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Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The components of net periodic cost (benefit) were as follows:
Third quarter endedNine months ended
 September 30,September 30,
2025202420252024
Pension benefits
Service cost$1 $1 $2 $2 
Interest cost18 18 56 56 
Expected return on plan assets(17)(17)(50)(52)
Recognized net actuarial loss8 9 23 25 
Net periodic cost(1)
$10 $11 $31 $31 
Other postretirement benefits    
Service cost$— $— $— $— 
Interest cost1 1 3 4 
Recognized net actuarial gain(2)(1)(6)(2)
Amortization of prior service benefit(2)(2)(7)(7)
Net periodic benefit(1)
$(3)$(2)$(10)$(5)
(1)Service cost was included within Cost of goods sold; all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations.
In August 2025, the Company entered into an agreement to insure the remaining amount of its obligations in its U.K. pension plan. The Company also purchased a real estate debt investment from the U.K. pension plan’s trust for approximately $9. This security is considered a held-to-maturity investment and is reported at cost. In the third quarter ended September 30, 2025, approximately $3 of the investment was redeemed; the purchase and redemption are presented as Investing Activities in the Statement of Consolidated Cash Flows. The remaining balance will be redeemed at various periods through 2028. As of September 30, 2025, cost approximates fair value. This investment is valued at net asset value in the fair value hierarchy and approximately $4 and $2 are included in Prepaid expenses and other current assets and Other noncurrent assets, respectively, in the Consolidated Balance Sheet.
For the third quarter and nine months ended September 30, 2025, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $17 and $36, respectively. For the third quarter and nine months ended September 30, 2024, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $19 and $41, respectively.