Segment and Related Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Operating Results, Capital Expenditures and Assets of Alcoa's Reportable Segments

The operating results, capital expenditures, and assets of Alcoa Corporation’s reportable segments were as follows:

	Alumina			Aluminum			Total
2023
Sales:
Third-party sales	$	3,613		$	6,925		$	10,538
Intersegment sales		1,648			15			1,663
Total sales	$	5,261		$	6,940		$	12,201
Segment Adjusted EBITDA	$	273		$	461		$	734
Supplemental information:
Depreciation, depletion, and amortization	$	333		$	277		$	610
Equity loss		(48	)		(106	)		(154	)
2022
Sales:
Third-party sales	$	3,724		$	8,735		$	12,459
Intersegment sales		1,708			27			1,735
Total sales	$	5,432		$	8,762		$	14,194
Segment Adjusted EBITDA	$	788		$	1,492		$	2,280
Supplemental information:
Depreciation, depletion, and amortization	$	312		$	283		$	595
Equity (loss) income		(39	)		48			9
2021
Sales:
Third-party sales	$	3,375		$	8,766		$	12,141
Intersegment sales		1,552			18			1,570
Total sales	$	4,927		$	8,784		$	13,711
Segment Adjusted EBITDA	$	1,192		$	1,879		$	3,071
Supplemental information:
Depreciation, depletion, and amortization	$	351		$	289		$	640
Equity income		4			116			120
2023
Assets:
Capital expenditures	$	323		$	198		$	521
Equity investments		395			569			964
Total assets		6,153			5,854			12,007
2022
Assets:
Capital expenditures	$	320		$	153		$	473
Equity investments		422			685			1,107
Total assets		5,859			6,358			12,217

Schedule of Reconciliation of Certain Segment Information to Consolidated Totals

The following tables reconcile certain segment information to consolidated totals:

	2023			2022			2021
Sales:
Total segment sales	$	12,201		$	14,194		$	13,711
Elimination of intersegment sales		(1,663	)		(1,735	)		(1,570	)
Other		13			(8	)		11
Consolidated sales	$	10,551		$	12,451		$	12,152

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

	2023			2022			2021
Net (loss) income attributable to Alcoa Corporation:
Total Segment Adjusted EBITDA	$	734		$	2,280		$	3,071
Unallocated amounts:
Transformation(1)		(80	)		(66	)		(44	)
Intersegment eliminations		7			138			(119	)
Corporate expenses(2)		(133	)		(128	)		(129	)
Provision for depreciation, depletion, and amortization		(632	)		(617	)		(664	)
Restructuring and other charges, net (D)		(184	)		(696	)		(1,128	)
Interest expense (U)		(107	)		(106	)		(195	)
Other (expenses) income, net (U)		(134	)		118			445
Other(3)		(55	)		(221	)		(38	)
Consolidated (loss) income before income taxes		(584	)		702			1,199
Provision for income taxes (Q)		(189	)		(664	)		(629	)
Net loss (income) attributable to noncontrolling interest		122			(161	)		(141	)
Consolidated net (loss) income attributable to    Alcoa Corporation	$	(651	)	$	(123	)	$	429

(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 Segment Reporting Information to Consolidated Assets

December 31,	2023			2022
Assets:
Total segment assets	$	12,007		$	12,217
Elimination of intersegment receivables		(159	)		(126	)
Unallocated amounts:
Cash and cash equivalents		944			1,363
Corporate fixed assets, net		392			364
Corporate goodwill		142			141
Deferred income taxes		333			296
Pension assets		125			146
Other		371			355
Consolidated assets	$	14,155		$	14,756

Schedule of Product Division Information

The following table represents the general commercial profile of the Company’s Bauxite, Alumina, and Primary aluminum product divisions (see text below table for Energy):

Product division	Pricing components	Shipping terms(3)	Payment terms(4)
Bauxite	Negotiated	FOB/CIF	LC Sight
Alumina:
Smelter-grade	API(1)/spot/fixed	FOB/CIF	LC Sight/CAD/Net 30 days
Non-metallurgical	Negotiated	FOB/CIF	Net 30 days
Primary aluminum:
Common alloy ingot	LME + Regional premium(2)	DAP/CIF	Net 30 to 45 days
Value-add ingot	LME + Regional premium + Product premium(2)	DAP/CIF	Net 30 to 45 days

(1)API (Alumina Price Index) is a pricing mechanism that is calculated by the Company based on the weighted average of a prior month’s daily spot prices published by the following three indices: CRU Metallurgical Grade Alumina Price, Platts Metals Daily Alumina PAX Price, and FastMarkets Metal Bulletin Non-Ferrous Metals Alumina Index.

(2)LME (London Metal Exchange) is a globally recognized exchange for commodity trading, including aluminum. The LME pricing component represents the underlying base metal component, based on quoted prices for aluminum on the exchange. The regional premium represents the incremental price over the base LME component that is associated with the physical delivery of metal to a particular region (e.g., the Midwest premium for metal sold in the United States). The product premium represents the incremental price for receiving physical metal in a particular shape or alloy.

(3)CIF (cost, insurance, and freight) means that the Company pays for these items until the product reaches the buyer’s designated destination point related to transportation by vessel. DAP (delivered at place) means the same as CIF related to all methods of transportation. FOB (free on board) means that the Company pays for costs, insurance, and freight until the product reaches the seller’s designated shipping point.

(4)The net number of days means that the customer is required to remit payment to the Company for the invoice amount within the designated number of days. LC Sight is a letter of credit that is payable immediately (usually within five to ten business days) after a seller meets the requirements of the letter of credit (i.e. shipping documents that evidence the seller performed its obligations as agreed to with a buyer). CAD (cash against documents) is a payment arrangement in which a seller instructs a bank to provide shipping and title documents to the buyer at the time the buyer pays in full the accompanying bill of exchange.

Schedule of Third-party Sales by Product Division

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

	2023			2022			2021
Sales:
Primary aluminum	$	7,045		$	8,887		$	8,420
Alumina		3,103			3,478			3,125
Bauxite		466			168			207
Energy		118			201			286
Flat-rolled aluminum(1)		—			—			320
Other(2)		(181	)		(283	)		(206	)
	$	10,551		$	12,451		$	12,152

Schedule of Geographic Information for Third-party Sales

Geographic information for Third-party sales was as follows (based upon the country where the point of sale originated):

	2023		2022		2021
Sales:
United States(1)(2)	$	4,993	$	5,462	$	5,290
Netherlands(3)		2,261		3,031		2,644
Australia		2,240		2,742		2,092
Brazil		735		527		610
Spain(2)(3)		289		618		1,465
Canada		1		1		11
Other		32		70		40
	$	10,551	$	12,451	$	12,152

(1)Sales of a portion of the alumina from refineries in Australia and Brazil and most of the aluminum from smelters in Canada occurred in the United States.

(2)Sales of aluminum off-take related to an interest in the Saudi Arabia joint venture (see Note H), occurred in Spain through most of the third quarter of 2021, and in the United States thereafter.

(3)Sales of aluminum from smelters in Iceland and Norway occurred in Spain through most of the first quarter of 2021, and in the Netherlands thereafter.

Schedule of Geographic Information for Long-Lived Assets

Geographic information for long-lived assets was as follows (based upon the physical location of the assets):

December 31,	2023		2022
Long-lived assets:
Australia	$	2,046	$	1,944
Brazil		1,550		1,298
Iceland		950		1,002
Canada		896		919
United States		780		830
Norway		310		304
Spain		250		194
Other		3		2
	$	6,785	$	6,493