Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 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
	Third quarter ended September 30,						Third quarter ended September 30,
	2021			2020			2021			2020
Pension and other postretirement benefits (L)
Balance at beginning of period	$	(2,152	)	$	(2,371	)	$	(63	)	$	(54	)
Other comprehensive income (loss):
Unrecognized net actuarial loss and prior service    cost/benefit		26			(93	)		14			(7	)
Tax (expense) benefit		(9	)		6			(4	)		2
Total Other comprehensive income (loss)    before reclassifications, net of tax		17			(87	)		10			(5	)
Amortization of net actuarial loss and prior    service cost/benefit(1)		56			57			2			3
Tax expense(2)		(1	)		(2	)		—			(1	)
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		55			55			2			2
Total Other comprehensive income (loss)		72			(32	)		12			(3	)
Balance at end of period	$	(2,080	)	$	(2,403	)	$	(51	)	$	(57	)
Foreign currency translation
Balance at beginning of period	$	(2,357	)	$	(2,688	)	$	(853	)	$	(985	)
Other comprehensive (loss) income(3)		(202	)		5			(78	)		17
Balance at end of period	$	(2,559	)	$	(2,683	)	$	(931	)	$	(968	)
Cash flow hedges (M)
Balance at beginning of period	$	(1,178	)	$	(221	)	$	1		$	(1	)
Other comprehensive (loss) income:
Net change from periodic revaluations		(222	)		(333	)		(1	)		(1	)
Tax benefit		38			66			1			1
Total Other comprehensive (loss) income    before reclassifications, net of tax		(184	)		(267	)		—			—
Net amount reclassified to earnings:
Aluminum contracts(4)		82			21			—			—
Financial contracts(5)		(3	)		3			(3	)		1
Interest rate contracts(6)		3			2			—			—
Foreign exchange contracts(4)		—			3			—			—
Sub-total		82			29			(3	)		1
Tax (expense) benefit(2)		(9	)		(2	)		1			(1	)
Total amount reclassified from    Accumulated other comprehensive    loss, net of tax(7)		73			27			(2	)		—
Total Other comprehensive loss		(111	)		(240	)		(2	)		—
Balance at end of period	$	(1,289	)	$	(461	)	$	(1	)		(1	)
Total Accumulated other comprehensive loss	$	(5,928	)	$	(5,547	)	$	(983	)	$	(1,026	)

	Alcoa Corporation						Noncontrolling interest
	Nine months ended September 30,						Nine months ended September 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		259			(294	)		16			(7	)
Tax (expense) benefit		(7	)		16			(4	)		2
Total Other comprehensive income (loss)    before reclassifications, net of tax		252			(278	)		12			(5	)
Amortization of net actuarial loss and prior    service cost/benefit(1)		206			163			4			5
Tax expense(2)		(2	)		(6	)		—			(1	)
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		204			157			4			4
Total Other comprehensive income (loss)		456			(121	)		16			(1	)
Balance at end of period	$	(2,080	)	$	(2,403	)	$	(51	)	$	(57	)
Foreign currency translation
Balance at beginning of period	$	(2,385	)	$	(2,160	)	$	(844	)	$	(834	)
Other comprehensive loss(3)		(174	)		(523	)		(87	)		(134	)
Balance at end of period	$	(2,559	)	$	(2,683	)	$	(931	)	$	(968	)
Cash flow hedges (M)
Balance at beginning of period	$	(708	)	$	(532	)	$	(1	)	$	20
Other comprehensive (loss) income:
Net change from periodic revaluations		(922	)		6			(2	)		(31	)
Tax benefit		169			3			1			9
Total Other comprehensive (loss) income    before reclassifications, net of tax		(753	)		9			(1	)		(22	)
Net amount reclassified to earnings:
Aluminum contracts(4)		195			35			—			—
Financial contracts(5)		2			10			1			2
Interest rate contracts(6)		7			4			—			—
Foreign exchange contracts(4)		(3	)		18			—			—
Sub-total		201			67			1			2
Tax expense(2)		(29	)		(5	)		—			(1	)
Total amount reclassified from    Accumulated other comprehensive    loss, net of tax(7)		172			62			1			1
Total Other comprehensive (loss) income		(581	)		71			—			(21	)
Balance at end of period	$	(1,289	)	$	(461	)	$	(1	)	$	(1	)
Total Accumulated other comprehensive loss	$	(5,928	)	$	(5,547	)	$	(983	)	$	(1,026	)

⁽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.