Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

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
First quarter ended March 31, 2024
Sales:
Third-party sales	$	961		$	1,638		$	2,599
Intersegment sales		395			4			399
Total sales	$	1,356		$	1,642		$	2,998
Segment Adjusted EBITDA	$	139		$	50		$	189
Supplemental information:
Depreciation, depletion, and amortization	$	87		$	68		$	155
Equity (loss) income	$	(11	)	$	2		$	(9	)
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	)

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 attributable to Alcoa Corporation:

	First quarter ended March 31,
	2024			2023
Total Segment Adjusted EBITDA	$	189		$	287
Unallocated amounts:
Transformation(1)		(14	)		(8	)
Intersegment eliminations		(8	)		(8	)
Corporate expenses(2)		(34	)		(30	)
Provision for depreciation, depletion, and amortization		(161	)		(153	)
Restructuring and other charges, net (D)		(202	)		(149	)
Interest expense		(27	)		(26	)
Other expenses, net (P)		(59	)		(54	)
Other(3)		(9	)		(39	)
Consolidated loss before income taxes		(325	)		(180	)
Benefit from (provision for) income taxes		18			(52	)
Net loss attributable to noncontrolling interest		55			1
Consolidated net loss attributable to Alcoa Corporation	$	(252	)	$	(231	)

(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,
	2024			2023
Aluminum	$	1,661		$	1,846
Alumina		890			714
Energy		33			28
Bauxite		61			127
Other(1)		(46	)		(45	)
	$	2,599		$	2,670

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