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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Obligations and Funded Status Obligations and Funded Status
 Pension benefitsOther
postretirement benefits
December 31,2021202020212020
Change in benefit obligation
Benefit obligation at beginning of year$2,713 $7,249 $215 $786 
Transfer to Arconic Corporation— (4,355)— (569)
Service cost4 6 2 2 
Interest cost47 71 5 7 
Amendments3 6 (31)(11)
Actuarial (gains) losses(1)
(55)313 (10)14 
Settlements(275)(398)— — 
Benefits paid(140)(153)(17)(17)
Medicare Part D subsidy receipts— — 1 3 
Foreign currency translation impact(1)(26)— — 
Benefit obligation at end of year(2)
$2,296 $2,713 $165 $215 
Change in plan assets(2)
Fair value of plan assets at beginning of year$1,724 $4,868 $— $— 
Transfer to Arconic Corporation— (2,982)— — 
Actual return on plan assets124 203 — — 
Employer contributions96 227 — — 
Benefits paid(123)(136)— — 
Administrative expenses(12)(12)— — 
Settlement payments(277)(413)— — 
Foreign currency translation impact(1)(31)— — 
Fair value of plan assets at end of year(2)
$1,531 $1,724 $— $— 
Funded status$(765)$(989)$(165)$(215)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets$22 $12 $— $— 
Current liabilities(16)(16)(12)(17)
Noncurrent liabilities(771)(985)(153)(198)
Net amount recognized$(765)$(989)$(165)$(215)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss$1,067 $1,274 $11 $22 
Prior service cost (benefit)3 6 (49)(28)
Net amount recognized, before tax effect$1,070 $1,280 $(38)$(6)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial (benefit) loss$(81)$166 $(10)$14 
Amortization of accumulated net actuarial (loss) gain(125)(123)— 1 
Loss transferred to Arconic Corporation— (2,144)— (170)
Prior service cost (benefit)3 5 (31)(11)
Amortization of prior service benefit(7)— 9 5 
Prior service credit transferred to Arconic Corporation— — — 13 
Net amount recognized, before tax effect$(210)$(2,096)$(32)$(148)
(1)At December 31, 2021, the actuarial gains impacting the benefit obligation were due to changes in discount rate, alternative interest cost method, actual asset returns in excess of expected returns and other changes including census data.
(2)At December 31, 2021, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $2,039, $1,278, and $(761), respectively. At December 31, 2020, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $2,327, $1,361, and $(966), respectively.
Schedule of Pension Plan Benefit Obligations Pension Plan Benefit Obligations
 Pension benefits
  20212020
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans were as follows:
Projected benefit obligation$2,296 $2,713 
Accumulated benefit obligation2,293 2,707 
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 obligation1,982 2,364 
Fair value of plan assets1,193 1,364 
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 obligation1,981 2,359 
Fair value of plan assets1,193 1,364 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
Pension benefits(1)
Other postretirement benefits(2)
For the year ended December 31,202120202019202120202019
Service cost$4 $12 $25 $2 $3 $7 
Interest cost47 97 235 5 10 28 
Expected return on plan assets(90)(136)(286)— — — 
Recognized net actuarial loss56 78 139 — 3 4 
Amortization of prior service cost (benefit)1 — 2 (9)(6)(6)
Settlements(3)
69 76 9 — — — 
Curtailments(4)
6 — — — (2)(58)
Net periodic benefit cost(5)
$93 $127 $124 $(2)$8 $(25)
Discontinued operations— 20 95 — 6 (15)
Net amount recognized in Statement of Consolidated Operations$93 $107 $29 $(2)$2 $(10)
(1)In 2021, 2020, and 2019, net periodic benefit cost for U.S. pension plans was $61, $58, and $127, respectively.
(2)In 2021, 2020, and 2019, net periodic benefit cost for other postretirement benefits reflects a reduction of less than $1, $1, and $11, respectively, related to the recognition of the federal subsidy awarded under Medicare Part D.
(3)In 2021, settlements were related to U.S. and U.K. actions including the purchase of group annuity contracts and lump sum benefit payments. In 2020, settlements were related to U.K. actions including lump sum benefit payments and the purchase of group annuity contracts as well as U.S. lump sum benefit payments. In 2019, settlements were due to workforce reductions and the payment of lump sum benefits. (See Note E)
(4)In 2021, the curtailment was due to plan termination. In 2020, the curtailment was due to workforce reductions. In 2019, curtailments were due to a reduction of future benefits, resulting in the recognition of favorable and unfavorable plan amendments.
(5)Service cost was included within Cost of goods sold, Selling, general administrative, and other expenses, and Research and development expenses; curtailments and settlements were included in Restructuring and other charges; and 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 31,20212020
Discount rate2.70 %2.40 %
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:
202120202019
Discount rate to calculate service cost(1)
2.80 %3.30 %4.30 %
Discount rate to calculate interest cost(1)
2.10 %2.70 %3.90 %
Expected long-term rate of return on plan assets6.20 %6.00 %5.60 %
Rate of compensation increase(2)
— %— %3.50 %
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. However, the discount rates for a limited number of plans were updated during 2021, 2020, and 2019 to reflect the remeasurement of these plans due to new union labor agreements, settlements, and/or curtailments. The updated discount rates used were not significantly different from the discount rates presented.
(2)Benefit accruals for future compensation under the Company’s major salaried and non-bargained hourly defined benefit pension plans have ceased. The rate of compensation increase no longer impacts the determination of the benefit obligation.
Schedule of Assumed Health Care Cost Trend Rates Assumed health care cost trend rates for U.S. other postretirement benefit plans were as follows:
202120202019
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 remain202420232023
Schedule of Pension and Postretirement Plans Investment Policy and Weighted Average Asset Allocations
Howmet’s pension plans’ investment policy at December 31, 2021 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, 2021
Level 1Level 2Net Asset ValueTotal
Equities:
Equity securities$2 $197 $409 $608 
Long/short equity hedge funds— — 60 60 
Private equity— — 126 126 
$2 $197 $595 $794 
Fixed income:
Intermediate and long duration government/credit$124 $328 $— $452 
Other15 119 — 134 
 $139 $447 $— $586 
Other investments:
Real estate$— $— $64 $64 
Discretionary and systematic macro hedge funds— — 47 47 
Other— — 23 23 
 $— $— $134 $134 
Net plan assets(1)
$141 $644 $729 $1,514 
December 31, 2020
Level 1Level 2Net Asset ValueTotal
Equities:
Equity securities$274 $89 $68 $431 
Long/short equity hedge funds— — 77 77 
Private equity— — 87 87 
$274 $89 $232 $595 
Fixed income:
Intermediate and long duration government/credit$78 $579 $31 $688 
Other63 254 — 317 
 $141 $833 $31 $1,005 
Other investments:
Real estate$31 $— $52 $83 
Discretionary and systematic macro hedge funds— — 94 94 
Other— — 23 23 
 $31 $— $169 $200 
Net plan assets(2)
$446 $922 $432 $1,800 
(1)As of December 31, 2021, the total fair value of pension plans’ assets excludes a net receivable of $17, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments.
(2)As of December 31, 2020, the total fair value of pension plans’ assets excludes a net payable of $76, which represents securities purchased and sold but not yet settled plus 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 are as follows utilizing the current assumptions outlined above:
For the year ended December 31,Pension
benefits paid		Other post-
retirement
benefits
2022$152 $12 
2023149 12 
2024145 12 
2025145 11 
2026141 11 
2027 - 2031671 53 
 $1,403 $111