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← Filings of HWM

Tables in the 10-K of Howmet Aerospace Inc.

79 tables with numbers, filed Feb 12, 2026. Each one downloads as a CSV for Excel or Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed. Open the filing on sec.gov ↗

Table 1 after “TABLE OF CONTENTS”

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Page
Part I
Item 1.Business1
Item 1A.Risk Factors9
Item 1B.Unresolved Staff Comments16
Item 1C.Cybersecurity16
Item 2.Properties18
Item 3.Legal Proceedings18

First 8 of 29 rows. The CSV has all of them.

Table 2 after “Sales by market for the years ended December 31, 2025, 2024, and 2023, were:”

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For the Year Ended December 31,
202520242023
Aerospace - Commercial53%52%49%
Aerospace - Defense17%16%15%
Commercial Transportation15%17%21%
Gas Turbines11%10%10%
Other4%5%5%

Table 3 after “(1)”

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CountryFacility LocationSegmentProducts
AustraliaOakleighFastening SystemsFasteners
CanadaGeorgetown, Ontario(2)Engine ProductsAerospace Castings
Laval, QuébecEngine Products; Engineered StructuresAerospace Castings and Machining
ChinaSuzhou(2)Engine Products; Fastening Systems; Forged WheelsFasteners, Rings and Wheels Machining
FranceDives-sur-MerEngine ProductsAerospace and Gas Turbine Castings
EvronEngine ProductsAerospace and Specialty Castings
GennevilliersEngine ProductsAerospace and Gas Turbine Castings

First 8 of 29 rows. The CSV has all of them.

Table 4 after “Table of Contents”

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CountryFacility LocationSegmentProducts
United StatesTucson, AZ(2)Fastening SystemsFasteners
Carson, CA(2)Fastening SystemsFasteners
City of Industry, CA(2)Fastening SystemsFasteners
Fontana, CAEngine ProductsRings
Fullerton, CA(2)Fastening SystemsFasteners and Tooling
Rancho Cucamonga, CAEngine ProductsRings
Torrance, CAFastening SystemsFasteners

First 8 of 30 rows. The CSV has all of them.

Table 5 after “The graph assumes, in each case, an initial investment of $100 on December 31, 2020, and the reinvestment of dividends. The graph, table and”

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As of December 31,202020212022202320242025
Howmet Aerospace Inc.$100.00$111.67$138.66$191.13$387.42$728.18
S&P 500® Index100.00128.71105.40133.10166.40196.16
S&P 500® Industrials Index100.00121.12114.48135.24158.87189.72
S&P 500® Aerospace & Defense Index100.00113.22132.89141.88162.31230.45

Table 6 after “The following table presents information with respect to the Company’s open-market repurchases of its common stock during the quarter ended ”

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PeriodTotal Number of Shares PurchasedAveragePrice PaidPer Share(1)Total Number of Shares Purchased as Part of Publicly Announced Repurchase Plans or ProgramsApproximateDollar Valueof Shares thatMay Yet BePurchased Underthe Plans orPrograms (in millions)(1)(2)
October 1 - October 31, 2025521,208$191.86521,208$1,597
November 1 - November 30, 20252,988(3)$204.57—$1,597
December 1 - December 31, 2025506,463$197.45506,4631,497
Total for quarter ended December 31, 20251,030,659$194.611,027,671

Table 7 after “Engine Products”

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202520242023
Third-party sales$4,320$3,735$3,266
Segment Adjusted EBITDA1,4381,150887
Segment Adjusted EBITDA Margin33.3%30.8%27.2%

Table 8 after “Fastening Systems”

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202520242023
Third-party sales$1,745$1,576$1,349
Segment Adjusted EBITDA530406278
Segment Adjusted EBITDA Margin30.4%25.8%20.6%

Table 9 after “Engineered Structures”

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202520242023
Third-party sales$1,148$1,065$878
Segment Adjusted EBITDA243166113
Segment Adjusted EBITDA Margin21.2%15.6%12.9%

Table 10 after “Forged Wheels”

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202520242023
Third-party sales$1,039$1,054$1,147
Segment Adjusted EBITDA296287309
Segment Adjusted EBITDA Margin28.5%27.2%26.9%

Table 11 after “Reconciliation of Total Segment Adjusted EBITDA to Income before income taxes”

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202520242023
Income before income taxes$1,840$1,383$975
Loss on debt redemption1562
Interest expense, net151182218
Other expense, net(1)40628
Operating income$2,046$1,633$1,203
Segment provision for depreciation and amortization277270262
Unallocated amounts:

First 8 of 11 rows. The CSV has all of them.

Table 12 after “The three major credit rating agencies have rated Howmet’s debt with investment grade ratings. The Company’s most recent short-term and long”

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Short-TermLong-TermOutlook
S&P Global Ratings (“S&P”)A-2BBB+Stable
Moody’s Investors Service (“Moody’s”)P-2Baa1Stable
Fitch Investors Service (“Fitch”)F1BBB+Stable

Table 13 after “In order to better understand Howmet’s outstanding contractual obligations, the table below represents a summary of these commitments as of ”

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Total20262027-20282029-2030Thereafter
Operating activities:
Raw material purchase obligations$249$129$80$40$—
Purchase and other payment obligations28253——
Operating leases19652713340
Interest related to total debt1,062141264203454
Pension contributions32360140123—
Other postretirement benefit payments4059818

First 8 of 16 rows. The CSV has all of them.

Table 14 after “Item 8. Financial Statements and Supplementary Data.”

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Page
Management’s Reports to Howmet Shareholders39
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)40
Statement of Consolidated Operations for the Years Ended December 31, 2025, 2024, and 202342
Statement of Consolidated Comprehensive Income for the Years Ended December 31, 2025, 2024, and 202343
Consolidated Balance Sheet as of December 31, 2025 and 202444
Statement of Consolidated Cash Flows for the Years Ended December 31, 2025, 2024, and 202345
Statement of Changes in Consolidated Equity for the Years Ended December 31, 2025, 2024, and 202346

First 8 of 9 rows. The CSV has all of them.

Table 15 after “(in millions, except per-share amounts)”

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For the year ended December 31,202520242023
Sales (C)$8,252$7,430$6,640
Cost of goods sold (exclusive of expenses below)5,4325,1194,773
Selling, general administrative, and other expenses370347333
Research and development expenses373336
Provision for depreciation and amortization283277272
Restructuring and other charges (D)842123
Operating income2,0461,6331,203

First 8 of 22 rows. The CSV has all of them.

Table 16 after “(in millions)”

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For the year ended December 31,202520242023
Net income$1,508$1,155$765
Other comprehensive income (loss), net of tax (K):
Change in unrecognized net actuarial loss and prior service cost (benefit) related to pension and other postretirement benefits8017(36)
Foreign currency translation adjustments155(71)57
Net change in unrecognized (losses) gains on cash flow hedges(30)6(10)
Total Other comprehensive income (loss), net of tax205(48)11
Comprehensive income$1,713$1,107$776

Table 17 after “(in millions)”

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December 31,20252024
Assets
Current assets:
Cash and cash equivalents$742$564
Receivables from customers, less allowances of $— in both 2025 and 2024 (L)779689
Other receivables (L)1720
Inventories (M)1,8491,840
Prepaid expenses and other current assets392249

First 8 of 40 rows. The CSV has all of them.

Table 18 after “(in millions)”

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For the year ended December 31,202520242023
Operating activities
Net income$1,508$1,155$765
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization283277272
Deferred income taxes1755108
Restructuring and other charges842123
Net realized and unrealized losses222522

First 8 of 47 rows. The CSV has all of them.

Table 19 after “(in millions, except per-share amounts)”

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Preferred stockCommon stockAdditional capitalRetained earningsAccumulated other comprehensive lossTotal equity
Balance at December 31, 2022$55$412$3,947$1,028$(1,841)$3,601
Net income———765—765
Other comprehensive income (K)————1111
Cash dividends declared:
Preferred–Class A @ $3.75 per share———(2)—(2)
Common @ $0.17 per share———(71)—(71)
Repurchase and retirement of common stock (I)—(5)(246)——(251)

First 8 of 30 rows. The CSV has all of them.

Table 20 after “The following table details the weighted-average useful lives of structures and machinery and equipment by reporting segment (numbers in yea”

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StructuresMachinery and equipment
Engine Products2916
Fastening Systems2717
Engineered Structures2920
Forged Wheels2718

Table 21 after “The following table details the weighted-average useful lives of software and other intangible assets by reporting segment (numbers in years”

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SoftwareOther intangible assets
Engine Products633
Fastening Systems623
Engineered Structures319
Forged Wheels425

Table 22 after “The operating results and assets of the Company's reportable segments were as follows:”

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Year endedEngine ProductsFastening SystemsEngineered StructuresForged WheelsTotal Segment
2025
Sales:
Third-party sales$4,320$1,745$1,148$1,039$8,252
Inter-segment sales719—17
Total sales$4,327$1,746$1,157$1,039$8,269
Expenses:
Segment Adjusted cost of goods sold(1)$2,776$1,098$880$700$5,454

First 8 of 43 rows. The CSV has all of them.

Table 23 after “Table of Contents”

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Other:
Capital expenditures$112$31$26$36$205
Total assets4,9262,7491,4157249,814

Table 24 after “The following table reconciles Total segment capital expenditures, which are presented on an accrual basis, with Capital expenditures as pre”

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For the year ended December 31,202520242023
Total segment capital expenditures$440$310$205
Corporate131114
Capital expenditures$453$321$219

Table 25 after “The following tables reconcile certain segment information to consolidated totals.”

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For the year ended December 31,202520242023
Total Segment Adjusted EBITDA$2,507$2,009$1,587
Segment provision for depreciation and amortization(277)(270)(262)
Unallocated amounts:
Restructuring and other charges (D)(84)(21)(23)
Corporate expense(1)(100)(85)(99)
Operating income$2,046$1,633$1,203
Loss on debt redemption(15)(6)(2)

First 8 of 11 rows. The CSV has all of them.

Table 26 after “Corporate expense includes selling, general administrative and other expenses, costs of corporate headquarters, plant fire reimbursements, a”

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December 31,20252024
Assets:
Total segment assets$10,408$9,912
Unallocated amounts:
Cash and cash equivalents742564
Deferred income taxes4036
Corporate fixed assets, net7783
Accounts receivable securitization(250)(250)

First 8 of 10 rows. The CSV has all of them.

Table 27 after “Geographic information for sales was as follows (based upon the destination of the sale):”

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For the year ended December 31,202520242023
Sales:
United States$4,377$3,713$3,273
France625678578
Japan513355378
Germany439458363
United Kingdom376350283
Italy264287220

First 8 of 14 rows. The CSV has all of them.

Table 28 after “Geographic information for long-lived tangible assets was as follows (based upon the physical location of the assets):”

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December 31,20252024
Long-lived assets:
United States$1,986$1,864
Hungary218199
United Kingdom153121
France130112
Mexico6368
Germany6254

First 8 of 11 rows. The CSV has all of them.

Table 29 after “The following table disaggregates segment revenue by major market served. Differences between the total segment and consolidated totals are ”

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Engine ProductsFastening SystemsEngineered StructuresForged WheelsTotal Segment
Year ended December 31, 2025
Aerospace - Commercial$2,355$1,202$765$—$4,322
Aerospace - Defense900176333—1,409
Commercial Transportation—209—1,0391,248
Gas Turbines944———944
Other12115850—329
Total end-market revenue$4,320$1,745$1,148$1,039$8,252

First 8 of 22 rows. The CSV has all of them.

Table 30 after “Restructuring and other charges were comprised of the following:”

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For the year ended December 31,202520242023
Layoff costs$3$10$3
Net reversals of previously recorded layoff reserves(3)(3)(1)
Pension and other post-retirement benefits - net settlements (G)89—5
Non-cash asset impairments and accelerated depreciation—214
Net (gains) loss related to divestitures of assets and businesses(6)12(1)
Other1—3
Total restructuring and other charges$84$21$23

Table 31 after “Activity and reserve balances for restructuring charges were as follows:”

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Layoff costsOther exit costsTotal
Reserve balances at December 31, 2022$6$2$8
2023 Activity
Cash payments(3)(3)(6)
Restructuring and other charges71623
Other(1)(5)(13)(18)
Reserve balances at December 31, 2023$5$2$7
2024 Activity

First 8 of 17 rows. The CSV has all of them.

Table 32 after “Interest Cost Components”

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For the year ended December 31,202520242023
Amount charged to interest expense, net$151$182$218
Loss on debt redemption (Q)1562
Amount capitalized1076
Total interest cost$176$195$226

Table 33 after “Other Expense, Net”

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For the year ended December 31,202520242023
Non-service costs - pension and other postretirement benefits (G)$27$29$29
Interest income(20)(20)(23)
Foreign currency (gains) losses, net(3)13(2)
Net realized and unrealized losses(1)222522
Deferred compensation151510
Legal proceeding(2)——(25)
Other, net(1)—(3)

First 8 of 9 rows. The CSV has all of them.

Table 34 after “Obligations and Funded Status”

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Pension benefitsOther postretirement benefits
December 31,2025202420252024
Change in benefit obligation
Benefit obligation at beginning of year$1,496$1,592$60$103
Service cost23—1
Interest cost757545
Amendments———(2)
Actuarial losses (gains)(1)34(58)(12)(36)

First 8 of 37 rows. The CSV has all of them.

Table 35 after “Pension Plan Benefit Obligations”

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Pension benefits
20252024
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans were as follows:
Projected benefit obligation$1,371$1,496
Accumulated benefit obligation1,3691,495
The aggregate projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were as follows:
Projected benefit obligation1,3701,380
Fair value of plan assets809739

First 8 of 11 rows. The CSV has all of them.

Table 36 after “Components of Net Periodic Benefit Cost”

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Pension benefits(1)Other postretirement benefits
For the year ended December 31,202520242023202520242023
Service cost$2$3$3$—$1$1
Interest cost757580457
Expected return on plan assets(66)(70)(74)———
Recognized net actuarial loss (gain)313228(8)(3)(3)
Amortization of prior service benefit———(9)(10)(9)
Settlements(2)88—5———

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Table 37 after “Weighted average assumptions used to determine benefit obligations for pension and other postretirement benefit plans were as follows:”

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December 31,20252024
Discount rate5.30%5.60%
Cash balance plan interest crediting rate3.00%3.00%

Table 38 after “Weighted average assumptions used to determine net periodic benefit cost for pension and other postretirement benefit plans were as follows:”

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202520242023
Discount rate to calculate service cost(1)5.60%5.10%5.50%
Discount rate to calculate interest cost(1)5.30%4.90%5.30%
Expected long-term rate of return on plan assets7.00%6.70%6.70%
Cash balance plan interest crediting rate3.00%3.00%3.00%

Table 39 after “Assumed health care cost trend rates for U.S. other postretirement benefit plans were as follows:”

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202520242023
Health care cost trend rate assumed for next year5.50%5.50%5.50%
Rate to which the cost trend rate gradually declines4.50%4.50%4.50%
Year that the rate reaches the rate at which it is assumed to remain202820272026

Table 40 after “Howmet’s pension plans’ investment policy as of December 31, 2025 by asset class, were as follows:”

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Asset classPolicy range(1)
Equities20–55%
Fixed income25–55%
Other investments15–35%

Table 41 after “The following table presents the fair value of pension plan assets classified under the appropriate level of the fair value hierarchy or net”

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December 31, 2025Level 1Level 2Net Asset ValueTotal
Equities:
Equity securities$2$224$207$433
Long/short equity hedge funds——1717
Private equity——101101
$2$224$325$551
Fixed income:
Intermediate and long duration government/credit$127$2$—$129

First 8 of 15 rows. The CSV has all of them.

Table 42 after “The following table presents the fair value of pension plan assets classified under the appropriate level of the fair value hierarchy or net”

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December 31, 2024Level 1Level 2Net Asset ValueTotal
Equities:
Equity securities$1$130$300$431
Long/short equity hedge funds——2020
Private equity——112112
$1$130$432$563
Fixed income:
Intermediate and long duration government/credit$71$57$—$128

First 8 of 16 rows. The CSV has all of them.

Table 43 after “Benefit payments expected to be paid to pension and other postretirement benefit plans’ participants utilizing the current assumptions outli”

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For the year ended December 31,Pension benefitsOther post- retirement benefits
2026$119$5
20271175
20281174
20291154
20301194
2031 - 203554118
Total$1,128$40

Table 44 after “The components of income before income taxes were as follows:”

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For the year ended December 31,202520242023
United States$1,374$901$538
Foreign466482437
Total$1,840$1,383$975

Table 45 after “The provision for income taxes consisted of the following:”

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For the year ended December 31,202520242023
Current:
Federal(1)$181$70$5
Foreign1169894
State and local1842
315172101
Deferred:
Federal344392

First 8 of 12 rows. The CSV has all of them.

Table 46 after “A reconciliation of the U.S. federal statutory rate to Howmet’s effective tax rate, with prior years recategorized based on guidance issued ”

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For the year ended December 31,202520242023
AmountPercentAmountPercentAmountPercent
U.S. federal statutory tax rate$38721.0%$29021.0%$20521.0%
U.S. state and local income tax, net of federal income tax effect (1)120.610.130.3
Foreign tax effects
Hungary
Statutory tax rate difference between Hungary and United States(19)(1.0)(18)(1.3)(17)(1.7)
Other(1)(0.1)10.1(3)(0.3)

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Table 47 after “Total cash paid for income taxes (net of any income tax refunds received) was as follows:”

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For the year ended December 31,202520242023
U.S. Federal$188$93$2
U.S. State1471
Foreign:
Germany332818
France251134
China18108
Japan9(1)22

First 8 of 11 rows. The CSV has all of them.

Table 48 after “The components of net deferred tax assets and liabilities were as follows:”

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20252024
December 31,Deferred tax assetsDeferred tax liabilitiesDeferred tax assetsDeferred tax liabilities
Depreciation$4$550$8$529
R&D capitalization63—73—
Employee benefits22372329
Loss provisions141112
Deferred income/expense5224546293
Derivatives and hedging activities9———

First 8 of 14 rows. The CSV has all of them.

Table 49 after “The following table details the expiration periods of the deferred tax assets presented above:”

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December 31, 2025Expires within 10 yearsExpires within 11-20 yearsNoExpiration(1)Other(2)Total
Tax loss carryforwards$399$345$1,206$—$1,950
Tax credit carryforwards8567—98
Other(3)——32547372
Valuation allowance(436)(337)(970)(7)(1,750)
Total$48$14$568$40$670

Table 50 after “The following table details the changes in the valuation allowance:”

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December 31,202520242023
Balance at beginning of year$1,705$1,821$1,965
Increase to allowance52021
Release of allowance(113)(127)(198)
Acquisitions, divestitures and liquidations—75(16)
Tax apportionment, tax rate and tax law changes(4)(2)(11)
Foreign currency translation157(82)60
Balance at end of year$1,750$1,705$1,821

Table 51 after “A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) was as follows:”

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December 31,202520242023
Balance at beginning of year$1$16$2
Additions for tax positions of the current year1—1
Additions for tax positions of prior years2—13
Settlements with tax authorities—(14)—
Foreign currency translation—(1)—
Balance at end of year$4$1$16

Table 52 after “(number of shares)”

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Balance at December 31, 2022412,155,057
Issued for stock-based compensation plans2,993,340
Repurchase and retirement of common stock(5,233,936)
Balance at December 31, 2023409,914,461
Issued for stock-based compensation plans1,287,412
Repurchase and retirement of common stock(5,770,512)
Balance at December 31, 2024405,431,361
Issued for stock-based compensation plans549,976

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Table 53 after “The following table provides details for share repurchases during 2025, 2024, and 2023:”

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Number of sharesAverage price per share(1)Total
Q1 2025 open market repurchase1,006,102$124.24$125
Q2 2025 open market repurchase1,229,313$142.36$175
Q3 2025 open market repurchase1,097,686$182.20$200
Q4 2025 open market repurchase1,027,671$194.61$200
2025 Share repurchase total4,360,772$160.52$700
Q1 2024 open market repurchase2,243,259$66.87$150
Q2 2024 open market repurchase734,737$81.66$60

First 8 of 16 rows. The CSV has all of them.

Table 54 after “The fair value of PRSUs was estimated at the date of grant using the closing stock price for the performance component and the Monte Carlo m”

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For the year ended December 31,202520242023
Weighted average grant date fair value$154.72$72.65$47.59
Volatility29.7%27.7%39.0%
Risk-free interest rate4.2%4.4%4.4%

Table 55 after “The activity for RSUs, PRSUs, and options during 2025 was as follows (options and awards in millions in the tables below):”

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RSUsPRSUs
Number of awardsWeighted average FMV per awardNumber of awardsWeighted average FMV per award
Outstanding, December 31, 20241.5$44.570.6$57.13
Granted0.4160.520.2154.72
Converted(0.4)35.22(0.4)36.68
Forfeited—69.61—78.43
Performance share adjustment——0.236.68
Outstanding, December 31, 20251.5$81.440.6$89.88

Table 56 after “Table of Contents”

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Stock options
Number of optionsWeighted average exercise price per optionWeighted average remaining contractual lifeTotal intrinsic value
Outstanding, December 31, 20240.1$20.98
Exercised—18.08
Outstanding, December 31, 20250.1$23.271.7$15

Table 57 after “Stock options were last granted in 2018. All of the stock options outstanding were fully vested and exercisable.”

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For the year ended December 31,202520242023
Cash received from stock option exercises$1$8$11
Total tax benefit realized from stock option exercises$2$3$2
Intrinsic value of stock options exercised$9$16$9
Intrinsic value of RSUs and PRSUs converted$126$117$187

Table 58 after “The information used to compute basic and diluted EPS attributable to Howmet common shareholders was as follows (shares in millions in the t”

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For the year ended December 31,202520242023
Net income attributable to common shareholders$1,508$1,155$765
Less: preferred stock dividends declared222
Net income available to Howmet Aerospace common shareholders - basic and diluted$1,506$1,153$763
Average shares outstanding - basic404408412
Effect of dilutive securities:
Stock and performance awards224
Average shares outstanding - diluted406410416

Table 59 after “The following table details the activity of the three components that comprise Accumulated other comprehensive loss:”

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202520242023
Pension and other postretirement benefits (G)
Balance at beginning of period$(672)$(689)$(653)
Other comprehensive income (loss):
Unrecognized net actuarial gain (loss) and prior service cost/benefit23(68)
Tax (expense) benefit—(1)15
Total Other comprehensive income (loss) before reclassifications, net of tax22(53)
Amortization of net actuarial loss and prior service cost(1)1031921

First 8 of 28 rows. The CSV has all of them.

Table 60 after “Inventories”

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December 31,20252024
Finished goods$462$458
Work-in-process885903
Purchased raw materials424408
Operating supplies7871
Total inventories$1,849$1,840

Table 61 after “Properties, Plants, and Equipment, Net”

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December 31, 2025December 31, 2024
Land and land rights$85$84
Structures1,1341,025
Machinery and equipment4,2754,118
5,4945,227
Less: accumulated depreciation and amortization3,2363,150
2,2582,077
Construction work-in-progress335309

First 8 of 9 rows. The CSV has all of them.

Table 62 after “The following table details the changes in the carrying amount of goodwill:”

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Engine ProductsFastening SystemsEngineered StructuresForged WheelsTotal
Balances at December 31, 2023
Goodwill$2,843$1,604$306$7$4,760
Accumulated impairment losses(719)(4)(2)—(725)
Goodwill, net2,1241,60030474,035
Translation and other(17)(7)(1)—(25)
Balances at December 31, 2024
Goodwill2,8261,59730574,735

First 8 of 16 rows. The CSV has all of them.

Table 63 after “Other intangible assets were as follows:”

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December 31, 2025Gross carrying amountAccumulated amortizationIntangibles, net
Computer software$221$(187)$34
Patents and licenses66(66)—
Other intangibles671(270)401
Total amortizable intangible assets958(523)435
Indefinite-lived trade names and trademarks22—22
Total intangible assets, net$980$(523)$457

Table 64 after “Other intangible assets were as follows:”

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December 31, 2024Gross carrying amountAccumulated amortizationIntangibles, net
Computer software$217$(185)$32
Patents and licenses66(66)—
Other intangibles689(268)421
Total amortizable intangible assets972(519)453
Indefinite-lived trade names and trademarks22—22
Total intangible assets, net$994$(519)$475

Table 65 after “Operating lease right-of-use assets and lease liabilities in the Consolidated Balance Sheet were as follows:”

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December 31,20252024
Right-of-use assets classified in Other noncurrent assets$162$155
Current portion of lease liabilities classified in Other current liabilities$42$37
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits121119
Total lease liabilities$163$156

Table 66 after “Future minimum contractual operating lease obligations were as follows at December 31, 2025:”

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2026$52
202742
202829
202919
203014
Thereafter40
Total lease payments$196
Less: Imputed interest(33)

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Table 67 after “Future minimum contractual operating lease obligations were as follows at December 31, 2025:”

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December 31,202520242023
Right-of-use assets obtained in exchange for operating lease obligations$50$66$68
Weighted-average remaining lease term in years5.75.96.4
Weighted-average discount rate5.4%5.7%5.9%

Table 68 after “Debt.”

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December 31,20252024
USD Term Loan Agreement, due 2026(1)—140
JPY Term Loan Agreement, due 2026(2)191188
5.900% Notes, due 2027—625
6.750% Bonds, due 2028300300
3.000% Notes, due 2029700700
4.850% Notes, due 2031(3)500500
4.550% Notes, due 2032500—

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Table 69 after “The fair value of Long-term debt, less Long-term debt due within one year, was based on quoted market prices for public debt and on interest”

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20252024
December 31,Carrying valueFair valueCarrying valueFair value
Available-for-sale securitiesLevel 1$18$18$25$25
Held-to-maturity investmentsLevel 2$5$5$—$—
Long-term debt, less amount due within one yearLevel 2$2,859$2,919$3,309$3,298

Table 70 after “Cash paid for interest and income taxes was as follows:”

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202520242023
Interest, net of amounts capitalized$157$180$221
Income taxes, net of amounts refunded$312$177$104

Table 71 after “for the years ended December 31, 2025, and 2024 are as follows:”

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20252024
Confirmed obligations outstanding at the beginning of the year$268$258
Invoices confirmed during the year881877
Confirmed invoices paid during the year(883)(867)
Confirmed obligations outstanding at the end of the year$266$268

Table 72 after “Equity Compensation Plan Information”

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Plan CategoryNumber of securities tobe issued upon exercise ofoutstanding options, warrants and rightsWeighted-averageexercise price ofoutstanding options, warrants and rightsNumber of securities remaining available for future issuance underequity compensationplans (excludingsecurities reflected in column (a))
(a)(b)(c)
Equity compensation plans approved by security holders(1)2,125,517(1)$23.2718,044,495(2)
Equity compensation plans not approved by security holders———
Total2,125,517$23.2718,044,495

Table 73 after “(3) Exhibits.”

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ExhibitNumberDescription*
2(a)Separation and Distribution Agreement, dated as of October 31, 2016, by and between Arconic Inc. and Alcoa Corporation, incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated November 4, 2016.
2(b)Tax Matters Agreement, dated as of October 31, 2016, by and between Arconic Inc. and Alcoa Corporation, incorporated by reference to Exhibit 2.3 to the Company’s Current Report on Form 8-K dated November 4, 2016.
2(c)Employee Matters Agreement, dated as of October 31, 2016, by and between Arconic Inc. and Alcoa Corporation, incorporated by reference to Exhibit 2.4 to the Company’s Current Report on Form 8-K dated November 4, 2016.
2(c)(1)Amendment No. 1, dated December 13, 2016, to Employee Matters Agreement, dated as of October 31, 2016, by and between Arconic Inc. and Alcoa Corporation, incorporated by reference to Exhibit 2(e)(1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
2(d)Alcoa Corporation to Arconic Inc. Patent, Know-How, and Trade Secret License Agreement, dated as of October 31, 2016, by and between Alcoa USA Corp. and Arconic Inc., incorporated by reference to Exhibit 2.5 to the Company’s Current Report on Form 8-K dated November 4, 2016.
2(d)(1)First Amendment, effective as of November 1, 2016, to the Patent, Know-How and Trade Secret License Agreement by and between Alcoa USA Corp. and Arconic Inc., incorporated by reference to Exhibit 2(d)(1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
2(d)(2)Second Amendment, effective as of October 18, 2021, to the Patent, Know-How and Trade Secret License Agreement by and between Alcoa USA Corp. and Arconic Inc., incorporated by reference to Exhibit 2(d)(2) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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Table 74 after “Table of Contents”

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2(j)(1)First Amendment to Employee Matters Agreement, dated as of April 10, 2020, by and between Howmet Aerospace Inc. and Arconic Corporation, incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on April 13, 2020.
2(k)Patent, Know-How, and Trade Secret License Agreement, dated as of March 31, 2020, by and between Arconic Inc. and Arconic Rolled Products Corporation, incorporated by reference to Exhibit 2.4 to the Company's Current Report on Form 8-K filed on April 6, 2020.
2(k)(1)Amendment No. 1, effective as of August 25, 2020, to Patent, Know-How, and Trade Secret License Agreement, dated as of March 31, 2020, by and between Arconic Inc. and Arconic Rolled Products Corporation, incorporated by reference to Exhibit 2(m)(1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
2(l)Patent, Know-How, and Trade Secret License Agreement, dated as of March 31, 2020, by and between Arconic Rolled Products Corporation and Arconic Inc., incorporated by reference to Exhibit 2.5 to the Company's Current Report on Form 8-K filed on April 6, 2020.
2(m)Trademark License Agreement, dated as of March 31, 2020, by and between Arconic Rolled Products Corporation and Arconic Inc., incorporated by reference to Exhibit 2.6 to the Company's Current Report on Form 8-K filed on April 6, 2020.
2(n)Trademark License Agreement, dated as of March 31, 2020, by and between Arconic Inc. and Arconic Rolled Products Corporation, incorporated by reference to Exhibit 2.7 to the Company's Current Report on Form 8-K filed on April 6, 2020.
2(o)Master Agreement for Product Supply, dated as of March 31, 2020, by and between Arconic Massena LLC, Arconic Lafayette LLC, Arconic Davenport LLC and Arconic Inc., incorporated by reference to Exhibit 2.8 to the Company's Current Report on Form 8-K filed on April 6, 2020.
2(p)Second Supplemental Tax and Project Certificate and Agreement, effective as of April 1, 2020, by and among Arconic Inc., Arconic Davenport LLC and Arconic Rolled Products Corporation, incorporated by reference to Exhibit 2.9 to the Company's Current Report on Form 8-K filed on April 6, 2020.

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Table 75 after “Table of Contents”

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4(c)(2)Second Supplemental Indenture, dated as of July 15, 2008, between Alcoa Inc. and The Bank of New York Mellon Trust Company, N.A., as successor in interest to J. P. Morgan Trust Company, National Association (formerly Chase Manhattan Trust Company, National Association, as successor to PNC Bank, National Association), as Trustee, incorporated by reference to Exhibit 4(c) to the Company’s Current Report on Form 8-K dated July 15, 2008.
4(c)(3)Fourth Supplemental Indenture, dated as of December 31, 2017, between Arconic Inc., a Pennsylvania corporation, Arconic Inc., a Delaware corporation, and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K dated January 4, 2018.
4(c)(4)Fifth Supplemental Indenture, dated as of April 16, 2020, between Howmet Aerospace Inc., a Delaware corporation, and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4(e) to the Company’s Registration Statement on Form S-3 (Registration Statement No. 333-237705) dated April 16, 2020.
4(c)(5)Seventh Supplemental Indenture, dated as of November 12, 2025, between Howmet Aerospace Inc., a Delaware corporation, and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K dated November 12, 2025.
4(d)Form of 6.75% Bonds Due 2028, incorporated by reference to Exhibit 4(d) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
4(e)Form of 4.550% Notes due 2032, incorporated by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on November 12, 2025
4(f)Form of 5.95% Notes Due 2037, incorporated by reference to Exhibit 4(f) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008.
4(g)Form of 3.000% Notes due 2029, incorporated by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K dated September 1, 2021.

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Table 76 after “Table of Contents”

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10(f)(1)First Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, incorporated by reference to Exhibit 10(g)(1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
10(f)(2)Second Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
10(f)(3)Third Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, incorporated by reference to Exhibit 10(f)(3) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
10(f)(4)Fourth Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, incorporated by reference to Exhibit 10(f)(4) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
10(f)(5)Fifth Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated, incorporated by reference to Exhibit 10(f)(5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
10(f)(6)Sixth Amendment to the Howmet Aerospace Hourly Retirement Savings Plan, as Amended and Restated.
10(g)Howmet Aerospace Salaried Retirement Savings Plan, as Amended and Restated, effective January 1, 2021, incorporated by reference to Exhibit 10(g)(2) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
10(g)(1)First Amendment to the Howmet Aerospace Salaried Retirement Savings Plan, as Amended and Restated, incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.

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Table 77 after “Table of Contents”

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10(k)Fee Continuation Plan for Non-Employee Directors, incorporated by reference to Exhibit 10(k) to the Company’s Annual Report on Form 10-K for the year ended December 31, 1989.
10(k)(1)Amendment to Fee Continuation Plan for Non-Employee Directors, effective November 10, 1995, incorporated by reference to Exhibit 10(i)(1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 1995.
10(k)(2)Second Amendment to the Fee Continuation Plan for Non-Employee Directors, effective September 15, 2006, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated September 20, 2006.
10(l)Howmet Aerospace Deferred Compensation Plan, as amended and restated February 1, 2020, incorporated by reference to Exhibit 10(m) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
10(l)(1)First Amendment to the Howmet Aerospace Deferred Compensation Plan, as Amended and Restated, incorporated by reference to Exhibit 10(m)(1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
10(l)(2)Second Amendment to the Howmet Aerospace Deferred Compensation Plan, as Amended and Restated, incorporated by reference to Exhibit 10(m)(2) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024
10(m)Summary of the Executive Split Dollar Life Insurance Plan, dated November 1990, incorporated by reference to Exhibit 10(m) to the Company’s Annual Report on Form 10-K for the year ended December 31, 1990.
10(n)Amended and Restated Dividend Equivalent Compensation Plan, effective January 1, 1997, incorporated by reference to Exhibit 10(h) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2004.

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Table 78 after “Table of Contents”

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10(u)Letter Agreement, by and between Arconic Inc. and Michael N. Chanatry, dated as of March 20, 2018, incorporated by reference to Exhibit 10(w) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
10(u)(1)Restricted Share Unit Retention Award Agreement with Michael N. Chanatry, dated as of April 15, 2024. incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.
10(v)Letter Agreement, by and between Arconic Inc. and John C. Plant, dated as of February 13, 2019, incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.
10(w)Letter Agreement, by and between Arconic Inc. and John C. Plant, dated as of August 1, 2019, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated August 2, 2019.
10(x)Letter Agreement, by and between Arconic Inc. and John C. Plant, dated as of February 24, 2020, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated February 25, 2020.
10(y)Letter Agreement between Howmet Aerospace Inc. and John C. Plant, dated as of June 9, 2020, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 12, 2020.
10(z)Letter Agreement, by and between Howmet Aerospace Inc. and John C. Plant, dated as of October 14, 2021, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 14, 2021.
10(aa)Letter Agreement, by and between Howmet Aerospace Inc. and John C. Plant, dated as of December 2, 2022, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 8, 2022.

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Table 79 after “Table of Contents”

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10(jj)Form of Stock Option Award Agreement, incorporated by reference to Exhibit 10(f) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
10(kk)Terms and Conditions for Restricted Share Units for Annual Director Awards under the 2013 Howmet Aerospace Stock Incentive Plan, as Amended and Restated, effective December 5, 2017, incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
10(ll)Terms and Conditions for Deferred Fee Restricted Share Units for Director Awards under the 2013 Howmet Aerospace Stock Incentive Plan, effective November 30, 2016, incorporated by reference to Exhibit 10(ww) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
10(mm)Global Restricted Share Unit Award Agreement, effective September 30, 2020, incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
10(nn)Global Stock Option Award Agreement, effective September 30, 2020, incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
10(oo)Global Special Retention Award Agreement, effective September 30, 2020, incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
10(pp)Terms and Conditions for Restricted Share Units, effective September 30, 2020, incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
10(qq)Global Restricted Share Unit Award Agreement, effective December 7, 2023, incorporated by reference to Exhibit 10(ss) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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