The following table presents the outstanding quantities of derivative instruments classified as Level 1 or Level 2:


	Classification	September 30, 2025		September 30, 2024
Aluminum (in kmt)	Commodity buy forwards		125		84
Aluminum (in kmt)	Commodity sell forwards		552		67
Foreign currency (in millions of euro)	Foreign exchange buy forwards		294		165
Foreign currency (in millions of euro)	Foreign exchange sell forwards		8		14
Foreign currency (in millions of euro) (undesignated)	Foreign exchange buy forwards		797		—
Foreign currency (in millions of euro) (undesignated)	Foreign exchange sell forwards		19		—
Foreign currency (in millions of Norwegian krone)	Foreign exchange buy forwards		—		66
Foreign currency (in millions of Brazilian real)	Foreign exchange buy forwards		85		246
Foreign currency (in millions of Australian dollar)	Foreign exchange buy forwards		802		45
Foreign currency (in millions of Canadian dollar)	Foreign exchange buy forwards		—		12
Foreign currency (in millions of Saudi riyal) (undesignated)	Foreign exchange swap		300		—
Natural gas (in millions of megawatt hours)	Commodity buy forwards		5		—
Electricity (in millions of megawatt hours)	Commodity buy forwards		6		—

The fair values of Level 3 derivative instruments recorded in the accompanying Consolidated Balance Sheet were as follows:


Asset Derivatives	September 30, 2025		December 31, 2024
Derivatives not designated as hedging instruments:
Current—financial contract	$	9	$	24
Noncurrent—financial contract		8		—
Total derivatives not designated as hedging instruments	$	17	$	24
Total Asset Derivatives	$	17	$	24
Liability Derivatives
Derivatives designated as hedging instruments:
Current—power contracts	$	285	$	251
Noncurrent—power contracts		880		826
Total derivatives designated as hedging instruments	$	1,165	$	1,077
Derivatives not designated as hedging instruments:
Current—embedded credit derivative	$	—	$	1
Noncurrent—embedded credit derivative		—		1
Total derivatives not designated as hedging instruments	$	—	$	2
Total Liability Derivatives	$	1,165	$	1,079

The carrying values and fair values of Alcoa Corporation’s other financial instruments were as follows:


	September 30, 2025				December 31, 2024
	Carrying value		Fair value		Carrying value		Fair value
Cash and cash equivalents	$	1,485	$	1,485	$	1,138	$	1,138
Restricted cash		89		89		96		96
Noncurrent marketable securities		1,467		1,467		—		—
Short-term borrowings		3		3		50		50
Long-term debt due within one year		—		—		75		75
Long-term debt, less amount due within one year		2,578		2,661		2,470		2,499