Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 520	$ 720
Receivables from customers, less allowances of $— in 2022 and $— in 2021	479	367
Other receivables	50	53
Inventories	1,483	1,402
Prepaid expenses and other current assets	250	195
Total current assets	2,782	2,737
Properties, plants, and equipment, net	2,400	2,467
Goodwill	4,053	4,067
Deferred income taxes	149	184
Intangibles, net	543	549
Other noncurrent assets	202	215
Total assets	10,129	10,219
Current liabilities:
Accounts payable, trade	777	732
Accrued compensation and retirement costs	172	198
Taxes, including income taxes	63	61
Accrued interest payable	69	74
Other current liabilities	171	183
Short-term debt	3	5
Total current liabilities	1,255	1,253
Long-term debt, less amount due within one year	4,228	4,227
Accrued pension benefits	746	771
Accrued other postretirement benefits	152	153
Other noncurrent liabilities and deferred credits	291	307
Total liabilities	6,672	6,711
Contingencies and commitments
Howmet Aerospace shareholders’ equity:
Preferred stock	55	55
Common stock	418	422
Additional capital	4,123	4,291
Retained earnings	725	603
Accumulated other comprehensive loss	(1,864)	(1,863)
Total equity	3,457	3,508
Total liabilities and equity	$ 10,129	$ 10,219