Investments

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments

. Investments – A summary of unaudited financial information for Alcoa Corporation’s equity investments is as follows (amounts represent 100% of investee financial information):

First quarter ended March 31, 2024	Saudi Arabia Joint Venture			Mining			Energy			Other
Sales	$	711		$	115		$	63		$	115
Cost of goods sold		599			103			25			105
Net (loss) income		(8	)		(5	)		31			(16	)
Equity in net (loss) income of affiliated companies,    before reconciling adjustments		(2	)		(2	)		12			(8	)
Other		(8	)		—			(1	)		(5	)
Alcoa Corporation’s equity in net (loss) income of    affiliated companies		(10	)		(2	)		11			(13	)
First quarter ended March 31, 2023
Sales	$	600		$	187		$	58		$	121
Cost of goods sold		682			103			27			113
Net (loss) income		(252	)		24			24			(16	)
Equity in net (loss) income of affiliated companies,    before reconciling adjustments		(63	)		11			9			(8	)
Other		(12	)		—			—			(7	)
Alcoa Corporation’s equity in net (loss) income of    affiliated companies		(75	)		11			9			(15	)

The Company’s basis in the ELYSISTM Limited Partnership (ELYSIS) as of March 31, 2024 and 2023, included in Other in the table above, has been reduced to zero for its share of losses incurred to date. As a result, the Company has $54 in unrecognized losses as of March 31, 2024 that will be recognized upon additional contributions into the partnership.

The results for the Saudi Arabia joint venture for the quarter ended March 31, 2023 include an adjustment to the estimate for the settlement of a dispute with an industrial utility for periods in 2021 and 2022. Alcoa’s share of this adjustment is $41 which is included in Other expenses, net on the Statement of Consolidated Operations for the quarter ended March 31, 2023. Alcoa’s total share of this dispute of $62 includes $21 that was recorded in the fourth quarter of 2022.