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Pension and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The components of net periodic cost (benefit) were as follows:
Second quarter endedSix months ended
 June 30,June 30,
2024202320242023
Pension benefits
Service cost$— $1 $1 $2 
Interest cost19 20 38 40 
Expected return on plan assets(17)(18)(35)(37)
Recognized net actuarial loss8 7 16 14 
Settlements— 3 — 3 
Net periodic cost(1)
$10 $13 $20 $22 
Other postretirement benefits    
Service cost$— $— $— $— 
Interest cost2 1 3 3 
Recognized net actuarial gain— — (1)(1)
Amortization of prior service benefit(3)(2)(5)(4)
Net periodic benefit(1)
$(1)$(1)$(3)$(2)
 
(1)Service cost was included within Cost of goods sold and Selling, general administrative, and other expenses; settlements were included in Restructuring and other charges; all other cost components were recorded in Other expense (income), net in the Statement of Consolidated Operations.
Pension benefits
In the second quarter and six months ended June 30, 2023, the Company undertook additional actions to reduce gross pension obligations by $19 by purchasing group annuity contracts from a third-party carrier to pay and administer future annuity payments. These actions resulted in settlement charges of $3.
For the second quarter and six months ended June 30, 2024, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $17 and $22, respectively. For the second quarter and six months ended June 30, 2023, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $7 and $19, respectively