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As Of Filer Filing For·On·As Docs:Size 8/04/21 Howmet Aerospace Inc. 10-Q 6/30/21 92:10M |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 1.02M
2: EX-10.1 Material Contract HTML 35K
3: EX-10.2 Material Contract HTML 133K
4: EX-10.3 Material Contract HTML 133K
5: EX-10.4 Material Contract HTML 39K
6: EX-31 Certification -- §302 - SOA'02 HTML 37K
7: EX-32 Certification -- §906 - SOA'02 HTML 27K
14: R1 Cover HTML 81K
15: R2 Statement of Consolidated Operations (Unaudited) HTML 123K
16: R3 Statement of Consolidated Comprehensive Income HTML 58K
(Loss) (Unaudited)
17: R4 Consolidated Balance Sheet (Unaudited) HTML 139K
18: R5 Consolidated Balance Sheet (Unaudited) HTML 26K
(Parenthetical)
19: R6 Statement of Consolidated Cash Flows (Unaudited) HTML 124K
20: R7 Statement of Changes in Consolidated Equity HTML 100K
(Unaudited)
21: R8 Statement of Changes in Consolidated Equity HTML 27K
(Unaudited) (Parenthetical)
22: R9 Basis of Presentation HTML 33K
23: R10 Arconic Inc. Separation Transaction and HTML 55K
Discontinued Operations
24: R11 Recently Adopted and Recently Issued Accounting HTML 37K
Guidance
25: R12 Segment Information HTML 217K
26: R13 Restructuring and Other Charges HTML 59K
27: R14 Other Expense (Income), Net HTML 44K
28: R15 Pension and Other Postretirement Benefits HTML 74K
29: R16 Income Taxes HTML 46K
30: R17 Earnings Per Share HTML 61K
31: R18 Accumulated Other Comprehensive Loss HTML 101K
32: R19 Receivables HTML 40K
33: R20 Inventories HTML 32K
34: R21 Properties, Plants, and Equipment, net HTML 36K
35: R22 Leases HTML 35K
36: R23 Debt HTML 59K
37: R24 Fair Value of Financial Instruments HTML 33K
38: R25 Divestitures HTML 28K
39: R26 Contingencies and Commitments HTML 42K
40: R27 Subsequent Events HTML 27K
41: R28 Basis of Presentation (Policies) HTML 39K
42: R29 Arconic Inc. Separation Transaction and HTML 52K
Discontinued Operations (Tables)
43: R30 Segment Information (Tables) HTML 212K
44: R31 Restructuring and Other Charges (Tables) HTML 59K
45: R32 Other Expense (Income), Net (Tables) HTML 43K
46: R33 Pension and Other Postretirement Benefits (Tables) HTML 66K
47: R34 Income Taxes (Tables) HTML 41K
48: R35 Earnings Per Share (Tables) HTML 60K
49: R36 Accumulated Other Comprehensive Loss (Tables) HTML 101K
50: R37 Inventories (Tables) HTML 33K
51: R38 Properties, Plants, and Equipment, net (Tables) HTML 36K
52: R39 Leases (Tables) HTML 35K
53: R40 Debt (Tables) HTML 48K
54: R41 Fair Value of Financial Instruments (Tables) HTML 32K
55: R42 Basis of Presentation (Details) HTML 47K
56: R43 Arconic Inc. Separation Transaction and HTML 62K
Discontinued Operations - Narrative (Details)
57: R44 Arconic Inc. Separation Transaction and HTML 53K
Discontinued Operations - Summary of Results of
Discontinued Operations (Details)
58: R45 Arconic Inc. Separation Transaction and HTML 33K
Discontinued Operations - Summary of Property,
Plant and Equipment Purchases of the Discontinued
Operations (Details)
59: R46 Segment Information - Narrative (Details) HTML 53K
60: R47 Segment Information - Schedule of Operating HTML 76K
Results of Reportable Segments (Details)
61: R48 Segment Information - Schedule of Segment HTML 44K
Operating Profit to Consolidated Income before
Income Taxes (Details)
62: R49 Segment Information - Reconciliation of Capital HTML 31K
Expenditures (Details)
63: R50 Segment Information - Disaggregation of Revenue by HTML 72K
Major End Market Served (Details)
64: R51 Restructuring and Other Charges - Summary HTML 41K
(Details)
65: R52 Restructuring and Other Charges - Narrative HTML 54K
(Details)
66: R53 Restructuring and Other Charges - Activity and HTML 60K
Reserve Balances for Restructuring Charges
(Details)
67: R54 Other Expense (Income), Net (Details) HTML 39K
68: R55 Pension and Other Postretirement Benefits - HTML 58K
Components of Net Periodic Benefit Cost (Details)
69: R56 Pension and Other Postretirement Benefits - HTML 48K
Narrative (Details)
70: R57 Income Taxes - Narrative (Details) HTML 42K
71: R58 Income Taxes - Summary of Tax Provisions (Details) HTML 38K
72: R59 Earnings Per Share - Reconciliation of Information HTML 66K
Used to Compute Basic and Diluted EPS (Details)
73: R60 Earnings Per Share - Narrative (Details) HTML 40K
74: R61 Earnings Per Share - Schedule of Anti Dilutive HTML 34K
Securities Excluded From Computation of Weighted
Average Shares Outstanding (Details)
75: R62 Accumulated Other Comprehensive Loss (Details) HTML 80K
76: R63 Receivables (Details) HTML 57K
77: R64 Inventories - Schedule of Inventory Components HTML 36K
(Details)
78: R65 Inventories - Narrative (Details) HTML 28K
79: R66 Properties, Plants, and Equipment, net (Details) HTML 46K
80: R67 Leases - Narrative (Details) HTML 26K
81: R68 Leases - Operating Lease Assets and Liabilities in HTML 39K
the Consolidated Balance Sheet (Details)
82: R69 Debt - Schedule of Long-Term Debt (Details) HTML 60K
83: R70 Debt - Public Debt (Details) HTML 64K
84: R71 Debt - Credit Facilities (Details) HTML 43K
85: R72 Debt - Schedule of Net Debt To Consolidated EBITDA HTML 43K
Ratio (Details)
86: R73 Fair Value of Financial Instruments (Details) HTML 33K
87: R74 Divestitures (Details) HTML 44K
88: R75 Contingencies and Commitments (Details) HTML 72K
90: XML IDEA XML File -- Filing Summary XML 164K
13: XML XBRL Instance -- hwm-20210630_htm XML 2.93M
89: EXCEL IDEA Workbook of Financial Reports XLSX 107K
9: EX-101.CAL XBRL Calculations -- hwm-20210630_cal XML 230K
10: EX-101.DEF XBRL Definitions -- hwm-20210630_def XML 693K
11: EX-101.LAB XBRL Labels -- hwm-20210630_lab XML 1.68M
12: EX-101.PRE XBRL Presentations -- hwm-20210630_pre XML 1.02M
8: EX-101.SCH XBRL Schema -- hwm-20210630 XSD 188K
91: JSON XBRL Instance as JSON Data -- MetaLinks 458± 632K
92: ZIP XBRL Zipped Folder -- 0000004281-21-000068-xbrl Zip 379K
| hwm-20210630 |
| (Mark One) | |||||
| i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| i Delaware | i 25-0317820 | |||||||
| (State of incorporation) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
| i Common Stock, par value $1.00 per share | i HWM | i New York Stock Exchange | ||||||
| i $3.75
Cumulative Preferred Stock, par value $100.00 per share | i HWM PR | i NYSE American | ||||||
| i Large accelerated filer | x | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
| Emerging growth company | i ☐ | ||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| $ | i 1,195 | $ | i 1,253 | $ | i 2,404 | $ | i 2,887 | ||||||||||||||||
| Cost of goods sold (exclusive of expenses below) | i 857 | i 923 | i 1,730 | i 2,106 | |||||||||||||||||||
| Selling, general administrative, and other expenses | i 55 | i 74 | i 120 | i 153 | |||||||||||||||||||
| Research and development expenses | i 4 | i 4 | i 9 | i 8 | |||||||||||||||||||
| Provision for depreciation and amortization | i 67 | i 73 | i 135 | i 144 | |||||||||||||||||||
| i 5 | i 105 | i 14 | i 144 | ||||||||||||||||||||
| Operating income | i 207 | i 74 | i 396 | i 332 | |||||||||||||||||||
| Interest expense, net | i 89 | i 144 | i 161 | i 228 | |||||||||||||||||||
| i 8 | i 16 | i 12 | ( i 8) | ||||||||||||||||||||
| Income (loss) before income taxes | i 110 | ( i 86) | i 223 | i 112 | |||||||||||||||||||
| i 36 | ( i 2) | i 69 | i 43 | ||||||||||||||||||||
| Income (loss) from continuing operations after income taxes | $ | i 74 | $ | ( i 84) | $ | i 154 | $ | i 69 | |||||||||||||||
| i — | ( i 12) | i — | i 50 | ||||||||||||||||||||
| Net income (loss) | $ | i 74 | $ | ( i 96) | $ | i 154 | $ | i 119 | |||||||||||||||
| Net income (loss) | $ | i i 73 / | $ | ( i i 96 / ) | $ | i i 153 / | i i i 118 / / | ||||||||||||||||
| Earnings (loss) per share - basic | |||||||||||||||||||||||
| Continuing operations | $ | i 0.17 | $ | ( i 0.19) | $ | i 0.35 | $ | i 0.16 | |||||||||||||||
| Discontinued operations | $ | i — | $ | ( i 0.03) | $ | i — | $ | i 0.11 | |||||||||||||||
| Earnings (loss) per share - diluted | |||||||||||||||||||||||
| Continuing operations | $ | i 0.17 | $ | ( i 0.19) | $ | i 0.35 | $ | i 0.15 | |||||||||||||||
| Discontinued operations | $ | i — | $ | ( i 0.03) | $ | i — | $ | i 0.11 | |||||||||||||||
| Average shares outstanding - basic | i 432 | i 436 | i 433 | i 436 | |||||||||||||||||||
| Average shares outstanding - diluted | i 437 | i 436 | i 438 | i 440 | |||||||||||||||||||
| Second quarter ended | Six months ended | |||||||||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | i 74 | $ | ( i 96) | $ | i 154 | $ | i 119 | ||||||||||||||||||||||||||||||||||||
| Change in unrecognized net actuarial loss and prior service cost related to pension and other postretirement benefits | i 35 | i 9 | i 77 | i 46 | ||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | i 18 | ( i 8) | ( i 26) | ( i 73) | ||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized losses on debt securities | i — | ( i 1) | i — | i — | ||||||||||||||||||||||||||||||||||||||||
| Net change in unrecognized gains (losses) on cash flow hedges | i 4 | i 9 | i 8 | ( i 4) | ||||||||||||||||||||||||||||||||||||||||
| Total Other comprehensive income (loss), net of tax | i 57 | i 9 | i 59 | ( i 31) | ||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss) | $ | i 131 | $ | ( i 87) | $ | i 213 | $ | i 88 | ||||||||||||||||||||||||||||||||||||
| June 30, 2021 | December 31, 2020 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | i 715 | $ | i 1,610 | |||||||
| i 316 | i 328 | ||||||||||
| i 100 | i 29 | ||||||||||
| i 1,456 | i 1,488 | ||||||||||
| Prepaid expenses and other current assets | i 212 | i 217 | |||||||||
| Total current assets | i 2,799 | i 3,672 | |||||||||
| i 2,515 | i 2,592 | ||||||||||
| i 4,090 | i 4,102 | ||||||||||
| Deferred income taxes | i 188 | i 272 | |||||||||
| Intangibles, net | i 557 | i 571 | |||||||||
| i 230 | i 234 | ||||||||||
| Total assets | $ | i 10,379 | $ | i 11,443 | |||||||
| Liabilities | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable, trade | $ | i 632 | $ | i 599 | |||||||
| Accrued compensation and retirement costs | i 195 | i 205 | |||||||||
| Taxes, including income taxes | i 80 | i 102 | |||||||||
| Accrued interest payable | i 75 | i 89 | |||||||||
| i 232 | i 289 | ||||||||||
| i 13 | i 376 | ||||||||||
| Total current liabilities | i 1,227 | i 1,660 | |||||||||
| i 4,227 | i 4,699 | ||||||||||
| i 868 | i 985 | ||||||||||
| i 156 | i 198 | ||||||||||
| i 303 | i 324 | ||||||||||
| Total liabilities | i 6,781 | i 7,866 | |||||||||
| i | i | ||||||||||
| Equity | |||||||||||
| Howmet Aerospace shareholders’ equity: | |||||||||||
| Preferred stock | i 55 | i 55 | |||||||||
| Common stock | i 429 | i 433 | |||||||||
| Additional capital | i 4,481 | i 4,668 | |||||||||
| Retained earnings | i 517 | i 364 | |||||||||
| ( i 1,884) | ( i 1,943) | ||||||||||
| Total equity | i 3,598 | i 3,577 | |||||||||
| Total liabilities and equity | $ | i 10,379 | $ | i 11,443 | |||||||
| Six months ended | |||||||||||
| June 30, | |||||||||||
| 2021 | 2020 | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | i 154 | $ | i 119 | |||||||
| Adjustments to reconcile net income to cash provided from (used for) operations: | |||||||||||
| Depreciation and amortization | i 135 | i 203 | |||||||||
| Deferred income taxes | i 15 | i 25 | |||||||||
| Restructuring and other charges | i 14 | i 126 | |||||||||
| Net loss from investing activities—asset sales | i 4 | i 4 | |||||||||
| i 9 | i 34 | ||||||||||
| Stock-based compensation | i 14 | i 23 | |||||||||
| Other | i 46 | i 48 | |||||||||
| Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments: | |||||||||||
| Increase in receivables | ( i 231) | ( i 70) | |||||||||
| Decrease (increase) in inventories | i 19 | ( i 136) | |||||||||
| Decrease (increase) in prepaid expenses and other current assets | i 10 | ( i 11) | |||||||||
| i 48 | ( i 320) | ||||||||||
| Decrease in accrued expenses | ( i 93) | ( i 173) | |||||||||
| Increase in taxes, including income taxes | i 24 | i 96 | |||||||||
| Pension contributions | ( i 61) | ( i 102) | |||||||||
| Increase in noncurrent assets | ( i 4) | ( i 6) | |||||||||
| Decrease in noncurrent liabilities | ( i 24) | ( i 37) | |||||||||
| Cash provided from (used for) operations | i 79 | ( i 177) | |||||||||
| Financing Activities | |||||||||||
| Net change in short-term borrowings (original maturities of three months or less) | ( i 1) | ( i 2) | |||||||||
| i — | i 2,400 | ||||||||||
| ( i 838) | ( i 2,041) | ||||||||||
| ( i 1) | ( i 61) | ||||||||||
| ( i 22) | ( i 59) | ||||||||||
| Proceeds from exercise of employee stock options | i 15 | i 30 | |||||||||
| Dividends paid to shareholders | ( i 1) | ( i 10) | |||||||||
| Repurchase of common stock | ( i 200) | i — | |||||||||
| i — | ( i 500) | ||||||||||
| Other | ( i 20) | ( i 34) | |||||||||
| Cash used for financing activities | ( i 1,068) | ( i 277) | |||||||||
| Investing Activities | |||||||||||
| ( i 91) | ( i 184) | ||||||||||
| i 8 | i 114 | ||||||||||
| Sale of debt securities | i 5 | i — | |||||||||
| i 172 | i 114 | ||||||||||
| Cash provided from investing activities | i 94 | i 44 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | i — | ( i 8) | |||||||||
| Net change in cash, cash equivalents and restricted cash | ( i 895) | ( i 418) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | i 1,611 | i 1,703 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | i 716 | $ | i 1,285 | |||||||
| Howmet Aerospace Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock | Common stock | Additional capital | Retained earnings | Accumulated other comprehensive loss | Noncontrolling interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2020 | $ | i 55 | $ | i 436 | $ | i 7,326 | $ | i 319 | $ | ( i 3,369) | $ | i 14 | $ | i 4,781 | |||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | ( i 96) | — | — | ( i 96) | ||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | i 9 | — | i 9 | |||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | i 10 | — | — | — | i 10 | ||||||||||||||||||||||||||||||||||||||||||||||
| — | — | ( i 2,633) | — | i 1,392 | ( i 14) | ( i 1,255) | |||||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2020 | $ | i 55 | $ | i 436 | $ | i 4,703 | $ | i 223 | $ | ( i 1,968) | $ | i — | $ | i 3,449 | |||||||||||||||||||||||||||||||||||||||
| Howmet Aerospace Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock | Common stock | Additional capital | Retained earnings | Accumulated other comprehensive loss | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2021 | $ | i 55 | $ | i 434 | $ | i 4,671 | $ | i 443 | $ | ( i 1,941) | $ | i 3,662 | |||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | i 74 | — | i 74 | |||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | i 57 | i 57 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | — | ( i 6) | ( i 194) | — | — | ( i 200) | |||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | i 8 | — | — | i 8 | |||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued: compensation plans | — | i 1 | ( i 4) | — | — | ( i 3) | |||||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2021 | $ | i 55 | $ | i 429 | $ | i 4,481 | $ | i 517 | $ | ( i 1,884) | $ | i 3,598 | |||||||||||||||||||||||||||||||||||||||||
| Howmet Aerospace Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock | Common stock | Additional capital | Retained earnings | Accumulated other comprehensive loss | Noncontrolling interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2019 | $ | i 55 | $ | i 433 | $ | i 7,319 | $ | i 113 | $ | ( i 3,329) | $ | i 14 | $ | i 4,605 | |||||||||||||||||||||||||||||||||
| Net income | — | — | — | i 119 | — | — | i 119 | ||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | ( i 31) | — | ( i 31) | |||||||||||||||||||||||||||||||||||||||||
| Cash dividends declared: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred-Class A @ $ i 1.875
per share | — | — | — | ( i 1) | — | — | ( i 1) | ||||||||||||||||||||||||||||||||||||||||
Common
@ $ i 0.02 per share | — | — | — | ( i 8) | — | — | ( i 8) | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | i 23 | — | — | — | i 23 | ||||||||||||||||||||||||||||||||||||||||
| Common stock issued: compensation plans | — | i 3 | ( i 6) | — | — | — | ( i 3) | ||||||||||||||||||||||||||||||||||||||||
| — | — | ( i 2,633) | — | i i i 1,392 / / | ( i 14) | ( i 1,255) | |||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2020 | $ | i 55 | $ | i 436 | $ | i 4,703 | $ | i 223 | $ | ( i 1,968) | $ | i — | $ | i 3,449 | |||||||||||||||||||||||||||||||||
| Howmet Aerospace Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock | Common stock | Additional capital | Retained earnings | Accumulated other comprehensive loss | Total Equity | ||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 | $ | i 55 | $ | i 433 | $ | i 4,668 | $ | i 364 | $ | ( i 1,943) | $ | i 3,577 | |||||||||||||||||||||||||||||||||||
| Net income | — | — | — | i 154 | — | i 154 | |||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | i 59 | i 59 | ||||||||||||||||||||||||||||||||||||||||||
| Cash dividends declared: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred-Class A @ $ i 1.875
per share | — | — | — | ( i 1) | — | ( i 1) | |||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | — | ( i 6) | ( i 194) | — | — | ( i 200) | |||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | i 14 | — | — | i 14 | |||||||||||||||||||||||||||||||||||||||||
| Common stock issued: compensation plans | — | i 2 | ( i 7) | — | — | ( i 5) | |||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2021 | $ | i 55 | $ | i 429 | $ | i 4,481 | $ | i 517 | $ | ( i 1,884) | $ | i 3,598 | |||||||||||||||||||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2020 | 2020 | ||||||||||||||||||||||
| Sales | $ | i — | $ | i 1,575 | |||||||||||||||||||
| Cost of goods sold | i — | i 1,293 | |||||||||||||||||||||
| Selling, general administrative, research and development and other expenses | i 5 | i 106 | |||||||||||||||||||||
| Provision for depreciation and amortization | i i — / | i 58 | |||||||||||||||||||||
| Restructuring and other charges | i — | ( i 18) | |||||||||||||||||||||
| Operating (loss) income from discontinued operations | ( i 5) | i 136 | |||||||||||||||||||||
| Interest expense | i — | i 7 | |||||||||||||||||||||
| Other expense, net | i — | i 41 | |||||||||||||||||||||
| (Loss) income from discontinued operations | ( i 5) | i 88 | |||||||||||||||||||||
| Provision for income taxes | i 7 | i 38 | |||||||||||||||||||||
| (Loss) income from discontinued operations after income taxes | $ | ( i 12) | $ | i 50 | |||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||
| June 30, | June 30, | ||||||||||
| 2020 | 2020 | ||||||||||
| Capital expenditures | $ | i — | $ | i 72 | |||||||
| Proceeds from the sales of businesses | $ | i — | $ | i 112 | |||||||
| Provision for depreciation and amortization | $ | i — | $ | i 58 | |||||||
| Engine Products | Fastening Systems | Engineered Structures | Forged Wheels | Total Segment | |||||||||||||||||||||||||
| Second quarter ended June 30, 2021 | |||||||||||||||||||||||||||||
| Sales: | |||||||||||||||||||||||||||||
| Third-party sales | $ | i 544 | $ | i 262 | $ | i 160 | $ | i 229 | $ | i 1,195 | |||||||||||||||||||
| Inter-segment sales | i 1 | i — | i 2 | i — | i 3 | ||||||||||||||||||||||||
| Total sales | $ | i 545 | $ | i 262 | $ | i 162 | $ | i 229 | $ | i 1,198 | |||||||||||||||||||
| Profit and loss: | |||||||||||||||||||||||||||||
| Segment operating profit | $ | i 100 | $ | i 50 | $ | i 11 | $ | i 61 | $ | i 222 | |||||||||||||||||||
| Restructuring and other charges | i 5 | i 3 | i — | i — | i 8 | ||||||||||||||||||||||||
| Provision for depreciation and amortization | i 30 | i 13 | i 13 | i 9 | i 65 | ||||||||||||||||||||||||
| Capital expenditures | i 16 | i 9 | i 5 | i 13 | i 43 | ||||||||||||||||||||||||
| Second quarter ended June 30, 2020 | |||||||||||||||||||||||||||||
| Sales: | |||||||||||||||||||||||||||||
| Third-party sales | $ | i 585 | $ | i 326 | $ | i 229 | $ | i 113 | $ | i 1,253 | |||||||||||||||||||
| Inter-segment sales | i 1 | i — | i 2 | i — | i 3 | ||||||||||||||||||||||||
| Total sales | $ | i 586 | $ | i 326 | $ | i 231 | $ | i 113 | $ | i 1,256 | |||||||||||||||||||
| Profit and loss: | |||||||||||||||||||||||||||||
| Segment operating profit | $ | i 105 | $ | i 70 | $ | i 19 | $ | i 6 | $ | i 200 | |||||||||||||||||||
| Restructuring and other charges (credits) | i 22 | i 24 | ( i 5) | i 1 | i 42 | ||||||||||||||||||||||||
| Provision for depreciation and amortization | i 31 | i 12 | i 14 | i 9 | i 66 | ||||||||||||||||||||||||
| Capital expenditures | i 14 | i 7 | i 5 | i 4 | i 30 | ||||||||||||||||||||||||
| Engine Products | Fastening Systems | Engineered Structures | Forged Wheels | Total Segment | |||||||||||||||||||||||||
| Six months ended June 30, 2021 | |||||||||||||||||||||||||||||
| Sales: | |||||||||||||||||||||||||||||
| Third-party sales | $ | i 1,078 | $ | i 534 | $ | i 336 | $ | i 456 | $ | i 2,404 | |||||||||||||||||||
| Inter-segment sales | i 2 | i — | i 3 | i — | i 5 | ||||||||||||||||||||||||
| Total sales | $ | i 1,080 | $ | i 534 | $ | i 339 | $ | i 456 | $ | i 2,409 | |||||||||||||||||||
| Profit and loss: | |||||||||||||||||||||||||||||
| Segment operating profit | $ | i 201 | $ | i 95 | $ | i 21 | $ | i 131 | $ | i 448 | |||||||||||||||||||
| Restructuring and other charges | i 10 | i 5 | i 1 | i — | i 16 | ||||||||||||||||||||||||
| Provision for depreciation and amortization | i 61 | i 25 | i 25 | i 19 | i 130 | ||||||||||||||||||||||||
| Capital expenditures | i 27 | i 14 | i 10 | i 22 | i 73 | ||||||||||||||||||||||||
| Six months ended June 30, 2020 | |||||||||||||||||||||||||||||
| Sales: | |||||||||||||||||||||||||||||
| Third-party sales | $ | i 1,366 | $ | i 711 | $ | i 504 | $ | i 304 | $ | i 2,885 | |||||||||||||||||||
| Inter-segment sales | i 3 | i — | i 5 | i — | i 8 | ||||||||||||||||||||||||
| Total sales | $ | i 1,369 | $ | i 711 | $ | i 509 | $ | i 304 | $ | i 2,893 | |||||||||||||||||||
| Profit and loss: | |||||||||||||||||||||||||||||
| Segment operating profit | $ | i 270 | $ | i 166 | $ | i 47 | $ | i 56 | $ | i 539 | |||||||||||||||||||
| Restructuring and other charges | i 35 | i 26 | i 12 | i 3 | i 76 | ||||||||||||||||||||||||
| Provision for depreciation and amortization | i 61 | i 24 | i 27 | i 19 | i 131 | ||||||||||||||||||||||||
| Capital expenditures | i 33 | i 15 | i 8 | i 11 | i 67 | ||||||||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Total segment operating profit | $ | i 222 | $ | i 200 | $ | i 448 | $ | i 539 | |||||||||||||||
| Unallocated amounts: | |||||||||||||||||||||||
| Restructuring and other charges | ( i 5) | ( i 105) | ( i 14) | ( i 144) | |||||||||||||||||||
| Corporate expense | ( i 10) | ( i 21) | ( i 38) | ( i 63) | |||||||||||||||||||
| Consolidated operating income | $ | i 207 | $ | i 74 | $ | i 396 | $ | i 332 | |||||||||||||||
| Interest expense | ( i 89) | ( i 144) | ( i 161) | ( i 228) | |||||||||||||||||||
| Other (expense) income, net | ( i 8) | ( i 16) | ( i 12) | i 8 | |||||||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | i 110 | $ | ( i 86) | $ | i 223 | $ | i 112 | |||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Total segment capital expenditures | $ | i 43 | $ | i 30 | $ | i 73 | $ | i 67 | |||||||||||||||
| Corporate and discontinued operations | ( i 7) | i 2 | i 18 | i 117 | |||||||||||||||||||
| Capital expenditures | $ | i 36 | $ | i 32 | $ | i 91 | $ | i 184 | |||||||||||||||
| Engine Products | Fastening Systems | Engineered Structures | Forged Wheels | Total Segment | |||||||||||||||||||||||||
| Second quarter ended June 30, 2021 | |||||||||||||||||||||||||||||
| Aerospace - Commercial | $ | i 260 | $ | i 129 | $ | i 79 | $ | i — | $ | i 468 | |||||||||||||||||||
| Aerospace - Defense | i 121 | i 41 | i 64 | i — | i 226 | ||||||||||||||||||||||||
| Commercial Transportation | i — | i 49 | i — | i 229 | i 278 | ||||||||||||||||||||||||
| Industrial and Other | i 163 | i 43 | i 17 | i — | i 223 | ||||||||||||||||||||||||
| Total end-market revenue | $ | i 544 | $ | i 262 | $ | i 160 | $ | i 229 | $ | i 1,195 | |||||||||||||||||||
| Second quarter ended June 30, 2020 | |||||||||||||||||||||||||||||
| Aerospace - Commercial | $ | i 312 | $ | i 224 | $ | i 144 | $ | i — | $ | i 680 | |||||||||||||||||||
| Aerospace - Defense | i 125 | i 39 | i 64 | i — | i 228 | ||||||||||||||||||||||||
| Commercial Transportation | i — | i 34 | i — | i 113 | i 147 | ||||||||||||||||||||||||
| Industrial and Other | i 148 | i 29 | i 21 | i — | i 198 | ||||||||||||||||||||||||
| Total end-market revenue | $ | i 585 | $ | i 326 | $ | i 229 | $ | i 113 | $ | i 1,253 | |||||||||||||||||||
| Six months ended June 30, 2021 | |||||||||||||||||||||||||||||
| Aerospace - Commercial | $ | i 487 | $ | i 277 | $ | i 159 | $ | i — | $ | i 923 | |||||||||||||||||||
| Aerospace - Defense | i 272 | i 83 | i 141 | i — | i 496 | ||||||||||||||||||||||||
| Commercial Transportation | i — | i 95 | i — | i 456 | i 551 | ||||||||||||||||||||||||
| Industrial and Other | i 319 | i 79 | i 36 | i — | i 434 | ||||||||||||||||||||||||
| Total end-market revenue | $ | i 1,078 | $ | i 534 | $ | i 336 | $ | i 456 | $ | i 2,404 | |||||||||||||||||||
| Six months ended June 30, 2020 | |||||||||||||||||||||||||||||
| Aerospace - Commercial | $ | i 819 | $ | i 481 | $ | i 328 | $ | i — | $ | i 1,628 | |||||||||||||||||||
| Aerospace - Defense | i 252 | i 83 | i 134 | i — | i 469 | ||||||||||||||||||||||||
| Commercial Transportation | i — | i 80 | i — | i 304 | i 384 | ||||||||||||||||||||||||
| Industrial and Other | i 295 | i 67 | i 42 | i — | i 404 | ||||||||||||||||||||||||
| Total end-market revenue | $ | i 1,366 | $ | i 711 | $ | i 504 | $ | i 304 | $ | i 2,885 | |||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Layoff costs | $ | i 2 | $ | i 54 | $ | i 2 | $ | i 76 | |||||||||||||||
| Net reversals of previously recorded layoff reserves | ( i 2) | ( i 8) | ( i 1) | ( i 10) | |||||||||||||||||||
| i 3 | i 64 | i 6 | i 64 | ||||||||||||||||||||
| Non-cash asset impairments | i 4 | i — | i 4 | i — | |||||||||||||||||||
| i — | ( i 7) | i 4 | i 9 | ||||||||||||||||||||
| Other | ( i 2) | i 2 | ( i 1) | i 5 | |||||||||||||||||||
| Restructuring and other charges | $ | i 5 | $ | i 105 | $ | i 14 | $ | i 144 | |||||||||||||||
| Layoff costs | Other exit costs | Total | |||||||||||||||
| Reserve balances at December 31, 2020 | $ | i 54 | $ | i — | $ | i 54 | |||||||||||
| Cash payments | ( i 32) | i — | ( i 32) | ||||||||||||||
| Restructuring charges | i 7 | i 7 | i 14 | ||||||||||||||
Other(1) | ( i 8) | ( i 7) | ( i 15) | ||||||||||||||
| Reserve balances at June 30, 2021 | $ | i 21 | $ | i — | $ | i 21 | |||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Non-service related net periodic benefit cost | $ | i 3 | $ | i 5 | $ | i 6 | $ | i 11 | |||||||||||||||
| Interest income | ( i 1) | i — | ( i 1) | ( i 4) | |||||||||||||||||||
| Foreign currency losses (gains), net | i 1 | ( i 7) | i 3 | ( i 7) | |||||||||||||||||||
| Net loss from asset sales | i 1 | i 2 | i 4 | i 4 | |||||||||||||||||||
| Deferred compensation | i 4 | i 7 | i 6 | ( i 3) | |||||||||||||||||||
| Other, net | i — | i 9 | ( i 6) | ( i 9) | |||||||||||||||||||
| Other expense (income), net | $ | i 8 | $ | i 16 | $ | i 12 | $ | ( i 8) | |||||||||||||||
| Second quarter ended | Six months ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
| Pension benefits | ||||||||||||||||||||||||||
| Service cost | $ | i 1 | $ | i 2 | $ | i 2 | $ | i 9 | ||||||||||||||||||
| Interest cost | i 12 | i 17 | i 24 | i 64 | ||||||||||||||||||||||
| Expected return on plan assets | ( i 23) | ( i 24) | ( i 46) | ( i 94) | ||||||||||||||||||||||
| Recognized net actuarial loss | i 15 | i 12 | i 29 | i 54 | ||||||||||||||||||||||
| Settlements | i 3 | i 64 | i 6 | i 64 | ||||||||||||||||||||||
Net
periodic benefit cost(1) | i 8 | i 71 | i 15 | i 97 | ||||||||||||||||||||||
| Discontinued operations | i — | i — | i — | i 20 | ||||||||||||||||||||||
| Net amount recognized in continuing operations in Statement of Consolidated Operations | $ | i 8 | $ | i 71 | $ | i 15 | $ | i 77 | ||||||||||||||||||
| Other postretirement benefits | ||||||||||||||||||||||||||
| Service cost | $ | i 1 | $ | i 1 | $ | i 1 | $ | i 2 | ||||||||||||||||||
| Interest cost | i 2 | i 1 | i 3 | i 7 | ||||||||||||||||||||||
| Recognized net actuarial loss | i — | i — | i — | i 2 | ||||||||||||||||||||||
| Amortization of prior service benefit | ( i 3) | ( i 1) | ( i 4) | ( i 3) | ||||||||||||||||||||||
Net
periodic benefit cost(1) | i — | i 1 | i — | i 8 | ||||||||||||||||||||||
| Discontinued operations | i — | i — | i — | i 6 | ||||||||||||||||||||||
| Net amount recognized in continuing operations in Statement of Consolidated Operations | $ | i — | $ | i 1 | $ | i — | $ | i 2 | ||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Pre-tax income (loss) at estimated annual effective income tax rate before discrete items | $ | i 32 | $ | ( i 31) | $ | i 65 | $ | i 40 | |||||||||||||||
| Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income | ( i 1) | i 18 | i — | i — | |||||||||||||||||||
| Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized | i 1 | i 1 | i 1 | i 1 | |||||||||||||||||||
| Other discrete items | i 4 | i 10 | i 3 | i 2 | |||||||||||||||||||
| Provision (benefit) for income taxes | $ | i 36 | $ | ( i 2) | $ | i 69 | $ | i 43 | |||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Net income (loss) from continuing operations attributable to common shareholders | $ | i 74 | $ | ( i 84) | $ | i 154 | $ | i 69 | |||||||||||||||
| (Loss) income from discontinued operations | i — | ( i 12) | i — | i 50 | |||||||||||||||||||
| Net income (loss) attributable to common shareholders | i 74 | ( i 96) | i 154 | i 119 | |||||||||||||||||||
| Less: preferred stock dividends declared | i 1 | i — | i 1 | i 1 | |||||||||||||||||||
| Net income (loss) available to Howmet Aerospace common shareholders - basic and diluted | $ | i i 73 / | $ | ( i 96) | $ | i 153 | $ | i i i 118 / / | |||||||||||||||
| Average shares outstanding - basic | i 432 | i 436 | i 433 | i 436 | |||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||
| Stock options | i 1 | i — | i 1 | i — | |||||||||||||||||||
| Stock and performance awards | i 4 | i — | i 4 | i 4 | |||||||||||||||||||
| Average shares outstanding - diluted | i 437 | i 436 | i 438 | i 440 | |||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Stock
options(1) | i — | i 3 | i — | i 3 | |||||||||||||||||||
| Stock and performance awards | i — | i 3 | i — | i — | |||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Balance at beginning of period | $ | ( i 938) | $ | ( i 2,695) | $ | ( i 980) | $ | ( i 2,732) | |||||||||||||||
| Other comprehensive income: | |||||||||||||||||||||||
| Unrecognized net actuarial gain (loss) and prior service cost/benefit | i 30 | ( i 60) | i 67 | ( i 59) | |||||||||||||||||||
| Tax (expense) benefit | ( i 7) | i 8 | ( i 15) | i 8 | |||||||||||||||||||
| Total Other comprehensive income (loss) before reclassifications, net of tax | i 23 | ( i 52) | i 52 | ( i 51) | |||||||||||||||||||
Amortization
of net actuarial loss and prior service cost(1) | i 15 | i 74 | i 31 | i 117 | |||||||||||||||||||
Tax
expense(2) | ( i 3) | ( i 13) | ( i 6) | ( i 20) | |||||||||||||||||||
Total
amount reclassified from Accumulated other comprehensive loss, net of tax(3) | i 12 | i 61 | i 25 | i 97 | |||||||||||||||||||
| Total Other comprehensive income | i 35 | i 9 | i 77 | i 46 | |||||||||||||||||||
| Transfer to Arconic Corporation | i — | i 1,820 | i — | i 1,820 | |||||||||||||||||||
| Balance at end of period | $ | ( i 903) | $ | ( i 866) | $ | ( i 903) | $ | ( i 866) | |||||||||||||||
| Foreign currency translation | |||||||||||||||||||||||
| Balance at beginning of period | $ | ( i 1,010) | $ | ( i 661) | $ | ( i 966) | $ | ( i 596) | |||||||||||||||
| Foreign currency translation | i 18 | ( i 8) | ( i 26) | ( i 87) | |||||||||||||||||||
Net
amount reclassified from Accumulated other comprehensive loss(4) | i — | i — | i — | i 14 | |||||||||||||||||||
| Other comprehensive income (loss) | i 18 | ( i 8) | ( i 26) | ( i 73) | |||||||||||||||||||
| Transfer to Arconic Corporation | i — | ( i 428) | i — | ( i 428) | |||||||||||||||||||
| Balance at end of period | $ | ( i 992) | $ | ( i 1,097) | $ | ( i 992) | $ | ( i 1,097) | |||||||||||||||
| Debt securities | |||||||||||||||||||||||
| Balance at beginning of period | $ | i — | $ | i 1 | $ | i — | $ | i — | |||||||||||||||
Other
comprehensive loss(5) | i — | ( i 1) | i — | i — | |||||||||||||||||||
| Balance at end of period | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||
| Cash flow hedges | |||||||||||||||||||||||
| Balance at beginning of period | $ | i 7 | $ | ( i 14) | $ | i 3 | $ | ( i 1) | |||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Net change from periodic revaluations | i 11 | i 3 | i 19 | ( i 8) | |||||||||||||||||||
| Tax (expense) income | ( i 2) | i 1 | ( i 4) | i — | |||||||||||||||||||
| Total Other comprehensive income (loss) before reclassifications, net of tax | i 9 | i 4 | i 15 | ( i 8) | |||||||||||||||||||
| Net amount reclassified to earnings | ( i 5) | i 5 | ( i 8) | i 4 | |||||||||||||||||||
Tax
expense(2) | i — | i — | i 1 | i — | |||||||||||||||||||
Total
amount reclassified from Accumulated other comprehensive (loss) income, net of tax(3) | ( i 5) | i 5 | ( i 7) | i 4 | |||||||||||||||||||
| Total Other comprehensive income (loss) | i 4 | i 9 | i 8 | ( i 4) | |||||||||||||||||||
| Balance at end of period | $ | i 11 | $ | ( i 5) | $ | i 11 | $ | ( i 5) | |||||||||||||||
| Accumulated other comprehensive loss | $ | ( i 1,884) | $ | ( i 1,968) | $ | ( i 1,884) | $ | ( i 1,968) | |||||||||||||||
| June 30, 2021 | December 31, 2020 | ||||||||||
| Finished goods | $ | i 500 | $ | i 528 | |||||||
| Work-in-process | i 656 | i 629 | |||||||||
| Purchased raw materials | i 263 | i 292 | |||||||||
| Operating supplies | i 37 | i 39 | |||||||||
| Total inventories | $ | i 1,456 | $ | i 1,488 | |||||||
| June 30, 2021 | December 31, 2020 | ||||||||||
| Land and land rights | $ | i 92 | $ | i 98 | |||||||
| Structures | i 1,025 | i 1,033 | |||||||||
| Machinery and equipment | i 3,910 | i 3,879 | |||||||||
| i 5,027 | i 5,010 | ||||||||||
| Less: accumulated depreciation and amortization | i 2,701 | i 2,626 | |||||||||
| i 2,326 | i 2,384 | ||||||||||
| Construction work-in-progress | i 189 | i 208 | |||||||||
| Properties, plants, and equipment, net | $ | i 2,515 | $ | i 2,592 | |||||||
| June 30, 2021 | December 31, 2020 | ||||||||||||||||
| Right-of-use assets classified in Other noncurrent assets | $ | i 123 | $ | i 131 | |||||||||||||
Current
portion of lease liabilities classified in Other current liabilities | i 36 | i 38 | |||||||||||||||
| Long-term portion of lease liabilities classified in Other noncurrent liabilities | i 93 | i 100 | |||||||||||||||
| Total lease liabilities | $ | i 129 | $ | i 138 | |||||||||||||
| June 30, 2021 | December 31, 2020 | ||||||||||
i 5.400% Notes, due 2021(1) | $ | i — | $ | i 361 | |||||||
i 5.870%
Notes, due 2022(2) | i — | i 476 | |||||||||
i 5.125%
Notes, due 2024 | i 1,250 | i 1,250 | |||||||||
i 6.875%
Notes, due 2025 | i 1,200 | i 1,200 | |||||||||
i 5.900%
Notes, due 2027 | i 625 | i 625 | |||||||||
i 6.750%
Bonds, due 2028 | i 300 | i 300 | |||||||||
i 5.950%
Notes due 2037 | i 625 | i 625 | |||||||||
i 4.750%
Iowa Finance Authority Loan, due 2042 | i 250 | i 250 | |||||||||
Other(3) | ( i 10) | ( i 12) | |||||||||
| i 4,240 | i 5,075 | ||||||||||
| Less: amount due within one year | i 13 | i 376 | |||||||||
| Total long-term debt | $ | i 4,227 | $ | i 4,699 | |||||||
| No greater than | |||||
| (i) for the quarter ending June 30, 2021 | i 5.50
to 1.00 | ||||
| (ii) for the quarter ending September 30, 2021 | i 5.00 to 1.00 | ||||
| (iii) for the quarter ending December 31, 2021 | i 4.75
to 1.00 | ||||
| (iv) for the quarter ending March 31, 2022 | i 4.50 to 1.00 | ||||
| (v) for the quarter ending June 30, 2022 | i 4.50
to 1.00 | ||||
| (vi) for the quarter ending September 30, 2022 | i 4.25 to 1.00 | ||||
| (vii) for the quarter ending December 31, 2022 | i 3.75
to 1.00 | ||||
| (viii) for the quarter ending March 31, 2023 and thereafter | i 3.50 to 1.00 | ||||
| June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
| Carrying value | Fair value | Carrying value | Fair value | ||||||||||||||||||||
| Long-term debt, less amount due within one year | $ | i 4,227 | $ | i 4,886 | $ | i 4,699 | $ | i 5,426 | |||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Third-party sales | $ | 544 | $ | 585 | $ | 1,078 | $ | 1,366 | |||||||||||||||
| Segment operating profit | 100 | 105 | 201 | 270 | |||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Third-party sales | $ | 262 | $ | 326 | $ | 534 | $ | 711 | |||||||||||||||
| Segment operating profit | 50 | 70 | 95 | 166 | |||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Third-party sales | $ | 160 | $ | 229 | $ | 336 | $ | 504 | |||||||||||||||
| Segment operating profit | 11 | 19 | 21 | 47 | |||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Third-party sales | $ | 229 | $ | 113 | $ | 456 | $ | 304 | |||||||||||||||
| Segment operating profit | 61 | 6 | 131 | 56 | |||||||||||||||||||
| Second quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 110 | $ | (86) | $ | 223 | $ | 112 | |||||||||||||||
| Interest expense | 89 | 144 | 161 | 228 | |||||||||||||||||||
| Other expense (income), net | 8 | 16 | 12 | (8) | |||||||||||||||||||
| Consolidated operating income | $ | 207 | $ | 74 | $ | 396 | $ | 332 | |||||||||||||||
| Unallocated amounts: | |||||||||||||||||||||||
| Restructuring and other charges | 5 | 105 | 14 | 144 | |||||||||||||||||||
| Corporate expense | 10 | 21 | 38 | 63 | |||||||||||||||||||
| Total segment operating profit | $ | 222 | $ | 200 | $ | 448 | $ | 539 | |||||||||||||||
| Issuer Rating | Outlook | Date of Last Update | ||||||||||||||||||
| Standard and Poor’s Ratings Service (S&P) | BB+ | Negative | September 9, 2020 | |||||||||||||||||
| Moody’s Investors Service (Moody’s) | Ba2 | Stable | April 20, 2021 | |||||||||||||||||
| Fitch Investors Service (Fitch) | BBB- | Stable | March 26, 2021 | |||||||||||||||||
(in millions except share and per share amounts) | ||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total
Number of Shares Purchased as Part of Publicly Announced Repurchase Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||
| April 1 - April 30, 2021 | — | — | — | $277.0 | ||||||||||
May 1 - May 31, 2021(2) | 4,910,988 | $34.02 | 4,910,988 | $77.0 | ||||||||||
June
1 - June 30, 2021(2) | 967,803 | $34.02 | 967,803 | $77.0 | ||||||||||
| Total for quarter ended June 30, 2021 | 5,878,791 | $34.02 | 5,878,791 | |||||||||||
| Letter Agreement, by and between Howmet Aerospace Inc. and Lola Lin, dated as of May 5, 2021. | |||||
| Restricted Share Unit Award Agreement - Annual Equity Award for Lola Lin, effective July 15, 2021. | |||||
| Restricted Share Unit Award Agreement - Sign-On Equity Award for Lola Lin, effective July 15, 2021. | |||||
| Form of Confidentiality, Non-Competition, and Non-Solicitation Agreement. | |||||
| Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
| Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | ||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
| 104. | Cover Page Interactive Data File - the cover page from this Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL (included within the Exhibit 101 attachments). | ||||
| Howmet Aerospace Inc. | |||||
| August 4, 2021 | /s/ Ken Giacobbe | ||||
| Date | Ken Giacobbe | ||||
| Executive Vice President and | |||||
| Chief Financial Officer | |||||
| (Principal Financial Officer) | |||||
| August 4, 2021 | /s/ Barbara L. Shultz | ||||
| Date | Barbara L. Shultz | ||||
| Vice President and Controller | |||||
| (Principal Accounting Officer) | |||||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 4/1/25 | ||||
| 6/29/23 | ||||
| 3/31/23 | ||||
| 12/31/22 | ||||
| 12/21/22 | ||||
| 9/30/22 | ||||
| 6/30/22 | 4 | |||
| 4/4/22 | 4 | |||
| 3/31/22 | 10-Q, 4 | |||
| 3/30/22 | ||||
| 12/31/21 | 10-K, 11-K, 4, SD | |||
| 9/30/21 | 10-Q, 4 | |||
| 8/25/21 | ||||
| 8/12/21 | ||||
| 8/6/21 | ||||
| Filed on: | 8/4/21 | 8-K | ||
| 8/2/21 | ||||
| 7/19/21 | 4 | |||
| 7/15/21 | 4 | |||
| 7/1/21 | ||||
| For Period end: | 6/30/21 | 4 | ||
| 6/23/21 | 11-K | |||
| 6/1/21 | 4, 8-K | |||
| 5/31/21 | ||||
| 5/10/21 | 4, 8-K | |||
| 5/5/21 | ||||
| 5/3/21 | 8-K | |||
| 4/30/21 | 4 | |||
| 4/20/21 | ||||
| 3/31/21 | 10-Q, 4 | |||
| 3/29/21 | 8-K | |||
| 3/26/21 | ||||
| 3/15/21 | 4 | |||
| 3/11/21 | ||||
| 1/15/21 | 8-K | |||
| 1/1/21 | ||||
| 12/31/20 | 10-K, 11-K, 4, SD | |||
| 10/19/20 | ||||
| 9/21/20 | ||||
| 9/9/20 | 8-K | |||
| 8/1/20 | ||||
| 7/24/20 | ||||
| 6/30/20 | 10-Q, 4 | |||
| 6/26/20 | 8-K | |||
| 5/21/20 | ||||
| 4/24/20 | 3/A, 4, 4/A, 424B5, 8-K | |||
| 4/6/20 | 4, 8-K | |||
| 4/1/20 | 3, 3/A, 8-K | |||
| 3/31/20 | 10-Q, 8-K | |||
| 3/25/20 | 8-K | |||
| 3/19/20 | 4 | |||
| 3/1/20 | ||||
| 2/7/20 | 4, 8-K | |||
| 2/5/20 | 8-K, SC 13G/A | |||
| 2/1/20 | ||||
| 1/31/20 | ||||
| 1/1/20 | ||||
| 12/31/19 | 10-K, 11-K, 4, SD | |||
| 5/20/19 | 4, 8-K | |||
| 6/14/17 | ||||
| 11/1/16 | 3, 8-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/13/24 Howmet Aerospace Inc. 10-K 12/31/23 145:18M 2/14/23 Howmet Aerospace Inc. 10-K 12/31/22 138:19M 2/14/22 Howmet Aerospace Inc. 10-K 12/31/21 146:21M 8/20/21 Howmet Aerospace Inc. 424B5 1:603K Toppan Merrill/FA 8/18/21 Howmet Aerospace Inc. 424B5 1:597K Toppan Merrill/FA |