Investments (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investment

December 31,	2023		2022
Equity investments	$	969	$	1,112
Other investments		10		10
	$	979	$	1,122

Schedule of Equity Investment

The following table summarizes information of Alcoa Corporation’s equity investments as of December 31, 2023 and 2022.

Investee	Country	Nature of investment	Income Statement Location of Equity Earnings	Ownership interest
Ma’aden Aluminum Company	Saudi Arabia	Aluminum smelter and casthouse	Other expenses (income), net	25.1%
Ma’aden Bauxite and Alumina Company	Saudi Arabia	Bauxite mine and alumina refinery	Other expenses (income), 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%
Serra do Facão Energia S/A	Brazil	Hydroelectric generation facility	Cost of goods sold	34.97%
Manicouagan Power Limited Partnership	Canada	Hydroelectric generation facility	Cost of goods sold	40%
ElysisTM Limited Partnership	Canada	Aluminum smelting technology	Other expenses (income), 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 all periods presented includes the combined balances for MAC and MBAC. The investments are grouped based on the nature of the investment. The Mining investments are part of the Alumina segment, while the Energy and Other investments are primarily part of the Aluminum segment.

	Saudi Arabia Joint Venture			Mining			Energy			Other
2023
Sales	$	2,726		$	670		$	236		$	464
Cost of goods sold		2,550			446			118			425
Net (loss) income		(457	)		50			100			(97	)
Equity in net (loss) income of affiliated companies, before    reconciling adjustments		(115	)		23			39			(46	)
Other		(43	)		-			1			(9	)
Alcoa Corporation’s equity in net (loss) income of    affiliated companies		(158	)		23			40			(55	)
2022
Sales	$	3,317		$	763		$	252		$	488
Cost of goods sold		2,696			488			120			445
Net income (loss)		42			110			109			(75	)
Equity in net income (loss) of affiliated companies, before    reconciling adjustments		11			39			41			(36	)
Other		(7	)		(2	)		(3	)		15
Alcoa Corporation’s equity in net income (loss) of    affiliated companies		4			37			38			(21	)
2021
Sales	$	3,127		$	794		$	264		$	404
Cost of goods sold		2,083			571			135			365
Net income (loss)		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 income of    affiliated companies		116			23			44			5

The following table summarizes the balance sheet data for the respective periods ended December 31, as it relates to Alcoa Corporation’s equity investments.

	Saudi Arabia Joint Venture		Mining		Energy		Other
2023
Current assets	$	1,433	$	8	$	103	$	181
Noncurrent assets		6,958		419		310		764
Current liabilities		1,444		5		16		89
Noncurrent liabilities		4,272		24		34		117
2022
Current assets	$	1,769	$	5	$	114	$	134
Noncurrent assets		6,993		363		301		757
Current liabilities		1,255		3		13		114
Noncurrent liabilities		4,314		24		26		84