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v3.23.2

Pension and Other Postretirement Benefits | 6 Months Ended
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Jun. 30, 2023
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The components of net periodic cost (benefit) were as follows:
| Second quarter ended |  |  | Six months ended
| June 30, |  |  | June 30,
| 2023 |  | 2022 |  |  | 2023 |  | 2022
Pension benefits |  |  |  |  |  |  |  |
Service cost | $ | 1 |  |  | $ | 1 |  |  |  | $ | 2 |  |  | $ | 2 |
Interest cost | 20 |  |  | 13 |  |  |  | 40 |  |  | 25 |
Expected return on plan assets | (18) |  |  | (21) |  |  |  | (37) |  |  | (41) |
Recognized net actuarial loss | 7 |  |  | 12 |  |  |  | 14 |  |  | 25 |
Settlements | 3 |  |  | 3 |  |  |  | 3 |  |  | 4 |
Net periodic cost(1) | $ | 13 |  |  | $ | 8 |  |  |  | $ | 22 |  |  | $ | 15 |
Other postretirement benefits |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | 1 |  |  |  | $ | — |  |  | $ | 1 |
Interest cost | 1 |  |  | 1 |  |  |  | 3 |  |  | 2 |
Recognized net actuarial gain | — |  |  | 1 |  |  |  | (1) |  |  | 1 |
Amortization of prior service benefit | (2) |  | (3) |  |  | (4) |  |  | (5) |
Net periodic benefit(1) | $ | (1) |  |  | $ | — |  |  |  | $ | (2) |  |  | $ | (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 income, net in the Statement of Consolidated Operations. Pension benefits In the second quarter and six months ended June 30, 2023, the Company undertook additional actions to reduce gross pension obligations by $19 by purchasing group annuity contracts from a third-party carrier to pay and administer future annuity payments. These actions resulted in settlement charges of $3. In the second quarter and six months ended June 30, 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 $3 and $4, respectively, that were recorded in Restructuring and other charges in the Statement of Consolidated Operations. For the second quarter and six months ended June 30, 2023, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $7 and $19, respectively. For the second quarter and six months ended June 30, 2022, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $12 and $25, respectively.

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