Divestitures	9 Months Ended
Sep. 30, 2022
Business Combinations [Abstract]
Divestitures	C. Divestitures Eastalco Land Sale In June 2021, the Company completed the sale of the previously closed Eastalco Aluminum smelter site in the state of Maryland in a transaction valued at $100. Upon closing of the transaction, the Company received $94 in cash and recorded a gain of $90 in Other expense (income), net ($90 pre- and $89 after-tax; see Note Q) on the Statement of Consolidated Operations in the second quarter of 2021. Warrick Rolling Mill On March 31, 2021, Alcoa completed the sale of its rolling mill located at Warrick Operations (Warrick Rolling Mill), an integrated aluminum manufacturing site near Evansville, Indiana (Warrick Operations), to Kaiser Aluminum Corporation (Kaiser) for total consideration of approximately $670, which included the assumption of $69 in other postretirement benefit liabilities. The Company recorded a net gain of $30 in Other expense (income), net (pre- and after-tax, see Note Q) on the Statement of Consolidated Operations. Upon the closing of the transaction, the Company recorded estimated liabilities for future site separation commitments and remaining transaction costs associated with the sales agreement. The Company recorded a charge of $5 in the nine-month period ended September 30, 2022 in Other expense (income), net related to additional costs of existing site separation commitments. In the third quarter and nine-month period of 2022, the Company spent $13 and $22, respectively, against the reserve. Approximately half of the remaining balance of $57 at September 30, 2022 is expected to be paid in 2022, with the remainder to be spent through 2023. In connection with the transaction, Alcoa and Kaiser entered into a market-based metal supply agreement and a ground lease agreement for the Warrick Rolling Mill property, which Alcoa continues to own. Alcoa continues to own and operate the site’s aluminum smelter and the power plant. The remaining Warrick Operations site results are included within the Aluminum segment.

Divestitures

9 Months Ended

Sep. 30, 2022

C. Divestitures

Eastalco Land Sale

In June 2021, the Company completed the sale of the previously closed Eastalco Aluminum smelter site in the state of Maryland in a transaction valued at $100. Upon closing of the transaction, the Company received $94 in cash and recorded a gain of $90 in Other expense (income), net ($90 pre- and $89 after-tax; see Note Q) on the Statement of Consolidated Operations in the second quarter of 2021.

Warrick Rolling Mill

On March 31, 2021, Alcoa completed the sale of its rolling mill located at Warrick Operations (Warrick Rolling Mill), an integrated aluminum manufacturing site near Evansville, Indiana (Warrick Operations), to Kaiser Aluminum Corporation (Kaiser) for total consideration of approximately $670, which included the assumption of $69 in other postretirement benefit liabilities. The Company recorded a net gain of $30 in Other expense (income), net (pre- and after-tax, see Note Q) on the Statement of Consolidated Operations. Upon the closing of the transaction, the Company recorded estimated liabilities for future site separation commitments and remaining transaction costs associated with the sales agreement. The Company recorded a charge of $5 in the nine-month period ended September 30, 2022 in Other expense (income), net related to additional costs of existing site separation commitments. In the third quarter and nine-month period of 2022, the Company spent $13 and $22, respectively, against the reserve. Approximately half of the remaining balance of $57 at September 30, 2022 is expected to be paid in 2022, with the remainder to be spent through 2023.

In connection with the transaction, Alcoa and Kaiser entered into a market-based metal supply agreement and a ground lease agreement for the Warrick Rolling Mill property, which Alcoa continues to own. Alcoa continues to own and operate the site’s aluminum smelter and the power plant. The remaining Warrick Operations site results are included within the Aluminum segment.