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Segment Information (Tables)
 6 Months Ended
Jun. 30, 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

 

Second quarter ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

1,010

 

 

$

1,895

 

 

$

2,905

 

Intersegment sales

 

 

 

457

 

 

 

3

 

 

 

460

 

Total sales

 

 

$

1,467

 

 

$

1,898

 

 

$

3,365

 

Segment Adjusted EBITDA

 

 

$

186

 

 

$

233

 

 

$

419

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

90

 

 

$

68

 

 

$

158

 

Equity income

 

 

$

2

 

 

$

21

 

 

$

23

 

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

)

 

 

 

 

Alumina

 

 

Aluminum

 

 

Total

 

Six months ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

1,971

 

 

$

3,533

 

 

$

5,504

 

Intersegment sales

 

 

 

852

 

 

 

7

 

 

 

859

 

Total sales

 

 

$

2,823

 

 

$

3,540

 

 

$

6,363

 

Segment Adjusted EBITDA

 

 

$

325

 

 

$

283

 

 

$

608

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

177

 

 

$

136

 

 

$

313

 

Equity (loss) income

 

 

$

(9

)

 

$

23

 

 

$

14

 

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

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

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

 

 

Second quarter ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Total Segment Adjusted EBITDA

 

$

419

 

 

$

143

 

 

$

608

 

 

$

430

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Transformation(1)

 

 

(16

)

 

 

(17

)

 

 

(30

)

 

 

(25

)

Intersegment eliminations

 

 

(29

)

 

 

31

 

 

 

(37

)

 

 

23

 

Corporate expenses(2)

 

 

(41

)

 

 

(24

)

 

 

(75

)

 

 

(54

)

Provision for depreciation, depletion, and amortization

 

 

(163

)

 

 

(153

)

 

 

(324

)

 

 

(306

)

Restructuring and other charges, net (D)

 

 

(18

)

 

 

(24

)

 

 

(220

)

 

 

(173

)

Interest expense

 

 

(40

)

 

 

(27

)

 

 

(67

)

 

 

(53

)

Other income (expenses), net (P)

 

 

22

 

 

 

(6

)

 

 

(37

)

 

 

(60

)

Other(3)

 

 

(42

)

 

 

(22

)

 

 

(51

)

 

 

(61

)

Consolidated income (loss) before income taxes

 

 

92

 

 

 

(99

)

 

 

(233

)

 

 

(279

)

Provision for income taxes

 

 

(61

)

 

 

(22

)

 

 

(43

)

 

 

(74

)

Net (income) loss attributable to noncontrolling interest

 

 

(11

)

 

 

19

 

 

 

44

 

 

 

20

 

Consolidated net income (loss) attributable to Alcoa Corporation

 

$

20

 

 

$

(102

)

 

$

(232

)

 

$

(333

)

 

(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,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Aluminum

 

$

1,934

 

 

$

1,824

 

 

$

3,595

 

 

$

3,670

 

Alumina

 

 

904

 

 

 

774

 

 

 

1,794

 

 

 

1,488

 

Energy

 

 

29

 

 

 

26

 

 

 

62

 

 

 

54

 

Bauxite

 

 

96

 

 

 

109

 

 

 

157

 

 

 

236

 

Other(1)

 

 

(57

)

 

 

(49

)

 

 

(103

)

 

 

(94

)

 

$

2,906

 

 

$

2,684

 

 

$

5,505

 

 

$

5,354

 

 

 

 

 

 

 

 

 

 

 

 

 

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