falsedesktopAA2020-12-31000156459021008854{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Delaware\t81-1789115\n(State or Other Jurisdiction of Incorporation or Organization)\t(I.R.S. Employer Identification No.)\n201 Isabella Street Suite 500 Pittsburgh Pennsylvania (Address of Principal Executive Offices)\t15212-5858 (Zip Code)\n", "q10k_tbl_1": "\tPage(s)\t\nPart I\t\t\nItem 1.\tBusiness\t1\nItem 1A.\tRisk Factors\t18\nItem 1B.\tUnresolved Staff Comments\t30\nItem 2.\tProperties\t30\nItem 3.\tLegal Proceedings\t30\nItem 4.\tMine Safety Disclosures\t31\nPart II\t\t\nItem 5.\tMarket for Registrant's Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities\t32\nItem 6.\tSelected Financial Data\t35\nItem 7.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t36\nItem 7A.\tQuantitative and Qualitative Disclosures About Market Risk\t56\nItem 8.\tFinancial Statements and Supplementary Data\t57\nItem 8A.\tSupplemental Financial Information\t116\nItem 9.\tChanges in and Disagreements With Accountants on Accounting and Financial Disclosure\t117\nItem 9A.\tControls and Procedures\t117\nItem 9B.\tOther Information\t117\nPart III\t\t\nItem 10.\tDirectors Executive Officers and Corporate Governance\t118\nItem 11.\tExecutive Compensation\t118\nItem 12.\tSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters\t118\nItem 13.\tCertain Relationships and Related Transactions and Director Independence\t118\nItem 14.\tPrincipal Accounting Fees and Services\t118\nPart IV\t\t\nItem 15.\tExhibit and Financial Statement Schedules\t119\nItem 16.\tForm 10-K Summary\t122\n\tSignatures\t123\n", "q10k_tbl_2": "Country\tProject\tOwners' Mining Rights (% Entitlement)\tExpiration Date of Mining Rights\tProbable Reserves2 (million dmt)\tProven Reserves2 (million dmt)\tAvailable Alumina Content (%) A.Al2O3\tReactive Silica Content (%) R.SiO2\t2020 Annual Production (million dmt)\tOre Reserve Design Factors\nAustralia\tDarling Range Mines ML1SA\tAlcoa of Australia Limited (AofA) (100%)\t2024\t95.8\t43.2\t32.0\t1.0\t34.8\t-   A.Al2O3 ≥ 27.5% -   R.SiO2 ≤ 3.5% -   Minimum mineable thickness 1.5m -   Minimum bench widths of 45m\nBrazil\tPoços de Caldas\tAlcoa Alumínio S.A. (Alcoa Alumínio)3 (100%)\t20314\t0.1\t0.7\t38.5\t4.0\t0.2\t-   A.Al2O3 ≥ 30% -   R.SiO 2 ≤ 7%\n\tJuruti RN101 RN102 RN103 RN104 RN107 #34\tAlcoa World Alumina Brasil Ltda. (AWA Brasil) (100%)\t21004\t41.3\t51.8\t47.2\t3.3\t6.1\t-   A.Al2O3 ≥ 35% -   R.SiO2 ≤ 10% -   Wash Recovery: ≥ 30% -   Overburden /Ore (m/m) = 10/1\nEquity Interests:\t\t\t\t\t\t\t\t\t\nBrazil\tTrombetas\tMineração Rio do Norte S.A. (MRN) (18.2%)\t20464\t0.5\t3.4\t48.2\t5.6\t2.1\t-   A.Al2O3 ≥ 46% -   R.SiO2 ≤ 7% -   Wash Recovery: ≥ 30%\nGuinea\tBoké\tCompagnie des Bauxites de Guinée (CBG) (22.95%)\t2038\t8.6\t82.4\tTal2O3 47.2\tTsiO2 2.0\t3.6\t-   A.Al2O3 ≥ 44% -   R.SiO 2 ≤ 10% -   Minimum mineable thickness 2m -   Smallest Mining Unit size (SMU) 50m x 50m\nSaudi Arabia\tAl Ba'itha\tMa'aden Bauxite & Alumina Company (MBAC) (25.1%)\t2037\t30.8\t15.2\tTAA 48.2\tTsiO2 9.3\t1.2\t-   A.Al2O3 ≥ 40% -   Mining dilution modeled as a skin of 6cm above and 8.5 cm below -   Mining recovery applied as a skin loss of 14cm on each side of the mineralisation -   Mineralisation less than 1m thick excluded\n", "q10k_tbl_3": "Mine & Location\tMeans of Access\tOperator\tTitle Lease or Options\tHistory\tType of Mine Mineralization Style\tPower Source\tFacilities Use & Condition\nAustralia-Darling Range; Huntly and Willowdale.\tMine locations are accessed by road. Ore is transported to refineries by long distance conveyor and rail.\tAlcoa\tMining lease from the Western Australia Government. ML1SA. Expires in 2024 with option to renew.\tMining began in 1963.\tOpen-cut mines; Bauxite is derived from the weathering of Archean granites and gneisses and Precambrian dolerite.\tElectrical energy from natural gas is supplied by the refinery.\tInfrastructure includes buildings for administration and services; workshops; power distribution; water supply; crushers; long distance conveyors. Mines and facilities are operating. We expect to complete the process of moving the Willowdale mining operations in 2021.\nBrazil-Poços de Caldas. Closest town is Poços de Caldas MG Brazil.\tMine locations are accessed by road. Ore transport to the refinery is by road.\tAlcoa\tMining licenses from the Government of Brazil and Minas Gerais. Company claims and third- party leases. Operation license expires in 2022 but can be extended subject to meeting any applicable conditions.\tMining began in 1965.\tOpen-cut mines; Bauxite derived from the weathering of nepheline syenite and phonolite.\tCommercial grid power.\tMining offices and services are located at the refinery. Numerous small deposits are mined by contract miners and the ore is trucked to either the refinery stockpile or intermediate stockpile area. Mines and facilities are operating. Mine production has been reduced to align with the reduced production of the Poços refinery which is now producing specialty alumina.\nBrazil-Juruti. Closest town is Juruti located on the Amazon River.\tThe mine's port at Juruti is located on the Amazon River and accessed by ship. Ore is transported from the mine site to the port by company owned rail.\tAlcoa\tMining licenses from the Government of Brazil and Pará. Mining rights do not have a legal expiration date. See footnote 4 to the table above. Operating licenses for the mine washing plant and exploration are in the process of being renewed. Operating license for the port remains valid until the government agency formalizes the renewal.\tThe Juruti deposit was systematically evaluated by Reynolds Metals Company (Reynolds) beginning in 1974. ParentCo merged Reynolds into the Company in 2000. ParentCo then executed a due diligence program and expanded the exploration area. Mining began in 2009.\tOpen-cut mines; Bauxite derived from weathering during the Tertiary of Cretaceous fine to medium grained feldspathic sandstones. The deposits are covered by the Belterra clays.\tElectrical energy from fuel oil is generated at the mine site. Commercial grid power at the port.\tAt the mine site: Fixed plant facilities for crushing and washing the ore; mine services offices and workshops; power generation; water supply; stockpiles; rail sidings. At the port: Mine and rail administrative offices and services; port control facilities with stockpiles and ship loader. Mine and port facilities are operating. We expect to complete the process of moving the Juruti mining operations in 2022.\n", "q10k_tbl_4": "Mine & Location\tMeans of Access\tOperator\tTitle Lease or Options\tHistory\tType of Mine Mineralization Style\tPower Source\tFacilities Use & Condition\nBrazil-MRN. Closest town is Trombetas in the State of Pará Brazil.\tThe mine and port areas are connected by sealed road and company owned rail. Washed ore is transported to Porto Trombetas by rail. Trombetas is accessed by river and by air at the airport.\tMRN\tMining rights and licenses from the Government of Brazil. Concession rights expire in 2046.\tMining began in 1979. Major expansion in 2003.\tOpen-cut mines. Bauxite derived from weathering during the Tertiary of Cretaceous fine to medium grained feldspathic sandstones. The deposits are covered by the Belterra clays.\tMRN generates its own electricity from fuel oil.\tOre mined from several plateaus is crushed and transported to the washing plant by long-distance conveyors. The washing plant is located in the mining zone. Washed ore is transported to the port area by company-owned and operated rail. At Porto Trombetas the ore is loaded onto customer ships berthed in the Trombetas River. Some ore is dried and the drying facilities are located in the port area. Mine planning and services and mining equipment workshops are located in the mine zone. The main administrative rail and port control offices and various workshops are located in the port area. MRN's main housing facilities are located near the port. The mines port and all facilities are operating.\nGuinea-CBG. Closest town to the mine is Sangaredi. Closest town to the port is Kamsar. The CBG Lease is located within the Boké Telimele and Gaoual administrative regions.\tThe mine and port areas are connected by sealed road and company- operated rail. Ore is transported to the port at Kamsar by rail. There are air strips near both the mine and port. These are not operated by the company.\tCBG\tCBG Lease expires in 2038. The lease is renewable in 25-year increments. CBG's rights are specified within the Basic Agreement and Amendment 1 to the Basic Agreement with the Government of Guinea.\tConstruction began in 1969. First export ore shipment was in 1973.\tOpen-cut mines: The bauxite deposits within the CBG lease are of two general types. TYPE 1: In-situ laterization of Ordovician and Devonian plateau sediments locally intruded by dolerite dikes and sills. TYPE 2: Sangaredi type deposits are derived from clastic deposition of material eroded from the TYPE 1 laterite deposits and possibly some of the proliths from the TYPE 1 plateaus deposits.\tThe company generates its own electricity from fuel oil at both Kamsar and Sangaredi.\tMine offices workshops power generation and water supply for the mine and company mine city are located at Sangaredi. The main administrative offices port control railroad control workshops power generation and water supply are located in Kamsar. Ore is crushed dried and exported from Kamsar. CBG has company cities within both Kamsar and Sangaredi. The mines railroad driers port and other facilities are operating.\nSaudi Arabia-Al Ba'itha Mine. Qibah is the closest regional center to the mine located in the Qassim province.\tThe mine and refinery are connected by road and rail. Ore is transported to the refinery at Ras Al Khair by rail and truck.\tMa'aden Bauxite & Alumina Company (MBAC)\tThe current mining lease will expire in 2037.\tThe initial discovery and delineation of bauxite resources was carried out between 1979 and 1984. The southern zone of the Az Zabirah deposit was granted to Ma'aden in 1999. Mine construction was completed in the second quarter of 2015 and the mining operations continued at planned levels.\tOpen-cut mine; Bauxite occurs as a paleolaterite profile developed at an angular unconformity between underlying late Triassic to early Cretaceous sediments (parent rock sequence Biyadh Formation) and the overlying late Cretaceous Wasia Formation (overburden sequence).\tThe company generates electricity at the mine site from fuel oil.\tThe mine includes fixed plants for crushing and train loading; workshops and ancillary services; power plant; and water supply. There is a company village with supporting facilities. Mining operations commenced in 2014.\n", "q10k_tbl_5": "Country\tFacility\tNameplate Capacity1 (000 mtpy)\tAlcoa Corporation Consolidated Capacity1 (000 mtpy)\nAustralia (AofA)\tKwinana\t2190\t2190\n\tPinjarra\t4234\t4234\n\tWagerup\t2555\t2555\nBrazil\tPoços de Caldas\t390\t390\n\tSão Luís (Alumar)\t3500\t1890\nSpain\tSan Ciprián\t1500\t1500\nTOTAL\t\t14369\t12759\n", "q10k_tbl_6": "Country\tFacility\tNameplate Capacity1 (000 mtpy)\tAlcoa Corporation Consolidated Capacity1 (000 mtpy)\nAustralia\tPortland\t358\t197\nBrazil\tPoços de Caldas2\tN/A\tN/A\n\tSão Luís (Alumar)\t447\t268\nCanada\tBaie Comeau Québec\t280\t280\n\tBécancour Québec\t413\t310\n\tDeschambault Québec\t260\t260\nIceland\tFjarðaál\t344\t344\nNorway\tLista\t94\t94\n\tMosjøen\t188\t188\nSpain\tSan Ciprián\t228\t228\nUnited States\tMassena West NY\t130\t130\n\tFerndale WA (Intalco)\t279\t279\n\tWenatchee WA\t146\t146\n\tEvansville IN (Warrick)\t269\t269\nTOTAL\t\t3436\t2993\n", "q10k_tbl_7": "Country\tFacility\tAlcoa Corporation Consolidated Capacity (MW)\t2020 Generation (MWh)\nBrazil\tBarra Grande\t152\t816639\n\tEstreito\t157\t1070880\n\tMachadinho\t119\t1348931\n\tSerra do Facão\t60\t266607\nCanada\tManicouagan\t133\t1163891\nUnited States\tWarrick\t657\t3760925\nTOTAL\t\t1278\t8427873\n", "q10k_tbl_8": "Region\tExternal Energy Source\t\n\tElectricity\tNatural Gas\nNorth America\tQuébec Canada The three smelters in Québec purchase all or a majority of their electricity under contracts with Hydro-Québec that expire on December 31 2029. The smelter located in Baie Comeau also purchases approximately one-quarter of its power needs from a 40% owned hydroelectric generating company Manicouagan Power Limited Partnership. Wenatchee Washington This smelter is served by a contract with Chelan County Public Utility District No. 1 (Chelan PUD) under which Alcoa receives 26% of the hydropower output of Chelan PUD's Rocky Reach and Rock Island dams. The Wenatchee smelter has been fully curtailed since 2015. Intalco Washington Prior to the curtailment of the Intalco smelter all power requirements of the smelter were purchased from the market. Massena New York (Massena West) The Massena West smelter in New York receives power from the New York Power Authority (NYPA) pursuant to a contract between Alcoa and NYPA that will expire in March 2026.\tAlcoa generally procures natural gas on a competitive bid basis from a variety of sources including producers in the gas production areas and independent gas marketers. Contract pricing for gas is typically based on a published industry index such as the New York Mercantile Exchange (NYMEX) price.\nAustralia\tPortland This smelter purchases power from the National Electricity Market (NEM) variable spot market. The smelter has fixed for floating swap contracts with AGL Energy Ltd. in order to manage exposure to the variable energy rates from the NEM. The swap contracts will expire on July 31 2021.\tWestern Australia AofA uses gas to co-generate steam and electricity for its alumina refining processes at the Kwinana Pinjarra and Wagerup refineries. In 2015 AofA secured a significant portion of gas supplies to 2032 covering more than 95% of the refineries' gas requirements through 2023 and decreasing percentages thereafter. In 2020 AofA contracted for additional gas supplies starting in 2024. On a combined basis these gas supply arrangements are expected to cover more than 80% of the refineries' gas requirements through 2027.\nEurope\tSan Ciprián Spain Alcoa's smelter at San Ciprián Spain purchases electricity under a bilateral spot power contract that expires June 30 2021. Alcoa participates in a demand response program in Spain agreeing to reduce usage of electricity for a specific period of time in return for compensation which allows the utility or grid operator to divert electricity during times of peak demand. These rights are allocated through an auction process the last occurring in December 2019 where Alcoa secured 325MW of interruptibility rights for the period of January to June 2020; this program was not in effect for the second half of 2020. Lista and Mosjøen Norway Beginning in 2017 Alcoa entered into several long-term power purchase agreements which secured approximately 50% of the necessary power for the Norwegian smelters for the period of 2020 to 2035. The remaining 50% is currently purchased under short-term contracts. Financial compensation of the indirect carbon emissions costs passed through in the electricity bill is received in accordance with EU Commission Guidelines and the Norwegian compensation regime. Iceland Landsvirkjun the Icelandic national power company supplies competitively priced electricity to Alcoa's Fjarðaál smelter in eastern Iceland under a 40-year power contract which will expire in 2047 with price renegotiation effective from 2027.\tSpain In 2020 natural gas was supplied to the San Ciprián Spain alumina refinery pursuant to three supply contracts with BP Endesa and Naturgy; the BP and Endesa contracts expired during 2020. In 2021 the refinery's natural gas requirements will be supplied pursuant to two supply contracts with Naturgy expiring in June 2021 and December 2021 respectively and one supply contract with UFG (ENI group) expiring in December 2021.\n", "q10k_tbl_9": "Raw Material\tUnits\tConsumption per mt of Alumina\nBauxite\tmt\t2.2 - 3.6\nCaustic soda\tkg\t60 - 100\nElectricity\tkWh\t200 to 260 total consumed (0 to 230 imported)\nFuel oil and natural gas\tGJ\t6.2 - 12.2\nLime (CaO)\tkg\t6 - 60\n", "q10k_tbl_10": "Raw Material\tUnits\tConsumption per mt of Primary Aluminum\nAlumina\tmt\t1.92 ± 0.02\nAluminum fluoride\tkg\t17.1 ± 5.0\nCalcined petroleum coke\tmt\t0.37 ± 0.05\nCathode blocks\tmt\t0.005 ± 0.002\nElectricity\tkWh\t13100 - 16500\nLiquid pitch\tmt\t0.10 ± 0.03\nNatural gas\tmcf\t3.0 ± 1.0\n", "q10k_tbl_11": "2016\t\t\t\t2017\t\t2018\t\t2019\t\t2020\t\n1-Nov\t\t31-Dec\t\t31-Dec\t\t31-Dec\t\t31-Dec\t\t31-Dec\t\nAlcoa Corporation\t100\t127\t\t244\t\t120\t\t97\t\t104\t\nS&P 500\t100\t\t106\t\t130\t\t124\t\t163\t\t193\nS&P MidCap 400\t100\t\t112\t\t130\t\t115\t\t145\t\t165\nS&P Metals & Mining\t100\t\t109\t\t131\t\t99\t\t126\t\t185\nS&P Metals & Mining Select Industry\t100\t\t120\t\t145\t\t107\t\t123\t\t143\n", "q10k_tbl_12": "Fourth Quarter 2020\tTotal Number of Shares Purchased\tWeighted Average Price Paid Per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Program\tApproximate Dollar Value of Shares that May Yet be Purchased Under the Program(1)\nOctober 1 to October 31\t0\t0\t0\t150000000\nNovember 1 to November 30\t0\t0\t0\t150000000\nDecember 1 to December 31\t0\t0\t0\t150000000\nTotal\t0\t0\t0\t\n", "q10k_tbl_13": "For the year ended December 31\t2020\t2019\t2018\t2017\t2016\nSales\t9286\t10433\t13403\t11652\t9318\nRestructuring and other charges net\t104\t1031\t527\t309\t318\nNet (loss) income(1)\t(14)\t(853)\t893\t608\t(346)\nNet (loss) income attributable to Alcoa Corporation(1)\t(170)\t(1125)\t250\t279\t(400)\nEarnings per share attributable to Alcoa Corporation common shareholders(1):\t\t\t\t\t\nBasic\t(0.91)\t(6.07)\t1.34\t1.51\t(2.19)\nDiluted\t(0.91)\t(6.07)\t1.33\t1.49\t(2.19)\nShipments of alumina (kmt)\t9641\t9473\t9259\t9220\t9071\nShipments of aluminum products (kmt)\t3016\t2859\t3268\t3356\t3147\nAverage realized price per metric ton of alumina\t273\t343\t455\t340\t253\nAverage realized price per metric ton of primary aluminum\t1915\t2141\t2484\t2224\t1862\nCash dividends declared per common share(2)\t0\t0\t0\t0\t0\nTotal assets(1)\t14860\t14631\t16132\t17618\t16741\nTotal debt\t2542\t1800\t1802\t1412\t1445\nCash provided from (used for) operations\t394\t686\t448\t1224\t(311)\nCapital expenditures\t(353)\t(379)\t(399)\t(405)\t(404)\n", "q10k_tbl_14": "\t2020\t2019\t2018\nProduction (mdmt)\t48.0\t47.4\t45.8\nThird-party shipments (mdmt)\t6.5\t6.2\t5.7\nIntersegment shipments (mdmt)\t42.2\t41.4\t41.2\nTotal shipments (mdmt)\t48.7\t47.6\t46.9\nThird-party sales\t272\t297\t271\nIntersegment sales\t941\t979\t944\nTotal sales\t1213\t1276\t1215\nSegment Adjusted EBITDA\t495\t504\t426\nOperating costs\t835\t859\t869\nAverage cost per dry metric ton of bauxite shipped\t17\t18\t19\n", "q10k_tbl_15": "\t2020\t2019\t2018\nProduction (kmt)\t13475\t13302\t12857\nThird-party shipments (kmt)\t9641\t9473\t9259\nIntersegment shipments (kmt)\t4243\t4072\t4326\nTotal shipments (kmt)\t13884\t13545\t13585\nThird-party sales\t2627\t3250\t4215\nIntersegment sales\t1268\t1561\t2101\nTotal sales\t3895\t4811\t6316\nSegment Adjusted EBITDA\t497\t1097\t2373\nAverage realized third-party price per metric ton of alumina\t273\t343\t455\nOperating costs\t3379\t3646\t3892\nAverage cost per metric ton of alumina shipped\t243\t269\t286\n", "q10k_tbl_16": "Total Aluminum information\t2020\t2019\t2018\nThird-party aluminum shipments (kmt)\t3016\t2859\t3268\nThird-party sales\t6365\t6803\t8829\nIntersegment sales\t12\t17\t18\nTotal sales\t6377\t6820\t8847\nSegment Adjusted EBITDA\t325\t25\t451\nPrimary aluminum information\t2020\t2019\t2018\nProduction (kmt)\t2263\t2135\t2259\nThird-party shipments (kmt)\t2710\t2535\t2732\nThird-party sales\t5190\t5426\t6787\nAverage realized third-party price per metric ton\t1915\t2141\t2484\nTotal shipments (kmt)\t2773\t2597\t2844\nOperating costs\t5222\t5847\t6974\nAverage cost per metric ton of primary aluminum shipped\t1883\t2251\t2452\n", "q10k_tbl_17": "\t2020\t2019\t2018\nBauxite\t272\t297\t271\nAlumina\t2627\t3250\t4215\nAluminum:\t\t\t\nPrimary aluminum\t5190\t5426\t6787\nOther(1)\t1175\t1377\t2042\nTotal segment third-party sales\t9264\t10350\t13315\nOther\t22\t83\t88\nConsolidated sales\t9286\t10433\t13403\n", "q10k_tbl_18": "\t2020\t2019\t2018\nBauxite\t835\t859\t869\nAlumina\t3379\t3646\t3892\nPrimary aluminum\t5222\t5847\t6974\nOther(1)\t1233\t1404\t1915\nTotal segment operating costs\t10669\t11756\t13650\nEliminations(2)\t(2213)\t(2707)\t(3055)\nProvision for depreciation depletion amortization(3)\t(627)\t(676)\t(699)\nOther(4)\t140\t164\t157\nConsolidated cost of goods sold\t7969\t8537\t10053\n", "q10k_tbl_19": "\t2020\t2019\t2018\nNet (loss) income attributable to Alcoa Corporation:\t\t\t\nTotal segment Adjusted EBITDA\t1317\t1626\t3250\nUnallocated amounts:\t\t\t\nTransformation(1)\t(45)\t(7)\t(3)\nIntersegment eliminations\t(8)\t150\t(8)\nCorporate expenses(2)\t(102)\t(101)\t(96)\nProvision for depreciation depletion and amortization\t(653)\t(713)\t(733)\nRestructuring and other charges net\t(104)\t(1031)\t(527)\nInterest expense\t(146)\t(121)\t(122)\nOther expenses net\t(8)\t(162)\t(64)\nOther(3)\t(78)\t(79)\t(72)\nConsolidated income (loss) before income taxes\t173\t(438)\t1625\nProvision for income taxes\t(187)\t(415)\t(732)\nNet income attributable to noncontrolling interest\t(156)\t(272)\t(643)\nConsolidated net (loss) income attributable to Alcoa Corporation\t(170)\t(1125)\t250\n", "q10k_tbl_20": "December 31\t2020\t2019\n6.75% Notes due 2024\t750\t750\n7.00% Notes due 2026\t500\t500\n5.500% Notes due 2027\t750\t0\n6.125% Notes due 2028\t500\t500\nOther\t6\t84\nUnamortized discounts and deferred financing costs\t(41)\t(34)\nTotal\t2465\t1800\nLess: amount due within one year\t2\t1\nLong-term debt less amount due within one year\t2463\t1799\n", "q10k_tbl_21": "\tTotal\t2021\t2022-2023\t2024-2025\tThereafter\nOperating activities:\t\t\t\t\t\nEnergy-related purchase obligations\t13774\t1093\t2416\t2346\t7919\nRaw material purchase obligations\t5434\t989\t897\t657\t2891\nOther purchase obligations\t767\t249\t308\t136\t74\nEstimated minimum required pension funding\t965\t255\t455\t255\t0\nOther postretirement benefit payments\t560\t65\t125\t115\t255\nInterest related to total debt\t932\t159\t315\t264\t194\nOperating leases\t165\t68\t54\t21\t22\nLayoff and other restructuring payments\t63\t62\t1\t0\t0\nDeferred revenue arrangements\t52\t8\t16\t16\t12\nUncertain tax positions\t7\t0\t0\t0\t7\nFinancing activities:\t\t\t\t\t\nLong-term debt and Short-term borrowings\t2583\t79\t2\t751\t1751\nInvesting activities:\t\t\t\t\t\nEquity contributions\t7\t7\t0\t0\t0\nTotals\t25309\t3034\t4589\t4561\t13125\n", "q10k_tbl_22": "For the year ended December 31\t2020\t2019\t2018\nSales (E)\t9286\t10433\t13403\nCost of goods sold (exclusive of expenses below)\t7969\t8537\t10053\nSelling general administrative and other expenses\t206\t280\t248\nResearch and development expenses\t27\t27\t31\nProvision for depreciation depletion and amortization\t653\t713\t733\nRestructuring and other charges net (D)\t104\t1031\t527\nInterest expense (U)\t146\t121\t122\nOther expenses net (U)\t8\t162\t64\nTotal costs and expenses\t9113\t10871\t11778\nIncome (loss) before income taxes\t173\t(438)\t1625\nProvision for income taxes (Q)\t187\t415\t732\nNet (loss) income\t(14)\t(853)\t893\nLess: Net income attributable to noncontrolling interest\t156\t272\t643\nNet (loss) income attributable to Alcoa Corporation\t(170)\t(1125)\t250\nEarnings per share attributable to Alcoa Corporation common shareholders (F):\t\t\t\nBasic\t(0.91)\t(6.07)\t1.34\nDiluted\t(0.91)\t(6.07)\t1.33\n", "q10k_tbl_23": "\tAlcoa Corporation\t\t\tNoncontrolling interest\t\t\tTotal\t\t\nFor the year ended December 31\t2020\t2019\t2018\t2020\t2019\t2018\t2020\t2019\t2018\nNet (loss) income\t(170)\t(1125)\t250\t156\t272\t643\t(14)\t(853)\t893\nOther comprehensive (loss) income net of tax (G):\t\t\t\t\t\t\t\t\t\nChange in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits\t(254)\t1\t503\t(11)\t(10)\t1\t(265)\t(9)\t504\nForeign currency translation adjustments\t(225)\t(89)\t(604)\t(10)\t(24)\t(229)\t(235)\t(113)\t(833)\nNet change in unrecognized gains/losses on cash flow hedges\t(176)\t(321)\t718\t(21)\t(11)\t(20)\t(197)\t(332)\t698\nTotal Other comprehensive (loss) income net of tax\t(655)\t(409)\t617\t(42)\t(45)\t(248)\t(697)\t(454)\t369\nComprehensive (loss) income\t(825)\t(1534)\t867\t114\t227\t395\t(711)\t(1307)\t1262\n", "q10k_tbl_24": "December 31\t2020\t2019\nAssets\t\t\nCurrent assets:\t\t\nCash and cash equivalents (P)\t1607\t879\nReceivables from customers\t471\t546\nOther receivables\t85\t114\nInventories (J)\t1398\t1644\nFair value of derivative instruments (P)\t21\t59\nAssets held for sale (C)\t648\t0\nPrepaid expenses and other current assets\t290\t288\nTotal current assets\t4520\t3530\nProperties plants and equipment net (K)\t7190\t7916\nInvestments (H)\t1051\t1113\nDeferred income taxes (Q)\t655\t642\nFair value of derivative instruments (P)\t0\t18\nOther noncurrent assets (U)\t1444\t1412\nTotal Assets\t14860\t14631\nLiabilities\t\t\nCurrent liabilities:\t\t\nAccounts payable trade\t1403\t1484\nAccrued compensation and retirement costs\t395\t413\nTaxes including income taxes\t91\t104\nFair value of derivative instruments (P)\t103\t67\nLiabilities held for sale (C)\t242\t0\nOther current liabilities\t525\t494\nLong-term debt due within one year (M & P)\t2\t1\nTotal current liabilities\t2761\t2563\nLong-term debt less amount due within one year (M & P)\t2463\t1799\nAccrued pension benefits (O)\t1492\t1505\nAccrued other postretirement benefits (O)\t744\t749\nAsset retirement obligations (R)\t625\t606\nEnvironmental remediation (S)\t293\t296\nFair value of derivative instruments (P)\t742\t581\nNoncurrent income taxes (Q)\t209\t276\nOther noncurrent liabilities and deferred credits (U)\t515\t370\nTotal liabilities\t9844\t8745\nContingencies and commitments (S)\t\t\nEquity\t\t\nAlcoa Corporation shareholders' equity:\t\t\nCommon stock (N)\t2\t2\nAdditional capital\t9663\t9639\nAccumulated deficit\t(725)\t(555)\nAccumulated other comprehensive loss (G)\t(5629)\t(4974)\nTotal Alcoa Corporation shareholders' equity\t3311\t4112\nNoncontrolling interest (A)\t1705\t1774\nTotal equity\t5016\t5886\nTotal Liabilities and Equity\t14860\t14631\n", "q10k_tbl_25": "For the year ended December 31\t2020\t2019\t2018\nCash from Operations\t\t\t\nNet (loss) income\t(14)\t(853)\t893\nAdjustments to reconcile net (loss) income to cash from operations:\t\t\t\nDepreciation depletion and amortization\t653\t713\t733\nDeferred income taxes (Q)\t(26)\t15\t(30)\nEquity earnings net of dividends (H)\t20\t21\t17\nRestructuring and other charges net (D)\t104\t1031\t527\nNet gain from investing activities-asset sales (U)\t(173)\t(3)\t0\nNet periodic pension benefit cost (O)\t138\t119\t146\nStock-based compensation (N)\t25\t30\t35\nProvision for bad debt expense\t2\t21\t0\nOther\t32\t30\t(59)\nChanges in assets and liabilities excluding effects of divestitures and foreign currency translation adjustments:\t\t\t\nDecrease (increase) in receivables\t16\t283\t(43)\nDecrease (increase) in inventories (J)\t122\t137\t(306)\nDecrease (increase) in prepaid expenses and other current assets\t17\t27\t(32)\nIncrease (decrease) in accounts payable trade\t25\t(153)\t(165)\n(Decrease) in accrued expenses\t(153)\t(175)\t(319)\nIncrease (decrease) in taxes including income taxes\t119\t(330)\t241\nPension contributions (O)\t(343)\t(173)\t(992)\n(Increase) in noncurrent assets\t(82)\t(24)\t(101)\n(Decrease) in noncurrent liabilities\t(88)\t(30)\t(97)\nCash provided from operations\t394\t686\t448\nFinancing Activities\t\t\t\nAdditions to debt (original maturities greater than three months) (M)\t739\t0\t560\nPayments on debt (original maturities greater than three months) (M)\t(1)\t(7)\t(135)\nProceeds from the exercise of employee stock options (N)\t1\t2\t23\nRepurchase of common stock (N)\t0\t0\t(50)\nFinancial contributions for the divestiture of businesses (C)\t(38)\t(12)\t0\nContributions from noncontrolling interest (A)\t24\t51\t149\nDistributions to noncontrolling interest\t(207)\t(472)\t(827)\nOther\t(4)\t(6)\t(8)\nCash provided from (used for) financing activities\t514\t(444)\t(288)\nInvesting Activities\t\t\t\nCapital expenditures\t(353)\t(379)\t(399)\nProceeds from the sale of assets and businesses (C)\t198\t23\t1\nAdditions to investments (H)\t(12)\t(112)\t(7)\nCash used for investing activities\t(167)\t(468)\t(405)\nEffect of exchange rate changes on cash and cash equivalents and restricted cash\t(14)\t(7)\t(4)\nNet change in cash and cash equivalents and restricted cash\t727\t(233)\t(249)\nCash and cash equivalents and restricted cash at beginning of year\t883\t1116\t1365\nCash and cash equivalents and restricted cash at end of year\t1610\t883\t1116\n", "q10k_tbl_26": "\tAlcoa Corporation shareholders\t\t\t\t\t\n\tCommon stock\tAdditional capital\tRetained (deficit) earnings\tAccumulated other compre- hensive loss\tNoncontrolling interest\tTotal equity\nBalance at December 31 2017\t2\t9590\t318\t(5182)\t2240\t6968\nNet income\t0\t0\t250\t0\t643\t893\nOther comprehensive income (loss) (G)\t0\t0\t0\t617\t(248)\t369\nStock-based compensation (N)\t0\t35\t0\t0\t0\t35\nCommon stock issued: Compensation plans (N)\t0\t23\t0\t0\t0\t23\nRepurchase of common stock (N)\t0\t(50)\t0\t0\t0\t(50)\nContributions\t0\t0\t0\t0\t149\t149\nDistributions\t0\t0\t0\t0\t(827)\t(827)\nOther\t0\t13\t2\t0\t13\t28\nBalance at December 31 2018\t2\t9611\t570\t(4565)\t1970\t7588\nNet (loss) income\t0\t0\t(1125)\t0\t272\t(853)\nOther comprehensive loss (G)\t0\t0\t0\t(409)\t(45)\t(454)\nStock-based compensation (N)\t0\t30\t0\t0\t0\t30\nCommon stock issued: Compensation plans (N)\t0\t2\t0\t0\t0\t2\nContributions\t0\t0\t0\t0\t51\t51\nDistributions\t0\t0\t0\t0\t(472)\t(472)\nOther\t0\t(4)\t0\t0\t(2)\t(6)\nBalance at December 31 2019\t2\t9639\t(555)\t(4974)\t1774\t5886\nNet (loss) income\t0\t0\t(170)\t0\t156\t(14)\nOther comprehensive loss (G)\t0\t0\t0\t(655)\t(42)\t(697)\nStock-based compensation (N)\t0\t25\t0\t0\t0\t25\nCommon stock issued: Compensation plans (N)\t0\t1\t0\t0\t0\t1\nContributions\t0\t0\t0\t0\t24\t24\nDistributions\t0\t0\t0\t0\t(207)\t(207)\nOther\t0\t(2)\t0\t0\t0\t(2)\nBalance at December 31 2020\t2\t9663\t(725)\t(5629)\t1705\t5016\n", "q10k_tbl_27": "\tStructures\tMachinery and equipment\nBauxite mining\t34\t16\nAlumina refining\t29\t29\nAluminum smelting and casting\t37\t23\nEnergy generation\t33\t24\nAluminum rolling\t32\t23\n", "q10k_tbl_28": "\tDecember 31 2020\nAssets\t\nReceivables from customers\t86\nOther receivables\t6\nInventories\t164\nTotal current assets\t256\nProperties plants and equipment\t1423\nAccumulated Depreciation\t(1031)\nProperties plants and equipment net\t392\nTotal Assets held for sale\t648\nLiabilities\t\nAccounts payable trade\t121\nAccrued compensation and retirement costs\t5\nOther current liabilities\t25\nTotal current liabilities\t151\nAccrued other postretirement benefits\t83\nOther noncurrent liabilities\t8\nTotal Liabilities held for sale\t242\n", "q10k_tbl_29": "\t2020\t2019\t2018\nSettlements and/or curtailments related to retirement benefits (O)\t58\t119\t331\nSeverance and employee termination costs\t16\t51\t2\nAsset impairments\t2\t225\t18\nAsset retirement obligations (R)\t2\t75\t5\nEnvironmental remediation (S)\t1\t69\t2\nLoss on divestitures\t0\t446\t0\nAllowance on value-added tax credits (U)\t0\t0\t107\nPower contract payments - non-recurring\t0\t0\t62\nOther\t36\t52\t48\nReversals of previously recorded layoff and other costs\t(11)\t(6)\t(48)\nRestructuring and other charges net\t104\t1031\t527\n", "q10k_tbl_30": "\t2020\t2019\t2018\nBauxite\t1\t5\t1\nAlumina\t5\t272\t112\nAluminum\t53\t611\t102\nSegment total\t59\t888\t215\nCorporate\t45\t143\t312\nTotal Restructuring and other charges net\t104\t1031\t527\n", "q10k_tbl_31": "\tSeverance and employee termination costs\tOther costs\tTotal\nBalances at December 31 2017\t11\t34\t45\nRestructuring charges net\t2\t109\t111\nCash payments\t(7)\t(95)\t(102)\nReversals and other\t(1)\t(6)\t(7)\nBalances at December 31 2018\t5\t42\t47\nRestructuring charges net\t51\t161\t212\nCash payments\t(19)\t(99)\t(118)\nReversals and other\t(2)\t(2)\t(4)\nBalances at December 31 2019\t35\t102\t137\nRestructuring charges net\t16\t36\t52\nCash payments\t(41)\t(79)\t(120)\nReversals and other\t(4)\t(2)\t(6)\nBalances at December 31 2020\t6\t57\t63\n", "q10k_tbl_32": "\tBauxite\tAlumina\tAluminum\tTotal\n2020\t\t\t\t\nSales:\t\t\t\t\nThird-party sales\t272\t2627\t6365\t9264\nIntersegment sales\t941\t1268\t12\t2221\nTotal sales\t1213\t3895\t6377\t11485\nSegment Adjusted EBITDA\t495\t497\t325\t1317\nSupplemental information:\t\t\t\t\nDepreciation depletion and amortization\t135\t172\t322\t629\nEquity loss\t0\t(23)\t(7)\t(30)\n2019\t\t\t\t\nSales:\t\t\t\t\nThird-party sales\t297\t3250\t6803\t10350\nIntersegment sales\t979\t1561\t17\t2557\nTotal sales\t1276\t4811\t6820\t12907\nSegment Adjusted EBITDA\t504\t1097\t25\t1626\nSupplemental information:\t\t\t\t\nDepreciation depletion and amortization\t120\t214\t346\t680\nEquity income (loss)\t0\t6\t(49)\t(43)\n2018\t\t\t\t\nSales:\t\t\t\t\nThird-party sales\t271\t4215\t8829\t13315\nIntersegment sales\t944\t2101\t18\t3063\nTotal sales\t1215\t6316\t8847\t16378\nSegment Adjusted EBITDA\t426\t2373\t451\t3250\nSupplemental information:\t\t\t\t\nDepreciation depletion and amortization\t111\t197\t394\t702\nEquity income (loss)\t0\t32\t(38)\t(6)\n2020\t\t\t\t\nAssets:\t\t\t\t\nCapital expenditures\t127\t103\t111\t341\nEquity investments\t222\t264\t546\t1032\nTotal assets\t1468\t4333\t6214\t12015\n2019\t\t\t\t\nAssets:\t\t\t\t\nCapital expenditures\t53\t137\t152\t342\nEquity investments\t212\t293\t587\t1092\nTotal assets\t1434\t4303\t6588\t12325\n", "q10k_tbl_33": "\t2020\t2019\t2018\nSales:\t\t\t\nTotal segment sales\t11485\t12907\t16378\nElimination of intersegment sales\t(2221)\t(2557)\t(3063)\nOther\t22\t83\t88\nConsolidated sales\t9286\t10433\t13403\n", "q10k_tbl_34": "\t2020\t2019\t2018\nNet (loss) income attributable to Alcoa Corporation:\t\t\t\nTotal Segment Adjusted EBITDA\t1317\t1626\t3250\nUnallocated amounts:\t\t\t\nTransformation(1)\t(45)\t(7)\t(3)\nIntersegment eliminations\t(8)\t150\t(8)\nCorporate expenses(2)\t(102)\t(101)\t(96)\nProvision for depreciation depletion and amortization\t(653)\t(713)\t(733)\nRestructuring and other charges net (D)\t(104)\t(1031)\t(527)\nInterest expense (U)\t(146)\t(121)\t(122)\nOther expenses net (U)\t(8)\t(162)\t(64)\nOther(3)\t(78)\t(79)\t(72)\nConsolidated income (loss) before income taxes\t173\t(438)\t1625\nProvision for income taxes (Q)\t(187)\t(415)\t(732)\nNet income attributable to noncontrolling interest\t(156)\t(272)\t(643)\nConsolidated net (loss) income attributable to Alcoa Corporation\t(170)\t(1125)\t250\n", "q10k_tbl_35": "December 31\t2020\t2019\nAssets:\t\t\nTotal segment assets\t12015\t12325\nElimination of intersegment receivables\t(193)\t(170)\nUnallocated amounts:\t\t\nCash and cash equivalents\t1607\t879\nCorporate fixed assets net\t453\t519\nCorporate goodwill\t141\t145\nDeferred income taxes\t655\t642\nOther\t182\t291\nConsolidated assets\t14860\t14631\n", "q10k_tbl_36": "\t2020\t2019\t2018\nSales:\t\t\t\nPrimary aluminum\t5190\t5426\t6787\nAlumina\t2624\t3246\t4209\nFlat-rolled aluminum\t1115\t1220\t1884\nBauxite\t238\t276\t254\nEnergy\t141\t290\t335\nOther\t(22)\t(25)\t(66)\n\t9286\t10433\t13403\n", "q10k_tbl_37": "\t2020\t2019\t2018\nSales:\t\t\t\nUnited States(1)\t4246\t4606\t5887\nSpain(2)\t2766\t3077\t3806\nAustralia\t1884\t2249\t2930\nBrazil\t346\t428\t498\nCanada\t31\t5\t216\nOther\t13\t68\t66\n\t9286\t10433\t13403\n", "q10k_tbl_38": "December 31\t2020\t2019\nLong-lived assets:\t\t\nAustralia\t2282\t2044\nBrazil\t1215\t1596\nIceland\t1102\t1160\nUnited States\t1009\t1491\nCanada\t1002\t1047\nNorway\t357\t365\nSpain\t218\t209\nOther\t5\t4\n\t7190\t7916\n", "q10k_tbl_39": "\t2020\t2019\t2018\nAverage shares outstanding-basic\t186\t185\t186\nEffect of dilutive securities:\t\t\t\nStock options\t0\t0\t1\nStock units\t0\t0\t2\nAverage shares outstanding-diluted\t186\t185\t189\n", "q10k_tbl_40": "\tAlcoa Corporation\t\t\tNoncontrolling interest\t\t\n\t2020\t2019\t2018\t2020\t2019\t2018\nPension and other postretirement benefits (O)\t\t\t\t\t\t\nBalance at beginning of period\t(2282)\t(2283)\t(2786)\t(56)\t(46)\t(47)\nOther comprehensive (loss) income:\t\t\t\t\t\t\nUnrecognized net actuarial loss and prior service cost/benefit\t(545)\t(309)\t19\t(19)\t(14)\t(3)\nTax benefit (expense)\t31\t28\t(8)\t3\t0\t0\nTotal Other comprehensive (loss) income before reclassifications net of tax\t(514)\t(281)\t11\t(16)\t(14)\t(3)\nAmortization of net actuarial loss and prior service cost/benefit(1)\t269\t299\t546\t6\t5\t4\nTax expense(2)\t(9)\t(17)\t(54)\t(1)\t(1)\t0\nTotal amount reclassified from Accumulated other comprehensive loss net of tax(7)\t260\t282\t492\t5\t4\t4\nTotal Other comprehensive (loss) income\t(254)\t1\t503\t(11)\t(10)\t1\nBalance at end of period\t(2536)\t(2282)\t(2283)\t(67)\t(56)\t(46)\nForeign currency translation\t\t\t\t\t\t\nBalance at beginning of period\t(2160)\t(2071)\t(1467)\t(834)\t(810)\t(581)\nOther comprehensive loss(3)\t(225)\t(89)\t(604)\t(10)\t(24)\t(229)\nBalance at end of period\t(2385)\t(2160)\t(2071)\t(844)\t(834)\t(810)\nCash flow hedges (P)\t\t\t\t\t\t\nBalance at beginning of period\t(532)\t(211)\t(929)\t20\t31\t51\nOther comprehensive (loss) income:\t\t\t\t\t\t\nNet change from periodic revaluations\t(345)\t(437)\t803\t(36)\t20\t(4)\nTax benefit (expense)\t74\t83\t(159)\t10\t(6)\t1\nTotal Other comprehensive (loss) income before reclassifications net of tax\t(271)\t(354)\t644\t(26)\t14\t(3)\nNet amount reclassified to earnings:\t\t\t\t\t\t\nAluminum contracts(4)\t66\t44\t108\t0\t0\t0\nFinancial contracts(5)\t15\t(43)\t(37)\t6\t(35)\t(24)\nForeign exchange contracts(4)\t20\t18\t6\t0\t0\t0\nInterest rate contracts(6)\t5\t4\t0\t0\t0\t0\nSub-total\t106\t23\t77\t6\t(35)\t(24)\nTax (expense) benefit(2)\t(11)\t10\t(3)\t(1)\t10\t7\nTotal amount reclassified from Accumulated other comprehensive loss net of tax(7)\t95\t33\t74\t5\t(25)\t(17)\nTotal Other comprehensive (loss) income\t(176)\t(321)\t718\t(21)\t(11)\t(20)\nBalance at end of period\t(708)\t(532)\t(211)\t(1)\t20\t31\nTotal Accumulated other comprehensive loss\t(5629)\t(4974)\t(4565)\t(912)\t(870)\t(825)\n", "q10k_tbl_41": "December 31\t2020\t2019\nEquity investments\t1041\t1103\nOther investments\t10\t10\n\t1051\t1113\n", "q10k_tbl_42": "Investee\tCountry\tNature of investment\tIncome Statement Location of Equity Earnings\tOwnership interest\nMa'aden Aluminum Company\tSaudi Arabia\tAluminum smelter and casthouse\tOther expenses net\t25.1%\nMa'aden Bauxite and Alumina Company\tSaudi Arabia\tBauxite mine and alumina refinery\tOther expenses net\t25.1%\nHalco Mining Inc.\tGuinea\tBauxite mine\tCost of goods sold\t45%\nEnergética Barra Grande S.A.\tBrazil\tHydroelectric generation facility\tCost of goods sold\t42.18%\nPechiney Reynolds Quebec Inc.\tCanada\tAluminum smelter\tCost of goods sold\t50%\nConsorcio Serra do Facão\tBrazil\tHydroelectric generation facility\tCost of goods sold\t34.97%\nMineração Rio do Norte S.A.\tBrazil\tBauxite mine\tCost of goods sold\t18.2%\nManicouagan Power Limited Partnership\tCanada\tHydroelectric generation facility\tCost of goods sold\t40%\nElysisTM Limited Partnership\tCanada\tAluminum smelting technology\tOther expenses net\t48.235%\n", "q10k_tbl_43": "\tSaudi Arabia Joint Venture\tMining\tEnergy\tOther\n2020\t\t\t\t\nSales\t2279\t841\t238\t316\nCost of goods sold\t1829\t543\t107\t283\nNet (loss) income\t(108)\t46\t74\t(24)\nEquity in net (loss) income of affiliated companies before reconciling adjustments\t(27)\t23\t31\t(11)\nOther\t(7)\t(1)\t2\t14\nAlcoa Corporation's equity in net (loss) income of affiliated companies\t(34)\t22\t33\t3\n2019\t\t\t\t\nSales\t3185\t846\t269\t159\nCost of goods sold\t2722\t580\t143\t151\nNet (loss) income\t(198)\t35\t107\t(28)\nEquity in net (loss) income of affiliated companies before reconciling adjustments\t(50)\t16\t42\t(13)\nOther\t3\t5\t1\t16\nAlcoa Corporation's equity in net (loss) income of affiliated companies\t(47)\t21\t43\t3\n2018\t\t\t\t\nSales\t3986\t802\t283\t120\nCost of goods sold\t3334\t522\t146\t110\nNet income\t9\t71\t114\t16\nEquity in net income of affiliated companies before reconciling adjustments\t2\t23\t46\t8\nOther\t(13)\t(10)\t(4)\t(1)\nAlcoa Corporation's equity in net (loss) income of affiliated companies\t(11)\t13\t42\t7\n", "q10k_tbl_44": "\tSaudi Arabia Joint Venture\tMining\tEnergy\tOther\n2020\t\t\t\t\nCurrent assets\t1099\t143\t119\t219\nNoncurrent assets\t7648\t828\t401\t757\nCurrent liabilities\t794\t206\t27\t66\nNoncurrent liabilities\t5347\t331\t113\t62\n2019\t\t\t\t\nCurrent assets\t1109\t191\t106\t181\nNoncurrent assets\t7931\t923\t509\t761\nCurrent liabilities\t677\t156\t41\t59\nNoncurrent liabilities\t5587\t511\t87\t42\n", "q10k_tbl_45": "December 31\t2020\t2019\nFinished goods\t321\t305\nWork-in-process\t112\t282\nBauxite and alumina\t412\t446\nPurchased raw materials\t377\t453\nOperating supplies\t176\t158\n\t1398\t1644\n", "q10k_tbl_46": "December 31\t2020\t2019\nLand and land rights including mines\t320\t333\nStructures (by type of operation):\t\t\nBauxite mining\t1119\t1138\nAlumina refining\t2474\t2415\nAluminum smelting and casting\t3447\t3457\nEnergy generation\t360\t440\nAluminum rolling\t0\t290\nOther\t350\t386\n\t7750\t8126\nMachinery and equipment (by type of operation):\t\t\nBauxite mining\t517\t499\nAlumina refining\t4180\t3956\nAluminum smelting and casting\t6111\t6251\nEnergy generation\t844\t879\nAluminum rolling\t0\t1057\nOther\t465\t293\n\t12117\t12935\n\t20187\t21394\nLess: accumulated depreciation depletion and amortization\t13332\t13799\n\t6855\t7595\nConstruction work-in-progress\t335\t321\n\t7190\t7916\n", "q10k_tbl_47": "December 31\t2020\t2019\nBauxite\t2\t2\nAlumina\t2\t3\nAluminum\t0\t0\nCorporate(1)\t141\t145\n\t145\t150\n", "q10k_tbl_48": "\t2020\t\t\t2019\t\t\nDecember 31\tGross carrying amount\tAccumulated amortization\tNet carrying amount\tGross carrying amount\tAccumulated amortization\tNet carrying amount\nComputer software\t236\t(218)\t18\t240\t(216)\t24\nPatents and licenses\t25\t(8)\t17\t25\t(8)\t17\nOther intangibles\t20\t(10)\t10\t22\t(11)\t11\nTotal other intangible assets\t281\t(236)\t45\t287\t(235)\t52\n", "q10k_tbl_49": "December 31\t2020\t2019\n6.75% Notes due 2024\t750\t750\n7.00% Notes due 2026\t500\t500\n5.500% Notes due 2027\t750\t0\n6.125% Notes due 2028\t500\t500\nOther\t6\t84\nUnamortized discounts and deferred financing costs\t(41)\t(34)\nTotal\t2465\t1800\nLess: amount due within one year\t2\t1\nLong-term debt less amount due within one year\t2463\t1799\n", "q10k_tbl_50": "\tStock options\t\tStock units\t\n\tNumber of options\tWeighted average exercise price\tNumber of units\tWeighted average FMV per unit\nOutstanding January 1 2020\t2246563\t28.38\t2127611\t36.85\nGranted\t340400\t16.29\t2016468\t15.71\nExercised\t(55136)\t16.26\t0\t0\nConverted\t0\t0\t(447862)\t37.73\nExpired or forfeited\t(495202)\t27.70\t(230785)\t26.59\nPerformance share adjustment\t0\t0\t(174753)\t63.21\nOutstanding December 31 2020\t2036625\t26.85\t3290679\t24.19\n", "q10k_tbl_51": "Action #\tNumber of affected plan participants\tWeighted average discount rate as of December 31 2019\tPlan remeasurement date\tWeighted average discount rate as of plan remeasurement date\tIncrease (decrease) to accrued pension benefits liability(1)\tIncrease to accrued other postretirement benefits liability(1)\tCurtailment charge (gain)(2)\tSettlement charge(2)\n1\t~20\t3.15%\tJanuary 31 2020\t2.75%\t18\t0\t1\t0\n2\t~430\t3.20%\tJanuary 31 2020\t2.75%\t28\t0\t2\t0\n3a\t~300\t3.25%\tApril 30 2020\t2.92%\t156\t0\t1\t0\n3b\t~600\t3.75%\tApril 30 2020\t3.44%\t0\t0\t(2)\t0\n4\t~8600\t3.11%\tAugust 31 2020\t2.65%\t0\t74\t0\t0\n5\t~430\tN/A\tDecember 31 2020\tN/A\t(2)\t0\t0\t44\n6\t~900\tN/A\tDecember 31 2020\tN/A\t5\t0\t5\t0\n\t~11280\t\t\t\t205\t74\t7\t44\n", "q10k_tbl_52": "Action #\tNumber of affected plan participants\tWeighted average discount rate as of December 31 2018\tPlan remeasurement date\tWeighted average discount rate as of plan remeasurement date\tIncrease (decrease) to accrued pension benefits liability(1)\tDecrease to accrued other postretirement benefits liability\tCurtailment charge(2)\tSettlement charge(2)\n1\t~700\t3.85%\tMay 31 2019\t3.15%\t52\t0\t38\t0\n2\t~900\t3.80%\tJune 30 2019\t3.00%\t23\t0\t0\t0\n3\t~1700\tN/A\tDecember 31 2019\tN/A\t(26)\t0\t0\t66\n4\t~6000\tN/A\tDecember 31 2019\tN/A\t0\t(108)\t0\t0\n5\t~8900\tN/A\tDecember 31 2019\tN/A\t0\t(56)\t0\t8\n\t~18200\t\t\t\t49\t(164)\t38\t74\n", "q10k_tbl_53": "\tPension benefits\t\tOther postretirement benefits\t\nDecember 31\t2020\t2019\t2020\t2019\nChange in benefit obligation\t\t\t\t\nBenefit obligation at beginning of year\t6532\t5997\t848\t973\nService cost\t56\t49\t5\t4\nInterest cost\t168\t226\t19\t36\nAmendments\t1\t26\t(19)\t(150)\nActuarial losses (gains)\t578\t746\t133\t103\nSettlements\t(127)\t(177)\t0\t(14)\nCurtailments\t6\t0\t(1)\t0\nBenefits paid net of participants' contributions\t(381)\t(379)\t(100)\t(111)\nMedicare Part D subsidy receipts\t0\t0\t7\t7\nDivestitures\t(2)\t0\t0\t0\nForeign currency translation impact\t73\t44\t0\t0\nBenefit obligation at end of year\t6904\t6532\t892\t848\nChange in plan assets\t\t\t\t\nFair value of plan assets at beginning of year\t5015\t4610\t0\t0\nActual return on plan assets\t455\t763\t0\t0\nEmployer contributions\t347\t175\t0\t0\nParticipant contributions\t10\t11\t0\t0\nBenefits paid\t(379)\t(379)\t0\t0\nAdministrative expenses\t(24)\t(19)\t0\t0\nSettlements\t(127)\t(177)\t0\t0\nDivestitures\t(2)\t0\t0\t0\nForeign currency translation impact\t61\t31\t0\t0\nFair value of plan assets at end of year\t5356\t5015\t0\t0\nFunded status\t(1548)\t(1517)\t(892)\t(848)\nLess: Amounts attributed to joint venture partners\t(45)\t(34)\t0\t0\nNet funded status\t(1503)\t(1483)\t(892)\t(848)\nAmounts recognized in the Consolidated Balance Sheet consist of:\t\t\t\t\nNoncurrent assets\t0\t33\t0\t0\nCurrent liabilities\t(11)\t(11)\t(65)\t(99)\nNoncurrent liabilities\t(1492)\t(1505)\t(744)\t(749)\nLiabilities held for sale\t0\t0\t(83)\t0\nNet amount recognized\t(1503)\t(1483)\t(892)\t(848)\nAmounts recognized in Accumulated Other Comprehensive Loss consist of:\t\t\t\t\nNet actuarial loss\t3563\t3364\t374\t261\nPrior service cost (benefit)\t2\t5\t(156)\t(154)\nTotal before tax effect\t3565\t3369\t218\t107\nLess: Amounts attributed to joint venture partners\t57\t42\t0\t0\nNet amount recognized before tax effect\t3508\t3327\t218\t107\nOther Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) consist of:\t\t\t\t\nNet actuarial loss (benefit)\t462\t350\t133\t103\nAmortization of accumulated net actuarial loss\t(263)\t(247)\t(20)\t(18)\nPrior service cost (benefit)\t1\t26\t(19)\t(150)\nAmortization of prior service (cost) benefit\t(4)\t(42)\t17\t0\nTotal before tax effect\t196\t87\t111\t(65)\nLess: Amounts attributed to joint venture partners\t15\t2\t0\t0\nNet amount recognized before tax effect\t181\t85\t111\t(65)\n", "q10k_tbl_54": "\tPension benefits\t\n\t2020\t2019\nThe aggregate projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans was as follows:\t\t\nProjected benefit obligation\t6904\t6532\nAccumulated benefit obligation\t6702\t6324\nThe aggregate projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets was as follows:\t\t\nProjected benefit obligation\t6813\t6014\nFair value of plan assets\t5267\t4463\nThe aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets was as follows:\t\t\nAccumulated benefit obligation\t6210\t5873\nFair value of plan assets\t4805\t4463\n", "q10k_tbl_55": "\tPension benefits(1)\t\t\tOther postretirement benefits(2)\t\t\n\t2020\t2019\t2018\t2020\t2019\t2018\nService cost\t54\t48\t54\t5\t4\t5\nInterest cost(3)\t164\t221\t227\t19\t36\t34\nExpected return on plan assets(3)\t(292)\t(325)\t(341)\t0\t0\t0\nRecognized net actuarial loss(3)\t212\t171\t198\t20\t10\t13\nAmortization of prior service cost (benefit)(3)\t0\t4\t8\t(15)\t0\t0\nSettlements(4)\t51\t73\t410\t0\t8\t(56)\nCurtailments(5)\t9\t38\t5\t(2)\t0\t(28)\nNet periodic benefit cost(6)\t198\t230\t561\t27\t58\t(32)\n", "q10k_tbl_56": "December 31\t2020\t2019\nDiscount rate-pension plans\t2.41%\t3.12%\nDiscount rate-other postretirement benefit plans\t2.41\t3.12\nRate of compensation increase-pension plans\t1.77\t3.25\n", "q10k_tbl_57": "\t2020\t2019\t2018\nDiscount rate-pension plans\t3.02%\t3.89%\t3.59%\nDiscount rate-other postretirement benefit plans\t2.84\t3.94\t3.18\nExpected long-term rate of return on plan assets-pension plans\t6.28\t6.59\t6.89\nRate of compensation increase-pension plans\t3.25\t3.26\t3.28\n", "q10k_tbl_58": "\t2020\t2019\t2018\nHealth care cost trend rate assumed for next year\t5.5%\t5.5%\t5.5%\nRate to which the cost trend rate gradually declines\t4.5%\t4.5%\t4.5%\nYear that the rate reaches the rate at which it is assumed to remain\t2026\t2023\t2022\n", "q10k_tbl_59": "\t\tPlan assets at December 31\t\nAsset class\tPolicy range\t2020\t2019\nEquities\t0-60%\t39%\t40%\nFixed income\t10-85%\t50\t49\nOther investments\t0-35%\t11\t11\nTotal\t\t100%\t100%\n", "q10k_tbl_60": "December 31 2020\tLevel 1\tLevel 2\tNet Asset Value\tTotal\nEquities:\t\t\t\t\nEquity securities\t379\t0\t1469\t1848\nLong/short equity hedge funds\t0\t0\t5\t5\nPrivate equity\t0\t0\t207\t207\n\t379\t0\t1681\t2060\nFixed income:\t\t\t\t\nIntermediate and long-duration government/credit\t925\t794\t619\t2338\nCash and cash equivalent funds\t165\t0\t189\t354\nOther\t0\t2\t0\t2\n\t1090\t796\t808\t2694\nOther investments:\t\t\t\t\nReal estate\t284\t0\t273\t557\nOther\t0\t0\t37\t37\n\t284\t0\t310\t594\nTotal(1)\t1753\t796\t2799\t5348\nDecember 31 2019\tLevel 1\tLevel 2\tNet Asset Value\tTotal\nEquities:\t\t\t\t\nEquity securities\t612\t0\t1213\t1825\nLong/short equity hedge funds\t0\t0\t8\t8\nPrivate equity\t0\t0\t177\t177\n\t612\t0\t1398\t2010\nFixed income:\t\t\t\t\nIntermediate and long-duration government/credit\t889\t700\t560\t2149\nCash and cash equivalent funds\t23\t0\t293\t316\nOther\t0\t5\t0\t5\n\t912\t705\t853\t2470\nOther investments:\t\t\t\t\nReal estate\t208\t0\t287\t495\nOther\t0\t0\t32\t32\n\t208\t0\t319\t527\nTotal(2)\t1732\t705\t2570\t5007\n", "q10k_tbl_61": "Year ending December 31\tPension benefits\tOther postretirement benefits\n2021\t445\t65\n2022\t435\t65\n2023\t435\t60\n2024\t430\t60\n2025\t425\t55\n2026 through 2030\t1980\t255\n\t4150\t560\n", "q10k_tbl_62": "\t2020\t\t2019\t\nBalance at December 31\tAssets\tLiabilities\tAssets\tLiabilities\nLevel 1 and 2 derivative instruments\t21\t7\t3\t33\nLevel 3 derivative instruments\t0\t838\t74\t615\nTotal\t21\t845\t77\t648\nLess: Current\t21\t103\t59\t67\nNoncurrent\t0\t742\t18\t581\n", "q10k_tbl_63": "\t2020\t\t2019\t\nYear ended December 31\tUnrealized loss recognized in Other comprehensive (loss) income\tRealized loss reclassed from Other comprehensive (loss) income to earnings\tUnrealized loss recognized in Other comprehensive (loss) income\tRealized loss reclassed from Other comprehensive (loss) income to earnings\nLevel 1 and 2 derivative instruments\t8\t(19)\t(14)\t(26)\nLevel 3 derivative instruments\t(374)\t(88)\t(385)\t42\nNoncontrolling and equity interest\t21\t1\t(38)\t(38)\nTotal\t(345)\t(106)\t(437)\t(22)\n", "q10k_tbl_64": "Description\tDesignation\tContract Termination\tUnobservable Inputs Impacting Valuation\tSensitivity to Inputs\nPower contracts\t\t\t\t\nEmbedded derivative that indexes price of power to the LME price of aluminum plus the Midwest premium\tCash flow hedge of forward sales of aluminum\tMarch 2026 December 2029 February 2036\tLME price Midwest premium and MWh per year\tIncrease in LME price and/or the Midwest premium results in a higher cost of power and a decrease to the derivative asset or increase to the derivative liability\nEmbedded derivative that indexes price of power to the LME price of aluminum\tCash flow hedge of forward sales of aluminum\tSeptember 2027\tLME price and MWh per year\tIncrease in LME price results in a higher cost of power and an increase to the derivative liability\nEmbedded derivative that indexes the price of power to the credit spread between the Company and the counterparty\tNot designated\tOctober 2028\tEstimated credit spread\tWider credit spread results in a higher cost of power and increase in the derivative liability\nFinancial contract\t\t\t\t\nHedge power prices\tCash flow hedge of future purchases of electricity\tJuly 2021\tPower price\tLower power prices result in a lower derivative asset\n", "q10k_tbl_65": "\tDecember 31 2020\tUnobservable Input\tUnobservable Input Range\t\nLiability Derivatives\t\t\t\t\nPower contract\t217\tMWh of energy needed\tLME (per mt)\t2021: $1979\n\t\tto produce the forecasted\t\t2027: $2288\n\t\tmt of aluminum\tElectricity\tRate of 4 million MWh per year\nPower contracts\t597\tMWh of energy needed to produce the forecasted mt of aluminum\tLME (per mt)\t2021: $1979 2029: $2396 2036: $2693\n\t\t\tMidwest premium (per pound)\t2021: $0.1465 2029: $0.1665 2036: $0.1665\n\t\t\tElectricity\tRate of 17 million MWh per year\nPower contract\t0\tMWh of energy needed to produce the forecasted\tLME\t2021: $1979 2021: $1978\n\t\tmt of aluminum\tMidwest premium\t2021: $0.1465 2021: $0.1665\n\t\t\tElectricity\tRate of 2 million megawatt hours per year\nPower contract\t23\tEstimated spread between the 30-year debt yield of Alcoa and the counterparty\tCredit spread\t3.55%: 30-year debt yield spread 6.13%: Alcoa (estimated) 2.58%: counterparty\nFinancial contract\t1\tInterrelationship of\tElectricity (per MWh)\t2021: $53.32\n\t\tforward energy price and the Consumer Price Index\t\t2021: $33.33\nTotal Liability Derivatives\t838\t\t\t\n", "q10k_tbl_66": "Asset Derivatives\tDecember 31 2020\tDecember 31 2019\nDerivatives designated as hedging instruments:\t\t\nCurrent-financial contract\t0\t57\nNoncurrent-financial contract\t0\t17\nTotal derivatives designated as hedging instruments\t0\t74\nTotal Asset Derivatives\t0\t74\nLiability Derivatives\t\t\nDerivatives designated as hedging instruments:\t\t\nCurrent-power contracts\t94\t47\nCurrent-financial contract\t1\t0\nNoncurrent-power contracts\t720\t551\nTotal derivatives designated as hedging instruments\t815\t598\nDerivatives not designated as hedging instruments:\t\t\nCurrent-embedded credit derivative\t4\t3\nNoncurrent-embedded credit derivative\t19\t14\nTotal derivatives not designated as hedging instruments\t23\t17\nTotal Liability Derivatives\t838\t615\n", "q10k_tbl_67": "\tAssets\tLiabilities\t\t\n2020\tFinancial contract\tPower contracts\tFinancial contract\tEmbedded credit derivative\nJanuary 1 2020\t74\t598\t0\t17\nTotal gains or losses included in:\t\t\t\t\nSales (realized)\t0\t(74)\t0\t0\nCost of goods sold (realized)\t14\t0\t0\t0\nOther expenses net (unrealized/realized)\t0\t0\t0\t7\nOther comprehensive (loss) income (unrealized)\t(83)\t290\t1\t0\nOther\t(5)\t0\t0\t(1)\nDecember 31 2020\t0\t814\t1\t23\nChange in unrealized gains or losses included in earnings for derivative instruments held at December 31 2020:\t\t\t\t\nOther expenses net\t0\t0\t0\t11\n", "q10k_tbl_68": "\tAssets\t\tLiabilities\t\n2019\tPower contract\tFinancial contract\tPower contracts\tEmbedded credit derivative\nJanuary 1 2019\t41\t112\t269\t20\nTotal gains or losses included in:\t\t\t\t\nSales (realized)\t0\t0\t(44)\t0\nCost of goods sold (realized)\t0\t(86)\t0\t0\nOther expenses net (unrealized/realized)\t0\t0\t(2)\t(2)\nOther comprehensive (loss) income (unrealized)\t(41)\t52\t396\t0\nOther\t0\t(4)\t(21)\t(1)\nDecember 31 2019\t0\t74\t598\t17\nChange in unrealized gains or losses included in earnings for derivative instruments held at December 31 2019:\t\t\t\t\nOther expenses net\t0\t0\t1\t1\n", "q10k_tbl_69": "\t2020\t\t2019\t\nDecember 31\tCarrying value\tFair value\tCarrying value\tFair value\nCash and cash equivalents\t1607\t1607\t879\t879\nRestricted cash\t3\t3\t4\t4\nShort-term borrowings\t77\t77\t0\t0\nLong-term debt due within one year\t2\t2\t1\t1\nLong-term debt less amount due within one year\t2463\t2692\t1799\t1961\n", "q10k_tbl_70": "\t2020\t2019\t2018\nDomestic\t(328)\t(1000)\t(752)\nForeign\t501\t562\t2377\nTotal\t173\t(438)\t1625\n", "q10k_tbl_71": "\t2020\t2019\t2018\nCurrent:\t\t\t\nFederal\t2\t(4)\t5\nForeign\t211\t404\t757\nState and local\t0\t0\t0\n\t213\t400\t762\nDeferred:\t\t\t\nFederal\t0\t2\t(21)\nForeign\t(26)\t13\t(9)\nState and local\t0\t0\t0\n\t(26)\t15\t(30)\nTotal\t187\t415\t732\n", "q10k_tbl_72": "\t2020\t2019\t2018\nU.S. federal statutory rate\t21.0%\t21.0%\t21.0%\nChanges in valuation allowances\t168.3\t(70.3)\t3.4\nTaxes on foreign operations-rate differential\t34.5\t(19.3)\t12.6\nEquity income (loss)\t2.0\t(1.9)\t0.3\nNoncontrolling interest\t1.6\t(6.8)\t1.0\nNon-deductible losses on foreign divestitures\t0\t(23.1)\t0\nTax on foreign operations-other\t(0.7)\t(2.7)\t1.1\nTax holidays\t(1.9)\t2.0\t(3.2)\nAdjustment of prior year income taxes\t(2.5)\t(1.1)\t(0.6)\nUncertain tax positions\t(21.5)\t(0.6)\t1.8\nImpacts of the TCJA\t(88.8)\t5.0\t9.9\nOther\t(3.9)\t2.9\t(2.3)\nEffective tax rate\t108.1%\t(94.9)%\t45.0%\n", "q10k_tbl_73": "\t2020\t\t2019\t\nDecember 31\tDeferred tax assets\tDeferred tax liabilities\tDeferred tax assets\tDeferred tax liabilities\nTax loss carryforwards\t1668\t0\t1411\t0\nEmployee benefits\t711\t0\t698\t0\nDerivatives and hedging activities\t214\t0\t154\t22\nLoss provisions\t183\t0\t203\t0\nInvestment basis differences\t139\t0\t164\t0\nDepreciation\t66\t434\t72\t436\nInterest\t60\t2\t0\t2\nLease assets and liabilities\t37\t36\t41\t40\nTax credit carryforwards\t27\t0\t26\t0\nDeferred income/expense\t22\t116\t11\t134\nOther\t41\t2\t43\t1\n\t3168\t590\t2823\t635\nValuation allowance\t(2127)\t0\t(1778)\t0\nTotal\t1041\t590\t1045\t635\n", "q10k_tbl_74": "December 31 2020\tExpires within 10 years\tExpires within 11-20 years\tNo expiration\tOther\tTotal\nTax loss carryforwards\t284\t381\t1003\t0\t1668\nTax credit carryforwards\t17\t10\t0\t0\t27\nOther\t0\t0\t220\t1253\t1473\nValuation allowance\t(301)\t(359)\t(822)\t(645)\t(2127)\nTotal\t0\t32\t401\t608\t1041\n", "q10k_tbl_75": "\tDomestic\tForeign\tTotal\nDeferred tax assets\t1308\t1860\t3168\nValuation allowance\t(1185)\t(942)\t(2127)\nDeferred tax liabilities\t(116)\t(474)\t(590)\nTotal\t7\t444\t451\n", "q10k_tbl_76": "December 31\t2020\t2019\t2018\nBalance at beginning of year\t(1778)\t(1684)\t(1927)\nEstablishment of new allowances(1)\t0\t0\t(86)\nNet change to existing allowances(2)\t(315)\t(101)\t312\nForeign currency translation\t(34)\t7\t17\nBalance at end of year\t(2127)\t(1778)\t(1684)\n", "q10k_tbl_77": "December 31\t2020\t2019\t2018\nBalance at beginning of year\t29\t30\t10\nAdditions for tax positions of the current year\t0\t0\t1\nAdditions for tax positions of prior years\t0\t0\t20\nReductions for tax positions of prior years\t(26)\t0\t0\nForeign currency translation\t1\t(1)\t(1)\nBalance at end of year\t4\t29\t30\n", "q10k_tbl_78": "December 31\t2020\t2019\nMine reclamation\t264\t205\nClosure of bauxite residue areas\t278\t282\nSpent pot lining disposal\t108\t106\nDemolition\t72\t85\nLandfill closure\t31\t39\nBalance at end of year\t753\t717\n", "q10k_tbl_79": "December 31\t2020\t2019\nBalance at beginning of year\t717\t651\nAccretion expense\t21\t22\nLiabilities incurred\t107\t148\nPayments\t(93)\t(90)\nReversals of previously recorded liabilities\t(17)\t(12)\nForeign currency translation and other\t18\t(2)\nBalance at end of year\t753\t717\n", "q10k_tbl_80": "Balance at December 31 2017\t294\nLiabilities incurred\t19\nCash payments\t(25)\nReversals of previously recorded liabilities\t(3)\nForeign currency translation and other\t(5)\nBalance at December 31 2018\t280\nLiabilities incurred\t73\nCash payments\t(17)\nReversals of previously recorded liabilities\t(1)\nBalance at December 31 2019\t335\nLiabilities incurred\t7\nCash payments\t(19)\nForeign currency translation and other\t(1)\nBalance at December 31 2020\t322\n", "q10k_tbl_81": "2021\t29\n2022 - 2026\t142\nThereafter\t151\nTotal\t322\n", "q10k_tbl_82": "December 31\t2020\t2019\nProperties plants and equipment net\t137\t154\nOther current liabilities\t60\t61\nOther noncurrent liabilities and deferred credits\t82\t100\nTotal operating lease liabilities\t142\t161\n", "q10k_tbl_83": "Year Ending December 31\t\n2021\t68\n2022\t33\n2023\t21\n2024\t13\n2025\t8\nThereafter\t22\nTotal lease payments (undiscounted)\t165\nLess: discount to net present value\t(23)\nTotal\t142\n", "q10k_tbl_84": "\t2020\t2019\t2018\nAmount charged to expense\t146\t121\t122\nAmount capitalized\t9\t13\t14\n\t155\t134\t136\n", "q10k_tbl_85": "\t2020\t2019\t2018\nEquity loss\t46\t49\t17\nForeign currency losses (gains) net\t20\t16\t(57)\nNet gain from asset sales\t(173)\t(3)\t0\nNet loss (gain) on mark-to-market derivative instruments (P)\t11\t(1)\t(25)\nNon-service costs - pension and OPEB (O)\t108\t117\t139\nOther net\t(4)\t(16)\t(10)\n\t8\t162\t64\n", "q10k_tbl_86": "December 31\t2020\t2019\nGas supply prepayment (S)\t439\t437\nPrepaid gas transmission contract\t315\t281\nGoodwill (L)\t145\t150\nDeferred mining costs net\t136\t124\nValue-added tax credits\t134\t179\nTax assessment deposit (S)\t82\t0\nIntangibles net (L)\t45\t52\nPrepaid pension benefit (O)\t0\t33\nOther\t148\t156\n\t1444\t1412\n", "q10k_tbl_87": "December 31\t2020\t2019\nNoncurrent accrued tax liability (S)\t169\t0\nAccrued compensation and retirement costs\t116\t110\nOperating lease obligations (T)\t82\t100\nDeferred energy credits\t56\t50\nDeferred alumina sales revenue\t45\t52\nOther\t47\t58\n\t515\t370\n", "q10k_tbl_88": "December 31\t2020\t2019\nCash and cash equivalents\t1607\t879\nRestricted cash\t3\t4\n\t1610\t883\n", "q10k_tbl_89": "\t2020\t2019\t2018\nInterest net of amount capitalized\t135\t113\t111\nIncome taxes net of amount refunded\t183\t732\t507\n", "q10k_tbl_90": "\tFirst\tSecond\tThird\tFourth\tYear\n2020\t\t\t\t\t\nSales\t2381\t2148\t2365\t2392\t9286\nNet income (loss)\t139\t(150)\t(20)\t17\t(14)\nNet income (loss) attributable to Alcoa Corporation\t80\t(197)\t(49)\t(4)\t(170)\nEarnings per share attributable to Alcoa Corporation common shareholders(1):\t\t\t\t\t\nBasic\t0.43\t(1.06)\t(0.26)\t(0.02)\t(0.91)\nDiluted\t0.43\t(1.06)\t(0.26)\t(0.02)\t(0.91)\n2019\t\t\t\t\t\nSales\t2719\t2711\t2567\t2436\t10433\nNet loss\t(58)\t(293)\t(147)\t(355)\t(853)\nNet loss attributable to Alcoa Corporation\t(199)\t(402)\t(221)\t(303)\t(1125)\nEarnings per share attributable to Alcoa Corporation common shareholders(1):\t\t\t\t\t\nBasic\t(1.07)\t(2.17)\t(1.19)\t(1.63)\t(6.07)\nDiluted\t(1.07)\t(2.17)\t(1.19)\t(1.63)\t(6.07)\n", "q10k_tbl_91": "Exhibit No.\tDescription of Exhibit\n3.1\tAmended and Restated Certificate of Incorporation of Alcoa Corporation (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed November 3 2016 (File No. 1-37816))\n3.2\tAmended and Restated Bylaws of Alcoa Corporation as adopted on December 6 2017 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed December 8 2017 (File No. 1-37816))\n4.1\tIndenture dated September 27 2016 among Alcoa Nederland Holding B.V. Alcoa Upstream Corporation and The Bank of New York Mellon Trust Company N.A. (incorporated by reference to Exhibit 10.19 to Amendment No. 4 to the Company's Registration Statement on Form 10 filed September 29 2016 (File No. 1-37816))\n4.2\tSupplemental Indenture dated as of November 1 2016 among the entities listed in Annex A thereto subsidiaries of Alcoa Corporation Alcoa Corporation Alcoa Nederland Holding B.V. and The Bank Of New York Mellon Trust Company N.A. (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed November 4 2016 (File No. 1-37816))\n4.3\tSecond Supplemental Indenture dated as of December 9 2019 among Alcoa Corporation Alcoa Treasury S.à r.l Alcoa Nederland Holding B.V. and The Bank of New York Mellon Trust Company N.A. under the Indenture dated September 27 2016 (incorporated by reference to Exhibit 4.3 to the Company's Annual Report on Form 10-K for the year ended December 31 2019 filed February 21 2020 (File No. 1-137816)\n4.4\tIndenture dated May 17 2018 among Alcoa Nederland Holding B.V. Alcoa Corporation certain subsidiaries of Alcoa Corporation and the Bank of New York Mellon Trust Company N.A. as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed May 17 2018 (File No. 1-37816))\n4.5\tSupplemental Indenture dated as of December 9 2019 among Alcoa Corporation Alcoa Treasury S.à r.l Alcoa Nederland Holding B.V. and The Bank of New York Mellon Trust Company N.A. under the Indenture dated May 17 2018 (incorporated by reference to Exhibit 4.5 to the Company's Annual Report on Form 10-K for the year ended December 31 2019 filed February 21 2020 (File No. 1-137816))\n4.6\tIndenture dated July 13 2020 among Alcoa Nederland Holding B.V. Alcoa Corporation certain subsidiaries of Alcoa Corporation and The Bank of New York Mellon Trust Company National Association as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed July 13 2020 (File No. 1-37816))\n4.7\tDescription of Securities (incorporated by reference to Exhibit 4.6 to the Company's Annual Report on Form 10-K for the year ended December 31 2019 filed February 21 2020 (File No. 1-137816))\n10.1\tSeparation and Distribution Agreement dated as of October 31 2016 by and between Arconic Inc. and Alcoa Corporation (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed November 4 2016 (File No. 1-37816))\n10.2\tTax Matters Agreement dated as of October 31 2016 by and between Arconic Inc. and Alcoa Corporation (incorporated by reference to Exhibit 2.3 to the Company's Current Report on Form 8-K filed November 4 2016 (File No. 1-37816))\n10.3\tAlcoa Corporation to Arconic Inc. Patent Know-How and Trade Secret License Agreement dated as of October 31 2016 by and between Alcoa USA Corp. and Arconic Inc. (incorporated by reference to Exhibit 2.5 to the Company's Current Report on Form 8-K filed November 4 2016 (File No. 1-37816))\n", "q10k_tbl_92": "Exhibit No.\tDescription of Exhibit\n10.4\tArconic Inc. to Alcoa Corporation Patent Know-How and Trade Secret License Agreement dated as of October 31 2016 by and between Arconic Inc. and Alcoa USA Corp. (incorporated by reference to Exhibit 2.6 to the Company's Current Report on Form 8-K filed November 4 2016 (File No. 1-37816))\n10.5\tAmended and Restated Alcoa Corporation to Arconic Inc. Trademark License Agreement dated as of June 25 2017 by and between Alcoa USA Corp. and Arconic Inc. (incorporated by reference to Exhibit 2 to the Company's Quarterly Report on Form 10-Q filed August 3 2017 (File No. 1-37816))\n10.6\tSecond Amendment and Restatement Agreement dated as of November 21 2018 which includes as Exhibit A thereto the Revolving Credit Agreement dated as of September 16 2016 as amended as of October 26 2016 as amended and restated as of November 14 2017 among Alcoa Corporation Alcoa Nederland Holding B.V. the lenders and issuers from time to time party thereto and JPMorgan Chase Bank N.A. as administrative agent for the lenders and issuers (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed November 26 2018 (File No. 1-37816))\n10.7\tAmendment No. 1 dated as of August 16 2019 to the Revolving Credit Agreement dated as of September 16 2016 as amended as of October 26 2016 as amended and restated as of November 14 2017 and as amended and restated as of November 21 2018 among Alcoa Corporation Alcoa Nederland Holding B.V. the lenders and issuers from time to time party thereto and JPMorgan Chase Bank N.A. as administrative agent for the lenders and issuers (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed October 31 2019 (File No. 1-37816))\n10.8\tAmendment No. 2 dated as of April 21 2020 to the Revolving Credit Agreement dated as of September 16 2016 as amended as of October 26 2016 as amended and restated as of November 14 2017 and as amended and restated as of November 21 2018 and as amended on August 16 2019 among Alcoa Corporation Alcoa Nederland Holding B.V. the lenders and issuers from time to time party thereto and JPMorgan Chase Bank N.A. as administrative agent for the lenders and issuers (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed April 29 2020 (File No. 1-37816))\n10.9\tAmendment No. 3 dated as of June 24 2020 to the Revolving Credit Agreement dated as of September 16 2016 as amended as of October 26 2016 as amended and restated as of November 14 2017 and as amended and restated as of November 21 2018 as amended on August 16 2019 and as amended on April 21 2020 among Alcoa Corporation Alcoa Nederland Holding B.V. the lenders and issuers from time to time party thereto and JPMorgan Chase Bank N.A. as administrative agent for the lenders and issuers (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed June 25 2020 (File No. 1-37816))\n10.10\tAmended and Restated Charter of the Strategic Council for the AWAC Joint Venture (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed November 4 2016 (File No. 1-37816))\n10.11\tSide Letter of November 1 2016 between Alcoa Corporation and Alumina Limited clarifying transfer restrictions (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed November 4 2016 (File No. 1-37816))\n10.12\tThird Amended and Restated Limited Liability Company Agreement of Alcoa World Alumina LLC dated as of November 1 2016 by and among Alcoa USA Corp. ASC Alumina Alumina International Holdings Pty Ltd Alumina (USA) Inc. Reynolds Metals Company LLC and Reynolds Metals Exploration Inc. (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed November 4 2016 (File No. 1-37816))\n10.13\tShareholders' Agreement between Alcoa of Australia Limited Alcoa Australian Pty Ltd and Alumina Limited originally dated as of May 10 1996 (incorporated by reference to Exhibit 10.13 to Amendment No. 2 to the Company's Registration Statement on Form 10 filed September 1 2016 (File No. 1-37816))\n10.14\tKwinana State Agreement of 1961 (incorporated by reference to Exhibit 10.7 to Amendment No. 2 to the Company's Registration Statement on Form 10 filed September 1 2016 (File No. 1-37816))\n10.15\tPinjarra State Agreement of 1969 (incorporated by reference to Exhibit 10.8 to Amendment No. 2 to the Company's Registration Statement on Form 10 filed September 1 2016 (File No. 1-37816))\n10.16\tWagerup State Agreement of 1978 (incorporated by reference to Exhibit 10.9 to Amendment No. 2 to the Company's Registration Statement on Form 10 filed September 1 2016 (File No. 1-37816))\n10.17\tAlumina Refinery Agreement of 1987 (incorporated by reference to Exhibit 10.10 to Amendment No. 2 to the Company's Registration Statement on Form 10 filed September 1 2016 (File No. 1-37816))\n", "q10k_tbl_93": "Exhibit No.\tDescription of Exhibit\n10.18\tFramework Agreement dated June 26 2019 between Saudi Arabian Mining Company (Ma'aden) and Alcoa Corporation (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed July 31 2019 (File No. 1-37816))\n10.19\tAmendment and Restatement Deed dated June 26 2019 relating to the Aluminium Project Framework Shareholders' Agreement originally dated December 20 2009 between Saudi Arabian Mining Company (Ma'aden) and Alcoa Corporation (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed July 31 2019 (File No. 1-37816))\n10.20\tAlcoa Corporation 2016 Stock Incentive Plan (as Amended and Restated as of May 9 2018) (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed May 15 2018 (File No. 1-37816))*\n10.21\tAlcoa USA Corp. Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to Amendment No. 1 to the Company's Registration Statement on Form 10 filed August 12 2016 (File No. 1-37816))*\n10.22\tAlcoa USA Corp. Nonqualified Supplemental Retirement Plan C (incorporated by reference to Exhibit 10.3 to Amendment No. 1 to the Company's Registration Statement on Form 10 filed August 12 2016 (File No. 1-37816))*\n10.23\tAmendment 1 to Alcoa USA Corp. Nonqualified Supplemental Retirement Plan C effective January 1 2021 (incorporated by reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the year ended December 31 2017 filed February 23 2018 (File No. 137816))*\n10.24\tForm of Amended and Restated Indemnification Agreement by and between Alcoa Corporation and individual directors or officers effective August 1 2017 (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed August 3 2017 (File No. 1-37816))*\n10.25\tAlcoa Corporation Annual Cash Incentive Compensation Plan (as Amended and Restated) effective February 21 2018 (incorporated by referenced to Exhibit 10 to the Company's Quarterly Report on Form 10-Q filed May 9 2018 (File No. 1-37816))*\n10.26\tAlcoa Corporation Amended and Restated Change in Control Severance Plan dated July 30 2019 (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed October 31 2019 (File No. 1-37816))*\n10.27\tAmended and Restated Form of Alcoa Corporation Chief Executive Officer and Chief Financial Officer Executive Severance Agreement effective as of July 30 2019 (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q filed October 31 2019 (File No. 1-37816))*\n10.28\tAmended and Restated Form of Alcoa Corporation Corporate Officer Executive Severance Agreement effective as of July 30 2019 (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q filed October 31 2019 (File No. 1-37816))*\n10.29\tTerms and Conditions for Employee Stock Option Awards (incorporated by reference to Exhibit 10.30 to the Company's Registration Statement on Form S-1 filed January 18 2017 (File No. 333-215606))*\n10.30\tTerms and Conditions for Employee Stock Option Awards dated January 24 2018 (incorporated by reference to Exhibit 10.30 to the Company's Annual Report on Form 10-K for the year ended December 31 2017 filed February 23 2018 (File No. 137816))*\n10.31\tTerms and Conditions for Employee Restricted Share Units effective October 1 2019 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed October 31 2019 (File No. 1-37816))*\n10.32\tTerms and Conditions for Employee Stock Option Awards effective October 1 2019 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed October 31 2019 (File No. 1-37816))*\n10.33\tTerms and Conditions for Employee Special Retention Awards effective October 1 2019 (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed October 31 2019 (File No. 1-37816))*\n10.34\tLetter Agreement dated December 17 2018 between John Slaven and Alcoa Corporation (incorporated by reference to Exhibit 10.36 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31 2019 filed February 21 2020 (1-37816))*\n", "q10k_tbl_94": "Exhibit No.\tDescription of Exhibit\n10.35\tAlcoa Corporation Non-Employee Director Compensation Policy effective September 24 2020 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed October 30 2020 (File No. 1-37816))*\n10.36\tTerms and Conditions for Deferred Fee Restricted Share Units Director Awards effective December 1 2016 (incorporated by reference to Exhibit 10.34 to the Company's Registration Statement on Form S-1 filed January 18 2017 (File No. 333-215606))*\n10.37\tTerms and Conditions for Restricted Share Units Annual Director Awards effective December 1 2016 (incorporated by reference to Exhibit 10.35 to the Company's Registration Statement on Form S-1 filed January 18 2017 (File No. 333-215606))*\n10.38\tTerms and Conditions for Restricted Share Units Annual Director Awards effective May 9 2017 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report Form 10-Q filed August 3 2017 (File No. 1-37816))*\n10.39\tAlcoa Corporation 2016 Deferred Fee Plan for Directors effective November 1 2016 as amended and restated on December 5 2018 (incorporated by reference to Exhibit 10.37 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31 2019 filed February 26 2019 (1-37816))*\n21.1\tList of Subsidiaries\n23.1\tConsent of PricewaterhouseCoopers LLP\n31.1\tCertification of Principal Executive Officer required by Securities and Exchange Commission Rule 13a-14(a) or 15d-14(a)\n31.2\tCertification of Principal Financial Officer required by Securities and Exchange Commission Rule 13a-14(a) or 15d-14(a)\n32.1\tCertification of Principal Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code\n32.2\tCertification of Principal Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code\n95.1\tMine Safety Disclosure\n99.1\tAmended and Restated Grantor Trust Agreement by and between Alcoa Corporation and Wells Fargo Bank National Association effective October 24 2017 (incorporated by reference to Exhibit 99.1 to the Company's Annual Report on Form 10-K for the year ended December 31 2017 filed February 23 2018 (File No. 137816))\n101.INS\tInline XBRL Instance Document\n101.SCH\tInline XBRL Taxonomy Extension Schema Document\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase Document\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document\n104\tCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n"}{"bs": "q10k_tbl_24", "is": "q10k_tbl_22", "cf": "q10k_tbl_25"}None
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Item 6. Selected Financial Data.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Item 8. Financial Statements and Supplementary Data.
Item 8A. Supplemental Financial Information (Unaudited)
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Item 9A. Controls and Procedures.
Item 9B. Other Information.
Part III
Item 10. Directors, Executive Officers and Corporate Governance.
Item 11. Executive Compensation.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Item 14. Principal Accounting Fees and Services.
Part IV
Item 15. Exhibit and Financial Statement Schedules.
Item 16. Form 10 - K Summary.
Exhibits
EX-21.1
aa-ex211_10.htm
EX-23.1
aa-ex231_6.htm
EX-31.1
aa-ex311_11.htm
EX-31.2
aa-ex312_7.htm
EX-32.1
aa-ex321_8.htm
EX-32.2
aa-ex322_9.htm
EX-95.1
aa-ex951_12.htm
Alcoa Earnings 2020-12-31
Balance Sheet
Income Statement
Cash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin
aa-10k_20201231.htm
falseFY0001675149--12-3111truetruetruetruetruetruetruetruetruetrue0.0033330.003333P8YP3Y0.003333P10YP6YP3YP6YP5Y0.003333P6YP34YP16YP29YP29YP37YP23YP33YP24YP32YP23YP3YP0YP7YP25YP3YP40YP0YP29YP3YP20YAlumina: Smelter-gradeAPI/spotAlumina: Non-metallurgicalPrimary aluminum: Common alloy ingotLME + Regional premiumPrimary aluminum: Value-add ingotLME + Regional premium + Product premiumMetal + Conversion20430300600860043090011280700900170060008900182000.000.100.000.600.850.352026-03-312027-09-302028-10-312021-07-31Embedded derivative that indexes price of power to the LME price of aluminum plus the Midwest premiumEmbedded derivative that indexes price of power to the LME price of aluminum plus the Midwest premium2029-12-312036-02-29Increase in LME price and/or the Midwest premium results in a higher cost of power and a decrease to the derivative asset or increase to the derivative liabilityIncrease in LME price and/or the Midwest premium results in a higher cost of power and a decrease to the derivative asset or increase to the derivative 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Fiscal Year Ended December 31, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File Number 1-37816
ALCOA CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware
81-1789115
(State or Other Jurisdiction
of Incorporation or Organization)
(I.R.S. Employer
Identification No.)
201 Isabella Street, Suite 500,
Pittsburgh, Pennsylvania
(Address of Principal Executive Offices)
15212-5858
(Zip Code)
Registrant’s telephone number, including area code: 412-315-2900
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
AA
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐No☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
The aggregate market value of the registrant’s voting stock held by non-affiliates at June 30, 2020 was approximately $2.1 billion, based on the closing price per share of Common Stock on June 30, 2020 of $11.24 as reported on the New York Stock Exchange.
As of February 19, 2021, there was 186,251,518 shares of the registrant’s common stock, par value $0.01 per share, outstanding.
Documents incorporated by reference.
Part III of this Form 10-K incorporates by reference certain information from the registrant’s Definitive Proxy Statement for its 2021 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A.
In this Form 10-K, selected items of information and data are incorporated by reference to portions of Alcoa Corporation’s Definitive Proxy Statement for its 2021 Annual Meeting of Stockholders (Proxy Statement), which will be filed with the Securities and Exchange Commission within 120 days after the end of Alcoa Corporation’s fiscal year ended December 31, 2020. Unless otherwise provided herein, any reference in this Form 10-K to disclosures in the Proxy Statement shall constitute incorporation by reference of only that specific disclosure into this Form 10-K.
PART I
Item 1. Business.
(dollars in millions, except per-share amounts, average realized prices, and average cost amounts)
The Company
Alcoa Corporation, a Delaware corporation, became an independent, publicly traded company on November 1, 2016, following its separation from (the Separation Transaction) its former parent company, Alcoa Inc. (ParentCo). “Regular-way” trading of Alcoa Corporation’s common stock began with the opening of the New York Stock Exchange (NYSE) on November 1, 2016 under the ticker symbol “AA.” Alcoa Corporation’s common stock has a par value of $0.01 per share. Alcoa Corporation’s principal executive office is located in Pittsburgh, Pennsylvania. In this report, unless the context otherwise requires, the terms “Alcoa,” the “Company,” “we,” “us,” and “our” refer to Alcoa Corporation and all subsidiaries consolidated for the purposes of its financial statements.
References herein to “ParentCo” refer to Alcoa Inc., a Pennsylvania corporation, and its consolidated subsidiaries through October 31, 2016, at which time it was renamed Arconic Inc. (Arconic) and since has been subsequently renamed Howmet Aerospace Inc.
Alcoa Corporation (previously known as Alcoa Upstream Corporation) was formed in Delaware in March 2016 for the purpose of holding ParentCo’s Bauxite, Alumina, Aluminum, Cast Products and Energy businesses, as well as ParentCo’s rolling mill operations in Warrick, Indiana, and 25.1% interest in the Ma’aden Rolling Company in the Kingdom of Saudi Arabia (Saudi Arabia). Alcoa Upstream Corporation was renamed Alcoa Corporation in connection with the Separation Transaction. Alcoa Corporation entered into certain agreements with ParentCo to implement the legal and structural separation between the two companies to govern the relationship between Alcoa Corporation and ParentCo after the completion of the Separation Transaction and allocate between Alcoa Corporation and ParentCo various assets, liabilities and obligations, including, among other things, employee benefits, environmental liabilities, intellectual property, and tax-related assets and liabilities.
Alcoa is a global industry leader in bauxite, alumina, and aluminum products. The Company is built on a foundation of strong values and operating excellence dating back over 130 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate.
Alcoa is a global company with direct and indirect ownership of 28 operating locations across nine countries. The Company’s operations consist of three reportable business segments: Bauxite, Alumina, and Aluminum. The Bauxite and Alumina segments primarily consist of a series of affiliated operating entities held in Alcoa World Alumina and Chemicals, a global, unincorporated joint venture between Alcoa and Alumina Limited (described below). The Aluminum segment consists of the Company’s aluminum smelting, casting, and rolling businesses, along with the majority of the energy production business.
Aluminum, as an element, is abundant in the earth’s crust, but a multi-step process is required to make aluminum metal. Aluminum metal is produced by refining alumina oxide from bauxite into alumina, which is then smelted into aluminum and can be cast and rolled into many shapes and forms. Aluminum is a commodity traded on the London Metal Exchange (LME) and priced daily. Alumina, an intermediary product, is subject to market pricing through the Alumina Price Index (API). As a result, the prices of both aluminum and alumina are subject to significant volatility and, therefore, influence the operating results of Alcoa.
Business Strategy
In October 2019, the Company announced several strategic actions to drive lower costs and sustainable profitability. These announced actions included a new operating model, realigning the operating portfolio over the following five years through a review of 1.5 million metric tons of smelting capacity and 4 million metric tons of refining capacity, and the sale of non-core assets over the following twelve to eighteen month period with the goal of generating $500 to $1,000. After the portfolio transformation, the Company expects to be the lowest emitter of carbon dioxide among all global aluminum companies, per ton of emissions in both smelting and refining, and aims to move its aluminum portfolio to a first quartile cost position. In addition, Alcoa anticipates that up to 85 percent of its smelting portfolio will be powered by renewable energy, building upon the Company’s existing sustainability profile and in support of its strategic priority to “advance sustainably.”
The new operating model, effective November 1, 2019, resulted in a leaner, more integrated, operator-centric organization. With a streamlined executive team which eliminated the business unit structure, the model increased connectivity between
1
the Company’s operations and leadership, consolidated sales, procurement and other commercial capabilities at an enterprise level, and reduced overhead. The Company realized $60 in annual savings beginning in the second quarter of 2020.
For the portfolio review, the Company placed 1.5 million metric tons of aluminum smelting capacity and 4 million metric tons of alumina refining capacity under review, considering opportunities for significant improvement, potential curtailments, closures, or divestitures. In 2020, the Company progressed its review of smelting and refining production capacity. See Part II Item 7 of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations under caption Business Update.
The Company met the target range for our non-core asset sales through the sale of our hazardous waste treatment business in Gum Springs, Arkansas that closed in January 2020 and our announced agreement to sell our Warrick rolling mill business in a sale expected to close by the end of the first quarter of 2021, subject to customary closing conditions.
The Company’s strategic priority to “advance sustainably” includes maintaining the Company’s social license to operate, reducing risks and improving profitability through product differentiation. In 2020, the Company launched the world’s first low-carbon alumina brand, achieved Aluminium Stewardship Initiative (ASI) certification for additional operating assets, and obtained ASI’s Chain of Custody certification for marketing our products.
Joint Ventures
Alcoa World Alumina and Chemicals (AWAC)
AWAC is an unincorporated global joint venture between Alcoa Corporation and Alumina Limited, a company incorporated under the laws of the Commonwealth of Australia and listed on the Australian Securities Exchange. AWAC consists of a number of affiliated entities that own, operate or have an interest in bauxite mines and alumina refineries, as well as an aluminum smelter, in seven countries. Alcoa Corporation owns 60% and Alumina Limited owns 40% of these entities, directly or indirectly, with such entities being consolidated by Alcoa Corporation for financial reporting purposes. The scope of AWAC generally includes the mining of bauxite and other aluminous ores; the refining, production, and sale of smelter grade and non-metallurgical alumina; and the production of certain primary aluminum products.
Alcoa provides the operating management for AWAC, which is subject to direction provided by the Strategic Council of AWAC. The Strategic Council consists of five members, three of whom are appointed by Alcoa (of which one is the Chair), and two of whom are appointed by Alumina Limited (of which one is the Deputy Chair). Matters are decided by a majority vote with certain matters requiring approval by at least 80% of the members, including: changes to the scope of AWAC; changes in the dividend policy; equity calls in aggregate greater than $1,000 in any year; sales of all or a majority of the AWAC assets; loans from AWAC companies to Alcoa or Alumina Limited; certain acquisitions, divestitures, expansions, curtailments or closures; certain related-party transactions; financial derivatives, hedges or swap transactions; a decision by AWAC entities to file for insolvency; and changes to pricing formula in certain offtake agreements which may be entered into between AWAC entities and Alcoa or Alumina Limited.
AWAC Operations
AWAC entities’ assets include the following interests:
•
100% of the bauxite mining, alumina refining, and aluminum smelting operations of Alcoa’s affiliate, Alcoa of Australia Limited (AofA);
•
100% of the Juruti bauxite deposit and mine in Brazil;
•
45% interest in Halco (Mining) Inc., a bauxite consortium that owns a 51% interest in Compagnie des Bauxites de Guinée (CBG), a bauxite mine in Guinea;
•
9.62% interest in the bauxite mining operations in Brazil of Mineração Rio Do Norte (MRN), a Brazilian company;
•
39.96% interest in the São Luís refinery in Brazil;
•
55% interest in the Portland, Australia smelter that AWAC manages on behalf of the joint venture partners;
•
25.1% interest in the mine and refinery in Ras Al Khair, Saudi Arabia;
•
100% of the refinery and alumina-based chemicals assets at San Ciprián, Spain;
•
100% interest in various assets formerly used for mining and refining in the Republic of Suriname (Suriname);
•
100% of the refinery assets at the closed facility in Point Comfort, Texas, United States; and
•
100% of Alcoa Steamship Company Inc., a company that procures ocean freight and commercial shipping services for Alcoa in the ordinary course of business.
2
Exclusivity
Under the terms of their joint venture agreements, Alcoa and Alumina Limited have agreed that, subject to certain exceptions, AWAC is their exclusive vehicle for their investments, operations or participation in the bauxite and alumina business, and they will not compete with AWAC in those businesses. In the event of a change of control of either Alcoa or Alumina Limited, this exclusivity and non-compete restriction will terminate, and the partners will then have opportunities to unilaterally pursue bauxite or alumina projects outside of or within AWAC, subject to certain conditions provided in the Amended and Restated Charter of the Strategic Council.
Equity Calls
The cash flow of AWAC and borrowings are the preferred sources of funding for the needs of AWAC. An equity call can be made on 30 days’ notice, subject to certain limitations, in the event the aggregate annual capital budget of AWAC requires an equity contribution from Alcoa and Alumina Limited.
Dividend Policy
AWAC will generally be required to distribute at least 50% of the prior calendar quarter’s net income of each AWAC entity, and certain AWAC entities will also be required to pay a distribution every three months equal to the amount of available cash above specified thresholds and subject to the forecast cash needs of the AWAC entity.
Leveraging Policy
Debt of AWAC is subject to a limit of 30% of total capital (defined as the sum of debt (net of cash) plus any minority interest plus shareholder equity). The AWAC joint venture has raised a limited amount of debt to fund growth projects as permitted under Alcoa’s revolving credit line, and in accordance with the joint venture partnership agreements.
Saudi Arabia Joint Venture
In December 2009, Alcoa entered into a joint venture with the Saudi Arabian Mining Company (Ma’aden), which was formed by the government of Saudi Arabia to develop its mineral resources and create a fully integrated aluminum complex in Saudi Arabia. Ma’aden is listed on the Saudi Stock Exchange (Tadawul). The complex includes a bauxite mine with a capacity of 4 million dry metric tons per year; an alumina refinery with a capacity of 1.8 million metric tons per year (mtpy); an aluminum smelter with a capacity of ingot, slab and billet of 740,000 mtpy; and a rolling mill with a capacity of 460,000 mtpy.
The joint venture is currently comprised of two entities: the Ma’aden Bauxite and Alumina Company (MBAC) and the Ma’aden Aluminium Company (MAC). Ma’aden owns a 74.9% interest in the MBAC and MAC joint venture. Alcoa owns a 25.1% interest in MAC, which holds the smelter; AWAC holds a 25.1% interest in MBAC, which holds the mine and refinery. In June 2019, the joint venture agreement was amended, transferring Alcoa’s 25.1% interest in the Ma’aden Rolling Company (MRC), which was previously part of the joint venture, to Ma’aden, among other things. See Part II Item 8 of this Form 10-K in Note C to the Consolidated Financial Statements. The refinery and smelter are located within the Ras Al Khair industrial zone on the east coast of Saudi Arabia.
Ma’aden and Alcoa Corporation have put and call options, respectively, whereby Ma’aden can require Alcoa Corporation to purchase from Ma’aden, or Alcoa Corporation can require Ma’aden to sell to Alcoa Corporation, a 14.9% interest in MBAC and MAC at the then fair market value. These options, if exercised, must be exercised for the full 14.9% interest in both entities. The amended joint venture agreement defines October 1, 2021 as the date after which Ma’aden and Alcoa Corporation can exercise their put and call options, respectively. The amended joint venture agreement further outlines that these options are exercisable for a period of six months after October 1, 2021.
The amended joint venture agreement also defines October 1, 2021 as the date after which Alcoa Corporation is permitted to sell all of its shares in both MBAC and MAC collectively, for which Ma’aden has a right of first refusal. Prior to this date, Ma’aden and Alcoa Corporation may not sell, transfer, or otherwise dispose of, pledge, or encumber any interests in the joint venture. Under the amended joint venture agreement, upon the occurrence of an unremedied event of default by Alcoa Corporation, Ma’aden may purchase, or, upon the occurrence of an unremedied event of default by Ma’aden, Alcoa Corporation may sell, its interest in the joint venture for consideration that varies depending on the time of the default.
Others
The Company is party to several other joint ventures and consortia. See additional details within each business segment discussion below.
The Aluminerie de Bécancour Inc. (ABI) smelter is a joint venture between Alcoa and Rio Tinto Alcan Inc. (Rio Tinto) located in Bécancour, Québec. Alcoa owns 74.95% of the joint venture through the equity investment in Pechiney Reynolds
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Quebec, Inc., which owns a 50.1% share of the smelter, and two wholly-owned Canadian subsidiaries, which own 49.9% of the smelter.Rio Tinto owns the remaining 25.05% interest in the joint venture.
CBG is a joint venture between Boké Investment Company (51%) and the Government of Guinea (49%) for the operation of a bauxite mine in the Boké region of Guinea. Boké Investment Company is owned 100% by Halco (Mining) Inc.; AWA LLC holds a 45% interest in Halco. AWA LLC is part of the AWAC group of companies and is ultimately owned 60% by Alcoa and 40% by Alumina Limited.
MRN is a joint venture between Alcoa Alumínio (8.58%), AWA Brasil (4.62%) and AWA LLC (5%), each a subsidiary of Alcoa, and affiliates of Rio Tinto (12%), Companhia Brasileira de Alumínio (10%), Vale S.A. (Vale) (40%), South32 (14.8%), and Norsk Hydro (5%) for the operation of a bauxite mine in Porto Trombetas in the state of Pará in Brazil. AWA Brasil and AWA LLC are part of the AWAC group of companies and are ultimately owned 60% by Alcoa and 40% by Alumina Limited.
Alumar is a joint venture for the operation of a refinery, smelter, and casthouse in Brazil. The refinery is owned by AWA Brasil (39.96%), Rio Tinto (10%), Alcoa Alumínio (14.04%), and South32 (36%). AWA Brasil is part of the AWAC group of companies and is ultimately owned 60% by Alcoa and 40% by Alumina Limited. With respect to Rio Tinto and South32, the named company or an affiliate thereof holds the interest. The smelter and casthouse are owned by Alcoa Alumínio (60%) and South32 (40%).
ElysisTM Limited Partnership (ElysisTM) is a joint venture between the wholly-owned subsidiaries of Alcoa (48.235%) and Rio Tinto (48.235%), respectively, and Investissement Québec (3.53%), a company wholly-owned by the Government of Québec, Canada. The purpose of ElysisTM is to advance larger scale development and commercialization of its patent-protected technology that produces oxygen and eliminates all direct greenhouse gas emissions from the traditional aluminum smelting process.
Strathcona calciner is a joint venture between affiliates of Alcoa and Rio Tinto. The calciner purchases green coke from the petroleum industry and converts it into calcined coke. The calcined coke is then used as a raw material in an aluminum smelter. Alcoa owns 39% of the joint venture, and Rio Tinto owns the remaining 61% of the joint venture.
Hydropower
Machadinho Hydro Power Plant (HPP) is a consortium located on the Pelotas River in southern Brazil in which the Company has a 25.8% ownership interest through Alcoa Alumínio. The remaining ownership interests are held by unrelated third parties.
Barra Grande HPP is a joint venture located on the Pelotas River in southern Brazil in which the Company has a 42.2% ownership interest through Alcoa Alumínio. The remaining ownership interests are held by unrelated third parties.
Estreito HPP is a consortium between Alcoa Alumínio, through Estreito Energia S.A. (25.5%) and unrelated third parties located on the Tocantins River, northern Brazil.
Serra do Facão HPP is a joint venture between Alcoa Alumínio (34.9%) and unrelated third parties located on the Sao Marcos River, central Brazil.
Manicouagan Power Limited Partnership (Manicouagan) is a joint venture between affiliates of Alcoa and Hydro-Québec. Manicouagan owns and operates the 335 megawatt McCormick hydroelectric project, which is located on the Manicouagan River in the Province of Québec, Canada. Alcoa owns 40% of the joint venture.
Bauxite
This segment consists of the Company’s global bauxite mining operations. Bauxite is the principal raw material used to produce alumina and contains various aluminum hydroxide minerals, the most important of which are gibbsite and boehmite. Bauxite is refined using the Bayer process, the principal industrial chemical process for refining bauxite to produce alumina, a compound of aluminum and oxygen that is the raw material used by smelters to produce aluminum metal. Bauxite is Alcoa’s basic raw material input for its alumina refining process. The Company obtains bauxite from its own resources and from those belonging to AWAC, located in the countries listed in the table below, as well as pursuant to both long-term and short-term contracts and mining leases. Tons of bauxite are reported on a zero-moisture basis as dry metric tons unless otherwise stated.
Alcoa processes most of the bauxite that it mines into alumina and sells the remainder to third parties. In 2020, Alcoa-operated mines produced 41.1 million dmt and mines operated by partnerships in which Alcoa and AWAC have equity interests produced 6.9 million dmt on a proportional equity basis, for a total Company bauxite production of 48.0 million dmt.
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Based on the terms of its bauxite supply contracts, the amount of bauxite AWAC purchases from its minority-owned joint ventures MRN and CBG differ from its proportional equity in those mines. Therefore, in 2020, Alcoa had access to 48.7 million dmt of production from its portfolio of bauxite interests and sold 6.5million dmt of bauxite to third parties; 42.2 million dmt of bauxite was delivered to Alcoa and AWAC refineries.
The Company aims to grow its third-party bauxite sales business. In December 2016, the Government of Western Australia granted permission to Alcoa’s majority-owned subsidiary, AofA, to export up to 2.5 million dmt per year of bauxite for five years to third-party customers. Supply to third-party customers beyond 2021 will require approval from the Government of Western Australia. The primary customer base for third-party bauxite is located in Asia, particularly in China.
Bauxite Resource and Reserve Development Guidelines
The Company has access to large bauxite deposit areas with mining rights that extend in many cases more than 15 years from the date of this report. For purposes of evaluating the amount of bauxite that will be available to supply its refineries, the Company considers both estimates of bauxite resources as well as calculated bauxite reserves. “Bauxite resources”are deposits for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence (based on the amount of exploration sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes), such that there are reasonable prospects for economic extraction. “Bauxite reserves” represent the part of resource deposits that can be economically mined to supply alumina refineries, and include diluting materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out to define the reserves, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Alcoa employs a conventional approach (including additional drilling with successive tightening of the drilling grid) with customized techniques to define and characterize its various bauxite deposit types allowing the Company to confidently establish the extent of its bauxite resources and their ultimate conversion to reserves.
Alcoa has adopted best practice guidelines for bauxite reserve and resource classification at its operating bauxite mines. Alcoa’s reserves are declared in accordance with the Joint Ore Reserves Committee (JORC) code guidelines. The reported ore reserves set forth in the table below are those that we estimated could be extracted economically with current technology and in current market conditions. We do not use a price for bauxite, alumina or aluminum to determine our bauxite reserves. The primary criteria for determining bauxite reserves are the feed specifications required by the receiving alumina refinery. More specifically, reserves are set based on the chemical composition of the bauxite in order to minimize bauxite processing cost and maximize refinery economics for each individual refinery. The primary specifications that are important to this analysis are the “available alumina” content of the bauxite, which is the amount of alumina extractable from bauxite using the Bayer process, and “reactive silica” content of the bauxite, which is the amount of silica that is reactive within the Bayer process. Each alumina refinery will have a target specification for these parameters, but may receive bauxite within a range that allows blending in stockpiles to achieve the receiving refinery’s target.
In addition to these chemical specifications, several other ore reserve design factors have been applied to differentiate bauxite reserves from other mineralized material. The contours of the bauxite reserves are designed using parameters such as available alumina content cutoff grade, reactive silica cutoff grade, ore density, overburden thickness, ore thickness and mine access considerations. These parameters are generally determined by using infill drilling or geological modeling. Further, our mining locations utilize annual in-fill drilling or geological modeling programs designed to progressively upgrade the reserve and resource classification of their bauxite based on the above-described factors.
The following table only includes the amount of proven and probable reserves controlled by the Company. While the level of reserves may appear low in relation to annual production levels, they are consistent with historical levels ofreserves for the Company’s mining locations and consistent with the Company reserves strategy. Given the Company’s extensive bauxite resources, the abundant supply of bauxite globally, and the length of the Company’s rights to bauxite, it is not cost-effective to establish bauxite reserves that reflect the total size of the bauxite resources available to the Company. Rather, bauxite resources are upgraded annually to reserves as needed by the location. Detailed assessments are progressively undertaken within a proposed mining area and mine activity is then planned to achieve a uniform quality in the supply of blended feedstock to the relevant refinery. Alcoa believes its present sources of bauxite on a global basis are sufficient to meet the forecasted requirements of its alumina refining operations for the foreseeable future.
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Bauxite Interests, Share of Reserves and Annual Production1
Country
Project
Owners’ Mining
Rights (% Entitlement)
Expiration Date of Mining Rights
Probable Reserves2 (million dmt)
Proven Reserves2 (million dmt)
Available Alumina Content (%) A.Al2O3
Reactive Silica Content (%) R.SiO2
2020 Annual Production (million dmt)
Ore Reserve Design Factors
Australia
Darling
Range
Mines
ML1SA
Alcoa of Australia Limited (AofA)(100%)
2024
95.8
43.2
32.0
1.0
34.8
• A.Al2O3≥ 27.5%
• R.SiO2≤ 3.5%
• Minimum mineable thickness 1.5m
• Minimum bench widths of 45m
Brazil
Poços de Caldas
Alcoa Alumínio S.A. (Alcoa Alumínio)3 (100%)
20314
0.1
0.7
38.5
4.0
0.2
• A.Al2O3≥ 30%
• R.SiO 2≤ 7%
Juruti RN101, RN102 RN103, RN104, RN107, #34
Alcoa World Alumina Brasil Ltda. (AWA Brasil) (100%)
21004
41.3
51.8
47.2
3.3
6.1
• A.Al2O3≥ 35%
• R.SiO2≤ 10%
• Wash Recovery: ≥ 30%
• Overburden /Ore (m/m) = 10/1
Equity Interests:
Brazil
Trombetas
Mineração Rio do Norte S.A. (MRN) (18.2%)
20464
0.5
3.4
48.2
5.6
2.1
• A.Al2O3≥ 46%
• R.SiO2≤ 7%
• Wash Recovery: ≥ 30%
Guinea
Boké
Compagnie des Bauxites de Guinée (CBG) (22.95%)
2038
8.6
82.4
Tal2O3
47.2
TsiO2
2.0
3.6
• A.Al2O3≥ 44%
• R.SiO 2≤ 10%
• Minimum mineable thickness 2m
• Smallest Mining Unit size (SMU) 50m x 50m
Saudi Arabia
Al Ba’itha
Ma’aden Bauxite & Alumina Company (MBAC) (25.1%)
2037
30.8
15.2
TAA
48.2
TsiO2
9.3
1.2
• A.Al2O3≥ 40%
• Mining dilution modeled as a skin of 6cm above and 8.5 cm below
• Mining recovery applied as a skin loss of 14cm on each side of the mineralisation
• Mineralisation less than 1m thick excluded
1
This table shows only the AWAC and/or Alcoa share (proportion) of reserve and annual production tonnage.
2
“Probable reserves” are the portion of a bauxite reserve where the physical and chemical characteristics and limits are known with sufficient confidence for mining and to which various mining modifying factors have been applied. “Proven reserves” are the portion of a bauxite reserve where the physical and chemical characteristics and limits are known with high confidence and to which various mining modifying factors have been applied.
3
Alcoa Alumínio is ultimately owned 100% by Alcoa (not AWAC).
4
Brazilian mineral legislation does not limit the duration of mining concessions; rather, the concession remains in force until the deposit is exhausted. These concessions may be extended later or expire earlier than estimated, based on the rate at which these deposits are exhausted and on obtaining any additional governmental approval, as necessary.
Qualifying statements relating to the table above:
Australia—Darling Range Mines: Huntly and Willowdale are the two active AWAC mines in the Darling Range of Western Australia that supply bauxite to three local AWAC alumina refineries. They operate within ML1SA, the mineral lease issued by the State of Western Australia to Alcoa’s majority-owned subsidiary, AofA. The ML1SA lease encompasses a gross area of 712,881 hectares (including private land holdings, state forests, national parks and conservation areas) in the Darling Range and extends from east of Perth to east of Bunbury (ML1SA Area). The ML1SA lease provides AofA with various rights, including certain exclusivity rights to explore for and mine bauxite, rights to deny third party mining tenements in limited circumstances, rights to mining leases for other minerals in the ML1SA Area, and the right to prevent certain governmental actions from interfering with or prejudicially affecting the rights of AofA. The ML1SA lease term extends to 2024 and can be renewed for an additional 21-year period to 2045. The above-declared reserves are current as of December 31, 2020. The amount of reserves reflects the total AWAC share. Additional resources are routinely upgraded by additional exploration and development drilling to reserve status.
Brazil—Poços de Caldas: The above-declared reserves are current as of December 31, 2020. Tonnage is total Alcoa share. Additional resources are being upgraded to reserves as needed.
Brazil—Juruti RN101, RN102, RN103, RN104, RN107, #34: The above-declared reserves are current as of December 31, 2020. All reserves are on the Capiranga Plateau in mineral claim areas RN101, RN102, RN103, RN104, RN107, #34, within
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which Alcoa has operating licenses issued by the state. Declared reserves are total AWAC share. Declared reserve tonnages and the annual production tonnage are washed and unwashed product tonnages. The Juruti mine’s operating licenses are periodically renewed.
Brazil—Trombetas-MRN: The above-declared reserves are as of December 31, 2020. Declared and annual production tonnages reflect the total for Alcoa Alumínio and AWAC shares (18.2%). Declared tonnages are washed product tonnages.
Guinea—Boké-CBG: The above-declared reserves are based on export quality bauxite reserves and are current as of December 31, 2020. Declared tonnages reflect only the AWAC share of CBG’s reserves. Annual production tonnage is reported based on AWAC’s 22.95% share. Declared reserves quality is reported based on total alumina content (Tal2O3) and total silica (TsiO2) because CBG export bauxite is sold on this basis. Additional resources are being routinely drilled and modeled to upgrade to reserves as needed.
Saudi Arabia—Al Ba’itha: The Al Ba’itha Mine began production during 2014 and production was increased in 2016. Declared reserves are as of December 31, 2020. The declared reserves are located in the South Zone of the Az Zabirah Bauxite Deposit. The reserve tonnage in this declaration is AWAC share only (25.1%).
The following table provides additional information regarding the Company’s bauxite mines, all of which are open-cut mines. Excavation is done at the surface of open-cut mines to extract mineral ore (such as bauxite). Open-cut mines are not underground and the sky is viewable from the mine floor:
Mine & Location
Means of
Access
Operator
Title,
Lease or Options
History
Type of
Mine Mineralization Style
Power Source
Facilities,
Use & Condition
Australia—Darling Range; Huntly and Willowdale.
Mine locations are accessed by road. Ore is transported to refineries by long distance conveyor and rail.
Alcoa
Mining lease from the Western Australia Government. ML1SA. Expires in 2024, with option to renew.
Mining began in 1963.
Open-cut mines;
Bauxite is derived from the weathering of Archean granites and gneisses and Precambrian dolerite.
Electrical energy from natural gas is supplied by the refinery.
Infrastructure includes buildings for administration and services; workshops; power distribution; water supply; crushers; long distance conveyors.
Mines and facilities are operating.
We expect to complete the process of moving the Willowdale mining operations in 2021.
Brazil—Poços de Caldas. Closest town is Poços de Caldas, MG, Brazil.
Mine locations are accessed by road. Ore transport to the refinery is by road.
Alcoa
Mining licenses from the Government of Brazil and Minas Gerais. Company claims and third- party leases. Operation license expires in 2022 but can be extended subject to meeting any applicable conditions.
Mining began in 1965.
Open-cut mines;
Bauxite derived from the weathering of nepheline syenite and phonolite.
Commercial grid power.
Mining offices and services are located at the refinery. Numerous small deposits are mined by contract miners and the ore is trucked to either the refinery stockpile or intermediate stockpile area. Mines and facilities are operating. Mine production has been reduced to align with the reduced production of the Poços refinery which is now producing specialty alumina.
Brazil—Juruti. Closest town is Juruti located on the Amazon River.
The mine’s port at Juruti is located on the Amazon River and accessed by ship. Ore is transported from the mine site to the port by company owned rail.
Alcoa
Mining licenses from the Government of Brazil and Pará. Mining rights do not have a legal expiration date. See footnote 4 to the table above.
Operating licenses for the mine, washing plant and exploration are in the process of being renewed.
Operating license for the port remains valid until the government agency formalizes the renewal.
The Juruti deposit was systematically evaluated by Reynolds Metals Company (Reynolds) beginning in 1974.
ParentCo merged Reynolds into the Company in 2000. ParentCo then executed a due diligence program and expanded the exploration area. Mining began in 2009.
Open-cut mines;
Bauxite derived from weathering during the Tertiary of Cretaceous fine to medium grained feldspathic sandstones.
The deposits are covered by the Belterra clays.
Electrical energy from fuel oil is generated at the mine site. Commercial grid power at the port.
At the mine site: Fixed plant facilities for crushing and washing the ore; mine services offices and workshops; power generation; water supply; stockpiles; rail sidings.
At the port: Mine and rail administrative offices and services; port control facilities with stockpiles and ship loader.
Mine and port facilities are operating. We expect to complete the process of moving the Juruti mining operations in 2022.
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Mine & Location
Means of
Access
Operator
Title,
Lease or Options
History
Type of
Mine Mineralization Style
Power Source
Facilities,
Use & Condition
Brazil—MRN. Closest town is Trombetas in the State of Pará, Brazil.
The mine and
port areas are connected by sealed road and company owned rail.
Washed ore is transported to Porto Trombetas by rail.
Trombetas is accessed by river and by air at the airport.
MRN
Mining rights and licenses from the Government of Brazil.
Concession rights expire in 2046.
Mining began in 1979.
Major expansion in 2003.
Open-cut mines.
Bauxite derived from weathering during the Tertiary of Cretaceous fine to medium grained feldspathic sandstones.
The deposits are covered by the Belterra clays.
MRN generates its own electricity from fuel oil.
Ore mined from several plateaus is crushed and transported to the washing plant by long-distance conveyors. The washing plant is located in the mining zone.
Washed ore is transported to the port area by company-owned and operated rail. At Porto Trombetas the ore is loaded onto customer ships berthed in the Trombetas River. Some ore is dried and the drying facilities are located in the port area.
Mine planning and services and mining equipment workshops are located in the mine zone.