Preferred and Common Stock (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Share Activity

Common Stock Outstanding and Share Activity (number of shares)

Balance at December 31, 2017	481,416,537
Issued for stock-based compensation plans	1,854,180
Balance at December 31, 2018	483,270,717
Issued for stock-based compensation plans	4,436,830
Repurchase and retirement of common stock	(54,852,364)
Balance at December 31, 2019	432,855,183
Issued for stock-based compensation plans	3,896,119
Repurchase and retirement of common stock	(3,844,925)
Balance at December 31, 2020	432,906,377

Accelerated Share Repurchases

The following table provides details for the share repurchases during 2020 and 2019.

	Number of shares	Average price	Total
August/September 2020 open market repurchase	2,907,094	$17.36	$51
November 2020 open market repurchase	937,831	$23.99	$22
2020 Share repurchase total	3,844,925	$18.98	$73
February 2019 ASR total	36,434,423	$19.21	$700
May 2019 ASR total	9,016,981	$22.18	$200
August 2019 ASR total	7,774,279	$25.73	$200
November 2019 open market repurchase	1,626,681	$30.74	$50
2019 Share repurchase total	54,852,364	$20.97	$1,150

Schedule of Activity for Stock Options and Stock Awards

The activity for stock options and stock awards during 2020 was as follows (options and awards in millions):

	Stock options			Stock awards
	Number of options	Weighted average exercise price		Number of awards	Weighted average FMV per award
Outstanding, December 31, 2019	7	$	25.75	7	$	22.05
Granted	—	—		6	10.89
Exercised	(2)	21.65		—	—
Converted	—	—		(4)	19.54
Expired or forfeited	(1)	30.12		—	19.57
Canceled due to Arconic Inc. Separation Transaction(1)	(1)	27.85		(1)	23.84
Adjustment due to Arconic Inc. Separation Transaction(2)	—	24.35		1	19.10
Performance share adjustment	—	—		—	21.20
Outstanding, December 31, 2020	3	$	24.47	9	$	13.68

(1)As a result of the Arconic Inc. Separation Transaction, all stock options and stock awards relating to Arconic Corporation employees were cancelled.

(2)As a result of the Arconic Inc. Separation Transaction, all stock options and stock awards relating to Howmet employees were adjusted to reflect the Arconic Inc. Separation Transaction.