Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of Changes in Accumulated Other Comprehensive (Loss) Income by Component

The following table details the activity of the three components that comprise Accumulated other comprehensive loss for both Alcoa Corporation’s shareholders and Noncontrolling interest:

	Alcoa Corporation						Noncontrolling interest
	Third quarter ended September 30,						Third quarter ended September 30,
	2024			2023			2024			2023
Pension and other postretirement benefits (L)
Balance at beginning of period	$	22		$	76		$	(9	)	$	(7	)
Other comprehensive (loss) income:
Unrecognized net actuarial gain/loss and    prior service cost/benefit		(5	)		—			(2	)		(1	)
Tax benefit(2)		1			—			—			—
Total Other comprehensive loss    before reclassifications, net of tax		(4	)		—			(2	)		(1	)
Amortization of net actuarial gain/loss and    prior service cost/benefit(1)		5			5			—			—
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		5			5			—			—
Total Other comprehensive income (loss)		1			5			(2	)		(1	)
Acquisition of noncontrolling interest (C)		(11	)		—			11			—
Balance at end of period	$	12		$	81		$	—		$	(8	)
Foreign currency translation
Balance at beginning of period	$	(2,775	)	$	(2,658	)	$	(1,053	)	$	(1,014	)
Other comprehensive income (loss)		144			(67	)		(35	)		(47	)
Acquisition of noncontrolling interest (C)		(1,088	)		—			1,088			—
Balance at end of period	$	(3,719	)	$	(2,725	)	$	—		$	(1,061	)
Cash flow hedges (M)
Balance at beginning of period	$	(984	)	$	(812	)	$	(1	)	$	1
Other comprehensive (loss) income:
Net change from periodic revaluations		(143	)		(120	)		—			—
Tax benefit(2)		33			16			—			—
Total Other comprehensive loss    before reclassifications, net of tax		(110	)		(104	)		—			—
Net amount reclassified to earnings:
Aluminum contracts(3)		73			42			—			—
Interest rate contracts(5)		—			(3	)		1			—
Foreign exchange contracts(6)		1			(10	)		—			—
Sub-total		74			29			1			—
Tax expense(2)		(15	)		(16	)		—			—
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		59			13			1			—
Total Other comprehensive (loss) income		(51	)		(91	)		1			—
Balance at end of period	$	(1,035	)	$	(903	)	$	—		$	1
Total Accumulated other comprehensive loss	$	(4,742	)	$	(3,547	)	$	—		$	(1,068	)

	Alcoa Corporation						Noncontrolling interest
	Nine months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Pension and other postretirement benefits (L)
Balance at beginning of period	$	—		$	62		$	(15	)	$	(5	)
Other comprehensive income (loss):
Unrecognized net actuarial gain/loss and    prior service cost/benefit		9			(18	)		5			(3	)
Tax (expense) benefit(2)		(2	)		8			(2	)		—
Total Other comprehensive income (loss)    before reclassifications, net of tax		7			(10	)		3			(3	)
Amortization of net actuarial gain/loss and    prior service cost/benefit(1)		16			35			1			—
Tax expense(2)		—			(6	)		—			—
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		16			29			1			—
Total Other comprehensive income (loss)		23			19			4			(3	)
Acquisition of noncontrolling interest (C)		(11	)		—			11			—
Balance at end of period	$	12		$	81		$	—		$	(8	)
Foreign currency translation
Balance at beginning of period	$	(2,593	)	$	(2,685	)	$	(983	)	$	(1,040	)
Other comprehensive loss		(38	)		(40	)		(105	)		(21	)
Acquisition of noncontrolling interest (C)		(1,088	)		—			1,088			—
Balance at end of period	$	(3,719	)	$	(2,725	)	$	—		$	(1,061	)
Cash flow hedges (M)
Balance at beginning of period	$	(1,052	)	$	(916	)	$	—		$	1
Other comprehensive income:
Net change from periodic revaluations		(179	)		(66	)		—			—
Tax benefit (2)		33			16			—			—
Total Other comprehensive loss    before reclassifications, net of tax		(146	)		(50	)		—			—
Net amount reclassified to earnings:
Aluminum contracts(3)		205			136			—			—
Financial contracts(4)		—			(20	)		—			—
Interest rate contracts(5)		(1	)		(5	)		—			—
Foreign exchange contracts(6)		(3	)		(18	)		—			—
Sub-total		201			93			—			—
Tax expense(2)		(38	)		(30	)		—			—
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		163			63			—			—
Total Other comprehensive income		17			13			—			—
Balance at end of period	$	(1,035	)	$	(903	)	$	—		$	1
Total Accumulated other comprehensive loss	$	(4,742	)	$	(3,547	)	$	—		$	(1,068	)

(1)These amounts were included in the computation of net periodic benefit cost for pension and other postretirement benefits (see Note L).

(2)These amounts were reported in Provision for income taxes on the accompanying Statement of Consolidated Operations.

(3)These amounts were reported in Sales on the accompanying Statement of Consolidated Operations.

(4)These amounts were reported in Cost of goods sold on the accompanying Statement of Consolidated Operations.

(5)These amounts were reported in Other expenses, net on the accompanying Statement of Consolidated Operations.

(6)For the third quarter and nine-month period of 2024, $2 and $(2) were reported in Sales, respectively, and $(1) was reported in Cost of goods sold (both periods) on the accompanying Statement of Consolidated Operations. For the third quarter and nine-month period of 2023, $4 was reported in Cost of goods sold (nine-month period only) and $(10) and $(22) were reported in Sales, respectively, on the accompanying Statement of Consolidated Operations.

(7)A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings.