Investments (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments And Joint Ventures [Abstract]

Summary of Investment

December 31,	2021		2020
Equity investments	$	1,189	$	1,041
Other investments		10		10
	$	1,199	$	1,051

Schedule of Equity Investment

The following table summarizes information of Alcoa Corporation’s equity investments as of December 31, 2021 and 2020.

Investee	Country	Nature of investment	Income Statement Location of Equity Earnings	Ownership interest
Ma’aden Aluminum Company	Saudi Arabia	Aluminum smelter and casthouse	Other (income) expenses, net	25.1%
Ma’aden Bauxite and Alumina Company	Saudi Arabia	Bauxite mine and alumina refinery	Other (income) expenses, net	25.1%
Halco Mining, Inc.	Guinea	Bauxite mine	Cost of goods sold	45%
Energética Barra Grande S.A.	Brazil	Hydroelectric generation facility	Cost of goods sold	42.18%
Pechiney Reynolds Quebec, Inc.	Canada	Aluminum smelter	Cost of goods sold	50%
Consorcio Serra do Facão	Brazil	Hydroelectric generation facility	Cost of goods sold	34.97%
Mineração Rio do Norte S.A.	Brazil	Bauxite mine	Cost of goods sold	18.2%
Manicouagan Power Limited Partnership	Canada	Hydroelectric generation facility	Cost of goods sold	40%
ELYSISTM Limited Partnership	Canada	Aluminum smelting technology	Other (income) expenses, net	48.235%

The following table summarizes the profit and loss data for the respective periods ended December 31, as it relates to Alcoa Corporation’s equity investments. Information shown for the Saudi Arabia Joint Venture for 2021 and 2020 includes the combined balances for MAC and MBAC. For 2019, the information shown for the Saudi Arabia Joint Venture includes the full period for both MAC and MBAC, and the data for MRC through the divestiture date. The investments are grouped based on the nature of the

investment. The Mining investments are part of the Bauxite segment, while the Energy and Other investments are primarily part of the Aluminum segment.

	Saudi Arabia Joint Venture			Mining			Energy			Other
2021
Sales	$	3,127		$	794		$	264		$	404
Cost of goods sold		2,083			571			135			365
Net (loss) income		495			30			114			(42	)
Equity in net income (loss) of affiliated companies, before    reconciling adjustments		124			18			45			(20	)
Other		(8	)		5			(1	)		25
Alcoa Corporation’s equity in net (loss) income of    affiliated companies		116			23			44			5
2020
Sales	$	2,279		$	841		$	238		$	316
Cost of goods sold		1,829			543			107			283
Net (loss) income		(108	)		46			74			(24	)
Equity in net (loss) income of affiliated companies, before    reconciling adjustments		(27	)		23			31			(11	)
Other		(7	)		(1	)		2			14
Alcoa Corporation’s equity in net (loss) income of    affiliated companies		(34	)		22			33			3
2019
Sales	$	3,185		$	846		$	269		$	159
Cost of goods sold		2,722			580			143			151
Net (loss) income		(198	)		35			107			(28	)
Equity in net (loss) income of affiliated companies, before    reconciling adjustments		(50	)		16			42			(13	)
Other		3			5			1			16
Alcoa Corporation’s equity in net (loss) income of    affiliated companies		(47	)		21			43			3

The following table summarizes the balance sheet data for Alcoa Corporation’s equity investments.

	Saudi Arabia Joint Venture		Mining		Energy		Other
2021
Current assets	$	1,748	$	142	$	96	$	246
Noncurrent assets		7,330		852		316		755
Current liabilities		956		158		17		95
Noncurrent liabilities		5,018		331		27		73
2020
Current assets	$	1,099	$	143	$	119	$	219
Noncurrent assets		7,648		828		401		757
Current liabilities		794		206		27		66
Noncurrent liabilities		5,347		331		113		62