Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

The components of net periodic cost (benefit) were as follows:

	First quarter ended
	March 31,
	2025		2024
Pension benefits
Service cost	$	1	$	1
Interest cost	19		19
Expected return on plan assets	(17)		(18)
Recognized net actuarial loss	7		8
Net periodic cost(1)	$	10	$	10
Other postretirement benefits
Service cost	$	—	$	—
Interest cost	1		1
Recognized net actuarial gain	(2)		(1)
Amortization of prior service benefit	(2)		(2)
Net periodic benefit(1)	$	(3)	$	(2)

(1)Service cost was included within Cost of goods sold; all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations.

For the first quarter of 2025 and 2024, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $1 and $5, respectively.