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Income Taxes

3 Months Ended

Mar. 31, 2021

N. Income Taxes – Alcoa Corporation’s estimated annualized effective tax rate (AETR) for 2021 as of March 31, 2021 differs from the U.S. federal statutory rate of 21% primarily due to losses in countries with full valuation allowances resulting in no tax benefit, as well as foreign income taxed in higher rate jurisdictions.

	Three months ended March 31,
	2021				2020
Income before income taxes	$	312			$	219
Estimated annualized effective tax rate		39.2		%		57.1		%
Income tax expense	$	122			$	125
Favorable tax impact related to losses in jurisdictions with no tax benefit		(28	)			(46	)
Discrete tax (benefit) expense		(1	)			1
Provision for income taxes	$	93			$	80

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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