HWMHowmet Aerospace

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Parts or manufacturing that depend on one or a few suppliers.

“Howmet is dependent on a limited number of suppliers for materials and services essential to our operations, including raw materials, and supply chain disruptions could have a material adverse effect on our business.”

Read it in the 10-K ↗

“For certain raw materials and services, we depend on a number of limited source or sole source suppliers, such as for titanium sponge and specialized metal alloys.”

Read it in the 10-K ↗

“Industry consolidation may result in stronger competitors who are better able to obtain favorable terms from suppliers or who are better able to compete as sole-source vendors for customers.”

Read it in the 10-K ↗

Pending cases, settlements and what the company has set aside for them.

“The timing of these payments, if necessary, depends on several factors, including the timing of litigation and settlements of liability claims.”

Read it in the 10-K ↗

“Amounts for settled legal proceedings and other such payables are included within Purchase and other payment obligations in the preceding table.”

Read it in the 10-K ↗

“That decision upheld the assessment of $10 (€9 million) of tax and interest, while cancelling the penalties of $7 (€7 million) and remanding the penalty assessment issue to the Paris Administrative Court of Appeal for reexamination.”

Read it in the 10-K ↗

New “On May 23, 2025, the parties executed a Stipulation of Settlement, including all exhibits thereto (the “Stipulation of Settlement”), which was subsequently filed with the court, and on June 25, 2025, the parties executed and filed with the court an addendum to the Stipulation of Settlement, including amended exhibits to the stipulation, which incorporated a mediated agreed fee and expense amount for plaintiff’s counsel.”

Read it in the 10-K ↗

New “On February 10, 2026, the court held a final settlement approval hearing, and the Stipulation of Settlement was approved.”

Read it in the 10-K ↗

Promises to pay someone else's debts or losses if they cannot.

“The total amount committed under these guarantees, which expire at various dates between 2026 and 2028, was $4 as of December 31, 2025.”

Read it in the 10-K ↗

“The remaining guarantee, which had a fair value of $5 and $6 as of December 31, 2025 and 2024, respectively, relates to a long-term energy supply agreement that expires in 2047 at an Alcoa Corporation facility, for which the Company is secondarily liable in the event of a payment default by Alcoa Corporation.”

Read it in the 10-K ↗

“The Company is required to provide a guarantee up to an estimated present value amount of approximately $1,141 and $1,121 as of December 31, 2025 and 2024, respectively, in the event of an Alcoa Corporation default.”

Read it in the 10-K ↗

“In the fourth quarter of 2025, 2024, and 2023, a surety bond with a limit of $80 relating to this guarantee was obtained by Alcoa Corporation to protect Howmet's obligation.”

Read it in the 10-K ↗

New “The remaining guarantee, which had a fair value of $5 and $6 as of December 31, 2025 and 2024, respectively, relates to a long-term energy supply agreement that expires in 2047 at an Alcoa”

Read it in the 10-K ↗

Conditions in loan agreements that, if broken, can make debt due early.

“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 the 10-K ↗

“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, 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 the Company; and (f) a change in control of the Company.”

Read it in the 10-K ↗

“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, 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 the 10-K ↗

“As of December 31, 2025, the Company was in compliance with all covenants under the Credit Agreement.”

Read it in the 10-K ↗

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“Raw material purchase obligations $ 249 $ 129 $ 80 $ 40 $ —”

Read it in the 10-K ↗