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Restructuring and Other Charges | 12 Months Ended
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Dec. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | Restructuring and Other Charges Restructuring and other charges were comprised of the following:
For the year ended December 31, | 2023 |  | 2022 |  | 2021
Layoff costs | $ | 3 |  |  | $ | — |  |  | $ | 7 |
Net reversals of previously recorded layoff reserves | (1) |  |  | (1) |  |  | (3) |
Pension and other post-retirement benefits - net settlement (G) | 5 |  |  | 58 |  |  | 75 |
Non-cash asset impairments and accelerated depreciation | 14 |  |  | 1 |  |  | 15 |
Net gain related to divestitures of assets and businesses (T) | (1) |  |  | (8) |  |  | (8) |
Other | 3 |  |  | 6 |  |  | 4 |
Total restructuring and other charges | $ | 23 |  |  | $ | 56 |  |  | $ | 90 |
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. 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, 2023, 18 of the 63 employees were separated. The remaining separations for the 2023 restructuring programs are expected to be completed in 2024. 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. 2021 Actions. In 2021, Howmet recorded Restructuring and other charges of $90, which included a $75 charge for U.K. and U.S. pension plans’ settlement accounting; a $15 charge for accelerated depreciation primarily related to the closure of small U.S. manufacturing facilities in Engine Products and Fastening Systems; a $7 charge for layoff costs, including the separation of 253 employees (171 in Engineered Structures, 75 in Engine Products, 6 in Fastening Systems and 1 in Corporate); a $4 charge for impairment of assets associated with an agreement to sell a small manufacturing business in France, and a $4 charge for various other exit costs. These charges were partially offset by a gain of $12 on the sale of assets at a small U.S. manufacturing facility in Fastening Systems and a benefit of $3 related to the reversal of a number of layoff reserves related to prior periods. As of December 31, 2023, 173 of the 253 employees were separated. The remaining separations for the 2021 programs are expected to be completed in 2024. Activity and reserve balances for restructuring charges were as follows:
| Layoff costs |  | Other exit costs |  | Total
Reserve balances at December 30, 2020 | $ | 54 |  |  | $ | — |  |  | $ | 54 |
2021 Activity |  |  |  |  |
Cash payments | (41) |  |  | (2) |  |  | (43) |
Restructuring and other charges | 79 |  |  | 11 |  |  | 90 |
Other(1) | (75) |  |  | (7) |  |  | (82) |
Reserve balances at December 31, 2021 | $ | 17 |  |  | $ | 2 |  |  | $ | 19 |
2022 Activity |  |  |  |  |
Cash payments | $ | (9) |  |  | $ | (7) |  |  | $ | (16) |
Restructuring and other charges | 56 |  |  | — |  |  | 56 |
Other(2) | (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(3) | (5) |  |  | (13) |  |  | (18) |
Reserve balances at December 31, 2023 | $ | 5 |  |  | $ | 2 |  |  | $ | 7 |
(1)In 2021, other for layoff costs included $75 in settlement accounting charges related to U.K. and U.S. pension plans; while other for other exit costs included a charge of $15 for accelerated depreciation and a $4 charge for various other exit costs, which were offset by a gain of $12 on the sale of assets. (2)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. (3)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. The remaining reserves as of December 31, 2023 are expected to be paid in cash during 2024.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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