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Earnings Per Share and Common Stock (Tables) | 6 Months Ended
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Jun. 30, 2024
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):
| Second quarter ended |  | Six months ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 266 |  |  | $ | 193 |  |  | $ | 509 |  |  | $ | 341 |
Less: preferred stock dividends declared | — |  |  | — |  |  | 1 |  |  | 1 |
Net income available to Howmet Aerospace common shareholders - basic and diluted | $ | 266 |  |  | $ | 193 |  |  | $ | 508 |  |  | $ | 340 |
Average shares outstanding - basic | 408 |  |  | 413 |  |  | 409 |  |  | 413 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock and performance awards | 3 |  |  | 4 |  |  | 2 |  |  | 4 |
Average shares outstanding - diluted | 411 |  |  | 417 |  |  | 411 |  |  | 417 |
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 2024 open market repurchase | 2,243,259 |  |  | $ | 66.87 |  |  | $ | 150 |
Q2 2024 open market repurchase | 734,737 |  |  | $ | 81.66 |  |  | $ | 60 |
2024 Share repurchases as of June 30, 2024 | 2,977,996 |  |  | $ | 70.52 |  |  | $ | 210 |
Q1 2023 open market repurchase | 576,629 |  |  | $ | 43.36 |  |  | $ | 25 |
Q2 2023 open market repurchase | 2,246,294 |  |  | $ | 44.52 |  |  | $ | 100 |
2023 Share repurchases as of June 30, 2023 | 2,822,923 |  |  | $ | 44.28 |  |  | $ | 125 |
(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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