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Earnings Per Share and Common Stock (Tables) | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Schedule of Reconciliation of Information Used to Compute Basic and Diluted EPS | The information used to compute basic and diluted EPS attributable to Howmet common shareholders was as follows (shares in millions in the table below):
| Third quarter ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net income attributable to common shareholders | $ | 188 |  |  | $ | 80 |  |  | $ | 529 |  |  | $ | 358 |
Less: preferred stock dividends declared | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Net income available to Howmet Aerospace common shareholders - basic and diluted | $ | 187 |  |  | $ | 79 |  |  | $ | 527 |  |  | $ | 356 |
Average shares outstanding - basic | 412 |  |  | 415 |  |  | 412 |  |  | 417 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock and performance awards | 3 |  |  | 5 |  |  | 5 |  |  | 5 |
Average shares outstanding - diluted | 415 |  |  | 420 |  |  | 417 |  |  | 422 |
Schedule of Accelerated Share Repurchases | The following table provides details for share repurchases made for the periods presented:
| Number of shares |  | Average price per share(1) |  | Total
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 |
2023 Share repurchases as of September 30, 2023 | 3,329,723 |  |  | $ | 45.05 |  |  | $ | 150 |
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 |
2022 Share repurchases as of September 30, 2022 | 9,682,424 |  |  | $ | 34.60 |  |  | $ | 335 |
(1)Excludes commissions cost.

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- Definition Tabular disclosure of accelerated share repurchase (ASR) programs. An ASR is a combination of transactions that permits an entity to purchase a targeted number of shares immediately with the final purchase price of those shares determined by an average market price over a fixed period of time. An accelerated share repurchase program is intended to combine the immediate share retirement benefits of a tender offer with the market impact and pricing benefits of a disciplined daily open market stock repurchase program. ASRs can be disclosed as part of stockholders' equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Section 25 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481138/505-30-25-5 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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