Howmet Aerospace

2024 ANNUAL REPORT 

                                           Leverage our differentiated technologies to reduce the carbon footprint of our 
customers by delivering products that enable lighter, more fuel-efficient aircraft and commercial vehicles, 
and enable sustainable power generation.
                                  We are a company of innovators and makers. 
We are transforming the future with high-performance engineered solutions 
that are paired with advanced manufacturing expertise.
Who We Are
OUR VISION
HOWMET AEROSPACE
WHAT WE DO
                                           Howmet Aerospace is a manufacturer of high-performance advanced engineered 
solutions for the aerospace, defense, and transportation markets.
HOW WE OPERATE  As One Team, with One Direction, using One Plan.
Value Our People
Emphasize health and safety.
Foster a “speak up” culture.
Embrace a diverse and inclusive 
work environment.
Support the communities where 
we operate.
Drive Operational Excellence
Lead with integrity.
Continuously improve operations.
Focus on the few things that matter.
Align to win together.
Deliver value to shareholders.
Win With Our Customers
Collaborate to solve customer 
challenges.
Innovate for our customers’ 
success.
Deliver with quality.
Act with our customers in mind.
Copyright 2025 © Howmet Aerospace. All rights reserved.
OUR MISSION
Engine
Products
Produce components 
enabling quieter, cleaner 
and more fuel-efficient 
aerospace engines and 
industrial gas turbines.
Fastening
Systems
Make aerospace and 
industrial fasteners to 
hold together aircraft, jet 
engines, commercial 
trucks, wind turbines, 
solar panels, and more.
Engineered
Structures
Manufacture advanced, 
multi-material parts that 
make aircraft and vehicles 
lighter and more 
fuel-efficient.
Forged
Wheels
Forge strong aluminum 
wheels that allow 
commercial trucks to run 
lighter and more 
fuel-efficiently. 

HOWMET AEROSPACE  |  2024 ANNUAL REPORT  |  01
Howmet Aerospace is a leading global provider of advanced engineered 
solutions for the aerospace and transportation industries. 
Headquartered in Pittsburgh, Pennsylvania, the Company’s primary businesses 
focus on jet engine components, aerospace fastening systems and airframe 
structural components necessary for mission-critical performance and 
efficiency in aerospace and defense applications, as well as forged aluminum 
wheels for commercial transportation. 
With approximately 1,170 granted and pending patents, the Company’s 
differentiated technologies enable lighter, more fuel-efficient aircraft and 
commercial trucks to operate with a lower carbon footprint. 
For more information: www.howmet.com
FOLLOW @HOWMETAEROSPACE
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Billion
2024 TOTAL REVENUE
REVENUE BY MARKET SECTOR
GLOBAL PROFILE
23,930
EMPLOYEES
22
COUNTRIES
57
LOCATIONS*
2024 OVERVIEW
* Not including locations that serve as sales and administrative offices, distribution centers or warehouses.
COMMERCIAL
AEROSPACE
DEFENSE
AEROSPACE
COMMERCIAL
TRANSPORTATION
INDUSTRIAL
AND OTHER
52%
16%
15%
17%

02
2025 Howmet Aerospace 
Shareholder Letter 
April 9, 2025   
Dear Shareholder, 
Howmet Aerospace delivered excellent financial results 
in 2024. Additionally, the share price of our common 
stock increased 102 percent, which outpaced the 23 
percent growth in the S&P 500 index. 
Revenue for the full year of 2024 was approximately 
$7.4 billion, up 12 percent from 2023, driven by strong 
growth in all three of our aerospace segments, and we 
outgrew each of our respective markets. Adjusted 
EBITDA* of over $1.9 billion was up 27 percent 
year-over-year and was an all-time high. Adjusted 
Earnings per Share* was $2.69 per share, up 46 percent 
year-over-year.
The Company’s balance sheet continues to strengthen. 
Free cash flow for the year was $977 million, with a 
healthy free cash flow conversion of net income 
excluding special items at 88 percent, which is in-line 
with our long-term target of 90 percent and reflected 
the significant capital investments we are making in 
the business. 
We reduced debt by $365 million in the year, and 
combined with other debt refinancing activity, our 
actions during 2024 will reduce annualized interest 
expense by approximately $37 million. Our net 
debt-to-Adjusted-EBITDA* ratio was 1.4 times for the 
twelve months ended December 31, 2024. Capital 
expenditures in the year were $321 million, up 
approximately $100 million year-over-year, as we 
continued to invest for growth. We also repurchased 
$500 million of common stock during 2024 and recently 
announced a 25 percent increase in the quarterly 
dividend on our common stock to $0.10 per share. 
We deliver these superior results as we operate as one 
team 
focused 
on 
providing 
customers 
with 
high-performance products.  We do this while focusing 
on our employees’ safety and development, being a 
good neighbor in the communities where we operate, 
being conscientious environmental stewards, and 
ensuring we are making good business investments. 
We seek to be reliable for our customers, suppliers, 
employees and our communities. 
In the commercial aerospace market, the outlook 
remains healthy. Air passenger traffic continues to 
grow, led more recently by Europe and Asia Pacific. 
There has been some recent moderation in North 
American traffic growth, driven by tariff-related and 
economic 
uncertainty. 
Nevertheless, 
Howmet 
Aerospace’s engine and airframe OEM customers 
continue to demonstrate growth, with record backlogs 
supported by under-build of aircraft in recent years 
and the desire for new, fuel-efficient aircraft with 
reduced carbon emissions. 
Given the easing of some production constraints at the 
OEMs and in the supply chain, the commercial 
aerospace industry is positioned for increased aircraft 
production. We expect to see higher production 
volumes in 2025, and we are positioned to support our 
customers with the differentiated, mission-critical 
aerospace parts that we provide. Spares growth was 
significant in 2024, and we expect robust growth again 
in 2025, driven by significant needs from both legacy 
and current engine programs.
The defense aerospace market, for which our revenue 
increased 15 percent in 2024 compared to 2023, was 
also a source of strength, and we expect this 
continuing into 2025 for both the F-35 aircraft and 
legacy fighter programs. Defense aerospace spares 
revenue growth was healthy in 2024, and we expect 
this trend to continue in 2025 as the fleet of F-35 
aircraft continues to expand worldwide.
We expect additional growth in our Industrial and 
Other end markets, led by Industrial Gas Turbines 
(IGT), as the outlook for electricity demand is increasing 

JOHN C. PLANT
Executive Chairman and Chief Executive Officer
Howmet Aerospace Inc.
HOWMET AEROSPACE  |  2024 ANNUAL REPORT  |  03
from the significant increases in the building of data 
centers. Howmet Aerospace provides critical turbine 
airfoils for the IGT market, enabling better performance 
and fuel efficiency of these power generating units. 
Howmet Aerospace is the global market leader in 
turbine blades.
The commercial truck market entered a cyclical 
downturn in 2024, as expected. For 2025, we do not 
expect the market to recover before mid-year 2025. A 
potential increase in commercial truck builds is less 
certain in the second half of the year, given tariff-related 
and economic uncertainty in North America. However, 
our premium products and strong market position 
should allow Howmet Aerospace to continue to 
outperform the overall market.
While production challenges at OEMs impacted new 
aircraft build rates, engine spares continued to grow. 
Total spares revenue represented approximately 17% of 
total Howmet Aerospace revenue in 2024, significantly 
higher than the 11% of total revenue that spares 
represented in 2019. We envision spares to continue to 
be healthy again in 2025 and grow towards 20 percent of 
total Howmet Aerospace revenue in the coming years. 
Engine Products delivered a record year. Revenue of 
$3.7 billion in 2024 reflected an increase of 14 percent 
year-over-year. Segment Adjusted EBITDA growth 
outpaced revenue growth and was up approximately 30 
percent year-over-year. Segment Adjusted EBITDA 
Margin increased to 30.8 percent. 
The 
Engine 
Products 
segment 
grew 
employee 
headcount by approximately 1,205 over the course of 
2024 to support future growth. We also deployed 
significant capital in the business to increase production 
capacity for airfoils, with the investment supported by 
long-term customer agreements. 
Fastening Systems revenue of $1.6 billion in 2024 
reflected an increase of 17 percent year-over-year. 
Segment Adjusted EBITDA growth outpaced revenue 
growth and was up approximately 46 percent 
year-over-year. Segment Adjusted EBITDA Margin 
increased to 25.8 percent as the Fasteners team drove 
strong commercial and operational improvements in 
the segment. 
* See “Calculation of Financial Measures" at the end of this report for reconciliations of 
non-GAAP financial measures to the most directly comparable GAAP financial 
measures. Note that each of the measures, Adjusted EBITDA, Adjusted EBITDA margin, 
and Adjusted Earnings per Share, excludes special items. 
References to performance by Howmet Aerospace or its segments as “record” or 
“all-time high” mean its best result since April 1, 2020 when Howmet Aerospace Inc. 
(previously named for Arconic Inc.) separated from Arconic Corporation.
Engineered Structures revenue of $1.1 billion in 2024 
reflected an increase of 21 percent year-over-year. 
Segment Adjusted EBITDA growth outpaced revenue 
growth and was up approximately 47 percent. Segment 
Adjusted EBITDA Margin increased to 15.6 percent, 
driven by commercial improvements, optimization of its 
manufacturing footprint and product rationalization. 
Forged Wheels revenue of $1.1 billion in 2024 was 
down eight percent year-over-year due to lower 
volumes in the commercial transportation market. 
Despite lower volumes, the Forged Wheels team 
delivered a Segment Adjusted EBITDA margin of 27.2 
percent, 
up 
approximately 
30 
basis 
points 
year-over-year.
In closing, markets continue to be healthy, and our 
strategy remains unchanged.
Focus on what we are good at to drive growth 
above market rate 
Prioritize major differentiated products for 
resource allocation
Underpin strategy with commercial and 
operational discipline
Execute a disciplined capital allocation strategy
While tariffs have increased uncertainty in the outlook, 
we still expect to see increasing demand in the 
commercial aerospace, defense aerospace, and data 
center-driven industrial/IGT markets in 2025, as we 
continue our focus on growth above the market rate. 
We remain focused on delivering our differentiated, 
mission-critical parts and serving as a reliable supplier 
to our customers. Howmet Aerospace remains 
well-positioned for a strong 2025 and beyond.

04
FINANCIAL AND OPERATING HIGHLIGHTS
 
 
(in millions, except per share amounts)
 
* See "Calculation of Financial Measures" at the end of this report for reconciliations of non-GAAP financial measures 
   to the most directly comparable GAAP financial measures.
2024 Financial Highlights
2024 REVENUE BY SEGMENT
Sales 
Net income
Net income excluding special items*
Adjusted EBITDA excluding special items*
Cash provided from operations
Cash used for financing activities
Cash used for investing activities
Free cash flow*
Total assets 
Common stock outstanding (on December 31)
Per common share data
Diluted earnings per share
Diluted earnings per share excluding special items*
Dividends paid per share
 7,430
1,155
1,107
1,914
1,298
(1,026)
(316)
977
10,519
405
2.81
2.69
0.26
$
$
$
$
$
$
$
$
$
$
$
$
2024
 6,640
765
766
1,508
901
(868)
(215)
682
10,428
410
1.83
1.84
0.17
$
$
$
$
$
$
$
$
$
$
$
$
2023
QUARTERLY FINANCIAL AND OPERATING HIGHLIGHTS (JANUARY 1, 2024 TO DECEMBER 31, 2024)
 
 
(dollars in millions)
 
Sales
Income before income taxes
Net income
Adjusted EBITDA margin excluding special items*
Cash provided from operations
Cash used for financing activities
Cash used for investing activities
Free cash flow*
1,824
303
243
24.0%
177
(178)
(75)
95
$
$
$
$
$
$
$
3/31/2024
1,880
334
266
25.7%
397
(123)
(54)
342
$
$
$
$
$
$
$
6/30/2024
1,835 
354
332
26.5%
244
(441)
(80)
162
$
$
$
$
$
$
$
9/30/2024
1,891 
392
314
26.8%
480
(284)
(107)
378
$
$
$
$
$
$
$
12/31/2024
QUARTER ENDED 
50%
22%
14%
14%
2024 SALES BY REGIONAL DESTINATION
56%
33%
1%
ENGINE
PRODUCTS
AMERICAS
EUROPE
ASIA/
PACIFIC
OTHER
FORGED
WHEELS
ENGINEERED
STRUCTURES
FASTENING
SYSTEMS
10%

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K 
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 
For The Fiscal Year Ended December 31, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-3610 
HOWMET AEROSPACE INC. 
(Exact name of registrant as specified in its charter)
Delaware
25-0317820
(State of incorporation)
  
(I.R.S. Employer Identification No.)
201 Isabella Street, Suite 200, Pittsburgh, Pennsylvania 15212-5872 
(Address of principal executive offices)            (Zip code)
Investor Relations----------------(412) 553-1950
Office of the Secretary-----------(412) 553-1940 
(Registrant’s telephone numbers, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class 
Trading Symbol
Name of each exchange on which registered 
Common Stock, par value $1.00 per share
HWM
New York Stock Exchange
$3.75 Cumulative Preferred Stock, 
par value $100.00 per share
HWM PR
NYSE American
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ✓  No     .
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.  
Yes        No ✓.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange 
Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.  Yes  ✓  No     .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to 
Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was 
required to submit such files).  Yes ✓  No     .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting 
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 
company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑  
Accelerated filer ☐ 
Non-accelerated filer ☐
Smaller reporting company ☐   
 
Emerging growth company ☐ 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for 
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of 
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public 
accounting firm that prepared or issued its audit report.  ✓
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant 
included in the filing reflect the correction of an error to previously issued financial statements.  ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ✓
The aggregate market value of the outstanding common stock, other than shares held by persons who may be deemed affiliates of the 
registrant, as of the last business day of the registrant’s most recently completed second fiscal quarter was approximately $31 billion. As of 
February 10, 2025, there were 405,022,519 shares of common stock, par value $1.00 per share, of the registrant outstanding.
Documents incorporated by reference.
Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive Proxy Statement for its 2025 
Annual Meeting of Shareholders to be filed pursuant to Regulation 14A (Proxy Statement).

TABLE OF 
CONTENTS 
 
 
Page
Part I
Item 1.
Business
1
Item 1A.
Risk Factors
10
Item 1B.
Unresolved Staff Comments
16
Item 1C.
Cybersecurity
16
Item 2.
Properties
18
Item 3.
Legal Proceedings
18
Item 4.
Mine Safety Disclosures
18
Part II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of 
Equity Securities
18
Item 6.
Selected Financial Data
21
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
22
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
36
Item 8.
Financial Statements and Supplementary Data
37
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
83
Item 9A.
Controls and Procedures
83
Item 9B.
Other Information
83
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspection
83
Part III
Item 10.
Directors, Executive Officers and Corporate Governance
83
Item 11.
Executive Compensation
83
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
85
Item 13.
Certain Relationships and Related Transactions, and Director Independence
85
Item 14.
Principal Accounting Fees and Services
85
Part IV
Item 15.
Exhibits, Financial Statement Schedules
86
Item 16.
Form 10-K Summary
93
Signatures
94
Note on Incorporation by Reference
In this Form 10-K, selected items of information and data are incorporated by reference to portions of Howmet Aerospace 
Inc.’s definitive proxy statement for its 2025 Annual Meeting of Shareholders (the “Proxy Statement”), which we expect to file 
with the Securities and Exchange Commission within 120 days after Howmet Aerospace Inc.’s fiscal year ended December 31, 
2024. Unless otherwise provided herein, any reference in this report to disclosures in the Proxy Statement shall constitute 
incorporation by reference of only that specific disclosure into this Form 10-K.

Forward-Looking Statements
This report contains (and oral communications made by Howmet Aerospace Inc. (“Howmet”) may contain) statements that 
relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private 
Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates”, 
“believes”, “could”, “estimates”, “expects”, “forecasts”, “goal”, “guidance”, “intends”, “may”, “outlook”, “plans”, “projects”, 
“seeks”, “sees”, “should”, “targets”, “will”, “would”, or other words of similar meaning. All statements that reflect Howmet’s 
expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking 
statements, including, without limitation, statements, forecasts and outlook relating to the condition of end markets; future 
financial results, operating performance, or estimated or expected future capital expenditures; future strategic actions; Howmet's 
strategies, outlook, and business and financial prospects; and any future dividends, debt issuances, debt reduction and 
repurchases of its common stock. These statements reflect beliefs and assumptions that are based on Howmet’s perception of 
historical trends, current conditions and expected future developments, as well as other factors Howmet believes are appropriate 
in the circumstances. Although Howmet believes that the expectations reflected in any forward-looking statements are based on 
reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results 
may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties, and 
changes in circumstances that are difficult to predict. For a discussion of some of the specific factors that may cause Howmet’s 
actual results to differ materially from those projected in any forward-looking statements, see the following sections of this 
report: Part I, Item 1A (Risk Factors), Part II, Item 7 (Management’s Discussion and Analysis of Financial Condition and 
Results of Operations), including the disclosures under Segment Information and Critical Accounting Policies and Estimates, 
and Note U to the Consolidated Financial Statements in Part II, Item 8. Market projections are subject to the risks discussed in 
this report and other risks in the market. Credit ratings are not a recommendation to buy or hold any Howmet securities, and 
they may be revised or revoked at any time at the sole discretion of the credit rating organizations. The statements in this report 
are made as of the date of the filing of this report. Howmet disclaims any intention or obligation to update publicly any 
forward-looking statements, whether in response to new information, future events or otherwise, except as required by 
applicable law.

[This Page Intentionally Left Blank]

PART I
Item 1. Business.
General
Howmet Aerospace Inc. is a Delaware corporation with its principal office in Pittsburgh, Pennsylvania. In this report, unless the 
context otherwise requires, “Howmet”, the “Company”, “we”, “us”, and “our” refer to Howmet Aerospace Inc. and its 
consolidated subsidiaries.
The Company’s Internet address is https://www.howmet.com. Howmet makes available free of charge on or through its website 
its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports 
filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as proxy statements, as 
soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and 
Exchange Commission (“SEC”). The Company’s website is included in this annual report on Form 10-K as an inactive textual 
reference only. The information on, or accessible through, the Company’s website is not a part of, or incorporated by reference 
in, this annual report on Form 10-K. The SEC maintains an Internet site that contains these reports at https://www.sec.gov.
Background
As described below, Howmet Aerospace Inc. was previously named Arconic Inc. and, prior to that, Alcoa Inc., a company 
formed in 1888.
The Arconic Inc. Separation Transaction. On April 1, 2020, Arconic Inc. separated its businesses (the “Arconic Inc. Separation 
Transaction”) into two independent, publicly traded companies: Howmet Aerospace Inc. (the new name for Arconic Inc.) and 
Arconic Corporation. Following this separation, Howmet retained the Engine Products, Fastening Systems, Engineered 
Structures, and Forged Wheels businesses; and its prior Rolled Products, Aluminum Extrusions, and Building and Construction 
Systems businesses were spun-off to Arconic Corporation. In connection with the Arconic Inc. Separation Transaction, 
Howmet and Arconic Corporation entered into several agreements that govern their post-separation relationship.
The 2017 Reincorporation in Delaware. On December 31, 2017, Arconic Inc., then a Pennsylvania corporation, changed its 
jurisdiction of incorporation from Pennsylvania to Delaware. 
The Alcoa Inc. Separation Transaction. On November 1, 2016, Alcoa Inc. completed the separation of its businesses (the 
“Alcoa Inc. Separation Transaction”) into two independent, publicly traded companies: Arconic Inc. (the new name for Alcoa 
Inc., which, through the transactions described above, later became Howmet Aerospace Inc.) and Alcoa Corporation. Following 
this separation, the Company retained the Engineered Products and Solutions, Global Rolled Products, and Transportation and 
Construction Solutions businesses. In connection with the Alcoa Inc. Separation Transaction, the two companies entered into 
several agreements that govern their post-separation relationship.
Overview
Howmet is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The 
Company’s primary businesses focus on jet engine components, aerospace fastening systems, and airframe structural 
components necessary for mission-critical performance and efficiency in aerospace and defense applications, as well as forged 
aluminum wheels for commercial transportation. Howmet’s technological capabilities support the innovation and growth of 
next-generation aerospace programs. Its differentiated technologies enable lighter, more fuel-efficient aircraft and commercial 
trucks to operate with a lower carbon footprint and support more sustainable air and ground transportation.
Howmet is a global company operating in 19 countries. Based upon the country where the point of shipment occurred, North 
America and Europe generated 71% and 23%, respectively, of Howmet’s sales in 2024. In addition to the United States, 
Canada, and Mexico in North America and France, United Kingdom, Hungary, and Germany in Europe, Howmet has operating 
activities in numerous other countries and regions, including Japan and China.
1

Description of the Business
The Company produces products that are used primarily in the aerospace (commercial and defense), commercial transportation, 
and industrial and other markets. Howmet seeks to provide its customers with innovative solutions through offering 
differentiated products such as airfoils with advanced cooling and coatings for extreme temperature applications; specially-
designed fasteners for lightweight composite airframe construction, reduced assembly costs, and lightning strike protection; and 
lightweight aluminum commercial wheels. Its products and solutions include investment castings for jet engines and industrial 
gas turbines (nickel superalloys, titanium, and aluminum), including airfoils and structural parts; seamless rolled rings for jet 
engines (mostly nickel superalloys); fastening systems for aerospace, industrial and commercial transportation applications 
(titanium, steel, and nickel superalloys); forged jet engine components (e.g., jet engine disks); machined and forged aircraft 
parts (titanium and aluminum); and forged aluminum commercial vehicle wheels, all of which are sold directly to customers or 
through distributors. 
Aerospace (Commercial and Defense) Market. Howmet’s largest market is aerospace, which represented approximately 68% of 
the Company’s revenue in 2024. The Company produces a range of high performance multi-materials, highly engineered 
products, and vertically integrated machined solutions for aero engines and airframe structures, ranging from investment 
castings, advanced coatings, seamless rings, forgings, titanium extrusions, and titanium mill products, to fasteners that hold 
aircraft together. Wingtip to wingtip, nose to tail, Howmet can produce more than 90% of all structural and rotating aero engine 
components. Modernization of the commercial and defense platforms is driven by an array of challenging performance 
requirements. With its precision engineering, materials science expertise, and advanced manufacturing processes, Howmet aims 
to help its customers achieve greater fuel economies, reduced emissions, passenger comfort, and maintenance efficiencies.
Commercial Transportation Market. The commercial transportation market represented approximately 17% of the Company’s 
revenue in 2024. The Company invented the forged aluminum truck wheel in 1948, and continues to advance technology to 
deliver breakthrough solutions that make trucks and buses lighter, more fuel efficient and sharper-looking. Howmet’s forged 
aluminum wheels are a leading choice for commercial trucks and mass transportation vehicles because they can reduce weight 
and save fuel. The strength of the Company’s rivets, bolts and fasteners offers another light-weighting solution that delivers 
performance.
Industrial and Other Markets. Industrial and other markets include industrial gas turbines, oil and gas, and other industrials, 
which represented approximately 15% of the Company’s revenue in 2024. 
Howmet has four reportable segments, which are organized by product on a worldwide basis: Engine Products, Fastening 
Systems, Engineered Structures and Forged Wheels.
Engine Products
Engine Products utilizes advanced designs and techniques to support next-generation engine programs and produces 
components primarily for aircraft engines and industrial gas turbines, including airfoils and seamless rolled rings. Engine 
Products produces rotating parts as well as structural parts. Engine Products principally serves the commercial and defense 
aerospace, industrial gas turbine, and oil and gas markets.
Fastening Systems
Fastening Systems produces aerospace and industrial fastening systems as well as commercial transportation fasteners and 
installation tools. In addition to highly engineered aerospace fasteners with a broad range of fastening systems, the segment also 
supplies the commercial transportation, renewable, and material handling industries. The business’s high-tech, multi-material 
fastening systems are found nose to tail on commercial and military aircraft, as well as on jet engines, industrial gas turbines, 
commercial transportation vehicles, wind turbines, solar power systems, and construction and industrial equipment. 
Engineered Structures
Engineered Structures produces titanium ingots and mill products for aerospace and defense applications and is vertically 
integrated to produce titanium forgings, titanium extrusions, 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. The principal markets served by Engineered Structures are 
commercial aerospace, defense aerospace, and land and sea defense.
2

Forged Wheels
Forged Wheels manufactures lightweight, high-strength forged aluminum wheels for trucks, buses, and trailers, serving the 
global transportation market. The Company’s portfolio, sold under the Alcoa® Wheels brand, includes advanced wheel designs 
utilizing MagnaForce® alloy, offering superior durability and performance. Compared to standard steel wheel configurations, 
our aluminum wheels deliver up to 59% weight savings per tractor-trailer, enabling greater payload capacity. Our proprietary 
Dura-Bright® surface treatment resists corrosion and significantly reduces maintenance requirements, helping fleets maintain a 
professional appearance while lowering operational costs. 
For additional discussion of each segment's business, see “Results of Operations—Segment Information” in Part II, Item 7 
(Management’s Discussion and Analysis of Financial Condition and Results of Operations) and Note C to the Consolidated 
Financial Statements in Part II, Item 8.
Sales by Market and Significant Customer Revenue
Sales by market for the years ended December 31, 2024, 2023, and 2022, were:
For the Year Ended
December 31,
 
2024
2023
2022
Aerospace - Commercial
 52 %
 49 %
 46 %
Aerospace - Defense
 16 %
 15 %
 16 %
Commercial Transportation
 17 %
 21 %
 23 %
Industrial and Other(1)
 15 %
 15 %
 15 %
(1) Industrial and Other comprise industrial gas turbine (approximately 45%), general industrial (approximately 30%), and oil 
and gas (approximately 25%).
On April 2, 2024, General Electric Company, one of our largest customers, completed the spin-off of its energy-focused 
business into GE Vernova, a new publicly traded company. Since then, General Electric Company operates as GE Aerospace. 
In 2024, RTX Corporation and GE Aerospace each represented approximately 10% of the Company’s third-party sales. The 
loss of any such significant customer could have a material adverse effect on such businesses. See Part I, Item 1A (Risk 
Factors).
3

The Company's Principal Facilities(1)
Country
Facility Location
Segment
Products
Australia
Oakleigh
Fastening Systems
Fasteners
Canada
Georgetown, Ontario(2)
Engine Products
Aerospace Castings
 
Laval, Québec
Engine Products; Engineered 
Structures
Aerospace Castings and Machining
China
Suzhou(2)
Engine Products; Fastening 
Systems; Forged Wheels
Fasteners, Rings and Wheels Machining 
France
Dives-sur-Mer
Engine Products
Aerospace and Industrial Gas Turbine 
Castings
 
Evron
Engine Products
Aerospace and Specialty Castings
 
Gennevilliers
Engine Products
Aerospace and Industrial Gas Turbine 
Castings
 
St. Cosme-en-Vairais(2)
Fastening Systems
Fasteners
 
Toulouse
Fastening Systems
Fasteners
 
Us-par-Vigny
Fastening Systems
Fasteners
Germany
Bestwig
Engine Products
Aerospace Castings
 
Erwitte
Engine Products
Machining of Aerospace Castings
 
Hildesheim-
Bavenstedt(2)
Fastening Systems
Fasteners
 
Kelkheim(2)
Fastening Systems
Fasteners
Hungary
Nemesvámos
Fastening Systems
Fasteners
 
Székesfehérvár
Engine Products; Forged Wheels
Aerospace and Industrial Gas Turbine 
Castings and Forgings
Japan
JÔetsu City(2)
Forged Wheels
Wheels Machining 
Nomi
Engine Products
Aerospace and Industrial Gas Turbine 
Castings
Mexico
Ciudad Acuña(2)
Engine Products; Fastening 
Systems
Aerospace Castings/Rings and Fasteners
Monterrey
Forged Wheels
Forgings
Morocco
Casablanca(2)
Fastening Systems
Fasteners
United Kingdom
Ecclesfield(2)
Engine Products
Metal, Billets
 
Exeter(2)
Engine Products
Aerospace and Industrial Gas Turbine 
Castings and Alloy
 
Glossop
Engine Products
Metal, Billets
 
Ickles
Engine Products
Metal, Billets
 
Leicester(2)
Fastening Systems
Fasteners
 
Redditch(2)
Fastening Systems
Fasteners
 
Telford
Fastening Systems
Fasteners
Worcester(2)(3)
Engine Products
Aerospace and Industrial Gas Turbine 
Castings Tooling
4

Country
Facility Location
Segment
Products
United States
Tucson, AZ(2)
Fastening Systems
Fasteners
 
Carson, CA(2)
Fastening Systems
Fasteners
 
City of Industry, CA(2)
Fastening Systems
Fasteners
 
Fontana, CA
Engine Products
Rings
 
Fullerton, CA(2)
Fastening Systems
Fasteners and Tooling
 
Rancho Cucamonga, CA
Engine Products
Rings
 
Torrance, CA
Fastening Systems
Fasteners
 
Branford, CT
Engine Products
Aerospace Coatings
 
Winsted, CT
Engine Products
Aerospace Machining
 
Savannah, GA
Engineered Structures
Forgings, Disks
 
La Porte, IN
Engine Products
Aerospace and Industrial Gas Turbine 
Castings
 
Whitehall, MI
Engine Products
Aerospace and Industrial Gas Turbine 
Castings and Coatings, Titanium Alloy and 
Specialty Products
 
Washington, MO
Engineered Structures
Titanium Mill Products
 
Big Lake, MN
Engineered Structures
Aerospace Machining
 
New Brighton, MN
Engineered Structures
Aerospace Machining
 
Dover, NJ
Engine Products
Aerospace and Industrial Gas Turbine 
Castings and Alloy
 
Kingston, NY(2)
Fastening Systems
Fasteners Tooling
 
Rochester, NY
Engine Products
Rings
Barberton, OH
Forged Wheels
Wheels Machining
 
Canton, OH(2)
Engineered Structures
Titanium Mill Products
 
Cleveland, OH
Engine Products; Engineered 
Structures; Forged Wheels
Forgings, Investment Casting Equipment, 
and Aerospace Components
 
Niles, OH
Engineered Structures
Titanium Mill Products
 
Morristown, TN(2)
Engine Products
Aerospace and Industrial Gas Turbine 
Ceramic Products
 
Houston, TX(2)
Engineered Structures
Extrusions
 
Waco, TX(2)
Fastening Systems
Fasteners
 
Wichita Falls, TX
Engine Products
Aerospace and Industrial Gas Turbine 
Castings
 
Hampton, VA(2)
Engine Products
Aerospace and Industrial Gas Turbine 
Castings
 
Martinsville, VA
Engineered Structures
Titanium Mill Products
(1)
Principal facilities are listed by location, with certain locations having more than one facility. The list in the above 
table does not include 17 locations that serve as sales and administrative offices, distribution centers or warehouses.
(2)
Leased property or partially leased property.
(3)
In October 2024, Howmet acquired Camcraft LTD.
5

Sources and Availability of Raw Materials
Important raw materials purchased in 2024 for each of the Company’s reportable segments are listed below.
Engine Products
Fastening Systems
Engineered Structures
Forged Wheels
Ceramics
Aluminum Alloys
Aluminum
Aluminum
Cobalt
Energy
Energy
Energy
Energy
Nickel Alloys and Stainless 
Steels
Nickel Alloys
Nickel
Steels
Titanium Scrap
Platinum
Titanium Alloys
Titanium Sponge
Superalloy materials
Vanadium Alloys
Titanium
Generally, raw materials are purchased from third-party suppliers under competitively priced supply contracts or bidding 
arrangements. The Company believes that the raw materials necessary to its business are and will continue to be available.
Patents, Trade Secrets, and Trademarks
The Company believes that its domestic and international patent, trade secret and trademark assets provide it with a significant 
competitive advantage. The Company’s rights under its patents, as well as the products made and sold under them, are 
important to the Company as a whole and, to varying degrees, important to each business segment. The patents owned by 
Howmet generally concern particular products, manufacturing equipment, or techniques. Howmet’s business as a whole is not, 
however, materially dependent on any single patent, trade secret, or trademark. As a result of product development and 
technological advancement, the Company continues to pursue patent protection in jurisdictions throughout the world. As of the 
end of 2024, the Company’s worldwide patent portfolio consisted of approximately 950 granted patents and 220 pending patent 
applications.
The Company also has a significant number of trade secrets, mostly regarding manufacturing processes and material 
compositions that give many of its businesses important advantages in their markets. The Company continues to strive to 
improve those processes and generate new material compositions that provide additional benefits. With respect to domestic and 
international registered trademarks, the Company has many that have significant recognition within the markets that are served. 
Examples include the name Howmet® metal castings, Huck® fasteners, and Dura-Bright® wheels with easy-clean surface 
treatments. As of the end of 2024, the Company’s worldwide trademark portfolio consisted of approximately 1,570 registered 
trademarks and 50 pending trademark applications. Following the Alcoa Inc. Separation Transaction, the Company retained the 
Alcoa Wheels® business and, pursuant to a Trademark License Agreement, is the exclusive licensee of the “Alcoa” name and 
logo for use with the wheels, hubs, and related products that we manufacture. The Company’s rights under its trademarks are 
important to the Company as a whole and, to varying degrees, important to each business segment.
Competitive Conditions
The Company’s segments - Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels - are subject to 
substantial and intense competition in the markets they serve. Although Howmet believes its advanced technology, 
manufacturing processes, and experience provide advantages to Howmet’s customers, such as high quality and superior 
mechanical properties that meet the Company’s customers’ most stringent requirements, many of the products Howmet makes 
can be produced by competitors using similar types of manufacturing processes as well as alternative forms of manufacturing. 
Despite intense competition, Howmet continues as a market leader in most of its principal markets. We believe that factors such 
as Howmet’s technological expertise, state-of-the-art capabilities, capacity, quality, engaged employees, and long-standing 
customer relationships enable the Company to maintain its competitive position.
Principal competitors include Berkshire Hathaway Inc., through its 2016 acquisition of Precision Castparts Corporation and 
subsidiaries, for titanium and titanium-based alloys, precision forgings, seamless rolled rings, investment castings, including 
airfoils, and aerospace fasteners; VSMPO (Russia) for titanium and titanium-based alloys and precision forgings; Allegheny 
Technologies, Inc.’s High-Performance Materials & Components segment for titanium and titanium-based alloys and precision 
forgings; Lisi Aerospace (France) for aerospace fasteners; and Aubert & Duval (part of Eramet Group in France) for precision 
forgings. Other competitors include Doncasters Group Ltd. (U.K.) and Consolidated Precision Products Corp. (owned by 
Warburg Pincus and Berkshire Partners) for investment castings; Weber Metals (part of Otto Fuchs) for precision forgings; and 
Forgital and Frisa (Mexico) for seamless rings.
Forged Wheels competes against aluminum and steel wheel suppliers in the commercial transportation industry under the 
product brand name Alcoa® Wheels for the major regions that it serves (North America, Europe, Japan, China, South America, 
and Australia). Its larger aluminum wheel competitors are Accuride Corporation, Speedline (member of the Ronal Group), 
Nippon Steel Corporation, Dicastal, Alux, and Wheels India Limited. 
6

In recent years, Forged Wheels has seen an increase in the number of aluminum wheel suppliers (both forged and cast 
aluminum wheels) from China, Taiwan, India, and South Korea attempting to penetrate the global commercial transportation 
market.
Several of Howmet’s largest customers have captive superalloy furnaces for producing airfoil investment castings for their own 
use. Many other companies around the world also produce superalloy investment castings, and some of these companies 
currently compete with Howmet in the aerospace and other markets, while others are capable of competing with the Company 
should they choose to do so.
International competition in the investment castings, fasteners, rings and forgings markets may also increase in the future as a 
result of strategic alliances among engine original equipment manufacturers (“OEMs”), aero-structure prime contractors, and 
overseas companies, especially in developing markets, particularly where “offset” or “local content” requirements create 
purchase obligations with respect to products manufactured in or directed to a particular country.
Government Regulations and Environmental Matters
Our operations and activities are global and are subject to various federal, state, local, and foreign laws, rules and regulations, 
including those relating to the environment. In 2024, compliance with these laws, rules and regulations did not have a material 
effect on our capital expenditures, results of operations or competitive position. Additionally, we do not currently anticipate 
material capital expenditures for environmental control facilities in 2025. For a discussion of the risks associated with certain 
applicable laws and regulations, see “Risk Factors.” Information relating to environmental matters is included in Note U to the 
Consolidated Financial Statements in Part II, Item 8 under the caption “Environmental Matters.” 
Human Capital
Howmet strives to attract, recruit, engage, develop and retain world-class talent. Our Code of Conduct describes how we lead 
with integrity and work with one another while supporting our stakeholders. The Company provides competitive wages, 
benefits and terms of employment. 
Attracting and recruiting candidates through workforce planning, increased hiring efficiency and effective onboarding have 
been a priority for the Company. New technology that increases the automation of job postings enables us to more widely 
disseminate our job vacancies to various partners and job boards, including our campus recruitment platform that enables us to 
proactively reach a broad talent network of students and schools across the United States. Additional technologies such as 
recruiting booster text capabilities facilitate communicating with candidates quickly and efficiently. To retain new talent, the 
Company offers an onboarding program to develop a sense of belonging, teamwork, and productivity. In addition to existing 
training development programs for salaried employees, we have been working to extend training access using technology to our 
hourly employees during 2024, piloting this technology at several locations. We believe providing employees with avenues to 
new skills contributes to increased motivation and engagement, resulting in higher employee retention.
The Company enables our employees to own their development and create rewarding careers that draw on their aptitudes and 
support their ambitions. Our development process framework provides tools and resources to identify career options, skills gaps 
and actions they can take to progress within the Company. Using a human capital management platform, employees can build a 
professional profile to share their career aspirations and learn new skills. This platform allows us to align employee goals and 
growth with the Company’s future business needs so that we can pinpoint potential successor candidates and build their 
readiness for their future roles. We use a data-driven approach to track how our employees are progressing through our 
organization. We seek to identify high performers and support their development into potential future leaders, focusing on 
providing opportunities to all individuals. A valuable component of development is Howmet’s mentoring program, which 
builds readiness for future leaders. Our talent review and succession planning process is an ongoing priority and is sponsored 
and led by our Chief Executive Officer with oversight by the Board of Directors.
Howmet’s strong health and safety culture empowers our employees and contractors to take personal responsibility for their 
actions and the safety of their coworkers. This culture is supported by internal policies, standards, rules, and procedures that 
clearly articulate our stringent requirements for working safely in all of our worldwide facilities. The Company embeds annual 
health and safety goals and objectives into its operating plans to progress toward our ultimate goal of zero incidents. We use 
various risk identification, assessment, and control processes to reduce the likelihood of safety and health incidents in the 
workplace, with prioritization of the prevention of fatality and serious injury.
Employees
Total worldwide employment at the end of 2024 was approximately 23,930 employees in 22 countries. 
7

Approximately 3,500 employees, or 25% of the U.S. workforce, are represented by labor unions in the United States. Within 
the United States, there are eight collective bargaining agreements with varying expiration dates between Howmet and various 
labor unions. Of these eight, the largest workforce covered under a collective bargaining agreement is between Howmet and the 
United Autoworkers (“UAW”) at our Engine Products facility in Whitehall, Michigan. The current agreement, which covers 
approximately 1,450 employees, expires on April 1, 2028. The second largest workforce of approximately 700 employees 
within our Engineered Structures and Forged Wheels segments is covered under a five-year collective bargaining agreement 
reached in March 2024 between Howmet and the UAW at our Cleveland, Ohio location, which expires in February 2029. The 
Company’s next significant plant collective bargaining agreement in the U.S. expires in 2027. On a regional basis, collective 
bargaining agreements with varying expiration dates cover employees in Europe, North America, South America, and Asia. The 
Company believes that it has positive relationships with its employees and any respective labor union representatives.
Executive Officers of the Registrant
The names, ages, positions, and areas of responsibility of the executive officers of the Company as of February 13, 2025 are 
listed below. The Company’s executive officers are annually appointed to serve until the next annual meeting of the Board of 
Directors (held in conjunction with the annual meeting of shareholders), except in the case of earlier death, retirement, 
resignation or removal.
Michael N. Chanatry, 64, Vice President and Chief Commercial Officer. Mr. Chanatry was initially elected Vice President and 
Chief Commercial Officer of Howmet effective May 16, 2018. Prior to joining Howmet, from 2015 to April 2018, he was Vice 
President of Supply Chain for General Electric’s Power Division. Mr. Chanatry served as General Manager of Supply Chain for 
General Electric Appliances from 2013 to 2015; and General Electric Aviation Systems from 2009 to 2013. Prior to his 
leadership roles at General Electric Power, General Electric Appliances and General Electric Aviation Systems, Mr. Chanatry 
held numerous positions within the General Electric Aviation & Aerospace divisions, as well as at Lockheed Martin from 1983 
to 2009.
Ken Giacobbe, 59, Executive Vice President and Chief Financial Officer. Mr. Giacobbe was initially elected Executive Vice 
President and Chief Financial Officer of Howmet effective November 1, 2016. Mr. Giacobbe joined Howmet in 2004 as Vice 
President of Finance for Global Extruded Products, part of Alcoa Forgings and Extrusions. He then served as Vice President of 
Finance for the Company’s Building and Construction Systems business from 2008 until 2011. In 2011, he assumed the role of 
Group Controller for the Engineered Products and Solutions segment. From January 2013 until October 2016, Mr. Giacobbe 
served as Chief Financial Officer of the Engineered Products and Solutions segment. Before joining Howmet, Mr. Giacobbe 
held senior finance roles at Avaya and Lucent Technologies.
Lola F. Lin, 50, Executive Vice President, Chief Legal and Compliance Officer and Secretary. Ms. Lin was initially elected 
Executive Vice President, Chief Legal Officer and Secretary of Howmet effective June 28, 2021. Prior to joining Howmet, she 
served as Senior Vice President and General Counsel of Airgas, Inc. from 2016 to May 2021. Prior to her time at Airgas, Ms. 
Lin held various legal roles at Air Liquide USA LLC from 2007 to 2016, including as Vice President and Deputy General 
Counsel. Prior to her roles at Airgas Inc. and Air Liquide, Ms. Lin held roles at Dell Inc., Sutherland Asbill & Brennan LLP and 
Locke Liddell & Sapp LLP. 
Neil E. Marchuk, 67, Executive Vice President, Chief Human Resources Officer. Mr. Marchuk was initially elected Executive 
Vice President and Chief Human Resources Officer of Howmet effective March 1, 2019. He served as Interim President, 
Engineered Structures, from October 2023 to April 2024; and Interim President, Fastening Systems, from November 2022 to 
May 2023. Prior to joining Howmet, from January 2016 to February 2019, he was Executive Vice President and Chief Human 
Resources Officer at Adient, an automotive manufacturer. From July 2006 to May 2015, Mr. Marchuk was Executive Vice 
President of Human Resource at TRW Automotive, and served as TRW’s Vice President, Human Resources from September 
2004 to July 2006. Prior to joining TRW, from December 2001 to August 2004, Mr. Marchuk was Director, Corporate Human 
Resources for E.I. Du Pont De Nemours and Company (“E.I. Du Pont”). From September 1999 to November 2001, Mr. 
Marchuk was Director, Global HR Delivery for E.I. Du Pont. From February 1999 to August 1999, Mr. Marchuk served E.I. Du 
Pont as its Global HR Director, Global Services Division.
John C. Plant, 71, Executive Chairman and Chief Executive Officer. Mr. Plant was appointed Howmet’s Chief Executive 
Officer effective October 14, 2021, and was Co-Chief Executive Officer from April 2020 to October 2021. From February 2019 
to April 2020, he was the Chief Executive Officer of Arconic Inc., as the Company was then known prior to its separation. He 
has served as chairman of Howmet's Board of Directors since October 2017 and as a member of the Board since February 2016. 
Mr. Plant previously served as Chairman of the Board, President and Chief Executive Officer of TRW Automotive from 2011 
to 2015, and as its President and Chief Executive Officer from 2003 to 2011. TRW Automotive was acquired by ZF 
Friedrichshafen AG in May 2015. Mr. Plant was a co-member of the Chief Executive Office of TRW Inc. from 2001 to 2003 
and an Executive Vice President of TRW from 1999 (when the company acquired Lucas Varity) to 2003. Prior to TRW, Mr. 
Plant was President of Lucas Varity Automotive and managing director of the Electrical and Electronics division from 1991 
through 1997. 
8

Barbara L. Shultz, 51, Vice President and Controller. Ms. Shultz was initially elected Vice President and Controller of 
Howmet effective May 25, 2021. Ms. Shultz joined Howmet in 2005 and served in numerous financial accounting positions 
until 2012 when she was appointed Director of Finance for the Company’s Alcoa Wheel and Transportation Products business. 
She then served as Director of Compliance for the Company’s then Structures business from July 2015 to February 2019, 
Director of Compliance from February 2019 to June 2020, and Assistant Controller from June 2020 to May 2021. Prior to 
joining Howmet, Ms. Shultz held several roles at PricewaterhouseCoopers LLP from 1995 to 2005. 
9

Item 1A. Risk Factors. 
Howmet’s business, financial condition, and results of operations may be impacted by a number of factors. In addition to the 
factors discussed elsewhere in this report, the following risks and uncertainties could materially harm the Company’s business, 
results of operations, financial condition and/or cash flows, including causing its actual results to differ materially from those 
projected in any forward-looking statements. The following list of risk factors is not all-inclusive or necessarily in order of 
importance. Additional risks and uncertainties not presently known to Howmet or that Howmet currently deems immaterial 
may also adversely affect the Company materially in future periods.
Risks Related to Our Business and Operations
The markets for Howmet’s products are cyclical, and such markets and Howmet’s operations are influenced by a 
number of factors, including global economic conditions and regulations.
Howmet is subject to cyclical fluctuations in global economic conditions and lightweight metals end-use markets. Howmet sells 
many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand 
for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in 
these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest 
rates, inflation, energy prices or other factors beyond our control. In particular, Howmet derives a significant portion of our 
revenue from products sold to the aerospace industry, which is cyclical and reflective of changes in the general economy. The 
commercial aerospace industry is historically driven by the demand from commercial airlines for new aircraft and spare parts. 
Demand for commercial aircraft and spare parts is influenced by airline industry profitability, trends in domestic and global 
airline passenger traffic, the state of U.S., regional and world economies, the ability of aircraft purchasers to obtain required 
financing and numerous other factors. Changes and uncertainties in the timing and level of future aircraft production by OEMs 
may cause our future results to differ from prior periods due to changes in the Company’s product mix. The defense aerospace 
cycle is highly dependent on U.S. and foreign government defense spending, which can be impacted by a government’s shifting 
priorities and budget compromises. It is also impacted by the effects of terrorism, a changing global geopolitical environment, 
U.S. foreign policy, the impact of government shutdowns and federal debt ceiling on funding and appropriations, whether older 
military aircraft are retired, and technological improvements to new engines and airframes. The demand for Howmet’s 
commercial transportation products is driven by the number of vehicles produced by commercial transportation manufacturers. 
Commercial transportation sales and production are affected by many factors, including the age of the vehicle fleet, labor 
relations issues, fuel prices, regulatory requirements, government initiatives, trade agreements, and levels of competition. 
Geopolitical tensions, conflicts, and wars have impacted, and may in the future impact, global energy markets, leading to high 
volatility and increasing prices for crude oil, natural gas, and other energy supplies. Energy costs impact operating expenses at 
our manufacturing facilities, the expense of shipping raw materials to our facilities, and the expense of shipping products to our 
customers. The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy 
materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by 
market forces, including inflation, supply and demand, and shortages. For example, as the Russia-Ukraine conflict continues, 
global titanium prices may continue to fluctuate or increase. Our customers’ failure to return titanium revert (reusable scrap) to 
Howmet can result in an increase of the amount of titanium purchased at inflated costs. Governmental constraints, including 
export restrictions, sanctions, new or increased import duties or tariffs, and countervailing or anti-dumping duties, also impact 
the cost of raw materials and other manufacturing and operating costs. The global trade landscape is growing more volatile, 
including, as a result of the recent executive orders in the U.S. for the imposition of new tariffs, the likelihood of further tariffs 
and retaliatory counter measures by other countries. We continually monitor the global trade environment and any changes in 
tariffs, trade agreements, restrictions, or sanctions that may impact the Company or our suppliers or customers, and work to 
mitigate potential impacts. Inflation worldwide and in the United States has resulted in an increase in the costs of materials and 
labor. While we generally intend to pass along higher raw material and energy costs to our customers through contractual 
agreements in the form of price increases, there can be a delay between an increase in our costs and our ability to increase the 
prices of our products. Additionally, we may not be able to increase the prices of our products due to competitive pricing 
pressure and other factors. If the Company is unable to pass through or offset significant cost increases through customer price 
increases, productivity improvements, cost reduction or other programs, Howmet’s business, operating results or financial 
condition could be materially adversely affected.
Howmet is unable to predict the future course of industry variables, the strength of the U.S., regional or global economies, or 
the effects of government actions. Negative economic conditions, such as a major economic downturn or recession, continued 
inflation, changes in the global trade landscape or disruptions in the financial markets, could have a material adverse effect on 
Howmet’s business, financial condition, or results of operations.
10

A material disruption of, or manufacturing difficulties at, Howmet’s manufacturing operations could adversely affect 
Howmet’s business.
If Howmet’s operations, particularly at one of its key manufacturing facilities, were to be disrupted, including because of 
significant equipment failures, natural disasters, power outages, fires, explosions, terrorism, theft, sabotage, adverse weather 
conditions, public health crises, labor disputes, labor shortages, or other reasons, Howmet may be unable to effectively meet its 
obligations to, or demand from, its customers. In addition, the manufacture of many of Howmet’s products is a complex 
process. Manufacturing problems arising from equipment failure or malfunction, inadvertent failure to follow regulatory or 
customer specifications and procedures, including those related to quality or safety, and problems with raw materials could have 
an adverse impact on the Company’s ability to fulfill orders or meet product quality or performance requirements, which may 
result in negative publicity and damage to our reputation, adversely impacting product demand and customer relationships. 
Interruptions in production capability could increase Howmet’s costs and reduce its sales, including causing the Company to 
incur costs for premium freight, make substantial capital expenditures, or purchase alternative material at higher costs to fulfill 
customer orders. Additionally, a delivery delay by us due to production interruptions could subject us to liability from customer 
claims that such delay resulted in losses to the customer. Furthermore, product manufacturing or performance issues could 
result in recalls, customer penalties, contract cancellation, and product liability exposure in addition to a material adverse effect 
on our business, financial condition or results of operations. Because of approval, license, and qualification requirements 
applicable to manufacturers and/or their suppliers, sources of alternatives to mitigate manufacturing disruptions may not be 
readily available to Howmet or its customers.
Howmet is dependent on a limited number of suppliers for materials and services essential to our operations, including 
raw materials, and supply chain disruptions could have a material adverse effect on our business.
Howmet has supply arrangements with suppliers for various materials and services, including raw materials. We maintain 
annual or long-term contracts for a majority of our supply requirements, and, for the remainder, we depend on spot purchases. 
There can be no assurance that we will be able to renew, or obtain replacements for, any of our long-term contracts when they 
expire on terms that are as favorable as our existing agreements, or at all. For certain raw materials and services, we depend on 
a number of limited source or sole source suppliers, such as for titanium sponge and specialized metal alloys. Supply 
constraints could impact our production or force us to purchase materials and other supplies from alternative sources, which 
may not be available in sufficient quantities, at prices that are favorable to us or in a timely manner. Howmet could also have 
exposure if a key supplier is unable to deliver sufficient quantities of a necessary material on a timely basis. Several of our 
suppliers have had, in the past, constraints on their ability to supply Howmet with its full requirements due to lack of capacity, 
labor shortages and/or material availability. If such constraints were to continue or escalate, it could result in an adverse impact 
on our business. Because of approval, license and qualification requirements applicable to manufacturers and/or their suppliers, 
sources of alternatives to mitigate supply disruptions may not be readily available to Howmet. Any delay in supply from these 
suppliers could prevent us from meeting customer demand for our products. The availability and costs of certain raw materials 
necessary for the production of Howmet’s products may also be influenced by private or government entities, including as a 
result of changes in geopolitical conditions or regulatory requirements, labor relations between the producers and their work 
forces, and unstable governments in exporting nations. Any of the foregoing supply chain disruptions or those due to trade 
barriers, business continuity, quality, cyberattacks, transportation, delivery or logistics challenges, weather, natural disaster, 
war, or pandemic events could adversely affect Howmet’s business, results of operations or financial condition.
Howmet’s business depends, in part, on its ability to successfully meet program demand, production targets, and 
commitments.
Howmet is currently under contract to supply components for a number of existing and new commercial, general aviation, 
military aircraft, and aircraft engine programs. Many of these contracts contemplate production increases over the next several 
years. If Howmet fails to meet production targets and commitments, or encounters difficulty or unexpected costs in meeting 
such levels, it could have a material adverse effect on the Company’s reputation, business, operating results, or financial 
condition. Similarly, to the extent demand for our products increases rapidly and significantly in future periods, we may not be 
able to ramp up production quickly enough to meet the demand, which could result in lost opportunities for growth and 
adversely affect our business, financial condition, results of operations, or competitive position.
Failure to attract and retain a qualified workforce and key personnel or to provide adequate succession planning could 
adversely affect Howmet’s operations and competitiveness.
Howmet’s global operations require qualified and skilled personnel with relevant industry and technical experience. 
Additionally, the increase in aerospace demand requires the Company to successfully recruit, train, and retain new workers and 
talent. Shortages in certain skills, in areas such as engineering, manufacturing, and technology, and other labor market 
inadequacies have created more competition for talent. A sustained labor shortage, lack of skilled labor, increased turnover, 
labor inflation, or increase in general labor costs could lead to higher labor, recruiting, or training costs to attract and retain 
personnel. If the Company fails to attract, train, develop, and retain a global workforce with the skills and in the locations we 
11

need to operate and grow our business, our business and operations could be adversely impacted. Furthermore, the continuity of 
key personnel and the preservation of institutional knowledge are vital to the success of the Company’s growth and business 
strategy. The loss of key personnel could significantly harm Howmet’s business, and any unplanned turnover or failure to 
develop adequate succession plans for key positions could deplete the Company’s institutional knowledge base, result in loss of 
technical or other expertise, delay or impede the execution of the Company’s business plans, and erode Howmet’s 
competitiveness.
Howmet could be adversely affected by the loss of key customers or significant changes in the business or financial 
condition of its customers.
Howmet has long-term contracts with a significant number of its customers, some of which are subject to renewal, 
renegotiation, or re-pricing at periodic intervals or upon changes in competitive supply conditions. Howmet’s failure to 
successfully renew, renegotiate, or favorably re-price such agreements, or a material deterioration in or termination of these 
customer relationships, could result in a reduction or loss in customer revenue. Additionally, a significant downturn, adverse 
development or deterioration in the business or financial condition of a key customer, or the loss of a key customer, could 
adversely affect Howmet’s financial results. For example, quality control issues and a recent labor union work stoppage at The 
Boeing Company (“Boeing”) have negatively impacted, and are expected to negatively impact, narrow body and wide body 
production rates in the near term. Boeing production rates have had and are expected to have a material impact on the financial 
performance of Howmet. Howmet’s customers may experience delays in the launch of new products, labor strikes, diminished 
liquidity or credit unavailability, weak demand for their products, decreases in production rates due to regulatory investigations 
or otherwise, supply chain constraints or other difficulties in their businesses. Howmet’s customers may also change their 
business strategies or modify their business relationships with Howmet, including to reduce the amount of Howmet’s products 
they purchase, to switch to alternative suppliers, or to enter into the markets themselves to compete with Howmet. If Howmet’s 
customers reduce, terminate or delay purchases from Howmet due to the foregoing factors or otherwise and Howmet is 
unsuccessful in enforcing its contract rights or replacing such business in whole or in part or replaces it with less profitable 
business, our financial condition and results of operations may be adversely affected.
Howmet’s products are used in a variety of military applications, including military aircraft. Although many of the military 
programs in which Howmet participates extend several years, changes in military strategy, policy and priorities, or reductions in 
defense spending, may affect current and future funding of these programs and could reduce the demand for Howmet’s 
products, which could adversely affect Howmet’s business, financial condition, or results of operations.
Information technology system failures, cyberattacks, and security breaches may threaten the integrity of Howmet’s 
intellectual property and other sensitive information, disrupt its business operations, and result in reputational harm 
and other negative consequences having a material adverse effect on its financial condition and results of operations.
Howmet’s information technology systems could be subject to damage or interruption from power outages; computer network 
and telecommunications failures; cyberattacks; catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, acts 
of war, or terrorism; and usage errors by employees. If Howmet’s information technology systems are damaged or cease to 
function properly, the Company may have to make a significant investment to fix or replace them, and Howmet may suffer loss 
of critical data and interruptions or delays in its operations. Any material disruption in the Company’s information technology 
systems, or delays or difficulties in implementing or integrating new systems or enhancing current systems, could have an 
adverse effect on Howmet’s business, financial condition, or results of operations.
Increased global cybersecurity vulnerabilities, threats, and more sophisticated and targeted cyberattacks pose a risk to the 
security of our systems and networks, and the confidentiality, availability, and integrity of our data, as well as those of our 
customers, suppliers, and other counterparties. The Company believes that it faces threats of cyberattacks due to the industries it 
serves, the locations of its operations, and its technological innovations. The Company has experienced cybersecurity attacks in 
the past, including breaches of its information technology systems in which information was taken, and may experience them in 
the future, potentially with more frequency or sophistication. Although past attacks did not result in known losses of any critical 
data or have a material impact on Howmet’s financial condition or results of operations, the scope and impact of any future 
incident cannot be predicted. The use of new and evolving technologies, such as artificial intelligence, or AI, presents risks and 
challenges that can impact our business. Unauthorized use or misuse of AI by the Company's employees, vendors or others may 
result in the disclosure of confidential company or customer data, reputational harm, privacy law violations, cybersecurity risks, 
and legal liability. 
While the Company continually works to safeguard its systems and mitigate potential risks, there is no assurance that such 
actions will be sufficient to prevent cybersecurity incidents that manipulate or improperly use the Company’s systems or 
networks, compromise confidential, personal or otherwise protected information, destroy or corrupt data, block access to its 
systems, or otherwise disrupt its operations. The occurrence of such events could negatively impact Howmet’s reputation and 
its competitive position and could result in litigation with third parties, regulatory action, loss of business, potential liability, 
12

and increased remediation costs, any of which could have a material adverse effect on its financial condition and results of 
operations.
Howmet faces significant competition, which may have an adverse effect on profitability.
As discussed in “Competitive Conditions” in Part I, Item 1 (Business) of this report, the markets for Howmet’s products are 
highly competitive. Howmet’s competitors include a variety of both U.S. and non-U.S. companies in our product markets, 
which could include existing customers. New entrants in our markets, new product offerings, new and/or emerging technologies 
in the marketplace, or new facilities may compete with or replace Howmet products. The willingness of customers to accept 
alternative solutions for the products sold by Howmet, pricing pressure from competitors, and technological advancements or 
other developments by or affecting Howmet’s competitors or customers could adversely affect Howmet’s business, financial 
condition, or results of operations. Howmet’s competitive position and future performance depend, in part, on the Company’s 
ability to develop and innovate products, deploy technology initiatives, and implement advanced manufacturing technologies. 
While Howmet intends to continue to develop innovative new products and services, it may not be able to successfully 
differentiate its products or services from those of its competitors or achieve and maintain technological advantages.
In addition, Howmet may face increased competition due to industry consolidation. Companies that are strategic partners in 
some areas of Howmet’s business may acquire or form alliances with Howmet’s competitors, thereby reducing their business 
with Howmet. Industry consolidation may result in stronger competitors who are better able to obtain favorable terms from 
suppliers or who are better able to compete as sole-source vendors for customers. Consolidation within Howmet’s customer 
base may result in customers who are better able to exert leverage in negotiating prices and other terms of sale, or may lead to 
reduced demand for Howmet’s products if a combined entity replaces Howmet with a Howmet competitor with which it had 
prior relationships. The result of these circumstances could have a material adverse effect on Howmet’s business, operating 
results and financial condition.
Howmet’s global operations expose Howmet to risks that could adversely affect its business, financial condition, results 
of operations or cash flows, or the market price of its securities.
Howmet has operations or activities in numerous countries and regions outside the United States, including Europe, Mexico, 
China, and Japan. As a result, Howmet’s global operations are affected by economic, political, legal, and other conditions in the 
United States and foreign countries in which Howmet does business, including (i) economic and commercial instability risks, 
including changes in local government laws, regulations and policies, such as those related to tariffs, sanctions and trade 
barriers, taxation, exchange controls, employment regulations, and repatriation of assets or earnings; (ii) geopolitical risks such 
as political instability, civil unrest, expropriation, nationalization of properties by a government, imposition of sanctions, and 
renegotiation or nullification of existing agreements; (iii) wars such as those in Ukraine and the Middle East, cyber threats, 
terrorist activities, or other dangerous conditions; (iv) compliance with applicable U.S. and foreign laws, including antitrust and 
competition regulations, the Foreign Corrupt Practices Act and other anti-bribery and corruption laws, and laws concerning 
trade, including the International Traffic in Arms Regulations, the Export Administration Regulations, and the sanctions, 
regulations and embargoes administered by the U.S. Department of Treasury’s Office of Foreign Assets Control; (v) aggressive, 
selective or lax enforcement of laws and regulations by foreign governmental authorities; (vi) exposure to fluctuations in 
foreign currency exchange rates and interest rates, as well as inflation, economic factors, and currency controls in the countries 
in which it operates; and (vii) major public health issues, such as an outbreak of a pandemic or epidemic. Although the effect of 
any of the foregoing factors is difficult to predict, any one or more of them could adversely affect Howmet’s business, financial 
condition, or results of operations.
Risks Related to Liquidity and Capital Resources
A decline in Howmet’s financial performance or outlook could negatively impact its credit profile, its access to capital 
markets and its borrowing costs.
A decline in the Company’s financial performance or outlook due to internal or external factors, such as macroeconomic 
conditions, a deterioration in the Company’s financial metrics or a contraction in the Company’s liquidity, could adversely 
affect the Company’s credit ratings and its access to the capital or credit markets on terms and conditions that the Company 
finds acceptable. Credit ratings may be revised or revoked at any time at the sole discretion of the credit rating organizations. A 
downgrade of Howmet’s credit ratings could result in negative consequences, including limiting its ability to obtain future 
financing on favorable terms, if at all, increasing borrowing costs and credit facility fees, triggering collateral postings, and 
adversely affecting the market price of Howmet securities. For information on our credit ratings, see “Liquidity and Capital 
Resources” in Part II, Item 7 (Management’s Discussion and Analysis of Financial Condition and Results of Operations). 
Limitations on Howmet’s ability to access global capital markets, a reduction in Howmet’s liquidity or an increase in borrowing 
costs could materially and adversely affect Howmet’s ability to maintain or grow its business, which in turn may adversely 
affect its financial condition, liquidity and results of operations.
13

An adverse decline in the liability discount rate, lower-than-expected investment return on pension assets, and other 
factors could adversely affect Howmet’s results of operations or amount of pension funding contributions in future 
periods.
Howmet’s results of operations may be negatively affected by the amount of expense Howmet records for its pension and other 
postretirement benefit plans, by reductions in the fair value of plan assets and by other factors. Howmet calculates income or 
expense for its plans using actuarial valuations in accordance with accounting principles generally accepted in the United States 
of America. These valuations reflect assumptions about financial market and other economic conditions, which may change due 
to changes in key economic indicators. The most significant year-end assumptions used by Howmet to estimate pension or 
other postretirement benefit income or expense for the following year are the discount rate applied to plan liabilities and the 
expected long-term rate of return on plan assets. In addition, Howmet is required to make an annual measurement of plan assets 
and liabilities, which may result in a significant charge to shareholders’ equity. For a discussion regarding how Howmet’s 
financial statements can be affected by pension and other postretirement benefits accounting policies, see “Critical Accounting 
Policies and Estimates—Pension and Other Postretirement Benefits” in Part II, Item 7 (Management’s Discussion and Analysis 
of Financial Condition and Results of Operations) and Note G to the Consolidated Financial Statements in Part II, Item 8.
Adverse capital market conditions could result in reductions in the fair value of plan assets and increase the Company’s 
liabilities related to such plans. Additionally, unpredictable future declines in the discount rate or lower-than-expected 
investment returns on plan assets could lead to a decline in the plans’ funded status and result in higher than expected pension 
contributions. The foregoing factors may adversely affect the Company’s financial condition, liquidity, and results of 
operations.
Dividends and share repurchases fall within the discretion of our Board of Directors and depend on a number of factors.
Share repurchases and the declaration of dividends fall within the discretion of Howmet’s Board of Directors (the “Board”), and 
the Board’s decision regarding such matters depends on many factors, including Howmet’s financial condition, earnings, capital 
requirements, debt service obligations, covenants associated with certain of the Company’s debt obligations, industry practice, 
legal requirements, regulatory constraints, and other factors that the Board deems relevant. There can be no assurance that the 
Company will declare dividends or repurchase stock in the future in any particular amounts, or at all. The Company may 
modify, suspend, or cancel its share repurchase program or its dividend policy in any manner and at any time that it may deem 
necessary or appropriate.
Risks Related to Legal and Regulatory Matters
Howmet may be exposed to significant legal proceedings, investigations, or changes in U.S. federal, state, or foreign law, 
regulation, or policy.
The manufacture and sale of our products expose Howmet to potential product liability, personal injury, property damage, and 
related claims. In the event that a Howmet product fails to perform as expected, regardless of fault, or is used in an unexpected 
manner, and such failure or use results in, or is alleged to result in, bodily injury and/or property damage or other losses, 
Howmet may be subject to product liability lawsuits and other claims, or may participate in a recall or other corrective action 
involving such product. In addition, if a Howmet product is perceived to be defective or unsafe, Howmet’s sales could decrease, 
its reputation could be adversely impacted and Howmet could be exposed to government investigations or regulatory 
enforcement actions. Howmet is also subject to a variety of global legal and regulatory compliance risks in connection with its 
business and products. These risks include, among other things, potential claims, class action lawsuits or compliance issues, 
including those relating to securities laws, employment laws, intellectual property rights, cyber, security and privacy, insurance, 
commercial matters, antitrust and competition, human rights, third-party relationships, ESG (including climate-related/
sustainability and other) rules and regulations, supply chain operations, and the manufacture and sale of products. An adverse 
outcome in one or more of proceedings or investigations, or unfavorable changes in laws, regulations or policies, or other 
contingencies that the Company cannot predict with certainty, could have a material adverse effect on the Company’s financial 
condition, results of operations, or cash flows, including reputational harm, loss of customers, and substantial monetary 
damages and/or non-monetary penalties. For additional information regarding the legal proceedings involving the Company, 
see Note U to the Consolidated Financial Statements in Part II, Item 8. 
Our business may be adversely affected if we fail to comply with government contracting regulations.
We derive a portion of our revenue from sales to U.S. and foreign governments and their respective agencies. Such contracts 
are subject to various procurement laws and regulations and contract provisions relating to their formation, administration, and 
performance. Compliance with new laws and regulations or changes to existing ones (including, but not limited to, those related 
to subcontracting, cybersecurity, and specialty metals) can increase our risks and/or costs. Failure to comply with these laws, 
regulations or provisions in our government contracts could result in the imposition of various civil and criminal penalties, 
termination of contracts, forfeiture of profits, suspension of payments, increased pricing pressure, or suspension from future 
government contracting. If our government contracts are terminated, if we are suspended from government work, or if our 
14

ability to compete for new contracts is adversely affected, our financial condition and results of operation could be adversely 
affected.
Howmet may face challenges to its intellectual property rights which could adversely affect the Company’s reputation, 
business, and competitive position.
Howmet owns important intellectual property, including patents, trademarks, copyrights, and trade secrets. The Company’s 
intellectual property plays an important role in maintaining Howmet’s competitive position in a number of the markets that the 
Company serves. Howmet’s competitors may develop technologies that are similar or superior to Howmet’s proprietary 
technologies, or design around the patents Howmet owns or licenses. Despite its controls and safeguards, Howmet’s technology 
may be misappropriated by its employees, its competitors or other third parties. The pursuit of remedies for any 
misappropriation of Howmet intellectual property is expensive and the ultimate remedies may be deemed insufficient. Further, 
in jurisdictions where the enforcement of intellectual property rights is less robust, the risk of misappropriation of Howmet 
intellectual property increases, despite efforts the Company undertakes to protect it. Developments or assertions by or against 
Howmet relating to intellectual property rights, and any inability to protect or enforce Howmet’s rights sufficiently, could 
adversely affect Howmet’s business and competitive position.
Unanticipated changes in Howmet’s tax provisions or exposure to additional tax liabilities could affect Howmet’s future 
profitability.
Howmet is subject to income taxes in both the United States and various non-U.S. jurisdictions. Its domestic and international 
tax liabilities are dependent upon the distribution of income among these different jurisdictions. Changes in applicable domestic 
or foreign tax laws and regulations, including enactment of the Organization for Economic Cooperation and Development’s 
Pillar 2 framework, or their interpretation and application, including the possibility of retroactive effect, could affect the 
Company’s tax expense and profitability. Howmet’s tax expense includes estimates of additional tax that may be incurred for 
tax exposures and reflects various estimates and assumptions. The assumptions include assessments of future earnings of the 
Company that could impact the valuation of its deferred tax assets. The Company’s future results of operations could be 
adversely affected by changes in the effective tax rate as a result of a change in the mix of earnings in countries with differing 
statutory tax rates, changes in the overall profitability of the Company, changes in tax legislation and rates, changes in generally 
accepted accounting principles, changes in the valuation of deferred tax assets and liabilities, the results of tax audits, and 
examinations of previously filed tax returns or related litigation and continuing assessments of its tax exposures.
Labor disputes and other employee relations issues could adversely affect Howmet’s business, financial condition, or 
results of operations.
A significant portion of Howmet’s employees are represented by labor unions in the United States and other countries under 
various collective bargaining agreements, each with varying durations and expiration dates. For more information, see 
“Employees” in Part I, Item 1 (Business) of this report. Howmet may not be able to negotiate successor collective bargaining 
agreements upon expiration without a risk of labor disputes, including strikes or work stoppages, or we may be unable to 
renegotiate such contracts on favorable terms. Labor organizations may attempt to organize groups of additional employees 
from time to time, and potential changes in labor laws could make it easier for them to do so. Howmet may also be subject to 
general country strikes or work stoppages unrelated to its business or collective bargaining agreements. If we experience any 
extended interruption of operations at any of our facilities as a result of labor disputes, strikes, or other work stoppages, our 
business, financial condition, or results of operations could be adversely affected. 
Howmet is exposed to environmental, health, and safety risks and is subject to a broad range of health, safety, and 
environmental laws and regulations which may result in substantial costs and liabilities.
Howmet and its worldwide operations, as well as its customers and suppliers, are subject to numerous complex and increasingly 
stringent health, safety, and environmental laws and regulations. The costs of complying with such laws and regulations, as well 
as participation in assessments and cleanups of sites, and internal voluntary programs, have been, and in the future could be, 
significant. Environmental matters for which Howmet may be liable may arise in the future at its present sites, at sites owned or 
operated by its predecessors or affiliates, at sites that it may acquire in the future, or at third-party sites used by Howmet, its 
predecessors or affiliates for material and waste handling and disposal. Compliance with health, safety, and environmental laws 
and regulations, including increased indirect costs resulting from our suppliers incurring additional compliance costs that are 
passed on to us, and remediation obligations, may impact Howmet’s results of operations or liquidity.
In addition, the industrial activities conducted at Howmet’s facilities present a significant risk of injury or death to our 
employees or third parties that may be on site. Our operations are subject to regulation by various federal, state, and local 
agencies in the United States, including the Occupational Safety and Health Administration, and regulation by foreign 
government entities abroad responsible for employee health and safety. Material liabilities relating to injury, death, or other 
workers’ compensation claims could have a material adverse effect on our results of operations and financial condition or result 
in negative publicity and/or significant reputational harm.
15

Howmet may be affected by global climate change or by legal, regulatory, customer, or supplier responses to such 
change.
Increased concern over climate change has led to new and proposed legislative and regulatory initiatives, such as cap-and-trade 
systems and additional limits on emissions of greenhouse gases, which in turn may trigger customer decarbonization 
requirements. New or revised laws, regulations, and policies in this area and customer decarbonization requirements could 
directly and indirectly affect Howmet and its customers and suppliers, including by increasing the costs of production or 
impacting demand for certain products, which could result in an adverse effect on our financial condition, results of operations, 
and cash flows. Additionally, Howmet and its customers and suppliers utilize natural gas, electricity and other fuels to operate 
their facilities. Significant increased energy costs and/or costs to transition to renewable energy sources, as a result of new laws, 
such as carbon pricing or product energy efficiency requirements, or as a result of customer requirements, could be passed 
along to the Company and its suppliers. Compliance with any new or more stringent laws or regulations, or stricter 
interpretations of existing laws, could require additional expenditures by the Company or its customers or suppliers.
Physical risks associated with climate change may result in an increase of the exposure to, and impact of, events with damage 
due to flooding, extreme winds, and extreme precipitation for Howmet locations or those of its suppliers or customers. 
Prolonged periods of drought may result in wildfires and/or restrictions on process water use. These climate-related impacts 
may have an adverse effect on production capacity of Howmet sites or those of its suppliers or customers. These types of 
incidents could have a material adverse effect on our results of operations and financial condition.
With respect to the various transaction agreements that the Company entered into in connection with its separation 
transactions, if the counterparties fail to meet their obligations or if we have material indemnification obligations under 
such agreements, our business, results of operations, and financial condition may be materially adversely affected.
In connection with our separation transactions, we entered into various agreements with Arconic Corporation and Alcoa 
Corporation, including respective Separation and Distribution agreements pursuant to which Arconic Corporation and Alcoa 
Corporation agreed to indemnify us for certain liabilities, and we agreed to indemnify those parties for certain liabilities. We 
rely on these parties to satisfy their performance and payment obligations under these agreements. If either party is unable or 
unwilling to satisfy its obligations under its applicable agreements, we could incur operational difficulties and/or material 
losses. The indemnities that we are required to provide Alcoa Corporation and Arconic Corporation under these agreements are 
currently not material. If either Alcoa Corporation or Arconic Corporation is not able to fully satisfy its indemnification 
obligations to us, we may be required to bear such losses. Each of these risks could negatively affect our business, results of 
operations, and financial condition.
Item 1B. Unresolved Staff Comments.
None.
Item 1C. Cybersecurity
Cybersecurity is a critical component of the Company’s overall enterprise risk management program. Howmet has implemented 
a framework of principles, policies, and technology designed to protect our systems and data from cybersecurity threats. The 
Company’s Board of Directors (the “Board”), through its Cybersecurity Committee, is actively engaged in overseeing and 
reviewing the Company’s cybersecurity programs and risk management. Although past cybersecurity incidents did not have a 
material impact on the Company, including our strategy, financial condition, or results of operations, the scope and impact of 
any future cybersecurity threat or incident cannot be predicted. See Part I, Item 1A. (Risk Factors) for more information on how 
material cybersecurity incidents may impact the Company.
Howmet has implemented a multi-faceted cybersecurity risk management framework, which includes progressing toward 
alignment with cybersecurity standards published by the National Institute of Standards and Technology and achievement of the 
Department of Defense (DoD) Cybersecurity Maturity Model Certification, which will require companies like Howmet that do 
business with the DoD to obtain specific third-party certifications relating to specified cybersecurity standards to be eligible for 
new contract awards. We deploy and operate preventive and detective controls and processes to mitigate cybersecurity threats, 
including monitoring our network for known vulnerabilities and signs of unauthorized attempts to access our data and systems. 
Our approach includes conducting internal vulnerability assessments, external penetration testing, and attack simulation. In 
addition, the Company subscribes to third-party managed security service providers that continuously monitor the Company’s 
systems to assist with early cybersecurity threat detection and protection. Howmet conducts cybersecurity risk assessments of 
key vendors and other counterparties for any potential risks. Risk-based action plans are further developed to take into account 
evolving threats, which result in recommendations for new protocols and infrastructure. The Company has a robust program of 
employee education on the prevention of unauthorized access to Company information and systems. 
The Company's cybersecurity risk management is integrated in our overall risk management processes. Our enterprise risks, 
including cybersecurity risks, are reviewed on a biannual basis. The review involves participation and engagement by, among 
16

others, subject matter experts like the Company’s Chief Information Security Officer (“CISO”) and Chief Information Officer 
(“CIO”), representatives of the Company’s business segments, and executive management. Mitigation plans are deployed 
across the Company with cross-functional collaboration as applicable. Enterprise risk management is reviewed with the Board 
annually.
In the event of a potential material cybersecurity incident or ransomware demand, Howmet has adopted a policy to respond to 
such event, which includes protocols and procedures to, among other things, escalate the incident or demand, form a core cross-
functional response leadership team (including the CISO and CIO) to assess severity, formulate response and remediation, and 
determine any required reporting or notifications.
The Cybersecurity Committee, which originated in 2015 as a dedicated cybersecurity subcommittee of the Audit Committee, 
was made a formal committee of the Board in 2022. The Cybersecurity Committee assists the Board in its oversight of the 
Company’s cybersecurity programs and risks. Its responsibilities include reviewing the state of the Company’s cybersecurity, 
its strategy, policies, and procedures to mitigate cybersecurity risks, and any significant cybersecurity incidents. The Committee 
also considers the cybersecurity threat landscape and the impact of emerging cybersecurity developments and regulations that 
may affect Howmet. The Cybersecurity Committee currently comprises three members and meets at least quarterly with 
members of management, including the CISO and CIO. The Cybersecurity Committee may, from time to time, invite third-
party advisors and experts as it deems appropriate. Pursuant to guidelines adopted by the Cybersecurity Committee, 
management is required to report immediately to the Chair of the Cybersecurity Committee upon the occurrence of certain 
cybersecurity incidents and ransomware demands. The Cybersecurity Committee reports to the full Board after each of its 
meetings and as needed regarding the cybersecurity risks, incidents, and other matters reviewed and considered by the 
Committee. The Company’s CISO leads management’s assessment, prevention, and management of cybersecurity risks. The 
CISO reports to the CIO who has responsibility for the usability, implementation, and management of our information and 
computing systems. Both bring to their roles extensive experience in information technology and cybersecurity: 
•
The Company’s CISO joined the Company in 2022. The CISO has over 20 years of experience in information 
technology, cybersecurity and physical security management, including as Cybersecurity Operations Director at 
United States Steel Corporation (2020-2022); Director, Global Information Security and Compliance at Kennametal, 
Inc. (2018-2020); and Global Chief Information Security Officer/HIPAA Security Officer at Westlake Chemical 
(2013-2017). The CISO holds a Bachelor of Sciences degree in Information Systems Management from Carlow 
University and a Master of Sciences degree in Information Systems from Robert Morris University and is a Certified 
Systems Security Professional.
•
The Company’s CIO joined the Company in 2021. The CIO has over 20 years of experience in information 
technology, including, most recently, as Vice President Global IT and Chief Information Officer at Varroc Lighting 
Systems (2018-2021) and Chief Information Officer at AM General LLC (2016-2018). The CIO holds a Bachelor of 
Engineering degree in Industrial Engineering from Universidad de Lima.
17

Item 2. Properties.
Howmet’s principal office and corporate center is located at 201 Isabella Street, Suite 200, Pittsburgh, Pennsylvania 
15212-5872. In the second quarter of 2022, the Company sold this property and entered into a 12-year lease with the purchaser 
for a portion of the property.
Howmet leases some of its facilities; however, it is the opinion of management that the leases do not materially affect the 
continued use of the properties or the properties’ values.
Howmet believes that its facilities are suitable and adequate for its operations. Although no title examination of properties 
owned by Howmet has been made for the purpose of this report, the Company knows of no material defects in title to any such 
properties. See Note A and Note N to the Consolidated Financial Statements in Part II, Item 8 of this Form 10-K for additional 
information.
Howmet has active plants and holdings in various geographic areas. See the table regarding the Company's principal facilities in 
Part I, Item 1 (Business).
Item 3. Legal Proceedings.
In the ordinary course of its business, Howmet is involved in a number of lawsuits and claims, both actual and potential. For a 
discussion of legal proceedings, see Note U to the Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
Item 4. Mine Safety Disclosures.
Not applicable.
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities.
The Company’s common stock is listed on the New York Stock Exchange under the symbol “HWM.”
The number of holders of record of common stock was 8,656 as of February 10, 2025.
18

Stock Performance Graph
The following graph compares the most recent five-year performance of the Company’s common stock with (1) the Standard & 
Poor’s (“S&P”) 500® Index, (2) the S&P 500® Industrials Index, a group of 78 companies categorized by Standard & Poor’s as 
active in the “industrials” market sector, and (3) the S&P 500® Aerospace & Defense Index, which comprises Axon Enterprise, 
Inc., General Dynamics Corporation, General Electric Company (operating as GE Aerospace), Howmet Aerospace Inc., 
Huntington Ingalls Industries, Inc., L3Harris Technologies, Inc., Lockheed Martin Corporation, Northrop Grumman 
Corporation, RTX Corporation, Textron Inc., The Boeing Company, and Transdigm Group Incorporated. 
The graph assumes, in each case, an initial investment of $100 on December 31, 2019, and the reinvestment of dividends. The 
historical prices of the Company presented in the graph and table have been adjusted to reflect the impact of the April 2020 
Arconic Inc. Separation Transaction by removing the estimated value of Arconic Corporation rather than reflecting the value of 
Arconic Corporation as a dividend as of April 1, 2020. The graph, table and related information shall not be deemed to be 
“filed” with the SEC, nor shall such information be incorporated by reference into future filings under the Securities Act of 
1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates it 
by reference into such filing.
Period Ended
Cumulative Total Return
Based upon an initial investment of $100 at December 31, 2019 with dividends 
reinvested
Howmet Aerospace Inc.
S&P 500 Index
S&P 500 Industrials Index
S&P 500 Aerospace & Defense Index
12/2019
12/2020
12/2021
12/2022
12/2023
12/2024
0
100
200
300
400
500
As of December 31,
2019
2020
2021
2022
2023
2024
Howmet Aerospace Inc.
$ 
100.00 
$ 
121.11 
$ 
135.24 
$ 
167.93 
$ 
231.48 $ 
469.20 
S&P 500® Index
 
100.00 
 
118.40 
 
152.39 
 
124.79 
 
157.59  
197.02 
S&P 500® Industrials Index
 
100.00 
 
111.06 
 
134.52 
 
127.15 
 
150.20  
176.44 
S&P 500® Aerospace & Defense Index
 
100.00 
 
83.94 
 
95.03 
 
111.54 
 
119.09  
136.24 
19

Supplemental Stock Performance Graph Beginning with Arconic Inc. Separation Transaction
In addition, the Company is providing the following supplemental graph which begins on April 1, 2020, the effective date of 
the Arconic Inc. Separation Transaction. The graph compares the Company’s common stock performance from April 1, 2020 to 
December 31, 2024 with (1) the S&P 500® Index, (2) the S&P 500® Industrials Index and (3) the S&P 500® Aerospace & 
Defense Index. 
The graph assumes, in each case, an initial investment of $100 on April 1, 2020, the date of the Arconic Inc. Separation 
Transaction and the reinvestment of dividends. The historical prices of the Company presented in the graph and table have been 
adjusted to reflect the impact of the April 2020 Arconic Inc. Separation Transaction by removing the estimated value of 
Arconic Corporation rather than reflecting the value of Arconic Corporation as a dividend as of April 1, 2020.
Period Ended
Cumulative Total Return
Based upon an initial investment of $100 at April 1, 2020 with dividends 
reinvested
Howmet Aerospace Inc.
S&P 500 Index
S&P 500 Industrials Index
S&P 500 Aerospace & Defense Index
4/1/2020
12/2020
12/2021
12/2022
12/2023
12/2024
0
250
500
750
As of
4/1/2020
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
Howmet Aerospace Inc.
$ 
100.00 
$ 
216.21 
$ 
241.44 
$ 
299.80 
$ 
413.25 $ 
837.65 
S&P 500® Index
 
100.00 
 
147.26 
 
189.53 
 
155.20 
 
196.00  
245.04 
S&P 500® Industrials Index
 
100.00 
 
152.24 
 
184.39 
 
174.29 
 
205.89  
241.86 
S&P 500® Aerospace & Defense 
Index
 
100.00 
 
126.52 
 
143.25 
 
168.13 
 
179.51  
205.36 
20

Issuer Purchases of Equity Securities
The following table presents information with respect to the Company’s open-market repurchases of its common stock during 
the quarter ended December 31, 2024:
Period
Total Number 
of Shares 
Purchased
Average
Price Paid
Per Share(1)
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Repurchase
Plans or
Programs
Approximate
Dollar Value
of Shares that
May Yet Be
Purchased Under
the Plans or
Programs (in 
millions)(1)(2)
October 1 - October 31, 2024
 
872,490 $ 
103.15  
872,490 $ 
2,297 
November 1 - November 30, 2024
 
386,401 $ 
116.46  
386,401 $ 
2,252 
December 1 - December 31, 2024
 
472,302 $ 
116.45  
472,302 $ 
2,197 
Total for quarter ended December 31, 2024
 
1,731,193 $ 
109.75  
1,731,193 
(1)
Excludes commissions cost.
(2)
The Company has a share repurchase program (the “Share Repurchase Program”) that, after giving effect to the 
additional $50 million share repurchases made in January 2025 at an average price per share of $116.39, retiring 
approximately 0.4 million shares, has approximately $2,147 million in Board authorization remaining available as of 
January 31, 2025. The current Share Repurchase Program was authorized by the Company’s Board of Directors on 
August 18, 2021 at $1,500 million, which was increased by the Board by $2,000 million on July 30, 2024. Under the 
Company’s Share Repurchase Program, the Company may repurchase shares 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 is no stated expiration for the Share Repurchase Program. Under its Share Repurchase 
Program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the 
Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company 
is not obligated to repurchase any specific number of shares or to do so at any particular time, and the Share 
Repurchase Program may be suspended, modified, or terminated at any time without prior notice.
Item 6. Selected Financial Data.
Reserved.
21

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
(dollars in millions, except share and per-share amounts)
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is 
intended to help the reader understand our results of operations and financial condition. The MD&A is provided as a 
supplement to, and should be read in conjunction with, our consolidated financial statements and notes thereto included in Part 
II, Item 8 (Financial Statements and Supplementary Data) of this Form 10-K.
Overview
Our Business
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 markets. 
Howmet is a global company operating in 19 countries. Based upon the country where the point of shipment occurred, North 
America and Europe generated 71% and 23%, respectively, of Howmet’s sales in 2024. In addition to the United States, 
Canada, and Mexico in North America and France, United Kingdom, Hungary, and Germany in Europe, Howmet has operating 
activities in numerous other countries and regions, including Japan and China. Governmental policies, laws and regulations, and 
other economic factors, including inflation, customer requirements, tariffs, and fluctuations in foreign currency exchange rates 
and interest rates, affect the results of operations in countries with such activities.
Management Review of 2024 and Outlook
The Company derived approximately 52% of its revenue from products sold to the commercial aerospace market for the year 
ended December 31, 2024. Aircraft production in the commercial aerospace industry continues to grow based on increases in 
demand for narrow body and wide body aircraft. We expect our commercial aerospace wide body and narrow body demand, 
including engine spares, also to continue to grow. Quality control issues at The Boeing Company (“Boeing”) have had and are 
expected to continue to have a negative impact on narrow body and wide body production rates in the near term. For instance, 
the Federal Aviation Administration stated that it will not approve production rate increases above 38 aircraft per month or 
additional production lines for the Boeing 737 MAX until it is satisfied that Boeing is in full compliance with required quality 
control procedures. In addition, a labor union work stoppage and ensuing production restart at Boeing has negatively impacted 
results. Boeing production levels have had and are expected to have a material impact on the financial performance of Howmet. 
The timing and level of future aircraft builds by OEMs are subject to changes and uncertainties, which may cause our future 
results to differ from prior periods due to changes in product mix in certain segments.
In 2024, Sales increased 12% from 2023 primarily as a result of higher volumes in the commercial aerospace, defense 
aerospace, and industrial and other markets, and favorable product pricing, partially offset by lower volumes in the commercial 
transportation market. Product price increases are in excess of material and inflationary cost pass through to our customers.
Income before income taxes increased 42% from 2023. Total Segment Adjusted EBITDA(1) increased 27% from 2023 primarily 
due to favorable sales in the commercial aerospace, defense aerospace, and industrial and other markets as well as favorable 
product pricing.
Management continued its focus on liquidity and cash flows as well as improving its operating performance through profitable 
revenue, efficient operations, and margin enhancement. Management has also continued its intensified focus on capital 
efficiency. Management’s focus and the related results enabled Howmet to end 2024 with a solid financial position.
The following financial information reflects certain key highlights of Howmet’s 2024 results:
•
Sales of $7,430, an increase of 12% from 2023, driven by higher sales in the commercial aerospace, defense aerospace, 
and industrial and other markets, partially offset by lower sales in the commercial transportation market; 
•
Net income of $1,155, or $2.81 per diluted share;
•
Income before income taxes of $1,383, an increase of $408, or 42%, from 2023;
•
Total Segment Adjusted EBITDA(1) of $2,009, an increase of $422, or 27%, from 2023;
•
Cash on hand and restricted cash at the end of the year of $565;
•
Cash provided from operations of $1,298; cash used for financing activities of $1,026; and cash used for investing 
activities of $316;
•
Repurchased the Company’s common stock of approximately 6 million shares under the Share Repurchase Program 
for approximately $500;
22

•
Total debt of $3,315, a net decrease of $391 from 2023, reflecting repurchases and redemption of $600 aggregate 
principal amount of the 6.875% Notes due May 2025 (the “2025 Notes”), redemption of $205 aggregate principal 
amount of the 5.125% Notes due October 2024 (the “2024 Notes”), early partial prepayment of $60 aggregate 
principal amount of its USD term loan, partially offset by the issuance of $500 aggregate principal amount of the 
4.850% Notes due October 2031 (the “2031 Notes”), net of the cross-currency swap that synthetically converted the 
2031 Notes into a lower fixed-interest-rate Euro liability; and
•
The Company’s common stock had a closing price of $109.37 per share as of December 31, 2024, an increase of 
$96.17 per share, or 729%, since the Arconic Inc. Separation Transaction on April 1, 2020, compared to an increase of 
138% for the S&P 500® Index and 99% for the S&P 500® Aerospace & Defense Index over the same period.
(1)
See below in Results of Operations for the reconciliation of Total Segment Adjusted EBITDA to Income before income 
taxes.
In 2025, management projects sales to increase as we expect solid growth in the commercial aerospace market, and the 
Company’s strong position in that market is expected to continue, including engines spares. Earnings per share is expected to 
grow as management continues to focus on revenue growth and operational performance. Cash provided from operations is 
expected to increase for the full year in 2025 compared with 2024, resulting from a continued focus on operating performance 
and on capital efficiency. Capital expenditures are expected to increase with additional investments in capacity expansions. 
Governmental policies, laws and regulations, and other economic factors, including inflation, customer requirements, tariffs, 
and fluctuations in foreign currency exchange rates and interest rates, may affect future results of operations and cash flow.
Results of Operations
Earnings Summary
Sales. Sales for 2024 were $7,430 compared with $6,640 in 2023, an increase of $790, or 12%. The increase was primarily due 
to higher sales in the commercial aerospace, defense aerospace, and industrial and other markets, including engine spares, and 
favorable product pricing, partially offset by lower volumes in the commercial transportation market. Product price increases 
are in excess of inflationary cost pass through to our customers.
Sales for 2023 were $6,640 compared with $5,663 in 2022, an increase of $977, or 17%. The increase was primarily due to 
higher sales in the commercial aerospace, defense aerospace, commercial transportation, and industrial and other markets, 
favorable product pricing, and an increase in material cost pass through. Product price increases are in excess of inflationary 
pass through to our customers.
Cost of goods sold (“COGS”). COGS as a percentage of Sales was 68.9% in 2024 compared with 71.9% in 2023. The 
decrease was primarily due to higher volumes and favorable product pricing, partially offset by increased net headcount, 
primarily in the Engine Products segment, in support of expected revenue increases. The Company had total COGS net 
reimbursements of $18 in 2024 due to the final settlement of the insurance claim related to a mechanical failure that occurred in 
2022 resulting in substantial heat and fire-related damage to equipment at the Forged Wheels’ cast house in Barberton, Ohio 
(the “Barberton Cast House Incident”) in the second quarter of 2024 and the final settlement of the insurance claim related to 
the fires that occurred in 2019 at a Fastening Systems plant in France (the “France Plant Fire”) in the fourth quarter of 2024, 
compared to total COGS insurance claims reimbursements of $19 in 2023, partially offset by charges of $7 in 2023, related to 
the France Plant Fire and Barberton Cast House Incident. The insurance claims related to the Barberton Cast House Incident 
and the France Plant Fire have now been completed. All cash related to the insurance claims has been collected as of January 
2025.
COGS as a percentage of Sales was 71.9% in 2023 compared with 72.5% in 2022. The decrease was primarily due to higher 
volumes, favorable product pricing, and lower costs related to three plant fires, partially offset by material cost pass through and 
increased net headcount, primarily in the Engine Products and Fastening Systems segments, in support of expected revenue 
increases. The Company had total COGS insurance claims reimbursements of $19 in 2023, partially offset by charges of $7, 
related the France Plant Fire and the Barberton Cast House Incident, compared to total COGS charges of $59 in 2022, offset by 
partial insurance claims reimbursements of $23, related to a fire at a Forged Wheels plant in Barberton, Ohio in mid-February 
2020 (the “Barberton Plant Fire”) and the France Plant Fire. The insurance claims related to these three plant fires were in 
excess of the insurance deductible. During the fourth quarter of 2022, the Company settled the insurance claim related to the 
Barberton Plant Fire.
Selling, general administrative, and other expenses (“SG&A”). SG&A expenses were $347, or 4.7% of Sales, in 2024 
compared with $333, or 5.0% of Sales, in 2023. The increase in SG&A of $14, or 4%, was primarily due to higher employment 
costs.
SG&A expenses were $333, or 5.0% of Sales, in 2023 compared with $288, or 5.1% of Sales, in 2022. The increase in SG&A 
of $45, or 16%, was primarily due to higher employment costs and legal fees.
23

Research and development expenses (“R&D”). R&D expenses were $33 in 2024 compared with $36 in 2023. The decrease 
of $3, or 8%, was primarily due to the timing of spending on technology projects.
R&D expenses were $36 in 2023 compared with $32 in 2022. The increase of $4, or 13%, was primarily due to higher spending 
on technology projects to support the aerospace business.
Provision for depreciation and amortization (“D&A”). The provision for D&A was $277 in 2024 compared with $272 in 
2023. The increase of $5, or 2%, was primarily driven by the disposal of unused assets in the Engine Products segment.
The provision for D&A was $272 in 2023 compared with $265 in 2022. The increase of $7, or 3%, was primarily driven by 
higher depreciation in the Engine Products segment.
Restructuring and other charges. Restructuring and other charges were $21 in 2024 compared with $23 in 2023 and $56 in 
2022.
Restructuring and other charges in 2024 consisted primarily of a $13 net loss on the sale of a small U.K. manufacturing facility 
in Engineered Structures and $10 charge for layoff costs.
Restructuring and other charges in 2023 consisted primarily of a $12 charge for impairment of assets primarily related to 
decommissioned fixed assets in Engineered Structures, a $5 charge for U.S. and Canadian pension plans’ settlement accounting, 
a $3 charge for layoff costs, a $3 charge for various other exit related costs primarily for the closures of small manufacturing 
facilities, and a $2 charge for accelerated depreciation primarily related to the closure of a small Engineered Structures facility 
in the U.K. The Company has closed or sold some small manufacturing facilities including three in the U.K. and may, in the 
future, close additional small facilities in order to consolidate operations, reduce fixed costs, and exit less profitable businesses.
Restructuring and other charges in 2022 consisted primarily of a $58 charge for U.K. and U.S. pension plans’ settlement 
accounting and a $6 charge for various other exit costs. These charges were partially offset by a gain of $8 on the sale of assets 
at a small U.S. manufacturing facility in Engine Products.
See Note D to the Consolidated Financial Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this 
Form 10-K for additional detail.
Interest expense, net. Interest expense, net was $182 in 2024 compared with $218 in 2023. The decrease of $36, or 17%, was 
primarily due to the early redemptions of the 6.875% Notes due May 2025 (the “2025 Notes”) during various periods in 2024, 
the early redemptions of the 5.125% Notes due October 2024 (the “2024 Notes”) during various periods during 2023 and 2024, 
and the early partial prepayment of its USD term loan, partially offset by the August 2024 issuance of $500 aggregate principal 
amount of the 2031 Notes, net of the cross-currency swap that synthetically converted the 2031 Notes into a lower fixed-
interest-rate Euro liability. Long-term debt, including long-term debt due within one year, has been reduced by $847 from 
December 31, 2022 to December 31, 2024. On an annual basis, the debt reduction and refinancing activities in 2024 will 
decrease Interest expense, net by approximately $37.
Interest expense, net was $218 in 2023 compared with $229 in 2022. The decrease of $11, or 5%, was primarily due to a 
reduced average level of debt for the year ended December 31, 2023 compared to the year ended December 31, 2022.
See Note Q to the Consolidated Financial Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this 
Form 10-K for additional detail related to the Company’s debt.
Loss on debt redemption. Debt redemption or tender premiums include the cost to redeem or repurchase certain of the 
Company’s notes at a price which may be equal to the greater of the principal amount or the sum of the present values of the 
remaining scheduled payments, discounted using a defined treasury rate plus a spread, or a price based on the market price of 
its notes. 
Loss on debt redemption was $6 in 2024 compared with $2 in 2023. The increase of $4, or 200%, was primarily due to the debt 
premiums paid on the early redemption of the 2025 Notes in the third quarter of 2024.
Loss on debt redemption was $2 in both 2023 and 2022 due to the debt premiums paid on the early redemption of the 2024 
Notes. 
See Note Q to the Consolidated Financial Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this 
Form 10-K for additional detail related to the Company’s debt.
24

Other expense, net. Other expense, net was $62 in 2024 compared with $8 in 2023. The increase in expense of $54 was 
primarily due to the reversal in the second quarter ended June 30, 2023 of $25, net of legal fees of $1, of the $65 pre-tax charge 
taken in the third quarter of 2022 related to the Lehman Brothers International (Europe) (“LBIE”) legal proceeding as a result of 
the final settlement of such proceeding in June 2023 (See Note U to the Consolidated Financial Statements in Part II, Item 8) 
(Financial Statements and Supplementary Data), increases in foreign currency losses, net of $15, and an increase in the impacts 
of deferred compensation arrangements of $5. Non-service related net periodic benefit costs related to defined benefit plans and 
other postretirement benefit plans is expected to remain relatively flat from 2024 to 2025.
Other expense, net was $8 in 2023 compared with $82 in 2022. The decrease in expense of $74 was primarily due to the 
reversal of $25 of the $65 pre-tax charge taken in the third quarter of 2022 related to the LBIE legal proceeding which was 
settled in the second quarter of 2023 (See Note U to the Consolidated Financial Statements in Part II, Item 8) (Financial 
Statements and Supplementary Data) and higher interest income of $17, partially offset by the impacts of deferred 
compensation arrangements of $18, higher non-service related net periodic benefit costs related to pension and other 
postretirement benefit plans in 2023 of $13, and an increase from net realized and unrealized losses of $4, primarily related to 
mark-to-market adjustments on exchange-traded fixed income securities and losses on sales of receivables.
See Note F to the Consolidated Financial Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this 
Form 10-K for additional detail.
Income taxes. Howmet’s effective tax rate was 16.5% (provision on pre-tax income) in 2024 compared with the U.S. federal 
statutory rate of 21%. The effective tax rate differs from the U.S. federal statutory rate primarily due to the completion of an 
R&D study which resulted in a $44 net benefit related to prior years of U.S. federal and state R&D credits and related impacts, 
a $15 net benefit related to current year U.S. federal and state R&D credits and related impacts, a $25 benefit related to a U.S. 
deduction on Foreign Derived Intangible Income, an $11 net benefit related to various other credits, a $10 excess benefit for 
stock compensation, a $6 benefit to release a valuation allowance related to U.S. state tax losses and credits, and a $4 benefit to 
release a valuation allowance related to U.S. foreign tax credits, partially offset by $12 of U.S. tax on Global Intangible Low-
Taxed Income (“GILTI”) and other foreign earnings, $15 of incremental state tax and foreign taxes on earnings also subject to 
U.S. federal income tax, $11 of charges related to nondeductible expenses, and $8 of net foreign tax cost related to foreign 
earnings subject to withholding tax and local tax in high tax rate jurisdictions. On October 8, 2021, the Organization for 
Economic Cooperation and Development (“OECD”) released the Pillar Two model rules introducing a 15% global minimum 
tax under the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting. The Pillar Two directive has been 
implemented, or is expected to be implemented, through domestic legislation in multiple countries where the Company 
operates. While the Company does not expect the adoption of the Pillar Two framework to have a material impact on its 
effective tax rate, we continue to monitor any additional guidance released by the OECD, along with the pending and adopted 
legislation in the countries where we operate. 
Howmet anticipates that the effective tax rate in 2025 will be between 20.5% and 21.5%. However, changes in the current 
economic environment, tax legislation or rate changes, currency fluctuations, ability to realize deferred tax assets, movements 
in stock price impacting tax benefits or deficiencies on stock-based payment awards, and the results of operations in certain 
taxing jurisdictions may cause this estimated rate to fluctuate.
Howmet’s effective tax rate was 21.5% (provision on pre-tax income) in 2023 compared with the U.S. federal statutory rate of 
21%. The effective tax rate differs from the U.S. federal statutory rate primarily as a result of a $21 charge for a tax reserve 
established in France, $10 of incremental state tax and foreign taxes on earnings also subject to U.S. federal income tax, and $8 
of charges related to nondeductible expenses, partially offset by a $14 benefit to release a valuation allowance related to U.S. 
foreign tax credits, a $9 excess benefit for stock compensation, $7 of benefits related to tax credits, a $2 benefit to release a 
valuation allowance related to U.S. state tax losses and credits, and a $2 benefit to revalue deferred taxes for changes to 
apportioned U.S. state tax rates. 
Howmet’s effective tax rate was 22.6% (provision on pre-tax income) in 2022 compared with the U.S. federal statutory rate of 
21%. The effective tax rate differs from the U.S. federal statutory rate primarily as a result of a $12 charge related to an increase 
in the valuation allowance on a foreign tax credit carryforward in the U.S., $8 of charges related to U.S. tax on GILTI and other 
foreign earnings, $8 of charges related to nondeductible expenses, and $5 of incremental state tax and foreign taxes on earnings 
also subject to U.S. federal income tax, partially offset by a $6 benefit for the release of a valuation allowance on interest 
deduction carryforwards in the U.K., a $5 benefit related to a tax accounting method change, a $5 excess benefit for stock 
compensation, and a $3 benefit related to a distribution of foreign earnings. The Inflation Reduction Act of 2022 (the “Act”) 
was signed into law on August 16, 2022. The Act includes various tax provisions, including a 1% excise tax on net stock 
repurchases, expanded tax credits for clean energy incentives, and a corporate alternative minimum tax that generally applies to 
U.S. corporations with average adjusted financial statement income over a three-year period in excess of $1,000. The Company 
does not expect the Act to materially impact its financial statements.
See Note H to the Consolidated Financial Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this 
Form 10-K for additional detail.
25

Net income. Net income was $1,155, or $2.81 per diluted share, for 2024 compared to $765, or $1.83 per diluted share, in 
2023. The increase in results of $390, or 51%, was primarily due to higher volumes in the commercial aerospace, defense 
aerospace, and industrial and other markets, including engines spares, favorable product pricing, a reduction in interest expense 
due to lower long-term debt levels, and a lower tax rate due to the completion of an R&D study, partially offset by lower 
volumes in the commercial transportation market and net impacts of foreign currency.
Net income was $765, or $1.83 per diluted share, for 2023 compared to $469, or $1.11 per diluted share, in 2022. The increase 
in results of $296, or 63%, was primarily due to higher sales in the commercial aerospace market, favorable product pricing, a 
change of $90 due to the reversal of $25 of the $65 pre-tax charge taken in the third quarter of 2022 related to the LBIE legal 
proceeding (See Note U to the Consolidated Financial Statements in Part II, Item 8), a decrease in Restructuring and other 
charges of $33, and a decrease in Interest expense, net of $11, partially offset by an increase in the Provision for income taxes 
primarily driven by an increase in income before income taxes.
Segment Information
The Company’s operations consist of four worldwide reportable segments: Engine Products, Fastening Systems, Engineered 
Structures and Forged Wheels. Segment performance under Howmet’s management reporting system is evaluated based on 
Segment Adjusted EBITDA. The Company’s Chief Executive Officer, who has been determined to be our Chief Operating 
Decision Maker (“CODM”), believes that Segment Adjusted EBITDA provides information with respect to the Company’s 
operating performance and the Company’s ability to meet its financial obligations. Howmet’s definition of Segment Adjusted 
EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation and 
amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, 
and other expenses; Research and development (“R&D”) expenses; and Provision for depreciation and amortization. Special 
items, including Restructuring and other charges, are excluded from net margin and Segment Adjusted EBITDA. The 
Company’s CODM considers forecast-to-actual variances for Segment Adjusted EBITDA when allocating resources across the 
Company’s reportable segments. Segment Adjusted EBITDA may not be comparable to similarly titled measures of other 
companies. Differences between the total segment and consolidated totals are in Corporate. (See Note C to the Consolidated 
Financial Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this Form 10-K). 
The Company has aligned its operations consistent with how the CEO assesses operating performance and allocates capital.
Income before income taxes totaled $1,383 in 2024, $975 in 2023, and $606 in 2022. Segment Adjusted EBITDA for all 
reportable segments totaled $2,009 in 2024, $1,587 in 2023, and $1,352 in 2022. See below for the reconciliation of Total 
Segment Adjusted EBITDA to Income before income taxes.
The following information provides Sales, Segment Adjusted EBITDA, and Segment Adjusted EBITDA Margin for each 
reportable segment for each of the three years in the period ended December 31, 2024.
Engine Products 
2024
2023
2022
Third-party sales
$ 
3,735 
$ 
3,266 
$ 
2,698 
Segment Adjusted EBITDA
 
1,150 
 
887 
 
729 
Segment Adjusted EBITDA Margin
 30.8 %
 27.2 %
 27.0 %
Engine Products produces investment castings, including airfoils, and seamless rolled rings primarily for aircraft engines 
(aerospace commercial and defense) and industrial gas turbine applications. Engine Products produces rotating parts as well as 
structural parts, which are sold directly to customers. Generally, the sales and costs and expenses of this segment are transacted 
in the local currency of the respective operations, which are mostly the U.S. dollar, British pound, euro, and Japanese yen.
Third-party sales for the Engine Products segment increased $469, or 14%, in 2024 compared with 2023, primarily due to 
growth in the commercial aerospace, defense aerospace, oil and gas, and industrial gas turbine markets, including spares 
growth.
Third-party sales for the Engine Products segment increased $568, or 21%, in 2023 compared with 2022, primarily due to 
higher volumes in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets.
Segment Adjusted EBITDA for the Engine Products segment increased $263, or 30%, in 2024 compared with 2023, primarily 
due to growth in the commercial aerospace, defense aerospace, oil and gas, and industrial gas turbine markets. The segment 
absorbed approximately 1,205 net headcount since the end of 2023 in support of expected revenue increases, resulting in 
unfavorable near-term recruiting, training, and operational costs.
26

Segment Adjusted EBITDA for the Engine Products segment increased $158, or 22%, in 2023 compared with 2022, primarily 
due to higher volumes in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets. The 
segment absorbed approximately 1,030 net headcount since the end of 2022 in support of expected revenue increases, resulting 
in unfavorable near-term recruiting, training, and operational costs.
Segment Adjusted EBITDA Margin for the Engine Products segment increased approximately 360 basis points in 2024 
compared with 2023, primarily due to growth in the commercial aerospace, defense aerospace, oil and gas, and industrial gas 
turbine markets.
Segment Adjusted EBITDA Margin for the Engine Products segment increased approximately 20 basis points in 2023 
compared with 2022, primarily due to higher volumes in the commercial aerospace, defense aerospace, industrial gas turbine, 
and oil and gas markets, partially offset by an increase in headcount and inflationary costs.
In 2025, as compared to 2024, demand in the commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas 
markets is expected to increase. Governmental policies, laws and regulations, and other economic factors, including inflation, 
customer requirements, tariffs, and fluctuations in foreign currency exchange rates and interest rates, may affect future results 
of operations and cash flow.
Fastening Systems
2024
2023
2022
Third-party sales
$ 
1,576 
$ 
1,349 
$ 
1,117 
Segment Adjusted EBITDA
 
406 
 
278 
 
234 
Segment Adjusted EBITDA Margin
 25.8 %
 20.6 %
 20.9 %
Fastening Systems produces aerospace and industrial fastening systems, as well as commercial transportation 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 and construction and industrial equipment. 
Fastening Systems are sold directly to customers and through distributors. Generally, the sales and costs and expenses of this 
segment are transacted in the local currency of the respective operations, which are mostly the U.S. dollar, British pound, and 
euro.
Third-party sales for the Fastening Systems segment increased $227, or 17%, in 2024 compared with 2023, primarily due to 
growth in the commercial aerospace market, including wide body recovery.
Third-party sales for the Fastening Systems segment increased $232, or 21%, in 2023 compared with 2022, primarily due to 
higher volumes in the commercial aerospace, including the emerging wide body recovery, commercial transportation, defense 
aerospace, and industrial markets.
Segment Adjusted EBITDA for the Fastening Systems segment increased $128, or 46%, in 2024 compared with 2023, 
primarily due to growth in the commercial aerospace market, productivity gains which included reduced net headcount of 
approximately 135, and impacts of foreign currency.
Segment Adjusted EBITDA for the Fastening Systems segment increased $44, or 19%, in 2023 compared with 2022, primarily 
due to higher volumes in the commercial aerospace, commercial transportation, defense aerospace, and industrial markets. The 
segment absorbed approximately 435 net headcount since the end of 2022 in support of expected revenue increases, resulting in 
unfavorable near-term recruiting, training, and operational costs.
Segment Adjusted EBITDA Margin for the Fastening Systems segment increased approximately 520 basis points in 2024 
compared with 2023, primarily due to growth in the commercial aerospace market as well as productivity gains.
Segment Adjusted EBITDA Margin for the Fastening Systems segment decreased approximately 30 basis points in 2023 
compared with 2022, primarily due to an increase in headcount and inflationary costs, partially offset by higher volumes in the 
commercial aerospace, commercial transportation, defense aerospace, and industrial markets.
In 2025, as compared to 2024, demand in the commercial aerospace market is expected to increase. Demand in the commercial 
transportation market is not expected to recover before mid year of 2025 with some growth starting in the second half of 2025. 
Governmental policies, laws and regulations, and other economic factors, including inflation, customer requirements, tariffs, 
and fluctuations in foreign currency exchange rates and interest rates, may affect future results of operations and cash flow.
27

Engineered Structures
2024
2023
2022
Third-party sales
$ 
1,065 
$ 
878 
$ 
790 
Segment Adjusted EBITDA
 
166 
 
113 
 
111 
Segment Adjusted EBITDA Margin
 15.6 %
 12.9 %
 14.1 %
Engineered Structures produces titanium ingots and mill products for aerospace and defense applications and is vertically 
integrated to produce titanium forgings, titanium extrusions, 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. The segment’s products are sold directly to customers and 
through distributors, and sales and costs and expenses of this segment are generally transacted in the local currency of the 
respective operations, which are mostly the U.S. dollar.
Third-party sales for the Engineered Structures segment increased $187, or 21%, in 2024 compared with 2023, primarily due to 
growth in the commercial aerospace and defense aerospace markets. The Engineered Structures segment is focusing on the 
optimization of its manufacturing footprint and rationalization of product mix in order to maximize profitability.
Third-party sales for the Engineered Structures segment increased $88, or 11%, in 2023 compared with 2022, primarily due to 
higher volumes in the commercial aerospace market, including Russian titanium share gains and the emerging wide body 
recovery, partially offset by lower volumes in the defense aerospace market associated with legacy fighter programs.
Segment Adjusted EBITDA for the Engineered Structures segment increased $53, or 47%, in 2024 compared with 2023, 
primarily due to growth in the commercial aerospace and defense aerospace markets. The Engineered Structures segment is 
focusing on the optimization of its manufacturing footprint and rationalization of product mix in order to maximize 
profitability.
Segment Adjusted EBITDA for the Engineered Structures segment increased $2, or 2%, in 2023 compared with 2022, primarily 
due to higher volumes in the commercial aerospace market, partially offset by lower volumes in the defense aerospace market 
and additional operating costs from production rate increases not realized due to production bottlenecks at a plant. The segment 
absorbed approximately 280 net headcount since the end of 2022 in support of expected revenue increases, resulting in 
unfavorable near-term recruiting, training, and operational costs.
Segment Adjusted EBITDA Margin for the Engineered Structures segment increased approximately 270 basis points in 2024 
compared with 2023, primarily due to growth in the commercial aerospace and defense aerospace markets. The Engineered 
Structures segment is focusing on the optimization of its manufacturing footprint and rationalization of product mix in order to 
maximize profitability. 
Segment Adjusted EBITDA Margin for the Engineered Structures segment decreased approximately 120 basis points in 2023 
compared with 2022, primarily due to lower volumes in the defense aerospace market, material and inflationary cost pass 
through, additional operating costs from production rate increases not realized due to production bottlenecks at a plant, and an 
increase in headcount, partially offset by higher volumes in the commercial aerospace market.
In 2025, as compared to 2024, demand in the defense aerospace and commercial aerospace markets is expected to increase. 
Governmental policies, laws and regulations, and other economic factors, including inflation, customer requirements, tariffs, 
and fluctuations in foreign currency exchange rates and interest rates, may affect future results of operations and cash flow.
Forged Wheels
2024
2023
2022
Third-party sales
$ 
1,054 
$ 
1,147 
$ 
1,058 
Segment Adjusted EBITDA
 
287 
 
309 
 
278 
Segment Adjusted EBITDA Margin
 27.2 %
 26.9 %
 26.3 %
Forged Wheels produces forged aluminum wheels and related products globally for heavy-duty trucks, trailers, and buses. 
Forged Wheels’ products are sold directly to OEMs and through distributors. Generally, the sales and costs and expenses of this 
segment are transacted in the local currency of the respective operations, which are mostly the U.S. dollar and euro.
Third-party sales for the Forged Wheels segment decreased $93, or 8%, in 2024 compared with 2023, primarily due to lower 
volumes in the commercial transportation market as well as a decrease in aluminum and other inflationary cost pass through.
Third-party sales for the Forged Wheels segment increased $89, or 8%, in 2023 compared with 2022, primarily due to higher 
volumes in the commercial transportation market.
28

Segment Adjusted EBITDA for the Forged Wheels segment decreased $22, or 7%, in 2024 compared with 2023, primarily due 
to lower volumes in the commercial transportation market. The segment reduced approximately 160 net headcount since the 
end of 2023 as a result of lower production.
Segment Adjusted EBITDA for the Forged Wheels segment increased $31, or 11%, in 2023 compared with 2022, primarily due 
to higher volumes in the commercial transportation market, partially offset by a supply chain disruption and unfavorable foreign 
currency movements.
Segment Adjusted EBITDA Margin for the Forged Wheels segment increased approximately 30 basis points in 2024 compared 
with 2023, primarily due to lower aluminum and other inflationary cost pass through, partially offset by lower volumes in the 
commercial transportation market.
Segment Adjusted EBITDA Margin for the Forged Wheels segment increased approximately 60 basis points in 2023 compared 
with 2022, primarily due to higher volumes, partially offset by a supply chain disruption and unfavorable foreign currency 
movements. The favorable impact of lower aluminum prices was partially offset by other inflationary cost pass through.
In 2025, as compared to 2024, demand in the commercial transportation markets served by Forged Wheels is not expected to 
recover before mid year of 2025 with some growth starting in the second half of 2025. Governmental policies, laws and 
regulations, and other economic factors, including inflation, customer requirements, tariffs, and fluctuations in foreign currency 
exchange rates and interest rates, may affect future results of operations and cash flow.
Reconciliation of Total Segment Adjusted EBITDA to Income before income taxes
2024
2023
2022
Income before income taxes
$ 
1,383 
$ 
975 
$ 
606 
Loss on debt redemption
 
6 
 
2 
 
2 
Interest expense, net
 
182 
 
218 
 
229 
Other expense, net(1)
 
62 
 
8 
 
82 
Operating income
$ 
1,633 
$ 
1,203 
$ 
919 
Segment provision for depreciation and amortization
 
270 
 
262 
 
258 
Unallocated amounts:
Restructuring and other charges
 
21 
 
23 
 
56 
Corporate expense
 
85 
 
99 
 
119 
Total Segment Adjusted EBITDA
$ 
2,009 
$ 
1,587 
$ 
1,352 
(1)
See Note F to the Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
Total Segment Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to 
investors because it provides additional information with respect to the Company’s operating performance and the Company’s 
ability to meet its financial obligations. Differences between the total segment and consolidated totals are in Corporate. 
See Restructuring and other charges, D&A, Loss on debt redemption, Interest expense, net, and Other expense, net discussions 
above under “Results of Operations” for reference.
Corporate expense decreased $14, or 14%, in 2024 compared with 2023, primarily due to lower costs associated with closures, 
supply chain disruptions, and other items of $13, lower costs related to the collective bargaining agreement negotiations of $8, 
and higher net reimbursements related to the France Plant Fire and the Barberton Cast House Incident of $6, partially offset by 
higher employment costs in 2024.
Corporate expense decreased $20, or 17%, in 2023 compared with 2022, primarily due to lower net costs related to the France 
Plant Fire, the Barberton Plant Fire, and the Barberton Cast House Incident of $48, partially offset by costs associated with 
closures, shutdowns, and other items of $10, costs related to collective bargaining agreement negotiations of $8, legal and other 
advisory reimbursements received in 2022 of $3 which did not recur in 2023, and higher employment costs in 2023.
Environmental Matters
See the Environmental Matters section of Note U to the Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
Liquidity and Capital Resources
Howmet maintains a disciplined approach to cash management and the strengthening of its balance sheet. Management 
continued to focus on actions to improve Howmet’s cost structure and liquidity, providing the Company with the ability to 
29

operate effectively. Such actions included procurement efficiencies and overhead rationalization to reduce costs, working 
capital initiatives, and maintaining a sustainable level of capital expenditures.
Cash provided from operations and financing activities is expected to be adequate to cover Howmet’s operational and business 
needs over the next 12 months. For an analysis of long-term liquidity, see “Contractual Obligations and Off-Balance Sheet 
Arrangements” below.
As of December 31, 2024, cash and cash equivalents of Howmet were $564, of which $284 was held by Howmet’s non-U.S. 
subsidiaries. If the cash held by non-U.S. subsidiaries were to be repatriated to the U.S., the Company does not expect there to 
be material income tax consequences.
Operating Activities
Cash provided from operations in 2024 was $1,298 compared with $901 in 2023 and $733 in 2022.
The increase in cash provided from operations of $397, or 44%, between 2024 and 2023 was due to higher operating results of 
$361 and lower working capital of $72, partially offset by higher pension contributions of $43. The components of the change 
in working capital included favorable changes in receivables of $107, inventories of $36, prepaid expenses and other current 
assets of $10, partially offset by accounts payable of $42, compensation related payments and other accrued expenses of $32, 
and taxes, including income taxes, of $7.
The increase in cash provided from operations of $168, or 23%, between 2023 and 2022 was due to higher operating results of 
$303, lower payments on noncurrent liabilities of $26, and lower pension contributions of $7, partially offset by higher working 
capital of $163. The components of the change in working capital included unfavorable changes in accounts payable of $253, 
prepaid expenses and other current assets of $18, and receivables of $3, including collections of employee retention credit 
receivables, partially offset by inventories of $92, accrued expenses of $14 and taxes, including income taxes, of $5.
Financing Activities
Cash used for financing activities was $1,026 in 2024 compared with $868 in 2023 and $526 in 2022.
The use of cash in 2024 was primarily related to the repayments on the aggregate outstanding principal amount of long-term 
debt of approximately $870, the repurchase of common stock of $500, dividends paid to shareholders of $109, taxes paid for 
net share settlement of equity awards of $49, and debt issuance costs for the 2031 Notes of $5, partially offset by proceeds from 
the 2031 Notes debt issuance of $500 and the exercise of employee stock options of $8. On an annual basis, the 2024 debt 
reduction and refinancing activities will decrease Interest expense, net by approximately $37.
The use of cash in 2023 was primarily related to the repayments on the aggregate outstanding principal amount of long-term 
debt of approximately $876, the repurchase of common stock of $250, taxes paid for net share settlement of equity awards of 
$77, and dividends paid to shareholders of $73. These items were partially offset by proceeds from term loan facilities of $400 
and the exercise of employee stock options of $11.
The use of cash in 2022 was primarily related to the repurchase of common stock of $400, the repayments on the aggregate 
outstanding principal amount of long-term debt of approximately $69, and dividends paid to shareholders of $44. These items 
were partially offset by proceeds from the exercise of employee stock options of $16.
For further details regarding the Company’s debt reduction and refinancing activities and stock repurchases, see Note Q and 
Note I, respectively, to the Consolidated Financial Statements in Part II, Item 8 (Financial Statements and Supplementary Data) 
of this Form 10-K.
On July 30, 2024, the Board of Directors of Howmet Aerospace approved the establishment of a 2025 dividend policy to pay 
cash dividends on the Company’s common stock in 2025 at a rate of 15% plus or minus 5% of net income excluding special 
items. The declaration of future common stock dividends is subject to the discretion and approval of the Board of Directors of 
Howmet after the Board’s consideration of all factors it deems relevant and subject to applicable law. The Company may 
modify, suspend, or cancel the dividend policy in any manner and at any time that it may deem necessary or appropriate.
The Company maintains a credit facility (the “Credit Facility”) pursuant to its Five-Year Revolving Credit Agreement (the 
“Credit Agreement”) with a syndicate of lenders and issuers named therein (See Note Q to the Consolidated Financial 
Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this Form 10-K for reference). There were no 
amounts outstanding under the Credit Agreement as of December 31, 2024 or December 31, 2023, and no amounts were 
borrowed during 2024 or 2023 under the Credit Agreement. 
On April 4, 2024, the Company established a commercial paper program under which the Company may issue unsecured 
commercial paper from time to time up to a maximum aggregate face amount of $1,000. The Company’s commercial paper will 
be sold on customary terms in the U.S. commercial paper market on a private placement basis. The proceeds of the commercial 
30

paper will be used for general corporate purposes. In conjunction with the commercial paper program, the Company was 
assigned short-term credit ratings by Moody’s Investors Service, Inc., S&P Global Ratings, and Fitch Ratings, Inc.
The Company has an effective shelf registration statement on Form S-3, filed with the SEC, which allows for offerings of debt 
securities from time to time. The Company may opportunistically issue new debt securities in accordance with securities laws 
or utilize commercial paper in order to, but not limited to, refinance existing indebtedness.
In the future, the Company may, from time to time, redeem portions of its debt securities or repurchase portions of its debt or 
equity securities in either the open market or through privately negotiated transactions, in accordance with applicable SEC and 
other legal requirements. The timing, prices, and sizes of purchases depend upon prevailing trading prices, general economic 
and market conditions, and other factors, including applicable securities laws. Such purchases may be completed 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, tender offers, and/or accelerated share repurchase 
agreements or other derivative transactions. 
The Company’s costs of borrowing and ability to access the capital markets are affected not only by market conditions but also 
by the short-term and long-term debt ratings assigned to the Company by the major credit rating agencies. The Company 
believes that its cash on hand, cash provided from operations and availability of its Credit Facility, its commercial paper 
program, and its accounts receivables securitization program will continue to be sufficient to fund our operating and capital 
allocation activities.
The three major credit rating agencies have rated Howmet’s debt with investment grade ratings. The Company’s most recent 
short-term and long-term credit ratings, as well as the current outlook from the three major credit rating agencies are as 
follows: 
 
Short-Term
Long-Term
Outlook
S&P Global Ratings (“S&P”)
A-2
BBB
Stable
Moody’s Investors Service (“Moody’s”)
P-2
Baa1
Stable
Fitch Investors Service (“Fitch”)
F2
BBB
Positive
On November 26, 2024, S&P upgraded Howmet’s short-term debt rating from A-3 to A-2 and long-term debt rating from BBB- 
to BBB, and affirmed the current outlook at stable, citing strong demand for commercial aerospace components and debt 
reduction.
On August 6, 2024, Moody’s upgraded Howmet’s short-term debt rating from P-3 to P-2 and further upgraded Howmet’s long-
term debt rating two notches from Baa3 to Baa1, which was previously upgraded to Baa3 from Ba1 on February 29, 2024 citing 
demand in the markets served by Howmet along with the Company’s improved financial leverage and updated the current 
outlook from positive to stable. 
On August 6, 2024, Fitch affirmed Howmet’s short-term debt rating at F2 and long-term debt rating at BBB and updated the 
current outlook from stable to positive.
Investing Activities
Cash used for investing activities was $316, $215, and $135 in 2024, 2023, and 2022, respectively.
The use of cash in 2024 was capital expenditures of $321 primarily related to Engine Products capacity expansion, various 
automation projects, and sustaining and return seeking capital projects across all segments and an acquisition in Engine 
Products, net of cash acquired of $5, partially offset by proceeds from the sale of assets in Engine Products and a business in 
Engineered Structures of $9.
The use of cash in 2023 was capital expenditures of $219 primarily related to various automation projects, information 
technology upgrades, and sustaining and return seeking capital projects across all segments, partially offset by proceeds from 
the sale of assets and investments of $4. 
The use of cash in 2022 was capital expenditures of $193 primarily related to various automation projects, information 
technology upgrades, and sustaining capital projects across all segments, partially offset by proceeds from the sale of assets of 
$58, which was primarily due to the sale of the corporate center and a manufacturing facility in Engine Products. In the second 
quarter of 2022, the Company sold the corporate headquarters in Pittsburgh, PA. The proceeds from the sale of the corporate 
headquarters were $44, excluding $3 of transaction costs, and a carrying value of $41. The Company entered into a 12-year 
lease with the purchaser for a portion of the property. Additionally, in the fourth quarter of 2022, the Company sold the 
property of a manufacturing facility in the Engine Products segment. The proceeds from the sale of this property were $15 and a 
carrying value of $7.
31

Contractual Obligations and Off-Balance Sheet Arrangements
Contractual Obligations
Howmet is required to make future payments under various contracts, including long-term purchase obligations, financing 
arrangements, and lease agreements. Howmet also has commitments to fund its pension plans, provide payments for other 
postretirement benefit plans, and fund capital projects. 
In order to better understand Howmet’s outstanding contractual obligations, the table below represents a summary of these 
commitments as of December 31, 2024 (these contractual obligations are grouped in the same manner as they are classified in 
the Statement of Consolidated Cash Flows in order to provide a better understanding of the nature of the obligations and to 
provide a basis for comparison to historical information):
Total
2025
2026-2027
2028-2029
Thereafter
Operating activities:
Raw material purchase obligations
$ 
379 
$ 
218 
$ 
82 
$ 
79 
$ 
— 
Purchase and other payment obligations
 
30 
 
19 
 
11 
 
— 
 
— 
Operating leases
 
189 
 
46 
 
68 
 
36 
 
39 
Interest related to total debt
 
1,133 
 
165 
 
298 
 
189 
 
481 
Estimated minimum required pension funding
 
352 
 
45 
 
154 
 
153 
 
— 
Other postretirement benefit payments
 
56 
 
6 
 
12 
 
12 
 
26 
Layoff and other restructuring payments
 
4 
 
4 
 
— 
 
— 
 
— 
Uncertain tax positions
 
6 
 
— 
 
— 
 
— 
 
6 
Financing activities:
Total debt
 
3,328 
 
5 
 
948 
 
1,000 
 
1,375 
   Dividends to shareholders
 
42 
 
42 
 
— 
 
— 
 
— 
Investing activities:
Capital projects
 
417 
 
270 
 
147 
 
— 
 
— 
Totals
$ 
5,936 
$ 
820 
$ 
1,720 
$ 
1,469 
$ 
1,927 
Obligations for Operating Activities
Raw material purchase obligations consist mostly of aluminum, titanium, cobalt, nickel, and various other metals with 
expiration dates ranging from less than one year to five years. Many of these purchase obligations contain variable pricing 
components, and, as a result, actual cash payments may differ from the estimates provided in the preceding table. The Company 
generally passes through material costs in customer contracts with limited exceptions. 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 separation, including raw material supply agreements. 
Purchase and other payment obligations include public utility purchase obligations, and future payments of tax-related interest 
and penalties.
Operating leases represent multi-year obligations for certain land and buildings, plant equipment, vehicles, and computer 
equipment.
Deferred revenue was $60 as of December 31, 2024. Deferred revenue arrangements require Howmet to deliver product to 
certain customers over a specified contract period, which is expected to be within one year. While these obligations are not 
expected to result in cash payments and are not included in the table above, they represent contractual obligations for which the 
Company would be obligated if the specified product deliveries could not be made.
Interest related to total debt with maturities that extend to 2042, including cross-currency and interest rate swaps, is based on 
fixed rates as of December 31, 2024.
Estimated minimum required pension funding and other postretirement benefit payments are based on actuarial estimates using 
current assumptions for discount rates, long-term rate of return on plan assets, and health care cost trend rates, among others. It 
is Howmet’s policy to fund amounts for pension plans sufficient to meet the minimum requirements set forth in the benefits 
laws and tax laws of the applicable country. Periodically, Howmet contributes additional amounts as deemed appropriate. 
Howmet has determined that it is not practicable to present pension funding and other postretirement benefit payments beyond 
2030 and 2034, respectively.
Layoff and other restructuring payments to be paid within one year primarily relate to severance costs.
32

Uncertain tax positions taken or expected to be taken on an income tax return may result in additional payments to tax 
authorities. The amounts in the preceding table include interest and penalties accrued related to such positions as of 
December 31, 2024. Amounts for uncertain tax positions in which the timing of future potential payments are not reasonably 
estimable are included in the “Thereafter” column. If a tax authority agrees with the tax position taken or expected to be taken 
or the applicable statute of limitations expires, then additional payments will not be necessary. Tax assessments received may 
also result in payments to be made in order to preserve our right to appeal any tax positions challenged by tax authorities for 
which we have concluded that we are more likely than not to prevail. See Note U to the Consolidated Financial Statements in 
Part II, Item 8 (Financial Statements and Supplementary Data) of this Form 10-K for further discussion on tax payments made.
Contingencies such as ongoing legal proceedings and environmental matters may also result in additional cash payments. The 
timing of these payments, if necessary, depends on several factors, including the timing of litigation and settlements of liability 
claims. Accordingly, amounts have not been included in the preceding table. Amounts for settled legal proceedings and other 
such payables are included within Purchase and other payment obligations in the preceding table. See Note U to the 
Consolidated Financial Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this Form 10-K for 
further discussion.
Obligations for Financing Activities
Howmet has historically paid quarterly dividends on its preferred and common stock. The Company paid an aggregate of $109 
in common stock and preferred stock dividends to shareholders during 2024. Because all dividends are subject to approval by 
Howmet’s Board of Directors, amounts are not included in the preceding table unless such authorization has occurred. As of 
December 31, 2024, there were 405,431,361 shares of outstanding common stock and 546,024 shares of outstanding Class A 
preferred stock. In 2024, the preferred stock dividend was $3.75 per share. A dividend of $0.26 per share on the Company’s 
common stock was paid in 2024 ($0.05 per share in each of the first and second quarters of 2024 and $0.08 in the third and 
fourth quarters of 2024). Fully diluted shares outstanding as of December 31, 2024 were 408 million.
The Company has a share repurchase program (the “Share Repurchase Program”) that, after giving effect to the additional $50 
share repurchases made in January 2025 at an average price per share of $116.39, retiring approximately 0.4 million shares, has 
approximately $2,147 in Board authorization remaining available as of January 31, 2025. The current Share Repurchase 
Program was authorized by the Company’s Board of Directors on August 18, 2021 at $1,500, which was increased by the 
Board by $2,000 on July 30, 2024. There is no stated expiration for the Share Repurchase Program. Accordingly, amounts have 
not been included in the preceding table. See “Liquidity and Capital Resources” for additional information.
Obligations for Investing Activities
Capital projects in the preceding table only include amounts approved by management as of December 31, 2024. Funding levels 
may vary in future years based on the anticipated construction schedules of the projects. It is expected that significant expansion 
projects will be funded through various sources, including cash provided from operations. Total capital expenditures are 
anticipated to be approximately 4% of sales in 2025 and include additional capital expenditures related to the Engine Products 
capacity expansions.
Off-Balance Sheet Arrangements
As of December 31, 2024, Howmet had outstanding bank guarantees related to tax matters, customs duties, rental, plant 
expansion, and environmental obligations. The total amount committed under these guarantees, which expire at various dates 
between 2025 and 2027, was $6 as of December 31, 2024.
Pursuant to the Separation and Distribution Agreement, dated as of October 31, 2016, between Howmet and Alcoa Corporation, 
Howmet was required to provide certain guarantees for Alcoa Corporation, which were included in Other noncurrent liabilities 
and deferred credits in the Consolidated Balance Sheet. The remaining guarantee, which had a fair value of $6 as of both 
December 31, 2024 and 2023, relates to a long-term energy supply agreement that expires in 2047 at an Alcoa Corporation 
facility, for which the Company is secondarily liable in the event of a payment default by Alcoa Corporation. If the Company 
incurs any liability under this guarantee, Arconic Corporation is obligated to indemnify the Company for 50% of such liability. 
The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be 
remote. The Company is required to provide a guarantee up to an estimated present value amount of approximately $1,121 and 
$1,131 as of December 31, 2024 and 2023, respectively, in the event of an Alcoa Corporation default. In December 2022, 
December 2023, and December 2024, a surety bond with a limit of $80 relating to this guarantee was obtained by Alcoa 
Corporation to protect Howmet's obligation. This surety bond will be renewed on an annual basis by Alcoa Corporation.
The Company has outstanding letters of credit, primarily related to workers’ compensation, environmental obligations, 
insurance obligations, and tax matters. The total amount committed under these letters of credit, which automatically renew or 
expire at various dates, primarily in 2025, was $90 as of December 31, 2024.
33

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 $48 (which are included in the $90 in the 
above paragraph) that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation 
workers’ compensation claims that 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 
proportionally billed to, and are reimbursed by, Arconic Corporation and Alcoa Corporation, respectively. Also, the Company 
was required to provide letters of credit for certain Arconic Corporation and Alcoa Corporation environmental obligations and, 
as a result, the Company has $17 of outstanding letters of credit relating to such liabilities (which are also included in the $90 in 
the above paragraph). 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.
The Company has outstanding surety bonds primarily related to customs duties, workers’ compensation, environmental-related 
matters, and contract performance. The total amount committed under these annual surety bonds, which automatically renew or 
expire at various dates, primarily in 2025 and 2026, was $44 as of December 31, 2024.
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 $21, which are included in the $44 in the 
above paragraph, that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation 
workers’ compensation claims that occurred prior to the respective separation transactions of April 1, 2020 and November 1, 
2016. Arconic Corporation and Alcoa Corporation workers’ compensation claims and surety bond fees paid by the Company 
are proportionately billed to, and are reimbursed by, Arconic Corporation and Alcoa Corporation, respectively.
Critical Accounting Policies and Estimates
The preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the 
United States of America requires management to make certain judgments, estimates, and assumptions regarding uncertainties 
that affect the amounts reported in the Consolidated Financial Statements and disclosed in the accompanying Notes. These 
estimates are based on historical experience and, in some cases, assumptions based on current and future market experience, 
including considerations relating to changes in the aerospace industry. Areas that require significant judgments, estimates, and 
assumptions include the testing of goodwill, properties, plants, and equipment, and other intangible assets for impairment; 
pension plans and other postretirement benefits obligations; income taxes; and litigation and contingent liabilities.
Management uses historical experience and all available information to make these judgments, estimates, and assumptions, and 
actual results may differ from those used to prepare the Company’s Consolidated Financial Statements at any given time. 
Despite these inherent limitations, management believes that Management’s Discussion and Analysis of Financial Condition 
and Results of Operations and the Consolidated Financial Statements and accompanying Notes provide a meaningful and fair 
perspective of the Company.
A summary of the Company’s significant accounting policies is included in Note A to the Consolidated Financial Statements of 
this Form 10-K. Management believes that the application of these policies on a consistent basis enables the Company to 
provide the users of the Consolidated Financial Statements with useful and reliable information about the Company’s operating 
results and financial condition.
Goodwill. Howmet reviews goodwill for impairment annually (in the fourth quarter) or more frequently if indicators of 
impairment exist or if a decision is made to sell or realign a business. The Company has the option to assess impairment 
through qualitative assessment, which includes factors such as general economic conditions, negative developments in equity 
and credit markets, adverse changes in the markets in which an entity operates, increases in input costs that have a negative 
effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. Howmet 
can also assess goodwill impairment through a quantitative analysis, using a discounted cash flow (“DCF”) model to estimate a 
reporting unit’s fair value. Assumptions and estimates utilized in the DCF model include weighted average cost of capital 
(“WACC”) rates, revenue, future profitability, working capital, cash flows, and a number of other items. For more information 
on these matters, see Note A to the Consolidated Financial Statements of this Form 10-K. 
Properties, Plants, and Equipment and Other Intangible Assets. Properties, plants, and equipment and Other intangible 
assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such 
assets (asset group) may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted 
net cash flows of the operations related to the assets (asset group) to their carrying amount. An impairment loss would be 
recognized when the carrying amount of the assets (asset group) exceeds the estimated undiscounted net cash flows. The 
amount of the impairment loss to be recorded is measured as the excess of the carrying value of the assets (asset group) over 
their fair value, with fair value determined using the best information available, which generally is a DCF model. The 
determination of what constitutes an asset group, the associated estimated undiscounted net cash flows, and the estimated useful 
lives of the assets also require significant judgments.
34

Pension and Other Postretirement Benefits. Liabilities and expenses for pension and other postretirement benefits are 
determined using actuarial methodologies and incorporate significant assumptions, including the interest rate used to discount 
the future estimated liability, the expected long-term rate of return on plan assets, and several assumptions relating to the 
employee workforce (health care cost trend rates, retirement age, and mortality). The pension and other postretirement benefits 
obligation was $1,556 and $1,695, with a funded status of $(670) and $(770) as of December 31, 2024 and 2023, respectively. 
The total benefit obligation reduction of $133 was primarily driven by benefit payments. The improvement in the funded status 
of $100 was primarily driven by contributions and changes in discount rates. Excluding settlements and curtailments, net 
periodic benefit cost of pension and other postretirement benefits is expected to be approximately $35 in 2025 compared to $33 
in 2024 and 2023.
Employer contributions for pension benefits were $79 and $36 for the years ended December 31, 2024 and 2023, respectively. 
Benefits paid for other postretirement benefits were $11 and $14 for the years ended December 31, 2024 and 2023, 
respectively. Total pension contributions and other postretirement benefits paid increased by $40, or 80%, in 2024 compared to 
2023 primarily driven by additional discretionary contributions in addition to actual asset returns falling short of the plans’ 
estimated return on assets assumption. Cash pension contributions in 2025 are expected to be approximately $60. Howmet’s 
estimated funded status under the Employee Retirement Income Security Act was approximately 68% as of January 1, 2024.
The interest rate used to discount future estimated liabilities for the U.S. is determined using a Company-specific yield curve 
model (above-median) developed with the assistance of an external actuary, while both the U.K. and Canada utilize models 
developed by the respective actuary. The cash flows of the plans’ projected benefit obligations are discounted using a single 
equivalent rate derived from yields on high quality corporate bonds, which represent a broad diversification of issuers in 
various sectors, including finance and banking, industrials, transportation, and utilities, among others. The yield curve models 
parallel the plans’ projected cash flows, which have a global average duration of 9 years. The underlying cash flows of the 
bonds included in the models exceed the cash flows needed to satisfy the Company’s plans’ obligations multiple times. In 2024, 
2023, and 2022, the discount rate used to determine benefit obligations for pension and other postretirement benefit plans was 
5.60%, 5.10%, and 5.40%, respectively. The impact on the liabilities of a change in the discount rate of 1/4 of 1% would be 
approximately $32 and either a charge or credit of less than $1 to earnings in the following year.
The expected long-term rate of return on plan assets is generally applied to a five-year market-related value of plan assets. The 
process used by management to develop this assumption is one that relies on a combination of historical asset return 
information and forward-looking returns by asset class. As it relates to historical asset return information, management focuses 
on various historical moving averages when developing this assumption. While consideration is given to recent performance 
and historical returns, the assumption represents a long-term, prospective return. Management also incorporates expected future 
returns on current and planned asset allocations using information from various external investment managers and consultants, 
as well as management’s own judgment.
Management used 6.70% for 2024, 2023, and 2022 as its weighted-average global expected long-term rate of return on plan 
assets, which was based on the prevailing and planned strategic asset allocations, as well as estimates of future returns by asset 
class for each plan. These rates were within the respective range of the 20-year moving average of actual performance and the 
expected future return developed by asset class for each plan. For 2025, management anticipates that the expected long-term 
rate of return for global plan assets will remain at approximately 7%. A change in the assumption for the expected long-term 
rate of return on plan assets of 1/4 of 1% would impact earnings by approximately $3 for 2025.
In 2024, net income of $17 (after-tax) was recorded in other comprehensive loss, primarily due to the increase in the discount 
rate, partially offset by plan asset returns that were less than expected. In 2023, net loss of $36 (after-tax) was recorded in other 
comprehensive loss, primarily due to the decrease in the discount rate. In 2022, net income of $146 (after-tax) was recorded in 
other comprehensive loss, primarily due to the increase in the discount rate and amortization of actuarial losses, partially offset 
by plan asset returns that were less than expected.
Income Taxes. The provision (benefit) for income taxes is determined using the asset and liability approach of accounting for 
income taxes. Under this approach, the provision (benefit) for income taxes represents income taxes paid or payable (or 
received or receivable) based on current year pre-tax income plus the change in deferred taxes during the year. Deferred taxes 
represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or 
paid, and result from differences between the financial and tax bases of Howmet’s assets and liabilities and are adjusted for 
changes in tax rates and tax laws when enacted.
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be 
realized. In evaluating the need for a valuation allowance, management considers all potential sources of taxable income, 
including income available in carry-back periods, future reversals of taxable temporary differences, projections of taxable 
income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence 
includes factors such as a history of profitable operations, projections of future profitability within the carryforward period, 
including from tax planning strategies, and Howmet’s experience with similar operations. Existing favorable contracts and the 
35

ability to sell products into established markets are additional positive evidence. Negative evidence includes items such as 
cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of a 
deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded 
may not be realized upon changes in facts and circumstances, resulting in a future charge to establish a valuation allowance. 
Existing valuation allowances are re-examined under the same standards of positive and negative evidence. If it is determined 
that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, 
is released. Deferred tax assets and liabilities are also remeasured to reflect changes in underlying tax rates due to law changes 
and the granting and lapse of tax holidays.
It is Howmet’s policy to apply a tax law ordering approach when considering the need for a valuation allowance on net 
operating losses expected to offset GILTI inclusions. Under this approach, reductions in cash tax savings are not considered as 
part of the valuation allowance assessment. Instead, future GILTI inclusions are considered a source of taxable income that 
support the realizability of deferred tax assets.
It is Howmet’s policy to treat taxes due from future inclusions in U.S. taxable income related to GILTI as a current period 
expense when incurred.
Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits 
meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively 
settled, which means that the statute of limitations has expired or the appropriate taxing authority has completed their 
examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are 
recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties 
would be applicable under relevant tax law until such time that the related tax benefits are recognized.
Litigation and Contingent Liabilities. From time to time, we are involved in various lawsuits, claims, investigations, and 
proceedings. These matters may include speculative claims for substantial or indeterminate amounts of damages. Management 
determines the likelihood of an unfavorable outcome based on many factors, such as the nature of the matter, available defenses 
and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of 
appeals processes, and the outcome of similar historical matters, among others. If an unfavorable outcome is deemed probable 
and the amount of the potential loss can be estimated, the most reasonable loss estimate is recorded. If an unfavorable outcome 
of a matter is deemed probable but the loss is not reasonably estimable, or if an unfavorable outcome is deemed reasonably 
possible, then the matter is disclosed but no liability is recorded. Legal matters are reviewed on a continuous basis to determine 
if there has been a change in management’s judgment regarding the likelihood of an unfavorable outcome or the estimate of a 
potential loss. For more information on these matters, see Note U to the Consolidated Financial Statements in Part II, Item 8 
(Financial Statements and Supplementary Data) of this Form 10-K.
Recently Adopted and Recently Issued Accounting Guidance. 
See the Recently Adopted and Recently Issued Accounting Guidance section of Note B to the Consolidated Financial 
Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this Form 10-K.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not material.
36

Item 8. Financial Statements and Supplementary Data.
Page
Management’s Reports to Howmet Shareholders
38
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)
39
Statement of Consolidated Operations for the Years Ended December 31, 2024, 2023, and 2022
41
Statement of Consolidated Comprehensive Income for the Years Ended December 31, 2024, 2023, and 2022
42
Consolidated Balance Sheet as of December 31, 2024 and 2023
43
Statement of Consolidated Cash Flows for the Years Ended December 31, 2024, 2023, and 2022
44
Statement of Changes in Consolidated Equity for the Years Ended December 31, 2024, 2023, and 2022
45
Notes to the Consolidated Financial Statements
46
37

Management’s Reports to Howmet Shareholders
Management’s Report on Financial Statements and Practices
The accompanying Consolidated Financial Statements of Howmet Aerospace Inc. and its subsidiaries (the “Company”) were 
prepared by management, which is responsible for their integrity and objectivity. The statements were prepared in accordance 
with accounting principles generally accepted in the United States of America and include amounts that are based on 
management’s best judgments and estimates. The other financial information included in the annual report is consistent with 
that in the financial statements.
Management also recognizes its responsibility for conducting the Company’s affairs according to the highest standards of 
personal and corporate conduct. This responsibility is characterized and reflected in key policy statements issued from time to 
time regarding, among other things, conduct of its business activities within the laws of the host countries in which the 
Company operates and potentially conflicting outside business interests of its employees. The Company maintains a systematic 
program to assess compliance with these policies.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. 
In order to evaluate the effectiveness of internal control over financial reporting, as required by Section 404 of the Sarbanes-
Oxley Act, management has conducted an assessment, including testing, using the criteria in Internal Control—Integrated 
Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). The 
Company’s system of internal control over financial reporting is designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. The Company’s internal control over financial reporting includes those policies and procedures 
that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to 
permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of 
America, and that receipts and expenditures of the Company are being made only in accordance with authorizations of 
management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of 
unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial 
statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Based on the assessment, management has concluded that the Company maintained effective internal control over financial 
reporting as of December 31, 2024, based on criteria in Internal Control—Integrated Framework (2013) issued by the COSO.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2024 has been audited by 
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included 
herein.
/s/ John C. Plant
John C. Plant
Executive Chairman and Chief Executive Officer
/s/ Ken Giacobbe
Ken Giacobbe
Executive Vice President and Chief Financial Officer
38

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Howmet Aerospace Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Howmet Aerospace Inc. and its subsidiaries (the 
“Company”) as of December 31, 2024 and 2023, and the related consolidated statements of operations, of comprehensive 
income, of changes in equity, and of cash flows for each of the three years in the period ended December 31, 2024, including 
the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's 
internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated 
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial 
position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the 
three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United 
States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over 
financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) 
issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal 
control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included 
in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express 
opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting 
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United 
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities 
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, 
whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material 
respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement 
of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. 
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated 
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by 
management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal 
control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the 
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based 
on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the 
circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures 
that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
39

Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial 
statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or 
disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or 
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated 
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate 
opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Goodwill Impairment Assessment – Engineered Structures Reporting Unit
As described in Notes A and O to the consolidated financial statements, the Company’s consolidated goodwill balance was 
$4,010 million as of December 31, 2024, and the amount of the goodwill associated with the Engineered Structures reporting 
unit was $303 million. Goodwill is reviewed for impairment annually (in the fourth quarter) or more frequently if indicators of 
impairment exist or if a decision is made to sell or realign a business. Howmet uses a discounted cash flow (“DCF”) model to 
estimate the current fair value of the reporting unit, which is compared to its carrying value, when testing for impairment. The 
determination of fair value using this technique requires management to use significant estimates and assumptions related to 
forecasting operating cash flows, including sales growth, production costs and discount rate.
The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment 
of the Engineered Structures reporting unit is a critical audit matter are (i) the significant judgment by management when 
developing the fair value estimate of the Engineered Structures reporting unit; and (ii) a high degree of auditor judgment, 
subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to sales growth 
and production costs.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall 
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to 
management’s goodwill impairment assessment, including controls over the valuation of the Company’s Engineered Structures 
reporting unit. These procedures also included, among others (i) testing management’s process for determining the fair value of 
the reporting unit; (ii) evaluating the appropriateness of the discounted cash flow model; (iii) testing the completeness and 
accuracy of underlying data used in the model; and (iv) evaluating the reasonableness of the significant assumptions used by 
management related to sales growth and production costs. Evaluating management’s significant assumptions related to sales 
growth and production costs involved evaluating whether the significant assumptions used by management were reasonable by 
considering: (i) the current and past performance of the reporting unit; (ii) the consistency with relevant industry data; and (iii) 
considering whether the assumptions were consistent with evidence obtained in other areas of the audit.
/s/ PricewaterhouseCoopers LLP
Pittsburgh, Pennsylvania
February 13, 2025
We have served as the Company’s auditor since 1950.
40

Howmet Aerospace Inc. and subsidiaries
Statement of Consolidated Operations
(in millions, except per-share amounts) 
For the year ended December 31,
2024
2023
2022
Sales (C)
$ 
7,430 
$ 
6,640 
$ 
5,663 
Cost of goods sold (exclusive of expenses below)
 
5,119 
 
4,773 
 
4,103 
Selling, general administrative, and other expenses
 
347 
 
333 
 
288 
Research and development expenses
 
33 
 
36 
 
32 
Provision for depreciation and amortization
 
277 
 
272 
 
265 
Restructuring and other charges (D)
 
21 
 
23 
 
56 
Operating income
 
1,633 
 
1,203 
 
919 
Loss on debt redemption (Q)
 
6 
 
2 
 
2 
Interest expense, net (E)
 
182 
 
218 
 
229 
Other expense, net (F)
 
62 
 
8 
 
82 
Income before income taxes
 
1,383 
 
975 
 
606 
Provision for income taxes (H)
 
228 
 
210 
 
137 
Net income
$ 
1,155 
$ 
765 
$ 
469 
Amounts Attributable to Howmet Aerospace Inc. Common Shareholders (J):
Net income
$ 
1,153 
$ 
763 
$ 
467 
Earnings per share:
Basic
$ 
2.83 
$ 
1.85 
$ 
1.12 
Diluted
$ 
2.81 
$ 
1.83 
$ 
1.11 
Average Shares Outstanding (I):
Basic
 
408 
 
412 
 
416 
Diluted
 
410 
 
416 
 
421 
The accompanying notes are an integral part of the consolidated financial statements.
41

Howmet Aerospace Inc. and subsidiaries
Statement of Consolidated Comprehensive Income
(in millions) 
For the year ended December 31,
2024
2023
2022
Net income
$ 
1,155 
$ 
765 
$ 
469 
Other comprehensive (loss) income, net of tax (K):
Change in unrecognized net actuarial loss and prior service cost (benefit) 
related to pension and other postretirement benefits
 
17 
 
(36)  
146 
Foreign currency translation adjustments 
 
(71)  
57 
 
(131) 
Net change in unrecognized gains (losses) on cash flow hedges
 
6 
 
(10)  
7 
Total Other comprehensive (loss) income, net of tax 
 
(48)  
11 
 
22 
Comprehensive income
$ 
1,107 
$ 
776 
$ 
491 
The accompanying notes are an integral part of the consolidated financial statements.
42

Howmet Aerospace Inc. and subsidiaries
Consolidated Balance Sheet
(in millions)
 
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$ 
564 
$ 
610 
Receivables from customers, less allowances of $— in both 2024 and 2023 (L)
 
689 
 
675 
Other receivables (L)
 
20 
 
17 
Inventories (M)
 
1,840 
 
1,765 
Prepaid expenses and other current assets
 
249 
 
249 
Total current assets
 
3,362 
 
3,316 
Properties, plants, and equipment, net (N)
 
2,386 
 
2,328 
Goodwill (A and O)
 
4,010 
 
4,035 
Deferred income taxes (H)
 
35 
 
46 
Intangibles, net (O)
 
475 
 
505 
Other noncurrent assets (A and P)
 
251 
 
198 
Total assets
$ 
10,519 
$ 
10,428 
Liabilities
Current liabilities:
Accounts payable, trade
$ 
948 
$ 
982 
Accrued compensation and retirement costs
 
305 
 
263 
Taxes, including income taxes
 
60 
 
68 
Accrued interest payable
 
59 
 
65 
Other current liabilities (A and P)
 
171 
 
200 
Long-term debt due within one year (Q and R)
 
6 
 
206 
Total current liabilities
 
1,549 
 
1,784 
Long-term debt, less amount due within one year (Q and R)
 
3,309 
 
3,500 
Accrued pension benefits (G)
 
625 
 
664 
Accrued other postretirement benefits (G)
 
54 
 
92 
Other noncurrent liabilities and deferred credits (A and P)
 
428 
 
351 
Total liabilities
 
5,965 
 
6,391 
Contingencies and commitments (U)
Equity
Howmet Aerospace Inc. shareholders’ equity:
Preferred stock (I)
 
55 
 
55 
Common stock (I)
 
405 
 
410 
Additional capital (I)
 
3,206 
 
3,682 
Retained earnings (A)
 
2,766 
 
1,720 
Accumulated other comprehensive loss (A and K)
 
(1,878)  
(1,830) 
Total equity
 
4,554 
 
4,037 
Total liabilities and equity
$ 
10,519 
$ 
10,428 
The accompanying notes are an integral part of the consolidated financial statements.
43

 Howmet Aerospace Inc. and subsidiaries
Statement of Consolidated Cash Flows
(in millions)
For the year ended December 31,
2024
2023
2022
Operating activities 
Net income
$ 
1,155 
$ 
765 
$ 
469 
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization
 
277 
 
272 
 
265 
Deferred income taxes
 
55 
 
108 
 
79 
Restructuring and other charges
 
21 
 
23 
 
56 
Net realized and unrealized losses
 
25 
 
22 
 
18 
Net periodic pension cost (G)
 
40 
 
37 
 
24 
Stock-based compensation
 
63 
 
50 
 
54 
Loss on debt redemption (Q)
 
6 
 
2 
 
2 
Other
 
1 
 
3 
 
12 
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, 
and foreign currency translation adjustments:
       Increase in receivables (L)
 
(57)  
(164)  
(161) 
Increase in inventories
 
(106)  
(142)  
(234) 
Increase in prepaid expenses and other current assets
 
(14)  
(24)  
(6) 
(Decrease) increase in accounts payable, trade
 
(49)  
(7)  
246 
Increase in accrued expenses 
 
5 
 
37 
 
23 
Decrease in taxes, including income taxes
 
(14)  
(7)  
(12) 
Pension contributions 
 
(79)  
(36)  
(43) 
(Increase) decrease in noncurrent assets
 
(3)  
(4)  
1 
Decrease in noncurrent liabilities
 
(28)  
(34)  
(60) 
Cash provided from operations
 
1,298 
 
901 
 
733 
Financing Activities
Net change in short-term borrowings
 
— 
 
— 
 
(5) 
Additions to debt (Q)
 
500 
 
400 
 
— 
Repurchases and payments on debt (Q)
 
(865)  
(876)  
(69) 
Debt issuance costs (Q)
 
(5)  
(2)  
— 
Premiums paid on early redemption of debt (Q)
 
(5)  
(1)  
(2) 
Repurchases of common stock (I)
 
(500)  
(250)  
(400) 
Proceeds from exercise of employee stock options
 
8 
 
11 
 
16 
Dividends paid to shareholders (I)
 
(109)  
(73)  
(44) 
Taxes paid for net share settlement of equity awards
 
(49)  
(77)  
(22) 
Other
 
(1)  
— 
 
— 
Cash used for financing activities
 
(1,026)  
(868)  
(526) 
Investing Activities
Capital expenditures (C and S)
 
(321)  
(219)  
(193) 
  Acquisitions, net of cash acquired
 
(5)  
— 
 
— 
  Proceeds from the sale of assets and businesses (D and T)
 
9 
 
2 
 
58 
Other
 
1 
 
2 
 
— 
Cash used for investing activities 
 
(316)  
(215)  
(135) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash  
(1)  
— 
 
(2) 
Net change in cash, cash equivalents and restricted cash
 
(45)  
(182)  
70 
Cash, cash equivalents and restricted cash at beginning of year
 
610 
 
792 
 
722 
Cash, cash equivalents and restricted cash at end of year
$ 
565 
$ 
610 
$ 
792 
The accompanying notes are an integral part of the consolidated financial statements.
44

Howmet Aerospace Inc. and subsidiaries
Statement of Changes in Consolidated Equity
(in millions, except per-share amounts)
Balance at December 31, 2021
$ 
55 $ 
422 $ 
4,291 $ 
603 $ 
(1,863) $ 
3,508 
Net income
 
—  
—  
—  
469  
—  
469 
Other comprehensive income (K)
 
—  
—  
—  
—  
22  
22 
Cash dividends declared:
Preferred–Class A @ $3.75 per share
 
—  
—  
—  
(2)  
—  
(2) 
Common @ $0.10 per share
 
—  
—  
—  
(42)  
—  
(42) 
Repurchase and retirement of common stock (I)
 
—  
(12)  
(388)  
—  
—  
(400) 
Stock-based compensation (I)
 
—  
—  
54  
—  
—  
54 
Common stock issued: compensation plans (I)
 
—  
2  
(10)  
—  
—  
(8) 
Balance at December 31, 2022
$ 
55 $ 
412 $ 
3,947 $ 
1,028 $ 
(1,841) $ 
3,601 
Net income
 
—  
—  
—  
765  
—  
765 
Other comprehensive income (K)
 
—  
—  
—  
—  
11  
11 
Cash dividends declared:
Preferred–Class A @ $3.75 per share
 
—  
—  
—  
(2)  
—  
(2) 
Common @ $0.17 per share
 
—  
—  
—  
(71)  
—  
(71) 
Repurchase and retirement of common stock (I)
 
—  
(5)  
(246)  
—  
—  
(251) 
Stock-based compensation (I)
 
—  
—  
50  
—  
—  
50 
Common stock issued: compensation plans (I)
 
—  
3  
(69)  
—  
—  
(66) 
Balance at December 31, 2023
$ 
55 $ 
410 $ 
3,682 $ 
1,720 $ 
(1,830) $ 
4,037 
Net income
 
—  
—  
—  
1,155  
—  
1,155 
Other comprehensive loss (K)
 
—  
—  
—  
—  
(48)  
(48) 
Cash dividends declared:
Preferred–Class A @ $3.75 per share
 
—  
—  
—  
(2)  
—  
(2) 
Common @ $0.26 per share
 
—  
—  
—  
(107)  
—  
(107) 
Repurchase and retirement of common stock (I)
 
—  
(6)  
(498)  
—  
—  
(504) 
Stock-based compensation (I)
 
—  
—  
63  
—  
—  
63 
Common stock issued: compensation plans (I)
 
—  
1  
(41)  
—  
—  
(40) 
Balance at December 31, 2024
$ 
55 $ 
405 $ 
3,206 $ 
2,766 $ 
(1,878) $ 
4,554 
  
Preferred
stock
Common
stock
Additional
capital
Retained 
earnings
Accumulated
other
comprehensive
loss
Total
equity
The accompanying notes are an integral part of the consolidated financial statements.
45

Howmet Aerospace Inc. and subsidiaries
Notes to the Consolidated Financial Statements
(dollars in millions, except share and per-share amounts)
A. Summary of Significant Accounting Policies
Basis of Presentation. The Consolidated Financial Statements of Howmet Aerospace Inc. (formerly known as Arconic Inc.) 
and subsidiaries (“Howmet” or the “Company” or “we” or “our”) are prepared in conformity with accounting principles 
generally accepted in the United States of America (“GAAP”) and require 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 expectations, including considerations relating to changes in the aerospace industry. The impact of these changes, 
including the macroeconomic considerations, remains 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. These may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and 
liabilities at the date of the financial statements. They also may affect the reported amounts of sales and expenses during the 
reporting period. Actual results could differ from those estimates upon subsequent resolution of identified matters. Certain 
amounts in previously issued financial statements were reclassified to conform to the current period presentation.
The Company derived approximately 52%, 49%, and 46% of its revenue from products sold to the commercial aerospace 
market for the years ended December 31, 2024, 2023, and 2022, respectively. Aircraft production in the commercial aerospace 
industry continues to grow based on increases in demand for narrow body and wide body aircraft. We expect our commercial 
aerospace wide body and narrow body demand, including engine spares, also to continue to grow. Quality control issues at The 
Boeing Company (“Boeing”) have had and are expected to continue to have a negative impact on narrow body and wide body 
production rates in the near term. For instance, the Federal Aviation Administration stated that it will not approve production 
rate increases above 38 aircraft per month or additional production lines for the Boeing 737 MAX until it is satisfied that 
Boeing is in full compliance with required quality control procedures. In addition, a labor union work stoppage and ensuing 
production restart at Boeing has negatively impacted results. Boeing production levels have had and are expected to have a 
material impact on the financial performance of Howmet. The timing and level of future aircraft builds by original equipment 
manufacturers are subject to changes and uncertainties, which may cause our future results to differ from prior periods due to 
changes in product mix in certain segments.
Principles of Consolidation. The Consolidated Financial Statements include the accounts of Howmet Aerospace Inc. and 
companies in which Howmet Aerospace Inc. has a controlling interest. Intercompany transactions have been eliminated. 
Investments in affiliates in which Howmet Aerospace Inc. cannot exercise significant influence that do not have readily 
determinable fair values are accounted for at cost less impairment, if any, plus or minus changes resulting from observable price 
changes in orderly transactions for the identical or a similar investment of the same issuer.
Management also evaluates whether a Howmet Aerospace Inc. entity or interest is a variable interest entity and whether 
Howmet Aerospace Inc. is the primary beneficiary. Consolidation is required if both of these criteria are met. Howmet 
Aerospace Inc. does not have any variable interest entities requiring consolidation.
Cash Equivalents. Cash equivalents are highly liquid investments purchased with an original maturity of three months or less.
Inventory Valuation. Inventories are carried at the lower of cost or net realizable value with the cost of inventories determined 
under a combination of the first-in, first-out (“FIFO”), last-in, first-out (“LIFO”) and average-cost methods. LIFO is used for 
inventory valuation for certain of the U.S. locations in the Engine Products, Engineered Structures, and Forged Wheels 
segments, See Note M for further details.
Properties, Plants, and Equipment. Properties, plants, and equipment are recorded at cost. Depreciation is recorded 
principally on the straight-line method at rates based on the estimated useful lives of the assets. 
The following table details the weighted-average useful lives of structures and machinery and equipment by reporting segment 
(numbers in years):
Structures
Machinery and equipment
   Engine Products
28
16
   Fastening Systems
27
17
   Engineered Structures
29
20
   Forged Wheels
27
18
46

Gains or losses from the sale of asset groups or properties are generally recorded in Restructuring and other charges while the 
sale of individual assets are recorded in Other expense, net (see policy below for assets classified as discontinued operations 
and held for sale). Repairs and maintenance are charged to expense as incurred. Interest related to the construction of qualifying 
assets is capitalized as part of the construction costs.
Properties, plants, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the 
carrying amount of such assets (asset group) may not be recoverable. Recoverability of assets is determined by comparing the 
estimated undiscounted net cash flows of the operations related to the assets (asset group) to their carrying amount. 
An impairment loss would be recognized when the carrying amount of the assets (asset group) exceeds the estimated 
undiscounted net cash flows. The amount of the impairment loss to be recorded is measured as the excess of the carrying value 
of the assets (asset group) over their fair value, with fair value determined using the best information available, which generally 
is a discounted cash flow (“DCF”) model. The determination of what constitutes an asset group, the associated estimated 
undiscounted net cash flows, and the estimated useful lives of the assets also require significant judgments. See Note N for 
further details.
Goodwill. Goodwill is not amortized; instead, it is reviewed for impairment annually (in the fourth quarter) or more frequently 
if indicators of impairment exist or if a decision is made to sell or realign a business. A significant amount of judgment is 
involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general 
economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which an entity 
operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash 
flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that 
used to evaluate the impairment of goodwill.
Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment 
or one level below an operating segment. Howmet has four reporting units composed of the Engine Products, Fastening 
Systems, Engineered Structures, and Forged Wheels segments.
Howmet determines annually, based on facts and circumstances, which of its reporting units will be subject to the qualitative 
assessment. Under the qualitative assessment, various events and circumstances (similar to the impairment indicators above) 
that would affect the estimated fair value of a reporting unit are identified to determine if a quantitative assessment should be 
performed. Management also considers the most recent forecasted cash flows and discount rates in determining if the prior fair 
value measurement estimate may be reduced to a level that would indicate impairment is more likely than not and compares the 
weighted average cost of capital (“WACC”) between the current and prior years for each reporting unit. If management 
concludes it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying 
amount, we will proceed directly to the quantitative impairment test. Howmet will periodically refresh a reporting unit’s fair 
value measurement and this is based on a number of factors, including how much fair value exceeded carrying value in the most 
recent quantitative assessment and the reporting unit’s recent performance. Our policy is that a quantitative impairment test be 
performed for each reporting unit at least once during every three-year period. For those reporting units where a qualitative 
assessment is either not performed or for which the conclusion is that an impairment is more likely than not, a quantitative 
impairment test will be performed.
Other Intangible Assets. Intangible assets with indefinite useful lives are not amortized while intangible assets with finite 
useful lives are amortized generally on a straight-line basis over the periods benefited. 
The following table details the weighted-average useful lives of software and other intangible assets by reporting segment 
(numbers in years):
Software
Other intangible assets
   Engine Products
7
33
   Fastening Systems
5
23
   Engineered Structures
3
18
   Forged Wheels
4
25
47

Leases. The Company determines whether a contract contains a lease at inception. The Company leases land and buildings, 
plant equipment, vehicles, and computer equipment which have been classified as operating leases. Certain real estate leases 
include one or more options to renew; the exercise of lease renewal options is at the Company’s discretion. The Company 
includes renewal option periods in the lease term when it is determined that the options are reasonably certain to be exercised. 
Certain of Howmet’s real estate lease agreements include rental payments that either have fixed contractual increases over time 
or adjust periodically for inflation. Certain of the Company’s lease agreements include variable lease payments. The variable 
portion of payments is not included in the initial measurement of the right-of-use asset or lease liability due to the uncertainty of 
the payment amount and is recorded as lease cost in the period incurred. The Company also rents or subleases certain real estate 
to third parties, which is not material to the consolidated financial statements.
Operating lease right-of-use assets and lease liabilities with an initial term greater than 12 months are recorded on the balance 
sheet at the present value of the future minimum lease payments over the lease term at the lease commencement date and are 
recognized as lease expense on a straight-line basis over the lease term. The Company uses an incremental collateralized 
borrowing rate based on the information available at the lease commencement date in determining the present value of future 
payments, as most of its leases do not provide an implicit rate. The operating lease right-of-use assets also include any lease 
prepayments made and are reduced by lease incentives and accrued exit costs.
Environmental Matters. Expenditures for current operations are expensed or capitalized, as appropriate. Expenditures relating 
to existing conditions caused by past operations, which will not contribute to future sales, are expensed. Liabilities are recorded 
when remediation costs are probable and can be reasonably estimated. The liability may include costs such as site 
investigations, consultant fees, feasibility studies, outside contractors, and monitoring expenses. Estimates are generally not 
discounted or reduced by potential claims for recovery. Claims for recovery are recognized when probable and as agreements 
are reached with third parties. The estimates also include costs related to other potentially responsible parties to the extent that 
Howmet has reason to believe such parties will not fully pay their proportionate share. The liability is continuously reviewed 
and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be 
relevant, including changes in technology or regulations.
Litigation and Contingent Liabilities. From time to time, we are involved in various lawsuits, claims, investigations, and 
proceedings. These matters may include speculative claims for substantial or indeterminate amounts of damages. Management 
determines the likelihood of an unfavorable outcome based on many factors, such as the nature of the matter, available defenses 
and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of 
appeals processes, and the outcome of similar historical matters, among others. If an unfavorable outcome is deemed probable 
and the amount of the potential loss can be estimated, the most reasonable loss estimate is recorded. If an unfavorable outcome 
of a matter is deemed probable but the loss is not reasonably estimable, or if an unfavorable outcome is deemed reasonably 
possible, then the matter is disclosed but no liability is recorded. Legal matters are reviewed on a continuous basis to determine 
if there has been a change in management’s judgment regarding the likelihood of an unfavorable outcome or the estimate of a 
potential loss.
Revenue Recognition. The Company's contracts with customers are comprised of acknowledged purchase orders incorporating 
the Company’s standard terms and conditions, or for larger customers, may also generally include terms under negotiated multi-
year agreements. These contracts with customers typically consist of the manufacturing of products which represent single 
performance obligations that are satisfied upon transfer of control of the product to the customer. The Company produces 
fastening systems; seamless rolled rings; investment castings, including airfoils; extruded, machined and formed aircraft parts; 
and forged aluminum commercial vehicle wheels. Transfer of control is assessed based on alternative use of the products we 
produce and our enforceable right to payment for performance to date under the contract terms. Transfer of control and revenue 
recognition generally occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the 
customer and is based on the applicable shipping terms. The shipping terms vary across all businesses and depend on the 
product, the country of origin, and the type of transportation (truck, train, or vessel). An invoice for payment is issued at the 
time of shipment. Our segments set commercial terms on which Howmet sells products to its customers. These terms are 
influenced by industry custom, market conditions, product line (specialty versus commodity products), and other 
considerations.
In certain circumstances, Howmet receives advanced payments from its customers for product to be delivered in future periods. 
These advanced payments are recorded as deferred revenue until the product is delivered and title and risk of loss have passed 
to the customer in accordance with the terms of the contract. Deferred revenue was $60 and $64 as of December 31, 2024 and 
2023, respectively, and is included in Other current liabilities and Other noncurrent liabilities and deferred credits in the 
Consolidated Balance Sheet.
48

Income Taxes. The provision for income taxes is determined using the asset and liability approach of accounting for income 
taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) 
for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences 
expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between 
the financial and tax bases of Howmet’s assets and liabilities and are adjusted for changes in tax rates and tax laws when 
enacted.
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax 
benefit will not be realized. In evaluating the need for a valuation allowance, management considers all potential sources of 
taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections 
of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive 
evidence includes factors such as a history of profitable operations, projections of future profitability within the carryforward 
period, including from tax planning strategies, and Howmet’s experience with similar operations. Existing favorable contracts 
and the ability to sell products into established markets are additional positive evidence. Negative evidence includes items such 
as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of 
a deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded 
may not be realized upon changes in facts and circumstances, resulting in a future charge to establish a valuation allowance. 
Existing valuation allowances are re-examined under the same standards of positive and negative evidence. If it is determined 
that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, 
is released. Deferred tax assets and liabilities are also remeasured to reflect changes in underlying tax rates due to law changes 
and the granting and lapse of tax holidays.
It is Howmet’s policy to apply a tax law ordering approach when considering the need for a valuation allowance on net 
operating losses expected to offset Global Intangible Low-Taxed Income (“GILTI”) inclusions. Under this approach, reductions 
in cash tax savings are not considered as part of the valuation allowance assessment. Instead, future GILTI inclusions are 
considered a source of taxable income that support the realizability of deferred tax assets.
It is Howmet’s policy to treat taxes due from future inclusions in United States (“U.S.”) taxable income related to GILTI as a 
current period expense when incurred.
Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits 
meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively 
settled, which means that the statute of limitations has expired or the appropriate taxing authority has completed their 
examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are 
recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties 
would be applicable under relevant tax law until such time that the related tax benefits are recognized.
Stock-Based Compensation. Howmet recognizes compensation expense for employee equity grants using the non-substantive 
vesting period approach, in which the expense is recognized ratably over the requisite service period based on the grant date fair 
value. Forfeitures are accounted for as they occur. For restricted stock unit awards, the fair value is equivalent to the closing 
market price of Howmet’s common stock on the date of grant. The fair value of performance awards containing a market 
condition is valued using a Monte Carlo valuation model. Determining the fair value at the grant date requires judgment, 
including estimates for the average risk-free interest rate, dividend yield, volatility, and exercise behavior. These assumptions 
may differ significantly between grant dates because of changes in the actual results of these inputs that occur over time.
Foreign Currency. The local currency is the functional currency for Howmet’s significant operations outside the U.S., except 
for certain operations in Canada and the United Kingdom (“U.K.”), where the U.S. dollar is used as the functional currency. 
The determination of the functional currency for Howmet’s operations is made based on the appropriate economic and 
management indicators.
Derivatives and Hedging. Derivatives are held for purposes other than trading and are part of a formally documented risk 
management program. The Company uses commodity derivative financial instruments to manage its economic risk. For interest 
rate exposures, we may use interest rate swaps and cross-currency swaps to effect a fixed rate payment and hedge the variability 
in future payment changes. 
The Company records derivative instruments on its consolidated balance sheets at fair value and evaluates hedge effectiveness 
when electing to apply hedge accounting. When electing to apply hedge accounting, the Company formally documents all 
derivative hedges at inception and the underlying hedged items, as well as the risk management objectives and strategies for 
undertaking the hedge transaction.
49

For derivatives and debt instruments that are designated and qualify for hedge accounting, changes in the fair value are recorded 
in Accumulated other comprehensive income (loss). Derivatives that are designated as cash flow hedges are recorded in 
Accumulated other comprehensive income (loss) and reclassified to the Consolidated Statements of Operations when the effects 
of the item being hedged are recognized in the Consolidated Statements of Operations. The remeasurements of debt instruments 
designated as net investment hedges are recorded in Accumulated other comprehensive income (loss) and will be reclassified to 
earnings only upon the sale or liquidation of the Company’s hedged net investment. Cash flows from derivatives are recognized 
in the Statement of Consolidated Cash Flows in a manner consistent with the underlying transactions.
Acquisitions. Howmet’s business acquisitions are accounted for using the acquisition method. The purchase price is allocated 
to the assets acquired and liabilities assumed based on their estimated fair values. Any excess purchase price over the fair value 
of the net assets acquired is recorded as goodwill. For all acquisitions, operating results are included in the Statement of 
Consolidated Operations from the date of the acquisition.
Discontinued Operations and Assets Held for Sale. For those businesses where management has committed to a plan to 
divest, each business is valued at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount 
of the business exceeds its estimated fair value, an impairment loss is recognized. Fair value is estimated using accepted 
valuation techniques such as a DCF model, valuations performed by third parties, earnings multiples, or indicative bids, when 
available. A number of significant estimates and assumptions are involved in the application of these techniques, including the 
forecasting of markets and market share, sales volumes and prices, costs and expenses, and multiple other factors. Management 
considers historical experience and all available information at the time the estimates are made; however, the fair value that is 
ultimately realized upon the divestiture of a business may differ from the estimated fair value reflected in the Consolidated 
Financial Statements. Depreciation and amortization expense is not recorded on assets of a business to be divested once they are 
classified as held for sale. Businesses to be divested are generally classified in the Consolidated Financial Statements as either 
discontinued operations or held for sale.
For businesses classified as discontinued operations, the balance sheet amounts and results of operations are reclassified from 
their historical presentation to assets and liabilities of discontinued operations on the Consolidated Balance Sheet and to 
discontinued operations on the Statement of Consolidated Operations, respectively, for all periods presented. The gains or 
losses associated with these divested businesses are recorded in discontinued operations on the Statement of Consolidated 
Operations. The Statement of Consolidated Cash Flows is not required to be reclassified for discontinued operations for any 
period. Segment information does not include the assets or operating results of businesses classified as discontinued operations 
for all periods presented. These businesses are expected to be disposed of within one year.
For businesses classified as held for sale that do not qualify for discontinued operations treatment, the balance sheet and cash 
flow amounts are reclassified from their historical presentation to assets and liabilities of operations held for sale for all periods 
presented. The results of operations continue to be reported in continuing operations. The gains or losses associated with these 
divested businesses are recorded in Restructuring and other charges on the Statement of Consolidated Operations. The segment 
information includes the assets and operating results of businesses classified as held for sale for all periods presented.
B. Recently Adopted and Recently Issued Accounting Guidance
Recently Adopted Accounting Guidance.
In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance disclosures related to 
significant segment expenses and other matters related to reportable segments. These changes become effective for fiscal years 
beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption 
of this new disclosure is reflected in Note C of the Consolidated Financial Statements.
In September 2022, the FASB issued guidance to enhance the transparency of disclosures regarding supplier finance programs. 
These changes became effective for fiscal years beginning after December 15, 2022, including interim periods within those 
fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 
15, 2023. The adoption of this new disclosure is reflected in Note S of the Consolidated Financial Statements.
Recently Issued Accounting Guidance.
In November 2024, the FASB issued guidance to improve disclosures about an entity’s expenses including more detailed 
information about the components of expenses in commonly presented expense captions. These changes become effective for 
fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. 
Management is currently evaluating the impact of these changes on the Consolidated Financial Statements.
In December 2023, the FASB issued guidance to enhance the transparency of income tax disclosures including additional 
details on the rate reconciliation and taxes paid by jurisdiction. These changes become effective for fiscal years beginning after 
December 15, 2024. Management is currently evaluating the impact of these changes on the Consolidated Financial Statements.
50

C. Segment and Geographic Area 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 markets. Segment performance under Howmet’s management reporting 
system is evaluated based on Segment Adjusted EBITDA. The Company’s Chief Executive Officer, who has been determined 
to be our Chief Operating Decision Maker (“CODM”), believes that Segment Adjusted EBITDA provides information with 
respect to the Company’s operating performance and the Company’s ability to meet its financial obligations. Howmet’s 
definition of Segment Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an 
add-back for depreciation and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; 
Selling, general administrative, and other expenses; Research and development (“R&D”) expenses; and Provision for 
depreciation and amortization. Special items, including Restructuring and other charges, are excluded from net margin and 
Segment Adjusted EBITDA. The Company’s CODM considers forecast-to-actual variances for Segment Adjusted EBITDA 
when allocating resources across the Company’s reportable segments. Segment Adjusted EBITDA may not be comparable to 
similarly titled measures of other companies. Differences between the total segment and consolidated totals 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 turbine applications. 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. Fastening 
Systems’ products are also critical components of commercial transportation vehicles, and construction, industrial, and 
renewable energy equipment.
Engineered Structures
Engineered Structures produces titanium ingots and mill products for aerospace and defense applications and is vertically 
integrated to produce titanium forgings, titanium extrusions, 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 
market.
51

The operating results and assets of the Company's reportable segments were as follows:
Year ended
Engine 
Products
Fastening 
Systems
Engineered 
Structures
Forged 
Wheels
Total
Segment
2024
Sales:
Third-party sales
$ 
3,735 
$ 
1,576 
$ 
1,065 
$ 
1,054 
$ 
7,430 
Inter-segment sales
 
7 
 
1 
 
10 
 
— 
 
18 
Total sales
$ 
3,742 
$ 
1,577 
$ 
1,075 
$ 
1,054 
$ 
7,448 
Expenses:
Segment Adjusted cost of goods sold(1)
$ 
2,495 
$ 
1,061 
$ 
873 
$ 
724 
$ 
5,153 
   Other segment items(2)
 
97 
 
110 
 
36 
 
43 
 
286 
Profit and loss:
Segment Adjusted EBITDA
$ 
1,150 
$ 
406 
$ 
166 
$ 
287 
$ 
2,009 
Restructuring and other charges
 
1 
 
5 
 
12 
 
1 
 
19 
Provision for depreciation and amortization
 
139 
 
47 
 
42 
 
42 
 
270 
Other:
Capital expenditures
$ 
219 
$ 
26 
$ 
20 
$ 
45 
$ 
310 
Total assets
 
5,145 
 
2,711 
 
1,355 
 
701 
 
9,912 
2023
Sales:
Third-party sales
$ 
3,266 
$ 
1,349 
$ 
878 
$ 
1,147 
$ 
6,640 
Inter-segment sales
 
13 
 
— 
 
3 
 
— 
 
16 
Total sales
$ 
3,279 
$ 
1,349 
$ 
881 
$ 
1,147 
$ 
6,656 
Expenses:
Segment Adjusted cost of goods sold(1)
$ 
2,295 
$ 
959 
$ 
720 
$ 
796 
$ 
4,770 
   Other segment items(2)
 
97 
 
112 
 
48 
 
42 
 
299 
Profit and loss:
Segment Adjusted EBITDA
$ 
887 
$ 
278 
$ 
113 
$ 
309 
$ 
1,587 
Restructuring and other (credits) charges
 
(2)  
1 
 
21 
 
— 
 
20 
Provision for depreciation and amortization
 
130 
 
46 
 
47 
 
39 
 
262 
Other:
Capital expenditures
$ 
112 
$ 
31 
$ 
26 
$ 
36 
$ 
205 
Total assets
 
4,926 
 
2,749 
 
1,415 
 
724 
 
9,814 
2022
Sales:
Third-party sales
$ 
2,698 
$ 
1,117 
$ 
790 
$ 
1,058 
$ 
5,663 
Inter-segment sales
 
4 
 
— 
 
6 
 
— 
 
10 
Total sales
$ 
2,702 
$ 
1,117 
$ 
796 
$ 
1,058 
$ 
5,673 
Expenses:
Segment Adjusted cost of goods sold(1)
$ 
1,881 
$ 
782 
$ 
644 
$ 
745 
$ 
4,052 
   Other segment items(2)
 
92 
 
101 
 
41 
 
35 
 
269 
Profit and loss:
Segment Adjusted EBITDA
$ 
729 
$ 
234 
$ 
111 
$ 
278 
$ 
1,352 
Restructuring and other charges
 
29 
 
8 
 
7 
 
2 
 
46 
Provision for depreciation and amortization
 
125 
 
45 
 
48 
 
40 
 
258 
52

Other:
Capital expenditures
$ 
94 
$ 
39 
$ 
17 
$ 
28 
$ 
178 
Total assets
 
4,784 
 
2,661 
 
1,273 
 
701 
 
9,419 
(1)  
Segment Adjusted cost of goods sold is exclusive of Provision for depreciation and amortization, Restructuring and 
other charges, and Corporate expenses.
(2)  
Other segment items includes Selling, general administrative, and other expenses, and Research and development 
expenses; exclusive of Provision for depreciation and amortization, and Restructuring and other charges. 
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 the total segment and 
consolidated totals are in Corporate, including the impact of changes in accrued capital expenditures during the period.
For the year ended December 31,
2024
2023
2022
Total segment capital expenditures
$ 
310 
$ 
205 
$ 
178 
Corporate
 
11 
 
14 
 
15 
Capital expenditures
$ 
321 
$ 
219 
$ 
193 
The following tables reconcile certain segment information to consolidated totals. Differences between the total segment and 
consolidated totals are in Corporate.
For the year ended December 31,
2024
2023
2022
Total Segment Adjusted EBITDA
$ 
2,009 
$ 
1,587 
$ 
1,352 
Segment provision for depreciation and amortization
 
(270)  
(262)  
(258) 
Unallocated amounts:
Restructuring and other charges (D)
 
(21)  
(23)  
(56) 
Corporate expense
 
(85)  
(99)  
(119) 
Operating income
$ 
1,633 
$ 
1,203 
$ 
919 
Loss on debt redemption
 
(6)  
(2)  
(2) 
Interest expense, net
 
(182)  
(218)  
(229) 
Other expense, net (F)
 
(62)  
(8)  
(82) 
Income before income taxes
$ 
1,383 
$ 
975 
$ 
606 
December 31,
2024
2023
Assets:
Total segment assets
$ 
9,912 
$ 
9,814 
Unallocated amounts:
Cash and cash equivalents
 
564 
 
610 
Deferred income taxes
 
36 
 
46 
Corporate fixed assets, net
 
83 
 
83 
Fair value of derivative contracts
 
4 
 
— 
Accounts receivable securitization
 
(250)  
(250) 
Other
 
170 
 
125 
Consolidated assets
$ 
10,519 
$ 
10,428 
Segment assets include third-party receivables while the accounts receivable securitization item includes the impact of sold 
receivables under the Company’s Accounts Receivable securitization programs. See Note L for further details. 
53

Geographic information for sales was as follows (based upon the destination of the sale):
For the year ended December 31,
2024
2023
2022
Sales:
United States
$ 
3,713 
$ 
3,273 
$ 
2,928 
France
 
678 
 
578 
 
394 
Germany
 
458 
 
363 
 
292 
Japan
 
355 
 
378 
 
319 
United Kingdom
 
350 
 
283 
 
228 
Italy
 
287 
 
220 
 
180 
Mexico
 
220 
 
263 
 
235 
Canada
 
174 
 
145 
 
138 
Poland
 
152 
 
130 
 
96 
China
 
103 
 
98 
 
111 
Other
 
940 
 
909 
 
742 
$ 
7,430 
$ 
6,640 
$ 
5,663 
Geographic information for long-lived tangible assets was as follows (based upon the physical location of the assets):
December 31,
2024
2023
Long-lived assets:
United States
$ 
1,864 
$ 
1,760 
Hungary
 
199 
 
200 
United Kingdom
 
121 
 
120 
France
 
112 
 
121 
Mexico
 
68 
 
71 
Germany
 
54 
 
58 
China
 
41 
 
46 
Other
 
82 
 
80 
 
$ 
2,541 
$ 
2,456 
54

The following table disaggregates segment revenue by major market served. Differences between the total segment and 
consolidated totals are in Corporate.
Engine 
Products
Fastening 
Systems
Engineered 
Structures
Forged 
Wheels
Total
Segment
Year ended December 31, 2024
Aerospace - Commercial
$ 
2,091 $ 
1,006 $ 
774 $ 
— $ 
3,871 
Aerospace - Defense 
 
766  
162  
236  
—  
1,164 
Commercial Transportation
 
—  
254  
—  
1,054  
1,308 
Industrial and Other
 
878  
154  
55  
—  
1,087 
Total end-market revenue
$ 
3,735 $ 
1,576 $ 
1,065 $ 
1,054 $ 
7,430 
Year ended December 31, 2023
Aerospace - Commercial
$ 
1,798 $ 
790 $ 
641 $ 
— $ 
3,229 
Aerospace - Defense 
 
670  
173  
172  
—  
1,015 
Commercial Transportation
 
—  
255  
—  
1,147  
1,402 
Industrial and Other
 
798  
131  
65  
—  
994 
Total end-market revenue
$ 
3,266 $ 
1,349 $ 
878 $ 
1,147 $ 
6,640 
Year ended December 31, 2022
Aerospace - Commercial
$ 
1,495 $ 
616 $ 
495 $ 
— $ 
2,606 
Aerospace - Defense 
 
526  
158  
239  
—  
923 
Commercial Transportation
 
—  
225  
—  
1,058  
1,283 
Industrial and Other
 
677  
118  
56  
—  
851 
Total end-market revenue
$ 
2,698 $ 
1,117 $ 
790 $ 
1,058 $ 
5,663 
The Company derived 68%, 64%, and 62% of its revenue from the aerospace (commercial and defense) markets for the years 
ended December 31, 2024, 2023, and 2022, respectively.
On April 2, 2024, General Electric Company, one of our largest customers, completed the spin-off of its energy-focused 
business into GE Vernova, a new publicly traded company. Since then, General Electric Company operates as GE Aerospace. 
RTX Corporation and GE Aerospace each represented approximately 10% of the Company’s third-party sales for the year 
ended December 31, 2024. These sales were primarily from the Engine Products segment.
D. Restructuring and Other Charges
Restructuring and other charges were comprised of the following:
For the year ended December 31,
2024
2023
2022
Layoff costs
$ 
10 
$ 
3 
$ 
— 
Net reversals of previously recorded layoff reserves
 
(3)  
(1)  
(1) 
Pension and other post-retirement benefits - net settlements (G)
 
— 
 
5 
 
58 
Non-cash asset impairments and accelerated depreciation
 
2 
 
14 
 
1 
Net losses (gains) related to divestitures of assets and businesses (T)
 
12 
 
(1)  
(8) 
Other
 
— 
 
3 
 
6 
Total restructuring and other charges
$ 
21 
$ 
23 
$ 
56 
Layoff costs were recorded based on approved, detailed action plans submitted by the operating locations that specified 
positions to be eliminated, benefits to be paid under existing severance plans, union contracts, or statutory requirements and the 
expected timetable for completion of the plans.
2024 Actions. In 2024, Howmet recorded Restructuring and other charges of $21, which were primarily due to a net loss on the 
sale of a small U.K. manufacturing facility in Engineered Structures of $13, a $10 charge for layoff costs, including the 
separation of 431 employees (283 in Fastening Systems, 111 in Engineered Structures and 37 in Forged Wheels), and  
accelerated depreciation, of $2, partially offset by the reversal of $3 for layoff reserves in Engineered Structures related to prior 
periods and a gain on the sale of assets at a small U.K. manufacturing facility in Engine Products of $1.
55

As of December 31, 2024, 355 employees of the 431 employees were separated. The remaining separations for the 2024 
restructuring programs are expected to be completed in 2025.
2023 Actions. In 2023, Howmet recorded Restructuring and other charges of $23, which included a $12 charge for impairment 
of assets primarily related to decommissioned fixed assets in Engineered Structures; a $5 charge for U.S. and Canadian pension 
plans’ settlement accounting; a $3 charge for layoff costs, including the separation of 63 employees in Engineered Structures; a 
$3 charge for various other exit costs primarily for the closures of small manufacturing facilities and a $2 charge for accelerated 
depreciation primarily related to the closure of a small Engineered Structures facility in the U.K. These charges were partially 
offset by a gain of $1 on the sale of assets at a U.S. Engineered Structures facility and a benefit of $1 related to the reversal of 
layoff reserves related to prior periods.
As of December 31, 2024, actions related to the 2023 restructuring programs were complete.
2022 Actions. In 2022, Howmet recorded Restructuring and other charges of $56, which included a $58 charge for U.S. and 
U.K. pension plans’ settlement accounting; a $6 charge for various other exit costs; and a $1 charge for accelerated depreciation 
primarily related to the closure of small U.S. manufacturing facilities in Engineered Structures. These charges were partially 
offset by a gain of $8 on the sale of assets at a small U.S. manufacturing facility in Engine Products and a benefit of $1 related 
to the reversal of a number of layoff reserves related to prior periods. 
As of December 31, 2024, actions related to the 2022 restructuring programs were complete.
Activity and reserve balances for restructuring charges were as follows:
Layoff
costs
Other
exit costs
Total
Reserve balances at December 31, 2021
$ 
17 
$ 
2 
$ 
19 
2022 Activity
Cash payments
 
(9)  
(7)  
(16) 
Restructuring and other charges
 
56 
 
— 
 
56 
Other(1)
 
(58)  
7 
 
(51) 
Reserve balances at December 31, 2022
$ 
6 
$ 
2 
$ 
8 
2023 Activity
Cash payments
$ 
(3) $ 
(3) $ 
(6) 
Restructuring and other charges
 
7 
 
16 
 
23 
Other(2)
 
(5)  
(13)  
(18) 
Reserve balances at December 31, 2023
$ 
5 
$ 
2 
$ 
7 
2024 Activity
Cash payments
$ 
(8) $ 
(2) $ 
(10) 
Restructuring and other charges
 
7 
 
14 
 
21 
Other(3)
 
— 
 
(14)  
(14) 
Reserve balances at December 31, 2024
$ 
4 
$ 
— 
$ 
4 
(1)
In 2022, other for layoff costs included $58 in settlement accounting charges related to U.S. and U.K. pension plans; 
while other for other exit costs included a gain of $8 on the sale of assets, which was offset by a $1 charge for 
accelerated depreciation.
(2)
In 2023, other for layoff costs included $5 in settlement accounting charges related to U.S. and Canadian pension 
plans; while other for other exit costs included charges of $12 related to the impairment of assets and a $2 charge for 
accelerated depreciation which was offset by a gain of $1 on the sale of assets.
(3)
In 2024, other for other exit costs included a net loss of $13 on the sale of a small U.K. manufacturing facility and a 
charge of $2 for accelerated depreciation, partially offset by a gain on the sale of assets at a small U.K. manufacturing 
facility in Engine Products of $1.
The remaining reserves as of December 31, 2024 are expected to be paid in cash during 2025.
56

E. Interest Cost Components
For the year ended December 31,
2024
2023
2022
Amount charged to interest expense, net
$ 
182 
$ 
218 
$ 
229 
Loss on debt redemption (Q)
 
6 
 
2 
 
2 
Amount capitalized
 
7 
 
6 
 
6 
 Total interest cost
$ 
195 
$ 
226 
$ 
237 
F. Other Expense, Net 
For the year ended December 31,
2024
2023
2022
Non-service costs - pension and other postretirement benefits (G)
$ 
29 
$ 
29 
$ 
16 
Interest income
 
(20)  
(23)  
(6) 
Foreign currency losses (gains), net
 
13 
 
(2)  
(1) 
Net realized and unrealized losses(1)
 
25 
 
22 
 
18 
Deferred compensation
 
15 
 
10 
 
(8) 
Legal proceeding(2) 
 
— 
 
(25)  
65 
Other, net 
 
— 
 
(3)  
(2) 
Total other expense, net
$ 
62 
$ 
8 
$ 
82 
(1) 
In all periods presented, Net realized and unrealized losses primarily includes costs associated with sales under the 
Company’s accounts receivables securitization arrangement and sales of other customer receivables (See Note L).
(2) 
In 2023, due to the final settlement of the Lehman Brothers International (Europe) legal proceeding (See Note U), 
Legal proceeding included the reversal of $25, net of legal fees of $1, of the $65 pre-tax charge taken in 2022.
G. Pension and Other Postretirement Benefits
Howmet maintains pension plans covering U.S. employees and certain employees in foreign locations. Defined pension benefits 
generally depend on length of service and job grade. The majority of benefits are paid through pension trusts that are 
sufficiently funded to ensure that all plans can pay benefits to retirees as they become due. Most salaried and non-bargaining 
hourly U.S. employees hired after March 1, 2006 participate in a defined contribution plan instead of a defined benefit plan.
Howmet also maintains health care and life insurance postretirement benefit plans covering eligible U.S. retired employees. 
Generally, the medical plans are unfunded and pay a percentage of medical expenses, reduced by deductibles and other 
coverage. Life benefits are generally provided by insurance contracts. Howmet retains the right, subject to existing agreements, 
to change or eliminate these benefits. Effective May 1, 2019, salaried and non-bargaining hourly U.S. employees and retirees 
are not eligible for postretirement life insurance benefits. Effective July 1, 2024, salaried and non-bargaining hourly U.S. 
employees are not eligible for any postretirement medical benefits.
In 2023 and 2022, the Company applied settlement accounting to certain U.S., U.K., and Canadian pension plans due to lump 
sum payments to participants, which resulted in settlement charges of $2 and $17, respectively, that were recorded in 
Restructuring and other charges.
In May and July 2023, Howmet entered into new collective bargaining agreements with the United Autoworkers and United 
Steel Workers, respectively. These agreements amended the existing health and welfare plans, resulting in an adjustment to the 
Company’s Accrued other postretirement benefits liability of $10, which was offset in Accumulated other comprehensive loss.
In June 2023, the Company undertook additional actions to reduce U.S. gross pension obligations by $19 by purchasing group 
annuity contracts with a third-party carrier to pay and administer future annuity payments. These actions resulted in a settlement 
charge of $3 and were recorded in Restructuring and other charges in the second quarter ended June 30, 2023 in the Statement 
of Consolidated Operations. The funded status of the plans have not been significantly impacted. 
In 2022, a certain U.S. pension plan attained funding levels that allowed full lump sum payments. These payments resulted in 
settlement charges of $41 that were recorded in Restructuring and other charges in the Statement of Consolidated Operations.
In December 2022, the Canadian pension plan was amended to provide for termination of the plan. As a result, the Company 
recognized a reduction of $2 in the pension benefit obligation through curtailment, which was offset in Accumulated other 
comprehensive loss in the Consolidated Balance Sheet. The wind-up efforts and satisfaction of all plan liabilities are expected 
to be completed in 2025.
57

Obligations and Funded Status
 
Pension benefits
Other
postretirement benefits
December 31,
2024
2023
2024
2023
Change in benefit obligation
Benefit obligation at beginning of year
$ 
1,592 
$ 
1,599 $ 
103 
$ 
120 
Service cost
 
3 
 
3  
1 
 
1 
Interest cost
 
75 
 
80  
5 
 
7 
Amendments
 
— 
 
—  
(2)  
(10) 
Actuarial (gains) losses(1)
 
(58)  
50  
(36)  
(1) 
Settlements
 
— 
 
(31)  
— 
 
— 
Benefits paid
 
(112)  
(118)  
(11)  
(14) 
Foreign currency translation impact
 
(4)  
9  
— 
 
— 
Benefit obligation at end of year(2)
$ 
1,496 
$ 
1,592 $ 
60 
$ 
103 
Change in plan assets(2)
Fair value of plan assets at beginning of year
$ 
925 
$ 
970 $ 
— 
$ 
— 
Actual (loss) return on plan assets
 
(8)  
57  
— 
 
— 
Employer contributions
 
79 
 
36  
— 
 
— 
Benefits paid
 
(95)  
(101)  
— 
 
— 
Administrative expenses
 
(12)  
(13)  
— 
 
— 
Settlement payments
 
— 
 
(32)  
— 
 
— 
Foreign currency translation impact
 
(3)  
8  
— 
 
— 
Fair value of plan assets at end of year(2)
$ 
886 
$ 
925 $ 
— 
$ 
— 
Funded status
$ 
(610) $ 
(667) $ 
(60) $ 
(103) 
Amounts recognized in the Consolidated Balance 
Sheet consist of:
Noncurrent assets
$ 
31 
$ 
13 $ 
— 
$ 
— 
Current liabilities
 
(16)  
(16)  
(6)  
(11) 
Noncurrent liabilities
 
(625)  
(664)  
(54)  
(92) 
Net amount recognized
$ 
(610) $ 
(667) $ 
(60) $ 
(103) 
Amounts recognized in Accumulated Other 
Comprehensive Loss consist of:
Net actuarial loss (gain)
$ 
956 
$ 
960 $ 
(59) $ 
(26) 
Prior service cost (benefit)
 
2 
 
2  
(33)  
(41) 
Net amount recognized, before tax effect
$ 
958 
$ 
962 $ 
(92) $ 
(67) 
Other changes in plan assets and benefit obligations 
recognized in Other Comprehensive Loss consist of:
Net actuarial cost (benefit)
$ 
28 
$ 
86 $ 
(36) $ 
(1) 
Amortization of accumulated net actuarial (loss) benefit  
(32)  
(33)  
3 
 
3 
Prior service benefit
 
— 
 
—  
(2)  
(10) 
Amortization of prior service benefit
 
— 
 
—  
10 
 
9 
Net amount recognized, before tax effect
$ 
(4) $ 
53 $ 
(25) $ 
1 
(1)
As of December 31, 2024, the actuarial gains impacting the benefit obligation were primarily due to changes in the 
discount rate, partially offset by asset returns being lower than expected. At December 31, 2023, the actuarial losses 
impacting the benefit obligation were primarily due to changes in the discount rate as well as asset returns being lower 
than expected.
(2)
As of December 31, 2024, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans 
were $1,356, $739, and $(617), respectively. As of December 31, 2023, the benefit obligation, fair value of plan assets, 
and funded status for U.S. pension plans were $1,434, $780, and $(654), respectively.
58

Pension Plan Benefit Obligations
 
Pension benefits
  
2024
2023
The projected benefit obligation and accumulated benefit obligation for all defined benefit 
pension plans were as follows:
Projected benefit obligation
$ 
1,496 
$ 
1,592 
Accumulated benefit obligation
 
1,495 
 
1,591 
The aggregate projected benefit obligation and fair value of plan assets for pension plans 
with projected benefit obligations in excess of plan assets were as follows:
Projected benefit obligation
 
1,380 
 
1,459 
Fair value of plan assets
 
739 
 
780 
The aggregate accumulated benefit obligation and fair value of plan assets for pension plans 
with accumulated benefit obligations in excess of plan assets were as follows:
Accumulated benefit obligation
 
1,379 
 
1,459 
Fair value of plan assets
 
739 
 
780 
Components of Net Periodic Benefit Cost
 
Pension benefits(1)
Other postretirement benefits
For the year ended December 31,
2024
2023
2022
2024
2023
2022
Service cost
$ 
3 
$ 
3 
$ 
4 $ 
1 
$ 
1 
$ 
2 
Interest cost
 
75 
 
80 
 
51  
5 
 
7 
 
4 
Expected return on plan assets
 
(70)  
(74)  
(80)  
— 
 
— 
 
— 
Recognized net actuarial loss (gain)
 
32 
 
28 
 
49  
(3)  
(3)  
1 
Amortization of prior service benefit
 
— 
 
— 
 
—  
(10)  
(9)  
(9) 
Settlements(2)
 
— 
 
5 
 
58  
— 
 
— 
 
— 
Net periodic benefit cost(3)
$ 
40 
$ 
42 
$ 
82 $ 
(7) $ 
(4) $ 
(2) 
(1)
In 2024, 2023, and 2022, net periodic benefit cost for U.S. pension plans was $40, $40, and $79, respectively.
(2)
In 2023, settlements were related to U.S. and Canadian actions including an annuity buyout and lump sum benefit 
payments. In 2022, settlements were related to U.S. and U.K. lump sum benefit payments. 
(3)
Service cost was included within Cost of goods sold and Selling, general administrative, and other expenses; 
settlements were included in Restructuring and other charges; all other cost components were recorded in Other 
expense, net in the Statement of Consolidated Operations.
Assumptions
Weighted average assumptions used to determine benefit obligations for pension and other postretirement benefit plans were as 
follows:
December 31,
2024
2023
Discount rate
 5.60 %
 5.10 %
Cash balance plan interest crediting rate
 3.00 %
 3.00 %
The U.S. discount rate is determined using a Company-specific yield curve model (above-median) developed with the 
assistance of an external actuary, while both the U.K. and Canada utilize models developed internally by their respective 
actuary. The cash flows of the plans’ projected benefit obligations are discounted using a single equivalent rate derived from 
yields on high quality corporate bonds, which represent a broad diversification of issuers in various sectors, including finance 
and banking, industrials, transportation, and utilities, among others. The yield curve models parallel the plans’ projected cash 
flows, which have a global average duration of 9 years. The underlying cash flows of the bonds included in the models exceed 
the cash flows needed to satisfy the Company’s plans’ obligations multiple times. 
Benefit accruals for future compensation under the Company’s major salaried and non-bargained hourly defined benefit 
pension plans have ceased. The rate of compensation increase no longer impacts the determination of the benefit obligation. 
59

Weighted average assumptions used to determine net periodic benefit cost for pension and other postretirement benefit plans 
were as follows:
2024
2023
2022
Discount rate to calculate service cost(1)
 5.10 %
 5.50 %
 2.80 %
Discount rate to calculate interest cost(1)
 4.90 %
 5.30 %
 2.50 %
Expected long-term rate of return on plan assets
 6.70 %
 6.70 %
 6.70 %
Cash balance plan interest crediting rate
 3.00 %
 3.00 %
 3.00 %
(1)
In all periods presented, the respective global discount rates were used to determine net periodic benefit cost for most 
pension plans for the full annual period. The discount rates for certain plans were updated during 2024, 2023, and 2022 
to reflect the remeasurement of these plans due to amendments, settlements, and/or curtailments. The weighted-
average rates reflecting these remeasurements does not significantly differ from the rates presented.
The expected long-term rate of return on plan assets (“EROA”) is generally applied to a five-year market-related value of plan 
assets. The process used by management to develop this assumption is one that relies on a combination of historical asset return 
information and forward-looking returns by asset class. As it relates to historical asset return information, management focuses 
on various historical moving averages when developing this assumption. While consideration is given to recent performance 
and historical returns, the assumption represents a long-term, prospective return. Management also incorporates expected future 
returns on current and planned asset allocations using information from various external investment managers and consultants, 
as well as management’s own judgment.
For 2025, management anticipates that approximately 7% will continue to be the expected long-term rate of return for global 
plan assets. EROA assumptions are developed by country. Annual changes in the weighted average EROA are impacted by the 
relative size of the assets by country.
For 2024, 2023, and 2022, the U.S. expected long-term rate of return used by management was based on the prevailing and 
planned strategic asset allocations, as well as estimates of future returns by asset class. These rates were within the respective 
range of the 20-year moving average of actual performance and the expected future returns developed by asset class. 
Assumed health care cost trend rates for U.S. other postretirement benefit plans were as follows:
2024
2023
2022
Health care cost trend rate assumed for next year
 5.50 %
 5.50 %
 5.50 %
Rate to which the cost trend rate gradually declines
 4.50 %
 4.50 %
 4.50 %
Year that the rate reaches the rate at which it is assumed to remain
2027
2026
2025
The assumed health care cost trend rate is used to measure the expected cost of gross eligible charges covered by Howmet’s 
other postretirement benefit plans. For 2025, a 5.50% trend rate will be used, reflecting management’s best estimate of the 
change in future health care costs covered by the plans. The plans’ actual annual health care cost trend experience over the past 
three years has ranged from (0.40)% to 1.50%. Management’s best estimate considering actual and expected annual health care 
costs is to maintain the 5.50% trend rate as indicative of expected increases for future health care costs over the long-term.
Plan Assets
Howmet’s pension plans’ investment policy as of December 31, 2024 by asset class, were as follows:
Asset class
Policy range(1)
Equities
20–55%
Fixed income
25–55%
Other investments
15–35%
(1)
Policy range is for U.S. plan assets only, as both the U.K. and Canadian asset investment allocations are controlled by 
a third-party trustee with input from Howmet.
60

The principal objectives underlying the investment of the pension plans’ assets are to ensure that Howmet can properly fund 
benefit obligations as they become due under a broad range of potential economic and financial scenarios, maximize the long-
term investment return with an acceptable level of risk based on such obligations, and broadly diversify investments across and 
within various asset classes to protect asset values against adverse movements. Specific objectives for long-term investment 
strategy include reducing the volatility of pension assets relative to pension liabilities and attaining and maintaining a 
sufficiently funded status. The use of derivative instruments is permitted where appropriate and necessary for achieving overall 
investment policy objectives. The investment strategy uses long duration bonds and derivative instruments to offset a portion of 
the interest rate sensitivity of U.S. pension liabilities. Exposure to broad equity risk is decreased and diversified through 
investments in hedge funds, private equity, private credit, private real estate, high-yield bonds, global and emerging market 
debt, and global and emerging market equities. Investments are further diversified by strategy, asset class, geography, and 
sector to enhance returns and mitigate downside risk. A large number of external investment managers are used to gain broad 
exposure to the financial markets and to mitigate manager-concentration risk.
Investment practices comply with the requirements of the Employee Retirement Income Security Act (“ERISA”) and other 
applicable laws and regulations.
The following section describes the valuation methodologies used to measure the fair value of pension plan assets, including an 
indication of the level in the fair value hierarchy in which each type of asset is generally classified (See Note R for the 
definition of fair value and a description of the fair value hierarchy).
Equities. These securities consist of: (i) direct investments in the stock of publicly traded U.S. and non-U.S. companies that are 
valued based on the closing price reported in an active market on which the individual securities are traded (generally classified 
in Level 1); (ii) the plans’ share of commingled funds that are invested in the stock of publicly traded companies and are valued 
at the net asset value of shares held at December 31 (included in Level 1 and Level 2); and (iii) direct investments in long/short 
equity hedge funds and private equity (limited partnerships and venture capital partnerships) that are valued at net asset value.
Fixed income. These securities consist of: (i) U.S. government debt that are generally valued using quoted prices (included in 
Level 1); (ii) cash and cash equivalents invested in publicly-traded funds and are valued based on the closing price reported in 
an active market on which the individual securities are traded (generally classified in Level 1); (iii) publicly traded U.S. and 
non-U.S. fixed interest obligations (principally corporate bonds and debentures) and are valued through consultation and 
evaluation with brokers in the institutional market using quoted prices and other observable market data (included in Level 2); 
(iv) fixed income derivatives that are generally valued using industry standard models with market-based observable inputs 
(included in Level 2); and (v) cash and cash equivalents invested in institutional funds and are valued at net asset value.
Other investments. These investments include, among others: (i) real estate investment trusts that are valued based on the 
quoted prices and other observable market data (included in Level 2) and (ii) direct investments of discretionary and systematic 
macro hedge funds and private real estate (includes limited partnerships) that are valued at net asset value.
The fair value methods described above may not be indicative of net realizable value or reflective of future fair values. 
Additionally, while Howmet believes the valuation methods used by the plans’ trustees are appropriate and consistent with 
other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial 
instruments could result in a different fair value measurement at the reporting date.
61

The following table presents the fair value of pension plan assets classified under the appropriate level of the fair value 
hierarchy or net asset value:
December 31, 2024
Level 1
Level 2
Net Asset Value
Total
Equities:
Equity securities
$ 
1 
$ 
130 
$ 
300 
$ 
431 
Long/short equity hedge funds
 
— 
 
— 
 
20 
 
20 
Private equity
 
— 
 
— 
 
112 
 
112 
$ 
1 
$ 
130 
$ 
432 
$ 
563 
Fixed income:
Intermediate and long duration government/credit
$ 
71 
$ 
57 
$ 
— 
$ 
128 
Other
 
18 
 
66 
 
— 
 
84 
 
$ 
89 
$ 
123 
$ 
— 
$ 
212 
Other investments:
Real estate
$ 
— 
$ 
1 
$ 
54 
$ 
55 
Discretionary and systematic macro hedge funds
 
— 
 
— 
 
40 
 
40 
Other
 
— 
 
— 
 
5 
 
5 
 
$ 
— 
$ 
1 
$ 
99 
$ 
100 
Net plan assets(1)
$ 
90 
$ 
254 
$ 
531 
$ 
875 
December 31, 2023
Level 1
Level 2
Net Asset Value
Total
Equities:
Equity securities
$ 
— 
$ 
85 
$ 
225 
$ 
310 
Long/short equity hedge funds
 
— 
 
— 
 
18 
 
18 
Private equity
 
— 
 
— 
 
108 
 
108 
$ 
— 
$ 
85 
$ 
351 
$ 
436 
Fixed income:
Intermediate and long duration government/credit
$ 
199 
$ 
151 
$ 
— 
$ 
350 
Other
 
6 
 
63 
 
— 
 
69 
 
$ 
205 
$ 
214 
$ 
— 
$ 
419 
Other investments:
Real estate
$ 
— 
$ 
5 
$ 
68 
$ 
73 
Discretionary and systematic macro hedge funds
 
— 
 
— 
 
29 
 
29 
Other
 
— 
 
— 
 
3 
 
3 
 
$ 
— 
$ 
5 
$ 
100 
$ 
105 
Net plan assets(2)
$ 
205 
$ 
304 
$ 
451 
$ 
960 
(1)
As of December 31, 2024, the total fair value of pension plans’ assets excludes a net receivable of $11, which 
represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments.
(2)
As of December 31, 2023, the total fair value of pension plans’ assets excludes a net payable of $35, which represents 
securities purchased and sold but not yet settled offset by interest and dividends earned on various investments.
Funding and Cash Flows
It is Howmet’s policy to fund amounts for pension plans sufficient to meet the minimum requirements set forth in the benefits 
laws and tax laws of the applicable country. Periodically, Howmet contributes additional amounts as deemed appropriate. In 
2024 and 2023, cash contributions to Howmet’s pension plans were $79 and $36, respectively.
The contributions to the Company’s pension plans in 2025 are estimated to be $60 (of which $44 is for U.S. plans).
62

Benefit payments expected to be paid to pension and other postretirement benefit plans’ participants utilizing the current 
assumptions outlined above are as follows:
For the year ended December 31,
Pension
benefits
Other post-
retirement
benefits
2025
$ 
138 
$ 
6 
2026
 
133 
 
6 
2027
 
131 
 
6 
2028
 
131 
 
6 
2029
 
126 
 
6 
2030 - 2034
 
576 
 
26 
 Total
$ 
1,235 
$ 
56 
Defined Contribution Plans
Howmet sponsors savings and investment plans in various countries, primarily in the U.S. Howmet’s contributions and 
expenses related to these plans were $92, $82, and $76 in 2024, 2023, and 2022, respectively. U.S. employees may contribute a 
portion of their compensation to the plans, and Howmet matches a portion of these contributions in equivalent form of the 
investments elected by the employee. Additionally, for certain U.S. employees, Howmet makes a contribution of either a 
percentage of applicable eligible compensation or per hour worked.
H. Income Taxes
The components of income before income taxes were as follows:
For the year ended December 31,
2024
2023
2022
United States
$ 
901 
$ 
538 
$ 
287 
Foreign
 
482 
 
437 
 
319 
 Total
$ 
1,383 
$ 
975 
$ 
606 
63

The provision for income taxes consisted of the following:
For the year ended December 31,
2024
2023
2022
Current:
Federal(1)
$ 
70 
$ 
5 
$ 
3 
Foreign
 
98 
 
94 
 
53 
State and local
 
4 
 
2 
 
— 
 
 
172 
 
101 
 
56 
Deferred:
Federal
 
43 
 
92 
 
71 
Foreign
 
17 
 
16 
 
5 
State and local
 
(4)  
1 
 
5 
 
 
56 
 
109 
 
81 
Total
$ 
228 
$ 
210 
$ 
137 
(1)
Federal includes U.S. taxes related to foreign income.
A reconciliation of the U.S. federal statutory rate to Howmet’s effective tax rate was as follows (the effective tax rate for 2024, 
2023, and 2022 was a provision on income):
For the year ended December 31,
2024
2023
2022
U.S. federal statutory rate
 21.0 %
 21.0 %
 21.0 %
Foreign tax rate differential
 0.7 
 (0.1) 
 0.1 
U.S. and residual tax on foreign earnings(1)
 (0.6) 
 0.6 
 1.2 
U.S. state and local taxes, net of federal income tax effect
 1.0 
 0.7 
 0.5 
Non-deductible officer compensation
 0.7 
 0.7 
 1.2 
Tax holidays
 (0.4) 
 (0.4) 
 (0.5) 
Tax credits(2)
 (5.1) 
 (0.7) 
 (0.9) 
Changes in valuation allowances
 (0.6) 
 (1.1) 
 1.4 
Changes in uncertain tax positions(3)
 — 
 2.1 
 — 
Excess benefit for stock compensation
 (0.7) 
 (0.8) 
 (0.8) 
Other
 0.5 
 (0.5) 
 (0.6) 
Effective tax rate
 16.5 %
 21.5 %
 22.6 %
(1)
It is Howmet’s policy to treat taxes due from future inclusions in U.S. taxable income related to GILTI as a current 
period expense when incurred.
(2)
In 2024, the Company completed an R&D study, and as a result recorded a discrete tax benefit for $42 of prior year 
federal R&D credits approved under audit by the U.S. Internal Revenue Service and $8 of prior year state R&D 
credits. The Company also recorded a tax benefit for federal and state R&D credits earned during the current year of 
$13 and $3, respectively.
(3)
In 2023, the Company recorded an income tax reserve of $21 related to an uncertain French tax position.
64

The components of net deferred tax assets and liabilities were as follows:
 
2024
2023
December 31,
Deferred
tax
assets
Deferred
tax
liabilities
Deferred
tax
assets
Deferred
tax
liabilities
Depreciation
$ 
8 
$ 
529 $ 
8 
$ 
510 
R&D capitalization
 
73 
 
—  
24 
 
— 
Employee benefits
 
232 
 
9  
240 
 
4 
Loss provisions
 
11 
 
2  
28 
 
1 
Deferred income/expense
 
46 
 
293  
32 
 
1,210 
Interest
 
6 
 
—  
32 
 
— 
Tax loss carryforwards
 
1,941 
 
—  
2,905 
 
— 
Tax credit carryforwards
 
110 
 
—  
216 
 
— 
Other
 
5 
 
8  
10 
 
4 
$ 
2,432 
$ 
841 $ 
3,495 
$ 
1,729 
Valuation allowance
 
(1,705)  
—  
(1,821)  
— 
 Total
$ 
727 
$ 
841 $ 
1,674 
$ 
1,729 
The following table details the expiration periods of the deferred tax assets presented above:
December 31, 2024
Expires
within
10 years
Expires
within
11-20 years
No
Expiration(1)
Other(2)
Total
Tax loss carryforwards
$ 
427 
$ 
393 
$ 
1,121 
$ 
— 
$ 
1,941 
Tax credit carryforwards
 
94 
 
7 
 
9 
 
— 
 
110 
Other(3)
 
— 
 
— 
 
345 
 
36 
 
381 
Valuation allowance
 
(481)  
(324)  
(897)  
(3)  
(1,705) 
 Total
$ 
40 
$ 
76 
$ 
578 
$ 
33 
$ 
727 
(1)
Deferred tax assets with no expiration may still have annual limitations on utilization.
(2)
Other represents deferred tax assets whose expiration is dependent upon the reversal of the underlying temporary 
difference.
(3)
A substantial amount of Other deferred tax assets relates to employee benefits that will become deductible for tax 
purposes in jurisdictions with unlimited expiration over an extended period of time as contributions are made to 
employee benefit plans and payments are made to retirees.
The total deferred tax asset (net of valuation allowance) is supported by projections of future taxable income exclusive of 
reversing temporary differences (5%), and taxable temporary differences that reverse within the carryforward period (95%).
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax 
benefit will not be realized. In evaluating the need for a valuation allowance, management considers all potential sources of 
taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections 
of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive 
evidence includes factors such as a history of profitable operations, projections of future profitability within the carryforward 
period, including from tax planning strategies, and Howmet’s experience with similar operations. Existing favorable contracts 
and the ability to sell products into established markets are additional positive evidence. Negative evidence includes items such 
as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of 
a deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded 
may not be realized upon changes in facts and circumstances, resulting in a future charge to establish a valuation allowance. 
Existing valuation allowances are re-examined under the same standards of positive and negative evidence. If it is determined 
that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, 
is released. Deferred tax assets and liabilities are also remeasured to reflect changes in underlying tax rates due to law changes 
and the granting and lapse of tax holidays.
It is Howmet’s policy to apply a tax law ordering approach when considering the need for a valuation allowance on net 
operating losses expected to offset GILTI income inclusions. Under this approach, reductions in cash tax savings are not 
65

considered as part of the valuation allowance assessment. Instead, future GILTI inclusions are considered a source of taxable 
income that support the realizability of deferred tax assets.
Howmet’s foreign tax credits in the U.S. have a 10-year carryforward period with expirations ranging from 2025 to 2027 (as of 
December 31, 2024). Valuation allowances were initially established in prior years on a portion of the foreign tax credit 
carryforwards, primarily due to insufficient foreign source income to allow for full utilization of the credits within the 
expiration period. Foreign tax credits of $46 and $20 expired at the end of 2024 and 2023, respectively, resulting in a 
corresponding decrease to the valuation allowance. Due to an increase in foreign source income, the Company decreased the 
valuation allowance accordingly by an additional $4 and $14 in 2024 and 2023, respectively. As of December 31, 2024, the 
cumulative amount of the valuation allowance was $41. The need for this valuation allowance will be reassessed on a 
continuous basis in future periods and, as a result, the allowance may increase or decrease based on changes in facts and 
circumstances.
The Company recorded a net $7 decrease, $2 decrease, and $1 decrease to U.S. state valuation allowances in 2024, 2023, and 
2022, respectively. After weighing all available positive and negative evidence, the Company determined the adjustments based 
on the underlying net deferred tax assets that were more likely than not realizable based on projected taxable income. Changes 
in fully reserved U.S. state tax losses, credits and other deferred tax assets resulting from expirations, audit adjustments, tax 
rate, and tax law changes also resulted in a corresponding net $30 decrease, $49 decrease, and $142 decrease in the valuation 
allowance in 2024, 2023, and 2022, respectively. Valuation allowances of $401 remain against state deferred tax assets 
expected to expire before utilization. The need for valuation allowances against state deferred tax assets will be reassessed on a 
continuous basis in future periods and, as a result, the allowance may increase or decrease based on changes in facts and 
circumstances. 
In 2022, after weighing all available evidence, the Company released a $6 valuation allowance in the U.K. related to interest 
deduction carryforwards. The need for valuation allowances will be reassessed by entity and by jurisdiction on a continuous 
basis in future periods and, as a result, the allowances may increase or decrease based on changes in facts and circumstances.
The following table details the changes in the valuation allowance:
December 31,
2024
2023
2022
Balance at beginning of year
$ 
1,821 
$ 
1,965 
$ 
2,279 
Increase to allowance
 
20 
 
21 
 
40 
Release of allowance
 
(127)  
(198)  
(154) 
Acquisitions, divestitures and liquidations
 
75 
 
(16)  
— 
Tax apportionment, tax rate and tax law changes
 
(2)  
(11)  
(110) 
Foreign currency translation
 
(82)  
60 
 
(90) 
Balance at end of year
$ 
1,705 
$ 
1,821 
$ 
1,965 
Foreign U.S. GAAP earnings that have not otherwise been subject to U.S. tax, will generally be exempt from future U.S. tax 
under the 2017 Act when distributed. Such distributions, as well as distributions of previously taxed foreign earnings, could 
potentially be subject to U.S. state tax in certain states, and foreign withholding taxes. Foreign currency gains/losses related to 
the translation of previously taxed earnings from functional currency to U.S. dollars could also be subject to U.S. tax when 
distributed. Howmet would expect the potential withholding tax, U.S. state tax, and U.S. capital gains tax impacts to be 
immaterial and the potential deferred tax liability associated with future currency gains to be impracticable to determine.
Howmet and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. 
With a few minor exceptions, Howmet is no longer subject to income tax examinations by tax authorities for years prior to 
2014. All U.S. tax years prior to 2024 have been audited by the Internal Revenue Service. Various state and foreign jurisdiction 
tax authorities are in the process of examining the Company’s income tax returns for various tax years through 2023. The 
Company had net cash income tax payments of $177, $104, and $50 in 2024, 2023, and 2022, respectively.
66

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) was as 
follows:
December 31,
2024
2023
2022
Balance at beginning of year
$ 
16 
$ 
2 
$ 
2 
Additions for tax positions of the current year
 
— 
 
1 
 
— 
Additions for tax positions of prior years
 
— 
 
13 
 
— 
Settlements with tax authorities
 
(14)  
— 
 
— 
Foreign currency translation
 
(1)  
— 
 
— 
Balance at end of year
$ 
1 
$ 
16 
$ 
2 
For all periods presented, a portion of the balance pertains to state tax liabilities, which are presented before any offset for 
federal tax benefits. The effect of unrecognized tax benefits, if recorded, that would impact the annual effective tax rate for 
2024, 2023, and 2022 would be less than 1%, 2%, and less than 1%, respectively, of pre-tax book income. Howmet does not 
anticipate that changes in its unrecognized tax benefits will have a material impact on the Statement of Consolidated Operations 
during 2025.
It is Howmet’s policy to recognize interest and penalties related to income taxes as a component of the Provision for income 
taxes in the Statement of Consolidated Operations. Howmet recognized interest and penalties of $1, $7, and less than $1 in 
2024, 2023, and 2022, respectively. Due to the expiration of the statute of limitations, settlements with tax authorities, 
reductions in prior accruals, and refunded overpayments, Howmet recognized interest income of $0, $2, and less than $1 in 
2024, 2023, and 2022, respectively. As of December 31, 2024, 2023, and 2022, the amount accrued for the payment of interest 
and penalties was $9, $11, and less than $1, respectively.
I. Preferred and Common Stock
Preferred Stock. Howmet has two classes of preferred stock: $3.75 Cumulative Preferred Stock (“Class A Preferred Stock”) 
and Class B Serial Preferred Stock. Class A Preferred Stock has 660,000 shares authorized at a par value of $100 per share with 
an annual $3.75 cumulative dividend preference per share. There were 546,024 shares of Class A Preferred Stock outstanding 
as of both December 31, 2024 and 2023. Class B Serial Preferred Stock has 10,000,000 shares authorized at a par value of $1 
per share. There were no shares of Class B Serial Preferred Stock outstanding as of both December 31, 2024 and 2023.
Common Stock. As of December 31, 2024, there were 600,000,000 shares authorized at a par value of $1 per share, and 
405,431,361 shares issued and outstanding. Dividends paid were $0.26 per share in 2024 ($0.05 per share in each of the first 
and second quarters of 2024 and $0.08 per share in each of the third and fourth quarter of 2024), $0.17 per share in 2023 ($0.04 
per share in each of the first, second, and third quarters of 2023 and $0.05 per share in the fourth quarter of 2023), and $0.10 per 
share in 2022 ($0.02 per share in each of the first, second, and third quarters of 2022 and $0.04 per share in the fourth quarter of 
2022).
As of December 31, 2024, 47 million shares of common stock were reserved for issuance under Howmet’s stock-based 
compensation plans. As of December 31, 2024, 24 million shares remain available for issuance. Howmet issues new shares to 
satisfy the exercise of stock options and the conversion of stock awards.
Common Stock Outstanding and Share Activity (number of shares)
Balance at December 31, 2021
 421,691,912 
Issued for stock-based compensation plans
 
1,819,651 
Repurchase and retirement of common stock
 (11,356,506) 
Balance at December 31, 2022
 412,155,057 
Issued for stock-based compensation plans
 
2,993,340 
Repurchase and retirement of common stock
 
(5,233,936) 
Balance at December 31, 2023
 409,914,461 
Issued for stock-based compensation plans
 
1,287,412 
Repurchase and retirement of common stock
 
(5,770,512) 
Balance at December 31, 2024
 405,431,361 
67

The following table provides details for share repurchases during 2024, 2023, and 2022:
Number of 
shares
Average price 
per share(1)
Total
Q1 2024 open market repurchase
 
2,243,259 
$66.87
$150
Q2 2024 open market repurchase
 
734,737 
$81.66
$60
Q3 2024 open market repurchase
 
1,061,323 
$94.22
$100
Q4 2024 open market repurchase
 
1,731,193 
$109.75
$190
2024 Share repurchase total
 
5,770,512 
$86.65
$500
Q1 2023 open market repurchase
 
576,629 
$43.36
$25
Q2 2023 open market repurchase
 
2,246,294 
$44.52
$100
Q3 2023 open market repurchase
 
506,800 
$49.32
$25
Q4 2023 open market repurchase
 
1,904,213 
$52.52
$100
2023 Share repurchase total
 
5,233,936 
$47.76
$250
Q1 2022 open market repurchase
 
5,147,307 
$34.00
$175
Q2 2022 open market repurchase
 
1,770,271 
$33.89
$60
Q3 2022 open market repurchase
 
2,764,846 
$36.17
$100
Q4 2022 open market repurchase
 
1,674,082 
$38.83
$65
2022 Share repurchase total
 
11,356,506 
$35.22
$400
(1)
Excludes commissions cost.
The total value of shares repurchased during 2024, 2023, and 2022 were $500, $250, and $400, respectively. All of the shares 
repurchased during 2024, 2023, and 2022 were immediately retired. The Company has a share repurchase program (the “Share 
Repurchase Program”) that, after giving effect to the additional $50 share repurchases made in January 2025 at an average price 
per share of $116.39, retiring approximately 0.4 million shares, has approximately $2,147 in Board authorization remaining 
available as of January 31, 2025. The current Share Repurchase Program was authorized by the Company’s Board of Directors 
on August 18, 2021 at $1,500, which was increased by the Board by $2,000 on July 30, 2024. Under the Company’s Share 
Repurchase Program, the Company may repurchase shares 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 is no stated 
expiration for the Share Repurchase Program. Under its Share Repurchase Program, the Company may repurchase shares from 
time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal 
requirements and other considerations. The Company is not obligated to repurchase any specific number of shares or to do so at 
any particular time, and the Share Repurchase Program may be suspended, modified, or terminated at any time without prior 
notice.
The Inflation Reduction Act of 2022 imposes a 1% excise tax on net stock repurchases after December 31, 2022. The Company 
recorded $4 and $1 to additional capital for excise tax on net repurchases in 2024 and 2023, respectively.
Stock-Based Compensation
Howmet has a stock-based compensation plan under which stock options and/or restricted stock unit awards are granted, 
generally, in the first half of each year to eligible employees. Stock options are granted at the closing market price of Howmet’s 
common stock on the date of grant and typically vest over a three-year service period (1/3 each year) with a ten-year contractual 
term. Restricted stock unit awards typically vest over a three-year service period from the date of grant. As part of Howmet’s 
stock-based compensation plan design, individuals who are retirement-eligible have a six-month requisite service period in the 
year of grant. Certain of the restricted stock unit awards include performance and market conditions and are granted to certain 
eligible employees. For annual performance stock awards, the final number of shares earned will be based on Howmet’s 
achievement of profitability targets over the respective performance periods and will be earned at the end of the third year. 
68

Additionally, the annual performance stock awards include a total shareholder return (“TSR”) component, which depends upon 
relative performance against the TSRs of a group of peer companies.
In 2024, 2023, and 2022, Howmet recognized stock-based compensation expense of $63 ($57 after-tax), $50 ($44 after-tax), 
and $54 ($49 after-tax), respectively. Senior executive performance awards granted in April 2020 were modified in June 2020, 
resulting in incremental compensation expense of $12, which was amortized over the remaining service period that ended April 
1, 2023. 
All stock-based compensation expense recorded in 2024, 2023, and 2022 relates to restricted stock unit awards. No stock-based 
compensation expense was capitalized in any of those years. As of December 31, 2024, there was $28 (pre-tax) of unrecognized 
compensation expense related to non-vested restricted stock unit award grants. This expense is expected to be recognized over a 
weighted average period of 1.6 years.
Stock-based compensation expense is based on the grant date fair value of the applicable equity grant. For restricted stock unit 
awards, the fair value is equivalent to the closing market price of Howmet’s common stock on the date of grant. The weighted 
average grant date fair value per share of the 2024, 2023, and 2022 performance stock awards with a market condition including 
a TSR component is $72.65, $47.59, and $44.44, respectively. The 2024, 2023, and 2022 performance awards were valued 
using a Monte Carlo model. A Monte Carlo simulation uses assumptions of stock price behavior to estimate the probability of 
satisfying market conditions and the resulting fair value of the award. The risk-free interest rate (4.4% in 2024, 4.4% in 2023, 
and 2.0% in 2022) was based on a yield curve of interest rates at the time of the grant based on the remaining performance 
period. In 2024, 2023, and 2022, volatility of 27.7%, 39.0%, and 39.4%, respectively, was estimated using Howmet's historical 
volatility. Stock options were last granted in 2018.
The activity for stock options and stock awards during 2024 was as follows (options and awards in millions in the table below):
 
Stock options
Stock awards
  
Number of
options
Weighted
average
exercise price 
per option
Number of
awards
Weighted
average FMV
per award
Outstanding, December 31, 2023
 
0.5 
$ 
22.67  
3.0 $ 
34.23 
Granted 
 
— 
 
—  
0.7  
71.65 
Exercised
 
(0.4)  
23.41  
—  
— 
Converted
 
— 
 
—  
(1.6)  
32.11 
Expired or forfeited
 
— 
 
—  
(0.1)  
43.89 
Performance share adjustment
 
— 
 
—  
0.1  
35.97 
Outstanding, December 31, 2024
 
0.1 
$ 
20.98  
2.1 $ 
48.28 
As of December 31, 2024, the stock options outstanding had a weighted average remaining contractual life of 2.1 and a total 
intrinsic value of $13. All of the stock options outstanding were fully vested and exercisable. In 2024, 2023, and 2022, the cash 
received from stock option exercises was $8, $11, and $16, respectively, and the total tax benefit realized from these exercises 
was $3, $2, and $2, respectively. The total intrinsic value of stock options exercised during 2024, 2023, and 2022 was $16, $9, 
and $10, respectively. The total intrinsic value of stock awards converted during 2024, 2023, and 2022 was $117, $187, and 
$61, respectively.
J. 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.
69

The information used to compute basic and diluted EPS attributable to Howmet common shareholders was as follows (shares in 
millions in the table below):
For the year ended December 31,
2024
2023
2022
Net income attributable to common shareholders
$ 
1,155 
$ 
765 
$ 
469 
Less: preferred stock dividends declared
 
2 
 
2 
 
2 
Net income available to Howmet Aerospace common shareholders - basic 
and diluted
$ 
1,153 
$ 
763 
$ 
467 
Average shares outstanding - basic
 
408 
 
412 
 
416 
Effect of dilutive securities:
Stock and performance awards
 
2 
 
4 
 
5 
Average shares outstanding - diluted
 
410 
 
416 
 
421 
Common stock outstanding as of December 31, 2024, 2023, and 2022 was approximately 405 million, 410 million, and 412 
million, respectively.
As average shares outstanding are used in the calculation for both basic and diluted EPS, the full impact of share repurchases 
and issuances was not fully realized in EPS in the period of repurchase or issuance since share activity may occur at varying 
points during a period.
There were no shares relating to outstanding stock options excluded from the calculation of average shares outstanding - diluted 
during 2024, 2023, and 2022.
70

K. Accumulated Other Comprehensive Loss
The following table details the activity of the three components that comprise Accumulated other comprehensive loss:
  
2024
2023
2022
Pension and other postretirement benefits (G)
Balance at beginning of period
$ 
(689) $ 
(653) $ 
(799) 
Other comprehensive (loss) income:
Unrecognized net actuarial gain (loss) and prior service cost/benefit
 
3 
 
(68)  
87 
Tax (expense) benefit
 
(1)  
15 
 
(18) 
Total Other comprehensive income (loss) before reclassifications, net of tax
 
2 
 
(53)  
69 
Amortization of net actuarial loss and prior service cost(1)
 
19 
 
21 
 
99 
Tax expense(2)
 
(4)  
(4)  
(22) 
Total amount reclassified from Accumulated other comprehensive loss, net of tax(3)  
15 
 
17 
 
77 
Total Other comprehensive income (loss)
 
17 
 
(36)  
146 
Balance at end of period
$ 
(672) $ 
(689) $ 
(653) 
Foreign currency translation
Balance at beginning of period
$ 
(1,136) $ 
(1,193) $ 
(1,062) 
Other comprehensive (loss) income(4)
 
(71)  
57 
 
(131) 
Balance at end of period
$ 
(1,207) $ 
(1,136) $ 
(1,193) 
Cash flow hedges
Balance at beginning of period
$ 
(5) $ 
5 
$ 
(2) 
Other comprehensive (loss) income:
Net change from periodic revaluations
 
— 
 
(19)  
(8) 
Tax benefit (expense)
 
— 
 
4 
 
2 
Total Other comprehensive (loss) income before reclassifications, net of tax
 
— 
 
(15)  
(6) 
Net amount reclassified to earnings (5)
 
8 
 
6 
 
17 
Tax (expense) benefit(2)
 
(2)  
(1)  
(4) 
Total amount reclassified from Accumulated other comprehensive income 
(loss), net of tax(3)
 
6 
 
5 
 
13 
Total Other comprehensive income (loss)
 
6 
 
(10)  
7 
Balance at end of period
$ 
1 
$ 
(5) $ 
5 
Accumulated other comprehensive loss balance at end of period
$ 
(1,878) $ 
(1,830) $ 
(1,841) 
(1)
These amounts were recorded in Restructuring and other charges (See Note D) and Other expense, net (See Note F) in 
the Statement of Consolidated Operations.
(2)
These amounts were included in Provision for income taxes (See Note H) in 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)
In all periods presented, no amounts were reclassified to earnings. 
(5)
These amounts were recorded in Cost of goods sold in the Statement of Consolidated Operations.
L. Receivables
Sale of Receivables Programs
The Company maintains an accounts receivables securitization arrangement through a wholly-owned special purpose entity 
(“SPE”). The net cash funding from the sale of accounts receivable was neither a use of cash nor a source of cash during 2024 
or 2023.
71

The accounts receivables securitization arrangement is one in which the Company, through an SPE, has a receivables purchase 
agreement (the “Receivables Purchase Agreement”) pursuant to which the SPE may sell certain receivables to financial 
institutions until the earlier of January 2, 2026 or a termination event. The Receivables Purchase Agreement 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 Receivables Purchase Agreement also contains a provision that allows the Company to increase the 
facility limit to $325. 
The facility limit under the Receivables Purchase Agreement was $250 as of both December 31, 2024 and December 31, 2023, 
of which $250 was drawn at both December 31, 2024 and December 31, 2023. As collateral against the sold receivables, the 
SPE maintains a certain level of unsold receivables, which were $201 and $197 as of December 31, 2024 and December 31, 
2023, respectively.
The Company sold $1,625 and $1,547 of its receivables without recourse and received cash funding under this program during 
2024 and 2023, respectively, resulting in derecognition of the receivables from the Company’s Consolidated Balance Sheet. 
Costs associated with the sales of receivables are reflected in the Company’s Statement of Consolidated Operations in Other 
expense, net 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. 
Other Customer Receivable Sales
In 2024 and 2023, the Company sold $712 and $593, respectively, of certain customers’ receivables in exchange for cash (of 
which $190 and $158 was outstanding from customers as of December 31, 2024 and December 31, 2023, respectively), the 
proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash 
Flows. Costs associated with the sales of receivables are reflected in the Company’s Statement of Consolidated Operations in 
Other expense, net for the periods in which the sales occur.
M. Inventories
December 31,
2024
2023
Finished goods
$ 
458 
$ 
451 
Work-in-process
 
903 
 
891 
Purchased raw materials
 
408 
 
355 
Operating supplies
 
71 
 
68 
Total inventories
$ 
1,840 
$ 
1,765 
As of December 31, 2024 and 2023, the portion of inventories valued on a LIFO basis was $544 and $446, respectively. If 
valued on an average-cost basis, total inventories would have been $280 and $236 higher as of December 31, 2024 and 2023, 
respectively. In 2024, we did not have any LIFO inventory layer liquidations. Reductions in LIFO inventory quantities caused 
partial liquidations of LIFO inventory layers resulting in the recognition of a benefit of $1 in 2023 and recognition of expense 
of less than $1 in 2022. 
N. Properties, Plants, and Equipment, Net 
December 31, 2024
December 31, 2023
Land and land rights
$ 
84 
$ 
88 
Structures
 
1,025 
 
1,018 
Machinery and equipment
 
4,118 
 
4,079 
 
5,227 
 
5,185 
Less: accumulated depreciation and amortization
 
3,150 
 
3,081 
 
2,077 
 
2,104 
Construction work-in-progress
 
309 
 
224 
Properties, plants, and equipment, net
$ 
2,386 
$ 
2,328 
Depreciation expense related to Properties, plants, and equipment recorded in Provision for depreciation and amortization in the 
Statement of Consolidated Operations was $243, $236, and $227 for the years ended December 31, 2024, 2023, and 2022, 
respectively.
72

O. Goodwill and Other Intangible Assets
The following table details the changes in the carrying amount of goodwill:
Engine 
Products
Fastening 
Systems
Engineered 
Structures
Forged 
Wheels
Total
Balances at December 31, 2022
Goodwill
$ 
2,830 $ 
1,595 $ 
306 $ 
7 $ 
4,738 
Accumulated impairment losses
 
(719)  
(4)  
(2)  
—  
(725) 
Goodwill, net
 
2,111  
1,591  
304  
7  
4,013 
Translation and other
 
13  
9  
—  
—  
22 
Balances at December 31, 2023
Goodwill
 
2,843  
1,604  
306  
7  
4,760 
Accumulated impairment losses
 
(719)  
(4)  
(2)  
—  
(725) 
Goodwill, net
 
2,124  
1,600  
304  
7  
4,035 
Translation and other
 
(17)  
(7)  
(1)  
—  
(25) 
Balances at December 31, 2024
Goodwill
 
2,826  
1,597  
305  
7  
4,735 
Accumulated impairment losses
 
(719)  
(4)  
(2)  
—  
(725) 
Goodwill, net
$ 
2,107 $ 
1,593 $ 
303 $ 
7 $ 
4,010 
During the 2024 annual review of goodwill in the fourth quarter, management performed quantitative assessments on the 
Engine Products and Engineered Structures reporting units and qualitative assessments on the Fastening Systems and Forged 
Wheels reporting units. The estimated fair values of the reporting units exceeded their respective carrying values in excess of 
60%; thus, there were no goodwill impairments. Howmet uses a DCF model to estimate the current fair value of the reporting 
unit, which is compared to its carrying value, when testing for impairment. Management believes forecasted cash flows are the 
best indicator of such fair value. A number of significant assumptions and estimates are involved in the application of the DCF 
model to forecast operating cash flows, including sales growth, production costs, and discount rate. Assumptions can vary 
among the reporting units. Cash flow forecasts are generally based on approved business unit operating plans for the early years 
and historical relationships in later years. The WACC rate for the individual reporting units is estimated with the assistance of 
valuation experts. The annual goodwill impairment tests in the fourth quarters of 2024, 2023, and 2022 indicated that goodwill 
was not impaired for any of the Company’s reporting units. If actual results or external market factors decline significantly from 
management’s estimates, future goodwill impairment charges (or the amount by which the carrying amount exceeds the 
reporting unit’s fair value without exceeding the total amount of goodwill allocated to that reporting unit) may be necessary and 
could be material.
Other intangible assets were as follows:
December 31, 2024
Gross carrying 
amount
Accumulated
amortization
Intangibles, net
Computer software
$ 
217 
$ 
(185) $ 
32 
Patents and licenses
 
66 
 
(66)  
— 
Other intangibles
 
689 
 
(268)  
421 
Total amortizable intangible assets
 
972 
 
(519)  
453 
Indefinite-lived trade names and trademarks
 
22 
 
— 
 
22 
Total intangible assets, net
$ 
994 
$ 
(519) $ 
475 
December 31, 2023
Gross carrying 
amount
Accumulated
amortization
Intangibles, net
Computer software
$ 
217 
$ 
(182) $ 
35 
Patents and licenses
 
67 
 
(66)  
1 
Other intangibles
 
683 
 
(246)  
437 
Total amortizable intangible assets
 
967 
 
(494)  
473 
Indefinite-lived trade names and trademarks
 
32 
 
— 
 
32 
Total intangible assets, net
$ 
999 
$ 
(494) $ 
505 
73

Computer software consists primarily of software costs associated with enterprise business solutions across Howmet's 
businesses.
Amortization expense related to the intangible assets recorded in Provision for depreciation and amortization in the Statement 
of Consolidated Operations was $33, $35, and $36 for the years ended December 31, 2024, 2023, and 2022, respectively, and is 
expected to be in the range of approximately $30 to $36 annually from 2025 to 2029.
P. Leases
Operating lease cost includes short-term leases and variable lease payments and approximates cash paid. Operating lease cost 
was $67, $63, and $61 in 2024, 2023, and 2022, respectively. Operating lease cost in 2024, 2023, and the second half of 2022 
includes the lease for the portion of the property in Pittsburgh, PA used as the corporate headquarters.
Operating lease right-of-use assets and lease liabilities in the Consolidated Balance Sheet were as follows:
December 31,
2024
2023
Right-of-use assets classified in Other noncurrent assets
$ 
155 $ 
128 
Current portion of lease liabilities classified in Other current liabilities
$ 
37 $ 
32 
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits  
119  
97 
Total lease liabilities
$ 
156 $ 
129 
Future minimum contractual operating lease obligations were as follows at December 31, 2024:
2025
$ 
46 
2026
 
39 
2027
 
29 
2028
 
21 
2029
 
15 
Thereafter
 
39 
Total lease payments
$ 
189 
Less: Imputed interest
 
(33) 
Present value of lease liabilities
$ 
156 
December 31,
2024
2023
2022
Right-of-use assets obtained in exchange for operating lease obligations
$ 
66 
$ 
68 
$ 
34 
Weighted-average remaining lease term in years
5.9
6.4
5.6
Weighted-average discount rate
 5.7 %
 5.9 %
 5.4 %
74

Q. Debt
Debt.
December 31,
2024
2023
5.125% Notes, due 2024
$ 
— 
$ 
205 
6.875% Notes, due 2025
 
— 
 
600 
USD Term Loan Agreement, due 2026
 
140 
 
200 
JPY Term Loan Agreement, due 2026
 
188 
 
211 
5.900% Notes, due 2027
 
625 
 
625 
6.750% Bonds, due 2028
 
300 
 
300 
3.000% Notes, due 2029
 
700 
 
700 
4.850% Notes, due 2031(1)
 
500 
 
— 
5.950% Notes, due 2037
 
625 
 
625 
4.750% Iowa Finance Authority Loan, due 2042
 
250 
 
250 
Other, net(2)
 
(13)  
(10) 
 
3,315 
 
3,706 
Less: amount due within one year
 
6 
 
206 
 Total long-term debt
$ 
3,309 
$ 
3,500 
(1)
The Company entered into a cross-currency swap to synthetically convert the 2031 Notes into a Euro liability of 
approximately €458 million with a fixed annual interest rate of 3.720%.
(2)
Other, net includes unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and 
bonds listed in the table above and various financing arrangements related to subsidiaries.
The principal amount of long-term debt maturing in each of the next five years is $5 in 2025, $323 in 2026, $625 in 2027, $300 
in 2028, and $700 in 2029.
Public Debt. On August 23, 2024, the Company completed the early redemption of all of the remaining outstanding principal 
amount of approximately $577 of the 6.875% Notes due May 2025 (the “2025 Notes”) in accordance with the terms of the 
notes. The Company completed the redemption with the net proceeds from the offering of the 4.850% Notes due October 2031 
(the “2031 Notes”) and cash on hand at an aggregate redemption price of approximately $594, including accrued interest and an 
early termination premium of approximately $12 and $5, respectively, which were recorded in Interest expense, net, and Loss 
on debt redemption, respectively, in the Statement of Consolidated Operations.
On August 22, 2024, the Company completed an offering of $500 aggregate principal amount of its 2031 Notes. The Company 
entered into a cross-currency swap to synthetically convert the 2031 Notes into a Euro liability of approximately €458 million. 
The fixed interest rate on the Euro liability is approximately 3.720% per annum.
On July 1, 2024, the Company completed the early redemption of all of the remaining outstanding principal amount of $205 of 
the 5.125% Notes due October 2024 (the “2024 Notes”). The Company redeemed the 2024 Notes at par value plus accrued 
interest. The 2024 Notes were redeemed with cash on hand at an aggregate redemption price of approximately $208, including 
accrued interest of approximately $3.
In the second quarter of 2024, the Company repurchased approximately $23 aggregate principal amount of the 2025 Notes 
through an open market repurchase (“OMR”). The OMR was settled at slightly more than par value.
On December 28, 2023, the Company completed an early partial redemption of its outstanding 2024 Notes in the aggregate 
principal amount of $500. Such 2024 Notes were redeemed at par with approximately $106 of cash on hand and approximately 
$400 from the Company’s term loan facilities at an aggregate redemption price of approximately $506, including accrued 
interest of approximately $6.
On September 28, 2023, the Company completed an early partial redemption of its outstanding 2024 Notes in the aggregate 
principal amount of $200. Such 2024 Notes were redeemed at par with cash on hand at an aggregate redemption price of 
approximately $205, including accrued interest of approximately $5.
On March 29, 2023, the Company completed the early partial redemption of an additional $150 aggregate principal amount of 
the 2024 Notes in accordance with the terms of the notes, and paid an aggregate of $155, including accrued interest and an early 
termination premium of approximately $4 and $1, respectively, which were recorded in Interest expense, net, and Loss on debt 
redemption, respectively, in the Statement of Consolidated Operations.
75

In January 2023, the Company repurchased approximately $26 aggregate principal amount of its 2024 Notes through an OMR. 
The OMR was settled at slightly less than par value.
In the second and fourth quarters of 2022, the Company repurchased in the open market approximately $69 aggregate principal 
amount of its 2024 Notes and paid approximately $71, including an early termination premium of approximately $2, which was 
recorded in Loss on debt redemption in the Statement of Consolidated Operations.
The Company has the option to redeem certain of its notes and bonds in whole or part, at any time at a redemption price equal 
to the greater of principal amount or the sum of the present values of the remaining scheduled payments, discounted using a 
defined treasury rate plus a spread, plus in either case accrued and unpaid interest to the redemption date.
Term Loan Facilities. On November 22, 2023, the Company entered into (i) a U.S. Dollar Term Loan Agreement, due 2026 
(the “USD Term Loan Agreement”) and (ii) a Japanese Yen Term Loan Agreement, due 2026 (the “JPY Term Loan 
Agreement” and, together with the USD Term Loan Agreement, the “Term Loan Agreements” and each, individually, a “Term 
Loan Agreement”). Capitalized terms used in this “Term Loan Facilities” section but not otherwise defined shall have the 
meanings given to such terms in the applicable Term Loan Agreement.
The USD Term Loan Agreement provided for a $200 senior unsecured delayed draw term loan facility (the “USD Term Loan 
Facility”), under which any borrowings mature on November 22, 2026, unless earlier terminated in accordance with the 
provisions of the USD Term Loan Agreement. Commencing in 2025, the USD Term Loan Facility requires quarterly principal 
payments through maturity based on a percentage of the original principal amount. The JPY Term Loan Agreement provided 
for a ¥33,000 million senior unsecured delayed draw term loan facility (the “JPY Term Loan Facility” and, together with the 
USD Term Loan Facility, the “Term Loan Facilities”), under which any borrowings mature on November 22, 2026, unless 
earlier terminated in accordance with the provisions of the JPY Term Loan Agreement.
Each of the Term Loan Facilities is unsecured and amounts payable thereunder rank pari passu with all other unsecured, 
unsubordinated indebtedness of the Company. Borrowings under the USD Term Loan Facility are denominated in U.S. dollars, 
and borrowings under the JPY Term Loan Facility are denominated in Japanese yen. Loans under each of the Term Loan 
Facilities may be prepaid without premium or penalty.
Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, plus, in 
each case, an applicable margin based on the credit ratings of the Company’s outstanding senior unsecured long-term debt. 
Based on the Company’s long-term debt ratings, the applicable margin on base rate loans was 0.375% and 0.500% per annum 
as of December 31, 2024 and December 31, 2023, respectively, and the applicable margin on Term SOFR loans was 1.375% 
and 1.500% per annum as of December 31, 2024 and December 31, 2023, respectively.
Under the JPY Term Loan Facility, loans bear interest at a rate equal to the Cumulative Compounded RFR Rate utilizing the 
Tokyo Overnight Average Rate plus an applicable margin based on the credit ratings of the Company’s outstanding senior 
unsecured long-term debt. Based on the Company’s long-term debt ratings, the applicable margin on loans under the JPY Term 
Loan Facility is 1.500% and 1.625% per annum as of December 31, 2024 and December 31, 2023, respectively.
The Company entered into interest rate swaps to exchange the floating interest rates of the Term Loan Facilities to fixed interest 
rates. The fixed interest rate on the USD Term Loan was 5.670% and 5.795% as of December 31, 2024 and December 31, 
2023, respectively. The fixed interest rate on the JPY Term Loan was 1.919% and 2.044% as of December 31, 2024 and 
December 31, 2023, respectively. 
The obligations of the Company to pay amounts outstanding under the respective Term Loan Facilities may be accelerated upon 
the occurrence of an “Event of Default” as defined therein. Such Events of Default include, among others, (a) non-payment of 
obligations; (b) breach of any representation or warranty in any material respect; (c) non-performance of covenants and 
obligations; (d) with respect to other indebtedness in a principal amount in excess of $100, a default thereunder that causes such 
indebtedness to become due prior to its stated maturity or a default in the payment at maturity of any principal of such 
indebtedness; (e) the bankruptcy or insolvency of the Company; and (f) a change in control of the Company.
The Term Loan Agreements contain respective covenants, including, among others, (a) limitations on the Company’s ability to 
incur liens securing indebtedness for borrowed money; (b) limitations on the Company’s ability to consummate a consolidation, 
merger, or sale of all or substantially all of its assets; (c) limitations on the Company’s ability to change the nature of its 
business; and (d) a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA as of the end of each fiscal 
quarter for the period of the four fiscal quarters most recently ended, to be less than or equal to 3.75 to 1.00.
On December 27, 2023, the Company borrowed $200 under the USD Term Loan Facility. On December 20, 2024, the 
Company completed an early partial prepayment of its USD Term Loan in the aggregate principal amount of $60. This partial 
prepayment was made at par value plus accrued interest of less than $1. On December 1, 2023, the Company borrowed ¥29,702 
million under the JPY Term Loan Facility. 
76

The amounts outstanding under the USD Term Loan Facility were $140 and $200 as of December 31, 2024 and December 31, 
2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥29,702 million ($188) and ¥29,702 
million ($211) as of December 31, 2024 and December 31, 2023, respectively. 
Credit Facility. On July 27, 2023, the Company entered into the Second Amended and Restated Five-Year Revolving Credit 
Agreement (as so amended and restated, the “Credit Agreement”) by and among the Company, a syndicate of lenders and 
issuers named therein, Citibank, N.A., as administrative agent for the lenders and issuers, and JPMorgan Chase Bank, N.A., as 
syndication agent. The Credit Agreement amended and restated the Company’s Amended and Restated Five-Year Revolving 
Credit Agreement, dated as of September 28, 2021, as amended by Amendment No. 1 to Credit Agreement, dated as of 
February 13, 2023. 
The Credit Agreement provides a $1,000 senior unsecured revolving credit facility (the “Credit Facility”) that matures on July 
27, 2028, unless extended or earlier terminated in accordance with the provisions of the Credit Agreement. The Company may 
make two one-year extension requests during the term of the Credit Facility, with any extension being subject to the lender 
consent requirements set forth in the Credit Agreement. Subject to the terms and conditions of the Credit Agreement, the 
Company may from time to time request increases in commitments under the Credit Facility, not to exceed $500 in aggregate 
principal amount, and may also request the issuance of letters of credit, subject to a letter of credit sublimit of $500 of the Credit 
Facility. Under the provisions of the Credit Agreement, based on Howmet’s current long-term debt ratings, Howmet pays an 
annual fee of 0.125% of the total commitment to maintain the Credit Facility.
The Credit Facility is unsecured and amounts payable under it will rank pari passu with all other unsecured, unsubordinated 
indebtedness of the Company. Borrowings under the Credit Facility may be denominated in U.S. dollars or euros. Loans will 
bear interest at a base rate or, in the case of U.S. dollar-denominated loans, a rate equal to the Term Secured Overnight 
Financing Rate (“SOFR”) plus adjustment or, in the case of euro-denominated loans, the Euro inter-bank offered rate 
(“EURIBOR”), plus, in each case, an applicable margin based on the credit ratings of the Company’s outstanding senior 
unsecured long-term debt. Based on Howmet’s current long-term debt ratings, there would be no applicable margin on base rate 
loans and the applicable margin on Term SOFR loans and EURIBOR loans would be 1.000% per annum. The applicable 
margin is subject to change based on the Company’s long-term debt ratings. Loans may be prepaid without premium or penalty, 
subject to customary breakage costs. 
The obligation of the Company to pay amounts outstanding under the Credit Facility may be accelerated upon the occurrence of 
an “Event of Default” as defined in the Credit Agreement. Such Events of Default include, among others, (a) non-payment of 
obligations; (b) breach of any representation or warranty in any material respect; (c) non-performance of covenants and 
obligations; (d) with respect to other indebtedness in a principal amount in excess of $100, a default thereunder that causes such 
indebtedness to become due prior to its stated maturity or a default in the payment at maturity of any principal of such 
indebtedness; (e) the bankruptcy or insolvency of Howmet; and (f) a change in control of the Company.
The Credit Agreement contains covenants, including, among others, (a) limitations on the Company’s ability to incur liens 
securing indebtedness for borrowed money; (b) limitations on the Company’s ability to consummate a consolidation, merger or 
sale of all or substantially all of its assets; (c) limitations on the Company’s ability to change the nature of its business; and (d) a 
limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA (each as defined in the Credit Agreement) as 
of the end of each fiscal quarter for the period of the four fiscal quarters most recently ended, to be less than or equal to 3.75 to 
1.00.
There were no amounts outstanding under the Credit Agreement as of December 31, 2024 and 2023, and no amounts were 
borrowed during 2024, 2023 or 2022 under the Credit Agreement. As of December 31, 2024, 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 ratio referenced above.
Commercial Paper. On April 4, 2024, the Company established a commercial paper program under which the Company may 
issue unsecured commercial paper notes (“commercial paper”) from time to time up to a maximum aggregate face amount of 
$1,000 outstanding at any time. The maturities of the commercial paper may vary but will not exceed 397 days from the date of 
issue and will rank equal in right of payment with all other unsecured senior indebtedness of the Company. The proceeds of the 
commercial paper will be used for general corporate purposes.
There were no amounts outstanding under the commercial paper program as of December 31, 2024.
77

R. Other Financial Instruments
Fair Value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly 
transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market 
participant assumptions developed based on market data obtained from independent sources (observable inputs) and (ii) an 
entity’s own assumptions about market participant assumptions developed based on the best information available in the 
circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to 
unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable 
inputs (Level 3). The three levels of the fair value hierarchy are described below:
•
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, 
unrestricted assets or liabilities.
•
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either 
directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for 
identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable 
for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable 
market data by correlation or other means.
•
Level 3 - Inputs that are both significant to the fair value measurement and unobservable.
The carrying values of Cash and cash equivalents, restricted cash, derivatives, noncurrent receivables, and Long-term debt due 
within one year included in the Consolidated Balance Sheet approximate their fair value. The aforementioned derivatives are 
included in Prepaid expenses and other current assets, Other noncurrent assets, Other current liabilities, and Other noncurrent 
liabilities and deferred credits in the Consolidated Balance Sheet, as applicable. The Company holds exchange-traded fixed 
income securities which are considered available-for-sale securities and are carried at fair value based on quoted market prices. 
The aforementioned securities are classified in Level 1 of the fair value hierarchy and are included in Other noncurrent assets in 
the Consolidated Balance Sheet. 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.
 
2024
2023
December 31,
Carrying
value
Fair
value
Carrying
value
Fair
value
Long-term debt, less amount due within one year
$ 
3,309 
$ 
3,298 $ 
3,500 
$ 
3,504 
Restricted cash was $1, less than $1, and $1 in 2024, 2023, and 2022, respectively, and was recorded in Prepaid expenses and 
other current assets in the Consolidated Balance Sheet.
S. Cash Flow Information
Cash paid for interest and income taxes was as follows:
2024
2023
2022
Interest, net of amounts capitalized
$ 
180 
$ 
221 
$ 
224 
Income taxes, net of amounts refunded
$ 
177 
$ 
104 
$ 
50 
The Company incurred capital expenditures which remain unpaid at December 31, 2024, 2023, and 2022 of $97, $72, and $55, 
respectively, and will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in 
subsequent periods.
In September 2022, the FASB issued guidance to enhance the transparency of disclosures regarding supplier finance programs. 
These changes became effective for fiscal years beginning after December 15, 2022, including interim periods within those 
fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 
15, 2023.
78

On January 1, 2023, the Company adopted the changes issued by the FASB related to disclosure requirements of supplier 
finance program obligations. We offer voluntary supplier finance programs to suppliers who may elect to sell their receivables 
to third parties at the sole discretion of both the supplier and the third parties. The program is at no cost to the Company and 
provides additional liquidity to our suppliers, if they desire, at their cost. Under these programs, the Company pays the third 
party bank, rather than the supplier, the stated amount of the confirmed invoices on the original maturity date of the invoices. 
The Company or the third party bank may terminate a program upon at least 30 days’ notice. Supplier invoices under the 
program require payment in full no more than approximately 120 days of the invoice date. As of December 31, 2024 and 2023, 
supplier invoices that are subject to future payment under these programs were $268 and $258, respectively, and are included in 
Accounts payable, trade in the Consolidated Balance Sheet.
The rollforward of the Company’s outstanding obligations confirmed as valid under its supplier financing program for the year 
ended December 31, 2024 is as follows:
Confirmed obligations outstanding at December 31, 2023
$ 
258 
Invoices confirmed during the year
 
877 
Confirmed invoices paid during the year
 
(867) 
Confirmed obligations outstanding at December 31, 2024
$ 
268 
T. Divestitures
2024 Divestiture
On May 31, 2024, the Company completed the sale of a small manufacturing facility in the U.K. within the Engineered 
Structures segment. The sale, including post-close adjustments, resulted in a year-to-date charge of $13 that was recorded in 
Restructuring and other charges in the Statement of Consolidated Operations. The sale remains subject to certain post-closing 
adjustments.
U. Contingencies and Commitments
Contingencies
Environmental Matters. Howmet participates in environmental assessments and/or cleanups at more than 30 locations. These 
include owned or operating facilities and adjoining properties, previously owned or operated 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 $19 and $17 as of December 31, 2024 and 2023, respectively, and was 
recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $10 and $7, 
respectively, was 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 $2 and $3 in 2024 and 2023, respectively, 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.
79

Tax. In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for 
the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received 
a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company 
appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this 
decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision 
from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme 
Court. The assessment amount was $17 (€16 million), including $10 (€9 million) of tax and interest up through 2017 and $7 (€7 
million) of penalties. The Company estimates additional interest to be $2 (€2 million). On July 23, 2024, the Company received 
the French Administrative Supreme Court’s decision. That decision upheld the assessment of $10 (€9 million) of tax and 
interest, while cancelling the penalties of $7 (€7 million) and remanding the penalty assessment issue to the Paris 
Administrative Court of Appeal for reexamination. As a result, the Company has no further right to appeal the assessment of tax 
and interest but will continue to protest the penalties. 
In 2023, the Company recorded an income tax reserve in Provision for income taxes in the Statement of Consolidated 
Operations of $21 (€19 million), which includes tax, estimated interest and penalties, for the 2010 through 2012 tax years, as 
well as the remaining tax years open for reassessment (2020-2023). In accordance with FTA dispute resolution practices, the 
Company paid the assessment amount including tax, interest, and penalties, to the FTA in December 2023. The Company is 
expecting to pay the additional interest related to the assessment in 2025. The Company also paid the estimated tax related to 
the 2020-2023 tax years in 2023. As of the third quarter of 2024, the Company no longer recorded an uncertain tax position 
related to the tax and interest assessed. In October 2024, the Company received a refund of the penalties that were remanded. 
We will continue to record an income tax reserve for penalties determined more than likely to be upheld, until the uncertain tax 
position is settled. 
Indemnified Matters. The Separation and Distribution Agreement, dated October 31, 2016, that the Company entered into 
with Alcoa Corporation in connection with its separation from Alcoa Corporation, and the Separation and Distribution 
Agreement, dated March 31, 2020, that the Company entered into with Arconic Corporation in connection with its separation 
from Arconic Corporation, provide for cross-indemnities for claims subject to indemnification between the Company and Alcoa 
Corporation and between the Company and Arconic Corporation, respectively. To date, Alcoa Corporation and Arconic 
Corporation have fulfilled their respective indemnification obligations to the Company, and claims subject to indemnification 
by Alcoa Corporation or Arconic Corporation have not impacted the Company financially. Among other claims that are 
covered by these indemnities, Arconic Corporation indemnifies the Company (previously named Arconic Inc. and, prior to that, 
Alcoa Inc.) for all potential liabilities associated with the fire that occurred at the Grenfell Tower in London, U.K. on June 14, 
2017 (“Grenfell Fire”), including the following: 
(i) Regulatory Investigations. Arconic Architectural Products SAS (“AAP SAS”) (now a subsidiary of Arconic Corporation) 
supplied Reynobond PE to its customer who used the product as one component of the overall cladding system on Grenfell 
Tower. Regulatory Investigations into the overall Grenfell Fire are being conducted, including a criminal investigation by the 
London Metropolitan Police Service and a Public Inquiry by the British government (regarding which AAP SAS is a 
participant) (together, the “U.K. Proceedings”). On September 4, 2024, the Public Inquiry published its Phase 2 report on the 
Grenfell fire. (ii) United Kingdom Litigation. On December 23, 2020, survivors and estates of decedents of the Grenfell Fire 
and emergency responders filed suit against 23 defendants, including the Company. The substantial majority of these suits were 
settled pursuant to the terms of a confidential settlement agreement and are now discontinued and closed. The claimants in the 
remaining suits are mediating their claims with the defendants. On June 21, 2024, the Company was joined as a party to 
proceedings initiated by the Royal Borough of Kensington and Chelsea (RBKC) and Chelsea Tenant Management Organisation 
Ltd. (KCTMO) that are currently pending against AAP SAS and Whirlpool. By February 14, 2025, RBKC and KCTMO must 
serve their Particulars of Claim and Schedule of Loss on defendants. (iii) Raul v. Albaugh, et al. (United States District Court 
for the District of Delaware). On June 22, 2018, a derivative complaint was filed nominally on behalf of Arconic Inc. by a 
purported Arconic Inc. stockholder against the then members of Arconic Inc.’s Board of Directors, Klaus Kleinfeld and Ken 
Giacobbe, naming Arconic Inc. as a nominal defendant. The complaint alleged violations of the federal securities laws relating 
to the Grenfell Fire, as well as claims under Delaware state law for breaches of fiduciary duty, gross mismanagement and abuse 
of control, and also alleges that the defendants improperly authorized the sale of Reynobond PE for unsafe uses. On October 22, 
2024, the parties executed a settlement term sheet that set forth the material terms and conditions associated with the resolution 
of this derivative action. On October 28, 2024, November 27, 2024 and January 27, 2025, the parties filed joint status reports 
regarding this development. On January 28, 2025, the court ordered that the parties file a joint status report or a stipulation of 
dismissal on or before March 28, 2025. The parties plan to enter into a formal, final Stipulation and Agreement of Settlement, 
Compromise, and Release in the near term, which will be presented to the court for approval.
80

Legal Proceedings. Lehman Brothers International (Europe) Legal Proceeding. On June 26, 2020, Lehman Brothers 
International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and 
Wales against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. 
(collectively, the “Firth Rixson Entities”). The proceedings concerned two interest rate swap transactions that the Firth Rixson 
Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, the Company 
recorded $65 in Other current liabilities in the Consolidated Balance Sheet and took a pre-tax charge of this amount in Other 
expense, net in the Statement of Consolidated Operations in the third quarter of 2022. The Firth Rixson Entities appealed the 
Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all 
claims arising out of the LBIE legal proceedings. The settlement provided for payment of $40: $15 paid in July 2023 and $25 
paid in July 2024.
Lockheed Martin Corp. v. Howmet Aerospace Inc. On November 30, 2023, Lockheed Martin Corporation (“Lockheed Martin”) 
filed a complaint in federal district court in the Northern District of Texas against the Company and its subsidiary RTI 
Advanced Forming, Inc. (“RTI”) as defendants. The complaint alleged that the Company and RTI breached a Master Purchase 
Order between Lockheed Martin and RTI related to the F-35 Joint Strike Fighter production program between Lockheed Martin 
and the United States government (the “F-35 Program”) by seeking a fair market price adjustment for the provision of titanium 
mill products under RTI’s separate agreements with Lockheed Martin’s subcontractors for the F-35 Program. Following various 
claims and counterclaims and court-ordered mediation, the parties reached a confidential settlement agreement on April 2, 
2024, to supply until December 31, 2026 subject to revised terms mutually agreed to by the parties. The settlement had no 
material impact on the results of operations in the current year. The parties stipulated to the dismissal of all claims and 
counterclaims with prejudice on April 2, 2024.
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
Purchase & Other Obligations. Howmet has entered into commitments for raw materials, energy and other obligations, which 
total $237 in 2025, $51 in 2026, $42 in 2027, $40 in 2028, $39 in 2029  and none thereafter.
Operating Leases. See Note P for the operating lease future minimum contractual obligations.
Guarantees. As of December 31, 2024, Howmet had outstanding bank guarantees related to tax matters, customs duties, rental, 
plant expansion, and environmental obligations. The total amount committed under these guarantees, which expire at various 
dates between 2025 and 2027, was $6 as of December 31, 2024.
Pursuant to the Separation and Distribution Agreement, dated as of October 31, 2016, between Howmet and Alcoa Corporation, 
Howmet was required to provide certain guarantees for Alcoa Corporation, which were included in Other noncurrent liabilities 
and deferred credits in the Consolidated Balance Sheet. The remaining guarantee, which had a fair value of $6 as of both 
December 31, 2024 and 2023, relates to a long-term energy supply agreement that expires in 2047 at an Alcoa Corporation 
facility, for which the Company is secondarily liable in the event of a payment default by Alcoa Corporation. If the Company 
incurs any liability under this guarantee, Arconic Corporation is obligated to indemnify the Company for 50% of such liability. 
The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be 
remote. The Company is required to provide a guarantee up to an estimated present value amount of approximately $1,121 and 
$1,131 as of December 31, 2024 and 2023, respectively, in the event of an Alcoa Corporation default. In the fourth quarter of 
2024, 2023, and 2022, a surety bond with a limit of $80 relating to this guarantee was obtained by Alcoa Corporation to protect 
Howmet's obligation. This surety bond will be renewed on an annual basis by Alcoa Corporation.
Letters of Credit. The Company has outstanding letters of credit, primarily related to workers’ compensation, environmental 
obligations, insurance obligations, and tax matters. The total amount committed under these letters of credit, which 
automatically renew or expire at various dates, primarily in 2025, was $90 as of December 31, 2024.
81

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 $48 (which are included in the $90 in the 
above paragraph) that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation 
workers’ compensation claims that 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 
proportionally billed to, and are reimbursed by, Arconic Corporation and Alcoa Corporation, respectively. Also, the Company 
was required to provide letters of credit for certain Arconic Corporation and Alcoa Corporation environmental obligations and, 
as a result, the Company has $17 of outstanding letters of credit relating to such liabilities (which are also included in the $90 in 
the above paragraph). 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 customs duties, workers’ compensation, 
environmental-related matters, and contract performance. The total amount committed under these annual surety bonds, which 
automatically renew or expire at various dates, primarily in 2025 and 2026, was $44 as of December 31, 2024.
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 $21, which are included in the $44 in the 
above paragraph, that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation 
workers’ compensation claims that occurred prior to the respective separation transactions of April 1, 2020 and November 1, 
2016. Arconic Corporation and Alcoa Corporation workers’ compensation claims and surety bond fees paid by the Company 
are proportionately billed to, and are reimbursed by, Arconic Corporation and Alcoa Corporation, respectively.
V. 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 regarding share repurchases made in January 2025.
82

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures
Howmet’s Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and 
procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as of the end of the period 
covered by this report, and they have concluded that these controls and procedures are effective.
(b) Management’s Annual Report on Internal Control over Financial Reporting
Management’s Report on Internal Control over Financial Reporting is included in Part II, Item 8 of this Form 10-K beginning 
on page 38.
(c) Attestation Report of the Registered Public Accounting Firm
The effectiveness of Howmet’s internal control over financial reporting as of December 31, 2024 has been audited by 
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included in 
Part II, Item 8 of this Form 10-K on page 39.
(d) Changes in Internal Control over Financial Reporting
There have been no changes in internal control over financial reporting during the fourth quarter of 2024, that have materially 
affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Item 9B. Other Information.
Rule 105b5-1 Trading Plans. During the three months ended December 31, 2024, none of the Company’s directors or executive 
officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was 
intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as 
defined in Item 408(c) of Regulation S-K.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection.
Not applicable.
PART III
Item 10. Directors, Executive Officers and Corporate Governance.
The information required by Item 401 of Regulation S-K regarding directors is contained under the caption “Item 1 Election of 
Directors” of the Proxy Statement and is incorporated by reference. The information required by Item 401 of Regulation S-K 
regarding executive officers is set forth in Part I, Item 1 of this report under “Executive Officers of the Registrant.”
The information required by Item 405 of Regulation S-K is contained under the caption “Section 16(a) Beneficial Ownership 
Reporting Compliance” of the Proxy Statement and is incorporated by reference.
The Company’s Code of Ethics for the CEO, CFO and Other Financial Professionals is publicly available on the Company’s 
Internet website at www.howmet.com under the section “Investors—Corporate Governance—Governance and Policies.” The 
remaining information required by Item 406 of Regulation S-K is contained under the captions “Corporate Governance” and 
“Corporate Governance—Code of Conduct and Code of Ethics” of the Proxy Statement and is incorporated by reference.
The information required by Items 407(c)(3), (d)(4) and (d)(5) of Regulation S-K is included under the captions “Item 1 
Election of Directors—Nominating Board Candidates—Procedures and Director Qualifications” and “Corporate Governance—
Committees of the Board—Audit Committee” of the Proxy Statement and is incorporated by reference.
The Company has an Insider Trading Policy governing the purchase, sale, and/or other dispositions of our securities by our 
directors, officers, employees and other covered persons, as well as by Howmet itself, that we believe is reasonably designed to 
promote compliance with insider trading laws, rules and regulations, and applicable listing standards. A copy of our Insider 
Trading Policy is filed as Exhibit 19 to this Annual Report on Form 10-K.
Item 11. Executive Compensation.
The information required by Item 402 of Regulation S-K is contained under the captions “Director Compensation”, “Executive 
Compensation” and “Corporate Governance—Recovery of Incentive Compensation” of the Proxy Statement. Such information 
is incorporated by reference, except as to information required pursuant to Item 402(v) of Regulation S-K relating to pay versus 
performance.
83

The information required by Items 407(e)(4) and (e)(5) of Regulation S-K is contained under the captions “Corporate 
Governance—Compensation Committee Interlocks and Insider Participation” and “Item 3 Advisory Approval of Executive 
Compensation—Compensation Committee Report” of the Proxy Statement. Such information (other than the Compensation 
Committee Report, which shall not be deemed to be “filed”) is incorporated by reference.
84

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The following table gives information about Howmet’s common stock that could be issued under the Company’s equity 
compensation plans as of December 31, 2024:
Equity Compensation Plan Information
Plan Category
Number of securities to
be issued upon exercise of
outstanding options, 
warrants and rights
Weighted-average
exercise price of
outstanding 
options, warrants 
and rights
Number of securities remaining 
available for future issuance 
under
equity compensation
plans (excluding
securities reflected in column (a))
(a)
(b)
(c)
Equity compensation plans 
approved by security holders(1)
2,286,559(1)
$ 
20.98 
19,641,999(2)
Equity compensation plans not 
approved by security holders 
 
—  
—  
— 
Total
 
2,286,559 $ 
20.98  
19,641,999 
(1) Equity compensation plans approved by security holders includes the 2013 Howmet Aerospace Stock Incentive Plan, as 
Amended and Restated (approved by shareholders in May 2024, May 2019, May 2018, May 2016 and May 2013) (the 
“2013 Plan”). Table amounts are comprised of the following:
•
146,308 stock options;
•
1,508,395 restricted share units; and
•
631,856 performance share awards (275,047 granted in 2024 at target).
(2)   The 2013 Plan authorizes, in addition to stock options, other types of stock-based awards in the form of stock appreciation 
rights, restricted shares, restricted share units, performance awards and other awards. The shares that remain available for 
issuance under the 2013 Plan may be issued in connection with any one of these awards. Up to 66,666,666 shares may be 
issued under the plan. Any award other than an option or a stock appreciation right shall count as 2.33 shares. Options and 
stock appreciation rights shall be counted as one share for each option or stock appreciation right. In addition, the 2013 
Plan provides the following are available to grant under the 2013 Plan: (i) shares that are issued under the 2013 Plan, which 
are subsequently forfeited, cancelled or expire in accordance with the terms of the award and (ii) shares that had previously 
been issued under prior plans that are outstanding as of the date of the 2013 Plan which are subsequently forfeited, 
cancelled or expire in accordance with the terms of the award.
The information required by Item 403 of Regulation S-K is contained under the captions “Stock Ownership Information—Stock 
Ownership of Certain Beneficial Owners” and “Stock Ownership Information—Stock Ownership of Directors and Executive 
Officers” of the Proxy Statement and is incorporated by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
The information required by Item 404 of Regulation S-K is contained under the captions “Executive Compensation” (excluding 
the information under the caption “Compensation Committee Report”) and “Corporate Governance— Related Person 
Transactions” of the Proxy Statement and is incorporated by reference.
The information required by Item 407(a) of Regulation S-K regarding director independence is contained under the captions 
“Item 1 Election of Directors” and “Corporate Governance” of the Proxy Statement and is incorporated by reference.
Item 14. Principal Accounting Fees and Services.
The information required by Item 9(e) of Schedule 14A is contained under the captions “Item 2 Ratification of Appointment of 
Independent Registered Public Accounting Firm—Report of the Audit Committee” and “Item 2 Ratification of Appointment of 
Independent Registered Public Accounting Firm—Audit and Non-Audit Fees” of the Proxy Statement and in its Attachment A 
(Pre-Approval Policies and Procedures for Audit and Non-Audit Services) thereto and is incorporated by reference.
85

PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a) The consolidated financial statements and exhibits listed below are filed as part of this report.
 
(1) The Company’s consolidated financial statements, the notes thereto and the report of the Independent Registered 
Public Accounting Firm are on pages 39 through 82 of this report.
 
(2) Financial statement schedules have been omitted because they are not applicable, not required, or the required 
information is included in the consolidated financial statements or notes thereto.
 
(3) Exhibits.
Exhibit
Number
Description*
2(a)
Separation and Distribution Agreement, dated as of October 31, 2016, by and between Arconic Inc. and 
Alcoa Corporation, incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K 
dated November 4, 2016.
2(b)
Tax Matters Agreement, dated as of October 31, 2016, by and between Arconic Inc. and Alcoa Corporation, 
incorporated by reference to Exhibit 2.3 to the Company’s Current Report on Form 8-K dated November 4, 
2016.
2(c)
Employee Matters Agreement, dated as of October 31, 2016, by and between Arconic Inc. and Alcoa 
Corporation, incorporated by reference to Exhibit 2.4 to the Company’s Current Report on Form 8-K dated 
November 4, 2016.
2(c)(1)
Amendment No. 1, dated December 13, 2016, to Employee Matters Agreement, dated as of October 31, 
2016, by and between Arconic Inc. and Alcoa Corporation, incorporated by reference to Exhibit 2(e)(1) to 
the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
2(d)
Alcoa Corporation to Arconic Inc. Patent, Know-How, and Trade Secret License Agreement, dated as of 
October 31, 2016, by and between Alcoa USA Corp. and Arconic Inc., incorporated by reference to Exhibit 
2.5 to the Company’s Current Report on Form 8-K dated November 4, 2016.
2(d)(1)
First Amendment, effective as of November 1, 2016, to the Patent, Know-How and Trade Secret License 
Agreement by and between Alcoa USA Corp. and Arconic Inc., incorporated by reference to Exhibit 2(d)(1) 
to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 
2(d)(2)
Second Amendment, effective as of October 18, 2021, to the Patent, Know-How and Trade Secret License 
Agreement by and between Alcoa USA Corp. and Arconic Inc., incorporated by reference to Exhibit 2(d)(2) 
to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
2(e)
Arconic Inc. to Alcoa Corporation Patent, Know-How, and Trade Secret License Agreement, dated as of 
October 31, 2016, by and between Arconic Inc. and Alcoa USA Corp., incorporated by reference to Exhibit 
2.6 to the Company’s Current Report on Form 8-K dated November 4, 2016.
2(f)
Amended and Restated Alcoa Corporation to Arconic Inc. Trademark License Agreement, dated as of June 
25, 2017, by and between Alcoa USA Corp. and Arconic Inc., incorporated by reference to Exhibit 2 to the 
Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.
2(g)
Agreement and Plan of Merger, dated October 12, 2017, by and between Arconic Inc., a Pennsylvania 
corporation, and Arconic Inc., a Delaware corporation, incorporated by reference to Exhibit 2.1 to the 
Company’s Current Report on Form 8-K dated January 4, 2018.
2(h)
Separation and Distribution Agreement, dated as of March 31, 2020, by and between Arconic Inc. and 
Arconic Rolled Products Corporation, incorporated by reference to Exhibit 2.1 to the Company's Current 
Report on Form 8-K filed on April 6, 2020.
2(i)
Tax Matters Agreement, dated as of March 31, 2020, by and between Arconic Inc. and Arconic Rolled 
Products Corporation, incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-
K filed on April 6, 2020.
2(j)
Employee Matters Agreement, dated as of March 31, 2020, by and between Arconic Inc. and Arconic Rolled 
Products Corporation, incorporated by reference to Exhibit 2.3 to the Company's Current Report on Form 8-
K filed on April 6, 2020.
86

2(j)(1)
First Amendment to Employee Matters Agreement, dated as of April 10, 2020, by and between Howmet 
Aerospace Inc. and Arconic Corporation, incorporated by reference to Exhibit 2.1 to the Company's Current 
Report on Form 8-K filed on April 13, 2020.
2(k)
Patent, Know-How, and Trade Secret License Agreement, dated as of March 31, 2020, by and between 
Arconic Inc. and Arconic Rolled Products Corporation, incorporated by reference to Exhibit 2.4 to the 
Company's Current Report on Form 8-K filed on April 6, 2020.
2(k)(1)
Amendment No. 1, effective as of August 25, 2020, to Patent, Know-How, and Trade Secret License 
Agreement, dated as of March 31, 2020, by and between Arconic Inc. and Arconic Rolled Products 
Corporation, incorporated by reference to Exhibit 2(m)(1) to the Company’s Annual Report on Form 10-K 
for the year ended December 31, 2021.
2(l)
Patent, Know-How, and Trade Secret License Agreement, dated as of March 31, 2020, by and between 
Arconic Rolled Products Corporation and Arconic Inc., incorporated by reference to Exhibit 2.5 to the 
Company's Current Report on Form 8-K filed on April 6, 2020.
2(m)
Trademark License Agreement, dated as of March 31, 2020, by and between Arconic Rolled Products 
Corporation and Arconic Inc., incorporated by reference to Exhibit 2.6 to the Company's Current Report on 
Form 8-K filed on April 6, 2020.
2(n)
Trademark License Agreement, dated as of March 31, 2020, by and between Arconic Inc. and Arconic 
Rolled Products Corporation, incorporated by reference to Exhibit 2.7 to the Company's Current Report on 
Form 8-K filed on April 6, 2020.
2(o)
Master Agreement for Product Supply, dated as of March 31, 2020, by and between Arconic Massena LLC, 
Arconic Lafayette LLC, Arconic Davenport LLC and Arconic Inc., incorporated by reference to Exhibit 2.8 
to the Company's Current Report on Form 8-K filed on April 6, 2020.
2(p)
Second Supplemental Tax and Project Certificate and Agreement, effective as of April 1, 2020, by and 
among Arconic Inc., Arconic Davenport LLC and Arconic Rolled Products Corporation, incorporated by 
reference to Exhibit 2.9 to the Company's Current Report on Form 8-K filed on April 6, 2020.
2(q)
Third Supplemental Tax and Project Certificate and Agreement, effective as of January 1, 2023, by and 
among Howmet Aerospace Inc., Arconic US LLC and Arconic Corporation, incorporated by reference to 
Exhibit 2(q) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 
2(r)
Metal Supply & Tolling Agreement by and between Arconic-Köfém Mill Products Hungary Kft and 
Arconic-Köfém Kft, dated January 1, 2020, incorporated by reference to Exhibit 2(t) to the Company's 
Annual Report on Form 10-K for the year ended December 31, 2020.
3(a)
Certificate of Incorporation of Howmet Aerospace Inc., a Delaware corporation, incorporated by reference 
to Exhibit 3(a) to the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
3(b)
Bylaws of Howmet Aerospace Inc., a Delaware corporation, incorporated by reference to Exhibit 3(b) to the 
Company's Annual Report on Form 10-K for the year ended December 31, 2020.
4(a)
Form of Certificate for Shares of Common Stock of Howmet Aerospace Inc. (formerly known as Arconic 
Inc.), a Delaware corporation, incorporated by reference to Exhibit 4.1 to the Company’s Current Report on 
Form 8-K dated January 4, 2018.
4(b)
Bylaws. See exhibit 3(b) above.
4(c)
Form of Indenture, dated as of September 30, 1993, between Alcoa Inc. and The Bank of New York Trust 
Company, N.A., as successor to J. P. Morgan Trust Company, National Association (formerly Chase 
Manhattan Trust Company, National Association), as successor Trustee to PNC Bank, National Association, 
as Trustee (undated form of Indenture incorporated by reference to Exhibit 4(a) to Registration Statement 
No. 33-49997 on Form S-3).
4(c)(1)
First Supplemental Indenture, dated as of January 25, 2007, between Alcoa Inc. and The Bank of New York 
Trust Company, N.A., as successor to J.P. Morgan Trust Company, National Association (formerly Chase 
Manhattan Trust Company, National Association), as successor Trustee to PNC Bank, National Association, 
as Trustee, incorporated by reference to Exhibit 99.4 to the Company’s Current Report on Form 8-K dated 
January 25, 2007.
87

4(c)(2)
Second Supplemental Indenture, dated as of July 15, 2008, between Alcoa Inc. and The Bank of New York 
Mellon Trust Company, N.A., as successor in interest to J. P. Morgan Trust Company, National Association 
(formerly Chase Manhattan Trust Company, National Association, as successor to PNC Bank, National 
Association), as Trustee, incorporated by reference to Exhibit 4(c) to the Company’s Current Report on 
Form 8-K dated July 15, 2008.
4(c)(3)
Fourth Supplemental Indenture, dated as of December 31, 2017, between Arconic Inc., a Pennsylvania 
corporation, Arconic Inc., a Delaware corporation, and The Bank of New York Mellon Trust Company, 
N.A., as trustee, incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K 
dated January 4, 2018.
4(c)(4)
Fifth Supplemental Indenture, dated as of April 16, 2020, between Howmet Aerospace Inc., a Delaware 
corporation, and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference 
to Exhibit 4(e) to the Company’s Registration Statement on Form S-3 (Registration Statement No. 
333-237705) dated April 16, 2020.
4(d)
Form of 6.75% Bonds Due 2028, incorporated by reference to Exhibit 4(d) to the Company’s Annual Report 
on Form 10-K for the year ended December 31, 2017.
4(e)
Form of 5.90% Notes Due 2027, incorporated by reference to Exhibit 4(e) to the Company’s Annual Report 
on Form 10-K for the year ended December 31, 2008.
4(f)
Form of 5.95% Notes Due 2037, incorporated by reference to Exhibit 4(f) to the Company’s Annual Report 
on Form 10-K for the year ended December 31, 2008.
4(g)
Form of 3.000% Notes due 2029, incorporated by reference to Exhibit 4.6 to the Company’s Current Report 
on Form 8-K dated September 1, 2021.
4(h)
Form of 4.850% Notes due 2031, incorporated by reference to Exhibit 4.6 to the Company's Current Report 
on Form 8-K filed on August 22, 2024.
4(i)
Description of Company Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 
1934, incorporated by reference to Exhibit 4(p) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2019.
10(a)
Second Amended and Restated Five-Year Revolving Credit Agreement, dated as of July 27, 2023, among 
Howmet Aerospace Inc., the lenders and issuers named therein, Citibank, N.A., as administrative agent, and 
JPMorgan Chase Bank, N.A., as syndication agent, incorporated by reference to Exhibit 10.1 to the 
Company’s Current Report on Form 8-K dated July 31, 2023.
10(b)
Term Loan Agreement, dated as of November 22, 2023, among Howmet Aerospace Inc, the lenders named 
therein, and Truist Bank, as administrative agent and syndication agent, incorporated by reference to Exhibit 
10(b) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 
10(c)
Term Loan Agreement, dated as of November 22, 2023, among Howmet Aerospace Inc, the lenders named 
therein, and Sumitomo Mitsui Banking Corporation, as administrative agent, incorporated by reference to 
Exhibit 10(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
10(d)
Settlement Agreement, dated as of May 22, 2017, by and among Elliott Associates, L.P., Elliott 
International, L.P., Elliott International Capital Advisors Inc. and Arconic Inc., incorporated by reference to 
Exhibit 10.1 to the Company’s Current Report on Form 8-K dated May 22, 2017 (reporting an event on May 
21, 2017).
10(e)
Letter Agreement, by and among Arconic Inc. and Elliott Associates, L.P., Elliott International, L.P. and 
Elliott International Capital Advisors Inc., dated as of December 19, 2017, incorporated by reference to 
Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 19, 2017.
10(f)
Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, effective January 1, 2021, 
incorporated by reference to Exhibit 10(g) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2021.
10(f)(1)
First Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, 
incorporated by reference to Exhibit 10(g)(1) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2021.
88

10(f)(2)
Second Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, 
incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter 
ended March 31, 2023.
10(f)(3)
Third Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, 
incorporated by reference to Exhibit 10(f)(3) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2023.
10(f)(4)
Fourth Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, 
incorporated by reference to Exhibit 10(f)(4) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2023.
10(f)(5)
Fifth Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated.
10(g)
Howmet Aerospace Salaried Retirement Savings Plan, as Amended and Restated, effective January 1, 2021, 
incorporated by reference to Exhibit 10(g)(2) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2021.
10(g)(1)
First Amendment to the Howmet Aerospace Salaried Retirement Savings Plan, as Amended and Restated, 
incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter 
ended March 31, 2023.  
10(g)(2)
Second Amendment to the Howmet Aerospace Salaried Retirement Savings Plan, as Amended and Restated, 
incorporated by reference to Exhibit 10(g)(2) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2023.
10(g)(3)
Third Amendment to the Howmet Aerospace Salaried Retirement Savings Plan, as Amended and Restated.
10(h)
Howmet Aerospace Excess Benefits Plan C (formerly known as the Arconic Employees’ Excess Benefits 
Plan C), as amended and restated effective August 1, 2016, incorporated by reference to Exhibit 10(j) to the 
Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
10(h)(1)
First Amendment to Howmet Aerospace Excess Benefits Plan C (formerly known as the Arconic 
Employees’ Excess Benefits Plan C), effective January 1, 2018, incorporated by reference to Exhibit 
10(l)(1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
10(h)(2)
Second Amendment to Howmet Aerospace Excess Benefits Plan C (formerly known as the Arconic 
Employees’ Excess Benefits Plan C), effective January 1, 2018, incorporated by reference to Exhibit 
10(l)(2) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
10(h)(3)
Third Amendment to Howmet Aerospace Excess Benefits Plan C (formerly known as the Arconic 
Employees’ Excess Benefits Plan C), effective March 31, 2018. incorporated by reference to Exhibit 10.1 to 
the Company’s Current Report on Form 8-K dated January 8, 2018.
10(i)
Deferred Fee Plan for Directors, as amended effective July 9, 1999, incorporated by reference to Exhibit 
10(g)(1) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1999.
10(j)
Amended and Restated Deferred Fee Plan for Directors, effective April 1, 2020, incorporated by reference to 
Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.
10(k)
Non-Employee Director Compensation Policy, effective January 1, 2025, incorporated by reference to 
Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. 
10(l)
Fee Continuation Plan for Non-Employee Directors, incorporated by reference to Exhibit 10(k) to the 
Company’s Annual Report on Form 10-K for the year ended December 31, 1989.
10(l)(1)
Amendment to Fee Continuation Plan for Non-Employee Directors, effective November 10, 1995, 
incorporated by reference to Exhibit 10(i)(1) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 1995.
10(l)(2)
Second Amendment to the Fee Continuation Plan for Non-Employee Directors, effective September 15, 
2006, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated 
September 20, 2006.
89

10(m)
Howmet Aerospace Deferred Compensation Plan, as amended and restated February 1, 2020, incorporated 
by reference to Exhibit 10(m) to the Company’s Annual Report on Form 10-K for the year ended December 
31, 2023.
10(m)(1)
First Amendment to the Howmet Aerospace Deferred Compensation Plan, as Amended and Restated, 
incorporated by reference to Exhibit 10(m)(1) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2023.
10(m)(2)
Second Amendment to the Howmet Aerospace Deferred Compensation Plan, as Amended and Restated.
10(n)
Summary of the Executive Split Dollar Life Insurance Plan, dated November 1990, incorporated by 
reference to Exhibit 10(m) to the Company’s Annual Report on Form 10-K for the year ended December 31, 
1990.
10(o)
Amended and Restated Dividend Equivalent Compensation Plan, effective January 1, 1997, incorporated by 
reference to Exhibit 10(h) to the Company’s Quarterly Report on Form 10-Q for the quarter ended 
September 30, 2004.
10(p)
Form of Indemnity Agreement between the Company and individual directors or officers, incorporated by 
reference to Exhibit 10(j) to the Company’s Annual Report on Form 10-K for the year ended December 31, 
1987.
10(q)
Form of Indemnification Agreement between the Company and individual directors or officers, incorporated 
by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 25, 2018.
10(r)
Howmet Aerospace Supplemental Pension Plan for Senior Executives (formerly known as the Arconic 
Supplemental Pension Plan for Senior Executives), as amended and restated effective August 1, 2016, 
incorporated by reference to Exhibit 10(v) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2016.
10(r)(1)
First Amendment to Howmet Aerospace Supplemental Pension Plan for Senior Executives (formerly known 
as the Arconic Supplemental Pension Plan for Senior Executives), effective January 1, 2018, incorporated 
by reference to Exhibit 10(x)(1) to the Company’s Annual Report on Form 10-K for the year ended 
December 31, 2017.
10(r)(2)
Second Amendment to Howmet Aerospace Supplemental Pension Plan for Senior Executives (formerly 
known as the Arconic Supplemental Pension Plan for Senior Executives), effective January 1, 2018, 
incorporated by reference to Exhibit 10(x)(2) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2017.
10(s)
Deferred Fee Estate Enhancement Plan for Directors, effective July 10, 1998, incorporated by reference to 
Exhibit 10(r) to the Company’s Annual Report on Form 10-K for the year ended December 31, 1998.
10(t)
Howmet Aerospace Inc. Change in Control Severance Plan, as Amended and Restated, effective September 
17, 2021, incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on 
September 23, 2021.
10(u)
Howmet Aerospace Inc. Executive Severance Plan, as Amended and Restated, effective September 17, 
2021, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on 
September 23, 2021.
10(v)
Letter Agreement, by and between Arconic Inc. and Michael N. Chanatry, dated as of March 20, 2018, 
incorporated by reference to Exhibit 10(w) to the Company’s Annual Report on Form 10-K for the year 
ended December 31, 2021.
10(v)(1)
Restricted Share Unit Retention Award Agreement with Michael N. Chanatry, dated as of April 15, 2024. 
incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter 
ended June 30, 2024.
10(w)
Letter Agreement, from Arconic Inc. to Ken Giacobbe, dated as of February 14, 2019, incorporated by 
reference to Exhibit 10(hh) to the Company’s Annual Report on Form 10-K for the year ended December 
31, 2018. 
90

10(x)
Letter Agreement, by and between Arconic Inc. and John C. Plant, dated as of February 13, 2019, 
incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter 
ended March 31, 2019.
10(y)
Letter Agreement, by and between Arconic Inc. and John C. Plant, dated as of August 1, 2019, incorporated 
by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated August 2, 2019.
10(z)
Letter Agreement, by and between Arconic Inc. and John C. Plant, dated as of February 24, 2020, 
incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated February 25, 
2020.
10(aa)
Letter Agreement between Howmet Aerospace Inc. and John C. Plant, dated as of June 9, 2020, 
incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 12, 
2020.
10(bb)
Letter Agreement, by and between Howmet Aerospace Inc. and John C. Plant, dated as of October 14, 2021, 
incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 
14, 2021.
10(cc)
Letter Agreement, by and between Howmet Aerospace Inc. and John C. Plant, dated as of December 2, 
2022, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on 
December 8, 2022.
10(dd)
Restricted Share Unit Award Agreement with John C. Plant as of February 15, 2024, incorporated by 
reference to Exhibit 10(dd) to the Company’s Annual Report on Form 10-K for the year ended December 
31, 2023.
10(ee)
Letter Agreement, by and between Arconic Inc. and Neil E. Marchuk, dated as of February 13, 2019, 
incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter 
ended March 31, 2019.
10(ee)(1)
Restricted Share Unit Retention Award Agreement with Neil E. Marchuk, dated as of October 21, 2024
10(ff)
Howmet Aerospace Inc. Legal Fee Reimbursement Plan (formerly known as the Arconic Inc. Legal Fee 
Reimbursement Plan), effective as of April 30, 2018, incorporated by reference to Exhibit 10(b) to the 
Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
10(gg)
Howmet Aerospace Inc. 2020 Annual Cash Incentive Plan, as Amended and Restated, incorporated by 
reference to Exhibit 10(gg) to the Company’s Annual Report on Form 10-K for the year ended December 
31, 2023.
10(hh)
Howmet Aerospace Stock Incentive Plan, as Amended and Restated,  incorporated by reference to Exhibit 
10.1 to the Company’s Current Report on Form 8-K dated May 29, 2024.
10(ii)
Terms and Conditions for Stock Option Awards, effective May 3, 2013, incorporated by reference to Exhibit 
10(b) to the Company’s Current Report on Form 8-K dated May 8, 2013.
10(jj)
Terms and Conditions for Stock Option Awards under the 2013 Howmet Aerospace Stock Incentive Plan, 
effective July 22, 2016, incorporated by reference to Exhibit 10(d) to the Company’s Quarterly Report on 
Form 10-Q for the quarter ended June 30, 2016.
10(kk)
Global Stock Option Award Agreement, effective January 19, 2018, incorporated by reference to Exhibit 
10(uu) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
10(ll)
Form of Stock Option Award Agreement, incorporated by reference to Exhibit 10(f) to the Company’s 
Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
10(mm)
Terms and Conditions for Restricted Share Units for Annual Director Awards under the 2013 Howmet 
Aerospace Stock Incentive Plan, as Amended and Restated, effective December 5, 2017, incorporated by 
reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended 
March 31, 2018.
10(nn)
Terms and Conditions for Deferred Fee Restricted Share Units for Director Awards under the 2013 Howmet 
Aerospace Stock Incentive Plan, effective November 30, 2016, incorporated by reference to Exhibit 10(ww) 
to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
91

10(oo)
Global Restricted Share Unit Award Agreement, effective September 30, 2020, incorporated by reference to 
Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
10(pp)
Global Stock Option Award Agreement, effective September 30, 2020, incorporated by reference to Exhibit 
10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
10(qq)
Global Special Retention Award Agreement, effective September 30, 2020, incorporated by reference to 
Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
10(rr)
Terms and Conditions for Restricted Share Units, effective September 30, 2020, incorporated by reference 
to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
10(ss)
Global Restricted Share Unit Award Agreement, effective December 7, 2023, incorporated by reference to 
Exhibit 10(ss) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
10(tt)
Global Special Retention Award Agreement, effective December 7, 2023, incorporated by reference to 
Exhibit 10(tt) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
10(tt)(1)
Form of Special Retention Award Agreement.
10(uu)
Form of Confidentiality, Non-Competition, and Non-Solicitation Agreement, incorporated by reference to 
Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.
10(ww)
Letter Agreement, by and between Howmet Aerospace Inc. and Lola Lin, dated as of May 5, 2021, 
incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter 
ended June 30, 2021.
19
Howmet Aerospace Insider Trading Policy.
21
Subsidiaries of the Registrant.
23
Consent of Independent Registered Public Accounting Firm.
24
Power of Attorney.
31
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97
Executive Officer Incentive Compensation Recovery Policy, incorporated by reference to Exhibit 97 to the 
Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
101. INS
Inline XBRL Instance Document.
101. SCH
Inline XBRL Taxonomy Extension Schema Document.
101. CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101. DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101. LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101. PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
The cover page of this Annual Report on Form 10-K for the year ended December 31, 2024 (formatted in 
Inline XBRL and contained in Exhibit 101).
 * Exhibit Nos. 10(f) through 10(ww) are management contracts or compensatory plans required to be filed as Exhibits to this 
Form 10-K.
Amendments and modifications to other Exhibits previously filed have been omitted when in the opinion of the registrant such 
Exhibits as amended or modified are no longer material or, in certain instances, are no longer required to be filed as Exhibits.
Certain instruments defining the rights of holders of long-term debt securities of the Registrant and its subsidiaries are omitted 
pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies 
of any such instruments.
92

Item 16. Form 10-K Summary.
None.
93

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this 
report to be signed on its behalf by the undersigned, thereunto duly authorized.
HOWMET AEROSPACE INC.
February 13, 2025
By
/s/ Barbara L. Shultz
Barbara L. Shultz
Vice President and Controller (Also signing as Principal 
Accounting Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following 
persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature
Title
Date
/s/ John C. Plant
February 13, 2025
John C. Plant
Executive Chairman and Chief Executive Officer 
(Principal Executive Officer and Director)
    /s/ Ken Giacobbe
February 13, 2025
Ken Giacobbe
Executive Vice President and Chief Financial 
Officer (Principal Financial Officer)
James F. Albaugh, Amy E. Alving, Sharon R. Barner, Joseph S. Cantie, Robert F. Leduc, David J. Miller, Jody G. Miller, 
Ulrich R. Schmidt and Gunner S. Smith, each as a Director, on February 13, 2025, by Barbara L. Shultz, their Attorney-in-
Fact.*
 
*By
/s/ Barbara L. Shultz
Barbara L. Shultz
Attorney-in-Fact
94

Exhibit 21 
SUBSIDIARIES OF THE REGISTRANT 
(As of December 31, 2024) 
  
Name 
State or 
Country of 
Organization  
Howmet Aerospace Inc. 
Delaware, US 
Howmet Domestic LLC 
Delaware, US 
Howmet International Inc. 
Delaware, US 
Howmet Holdings Corporation 
Delaware, US 
Howmet Corporation 
Delaware, US 
Howmet Castings & Services, Inc. 
Delaware, US 
Cordant Technologies Holding Company 
Delaware, US 
Howmet Global Fastening Systems Inc. 
Delaware, US 
FR Acquisition Corporation (US), Inc. 
Delaware, US 
JFB Firth Rixson Inc. 
Delaware, US 
Howmet International Holding Company LLC 
Delaware, US 
Howmet Luxembourg S.à r.l. 
Luxembourg 
Howmet Global Treasury Services S.a.r.l. 
Luxembourg 
Howmet-Köfém Kft 
Hungary 
Howmet Holdings Limited 
United Kingdom 
FR Acquisitions Corporation Europe Limited 
United Kingdom 
 
The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would 
not constitute, as of the end of the year covered by this report, a “significant subsidiary” as that term is defined in Regulation S-
X under the Securities Exchange Act of 1934.  
 
 

Exhibit 23 
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
 
We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-272154 and 333-
274124) and Form S-8 (Nos. 333-266545, 333-229914, 333-209772, 333-182899, 333-170801, 333-168428, 333-153369, 333-
146330, 333-128445, 333-106411, 333-32516, 333-155668, 333-232219, 333-212246, 333-189882, 333-229727 and 333-
203275) of Howmet Aerospace Inc. of our report dated February 13, 2025 relating to the financial statements and the 
effectiveness of internal control over financial reporting, which appears in this Form 10-K.  
 
/s/ PricewaterhouseCoopers LLP 
Pittsburgh, Pennsylvania 
February 13, 2025 
 
 

Exhibit 31 
Certifications 
I, John C. Plant, certify that: 
1. 
I have reviewed this annual report on Form 10-K of Howmet Aerospace Inc.; 
2. 
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a 
material fact necessary to make the statements made, in light of the circumstances under which such 
statements were made, not misleading with respect to the period covered by this report; 
3. 
Based on my knowledge, the financial statements, and other financial information included in this report, 
fairly present in all material respects the financial condition, results of operations and cash flows of the 
registrant as of, and for, the periods presented in this report; 
4. 
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure 
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over 
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 
a. 
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures 
to be designed under our supervision, to ensure that material information relating to the registrant, 
including its consolidated subsidiaries, is made known to us by others within those entities, 
particularly during the period in which this report is being prepared; 
b. 
Designed such internal control over financial reporting, or caused such internal control over financial 
reporting to be designed under our supervision, to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles; 
c. 
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in 
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of 
the end of the period covered by this report based on such evaluation; and 
d. 
Disclosed in this report any change in the registrant’s internal control over financial reporting that 
occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the 
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the 
registrant’s internal control over financial reporting; and 
5. 
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal 
control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board 
of directors (or persons performing the equivalent functions): 
a. 
All significant deficiencies and material weaknesses in the design or operation of internal control 
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to 
record, process, summarize and report financial information; and 
b. 
Any fraud, whether or not material, that involves management or other employees who have a 
significant role in the registrant’s internal control over financial reporting. 
  
Date: February 13, 2025  
  
/s/ John C. Plant 
John C. Plant 
Executive Chairman and Chief Executive Officer 
 
 
 
 

I, Ken Giacobbe, certify that: 
1. 
I have reviewed this annual report on Form 10-K of Howmet Aerospace Inc.; 
2. 
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a 
material fact necessary to make the statements made, in light of the circumstances under which such 
statements were made, not misleading with respect to the period covered by this report; 
3. 
Based on my knowledge, the financial statements, and other financial information included in this report, 
fairly present in all material respects the financial condition, results of operations and cash flows of the 
registrant as of, and for, the periods presented in this report; 
4. 
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure 
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over 
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 
a. 
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures 
to be designed under our supervision, to ensure that material information relating to the registrant, 
including its consolidated subsidiaries, is made known to us by others within those entities, 
particularly during the period in which this report is being prepared; 
b. 
Designed such internal control over financial reporting, or caused such internal control over financial 
reporting to be designed under our supervision, to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles; 
c. 
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in 
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of 
the end of the period covered by this report based on such evaluation; and 
d. 
Disclosed in this report any change in the registrant’s internal control over financial reporting that 
occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the 
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the 
registrant’s internal control over financial reporting; and 
5. 
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal 
control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board 
of directors (or persons performing the equivalent functions): 
a. 
All significant deficiencies and material weaknesses in the design or operation of internal control 
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to 
record, process, summarize and report financial information; and 
b. 
Any fraud, whether or not material, that involves management or other employees who have a 
significant role in the registrant’s internal control over financial reporting. 
 
Date: February 13, 2025  
  
/s/ Ken Giacobbe 
Ken Giacobbe 
Executive Vice President and Chief Financial Officer 
 
  
 

Exhibit 32 
 
Certification 
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, 
United States Code), each of the undersigned officers of Howmet Aerospace Inc., a Delaware corporation (the “Company”), 
does hereby certify that: 
The Annual Report on Form 10-K for the period ended December 31, 2024 (the “Form 10-K”) of the Company fully complies 
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the 
Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company. 
  
Dated: 
February 13, 2025 
/s/ John C. Plant 
John C. Plant 
Executive Chairman and Chief Executive Officer 
Dated: 
February 13, 2025 
/s/ Ken Giacobbe 
Ken Giacobbe 
Executive Vice President and Chief Financial Officer 
 
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or 
otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by 
Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and 
Exchange Commission or its staff upon request. 
The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Form 10-K and 
shall not be considered filed as part of the Form 10-K. 


/ŶƚĞƌŶĂůhƐĞ
Calculation of Financial Measures (unaudited) 
 
Non-GAAP Financial Measures 
Some of the information included in this annual report is derived from Howmet Aerospace’s consolidated 
financial information but is not presented in Howmet Aerospace’s financial statements prepared in 
accordance with accounting principles generally accepted in the United States of America (GAAP). 
Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP 
financial measures supplement our GAAP disclosures and should not be considered an alternative to the 
GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and 
management’s rationale for the use of the non-GAAP financial measures can be found below. 
Reconciliation of Adjusted EBITDA excluding Special Items  
($ in millions) 
Year ended 
December 31, 
 
2024 
2023 
Net income 
$1,155 
$765 
 
 
 
Add: 
 
 
Provision for income taxes 
$228 
$210 
Other expense, net 
62 
8 
Loss on debt redemption 
6 
2 
Interest expense, net 
182 
218 
Restructuring and other charges 
21 
23 
Provision for depreciation and amortization 
277 
272 
Adjusted EBITDA 
$1,931 
$1,498 
 
 
 
Add: 
 
 
Plant fire reimbursements, net 
$(18) 
$(12) 
Collective bargaining agreement negotiations 
— 
8 
Costs associated with closures, supply chain 
disruptions, and other items 
1 
14 
Adjusted EBITDA excluding Special items 
$1,914 
$1,508 
 
Adjusted EBITDA and Adjusted EBITDA excluding Special items are non-GAAP financial measures. Management 
believes that these measures are meaningful to investors because they provide additional information with respect to 
the Company's operating performance and the Company’s ability to meet its financial obligations. The Adjusted 
EBITDA presented may not be comparable to similarly titled measures of other companies. The Company's 
definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus 
an add-back for depreciation and amortization. Net margin is equivalent to Sales minus the following items: Cost of 
goods sold, Selling, general administrative, and other expenses, Research and development expenses, and Provision 
for depreciation and amortization. Special items, including Restructuring and other charges, are excluded from 
Adjusted EBITDA. 
 



/ŶƚĞƌŶĂůhƐĞ
Calculation of Financial Measures (unaudited), continued 
 
 
Reconciliation of Adjusted EBITDA Margin excluding Special Items  
($ in millions) 
Quarter ended 
 
1Q24 
2Q24 
3Q24 
4Q24 
Third-party sales 
$1,824 
$1,880 
$1,835 
$1,891 
Operating income 
$369 
$398 
$421 
$445 
Operating income margin 
20.2% 
21.2% 
22.9% 
23.5% 
 
 
 
 
 
Net income 
$243 
$266 
$332 
$314 
 
 
 
 
 
Add: 
 
 
 
 
Provision for income taxes 
$60 
$68 
$22 
$78 
Other expense, net 
17 
15 
17 
13 
Loss on debt redemption 
— 
— 
6 
— 
Interest expense, net 
49 
49 
44 
40 
Restructuring and other charges (credits) 
— 
22 
(1) 
— 
Provision for depreciation and amortization 
67 
69 
68 
73 
Adjusted EBITDA 
$436 
$489 
$488 
$518 
 
 
 
 
 
Add: 
 
 
 
 
Plant fire reimbursements, net 
$— 
$(6) 
$— 
$(12) 
Costs (benefits) associated with closures, 
supply chain disruptions, and other items 
1 
— 
(1) 
1 
Adjusted EBITDA excluding Special items 
$437 
$483 
$487 
$507 
 
 
 
 
 
Adjusted EBITDA Margin excluding Special 
items 
24.0% 
25.7% 
26.5% 
26.8% 
 
Adjusted EBITDA, Adjusted EBITDA excluding Special items, Adjusted EBITDA Margin excluding Special items 
and Third-party sales are non-GAAP financial measures. Management believes that these measures are meaningful 
to investors because they provide additional information with respect to the Company's operating performance and 
the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to 
similarly titled measures of other companies. The Company's definition of Adjusted EBITDA (Earnings before 
interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation and amortization. Net 
margin is equivalent to Sales minus the following items: Cost of goods sold, Selling, general administrative, and 
other expenses, Research and development expenses, and Provision for depreciation and amortization. Special items, 
including Restructuring and other charges (credits), are excluded from Adjusted EBITDA. 



/ŶƚĞƌŶĂůhƐĞ
Calculation of Financial Measures (unaudited), continued 
 
Reconciliation of Free Cash Flow 
($ in millions) 
Quarter ended 
Year ended 
December 31, 
 
1Q24 
2Q24 
3Q24 
4Q24 
2024 
2023 
Cash provided from operations 
$177 
$397 
$244 
$480 
$1,298 
$901 
Capital expenditures 
(82) 
(55) 
(82) 
(102) 
(321) 
(219) 
Free cash flow (a) 
$95 
$342 
$162 
$378 
$977 
$682 
Net income (b) 
 
 
 
 
$1,155 
$765 
Free cash flow conversion as a percentage of 
Net income(1) (a)/(b) 
 
 
 
 
85% 
89% 
Net income excluding Special items(2) (c) 
 
 
 
 
$1,107 
$766 
Free cash flow conversion as a percentage of 
Net income excluding Special items(1) (a)/(c) 
 
 
 
 
88% 
89% 
 
 
 
 
 
 
 
The Accounts Receivable Securitization program remains unchanged at $250 outstanding.  
Free cash flow and Free cash flow conversion as a percentage of Net income excluding Special items are non-GAAP 
financial measures. Management believes that these measures are meaningful to investors because management 
reviews cash flows generated from operations after taking into consideration capital expenditures (due to the fact 
that these expenditures are considered necessary to maintain and expand the Company's asset base and are expected 
to generate future cash flows from operations). It is important to note that Free cash flow does not represent the 
residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as 
mandatory debt service requirements, are not deducted from the measure.  
(1)  
We compute free cash flow conversion on an annual basis only due to the cycle of our business.  
(2)  
Please refer to the Reconciliation of Net income excluding Special items for the reconciliation from Net 
income to Net income excluding Special items. 
 
 
 
 
 
 
 
 
 
 
 
 
 



/ŶƚĞƌŶĂůhƐĞ
Calculation of Financial Measures (unaudited), continued 
 
Reconciliation of Net Income excluding Special items and Diluted Earnings Per Share (EPS) 
excluding Special Items 
($ in millions, except per-share amounts) 
Net income excluding Special items 
 
Year ended 
December 31, 
 
2024 
2023 
Net income 
$1,155 
$765 
Diluted EPS 
$2.81 
$1.83 
 
 
 
Special items: 
 
 
Restructuring and other charges 
$21 
$23 
Discrete and other tax items(1) 
$(59) 
$(9) 
Other special items: 
 
 
Loss on debt redemption 
6 
2 
Plant fire reimbursements, net 
(18) 
(12) 
Collective bargaining agreement negotiations 
— 
8 
Settlement from legal proceeding 
— 
(24) 
Costs associated with closures, supply chain disruptions, 
and other items 
1 
13 
Total Other special items 
$(11) 
$(13) 
Tax impact(2) 
1 
— 
Net income excluding Special items 
$1,107 
$766 
Average shares outstanding - diluted 
410 
416 
Diluted EPS excluding Special items 
$2.69 
$1.84 
 
Net income excluding Special items and Diluted EPS excluding Special items are non-GAAP financial measures. 
Management believes that these measures are meaningful to investors because management reviews the operating 
results of the Company excluding the impacts of Restructuring and other charges, Discrete tax items, and Other 
special items (collectively, “Special items”). There can be no assurances that additional Special items will not occur 
in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Net 
income and Diluted EPS determined under GAAP as well as Net income excluding Special items and Diluted EPS 
excluding Special items. 
(1)  
 Discrete tax items for each period included the following:  
• 
for the year ended December 31, 2023, a charge for a tax reserve established in France $20, a benefit to 
release a valuation allowance related to U.S. foreign tax credits ($14), an excess benefit for stock 
compensation ($9), a benefit to release a valuation allowance related to U.S. state tax losses and tax 
credits ($2), a benefit to revalue deferred taxes for changes to apportioned U.S. state tax rates ($2), and a 
net benefit for other small items ($2); and 
• 
for the year ended December 31, 2024, a net benefit related to additional U.S. federal and state research 
and development ("R&D") credits claimed for prior years upon completion of the Company's R&D study 
($44), an excess tax benefit for stock compensation ($10), a benefit to release a valuation allowance 
related to U.S. state tax losses and credits ($6), a benefit to release a valuation allowance related to U.S 
foreign tax credits ($4), a net charge for prior year audit assessments and tax adjustments $4, and a 
charge for other small items $1. 
(2)  
The tax impact on Special items is based on the applicable statutory rates whereby the difference between 
such rates and the Company’s consolidated estimated annual effective tax rate is itself a Special item.  



/ŶƚĞƌŶĂůhƐĞ
Calculation of Financial Measures (unaudited), continued 
 
Reconciliation of Net Debt to Adjusted EBITDA excluding Special items 
($ in millions) 
 
Trailing-12 
months ended 
December 31, 
2024 
Net income (a) 
$1,155 
 
 
Add: 
 
Provision for income taxes 
228 
Other expense, net 
62 
Loss on debt redemption 
6 
Interest expense, net 
182 
Restructuring and other charges 
21 
Provision for depreciation and amortization 
277 
Adjusted EBITDA 
$1,931 
Add: 
 
Plant fire reimbursements, net 
(18) 
Costs associated with closures, supply chain disruptions, and other items 
1 
Adjusted EBITDA excluding Special items (b) 
$1,914 
 
 
Long-term debt due within one year 
$6 
Long-term debt, less amount due within one year 
$3,309 
Total Debt, at period end (c) 
$3,315 
Less: Cash, cash equivalents, and restricted cash, at period end 
$565 
Net debt, at period end (d) 
$2,750 
Total Debt to Net income (c)/(a) 
2.9 
Net Debt to Adjusted EBITDA excluding Special items (d)/(b) 
1.4 
 
Net debt, Net debt to Adjusted EBITDA, Adjusted EBITDA, and Adjusted EBITDA excluding Special items are 
non-GAAP financial measures. The Company's definition of Adjusted EBITDA (Earnings before interest, taxes, 
depreciation, and amortization) is net margin plus an add-back for depreciation and amortization. Net margin is 
equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other 
expenses; Research and development expenses; and Provision for depreciation and amortization. The Adjusted 
EBITDA presented may not be comparable to similarly titled measures of other companies. Management believes 
that these measures are meaningful to investors because management assesses the Company's leverage position after 
factoring in cash that could be used to repay outstanding debt, and also because they provide additional information 
with respect to the Company’s operating performance and the Company’s ability to meet its financial obligations. 
 
 
 
 
 
 




/ŶƚĞƌŶĂůhƐĞ
Forward-Looking Statements 
 
This Annual Report contains statements that relate to future events and expectations and as such constitute forward-
looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking 
statements include those containing such words as “anticipates”, “believes”, “could”, “envisions”, “estimates”, 
“expects”, “forecasts”, “goal”, “guidance”, “intends”, “may”, “outlook”, “plans”, “projects”, “seeks”, “sees”, 
“should”, “targets”, “will”, “would”, or other words of similar meaning. All statements that reflect Howmet 
Aerospace’s expectations, assumptions or projections about the future, other than statements of historical fact, are 
forward-looking statements, including, without limitation, statements, forecasts and outlook relating to the condition 
of end markets; future financial results or operating performance; future strategic actions; Howmet Aerospace’s 
strategies, outlook, and business and financial prospects; and any future dividends, debt issuances, debt reduction 
and repurchases of its common stock. These statements reflect beliefs and assumptions that are based on the 
Howmet Aerospace’s perception of historical trends, current conditions and expected future developments, as well 
as other factors Howmet Aerospace believes are appropriate in the circumstances. Forward-looking statements are 
not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are 
difficult to predict, which could cause actual results to differ materially from those indicated by these statements. 
The risks, uncertainties and other factors that may cause Howmet’s actual results to differ materially from those 
projected in any forward-looking statements are described in the following sections of our 2024 Annual Report on 
Form 10-K included in this report, as well as other reports filed with the U.S. Securities and Exchange Commission: 
Part I, Item 1A (Risk Factors), Part II, Item 7 (Management’s Discussion and Analysis of Financial Condition and 
Results of Operations), including the disclosures under Segment Information and Critical Accounting Policies and 
Estimates, and Note U to the Consolidated Financial Statements in Part II, Item 8. Market projections are subject to 
the risks discussed in this report and other risks in the market. Howmet disclaims any intention or obligation to 
update publicly any forward-looking statements, whether in response to new information, future events, or 
otherwise, except as required by applicable law. 


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Former President and Chief Executive Officer for Commercial Airplanes, The Boeing Company; 
Former President and Chief Executive Officer for Integrated Defense Systems, The Boeing Company
Former Senior Vice President and Chief Technology Officer, Leidos Holdings, Inc.
Vice President, Chief Administrative Officer, Cummins Inc.
Former Executive Vice President and Chief Financial Officer, ZF TRW  
Former President, Pratt & Whitney
Equity Partner, Senior Portfolio Manager, Elliott Investment Management, L.P.
Former Co-Chief Executive Officer, Business Talent Group 
Executive Chairman and Chief Executive Officer, Howmet Aerospace Inc.
Former Executive Vice President and Chief Financial Officer, Spirit Aerosystems Holdings, Inc. 
President, Roofing, Owens Corning
DIRECTORS
(As of March 31, 2025)
OFFICERS
(As of March 31, 2025)
(As of March 31, 2025)
ASSISTANT OFFICERS
James F. Albaugh
Amy E. Alving
Sharon R. Barner
Joseph S. Cantie
Robert L. Leduc
David J. Miller
Jody G. Miller
John C. Plant
Ulrich R. Schmidt
Gunner S. Smith 
John C. Plant
Executive Chairman
Chief Executive Officer
Michael Chanatry
Vice President
Chief Commercial Officer
Kenneth J. Giacobbe
Executive Vice President
Chief Financial Officer
Lola F. Lin
Executive Vice President
Chief Legal and 
Compliance Officer 
Secretary
Neil E. Marchuk
Executive Vice President
Chief Human Resources Officer
Paul Myron
Vice President
Treasurer
Barbara L. Shultz
Vice President
Controller
Margaret S. Lam
Assistant Secretary
Associate General Counsel 
Chief Securities and Governance Counsel
Catherine D. Parroco
Assistant Secretary
Printed in USA  |  © 2025 Howmet Aerospace Inc. 

COMPANY NEWS 
Visit www.howmet.com for Howmet Aerospace’s 
Securities and Exchange Commission filings, quarterly 
earnings reports, and other Company news.
Copies of the Company’s annual report, proxy 
statement, and Forms 10-K and 10-Q may be requested 
at no cost by visiting www.howmet.com/investors, 
by writing to: 
Howmet Aerospace
Attention: Corporate Secretary’s Office
201 Isabella Street, Suite 200 
Pittsburgh, PA 15212 
or by email: CorporateSecretary@howmet.com
INVESTOR INFORMATION 
Securities analysts and investors may write to: 
Howmet Aerospace
Attention: Investor Relations
201 Isabella Street, Suite 200
Pittsburgh, PA 15212 
call 1-412-553-1950
or by email: InvestorRelations@howmet.com 
OTHER PUBLICATIONS 
For more information on Howmet Aerospace 
Foundation and Howmet Aerospace community 
investments, visit: www.howmet.com/foundation
For Howmet Aerospace’s Environmental, Social and 
Governance Report, visit: www.howmet.com/esg-report,
write to: Howmet Aerospace
Attention: Corporate Sustainability
201 Isabella Street, Suite 200
Pittsburgh, PA 15212
or by email: Sustainability@howmet.com
DIVIDENDS 
Cash dividend decisions are made by Howmet 
Aerospace’s Board of Directors and are reviewed on a 
regular basis.
DIVIDEND REINVESTMENT 
Howmet Aerospace’s transfer agent sponsors and 
administers a Dividend Reinvestment and Stock 
Purchase Plan for shareholders of Howmet Aerospace’s 
common stock. The plan allows shareholders to 
reinvest all or part of their quarterly dividends in shares 
of Howmet Aerospace common stock. Shareholders 
may also purchase additional shares of common stock 
under the plan with cash contributions.
DIRECT DEPOSIT OF DIVIDENDS 
Shareholders may have their quarterly dividends 
deposited directly to their checking, savings or money 
market accounts at any financial institution that 
participates in the Automated Clearing House system.
REGISTERED SHAREHOLDER SERVICES
Registered shareholders with questions on account 
balances, dividend checks, reinvestment, direct 
deposit, address changes, lost or misplaced stock 
certificates, or other shareholder account matters may 
contact Howmet Aerospace’s stock transfer agent, 
registrar, and dividend-disbursing agent, 
Computershare:
By telephone: 
1-800-851-9677 (in the United States and Canada) 
1-201-680-6578 (all other callers)
1-800-231-5469 (Telecommunications Device for the 
Deaf: TDD)
On the web: 
www.computershare.com 
By regular mail: 
Computershare Investor Services 
P.O. Box 43006
Providence, RI 02940-3006 
By overnight correspondence: 
Computershare Investor Services 
150 Royall Street
Suite 101
Canton, MA 02021 
For shareholder questions on other matters, write to: 
Howmet Aerospace
Attention: Corporate Secretary’s Office
201 Isabella Street, Suite 200
Pittsburgh, PA 15212
call 1-412-553-1940
or by email: CorporateSecretary@howmet.com
STOCK LISTING 
Common Stock 
New York Stock Exchange | Ticker symbol: HWM
$3.75 Cumulative Preferred Stock (Class A) 
NYSE American | Ticker symbol: HWM PR
SHAREHOLDER INFORMATION

WWW.HOWMET.COM
HOWMET AEROSPACE  |  2024 ANNUAL REPORT
ON THE COVER: 
Howmet Aerospace is a global leader in advanced engineered 
solutions — including those shown here — providing 
differentiated technologies to enable lighter, more fuel-efficient 
aircraft, industrial gas turbines, and commercial vehicles to 
operate with a lower carbon footprint.
Copyright 2025 © Howmet Aerospace. All rights reserved.