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10-Q Filing

HOWMET AEROSPACE INC. CIK: 4281 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000004281-23-000008
Period End Date 20230331
Filing Date 20230502
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance hwm-20230331_htm.xml
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $1.00M USD Point-in-time
Allowance for doubtful accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $1.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $791.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $537.00M USD Point-in-time
Receivables from customers, less allowances of $1 in both 2023 and 2022 AccountsReceivableNetCurrent $655.00M USD Point-in-time
Receivables from customers, less allowances of $1 in both 2023 and 2022 AccountsReceivableNetCurrent $506.00M USD Point-in-time
Other receivables OtherReceivablesNetCurrent $16.00M USD Point-in-time
Other receivables OtherReceivablesNetCurrent $31.00M USD Point-in-time
Inventories InventoryNet $1.61B USD Point-in-time
Inventories InventoryNet $1.66B USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $187.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $206.00M USD Point-in-time
Total current assets AssetsCurrent $3.14B USD Point-in-time
Total current assets AssetsCurrent $3.06B USD Point-in-time
Properties, plants, and equipment, net PropertyPlantAndEquipmentNet $2.33B USD Point-in-time
Properties, plants, and equipment, net PropertyPlantAndEquipmentNet $2.32B USD Point-in-time
Goodwill Goodwill $4.01B USD Point-in-time
Goodwill Goodwill $4.02B USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $59.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $54.00M USD Point-in-time
Intangibles, net IntangibleAssetsNetExcludingGoodwill $518.00M USD Point-in-time
Intangibles, net IntangibleAssetsNetExcludingGoodwill $521.00M USD Point-in-time
Other noncurrent assets OtherAssetsNoncurrent $192.00M USD Point-in-time
Other noncurrent assets OtherAssetsNoncurrent $195.00M USD Point-in-time
Total assets Assets $10.17B USD Point-in-time
Total assets Assets $10.26B USD Point-in-time
Accounts payable, trade AccountsPayableCurrent $877.00M USD Point-in-time
Accounts payable, trade AccountsPayableCurrent $962.00M USD Point-in-time
Accrued compensation and retirement costs EmployeeRelatedLiabilitiesCurrent $193.00M USD Point-in-time
Accrued compensation and retirement costs EmployeeRelatedLiabilitiesCurrent $195.00M USD Point-in-time
Taxes, including income taxes (G) TaxesPayableCurrent $64.00M USD Point-in-time
Taxes, including income taxes (G) TaxesPayableCurrent $48.00M USD Point-in-time
Accrued interest payable InterestPayableCurrent $75.00M USD Point-in-time
Accrued interest payable InterestPayableCurrent $63.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $202.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $206.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.48B USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.40B USD Point-in-time
Long-term debt, less amounts due within one year LongTermDebtAndCapitalLeaseObligations $3.99B USD Point-in-time
Long-term debt, less amounts due within one year LongTermDebtAndCapitalLeaseObligations $4.16B USD Point-in-time
Accrued pension benefits DefinedBenefitPensionPlanLiabilitiesNoncurrent $633.00M USD Point-in-time
Accrued pension benefits DefinedBenefitPensionPlanLiabilitiesNoncurrent $625.00M USD Point-in-time
Accrued other postretirement benefits OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent $109.00M USD Point-in-time
Accrued other postretirement benefits OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent $108.00M USD Point-in-time
Other noncurrent liabilities and deferred credits DeferredCreditsAndOtherLiabilitiesNoncurrent $289.00M USD Point-in-time
Other noncurrent liabilities and deferred credits DeferredCreditsAndOtherLiabilitiesNoncurrent $268.00M USD Point-in-time
Total liabilities Liabilities $6.65B USD Point-in-time
Total liabilities Liabilities $6.41B USD Point-in-time
Contingencies and commitments CommitmentsAndContingencies - USD Point-in-time
Contingencies and commitments CommitmentsAndContingencies - USD Point-in-time
Preferred stock PreferredStockValue $55.00M USD Point-in-time
Preferred stock PreferredStockValue $55.00M USD Point-in-time
Common stock CommonStockValue $412.00M USD Point-in-time
Common stock CommonStockValue $412.00M USD Point-in-time
Additional capital AdditionalPaidInCapital $3.95B USD Point-in-time
Additional capital AdditionalPaidInCapital $3.94B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.16B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.03B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.84B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.81B USD Point-in-time
Total equity StockholdersEquity $3.76B USD Point-in-time
Total equity StockholdersEquity $3.60B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $10.26B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $10.17B USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Sales RevenueFromContractWithCustomerExcludingAssessedTax $1.32B USD 1 Quarter
Sales RevenueFromContractWithCustomerExcludingAssessedTax $1.60B USD 1 Quarter
Cost of goods sold (exclusive of expenses below) CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $950.00M USD 1 Quarter
Cost of goods sold (exclusive of expenses below) CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $1.16B USD 1 Quarter
Selling, general administrative, and other expenses SellingGeneralAndAdministrativeExpense $69.00M USD 1 Quarter
Selling, general administrative, and other expenses SellingGeneralAndAdministrativeExpense $75.00M USD 1 Quarter
Research and development expenses ResearchAndDevelopmentExpense $9.00M USD 1 Quarter
Research and development expenses ResearchAndDevelopmentExpense $7.00M USD 1 Quarter
Provision for depreciation and amortization DepreciationAndAmortization $69.00M USD 1 Quarter
Provision for depreciation and amortization DepreciationAndAmortization $66.00M USD 1 Quarter
Restructuring and other charges RestructuringCharges $1.00M USD 1 Quarter
Restructuring and other charges RestructuringCharges $2.00M USD 1 Quarter
Operating income OperatingIncomeLoss $230.00M USD 1 Quarter
Operating income OperatingIncomeLoss $285.00M USD 1 Quarter
Loss on debt redemption GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on debt redemption GainsLossesOnExtinguishmentOfDebt $-1.00M USD 1 Quarter
Interest expense, net InterestExpense $58.00M USD 1 Quarter
Interest expense, net InterestExpense $57.00M USD 1 Quarter
Other expense, net NonoperatingIncomeExpense $-1.00M USD 1 Quarter
Other expense, net NonoperatingIncomeExpense $-7.00M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $220.00M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $171.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $40.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $72.00M USD 1 Quarter
Net income NetIncomeLoss $148.00M USD 1 Quarter
Net income NetIncomeLoss $131.00M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $130.00M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $147.00M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersDiluted $130.00M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersDiluted $147.00M USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $0.36 USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $0.31 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $0.35 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $0.31 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 419.00M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 412.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 418.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 425.00M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $148.00M USD 1 Quarter
Net income NetIncomeLoss $131.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $66.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $69.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $31.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $28.00M USD 1 Quarter
Restructuring and other charges RestructuringAndOtherCharges $2.00M USD 1 Quarter
Restructuring and other charges RestructuringAndOtherCharges $1.00M USD 1 Quarter
Net realized and unrealized losses GainLossOnInvestments $-4.00M USD 1 Quarter
Net realized and unrealized losses GainLossOnInvestments $-3.00M USD 1 Quarter
Net periodic pension cost DefinedBenefitPensionPlansNetPeriodicBenefitCost $9.00M USD 1 Quarter
Net periodic pension cost DefinedBenefitPensionPlansNetPeriodicBenefitCost $6.00M USD 1 Quarter
Stock-based compensation IncreaseDecreaseInSharebasedCompensation $14.00M USD 1 Quarter
Stock-based compensation IncreaseDecreaseInSharebasedCompensation $11.00M USD 1 Quarter
Loss on debt redemption GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on debt redemption GainsLossesOnExtinguishmentOfDebt $-1.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-5.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-22.00M USD 1 Quarter
Increase in receivables IncreaseDecreaseInReceivables $137.00M USD 1 Quarter
Increase in receivables IncreaseDecreaseInReceivables $123.00M USD 1 Quarter
Increase in inventories IncreaseDecreaseInInventories $87.00M USD 1 Quarter
Increase in inventories IncreaseDecreaseInInventories $45.00M USD 1 Quarter
Decrease in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-5.00M USD 1 Quarter
Decrease in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-12.00M USD 1 Quarter
(Decrease) increase in accounts payable, trade IncreaseDecreaseInAccountsPayableTrade $68.00M USD 1 Quarter
(Decrease) increase in accounts payable, trade IncreaseDecreaseInAccountsPayableTrade $-67.00M USD 1 Quarter
Decrease in accrued expenses IncreaseDecreaseInAccruedLiabilities $-19.00M USD 1 Quarter
Decrease in accrued expenses IncreaseDecreaseInAccruedLiabilities $-54.00M USD 1 Quarter
Increase in taxes, including income taxes IncreaseDecreaseInAccruedTaxesPayable $6.00M USD 1 Quarter
Increase in taxes, including income taxes IncreaseDecreaseInAccruedTaxesPayable $16.00M USD 1 Quarter
Pension contributions PensionContributions $11.00M USD 1 Quarter
Pension contributions PensionContributions $9.00M USD 1 Quarter
Decrease (increase) in noncurrent assets IncreaseDecreaseInOtherNoncurrentAssets $1.00M USD 1 Quarter
Decrease (increase) in noncurrent assets IncreaseDecreaseInOtherNoncurrentAssets $-2.00M USD 1 Quarter
Decrease in noncurrent liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-17.00M USD 1 Quarter
Decrease in noncurrent liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-12.00M USD 1 Quarter
Cash provided from operations NetCashProvidedByUsedInOperatingActivities $55.00M USD 1 Quarter
Cash provided from operations NetCashProvidedByUsedInOperatingActivities $23.00M USD 1 Quarter
Net change in short-term borrowings ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess - USD 1 Quarter
Net change in short-term borrowings ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess $-3.00M USD 1 Quarter
Repurchases and payments on debt RepaymentsOfLongTermDebt $176.00M USD 1 Quarter
Repurchases and payments on debt RepaymentsOfLongTermDebt - USD 1 Quarter
Premiums paid on early redemption of debt PaymentsOfDebtExtinguishmentCosts - USD 1 Quarter
Premiums paid on early redemption of debt PaymentsOfDebtExtinguishmentCosts $1.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $175.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $25.00M USD 1 Quarter
Proceeds from exercise of employee stock options ProceedsFromStockOptionsExercised $7.00M USD 1 Quarter
Proceeds from exercise of employee stock options ProceedsFromStockOptionsExercised $6.00M USD 1 Quarter
Dividends paid to shareholders PaymentsOfOrdinaryDividends $9.00M USD 1 Quarter
Dividends paid to shareholders PaymentsOfOrdinaryDividends $17.00M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-1.00M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-14.00M USD 1 Quarter
Cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-194.00M USD 1 Quarter
Cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-214.00M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $64.00M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $62.00M USD 1 Quarter
Proceeds from the sale of assets and businesses ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets $1.00M USD 1 Quarter
Proceeds from the sale of assets and businesses ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets - USD 1 Quarter
Cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-64.00M USD 1 Quarter
Cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-61.00M USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD 1 Quarter
Net change in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-254.00M USD 1 Quarter
Net change in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-200.00M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $538.00M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $722.00M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $792.00M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $522.00M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $538.00M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $722.00M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $792.00M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $522.00M USD Point-in-time
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Common stock, dividends per share, declared (in usd per share) CommonStockDividendsPerShareDeclared $0.04 USD 1 Quarter
Common stock, dividends per share, declared (in usd per share) CommonStockDividendsPerShareDeclared $0.02 USD 1 Quarter
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.51B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.76B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.60B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.46B USD Point-in-time
Net income NetIncomeLoss $148.00M USD 1 Quarter
Net income NetIncomeLoss $131.00M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $35.00M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-1.00M USD 1 Quarter
Common share, value DividendsCommonStockCash $8.00M USD 1 Quarter
Common share, value DividendsCommonStockCash $16.00M USD 1 Quarter
Repurchase and retirement of common stock StockRepurchasedDuringPeriodValue $25.00M USD 1 Quarter
Repurchase and retirement of common stock StockRepurchasedDuringPeriodValue $175.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $14.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $11.00M USD 1 Quarter
Common stock issued: compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $-8.00M USD 1 Quarter
Common stock issued: compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $5.00M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.51B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.76B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.60B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.46B USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $148.00M USD 1 Quarter
Net income NetIncomeLoss $131.00M USD 1 Quarter
Change in unrecognized net actuarial loss and prior service cost related to pension and other postretirement benefits OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-5.00M USD 1 Quarter
Change in unrecognized net actuarial loss and prior service cost related to pension and other postretirement benefits OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-10.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-31.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $34.00M USD 1 Quarter
Net change in unrecognized (losses) gains on cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-4.00M USD 1 Quarter
Net change in unrecognized (losses) gains on cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $20.00M USD 1 Quarter
Total Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $35.00M USD 1 Quarter
Total Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-1.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $183.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $130.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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