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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Obligations and Funded Status
Obligations and Funded Status
 Pension benefitsOther
postretirement benefits
December 31,2020201920202019
Change in benefit obligation
Benefit obligation at beginning of year$7,249 $6,476 $786 $806 
Transfer to Arconic Corporation(4,355)— (569)— 
Service cost6 25 2 7 
Interest cost71 235 7 28 
Amendments6 — (11)(78)
Actuarial losses(1)
313 974 14 100 
Settlements(398)(23)— — 
Benefits paid(153)(477)(17)(82)
Medicare Part D subsidy receipts— — 3 5 
Foreign currency translation impact(26)39 — — 
Benefit obligation at end of year(2)
$2,713 $7,249 $215 $786 
Change in plan assets(2)
Fair value of plan assets at beginning of year$4,868 $4,334 $— $— 
Transfer to Arconic Corporation(2,982)— — — 
Actual return on plan assets203 731 — — 
Employer contributions227 268 — — 
Benefits paid(136)(453)— — 
Administrative expenses(12)(34)— — 
Settlement payments(413)(22)— — 
Foreign currency translation impact(31)44 — — 
Fair value of plan assets at end of year(2)
$1,724 $4,868 $— $— 
Funded status$(989)$(2,381)$(215)$(786)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets$12 $41 $— $— 
Noncurrent assets of discontinued operations— 63 — — 
Current liabilities(16)(19)(17)(17)
Current liabilities of discontinued operations— (7)— (55)
Noncurrent liabilities(985)(1,030)(198)(200)
Noncurrent liabilities of discontinued operations— (1,429)— (514)
Net amount recognized$(989)$(2,381)$(215)$(786)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss$1,274 $3,375 $22 $179 
Prior service cost (benefit)6 1 (28)(37)
Net amount recognized, before tax effect$1,280 $3,376 $(6)$142 
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial loss$166 $566 $14 $100 
Amortization of accumulated net actuarial (loss) gain(123)(148)1 (8)
Loss transferred to Arconic Corporation(2,144)— (170)— 
Prior service cost (benefit)5 — (11)(78)
Amortization of prior service (cost) benefit— (2)5 68 
Prior service credit transferred to Arconic Corporation— — 13 — 
Net amount recognized, before tax effect$(2,096)$416 $(148)$82 
(1)At December 31, 2020, the actuarial losses impacting the benefit obligation were due to changes in discount rate, alternative interest cost method and other changes including census data, partially offset by actual asset returns in excess of expected returns.
(2)At December 31, 2020, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $2,327, $1,361, and $(966), respectively. At December 31, 2019, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $5,884, $3,513, and $(2,371) respectively.
Schedule of Pension Plan Benefit Obligations
Pension Plan Benefit Obligations
 Pension benefits
  20202019
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans were as follows:
Projected benefit obligation$2,713 $7,249 
Accumulated benefit obligation2,707 7,219 
The aggregate projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets was as follows:
Projected benefit obligation2,364 6,064 
Fair value of plan assets1,364 3,579 
The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets was as follows:
Accumulated benefit obligation2,359 6,045 
Fair value of plan assets1,364 3,579 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
Pension benefits(1)
Other postretirement benefits(2)
For the year ended December 31,202020192018202020192018
Service cost$12 $25 $46 $3 $7 $7 
Interest cost97 235 219 10 28 28 
Expected return on plan assets(136)(286)(306)— — — 
Recognized net actuarial loss78 139 168 3 4 7 
Amortization of prior service cost (benefit)— 2 3 (6)(6)(7)
Settlements(3)
76 9 96 — — — 
Curtailments(4)
— — 23 (2)(58)(28)
Net periodic benefit cost(5)
$127 $124 $249 $8 $(25)$7 
Discontinued operations20 95 100 6 (15)12 
Net amount recognized in Statement of Consolidated Operations$107 $29 $149 $2 $(10)$(5)
(1)In 2020, 2019 and 2018, net periodic benefit cost for U.S. pension plans was $58, $127, and $239, respectively.
(2)In 2020, 2019 and 2018, net periodic benefit cost for other postretirement benefits reflects a reduction of $1, $11, and $10, respectively, related to the recognition of the federal subsidy awarded under Medicare Part D.
(3)In 2020, settlements were related to U.K. actions including lump sum benefits and the purchase of group annuity contracts as well as U.S. lump sum benefit payments. In 2019 and 2018, settlements were due to workforce reductions and the payment of lump sum benefits. (See Note E)
(4)In 2020, the curtailment was due to workforce reductions. In 2019 and 2018, curtailments were due to a reduction of future benefits, resulting in the recognition of favorable and unfavorable plan amendments.
(5)Service cost was included within Cost of goods sold, Selling, general administrative, and other expenses, and Research and development expenses; curtailments and settlements were included in Restructuring and other charges; and all other cost components were recorded in Other expense (income), net in the Statement of Consolidated Operations.
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost
Assumptions
Weighted average assumptions used to determine benefit obligations for pension and other postretirement benefit plans were as follows:
December 31,20202019
Discount rate2.40 %3.00 %
Cash balance plan interest crediting rate3.00 %3.00 %
Weighted average assumptions used to determine net periodic benefit cost for pension and other postretirement benefit plans were as follows:
202020192018
Discount rate to calculate service cost(1)
3.30 %4.30 %3.60 %
Discount rate to calculate interest cost(1)
2.70 %3.90 %3.30 %
Expected long-term rate of return on plan assets6.00 %5.60 %5.90 %
Rate of compensation increase(2)
— %3.50 %3.50 %
Cash balance plan interest crediting rate3.00 %3.00 %3.00 %
(1)In all periods presented, the respective global discount rates were used to determine net periodic benefit cost for most pension plans for the full annual period. However, the discount rates for a limited number of plans were updated during 2020, 2019, and 2018 to reflect the remeasurement of these plans due to new union labor agreements, settlements, and/or curtailments. The updated discount rates used were not significantly different from the discount rates presented.
(2)Benefit accruals for future compensation under the Company’s major salaried and non-bargained hourly defined benefit pension plans have ceased. The rate of compensation increase no longer impacts the determination of the benefit obligation.
Schedule of Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates for U.S. other postretirement benefit plans were as follows:
202020192018
Health care cost trend rate assumed for next year5.50 %5.50 %5.50 %
Rate to which the cost trend rate gradually declines4.50 4.50 4.50 
Year that the rate reaches the rate at which it is assumed to remain202320232022
Schedule of Pension and Postretirement Plans Investment Policy and Weighted Average Asset Allocations
Howmet’s pension plans’ investment policy at December 31, 2020 by asset class, were as follows:
  
Asset class
Policy range(1)
Equities20–55%
Fixed income25–55%
Other investments15–35%
Total 
(1)Policy range is for U.S. plan assets only, as both the U.K. and Canadian asset investment allocations are controlled by a third-party trustee with input from Howmet.
Schedule of Fair Value of Pension Plan Assets
The following table presents the fair value of pension plan assets classified under the appropriate level of the fair value hierarchy or net asset value:
December 31, 2020Level 1Level 2Net Asset ValueTotal
Equities:
Equity securities$274 $89 $68 $431 
Long/short equity hedge funds— — 77 77 
Private equity— — 87 87 
$274 $89 $232 $595 
Fixed income:
Intermediate and long duration government/credit$78 $579 $31 $688 
Other63 254 — 317 
 $141 $833 $31 $1,005 
Other investments:
Real estate$31 $— $52 $83 
Discretionary and systematic macro hedge funds— — 94 94 
Other— — 23 23 
 $31 $— $169 $200 
Net plan assets(1)
$446 $922 $432 $1,800 

December 31, 2019Level 1Level 2Net Asset ValueTotal
Equities
Equity securities$590 $— $508 $1,098 
Long/short equity hedge funds— — 260 260 
Private equity— — 155 155 
$590 $— $923 $1,513 
Fixed income:
Intermediate and long duration government/credit$121 $1,047 $1,003 $2,171 
Other126 7 144 277 
 $247 $1,054 $1,147 $2,448 
Other investments:
Real estate$104 $— $165 $269 
Discretionary and systematic macro hedge funds— — 405 405 
Other— — 240 240 
 $104 $— $810 $914 
Net plan assets(2)
$941 $1,054 $2,880 $4,875 
(1)As of December 31, 2020, the total fair value of pension plans’ assets excludes a net payable of $76, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments.
(2)As of December 31, 2019, the total fair value of pension plans’ assets excludes a net receivable of $7, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments.
Schedule of Benefit Payments Expected to be Paid and Expected Medicare Part D Subsidy Receipts
Benefit payments expected to be paid to pension and other postretirement benefit plans’ participants and expected Medicare Part D subsidy receipts are as follows utilizing the current assumptions outlined above:
For the year ended December 31,Pension
benefits paid		Gross Other post-
retirement
benefits		Less Medicare Part D
subsidy receipts		Net Other post-
retirement
benefits
2021$168 $17 $1 $16 
2022169 16 1 15 
2023164 16 1 15 
2024160 15 1 14 
2025158 15 1 14 
2026 - 2030728 67 6 61 
 $1,547 $146 $11 $135