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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Obligations and Funded Status
Obligations and Funded Status
 Pension benefitsOther
postretirement benefits
December 31,2024202320242023
Change in benefit obligation
Benefit obligation at beginning of year$1,592 $1,599 $103 $120 
Service cost3 3 1 1 
Interest cost75 80 5 7 
Amendments— — (2)(10)
Actuarial (gains) losses(1)
(58)50 (36)(1)
Settlements— (31)— — 
Benefits paid(112)(118)(11)(14)
Foreign currency translation impact(4)9 — — 
Benefit obligation at end of year(2)
$1,496 $1,592 $60 $103 
Change in plan assets(2)
Fair value of plan assets at beginning of year$925 $970 $— $— 
Actual (loss) return on plan assets(8)57 — — 
Employer contributions79 36 — — 
Benefits paid(95)(101)— — 
Administrative expenses(12)(13)— — 
Settlement payments— (32)— — 
Foreign currency translation impact(3)8 — — 
Fair value of plan assets at end of year(2)
$886 $925 $— $— 
Funded status$(610)$(667)$(60)$(103)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets$31 $13 $— $— 
Current liabilities(16)(16)(6)(11)
Noncurrent liabilities(625)(664)(54)(92)
Net amount recognized$(610)$(667)$(60)$(103)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)$956 $960 $(59)$(26)
Prior service cost (benefit)2 2 (33)(41)
Net amount recognized, before tax effect$958 $962 $(92)$(67)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial cost (benefit)$28 $86 $(36)$(1)
Amortization of accumulated net actuarial (loss) benefit(32)(33)3 3 
Prior service benefit— — (2)(10)
Amortization of prior service benefit— — 10 9 
Net amount recognized, before tax effect$(4)$53 $(25)$1 
(1)As of December 31, 2024, the actuarial gains impacting the benefit obligation were primarily due to changes in the discount rate, partially offset by asset returns being lower than expected. At December 31, 2023, the actuarial losses impacting the benefit obligation were primarily due to changes in the discount rate as well as asset returns being lower than expected.
(2)As of December 31, 2024, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $1,356, $739, and $(617), respectively. As of December 31, 2023, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $1,434, $780, and $(654), respectively.
Schedule of Pension Plan Benefit Obligations
Pension Plan Benefit Obligations
 Pension benefits
  20242023
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans were as follows:
Projected benefit obligation$1,496 $1,592 
Accumulated benefit obligation1,495 1,591 
The aggregate projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were as follows:
Projected benefit obligation1,380 1,459 
Fair value of plan assets739 780 
The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were as follows:
Accumulated benefit obligation1,379 1,459 
Fair value of plan assets739 780 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
Pension benefits(1)
Other postretirement benefits
For the year ended December 31,202420232022202420232022
Service cost$3 $3 $4 $1 $1 $2 
Interest cost75 80 51 5 7 4 
Expected return on plan assets(70)(74)(80)— — — 
Recognized net actuarial loss (gain)32 28 49 (3)(3)1 
Amortization of prior service benefit— — — (10)(9)(9)
Settlements(2)
— 5 58 — — — 
Net periodic benefit cost(3)
$40 $42 $82 $(7)$(4)$(2)
(1)In 2024, 2023, and 2022, net periodic benefit cost for U.S. pension plans was $40, $40, and $79, respectively.
(2)In 2023, settlements were related to U.S. and Canadian actions including an annuity buyout and lump sum benefit payments. In 2022, settlements were related to U.S. and U.K. lump sum benefit payments.
(3)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, 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 31,20242023
Discount rate5.60 %5.10 %
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:
202420232022
Discount rate to calculate service cost(1)
5.10 %5.50 %2.80 %
Discount rate to calculate interest cost(1)
4.90 %5.30 %2.50 %
Expected long-term rate of return on plan assets6.70 %6.70 %6.70 %
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. The discount rates for certain plans were updated during 2024, 2023, and 2022 to reflect the remeasurement of these plans due to amendments, settlements, and/or curtailments. The weighted-average rates reflecting these remeasurements does not significantly differ from the rates presented.
Schedule of Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates for U.S. other postretirement benefit plans were as follows:
202420232022
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 remain202720262025
Schedule of Pension and Postretirement Plans Investment Policy and Weighted Average Asset Allocations
Howmet’s pension plans’ investment policy as of December 31, 2024 by asset class, were as follows:
Asset class
Policy range(1)
Equities
20–55%
Fixed income
25–55%
Other investments
15–35%
(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, 2024
Level 1Level 2Net Asset ValueTotal
Equities:
Equity securities$1 $130 $300 $431 
Long/short equity hedge funds— — 20 20 
Private equity— — 112 112 
$1 $130 $432 $563 
Fixed income:
Intermediate and long duration government/credit$71 $57 $— $128 
Other18 66 — 84 
 $89 $123 $— $212 
Other investments:
Real estate$— $1 $54 $55 
Discretionary and systematic macro hedge funds— — 40 40 
Other— — 5 5 
 $— $1 $99 $100 
Net plan assets(1)
$90 $254 $531 $875 
December 31, 2023
Level 1Level 2Net Asset ValueTotal
Equities:
Equity securities$— $85 $225 $310 
Long/short equity hedge funds— — 18 18 
Private equity— — 108 108 
$— $85 $351 $436 
Fixed income:
Intermediate and long duration government/credit$199 $151 $— $350 
Other6 63 — 69 
 $205 $214 $— $419 
Other investments:
Real estate$— $5 $68 $73 
Discretionary and systematic macro hedge funds— — 29 29 
Other— — 3 3 
 $— $5 $100 $105 
Net plan assets(2)
$205 $304 $451 $960 
(1)As of December 31, 2024, the total fair value of pension plans’ assets excludes a net receivable of $11, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments.
(2)As of December 31, 2023, the total fair value of pension plans’ assets excludes a net payable of $35, which represents securities purchased and sold but not yet settled offset by 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 utilizing the current assumptions outlined above are as follows:
For the year ended December 31,Pension
benefits		Other post-
retirement
benefits
2025$138 $6 
2026133 6 
2027131 6 
2028131 6 
2029126 6 
2030 - 2034576 26 
 Total$1,235 $56