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were redeemed at par with cash on hand at an aggregate redemption price of approximately $ 205 , including accrued interest of approximately $ 5 . | text | 5 | monetaryItemType | text: <entity> 5 </entity> <entity type> monetaryItemType </entity type> <context> were redeemed at par with cash on hand at an aggregate redemption price of approximately $ 205 , including accrued interest of approximately $ 5 . </context> | us-gaap:InterestPayableCurrentAndNoncurrent |
On March 29, 2023, the Company completed the early partial redemption of an additional $ 150 aggregate principal amount of the | text | 150 | monetaryItemType | text: <entity> 150 </entity> <entity type> monetaryItemType </entity type> <context> On March 29, 2023, the Company completed the early partial redemption of an additional $ 150 aggregate principal amount of the </context> | us-gaap:PaymentsOfDebtExtinguishmentCosts |
in accordance with the terms of the notes, and paid an aggregate of $ 155 , including accrued interest and an early termination premium of approximately $ 4 and $ 1 , respectively, which were recorded in Interest expense, net, and Loss on debt redemption, respectively, in the Statement of Consolidated Operations. | text | 155 | monetaryItemType | text: <entity> 155 </entity> <entity type> monetaryItemType </entity type> <context> in accordance with the terms of the notes, and paid an aggregate of $ 155 , including accrued interest and an early termination premium of approximately $ 4 and $ 1 , respectively, which were recorded in Interest expense, net, and Loss on debt redemption, respectively, in the Statement of Consolidated Operations. </context> | us-gaap:RepaymentsOfDebt |
in accordance with the terms of the notes, and paid an aggregate of $ 155 , including accrued interest and an early termination premium of approximately $ 4 and $ 1 , respectively, which were recorded in Interest expense, net, and Loss on debt redemption, respectively, in the Statement of Consolidated Operations. | text | 4 | monetaryItemType | text: <entity> 4 </entity> <entity type> monetaryItemType </entity type> <context> in accordance with the terms of the notes, and paid an aggregate of $ 155 , including accrued interest and an early termination premium of approximately $ 4 and $ 1 , respectively, which were recorded in Interest expense, net, and Loss on debt redemption, respectively, in the Statement of Consolidated Operations. </context> | us-gaap:InterestExpenseDebt |
In January 2023, the Company repurchased approximately $ 26 aggregate principal amount of its | text | 26 | monetaryItemType | text: <entity> 26 </entity> <entity type> monetaryItemType </entity type> <context> In January 2023, the Company repurchased approximately $ 26 aggregate principal amount of its </context> | us-gaap:ExtinguishmentOfDebtAmount |
In the second and fourth quarters of 2022, the Company repurchased in the open market approximately $ 69 aggregate principal amount of its | text | 69 | monetaryItemType | text: <entity> 69 </entity> <entity type> monetaryItemType </entity type> <context> In the second and fourth quarters of 2022, the Company repurchased in the open market approximately $ 69 aggregate principal amount of its </context> | us-gaap:ExtinguishmentOfDebtAmount |
and paid approximately $ 71 , including an early termination premium of approximately $ 2 , | text | 71 | monetaryItemType | text: <entity> 71 </entity> <entity type> monetaryItemType </entity type> <context> and paid approximately $ 71 , including an early termination premium of approximately $ 2 , </context> | us-gaap:RepaymentsOfDebt |
The USD Term Loan Agreement provided for a $ 200 senior unsecured delayed draw term loan facility (the “USD Term Loan Facility”), under which any borrowings mature on November 22, 2026, unless earlier terminated in accordance with the provisions of the USD Term Loan Agreement. Commencing in 2025, the USD Term Loan Facility requires quarterly principal payments through maturity based on a percentage of the original principal amount. The JPY Term Loan Agreement provided for a ¥ 33,000 million senior unsecured delayed draw term loan facility (the “JPY Term Loan Facility” and, together with the USD Term Loan Facility, the “Term Loan Facilities”), under which any borrowings mature on November 22, 2026, unless earlier terminated in accordance with the provisions of the JPY Term Loan Agreement. | text | 200 | monetaryItemType | text: <entity> 200 </entity> <entity type> monetaryItemType </entity type> <context> The USD Term Loan Agreement provided for a $ 200 senior unsecured delayed draw term loan facility (the “USD Term Loan Facility”), under which any borrowings mature on November 22, 2026, unless earlier terminated in accordance with the provisions of the USD Term Loan Agreement. Commencing in 2025, the USD Term Loan Facility requires quarterly principal payments through maturity based on a percentage of the original principal amount. The JPY Term Loan Agreement provided for a ¥ 33,000 million senior unsecured delayed draw term loan facility (the “JPY Term Loan Facility” and, together with the USD Term Loan Facility, the “Term Loan Facilities”), under which any borrowings mature on November 22, 2026, unless earlier terminated in accordance with the provisions of the JPY Term Loan Agreement. </context> | us-gaap:DebtInstrumentFaceAmount |
The USD Term Loan Agreement provided for a $ 200 senior unsecured delayed draw term loan facility (the “USD Term Loan Facility”), under which any borrowings mature on November 22, 2026, unless earlier terminated in accordance with the provisions of the USD Term Loan Agreement. Commencing in 2025, the USD Term Loan Facility requires quarterly principal payments through maturity based on a percentage of the original principal amount. The JPY Term Loan Agreement provided for a ¥ 33,000 million senior unsecured delayed draw term loan facility (the “JPY Term Loan Facility” and, together with the USD Term Loan Facility, the “Term Loan Facilities”), under which any borrowings mature on November 22, 2026, unless earlier terminated in accordance with the provisions of the JPY Term Loan Agreement. | text | 33000 | monetaryItemType | text: <entity> 33000 </entity> <entity type> monetaryItemType </entity type> <context> The USD Term Loan Agreement provided for a $ 200 senior unsecured delayed draw term loan facility (the “USD Term Loan Facility”), under which any borrowings mature on November 22, 2026, unless earlier terminated in accordance with the provisions of the USD Term Loan Agreement. Commencing in 2025, the USD Term Loan Facility requires quarterly principal payments through maturity based on a percentage of the original principal amount. The JPY Term Loan Agreement provided for a ¥ 33,000 million senior unsecured delayed draw term loan facility (the “JPY Term Loan Facility” and, together with the USD Term Loan Facility, the “Term Loan Facilities”), under which any borrowings mature on November 22, 2026, unless earlier terminated in accordance with the provisions of the JPY Term Loan Agreement. </context> | us-gaap:DebtInstrumentFaceAmount |
Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, 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 long-term debt ratings, the applicable margin on base rate loans was 0.375 % and 0.500 % per annum as of December 31, 2024 and December 31, 2023, respectively, and the applicable margin on Term SOFR loans was 1.375 % and 1.500 % per annum as of December 31, 2024 and December 31, 2023, respectively. | text | 0.375 | percentItemType | text: <entity> 0.375 </entity> <entity type> percentItemType </entity type> <context> Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, 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 long-term debt ratings, the applicable margin on base rate loans was 0.375 % and 0.500 % per annum as of December 31, 2024 and December 31, 2023, respectively, and the applicable margin on Term SOFR loans was 1.375 % and 1.500 % per annum as of December 31, 2024 and December 31, 2023, respectively. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, 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 long-term debt ratings, the applicable margin on base rate loans was 0.375 % and 0.500 % per annum as of December 31, 2024 and December 31, 2023, respectively, and the applicable margin on Term SOFR loans was 1.375 % and 1.500 % per annum as of December 31, 2024 and December 31, 2023, respectively. | text | 0.500 | percentItemType | text: <entity> 0.500 </entity> <entity type> percentItemType </entity type> <context> Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, 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 long-term debt ratings, the applicable margin on base rate loans was 0.375 % and 0.500 % per annum as of December 31, 2024 and December 31, 2023, respectively, and the applicable margin on Term SOFR loans was 1.375 % and 1.500 % per annum as of December 31, 2024 and December 31, 2023, respectively. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, 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 long-term debt ratings, the applicable margin on base rate loans was 0.375 % and 0.500 % per annum as of December 31, 2024 and December 31, 2023, respectively, and the applicable margin on Term SOFR loans was 1.375 % and 1.500 % per annum as of December 31, 2024 and December 31, 2023, respectively. | text | 1.375 | percentItemType | text: <entity> 1.375 </entity> <entity type> percentItemType </entity type> <context> Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, 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 long-term debt ratings, the applicable margin on base rate loans was 0.375 % and 0.500 % per annum as of December 31, 2024 and December 31, 2023, respectively, and the applicable margin on Term SOFR loans was 1.375 % and 1.500 % per annum as of December 31, 2024 and December 31, 2023, respectively. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, 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 long-term debt ratings, the applicable margin on base rate loans was 0.375 % and 0.500 % per annum as of December 31, 2024 and December 31, 2023, respectively, and the applicable margin on Term SOFR loans was 1.375 % and 1.500 % per annum as of December 31, 2024 and December 31, 2023, respectively. | text | 1.500 | percentItemType | text: <entity> 1.500 </entity> <entity type> percentItemType </entity type> <context> Under the USD Term Loan Facility, loans bear interest at a base rate or a rate equal to Term SOFR plus adjustment, 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 long-term debt ratings, the applicable margin on base rate loans was 0.375 % and 0.500 % per annum as of December 31, 2024 and December 31, 2023, respectively, and the applicable margin on Term SOFR loans was 1.375 % and 1.500 % per annum as of December 31, 2024 and December 31, 2023, respectively. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
Under the JPY Term Loan Facility, loans bear interest at a rate equal to the Cumulative Compounded RFR Rate utilizing the Tokyo Overnight Average Rate plus an applicable margin based on the credit ratings of the Company’s outstanding senior unsecured long-term debt. Based on the Company’s long-term debt ratings, the applicable margin on loans under the JPY Term Loan Facility is 1.500 % and 1.625 % per annum as of December 31, 2024 and December 31, 2023, respectively. | text | 1.500 | percentItemType | text: <entity> 1.500 </entity> <entity type> percentItemType </entity type> <context> Under the JPY Term Loan Facility, loans bear interest at a rate equal to the Cumulative Compounded RFR Rate utilizing the Tokyo Overnight Average Rate plus an applicable margin based on the credit ratings of the Company’s outstanding senior unsecured long-term debt. Based on the Company’s long-term debt ratings, the applicable margin on loans under the JPY Term Loan Facility is 1.500 % and 1.625 % per annum as of December 31, 2024 and December 31, 2023, respectively. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
Under the JPY Term Loan Facility, loans bear interest at a rate equal to the Cumulative Compounded RFR Rate utilizing the Tokyo Overnight Average Rate plus an applicable margin based on the credit ratings of the Company’s outstanding senior unsecured long-term debt. Based on the Company’s long-term debt ratings, the applicable margin on loans under the JPY Term Loan Facility is 1.500 % and 1.625 % per annum as of December 31, 2024 and December 31, 2023, respectively. | text | 1.625 | percentItemType | text: <entity> 1.625 </entity> <entity type> percentItemType </entity type> <context> Under the JPY Term Loan Facility, loans bear interest at a rate equal to the Cumulative Compounded RFR Rate utilizing the Tokyo Overnight Average Rate plus an applicable margin based on the credit ratings of the Company’s outstanding senior unsecured long-term debt. Based on the Company’s long-term debt ratings, the applicable margin on loans under the JPY Term Loan Facility is 1.500 % and 1.625 % per annum as of December 31, 2024 and December 31, 2023, respectively. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company entered into interest rate swaps to exchange the floating interest rates of the Term Loan Facilities to fixed interest rates. The fixed interest rate on the USD Term Loan was 5.670 % and 5.795 % as of | text | 5.670 | percentItemType | text: <entity> 5.670 </entity> <entity type> percentItemType </entity type> <context> The Company entered into interest rate swaps to exchange the floating interest rates of the Term Loan Facilities to fixed interest rates. The fixed interest rate on the USD Term Loan was 5.670 % and 5.795 % as of </context> | us-gaap:DerivativeFixedInterestRate |
The Company entered into interest rate swaps to exchange the floating interest rates of the Term Loan Facilities to fixed interest rates. The fixed interest rate on the USD Term Loan was 5.670 % and 5.795 % as of | text | 5.795 | percentItemType | text: <entity> 5.795 </entity> <entity type> percentItemType </entity type> <context> The Company entered into interest rate swaps to exchange the floating interest rates of the Term Loan Facilities to fixed interest rates. The fixed interest rate on the USD Term Loan was 5.670 % and 5.795 % as of </context> | us-gaap:DerivativeFixedInterestRate |
, respectively. The fixed interest rate on the JPY Term Loan was 1.919 % and 2.044 % as of | text | 1.919 | percentItemType | text: <entity> 1.919 </entity> <entity type> percentItemType </entity type> <context> , respectively. The fixed interest rate on the JPY Term Loan was 1.919 % and 2.044 % as of </context> | us-gaap:DerivativeFixedInterestRate |
, respectively. The fixed interest rate on the JPY Term Loan was 1.919 % and 2.044 % as of | text | 2.044 | percentItemType | text: <entity> 2.044 </entity> <entity type> percentItemType </entity type> <context> , respectively. The fixed interest rate on the JPY Term Loan was 1.919 % and 2.044 % as of </context> | us-gaap:DerivativeFixedInterestRate |
The obligations of the Company to pay amounts outstanding under the respective Term Loan Facilities may be accelerated upon the occurrence of an “Event of Default” as defined therein. 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. | text | 100 | monetaryItemType | text: <entity> 100 </entity> <entity type> monetaryItemType </entity type> <context> The obligations of the Company to pay amounts outstanding under the respective Term Loan Facilities may be accelerated upon the occurrence of an “Event of Default” as defined therein. 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. </context> | us-gaap:DebtDefaultLongtermDebtAmount |
On December 27, 2023, the Company borrowed $ 200 under the USD Term Loan Facility. On December 20, 2024, the Company completed an early partial prepayment of its USD Term Loan in the aggregate principal amount of $ 60 . This partial prepayment was made at par value plus accrued interest of less than $ 1 . On December 1, 2023, the Company borrowed ¥ 29,702 million under the JPY Term Loan Facility. | text | 200 | monetaryItemType | text: <entity> 200 </entity> <entity type> monetaryItemType </entity type> <context> On December 27, 2023, the Company borrowed $ 200 under the USD Term Loan Facility. On December 20, 2024, the Company completed an early partial prepayment of its USD Term Loan in the aggregate principal amount of $ 60 . This partial prepayment was made at par value plus accrued interest of less than $ 1 . On December 1, 2023, the Company borrowed ¥ 29,702 million under the JPY Term Loan Facility. </context> | us-gaap:ProceedsFromIssuanceOfDebt |
On December 27, 2023, the Company borrowed $ 200 under the USD Term Loan Facility. On December 20, 2024, the Company completed an early partial prepayment of its USD Term Loan in the aggregate principal amount of $ 60 . This partial prepayment was made at par value plus accrued interest of less than $ 1 . On December 1, 2023, the Company borrowed ¥ 29,702 million under the JPY Term Loan Facility. | text | 60 | monetaryItemType | text: <entity> 60 </entity> <entity type> monetaryItemType </entity type> <context> On December 27, 2023, the Company borrowed $ 200 under the USD Term Loan Facility. On December 20, 2024, the Company completed an early partial prepayment of its USD Term Loan in the aggregate principal amount of $ 60 . This partial prepayment was made at par value plus accrued interest of less than $ 1 . On December 1, 2023, the Company borrowed ¥ 29,702 million under the JPY Term Loan Facility. </context> | us-gaap:ExtinguishmentOfDebtAmount |
On December 27, 2023, the Company borrowed $ 200 under the USD Term Loan Facility. On December 20, 2024, the Company completed an early partial prepayment of its USD Term Loan in the aggregate principal amount of $ 60 . This partial prepayment was made at par value plus accrued interest of less than $ 1 . On December 1, 2023, the Company borrowed ¥ 29,702 million under the JPY Term Loan Facility. | text | 1 | monetaryItemType | text: <entity> 1 </entity> <entity type> monetaryItemType </entity type> <context> On December 27, 2023, the Company borrowed $ 200 under the USD Term Loan Facility. On December 20, 2024, the Company completed an early partial prepayment of its USD Term Loan in the aggregate principal amount of $ 60 . This partial prepayment was made at par value plus accrued interest of less than $ 1 . On December 1, 2023, the Company borrowed ¥ 29,702 million under the JPY Term Loan Facility. </context> | us-gaap:InterestPayableCurrentAndNoncurrent |
On December 27, 2023, the Company borrowed $ 200 under the USD Term Loan Facility. On December 20, 2024, the Company completed an early partial prepayment of its USD Term Loan in the aggregate principal amount of $ 60 . This partial prepayment was made at par value plus accrued interest of less than $ 1 . On December 1, 2023, the Company borrowed ¥ 29,702 million under the JPY Term Loan Facility. | text | 29702 | monetaryItemType | text: <entity> 29702 </entity> <entity type> monetaryItemType </entity type> <context> On December 27, 2023, the Company borrowed $ 200 under the USD Term Loan Facility. On December 20, 2024, the Company completed an early partial prepayment of its USD Term Loan in the aggregate principal amount of $ 60 . This partial prepayment was made at par value plus accrued interest of less than $ 1 . On December 1, 2023, the Company borrowed ¥ 29,702 million under the JPY Term Loan Facility. </context> | us-gaap:ProceedsFromIssuanceOfDebt |
The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and | text | 140 | monetaryItemType | text: <entity> 140 </entity> <entity type> monetaryItemType </entity type> <context> The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and </context> | us-gaap:DebtInstrumentCarryingAmount |
The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and | text | 200 | monetaryItemType | text: <entity> 200 </entity> <entity type> monetaryItemType </entity type> <context> The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and </context> | us-gaap:DebtInstrumentCarryingAmount |
The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and | text | 29702 | monetaryItemType | text: <entity> 29702 </entity> <entity type> monetaryItemType </entity type> <context> The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and </context> | us-gaap:DebtInstrumentCarryingAmount |
The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and | text | 188 | monetaryItemType | text: <entity> 188 </entity> <entity type> monetaryItemType </entity type> <context> The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and </context> | us-gaap:DebtInstrumentCarryingAmount |
The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and | text | 211 | monetaryItemType | text: <entity> 211 </entity> <entity type> monetaryItemType </entity type> <context> The amounts outstanding under the USD Term Loan Facility were $ 140 and $ 200 as of December 31, 2024 and December 31, 2023, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥ 29,702 million ($ 188 ) and ¥ 29,702 million ($ 211 ) as of December 31, 2024 and </context> | us-gaap:DebtInstrumentCarryingAmount |
The Credit Agreement provides a $ 1,000 senior unsecured revolving credit facility (the “Credit Facility”) that matures on July 27, 2028, unless extended or earlier terminated in accordance with the provisions of the Credit Agreement. | text | 1000 | monetaryItemType | text: <entity> 1000 </entity> <entity type> monetaryItemType </entity type> <context> The Credit Agreement provides a $ 1,000 senior unsecured revolving credit facility (the “Credit Facility”) that matures on July 27, 2028, unless extended or earlier terminated in accordance with the provisions of the Credit Agreement. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
Subject to the terms and conditions of the Credit Agreement, the Company may from time to time request increases in commitments under the Credit Facility, not to exceed $ 500 in aggregate principal amount, and may also request the issuance of letters of credit, subject to a letter of credit sublimit of $ 500 of the Credit Facility. | text | 500 | monetaryItemType | text: <entity> 500 </entity> <entity type> monetaryItemType </entity type> <context> Subject to the terms and conditions of the Credit Agreement, the Company may from time to time request increases in commitments under the Credit Facility, not to exceed $ 500 in aggregate principal amount, and may also request the issuance of letters of credit, subject to a letter of credit sublimit of $ 500 of the Credit Facility. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
Under the provisions of the Credit Agreement, based on Howmet’s current long-term debt ratings, Howmet pays an annual fee of 0.125 % of the total commitment to maintain the Credit Facility. | text | 0.125 | percentItemType | text: <entity> 0.125 </entity> <entity type> percentItemType </entity type> <context> Under the provisions of the Credit Agreement, based on Howmet’s current long-term debt ratings, Howmet pays an annual fee of 0.125 % of the total commitment to maintain the Credit Facility. </context> | us-gaap:LineOfCreditFacilityCommitmentFeePercentage |
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 1.000 % 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. | text | no | percentItemType | text: <entity> no </entity> <entity type> percentItemType </entity type> <context> 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 1.000 % 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. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The obligation of the Company to pay amounts outstanding under the Credit Facility may be accelerated upon the occurrence of an “Event of Default” as defined in the 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 , 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. | text | 100 | monetaryItemType | text: <entity> 100 </entity> <entity type> monetaryItemType </entity type> <context> The obligation of the Company to pay amounts outstanding under the Credit Facility may be accelerated upon the occurrence of an “Event of Default” as defined in the 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 , 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. </context> | us-gaap:DebtDefaultLongtermDebtAmount |
On April 4, 2024, the Company established a commercial paper program under which the Company may issue unsecured commercial paper notes (“commercial paper”) from time to time up to a maximum aggregate face amount of $ 1,000 outstanding at any time. The maturities of the commercial paper may vary but will not exceed 397 days from the date of issue and will rank equal in right of payment with all other unsecured senior indebtedness of the Company. The proceeds of the commercial paper will be used for general corporate purposes. | text | 1000 | monetaryItemType | text: <entity> 1000 </entity> <entity type> monetaryItemType </entity type> <context> On April 4, 2024, the Company established a commercial paper program under which the Company may issue unsecured commercial paper notes (“commercial paper”) from time to time up to a maximum aggregate face amount of $ 1,000 outstanding at any time. The maturities of the commercial paper may vary but will not exceed 397 days from the date of issue and will rank equal in right of payment with all other unsecured senior indebtedness of the Company. The proceeds of the commercial paper will be used for general corporate purposes. </context> | us-gaap:DebtInstrumentFaceAmount |
There were no amounts outstanding under the commercial paper program as of | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> There were no amounts outstanding under the commercial paper program as of </context> | us-gaap:CommercialPaper |
Restricted cash was $ 1 , less than $ 1 , and $ 1 in 2024, 2023, and 2022 | text | 1 | monetaryItemType | text: <entity> 1 </entity> <entity type> monetaryItemType </entity type> <context> Restricted cash was $ 1 , less than $ 1 , and $ 1 in 2024, 2023, and 2022 </context> | us-gaap:RestrictedCash |
The Company incurred capital expenditures which remain unpaid at December 31, 2024, 2023, and 2022 of $ 97 , $ 72 , and $ 55 , respectively, and will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods. | text | 97 | monetaryItemType | text: <entity> 97 </entity> <entity type> monetaryItemType </entity type> <context> The Company incurred capital expenditures which remain unpaid at December 31, 2024, 2023, and 2022 of $ 97 , $ 72 , and $ 55 , respectively, and will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods. </context> | us-gaap:CapitalExpendituresIncurredButNotYetPaid |
The Company incurred capital expenditures which remain unpaid at December 31, 2024, 2023, and 2022 of $ 97 , $ 72 , and $ 55 , respectively, and will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods. | text | 72 | monetaryItemType | text: <entity> 72 </entity> <entity type> monetaryItemType </entity type> <context> The Company incurred capital expenditures which remain unpaid at December 31, 2024, 2023, and 2022 of $ 97 , $ 72 , and $ 55 , respectively, and will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods. </context> | us-gaap:CapitalExpendituresIncurredButNotYetPaid |
The Company incurred capital expenditures which remain unpaid at December 31, 2024, 2023, and 2022 of $ 97 , $ 72 , and $ 55 , respectively, and will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods. | text | 55 | monetaryItemType | text: <entity> 55 </entity> <entity type> monetaryItemType </entity type> <context> The Company incurred capital expenditures which remain unpaid at December 31, 2024, 2023, and 2022 of $ 97 , $ 72 , and $ 55 , respectively, and will result in cash outflows within investing activities in the Statement of Consolidated Cash Flows in subsequent periods. </context> | us-gaap:CapitalExpendituresIncurredButNotYetPaid |
On January 1, 2023, the Company adopted the changes issued by the FASB related to disclosure requirements of supplier finance program obligations. We offer voluntary supplier finance programs to suppliers who may elect to sell their receivables to third parties at the sole discretion of both the supplier and the third parties. The program is at no cost to the Company and provides additional liquidity to our suppliers, if they desire, at their cost. Under these programs, the Company pays the third party bank, rather than the supplier, the stated amount of the confirmed invoices on the original maturity date of the invoices. The Company or the third party bank may terminate a program upon at least 30 days’ notice. Supplier invoices under the program require payment in full no more than approximately 120 days of the invoice date. As of December 31, 2024 and 2023, supplier invoices that are subject to future payment under these programs were $ 268 and $ 258 , respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet. | text | 268 | monetaryItemType | text: <entity> 268 </entity> <entity type> monetaryItemType </entity type> <context> On January 1, 2023, the Company adopted the changes issued by the FASB related to disclosure requirements of supplier finance program obligations. We offer voluntary supplier finance programs to suppliers who may elect to sell their receivables to third parties at the sole discretion of both the supplier and the third parties. The program is at no cost to the Company and provides additional liquidity to our suppliers, if they desire, at their cost. Under these programs, the Company pays the third party bank, rather than the supplier, the stated amount of the confirmed invoices on the original maturity date of the invoices. The Company or the third party bank may terminate a program upon at least 30 days’ notice. Supplier invoices under the program require payment in full no more than approximately 120 days of the invoice date. As of December 31, 2024 and 2023, supplier invoices that are subject to future payment under these programs were $ 268 and $ 258 , respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet. </context> | us-gaap:SupplierFinanceProgramObligationCurrent |
On January 1, 2023, the Company adopted the changes issued by the FASB related to disclosure requirements of supplier finance program obligations. We offer voluntary supplier finance programs to suppliers who may elect to sell their receivables to third parties at the sole discretion of both the supplier and the third parties. The program is at no cost to the Company and provides additional liquidity to our suppliers, if they desire, at their cost. Under these programs, the Company pays the third party bank, rather than the supplier, the stated amount of the confirmed invoices on the original maturity date of the invoices. The Company or the third party bank may terminate a program upon at least 30 days’ notice. Supplier invoices under the program require payment in full no more than approximately 120 days of the invoice date. As of December 31, 2024 and 2023, supplier invoices that are subject to future payment under these programs were $ 268 and $ 258 , respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet. | text | 258 | monetaryItemType | text: <entity> 258 </entity> <entity type> monetaryItemType </entity type> <context> On January 1, 2023, the Company adopted the changes issued by the FASB related to disclosure requirements of supplier finance program obligations. We offer voluntary supplier finance programs to suppliers who may elect to sell their receivables to third parties at the sole discretion of both the supplier and the third parties. The program is at no cost to the Company and provides additional liquidity to our suppliers, if they desire, at their cost. Under these programs, the Company pays the third party bank, rather than the supplier, the stated amount of the confirmed invoices on the original maturity date of the invoices. The Company or the third party bank may terminate a program upon at least 30 days’ notice. Supplier invoices under the program require payment in full no more than approximately 120 days of the invoice date. As of December 31, 2024 and 2023, supplier invoices that are subject to future payment under these programs were $ 268 and $ 258 , respectively, and are included in Accounts payable, trade in the Consolidated Balance Sheet. </context> | us-gaap:SupplierFinanceProgramObligationCurrent |
The Company's remediation reserve balance was $ 19 and $ 17 as of | text | 19 | monetaryItemType | text: <entity> 19 </entity> <entity type> monetaryItemType </entity type> <context> The Company's remediation reserve balance was $ 19 and $ 17 as of </context> | us-gaap:AccrualForEnvironmentalLossContingencies |
The Company's remediation reserve balance was $ 19 and $ 17 as of | text | 17 | monetaryItemType | text: <entity> 17 </entity> <entity type> monetaryItemType </entity type> <context> The Company's remediation reserve balance was $ 19 and $ 17 as of </context> | us-gaap:AccrualForEnvironmentalLossContingencies |
, respectively, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $ 10 and $ 7 , respectively, was classified as a current liability), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. | text | 10 | monetaryItemType | text: <entity> 10 </entity> <entity type> monetaryItemType </entity type> <context> , respectively, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $ 10 and $ 7 , respectively, was classified as a current liability), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. </context> | us-gaap:AccruedEnvironmentalLossContingenciesCurrent |
, respectively, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $ 10 and $ 7 , respectively, was classified as a current liability), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. | text | 7 | monetaryItemType | text: <entity> 7 </entity> <entity type> monetaryItemType </entity type> <context> , respectively, and was recorded in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet (of which $ 10 and $ 7 , respectively, was classified as a current liability), and reflects the most probable costs to remediate identified environmental conditions for which costs can be reasonably estimated. </context> | us-gaap:AccruedEnvironmentalLossContingenciesCurrent |
Payments related to remediation expenses applied against the reserve were $ 2 and $ 3 in 2024 and 2023, respectively, and included expenditures currently mandated, as well as those not required by any regulatory authority or third party. | text | 2 | monetaryItemType | text: <entity> 2 </entity> <entity type> monetaryItemType </entity type> <context> Payments related to remediation expenses applied against the reserve were $ 2 and $ 3 in 2024 and 2023, respectively, and included expenditures currently mandated, as well as those not required by any regulatory authority or third party. </context> | us-gaap:AccrualForEnvironmentalLossContingenciesPayments1 |
Payments related to remediation expenses applied against the reserve were $ 2 and $ 3 in 2024 and 2023, respectively, and included expenditures currently mandated, as well as those not required by any regulatory authority or third party. | text | 3 | monetaryItemType | text: <entity> 3 </entity> <entity type> monetaryItemType </entity type> <context> Payments related to remediation expenses applied against the reserve were $ 2 and $ 3 in 2024 and 2023, respectively, and included expenditures currently mandated, as well as those not required by any regulatory authority or third party. </context> | us-gaap:AccrualForEnvironmentalLossContingenciesPayments1 |
In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. | text | 17 | monetaryItemType | text: <entity> 17 </entity> <entity type> monetaryItemType </entity type> <context> In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. </context> | us-gaap:IncomeTaxExaminationEstimateOfPossibleLoss |
In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. | text | 16 | monetaryItemType | text: <entity> 16 </entity> <entity type> monetaryItemType </entity type> <context> In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. </context> | us-gaap:IncomeTaxExaminationEstimateOfPossibleLoss |
In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. | text | 10 | monetaryItemType | text: <entity> 10 </entity> <entity type> monetaryItemType </entity type> <context> In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. </context> | us-gaap:IncomeTaxExaminationEstimateOfPossibleLoss |
In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. | text | 9 | monetaryItemType | text: <entity> 9 </entity> <entity type> monetaryItemType </entity type> <context> In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. </context> | us-gaap:IncomeTaxExaminationEstimateOfPossibleLoss |
In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. | text | 7 | monetaryItemType | text: <entity> 7 </entity> <entity type> monetaryItemType </entity type> <context> In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. </context> | us-gaap:IncomeTaxExaminationEstimateOfPossibleLoss |
In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. | text | 2 | monetaryItemType | text: <entity> 2 </entity> <entity type> monetaryItemType </entity type> <context> In December 2013 and 2014, the Company received audit assessment notices from the French Tax Authority (“FTA”) for the 2010 through 2012 tax years. In 2016, the Company appealed to the Committee of the Abuse of Tax Law, where it received a favorable nonbinding decision. The FTA disagreed with the Committee of the Abuse of Tax Law’s opinion, and the Company appealed to the Montreuil Administrative Court, where in 2020 the Company prevailed on the merits. The FTA appealed this decision to the Paris Administrative Court of Appeal in 2021. On March 31, 2023, the Company received an adverse decision from the Paris Administrative Court of Appeal. The Company appealed this decision to the French Administrative Supreme Court. The assessment amount was $ 17 (€ 16 million), including $ 10 (€ 9 million) of tax and interest up through 2017 and $ 7 (€ 7 million) of penalties. The Company estimates additional interest to be $ 2 (€ 2 million). On July 23, 2024, the Company received the French Administrative Supreme Court’s decision. 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. As a result, the Company has no further right to appeal the assessment of tax and interest but will continue to protest the penalties. </context> | us-gaap:UnrecognizedTaxBenefits |
In 2023, the Company recorded an income tax reserve in Provision for income taxes in the Statement of Consolidated Operations of $ 21 (€ 19 million), which includes tax, estimated interest and penalties, for the 2010 through 2012 tax years, as well as the remaining tax years open for reassessment (2020-2023). In accordance with FTA dispute resolution practices, the Company paid the assessment amount including tax, interest, and penalties, to the FTA in December 2023. The Company is expecting to pay the additional interest related to the assessment in 2025. The Company also paid the estimated tax related to the 2020-2023 tax years in 2023. As of the third quarter of 2024, the Company no longer recorded an uncertain tax position related to the tax and interest assessed. In October 2024, the Company received a refund of the penalties that were remanded. We will continue to record an income tax reserve for penalties determined more than likely to be upheld, until the uncertain tax position is settled. | text | 21 | monetaryItemType | text: <entity> 21 </entity> <entity type> monetaryItemType </entity type> <context> In 2023, the Company recorded an income tax reserve in Provision for income taxes in the Statement of Consolidated Operations of $ 21 (€ 19 million), which includes tax, estimated interest and penalties, for the 2010 through 2012 tax years, as well as the remaining tax years open for reassessment (2020-2023). In accordance with FTA dispute resolution practices, the Company paid the assessment amount including tax, interest, and penalties, to the FTA in December 2023. The Company is expecting to pay the additional interest related to the assessment in 2025. The Company also paid the estimated tax related to the 2020-2023 tax years in 2023. As of the third quarter of 2024, the Company no longer recorded an uncertain tax position related to the tax and interest assessed. In October 2024, the Company received a refund of the penalties that were remanded. We will continue to record an income tax reserve for penalties determined more than likely to be upheld, until the uncertain tax position is settled. </context> | us-gaap:IncomeTaxReconciliationTaxContingencies |
In 2023, the Company recorded an income tax reserve in Provision for income taxes in the Statement of Consolidated Operations of $ 21 (€ 19 million), which includes tax, estimated interest and penalties, for the 2010 through 2012 tax years, as well as the remaining tax years open for reassessment (2020-2023). In accordance with FTA dispute resolution practices, the Company paid the assessment amount including tax, interest, and penalties, to the FTA in December 2023. The Company is expecting to pay the additional interest related to the assessment in 2025. The Company also paid the estimated tax related to the 2020-2023 tax years in 2023. As of the third quarter of 2024, the Company no longer recorded an uncertain tax position related to the tax and interest assessed. In October 2024, the Company received a refund of the penalties that were remanded. We will continue to record an income tax reserve for penalties determined more than likely to be upheld, until the uncertain tax position is settled. | text | 19 | monetaryItemType | text: <entity> 19 </entity> <entity type> monetaryItemType </entity type> <context> In 2023, the Company recorded an income tax reserve in Provision for income taxes in the Statement of Consolidated Operations of $ 21 (€ 19 million), which includes tax, estimated interest and penalties, for the 2010 through 2012 tax years, as well as the remaining tax years open for reassessment (2020-2023). In accordance with FTA dispute resolution practices, the Company paid the assessment amount including tax, interest, and penalties, to the FTA in December 2023. The Company is expecting to pay the additional interest related to the assessment in 2025. The Company also paid the estimated tax related to the 2020-2023 tax years in 2023. As of the third quarter of 2024, the Company no longer recorded an uncertain tax position related to the tax and interest assessed. In October 2024, the Company received a refund of the penalties that were remanded. We will continue to record an income tax reserve for penalties determined more than likely to be upheld, until the uncertain tax position is settled. </context> | us-gaap:IncomeTaxReconciliationTaxContingencies |
On December 23, 2020, survivors and estates of decedents of the Grenfell Fire and emergency responders filed suit against 23 defendants, including the Company. The substantial majority of these suits were settled pursuant to the terms of a confidential settlement agreement and are now discontinued and closed. The claimants in the remaining suits are mediating their claims with the defendants. On June 21, 2024, the Company was joined as a party to proceedings initiated by the Royal Borough of Kensington and Chelsea (RBKC) and Chelsea Tenant Management Organisation Ltd. (KCTMO) that are currently pending against AAP SAS and Whirlpool. By February 14, 2025, RBKC and KCTMO must serve their Particulars of Claim and Schedule of Loss on defendants. (iii) | text | 23 | integerItemType | text: <entity> 23 </entity> <entity type> integerItemType </entity type> <context> On December 23, 2020, survivors and estates of decedents of the Grenfell Fire and emergency responders filed suit against 23 defendants, including the Company. The substantial majority of these suits were settled pursuant to the terms of a confidential settlement agreement and are now discontinued and closed. The claimants in the remaining suits are mediating their claims with the defendants. On June 21, 2024, the Company was joined as a party to proceedings initiated by the Royal Borough of Kensington and Chelsea (RBKC) and Chelsea Tenant Management Organisation Ltd. (KCTMO) that are currently pending against AAP SAS and Whirlpool. By February 14, 2025, RBKC and KCTMO must serve their Particulars of Claim and Schedule of Loss on defendants. (iii) </context> | us-gaap:LossContingencyNumberOfDefendants |
On June 26, 2020, Lehman Brothers International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and Wales against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. (collectively, the “Firth Rixson Entities”). The proceedings concerned two interest rate swap transactions that the Firth Rixson Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, the Company recorded $ 65 in Other current liabilities in the Consolidated Balance Sheet and took a pre-tax charge of this amount in Other expense, net in the Statement of Consolidated Operations in the third quarter of 2022. The Firth Rixson Entities appealed the Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all claims arising out of the LBIE legal proceedings. The settlement provided for payment of $ 40 : $ 15 paid in July 2023 and $ 25 paid in July 2024. | text | 65 | monetaryItemType | text: <entity> 65 </entity> <entity type> monetaryItemType </entity type> <context> On June 26, 2020, Lehman Brothers International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and Wales against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. (collectively, the “Firth Rixson Entities”). The proceedings concerned two interest rate swap transactions that the Firth Rixson Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, the Company recorded $ 65 in Other current liabilities in the Consolidated Balance Sheet and took a pre-tax charge of this amount in Other expense, net in the Statement of Consolidated Operations in the third quarter of 2022. The Firth Rixson Entities appealed the Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all claims arising out of the LBIE legal proceedings. The settlement provided for payment of $ 40 : $ 15 paid in July 2023 and $ 25 paid in July 2024. </context> | us-gaap:LossContingencyEstimateOfPossibleLoss |
On June 26, 2020, Lehman Brothers International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and Wales against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. (collectively, the “Firth Rixson Entities”). The proceedings concerned two interest rate swap transactions that the Firth Rixson Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, the Company recorded $ 65 in Other current liabilities in the Consolidated Balance Sheet and took a pre-tax charge of this amount in Other expense, net in the Statement of Consolidated Operations in the third quarter of 2022. The Firth Rixson Entities appealed the Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all claims arising out of the LBIE legal proceedings. The settlement provided for payment of $ 40 : $ 15 paid in July 2023 and $ 25 paid in July 2024. | text | 40 | monetaryItemType | text: <entity> 40 </entity> <entity type> monetaryItemType </entity type> <context> On June 26, 2020, Lehman Brothers International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and Wales against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. (collectively, the “Firth Rixson Entities”). The proceedings concerned two interest rate swap transactions that the Firth Rixson Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, the Company recorded $ 65 in Other current liabilities in the Consolidated Balance Sheet and took a pre-tax charge of this amount in Other expense, net in the Statement of Consolidated Operations in the third quarter of 2022. The Firth Rixson Entities appealed the Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all claims arising out of the LBIE legal proceedings. The settlement provided for payment of $ 40 : $ 15 paid in July 2023 and $ 25 paid in July 2024. </context> | us-gaap:LitigationSettlementAmountAwardedToOtherParty |
On June 26, 2020, Lehman Brothers International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and Wales against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. (collectively, the “Firth Rixson Entities”). The proceedings concerned two interest rate swap transactions that the Firth Rixson Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, the Company recorded $ 65 in Other current liabilities in the Consolidated Balance Sheet and took a pre-tax charge of this amount in Other expense, net in the Statement of Consolidated Operations in the third quarter of 2022. The Firth Rixson Entities appealed the Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all claims arising out of the LBIE legal proceedings. The settlement provided for payment of $ 40 : $ 15 paid in July 2023 and $ 25 paid in July 2024. | text | 15 | monetaryItemType | text: <entity> 15 </entity> <entity type> monetaryItemType </entity type> <context> On June 26, 2020, Lehman Brothers International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and Wales against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. (collectively, the “Firth Rixson Entities”). The proceedings concerned two interest rate swap transactions that the Firth Rixson Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, the Company recorded $ 65 in Other current liabilities in the Consolidated Balance Sheet and took a pre-tax charge of this amount in Other expense, net in the Statement of Consolidated Operations in the third quarter of 2022. The Firth Rixson Entities appealed the Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all claims arising out of the LBIE legal proceedings. The settlement provided for payment of $ 40 : $ 15 paid in July 2023 and $ 25 paid in July 2024. </context> | us-gaap:PaymentsForLegalSettlements |
On June 26, 2020, Lehman Brothers International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and Wales against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. (collectively, the “Firth Rixson Entities”). The proceedings concerned two interest rate swap transactions that the Firth Rixson Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, the Company recorded $ 65 in Other current liabilities in the Consolidated Balance Sheet and took a pre-tax charge of this amount in Other expense, net in the Statement of Consolidated Operations in the third quarter of 2022. The Firth Rixson Entities appealed the Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all claims arising out of the LBIE legal proceedings. The settlement provided for payment of $ 40 : $ 15 paid in July 2023 and $ 25 paid in July 2024. | text | 25 | monetaryItemType | text: <entity> 25 </entity> <entity type> monetaryItemType </entity type> <context> On June 26, 2020, Lehman Brothers International (Europe) (“LBIE”) filed proceedings in the High Court of Justice, Business and Property Courts of England and Wales against two subsidiaries of the Company, FR Acquisitions Corporation (Europe) Ltd and JFB Firth Rixson Inc. (collectively, the “Firth Rixson Entities”). The proceedings concerned two interest rate swap transactions that the Firth Rixson Entities entered into with LBIE in 2007 and 2008. As a result of the ruling issued by the Court in October 2022, the Company recorded $ 65 in Other current liabilities in the Consolidated Balance Sheet and took a pre-tax charge of this amount in Other expense, net in the Statement of Consolidated Operations in the third quarter of 2022. The Firth Rixson Entities appealed the Court’s ruling. On June 15, 2023, the Company, the Firth Rixson Entities, and LBIE reached a full and final settlement of all claims arising out of the LBIE legal proceedings. The settlement provided for payment of $ 40 : $ 15 paid in July 2023 and $ 25 paid in July 2024. </context> | us-gaap:PaymentsForLegalSettlements |
Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. | text | 237 | monetaryItemType | text: <entity> 237 </entity> <entity type> monetaryItemType </entity type> <context> Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. </context> | us-gaap:RecordedUnconditionalPurchaseObligationDueWithinOneYear |
Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. | text | 51 | monetaryItemType | text: <entity> 51 </entity> <entity type> monetaryItemType </entity type> <context> Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. </context> | us-gaap:RecordedUnconditionalPurchaseObligationDueInSecondYear |
Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. | text | 42 | monetaryItemType | text: <entity> 42 </entity> <entity type> monetaryItemType </entity type> <context> Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. </context> | us-gaap:RecordedUnconditionalPurchaseObligationDueInThirdYear |
Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. | text | 40 | monetaryItemType | text: <entity> 40 </entity> <entity type> monetaryItemType </entity type> <context> Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. </context> | us-gaap:RecordedUnconditionalPurchaseObligationDueInFourthYear |
Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. | text | 39 | monetaryItemType | text: <entity> 39 </entity> <entity type> monetaryItemType </entity type> <context> Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. </context> | us-gaap:RecordedUnconditionalPurchaseObligationDueInFifthYear |
Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. | text | none | monetaryItemType | text: <entity> none </entity> <entity type> monetaryItemType </entity type> <context> Howmet has entered into commitments for raw materials, energy and other obligations, which total $ 237 in 2025, $ 51 in 2026, $ 42 in 2027, $ 40 in 2028, $ 39 in 2029 and none thereafter. </context> | us-gaap:RecordedUnconditionalPurchaseObligationDueAfterFifthYear |
As of December 31, 2024, Howmet had outstanding bank guarantees related to tax matters, customs duties, rental, plant expansion, and environmental obligations. The total amount committed under these guarantees, which expire at various dates between 2025 and 2027, was $ 6 as of December 31, 2024. | text | 6 | monetaryItemType | text: <entity> 6 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, Howmet had outstanding bank guarantees related to tax matters, customs duties, rental, plant expansion, and environmental obligations. The total amount committed under these guarantees, which expire at various dates between 2025 and 2027, was $ 6 as of December 31, 2024. </context> | us-gaap:GuaranteeObligationsCurrentCarryingValue |
Pursuant to the Separation and Distribution Agreement, dated as of October 31, 2016, between Howmet and Alcoa Corporation, Howmet was required to provide certain guarantees for Alcoa Corporation, which were included in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet. The remaining guarantee, which had a fair value of $ 6 as of both December 31, 2024 and 2023, 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. If the Company incurs any liability under this guarantee, Arconic Corporation is obligated to indemnify the Company for 50 % of such liability. The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be remote. The Company is required to provide a guarantee up to an estimated present value amount of approximately $ 1,121 and $ 1,131 as of December 31, 2024 and 2023, respectively, in the event of an Alcoa Corporation default. In the fourth quarter of 2024, 2023, and 2022, a surety bond with a limit of $ 80 relating to this guarantee was obtained by Alcoa Corporation to protect Howmet's obligation. This surety bond will be renewed on an annual basis by Alcoa Corporation. | text | 1121 | monetaryItemType | text: <entity> 1121 </entity> <entity type> monetaryItemType </entity type> <context> Pursuant to the Separation and Distribution Agreement, dated as of October 31, 2016, between Howmet and Alcoa Corporation, Howmet was required to provide certain guarantees for Alcoa Corporation, which were included in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet. The remaining guarantee, which had a fair value of $ 6 as of both December 31, 2024 and 2023, 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. If the Company incurs any liability under this guarantee, Arconic Corporation is obligated to indemnify the Company for 50 % of such liability. The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be remote. The Company is required to provide a guarantee up to an estimated present value amount of approximately $ 1,121 and $ 1,131 as of December 31, 2024 and 2023, respectively, in the event of an Alcoa Corporation default. In the fourth quarter of 2024, 2023, and 2022, a surety bond with a limit of $ 80 relating to this guarantee was obtained by Alcoa Corporation to protect Howmet's obligation. This surety bond will be renewed on an annual basis by Alcoa Corporation. </context> | us-gaap:GuaranteeObligationsMaximumExposure |
Pursuant to the Separation and Distribution Agreement, dated as of October 31, 2016, between Howmet and Alcoa Corporation, Howmet was required to provide certain guarantees for Alcoa Corporation, which were included in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet. The remaining guarantee, which had a fair value of $ 6 as of both December 31, 2024 and 2023, 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. If the Company incurs any liability under this guarantee, Arconic Corporation is obligated to indemnify the Company for 50 % of such liability. The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be remote. The Company is required to provide a guarantee up to an estimated present value amount of approximately $ 1,121 and $ 1,131 as of December 31, 2024 and 2023, respectively, in the event of an Alcoa Corporation default. In the fourth quarter of 2024, 2023, and 2022, a surety bond with a limit of $ 80 relating to this guarantee was obtained by Alcoa Corporation to protect Howmet's obligation. This surety bond will be renewed on an annual basis by Alcoa Corporation. | text | 1131 | monetaryItemType | text: <entity> 1131 </entity> <entity type> monetaryItemType </entity type> <context> Pursuant to the Separation and Distribution Agreement, dated as of October 31, 2016, between Howmet and Alcoa Corporation, Howmet was required to provide certain guarantees for Alcoa Corporation, which were included in Other noncurrent liabilities and deferred credits in the Consolidated Balance Sheet. The remaining guarantee, which had a fair value of $ 6 as of both December 31, 2024 and 2023, 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. If the Company incurs any liability under this guarantee, Arconic Corporation is obligated to indemnify the Company for 50 % of such liability. The Company currently views the risk of an Alcoa Corporation payment default on its obligations under the contract to be remote. The Company is required to provide a guarantee up to an estimated present value amount of approximately $ 1,121 and $ 1,131 as of December 31, 2024 and 2023, respectively, in the event of an Alcoa Corporation default. In the fourth quarter of 2024, 2023, and 2022, a surety bond with a limit of $ 80 relating to this guarantee was obtained by Alcoa Corporation to protect Howmet's obligation. This surety bond will be renewed on an annual basis by Alcoa Corporation. </context> | us-gaap:GuaranteeObligationsMaximumExposure |
The Company has outstanding letters of credit, primarily related to workers’ compensation, environmental obligations, insurance obligations, and tax matters. The total amount committed under these letters of credit, which automatically renew or expire at various dates, primarily in 2025, was $ 90 as of | text | 90 | monetaryItemType | text: <entity> 90 </entity> <entity type> monetaryItemType </entity type> <context> The Company has outstanding letters of credit, primarily related to workers’ compensation, environmental obligations, insurance obligations, and tax matters. The total amount committed under these letters of credit, which automatically renew or expire at various dates, primarily in 2025, was $ 90 as of </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company is required to retain letters of credit of $ 48 (which are included in the | text | 48 | monetaryItemType | text: <entity> 48 </entity> <entity type> monetaryItemType </entity type> <context> Pursuant to the Separation and Distribution Agreements between the Company and Arconic Corporation and between the Company and Alcoa Corporation, the Company is required to retain letters of credit of $ 48 (which are included in the </context> | us-gaap:LettersOfCreditOutstandingAmount |
in the above paragraph) that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation workers’ compensation claims that occurred prior to the respective separation transactions of April 1, 2020 and November 1, 2016. Arconic Corporation and Alcoa Corporation workers’ compensation and letters of credit fees paid by the Company are proportionally billed to, and are reimbursed by, Arconic Corporation and Alcoa Corporation, respectively. Also, the Company was required to provide letters of credit for certain Arconic Corporation and Alcoa Corporation environmental obligations and, as a result, the Company has $ 17 of outstanding letters of credit relating to such liabilities (which are also included in the | text | 17 | monetaryItemType | text: <entity> 17 </entity> <entity type> monetaryItemType </entity type> <context> in the above paragraph) that had previously been provided related to the Company, Arconic Corporation, and Alcoa Corporation workers’ compensation claims that occurred prior to the respective separation transactions of April 1, 2020 and November 1, 2016. Arconic Corporation and Alcoa Corporation workers’ compensation and letters of credit fees paid by the Company are proportionally billed to, and are reimbursed by, Arconic Corporation and Alcoa Corporation, respectively. Also, the Company was required to provide letters of credit for certain Arconic Corporation and Alcoa Corporation environmental obligations and, as a result, the Company has $ 17 of outstanding letters of credit relating to such liabilities (which are also included in the </context> | us-gaap:LettersOfCreditOutstandingAmount |
The amount for the year ended December 31, 2022 includes approximately $ 1.6 billion cash receipt from a secured borrowing related to the PALAC disposition, which was subsequently derecognized as part of a non-cash transaction during 2022 related to the novation of certain previously reinsured annuity products. See Note 1 for additional information. | text | 1.6 | monetaryItemType | text: <entity> 1.6 </entity> <entity type> monetaryItemType </entity type> <context> The amount for the year ended December 31, 2022 includes approximately $ 1.6 billion cash receipt from a secured borrowing related to the PALAC disposition, which was subsequently derecognized as part of a non-cash transaction during 2022 related to the novation of certain previously reinsured annuity products. See Note 1 for additional information. </context> | us-gaap:IncreaseDecreaseInSecuritiesBorrowed |
In September 2023, the Company, through its Corporate and Other operations, invested approximately $ 200 million, and acquired a 20 % equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. For additional information regarding related party transactions, see Note 24. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 15. | text | 200 | monetaryItemType | text: <entity> 200 </entity> <entity type> monetaryItemType </entity type> <context> In September 2023, the Company, through its Corporate and Other operations, invested approximately $ 200 million, and acquired a 20 % equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. For additional information regarding related party transactions, see Note 24. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 15. </context> | us-gaap:EquityMethodInvestments |
In September 2023, the Company, through its Corporate and Other operations, invested approximately $ 200 million, and acquired a 20 % equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. For additional information regarding related party transactions, see Note 24. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 15. | text | 20 | percentItemType | text: <entity> 20 </entity> <entity type> percentItemType </entity type> <context> In September 2023, the Company, through its Corporate and Other operations, invested approximately $ 200 million, and acquired a 20 % equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. For additional information regarding related party transactions, see Note 24. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 15. </context> | us-gaap:EquityMethodInvestmentOwnershipPercentage |
During the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, its segment measure of performance, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024 and each of the four quarters of 2023. As a result, the Company has voluntarily revised its historical adjusted operating income for the relevant periods, resulting in decreases in pre-tax adjusted operating income of $ 149 million (unaudited) for the nine months ended September 30, 2024, and $ 55 million for the year ended December 31, 2023. These revisions had no impact to “Net income (loss)” for any period as determined in accordance with GAAP. See Note 23 for additional information regarding adjusted operating income. | text | 149 | monetaryItemType | text: <entity> 149 </entity> <entity type> monetaryItemType </entity type> <context> During the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, its segment measure of performance, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024 and each of the four quarters of 2023. As a result, the Company has voluntarily revised its historical adjusted operating income for the relevant periods, resulting in decreases in pre-tax adjusted operating income of $ 149 million (unaudited) for the nine months ended September 30, 2024, and $ 55 million for the year ended December 31, 2023. These revisions had no impact to “Net income (loss)” for any period as determined in accordance with GAAP. See Note 23 for additional information regarding adjusted operating income. </context> | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
During the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, its segment measure of performance, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024 and each of the four quarters of 2023. As a result, the Company has voluntarily revised its historical adjusted operating income for the relevant periods, resulting in decreases in pre-tax adjusted operating income of $ 149 million (unaudited) for the nine months ended September 30, 2024, and $ 55 million for the year ended December 31, 2023. These revisions had no impact to “Net income (loss)” for any period as determined in accordance with GAAP. See Note 23 for additional information regarding adjusted operating income. | text | 55 | monetaryItemType | text: <entity> 55 </entity> <entity type> monetaryItemType </entity type> <context> During the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, its segment measure of performance, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024 and each of the four quarters of 2023. As a result, the Company has voluntarily revised its historical adjusted operating income for the relevant periods, resulting in decreases in pre-tax adjusted operating income of $ 149 million (unaudited) for the nine months ended September 30, 2024, and $ 55 million for the year ended December 31, 2023. These revisions had no impact to “Net income (loss)” for any period as determined in accordance with GAAP. See Note 23 for additional information regarding adjusted operating income. </context> | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
The Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $ 1,153 million, $ 614 million and $ 339 million as of December 31, 2023, 2022 and 2021, respectively. The revised mezzanine equity balance of $ 1,766 million as of December 31, 2023 also reflected other immaterial adjustments. | text | 1153 | monetaryItemType | text: <entity> 1153 </entity> <entity type> monetaryItemType </entity type> <context> The Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $ 1,153 million, $ 614 million and $ 339 million as of December 31, 2023, 2022 and 2021, respectively. The revised mezzanine equity balance of $ 1,766 million as of December 31, 2023 also reflected other immaterial adjustments. </context> | us-gaap:RedeemableNoncontrollingInterestEquityOtherCarryingAmount |
The Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $ 1,153 million, $ 614 million and $ 339 million as of December 31, 2023, 2022 and 2021, respectively. The revised mezzanine equity balance of $ 1,766 million as of December 31, 2023 also reflected other immaterial adjustments. | text | 614 | monetaryItemType | text: <entity> 614 </entity> <entity type> monetaryItemType </entity type> <context> The Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $ 1,153 million, $ 614 million and $ 339 million as of December 31, 2023, 2022 and 2021, respectively. The revised mezzanine equity balance of $ 1,766 million as of December 31, 2023 also reflected other immaterial adjustments. </context> | us-gaap:RedeemableNoncontrollingInterestEquityOtherCarryingAmount |
The Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $ 1,153 million, $ 614 million and $ 339 million as of December 31, 2023, 2022 and 2021, respectively. The revised mezzanine equity balance of $ 1,766 million as of December 31, 2023 also reflected other immaterial adjustments. | text | 339 | monetaryItemType | text: <entity> 339 </entity> <entity type> monetaryItemType </entity type> <context> The Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $ 1,153 million, $ 614 million and $ 339 million as of December 31, 2023, 2022 and 2021, respectively. The revised mezzanine equity balance of $ 1,766 million as of December 31, 2023 also reflected other immaterial adjustments. </context> | us-gaap:RedeemableNoncontrollingInterestEquityOtherCarryingAmount |
The Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $ 1,153 million, $ 614 million and $ 339 million as of December 31, 2023, 2022 and 2021, respectively. The revised mezzanine equity balance of $ 1,766 million as of December 31, 2023 also reflected other immaterial adjustments. | text | 1766 | monetaryItemType | text: <entity> 1766 </entity> <entity type> monetaryItemType </entity type> <context> The Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $ 1,153 million, $ 614 million and $ 339 million as of December 31, 2023, 2022 and 2021, respectively. The revised mezzanine equity balance of $ 1,766 million as of December 31, 2023 also reflected other immaterial adjustments. </context> | us-gaap:RedeemableNoncontrollingInterestEquityOtherCarryingAmount |
On April 1, 2022, the Company completed the sale of Prudential Annuities Life Assurance Corporation (“PALAC”), a wholly owned subsidiary, representing a portion of its in-force traditional variable annuity block of business, to Fortitude Group Holdings, LLC (“Fortitude”). The PALAC block primarily consisted of non-New York traditional variable annuities with guaranteed living benefits that were issued prior to 2011, which constituted approximately $ 30 billion of Prudential’s total in-force individual annuity account values at the closing of the transaction. The Company, through coinsurance and modified coinsurance agreements, has retained the economics of certain variable annuities, indexed annuities, and fixed annuities with a guaranteed lifetime withdrawal income feature issued by PALAC. | text | 30 | monetaryItemType | text: <entity> 30 </entity> <entity type> monetaryItemType </entity type> <context> On April 1, 2022, the Company completed the sale of Prudential Annuities Life Assurance Corporation (“PALAC”), a wholly owned subsidiary, representing a portion of its in-force traditional variable annuity block of business, to Fortitude Group Holdings, LLC (“Fortitude”). The PALAC block primarily consisted of non-New York traditional variable annuities with guaranteed living benefits that were issued prior to 2011, which constituted approximately $ 30 billion of Prudential’s total in-force individual annuity account values at the closing of the transaction. The Company, through coinsurance and modified coinsurance agreements, has retained the economics of certain variable annuities, indexed annuities, and fixed annuities with a guaranteed lifetime withdrawal income feature issued by PALAC. </context> | us-gaap:NetAmountAtRiskByProductAndGuaranteeNetAmountAtRisk |
The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. | text | 650 | monetaryItemType | text: <entity> 650 </entity> <entity type> monetaryItemType </entity type> <context> The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. </context> | us-gaap:GainLossOnSaleOfBusiness |
The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. | text | 850 | monetaryItemType | text: <entity> 850 </entity> <entity type> monetaryItemType </entity type> <context> The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. </context> | us-gaap:OtherIncome |
The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. | text | 150 | monetaryItemType | text: <entity> 150 </entity> <entity type> monetaryItemType </entity type> <context> The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. </context> | us-gaap:GainLossOnInvestments |
The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. | text | 50 | monetaryItemType | text: <entity> 50 </entity> <entity type> monetaryItemType </entity type> <context> The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. </context> | us-gaap:GeneralAndAdministrativeExpense |
The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. | text | 400 | monetaryItemType | text: <entity> 400 </entity> <entity type> monetaryItemType </entity type> <context> The Company recognized a net pre-tax gain on sale of $ 650 million in 2022, composed of (i) an $ 850 million gain recorded in “Other income”; (ii) $ 150 million of realized losses recorded in “Realized investment gains (losses), net,” related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $ 50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain is excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $ 400 million in 2022, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. </context> | us-gaap:EquityMethodInvestmentDeferredGainOnSale |
Excluding the gain on sale recognized in 2022, the Full Service Retirement business generated pre-tax income/(loss) of approximately $( 220 ) million for the year ended December 31, 2022. This amount excludes the impact of overhead costs retained in the Company’s Corporate and Other operations and | text | 220 | monetaryItemType | text: <entity> 220 </entity> <entity type> monetaryItemType </entity type> <context> Excluding the gain on sale recognized in 2022, the Full Service Retirement business generated pre-tax income/(loss) of approximately $( 220 ) million for the year ended December 31, 2022. This amount excludes the impact of overhead costs retained in the Company’s Corporate and Other operations and </context> | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102 % and 105 % of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as “Net investment income.” | text | 102 | percentItemType | text: <entity> 102 </entity> <entity type> percentItemType </entity type> <context> represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102 % and 105 % of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as “Net investment income.” </context> | us-gaap:GuaranteeObligationsLiquidationProceedsPercentage |
represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102 % and 105 % of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as “Net investment income.” | text | 105 | percentItemType | text: <entity> 105 </entity> <entity type> percentItemType </entity type> <context> represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102 % and 105 % of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as “Net investment income.” </context> | us-gaap:GuaranteeObligationsLiquidationProceedsPercentage |
Excludes notes with amortized cost of $ 14,748 million (fair value, $ 14,748 million), which have been offset with the associated debt under a netting agreement. | text | 14748 | monetaryItemType | text: <entity> 14748 </entity> <entity type> monetaryItemType </entity type> <context> Excludes notes with amortized cost of $ 14,748 million (fair value, $ 14,748 million), which have been offset with the associated debt under a netting agreement. </context> | us-gaap:AvailableForSaleDebtSecuritiesAmortizedCostBasis |
Excludes notes with amortized cost of $ 14,748 million (fair value, $ 14,748 million), which have been offset with the associated debt under a netting agreement. | text | 14748 | monetaryItemType | text: <entity> 14748 </entity> <entity type> monetaryItemType </entity type> <context> Excludes notes with amortized cost of $ 14,748 million (fair value, $ 14,748 million), which have been offset with the associated debt under a netting agreement. </context> | us-gaap:AvailableForSaleSecuritiesDebtSecurities |
Excludes notes with amortized cost of $ 12,370 million (fair value, $ 12,370 million), which have been offset with the associated debt under a netting agreement. | text | 12370 | monetaryItemType | text: <entity> 12370 </entity> <entity type> monetaryItemType </entity type> <context> Excludes notes with amortized cost of $ 12,370 million (fair value, $ 12,370 million), which have been offset with the associated debt under a netting agreement. </context> | us-gaap:AvailableForSaleDebtSecuritiesAmortizedCostBasis |
Excludes notes with amortized cost of $ 12,370 million (fair value, $ 12,370 million), which have been offset with the associated debt under a netting agreement. | text | 12370 | monetaryItemType | text: <entity> 12370 </entity> <entity type> monetaryItemType </entity type> <context> Excludes notes with amortized cost of $ 12,370 million (fair value, $ 12,370 million), which have been offset with the associated debt under a netting agreement. </context> | us-gaap:AvailableForSaleSecuritiesDebtSecurities |
As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $ 33,437 million and $ 26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $ 1,151 million and $ 991 million, respectively, related to other than high or highest quality securities based on NAIC | text | 33437 | monetaryItemType | text: <entity> 33437 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $ 33,437 million and $ 26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $ 1,151 million and $ 991 million, respectively, related to other than high or highest quality securities based on NAIC </context> | us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss |
As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $ 33,437 million and $ 26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $ 1,151 million and $ 991 million, respectively, related to other than high or highest quality securities based on NAIC | text | 26879 | monetaryItemType | text: <entity> 26879 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $ 33,437 million and $ 26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $ 1,151 million and $ 991 million, respectively, related to other than high or highest quality securities based on NAIC </context> | us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss |
As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $ 33,437 million and $ 26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $ 1,151 million and $ 991 million, respectively, related to other than high or highest quality securities based on NAIC | text | 1151 | monetaryItemType | text: <entity> 1151 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $ 33,437 million and $ 26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $ 1,151 million and $ 991 million, respectively, related to other than high or highest quality securities based on NAIC </context> | us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss |
As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $ 33,437 million and $ 26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $ 1,151 million and $ 991 million, respectively, related to other than high or highest quality securities based on NAIC | text | 991 | monetaryItemType | text: <entity> 991 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $ 33,437 million and $ 26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $ 1,151 million and $ 991 million, respectively, related to other than high or highest quality securities based on NAIC </context> | us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss |
or equivalent rating. As of December 31, 2024, the $ 32,158 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities as well as in foreign government securities. As of December 31, 2023, the $ 26,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities as well as in foreign government securities. | text | 32158 | monetaryItemType | text: <entity> 32158 </entity> <entity type> monetaryItemType </entity type> <context> or equivalent rating. As of December 31, 2024, the $ 32,158 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities as well as in foreign government securities. As of December 31, 2023, the $ 26,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities as well as in foreign government securities. </context> | us-gaap:DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss |
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