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Statement of Consolidated Cash Flows (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FROM OPERATIONS    
Net loss $ (276) $ (353)
Adjustments to reconcile net loss to cash from operations:    
Depreciation, depletion, and amortization 324 306
Deferred income taxes (75) (36)
Equity (income) loss, net of dividends (8) 123
Restructuring and other charges, net (D) 220 173
Net loss from investing activities - asset sales (P) 17 19
Net periodic pension benefit cost (L) 5 2
Stock-based compensation 22 21
(Gain) loss on mark-to-market derivative financial contracts (19) 4
Other 31 59
Changes in assets and liabilities, excluding effects of divestitures and foreign currency translation adjustments:    
(Increase) decrease in receivables (283) 71
Decrease in inventories 157 22
Decrease in prepaid expenses and other current assets 23 63
Decrease in accounts payable, trade (57) (277)
Decrease in accrued expenses (30) (48)
Increase (decrease) in taxes, including income taxes 70 (146)
Pension contributions (L) (10) (9)
Decrease (increase) in noncurrent assets 25 (66)
Decrease in noncurrent liabilities (72) (104)
CASH PROVIDED FROM (USED FOR) OPERATIONS 64 (176)
FINANCING ACTIVITIES    
Additions to debt 989 25
Payments on debt (266) (16)
Proceeds from the exercise of employee stock options 0 1
Dividends paid on Alcoa common stock (37) (36)
Payments related to tax withholding on stock-based compensation awards (15) (34)
Financial contributions for the divestiture of businesses (C) (12) (25)
Contributions from noncontrolling interest 65 122
Distributions to noncontrolling interest (32) (22)
Other (13) 1
CASH PROVIDED FROM FINANCING ACTIVITIES 679 16
INVESTING ACTIVITIES    
Capital expenditures (265) (198)
Proceeds from the sale of assets 2 2
Additions to investments (17) (36)
Other (1) 10
CASH USED FOR INVESTING ACTIVITIES (281) (222)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (16) 5
Net change in cash and cash equivalents and restricted cash 446 (377)
Cash and cash equivalents and restricted cash at beginning of year 1,047 1,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 1,493 $ 1,097