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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Obligations and Funded Status
Obligations and Funded Status
 Pension benefitsOther
postretirement benefits
December 31,2023202220232022
Change in benefit obligation
Benefit obligation at beginning of year$1,599 $2,296 $120 $165 
Service cost3 4 1 2 
Interest cost80 51 7 4 
Amendments— — (10)— 
Actuarial losses (gains)(1)
50 (553)(1)(38)
Settlements(31)(72)— — 
Curtailments— (2)— — 
Benefits paid(118)(102)(14)(13)
Foreign currency translation impact9 (23)— — 
Benefit obligation at end of year(2)
$1,592 $1,599 $103 $120 
Change in plan assets(2)
Fair value of plan assets at beginning of year$970 $1,531 $— $— 
Actual return (loss) on plan assets57 (383)— — 
Employer contributions36 43 — — 
Benefits paid(101)(87)— — 
Administrative expenses(13)(12)— — 
Settlement payments(32)(98)— — 
Foreign currency translation impact8 (24)— — 
Fair value of plan assets at end of year(2)
$925 $970 $— $— 
Funded status$(667)$(629)$(103)$(120)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets$13 $20 $— $— 
Current liabilities(16)(16)(11)(11)
Noncurrent liabilities(664)(633)(92)(109)
Net amount recognized$(667)$(629)$(103)$(120)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss (gain)$960 $907 $(26)$(28)
Prior service cost (benefit)2 2 (41)(40)
Net amount recognized, before tax effect$962 $909 $(67)$(68)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss consist of:
Net actuarial cost (benefit)$86 $(53)$(1)$(38)
Amortization of accumulated net actuarial (loss) benefit(33)(107)3 (1)
Prior service benefit— (1)(10)— 
Amortization of prior service benefit— — 9 9 
Net amount recognized, before tax effect$53 $(161)$1 $(30)
(1)As of December 31, 2023, the actuarial losses impacting the benefit obligation were primarily due to changes in the discount rate as well as asset returns being lower than expected. At December 31, 2022, the actuarial gains impacting the benefit obligation were primarily due to changes in the discount rate as well as the alternative interest cost method.
(2)As of December 31, 2023, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $1,434, $780, and $(654), respectively. As of December 31, 2022, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $1,459, $833, and $(626), respectively.
Schedule of Pension Plan Benefit Obligations
Pension Plan Benefit Obligations
 Pension benefits
  20232022
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans were as follows:
Projected benefit obligation$1,592 $1,599 
Accumulated benefit obligation1,591 1,598 
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 obligation1,459 1,482 
Fair value of plan assets780 833 
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 obligation1,459 1,481 
Fair value of plan assets780 833 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
Pension benefits(1)
Other postretirement benefits(2)
For the year ended December 31,202320222021202320222021
Service cost$3 $4 $4 $1 $2 $2 
Interest cost80 51 47 7 4 5 
Expected return on plan assets(74)(80)(90)— — — 
Recognized net actuarial loss (gain)28 49 56 (3)1 — 
Amortization of prior service cost (benefit)— — 1 (9)(9)(9)
Settlements(3)
5 58 69 — — — 
Curtailment(4)
— — 6 — — — 
Net periodic benefit cost(5)
$42 $82 $93 $(4)$(2)$(2)
(1)In 2023, 2022, and 2021, net periodic benefit cost for U.S. pension plans was $40, $79, and $61, respectively.
(2)In 2021, net periodic benefit cost for other postretirement benefits reflects a reduction of less than $1 related to the recognition of the federal subsidy awarded under Medicare Part D.
(3)In 2023, settlements were related to U.S. and Canadian actions including an annuity buyout and lump sum benefit payments. In 2022, settlements were related to U.S. and U.K. lump sum benefit payments. In 2021, settlements were related to U.S. and U.K. actions including the purchase of group annuity contracts and lump sum benefit payments. See Note D for further details.
(4)In 2021, the curtailment was due to plan termination.
(5)Service cost was included within Cost of goods sold, Selling, general administrative, and other expenses; curtailment 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 31,20232022
Discount rate5.10 %5.40 %
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:
202320222021
Discount rate to calculate service cost(1)
5.50 %2.80 %2.80 %
Discount rate to calculate interest cost(1)
5.30 %2.50 %2.10 %
Expected long-term rate of return on plan assets6.70 %6.70 %6.20 %
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. The discount rates for certain plans were updated during 2023, 2022, and 2021 to reflect the remeasurement of these plans due to settlements and/or curtailments. The weighted-average rates reflecting these remeasurements does not significantly differ from the rates presented.
Schedule of Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates for U.S. other postretirement benefit plans were as follows:
202320222021
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 remain202620252024
Schedule of Pension and Postretirement Plans Investment Policy and Weighted Average Asset Allocations
Howmet’s pension plans’ investment policy as of December 31, 2023 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, 2023
Level 1Level 2Net Asset ValueTotal
Equities:
Equity securities$— $85 $225 $310 
Long/short equity hedge funds— — 18 18 
Private equity— — 108 108 
$— $85 $351 $436 
Fixed income:
Intermediate and long duration government/credit$199 $151 $— $350 
Other6 63 — 69 
 $205 $214 $— $419 
Other investments:
Real estate$— $5 $68 $73 
Discretionary and systematic macro hedge funds— — 29 29 
Other— — 3 3 
 $— $5 $100 $105 
Net plan assets(1)
$205 $304 $451 $960 
December 31, 2022
Level 1Level 2Net Asset ValueTotal
Equities:
Equity securities$— $133 $283 $416 
Long/short equity hedge funds— — 18 18 
Private equity— — 107 107 
$— $133 $408 $541 
Fixed income:
Intermediate and long duration government/credit$107 $148 $— $255 
Other6 59 — 65 
 $113 $207 $— $320 
Other investments:
Real estate$— $3 $62 $65 
Discretionary and systematic macro hedge funds— — 29 29 
Other— — 7 7 
 $— $3 $98 $101 
Net plan assets(2)
$113 $343 $506 $962 
(1)As of December 31, 2023, the total fair value of pension plans’ assets excludes a net payable of $35, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments.
(2)As of December 31, 2022, the total fair value of pension plans’ assets excludes a net receivable of $8, 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 utilizing the current assumptions outlined above are as follows:
For the year ended December 31,Pension
benefits paid		Other post-
retirement
benefits
2024$134 $11 
2025130 10 
2026129 10 
2027127 9 
2028129 9 
2029 - 2033589 41 
 Total$1,238 $90