10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549 

FORM 10-Q

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-3610

HOWMET AEROSPACE INC.

(Exact name of registrant as specified in its charter)

Delaware	25-0317820
(State of incorporation)	(I.R.S. Employer Identification No.)

201 Isabella Street, Suite 200, Pittsburgh, Pennsylvania 15212-5872

(Address of principal executive offices)      (Zip code)

Investor Relations 412-553-1950

Office of the Secretary 412-553-1940

(Registrant’s telephone numbers, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $1.00 per share	HWM	New York Stock Exchange
$3.75 Cumulative Preferred Stock, par value $100.00 per share	HWM PR	NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ✓    No     

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ✓    No      

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No  x

As of April 30, 2025, there were 403,674,062 shares of common stock, par value $1.00 per share, of the registrant outstanding.

TABLE OF CONTENTS 

		Page
Part I
Item 1.	Financial Statements and Supplementary Data	3
	Statement of Consolidated Operations for the First Quarter Ended March 31, 2025 and 2024	3
	Statement of Consolidated Comprehensive Income for the First Quarter Ended March 31, 2025 and 2024	4
	Consolidated Balance Sheet as of March 31, 2025 and December 31, 2024	5
	Statement of Consolidated Cash Flows for the First Quarter Ended March 31, 2025 and 2024	6
	Statement of Changes in Consolidated Equity for the First Quarter Ended March 31, 2025 and 2024	7
	Notes to the Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28
Part II
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 6.	Exhibits	30
	Signatures	31

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements and Supplementary Data.

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Operations (unaudited)

(in millions, except per-share amounts)

	First quarter ended
	March 31,
	2025		2024
Sales (C)	$	1,942	$	1,824
Cost of goods sold (exclusive of expenses below)	1,290		1,290
Selling, general administrative, and other expenses	85		88
Research and development expenses	8		10
Provision for depreciation and amortization	69		67
Restructuring and other (credits) charges (D)	(4)		—
Operating income	494		369
Interest expense, net	39		49
Other expense, net (F)	9		17
Income before income taxes	446		303
Provision for income taxes (G)	102		60
Net income	$	344	$	243
Amounts Attributable to Howmet Aerospace Common Shareholders (H):
Net income	$	343	$	242
Earnings per share:
Basic	$	0.85	$	0.59
Diluted	$	0.84	$	0.59
Average Shares Outstanding (H):
Basic	405		410
Diluted	407		412

    

The accompanying notes are an integral part of the consolidated financial statements.

3

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Comprehensive Income (unaudited)

(in millions)

	First quarter ended
	March 31,
	2025		2024
Net income	$	344	$	243
Other comprehensive income (loss), net of tax (I):
Change in unrecognized net actuarial loss and prior service benefit related to pension and other postretirement benefits	3		3
Foreign currency translation adjustments	45		(37)
Net change in unrecognized gains on cash flow hedges	—		3
Total Other comprehensive income (loss), net of tax	48		(31)
Comprehensive income	$	392	$	212

The accompanying notes are an integral part of the consolidated financial statements.

4

Howmet Aerospace Inc. and subsidiaries

Consolidated Balance Sheet (unaudited)

(in millions)

	March 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	536	$	564
Receivables from customers, less allowances of $— in both 2025 and 2024 (J)	888		689
Other receivables	13		20
Inventories (K)	1,902		1,840
Prepaid expenses and other current assets	215		249
Total current assets	3,554		3,362
Properties, plants, and equipment, net (L)	2,440		2,386
Goodwill	4,028		4,010
Deferred income taxes	32		35
Intangibles, net	470		475
Other noncurrent assets (M)	248		251
Total assets	$	10,772	$	10,519
Liabilities
Current liabilities:
Accounts payable, trade (P)	$	991	$	948
Accrued compensation and retirement costs	235		305
Taxes, including income taxes (G)	105		60
Accrued interest payable	32		59
Other current liabilities (M)(P)	178		171
Long-term debt due within one year (N)	7		6
Total current liabilities	1,548		1,549
Long-term debt (N)(O)	3,317		3,309
Accrued pension benefits (E)	625		625
Accrued other postretirement benefits (E)	54		54
Other noncurrent liabilities and deferred credits (M)	436		428
Total liabilities	5,980		5,965
Contingencies and commitments (P)
Equity
Howmet Aerospace shareholders’ equity:
Preferred stock	55		55
Common stock	404		405
Additional capital	3,095		3,206
Retained earnings	3,068		2,766
Accumulated other comprehensive loss (I)	(1,830)		(1,878)
Total equity	4,792		4,554
Total liabilities and equity	$	10,772	$	10,519

The accompanying notes are an integral part of the consolidated financial statements.

5

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Cash Flows (unaudited)

(in millions)

	First quarter ended
	March 31,
	2025		2024
Operating activities
Net income	$	344	$	243
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization	69		67
Deferred income taxes	18		32
Restructuring and other (credits) charges	(4)		—
Net realized and unrealized losses	5		7
Net periodic pension cost (E)	10		10
Stock-based compensation	14		15
Other	3		1
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables (J)	(189)		(127)
Increase in inventories (K)	(49)		(31)
Decrease in prepaid expenses and other current assets	24		23
Increase in accounts payable, trade	58		22
Decrease in accrued expenses	(91)		(87)
Increase in taxes, including income taxes	60		15
Pension contributions	—		(2)
Increase in noncurrent assets	(1)		(2)
Decrease in noncurrent liabilities	(18)		(9)
Cash provided from operations	253		177
Financing Activities
Repurchases and payments on debt (N)	(1)		—
Repurchases of common stock	(125)		(150)
Proceeds from exercise of employee stock options	1		5
Dividends paid to shareholders	(42)		(21)
Taxes paid for net share settlement of equity awards	—		(12)
Cash used for financing activities	(167)		(178)
Investing Activities
Capital expenditures (C)	(119)		(82)
Proceeds from the sale of assets and businesses (D)	5		7
Other	(1)		—
Cash used for investing activities	(115)		(75)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1		—
Net change in cash, cash equivalents and restricted cash	(28)		(76)
Cash, cash equivalents and restricted cash at beginning of period	565		610
Cash, cash equivalents and restricted cash at end of period	$	537	$	534

    

The accompanying notes are an integral part of the consolidated financial statements.

6

Howmet Aerospace Inc. and subsidiaries

Statement of Changes in Consolidated Equity (unaudited)

(in millions, except per-share amounts)

	Preferred stock		Common stock		Additional capital		Retained earnings		Accumulated other comprehensive loss		Total Equity
Balance at December 31, 2023	$	55	$	410	$	3,682	$	1,720	$	(1,830)	$	4,037
Net income	—		—		—		243		—		243
Other comprehensive loss (I)	—		—		—		—		(31)		(31)
Cash dividends declared:
Preferred-Class A @ $0.9375 per share	—		—		—		(1)		—		(1)
Common @ $0.05 per share	—		—		—		(20)		—		(20)
Repurchase and retirement of common stock (H)	—		(2)		(148)		—		—		(150)
Stock-based compensation	—		—		15		—		—		15
Common stock issued: compensation plans	—		—		(7)		—		—		(7)
Balance at March 31, 2024	$	55	$	408	$	3,542	$	1,942	$	(1,861)	$	4,086

	Preferred stock		Common stock		Additional capital		Retained earnings		Accumulated other comprehensive loss		Total Equity
Balance at December 31, 2024	$	55	$	405	$	3,206	$	2,766	$	(1,878)	$	4,554
Net income	—		—		—		344		—		344
Other comprehensive income (I)	—		—		—		—		48		48
Cash dividends declared:
Preferred-Class A @ $0.9375 per share	—		—		—		(1)		—		(1)
Common @ $0.10 per share	—		—		—		(41)		—		(41)
Repurchase and retirement of common stock (H)	—		(1)		(125)		—		—		(126)
Stock-based compensation	—		—		14		—		—		14
Balance at March 31, 2025	$	55	$	404	$	3,095	$	3,068	$	(1,830)	$	4,792

The accompanying notes are an integral part of the consolidated financial statements.

7

Howmet Aerospace Inc. and subsidiaries

Notes to the Consolidated Financial Statements (unaudited)

(U.S. dollars in millions, except share and per-share amounts)

A. 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 2024 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, 2024 (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 three months ended March 31, 2025, the Company derived approximately 69% of its revenue from products sold to the commercial and defense aerospace markets. Aircraft production in the aerospace industry continues to grow based on increases in demand for new aircraft and engine spares. Despite the recent tariff announcements, we expect our aerospace demand to continue to grow, including engine spares. Aircraft backlogs are at record levels. Quality control issues at The Boeing Company (“Boeing”) have caused Boeing to produce aircraft at lower rates compared to historical pre-pandemic levels. Boeing has been gradually increasing its production rates, but rates are expected to remain lower than pre-pandemic levels in the near term. For instance, the Federal Aviation Administration stated that it will not approve production rate increases above 38 aircraft per month 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 had and are expected to 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.

Recent, ongoing changes in U.S. and international government policies, including executive orders on tariffs and retaliatory trade measures, is expected to impact the pricing of our products, disrupt supply chains, and increase our costs. The timing, extent, application, and level of tariffs by various governments and our ability to recover tariffs are subject to changes and uncertainties in all segments. While the tariff situation remains fluid, we expect to pass along the costs associated with tariffs to our customers in the form of a cost pass through mechanism. There may be a delay between an increase in our costs and our ability to recover the higher costs that could impact our margins.

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.

B. Recently Adopted and Recently Issued Accounting Guidance

Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance disclosures related to significant segment expenses and other matters related to reportable segments. These changes became effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this new disclosure is reflected in Note C of the Consolidated Financial Statements.

Issued

In November 2024, the FASB issued guidance to improve disclosures about an entity’s expenses including more detailed information about the components of expenses in commonly presented expense captions. These changes become effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements.

8

In December 2023, the FASB issued guidance to enhance the transparency of annual income tax disclosures including additional details on the rate reconciliation and taxes paid by jurisdiction. These changes are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements.

C. 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 Segment Adjusted EBITDA. The Company’s Chief Executive Officer, who has been determined to be our Chief Operating Decision Maker (“CODM”), believes that Segment Adjusted EBITDA provides information with respect to the Company’s operating performance and the Company’s ability to meet its financial obligations. Howmet’s definition of Segment Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation and amortization. Special items, including Restructuring and other (credits) charges, are excluded from net margin and Segment Adjusted EBITDA. The Company’s CODM considers forecast-to-actual variances for Segment Adjusted EBITDA when allocating resources across the Company’s reportable segments. 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, titanium 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.

9

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

	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
First quarter ended March 31, 2025
Sales:
Third-party sales	$	996	$	412	$	282	$	252	$	1,942
Inter-segment sales	2		—		3		—		5
Total sales	$	998	$	412	$	285	$	252	$	1,947
Expenses:
Segment Adjusted cost of goods sold(1)	$	648	$	256	$	217	$	174	$	1,295
Other segment items(2)	25		29		8		10		72
Profit and loss:
Segment Adjusted EBITDA	$	325	$	127	$	60	$	68	$	580
Restructuring and other (credits) charges	—		—		(4)		—		(4)
Provision for depreciation and amortization	34		12		12		10		68
Other:
Capital expenditures	$	86	$	10	$	5	$	15	$	116
Total assets	5,371		2,741		1,376		728		10,216
First quarter ended March 31, 2024
Sales:
Third-party sales	$	885	$	389	$	262	$	288	$	1,824
Inter-segment sales	2		—		1		—		3
Total sales	$	887	$	389	$	263	$	288	$	1,827
Expenses:
Segment Adjusted cost of goods sold(1)	$	610	$	268	$	216	$	195	$	1,289
Other segment items(2)	28		29		10		11		78
Profit and loss:
Segment Adjusted EBITDA	$	249	$	92	$	37	$	82	$	460
Provision for depreciation and amortization	33		11		11		10		65
Other:
Capital expenditures	$	55	$	7	$	6	$	12	$	80
Total assets	4,983		2,753		1,421		715		9,872

(1)Segment Adjusted cost of goods sold is exclusive of Provision for depreciation and amortization, Restructuring and other credits, and Corporate expenses.

(2)Other segment items includes Selling, general administrative, and other expenses, and Research and development expenses; exclusive of Provision for depreciation and amortization, and Restructuring and other credits.

10

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

	First quarter ended
	March 31,
	2025		2024
Total Segment Adjusted EBITDA	$	580	$	460
Segment provision for depreciation and amortization	(68)		(65)
Unallocated amounts:
Restructuring and other credits (charges)	4		—
Corporate expense	(22)		(26)
Operating income	$	494	$	369
Interest expense, net	(39)		(49)
Other expense, net	(9)		(17)
Income before income taxes	$	446	$	303

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

	First quarter ended
	March 31,
	2025		2024
Total segment capital expenditures	$	116	$	80
Corporate	3		2
Capital expenditures	$	119	$	82

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
First quarter ended March 31, 2025
Aerospace - Commercial	$	549	$	275	$	192	$	—	$	1,016
Aerospace - Defense	215		42		76		—		333
Commercial Transportation	—		53		—		252		305
Industrial and Other	232		42		14		—		288
Total end-market revenue	$	996	$	412	$	282	$	252	$	1,942
First quarter ended March 31, 2024
Aerospace - Commercial	$	492	$	244	$	192	$	—	$	928
Aerospace - Defense	185		39		56		—		280
Commercial Transportation	—		66		—		288		354
Industrial and Other	208		40		14		—		262
Total end-market revenue	$	885	$	389	$	262	$	288	$	1,824

The Company derived 69% and 66% of its revenue from the aerospace (commercial and defense) markets for the first quarter ended March 31, 2025 and 2024, 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. RTX Corporation and GE Aerospace represented approximately 11% and 10%, respectively, of the Company’s third-party sales in the first quarter ended March 31, 2025. General Electric Company and RTX Corporation represented approximately 12% and 9%, respectively, of the Company’s third-party sales in the first quarter ended March 31, 2024. These sales were primarily from the Engine Products segment.

11

D. Restructuring and Other (Credits) Charges

	First quarter ended
	March 31,
	2025		2024
Reversals of previously recorded layoff reserves	(1)		—
Net gain related to divestitures of assets and businesses	(3)		(1)
Other	—		1
Total restructuring and other (credits) charges	$	(4)	$	—

In the first quarter of 2025, the Company recorded Restructuring and other credits of $4, which were primarily due to a gain on the sale of assets at a small U.K. manufacturing facility in Engineered Structures of $3 and a reversal of $1 for a layoff reserve related to a prior period.

In the first quarter of 2024, the Company recorded Restructuring and other charges of less than $1, which were primarily due to a gain on the sale of assets at a small U.K. manufacturing facility in Engines Products of $1, partially offset by exit related costs, including accelerated depreciation, of $1.

	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2024	$	4	$	—	$	4
Cash payments	—		(1)		(1)
Restructuring credits	(1)		(3)		(4)
Other(1)	—		4		4
Reserve balances at March 31, 2025	$	3	$	—	$	3

(1)In the first quarter of 2025, other for other exit costs included a gain on the sale of assets at a small U.K. manufacturing facility in Engineered Structures of $3 and a gain on the sale of assets at a small U.K. manufacturing facility in Engine Products of $1.

The remaining reserves as of March 31, 2025 are expected to be paid in cash during the remainder of 2025.

E. Pension and Other Postretirement Benefits

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

	First quarter ended
	March 31,
	2025		2024
Pension benefits
Service cost	$	1	$	1
Interest cost	19		19
Expected return on plan assets	(17)		(18)
Recognized net actuarial loss	7		8
Net periodic cost(1)	$	10	$	10
Other postretirement benefits
Service cost	$	—	$	—
Interest cost	1		1
Recognized net actuarial gain	(2)		(1)
Amortization of prior service benefit	(2)		(2)
Net periodic benefit(1)	$	(3)	$	(2)

(1)Service cost was included within Cost of goods sold; all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations.

For the first quarter of 2025 and 2024, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $1 and $5, respectively.

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F. Other Expense, Net

	First quarter ended
	March 31,
	2025		2024
Non-service costs - pension and other postretirement benefits (E)	$	6	$	7
Interest income	(4)		(5)
Foreign currency losses, net	—		3
Net realized and unrealized losses	5		7
Deferred compensation	2		5
Total other expense, net	$	9	$	17

G. 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 20.8% in the first quarter of 2025 and 21.7% in the first quarter of 2024. The 2025 rate was lower than the 2024 rate and the U.S. federal statutory rate of 21% primarily due to a U.S. deduction on Foreign Derived Intangible Income (“FDII”), a net benefit related to U.S. federal and state research and development credits, and a U.S. tax benefit recognized for foreign tax credits, partially offset by incremental state income tax, additional U.S. tax on Global Intangible Low-Taxed Income (“GILTI”) and other foreign earnings, nondeductible expenses, and foreign earnings subject to tax in jurisdictions with tax rates higher than the U.S. federal statutory rate of 21%. The 2024 rate was higher than the U.S. federal statutory rate of 21% primarily due to additional U.S. tax on GILTI and other foreign earnings, incremental state income tax, nondeductible expenses, and foreign earnings subject to tax in jurisdictions with tax rates higher than the U.S. federal statutory rate of 21%.

For the first quarter of 2025 and 2024, the tax rate including discrete items was 22.9% and 19.8%, respectively. In the first quarter of 2025, the Company recorded a discrete net tax charge of $9 attributable to a $6 net charge related to the expiration of a tax holiday in China, a $2 charge for a tax reserve established in Germany, and a net tax charge of $1 for other small items. In the first quarter of 2024, the Company recorded a discrete net tax benefit of $7 attributable to a $6 benefit to release a valuation allowance related to U.S. foreign tax credits and a net tax benefit of $1 for other small items.

The tax provision was comprised of the following:

	First quarter ended
	March 31,
	2025		2024
Pre-tax income at estimated annual effective income tax rate before discrete items	$	93	$	66
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	—		1
Other discrete items	9		(7)
Provision for income taxes	$	102	$	60

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H. 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):

	First quarter ended
	March 31,
	2025		2024
Net income	$	344	$	243
Less: preferred stock dividends declared	1		1
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	343	$	242
Average shares outstanding - basic	405		410
Effect of dilutive securities:
Stock and performance awards	2		2
Average shares outstanding - diluted	407		412

Common stock outstanding as of March 31, 2025 and 2024 was 404 million and 408 million, respectively.

In the quarter ended March 31, 2025, the Company repurchased approximately 1.0 million shares of its common stock at an average price of $124.24 per share (excluding commissions cost) for approximately $125 in cash. In the quarter ended March 31, 2024, the Company repurchased approximately 2.2 million shares of its common stock at an average price of $66.87 per share (excluding commissions cost) for approximately $150 in cash. All of the shares repurchased have been retired.

The Company has a share repurchase program (the “Share Repurchase Program”) that, after giving effect to the additional $100 share repurchases made in April 2025 at an average price per share of $125.61, retiring approximately 0.8 million shares, has approximately $1,972 in Board authorization remaining available as of April 30, 2025. The current Share Repurchase Program was authorized by the Company’s Board of Directors on August 18, 2021 at $1,500, which was increased by the Board by $2,000 on July 30, 2024. Under the Company’s Share Repurchase Program, the Company may repurchase shares by means of trading plans established from time to time in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, block trades, private transactions, open market repurchases and/or accelerated share repurchase agreements, or other derivative transactions. There is no stated expiration for the Share Repurchase Program. Under its Share Repurchase Program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time, and the Share Repurchase Program may be suspended, modified, or terminated at any time without prior notice.

As average shares outstanding are used in the calculation for both basic and diluted EPS, the full impact of share repurchases and issuances is 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 first quarter ended March 31, 2025 and 2024.

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I. Accumulated Other Comprehensive Loss

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

	First quarter ended
	March 31,
	2025		2024
Pension and other postretirement benefits (E)
Balance at beginning of period	$	(672)	$	(689)
Other comprehensive (loss) income:
Unrecognized net actuarial loss and prior service benefit	(1)		(1)
Tax benefit	1		—
Total Other comprehensive loss before reclassifications, net of tax	—		(1)
Amortization of net actuarial loss and prior service benefit(1)	3		5
Tax expense(2)	—		(1)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	3		4
Total Other comprehensive income	3		3
Balance at end of period	$	(669)	$	(686)
Foreign currency translation
Balance at beginning of period	$	(1,207)	$	(1,136)
Other comprehensive income (loss)(4)	45		(37)
Balance at end of period	$	(1,162)	$	(1,173)
Cash flow hedges
Balance at beginning of period	$	1	$	(5)
Other comprehensive (loss) income:
Net change from periodic revaluations	(1)		(1)
Tax benefit	—		—
Total Other comprehensive loss before reclassifications, net of tax	(1)		(1)
Net amount reclassified to earnings(5)	2		5
Tax expense(2)	(1)		(1)
Total amount reclassified from Accumulated other comprehensive income (loss), net of tax(3)	1		4
Total Other comprehensive income	—		3
Balance at end of period	$	1	$	(2)
Accumulated other comprehensive loss	$	(1,830)	$	(1,861)

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

(2)These amounts were included in Provision for income taxes (See Note G) in the Statement of Consolidated Operations.

(3)A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings.

(4)In all periods presented, no amounts were reclassified to earnings.

(5)These amounts were recorded in Cost of goods sold in the Statement of Consolidated Operations.

J. 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 first quarter of 2025 or 2024.

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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 facility limit to $325.

The facility limit under the Receivables Purchase Agreement was $250 as of both March 31, 2025 and December 31, 2024, of which $250 was drawn as of both March 31, 2025 and December 31, 2024. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which were $297 and $201 as of March 31, 2025 and December 31, 2024, respectively.

The Company sold $470 and $413 of its receivables without recourse and received cash funding under this program during the first quarter of 2025 and 2024, 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 in Other expense, net 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 first quarter of 2025 and 2024, the Company sold certain customers’ receivables without recourse of $183 and $171, respectively, in exchange for cash (of which $192 and $169 was outstanding from customers as of March 31, 2025 and March 31, 2024, respectively). The Company has no continuing involvement in the aforementioned amounts sold or outstanding, resulting in the derecognition of the receivables from the Company’s Consolidated Balance Sheet. The net proceeds are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows and the costs associated with the sales of receivables are reflected in the Company’s Statement of Consolidated Operations in Other expense, net for the periods in which the sales occur.

K. Inventories

	March 31, 2025		December 31, 2024
Finished goods	$	467	$	458
Work-in-process	948		903
Purchased raw materials	417		408
Operating supplies	70		71
Total inventories	$	1,902	$	1,840

As of March 31, 2025 and December 31, 2024, the portion of inventories valued on a last-in, first-out (“LIFO”) basis was $566 and $544, respectively. If valued on an average-cost basis, total inventories would have been $282 and $280 higher as of March 31, 2025 and December 31, 2024, respectively.

L. Properties, Plants, and Equipment, net

	March 31, 2025		December 31, 2024
Land and land rights	$	84	$	84
Structures	1,044		1,025
Machinery and equipment	4,194		4,118
	5,322		5,227
Less: accumulated depreciation and amortization	3,217		3,150
	2,105		2,077
Construction work-in-progress	335		309
Properties, plants, and equipment, net	$	2,440	$	2,386

The Company incurred capital expenditures which remained unpaid as of March 31, 2025 and March 31, 2024 of $77 and $38, respectively, which will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods.

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M. Leases

Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $17 and $16 in the first quarter of 2025 and 2024, respectively.

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

	March 31, 2025		December 31, 2024
Right-of-use assets classified in Other noncurrent assets	$	158	$	155
Current portion of lease liabilities classified in Other current liabilities	$	39	$	37
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	120		119
Total lease liabilities	$	159	$	156

N. Debt

	March 31, 2025		December 31, 2024
USD Term Loan Facility, due 2026(1)(2)	139		140
JPY Term Loan Facility, due 2026(2)	197		188
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
3.000% Notes, due 2029	700		700
4.850% Notes, due 2031(3)	500		500
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Other, net(4)	(12)		(13)
	3,324		3,315
Less: amount due within one year	7		6
Total long-term debt	$	3,317	$	3,309

(1)The Company made its first quarterly repayment of a portion of the outstanding principal amount under the USD Term Loan Facility in accordance with the provisions of the applicable term loan agreement.

(2)The Company entered into interest rate swaps to exchange the floating interest rates of the term loan facilities to fixed interest rates. Based on the Company’s current long-term debt ratings, the interest rate on the USD Term Loan Facility was 5.545% and 5.670% and the interest rate on the JPY Term Loan Facility was 1.794% and 1.919% as of March 31, 2025 and December 31, 2024, respectively.

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

(4)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.

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 March 31, 2025 and December 31, 2024, 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 $139 and $140 as of March 31, 2025 and December 31, 2024, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥29,702 million ($197) and ¥29,702 million ($188) as of March 31, 2025 and December 31, 2024, respectively.

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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 March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants under the Credit Agreement.

There were no amounts outstanding under the Credit Agreement as of March 31, 2025 or December 31, 2024, and no amounts were borrowed during 2025 or 2024 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 March 31, 2025 or December 31, 2024.

O. Fair Value of Financial Instruments

The carrying values of Cash and cash equivalents, restricted cash, derivatives, noncurrent receivables, and Long-term debt due within one year included in the Consolidated Balance Sheet approximate their fair value. The aforementioned derivatives are included in Prepaid expenses and other current assets, Other noncurrent assets, Other current liabilities, and Other noncurrent liabilities and deferred credits in the Consolidated Balance sheet, as applicable. The Company holds exchange-traded fixed income securities which are considered available-for-sale securities and are carried at fair value based on quoted market prices. The aforementioned securities are classified in Level 1 of the fair value hierarchy and are included in Other noncurrent assets in the Consolidated Balance Sheet. The fair value of Long-term debt, less amount due within one year, was based on quoted market prices for public debt and on interest rates that are currently available to Howmet for issuance of debt with similar terms and maturities for non-public debt. The fair value amounts for all Long-term debt were classified in Level 2 of the fair value hierarchy.

	March 31, 2025				December 31, 2024
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt	$	3,317	$	3,338	$	3,309	$	3,298

Restricted cash, which is included in Prepaid expenses and other current assets in the Consolidated Balance Sheet, was less than $1 and $1 as of March 31, 2025 and December 31, 2024, respectively.

P. 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.

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The Company’s remediation reserve balance was $16 and $19 as of March 31, 2025 and December 31, 2024, respectively, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $7 and $10, respectively, was classified as a current liability), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. Payments related to remediation expenses applied against the reserve were $3 and $1 in the first quarter of 2025 and 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 estimated additional interest to be $2 (€2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. That decision upheld the assessment of $10 (€9 million) of tax and interest, while cancelling the penalties of $7 (€7 million) and remanding the penalty assessment issue to the Paris Administrative Court of Appeal for reexamination. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties.

In 2023, the Company recorded an income tax reserve in Provision for income taxes in the Statement of Consolidated Operations of $21 (€19 million), which includes tax, estimated interest and penalties, for the 2010 through 2012 tax years, as well as the remaining tax years open for reassessment (2020-2023). In accordance with FTA dispute resolution practices, the Company paid the assessment amount including tax, interest, and penalties, to the FTA in December 2023. The Company is expecting to pay the additional interest related to the assessment in 2025. The Company also paid the estimated tax related to the 2020-2023 tax years in 2023. As of the third quarter of 2024, the Company no longer recorded an uncertain tax position related to the tax and interest assessed. In October 2024, the Company received a refund of the penalties that were remanded. We will continue to record an income tax reserve for penalties determined more than likely to be upheld, until the uncertain tax position is settled.

Indemnified Matters. The Separation and Distribution Agreement, dated October 31, 2016, that the Company entered into with Alcoa Corporation in connection with its separation from Alcoa Corporation, and 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, provide for cross-indemnities for claims subject to indemnification between the Company and Alcoa Corporation and between the Company and Arconic Corporation, respectively. To date, Alcoa Corporation and Arconic Corporation have fulfilled their respective indemnification obligations to the Company, and claims subject to indemnification by Alcoa Corporation or Arconic Corporation have not impacted the Company financially. Among other claims that are covered by these indemnities, Arconic Corporation indemnifies the Company (previously named Arconic Inc. and, prior to that, Alcoa Inc.) for all potential liabilities associated with the fire that occurred at the Grenfell Tower in London, U.K. on June 14, 2017, including the following legal proceedings, as updated from the Form 10-K:

United Kingdom Litigation (various claims on behalf of survivors and estates of decedents). The substantial majority of these suits were settled pursuant to the terms of a confidential settlement agreement and are discontinued and closed. The claimants in the remaining suits are mediating their claims with the defendants. On June 21, 2024, the Company was joined as a party to proceedings initiated by the Royal Borough of Kensington and Chelsea (RBKC) and Chelsea Tenant Management Organisation Ltd. (KCTMO) that are currently pending against AAP SAS and Whirlpool. On February 14, 2025, RBKC and KCTMO served their Particulars of Claim and Schedule of Loss on defendants. Defenses and contribution claims must be filed by July 18, 2025. A case management conference is scheduled for December 8, 2025.

Raul v. Albaugh, et al. (derivative related claim). On October 22, 2024, the parties executed a settlement term sheet that set forth the material terms and conditions associated with the resolution of this derivative action. On October 28, 2024, November 27, 2024, January 27, 2025, and March 28, 2025, the parties filed a joint status report regarding this development. On March 31, 2025, the court ordered that the parties file a joint status report or a stipulation of dismissal on or before May 12, 2025. The parties plan to enter into a formal, final Stipulation of Settlement in the near term, which will be presented to the court for approval. The settlement term sheet had no material impact on the results of operations.

With respect to the regulatory investigations in the U.K. described in the Form 10-K, there are no updates.

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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 March 31, 2025, Howmet had outstanding bank guarantees related to plant expansion, customs duties, rental, and environmental obligations. The total amount committed under these guarantees, which expire at various dates between 2025 and 2027, was $6 as of March 31, 2025.

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 both March 31, 2025 and December 31, 2024, relates to a long-term energy supply agreement that expires in 2047 at an Alcoa Corporation facility, for which the Company is secondarily liable in the event of a payment default by Alcoa Corporation. If the Company incurs any liability under this guarantee, Arconic Corporation is obligated to indemnify the Company for 50% of such liability. The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be remote. The Company is required to provide a guarantee up to an estimated present value amount of approximately $1,121 as of both March 31, 2025 and December 31, 2024 in the event of an Alcoa Corporation default. In the fourth quarter of 2024, 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, insurance obligations and tax matters. The total amount committed under these letters of credit, which automatically renew or expire at various dates, primarily in 2025 and 2026, was $81 as of March 31, 2025.

Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company is required to retain letters of credit of $48, which are included in the $81 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 and Alcoa Corporation environmental obligations and, as a result, the Company has $9 of outstanding letters of credit relating to such liabilities, which are also included in the $81 in the above paragraph. The Company reduced the balance of these environmental obligations’ letters of credit by approximately $8 as of March 31, 2025.

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 2025 and 2026, was $45 as of March 31, 2025.

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 $45 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. 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 approximately 120 days of the invoice date. As of March 31, 2025 and December 31, 2024, supplier invoices that are subject to future payment under these programs were $264 and $268, respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet.

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Q. Subsequent Events

Management evaluated all activity of Howmet and concluded that no subsequent events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements, except as noted below:

See Note H regarding share repurchases made in April 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(U.S. dollars in millions, except per share amounts)

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand our results of operations and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and notes thereto included in Part I, Item 1 (Financial Statements and Supplementary Data) of this Form 10-Q.

Overview

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.

In the three months ended March 31, 2025, the Company derived approximately 69% of its revenue from products sold to the commercial and defense aerospace markets. Aircraft production in the aerospace industry continues to grow based on increases in demand for new aircraft and engine spares. Despite the recent tariff announcements, we expect our aerospace demand to continue to grow, including engine spares. Aircraft backlogs are at record levels. Quality control issues at The Boeing Company (“Boeing”) have caused Boeing to produce aircraft at lower rates compared to historical pre-pandemic levels. Boeing has been gradually increasing its production rates, but rates are expected to remain lower than pre-pandemic levels in the near term. For instance, the Federal Aviation Administration stated that it will not approve production rate increases above 38 aircraft per month 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 had and are expected to have a material impact on the financial performance of Howmet. The timing and level of future aircraft builds by original equipment manufacturers (“OEM”) 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.

Recent, ongoing changes in U.S. and international government policies, including executive orders on tariffs and retaliatory trade measures, is expected to impact the pricing of our products, disrupt supply chains, and increase our costs. The timing, extent, application, and level of tariffs by various governments and our ability to recover tariffs are subject to changes and uncertainties in all segments. While the tariff situation remains fluid, we expect to pass along the costs associated with tariffs to our customers in the form of a cost pass through mechanism. There may be a delay between an increase in our costs and our ability to recover the higher costs that could impact our margins.

For additional information regarding the ongoing risks related to our business, see section Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Results of Operations

Earnings Summary:

Sales. Sales were $1,942 in the first quarter of 2025 compared to $1,824 in the first quarter of 2024. The increase of $118, or 6%, in the first quarter of 2025 was primarily due to growth in the commercial aerospace, defense aerospace, and industrial and other markets, including engines spares, and favorable product pricing, partially offset by lower volumes in the commercial transportation market. Product price increases are in excess of material and inflationary cost pass through to our customers.

Cost of goods sold (“COGS”). COGS as a percentage of Sales was 66.4% in the first quarter of 2025 compared to 70.7% in the first quarter of 2024. The decrease in the first quarter of 2025 was primarily due to higher volumes, favorable product pricing, and productivity gains, partially offset by increased net headcount, primarily in the Engine Products segment, in support of expected revenue increases.

Restructuring and other (credits) charges. Restructuring and other credits were $4 in the first quarter of 2025 compared to Restructuring and other charges of less than $1 in the first quarter of 2024. Restructuring and other credits for the first quarter of 2025 were primarily due to a gain on the sale of assets at a small U.K. manufacturing facility in Engineered Structures of $3 and a reversal of $1 for a layoff reserve related to a prior period. Restructuring and other charges for the first quarter of 2024 were primarily due a gain on the sale of assets at a small U.K. manufacturing facility in Engines Products of $1, partially offset by exit related costs, including accelerated depreciation, of $1.

See Note D to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for additional detail.

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Interest expense, net. Interest expense, net was $39 in the first quarter of 2025 compared to $49 in the first quarter of 2024. The decrease of $10, or 20%, in the first quarter of 2025 was primarily due to the early redemptions of the 6.875% Notes due May 2025 (the “2025 Notes”) during various periods in 2024, the early redemptions of the 5.125% Notes due October 2024 (the “2024 Notes”) during various periods in 2024, and the early partial prepayment of its USD term loan, partially offset by the August 2024 issuance of $500 aggregate principal amount of 4.850% Notes due October 2031 (the “2031 Notes”), net of the cross-currency swap that synthetically converted the 2031 Notes into a lower fixed-interest-rate Euro liability.

See Note N to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for additional detail related to the Company’s debt.

Other expense, net. Other expense, net was $9 in the first quarter of 2025 compared to Other expense, net of $17 in the first quarter of 2024. The decrease in expense of $8 in the first quarter of 2025 was primarily due to a decrease in deferred compensation of $3, a decrease in foreign currency losses, net of $3, and a decrease in net realized and unrealized losses of $2. Non-service related net periodic benefit costs related to defined benefit plans and other postretirement benefit plans is expected to be relatively flat for the full year 2025 versus 2024.

See Note F to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for additional detail.

Provision for income taxes. The estimated annual effective tax rate, before discrete items, applied to ordinary income was 20.8% in the first quarter of 2025 compared to 21.7% in the first quarter of 2024. The tax rate including discrete items was 22.9% in the first quarter of 2025 compared to 19.8% in the first quarter of 2024. A discrete net tax charge of $9 was recorded in the first quarter of 2025 compared to a discrete net tax benefit of $7 in the first quarter of 2024. The 2025 estimated annual effective tax rate is lower than the 2024 rate primarily due to a U.S. deduction on Foreign Derived Intangible Income (“FDII”), a net tax benefit related to U.S. federal and state research and development credits, and a U.S. tax benefit recognized for foreign tax credits.

See Note G to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for additional detail.

Net income. Net income was $344, or $0.84 per diluted share, in the first quarter of 2025 compared to $243, or $0.59 per diluted share, in the first quarter of 2024. The increase of $101 in the first quarter of 2025 was primarily due to growth in the commercial aerospace, defense aerospace, and industrial and other markets, including engines spares, favorable product pricing, productivity, and a reduction in interest expense due to lower long-term debt levels, partially offset by lower volumes in the commercial transportation market.

Segment Information

The Company’s operations consist of four worldwide reportable segments: Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels. Segment performance under Howmet’s management reporting system is evaluated based on Segment Adjusted EBITDA. The Company’s Chief Executive Officer, who has been determined to be our Chief Operating Decision Maker (“CODM”), believes that Segment Adjusted EBITDA provides information with respect to the Company’s operating performance and the Company’s ability to meet its financial obligations. Howmet’s definition of Segment Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation and amortization. Special items, including Restructuring and other (credits) charges, are excluded from net margin and Segment Adjusted EBITDA. The Company’s CODM considers forecast-to-actual variances for Segment Adjusted EBITDA when allocating resources across the Company’s reportable segments. 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. (See Note C to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for a description of each segment).

The Company has aligned its operations consistent with how the Chief Executive Officer assesses operating performance and allocates capital.

Engine Products

	First quarter ended
	March 31,
	2025			2024
Third-party sales	$	996		$	885
Segment Adjusted EBITDA	325			249
Segment Adjusted EBITDA Margin	32.6		%	28.1		%

23

Third-party sales for the Engine Products segment increased $111, or 13%, in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets, including engines spares growth.

Segment Adjusted EBITDA for the Engine Products segment increased $76, or 31%, in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets. The segment absorbed approximately 500 net headcount in the first quarter of 2025, in support of expected revenue increases.

Segment Adjusted EBITDA Margin for the Engine Products segment increased approximately 450 basis points in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets.

In 2025, as compared to 2024, demand in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets is expected to increase. Governmental policies, laws and regulations, and other economic factors, including inflation, customer requirements, tariffs, and fluctuations in foreign currency exchange rates and interest rates, may affect future results of operations and cash flow. The timing, extent, application, and level of tariffs by various governments and our ability to recover tariffs are subject to changes and uncertainties.

Fastening Systems

	First quarter ended
	March 31,
	2025			2024
Third-party sales	$	412		$	389
Segment Adjusted EBITDA	127			92
Segment Adjusted EBITDA Margin	30.8		%	23.7		%

Third-party sales for the Fastening Systems segment increased $23, or 6%, in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in the commercial aerospace market, partially offset by lower volumes in the commercial transportation market.

Segment Adjusted EBITDA for the Fastening Systems segment increased $35, or 38%, in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in the commercial aerospace market and productivity gains, which include net headcount reductions of approximately 75 year over year, partially offset by lower volumes in the commercial transportation market.

Segment Adjusted EBITDA Margin for the Fastening Systems segment increased approximately 710 basis points in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in the commercial aerospace market and productivity gains, partially offset by lower volumes in the commercial transportation market.

In 2025, as compared to 2024, demand in the commercial aerospace market is expected to increase, including potential new business resulting from a fire at a competitor’s facility. Demand in the commercial transportation market is not expected to recover before mid-year of 2025. A potential increase in commercial truck builds is less certain in the second half of the year, given tariff-related and economic uncertainty in North America. Governmental policies, laws and regulations, and other economic factors, including inflation, customer requirements, tariffs, and fluctuations in foreign currency exchange rates and interest rates, may affect future results of operations and cash flow. The timing, extent, application, and level of tariffs by various governments and our ability to recover tariffs are subject to changes and uncertainties.

Engineered Structures

	First quarter ended
	March 31,
	2025			2024
Third-party sales	$	282		$	262
Segment Adjusted EBITDA	60			37
Segment Adjusted EBITDA Margin	21.3		%	14.1		%

Third-party sales for the Engineered Structures segment increased $20, or 8%, in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in the defense aerospace market. The Engineered Structures segment is focusing on the optimization of its manufacturing footprint and rationalization of product mix in order to maximize profitability.

24

Segment Adjusted EBITDA for the Engineered Structures segment increased $23, or 62%, in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in the defense aerospace market and productivity gains, which include net headcount reductions of approximately 240 year over year. The Engineered Structures segment is focusing on the optimization of its manufacturing footprint and rationalization of product mix in order to maximize profitability.

Segment Adjusted EBITDA Margin for the Engineered Structures segment increased approximately 720 basis points in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in the defense aerospace market and productivity gains. The Engineered Structures segment is focusing on the optimization of its manufacturing footprint and rationalization of product mix in order to maximize profitability.

In 2025, as compared to 2024, demand in the defense aerospace and commercial aerospace markets is expected to increase. Governmental policies, laws and regulations, and other economic factors, including inflation, customer requirements, tariffs, and fluctuations in foreign currency exchange rates and interest rates, may affect future results of operations and cash flow. The timing, extent, application, and level of tariffs by various governments and our ability to recover tariffs are subject to changes and uncertainties.

Forged Wheels

	First quarter ended
	March 31,
	2025			2024
Third-party sales	$	252		$	288
Segment Adjusted EBITDA	68			82
Segment Adjusted EBITDA Margin	27.0		%	28.5		%

Third-party sales for the Forged Wheels segment decreased $36, or 13%, in the first quarter of 2025 compared to the first quarter of 2024, primarily due to lower volumes in the commercial transportation market, partially offset by an increase in aluminum and other inflationary cost pass through.

Segment Adjusted EBITDA for the Forged Wheels segment decreased $14, or 17%, in the first quarter of 2025 compared to the first quarter of 2024, primarily due to lower volumes in the commercial transportation market. Net headcount for the Forged Wheels segment declined approximately 115 year over year.

Segment Adjusted EBITDA Margin for the Forged Wheels segment decreased approximately 150 basis points in the first quarter of 2025 compared to the first quarter of 2024, primarily due to lower volumes in the commercial transportation market and higher aluminum and other inflationary cost pass through.

In 2025, as compared to 2024, demand in the commercial transportation markets served by Forged Wheels is not expected to recover before mid-year of 2025. A potential increase in commercial truck builds is less certain in the second half of the year, given tariff-related and economic uncertainty in North America. Governmental policies, laws and regulations, and other economic factors, including inflation, customer requirements, tariffs, and fluctuations in foreign currency exchange rates and interest rates, may affect future results of operations and cash flow. The timing, extent, application, and level of tariffs by various governments and our ability to recover tariffs are subject to changes and uncertainties.

Reconciliation of Total Segment Adjusted EBITDA to Income before income taxes

	First quarter ended
	March 31,
	2025		2024
Income before income taxes	$	446	$	303
Interest expense, net	39		49
Other expense, net	9		17
Operating income	$	494	$	369
Segment provision for depreciation and amortization	68		65
Unallocated amounts:
Restructuring and other (credits) charges	(4)		—
Corporate expense	22		26
Total Segment Adjusted EBITDA	$	580	$	460

25

Total Segment Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because it provides additional information with respect to the Company’s operating performance and the Company’s ability to meet its financial obligations. Differences between the total segment and consolidated totals are in Corporate.

See Restructuring and other (credits) charges, Interest expense, net, and Other expense, net discussions above, under “Results of Operations” for reference.

Corporate expense decreased $4, or 15%, in the first quarter of 2025 compared to the first quarter of 2024, primarily due to lower legal costs in 2025.

Environmental Matters

See the Environmental Matters section of Note P to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

Subsequent Events

See Note Q to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for subsequent events.

Liquidity and Capital Resources

Operating Activities

Cash provided from operations was $253 in the three months ended March 31, 2025 compared to $177 in the three months ended March 31, 2024. The increase of $76, or 43%, was primarily due to higher operating results of $84 and lower pension contributions of $2, partially offset by higher payments of noncurrent liabilities of $9 and higher working capital of $2. The components of the change in working capital primarily included unfavorable changes in receivables of $62, inventories of $18, and other accrued expenses of $4, which includes compensation related payments, partially offset by taxes, including income taxes of $45, accounts payable of $36, and prepaid expenses and other current assets of $1.

Management expects Howmet’s estimated pension contributions and other postretirement benefit payments in 2025 to be approximately $65.

Financing Activities

Cash used for financing activities was $167 in the three months ended March 31, 2025 compared to $178 in the three months ended March 31, 2024. The decrease of $11, or 6%, was primarily due to a decrease in common stock repurchases of $25 and a decrease in taxes paid for the net share settlement of equity awards of $12, partially offset by increased dividends paid to common stock shareholders of $21 due to a $0.05 increase in dividends per common share, from $0.05 to $0.10 per share from the first quarter of 2024 to the first quarter of 2025, and a decrease in proceeds from exercise of employee stock options of $4.

On July 30, 2024, the Board of Directors of Howmet Aerospace approved the establishment of a 2025 dividend policy to pay cash dividends on the Company’s common stock in 2025 at a rate of 15% plus or minus 5% of net income excluding special items. The declaration of future common stock dividends is subject to the discretion and approval of the Board of Directors of Howmet after the Board’s consideration of all factors it deems relevant and subject to applicable law. The Company may modify, suspend, or cancel the dividend policy in any manner and at any time that it may deem necessary or appropriate. On January 27, 2025, the Board of Directors of Howmet Aerospace declared a quarterly dividend of $0.10 per share on the Company’s common stock.

The Company maintains a credit facility (the “Credit Facility) pursuant to its Five-Year Revolving Credit Agreement (the “Credit Agreement”) with a syndicate of lenders and issuers named therein (See Note N to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for reference). There were no amounts outstanding under the Credit Agreement as of March 31, 2025 or December 31, 2024, and no amounts were borrowed during 2025 or 2024 under the Credit Agreement.

On April 4, 2024, the Company established a commercial paper program under which the Company may issue unsecured commercial paper from time to time up to a maximum aggregate face amount of $1,000. The Company’s commercial paper will be sold on customary terms in the U.S. commercial paper market on a private placement basis. The proceeds of the commercial paper will be used for general corporate purposes. In conjunction with the commercial paper program, the Company was assigned short-term credit ratings by Moody’s Investors Service, Inc., S&P Global Ratings, and Fitch Ratings, Inc.

The Company has an effective shelf registration statement on Form S-3, filed with the SEC, which allows for offerings of debt securities from time to time. The Company may opportunistically issue new debt securities in accordance with securities laws or utilize commercial paper in order to, but not limited to, refinance existing indebtedness.

26

In the future, the Company may, from time to time, redeem portions of its debt securities or repurchase portions of its debt or equity securities, in either the open market or through privately negotiated transactions, in accordance with applicable SEC and other legal requirements. The timing, prices, and sizes of purchases depend upon prevailing trading prices, general economic and market conditions, and other factors, including applicable securities laws. Such purchases may be completed 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, tender offers, and/or accelerated share repurchase agreements or other derivative transactions.

The Company’s costs of borrowing and ability to access the capital markets are affected not only by market conditions but also by the short-term and long-term debt ratings assigned to the Company by the major credit rating agencies. The Company believes that its cash on hand, cash provided from operations and availability of its Credit Facility, its commercial paper program, and its accounts receivables securitization program will continue to be sufficient to fund our operating and capital allocation activities.

The three major credit rating agencies have rated Howmet’s debt with investment grade ratings. The Company’s most recent short-term and long-term credit ratings, as well as the current outlook from the three major credit rating agencies are as follows:

	Short-Term	Long-Term	Outlook
S&P Global Ratings (“S&P”)	A-2	BBB	Stable
Moody’s Investors Service, Inc. (“Moody’s”)	P-2	Baa1	Stable
Fitch Ratings, Inc. (“Fitch”)	F1	BBB+	Stable

On March 31, 2025, Fitch upgraded Howmet’s short-term debt rating from F2 to F1 and long-term debt rating from BBB to BBB+, and updated the current outlook from positive to stable, citing deleveraging actions, conservative capital allocation and strong free cash flow generation.

On November 26, 2024, S&P upgraded Howmet’s short-term debt rating from A-3 to A-2 and long-term debt rating from BBB- to BBB, and affirmed the current outlook at stable, citing strong demand for commercial aerospace components and debt reduction.

On August 6, 2024, Moody’s upgraded Howmet’s short-term debt rating from P-3 to P-2, further upgraded Howmet’s long-term debt rating two notches from Baa3 to Baa1, which was previously upgraded to Baa3 from Ba1 on February 29, 2024 citing demand in the markets served by Howmet along with the Company’s improved financial leverage and updated the current outlook from positive to stable.

Investing Activities

Cash used for investing activities was $115 in the three months ended March 31, 2025 compared to $75 in the three months ended March 31, 2024. The increase of $40, or 53%, was primarily due to an increase in capital expenditures of $37 primarily related to capacity expansion projects in Engine Products, and a decrease in proceeds from the sale of assets and businesses of $2.

Recently Adopted and Recently Issued Accounting Guidance

See Note B to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

27

Forward-Looking Statements

This report contains (and oral communications made by Howmet may contain) statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates”, “believes”, “could”, “envisions”, “estimates”, “expects”, “forecasts”, “goal”, “guidance”, “intends”, “may”, “outlook”, “plans”, “projects”, “seeks”, “sees”, “should”, “targets”, “will”, “would”, or other words of similar meaning. All statements that reflect Howmet’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements, forecasts and outlook relating to the condition of markets; future financial results or operating performance; future strategic actions; Howmet’s strategies, outlook, and business and financial prospects; and any future dividends, debt issuances, debt reduction and repurchases of its common stock. These statements reflect beliefs and assumptions that are based on Howmet’s perception of historical trends, current conditions and expected future developments, as well as other factors Howmet believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated by these statements. Such risks and uncertainties include, but are not limited to: (a) deterioration in global economic and financial market conditions generally, or unfavorable changes in the markets served by Howmet, including due to escalating tariff and other trade policies and the resulting impacts on Howmet’s supply and distribution chains, as well as on market volatility and global trade generally; (b) the impact of potential cyber attacks and information technology or data security breaches; (c) the loss of significant customers or adverse changes in customers’ business or financial conditions; (d) manufacturing difficulties or other issues that impact product performance, quality or safety; (e) inability of suppliers to meet obligations due to supply chain disruptions or otherwise; (f) failure to attract and retain a qualified workforce and key personnel, labor disputes or other employee relations issues; (g) the inability to achieve improvement in or strengthening of financial performance, operations or competitiveness anticipated or targeted; (h) inability to meet increased demand, production targets or commitments; (i) competition from new product offerings, disruptive technologies or other developments; (j) geopolitical, economic, and regulatory risks relating to Howmet’s global operations, including geopolitical and diplomatic tensions, instabilities, conflicts and wars, as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; (k) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (l) failure to comply with government contracting regulations; (m) adverse changes in discount rates or investment returns on pension assets; and (n) the other risk factors summarized in Howmet’s Form 10-K for the year ended December 31, 2024 and other reports filed with the U.S. Securities and Exchange Commission. Market projections are subject to the risks discussed above and other risks in the market. Under its share repurchase program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as it 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. The declaration of any future dividends is subject to the discretion and approval of the Board of Directors after the Board’s consideration of all factors it deems relevant and subject to applicable law. The Company may modify, suspend, or cancel its share repurchase program or its dividend policy in any manner and at any time that it may deem necessary or appropriate. Credit ratings are not a recommendation to buy or hold any Howmet Aerospace securities, and they may be revised or revoked at any time at the sole discretion of the credit rating organizations. The statements in this report are made as of the date of the filing of this report. Howmet disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not material.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

The Company's Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this report, and they have concluded that these controls and procedures are effective.

(b) Changes in Internal Control over Financial Reporting

There have been no changes in internal control over financial reporting during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

28

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

See Note P to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

Item 1A. Risk Factors.

There have been no material changes from the risk factors previously disclosed in Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The following table presents information with respect to the Company’s repurchases of its common stock during the quarter ended March 31, 2025:

Period	Total Number of Shares Purchased	Average Price Paid Per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Repurchase Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)(1)(2)
January 1 - January 31, 2025	429,578	$	116.39	429,578	$	2,147
February 1 - February 28, 2025	227,542	$	131.84	227,542	$	2,117
March 1 - March 31, 2025	348,982	$	128.95	348,982	$	2,072
Total for quarter ended March 31, 2025	1,006,102	$	124.24	1,006,102

(1)Excludes commissions cost.

(2)The Company has a share repurchase program (the “Share Repurchase Program”) that, after giving effect to the additional $100 million share repurchases made in April 2025 at an average price per share of $125.61, retiring approximately 0.8 million shares, has approximately $1,972 million in Board authorization remaining available as of April 30, 2025. The current Share Repurchase Program was authorized by the Company’s Board of Directors on August 18, 2021 at $1,500 million, which was increased by the Board by $2,000 million on July 30, 2024. Under the Company’s Share Repurchase Program, the Company may repurchase shares by means of trading plans established from time to time in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, block trades, private transactions, open market repurchases and/or accelerated share repurchase agreements, or other derivative transactions. There is no stated expiration for the Share Repurchase Program. Under its Share Repurchase Program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time, and the Share Repurchase Program may be suspended, modified, or terminated at any time without prior notice.

29

Item 6. Exhibits.

31	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104.	Cover Page Interactive Data File - the cover page from this Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL (included within the Exhibit 101 attachments).

30

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Howmet Aerospace Inc.
May 1, 2025	/s/ Ken Giacobbe
Date	Ken Giacobbe
	Executive Vice President and
	Chief Financial Officer
	(Principal Financial Officer)
May 1, 2025	/s/ Barbara L. Shultz
Date	Barbara L. Shultz
	Vice President and Controller
	(Principal Accounting Officer)

31

EX-31

Exhibit 31

Certifications

I, John C. Plant, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Howmet Aerospace Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2025

/s/ John C. Plant

John C. Plant

Executive Chairman and Chief Executive Officer

I, Ken Giacobbe, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Howmet Aerospace Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2025

/s/ Ken Giacobbe

Ken Giacobbe

Executive Vice President and Chief Financial Officer

EX-32

Exhibit 32

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of Howmet Aerospace Inc., a Delaware corporation (the “Company”), does hereby certify that:

The Quarterly Report on Form 10-Q for the period ended March 31, 2025 (the “Form 10-Q”) of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	May 1, 2025	/s/ John C. Plant
		John C. Plant
		Executive Chairman and Chief Executive Officer
Dated:	May 1, 2025	/s/ Ken Giacobbe
		Ken Giacobbe
		Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Form 10-Q and shall not be considered filed as part of the Form 10-Q.

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Cover - shares	3 Months Ended
	Mar. 31, 2025	Apr. 30, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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		403,674,062
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
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

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Statement of Consolidated Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Sales (C)	$ 1,942	$ 1,824
Cost of goods sold (exclusive of expenses below)	1,290	1,290
Selling, general administrative, and other expenses	85	88
Research and development expenses	8	10
Provision for depreciation and amortization	69	67
Restructuring and other (credits) charges (D)	(4)	0
Operating income	494	369
Interest expense, net	39	49
Other expense, net (F)	9	17
Income before income taxes	446	303
Provision for income taxes (G)	102	60
Net income	344	243
Amounts Attributable to Howmet Aerospace Common Shareholders (H):
Net income, Basic	343	242
Net income, Diluted	$ 343	$ 242
Earnings per share:
Basic (in usd per share)	$ 0.85	$ 0.59
Diluted (in usd per share)	$ 0.84	$ 0.59
Average Shares Outstanding (H):
Basic (in shares)	405	410
Diluted (in shares)	407	412

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Statement of Consolidated Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 344	$ 243
Other comprehensive income (loss), net of tax (I):
Change in unrecognized net actuarial loss and prior service benefit related to pension and other postretirement benefits	3	3
Foreign currency translation adjustments	45	(37)
Net change in unrecognized gains on cash flow hedges	0	3
Total Other comprehensive income (loss), net of tax	48	(31)
Comprehensive income	$ 392	$ 212

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Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 536	$ 564
Receivables from customers, less allowances of $— in both 2025 and 2024 (J)	888	689
Other receivables	13	20
Inventories (K)	1,902	1,840
Prepaid expenses and other current assets	215	249
Total current assets	3,554	3,362
Properties, plants, and equipment, net (L)	2,440	2,386
Goodwill	4,028	4,010
Deferred income taxes	32	35
Intangibles, net	470	475
Other noncurrent assets (M)	248	251
Total assets	10,772	10,519
Current liabilities:
Accounts payable, trade (P)	991	948
Accrued compensation and retirement costs	235	305
Taxes, including income taxes (G)	105	60
Accrued interest payable	32	59
Other current liabilities (M)(P)	178	171
Long-term debt due within one year (N)	7	6
Total current liabilities	1,548	1,549
Long-term debt (N)(O)	3,317	3,309
Accrued pension benefits (E)	625	625
Accrued other postretirement benefits (E)	54	54
Other noncurrent liabilities and deferred credits (M)	436	428
Total liabilities	5,980	5,965
Contingencies and commitments (P)
Howmet Aerospace shareholders’ equity:
Preferred stock	55	55
Common stock	404	405
Additional capital	3,095	3,206
Retained earnings	3,068	2,766
Accumulated other comprehensive loss (I)	(1,830)	(1,878)
Total equity	4,792	4,554
Total liabilities and equity	$ 10,772	$ 10,519

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Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Receivables from customers, allowances	$ 0	$ 0

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Statement of Consolidated Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net income	$ 344	$ 243
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization	69	67
Deferred income taxes	18	32
Restructuring and other (credits) charges	(4)	0
Net realized and unrealized losses	5	7
Net periodic pension cost (E)	10	10
Stock-based compensation	14	15
Other	3	1
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables (J)	(189)	(127)
Increase in inventories (K)	(49)	(31)
Decrease in prepaid expenses and other current assets	24	23
Increase in accounts payable, trade	58	22
Decrease in accrued expenses	(91)	(87)
Increase in taxes, including income taxes	60	15
Pension contributions	0	(2)
Increase in noncurrent assets	(1)	(2)
Decrease in noncurrent liabilities	(18)	(9)
Cash provided from operations	253	177
Financing Activities
Repurchases and payments on debt (N)	(1)	0
Repurchases of common stock	(125)	(150)
Proceeds from exercise of employee stock options	1	5
Dividends paid to shareholders	(42)	(21)
Taxes paid for net share settlement of equity awards	0	(12)
Cash used for financing activities	(167)	(178)
Investing Activities
Capital expenditures (C)	(119)	(82)
Proceeds from the sale of assets and businesses (D)	5	7
Other	(1)	0
Cash used for investing activities	(115)	(75)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	0
Net change in cash, cash equivalents and restricted cash	(28)	(76)
Cash, cash equivalents and restricted cash at beginning of period	565	610
Cash, cash equivalents and restricted cash at end of period	$ 537	$ 534

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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, 2023	$ 4,037		$ 55	$ 410	$ 3,682	$ 1,720		$ (1,830)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	243					243
Other comprehensive income (loss)	(31)							(31)
Cash dividends declared:
Preferred		$ (1)					$ (1)
Common	(20)					(20)
Repurchase and retirement of common stock (H)	(150)			(2)	(148)
Stock-based compensation	15				15
Common stock issued: compensation plans	(7)				(7)
Ending balance at Mar. 31, 2024	4,086		55	408	3,542	1,942		(1,861)
Beginning balance at Dec. 31, 2024	4,554		55	405	3,206	2,766		(1,878)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	344					344
Other comprehensive income (loss)	48							48
Cash dividends declared:
Preferred		$ (1)					$ (1)
Common	(41)					(41)
Repurchase and retirement of common stock (H)	(126)			(1)	(125)
Stock-based compensation	14				14
Ending balance at Mar. 31, 2025	$ 4,792		$ 55	$ 404	$ 3,095	$ 3,068		$ (1,830)

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Statement of Changes in Consolidated Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Common (in usd per share)	$ 0.10	$ 0.05
Preferred Class A
Preferred (in usd per share)	$ 0.9375	$ 0.9375

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Basis of Presentation

3 Months Ended

Mar. 31, 2025

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 2024 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, 2024 (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 three months ended March 31, 2025, the Company derived approximately 69% of its revenue from products sold to the commercial and defense aerospace markets. Aircraft production in the aerospace industry continues to grow based on increases in demand for new aircraft and engine spares. Despite the recent tariff announcements, we expect our aerospace demand to continue to grow, including engine spares. Aircraft backlogs are at record levels. Quality control issues at The Boeing Company (“Boeing”) have caused Boeing to produce aircraft at lower rates compared to historical pre-pandemic levels. Boeing has been gradually increasing its production rates, but rates are expected to remain lower than pre-pandemic levels in the near term. For instance, the Federal Aviation Administration stated that it will not approve production rate increases above 38 aircraft per month 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 had and are expected to 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.

Recent, ongoing changes in U.S. and international government policies, including executive orders on tariffs and retaliatory trade measures, is expected to impact the pricing of our products, disrupt supply chains, and increase our costs. The timing, extent, application, and level of tariffs by various governments and our ability to recover tariffs are subject to changes and uncertainties in all segments. While the tariff situation remains fluid, we expect to pass along the costs associated with tariffs to our customers in the form of a cost pass through mechanism. There may be a delay between an increase in our costs and our ability to recover the higher costs that could impact our margins.

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.

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Recently Adopted and Recently Issued Accounting Guidance

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Recently Adopted and Recently Issued Accounting Guidance

Recently Adopted and Recently Issued Accounting Guidance

Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance disclosures related to significant segment expenses and other matters related to reportable segments. These changes became effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this new disclosure is reflected in Note C of the Consolidated Financial Statements.

Issued

In November 2024, the FASB issued guidance to improve disclosures about an entity’s expenses including more detailed information about the components of expenses in commonly presented expense captions. These changes become effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements.

In December 2023, the FASB issued guidance to enhance the transparency of annual income tax disclosures including additional details on the rate reconciliation and taxes paid by jurisdiction. These changes are effective for 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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Segment Information

3 Months Ended

Mar. 31, 2025

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 Segment Adjusted EBITDA. The Company’s Chief Executive Officer, who has been determined to be our Chief Operating Decision Maker (“CODM”), believes that Segment Adjusted EBITDA provides information with respect to the Company’s operating performance and the Company’s ability to meet its financial obligations. Howmet’s definition of Segment Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation and amortization. Special items, including Restructuring and other (credits) charges, are excluded from net margin and Segment Adjusted EBITDA. The Company’s CODM considers forecast-to-actual variances for Segment Adjusted EBITDA when allocating resources across the Company’s reportable segments. 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, titanium 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
First quarter ended March 31, 2025
Sales:
Third-party sales	$	996	$	412	$	282	$	252	$	1,942
Inter-segment sales	2		—		3		—		5
Total sales	$	998	$	412	$	285	$	252	$	1,947
Expenses:
Segment Adjusted cost of goods sold(1)	$	648	$	256	$	217	$	174	$	1,295
Other segment items(2)	25		29		8		10		72
Profit and loss:
Segment Adjusted EBITDA	$	325	$	127	$	60	$	68	$	580
Restructuring and other (credits) charges	—		—		(4)		—		(4)
Provision for depreciation and amortization	34		12		12		10		68
Other:
Capital expenditures	$	86	$	10	$	5	$	15	$	116
Total assets	5,371		2,741		1,376		728		10,216
First quarter ended March 31, 2024
Sales:
Third-party sales	$	885	$	389	$	262	$	288	$	1,824
Inter-segment sales	2		—		1		—		3
Total sales	$	887	$	389	$	263	$	288	$	1,827
Expenses:
Segment Adjusted cost of goods sold(1)	$	610	$	268	$	216	$	195	$	1,289
Other segment items(2)	28		29		10		11		78
Profit and loss:
Segment Adjusted EBITDA	$	249	$	92	$	37	$	82	$	460
Provision for depreciation and amortization	33		11		11		10		65
Other:
Capital expenditures	$	55	$	7	$	6	$	12	$	80
Total assets	4,983		2,753		1,421		715		9,872

(1)Segment Adjusted cost of goods sold is exclusive of Provision for depreciation and amortization, Restructuring and other credits, and Corporate expenses.

(2)Other segment items includes Selling, general administrative, and other expenses, and Research and development expenses; exclusive of Provision for depreciation and amortization, and Restructuring and other credits.

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

	First quarter ended
	March 31,
	2025		2024
Total Segment Adjusted EBITDA	$	580	$	460
Segment provision for depreciation and amortization	(68)		(65)
Unallocated amounts:
Restructuring and other credits (charges)	4		—
Corporate expense	(22)		(26)
Operating income	$	494	$	369
Interest expense, net	(39)		(49)
Other expense, net	(9)		(17)
Income before income taxes	$	446	$	303

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

	First quarter ended
	March 31,
	2025		2024
Total segment capital expenditures	$	116	$	80
Corporate	3		2
Capital expenditures	$	119	$	82

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
First quarter ended March 31, 2025
Aerospace - Commercial	$	549	$	275	$	192	$	—	$	1,016
Aerospace - Defense	215		42		76		—		333
Commercial Transportation	—		53		—		252		305
Industrial and Other	232		42		14		—		288
Total end-market revenue	$	996	$	412	$	282	$	252	$	1,942
First quarter ended March 31, 2024
Aerospace - Commercial	$	492	$	244	$	192	$	—	$	928
Aerospace - Defense	185		39		56		—		280
Commercial Transportation	—		66		—		288		354
Industrial and Other	208		40		14		—		262
Total end-market revenue	$	885	$	389	$	262	$	288	$	1,824

The Company derived 69% and 66% of its revenue from the aerospace (commercial and defense) markets for the first quarter ended March 31, 2025 and 2024, 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. RTX Corporation and GE Aerospace represented approximately 11% and 10%, respectively, of the Company’s third-party sales in the first quarter ended March 31, 2025. General Electric Company and RTX Corporation represented approximately 12% and 9%, respectively, of the Company’s third-party sales in the first quarter ended March 31, 2024. These sales were primarily from the Engine Products segment.

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Restructuring and Other (Credits) Charges

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Other (Credits) Charges

Restructuring and Other (Credits) Charges

	First quarter ended
	March 31,
	2025		2024
Reversals of previously recorded layoff reserves	(1)		—
Net gain related to divestitures of assets and businesses	(3)		(1)
Other	—		1
Total restructuring and other (credits) charges	$	(4)	$	—

In the first quarter of 2025, the Company recorded Restructuring and other credits of $4, which were primarily due to a gain on the sale of assets at a small U.K. manufacturing facility in Engineered Structures of $3 and a reversal of $1 for a layoff reserve related to a prior period.

In the first quarter of 2024, the Company recorded Restructuring and other charges of less than $1, which were primarily due to a gain on the sale of assets at a small U.K. manufacturing facility in Engines Products of $1, partially offset by exit related costs, including accelerated depreciation, of $1.

	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2024	$	4	$	—	$	4
Cash payments	—		(1)		(1)
Restructuring credits	(1)		(3)		(4)
Other(1)	—		4		4
Reserve balances at March 31, 2025	$	3	$	—	$	3

(1)In the first quarter of 2025, other for other exit costs included a gain on the sale of assets at a small U.K. manufacturing facility in Engineered Structures of $3 and a gain on the sale of assets at a small U.K. manufacturing facility in Engine Products of $1.

The remaining reserves as of March 31, 2025 are expected to be paid in cash during the remainder of 2025.

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Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

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

	First quarter ended
	March 31,
	2025		2024
Pension benefits
Service cost	$	1	$	1
Interest cost	19		19
Expected return on plan assets	(17)		(18)
Recognized net actuarial loss	7		8
Net periodic cost(1)	$	10	$	10
Other postretirement benefits
Service cost	$	—	$	—
Interest cost	1		1
Recognized net actuarial gain	(2)		(1)
Amortization of prior service benefit	(2)		(2)
Net periodic benefit(1)	$	(3)	$	(2)

(1)Service cost was included within Cost of goods sold; all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations.

For the first quarter of 2025 and 2024, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $1 and $5, respectively.

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Other Expense, Net

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Other Expense, Net

Other Expense, Net

	First quarter ended
	March 31,
	2025		2024
Non-service costs - pension and other postretirement benefits (E)	$	6	$	7
Interest income	(4)		(5)
Foreign currency losses, net	—		3
Net realized and unrealized losses	5		7
Deferred compensation	2		5
Total other expense, net	$	9	$	17

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Income Taxes

3 Months Ended

Mar. 31, 2025

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 20.8% in the first quarter of 2025 and 21.7% in the first quarter of 2024. The 2025 rate was lower than the 2024 rate and the U.S. federal statutory rate of 21% primarily due to a U.S. deduction on Foreign Derived Intangible Income (“FDII”), a net benefit related to U.S. federal and state research and development credits, and a U.S. tax benefit recognized for foreign tax credits, partially offset by incremental state income tax, additional U.S. tax on Global Intangible Low-Taxed Income (“GILTI”) and other foreign earnings, nondeductible expenses, and foreign earnings subject to tax in jurisdictions with tax rates higher than the U.S. federal statutory rate of 21%. The 2024 rate was higher than the U.S. federal statutory rate of 21% primarily due to additional U.S. tax on GILTI and other foreign earnings, incremental state income tax, nondeductible expenses, and foreign earnings subject to tax in jurisdictions with tax rates higher than the U.S. federal statutory rate of 21%.

For the first quarter of 2025 and 2024, the tax rate including discrete items was 22.9% and 19.8%, respectively. In the first quarter of 2025, the Company recorded a discrete net tax charge of $9 attributable to a $6 net charge related to the expiration of a tax holiday in China, a $2 charge for a tax reserve established in Germany, and a net tax charge of $1 for other small items. In the first quarter of 2024, the Company recorded a discrete net tax benefit of $7 attributable to a $6 benefit to release a valuation allowance related to U.S. foreign tax credits and a net tax benefit of $1 for other small items.

The tax provision was comprised of the following:

	First quarter ended
	March 31,
	2025		2024
Pre-tax income at estimated annual effective income tax rate before discrete items	$	93	$	66
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	—		1
Other discrete items	9		(7)
Provision for income taxes	$	102	$	60

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Earnings Per Share and Common Stock

3 Months Ended

Mar. 31, 2025

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):

	First quarter ended
	March 31,
	2025		2024
Net income	$	344	$	243
Less: preferred stock dividends declared	1		1
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	343	$	242
Average shares outstanding - basic	405		410
Effect of dilutive securities:
Stock and performance awards	2		2
Average shares outstanding - diluted	407		412

Common stock outstanding as of March 31, 2025 and 2024 was 404 million and 408 million, respectively.

In the quarter ended March 31, 2025, the Company repurchased approximately 1.0 million shares of its common stock at an average price of $124.24 per share (excluding commissions cost) for approximately $125 in cash. In the quarter ended March 31, 2024, the Company repurchased approximately 2.2 million shares of its common stock at an average price of $66.87 per share (excluding commissions cost) for approximately $150 in cash. All of the shares repurchased have been retired.

The Company has a share repurchase program (the “Share Repurchase Program”) that, after giving effect to the additional $100 share repurchases made in April 2025 at an average price per share of $125.61, retiring approximately 0.8 million shares, has approximately $1,972 in Board authorization remaining available as of April 30, 2025. The current Share Repurchase Program was authorized by the Company’s Board of Directors on August 18, 2021 at $1,500, which was increased by the Board by $2,000 on July 30, 2024. Under the Company’s Share Repurchase Program, the Company may repurchase shares by means of trading plans established from time to time in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, block trades, private transactions, open market repurchases and/or accelerated share repurchase agreements, or other derivative transactions. There is no stated expiration for the Share Repurchase Program. Under its Share Repurchase Program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time, and the Share Repurchase Program may be suspended, modified, or terminated at any time without prior notice.

As average shares outstanding are used in the calculation for both basic and diluted EPS, the full impact of share repurchases and issuances is 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 first quarter ended March 31, 2025 and 2024.

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2025

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:

	First quarter ended
	March 31,
	2025		2024
Pension and other postretirement benefits (E)
Balance at beginning of period	$	(672)	$	(689)
Other comprehensive (loss) income:
Unrecognized net actuarial loss and prior service benefit	(1)		(1)
Tax benefit	1		—
Total Other comprehensive loss before reclassifications, net of tax	—		(1)
Amortization of net actuarial loss and prior service benefit(1)	3		5
Tax expense(2)	—		(1)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	3		4
Total Other comprehensive income	3		3
Balance at end of period	$	(669)	$	(686)
Foreign currency translation
Balance at beginning of period	$	(1,207)	$	(1,136)
Other comprehensive income (loss)(4)	45		(37)
Balance at end of period	$	(1,162)	$	(1,173)
Cash flow hedges
Balance at beginning of period	$	1	$	(5)
Other comprehensive (loss) income:
Net change from periodic revaluations	(1)		(1)
Tax benefit	—		—
Total Other comprehensive loss before reclassifications, net of tax	(1)		(1)
Net amount reclassified to earnings(5)	2		5
Tax expense(2)	(1)		(1)
Total amount reclassified from Accumulated other comprehensive income (loss), net of tax(3)	1		4
Total Other comprehensive income	—		3
Balance at end of period	$	1	$	(2)
Accumulated other comprehensive loss	$	(1,830)	$	(1,861)

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

(2)These amounts were included in Provision for income taxes (See Note G) in the Statement of Consolidated Operations.

(3)A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings.

(4)In all periods presented, no amounts were reclassified to earnings.

(5)These amounts were recorded in Cost of goods sold in the Statement of Consolidated Operations.

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Receivables

3 Months Ended

Mar. 31, 2025

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 first quarter of 2025 or 2024.

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 facility limit to $325.

The facility limit under the Receivables Purchase Agreement was $250 as of both March 31, 2025 and December 31, 2024, of which $250 was drawn as of both March 31, 2025 and December 31, 2024. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which were $297 and $201 as of March 31, 2025 and December 31, 2024, respectively.

The Company sold $470 and $413 of its receivables without recourse and received cash funding under this program during the first quarter of 2025 and 2024, 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 in Other expense, net 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 first quarter of 2025 and 2024, the Company sold certain customers’ receivables without recourse of $183 and $171, respectively, in exchange for cash (of which $192 and $169 was outstanding from customers as of March 31, 2025 and March 31, 2024, respectively). The Company has no continuing involvement in the aforementioned amounts sold or outstanding, resulting in the derecognition of the receivables from the Company’s Consolidated Balance Sheet. The net proceeds are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows and the costs associated with the sales of receivables are reflected in the Company’s Statement of Consolidated Operations in Other expense, net for the periods in which the sales occur.

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Inventories

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories

	March 31, 2025		December 31, 2024
Finished goods	$	467	$	458
Work-in-process	948		903
Purchased raw materials	417		408
Operating supplies	70		71
Total inventories	$	1,902	$	1,840

As of March 31, 2025 and December 31, 2024, the portion of inventories valued on a last-in, first-out (“LIFO”) basis was $566 and $544, respectively. If valued on an average-cost basis, total inventories would have been $282 and $280 higher as of March 31, 2025 and December 31, 2024, respectively.

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Properties, Plants, and Equipment, net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Properties, Plants, and Equipment, net

Properties, Plants, and Equipment, net

	March 31, 2025		December 31, 2024
Land and land rights	$	84	$	84
Structures	1,044		1,025
Machinery and equipment	4,194		4,118
	5,322		5,227
Less: accumulated depreciation and amortization	3,217		3,150
	2,105		2,077
Construction work-in-progress	335		309
Properties, plants, and equipment, net	$	2,440	$	2,386

The Company incurred capital expenditures which remained unpaid as of March 31, 2025 and March 31, 2024 of $77 and $38, respectively, which will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods.

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Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Leases

Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $17 and $16 in the first quarter of 2025 and 2024, respectively.

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

	March 31, 2025		December 31, 2024
Right-of-use assets classified in Other noncurrent assets	$	158	$	155
Current portion of lease liabilities classified in Other current liabilities	$	39	$	37
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	120		119
Total lease liabilities	$	159	$	156

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Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

	March 31, 2025		December 31, 2024
USD Term Loan Facility, due 2026(1)(2)	139		140
JPY Term Loan Facility, due 2026(2)	197		188
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
3.000% Notes, due 2029	700		700
4.850% Notes, due 2031(3)	500		500
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Other, net(4)	(12)		(13)
	3,324		3,315
Less: amount due within one year	7		6
Total long-term debt	$	3,317	$	3,309

(1)The Company made its first quarterly repayment of a portion of the outstanding principal amount under the USD Term Loan Facility in accordance with the provisions of the applicable term loan agreement.

(2)The Company entered into interest rate swaps to exchange the floating interest rates of the term loan facilities to fixed interest rates. Based on the Company’s current long-term debt ratings, the interest rate on the USD Term Loan Facility was 5.545% and 5.670% and the interest rate on the JPY Term Loan Facility was 1.794% and 1.919% as of March 31, 2025 and December 31, 2024, respectively.

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

(4)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.

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 March 31, 2025 and December 31, 2024, 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 $139 and $140 as of March 31, 2025 and December 31, 2024, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥29,702 million ($197) and ¥29,702 million ($188) as of March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants under the Credit Agreement.

There were no amounts outstanding under the Credit Agreement as of March 31, 2025 or December 31, 2024, and no amounts were borrowed during 2025 or 2024 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 March 31, 2025 or December 31, 2024.

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

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 aforementioned derivatives are included in Prepaid expenses and other current assets, Other noncurrent assets, Other current liabilities, and Other noncurrent liabilities and deferred credits in the Consolidated Balance sheet, as applicable. The Company holds exchange-traded fixed income securities which are considered available-for-sale securities and are carried at fair value based on quoted market prices. The aforementioned securities are classified in Level 1 of the fair value hierarchy and are included in Other noncurrent assets in the Consolidated Balance Sheet. The fair value of Long-term debt, less amount due within one year, was based on quoted market prices for public debt and on interest rates that are currently available to Howmet for issuance of debt with similar terms and maturities for non-public debt. The fair value amounts for all Long-term debt were classified in Level 2 of the fair value hierarchy.

	March 31, 2025				December 31, 2024
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt	$	3,317	$	3,338	$	3,309	$	3,298

Restricted cash, which is included in Prepaid expenses and other current assets in the Consolidated Balance Sheet, was less than $1 and $1 as of March 31, 2025 and December 31, 2024, respectively.

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Contingencies, Commitments and Other Liabilities

3 Months Ended

Mar. 31, 2025

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 $16 and $19 as of March 31, 2025 and December 31, 2024, respectively, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $7 and $10, respectively, was classified as a current liability), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. Payments related to remediation expenses applied against the reserve were $3 and $1 in the first quarter of 2025 and 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 estimated additional interest to be $2 (€2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. That decision upheld the assessment of $10 (€9 million) of tax and interest, while cancelling the penalties of $7 (€7 million) and remanding the penalty assessment issue to the Paris Administrative Court of Appeal for reexamination. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties.

In 2023, the Company recorded an income tax reserve in Provision for income taxes in the Statement of Consolidated Operations of $21 (€19 million), which includes tax, estimated interest and penalties, for the 2010 through 2012 tax years, as well as the remaining tax years open for reassessment (2020-2023). In accordance with FTA dispute resolution practices, the Company paid the assessment amount including tax, interest, and penalties, to the FTA in December 2023. The Company is expecting to pay the additional interest related to the assessment in 2025. The Company also paid the estimated tax related to the 2020-2023 tax years in 2023. As of the third quarter of 2024, the Company no longer recorded an uncertain tax position related to the tax and interest assessed. In October 2024, the Company received a refund of the penalties that were remanded. We will continue to record an income tax reserve for penalties determined more than likely to be upheld, until the uncertain tax position is settled.

Indemnified Matters. The Separation and Distribution Agreement, dated October 31, 2016, that the Company entered into with Alcoa Corporation in connection with its separation from Alcoa Corporation, and 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, provide for cross-indemnities for claims subject to indemnification between the Company and Alcoa Corporation and between the Company and Arconic Corporation, respectively. To date, Alcoa Corporation and Arconic Corporation have fulfilled their respective indemnification obligations to the Company, and claims subject to indemnification by Alcoa Corporation or Arconic Corporation have not impacted the Company financially. Among other claims that are covered by these indemnities, Arconic Corporation indemnifies the Company (previously named Arconic Inc. and, prior to that, Alcoa Inc.) for all potential liabilities associated with the fire that occurred at the Grenfell Tower in London, U.K. on June 14, 2017, including the following legal proceedings, as updated from the Form 10-K:

United Kingdom Litigation (various claims on behalf of survivors and estates of decedents). The substantial majority of these suits were settled pursuant to the terms of a confidential settlement agreement and are discontinued and closed. The claimants in the remaining suits are mediating their claims with the defendants. On June 21, 2024, the Company was joined as a party to proceedings initiated by the Royal Borough of Kensington and Chelsea (RBKC) and Chelsea Tenant Management Organisation Ltd. (KCTMO) that are currently pending against AAP SAS and Whirlpool. On February 14, 2025, RBKC and KCTMO served their Particulars of Claim and Schedule of Loss on defendants. Defenses and contribution claims must be filed by July 18, 2025. A case management conference is scheduled for December 8, 2025.

Raul v. Albaugh, et al. (derivative related claim). On October 22, 2024, the parties executed a settlement term sheet that set forth the material terms and conditions associated with the resolution of this derivative action. On October 28, 2024, November 27, 2024, January 27, 2025, and March 28, 2025, the parties filed a joint status report regarding this development. On March 31, 2025, the court ordered that the parties file a joint status report or a stipulation of dismissal on or before May 12, 2025. The parties plan to enter into a formal, final Stipulation of Settlement in the near term, which will be presented to the court for approval. The settlement term sheet had no material impact on the results of operations.

With respect to the regulatory investigations in the U.K. described in the Form 10-K, there are no updates.

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 March 31, 2025, Howmet had outstanding bank guarantees related to plant expansion, customs duties, rental, and environmental obligations. The total amount committed under these guarantees, which expire at various dates between 2025 and 2027, was $6 as of March 31, 2025.

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 both March 31, 2025 and December 31, 2024, relates to a long-term energy supply agreement that expires in 2047 at an Alcoa Corporation facility, for which the Company is secondarily liable in the event of a payment default by Alcoa Corporation. If the Company incurs any liability under this guarantee, Arconic Corporation is obligated to indemnify the Company for 50% of such liability. The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be remote. The Company is required to provide a guarantee up to an estimated present value amount of approximately $1,121 as of both March 31, 2025 and December 31, 2024 in the event of an Alcoa Corporation default. In the fourth quarter of 2024, 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, insurance obligations and tax matters. The total amount committed under these letters of credit, which automatically renew or expire at various dates, primarily in 2025 and 2026, was $81 as of March 31, 2025.

Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company is required to retain letters of credit of $48, which are included in the $81 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 and Alcoa Corporation environmental obligations and, as a result, the Company has $9 of outstanding letters of credit relating to such liabilities, which are also included in the $81 in the above paragraph. The Company reduced the balance of these environmental obligations’ letters of credit by approximately $8 as of March 31, 2025.

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 2025 and 2026, was $45 as of March 31, 2025.

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 $45 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. 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 approximately 120 days of the invoice date. As of March 31, 2025 and December 31, 2024, supplier invoices that are subject to future payment under these programs were $264 and $268, respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet.

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Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Management evaluated all activity of Howmet and concluded that no subsequent events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements, except as noted below:

See Note H regarding share repurchases made in April 2025.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 344	$ 243

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2025

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 2024 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, 2024 (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 three months ended March 31, 2025, the Company derived approximately 69% of its revenue from products sold to the commercial and defense aerospace markets. Aircraft production in the aerospace industry continues to grow based on increases in demand for new aircraft and engine spares. Despite the recent tariff announcements, we expect our aerospace demand to continue to grow, including engine spares. Aircraft backlogs are at record levels. Quality control issues at The Boeing Company (“Boeing”) have caused Boeing to produce aircraft at lower rates compared to historical pre-pandemic levels. Boeing has been gradually increasing its production rates, but rates are expected to remain lower than pre-pandemic levels in the near term. For instance, the Federal Aviation Administration stated that it will not approve production rate increases above 38 aircraft per month 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 had and are expected to 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.

Recent, ongoing changes in U.S. and international government policies, including executive orders on tariffs and retaliatory trade measures, is expected to impact the pricing of our products, disrupt supply chains, and increase our costs. The timing, extent, application, and level of tariffs by various governments and our ability to recover tariffs are subject to changes and uncertainties in all segments. While the tariff situation remains fluid, we expect to pass along the costs associated with tariffs to our customers in the form of a cost pass through mechanism. There may be a delay between an increase in our costs and our ability to recover the higher costs that could impact our margins.

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 November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance disclosures related to significant segment expenses and other matters related to reportable segments. These changes became effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this new disclosure is reflected in Note C of the Consolidated Financial Statements.

Issued

In November 2024, the FASB issued guidance to improve disclosures about an entity’s expenses including more detailed information about the components of expenses in commonly presented expense captions. These changes become effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements.

In December 2023, the FASB issued guidance to enhance the transparency of annual income tax disclosures including additional details on the rate reconciliation and taxes paid by jurisdiction. These changes are effective for 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.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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
First quarter ended March 31, 2025
Sales:
Third-party sales	$	996	$	412	$	282	$	252	$	1,942
Inter-segment sales	2		—		3		—		5
Total sales	$	998	$	412	$	285	$	252	$	1,947
Expenses:
Segment Adjusted cost of goods sold(1)	$	648	$	256	$	217	$	174	$	1,295
Other segment items(2)	25		29		8		10		72
Profit and loss:
Segment Adjusted EBITDA	$	325	$	127	$	60	$	68	$	580
Restructuring and other (credits) charges	—		—		(4)		—		(4)
Provision for depreciation and amortization	34		12		12		10		68
Other:
Capital expenditures	$	86	$	10	$	5	$	15	$	116
Total assets	5,371		2,741		1,376		728		10,216
First quarter ended March 31, 2024
Sales:
Third-party sales	$	885	$	389	$	262	$	288	$	1,824
Inter-segment sales	2		—		1		—		3
Total sales	$	887	$	389	$	263	$	288	$	1,827
Expenses:
Segment Adjusted cost of goods sold(1)	$	610	$	268	$	216	$	195	$	1,289
Other segment items(2)	28		29		10		11		78
Profit and loss:
Segment Adjusted EBITDA	$	249	$	92	$	37	$	82	$	460
Provision for depreciation and amortization	33		11		11		10		65
Other:
Capital expenditures	$	55	$	7	$	6	$	12	$	80
Total assets	4,983		2,753		1,421		715		9,872

(1)Segment Adjusted cost of goods sold is exclusive of Provision for depreciation and amortization, Restructuring and other credits, and Corporate expenses.

(2)Other segment items includes Selling, general administrative, and other expenses, and Research and development expenses; exclusive of Provision for depreciation and amortization, and Restructuring and other credits.

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.

	First quarter ended
	March 31,
	2025		2024
Total Segment Adjusted EBITDA	$	580	$	460
Segment provision for depreciation and amortization	(68)		(65)
Unallocated amounts:
Restructuring and other credits (charges)	4		—
Corporate expense	(22)		(26)
Operating income	$	494	$	369
Interest expense, net	(39)		(49)
Other expense, net	(9)		(17)
Income before income taxes	$	446	$	303

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.

	First quarter ended
	March 31,
	2025		2024
Total segment capital expenditures	$	116	$	80
Corporate	3		2
Capital expenditures	$	119	$	82

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
First quarter ended March 31, 2025
Aerospace - Commercial	$	549	$	275	$	192	$	—	$	1,016
Aerospace - Defense	215		42		76		—		333
Commercial Transportation	—		53		—		252		305
Industrial and Other	232		42		14		—		288
Total end-market revenue	$	996	$	412	$	282	$	252	$	1,942
First quarter ended March 31, 2024
Aerospace - Commercial	$	492	$	244	$	192	$	—	$	928
Aerospace - Defense	185		39		56		—		280
Commercial Transportation	—		66		—		288		354
Industrial and Other	208		40		14		—		262
Total end-market revenue	$	885	$	389	$	262	$	288	$	1,824

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Restructuring and Other (Credits) Charges (Tables)

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other (Credits) Charges

	First quarter ended
	March 31,
	2025		2024
Reversals of previously recorded layoff reserves	(1)		—
Net gain related to divestitures of assets and businesses	(3)		(1)
Other	—		1
Total restructuring and other (credits) charges	$	(4)	$	—

Schedule of Activity and Reserve Balances for Restructuring Charges

	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2024	$	4	$	—	$	4
Cash payments	—		(1)		(1)
Restructuring credits	(1)		(3)		(4)
Other(1)	—		4		4
Reserve balances at March 31, 2025	$	3	$	—	$	3

(1)In the first quarter of 2025, other for other exit costs included a gain on the sale of assets at a small U.K. manufacturing facility in Engineered Structures of $3 and a gain on the sale of assets at a small U.K. manufacturing facility in Engine Products of $1.

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Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Cost (Benefit)

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

	First quarter ended
	March 31,
	2025		2024
Pension benefits
Service cost	$	1	$	1
Interest cost	19		19
Expected return on plan assets	(17)		(18)
Recognized net actuarial loss	7		8
Net periodic cost(1)	$	10	$	10
Other postretirement benefits
Service cost	$	—	$	—
Interest cost	1		1
Recognized net actuarial gain	(2)		(1)
Amortization of prior service benefit	(2)		(2)
Net periodic benefit(1)	$	(3)	$	(2)

(1)Service cost was included within Cost of goods sold; all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations.

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Other Expense, Net (Tables)

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Schedule of Other Expense, Net

	First quarter ended
	March 31,
	2025		2024
Non-service costs - pension and other postretirement benefits (E)	$	6	$	7
Interest income	(4)		(5)
Foreign currency losses, net	—		3
Net realized and unrealized losses	5		7
Deferred compensation	2		5
Total other expense, net	$	9	$	17

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provisions

The tax provision was comprised of the following:

	First quarter ended
	March 31,
	2025		2024
Pre-tax income at estimated annual effective income tax rate before discrete items	$	93	$	66
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	—		1
Other discrete items	9		(7)
Provision for income taxes	$	102	$	60

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Earnings Per Share and Common Stock (Tables)

3 Months Ended

Mar. 31, 2025

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):

	First quarter ended
	March 31,
	2025		2024
Net income	$	344	$	243
Less: preferred stock dividends declared	1		1
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	343	$	242
Average shares outstanding - basic	405		410
Effect of dilutive securities:
Stock and performance awards	2		2
Average shares outstanding - diluted	407		412

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2025

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:

	First quarter ended
	March 31,
	2025		2024
Pension and other postretirement benefits (E)
Balance at beginning of period	$	(672)	$	(689)
Other comprehensive (loss) income:
Unrecognized net actuarial loss and prior service benefit	(1)		(1)
Tax benefit	1		—
Total Other comprehensive loss before reclassifications, net of tax	—		(1)
Amortization of net actuarial loss and prior service benefit(1)	3		5
Tax expense(2)	—		(1)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)	3		4
Total Other comprehensive income	3		3
Balance at end of period	$	(669)	$	(686)
Foreign currency translation
Balance at beginning of period	$	(1,207)	$	(1,136)
Other comprehensive income (loss)(4)	45		(37)
Balance at end of period	$	(1,162)	$	(1,173)
Cash flow hedges
Balance at beginning of period	$	1	$	(5)
Other comprehensive (loss) income:
Net change from periodic revaluations	(1)		(1)
Tax benefit	—		—
Total Other comprehensive loss before reclassifications, net of tax	(1)		(1)
Net amount reclassified to earnings(5)	2		5
Tax expense(2)	(1)		(1)
Total amount reclassified from Accumulated other comprehensive income (loss), net of tax(3)	1		4
Total Other comprehensive income	—		3
Balance at end of period	$	1	$	(2)
Accumulated other comprehensive loss	$	(1,830)	$	(1,861)

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

(2)These amounts were included in Provision for income taxes (See Note G) in the Statement of Consolidated Operations.

(3)A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings.

(4)In all periods presented, no amounts were reclassified to earnings.

(5)These amounts were recorded in Cost of goods sold in the Statement of Consolidated Operations.

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Inventories (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories Components

	March 31, 2025		December 31, 2024
Finished goods	$	467	$	458
Work-in-process	948		903
Purchased raw materials	417		408
Operating supplies	70		71
Total inventories	$	1,902	$	1,840

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Properties, Plants, and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Properties, Plants, and Equipment, Net

	March 31, 2025		December 31, 2024
Land and land rights	$	84	$	84
Structures	1,044		1,025
Machinery and equipment	4,194		4,118
	5,322		5,227
Less: accumulated depreciation and amortization	3,217		3,150
	2,105		2,077
Construction work-in-progress	335		309
Properties, plants, and equipment, net	$	2,440	$	2,386

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Leases (Tables)

3 Months Ended

Mar. 31, 2025

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:

	March 31, 2025		December 31, 2024
Right-of-use assets classified in Other noncurrent assets	$	158	$	155
Current portion of lease liabilities classified in Other current liabilities	$	39	$	37
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	120		119
Total lease liabilities	$	159	$	156

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Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

	March 31, 2025		December 31, 2024
USD Term Loan Facility, due 2026(1)(2)	139		140
JPY Term Loan Facility, due 2026(2)	197		188
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
3.000% Notes, due 2029	700		700
4.850% Notes, due 2031(3)	500		500
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Other, net(4)	(12)		(13)
	3,324		3,315
Less: amount due within one year	7		6
Total long-term debt	$	3,317	$	3,309

(1)The Company made its first quarterly repayment of a portion of the outstanding principal amount under the USD Term Loan Facility in accordance with the provisions of the applicable term loan agreement.

(2)The Company entered into interest rate swaps to exchange the floating interest rates of the term loan facilities to fixed interest rates. Based on the Company’s current long-term debt ratings, the interest rate on the USD Term Loan Facility was 5.545% and 5.670% and the interest rate on the JPY Term Loan Facility was 1.794% and 1.919% as of March 31, 2025 and December 31, 2024, respectively.

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

(4)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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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Financial Instruments

	March 31, 2025				December 31, 2024
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt	$	3,317	$	3,338	$	3,309	$	3,298

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Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2025
Aerospace - Commercial | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	69.00%

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Segment Information - Narrative (Details) - segment	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Number of reportable segments	4
Revenue Benchmark | Product Concentration Risk | Aerospace
Segment Reporting Information [Line Items]
Concentration risk, percentage	69.00%	66.00%
Revenue Benchmark | Customer Concentration Risk | General Electric Company
Segment Reporting Information [Line Items]
Concentration risk, percentage	10.00%	12.00%
Revenue Benchmark | Customer Concentration Risk | RTX Corporation
Segment Reporting Information [Line Items]
Concentration risk, percentage	11.00%	9.00%

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Segment Information - Operating Results of Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Sales	$ 1,942	$ 1,824
Restructuring and other (credits) charges	(4)	0
Provision for depreciation and amortization	69	67
Capital expenditures	119	82
Total assets	10,772		$ 10,519
Engine Products
Segment Reporting Information [Line Items]
Sales	996	885
Fastening Systems
Segment Reporting Information [Line Items]
Sales	412	389
Engineered Structures
Segment Reporting Information [Line Items]
Sales	282	262
Forged Wheels
Segment Reporting Information [Line Items]
Sales	252	288
Inter-segment sales
Segment Reporting Information [Line Items]
Sales	5	3
Inter-segment sales | Engine Products
Segment Reporting Information [Line Items]
Sales	2	2
Inter-segment sales | Fastening Systems
Segment Reporting Information [Line Items]
Sales	0	0
Inter-segment sales | Engineered Structures
Segment Reporting Information [Line Items]
Sales	3	1
Inter-segment sales | Forged Wheels
Segment Reporting Information [Line Items]
Sales	0	0
Total segment
Segment Reporting Information [Line Items]
Sales	1,947	1,827
Segment Adjusted cost of goods sold	1,295	1,289
Other segment items	72	78
Segment Adjusted EBITDA	580	460
Restructuring and other (credits) charges	(4)
Provision for depreciation and amortization	68	65
Capital expenditures	116	80
Total assets	10,216	9,872
Total segment | Engine Products
Segment Reporting Information [Line Items]
Sales	998	887
Segment Adjusted cost of goods sold	648	610
Other segment items	25	28
Segment Adjusted EBITDA	325	249
Restructuring and other (credits) charges	0
Provision for depreciation and amortization	34	33
Capital expenditures	86	55
Total assets	5,371	4,983
Total segment | Fastening Systems
Segment Reporting Information [Line Items]
Sales	412	389
Segment Adjusted cost of goods sold	256	268
Other segment items	29	29
Segment Adjusted EBITDA	127	92
Restructuring and other (credits) charges	0
Provision for depreciation and amortization	12	11
Capital expenditures	10	7
Total assets	2,741	2,753
Total segment | Engineered Structures
Segment Reporting Information [Line Items]
Sales	285	263
Segment Adjusted cost of goods sold	217	216
Other segment items	8	10
Segment Adjusted EBITDA	60	37
Restructuring and other (credits) charges	(4)
Provision for depreciation and amortization	12	11
Capital expenditures	5	6
Total assets	1,376	1,421
Total segment | Forged Wheels
Segment Reporting Information [Line Items]
Sales	252	288
Segment Adjusted cost of goods sold	174	195
Other segment items	10	11
Segment Adjusted EBITDA	68	82
Restructuring and other (credits) charges	0
Provision for depreciation and amortization	10	10
Capital expenditures	15	12
Total assets	$ 728	$ 715

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Segment Information - Segment Operating Profit to Consolidated Income before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Provision for depreciation and amortization	$ (69)	$ (67)
Restructuring and other charges	4	0
Operating income	494	369
Interest expense, net	(39)	(49)
Other expense, net	(9)	(17)
Income before income taxes	446	303
Total segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	580	460
Provision for depreciation and amortization	(68)	(65)
Restructuring and other charges	4
Corporate expense
Segment Reporting Information [Line Items]
Restructuring and other charges	4	0
Corporate expense	$ (22)	$ (26)

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Segment Information - Reconciliation of Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Capital expenditures	$ 119	$ 82
Total segment
Segment Reporting Information [Line Items]
Capital expenditures	116	80
Corporate
Segment Reporting Information [Line Items]
Capital expenditures	$ 3	$ 2

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Segment Information - Disaggregation of Revenue by Major End Market Served (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue, Major Customer [Line Items]
Sales	$ 1,942	$ 1,824
Engine Products
Revenue, Major Customer [Line Items]
Sales	996	885
Fastening Systems
Revenue, Major Customer [Line Items]
Sales	412	389
Engineered Structures
Revenue, Major Customer [Line Items]
Sales	282	262
Forged Wheels
Revenue, Major Customer [Line Items]
Sales	252	288
Aerospace - Commercial
Revenue, Major Customer [Line Items]
Sales	1,016	928
Aerospace - Commercial | Engine Products
Revenue, Major Customer [Line Items]
Sales	549	492
Aerospace - Commercial | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	275	244
Aerospace - Commercial | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	192	192
Aerospace - Commercial | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	0	0
Aerospace - Defense
Revenue, Major Customer [Line Items]
Sales	333	280
Aerospace - Defense | Engine Products
Revenue, Major Customer [Line Items]
Sales	215	185
Aerospace - Defense | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	42	39
Aerospace - Defense | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	76	56
Aerospace - Defense | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	0	0
Commercial Transportation
Revenue, Major Customer [Line Items]
Sales	305	354
Commercial Transportation | Engine Products
Revenue, Major Customer [Line Items]
Sales	0	0
Commercial Transportation | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	53	66
Commercial Transportation | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	0	0
Commercial Transportation | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	252	288
Industrial and Other
Revenue, Major Customer [Line Items]
Sales	288	262
Industrial and Other | Engine Products
Revenue, Major Customer [Line Items]
Sales	232	208
Industrial and Other | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	42	40
Industrial and Other | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	14	14
Industrial and Other | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	$ 0	$ 0

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Restructuring and Other (Credits) Charges - Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Reversals of previously recorded layoff reserves	$ (1)	$ 0
Net gain related to divestitures of assets and businesses	(3)	(1)
Other	0	1
Total restructuring and other (credits) charges	$ (4)	$ 0

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Restructuring and Other (Credits) Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and other (credits) charges	$ (4)	$ 0
Reversal of previously recorded layoff reserve	1	0
Restructuring and other (credits) charges (less than)		1
Layoff costs		1
UK
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets	$ 3	$ 1

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Restructuring and Other (Credits) Charges - Activity and Reserve Balances for Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 4
Cash payments	(1)
Restructuring credits	(4)
Other	4
Restructuring reserve, ending balance	3
UK
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets	3	$ 1
UK | Engineered Structures
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets	3
UK | Engine Products
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets	1
Layoff costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	4
Cash payments	0
Restructuring credits	(1)
Other	0
Restructuring reserve, ending balance	3
Other exit costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Cash payments	(1)
Restructuring credits	(3)
Other	4
Restructuring reserve, ending balance	$ 0

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Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	19	19
Expected return on plan assets	(17)	(18)
Recognized net actuarial (gain) loss	7	8
Net periodic cost (benefit)	10	10
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	1	1
Recognized net actuarial (gain) loss	(2)	(1)
Amortization of prior service benefit	(2)	(2)
Net periodic cost (benefit)	$ (3)	$ (2)

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Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Retirement Benefits [Abstract]
Contributions and payments	$ 1	$ 5

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Other Expense, Net - Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Other Income and Expenses [Abstract]
Non-service costs - pension and other postretirement benefits (E)	$ 6	$ 7
Interest income	(4)	(5)
Foreign currency losses, net	0	3
Net realized and unrealized losses	5	7
Deferred compensation	2	5
Total other expense, net	$ 9	$ 17

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation before discrete items (as a percent)	20.80%	21.70%
Effective income tax rate reconciliation (as a percent)	22.90%	19.80%
Discrete net tax charge (benefit)	$ 9	$ (7)
Net charge related to expiration of tax holiday in China	6
Charge for foreign tax reserve	2
Charge (benefit) for other small items	$ 1	(1)
Benefit related to release of valuation allowance		$ 6

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Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Pre-tax income at estimated annual effective income tax rate before discrete items	$ 93	$ 66
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	0	1
Other discrete items	9	(7)
Provision for income taxes	$ 102	$ 60

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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
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net income	$ 344	$ 243
Less: preferred stock dividends declared	1	1
Net income available to Howmet Aerospace common shareholders - basic	343	242
Net income available to Howmet Aerospace common shareholders - diluted	$ 343	$ 242
Average shares outstanding - basic (in shares)	405	410
Effect of dilutive securities:
Stock and performance awards (in shares)	2	2
Average shares outstanding - diluted (in shares)	407	412

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Earnings Per Share and Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2025	Mar. 31, 2025	Mar. 31, 2024	Jul. 30, 2024	Aug. 18, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock outstanding (in shares)		404,000,000	408,000,000
Share repurchased (in shares)		1,000,000	2,200,000
Average price per share (in usd per share)		$ 124.24	$ 66.87
Value of shares repurchased		$ 125	$ 150
Authorized repurchase amount				$ 2,000	$ 1,500
Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Average price per share (in usd per share)	$ 125.61
Value of shares repurchased	$ 100
Stock repurchased (in shares)	800,000
Remaining authorized repurchase amount	$ 1,972
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)		0	0

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Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,554	$ 4,037
Other comprehensive (loss) income:
Total Other comprehensive income (loss), net of tax	48	(31)
Ending balance	4,792	4,086
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,878)	(1,830)
Other comprehensive (loss) income:
Total Other comprehensive income (loss), net of tax	48	(31)
Ending balance	(1,830)	(1,861)
Pension and other postretirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(672)	(689)
Other comprehensive (loss) income:
Unrecognized net actuarial loss and prior service benefit and net change from periodic revaluations	(1)	(1)
Tax benefit	1	0
Total Other comprehensive loss before reclassifications, net of tax	0	(1)
Amortization of net actuarial loss and prior service cost and net amount reclassified to earnings	3	5
Tax expense	0	(1)
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax	3	4
Total Other comprehensive income (loss), net of tax	3	3
Ending balance	(669)	(686)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,207)	(1,136)
Other comprehensive (loss) income:
Total Other comprehensive income (loss), net of tax	45	(37)
Ending balance	(1,162)	(1,173)
Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1	(5)
Other comprehensive (loss) income:
Unrecognized net actuarial loss and prior service benefit and net change from periodic revaluations	(1)	(1)
Tax benefit	0	0
Total Other comprehensive loss before reclassifications, net of tax	(1)	(1)
Amortization of net actuarial loss and prior service cost and net amount reclassified to earnings	2	5
Tax expense	(1)	(1)
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax	1	4
Total Other comprehensive income (loss), net of tax	0	3
Ending balance	$ 1	$ (2)

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Receivables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Certain Customers
Schedule Of Financial Receivables [Line Items]
Accounts receivables sold	$ 183	$ 171
Accounts receivable outstanding	192	169
Receivables Purchase Agreement
Schedule Of Financial Receivables [Line Items]
Accounts receivable securitization following a provision to increase the limit	325
Accounts receivable securitization	250		$ 250
Accounts receivable securitization amount drawn	250		250
Financing receivables, held as collateral	297		$ 201
Accounts receivables sold	$ 470	$ 413

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Inventories - Inventories Components (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Finished goods	$ 467	$ 458
Work-in-process	948	903
Purchased raw materials	417	408
Operating supplies	70	71
Total inventories	$ 1,902	$ 1,840

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Inventories - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventories valued on a LIFO basis	$ 566	$ 544
Total inventories valued on an average-cost basis	$ 282	$ 280

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Properties, Plants, and Equipment, net- Properties, Plants, and Equipment, Net (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Properties, plants, and equipment, net	$ 2,440	$ 2,386
Property, plant and equipment, excluding construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,322	5,227
Less: accumulated depreciation and amortization	3,217	3,150
Properties, plants, and equipment, net	2,105	2,077
Land and land rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	84	84
Structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,044	1,025
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,194	4,118
Construction work-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 335	$ 309

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Property, Plant, and Equipment, net- Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Capital expenditures incurred but not yet paid	$ 77	$ 38

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Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Lease cost	$ 17	$ 16

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Leases - Operating Lease Assets and Liabilities in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Right-of-use assets classified in Other noncurrent assets	$ 158	$ 155
Current portion of lease liabilities classified in Other current liabilities	39	37
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	120	119
Total lease liabilities	$ 159	$ 156
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)(P)	Other current liabilities (M)(P)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities and deferred credits (M)	Other noncurrent liabilities and deferred credits (M)

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Debt - Schedule of Long-Term Debt (Details) € in Millions, ¥ in Millions, $ in Millions	Mar. 31, 2025 USD ($)	Mar. 31, 2025 JPY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 JPY (¥)	Aug. 22, 2024 EUR (€)
Debt Instrument [Line Items]
Other, net	$ (12)		$ (13)
Long-term debt	3,324		3,315
Less: amount due within one year	7		6
Total long-term debt	3,317		3,309
Currency Swap
Debt Instrument [Line Items]
Fixed interest rate (as a percent)					3.72%
Derivative liability | €					€ 458
USD Term Loan Facility
Debt Instrument [Line Items]
Amount outstanding	139		140
USD Term Loan Facility | Unsecured Debt
Debt Instrument [Line Items]
Amount outstanding	$ 139		$ 140
Fixed interest rate (as a percent)	5.545%	5.545%	5.67%	5.67%
JPY Term Loan Facility
Debt Instrument [Line Items]
Amount outstanding	$ 197		$ 188
JPY Term Loan Facility | Unsecured Debt
Debt Instrument [Line Items]
Amount outstanding	$ 197	¥ 29,702	$ 188	¥ 29,702
Fixed interest rate (as a percent)	1.794%	1.794%	1.919%	1.919%
5.900% Notes, due 2027
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	5.90%	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%	6.75%
Amount outstanding	$ 300		300
3.000% Notes, due 2029
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	3.00%	3.00%
Amount outstanding	$ 700		700
4.850% Notes, due 2031
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	4.85%	4.85%
Amount outstanding	$ 500		500
5.950% Notes, due 2037
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	5.95%	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%	4.75%
Amount outstanding	$ 250		$ 250

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Debt - Term Loan Facilities (Details) ¥ in Millions, $ in Millions	Nov. 22, 2023	Mar. 31, 2025 USD ($)	Mar. 31, 2025 JPY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 JPY (¥)
USD Term Loan Facility
Debt Instrument [Line Items]
Amount outstanding		$ 139		$ 140
JPY Term Loan Facility
Debt Instrument [Line Items]
Amount outstanding		197		188
Unsecured Debt | USD Term Loan Facility
Debt Instrument [Line Items]
Amount outstanding		139		140
Unsecured Debt | JPY Term Loan Facility
Debt Instrument [Line Items]
Amount outstanding		$ 197	¥ 29,702	$ 188	¥ 29,702
Unsecured Debt | Maximum
Debt Instrument [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	3.75

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Debt - Credit Facility (Details)		3 Months Ended	12 Months Ended
	Jul. 27, 2023 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Amounts outstanding		$ 0	$ 0
Borrowings		$ 0	$ 0
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

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Debt - Commercial Paper (Details) - USD ($) $ in Millions	Apr. 04, 2024	Mar. 31, 2025
Short-Term Debt [Line Items]
Commercial paper		$ 0
Commercial Paper
Short-Term Debt [Line Items]
Aggregate principal amount	$ 1,000
Debt term	397 days

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Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Restricted cash	$ 1	$ 1
Carrying value
Derivative [Line Items]
Long-term debt	3,317	3,309
Fair value
Derivative [Line Items]
Long-term debt	$ 3,338	$ 3,298

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Contingencies, Commitments and Other Liabilities (Details) € in Millions, $ in Millions			3 Months Ended			12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2025 USD ($) location	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Jul. 23, 2024 USD ($)	Jul. 23, 2024 EUR (€)
Loss Contingencies [Line Items]
Number of cleanup locations | location			30
Remediation reserve balance			$ 16	$ 19
Remediation reserve balance, classified as a current liability			7	10
Payments related to remediation expenses applied against the reserve (less than in second quarter)			3		$ 1
Guarantees of third party related to project financing			6
Combined fair value of guarantees			$ 6	6
Indemnification of liability (as a percent)			50.00%
Coverage limit				$ 80
Total amount committed under outstanding surety bonds			$ 45
Surety bonds, amount outstanding			$ 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 (P)	Accounts payable, trade (P)
Supplier invoices subject to future payment			$ 264	$ 268
Letter of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity			81
Other Noncurrent Liabilities and Deferred Credits | Separation Agreement
Loss Contingencies [Line Items]
Guarantees of third party related to project financing			$ 1,121	$ 1,121
Foreign Tax Authority | Ministry of the Economy, Finance and Industry, France | Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Income tax assessment, estimate of possible loss	$ 17	€ 16
Income tax assessment, amount of penalties cancelled								$ 7	€ 7
Income tax reserve						$ 21	€ 19
Recurring Costs of Managing Hazardous Substances and Environmental Programs
Loss Contingencies [Line Items]
Percentage of cost of goods sold (as a percent)			1.00%
Income Tax and Interest | Foreign Tax Authority | Ministry of the Economy, Finance and Industry, France | Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Income tax assessment, estimate of possible loss	10	9
Income Tax Penalties | Foreign Tax Authority | Ministry of the Economy, Finance and Industry, France | Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Income tax assessment, estimate of possible loss	7	7
Additional Interest on Income Tax | Foreign Tax Authority | Ministry of the Economy, Finance and Industry, France | Tax Years 2010 Through 2012
Loss Contingencies [Line Items]
Income tax assessment, estimate of possible loss	$ 2	€ 2
Alcoa Corporation Workers Compensation Claims
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding			$ 48
Arconic Corporation Environmental Obligations
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding			9
Arconic Corporation Environmental Obligations | Letter of Credit
Loss Contingencies [Line Items]
Decrease in letters of credit			$ 8