Other Financial Information (Tables)

9 Months Ended

Sep. 30, 2025

Other Financial Information [Abstract]

Schedule of Other (Income) Expenses, Net

Other (Income) Expenses, Net

	Third quarter ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Equity loss	$	13		$	19		$	41		$	24
Foreign currency (gains) losses, net		(6	)		(6	)		(20	)		75
Net (gain) loss from asset sales		(1	)		1			4			18
Gain from sale of investments		(786	)		—			(789	)		—
Mark-to-market gain on noncurrent marketable securities		(267	)		—			(267	)		—
Net loss (gain) on mark-to-market derivative instruments		21			10			(96	)		(39	)
Non-service costs – pension and other postretirement benefits		7			4			20			12
Other, net		(15	)		(16	)		(65	)		(41	)
	$	(1,034	)	$	12		$	(1,172	)	$	49

In the third quarter and nine-month period of 2025, Other, net was primarily comprised of interest income on interest bearing accounts (both periods) and the deposit related to the Australia tax matter (nine-month period only) (see Note P).

In the third quarter and nine-month period of 2024, Other, net was primarily comprised of interest income on interest bearing accounts.

Schedule of Other Noncurrent Assets

Other Noncurrent Assets

	September 30, 2025		December 31, 2024
Value added tax credits	$	257	$	213
Prepaid gas transmission contract		229		278
Deferred mining costs, net		227		184
Gas supply prepayment		213		225
Goodwill		145		142
Prepaid pension benefit		139		128
IRA Section 45X credit		115		71
Noncurrent restricted cash		68		53
Intangibles, net		34		36
Noncurrent prepaid tax asset		—		66
Other		111		101
	$	1,538	$	1,497

Schedule of Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash

	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	1,485	$	1,138
Current restricted cash		21		43
Noncurrent restricted cash		68		53
	$	1,574	$	1,234

Restricted cash primarily relates to commitments included in the viability agreement reached with the workers’ representatives of the San Ciprián smelter in December 2021, and subsequently updated in February 2023. In the first quarter of 2025, $11 was released from restricted cash related to smelter restart and capital expenditures. At September 30, 2025, the Company had restricted cash of $75 available for capital improvements at the site and smelter restart costs.