Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 563	$ 742
Receivables from customers, less allowances of $— in both 2026 and 2025 (K)	1,040	779
Inventories (L)	2,183	1,849
Prepaid expenses and other current assets	407	409
Total current assets	4,193	3,779
Properties, plants, and equipment, net (M)	2,817	2,593
Goodwill	5,084	4,022
Deferred income taxes	48	40
Intangibles, net	869	457
Other noncurrent assets (N)	240	288
Total assets	13,251	11,179
Current liabilities:
Accounts payable, trade (Q)	1,149	845
Accrued compensation and retirement costs	304	343
Taxes, including income taxes (H)	87	77
Accrued interest payable	62	47
Deferred revenue	119	147
Other current liabilities (N)(Q)	134	121
Long-term debt due within one year (O)	1	191
Short-term borrowings (O)	450	0
Total current liabilities	2,306	1,771
Long-term debt, less amount due within one year (O)(P)	4,050	2,859
Accrued pension benefits (F)	511	546
Accrued other postretirement benefits (F)	34	38
Other noncurrent liabilities and deferred credits (N)	618	612
Total liabilities	7,519	5,826
Contingencies and commitments (Q)
Howmet Aerospace shareholders’ equity:
Common stock	400	402
Additional capital	1,919	2,531
Retained earnings	5,110	4,093
Accumulated other comprehensive loss (J)	(1,697)	(1,673)
Total equity	5,732	5,353
Total liabilities and equity	$ 13,251	$ 11,179