v3.26.3
Retirement and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2026
Retirement Benefits [Abstract]  
Retirement and Other Postretirement Benefits Retirement and Other Postretirement Benefits
The components of net periodic cost (benefit) were as follows:
Third quarter endedNine months ended
September 30,September 30,
2026202520262025
Pension benefits
Service cost$— $1 $1 $2 
Interest cost16 18 47 56 
Expected return on plan assets(14)(17)(41)(50)
Recognized net actuarial loss9 8 27 23 
Settlements1 — 1 — 
Net periodic cost(1)
$12 $10 $35 $31 
Other postretirement benefits
Service cost$— $— $— $— 
Interest cost1 1 2 3 
Recognized net actuarial gain(3)(2)(7)(6)
Amortization of prior service benefit(1)(2)(5)(7)
Net periodic benefit(1)
$(3)$(3)$(10)$(10)
(1)Service cost was included within Cost of goods sold; settlements were included in Restructuring and other charges; 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. In September 2026, the Company settled the U.K. pension plan’s remaining administrative obligations, and termination of this plan was completed, which resulted in a settlement charge of $1.
For the third quarter and nine months ended September 30, 2026, Howmet’s combined pension contributions and other postretirement benefit payments were approximately $17 and $44, respectively. 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.