Form 8-K

8-K — Howmet Aerospace Inc.

Accession: 0001104659-26-056645

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0000004281

SIC: 3350 (ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2613779d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2613779d1_ex99-1.htm)

GRAPHIC (tm2613779d1_ex99-1img01.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tm2613779d1_8k.htm · Sequence: 1

false

0000004281

2026-05-07

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the

Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported):

May 7, 2026 (May 7, 2026)

HOWMET AEROSPACE INC.

(Exact name of registrant as specified in

its charter)

Delaware

1-3610

25-0317820

(State of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

201 Isabella Street, Suite 200

Pittsburgh, Pennsylvania

15212-5872

(Address of Principal

Executive Offices)

(Zip Code)

Office of Investor

Relations (412) 553-1950

Office of the

Secretary (412) 553-1940

(Registrant’s telephone numbers, including

area code)

(Former Name or

Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing

is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section

12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common Stock, par value $1.00 per share

HWM

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging

growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange

Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant

has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant

to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On May 7, 2026, Howmet Aerospace Inc. issued

a press release announcing its financial results for the first quarter of 2026. A copy of the press release is attached hereto as Exhibit 99.1

and is incorporated herein by reference.

In accordance with General

Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1,

shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the

“Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any

registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be

expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Howmet Aerospace Inc. press release dated May 7, 2026.

104 The cover page of this Current Report on Form 8-K, formatted

in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HOWMET AEROSPACE INC.

Dated: May 7, 2026

By:

/s/ Jonathan A. Arena

Name:

Jonathan A. Arena

Title:

Executive Vice President, Chief Legal and Compliance Officer and

Secretary

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2613779d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

FOR IMMEDIATE

RELEASE

Investor

Contact

Media

Contact

Paul

T. Luther

Rob

Morrison

(412)

553-1950

(412)

553-2666

Paul.Luther@howmet.com

Rob.Morrison@howmet.com

Howmet Aerospace

Reports First Quarter 2026 Results

Revenue up 19%

Year over Year; GAAP EPS $1.44, Adjusted EPS $1.22

Record First

Quarter Cash Generation; $300 Million Deployed for Common Stock Repurchases

Full Year 2026

Guidance Increased

Summary Financial Results

First Quarter

Dollars in Millions; Per share amounts in dollars, diluted

2026

2025

Change

Revenue

$2,313

$1,942

19%

GAAP Metrics

Operating Income

$753

$494

52%

Operating Income Margin

32.6%

25.4%

720

bps

Earnings per Share (EPS)

$1.44

$0.84

71%

Cash from Operations

$453

$253

79%

Non-GAAP Metrics1

Adjusted EBITDA

$740

$560

32%

Adjusted EBITDA Margin

32.0%

28.8%

320

bps

Adjusted Operating Income

$666

$491

36%

Adjusted Operating Income Margin

28.8%

25.3%

350

bps

Adjusted Earnings per Share (EPS)

$1.22

$0.86

42%

Free Cash Flow

$359

$134

168%

1 For more information,

see “Non-GAAP Financial Measures” and the schedules to this release.

Key Activity

Secured

financing for the acquisition of Consolidated Aerospace Manufacturing, LLC (CAM)

Completed

acquisition of CAM on April 6, 2026 for approximately $1.8 billion

Sold

disk forging facility in Savannah, GA on March 31, 2026 for approximately $230

million

PITTSBURGH, PA, May 7, 2026

– Howmet Aerospace (NYSE: HWM) announced results today for the first quarter 2026.

Howmet Aerospace Executive Chairman

and Chief Executive Officer John Plant said, “The Howmet team delivered a strong start to 2026, with revenue, adjusted EBITDA,

adjusted EBITDA margin, and adjusted earnings per share all exceeding the high end of guidance. Revenue growth accelerated to 19% year

over year, driven by strong growth across our key end markets, and adjusted EBITDA margin expanded 320 basis points year over year to

32.0%. Free cash flow performance was outstanding at $359 million after spending $94 million in capital expenditures, supporting the

future growth rate of the Company. The free cash flow also enabled $300 million in common stock repurchases.”

Mr. Plant continued, “Looking

ahead, we see a robust growth outlook in the key markets Howmet serves with its differentiated products and solutions. Commercial aerospace

OEM customers continue to target production rate increases supported by record backlogs. Engine spares needs continue to increase, although

an effect could be felt from the Iranian conflict. Defense markets remain healthy, while the gas turbines market is also

very active. We see signs of demand improvement in commercial transportation, although we remain cautious.”

"The beginning of 2026 was very

active regarding the Howmet portfolio, and our updated guidance reflects these changes. We closed the CAM and Brunner acquisitions, adding

revenue to Fastening Systems, while also divesting a disk forging business within Engineered Structures. These transactions followed

our stated strategy of allocating capital to the businesses that demonstrate higher growth and margin potential. The net revenue effect

of the portfolio adjustments in the year's guidance adds approximately $275 million, and the EPS effect is insignificant in 2026 with

accretion expected in 2027."

2026 Guidance

Dollars in Millions; Per share amounts in dollars, diluted

Q2 2026 Guidance

FY 2026 Guidance

Low

Baseline

High

Low

Baseline

High

Revenue

$2,390

$2,400

$2,410

$9,575

$9,650

$9,725

Baseline Change

+$550

Adj. EBITDA1

$760

$765

$770

$3,025

$3,060

$3,095

Adj. EBITDA Margin1

31.8%

31.9%

32.0%

31.6%

31.7%

31.8%

Baseline Change

+$300

+ 140 bps

Adj. Earnings per Share1

$1.22

$1.23

$1.24

$4.88

$4.94

$5.00

Baseline Change

+$0.49

Free Cash Flow1

$1,700

$1,750

$1,800

Baseline Change

+$150

1 Reconciliations of the

forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures, as well as the directly comparable

GAAP measures, are not available without unreasonable efforts due to the variability and complexity of the charges and other components

excluded from the non-GAAP measures, such as gains or losses on sales of assets, taxes, and any future restructuring or impairment charges.

In addition, there is inherent variability already included in the GAAP measures, including, but not limited to, price/mix and volume.

Howmet Aerospace believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors.

Consolidated Results

Howmet Aerospace reported first quarter

2026 revenue of $2.31 billion, up 19% year over year, and Adjusted EPS of $1.22, up 42% year over year. Revenue was driven by 20% growth

in the commercial aerospace market, 10% growth in the defense aerospace market and 39% growth in the gas turbines market.

The Company reported adjusted EBITDA

of $740 million, up 32% year over year. The year-over-year increase was driven by strong growth

in the commercial aerospace market and the gas turbines market. Adjusted EBITDA margin was up approximately 320 basis points year

over year at 32.0%.

Segment Results

Engine Products

Dollars in Millions

First Quarter

2026

2025

Change

Third-party sales

$1,253

$974

29%

Segment adjusted EBITDA

$458

$318

44%

Segment adjusted EBITDA margin

36.6%

32.6%

400

bps

Provision for depreciation and amortization

$38

$33

Engine Products reported first quarter 2026 revenue of $1.25 billion,

an increase of 29% year over year, driven by growth in the commercial aerospace, defense aerospace,

and gas turbines markets. Segment Adjusted EBITDA was $458 million, up 44% year over year, driven by growth in the commercial aerospace,

defense aerospace and gas turbines markets. The Segment absorbed approximately 235 net headcount in the quarter in support of expected

revenue increases. Segment Adjusted EBITDA margin increased approximately 400 basis points year over year to 36.6%.

Fastening Systems

Dollars in Millions

First Quarter

2026

2025

Change

Third-party sales

$471

$412

14%

Segment adjusted EBITDA

$150

$127

18%

Segment adjusted EBITDA margin

31.8%

30.8%

100

bps

Provision for depreciation and amortization

$13

$12

Fastening Systems reported revenue

of $471 million, an increase of 14% year over year driven by growth in the commercial aerospace and defense aerospace markets. Segment

Adjusted EBITDA was $150 million, up 18% year over year, driven by growth in the commercial aerospace and defense aerospace markets. Segment

Adjusted EBITDA margin increased approximately 100 basis points year over year to 31.8%.

Engineered Structures

Dollars in Millions

First Quarter

2026

2025

Change

Third-party sales

$294

$304

(3%)

Segment adjusted EBITDA

$66

$67

(1%)

Segment adjusted EBITDA margin

22.4%

22.0%

bps

Provision for depreciation and amortization

$10

$13

Engineered Structures reported revenue of $294 million, a decrease

of 3% year over year, driven by further product rationalization. Segment Adjusted EBITDA

was $66 million, flat year over year. Segment

Adjusted EBITDA margin increased approximately 40 basis points year over year to 22.4%.

Forged Wheels

Dollars in Millions

First Quarter

2026

2025

Change

Third-party sales

$295

$252

17%

Segment adjusted EBITDA

$90

$68

32%

Segment adjusted EBITDA margin

30.5%

27.0%

350

bps

Provision for depreciation and amortization

$11

$10

Forged Wheels reported revenue of $295

million, an increase of 17% year over year, with 11% lower volumes in the commercial transportation

market more than offset by an increase in aluminum and other inflationary cost pass through. Segment Adjusted EBITDA was $90 million

and increased 32% year over year, driven by cost reductions, including lower net headcount, in response to lower volumes in the commercial

transportation market. Segment Adjusted EBITDA margin increased approximately 350 basis points year over year to 30.5%.

Secured Acquisition Financing for

Consolidated Aerospace Manufacturing, LLC (CAM)

On March 3, 2026, the Company issued

$400 million aggregate principal amount of 3.75% notes due 2028, $300 million aggregate principal amount of 3.90% notes due 2029, and

$500 million aggregate principal amount of 4.75% notes due 2036. The Company secured the financing for the acquisition of CAM with these

note issuances, combined with $450 million borrowed under its commercial paper program and approximately $150 million in cash sourced

from the sale of the Savannah disk forging facility.

Completed Acquisition of CAM for

approximately $1.8 Billion

On April 6, 2026, the Company completed

the acquisition of CAM for approximately $1.8 billion from Stanley Black & Decker, Inc. CAM is a leading global designer

and manufacturer of precision fasteners, fluid fittings, and other complex, highly engineered products for demanding aerospace and defense

applications.

Acquired Brunner Manufacturing Co.

Inc.

On February 6, 2026, the Company

acquired Brunner Manufacturing Co. Inc., a privately held producer of high-quality fastener products based in Mauston, WI in an all-cash

transaction for approximately $120 million. The transaction will enhance Howmet Aerospace’s product offerings and market opportunities

with larger-size fasteners.

Sold Disk Forging Facility in Savannah,

On March 31, 2026, the Company

sold its Savannah, GA disk forging facility that operated within the Engineered Structures segment for approximately $230

million. The sale resulted in a $93 million pre-tax gain that was treated as a special

item.

Titanium Alloy Operation Moved from

Engine Products to Engineered Structures

In the first

quarter 2026, the Company moved a titanium alloy production operation from Engine Products to Engineered Structures for better operational

alignment. The comparable periods of Engine Products and Engineered Structures have been recast to reflect the new alignment. The recasting

had no impact on the Company's consolidated results, financial position, or cash flows.

Repurchased $300 Million of Common

Stock in First Quarter 2026, $150 Million in April 2026

In the first quarter 2026, Howmet Aerospace

repurchased $300 million of common stock at an average price of $230.43 per share, retiring approximately 1.3 million shares. In April 2026,

the Company repurchased an additional $150 million of common stock at an average price of $246.18

per share, retiring approximately 0.6 million shares.

As of May 4, 2026, total share repurchase authorization available was $1,047 million.

Quarterly Common Stock Dividend of

$0.12 Per Share Paid in First Quarter 2026

On February 25, 2026, the Company

paid a quarterly dividend of $0.12 per share on its common stock, up 20% from the $0.10 per share dividend paid in the first quarter

2025. The Board of Directors declared a quarterly dividend of $0.12 per share on the Company’s

common stock to be paid on May 26, 2026 to the holders of record of the common stock at the close of business on May 8, 2026.

Fitch Ratings upgraded Howmet Aerospace

to A-

On February 13, 2026, Fitch Ratings

upgraded its Long-Term Issuer Default Rating of Howmet Aerospace from BBB+ to A-, four notches into investment grade. All three major

credit rating agencies rate Howmet Aerospace at least three notches into Investment Grade.

Howmet Aerospace will hold its quarterly

conference call at 10:00 AM Eastern Time on Thursday, May 7, 2026. The call will be webcast via www.howmet.com. The press release

and presentation materials will be available at approximately 7:00 AM ET on May 7, via the “Investors” section of the

Howmet Aerospace website.

About Howmet Aerospace

Howmet Aerospace

Inc., headquartered in Pittsburgh, Pennsylvania, is a leading global provider of advanced engineered solutions for the aerospace, gas

turbine, and transportation industries. The Company’s primary businesses focus on engine components, fastening systems, and airframe

structural components necessary for mission-critical performance and efficiency, including in aerospace, defense, and gas turbine applications,

as well as forged aluminum wheels for commercial transportation. With approximately 1,200 granted and pending patents, the Company’s

differentiated technologies enable lighter, more fuel-efficient aircraft and commercial trucks to operate with a lower carbon footprint.

For more information, visit www.howmet.com.

Dissemination of Company Information

Howmet Aerospace intends to make future

announcements regarding Company developments and financial performance through its website at www.howmet.com.

Forward-Looking Statements

This release contains statements that

relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities

Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates," "believes,"

"could," “envisions,” "estimates," "expects," "forecasts," "goal," "guidance,"

"intends," "may," "outlook," "plans," “poised,” "projects," "seeks,"

"sees," "should," "targets," "will," "would," or other words of similar meaning. All

statements that reflect Howmet Aerospace’s expectations, assumptions or projections about the future, other than statements of

historical fact, are forward-looking statements, including, without limitation, statements, forecasts and outlook relating to the condition

of markets; future financial results or operating performance; future strategic actions; Howmet Aerospace's strategies, outlook, and

business and financial prospects; any future dividends, debt issuances, debt reduction and repurchases of its common stock; and statements

regarding any acquisitions, including expected benefits. These statements reflect beliefs and assumptions that are based on Howmet Aerospace’s

perception of historical trends, current conditions and expected future developments, as well as other factors Howmet Aerospace believes

are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties

and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated

by these statements. Such risks and uncertainties include, but are not limited to: (a) deterioration in global economic and financial

market conditions generally, or unfavorable changes in the markets served by Howmet Aerospace, including due to escalating tariff and

other trade policies and energy costs, and the resulting impacts on Howmet Aerospace’s supply and distribution chains, as well

as on market volatility and global trade generally; (b) the impact of potential cyber attacks and information technology or data

security breaches; (c) the loss of significant customers or adverse changes in customers’ business or financial conditions;

(d) manufacturing difficulties or other issues that impact product performance, quality or safety; (e) inability of suppliers

to meet obligations due to supply chain disruptions or otherwise; (f) failure to attract and retain a qualified workforce and key

personnel, labor disputes or other employee relations issues; (g) the inability to achieve anticipated or targeted financial performance,

operations or competitiveness, or realization of expected benefits from acquisitions, including the effective integration of acquired

businesses; (h) inability to meet increased demand, production targets or commitments; (i) competition from new product offerings,

disruptive technologies or other developments; (j) geopolitical, economic, and regulatory risks relating to Howmet Aerospace’s

global operations, including geopolitical and diplomatic tensions, instabilities, conflicts and wars, as well as compliance with U.S.

and foreign trade and tax laws, sanctions, embargoes and other regulations; (k) the outcome of contingencies, including legal proceedings,

government or regulatory investigations, and environmental remediation; (l) failure to comply with government contracting regulations;

(m) adverse changes in discount rates or investment returns on pension assets; and (n) the other risk factors summarized in

Howmet Aerospace’s Form 10-K for the year ended December 31, 2025 and other reports filed with the U.S. Securities and

Exchange Commission. Market projections are subject to the risks discussed above and other risks in the market. Under its share repurchase

program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate,

subject to market conditions, legal requirements and other considerations. The Company is not obligated to repurchase any specific number

of shares or to do so at any particular time. The declaration of any future dividends is subject to the discretion and approval of the

Board of Directors after the Board’s consideration of all factors it deems relevant and subject to applicable law. The Company

may modify, suspend, or cancel its share repurchase program or any dividend policy in any manner and at any time that it may deem necessary

or appropriate. Credit ratings are not a recommendation to buy or hold any Howmet Aerospace securities, and they may be revised or revoked

at any time at the sole discretion of the credit rating organizations. The statements in this release are made as of the date of this

release, even if subsequently made available by Howmet Aerospace on its website or otherwise. Howmet Aerospace disclaims any intention

or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise,

except as required by applicable law.

Non-GAAP Financial Measures

Some of the information included in

this release is derived from Howmet Aerospace’s consolidated financial information but is not presented in Howmet Aerospace’s

financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain

of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement

our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable

GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the schedules

to this release.

Adjusted EBITDA is defined as Operating

Income excluding Restructuring and other (credits) charges, Special Items and provision for depreciation and amortization. Special items,

including Restructuring and other (credits) charges, are excluded from Adjusted EBITDA. Current and prior periods’ Adjusted EBITDA

calculations have not changed although the definitions have been simplified.

Other Information

In this press release, the acronym “FY”

means “full year”; “Q” means “quarter”; “YoY” means year over year; “Adj.”

means adjusted; Howmet, Howmet Aerospace, or the Company means Howmet Aerospace Inc.; and references to performance by Howmet Aerospace

or its segments as “record” mean its best result since April 1, 2020 when Howmet Aerospace Inc. (previously named Arconic

Inc.) separated from Arconic Corporation.

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Operations

(unaudited)

(in U.S. dollar millions, except

per-share and share amounts)

Quarter ended

March 31, 2026

December 31, 2025

March 31, 2025

Sales

$ 2,313

$ 2,168

$ 1,942

Cost of goods sold (exclusive of expenses below)

1,459

1,412

1,290

Selling, general administrative, and other expenses

111

Research and development expenses

Provision for depreciation and amortization

Restructuring and other (credits) charges

(93 )

(4 )

Operating income

753

489

494

Loss on debt redemption

—

Interest expense, net

Other expense, net

Income before income taxes

708

430

446

Provision for income taxes

128

102

Net income

$ 580

$ 372

$ 344

Amounts Attributable to Howmet Aerospace Common Shareholders:

Earnings per share - basic(1):

Net income per share

$ 1.45

$ 0.92

$ 0.85

Average number of shares(2)(3)

401

402

405

Earnings per share - diluted(1):

Net income per share

$ 1.44

$ 0.92

$ 0.84

Average number of shares(2)(3)

403

404

407

Common stock outstanding at the end of the period

401

402

404

(1) In

order to calculate both basic and diluted earnings per share through December 31, 2025,

preferred stock dividends declared of less than $1 for the quarters presented need to be

subtracted from Net income.

(2) For

the quarters presented, the difference between the diluted average number of shares and the

basic average number of shares relates to share equivalents associated with outstanding restricted

stock unit awards and employee stock options.

(3) As

average shares outstanding are used in the calculation of both basic and diluted earnings

per share, the full impact of share repurchases is not fully realized in earnings per share

("EPS") in the period of repurchase since share repurchases may occur at varying

points during a period.

Howmet Aerospace Inc. and subsidiaries

Consolidated Balance Sheet (unaudited)

(in U.S. dollar millions)

March 31, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$ 2,435

$ 742

Receivables from customers, less allowances of $— in both 2026 and 2025

940

779

Inventories

1,975

1,849

Prepaid expenses and other current assets

307

409

Total current assets

5,657

3,779

Properties, plants, and equipment, net

2,614

2,593

Goodwill

4,078

4,022

Deferred income taxes

Intangibles, net

451

457

Other noncurrent assets

232

288

Total assets

$ 13,067

$ 11,179

Liabilities

Current liabilities:

Accounts payable, trade

$ 1,058

$ 845

Accrued compensation and retirement costs

263

343

Taxes, including income taxes

Accrued interest payable

Deferred revenue

129

147

Other current liabilities

109

121

Long-term debt due within one year

186

191

Short-term borrowings

450

—

Total current liabilities

2,315

1,771

Long-term debt, less amount due within one year

4,050

2,859

Accrued pension benefits

533

546

Accrued other postretirement benefits

Other noncurrent liabilities and deferred credits

611

612

Total liabilities

7,545

5,826

Equity

Howmet Aerospace shareholders’ equity:

Common stock

401

402

Additional capital

2,187

2,531

Retained earnings

4,625

4,093

Accumulated other comprehensive loss

(1,691 )

(1,673 )

Total equity

5,522

5,353

Total liabilities and equity

$ 13,067

$ 11,179

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Cash Flows

(unaudited)

(in U.S. dollar millions)

First quarter ended

March 31,

2026

2025

Operating activities

Net income

$ 580

$ 344

Adjustments to reconcile net income to cash provided from operations:

Depreciation and amortization

Deferred income taxes

Restructuring and other credits

(93 )

(4 )

Net realized and unrealized losses

Net periodic pension cost

Stock-based compensation

Other

Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:

Increase in receivables

(164 )

(189 )

Increase in inventories

(110 )

(49 )

(Increase) decrease in prepaid expenses and other current assets

(12 )

Increase in accounts payable, trade

220

Decrease in accrued expenses

(100 )

(91 )

Increase in taxes, including income taxes

Increase in noncurrent assets

(5 )

(1 )

Decrease in noncurrent liabilities

(17 )

(18 )

Cash provided from operations

453

253

Financing Activities

Net change in commercial paper

450

—

Additions to debt

1,200

—

Repurchases and payments on debt

—

(1 )

Debt issuance costs

(12 )

—

Repurchases of common stock

(300 )

(125 )

Dividends paid to shareholders

(48 )

(42 )

Taxes paid for net share settlement of equity awards

(64 )

—

Other

—

Cash provided from (used for) financing activities

1,226

(167 )

Investing Activities

Capital expenditures

(94 )

(119 )

Acquisitions, net of cash acquired

(118 )

—

Proceeds from the sale of assets and businesses

225

Sale of investments

—

Other

(1 )

Cash provided from (used for) investing activities

(115 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash

—

Net change in cash, cash equivalents and restricted cash

1,693

(28 )

Cash, cash equivalents and restricted cash at beginning of period

743

565

Cash, cash equivalents and restricted cash at end of period

$ 2,436

$ 537

Howmet Aerospace Inc. and subsidiaries

Segment Information (unaudited)

(in U.S. dollar millions)

2024

1Q25

2Q25

3Q25

4Q25

2025

1Q26

Engine Products

Third-party sales

$ 3,671

$ 974

$ 1,038

$ 1,087

$ 1,143

$ 4,242

$ 1,253

Inter-segment sales

$ 6

$ 2

$ 3

$ 2

$ 1

$ 8

$ 2

Provision for depreciation and amortization

$ 138

$ 33

$ 35

$ 37

$ 39

$ 144

$ 38

Segment Adjusted EBITDA

$ 1,129

$ 318

$ 343

$ 362

$ 393

$ 1,416

$ 458

Segment Adjusted EBITDA Margin

30.8 %

32.6 %

33.0 %

33.3 %

34.4 %

33.4 %

36.6 %

Restructuring and other charges

$ 1

$ —

$ 88

$ —

Capital expenditures

$ 216

$ 85

$ 74

$ 73

$ 84

$ 316

$ 59

Fastening Systems

Third-party sales

$ 1,576

$ 412

$ 431

$ 448

$ 454

$ 1,745

$ 471

Inter-segment sales

$ 1

$ —

$ 1

$ —

Provision for depreciation and amortization

$ 47

$ 12

$ 48

$ 13

Segment Adjusted EBITDA

$ 406

$ 127

$ 126

$ 138

$ 139

$ 530

$ 150

Segment Adjusted EBITDA Margin

25.8 %

30.8 %

29.2 %

30.8 %

30.6 %

30.4 %

31.8 %

Restructuring and other charges (credits)

$ 5

$ —

$ 1

$ —

$ (1 )

$ —

Capital expenditures

$ 26

$ 10

$ 9

$ 13

$ 20

$ 52

$ 17

Engineered Structures

Third-party sales

$ 1,129

$ 304

$ 308

$ 307

$ 1,226

$ 294

Inter-segment sales

$ 28

$ 7

$ 8

$ 7

$ 4

$ 26

$ 8

Provision for depreciation and amortization

$ 43

$ 13

$ 10

$ 43

$ 10

Segment Adjusted EBITDA

$ 187

$ 67

$ 68

$ 64

$ 66

$ 265

$ 66

Segment Adjusted EBITDA Margin

16.6 %

22.0 %

22.1 %

20.8 %

21.5 %

21.6 %

22.4 %

Restructuring and other charges (credits)

$ 12

$ (4 )

$ —

$ (4 )

$ (93 )

Capital expenditures

$ 23

$ 6

$ 7

$ 10

$ 13

$ 36

$ 12

Forged Wheels

Third-party sales

$ 1,054

$ 252

$ 276

$ 247

$ 264

$ 1,039

$ 295

Provision for depreciation and amortization

$ 42

$ 10

$ 11

$ 42

$ 11

Segment Adjusted EBITDA

$ 287

$ 68

$ 76

$ 73

$ 79

$ 296

$ 90

Segment Adjusted EBITDA Margin

27.2 %

27.0 %

27.5 %

29.6 %

29.9 %

28.5 %

30.5 %

Restructuring and other charges (credits)

$ 1

$ —

$ (1 )

$ —

$ (1 )

$ —

Capital expenditures

$ 45

$ 15

$ 8

$ 9

$ 4

$ 36

$ 3

Differences

between the total segment and consolidated totals are in Corporate.

In the first quarter of 2026, the Company

reorganized Howmet’s segments by moving a titanium alloy location from Engine Products to Engineered Structures as it better aligns

with the operations of the Engineered Structures segment. The comparable periods of Engine Products and Engineered Structures have been

recast to reflect the new alignment. The recasting had no impact on the Company’s consolidated results, financial position or cash

flows.

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited)

(in U.S. dollar millions)

Reconciliation of Total Segment Adjusted

EBITDA to Consolidated Operating income

2024

1Q25

2Q25

3Q25

4Q25

2025

1Q26

Income before income taxes

$ 1,383

$ 446

$ 469

$ 495

$ 430

$ 1,840

$ 708

Loss on debt redemption

—

Interest expense, net

182

151

Other expense, net

Operating income

$ 1,633

$ 494

$ 521

$ 542

$ 489

$ 2,046

$ 753

Segment provision for depreciation and amortization

270

277

Unallocated amounts:

Restructuring and other charges (credits)

(4 )

—

(93 )

Corporate expense(1)

100

Total Segment Adjusted EBITDA

$ 2,009

$ 580

$ 613

$ 637

$ 677

$ 2,507

$ 764

Total

Segment Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful

to investors because Total Segment Adjusted EBITDA provides additional information with respect to the Company's operating performance

and the Company’s ability to meet its financial obligations. The Total Segment Adjusted EBITDA presented may not be comparable

to similarly titled measures of other companies. Howmet’s definition of Total Segment Adjusted EBITDA is defined as Operating Income

excluding Restructuring and other charges (credits) and Special items and Provision for depreciation and amortization. Special items,

including Restructuring and other charges (credits), are excluded from Adjusted EBITDA. Current and prior periods’ Segment Adjusted

EBITDA calculations have not changed although the definitions have been simplified. Differences between the total segment and consolidated

totals are in Corporate.

(1) Pre-tax special

items included in Corporate expense

1Q25

2Q25

3Q25

4Q25

2025

1Q26

Acquisition and acquisition-related costs(1)

$ —

$ 2

$ 6

Costs (benefits) associated with closures, supply chain disruptions, and other items

(1 )

—

Total Pre-tax special items included in Corporate expense

$ 1

$ (1 )

$ —

$ 3

$ 6

(1) Excludes interest expense related

to the Consolidated Aerospace Manufacturing, LLC acquisition.

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited), continued

(in U.S. dollars millions)

Reconciliation of Free cash flow

Quarter ended

1Q25

1Q26

Cash provided from operations

$ 253

$ 453

Capital expenditures

(119 )

(94 )

Free cash flow

$ 134

$ 359

Cash (used for) provided from financing activities

$ (167 )

$ 1,226

Cash (used for) provided from investing activities

$ (115 )

$ 14

The Accounts Receivable Securitization

program remains unchanged at $250 outstanding.

Free cash flow is a non-GAAP financial

measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations

after taking into consideration capital expenditures (due to the fact that these expenditures are considered necessary to maintain and

expand the Company's asset base and are expected to generate future cash flows from operations). It is important to note that Free cash

flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such

as mandatory debt service requirements, are not deducted from the measure.

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited), continued

(in U.S. dollar millions, except

per-share and share amounts)

Reconciliation of Adjusted Net income

Quarter ended

1Q25

4Q25

1Q26

Net income

$ 344

$ 372

$ 580

Diluted earnings per share ("EPS")

$ 0.84

$ 0.92

$ 1.44

Average number of diluted shares

407

404

403

Special items:

Restructuring and other (credits) charges(1)

(4 )

(93 )

Loss on debt redemption

—

Acquisition and acquisition-related costs(2)

—

Costs associated with closures, supply chain disruptions, and other items

—

Subtotal: Pre-tax special items

(3 )

106

(86 )

Tax impact of Pre-tax special items(3)

(26 )

Subtotal

(2 )

(56 )

Discrete and other tax special items(4)

(26 )

(30 )

Total: After-tax special items

(86 )

Adjusted Net income

$ 351

$ 426

$ 494

Adjusted EPS

$ 0.86

$ 1.05

$ 1.22

Adjusted Net

income and Adjusted EPS are non-GAAP financial measures. Management believes that these measures are meaningful to investors because

management reviews the operating results of the Company excluding the impacts of Restructuring and other (credits) charges, Discrete

tax items, and Other special items (collectively, “Special items”). There can be no assurances that additional Special items

will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Net

income and Diluted EPS determined under GAAP as well as Adjusted Net income and Adjusted EPS. The change in the titles of and removal

of "excluding special items" from Net income excluding Special items and Diluted EPS excluding Special items to Adjusted Net

income and Adjusted EPS has not changed the definition of these measures.

(1) Restructuring

and other (credits) charges for the quarter ended March 31, 2026 included a gain on

the sale of the Company's disk forging facility in Savannah, GA within Engineered Structures.

Restructuring and other (credits) charges for the quarter ended December 31, 2025 included

a non-cash pension settlement charge of $89 primarily resulting from the purchase of group

annuity contracts with a third-party carrier to pay and administer future annuity payments

for its U.K. pension plan which reduced gross pension obligations.

(2) Includes

legal and advisory costs, amortization expense of inventory step-up recorded in accordance

with purchase accounting, and other acquisition-related costs. Additionally, includes interest

expense related to the Consolidated Aerospace Manufacturing, LLC acquisition.

(3) The

Tax impact of Pre-tax special items is based on the applicable statutory rates whereby the

difference between such rates and the Company’s consolidated estimated annual effective

tax rate is itself a Special item.

(4) Discrete

tax items for each period included the following:

for

1Q25, a net charge related to the expiration of a tax holiday in China $6, a charge for a

tax reserve established in Germany $2, and a net charge for other small items $1;

for

4Q25, a benefit to release a valuation allowance related to U.S. foreign tax credits ($8),

a benefit to release a valuation allowance related to U.S. state tax losses and credits ($6),

a net benefit for prior year tax adjustments ($4), an excess benefit for stock compensation

($3), a benefit related to re-establishing a tax holiday in China ($4), a net benefit for

other small items ($2), and a charge related to the expiration of a tax holiday in China

$2; and

for

1Q26, an excess benefit for stock compensation ($21).

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited), continued

(in U.S. dollar millions)

Reconciliation of Operational tax

rate

1Q26

Effective

tax rate,

reported

Special

items(1)(2)

Operational

tax rate, as

adjusted

Income before income taxes

$ 708

$ (86 )

$ 622

Provision for income taxes

$ 128

$ —

$ 128

Tax rate

18.1 %

20.6 %

Operational tax rate is a non-GAAP financial

measure. Management believes that this measure is meaningful to investors because management reviews the operating results of the Company

excluding the impacts of Special items. There can be no assurances that additional Special items will not occur in future periods. To

compensate for this limitation, management believes that it is appropriate to consider both the Effective tax rate determined under GAAP

as well as the Operational tax rate.

(1) Pre-tax special items for 1Q26 included

Restructuring and other credits ($93) and Acquisition and acquisition-related costs $7.

(2) Tax Special items includes discrete

tax items, the tax impact on Special items based on the applicable statutory rates, the difference between such rates and the Company’s

consolidated estimated annual effective tax rate and other tax related items. Discrete tax items for 1Q26 included an excess benefit

for stock compensation ($21). (Tax deduction is based on stock price at vesting date while book expense is based on stock price at

grant date.)

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited), continued

(in U.S. dollars millions)

Reconciliation of Adjusted EBITDA

and Adjusted EBITDA margin

Quarter ended

1Q25

4Q25

1Q26

Sales

$ 1,942

$ 2,168

$ 2,313

Operating income

$ 494

$ 489

$ 753

Operating income margin

25.4 %

22.6 %

32.6 %

Operating income

$ 494

$ 489

$ 753

Add:

Restructuring and other (credits) charges

$ (4 )

$ 88

$ (93 )

Provision for depreciation and amortization

Acquisition and acquisition-related costs(1)

—

Costs associated with closures, supply chain disruptions, and other items

—

Adjusted EBITDA

$ 560

$ 653

$ 740

Adjusted EBITDA margin

28.8 %

30.1 %

32.0 %

Adjusted EBITDA and Adjusted EBITDA

margin are non-GAAP financial measures. The removal of "excluding special items" from

Adjusted EBITDA and Adjusted EBITDA margin has not changed the definition of these measures. Management believes that these measures

are meaningful to investors because they provide additional information with respect to the Company's operating performance and the Company’s

ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other

companies. The Company's definition of Adjusted EBITDA is defined as Operating Income excluding Restructuring and other (credits) charges

and Special items and Provision for depreciation and amortization. Special items, including Restructuring and other (credits) charges,

are excluded from Adjusted EBITDA. Current and prior periods’ Adjusted EBITDA calculations have not changed although the definitions

have been simplified.

(1) Excludes interest expense related

to the Consolidated Aerospace Manufacturing, LLC acquisition.

Howmet Aerospace Inc. and subsidiaries

Calculation of Financial Measures

(unaudited), continued

(in U.S. dollar millions)

Reconciliation of Adjusted Operating

Income and Adjusted Operating Income Margin

Quarter ended

1Q25

4Q25

1Q26

Sales

$ 1,942

$ 2,168

$ 2,313

Operating income

$ 494

$ 489

$ 753

Operating income margin

25.4 %

22.6 %

32.6 %

Operating income

$ 494

$ 489

$ 753

Add:

Restructuring and other (credits) charges

$ (4 )

$ 88

$ (93 )

Acquisition and acquisition-related costs(1)

—

Costs associated with closures, supply chain disruptions, and other items

—

Adjusted operating income

$ 491

$ 580

$ 666

Adjusted operating income margin

25.3 %

26.8 %

28.8 %

Adjusted operating income and Adjusted

operating income margin are non-GAAP financial measures. Special items, including Restructuring and other (credits) charges, are excluded

from Adjusted operating income. Management believes that these measures are meaningful to investors because management reviews the operating

results of the Company excluding the impacts of Special items. There can be no assurances that additional Special items will not occur

in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Operating income and

Operating income margin determined under GAAP as well as Adjusted operating income and Adjusted operating income margin. The

removal of "excluding special items" from Adjusted operating income and Adjusted operating income margin has not changed the

definition of these measures.

(1) Excludes interest expense related

to the Consolidated Aerospace Manufacturing, LLC acquisition.

GRAPHIC

Filename: tm2613779d1_ex99-1img01.jpg · Sequence: 6

Binary file (5068 bytes)

Download tm2613779d1_ex99-1img01.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover

May 07, 2026

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

May 07, 2026

Entity File Number

1-3610

Entity Registrant Name

HOWMET AEROSPACE INC.

Entity Central Index Key

0000004281

Entity Tax Identification Number

25-0317820

Entity Incorporation, State or Country Code

Entity Address, Address Line One

201 Isabella Street

Entity Address, Address Line Two

Suite 200

Entity Address, City or Town

Pittsburgh

Entity Address, State or Province

Entity Address, Postal Zip Code

15212-5872

City Area Code

412

Local Phone Number

553-1940

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock, par value $1.00 per share

Trading Symbol

HWM

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration