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Segment and Related Information (Tables)
 12 Months Ended
Dec. 31, 2024
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

 

2024

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

Third-party sales

 

$

4,662

 

 

$

7,230

 

 

$

11,892

 

Intersegment sales

 

 

2,263

 

 

 

16

 

 

 

2,279

 

Total sales

 

$

6,925

 

 

$

7,246

 

 

$

14,171

 

Adjusted operating costs(1)

 

 

3,110

 

 

 

5,488

 

 

 

8,598

 

Other segment items(2)

 

 

2,407

 

 

 

1,101

 

 

 

3,508

 

Segment Adjusted EBITDA

 

$

1,408

 

 

$

657

 

 

$

2,065

 

Supplemental information:

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

$

348

 

 

$

272

 

 

$

620

 

Equity income (loss)

 

 

22

 

 

 

(5

)

 

 

17

 

Capital expenditures

 

 

367

 

 

 

197

 

 

 

564

 

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

 

Adjusted operating costs(1)

 

 

3,487

 

 

 

5,281

 

 

 

8,768

 

Other segment items(2)

 

 

1,501

 

 

 

1,198

 

 

 

2,699

 

Segment Adjusted EBITDA

 

$

273

 

 

$

461

 

 

$

734

 

Supplemental information:

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

$

333

 

 

$

277

 

 

$

610

 

Equity loss

 

 

(48

)

 

 

(106

)

 

 

(154

)

Capital expenditures

 

 

323

 

 

 

198

 

 

 

521

 

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

 

Adjusted operating costs(1)

 

 

3,745

 

 

 

5,603

 

 

 

9,348

 

Other segment items(2)

 

 

899

 

 

 

1,667

 

 

 

2,566

 

Segment Adjusted EBITDA

 

$

788

 

 

$

1,492

 

 

$

2,280

 

Supplemental information:

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

$

312

 

 

$

283

 

 

$

595

 

Equity (loss) income

 

 

(39

)

 

 

48

 

 

 

9

 

Capital expenditures

 

 

320

 

 

 

153

 

 

 

473

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Equity investments

 

$

420

 

 

$

546

 

 

$

966

 

Total assets

 

 

6,138

 

 

 

6,129

 

 

 

12,267

 

2023

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Equity investments

 

$

395

 

 

$

569

 

 

$

964

 

Total assets

 

 

6,153

 

 

 

5,854

 

 

 

12,007

 

 

(1)
Adjusted operating costs include all production related costs for alumina or aluminum produced and shipped: raw materials consumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses.
(2)
Other segment items include costs associated with trading activity, the Alumina segment’s purchase of bauxite from offtake or other supply agreements, the Alumina segment’s commercial shipping services, and the Aluminum segment’s energy assets; other direct and non-production related charges; Selling, general administrative, and other expenses; and Research and development expenses.
Schedule of Reconciliation of Certain Segment Information to Consolidated Totals

The following tables reconcile certain segment information to consolidated totals:

 

 

2024

 

 

2023

 

 

2022

 

Sales:

 

 

 

 

 

 

 

 

 

Total segment sales

 

$

14,171

 

 

$

12,201

 

 

$

14,194

 

Elimination of intersegment sales

 

 

(2,279

)

 

 

(1,663

)

 

 

(1,735

)

Other

 

 

3

 

 

 

13

 

 

 

(8

)

Consolidated sales

 

$

11,895

 

 

$

10,551

 

 

$

12,451

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

 

 

2024

 

 

2023

 

 

2022

 

Net income (loss) attributable to Alcoa Corporation:

 

 

 

 

 

 

 

 

 

Total Segment Adjusted EBITDA

 

$

2,065

 

 

$

734

 

 

$

2,280

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

Transformation(1)

 

 

(62

)

 

 

(80

)

 

 

(66

)

Intersegment eliminations

 

 

(231

)

 

 

7

 

 

 

138

 

Corporate expenses(2)

 

 

(160

)

 

 

(133

)

 

 

(128

)

Provision for depreciation, depletion, and amortization

 

 

(642

)

 

 

(632

)

 

 

(617

)

Restructuring and other charges, net (D)

 

 

(341

)

 

 

(184

)

 

 

(696

)

Interest expense (U)

 

 

(156

)

 

 

(107

)

 

 

(106

)

Other (expenses) income, net (U)

 

 

(91

)

 

 

(134

)

 

 

118

 

Other(3)

 

 

(93

)

 

 

(55

)

 

 

(221

)

Consolidated income (loss) before income taxes

 

 

289

 

 

 

(584

)

 

 

702

 

Provision for income taxes (Q)

 

 

(265

)

 

 

(189

)

 

 

(664

)

Net loss (income) attributable to noncontrolling interest

 

 

36

 

 

 

122

 

 

 

(161

)

Consolidated net income (loss) attributable to
   Alcoa Corporation

 

$

60

 

 

$

(651

)

 

$

(123

)

 

(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,

 

2024

 

 

2023

 

Assets:

 

 

 

 

 

 

Total segment assets

 

$

12,267

 

 

$

12,007

 

Elimination of intersegment receivables

 

 

(364

)

 

 

(159

)

Unallocated amounts:

 

 

 

 

 

 

Cash and cash equivalents

 

 

1,138

 

 

 

944

 

Corporate fixed assets, net

 

 

366

 

 

 

392

 

Corporate goodwill

 

 

139

 

 

 

142

 

Deferred income taxes

 

 

284

 

 

 

333

 

Pension assets

 

 

128

 

 

 

125

 

Other

 

 

106

 

 

 

371

 

Consolidated assets

 

$

14,064

 

 

$

14,155

 
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/DDP

Net 30 to 45 days

Value add ingot

LME + Regional premium + Product premium(2)

DAP/CIF/DDP

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. DDP (delivered duty paid) means that the Company pays for all costs and risks, including export and import clearance, transport costs, and customs formalities, until the product reaches the buyer’s designated destination 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:

 

 

2024

 

 

2023

 

 

2022

 

Sales:

 

 

 

 

 

 

 

 

 

Aluminum

 

$

7,359

 

 

$

7,045

 

 

$

8,887

 

Alumina

 

 

4,246

 

 

 

3,103

 

 

 

3,478

 

Bauxite

 

 

376

 

 

 

466

 

 

 

168

 

Energy

 

 

147

 

 

 

118

 

 

 

201

 

Other(1)

 

 

(233

)

 

 

(181

)

 

 

(283

)

 

 

$

11,895

 

 

$

10,551

 

 

$

12,451

 

 

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

 

 

2024

 

 

2023

 

 

2022

 

Sales:

 

 

 

 

 

 

 

 

 

United States(1)

 

$

5,365

 

 

$

4,993

 

 

$

5,462

 

Australia

 

 

3,128

 

 

 

2,240

 

 

 

2,742

 

Netherlands(2)

 

 

2,193

 

 

 

2,261

 

 

 

3,031

 

Brazil

 

 

878

 

 

 

735

 

 

 

527

 

Spain

 

 

293

 

 

 

289

 

 

 

618

 

Other

 

 

38

 

 

 

33

 

 

 

71

 

 

 

$

11,895

 

 

$

10,551

 

 

$

12,451

 

 

(1)
Sales of a portion of the alumina from refineries in Australia and Brazil, most of the aluminum from smelters in Canada, and aluminum off-take related to an interest in the Saudi Arabia joint venture (see Note H), occurred in the United States.
(2)
Sales of aluminum from smelters in Iceland and Norway occurred in the Netherlands.
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,

 

2024

 

 

2023

 

Long-lived assets:

 

 

 

 

 

 

Australia

 

$

1,947

 

 

$

2,046

 

Brazil

 

 

1,354

 

 

 

1,550

 

Canada

 

 

903

 

 

 

896

 

Iceland

 

 

901

 

 

 

950

 

United States

 

 

749

 

 

 

780

 

Norway

 

 

288

 

 

 

310

 

Spain

 

 

244

 

 

 

250

 

Other

 

 

3

 

 

 

3

 

 

 

$

6,389

 

 

$

6,785