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Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 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:
Third quarter endedNine months ended
 September 30,September 30,
2024202320242023
Pension benefits
Service cost$1 $— $2 $2 
Interest cost18 20 56 60 
Expected return on plan assets(17)(18)(52)(55)
Recognized net actuarial loss9 7 25 21 
Settlements— 2 — 5 
Net periodic cost(1)
$11 $11 $31 $33 
Other postretirement benefits    
Service cost$— $1 $— $1 
Interest cost1 2 4 5 
Recognized net actuarial gain(1)(1)(2)(2)
Amortization of prior service benefit(2)(3)(7)(7)
Net periodic benefit(1)
$(2)$(1)$(5)$(3)
 
(1)Service cost was included within Cost of goods sold and Selling, general administrative, and other expenses; settlements were included in Restructuring and other (credits) charges; all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations.
Pension benefits
In the third quarter and nine months ended September 30, 2023, the Company applied settlement accounting to its Canadian pension plan due to lump sum payments made to participants, reducing gross pension obligations by $12. In June 2023, the Company also 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 of a U.S. pension plan. Settlement charges of $2 and $5 were recognized in the third quarter and nine months ended September 30, 2023, respectively. All settlement charges were recorded in Restructuring and other (credits) charges in the Statement of Consolidated Operations.
For the third quarter and nine months ended September 30, 2024, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $19 and $41, respectively. For the third quarter and nine months ended September 30, 2023, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $9 and $28, respectively