Earnings Per Share and Common Stock (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Information Used to Compute Basic and Diluted EPS

The information used to compute basic and diluted EPS attributable to Howmet common shareholders was as follows (shares in millions in table below):

	Second quarter ended				Six months ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income attributable to common shareholders	$	193	$	147	$	341	$	278
Less: preferred stock dividends declared	—		—		1		1
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	193	$	147	$	340	$	277
Average shares outstanding - basic	413		417		413		418
Effect of dilutive securities:
Stock and performance awards	4		5		4		5
Average shares outstanding - diluted	417		422		417		423

Schedule of Accelerated Share Repurchases

The following table provides details for share repurchases made for the periods presented:

	Number of shares	Average price per share(1)		Total
Q1 2023 open market repurchase	576,629	$	43.36	$	25
Q2 2023 open market repurchase	2,246,294	$	44.52	$	100
2023 Share repurchases as of June 30, 2023	2,822,923	$	44.28	$	125
Q1 2022 open market repurchase	5,147,307	$	34.00	$	175
Q2 2022 open market repurchase	1,770,271	$	33.89	$	60
2022 Share repurchases as of June 30, 2022	6,917,578	$	33.97	$	235

(1)Excludes commissions cost.