10-K 0000004281-26-000012 (2026-02-12) vs 10-K 0000004281-25-000011 (2025-02-14)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 6,741 |
12.1% |
| MD&A | Item 7 | 12,621 |
24.3% |
| Legal Proceedings | Item 3 | 44 |
not compared |
| Accounting Policies | Item 8 (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 319 words changed in this paragraph; it is 35% similar to last year's version.
Howmet’s effective tax rate was 22.6% 16.5% (provision on pre-tax income) in 2022 2024 compared with the U.S. federal statutory rate of 21%. The effective tax rate differs from the U.S. federal statutory rate primarily as due to the completion of an R&D study which resulted in a result of a $12 charge $44 net benefit related to prior years of U.S. federal and state R&D credits and related impacts, a $15 net benefit related to current year U.S. federal and state R&D credits and related impacts, a $25 benefit related to a U.S. deduction on Foreign Derived Intangible Income, an increase in the $11 net benefit related to various other credits, a $10 excess benefit for stock compensation, a $6 benefit to release a valuation allowance on related to U.S. state tax losses and credits, and a $4 benefit to release a valuation allowance related to U.S. foreign tax credit carryforward in the U.S., $8 credits, partially offset by $12 of charges related to U.S. tax on GILTI and other foreign earnings, $8 of charges related to nondeductible expenses, and $5 $15 of incremental state tax and foreign taxes on earnings also subject to U.S. federal income tax, partially offset by a $6 benefit for the release $11 of a valuation allowance on interest deduction carryforwards in the U.K., a $5 benefit charges related to a nondeductible expenses, and $8 of net foreign tax accounting method change, a $5 excess benefit for stock compensation, and a $3 benefit cost related to foreign earnings subject to withholding tax and local tax in high tax rate jurisdictions. The Organization for Economic Cooperation and Development (“OECD”) released Pillar Two model rules in 2021 introducing a distribution of foreign earnings. The Inflation Reduction Act of 2022 (the “Act”) was signed into law on August 16, 2022. The Act includes various tax provisions, including a 1% excise tax on net stock repurchases, expanded tax credits for clean energy incentives, and a corporate alternative 15% global minimum tax that generally applies to U.S. corporations with average adjusted financial statement income over under the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting. The Pillar Two directive, including various safe harbors, has been implemented through domestic legislation in multiple countries where the Company operates effective January 1, 2024 and has not had a three-year period in excess of $1,000. The Company does not expect material impact on the Act to materially impact its financial statements. Company’s effective tax rate.
Source: Item 7, 10-K 0000004281-26-000012 vs Item 7, 10-K 0000004281-25-000011
Risk Factors 105 words changed in this paragraph; it is 87% similar to last year's version.
Geopolitical tensions, conflicts, and wars have impacted, and may in the future impact, global energy markets, leading to high volatility and increasing prices for crude oil, natural gas, and other energy supplies. Energy costs impact operating expenses at our manufacturing facilities, the expense of shipping raw materials to our facilities, and the expense of shipping products to our customers. The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages. For example, as the Russia-Ukraine conflict continues, global titanium prices may continue to fluctuate or increase. fluctuate. Our customers’ failure to return titanium revert (reusable scrap) to Howmet can result in an increase of the amount of titanium purchased at inflated costs. Governmental constraints, including export restrictions, sanctions, new or increased import duties or tariffs, and countervailing or anti-dumping duties, also impact the cost of raw materials and other manufacturing and operating costs. The global trade landscape is growing more volatile, including, including as a result of the recent 2025 and early 2026 executive orders in the U.S. for the imposition of new tariffs, the likelihood of further tariffs and retaliatory counter measures by other countries. countries and the likelihood and unpredictability of further tariffs and related countermeasures. We continually monitor the global trade environment and any changes in tariffs, trade agreements, restrictions, or sanctions that may impact the Company or our suppliers or customers, and work to mitigate potential impacts. Inflation worldwide and in the United States has resulted in an increase in the costs of materials and labor. While we generally intend to pass along higher raw material and energy costs to our customers through contractual agreements in the form of price increases, there can be a delay between an increase in our costs and our ability to increase the prices of our products. Additionally, we may not be able to increase the prices of our products due to competitive pricing pressure and other factors. If the Company is unable to pass through or offset significant cost increases through customer price increases, productivity improvements, cost reduction or other programs, Howmet’s business, operating results or financial condition could be materially adversely affected. The timing, extent, application, and level of tariffs by various governments and our ability to recover tariffs are subject to changes and uncertainties and given the unpredictability and frequency of these changes, there can be no assurance we will be able to successfully mitigate the impacts of changes in the global trade environment and if the Company is unable to mitigate these impacts, Howmet’s business, operating results or financial condition could be materially adversely affected.
Source: Item 1A, 10-K 0000004281-26-000012 vs Item 1A, 10-K 0000004281-25-000011
Every change, by type
Sentences and paragraphs of HWM's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-14.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
impact our business. Unauthorized use or misuse of AI by the Company's employees, vendors or others may result in the disclosure of confidential Company or customer data, reputational harm, privacy law violations, cybersecurity risks, and legal liability. Additionally, while the use of AI can be beneficial to the Company, AI algorithms are currently known to sometimes produce unexpected results or behave in unpredictable ways that can generate, among other things, irrelevant, nonsensical, inaccurate, harmful, discriminatory or infringing results, which could harm the Company’s business, reputation, or result in legal or regulatory actions.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
Howmet may not realize the expected benefits of acquisitions on the anticipated time frame or at all.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
On December 22, 2025, Howmet entered into a purchase agreement with Stanley Black & Decker, pursuant to which the Company has agreed to purchase CAM for a cash purchase price of approximately $1.8 billion, subject to customary adjustments. Completion of the Proposed CAM Acquisition is subject to a number of conditions set forth in the purchase agreement, some of which are beyond the Company’s control. These conditions may impact the ability of the Company to complete the Proposed CAM Acquisition on the expected terms and within the anticipated closing time period or at all because required regulatory approval or other conditions to closing are not received or satisfied on a timely basis or at all. In addition, the occurrence of certain events, changes or other circumstances could give rise to the termination of the purchase agreement and prevent the completion of the Proposed CAM Acquisition. Howmet may not realize the expected benefits of the Proposed CAM Acquisition, including the anticipated synergies and favorable tax treatment of the proposed transaction and the anticipated broader offering of fastening solutions within the anticipated time frame, or at all. Howmet intends to finance the Proposed CAM Acquisition through utilizing a variety of financing sources, which may include borrowing under its commercial paper program or debt facilities, the issuance of debt securities and cash on hand. For more information, see “Liquidity and Capital Resources—Planned Financing for the Proposed CAM Acquisition” in Part II, Item 7 (Management’s Discussion and Analysis of Financial Condition and Results of Operations). However, no assurance can be given that Howmet will obtain the intended financing for the Proposed CAM Acquisition on commercially reasonable terms or terms acceptable to us, and the Company may be required to finance a portion of the purchase price of the Proposed CAM Acquisition at interest rates higher than currently expected. Any failure to complete the Proposed CAM Acquisition on the anticipated time frame or at all, and any limitations on Howmet’s ability to obtain financing and related reductions in the Company’s liquidity or increases in the Company’s borrowing costs may adversely affect Howmet’s business, financial condition, or results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
In addition to the Proposed CAM Acquisition, Howmet may continue to pursue other acquisitions and take other strategic actions to grow or streamline its portfolio. There can be no assurance that we will be able to execute upon any such acquisitions or strategic actions, or that any anticipated benefits of such acquisitions or actions will be realized. Acquisitions, including the planned Proposed CAM Acquisition, present significant operational challenges and risks, including the effective integration of the business into the Company, which may be more difficult, time consuming or more costly than expected and may divert management attention from the Company’s existing business. Acquisitions, including the Proposed CAM Acquisition, may increase operating costs, expose the Company to potential unforeseen issues and legal liabilities, including the assumption of liabilities (including unforeseen liabilities) of acquired companies or businesses, increase cybersecurity issues or vulnerabilities or result in customer loss and business disruption (including, without limitation, difficulties in retaining or maintaining relationships with employees, customers or suppliers). Any of the foregoing may adversely affect Howmet’s business, financial condition, or results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedRisk Factors
and increased remediation costs, any of which could have a material adverse effect on its financial condition and results of operations.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
ability to compete for new contracts is adversely affected, our financial condition and results of operation could be adversely affected.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedRisk Factors
Physical risks associated with climate change may result in an increase of the exposure to, and impact of, events with damage due to climate, such as flooding, extreme winds, and extreme precipitation for precipitation, expose us to risks of damage of Howmet locations or those of its suppliers or customers.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The global trade landscape is growing more volatile, including, including as a result of the recent 2025 and early 2026 executive orders in the U.S. for the imposition of new tariffs, the likelihood of further tariffs and retaliatory counter measures by other countries. countries and the likelihood and unpredictability of further tariffs and related countermeasures.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The occurrence of such events could negatively impact Howmet’s reputation and its competitive position and could result in litigation with third parties, regulatory action, loss of business, potential liability, and increased remediation costs, any of which could have a material adverse effect on its financial condition and results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
If our government contracts are terminated, if we are suspended from government work, or if our ability to compete for new contracts is adversely affected, our financial condition and results of operation could be adversely affected.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
If the Company fails to attract, train, develop, and retain a global workforce with the skills and in the locations we need to operate and grow our business, our business and operations could be adversely impacted.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Changes in applicable domestic or foreign tax laws and regulations, including enactment of the Organization for Economic Cooperation and Development’s Pillar 2 framework, framework and related safe harbors, or their interpretation and application, including the possibility of retroactive effect, could affect the Company’s tax expense and profitability.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Howmet’s competitive position and future performance depend, in part, on the Company’s ability to develop and innovate products, deploy technology initiatives, and implement advanced manufacturing technologies. technologies, including through the use of new and evolving technologies, including AI.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
In addition, Howmet is required to make an annual measurement of plan assets and liabilities, which may result in a significant charge to shareholders’ equity.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
While Howmet intends to continue to develop innovative new products and services, and implement advanced technologies, including through the use of AI, it may not be able to successfully differentiate its products or services from those of its competitors or achieve and maintain technological advantages.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The willingness of customers to accept alternative solutions for the products sold by Howmet, pricing pressure from competitors, and technological advancements or other developments developments, including the use of AI, by or affecting Howmet’s competitors or customers could adversely affect Howmet’s business, financial condition, or results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The use of new and evolving technologies, such as artificial intelligence, or AI, presents risks and challenges that can impact our business.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
The Company may modify, suspend, or cancel its share repurchase program or its any dividend policy in any manner and at any time that it may deem necessary or appropriate.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On December 22, 2025, Howmet Aerospace entered into a transaction with Stanley Black & Decker, pursuant to which the Company has agreed to purchase CAM, for a cash purchase price of approximately $1.8 billion, subject to customary adjustments. The Proposed CAM Acquisition is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals. On February 6, 2026, the Company acquired Brunner Manufacturing Co. Inc., a small privately-held manufacturer of high-quality fastener products in the U.S., for an all-cash purchase price. See “Business” in Part I, Item 1 and “Liquidity and Capital Resources” in Part II, Item 7 for more information.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The Brunner acquisition will be included in the operations of the Fastening Systems segment after February 6, 2026. Upon completion of the announced Proposed CAM Acquisition, CAM operations are expected to be included in our Fastening Systems segment.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
(2)Corporate expense includes selling, general administrative and other expenses, costs of corporate headquarters, plant fire reimbursements, acquisition costs, costs associated with closures, supply chain disruptions, and other items.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
See “Planned Financing for the Proposed CAM Acquisition” below for information with respect to the proposed financing of the Proposed CAM Acquisition.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On February 9, 2026 , the Company entered into (i) the Third Amended and Restated Five-Year Revolving Credit Agreement (as so amended and restated, the “5-Year Revolving Credit Agreement”) by and among the Company, a syndicate of lenders and issuers named therein, Citibank, N.A., as administrative agent for the lenders and issuers, and JPMorgan Chase Bank, N.A., as syndication agent, which amended and restated the Company’s Second Amended and Restated Five-Year Revolving Credit Agreement (the "Second Amended 5-Year Revolving Credit Agreement"), dated as of July 27, 2023, and (ii) the 364-Day Revolving Credit Agreement (the “364-Day Revolving Credit Agreement”) by and among the Company, a syndicate of lenders named therein, Citibank, N.A., as administrative agent for the lenders and issuers, and JPMorgan Chase Bank, N.A., as syndication agent. The 364-Day Revolving Credit Agreement and the 5-Year Revolving Credit Agreement are jointly referred to as the “Revolving Credit Agreements” and are each individually referred to as a “Revolving Credit Agreement.”
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The 5-Year Revolving Credit Agreement provides a $1,000 million senior unsecured revolving credit facility (the “5-Year Revolving Credit Facility”) that matures on February 9, 2031, unless extended or earlier terminated in accordance with the provisions of the 5-Year Revolving Credit Agreement. The Company may make two one-year extension requests during the term of the 5-Year Revolving Credit Facility, with any extension being subject to the lender consent requirements set forth in the 5-Year Revolving Credit Agreement. Subject to the terms and conditions of the 5-Year Revolving Credit Agreement, the
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Company may from time to time request increases in commitments under the 5-Year Revolving Credit Facility, not to exceed $500 million in aggregate principal amount, and may also request the issuance of letters of credit, subject to a letter of credit sublimit of $500 million of the 5-Year Revolving Credit Facility. Under the provisions of the 5-Year Revolving Credit Agreement, based on Howmet’s current long-term debt ratings, Howmet pays an annual fee of 0.090% of the total commitment to maintain the 5-Year Revolving Credit Facility and an annual fee of 0.070% of the total commitment to maintain the 364-Day Revolving Credit Facility. The 364-Day Revolving Credit Agreement provides a $600 million senior unsecured revolving credit facility (the “364-Day Revolving Credit Facility” and, together with the 5-Year Revolving Credit Facility, the “Revolving Credit Facilities” and each, individually, a “Revolving Credit Facility”) that matures on February 8, 2027, unless extended or earlier terminated in accordance with the provisions of the 364-Day Revolving Credit Agreement.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The 5-Year Revolving Credit Facility is unsecured and amounts payable under it will rank pari passu with all other unsecured, unsubordinated indebtedness of the Company. Borrowings under the 5-Year Revolving Credit Facility may be denominated in U.S. dollars or euros. Loans will bear interest at a base rate or, in the case of U.S. dollar-denominated loans, a rate equal to the Term Secured Overnight Financing Rate (“SOFR”) plus adjustment or, in the case of euro-denominated loans, the Euro inter-bank offered rate (“EURIBOR”), plus, in each case, an applicable margin based on the credit ratings of the Company’s outstanding senior unsecured long-term debt. Based on Howmet’s current long-term debt ratings, there would be no applicable margin on base rate loans and the applicable margin on Term SOFR loans and EURIBOR loans would be 0.910% per annum. The applicable margin is subject to change based on the Company’s long-term debt ratings. Loans may be prepaid without premium or penalty, subject to customary breakage costs.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The 364-Day Revolving Credit Facility is unsecured and amounts payable under it will rank pari passu with all other unsecured, unsubordinated indebtedness of the Company. Borrowings under the 364-Day Revolving Credit Facility may be denominated in U.S. dollars or euros. Loans will bear interest at a base rate or, SOFR or the EURIBOR plus, in each case, an applicable margin based on the credit ratings of the Company’s outstanding senior unsecured long-term debt. Based on the Company’s current long-term debt ratings, there would be no applicable margin on base rate loans and the applicable margin on Term SOFR loans and EURIBOR loans would be 0.930% per annum. The applicable margin is subject to change based on the Company’s long-term debt ratings. Loans may be prepaid without premium or penalty, subject to customary breakage costs.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The obligation of the Company to pay amounts outstanding under the Revolving Credit Facilities may be accelerated upon the occurrence of an “Event of Default” as defined in the applicable Revolving Credit Agreement. Such Events of Default include, among others, (a) non-payment of obligations; (b) breach of any representation or warranty in any material respect; (c) non-performance of covenants and obligations; (d) with respect to other indebtedness in a principal amount in excess of $100 million, a default thereunder that causes such indebtedness to become due prior to its stated maturity or a default in the payment at maturity of any principal of such indebtedness; (e) the bankruptcy or insolvency of Howmet; and (f) a change in control of the Company.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The Revolving Credit Agreements contain covenants, including, among others, (a) limitations on the Company’s ability to incur liens securing indebtedness for borrowed money; (b) limitations on the Company’s ability to consummate a consolidation, merger or sale of all or substantially all of its assets; (c) limitations on the Company’s ability to change the nature of its business; and (d) a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA (each as defined in the Revolving Credit Agreements, as applicable) as of the end of each fiscal quarter for the period of the four fiscal quarters most recently ended, to be less than or equal to 3.75 to 1.00, which may be increased to 4.25 to 1.00, at Howmet’s option, upon the occurrence of a material acquisition for the four consecutive fiscal quarters following the consummation thereof.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The Company intends to finance the Proposed CAM Acquisition through utilizing a variety of financing sources, which may include borrowing under its commercial paper program or debt facilities, the issuance of debt securities and cash on hand. The foregoing financing plans are subject to market and other conditions, and no assurance can be given that the Company will obtain the intended financing for the Proposed CAM Acquisition on commercially reasonable terms, or terms acceptable to us.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedMD&A
Layoff and other restructuring payments to be paid within one year primarily relate to severance costs.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedMD&A
Raw material purchase obligations $ 379 249 $ 218 129 $ 82 80 $ 79 40 $ — Purchase and other payment obligations 30 19 11 28 25 3 — — Operating leases 189 46 68 36 39 196 52 71 33 40 Interest related to total debt 1,133 165 298 189 481 Estimated minimum required pension funding 352 45 154 153 1,062 141 264 203 454 Pension contributions 323 60 140 123 — Other postretirement benefit payments 56 6 12 12 26 40 5 9 8 18 Layoff and other restructuring payments 4 4 1 1 — — — Uncertain tax positions 6 9 — — — 6 9 Financing activities:
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The use of cash in 2023 2024 was primarily related to the cost of the repayments on the aggregate outstanding principal amount of long-term debt and premiums paid of approximately $876, $870, the repurchase of common stock of $250, $500, dividends paid to shareholders of $109, taxes paid for net share settlement of equity awards of $77, $49, and dividends paid to shareholders debt issuance costs for the 2031 Notes of $73. $5, partially offset by proceeds from the 2031 Notes debt issuance of $500 and the exercise of employee stock options of $8.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The Company had total COGS net reimbursements of $18 in 2024 due to the final settlement of the insurance claim related to a mechanical failure that occurred in 2022 resulting in substantial heat and fire-related damage to equipment at the Forged Wheels’ cast house in Barberton, Ohio (the “Barberton Barberton Cast House Incident”) Incident in the second quarter of 2024 and the final settlement of the insurance claim related to the fires that occurred in 2019 at a Fastening Systems plant in France (the “France Plant Fire”) Fire in the fourth quarter of 2024, compared to total COGS insurance claims reimbursements of $19 in 2023, partially offset by charges of $7 in 2023, related to the France Plant Fire and Barberton Cast House Incident.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The Company maintains a credit facility (the “Credit Facility”) pursuant to its Five-Year For more information about the Company’s Second Amended 5-Year Revolving Credit Agreement (the “Credit Agreement”) with a syndicate as in effect as of lenders December 31, 2025 and issuers named therein (See 2024, see Note Q to the Consolidated Financial Statements in Part II, Item 8 (Financial Statements and Supplementary Data) of this Form 10-K for reference). reference.
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RewordedMD&A
Segment Adjusted EBITDA Margin for the Forged Wheels segment increased approximately 30 130 basis points in 2024 2025 compared with 2023, 2024, primarily due to cost reductions, including lower aluminum and other inflationary cost pass through, partially offset by net headcount, in response to lower volumes in the commercial transportation market. market, as well as favorable foreign currency exchange rates, partially offset by higher aluminum cost pass through.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The components of the change in working capital included favorable changes in receivables deferred revenue and other accrued expenses of $107, $91, inventories of $36, $56, taxes, including income taxes, of $8, and prepaid expenses and other current assets of $10, $4, partially offset by receivables of $52, and accounts payable of $42, compensation related payments and other accrued expenses of $32, and taxes, including income taxes, of $7. $24.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The Company had no COGS net reimbursements in 2025 compared to total COGS net reimbursements of $18 in 2024 due to the final settlement of the insurance claim related to a mechanical failure that occurred in 2022 resulting in substantial heat and fire-related damage to equipment at the Forged Wheels’ cast house in Barberton, Ohio (the “Barberton Cast House Incident”) in the second quarter of 2024 and the final settlement of the insurance claim related to the fires that occurred in 2019 at a Fastening Systems plant in France (the “France Plant Fire”) in the fourth quarter of 2024, compared to total COGS insurance claims reimbursements of $19 in 2023, partially offset by charges of $7 in 2023, related to the France Plant Fire and Barberton Cast House Incident. 2024.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The increase in results of $390, $353, or 51%, 31%, was primarily due to higher volumes growth in the commercial aerospace, defense aerospace, and industrial and other gas turbines markets, including engines engine spares, favorable product pricing, a reduction in interest expense due to lower long-term debt levels, and a lower tax rate due to the completion an increase of an R&D study, foreign currency translation gains, partially offset by lower volumes in the commercial transportation market and net impacts of foreign currency. market.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Liabilities and expenses for pension and other postretirement benefits are determined using similar actuarial methodologies and incorporate significant assumptions, including the interest discount rate used to discount the future estimated liability, the expected long-term rate of return on plan assets, and several assumptions relating to the employee workforce (health (rates of retirement, mortality by age, and health care cost trend rates, retirement age, and mortality). rates).
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Restructuring and other charges in 2022 2025 consisted primarily of a $58 charge $89 charges for U.K. and U.S. pension plans’ plan settlement accounting and a $6 $3 charge for various other exit costs. layoff costs partially offset by $5 in gains on the sales of assets at two small previously closed facilities.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The use of cash in 2024 2025 was primarily related to the repayments on the aggregate outstanding principal amount of long-term debt of approximately $870, the repurchase $765, repurchases of common stock of $500, $700, dividends paid to shareholders of $109, $181, redemption of preferred stock of $55, taxes paid for net share settlement of equity awards of $49, $46, premiums paid on the early redemption of debt of $15, and debt issuance costs for the 2031 2032 Notes of $5, partially offset by proceeds from the 2031 2032 Notes debt issuance of $500 and the exercise of employee stock options of $8. $1.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Segment Adjusted EBITDA for the Forged Wheels segment increased $31, $9, or 11%, 3%, in 2023 2025 compared with 2022, 2024, primarily due to higher cost reductions, including lower net headcount, in response to lower volumes in the commercial transportation market, partially offset by a supply chain disruption and unfavorable as well as favorable foreign currency movements. exchange rates.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesMD&A
Product price increases are in excess of material and inflationary cost pass through to our customers.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesMD&A
This surety bond will is expected to be renewed on an annual basis by Alcoa Corporation.
Read it in 10-K 2026-02-12 at sec.gov ↗