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Segment Information (Tables)
 9 Months Ended
Sep. 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

 

Third quarter ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

957

 

 

$

1,644

 

 

$

2,601

 

Intersegment sales

 

 

 

381

 

 

 

4

 

 

 

385

 

Total sales

 

 

$

1,338

 

 

$

1,648

 

 

$

2,986

 

Segment Adjusted EBITDA

 

 

$

53

 

 

$

79

 

 

$

132

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

89

 

 

$

69

 

 

$

158

 

Equity loss

 

 

$

(9

)

 

$

(15

)

 

$

(24

)

Third quarter ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

891

 

 

$

1,976

 

 

$

2,867

 

Intersegment sales

 

 

 

412

 

 

 

10

 

 

 

422

 

Total sales

 

 

$

1,303

 

 

$

1,986

 

 

$

3,289

 

Segment Adjusted EBITDA

 

 

$

78

 

 

$

152

 

 

$

230

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

74

 

 

$

70

 

 

$

144

 

Equity loss

 

 

$

(18

)

 

$

(5

)

 

$

(23

)

 

 

 

 

Alumina

 

 

Aluminum

 

 

Total

 

Nine months ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

2,708

 

 

$

5,242

 

 

$

7,950

 

Intersegment sales

 

 

 

1,199

 

 

 

11

 

 

 

1,210

 

Total sales

 

 

$

3,907

 

 

$

5,253

 

 

$

9,160

 

Segment Adjusted EBITDA

 

 

$

189

 

 

$

373

 

 

$

562

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

246

 

 

$

207

 

 

$

453

 

Equity loss

 

 

$

(37

)

 

$

(88

)

 

$

(125

)

Nine months ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

2,900

 

 

$

6,903

 

 

$

9,803

 

Intersegment sales

 

 

 

1,308

 

 

 

25

 

 

 

1,333

 

Total sales

 

 

$

4,208

 

 

$

6,928

 

 

$

11,136

 

Segment Adjusted EBITDA

 

 

$

738

 

 

$

1,461

 

 

$

2,199

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

243

 

 

$

210

 

 

$

453

 

Equity (loss) income

 

 

$

(22

)

 

$

74

 

 

$

52

 

 
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:

 

 

Third quarter ended
September 30,

 

 

Nine months ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Total Segment Adjusted EBITDA

 

$

132

 

 

$

230

 

 

$

562

 

 

$

2,199

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Transformation(1)

 

 

(29

)

 

 

(19

)

 

 

(54

)

 

 

(44

)

Intersegment eliminations

 

 

(4

)

 

 

23

 

 

 

19

 

 

 

133

 

Corporate expenses(2)

 

 

(33

)

 

 

(27

)

 

 

(87

)

 

 

(91

)

Provision for depreciation, depletion, and amortization

 

 

(163

)

 

 

(149

)

 

 

(469

)

 

 

(470

)

Restructuring and other charges, net (D)

 

 

(22

)

 

 

(652

)

 

 

(195

)

 

 

(702

)

Interest expense

 

 

(26

)

 

 

(25

)

 

 

(79

)

 

 

(80

)

Other (expenses) income, net (R)

 

 

(85

)

 

 

(35

)

 

 

(145

)

 

 

185

 

Other(3)

 

 

2

 

 

 

(75

)

 

 

(59

)

 

 

(188

)

Consolidated (loss) income before income taxes

 

 

(228

)

 

 

(729

)

 

 

(507

)

 

 

942

 

Benefit from (provision for) income taxes

 

 

35

 

 

 

(40

)

 

 

(39

)

 

 

(484

)

Net loss (income) attributable to noncontrolling interest

 

 

25

 

 

 

23

 

 

 

45

 

 

 

(186

)

Consolidated net (loss) income attributable to Alcoa Corporation

 

$

(168

)

 

$

(746

)

 

$

(501

)

 

$

272

 

 

(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:

 

 

 

Third quarter ended
September 30,

 

 

Nine months ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Aluminum

 

$

1,666

 

 

$

1,990

 

 

$

5,336

 

 

$

7,033

 

Alumina

 

 

840

 

 

 

821

 

 

 

2,328

 

 

 

2,735

 

Energy

 

 

32

 

 

 

74

 

 

 

86

 

 

 

155

 

Bauxite

 

 

107

 

 

 

52

 

 

 

343

 

 

 

107

 

Other(1)

 

 

(43

)

 

 

(86

)

 

 

(137

)

 

 

(242

)

 

$

2,602

 

 

$

2,851

 

 

$

7,956

 

 

$

9,788

 

 

 

 

 

 

 

 

 

 

 

 

 

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