows: Second quarter ended Six months ended   June 30, June 30, 2024 2023 2024 2023 Pension benefits Service cost $ —  $ 1  $ 1  $ 2  Interest cost 19  20  38  40  Expected return on plan assets (17) (18) (35) (37) Recognized net actuarial loss 8  7  16  14  Settlements —  3  —  3  Net periodic cost(1) $ 10  $ 13  $ 20  $ 22  Other postretirement benefits         Service cost $ —  $ —  $ —  $ —  Interest cost 2  1  3  3  Recognized net actuarial gain —  —  (1) (1) Amortization of prior service benefit (3) (2) (5) (4) Net periodic benefit(1) $ (1) $ (1) $ (3) $ (2)   (1)Service cost was included within Cost of goods sold and Selling, general administrative, and other expenses; settlements were included in Restructuring and other charges; all other cost components were recorded in Other expense (income), net in the Statement of Consolidated Operations.

v3.24.2

Other Expense (Income), Net (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Expense (Income), Net	Second quarter ended Six months ended   June 30, June 30, 2024 2023 2024 2023 Non-service costs - pension and other postretirement benefits (E) $ 9  $ 8  $ 16  $ 15  Interest income (6) (5) (11) (10) Foreign currency losses (gains), net 4  —  7  (2) Net realized and unrealized losses 6  7  13  11  Deferred compensation 3  3  8  6  Other, net (1) (26) (1) (26) Total other expense (income), net $ 15  $ (13) $ 32  $ (6)

v3.24.2

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provisions	The tax provision was comprised of the following: Second quarter ended Six months ended   June 30, June 30,   2024 2023 2024 2023 Pre-tax income at estimated annual effective income tax rate before discrete items $ 72  $ 56  $ 138  $ 107  Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized 1  1  2  1  Tax reserve (Q) —  —  —  20  Other discrete items (5) (7) (12) (6) Provision for income taxes $ 68  $ 50  $ 128  $ 122

v3.24.2

Earnings Per Share and Common Stock (Tables)	6 Months Ended
	Jun. 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): Second quarter ended Six months ended   June 30, June 30,   2024 2023 2024 2023 Net income $ 266  $ 193  $ 509  $ 341  Less: preferred stock dividends declared —  —  1  1  Net income available to Howmet Aerospace common shareholders - basic and diluted $ 266  $ 193  $ 508  $ 340  Average shares outstanding - basic 408  413  409  413  Effect of dilutive securities: Stock and performance awards 3  4  2  4  Average shares outstanding - diluted 411  417  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  2024 Share repurchases as of June 30, 2024 2,977,996  $ 70.52  $ 210  Q1 2023 open market repurchase 576,629  $ 43.36  $ 25  Q2 2023 open market repurchase 2,246,294  $ 44.52  $ 100  2023 Share repurchases as of June 30, 2023 2,822,923  $ 44.28  $ 125  (1)Excludes commissions cost.

v3.24.2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 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: Second quarter ended Six months ended June 30, June 30, 2024 2023 2024 2023 Pension and other postretirement benefits (E) Balance at beginning of period $ (686) $ (648) $ (689) $ (653) Other comprehensive income (loss): Unrecognized net actuarial loss and prior service cost/benefit —  (3) (1) —  Tax benefit —  1  —  —  Total Other comprehensive loss before reclassifications, net of tax —  (2) (1) —  Amortization of net actuarial loss and prior service benefit(1) 5  8  10  12  Tax expense(2) (1) (2) (2) (3) Total amount reclassified from Accumulated other comprehensive income, net of tax(3) 4  6  8  9  Total Other comprehensive income 4  4  7  9  Balance at end of period $ (682) $ (644) $ (682) $ (644) Foreign currency translation Balance at beginning of period $ (1,173) $ (1,159) $ (1,136) $ (1,193) Other comprehensive (loss) income(4) (4) 4  (41) 38  Balance at end of period $ (1,177) $ (1,155) $ (1,177) $ (1,155) Cash flow hedges Balance at beginning of period $ (2) $ 1  $ (5) $ 5  Other comprehensive (loss) income: Net change from periodic revaluations 4  (10) 3  (14) Tax (expense) benefit (1) 2  (1) 3  Total Other comprehensive income (loss) before reclassifications, net of tax 3  (8) 2  (11) Net amount reclassified to earnings —  (3) 5  (4) Tax benefit (expense)(2) —  1  (1) 1  Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax(3) —  (2) 4  (3) Total Other comprehensive income (loss) 3  (10) 6  (14) Balance at end of period $ 1  $ (9) $ 1  $ (9) Accumulated other comprehensive loss $ (1,858) $ (1,808) $ (1,858) $ (1,808) (1)These amounts were recorded in Restructuring and other charges (See Note D) and Other expense (income), 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.

v3.24.2

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories Components	June 30, 2024 December 31, 2023 Finished goods $ 466  $ 451  Work-in-process 901  891  Purchased raw materials 412  355  Operating supplies 69  68  Total inventories $ 1,848  $ 1,765

v3.24.2

Properties, Plants, and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Properties, Plants, and Equipment, Net	June 30, 2024 December 31, 2023 Land and land rights $ 83  $ 88  Structures 1,022  1,018  Machinery and equipment 4,105  4,079  5,210  5,185  Less: accumulated depreciation and amortization 3,140  3,081  2,070  2,104  Construction work-in-progress 237  224  Properties, plants, and equipment, net $ 2,307  $ 2,328

v3.24.2

Leases (Tables)	6 Months Ended
	Jun. 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: June 30, 2024 December 31, 2023 Right-of-use assets classified in Other noncurrent assets $ 157  $ 128  Current portion of lease liabilities classified in Other current liabilities $ 37  $ 32  Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits 121  97  Total lease liabilities $ 158  $ 129

v3.24.2

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	June 30, 2024 December 31, 2023 5.125% Notes, due 2024(1) $ 205  $ 205  6.875% Notes, due 2025(2) 577  600  USD Term Loan Facility, due 2026 200  200  JPY Term Loan Facility, due 2026 185  211  5.900% Notes, due 2027 625  625  6.750% Bonds, due 2028 300  300  3.000% Notes, due 2029 700  700  5.950% Notes, due 2037 625  625  4.750% Iowa Finance Authority Loan, due 2042 250  250  Other, net(3) (8) (10) 3,659  3,706  Less: amount due within one year 782  206  Total long-term debt $ 2,877  $ 3,500    (1)On July 1, 2024, the Company completed the early redemption of all the remaining outstanding principal amount of $205 of its 5.125% Notes, due in October 2024 (the “5.125% Notes”). (2)The 6.875% Notes, due 2025 (the “6.875% Notes”) are due in May 2025. (3)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.

v3.24.2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Financial Instruments	June 30, 2024 December 31, 2023   Carrying value Fair value Carrying value Fair value Long-term debt $ 2,877  $ 2,839  $ 3,500  $ 3,504

v3.24.2

Basis of Presentation (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2018
Aerospace - Commercial | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	51.00%	60.00%

v3.24.2

Segment Information - Narrative (Details) - segment	6 Months Ended
	Jun. 30, 2024	Jun. 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%

v3.24.2

Segment Information - Operating Results of Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Sales	$ 1,880	$ 1,648	$ 3,704	$ 3,251
Provision for depreciation and amortization	69	67	136	136
Restructuring and other (credits) charges	22	3	22	4
Capital expenditures	55	41	137	105
Third-party sales
Segment Reporting Information [Line Items]
Sales	1,880	1,648	3,704	3,251
Third-party sales | Engine Products
Segment Reporting Information [Line Items]
Sales	933	821	1,818	1,616
Third-party sales | Fastening Systems
Segment Reporting Information [Line Items]
Sales	394	329	783	641
Third-party sales | Engineered Structures
Segment Reporting Information [Line Items]
Sales	275	200	537	407
Third-party sales | Forged Wheels
Segment Reporting Information [Line Items]
Sales	278	298	566	587
Inter-segment sales
Segment Reporting Information [Line Items]
Sales	4	6	7	8
Inter-segment sales | Engine Products
Segment Reporting Information [Line Items]
Sales	1	5	3	7
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	1	4	1
Inter-segment sales | Forged Wheels
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Total segment
Segment Reporting Information [Line Items]
Sales	1,884	1,654	3,711	3,259
Provision for depreciation and amortization	67	66	132	130
Segment Adjusted EBITDA	508	388	968	767
Restructuring and other (credits) charges	15	4	15	5
Capital expenditures	52	38	132	99
Total segment | Engine Products
Segment Reporting Information [Line Items]
Sales	934	826	1,821	1,623
Provision for depreciation and amortization	33	32	66	64
Segment Adjusted EBITDA	292	223	541	435
Restructuring and other (credits) charges	(1)	(1)	(1)	(1)
Capital expenditures	33	21	88	54
Total segment | Fastening Systems
Segment Reporting Information [Line Items]
Sales	394	329	783	641
Provision for depreciation and amortization	13	12	24	23
Segment Adjusted EBITDA	101	64	193	122
Restructuring and other (credits) charges	2	0	2	0
Capital expenditures	5	5	12	14
Total segment | Engineered Structures
Segment Reporting Information [Line Items]
Sales	278	201	541	408
Provision for depreciation and amortization	11	12	22	24
Segment Adjusted EBITDA	40	20	77	50
Restructuring and other (credits) charges	14	5	14	6
Capital expenditures	5	5	11	15
Total segment | Forged Wheels
Segment Reporting Information [Line Items]
Sales	278	298	566	587
Provision for depreciation and amortization	10	10	20	19
Segment Adjusted EBITDA	75	81	157	160
Restructuring and other (credits) charges	0	0	0	0
Capital expenditures	$ 9	$ 7	$ 21	$ 16

v3.24.2

Segment Information - Segment Operating Profit to Consolidated Income before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	$ 398	$ 285	$ 767	$ 570
Loss on debt redemption	0	0	0	(1)
Interest expense, net	(49)	(55)	(98)	(112)
Other (expense) income, net	(15)	13	(32)	6
Income before income taxes	334	243	637	463
Total segment
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	508	388	968	767
Segment provision for depreciation and amortization	(67)	(66)	(132)	(130)
Restructuring and other charges
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	(22)	(3)	(22)	(4)
Corporate expense
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	$ (21)	$ (34)	$ (47)	$ (63)

v3.24.2

Segment Information - Reconciliation of Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Capital expenditures	$ 55	$ 41	$ 137	$ 105
Total segment
Segment Reporting Information [Line Items]
Capital expenditures	52	38	132	99
Corporate
Segment Reporting Information [Line Items]
Capital expenditures	$ 3	$ 3	$ 5	$ 6

v3.24.2

Segment Information - Disaggregation of Revenue by Major End Market Served (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Major Customer [Line Items]
Sales	$ 1,880	$ 1,648	$ 3,704	$ 3,251
Third-party sales
Revenue, Major Customer [Line Items]
Sales	1,880	1,648	3,704	3,251
Third-party sales | Engine Products
Revenue, Major Customer [Line Items]
Sales	933	821	1,818	1,616
Third-party sales | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	394	329	783	641
Third-party sales | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	275	200	537	407
Third-party sales | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	278	298	566	587
Third-party sales | Aerospace - Commercial
Revenue, Major Customer [Line Items]
Sales	979	771	1,907	1,525
Third-party sales | Aerospace - Commercial | Engine Products
Revenue, Major Customer [Line Items]
Sales	528	446	1,020	878
Third-party sales | Aerospace - Commercial | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	251	184	495	354
Third-party sales | Aerospace - Commercial | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	200	141	392	293
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	290	262	570	513
Third-party sales | Aerospace - Defense | Engine Products
Revenue, Major Customer [Line Items]
Sales	192	174	377	337
Third-party sales | Aerospace - Defense | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	37	46	76	90
Third-party sales | Aerospace - Defense | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	61	42	117	86
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	346	360	700	712
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	68	62	134	125
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	278	298	566	587
Third-party sales | Industrial and Other
Revenue, Major Customer [Line Items]
Sales	265	255	527	501
Third-party sales | Industrial and Other | Engine Products
Revenue, Major Customer [Line Items]
Sales	213	201	421	401
Third-party sales | Industrial and Other | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	38	37	78	72
Third-party sales | Industrial and Other | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	14	17	28	28
Third-party sales | Industrial and Other | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	$ 0	$ 0	$ 0	$ 0

v3.24.2

Restructuring and Other Charges - Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Layoff costs	$ 7	$ 0	$ 7	$ 0
Reversals of previously recorded layoff reserves	0	0	0	(1)
Pension and Other post-retirement benefits - net settlements (E)	0	3	0	3
Net loss related to divestitures of assets and businesses (P)	14	0	13	0
Other	1	0	2	2
Total restructuring and other charges	$ 22	$ 3	$ 22	$ 4

v3.24.2

Restructuring and Other Charges - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) employee	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and other (credits) charges	$ 22	$ 3	$ 22	$ 4
Layoff costs	$ 7	0	7	0
Number of employees associated with layoff costs | employee	283
Accelerated depreciation	$ 1		2	2
Pension plan settlement	0	3	0	3
Reversal of previously recorded layoff reserve	$ 0	$ 0	0	$ 1
Engineered Structures
Restructuring Cost and Reserve [Line Items]
Number of employees associated with layoff costs | employee	112
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	27
UK | Engineered Structures
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets	$ (14)		(14)
UK | Engine Products
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets			$ 1

v3.24.2

Restructuring and Other Charges - Activity and Reserve Balances for Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 7
Cash payments			(3)
Restructuring and other (credits) charges	$ 22	$ 3	22	$ 4
Other			(14)
Restructuring reserve, ending balance	12		12
Layoff costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			5
Cash payments			(2)
Restructuring and other (credits) charges			7
Other			0
Restructuring reserve, ending balance	10		10
Other exit costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			2
Cash payments			(1)
Restructuring and other (credits) charges			15
Other			(14)
Restructuring reserve, ending balance	2		$ 2
Gain (loss) on sale of assets	$ (14)

v3.24.2

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Pension and Other post-retirement benefits - net settlements (E)	$ 0	$ 3	$ 0	$ 3
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1	1	2
Interest cost	19	20	38	40
Expected return on plan assets	(17)	(18)	(35)	(37)
Recognized net actuarial (gain) loss	8	7	16	14
Pension and Other post-retirement benefits - net settlements (E)	0	3	0	3
Net periodic cost (benefit)	10	13	20	22
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	2	1	3	3
Recognized net actuarial (gain) loss	0	0	(1)	(1)
Amortization of prior service benefit	(3)	(2)	(5)	(4)
Net periodic cost (benefit)	$ (1)	$ (1)	$ (3)	$ (2)

v3.24.2

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Decrease in obligation, pension benefits		$ 19		$ 19
Pension plan settlement	$ 0	3	$ 0	3
Contributions and payments	17	7	22	19
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Pension plan settlement	$ 0	$ 3	$ 0	$ 3

v3.24.2

Other Expense (Income), Net - Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Non-service costs - pension and other postretirement benefits (E)	$ 9	$ 8	$ 16	$ 15
Interest income	(6)	(5)	(11)	(10)
Foreign currency losses (gains), net	4	0	7	(2)
Net realized and unrealized losses	6	7	13	11
Deferred compensation	3	3	8	6
Other, net	(1)	(26)	(1)	(26)
Total other expense (income), net	$ 15	$ (13)	$ 32	$ (6)

v3.24.2

Other Expense (Income), Net - Narrative (Details) - Lehman Brothers International (Europe) (“LBIE”) Claims - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Loss Contingencies [Line Items]
Reversal of previously recorded litigation amount	$ 25		$ 25
Legal fees	$ 1		$ 1
Loss contingency, provision		$ 65

v3.24.2

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation (as a percent)	21.70%	23.00%		23.00%
Effective income tax rate reconciliation, including discrete items (as a percent)	20.40%	20.60%	20.10%	26.30%
Discrete tax charge (benefit)	$ (5)	$ (7)	$ (12)	$ 14
Excess tax benefit for stock compensation		8	7	8
Charge (benefit) for other small items		1	1	2
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

v3.24.2

Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Pre-tax income at estimated annual effective income tax rate before discrete items	$ 72	$ 56	$ 138	$ 107
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	1	1	2	1
Tax reserve (Q)	0	0	0	20
Other discrete items	(5)	(7)	(12)	(6)
Provision for income taxes	$ 68	$ 50	$ 128	$ 122

v3.24.2

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 266	$ 193	$ 509	$ 341
Less: preferred stock dividends declared	0	0	1	1
Net income available to Howmet Aerospace common shareholders - basic	266	193	508	340
Net income available to Howmet Aerospace common shareholders - diluted	$ 266	$ 193	$ 508	$ 340
Average shares outstanding - basic (in shares)	408	413	409	413
Effect of dilutive securities:
Stock and performance awards (in shares)	3	4	2	4
Average shares outstanding - diluted (in shares)	411	417	411	417

v3.24.2

Earnings Per Share and Common Stock - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 30, 2024	Aug. 18, 2021
Earnings Per Share [Abstract]
Common stock outstanding (in shares)	407,883,027	412,169,561	407,883,027	412,169,561
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized repurchase amount						$ 1,500,000,000
Remaining authorized repurchase amount	$ 487,000,000		$ 487,000,000
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]
Authorized repurchase amount					$ 2,000,000,000
Remaining authorized repurchase amount					$ 2,487,000,000

v3.24.2

Earnings Per Share and Common Stock - Accelerated Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Number of shares (in shares)	734,737	2,243,259	2,246,294	576,629	2,977,996	2,822,923
Average price per share (in usd per share)	$ 81.66	$ 66.87	$ 44.52	$ 43.36	$ 70.52	$ 44.28
Stock Repurchased During Period, Value	$ 60	$ 150	$ 100	$ 25	$ 210	$ 125

v3.24.2

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,086	$ 3,761	$ 4,037	$ 3,601
Other comprehensive income (loss):
Total Other comprehensive income (loss), net of tax	3	(2)	(28)	33
Ending balance	4,277	3,775	4,277	3,775
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,861)	(1,806)	(1,830)	(1,841)
Other comprehensive income (loss):
Total Other comprehensive income (loss), net of tax	3	(2)	(28)	33
Ending balance	(1,858)	(1,808)	(1,858)	(1,808)
Pension and other postretirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(686)	(648)	(689)	(653)
Other comprehensive income (loss):
Unrecognized net actuarial (loss) gain and prior service cost/benefit and net change from periodic revaluations	0	(3)	(1)	0
Tax (expense) benefit	0	1	0	0
Total Other comprehensive income (loss) before reclassifications, net of tax	0	(2)	(1)	0
Amortization of net actuarial loss and prior service cost and net amount reclassified to earnings	5	8	10	12
Tax benefit (expense)	(1)	(2)	(2)	(3)
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax	4	6	8	9
Total Other comprehensive income (loss), net of tax	4	4	7	9
Ending balance	(682)	(644)	(682)	(644)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,173)	(1,159)	(1,136)	(1,193)
Other comprehensive income (loss):
Total Other comprehensive income (loss), net of tax	(4)	4	(41)	38
Ending balance	(1,177)	(1,155)	(1,177)	(1,155)
Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2)	1	(5)	5
Other comprehensive income (loss):
Unrecognized net actuarial (loss) gain and prior service cost/benefit and net change from periodic revaluations	4	(10)	3	(14)
Tax (expense) benefit	(1)	2	(1)	3
Total Other comprehensive income (loss) before reclassifications, net of tax	3	(8)	2	(11)
Amortization of net actuarial loss and prior service cost and net amount reclassified to earnings	0	(3)	5	(4)
Tax benefit (expense)	0	1	(1)	1
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax	0	(2)	4	(3)
Total Other comprehensive income (loss), net of tax	3	(10)	6	(14)
Ending balance	$ 1	$ (9)	$ 1	$ (9)

v3.24.2

Receivables (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Certain Customers
Schedule Of Financial Receivables [Line Items]
Accounts receivables sold	$ 174	$ 151	$ 345	$ 289
Accounts receivable outstanding	172		172
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	239		239		$ 197
Accounts receivables sold	$ 317	$ 382	$ 730	$ 719

v3.24.2

Inventories - Inventories Components (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 466	$ 451
Work-in-process	901	891
Purchased raw materials	412	355
Operating supplies	69	68
Total inventories	$ 1,848	$ 1,765

v3.24.2

Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories valued on a LIFO basis	$ 510	$ 446
Total inventories valued on an average-cost basis	$ 248	$ 236

v3.24.2

Properties, Plants, and Equipment, net- Properties, Plants, and Equipment, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,210	$ 5,185
Less: accumulated depreciation and amortization	3,140	3,081
Properties, plants and equipment excluding construction work in progress	2,070	2,104
Construction work-in-progress	237	224
Properties, plants, and equipment, net	2,307	2,328
Land and land rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	83	88
Structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,022	1,018
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,105	$ 4,079

v3.24.2

Property, Plant, and Equipment, net- Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Capital expenditures incurred but not yet paid	$ 62	$ 48

v3.24.2

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Lease cost	$ 16	$ 16	$ 32	$ 32

v3.24.2

Leases - Operating Lease Assets and Liabilities in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets classified in Other noncurrent assets	$ 157	$ 128
Current portion of lease liabilities classified in Other current liabilities	37	32
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	121	97
Total lease liabilities	$ 158	$ 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)

v3.24.2

Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Jul. 01, 2024	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2023	Jan. 31, 2023
Debt Instrument [Line Items]
Other, net		$ (8)	$ (10)
Long-term debt		3,659	3,706
Less: amount due within one year		782	206
Total long-term debt		$ 2,877	3,500
5.125% Notes, due 2024
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)		5.125%		5.125%	5.125%
Amount outstanding		$ 205	205
5.125% Notes, due 2024 | Subsequent Event
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	5.125%
Amount outstanding	$ 205
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)		6.875%
Amount outstanding		$ 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		$ 185	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
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

v3.24.2

Debt - Public Debt (Details) - USD ($) $ in Millions		1 Months Ended		6 Months Ended
	Jul. 01, 2024	Mar. 31, 2023	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Payment for early redemption of debt				$ 0	$ 1
5.125% Notes, due 2024
Debt Instrument [Line Items]
Early redemption of debt			$ 26
Long-term debt, interest rate (as a percent)		5.125%	5.125%	5.125%
Payment for early redemption of debt		$ 150
Repayments of debt		155
Interest expense		4
Early termination premium		$ 1
5.125% Notes, due 2024 | Subsequent Event
Debt Instrument [Line Items]
Early redemption of debt	$ 205
Long-term debt, interest rate (as a percent)	5.125%
Redemption price, amount	$ 208
Accrued interest	$ 3
6.875% Notes, due 2024
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)				6.875%
Repurchased face amount				$ 23

v3.24.2

Debt - Term Loan Facilities (Details) ¥ in Millions, $ in Millions	Nov. 22, 2023	Jun. 30, 2024 USD ($)	Jun. 30, 2024 JPY (¥)	Dec. 31, 2023 USD ($)	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		$ 185	¥ 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

v3.24.2

Debt - Credit Facility (Details)			6 Months Ended	12 Months Ended
	Nov. 22, 2023	Jul. 27, 2023 USD ($)	Jun. 30, 2024 USD ($)	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

v3.24.2

Debt - Commercial Paper (Details) - USD ($) $ in Millions	Apr. 04, 2024	Jun. 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

v3.24.2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Restricted cash	$ 1	$ 1
Carrying value
Derivative [Line Items]
Long-term debt	2,877	3,500
Fair value
Derivative [Line Items]
Long-term debt	$ 2,839	$ 3,504

v3.24.2

Divestiture (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 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	$ (14)	$ (14)

v3.24.2

Contingencies, Commitments and Other Liabilities (Details) € in Millions, $ in Millions					1 Months Ended			3 Months Ended				6 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 ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) location	Jun. 30, 2023 USD ($)	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		$ 17				$ 17
Remediation reserve balance, classified as a current liability						7		7				7
Payments related to remediation expenses applied against the reserve (less than in second quarter)								1				1
Income tax reserve								0			$ 0	0	$ 20
Guarantees of third party related to project financing								22				22
Combined fair value of guarantees						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)
Supplier invoices subject to future payment						$ 258		$ 287				$ 287
Letter of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity								96				96
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
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							$ 15
Lehman Brothers International (Europe) (“LBIE”) Claims | Forecast | Subsequent Event
Loss Contingencies [Line Items]
Payments for legal settlements					$ 25
Foreign Tax Authority | Ministry of the Economy, Finance and Industry, France | Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Income tax assessment, estimate of possible loss		$ 17	€ 16
Income tax reserve									$ 21	€ 19
Foreign Tax Authority | Ministry of the Economy, Finance and Industry, France | Tax Years 2010 Through 2012 | Subsequent Event
Loss Contingencies [Line Items]
Income tax assessment, amount of penalties cancelled														$ 7	€ 7
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								52				$ 52
Arconic Corporation Environmental Obligations
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding								$ 17				$ 17

v3.24.2

Subsequent Events (Details) - $ / shares		3 Months Ended		6 Months Ended
	Jul. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 01, 2024	Mar. 31, 2023	Jan. 31, 2023
Subsequent Event [Line Items]
Dividends declared (in usd per share)		$ 0.05	$ 0.04	$ 0.10	$ 0.08
5.125% Notes, due 2024
Subsequent Event [Line Items]
Long-term debt, interest rate (as a percent)		5.125%		5.125%			5.125%	5.125%
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in usd per share)	$ 0.08
Change in dividends declared per share (as a percent)	60.00%
Subsequent Event | 5.125% Notes, due 2024
Subsequent Event [Line Items]
Long-term debt, interest rate (as a percent)						5.125%

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