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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
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

 

Second quarter ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

894

 

 

$

1,788

 

 

$

2,682

 

Intersegment sales

 

 

 

397

 

 

 

4

 

 

 

401

 

Total sales

 

 

$

1,291

 

 

$

1,792

 

 

$

3,083

 

Segment Adjusted EBITDA

 

 

$

33

 

 

$

110

 

 

$

143

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

80

 

 

$

68

 

 

$

148

 

Equity loss

 

 

$

(11

)

 

$

(16

)

 

$

(27

)

Second quarter ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

1,111

 

 

$

2,539

 

 

$

3,650

 

Intersegment sales

 

 

 

483

 

 

 

8

 

 

 

491

 

Total sales

 

 

$

1,594

 

 

$

2,547

 

 

$

4,141

 

Segment Adjusted EBITDA

 

 

$

358

 

 

$

596

 

 

$

954

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

84

 

 

$

71

 

 

$

155

 

Equity (loss) income

 

 

$

(5

)

 

$

40

 

 

$

35

 

 

 

 

 

 

Alumina

 

 

Aluminum

 

 

Total

 

Six months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

1,751

 

 

$

3,598

 

 

$

5,349

 

Intersegment sales

 

 

 

818

 

 

 

7

 

 

 

825

 

Total sales

 

 

$

2,569

 

 

$

3,605

 

 

$

6,174

 

Segment Adjusted EBITDA

 

 

$

136

 

 

$

294

 

 

$

430

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

157

 

 

$

138

 

 

$

295

 

Equity loss

 

 

$

(28

)

 

$

(73

)

 

$

(101

)

Six months ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

2,009

 

 

$

4,927

 

 

$

6,936

 

Intersegment sales

 

 

 

896

 

 

 

15

 

 

 

911

 

Total sales

 

 

$

2,905

 

 

$

4,942

 

 

$

7,847

 

Segment Adjusted EBITDA

 

 

$

660

 

 

$

1,309

 

 

$

1,969

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

169

 

 

$

140

 

 

$

309

 

Equity (loss) income

 

 

$

(4

)

 

$

79

 

 

$

75

 
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:

 

 

Second quarter ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Total Segment Adjusted EBITDA

 

$

143

 

 

$

954

 

 

$

430

 

 

$

1,969

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Transformation(1)

 

 

(17

)

 

 

(11

)

 

 

(25

)

 

 

(25

)

Intersegment eliminations

 

 

31

 

 

 

10

 

 

 

23

 

 

 

110

 

Corporate expenses(2)

 

 

(24

)

 

 

(35

)

 

 

(54

)

 

 

(64

)

Provision for depreciation, depletion, and amortization

 

 

(153

)

 

 

(161

)

 

 

(306

)

 

 

(321

)

Restructuring and other charges, net (D)

 

 

(24

)

 

 

75

 

 

 

(173

)

 

 

(50

)

Interest expense

 

 

(27

)

 

 

(30

)

 

 

(53

)

 

 

(55

)

Other (expenses) income, net (R)

 

 

(6

)

 

 

206

 

 

 

(60

)

 

 

220

 

Other(3)

 

 

(22

)

 

 

(100

)

 

 

(61

)

 

 

(113

)

Consolidated (loss) income before income taxes

 

 

(99

)

 

 

908

 

 

 

(279

)

 

 

1,671

 

Provision for income taxes

 

 

(22

)

 

 

(234

)

 

 

(74

)

 

 

(444

)

Net loss (income) attributable to noncontrolling interest

 

 

19

 

 

 

(125

)

 

 

20

 

 

 

(209

)

Consolidated net (loss) income attributable to Alcoa Corporation

 

$

(102

)

 

$

549

 

 

$

(333

)

 

$

1,018

 

 

(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:

 

 

 

Second quarter ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Aluminum

 

$

1,824

 

 

$

2,624

 

 

$

3,670

 

 

$

5,071

 

Alumina

 

 

774

 

 

 

1,064

 

 

 

1,488

 

 

 

1,914

 

Energy

 

 

26

 

 

 

40

 

 

 

54

 

 

 

81

 

Bauxite

 

 

109

 

 

 

27

 

 

 

236

 

 

 

55

 

Other(1)

 

 

(49

)

 

 

(111

)

 

 

(94

)

 

 

(184

)

 

$

2,684

 

 

$

3,644

 

 

$

5,354

 

 

$

6,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
Other includes realized gains and losses related to embedded derivative instruments designated as cash flow hedges of forward sales of aluminum.