Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The following table details the activity of the four components that comprise Accumulated other comprehensive loss for Howmet's shareholders:

	2020		2019		2018
Pension and other postretirement benefits (H)
Balance at beginning of period	$	(2,732)	$	(2,344)	$	(2,230)
Adoption of accounting standard (1)	—		—		(369)
Other comprehensive (loss) income:
Unrecognized net actuarial (loss) gain and prior service cost/benefit	(211)		(587)		70
Tax benefit (expense)	48		129		(19)
Total Other comprehensive (loss) income before reclassifications, net of tax	(163)		(458)		51
Amortization of net actuarial loss and prior service cost(2)	149		90		262
Tax expense(3)	(32)		(20)		(58)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(4)	117		70		204
Total Other comprehensive (loss) income	(46)		(388)		255
Transfer to Arconic Corporation	1,798		—		—
Balance at end of period	$	(980)	$	(2,732)	$	(2,344)
Foreign currency translation
Balance at beginning of period	$	(596)	$	(583)	$	(437)
Other comprehensive (loss)(5)	58		(13)		(146)
Transfer to Arconic Corporation	(428)		—		—
Balance at end of period	$	(966)	$	(596)	$	(583)
Debt securities
Balance at beginning of period	$	—	$	(3)	$	(2)
Other comprehensive income (loss)(6)	—		3		(1)
Balance at end of period	$	—	$	—	$	(3)
Cash flow hedges
Balance at beginning of period	$	(1)	$	4	$	25
Adoption of accounting standard(7)	—		(2)		2
Other comprehensive (loss):
Net change from periodic revaluations	—		(9)		(15)
Tax benefit	—		3		3
Total Other comprehensive (loss) income before reclassifications, net of tax	—		(6)		(12)
Net amount reclassified to earnings	6		4		(14)
Tax (expense) benefit(3)	(2)		(1)		3
Total amount reclassified from Accumulated other comprehensive loss, net of tax(4)	4		3		(11)
Total Other comprehensive (loss)	4		(3)		(23)
Balance at end of period	$	3	$	(1)	$	4
Accumulated other comprehensive loss balance at end of period	$	(1,943)	$	(3,329)	$	(2,926)

(1)Adjustment related to eliminating stranded tax effects resulting from a change in income tax rates resulting from the enactment of the Tax Cuts and Jobs Act

(2)These amounts were recorded in Other expense (income), net (see Note G).

(3)These amounts were included in Provision for income taxes on the accompanying Statement of Consolidated Operations.

(4)A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings.

(5)In all periods presented, no amounts were reclassified to earnings.

(6)Realized gains and losses were included in Other expense (income), net, on the accompanying Statement of Consolidated Operations.

(7)Adjustment was related to eliminating the separate measurement of hedge ineffectiveness as part of the adoption of new hedge accounting guidance