Howmet Aerospace Files 2023 Annual Report on Form 10-K

TL;DR

<b>Howmet Aerospace Inc. has submitted its annual 10-K filing for the fiscal year ended December 31, 2023.</b>

AI Summary

Howmet Aerospace Inc. (HWM) filed a Annual Report (10-K) with the SEC on February 13, 2024. Howmet Aerospace Inc. filed its 2023 Form 10-K on February 13, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Arconic Inc. and Alcoa Inc. Howmet Aerospace Inc. is classified under SIC code 3350 (Rolling Drawing & Extruding of Nonferrous Metals). The company's principal business address is in Pittsburgh, PA.

Why It Matters

For investors and stakeholders tracking Howmet Aerospace Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Howmet Aerospace's financial performance, business operations, and risk factors for the 2023 fiscal year, crucial for investors assessing the company's health and future prospects. The filing details the company's financial position, including assets, liabilities, and equity, offering insights into its capital structure and solvency, which are key considerations for lenders and investors.

Risk Assessment

Risk Level: — Howmet Aerospace Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to market and operational risks inherent in the aerospace and defense industry, as detailed in the filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Howmet Aerospace's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-02-13 — Filing Date (Submission Date)
• 0000004281-24-000007 — Accession Number (Document Identifier)
• 3350 — SIC Code (Industry Classification)

Key Players & Entities

• Howmet Aerospace Inc. (company) — Filer
• Arconic Inc. (company) — Former Company Name
• ALCOA INC. (company) — Former Company Name
• Pittsburgh, PA (location) — Business Address
• 201 Isabella Street (location) — Business Address
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Howmet Aerospace operates within the aerospace and defense industry, a sector characterized by complex manufacturing processes and stringent regulatory requirements.

Regulatory Implications

The company is subject to various SEC regulations governing public company filings, including the timely submission of annual reports like the 10-K.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review the Management's Discussion and Analysis for operational insights.
3. Examine the risk factors section for potential business threats.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-13: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share HWM New York Stock Exchange
• $3.75 — per share HWM New York Stock Exchange $3.75 Cumulative Preferred Stock, par value
• $100.00 — Cumulative Preferred Stock, par value $100.00 per share HWM PR NYSE American Securi

Filing Documents

• hwm-20231231.htm (10-K) — 2807KB
• exhibit10b.htm (EX-10.(B)) — 681KB
• exhibit10c.htm (EX-10.(C)) — 668KB
• exhibit10f3.htm (EX-10.(F)(3)) — 18KB
• exhibit10f4.htm (EX-10.(F)(4)) — 41KB
• exhibit10g2.htm (EX-10.(G)(2)) — 16KB
• exhibit10m.htm (EX-10.(M)) — 177KB
• exhibit10m1.htm (EX-10.(M)(1)) — 4KB
• exhibit10dd.htm (EX-10.(DD)) — 61KB
• exhibit10gg.htm (EX-10.(GG)) — 82KB
• exhibit10hh.htm (EX-10.(HH)) — 138KB
• exhibit10ss.htm (EX-10.(SS)) — 194KB
• exhibit10tt.htm (EX-10.(TT)) — 190KB
• ex21_4q23.htm (EX-21) — 12KB
• ex23_4q23.htm (EX-23) — 2KB
• ex24_4q23.htm (EX-24) — 16KB
• ex31_4q23.htm (EX-31) — 18KB
• ex32_4q23.htm (EX-32) — 8KB
• ex97_4q23.htm (EX-97) — 39KB
• hwm-20231231_g1.jpg (GRAPHIC) — 146KB
• image_0a.jpg (GRAPHIC) — 3KB
• 0000004281-24-000007.txt (&nbsp;) — 19130KB
• hwm-20231231.xsd (EX-101.SCH) — 99KB
• hwm-20231231_cal.xml (EX-101.CAL) — 145KB
• hwm-20231231_def.xml (EX-101.DEF) — 530KB
• hwm-20231231_lab.xml (EX-101.LAB) — 1282KB
• hwm-20231231_pre.xml (EX-101.PRE) — 874KB
• hwm-20231231_htm.xml (XML) — 3019KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 16

Cybersecurity

Item 1C. Cybersecurity 16

Properties

Item 2. Properties 18

Legal Proceedings

Item 3. Legal Proceedings 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 18 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18

Selected Financial Data

Item 6. Selected Financial Data 20

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 36

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 37

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83

Controls and Procedures

Item 9A. Controls and Procedures 83

Other Information

Item 9B. Other Information 83

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 83 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 83

Executive Compensation

Item 11. Executive Compensation 83

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 84

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 84 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 85

Form 10-K Summary

Item 16. Form 10-K Summary 91

Signatures

Signatures 92 Note on Incorporation by Reference In this Form 10-K, selected items of information and data are incorporated by reference to portions of Howmet Aerospace Inc.'s definitive proxy statement for its 2024 Annual Meeting of Shareholders (the "Proxy Statement"), which we expect to file with the Securities and Exchange Commission within 120 days after Howmet Aerospace Inc.'s fiscal year ended December 31, 2023. Unless otherwise provided herein, any reference in this report to disclosures in the Proxy Statement shall constitute incorporation by reference of only that specific disclosure into this Form 10-K. Table of Contents

Forward-Looking Statements

Forward-Looking Statements This report contains (and oral communications made by Howmet Aerospace Inc. ("Howmet") may contain) statements that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates", "believes", "could", "estimates", "expects", "forecasts", "goal", "guidance", "intends", "may", "outlook", "plans", "projects", "seeks", "sees", "should", "targets", "will", "would", or other words of similar meaning. All statements that reflect Howmet's expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements, forecasts and outlook relating to the condition of end markets; future financial results, operating performance, or estimated or expected future capital expenditures; future strategic actions; Howmet's strategies, outlook, and business and financial prospects; and any future dividends and repurchases of its debt or equity securities. These statements reflect beliefs and assumptions that are based on Howmet's perception of historical trends, current conditions and expected future developments, as well as other factors Howmet believes are appropriate in the circumstances. Although Howmet believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties, and changes in circumstances that are difficult to predict. For a discussion of some of the specific factors that may cause Howmet's actual results to differ materially from those projected in any forward-looking statements, see the following

Business

Item 1. Business. General Howmet Aerospace Inc. (formerly known as Arconic Inc.) is a Delaware corporation with its principal office in Pittsburgh, Pennsylvania and the successor to Arconic Inc., a Pennsylvania corporation formed in 1888 and formerly known as Alcoa Inc. In this report, unless the context otherwise requires, "Howmet", the "Company", "we", "us", and "our" refer to Howmet Aerospace Inc., a Delaware corporation, and its consolidated subsidiaries. The Company's Internet address is http://www.howmet.com. Howmet makes available free of charge on or through its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as proxy statements, as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission ("SEC"). The Company's website is included in this annual report on Form 10-K as an inactive textual reference only. The information on, or accessible through, the Company's website is not a part of, or incorporated by reference in, this annual report on Form 10-K. The SEC maintains an Internet site that contains these reports at http://www.sec.gov. Background As described below, Howmet Aerospace Inc. was previously named Arconic Inc. and, prior to that, Alcoa Inc. The Arconic Inc. Separation Transaction. On April 1, 2020, Arconic Inc. separated its businesses (the "Arconic Inc. Separation Transaction") into two independent, publicly traded companies: Howmet Aerospace Inc. (the new name for Arconic Inc.) and Arconic Corporation. Following this separation, Howmet retained the Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels businesses; and its prior Rolled Products, Aluminum Extrusions, and Building and Construction Systems businesses were spun-off to Arconic Corporat