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Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Operating Results of Alcoa's Reportable Segments

The operating results of Alcoa Corporation’s reportable segments were as follows (differences between segment totals and consolidated amounts are in Corporate):


	Alumina			Aluminum			Total
First quarter ended March 31, 2023
Sales:
Third-party sales	$	857		$	1,810		$	2,667
Intersegment sales		421			3			424
Total sales	$	1,278		$	1,813		$	3,091
Segment Adjusted EBITDA	$	103		$	184		$	287
Supplemental information:
Depreciation, depletion, and amortization	$	77		$	70		$	147
Equity loss	$	(17	)	$	(57	)	$	(74	)
First quarter ended March 31, 2022
Sales:
Third-party sales	$	898		$	2,388		$	3,286
Intersegment sales		413			7			420
Total sales	$	1,311		$	2,395		$	3,706
Segment Adjusted EBITDA	$	302		$	713		$	1,015
Supplemental information:
Depreciation, depletion, and amortization	$	85		$	69		$	154
Equity income	$	1		$	39		$	40

Schedule of Segment Adjusted EBITDA to Consolidated Net (Loss) Income Attributable to Alcoa Corporation

The following table reconciles total Segment Adjusted EBITDA to Consolidated net (loss) income attributable to Alcoa Corporation:


	First quarter ended March 31,
	2023			2022
Total Segment Adjusted EBITDA	$	287		$	1,015
Unallocated amounts:
Transformation(1)		(8	)		(14	)
Intersegment eliminations		(8	)		100
Corporate expenses(2)		(30	)		(29	)
Provision for depreciation, depletion, and amortization		(153	)		(160	)
Restructuring and other charges, net (D)		(149	)		(125	)
Interest expense		(26	)		(25	)
Other (expenses) income, net (Q)		(54	)		14
Other(3)		(39	)		(13	)
Consolidated (loss) income before income taxes		(180	)		763
Provision for income taxes		(52	)		(210	)
Net loss (income) attributable to noncontrolling interest		1			(84	)
Consolidated net (loss) income attributable to Alcoa Corporation	$	(231	)	$	469

(1)

Transformation includes, among other items, the Adjusted EBITDA of previously closed operations.

(2)

Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities, as well as research and development expenses of the corporate technical center.

(3)

Other includes certain items that are not included in the Adjusted EBITDA of the reportable segments.

Schedule of Sales by Product Division

The following table details Alcoa Corporation’s Sales by product division:


	First quarter ended March 31,
	2023			2022
Aluminum	$	1,846		$	2,447
Alumina		714			850
Energy		28			41
Bauxite		127			28
Other(1)		(45	)		(73	)
	$	2,670		$	3,293

(1)

Other includes realized gains and losses related to embedded derivative instruments designated as cash flow hedges of forward sales of aluminum.