Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Loss

G. Accumulated Other Comprehensive Loss

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
	Second quarter ended June 30,						Second quarter ended June 30,
	2021			2020			2021			2020
Pension and other postretirement benefits (L)
Balance at beginning of period	$	(2,405	)	$	(2,244	)	$	(66	)	$	(56	)
Other comprehensive income (loss):
Unrecognized net actuarial loss and prior service    cost/benefit		164			(181	)		2			1
Tax benefit		—			4			—			—
Total Other comprehensive income (loss)    before reclassifications, net of tax		164			(177	)		2			1
Amortization of net actuarial loss and prior    service cost/benefit(1)		89			52			1			1
Tax expense(2)		—			(2	)		—			—
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		89			50			1			1
Total Other comprehensive income (loss)		253			(127	)		3			2
Balance at end of period	$	(2,152	)	$	(2,371	)	$	(63	)	$	(54	)
Foreign currency translation
Balance at beginning of period	$	(2,561	)	$	(2,823	)	$	(904	)	$	(1,079	)
Other comprehensive income(3)		204			135			51			94
Balance at end of period	$	(2,357	)	$	(2,688	)	$	(853	)	$	(985	)
Cash flow hedges (M)
Balance at beginning of period	$	(912	)	$	169		$	(4	)	$	—
Other comprehensive (loss) income:
Net change from periodic revaluations		(397	)		(513	)		9			(4	)
Tax benefit (expense)		75			112			(3	)		1
Total Other comprehensive (loss) income    before reclassifications, net of tax		(322	)		(401	)		6			(3	)
Net amount reclassified to earnings:
Aluminum contracts(4)		72			1			—			—
Financial contracts(5)		(4	)		4			(2	)		3
Interest rate contracts(6)		1			1			—			—
Foreign exchange contracts(4)		(2	)		7			—			—
Sub-total		67			13			(2	)		3
Tax (expense) benefit(2)		(11	)		(2	)		1			(1	)
Total amount reclassified from    Accumulated other comprehensive    loss, net of tax(7)		56			11			(1	)		2
Total Other comprehensive (loss) income		(266	)		(390	)		5			(1	)
Balance at end of period	$	(1,178	)	$	(221	)	$	1			(1	)
Total Accumulated other comprehensive loss	$	(5,687	)	$	(5,280	)	$	(915	)	$	(1,040	)

	Alcoa Corporation						Noncontrolling interest
	Six months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Pension and other postretirement benefits (L)
Balance at beginning of period	$	(2,536	)	$	(2,282	)	$	(67	)	$	(56	)
Other comprehensive income (loss):
Unrecognized net actuarial loss and prior service    cost/benefit		233			(201	)		2			—
Tax benefit		2			10			—			—
Total Other comprehensive income (loss)    before reclassifications, net of tax		235			(191	)		2			—
Amortization of net actuarial loss and prior    service cost/benefit(1)		150			106			2			2
Tax expense(2)		(1	)		(4	)		—			—
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		149			102			2			2
Total Other comprehensive income (loss)		384			(89	)		4			2
Balance at end of period	$	(2,152	)	$	(2,371	)	$	(63	)	$	(54	)
Foreign currency translation
Balance at beginning of period	$	(2,385	)	$	(2,160	)	$	(844	)	$	(834	)
Other comprehensive income (loss)(3)		28			(528	)		(9	)		(151	)
Balance at end of period	$	(2,357	)	$	(2,688	)	$	(853	)	$	(985	)
Cash flow hedges (M)
Balance at beginning of period	$	(708	)	$	(532	)	$	(1	)	$	20
Other comprehensive (loss) income:
Net change from periodic revaluations		(700	)		339			(1	)		(30	)
Tax benefit (expense)		131			(63	)		—			8
Total Other comprehensive (loss) income    before reclassifications, net of tax		(569	)		276			(1	)		(22	)
Net amount reclassified to earnings:
Aluminum contracts(4)		113			14			—			—
Financial contracts(5)		5			7			4			1
Interest rate contracts(6)		4			2			—			—
Foreign exchange contracts(4)		(3	)		15			—			—
Sub-total		119			38			4			1
Tax (expense) benefit(2)		(20	)		(3	)		(1	)		—
Total amount reclassified from    Accumulated other comprehensive    loss, net of tax(7)		99			35			3			1
Total Other comprehensive (loss) income		(470	)		311			2			(21	)
Balance at end of period	$	(1,178	)	$	(221	)	$	1		$	(1	)
Total Accumulated other comprehensive loss	$	(5,687	)	$	(5,280	)	$	(915	)	$	(1,040	)

⁽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⁾  In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings.

⁽⁴⁾  These amounts were primarily reported in Sales on the accompanying Statement of Consolidated Operations.

⁽⁵⁾  These amounts were reported in Cost of goods sold on the accompanying Statement of Consolidated Operations.

⁽⁶⁾  These amounts were reported in Other (income) expenses, net of 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.