Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Operating Results of Alcoa's Reportable Segments

The operating results of Alcoa Corporation’s reportable segments were as follows (differences between segment totals and consolidated amounts are in Corporate):

	Bauxite		Alumina			Aluminum		Total
First quarter ended March 31, 2022
Sales:
Third-party sales	$	43	$	855		$	2,388	$	3,286
Intersegment sales		170		418			7		595
Total sales	$	213	$	1,273		$	2,395	$	3,881
Segment Adjusted EBITDA	$	38	$	262		$	713	$	1,013
Supplemental information:
Depreciation, depletion, and amortization	$	35	$	50		$	69	$	154
Equity income	$	—	$	1		$	39	$	40
First quarter ended March 31, 2021
Sales:
Third-party sales	$	58	$	760		$	2,047	$	2,865
Intersegment sales		185		364			2	$	551
Total sales	$	243	$	1,124		$	2,049	$	3,416
Segment Adjusted EBITDA	$	59	$	227		$	283	$	569
Supplemental information:
Depreciation, depletion, and amortization	$	57	$	46		$	73	$	176
Equity (loss) income	$	—	$	(5	)	$	13	$	8

Schedule of Segment Adjusted EBITDA to Consolidated Net Income Attributable to Alcoa Corporation

The following table reconciles total Segment Adjusted EBITDA to Consolidated net income attributable to Alcoa Corporation:

	First quarter ended March 31,
	2022			2021
Total Segment Adjusted EBITDA	$	1,013		$	569
Unallocated amounts:
Transformation(1)		(14	)		(11	)
Intersegment eliminations		102			(7	)
Corporate expenses(2)		(29	)		(26	)
Provision for depreciation, depletion, and amortization		(160	)		(182	)
Restructuring and other charges, net (D)		(125	)		(7	)
Interest expense		(25	)		(42	)
Other income, net (P)		14			24
Other(3)		(13	)		(6	)
Consolidated income before income taxes		763			312
Provision for income taxes		(210	)		(93	)
Net income attributable to noncontrolling interest		(84	)		(44	)
Consolidated net income attributable to Alcoa Corporation	$	469		$	175

⁽¹⁾  Transformation includes, among other items, the Adjusted EBITDA of previously closed operations.

⁽²⁾  Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities, as well as research and development expenses of the corporate technical center.

⁽³⁾  Other includes certain items that impact Cost of goods sold on Alcoa Corporation’s Statement of Consolidated Operations that are not included in the Adjusted EBITDA of the reportable segments.

Schedule of Sales by Product Division

The following table details Alcoa Corporation’s Sales by product division:

	First quarter ended March 31,
	2022			2021
Primary aluminum	$	2,447		$	1,727
Alumina		850			760
Energy		41			39
Bauxite		28			52
Flat-rolled aluminum(1)		—			320
Other(2)		(73	)		(28	)
	$	3,293		$	2,870

⁽¹⁾  Flat-rolled aluminum represented sales of the Warrick Rolling Mill through the sale of the facility on March 31, 2021 (see Note C).

⁽²⁾  Other includes realized gains and losses related to embedded derivative instruments designated as cash flow hedges of forward sales of aluminum.