Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

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


	March 31, 2024				December 31, 2023
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt	$	3,486	$	3,470	$	3,500	$	3,504

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