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Segment Information (Tables)
 9 Months Ended
Sep. 30, 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

 

Third quarter ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

$

59

 

 

$

832

 

 

$

1,976

 

 

$

2,867

 

Intersegment sales

 

 

181

 

 

 

418

 

 

 

10

 

 

 

609

 

Total sales

 

$

240

 

 

$

1,250

 

 

$

1,986

 

 

$

3,476

 

Segment Adjusted EBITDA

 

$

15

 

 

$

69

 

 

$

152

 

 

$

236

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

$

31

 

 

$

43

 

 

$

70

 

 

$

144

 

Equity loss

 

$

—

 

 

$

(18

)

 

$

(5

)

 

$

(23

)

Third quarter ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

$

56

 

 

$

756

 

 

$

2,295

 

 

$

3,107

 

Intersegment sales

 

 

172

 

 

 

349

 

 

 

8

 

 

 

529

 

Total sales

 

$

228

 

 

$

1,105

 

 

$

2,303

 

 

$

3,636

 

Segment Adjusted EBITDA

 

$

23

 

 

$

148

 

 

$

613

 

 

$

784

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

$

30

 

 

$

47

 

 

$

72

 

 

$

149

 

Equity (loss) income

 

$

—

 

 

$

(1

)

 

$

38

 

 

$

37

 

 

 

 

Bauxite

 

 

Alumina

 

 

Aluminum

 

 

Total

 

Nine months ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

$

136

 

 

$

2,764

 

 

$

6,903

 

 

$

9,803

 

Intersegment sales

 

 

516

 

 

 

1,325

 

 

 

25

 

 

 

1,866

 

Total sales

 

$

652

 

 

$

4,089

 

 

$

6,928

 

 

$

11,669

 

Segment Adjusted EBITDA

 

$

58

 

 

$

674

 

 

$

1,461

 

 

$

2,193

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

$

101

 

 

$

142

 

 

$

210

 

 

$

453

 

Equity (loss) income

 

$

—

 

 

$

(22

)

 

$

74

 

 

$

52

 

Nine months ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

$

153

 

 

$

2,204

 

 

$

6,444

 

 

$

8,801

 

Intersegment sales

 

 

536

 

 

 

1,056

 

 

 

13

 

 

 

1,605

 

Total sales

 

$

689

 

 

$

3,260

 

 

$

6,457

 

 

$

10,406

 

Segment Adjusted EBITDA

 

$

123

 

 

$

499

 

 

$

1,356

 

 

$

1,978

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

$

119

 

 

$

143

 

 

$

218

 

 

$

480

 

Equity (loss) income

 

$

—

 

 

$

(7

)

 

$

79

 

 

$

72

 

 

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

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

 

 

 

 

Third quarter ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Total Segment Adjusted EBITDA

 

$

236

 

 

$

784

 

 

$

2,193

 

 

$

1,978

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transformation(1)

 

 

(19

)

 

 

(10

)

 

 

(44

)

 

 

(34

)

Intersegment eliminations

 

 

17

 

 

 

(8

)

 

 

139

 

 

 

20

 

Corporate expenses(2)

 

 

(27

)

 

 

(30

)

 

 

(91

)

 

 

(84

)

Provision for depreciation, depletion, and amortization

 

 

(149

)

 

 

(156

)

 

 

(470

)

 

 

(499

)

Restructuring and other charges, net (D)

 

 

(652

)

 

 

(33

)

 

 

(702

)

 

 

(73

)

Interest expense

 

 

(25

)

 

 

(58

)

 

 

(80

)

 

 

(167

)

Other (income) expense, net (Q)

 

 

(35

)

 

 

18

 

 

 

185

 

 

 

147

 

Other(3)

 

 

(75

)

 

 

(10

)

 

 

(188

)

 

 

(18

)

Consolidated (loss) income before income taxes

 

 

(729

)

 

 

497

 

 

 

942

 

 

 

1,270

 

Provision for income taxes

 

 

(40

)

 

 

(127

)

 

 

(484

)

 

 

(331

)

Net loss (income) attributable to noncontrolling interest

 

 

23

 

 

 

(33

)

 

 

(186

)

 

 

(118

)

Consolidated net (loss) income attributable to Alcoa Corporation

 

$

(746

)

 

$

337

 

 

$

272

 

 

$

821

 

 

(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 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:

 

 

 

Third quarter ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Primary aluminum

 

$

1,990

 

 

$

2,255

 

 

$

7,033

 

 

$

6,094

 

Alumina

 

 

821

 

 

 

752

 

 

 

2,735

 

 

 

2,196

 

Energy

 

 

74

 

 

 

117

 

 

 

155

 

 

 

205

 

Bauxite

 

 

52

 

 

 

52

 

 

 

107

 

 

 

138

 

Flat-rolled aluminum(1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

320

 

Other(2)

 

 

(86

)

 

 

(67

)

 

 

(242

)

 

 

(141

)

 

 

$

2,851

 

 

$

3,109

 

 

$

9,788

 

 

$

8,812

 

(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.