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v3.23.1

Pension and Other Postretirement Benefits | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The components of net periodic cost (benefit) were as follows:
| First quarter ended |  |  |
| March 31, |  |  |
| 2023 |  | 2022 |  |  |  |  |
Pension benefits |  |  |  |  |  |  |  |
Service cost | $ | 1 |  |  | $ | 1 |  |  |  |  |  |
Interest cost | 20 |  |  | 12 |  |  |  |  |  |
Expected return on plan assets | (19) |  |  | (20) |  |  |  |  |  |
Recognized net actuarial loss | 7 |  |  | 13 |  |  |  |  |  |
Settlements | — |  |  | 1 |  |  |  |  |  |
Net periodic cost(1) | $ | 9 |  |  | $ | 7 |  |  |  |  |  |
Other postretirement benefits |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  |  |  |  |
Interest cost | 2 |  |  | 1 |  |  |  |  |  |
Recognized net actuarial gain | (1) |  |  | — |  |  |  |  |  |
Amortization of prior service benefit | (2) |  | (2) |  |  |  |  |
Net periodic benefit(1) | $ | (1) |  |  | $ | (1) |  |  |  |  |  |
(1)Service cost was included within Cost of goods sold, and Selling, general administrative, and other expenses; settlements were included in Restructuring and other charges; and all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations. Pension benefits In the first quarter of 2022, the Company applied settlement accounting to certain U.S. pension plans due to lump sum payments made to participants, which resulted in settlement charges of $1 that were recorded in Restructuring and other charges in the Statement of Consolidated Operations. Settlement accounting did not occur in 2023. For the first quarter of 2023 and 2022, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $12 and $13, respectively.

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