Howmet Aerospace (HWM) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-3610
Entity Registrant Name	HOWMET AEROSPACE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-0317820
Entity Address, Address Line One	201 Isabella Street, Suite 200
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15212-5872
City Area Code	412
Local Phone Number	553-1940
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		428,912,175
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000004281
Current Fiscal Year End Date	--12-31
Common stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	HWM
Security Exchange Name	NYSE
Preferred stock
Entity Information [Line Items]
Title of 12(b) Security	$3.75 Cumulative Preferred Stock, par value $100.00 per share
Trading Symbol	HWM PR
Security Exchange Name	NYSEAMER

Statement of Consolidated Opera

Statement of Consolidated Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Sales	$ 1,195	$ 1,253	$ 2,404	$ 2,887
Cost of goods sold (exclusive of expenses below)	857	923	1,730	2,106
Selling, general administrative, and other expenses	55	74	120	153
Research and development expenses	4	4	9	8
Provision for depreciation and amortization	67	73	135	144
Restructuring and other charges	5	105	14	144
Operating income	207	74	396	332
Interest expense, net	89	144	161	228
Other expense (income), net	8	16	12	(8)
Income (loss) before income taxes	110	(86)	223	112
Provision (benefit) for income taxes	36	(2)	69	43
Income (loss) from continuing operations after income taxes	74	(84)	154	69
(Loss) income from discontinued operations after income taxes	0	(12)	0	50
Net income (loss)	74	(96)	154	119
Amounts Attributable to Howmet Aerospace Common Shareholders
Net income (loss)	73	(96)	153	118
Net income (loss)	$ 73	$ (96)	$ 153	$ 118
Earnings (loss) per share - basic
Continuing operations (in usd per share)	$ 0.17	$ (0.19)	$ 0.35	$ 0.16
Discontinued operations (in usd per share)	0	(0.03)	0	0.11
Earnings (loss) per share - diluted
Continuing operations (in usd per share)	0.17	(0.19)	0.35	0.15
Discontinued operations (in usd per share)	$ 0	$ (0.03)	$ 0	$ 0.11
Average Shares Outstanding
Average shares outstanding - basic (in shares)	432	436	433	436
Average shares outstanding - diluted (in shares)	437	436	438	440

Statement of Consolidated Compr

Statement of Consolidated Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 74	$ (96)	$ 154	$ 119
Other comprehensive income (loss), net of tax
Change in unrecognized net actuarial loss and prior service cost related to pension and other postretirement benefits	35	9	77	46
Foreign currency translation adjustments	18	(8)	(26)	(73)
Net change in unrealized losses on debt securities	0	(1)	0	0
Net change in unrecognized gains (losses) on cash flow hedges	4	9	8	(4)
Total Other comprehensive income (loss), net of tax	57	9	59	(31)
Comprehensive income (loss)	$ 131	$ (87)	$ 213	$ 88

Consolidated Balance Sheet (una

Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 715	$ 1,610
Receivables from customers, less allowances of $1 in 2021 and $1 in 2020	316	328
Other receivables	100	29
Inventories	1,456	1,488
Prepaid expenses and other current assets	212	217
Total current assets	2,799	3,672
Properties, plants, and equipment, net	2,515	2,592
Goodwill	4,090	4,102
Deferred income taxes	188	272
Intangibles, net	557	571
Other noncurrent assets	230	234
Total assets	10,379	11,443
Current liabilities:
Accounts payable, trade	632	599
Accrued compensation and retirement costs	195	205
Taxes, including income taxes	80	102
Accrued interest payable	75	89
Other current liabilities	232	289
Short-term debt	13	376
Total current liabilities	1,227	1,660
Long-term debt, less amount due within one year	4,227	4,699
Accrued pension benefits	868	985
Accrued other postretirement benefits	156	198
Other noncurrent liabilities and deferred credits	303	324
Total liabilities	6,781	7,866
Contingencies and commitments
Howmet Aerospace shareholders’ equity:
Preferred stock	55	55
Common stock	429	433
Additional capital	4,481	4,668
Retained earnings	517	364
Accumulated other comprehensive loss	(1,884)	(1,943)
Total equity	3,598	3,577
Total liabilities and equity	$ 10,379	$ 11,443

Consolidated Balance Sheet (u_2

Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 0	$ 1

Statement of Consolidated Cash

Statement of Consolidated Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income	$ 154	$ 119
Adjustments to reconcile net income to cash provided from (used for) operations:
Depreciation and amortization	135	203
Deferred income taxes	15	25
Restructuring and other charges	14	126
Net loss from investing activities—asset sales	4	4
Net periodic pension benefit cost	9	34
Stock-based compensation	14	23
Other	46	48
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables	(231)	(70)
Decrease (increase) in inventories	19	(136)
Decrease (increase) in prepaid expenses and other current assets	10	(11)
Increase (decrease) in accounts payable, trade	48	(320)
Decrease in accrued expenses	(93)	(173)
Increase in taxes, including income taxes	24	96
Pension contributions	(61)	(102)
Increase in noncurrent assets	(4)	(6)
Decrease in noncurrent liabilities	(24)	(37)
Cash provided from (used for) operations	79	(177)
Financing Activities
Net change in short-term borrowings (original maturities of three months or less)	(1)	(2)
Additions to debt (original maturities greater than three months)	0	2,400
Payments on debt (original maturities greater than three months)	(838)	(2,041)
Debt issuance costs	(1)	(61)
Premiums paid on early redemption of debt	(22)	(59)
Proceeds from exercise of employee stock options	15	30
Dividends paid to shareholders	(1)	(10)
Repurchase of common stock	(200)	0
Net cash transferred to Arconic Corporation at separation	0	(500)
Other	(20)	(34)
Cash used for financing activities	(1,068)	(277)
Investing Activities
Capital expenditures	(91)	(184)
Proceeds from the sale of assets and businesses	8	114
Sale of debt securities	5	0
Cash receipts from sold receivables	172	114
Cash provided from investing activities	94	44
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	(8)
Net change in cash, cash equivalents and restricted cash	(895)	(418)
Cash, cash equivalents and restricted cash at beginning of period	1,611	1,703
Cash, cash equivalents and restricted cash at end of period	$ 716	$ 1,285

Statement of Changes in Consoli

Statement of Changes in Consolidated Equity (unaudited) - USD ($) $ in Millions	Total	Class A	Preferred stock	Common stock	Additional capital	Retained earnings	Retained earningsClass A	Accumulated other comprehensive loss	Noncontrolling interests
Beginning balance at Dec. 31, 2019	$ 4,605		$ 55	$ 433	$ 7,319	$ 113		$ (3,329)	$ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	119					119
Net income (loss)	119
Other comprehensive income (loss)	(31)							(31)
Cash dividends declared:
Preferred dividends declared, value		$ (1)					$ (1)
Common share, value	(8)					(8)
Stock-based compensation	23				23
Common stock issued: compensation plans	(3)			3	(6)
Distributions to Arconic Corp	(1,255)				(2,633)			1,392	(14)
Ending balance at Jun. 30, 2020	3,449		55	436	4,703	223		(1,968)	0
Beginning balance at Mar. 31, 2020	4,781		55	436	7,326	319		(3,369)	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(96)					(96)
Net income (loss)	(96)
Other comprehensive income (loss)	9							9
Cash dividends declared:
Stock-based compensation	10				10
Distributions to Arconic Corp	(1,255)				(2,633)			1,392	(14)
Ending balance at Jun. 30, 2020	3,449		55	436	4,703	223		(1,968)	$ 0
Beginning balance at Dec. 31, 2020	3,577		55	433	4,668	364		(1,943)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	154					154
Other comprehensive income (loss)	59							59
Cash dividends declared:
Preferred dividends declared, value		$ (1)					$ (1)
Repurchase and retirement of common stock	(200)			(6)	(194)
Stock-based compensation	14				14
Common stock issued: compensation plans	(5)			2	(7)
Ending balance at Jun. 30, 2021	3,598		55	429	4,481	517		(1,884)
Beginning balance at Mar. 31, 2021	3,662		55	434	4,671	443		(1,941)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	74					74
Other comprehensive income (loss)	57							57
Cash dividends declared:
Repurchase and retirement of common stock	(200)			(6)	(194)
Stock-based compensation	8				8
Common stock issued: compensation plans	(3)			1	(4)
Ending balance at Jun. 30, 2021	$ 3,598		$ 55	$ 429	$ 4,481	$ 517		$ (1,884)

Statement of Changes in Conso_2

Statement of Changes in Consolidated Equity (unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Common stock, dividends per share (in usd per share)		$ 0.02
Class A
Preferred, dividends per share (in usd per share)	$ 1.875	$ 1.875

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The interim Consolidated Financial Statements of Howmet Aerospace Inc. (formerly known as Arconic Inc.) and subsidiaries (“Howmet” or the “Company”) are unaudited. These Consolidated Financial Statements include all adjustments, consisting only of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year. The 2020 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Form 10-Q report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2020, which includes all disclosures required by GAAP. Certain amounts in previously issued financial statements were reclassified to conform to the current period presentation. The separation of Arconic Inc. into two standalone, publicly-traded companies, Howmet Aerospace Inc. and Arconic Corporation, (the “Arconic Inc. Separation Transaction”) occurred on April 1, 2020. The financial results of Arconic Corporation for all periods prior to the Arconic Inc. Separation Transaction have been retrospectively reflected in the Statement of Consolidated Operations as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The cash flows, comprehensive income, and equity related to Arconic Corporation have not been segregated and are included in the Statement of Consolidated Cash Flows, Statement of Consolidated Comprehensive Income and Statement of Changes in Consolidated Equity, respectively, for all periods prior to the Arconic Inc. Separation Transaction. See Note B for additional information related to the Arconic Inc. Separation Transaction and discontinued operations. For the six months ended June 30, 2021 and 2020, the Company derived approximately 60% and 70%, respectively, of its revenue from products sold to the aerospace end-market. As a result of the global coronavirus (“COVID-19”) pandemic and its impact on the aerospace industry to-date, the possibility exists that there could be a sustained impact to our operations and financial results. Since the start of the pandemic, certain original equipment manufacturer (“OEM”) customers have reduced production or suspended manufacturing operations in North America and Europe on a temporary basis. While the pandemic has resulted in the temporary closure of a small number of the Company's manufacturing facilities during 2020, all of our manufacturing facilities are currently operating. Since the duration of the pandemic is uncertain, management has taken a series of actions to address the financial impact, including announcing certain headcount reductions and reducing the level of capital expenditures to preserve cash and maintain liquidity. The preparation of the Consolidated Financial Statements of the Company in conformity with GAAP requires management to make certain judgments, estimates, and assumptions. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience, including considerations relating to the impact of COVID-19. The impact of COVID-19 is rapidly changing and of unknown duration and macroeconomic impact and as a result, these considerations remain highly uncertain. Management has made its best estimates using all relevant information available at the time, but it is possible that our estimates will differ from our actual results and affect the Consolidated Financial Statements in future periods and potentially require adverse adjustments to the recoverability of goodwill, intangible and long-lived assets, the realizability of deferred tax assets and other judgments and estimations and assumptions that may be impacted by COVID-19. As previously disclosed, during the third quarter of 2020, the Company identified a misclassification in the presentation of changes in accounts payable and capital expenditures in its previously issued Statement of Consolidated Cash Flows for the six months ended June 30, 2020. Although management has determined that such misclassification was not material, the Company revised the accompanying Statement of Consolidated Cash Flows for the six months ended June 30, 2020, resulting in an $83 increase to previously reported capital expenditures and decrease to cash provided from investing activities with a corresponding reduction (decrease) in accounts payable, trade and increase in cash provided by operations. Also as previously disclosed, in the third quarter of 2020, a $16 deferred tax error was identified related to periods prior to 2018. Although management determined it was not material to any periods, the Company has revised the accompanying Statement of Changes in Consolidated Equity for the three and six months ended June 30, 2020 to present the correction as a reduction to Retained earnings as of December 31, 2019.

Arconic Inc. Separation Transac

Arconic Inc. Separation Transaction and Discontinued Operations	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Arconic Inc. Separation Transaction and Discontinued Operations	Arconic Inc. Separation Transaction and Discontinued OperationsOn April 1, 2020, the Company completed the separation of its business into two independent, publicly-traded companies. Following the Arconic Inc. Separation Transaction, Arconic Corporation held the Global Rolled Products (“GRP”) businesses (global rolled products, aluminum extrusions, and building and construction systems) previously held by the Company. The Company retained the Engineered Products and Forgings businesses (engine products, fastening systems, engineered structures, and forged wheels). The Company's Board of Directors approved the completion of the separation on February 5, 2020, which was effected by the distribution (the “Distribution”) by the Company of all of the outstanding common stock of Arconic Corporation on April 1, 2020 to the Company’s stockholders who held shares as of the close of business on March 19, 2020 (the “Record Date”). In the Distribution, each Company stockholder of record as of the Record Date received one share of Arconic Corporation common stock for every four shares of the Company’s common stock held as of the Record Date. The Company did not issue fractional shares of Arconic Corporation common stock in the Distribution. Instead, each stockholder otherwise entitled to a fractional share of Arconic Corporation common stock received cash in lieu of fractional shares. In connection with the Arconic Inc. Separation Transaction , the Company entered into several agreements with Arconic Corporation that govern the relationship between the Company and Arconic Corporation following the Distribution, including the following: a Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreement, certain Patent, Know-How, Trade Secret License and Trademark License Agreements, and Raw Material Supply Agreements. On February 7, 2020, Arconic Corporation completed an offering of $600 aggregate principal amount of 6.125% senior secured second-lien notes due 2028. On March 25, 2020, Arconic Corporation entered into a credit agreement which provided for a $600 aggregate principal amount seven-year senior secured first-lien loan B facility and a revolving credit facility which is guaranteed by certain of Arconic Corporation's wholly-owned domestic subsidiaries and secured on a first-priority basis by liens on substantially all assets of Arconic Corporation and subsidiary guarantors. Arconic Corporation used the proceeds to make payment to the Company to fund the transfer of certain assets to Arconic Corporation relating to the Arconic Inc. Separation Transaction and for general corporate purposes. The Company incurred debt issuance costs of $45 associated with these issuances for the first quarter of 2020. On February 1, 2020, the Company completed the sale of its rolling mill in Itapissuma, Brazil for $50 in cash which resulted in a loss of $59, of which $53 was recognized in Restructuring and other charges within discontinued operations in the second half of 2019 and $6 in the first quarter of 2020. On March 1, 2020, Arconic Corporation sold its hard alloy extrusions plant in South Korea for $62 in cash, which resulted in a $27 gain that was recognized in Restructuring and other charges within discontinued operations in the first quarter of 2020. Discontinued Operations The results of operations of Arconic Corporation are presented as discontinued operations in the Statement of Consolidated Operations as summarized below: Second quarter ended Six months ended June 30, June 30, 2020 2020 Sales $ — $ 1,575 Cost of goods sold — 1,293 Selling, general administrative, research and development and other expenses 5 106 Provision for depreciation and amortization — 58 Restructuring and other charges — (18) Operating (loss) income from discontinued operations (5) 136 Interest expense — 7 Other expense, net — 41 (Loss) income from discontinued operations (5) 88 Provision for income taxes 7 38 (Loss) income from discontinued operations after income taxes $ (12) $ 50 The following table presents purchases of properties, plants, and equipment, proceeds from the sale of businesses and the provision for depreciation and amortization of discontinued operations related to Arconic Corporation: Second quarter ended Six months ended June 30, June 30, 2020 2020 Capital expenditures $ — $ 72 Proceeds from the sales of businesses $ — $ 112 Provision for depreciation and amortization $ — $ 58 The cash flows and equity related to Arconic Corporation have not been segregated and are included in the Statement of Consolidated Cash Flows or Statement of Comprehensive Income for all periods presented prior to the Arconic Inc. Separation Transaction.

Recently Adopted and Recently I

Recently Adopted and Recently Issued Accounting Guidance	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Recently Adopted and Recently Issued Accounting Guidance	Recently Adopted and Recently Issued Accounting Guidance Adopted On January 1, 2021, the Company adopted changes issued by the Financial Accounting Standards Board (“FASB”) that were intended to simplify various aspects of accounting for income taxes by eliminating certain exceptions contained in existing guidance and amending other guidance to simplify several other income tax accounting matters. The adoption of this new guidance did not have a material impact on the Consolidated Financial Statements. Issued In March 2020, the FASB issued amendments that provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information Howmet is a global leader in lightweight metals engineering and manufacturing. Howmet’s innovative, multi-material products, which include nickel, titanium, aluminum, and cobalt, are used worldwide in the aerospace (commercial and defense), commercial transportation, and industrial and other end markets. Segment performance under Howmet’s management reporting system is evaluated based on a number of factors; however, the primary measure of performance is Segment operating profit. Howmet’s definition of Segment operating profit is Operating income excluding Special items. Special items include Restructuring and other charges. Segment operating profit may not be comparable to similarly titled measures of other companies. Differences between segment totals and consolidated Howmet are in Corporate. Howmet’s operations consist of four worldwide reportable segments as follows: Engine Products Engine Products produces investment castings, including airfoils, and seamless rolled rings primarily for aircraft engines and industrial gas turbines. Engine Products produces rotating parts as well as structural parts. Fastening Systems Fastening Systems produces aerospace fastening systems, as well as commercial transportation, industrial and other fasteners. The business’s high-tech, multi-material fastening systems are found nose to tail on aircraft and aero engines. The business’s products are also critical components of commercial transportation vehicles, automobiles, construction and industrial equipment and renewable energy sector. Engineered Structures Engineered Structures produces titanium ingots and mill products for aerospace and defense applications and is vertically integrated to produce titanium forgings, extrusions forming and machining services for airframe, wing, aero-engine, and landing gear components. Engineered Structures also produces aluminum forgings, nickel forgings, and aluminum machined components and assemblies for aerospace and defense applications. Forged Wheels Forged Wheels provides forged aluminum wheels and related products for heavy-duty trucks and the commercial transportation markets. Goodwill The Company had $4,090 of Goodwill at June 30, 2021 and reviews it annually for impairment in the fourth quarter, or more frequently, if indicators exist or if a decision is made to sell or realign a business. On January 1, 2020, management transferred the Savannah business from the Engine Products segment to the Engineered Structures segment, based on synergies with forgings technologies and manufacturing capabilities. As a result of the reorganization, goodwill of $17 was reallocated from Engine Products to Engineered Structures, and these reporting units were evaluated for impairment during the first quarter of 2020. The estimated fair value of each of these reporting units substantially exceeded their carrying value; thus, there was no goodwill impairment at the date the business was transferred. During the first quarter of 2020, Howmet's market capitalization declined significantly compared to the fourth quarter of 2019. Over the same period, the equity value of our peer group companies, and the overall U.S. stock market also declined significantly amid market volatility. In addition, as a result of the COVID-19 pandemic and measures designed to contain the spread, global sales to customers in the aerospace and commercial transportation industries impacted by COVID-19 have been and are expected to be negatively impacted compared to 2019 as a result of disruption in demand. As a result of these macroeconomic factors, we performed a qualitative impairment test to evaluate whether it is more likely than not that the fair value of any of our reporting units is less than its carrying value. As a result of this assessment, the Company performed a quantitative impairment test in the first quarter of 2020 for the Engineered Structures reporting unit and concluded that though the margin between the fair value of the reporting unit and carrying value had declined from approximately 60% to approximately 15%, it was not impaired. Consistent with prior practice, a discounted cash flow model was used to estimate the current fair value of the reporting unit. The significant assumptions and estimates utilized to determine fair value were developed utilizing current market and forecast information reflecting the disruption in demand that has and is expected to negatively impact the Company’s sales globally in the aerospace industry. If our actual results or external market factors decline significantly from management’s estimates, future goodwill impairment charges may be necessary and could be material. Since the first quarter of 2020, there have been no indicators of impairment identified for the Engineered Structures reporting unit or any other reporting units or indefinite-lived intangible assets. The operating results of the Company’s reportable segments were as follows. Differences between total segment and consolidated totals are in Corporate. Engine Products Fastening Systems Engineered Structures Forged Wheels Total Second quarter ended June 30, 2021 Sales: Third-party sales $ 544 $ 262 $ 160 $ 229 $ 1,195 Inter-segment sales 1 — 2 — 3 Total sales $ 545 $ 262 $ 162 $ 229 $ 1,198 Profit and loss: Segment operating profit $ 100 $ 50 $ 11 $ 61 $ 222 Restructuring and other charges 5 3 — — 8 Provision for depreciation and amortization 30 13 13 9 65 Capital expenditures 16 9 5 13 43 Second quarter ended June 30, 2020 Sales: Third-party sales $ 585 $ 326 $ 229 $ 113 $ 1,253 Inter-segment sales 1 — 2 — 3 Total sales $ 586 $ 326 $ 231 $ 113 $ 1,256 Profit and loss: Segment operating profit $ 105 $ 70 $ 19 $ 6 $ 200 Restructuring and other charges (credits) 22 24 (5) 1 42 Provision for depreciation and amortization 31 12 14 9 66 Capital expenditures 14 7 5 4 30 Engine Products Fastening Systems Engineered Structures Forged Wheels Total Six months ended June 30, 2021 Sales: Third-party sales $ 1,078 $ 534 $ 336 $ 456 $ 2,404 Inter-segment sales 2 — 3 — 5 Total sales $ 1,080 $ 534 $ 339 $ 456 $ 2,409 Profit and loss: Segment operating profit $ 201 $ 95 $ 21 $ 131 $ 448 Restructuring and other charges 10 5 1 — 16 Provision for depreciation and amortization 61 25 25 19 130 Capital expenditures 27 14 10 22 73 Six months ended June 30, 2020 Sales: Third-party sales $ 1,366 $ 711 $ 504 $ 304 $ 2,885 Inter-segment sales 3 — 5 — 8 Total sales $ 1,369 $ 711 $ 509 $ 304 $ 2,893 Profit and loss: Segment operating profit $ 270 $ 166 $ 47 $ 56 $ 539 Restructuring and other charges 35 26 12 3 76 Provision for depreciation and amortization 61 24 27 19 131 Capital expenditures 33 15 8 11 67 The following table reconciles Total segment operating profit to Income (loss) from continuing operations before income taxes: Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Total segment operating profit $ 222 $ 200 $ 448 $ 539 Unallocated amounts: Restructuring and other charges (5) (105) (14) (144) Corporate expense (10) (21) (38) (63) Consolidated operating income $ 207 $ 74 $ 396 $ 332 Interest expense (89) (144) (161) (228) Other (expense) income, net (8) (16) (12) 8 Income (loss) from continuing operations before income taxes $ 110 $ (86) $ 223 $ 112 The following table reconciles Total segment capital expenditures, which are presented on an accrual basis, with Capital expenditures as presented on the Statement of Consolidated Cash Flows. Differences between segment and consolidated totals are in Corporate and discontinued operations, including the impact of changes in accrued capital expenditures during the period. Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Total segment capital expenditures $ 43 $ 30 $ 73 $ 67 Corporate and discontinued operations (7) 2 18 117 Capital expenditures $ 36 $ 32 $ 91 $ 184 The following table disaggregates segment revenue by major end market served. Differences between total segment and consolidated totals are in Corporate. Engine Products Fastening Systems Engineered Structures Forged Wheels Total Second quarter ended June 30, 2021 Aerospace - Commercial $ 260 $ 129 $ 79 $ — $ 468 Aerospace - Defense 121 41 64 — 226 Commercial Transportation — 49 — 229 278 Industrial and Other 163 43 17 — 223 Total end-market revenue $ 544 $ 262 $ 160 $ 229 $ 1,195 Second quarter ended June 30, 2020 Aerospace - Commercial $ 312 $ 224 $ 144 $ — $ 680 Aerospace - Defense 125 39 64 — 228 Commercial Transportation — 34 — 113 147 Industrial and Other 148 29 21 — 198 Total end-market revenue $ 585 $ 326 $ 229 $ 113 $ 1,253 Six months ended June 30, 2021 Aerospace - Commercial $ 487 $ 277 $ 159 $ — $ 923 Aerospace - Defense 272 83 141 — 496 Commercial Transportation — 95 — 456 551 Industrial and Other 319 79 36 — 434 Total end-market revenue $ 1,078 $ 534 $ 336 $ 456 $ 2,404 Six months ended June 30, 2020 Aerospace - Commercial $ 819 $ 481 $ 328 $ — $ 1,628 Aerospace - Defense 252 83 134 — 469 Commercial Transportation — 80 — 304 384 Industrial and Other 295 67 42 — 404 Total end-market revenue $ 1,366 $ 711 $ 504 $ 304 $ 2,885 The Company derive d 59% and 73% of its revenue from aerospace end markets for the six months ended June 30, 2021 and 2020, respectively. General Electric Company represented approximately 12% of the Company’s third-party sales for both the six months ended June 30, 2021 and 2020 , primarily from Engine Products.

Restructuring and Other Charges

Restructuring and Other Charges	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	Restructuring and Other Charges Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Layoff costs $ 2 $ 54 $ 2 $ 76 Net reversals of previously recorded layoff reserves (2) (8) (1) (10) Pension, Other post-retirement benefits and Deferred Compensation - net settlements ( G ) 3 64 6 64 Non-cash asset impairments 4 — 4 — Net loss related to divestitures of assets and businesses ( Q ) — (7) 4 9 Other (2) 2 (1) 5 Restructuring and other charges $ 5 $ 105 $ 14 $ 144 In the second quarter and six months ended June 30, 2021, the Company recorded Restructuring and other charges of $5 and $14, respectively, which was primarily due to charges for pension plan settlements and exit related costs. In the second quarter of 2020, the Company recorded Restructuring and other charges of $105, which included a $64 charge for pension plan settlements; a $54 charge for layoff costs; and a $2 charge for various other exit costs. These charges were partially offset by an $8 benefit from the reversal of several existing layoff reserves and a $7 benefit from the reversal of an impairment due to change in classification from held for sale to held for use related to an aerospace components business in the United Kingdom (U.K.). In the six months ended June 30, 2020, the Company recorded Restructuring and other charges of $144, which included a $76 charge for layoff costs; a $64 charge for pension plan settlements; a $6 post-closing adjustment related to the sale of the Company’s U.K. forgings business (which was formerly part of the Engine Products segment); $5 for impairment of assets associated with an agreement to sell an aerospace components business in the U.K. (within the Engineered Structures segment); and a $5 charge for various other exit costs. These charges were partially offset by a benefit of $10 related to the reversal of prior period programs and a gain of $2 on the sale of assets. Layoff costs Other exit costs Total Reserve balances at December 31, 2020 $ 54 $ — $ 54 Cash payments (32) — (32) Restructuring charges 7 7 14 Other (1) (8) (7) (15) Reserve balances at June 30, 2021 $ 21 $ — $ 21 (1) In the six months ended June 30, 2021, layoff costs included a $6 charge for pension plan settlements and a $2 charge for other layoffs costs; while other exit costs included a $4 charge for impairment of assets associated with the sale of a small manufacturing business and a $6 charge for other exit costs including accelerated depreciation, partially offset by a $3 favorable working capital related settlement. The remaining Layoff cost reserves are expected to be paid in cash by the end of 2021.

Other Expense (Income), Net

Other Expense (Income), Net	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Other Expense (Income), Net	Other Expense (Income), Net Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Non-service related net periodic benefit cost $ 3 $ 5 $ 6 $ 11 Interest income (1) — (1) (4) Foreign currency losses (gains), net 1 (7) 3 (7) Net loss from asset sales 1 2 4 4 Deferred compensation 4 7 6 (3) Other, net — 9 (6) (9) Other expense (income), net $ 8 $ 16 $ 12 $ (8)

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The components of net periodic benefit cost were as follows: Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Pension benefits Service cost $ 1 $ 2 $ 2 $ 9 Interest cost 12 17 24 64 Expected return on plan assets (23) (24) (46) (94) Recognized net actuarial loss 15 12 29 54 Settlements 3 64 6 64 Net periodic benefit cost (1) 8 71 15 97 Discontinued operations — — — 20 Net amount recognized in continuing operations in Statement of Consolidated Operations $ 8 $ 71 $ 15 $ 77 Other postretirement benefits Service cost $ 1 $ 1 $ 1 $ 2 Interest cost 2 1 3 7 Recognized net actuarial loss — — — 2 Amortization of prior service benefit (3) (1) (4) (3) Net periodic benefit cost (1) — 1 — 8 Discontinued operations — — — 6 Net amount recognized in continuing operations in Statement of Consolidated Operations $ — $ 1 $ — $ 2 (1) Service cost for continuing operations was included within Cost of goods sold, Selling, general administrative, and other expenses, and Research and development expenses; settlements and curtailments were included in Restructuring and other charges; and all other cost components were recorded in Other expense (income), net in the Statement of Consolidated Operations. The amounts included in Net periodic benefit cost include costs related to both continuing and discontinued operations for the six months ended June 30, 2020 . Pension benefits In the second quarter of 2021, the Company applied settlement accounting to certain U.S. pension plans due to lump sum payments made to participants, which resulted in settlement charges of $3 and $6 in the second quarter and six months ended June 30, 2021, respectively, that were recorded in Restructuring and other charges. On March 11, 2021, the American Rescue Plan Act of 2021 (“ARPA 2021”) was signed into law in the United States. ARPA 2021, in part, provides temporary relief for employers who sponsor defined benefit pension plans related to funding contributions under the Employee Retirement Income Security Act of 1974. Management expects Howmet’s estimated pension contributions and other postretirement benefit payments in 2021 to be approximately $120. In the second quarter of 2020, the Company undertook a number of actions to reduce pension obligations in the U.K. by offering lump sum payments to certain plan participants and entering into group annuity contracts with a third party carrier to pay and administer future annuity payments. The Company applied settlement accounting to these U.K. pension plans which resulted in settlement charges of $62 that were recorded in Restructuring and other charges in the Statement of Consolidated Operations. The Company also applied settlement accounting to a U.S. pension plan due to lump sum payments to participants which resulted in settlement charges of $2 that were recorded in Restructuring and other charges. Other postretirement benefits In the first quarter of 2021, the Company announced a plan administration change of certain of its Medicare-eligible prescription drug benefits to an Employer Group Waiver Plan with wrap-around secondary plan effective July 1, 2021. The administration change is expected to reduce costs to the Company through the usage of Medicare Part D and drug manufacturer subsidies . Due to this amendment, along with the associated plan remeasurements, the Company recorded a decrease to its Accrued other postretirement benefits liability of $39, which was offset in Accumulated other comprehensive loss in the Consolidated Balance Sheet. In the second quarter of 2020, the Company communicated to plan participants that for its U.S. salaried and non-bargained hourly retirees of the Company and its subsidiaries, it would eliminate certain health care subsidies effective December 31, 2021 and that for certain bargained retirees of the Company, it would eliminate certain health care subsidies effective December 31, 2021 and the life insurance benefit effective August 1, 2020. As a result of these changes, in the second quarter of 2020, the Company recorded a decrease to the Accrued other postretirement benefits liability of $6, which was offset in Accumulated other comprehensive loss.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s year-to-date tax provision is comprised of the most recent estimated annual effective tax rate applied to year-to-date pre-tax ordinary income. The tax impacts of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are recorded discretely in the interim period in which they occur. In addition, the tax provision is adjusted for the interim period impact of non-benefited pre-tax losses. The estimated annual effective tax rate, before discrete items, applied to ordinary income was 29.1% in both the second quarter and six months ended June 30, 2021, and 36.1% in both the second quarter and six months ended June 30, 2020. The 2021 rate was higher than the U.S. federal statutory rate of 21% primarily due to additional estimated U.S. tax on Global Intangible Low-Taxed Income and other foreign earnings, incremental state tax and foreign taxes on earnings also subject to U.S. federal income tax, and nondeductible expenses. The 2020 rate was higher than the U.S. federal statutory rate of 21% primarily due to U.S. tax on foreign earnings, incremental state tax and foreign taxes on earnings also subject to U.S. federal income tax and higher nondeductible expenses. For the second quarter of 2021 and 2020, the tax rate including discrete items was 32.7% (provision on income) and 2.3% (benefit on loss), respectively. For the second quarter of 2021, the Company recorded a discrete tax charge of $4 related to a $2 charge for a U.K. tax rate change and a net $2 charge for other items. For the second quarter of 2020, the Company recorded a discrete tax benefit of $10 related to a $6 charge for the remeasurement of deferred tax balances in various jurisdictions as a result of the Arconic Inc. Separation Transaction and a net $4 charge for prior year items. For the six months ended June 30, 2021 and 2020, the tax rate including discrete items was 30.9% and 38.4% (both are provisions on income), respectively. For the six months ended June 30, 2021, the Company recorded a discrete tax charge of $3 related to a $2 charge for a U.K. tax rate change and a net charge of $1 for other items. For the six months ended June 30, 2020, the Company recorded a discrete tax charge of $2 related to a $6 charge for the remeasurement of deferred tax balances in various jurisdictions as a result of the Arconic Inc. Separation Transaction, a net $3 charge for prior year items, partially offset by a $5 benefit related to stock compensation and a net $2 benefit for other small items. The tax provision (benefit) for the second quarter and six months ended June 30, 2021 and 2020 were comprised of the following: 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 $ 32 $ (31) $ 65 $ 40 Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income (1) 18 — — Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized 1 1 1 1 Other discrete items 4 10 3 2 Provision (benefit) for income taxes $ 36 $ (2) $ 69 $ 43

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) amounts are computed by dividing earnings, after the deduction of preferred stock dividends declared, by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive share equivalents outstanding. The information used to compute basic and diluted EPS attributable to Howmet common shareholders was as follows (shares in millions): Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net income (loss) from continuing operations attributable to common shareholders $ 74 $ (84) $ 154 $ 69 (Loss) income from discontinued operations — (12) — 50 Net income (loss) attributable to common shareholders 74 (96) 154 119 Less: preferred stock dividends declared 1 — 1 1 Net income (loss) available to Howmet Aerospace common shareholders - basic and diluted $ 73 $ (96) $ 153 $ 118 Average shares outstanding - basic 432 436 433 436 Effect of dilutive securities: Stock options 1 — 1 — Stock and performance awards 4 — 4 4 Average shares outstanding - diluted 437 436 438 440 Common stock outstanding at June 30, 2021 and 2020 was approximately 429 million and 436 million, respectively. On May 20, 2019, the Company announced that its Board of Directors authorized the repurchase of $500 of the Company's outstanding common stock (the “Share Repurchase Program”) by means of trading plans established from time to time in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, block trades, private transactions, open market repurchases and/or accelerated share repurchase agreements or other derivative transactions. There was no stated expiration for the Share Repurchase Program under which the Company may repurchase shares from time to time and pursuant to such terms, as and if it deems appropriate. The Share Repurchase Program may be suspended, modified or terminated at any time without prior notice. The decrease in common stock outstanding at June 30, 2021 was primarily due to the impact of share repurchases of approximately 6 million shares in the quarter ended June 30, 2021, which were purchased at an average price of $34.02 per share for approximately $200 in cash. All of the shares repurchased have been retired. After giving effect to the share repurchases made through June 30, 2021, approximately $77 remains available under the prior authorizations by the Board of Directors for the Share Repurchase Program. As average shares outstanding are used in the calculation for both basic and diluted EPS, the full impact of share repurchases was not realized in EPS in the second quarter and six months ended June 30, 2021 as share repurchases occurred at varying points during the second quarter of 2021. On July 19, 2021, the Company’s Board of Directors declared a dividend of $0.02 per share on the outstanding common stock of the Company, to be paid on August 25, 2021, to the holders of record of the common stock at the close of business on August 6, 2021. The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions): Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Stock options (1) — 3 — 3 Stock and performance awards — 3 — — (1) The weighted average exercise price per share of options excluded from diluted EPS was $26.04 as of June 30, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table details the activity of the four components that comprise Accumulated other comprehensive loss: Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Pension and other postretirement benefits ( G ) Balance at beginning of period $ (938) $ (2,695) $ (980) $ (2,732) Other comprehensive income: Unrecognized net actuarial gain (loss) and prior service cost/benefit 30 (60) 67 (59) Tax (expense) benefit (7) 8 (15) 8 Total Other comprehensive income (loss) before reclassifications, net of tax 23 (52) 52 (51) Amortization of net actuarial loss and prior service cost (1) 15 74 31 117 Tax expense (2) (3) (13) (6) (20) Total amount reclassified from Accumulated other comprehensive loss, net of tax (3) 12 61 25 97 Total Other comprehensive income 35 9 77 46 Transfer to Arconic Corporation — 1,820 — 1,820 Balance at end of period $ (903) $ (866) $ (903) $ (866) Foreign currency translation Balance at beginning of period $ (1,010) $ (661) $ (966) $ (596) Foreign currency translation 18 (8) (26) (87) Net amount reclassified from Accumulated other comprehensive loss (4) — — — 14 Other comprehensive income (loss) 18 (8) (26) (73) Transfer to Arconic Corporation — (428) — (428) Balance at end of period $ (992) $ (1,097) $ (992) $ (1,097) Debt securities Balance at beginning of period $ — $ 1 $ — $ — Other comprehensive loss (5) — (1) — — Balance at end of period $ — $ — $ — $ — Cash flow hedges Balance at beginning of period $ 7 $ (14) $ 3 $ (1) Other comprehensive income (loss): Net change from periodic revaluations 11 3 19 (8) Tax (expense) income (2) 1 (4) — Total Other comprehensive income (loss) before reclassifications, net of tax 9 4 15 (8) Net amount reclassified to earnings (5) 5 (8) 4 Tax expense (2) — — 1 — Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax (3) (5) 5 (7) 4 Total Other comprehensive income (loss) 4 9 8 (4) Balance at end of period $ 11 $ (5) $ 11 $ (5) Accumulated other comprehensive loss $ (1,884) $ (1,968) $ (1,884) $ (1,968) (1) These amounts were recorded in Other expense (income), net on the Statement of Consolidation Operations (see Note F ). (2) These amounts were included in Provision (benefit) for income taxes on the Statement of Consolidated Operations. (3) A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings. (4) Foreign currency translation charges were included in Restructuring and other charges on the Statement of Consolidated Operations due to the sale of foreign entities. (5) Realized gains and losses were included in Other expense (income), net on the Statement of Consolidated Operations.

Receivables

Receivables	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Receivables	Receivables Sale of Receivables Programs The Company has two accounts receivables securitization arrangements. The first is an arrangement with financial institutions to sell certain customer receivables without recourse on a revolving basis (the “Receivables Sale Program”). The sale of such receivables is completed using a bankruptcy remote special purpose entity, which is a consolidated subsidiary of the Company. This arrangement historically provided up to a maximum funding of $400 for receivables sold. The Company maintains a beneficial interest, or a right to collect cash, on the sold receivables that have not been funded (deferred purchase program receivable). In the first quarter of 2020, the Company entered into an amendment to remove subsidiaries of the GRP business from the sale of receivables program in preparation for the Arconic Inc. Separation Transaction and repurchased the remaining $282 unpaid receivables of GRP customers in a non-cash transaction by reducing the amount of the deferred purchase program receivable. This amendment also reduced the maximum funding for receivables sold to $300. The concentration limit of one customer may be reduced at the discretion of the financial institutions or automatically upon the downgrade of its debt rating as defined in the Receivables Sale Program agreement. A reduction in the customer's concentration limit would reduce the eligible receivable funding base thereby reducing the amount of future draws available and may require repayment of a portion of existing draws. The Company had net cash repayments totaling $22 ($41 in draws and $63 in repayments) and $136 ($138 in draws and $274 in repayments) for the six months ended June 30, 2021 and June 30, 2020, respectively. As of June 30, 2021 and December 31, 2020, the deferred purchase program receivable was $49 and $12, respectively, which was included in Other receivables on the accompanying Consolidated Balance Sheet. The deferred purchase program receivable is reduced as collections of the underlying receivables occur; however, as this is a revolving program, the sale of new receivables will result in an increase in the deferred purchase program receivable. The Company services the customer receivables for the financial institutions at market rates; therefore, no servicing asset or liability was recorded. Cash receipts from customer payments on sold receivables (which are cash receipts on the underlying trade receivables that have been previously sold) as well as cash receipts and cash disbursements from draws and repayments under the program are presented as cash receipts from sold receivables within investing activities in the Statement of Consolidated Cash Flows. The second arrangement is one in which the Company, through a wholly-owned special purpose entity (“SPE”), has a receivables purchase agreement (the “Receivables Purchase Agreement”) such that the SPE may sell certain receivables to financial institutions until the earlier of March 30, 2022 or a termination event. The Receivables Purchase Agreement also contains customary representations and warranties, as well as affirmative and negative covenants. Pursuant to the Receivables Purchase Agreement, the Company does not maintain effective control over the transferred receivables, and therefore accounts for these transfers as sales of receivables. The SPE sold $71 and $155 of its receivables without recourse and received cash funding under this program during the second quarter and six months ended June 30, 2021 , respectively, resulting in derecognition of the receivables from the Company’s Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, $68 and $46 remained outstanding from the customer, respectively. Cash received from collections of sold receivables is used by the SPE to fund additional purchases of receivables on a revolving basis, not to exceed $125, which is the aggregate maximum limit. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which was $10 and $33 at June 30, 2021 and December 31, 2020, respectively. Costs associated with the sales of receivables are reflected in the Company’s Consolidated Statements of Operations for the periods in which the sales occur. Cash receipts from sold receivables under the Receivables Purchase Agreement are presented within operating activities in the Statement of Consolidated Cash Flows. The Company had accounts receivable securitization arrangements totaling $425 at both June 30, 2021 and December 31, 2020, of which $250 was drawn at June 30, 2021 and at December 31, 2020. The net cash funding from the sale of accounts receivable was neither a use of cash nor a source of cash in 2021. Other Customer Receivable Sales In the second quarter and six months ended June 30, 2021, the Company sold $98 and $164, respectively, of certain customers’ receivables in exchange for cash (of which $92 r emained outstanding from the customers at June 30, 2021), the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows. In the second quarter and six months ended June 30, 2020, the Company sold $58 and $89, respectively, of certain customers’ receivables in exchange for cash, the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories June 30, 2021 December 31, 2020 Finished goods $ 500 $ 528 Work-in-process 656 629 Purchased raw materials 263 292 Operating supplies 37 39 Total inventories $ 1,456 $ 1,488

Properties, Plants, and Equipme

Properties, Plants, and Equipment, net	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Properties, Plants, and Equipment, net	Properties, Plants, and Equipment, net June 30, 2021 December 31, 2020 Land and land rights $ 92 $ 98 Structures 1,025 1,033 Machinery and equipment 3,910 3,879 5,027 5,010 Less: accumulated depreciation and amortization 2,701 2,626 2,326 2,384 Construction work-in-progress 189 208 Properties, plants, and equipment, net $ 2,515 $ 2,592

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $16 and $18 in the second quarter of 2021 and 2020, respectively. Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $33 and $36 in the six months ended June 30, 2021 and 2020, respectively. Operating lease right-of-use assets and lease liabilities in the Consolidated Balance Sheet were as follows: June 30, 2021 December 31, 2020 Right-of-use assets classified in Other noncurrent assets $ 123 $ 131 Current portion of lease liabilities classified in Other current liabilities 36 38 Long-term portion of lease liabilities classified in Other noncurrent liabilities 93 100 Total lease liabilities $ 129 $ 138

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt June 30, 2021 December 31, 2020 5.400% Notes, due 2021 (1) $ — $ 361 5.870% Notes, due 2022 (2) — 476 5.125% Notes, due 2024 1,250 1,250 6.875% Notes, due 2025 1,200 1,200 5.900% Notes, due 2027 625 625 6.750% Bonds, due 2028 300 300 5.950% Notes due 2037 625 625 4.750% Iowa Finance Authority Loan, due 2042 250 250 Other (3) (10) (12) 4,240 5,075 Less: amount due within one year 13 376 Total long-term debt $ 4,227 $ 4,699 (1) Redeemed on January 15, 2021. (2) Redeemed on May 3, 2021. (3) Includes various financing arrangements related to subsidiaries, unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and bonds listed in the table above. Public Debt. On April 6, 2020, the Company completed the early redemption of all $1,000 of its 6.150% Notes due 2020 (the “6.150% Notes”) and the early partial redemption of $300 of its 5.400% Notes due 2021 (the “ 5.400% Notes"). Holders of the 6.150% Notes were paid an aggregate of $1,020 and holders of the 5.400% Notes were paid an aggregate of $315, plus accrued and unpaid interest up to, but not including, the redemption date. The Company incurred early termination premium and accrued interest of $35 and $17, respectively, which has been recorded in Interest expense, net during the second quarter ended June 30, 2020 in the Statement of Consolidated Operations. On April 24, 2020, the Company completed an offering of $1,200 aggregate principal amount of 6.875% Notes due 2025, the proceeds of which have been used to fund the cash tender offers noted above and to pay related transaction fees, including applicable premiums and expenses, with the remaining amount to be used for general corporate purposes. The Company incurred deferred financing costs of $14 associated with the issuance in the second quarter of 2020. On May 21, 2020, the Company completed a cash tender offer and redeemed $589 and $151 of principa l amount of the 5.400% Notes and its 5.870% Notes due 2022 (the “5.870% Notes”), respectively. The amount of early tender premium and accrued interest associated with the notes accepted for early settlement were $24 and $4, respectively, which was recorded in Interest expense, net during the second quarter ended June 30, 2020 in the Statement of Consolidated Operations. On January 15, 2021, the Company completed the early redemption of all the remaining $361 of its 5.400% Notes at par and paid $5 in accrued interest. On May 3, 2021, the Company completed the early redemption of all the remaining $476 aggregate principal amount of its 5.870% Notes and paid an aggregate of $503, including $5 of accrued interest. The Company also incurred an early termination premium and other costs of $23, which was recorded in Interest expense, net in the second quarter of 2021 . On an annual basis, the redemption of the 5.400% Notes and the 5.870% Notes will decrease Interest expense, net by approximately $47. Credit Facilities. During 2020, the Company entered into several amendments to its Five-Year Revolving Credit Agreement (the “Credit Agreement”) to permit the Arconic Inc. Separation Transaction and to amend certain terms of the Credit Agreement, including a change to the existing financial covenant, a reduction of total commitments available from $3,000 to $1,000 and extension of the maturity date from June 29, 2023 to April 1, 2025. On March 29, 2021, the Company entered into another amendment to its Credit Agreement to provide extended relief from its existing financial covenant for the quarters ended March 31, 2021 through December 31, 2022. The Company is required to maintain a ratio of Consolidated Net Debt (as defined in the Credit Agreement) to Consolidated EBITDA (as defined in the Credit Agreement) as of each fiscal quarter for the period of the four fiscal quarters of the Company most recently ended as follows: No greater than (i) for the quarter ending June 30, 2021 5.50 to 1.00 (ii) for the quarter ending September 30, 2021 5.00 to 1.00 (iii) for the quarter ending December 31, 2021 4.75 to 1.00 (iv) for the quarter ending March 31, 2022 4.50 to 1.00 (v) for the quarter ending June 30, 2022 4.50 to 1.00 (vi) for the quarter ending September 30, 2022 4.25 to 1.00 (vii) for the quarter ending December 31, 2022 3.75 to 1.00 (viii) for the quarter ending March 31, 2023 and thereafter 3.50 to 1.00 Under the March 2021 amendment to the Credit Agreement, during the covenant relief period through December 31, 2022 (unless the Company ends the covenant relief period earlier in accordance with the amendment), common stock dividends (see Note I ) and share repurchases (see Note I ) are permitted only if no loans under the Credit Agreement are outstanding at the time and are limited to an aggregate amount not to exceed $250 during the year ending December 31, 2021 with an incremental amount of $400 available during the year ending December 21, 2022 provided that any amount that remains unused as of December 31, 2021 may be carried forward and used during the year ending December 31, 2022. There were no amounts outstanding at June 30, 2021 or December 31, 2020, and no amounts were borrowed during 2021 or 2020 under the Credit Agreement. At June 30, 2021, the Company was in compliance with all covenants under the Credit Agreement. Availability under the Credit Agreement could be reduced in future periods if the Company fails to maintain the required ratios referenced above.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of Cash and cash equivalents, Restricted cash, Derivatives, Noncurrent receivables, and Short-term debt included in the Consolidated Balance Sheet approximate their fair value. The Company holds exchange-traded fixed income securities which are considered available-for-sale securities that are carried at fair value which is based on quoted market prices which are classified in Level 1 of the fair value hierarchy. The fair value of Long-term debt, less amount due within one year was based on quoted market prices for public debt and on interest rates that are currently available to Howmet for issuance of debt with similar terms and maturities for non-public debt. The fair value amounts for all Long-term debt were classified in Level 2 of the fair value hierarchy. June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Long-term debt, less amount due within one year $ 4,227 $ 4,886 $ 4,699 $ 5,426 Restricted cash, which was included in Prepaid expenses and other current assets in the Consolidated Balance Sheet, was $1 at both June 30, 2021 and December 31, 2020.

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures 2021 Divestiture On June 1, 2021, the Company completed the sale of a small manufacturing plant in France within the Fastening Systems segment for $10 (of which $8 of cash was received in the second quarter of 2021), subject to working capital and other adjustments. An agreement to sell was reached on March 15, 2021, which resulted in a charge of $4 related to the non-cash impairment of the net book value of the business, primarily goodwill, in the first quarter of 2021 which was recorded in Restructuring and other charges in the Statement of Consolidated Operations. 2020 Divestiture On January 31, 2020, the Company reached an agreement to sell a small manufacturing plant in the U.K. within the Engineered Structures segment for $12 in cash, and therefore was classified as held for sale. As a result of entering into the agreement, a charge of $12 was recognized related to a non-cash impairment of the net book value of the business, primarily properties, plants, and equipment in the first quarter of 2020, which was recorded in Restructuring and other charges in the Statement of Consolidated Operations. As the sale did not close, the Company changed the classification from held for sale to held for use in

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Contingencies The following information supplements and, as applicable, updates the discussion of the contingencies and commitments in Note V to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “Form 10-K”), and should be read in conjunction with the complete descriptions provided in the Form 10-K. Environmental Matters Howmet participates in environmental assessments and cleanups at more than 30 locations. These include owned or operating facilities and adjoining properties, previously owned or operating facilities and adjoining properties, and waste sites, including Superfund (Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”)) sites. A liability is recorded for environmental remediation when a cleanup program becomes probable and the costs can be reasonably estimated. As assessments and cleanups proceed, the liability is adjusted based on progress made in determining the extent of remedial actions and related costs. The liability can change substantially due to factors such as the nature and extent of contamination, changes in remedial requirements, and technological changes, among others. The Company’s remediation reserve balance was $10 at both June 30, 2021 and December 31, 2020, recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $6 and $5, respectively, were classified as a current liability), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. Payments related to remediation expenses applied against the reserve were less than $1 in the second quarter ended June 30, 2021 and included expenditures currently mandated, as well as those not required by any regulatory authority or third party. Included in annual operating expenses are the recurring costs of managing hazardous substances and environmental programs. These costs are estimated to be less than 1% of Cost of goods sold. Reynobond PE The Company is indemnified for all potential liabilities associated with the fire at the Grenfell Tower in London, U.K., which occurred on June 14, 2017, by Arconic Corporation pursuant to the Separation and Distribution Agreement dated March 31, 2020, including, with respect to the following legal proceedings, as updated from the Form 10-K: United Kingdom Litigation (various claims on behalf of survivors and estates of decedents). These suits have been further stayed until a hearing can be held by the relevant court on the first available date after April 4, 2022. Howard v. Arconic Inc. et al. (securities law related claims). As described in the Form 10-K, lead plaintiffs in this case, which alleges violations of the federal securities law, filed an amended complaint (“Second Amended Complaint”) in July of 2019 after the Company and the other defendants were granted a motion to dismiss the case, without prejudice. In the Second Amended Complaint, plaintiffs provided additional facts for the Court’s consideration. On June 23, 2021, the Court ruled that certain claims related to a particular registration statement, other SEC filings, product brochures and websites can proceed. All other claims against the defendants were permanently dismissed, with prejudice. Defendants will file an answer to the Second Amended Complaint by August 12, 2021. With respect to the Behrens et al. v. Arconic Inc. et al. (various claims on behalf of survivors and estates of decedents) and the Raul v. Albaugh, et al . (derivative related claim) proceedings, there are no updates. Lehman Brothers International (Europe) (“LBIE”) Claim. On June 26, 2020, LBIE filed formal proceedings against two Firth Rixson entities (“Firth”) in the High Court of Justice, Business and Property Courts of England and Wales. The proceedings relate to interest rate swap transactions that Firth entered into with LBIE in 2007 to 2008. In 2008, LBIE commenced insolvency proceedings, an event of default under the agreements, rendering LBIE unable to meet its obligations under the swaps and suspending Firth’s payment obligations. In the Court proceedings, LBIE seeks a declaration that Firth has a contractual obligation to pay the amounts owing to LBIE under the agreements upon its emergence from insolvency proceedings which is expected to occur by 2022, which LBIE claims to be approximately $64, plus applicable interest. Firth will continue to maintain its position that multiple events of default under the agreements related to LBIE’s insolvency proceeding cannot be cured or continue indefinitely, which the Company believes are meritorious defenses. The parties filed position papers on July 24, 2020 and October 19, 2020 (LBIE) and September 21, 2020 (Firth). A virtual hearing in this matter occurred on January 13 and 14, 2021 in London, England, and a ruling has yet to be issued to date. Given the importance of the case for LBIE and Firth, it is expected that irrespective of the outcome from the most recent hearing, the case will be appealed and any requirement for the parties to pay amounts under the agreements will be stayed. An appeal of the case could continue past the end of 2022 into 2023. The Company intends to vigorously defend against these claims. Other In addition to the matters discussed above, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against the Company, including those pertaining to environmental, product liability, safety and health, employment, tax and antitrust matters. While the amounts claimed in these other matters may be substantial, the ultimate liability cannot currently be determined because of the considerable uncertainties that exist. Therefore, it is possible that the Company’s liquidity or results of operations in a period could be materially affected by one or more of these other matters. However, based on facts currently available, management believes that the disposition of these other matters that are pending or asserted will not have a material adverse effect, individually or in the aggregate, on the results of operations, financial position or cash flows of the Company. Commitments Guarantees At June 30, 2021, Howmet had outstanding bank guarantees related to tax matters, outstanding debt, workers’ compensation, environmental obligations, energy contracts, and customs duties, among others. The total amount committed under these guarantees, which expire at various dates between 2021 and 2040, was $18 at June 30, 2021. Pursuant to the Separation and Distribution Agreement between Howmet and Alcoa Corporation, Howmet was required to provide certain guarantees for Alcoa Corporation, which had a fair value of $6 and $12 at June 30, 2021 and December 31, 2020, respectively, and were included in Other noncurrent liabilities and deferred credits on the accompanying Consolidated Balance Sheet. The Company was required to provide a guarantee up to an estimated present value amount of approximately $1,435 and $1,398 at June 30, 2021 and December 31, 2020, respectively. For this guarantee, subject to its provisions, the Company is secondarily liable in the event of a payment default by Alcoa Corporation. The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be remote. Letters of Credit The Company has outstanding letters of credit, primarily related to workers’ compensation, environmental obligations, accounts receivable securitization and leasing obligations. The total amount committed under these letters of credit, which automatically renew or expire at various dates, mostly in 2021, was $133 at June 30, 2021. Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company is required to retain letters of credit of $53 that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation workers’ compensation claims which occurred prior to the respective separation transactions of April 1, 2020 and November 1, 2016. Arconic Corporation and Alcoa Corporation workers’ compensation and letters of credit fees paid by the Company are being proportionally billed to and are being reimbursed by Arconic Corporation and Alcoa Corporation, respectively. Also, the Company was required to provide letters of credit for certain Arconic Corporation environmental obligations and, as a result, the Company has $23 of outstanding letters of credit relating to liabilities (which are included in the $133 in the above paragraph). $6 of these outstanding letters of credit are pending cancellation and will be deemed cancelled once returned by the beneficiary. Arconic Corporation has issued surety bonds to cover these environmental obligations. Arconic Corporation is being billed for these letter of credit fees paid by the Company and will reimburse the Company for any payments made under these letters of credit. Surety Bonds The Company has outstanding surety bonds, primarily related to tax matters, contract performance, workers’ compensation, environmental-related matters, and customs duties. The total amount committed under these annual surety bonds, which expire and automatically renew at various dates, primarily in 2021 and 2022, was $46 at June 30, 2021. Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company is required to provide surety bonds of $25 (which are included in the $46 in the above paragraph) that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation workers’ compensation claims which occurred prior to the respective separation transactions of April 1, 2020 and November 1, 2016. Arconic Corporation and Alcoa Corporation workers’ compensation claims paid and surety bond fees paid by the Company are being proportionately billed to and are being reimbursed by Arconic Corporation and Alcoa Corporation.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management evaluated all activity of Howmet and concluded that no subsequent events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements, except as noted below: See Note I for the common stock dividend declaration.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The interim Consolidated Financial Statements of Howmet Aerospace Inc. (formerly known as Arconic Inc.) and subsidiaries (“Howmet” or the “Company”) are unaudited. These Consolidated Financial Statements include all adjustments, consisting only of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year. The 2020 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Form 10-Q report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2020, which includes all disclosures required by GAAP. Certain amounts in previously issued financial statements were reclassified to conform to the current period presentation. The separation of Arconic Inc. into two standalone, publicly-traded companies, Howmet Aerospace Inc. and Arconic Corporation, (the “Arconic Inc. Separation Transaction”) occurred on April 1, 2020. The financial results of Arconic Corporation for all periods prior to the Arconic Inc. Separation Transaction have been retrospectively reflected in the Statement of Consolidated Operations as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The cash flows, comprehensive income, and equity related to Arconic Corporation have not been segregated and are included in the Statement of Consolidated Cash Flows, Statement of Consolidated Comprehensive Income and Statement of Changes in Consolidated Equity, respectively, for all periods prior to the Arconic Inc. Separation Transaction. See Note B for additional information related to the Arconic Inc. Separation Transaction and discontinued operations. For the six months ended June 30, 2021 and 2020, the Company derived approximately 60% and 70%, respectively, of its revenue from products sold to the aerospace end-market. As a result of the global coronavirus (“COVID-19”) pandemic and its impact on the aerospace industry to-date, the possibility exists that there could be a sustained impact to our operations and financial results. Since the start of the pandemic, certain original equipment manufacturer (“OEM”) customers have reduced production or suspended manufacturing operations in North America and Europe on a temporary basis. While the pandemic has resulted in the temporary closure of a small number of the Company's manufacturing facilities during 2020, all of our manufacturing facilities are currently operating. Since the duration of the pandemic is uncertain, management has taken a series of actions to address the financial impact, including announcing certain headcount reductions and reducing the level of capital expenditures to preserve cash and maintain liquidity. The preparation of the Consolidated Financial Statements of the Company in conformity with GAAP requires management to make certain judgments, estimates, and assumptions. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience, including considerations relating to the impact of COVID-19. The impact of COVID-19 is rapidly changing and of unknown duration and macroeconomic impact and as a result, these considerations remain highly uncertain. Management has made its best estimates using all relevant information available at the time, but it is possible that our estimates will differ from our actual results and affect the Consolidated Financial Statements in future periods and potentially require adverse adjustments to the recoverability of goodwill, intangible and long-lived assets, the realizability of deferred tax assets and other judgments and estimations and assumptions that may be impacted by COVID-19. As previously disclosed, during the third quarter of 2020, the Company identified a misclassification in the presentation of changes in accounts payable and capital expenditures in its previously issued Statement of Consolidated Cash Flows for the six months ended June 30, 2020. Although management has determined that such misclassification was not material, the Company revised the accompanying Statement of Consolidated Cash Flows for the six months ended June 30, 2020, resulting in an $83 increase to previously reported capital expenditures and decrease to cash provided from investing activities with a corresponding reduction (decrease) in accounts payable, trade and increase in cash provided by operations. Also as previously disclosed, in the third quarter of 2020, a $16 deferred tax error was identified related to periods prior to 2018. Although management determined it was not material to any periods, the Company has revised the accompanying Statement of Changes in Consolidated Equity for the three and six months ended June 30, 2020 to present the correction as a reduction to Retained earnings as of December 31, 2019.
Recently Adopted and Recently Issued Accounting Guidance	Recently Adopted and Recently Issued Accounting Guidance Adopted On January 1, 2021, the Company adopted changes issued by the Financial Accounting Standards Board (“FASB”) that were intended to simplify various aspects of accounting for income taxes by eliminating certain exceptions contained in existing guidance and amending other guidance to simplify several other income tax accounting matters. The adoption of this new guidance did not have a material impact on the Consolidated Financial Statements. Issued In March 2020, the FASB issued amendments that provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements.
Earnings Per Share	Basic earnings per share (“EPS”) amounts are computed by dividing earnings, after the deduction of preferred stock dividends declared, by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive share equivalents outstanding.

Arconic Inc. Separation Trans_2

Arconic Inc. Separation Transaction and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Summary of Discontinued Operations	The results of operations of Arconic Corporation are presented as discontinued operations in the Statement of Consolidated Operations as summarized below: Second quarter ended Six months ended June 30, June 30, 2020 2020 Sales $ — $ 1,575 Cost of goods sold — 1,293 Selling, general administrative, research and development and other expenses 5 106 Provision for depreciation and amortization — 58 Restructuring and other charges — (18) Operating (loss) income from discontinued operations (5) 136 Interest expense — 7 Other expense, net — 41 (Loss) income from discontinued operations (5) 88 Provision for income taxes 7 38 (Loss) income from discontinued operations after income taxes $ (12) $ 50 The following table presents purchases of properties, plants, and equipment, proceeds from the sale of businesses and the provision for depreciation and amortization of discontinued operations related to Arconic Corporation: Second quarter ended Six months ended June 30, June 30, 2020 2020 Capital expenditures $ — $ 72 Proceeds from the sales of businesses $ — $ 112 Provision for depreciation and amortization $ — $ 58

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Operating Results of Arconic's Reportable Segments	The operating results of the Company’s reportable segments were as follows. Differences between total segment and consolidated totals are in Corporate. Engine Products Fastening Systems Engineered Structures Forged Wheels Total Second quarter ended June 30, 2021 Sales: Third-party sales $ 544 $ 262 $ 160 $ 229 $ 1,195 Inter-segment sales 1 — 2 — 3 Total sales $ 545 $ 262 $ 162 $ 229 $ 1,198 Profit and loss: Segment operating profit $ 100 $ 50 $ 11 $ 61 $ 222 Restructuring and other charges 5 3 — — 8 Provision for depreciation and amortization 30 13 13 9 65 Capital expenditures 16 9 5 13 43 Second quarter ended June 30, 2020 Sales: Third-party sales $ 585 $ 326 $ 229 $ 113 $ 1,253 Inter-segment sales 1 — 2 — 3 Total sales $ 586 $ 326 $ 231 $ 113 $ 1,256 Profit and loss: Segment operating profit $ 105 $ 70 $ 19 $ 6 $ 200 Restructuring and other charges (credits) 22 24 (5) 1 42 Provision for depreciation and amortization 31 12 14 9 66 Capital expenditures 14 7 5 4 30 Engine Products Fastening Systems Engineered Structures Forged Wheels Total Six months ended June 30, 2021 Sales: Third-party sales $ 1,078 $ 534 $ 336 $ 456 $ 2,404 Inter-segment sales 2 — 3 — 5 Total sales $ 1,080 $ 534 $ 339 $ 456 $ 2,409 Profit and loss: Segment operating profit $ 201 $ 95 $ 21 $ 131 $ 448 Restructuring and other charges 10 5 1 — 16 Provision for depreciation and amortization 61 25 25 19 130 Capital expenditures 27 14 10 22 73 Six months ended June 30, 2020 Sales: Third-party sales $ 1,366 $ 711 $ 504 $ 304 $ 2,885 Inter-segment sales 3 — 5 — 8 Total sales $ 1,369 $ 711 $ 509 $ 304 $ 2,893 Profit and loss: Segment operating profit $ 270 $ 166 $ 47 $ 56 $ 539 Restructuring and other charges 35 26 12 3 76 Provision for depreciation and amortization 61 24 27 19 131 Capital expenditures 33 15 8 11 67
Schedule of Segment Reporting Information to Consolidated Income Before income Taxes	The following table reconciles Total segment operating profit to Income (loss) from continuing operations before income taxes: Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Total segment operating profit $ 222 $ 200 $ 448 $ 539 Unallocated amounts: Restructuring and other charges (5) (105) (14) (144) Corporate expense (10) (21) (38) (63) Consolidated operating income $ 207 $ 74 $ 396 $ 332 Interest expense (89) (144) (161) (228) Other (expense) income, net (8) (16) (12) 8 Income (loss) from continuing operations before income taxes $ 110 $ (86) $ 223 $ 112
Reconciliation of Capital Expenditures from Segments to Consolidated	The following table reconciles Total segment capital expenditures, which are presented on an accrual basis, with Capital expenditures as presented on the Statement of Consolidated Cash Flows. Differences between segment and consolidated totals are in Corporate and discontinued operations, including the impact of changes in accrued capital expenditures during the period. Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Total segment capital expenditures $ 43 $ 30 $ 73 $ 67 Corporate and discontinued operations (7) 2 18 117 Capital expenditures $ 36 $ 32 $ 91 $ 184
Disaggregation of Revenue by Major End Market Served	The following table disaggregates segment revenue by major end market served. Differences between total segment and consolidated totals are in Corporate. Engine Products Fastening Systems Engineered Structures Forged Wheels Total Second quarter ended June 30, 2021 Aerospace - Commercial $ 260 $ 129 $ 79 $ — $ 468 Aerospace - Defense 121 41 64 — 226 Commercial Transportation — 49 — 229 278 Industrial and Other 163 43 17 — 223 Total end-market revenue $ 544 $ 262 $ 160 $ 229 $ 1,195 Second quarter ended June 30, 2020 Aerospace - Commercial $ 312 $ 224 $ 144 $ — $ 680 Aerospace - Defense 125 39 64 — 228 Commercial Transportation — 34 — 113 147 Industrial and Other 148 29 21 — 198 Total end-market revenue $ 585 $ 326 $ 229 $ 113 $ 1,253 Six months ended June 30, 2021 Aerospace - Commercial $ 487 $ 277 $ 159 $ — $ 923 Aerospace - Defense 272 83 141 — 496 Commercial Transportation — 95 — 456 551 Industrial and Other 319 79 36 — 434 Total end-market revenue $ 1,078 $ 534 $ 336 $ 456 $ 2,404 Six months ended June 30, 2020 Aerospace - Commercial $ 819 $ 481 $ 328 $ — $ 1,628 Aerospace - Defense 252 83 134 — 469 Commercial Transportation — 80 — 304 384 Industrial and Other 295 67 42 — 404 Total end-market revenue $ 1,366 $ 711 $ 504 $ 304 $ 2,885

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Layoff costs $ 2 $ 54 $ 2 $ 76 Net reversals of previously recorded layoff reserves (2) (8) (1) (10) Pension, Other post-retirement benefits and Deferred Compensation - net settlements ( G ) 3 64 6 64 Non-cash asset impairments 4 — 4 — Net loss related to divestitures of assets and businesses ( Q ) — (7) 4 9 Other (2) 2 (1) 5 Restructuring and other charges $ 5 $ 105 $ 14 $ 144
Activity and Reserve Balances for Restructuring Charges	Layoff costs Other exit costs Total Reserve balances at December 31, 2020 $ 54 $ — $ 54 Cash payments (32) — (32) Restructuring charges 7 7 14 Other (1) (8) (7) (15) Reserve balances at June 30, 2021 $ 21 $ — $ 21 (1) In the six months ended June 30, 2021, layoff costs included a $6 charge for pension plan settlements and a $2 charge for other layoffs costs; while other exit costs included a $4 charge for impairment of assets associated with the sale of a small manufacturing business and a $6 charge for other exit costs including accelerated depreciation, partially offset by a $3 favorable working capital related settlement.

Other Expense (Income), Net (Ta

Other Expense (Income), Net (Tables)	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Schedule of Other Expense (Income), Net	Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Non-service related net periodic benefit cost $ 3 $ 5 $ 6 $ 11 Interest income (1) — (1) (4) Foreign currency losses (gains), net 1 (7) 3 (7) Net loss from asset sales 1 2 4 4 Deferred compensation 4 7 6 (3) Other, net — 9 (6) (9) Other expense (income), net $ 8 $ 16 $ 12 $ (8)

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost were as follows: Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Pension benefits Service cost $ 1 $ 2 $ 2 $ 9 Interest cost 12 17 24 64 Expected return on plan assets (23) (24) (46) (94) Recognized net actuarial loss 15 12 29 54 Settlements 3 64 6 64 Net periodic benefit cost (1) 8 71 15 97 Discontinued operations — — — 20 Net amount recognized in continuing operations in Statement of Consolidated Operations $ 8 $ 71 $ 15 $ 77 Other postretirement benefits Service cost $ 1 $ 1 $ 1 $ 2 Interest cost 2 1 3 7 Recognized net actuarial loss — — — 2 Amortization of prior service benefit (3) (1) (4) (3) Net periodic benefit cost (1) — 1 — 8 Discontinued operations — — — 6 Net amount recognized in continuing operations in Statement of Consolidated Operations $ — $ 1 $ — $ 2 (1) Service cost for continuing operations was included within Cost of goods sold, Selling, general administrative, and other expenses, and Research and development expenses; settlements and curtailments were included in Restructuring and other charges; and all other cost components were recorded in Other expense (income), net in the Statement of Consolidated Operations. The amounts included in Net periodic benefit cost include costs related to both continuing and discontinued operations for the six months ended June 30, 2020 .

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provisions	The tax provision (benefit) for the second quarter and six months ended June 30, 2021 and 2020 were comprised of the following: 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 $ 32 $ (31) $ 65 $ 40 Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income (1) 18 — — Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized 1 1 1 1 Other discrete items 4 10 3 2 Provision (benefit) for income taxes $ 36 $ (2) $ 69 $ 43

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
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): Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net income (loss) from continuing operations attributable to common shareholders $ 74 $ (84) $ 154 $ 69 (Loss) income from discontinued operations — (12) — 50 Net income (loss) attributable to common shareholders 74 (96) 154 119 Less: preferred stock dividends declared 1 — 1 1 Net income (loss) available to Howmet Aerospace common shareholders - basic and diluted $ 73 $ (96) $ 153 $ 118 Average shares outstanding - basic 432 436 433 436 Effect of dilutive securities: Stock options 1 — 1 — Stock and performance awards 4 — 4 4 Average shares outstanding - diluted 437 436 438 440
Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding	The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions): Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Stock options (1) — 3 — 3 Stock and performance awards — 3 — —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Summary of Changes in Accumulated Other Comprehensive (Loss) by Component	The following table details the activity of the four components that comprise Accumulated other comprehensive loss: Second quarter ended Six months ended June 30, June 30, 2021 2020 2021 2020 Pension and other postretirement benefits ( G ) Balance at beginning of period $ (938) $ (2,695) $ (980) $ (2,732) Other comprehensive income: Unrecognized net actuarial gain (loss) and prior service cost/benefit 30 (60) 67 (59) Tax (expense) benefit (7) 8 (15) 8 Total Other comprehensive income (loss) before reclassifications, net of tax 23 (52) 52 (51) Amortization of net actuarial loss and prior service cost (1) 15 74 31 117 Tax expense (2) (3) (13) (6) (20) Total amount reclassified from Accumulated other comprehensive loss, net of tax (3) 12 61 25 97 Total Other comprehensive income 35 9 77 46 Transfer to Arconic Corporation — 1,820 — 1,820 Balance at end of period $ (903) $ (866) $ (903) $ (866) Foreign currency translation Balance at beginning of period $ (1,010) $ (661) $ (966) $ (596) Foreign currency translation 18 (8) (26) (87) Net amount reclassified from Accumulated other comprehensive loss (4) — — — 14 Other comprehensive income (loss) 18 (8) (26) (73) Transfer to Arconic Corporation — (428) — (428) Balance at end of period $ (992) $ (1,097) $ (992) $ (1,097) Debt securities Balance at beginning of period $ — $ 1 $ — $ — Other comprehensive loss (5) — (1) — — Balance at end of period $ — $ — $ — $ — Cash flow hedges Balance at beginning of period $ 7 $ (14) $ 3 $ (1) Other comprehensive income (loss): Net change from periodic revaluations 11 3 19 (8) Tax (expense) income (2) 1 (4) — Total Other comprehensive income (loss) before reclassifications, net of tax 9 4 15 (8) Net amount reclassified to earnings (5) 5 (8) 4 Tax expense (2) — — 1 — Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax (3) (5) 5 (7) 4 Total Other comprehensive income (loss) 4 9 8 (4) Balance at end of period $ 11 $ (5) $ 11 $ (5) Accumulated other comprehensive loss $ (1,884) $ (1,968) $ (1,884) $ (1,968) (1) These amounts were recorded in Other expense (income), net on the Statement of Consolidation Operations (see Note F ). (2) These amounts were included in Provision (benefit) for income taxes on the Statement of Consolidated Operations. (3) A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings. (4) Foreign currency translation charges were included in Restructuring and other charges on the Statement of Consolidated Operations due to the sale of foreign entities. (5) Realized gains and losses were included in Other expense (income), net on the Statement of Consolidated Operations.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory Components	June 30, 2021 December 31, 2020 Finished goods $ 500 $ 528 Work-in-process 656 629 Purchased raw materials 263 292 Operating supplies 37 39 Total inventories $ 1,456 $ 1,488

Properties, Plants, and Equip_2

Properties, Plants, and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property, Plants, and Equipment, Net	June 30, 2021 December 31, 2020 Land and land rights $ 92 $ 98 Structures 1,025 1,033 Machinery and equipment 3,910 3,879 5,027 5,010 Less: accumulated depreciation and amortization 2,701 2,626 2,326 2,384 Construction work-in-progress 189 208 Properties, plants, and equipment, net $ 2,515 $ 2,592

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	Operating lease right-of-use assets and lease liabilities in the Consolidated Balance Sheet were as follows: June 30, 2021 December 31, 2020 Right-of-use assets classified in Other noncurrent assets $ 123 $ 131 Current portion of lease liabilities classified in Other current liabilities 36 38 Long-term portion of lease liabilities classified in Other noncurrent liabilities 93 100 Total lease liabilities $ 129 $ 138

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	June 30, 2021 December 31, 2020 5.400% Notes, due 2021 (1) $ — $ 361 5.870% Notes, due 2022 (2) — 476 5.125% Notes, due 2024 1,250 1,250 6.875% Notes, due 2025 1,200 1,200 5.900% Notes, due 2027 625 625 6.750% Bonds, due 2028 300 300 5.950% Notes due 2037 625 625 4.750% Iowa Finance Authority Loan, due 2042 250 250 Other (3) (10) (12) 4,240 5,075 Less: amount due within one year 13 376 Total long-term debt $ 4,227 $ 4,699 (1) Redeemed on January 15, 2021. (2) Redeemed on May 3, 2021. (3) Includes various financing arrangements related to subsidiaries, unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and bonds listed in the table above.
Schedule Of Debt Covenant Information	The Company is required to maintain a ratio of Consolidated Net Debt (as defined in the Credit Agreement) to Consolidated EBITDA (as defined in the Credit Agreement) as of each fiscal quarter for the period of the four fiscal quarters of the Company most recently ended as follows: No greater than (i) for the quarter ending June 30, 2021 5.50 to 1.00 (ii) for the quarter ending September 30, 2021 5.00 to 1.00 (iii) for the quarter ending December 31, 2021 4.75 to 1.00 (iv) for the quarter ending March 31, 2022 4.50 to 1.00 (v) for the quarter ending June 30, 2022 4.50 to 1.00 (vi) for the quarter ending September 30, 2022 4.25 to 1.00 (vii) for the quarter ending December 31, 2022 3.75 to 1.00 (viii) for the quarter ending March 31, 2023 and thereafter 3.50 to 1.00

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Financial Instruments	The carrying values of Cash and cash equivalents, Restricted cash, Derivatives, Noncurrent receivables, and Short-term debt included in the Consolidated Balance Sheet approximate their fair value. The Company holds exchange-traded fixed income securities which are considered available-for-sale securities that are carried at fair value which is based on quoted market prices which are classified in Level 1 of the fair value hierarchy. The fair value of Long-term debt, less amount due within one year was based on quoted market prices for public debt and on interest rates that are currently available to Howmet for issuance of debt with similar terms and maturities for non-public debt. The fair value amounts for all Long-term debt were classified in Level 2 of the fair value hierarchy. June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Long-term debt, less amount due within one year $ 4,227 $ 4,886 $ 4,699 $ 5,426

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	Apr. 01, 2020company	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)
Concentration Risk [Line Items]
Number of independent, publicly-traded companies resulting from proposed separation transaction | company	2
Capital expenditures		$ 36	$ 32	$ 91	$ 184
Decrease to accounts payable, trade				(48)	320
Tax misstatement recorded to retained earnings		$ 517		$ 517		$ 364
Revision of Prior Period, Error Correction, Adjustment
Concentration Risk [Line Items]
Capital expenditures					83
Decrease to accounts payable, trade					$ 83
Tax misstatement recorded to retained earnings							$ 16
Aerospace | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage				59.00%	73.00%

Arconic Inc. Separation Trans_3

Arconic Inc. Separation Transaction and Discontinued Operations - Narrative (Details)	Apr. 01, 2020company	Mar. 25, 2020USD ($)	Feb. 01, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 01, 2020USD ($)	Feb. 07, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Number of independent, publicly-traded companies resulting from proposed separation transaction | company	2
Debt issuance costs incurred					$ 1,000,000	$ 61,000,000
Separation Transaction, Distribution Rate	0.25
Aluminum Rolling Mill
Restructuring Cost and Reserve [Line Items]
Consideration			$ 50,000,000
Gain (loss) on sale of business			$ (59,000,000)	$ 6,000,000			$ 53,000,000
Hard Alloy Extrusions Plant In South Korea
Restructuring Cost and Reserve [Line Items]
Consideration								$ 62,000,000
Gain (loss) on sale of business				27,000,000
Lien Notes
Restructuring Cost and Reserve [Line Items]
Debt issuance costs incurred				$ 45,000,000
Senior Notes | Second Lien Notes Due 2028
Restructuring Cost and Reserve [Line Items]
Aggregate principal amount									$ 600,000,000
Long-term debt, interest rate									6.125%
Line of Credit | Senior Secured First Lien Term B Loan Facility Due 2027 | Secured Debt
Restructuring Cost and Reserve [Line Items]
Aggregate principal amount		$ 600,000,000
Credit agreement term		7 years

Arconic Inc. Separation Trans_4

Arconic Inc. Separation Transaction and Discontinued Operations - Summary of Results of Discontinued Operations (Details) - Discontinued Operations, Disposed of by Means Other than Sale - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Sales	$ 0	$ 1,575
Cost of goods sold	0	1,293
Selling, general administrative, research and development and other expenses	5	106
Provision for depreciation and amortization	0	58
Restructuring and other charges	0	(18)
Operating (loss) income from discontinued operations	(5)	136
Interest expense	0	7
Other expense, net	0	41
(Loss) income from discontinued operations	(5)	88
Provision for income taxes	7	38
(Loss) income from discontinued operations after income taxes	$ (12)	$ 50

Arconic Inc. Separation Trans_5

Arconic Inc. Separation Transaction and Discontinued Operations - Summary of Property, Plant and Equipment Purchases of the Discontinued Operations (Details) - Discontinued Operations, Disposed of by Means Other than Sale - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital expenditures	$ 0	$ 72
Proceeds from the sales of businesses	0	112
Provision for depreciation and amortization	$ 0	$ 58

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	Jan. 01, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020	Dec. 31, 2020USD ($)	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Number of reportable segments | segment		4
Goodwill		$ 4,090		$ 4,102
Goodwill, impairment loss	$ 0
Revenue Benchmark | Customer Concentration Risk | Aerospace
Segment Reporting Information [Line Items]
Concentration risk, percentage		59.00%	73.00%
Revenue Benchmark | Customer Concentration Risk | Aerospace | General Electric Company | Engine Products
Segment Reporting Information [Line Items]
Concentration risk, percentage		12.00%	12.00%
Engineered Structures
Segment Reporting Information [Line Items]
Goodwill reallocated, increase (decrease)	17
Percentage of fair value in excess of carrying amount					15.00%	60.00%
Engine Products
Segment Reporting Information [Line Items]
Goodwill reallocated, increase (decrease)	$ (17)

Segment Information - Schedule

Segment Information - Schedule of Operating Results of Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Sales	$ 1,195	$ 1,253	$ 2,404	$ 2,887
Segment operating profit	207	74	396	332
Restructuring and other charges	5	105	14	144
Provision for depreciation and amortization	67	73	135	144
Capital expenditures	36	32	91	184
Third-party sales
Segment Reporting Information [Line Items]
Sales	1,195	1,253	2,404	2,885
Intersegment sales
Segment Reporting Information [Line Items]
Sales	(3)	(3)	(5)	(8)
Total segment capital expenditures
Segment Reporting Information [Line Items]
Sales	1,198	1,256	2,409	2,893
Segment operating profit	222	200	448	539
Restructuring and other charges	8	42	16	76
Provision for depreciation and amortization	65	66	130	131
Capital expenditures	43	30	73	67
Engine Products | Third-party sales
Segment Reporting Information [Line Items]
Sales	544	585	1,078	1,366
Engine Products | Intersegment sales
Segment Reporting Information [Line Items]
Sales	(1)	(1)	(2)	(3)
Engine Products | Total segment capital expenditures
Segment Reporting Information [Line Items]
Sales	545	586	1,080	1,369
Segment operating profit	100	105	201	270
Restructuring and other charges	5	22	10	35
Provision for depreciation and amortization	30	31	61	61
Capital expenditures	16	14	27	33
Fastening Systems | Third-party sales
Segment Reporting Information [Line Items]
Sales	262	326	534	711
Fastening Systems | Intersegment sales
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Fastening Systems | Total segment capital expenditures
Segment Reporting Information [Line Items]
Sales	262	326	534	711
Segment operating profit	50	70	95	166
Restructuring and other charges	3	24	5	26
Provision for depreciation and amortization	13	12	25	24
Capital expenditures	9	7	14	15
Engineered Structures | Third-party sales
Segment Reporting Information [Line Items]
Sales	160	229	336	504
Engineered Structures | Intersegment sales
Segment Reporting Information [Line Items]
Sales	(2)	(2)	(3)	(5)
Engineered Structures | Total segment capital expenditures
Segment Reporting Information [Line Items]
Sales	162	231	339	509
Segment operating profit	11	19	21	47
Restructuring and other charges	0	(5)	1	12
Provision for depreciation and amortization	13	14	25	27
Capital expenditures	5	5	10	8
Forged Wheels | Third-party sales
Segment Reporting Information [Line Items]
Sales	229	113	456	304
Forged Wheels | Intersegment sales
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Forged Wheels | Total segment capital expenditures
Segment Reporting Information [Line Items]
Sales	229	113	456	304
Segment operating profit	61	6	131	56
Restructuring and other charges	0	1	0	3
Provision for depreciation and amortization	9	9	19	19
Capital expenditures	$ 13	$ 4	$ 22	$ 11

Segment Information - Schedul_2

Segment Information - Schedule of Segment Operating Profit to Consolidated Income before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Segment operating profit	$ (207)	$ (74)	$ (396)	$ (332)
Interest expense	(89)	(144)	(161)	(228)
Other (expense) income, net	(8)	(16)	(12)	8
Income (loss) from continuing operations before income taxes	110	(86)	223	112
Total segment capital expenditures
Segment Reporting Information [Line Items]
Segment operating profit	(222)	(200)	(448)	(539)
Restructuring and other charges
Segment Reporting Information [Line Items]
Segment operating profit	(5)	(105)	(14)	(144)
Corporate and discontinued operations
Segment Reporting Information [Line Items]
Segment operating profit	$ 10	$ 21	$ 38	$ 63

Segment Information - Reconcili

Segment Information - Reconciliation of Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Capital expenditures	$ 36	$ 32	$ 91	$ 184
Total segment capital expenditures
Segment Reporting Information [Line Items]
Capital expenditures	43	30	73	67
Corporate and discontinued operations
Segment Reporting Information [Line Items]
Capital expenditures	$ (7)	$ 2	$ 18	$ 117

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue by Major End Market Served (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue, Major Customer [Line Items]
Sales	$ 1,195	$ 1,253	$ 2,404	$ 2,887
Third-party sales
Revenue, Major Customer [Line Items]
Sales	1,195	1,253	2,404	2,885
Third-party sales | Engine Products
Revenue, Major Customer [Line Items]
Sales	544	585	1,078	1,366
Third-party sales | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	262	326	534	711
Third-party sales | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	160	229	336	504
Third-party sales | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	229	113	456	304
Third-party sales | Aerospace - Commercial
Revenue, Major Customer [Line Items]
Sales	468	680	923	1,628
Third-party sales | Aerospace - Commercial | Engine Products
Revenue, Major Customer [Line Items]
Sales	260	312	487	819
Third-party sales | Aerospace - Commercial | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	129	224	277	481
Third-party sales | Aerospace - Commercial | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	79	144	159	328
Third-party sales | Aerospace - Commercial | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	0	0	0	0
Third-party sales | Aerospace - Defense
Revenue, Major Customer [Line Items]
Sales	226	228	496	469
Third-party sales | Aerospace - Defense | Engine Products
Revenue, Major Customer [Line Items]
Sales	121	125	272	252
Third-party sales | Aerospace - Defense | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	41	39	83	83
Third-party sales | Aerospace - Defense | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	64	64	141	134
Third-party sales | Aerospace - Defense | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	0	0	0	0
Third-party sales | Commercial Transportation
Revenue, Major Customer [Line Items]
Sales	278	147	551	384
Third-party sales | Commercial Transportation | Engine Products
Revenue, Major Customer [Line Items]
Sales	0	0	0	0
Third-party sales | Commercial Transportation | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	49	34	95	80
Third-party sales | Commercial Transportation | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	0	0	0	0
Third-party sales | Commercial Transportation | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	229	113	456	304
Third-party sales | Industrial and Other
Revenue, Major Customer [Line Items]
Sales	223	198	434	404
Third-party sales | Industrial and Other | Engine Products
Revenue, Major Customer [Line Items]
Sales	163	148	319	295
Third-party sales | Industrial and Other | Fastening Systems
Revenue, Major Customer [Line Items]
Sales	43	29	79	67
Third-party sales | Industrial and Other | Engineered Structures
Revenue, Major Customer [Line Items]
Sales	17	21	36	42
Third-party sales | Industrial and Other | Forged Wheels
Revenue, Major Customer [Line Items]
Sales	$ 0	$ 0	$ 0	$ 0

Restructuring and Other Charg_3

Restructuring and Other Charges - Summary (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Layoff costs	$ 2	$ 54	$ 2	$ 76
Net reversals of previously recorded layoff reserves	(2)	(8)	(1)	(10)
Pension, Other post-retirement benefits and Deferred Compensation - net settlements (G)	3	64	6	64
Non-cash asset impairments	4	0	4	0
Net loss related to divestitures of assets and businesses (Q)	0	(7)	4	9
Other	(2)	2	(1)	5
Restructuring and other charges	$ 5	$ 105	$ 14	$ 144

Restructuring and Other Charg_4

Restructuring and Other Charges - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)employee	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 5	$ 105	$ 14	$ 144
Settlements	3	$ 64	6	64
Reversal of impairment charge due to reclassification of assets | employee		7,000,000
Gain (loss) on sale of assets			3
Pension benefits
Restructuring Cost and Reserve [Line Items]
Settlements	$ 3	$ 64	$ 6	64
Layoff costs for the separation
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		54		76
U.S. Pension Plan Settlement Accounting
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges				6
Other exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		2		5
Reversal of prior period programs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		8		10
U.K. Pension Plan Settlement Accounting
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		$ 64		64
Impairment of Property, Plant and Equipment
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges				5
Sale of Assets
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of assets				$ 2

Restructuring and Other Charg_5

Restructuring and Other Charges - Activity and Reserve Balances for Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance			$ 54
Cash payments			(32)
Restructuring charges	$ 5	$ 105	14	$ 144
Other			(15)
Restructuring reserve ending balance	21		21
Settlements	3	64	6	64
Restructuring and other charges	5	105	14	144
Gain (loss) on sale of assets			3
Small Manufacturing Business
Restructuring Reserve [Roll Forward]
Restructuring charges			6
Restructuring and other charges			6
Pension benefits
Restructuring Reserve [Roll Forward]
Settlements	3	$ 64	6	$ 64
Layoff costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance			54
Cash payments			(32)
Restructuring charges			7
Other			(8)
Restructuring reserve ending balance	21		21
Restructuring and other charges			7
Other exit costs
Restructuring Reserve [Roll Forward]
Restructuring reserve beginning balance			0
Cash payments			0
Restructuring charges			7
Other			(7)
Restructuring reserve ending balance	$ 0		0
Restructuring and other charges			7
Other Layoffs Costs
Restructuring Reserve [Roll Forward]
Restructuring charges			2
Restructuring and other charges			2
Facility closing | Small Manufacturing Business
Restructuring Reserve [Roll Forward]
Restructuring charges			4
Restructuring and other charges			$ 4

Other Expense (Income), Net (De

Other Expense (Income), Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Non-service related net periodic benefit cost	$ 3	$ 5	$ 6	$ 11
Interest income	(1)	0	(1)	(4)
Foreign currency losses (gains), net	1	(7)	3	(7)
Net loss from asset sales	1	2	4	4
Deferred compensation	4	7	6	(3)
Other, net	0	9	(6)	(9)
Other expense (income), net	$ 8	$ 16	$ 12	$ (8)

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Settlements	$ 3	$ 64	$ 6	$ 64
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2	2	9
Interest cost	12	17	24	64
Expected return on plan assets	(23)	(24)	(46)	(94)
Recognized net actuarial loss	15	12	29	54
Settlements	3	64	6	64
Net periodic benefit cost	8	71	15	97
Discontinued operations	0	0	0	20
Net amount recognized in continuing operations in Statement of Consolidated Operations	8	71	15	77
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	1	2
Interest cost	2	1	3	7
Recognized net actuarial loss	0	0	0	2
Amortization of prior service benefit	(3)	(1)	(4)	(3)
Net periodic benefit cost	0	1	0	8
Discontinued operations	0	0	0	6
Net amount recognized in continuing operations in Statement of Consolidated Operations	$ 0	$ 1	$ 0	$ 2

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	Mar. 11, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restructuring and other charges		$ 5		$ 105	$ 14	$ 144
Settlement charges		(3)		(64)	(6)	(64)
Increase (decrease) in minimum required pension funding	$ 120
Pension Settlement Cost
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restructuring and other charges		3			6
Pension benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement charges		$ (3)		(64)	$ (6)	$ (64)
Pension benefits | US
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement charges				2
Increase (decrease) in obligation, pension benefits				6
Pension benefits | Foreign Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement charges				$ 62
Other postretirement benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in obligation, pension benefits			$ 39

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation (percent)	29.10%	36.10%	29.10%	36.10%
Effective income tax rate reconciliation, including discrete items (percent)	32.70%	2.30%	30.90%	38.40%
Discrete income tax charge (benefit)	$ 4	$ (10)	$ 3	$ 2
Charge from tax rate change	2		2
Income tax charge related to remeasurement as a result of the Separation Transaction		6		6
Other items charge (benefit)	$ 2		$ 1	(2)
Income tax charge (benefit) related to prior year items		$ 4		3
Tax charge (benefit) for stock compensation				$ (5)

Income Taxes - Summary of Tax P

Income Taxes - Summary of Tax Provisions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Pre-tax income (loss) at estimated annual effective income tax rate before discrete items	$ 32	$ (31)	$ 65	$ 40
Impact of change in estimated annual effective tax rate on previous quarter’s pre-tax income	(1)	18	0	0
Interim period treatment of operational losses in foreign jurisdictions for which no tax benefit is recognized	1	1	1	1
Other discrete items	4	10	3	2
Provision (benefit) for income taxes	$ 36	$ (2)	$ 69	$ 43

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Information Used to Compute Basic and Diluted EPS (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) from continuing operations attributable to common shareholders	$ 74	$ (84)	$ 154	$ 69
(Loss) income from discontinued operations	0	(12)	0	50
Net income (loss)	74	(96)	154	119
Less: preferred stock dividends declared	1	0	1	1
Net income (loss) available to Howmet Aerospace common shareholders - basic and diluted	$ 73	$ (96)	$ 153	$ 118
Average shares outstanding - basic (in shares)	432	436	433	436
Effect of dilutive securities:
Stock options (in shares)	1	0	1	0
Stock and performance awards (in shares)	4	0	4	4
Average shares outstanding - diluted (in shares)	437	436	438	440

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jul. 19, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	May 20, 2019
Common stock outstanding (in shares)		429	429	436
Authorized repurchase amount					$ 500
Share repurchases (in shares)		6
Treasury stock acquired, average price per share (in usd per share)		$ 34.02
Repurchase of common stock		$ 200	$ 200	$ 0
Remaining authorized repurchase amount		$ 77	$ 77
Common stock, dividends per share (in usd per share)				$ 0.02
Subsequent Event
Common stock, dividends per share (in usd per share)	$ 0.02

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding (Details) - $ / shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	0	3	0	3
Weighted average exercise price of options (in usd per share)				$ 26.04
Stock and performance awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	0	3	0	0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 3,577
Other comprehensive income:
Total Other comprehensive income (loss), net of tax	$ 57	$ 9	59	$ (31)
Ending balance	3,598		3,598
Accumulated other comprehensive loss
Other comprehensive income:
Total Other comprehensive income (loss), net of tax	57	9	59	(31)
Ending balance	(1,884)	(1,968)	(1,884)	(1,968)
Pension and other postretirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(938)	(2,695)	(980)	(2,732)
Other comprehensive income:
Unrecognized net actuarial gain (loss) and prior service cost/benefit	30	(60)	67	(59)
Tax (expense) benefit	(7)	8	(15)	8
Total Other comprehensive income (loss) before reclassifications, net of tax	23	(52)	52	(51)
Net amount reclassified to earnings	15	74	31	117
Tax (expense) benefit	(3)	(13)	(6)	(20)
Amount reclassified from Accumulated other comprehensive loss, net of tax	12	61	25	97
Total Other comprehensive income (loss), net of tax	35	9	77	46
Transfer to Arconic Corporation	0	1,820	0	1,820
Ending balance	(903)	(866)	(903)	(866)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,010)	(661)	(966)	(596)
Other comprehensive income:
Total Other comprehensive income (loss) before reclassifications, net of tax	18	(8)	(26)	(87)
Amount reclassified from Accumulated other comprehensive loss, net of tax	0	0	0	14
Total Other comprehensive income (loss), net of tax	18	(8)	(26)	(73)
Transfer to Arconic Corporation	0	(428)	0	(428)
Ending balance	(992)	(1,097)	(992)	(1,097)
Debt securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	1	0	0
Other comprehensive income:
Total Other comprehensive income (loss), net of tax	0	(1)	0	0
Ending balance	0	0	0	0
Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	7	(14)	3	(1)
Other comprehensive income:
Unrecognized net actuarial gain (loss) and prior service cost/benefit	11	3	19	(8)
Tax (expense) benefit	(2)	1	(4)	0
Total Other comprehensive income (loss) before reclassifications, net of tax	9	4	15	(8)
Net amount reclassified to earnings	(5)	5	(8)	4
Tax (expense) benefit	0	0	1	0
Amount reclassified from Accumulated other comprehensive loss, net of tax	(5)	5	(7)	4
Total Other comprehensive income (loss), net of tax	4	9	8	(4)
Ending balance	$ 11	$ (5)	$ 11	$ (5)

Receivables (Details)

Receivables (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)agreement	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule Of Financial Receivables [Line Items]
Accounts receivable securitization arrangements | agreement				2
Deferred purchase program receivable	$ 49			$ 49		$ 12
Net cash funding received during the period				22	$ 136
Amount of cash draws under arrangement during the period				41	138
Amount of cash repayments under arrangement during the period				63	274
Accounts receivable remaining outstanding	68			68		46
Accounts receivable securitization	425			425		425
Accounts receivable securitization amount drawn	250			250		250
Customer Two
Schedule Of Financial Receivables [Line Items]
Accounts receivables sold	98	$ 58		164	$ 89
Accounts receivable remaining outstanding	92			92
Special Purpose Entity
Schedule Of Financial Receivables [Line Items]
Accounts receivables sold	71			155
Receivables, maximum allowable purchase limit				125
Financing receivables, held as collateral	$ 10			10		$ 33
Arconic Corporation
Schedule Of Financial Receivables [Line Items]
Deferred purchase program receivable			$ 282
Maximum
Schedule Of Financial Receivables [Line Items]
Funding of customer receivables sold, maximum			$ 300	$ 400

Inventories - Schedule of Inven

Inventories - Schedule of Inventory Components (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 500	$ 528
Work-in-process	656	629
Purchased raw materials	263	292
Operating supplies	37	39
Total inventories	$ 1,456	$ 1,488

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories valued on a LIFO basis	$ 490	$ 458
Total inventories valued on an average-cost basis	$ 152	$ 131

Properties, Plants, and Equip_3

Properties, Plants, and Equipment, net (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,027		$ 5,010
Less: accumulated depreciation and amortization	2,701		2,626
Properties, plants and equipment excluding construction work in progress	2,326		2,384
Construction work-in-progress	189		208
Properties, plants, and equipment, net	2,515		2,592
Capital expenditures incurred but not yet paid	39	$ 29
Land and land rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	92		98
Structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,025		1,033
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,910		$ 3,879

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 16	$ 18	$ 33	$ 36

Leases - Operating Lease Assets

Leases - Operating Lease Assets and Liabilities in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Right-of-use assets classified in Other noncurrent assets	$ 123	$ 131
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Current portion of lease liabilities classified in Other current liabilities	$ 36	$ 38
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities and deferred credits	Other noncurrent liabilities and deferred credits
Long-term portion of lease liabilities classified in Other noncurrent liabilities	$ 93	$ 100
Total lease liabilities	$ 129	$ 138

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Apr. 24, 2020
Debt Instrument [Line Items]
Other	$ (10)	$ (12)
Long-term debt	4,240	5,075
Less: amount due within one year	13	376
Total long-term debt	4,227	$ 4,699
5.400% Notes, due 2021
Debt Instrument [Line Items]
Long-term debt, interest rate		5.40%
Amount outstanding	0	$ 361
5.870% Notes, due 2022
Debt Instrument [Line Items]
Long-term debt, interest rate		5.87%
Amount outstanding	$ 0	$ 476
5.125% Notes, due 2024
Debt Instrument [Line Items]
Long-term debt, interest rate	5.125%
Amount outstanding	$ 1,250	1,250
6.875% Notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate	6.875%		6.875%
Amount outstanding	$ 1,200	1,200
5.900% Notes, due 2027
Debt Instrument [Line Items]
Long-term debt, interest rate	5.90%
Amount outstanding	$ 625	625
6.750% Bonds, due 2028
Debt Instrument [Line Items]
Long-term debt, interest rate	6.75%
Amount outstanding	$ 300	300
5.950% Notes due 2037
Debt Instrument [Line Items]
Long-term debt, interest rate	5.95%
Amount outstanding	$ 625	625
4.750% Iowa Finance Authority Loan, due 2042
Debt Instrument [Line Items]
Long-term debt, interest rate	4.75%
Amount outstanding	$ 250	$ 250

Debt - Public Debt (Details)

Debt - Public Debt (Details) - USD ($) $ in Millions	May 03, 2021	Jan. 15, 2021	May 21, 2020	Apr. 24, 2020	Apr. 06, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Payment for early redemption of debt								$ 22	$ 59
Early termination premium									35
Interest expense									17
6.150% Notes, due 2020
Debt Instrument [Line Items]
Early redemption of debt					$ 1,000
Long-term debt, interest rate					6.15%
Payment for early redemption of debt					$ 1,020
5.400% Notes, due 2021
Debt Instrument [Line Items]
Early redemption of debt	$ 476	$ 361	$ 589		300
Long-term debt, interest rate										5.40%
Payment for early redemption of debt					$ 315
Interest expense							$ 24
Accrued interest paid		$ 5
6.875% Notes, due 2025
Debt Instrument [Line Items]
Early redemption of debt				$ 1,200
Long-term debt, interest rate				6.875%		6.875%		6.875%
Deferred financing costs							14		$ 14
5.870% Notes, due 2022
Debt Instrument [Line Items]
Early redemption of debt			$ 151
Long-term debt, interest rate										5.87%
Payment for early redemption of debt	503
Early termination premium						$ 23
Interest expense							$ 4
Accrued interest paid	5
5.400% and 5.870% Notes, Redemption
Debt Instrument [Line Items]
Increase (decrease) interest expense, net	$ (47)

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details) - Revolving Credit Agreement - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Credit agreement term		5 years
Long-term line of credit		$ 1,000	$ 3,000
Amount outstanding	$ 0	0
Amount borrowed	0	$ 0
Year Ending December 2021
Debt Instrument [Line Items]
Maximum common stock dividends and share repurchases	250
Year Ending December 2022
Debt Instrument [Line Items]
Maximum common stock dividends and share repurchases	$ 400

Debt - Schedule of Net Debt To

Debt - Schedule of Net Debt To Consolidated EBITDA Ratio (Details) - Revolving Credit Agreement	6 Months Ended
	Jun. 30, 2021
Quarter ending June 30, 2021
Debt Conversion [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	5.50
Quarter ending September 30, 2021
Debt Conversion [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	5
Quarter ending December 31, 2021
Debt Conversion [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	4.75
Quarter ending March 31, 2022
Debt Conversion [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	4.50
Quarter ending June 30, 2022
Debt Conversion [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	4.50
Quarter ending September 30, 2022
Debt Conversion [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	4.25
Quarter ending December 31, 2022
Debt Conversion [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	3.75
Quarter ending March 31, 2023 and thereafter
Debt Conversion [Line Items]
Debt covenants, net debt to consolidated EBITDA ratio	3.50

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Restricted cash	$ 1	$ 1
Carrying value
Derivative [Line Items]
Long-term debt, less amount due within one year	4,227	4,699
Fair value
Derivative [Line Items]
Long-term debt, less amount due within one year	$ 4,886	$ 5,426

Divestitures (Details)

Divestitures (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 01, 2021	Jan. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges	$ 4		$ 0		$ 4	$ 0
Fastening Systems | Small Manufacturing Facility in France
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sales of businesses	$ 8
Fastening Systems | Small Manufacturing Facility in France | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration							$ 10
Asset impairment charges		$ 4
Engineered Structures | Small manufacturing facility in the United Kingdom | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration								$ 12
Asset impairment charges			$ (7)	$ 12

Contingencies and Commitments (

Contingencies and Commitments (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)location	Dec. 31, 2020USD ($)	Jun. 26, 2020USD ($)entity
Loss Contingencies [Line Items]
Number of cleanup locations | location		30
Remediation reserve balance	$ 10	$ 10
Remediation reserve balance, classified as a current liability	6	6	$ 5
Payments related to remediation expenses applied against the reserve	(1)
Guarantees of third party related to project financing	18	18
Combined fair value of guarantees	6	6	12
Total amount committed under outstanding surety bonds	46	46
Surety bonds, amount outstanding	25	25
Lehman Brothers International (Europe) (“LBIE”) Claims
Loss Contingencies [Line Items]
Number of entities | entity				2
Estimate of claim				$ 64
Bank Loan Obligations
Loss Contingencies [Line Items]
Letters of credit, total amount	133	133
Other Noncurrent Liabilities and Deferred Credits | Separation Agreement
Loss Contingencies [Line Items]
Guarantees of third party related to project financing	1,435	1,435	$ 1,398
Alcoa Corporation Workers Compensation Claims
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding	53	53
Arconic Corporation Environmental Obligations
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding	23	23
Arconic Corporation Environmental Obligations | Letters Of Credit, Pending Cancellation
Loss Contingencies [Line Items]
Letters of credit, total amount outstanding	$ 6	$ 6
Maximum | Recurring Costs of Managing Hazardous Substances and Environmental Programs
Loss Contingencies [Line Items]
Percentage of cost of goods sold (percent)		1.00%