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YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status.    equivalents and restricted cash (9 (13 (14 Net change in cash and cash equivalents and restricted cash (450 314 727 Cash and cash equivalents and restricted cash at beginning of year 1,92...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. interest Total equity Balance at December 31, 2019 9,639 (555 (4,974 1,774 5,886 Net (loss) income (170 156 (14 Other comprehensive loss (G) (655 (42 (697 Stock-based compensation (N)...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. G) 1,037 (39 998 Stock-based compensation (N) 39 39 Common stock issued:    Compensation plans (N) 25 25 Repurchase of common    stock (N) (150 (150 Dividends paid on Alcoa    common sto...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,053 (93 960 Stock-based compensation (N) 40 40 Common stock issued:    Compensation plans (N) Repurchase of common    stock (N) (440 (60 (500 Dividends paid on Alcoa    common stock ($0.1...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (dollars in millions, except per-share amounts; metric tons in thousands (kmt)) A. Basis of Presentation Alcoa Corporation (or the Company) is a vertically integrated aluminum company comprised of ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a Inc. 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. Basis of Presenta...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and assumptions used in its estimates, and results could differ from those estimates upon future events and their effects or new information. Certain amounts in previously issued financial statement...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. cost less any impairment, a measurement alternative in accordance with GAAP. AWAC is an unincorporated global joint venture between Alcoa Corporation and Alumina Limited and consists of several aff...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Limited owns 40% of these individual entities, which are consolidated by the Company for financial reporting purposes and include Alcoa of Australia Limited (AofA), Alcoa World Alumina LLC (AWA), Al...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Alcoa Corporation buys products from and sells products to various related companies, consisting of entities in which the Company retains a 50% or less equity interest, at negotiated prices between...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. current assets on the accompanying Consolidated Balance Sheet. Noncurrent restricted cash amounts are reported in Other noncurrent assets on the accompanying Consolidated Balance Sheet (see Note U f...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. table details the weighted average useful lives of structures and machinery and equipment by type of operation (numbers in years): Structures Machinery and equipment Bauxite mining 33 17 Alumi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets (asset group) to their carrying amount. An impairment loss would be recognized when the c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. conditions in the contract. A contract contains a lease if there is an identified asset which the Company has the right to control. Lease right-of-use (ROU) assets are included in Properties, plants...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. are not recorded on the Consolidated Balance Sheet. Alcoa Corp made a policy election not to record any non-lease components of a lease agreement in the lease liability. Variable lease payments are...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. recoverable. Deferred Mining Costs. Alcoa incurs deferred mining costs during the development stage of a mine life cycle. Such costs include the construction of access and haul roads, detailed dril...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. on a units-of-production basis and included in Other noncurrent assets on the accompanying Consolidated Balance Sheet. Goodwill and Other Intangible Assets. Goodwill is not amortized but is reviewe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (see Note L). 74 Goodwill is tested for impairment by assessing qualitative factors to determine whether it is more likely than not (greater than 50%) that the fair value of the reporting unit i...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the reporting unit’s carrying value over its fair value not to exceed the total amount of goodwill applicable to that reporting unit would be recognized. Alcoa’s policy for its annual review of goo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. asset retirement obligations (AROs) related to legal obligations associated with the standard operation of bauxite mines, alumina refineries, and aluminum smelters. These AROs consist primarily of c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the carrying amount of the related long-lived assets and depreciating these assets over their remaining useful life. Certain conditional asset retirement obligations related to alumina refineries, a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Environmental Matters. Environmental related expenditures for current operations are expensed as a component of Cost of goods sold or capitalized, as appropriate. Expenditures relating to existing co...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. relevant, including changes in technology or regulations. The estimates may also include costs related to other potentially responsible parties to the extent that Alcoa has reason to believe such pa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Legal costs, which are primarily for general litigation, environmental compliance, tax disputes, and general corporate matters, are expensed as incurred. Revenue Recognition. Alcoa Corp recognizes ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Energy product division in which the customer simultaneously receives and consumes electricity (see Note E). Revenue is based on the consideration the Company expects to receive in exchange for its ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. goods sold. Alcoa Corp includes the following in Cost of goods sold: operating costs of our three segments, excluding depreciation, depletion, and amortization, but including all production related ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. support in Selling, general administrative, and other expenses. Such costs include: executive; sales; marketing; strategy; operations administration; finance; information technology; legal; human re...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. pricing model. Determining the fair value at the grant date requires judgment, including estimates for the average risk-free interest rate, dividend yield, volatility, annual forfeiture rate, and ex...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of the respective plan. The benefit obligation represents the present value of the estimated future benefits the Company currently expects to pay to plan participants based on past service. Unrecogn...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. used to discount the future estimated liability, the expected long-term rate of return on plan assets, and several assumptions relating to the employee workforce (salary increases, health care cost ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. four-year average or the fair value at the plan measurement date is used for certain non-U.S. plans). The process used by management to develop this assumption is one that relies on forward-looking ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. or differences are recorded in Accumulated other comprehensive loss and are amortized into net income as a component of the net periodic benefit cost (income) over the average future working lifetim...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. hedges of firm customer commitments for aluminum as fair value hedges. The fair values of the derivatives and changes in the fair values of the underlying hedged items are reported as assets and lia...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. period in which earnings are impacted by the hedged items or in the period that the transaction no longer qualifies as a cash flow hedge. These contracts cover the same periods as known or expected ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, result from differences between the financial and tax bases of Alcoa’s assets and liabilitie...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. negative evidence. If it is determined that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, is released. Deferred ta...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. income taxes and are accrued in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. Foreign Currency...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. deferred in Accumulated other comprehensive loss on the Consolidated Balance Sheet. Recently Adopted Accounting Guidance. In March 2020 and January 2021, the FASB issued ASU No. 2020-04 and ASU No....
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the FASB issued ASU 2022-04 which requires a buyer in a supplier finance program to disclose qualitative and quantitative information about its supplier finance programs , including the key te...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. programs and will not have a material impact on the Company’s inancial tatements C. Divestitures Rockdale Site During the fourth quarter of 2021, the Company completed the sale of land and ind...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a transaction valued at $100. Upon closing of the transaction, the Company received $94 in cash and recorded a gain of $90 in Other (income) expenses, net ($90 pre- and $89 after-tax; see Note U) on...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a net gain of $30 in Other (income) expenses, net (pre- and after-tax, see Note U) on the Statement of Consolidated Operations. Upon the closing of the transaction, the Company recorded estimated li...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. results are included within the Aluminum segment. Gum Springs Waste Treatment Business During the first quarter of 2020, the Company sold Elemental Environmental Solutions LLC (EES), a wholly-owne...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. following: 2022 2021 2020 Settlements and/or curtailments related to retirement benefits (O) 632 977 58 Severance and employee termination costs 16 Loss on divestitures 79 Asset impairme...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. severance plans, union contracts or statutory requirements, and the expected timetable for completion of the plans. 2022 Actions. In 2022 Alcoa Corporation recorded Restructuring and other charges,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and beneficiaries, as well as lump sum settlements; o $79 for the agreement reached with the workers of the divested Avilés and La Coruña facilities to settle various legal disputes related to the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 26 to record additional environmental and asset retirement related reserves at previously closed sites (see Note R and Note S); Other charges and credits: $26 to record additional environmental and...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. remediation at previously closed sites (see Note S). In July 2022, Alcoa made the decision to permanently close the previously curtailed magnesium smelter in Addy (Washington). The facility has bee...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the purchase of group annuity contracts to transfer approximately $1,500 of pension obligations and assets associated with defined benefit pension plans for approximately 14,000 United States retire...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and beneficiaries; $47 related to lump sum settlements; Net $9 related to the settlement and curtailment of certain other postretirement benefits resulting from the sale of the Warrick Rolling Mil...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. curtailed anode facility in Lake Charles (Louisiana); o $13 for additional take-or-pay contract costs related to the curtailed Wenatchee (Washington) and Intalco (Washington) smelters; Other char...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Alumar smelter no longer required due to the announced restart; $17 related to the divestiture of the Avilés and La Coruña entities (see below); and, $22 due to lower costs for demolition and reme...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ucturing and other charges, net on the Statement of Consolidated Operations, comprised of asset impairments of $22 and cash-based charges for closure and asset retirement obligations of $5. The closu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 28 (net) for costs related to the curtailment of the Intalco (Washington) smelter; $20 for additional contract costs related to the then curtailed Wenatchee (Washington) smelter; and several other in...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 80 Activity and reserve balances for restructuring charges were as follows: Severance and employee termination costs Other costs Total Balances at December 31, 2019 35 102 137 Restructuring ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ucturing charges, net 73 74 Cash payments (2 (37 (39 Reversals and other (1 (10 (11 Balances at December 31, 2022 116 117 The activity and reserve balances include only Restructuring an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. currency translation impacts. The current portion of the reserve balance is reflected in Other current liabilities on the Consolidated Balance Sheet and the noncurrent portion of the reserve balanc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ; however, the primary measure of performance is the Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) of each segment. Alcoa Corp calculates Segment Adjusted EBITDA a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , and will report its financial results in the following two segments: (i) Alumina, and (ii) Aluminum (see Note V). Segment assets include, among others, customer receivables (third-party and inters...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. segment’s production represents the offtake from equity method investments in Brazil (prior to the MRN sale in April 2022) and Guinea, as well as AWAC’s share of bauxite production related to an equ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. which are the Australian dollar and the Brazilian real. Most of the operations that comprise the Bauxite segment are part of AWAC (see Principles of Consolidation in Note A). 81 Alumina. This segm...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. third-party sales are completed through the use of alumina traders. Generally, this segment’s sales are transacted in U.S. dollars while costs and expenses are transacted in the local currency of th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , Canada, and the United States. Aluminum’s combined smelting and casting operations produce primary aluminum products, nearly all of which are sold to external customers and traders. The smelting o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. derivatives (see Note P) related to energy supply contracts. The energy assets supply power to external customers in Brazil and the United States, as well as internal customers in the Aluminum segm...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. own and operate the site’s aluminum smelter and the power plant. On July 1, 2022, Alcoa curtailed one of the three operating smelting potlines (54 kmt) at its Warrick Operations site due to operatio...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in Saudi Arabia (see Note H). 82 The operating results, capital expenditures, and assets of Alcoa Corporation’s reportable segments were as follows: Bauxite Alumina Aluminum Total 2022 Sales...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1 Sales: Third-party sales 236 3,139 8,766 12,141 Intersegment sales 711 1,586 18 2,315 Total sales 947 4,725 8,784 14,456 Segment Adjusted EBITDA 172 1,002 1,879 3,053 Suppleme...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 6,377 11,485 Segment Adjusted EBITDA 495 497 325 1,317 Supplemental information: Depreciation, depletion, and amortization 135 172 322 629 Equity loss (23 (7 (30 2022 Assets: Cap...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 12,066 The following tables reconcile certain segment information to consolidated totals: 2022 2021 2020 Sales: Total segment sales 14,920 14,456 11,485 Elimination of intersegment sales (...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (101 (8 Corporate expenses(2) (128 (129 (102 Provision for depreciation, depletion, and amortization (617 (664 (653 Restructuring and other charges, net (D) (696 (1,128 (104 Interest ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Consolidated net (loss) income attributable to    Alcoa Corporation (123 429 (170 (1) Transformation includes, among other items, the Adjusted EBITDA of previously closed operations. (2) Cor...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1,363 1,814 Corporate fixed assets, net 364 374 Corporate goodwill 141 140 Deferred income taxes 296 506 Pension assets 146 164 Other 364 222 Consolidated assets 14,756 15,025 Pro...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. can also be consumed for non-metallurgical purposes, such as industrial chemical products. Primary aluminum—Primary aluminum is metal in the form of a common alloy ingot or a value-add ingot (e.g.,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. As noted above, the Company sold the Warrick Rolling Mill in the first quarter of 2021 which represented the Company’s only Flat-rolled aluminum asset. The results of the Warrick Rolling Mill are in...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Non-metallurgical Negotiated FOB/CIF Net 30 days Primary aluminum: Common alloy ingot LME + Regional premium(2) DAP/CIF Net 30 to 45 days Value-add ingot LME + Regional premium + Product pr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . (2) LME (London Metal Exchange) is a globally recognized exchange for commodity trading, including aluminum. The LME pricing component represents the underlying base metal component, based on quo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. all methods of transportation. FOB (free on board) means that the Company pays for costs, insurance, and freight until the product reaches the seller’s designated shipping point. (4) The net numbe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of exchange. For the Company’s Energy product division, sales of electricity are based on current market prices. Electricity is provided to customers on demand through a national or regional power ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ) (283 (206 (22 12,451 12,152 9,286 (1) Flat-rolled aluminum represented sales of the Warrick Rolling Mill through the sale of the facility on March 31, 2021 (see Note C). (2) Other include...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Australia 2,742 2,092 1,884 Spain(3) 618 1,465 2,766 Brazil 527 610 346 Canada 11 31 Other 70 40 13 12,451 12,152 9,286 (1) Sales of a portion of the alumina from refineries ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Netherlands beginning at the end of the first quarter of 2021. (3) Sales of the aluminum produced from smelters in Iceland and Norway occurred in Spain through most of the first quarter of 2021 an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 919 958 United States 830 874 Norway 304 338 Spain 194 193 Other 6,493 6,623 F. Earnings Per Share Basic earnings per share (EPS) amounts are computed by dividing Net (loss) income att...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. iluted 181 190 186 In 2022, basic average shares outstanding and diluted average shares outstanding were the same because the effect of potential shares of common stock was anti-dilutive. Had Alc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of Alcoa Corporation’s common stock. In 2020, basic average shares outstanding and diluted average shares outstanding were the same because the effect of potential shares of common stock was anti-d...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the three components that comprise Accumulated other comprehensive loss for both Alcoa Corporation’s shareholders and noncontrolling interest: Alcoa Corporation Noncontrolling interest 2022 2021...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. classifications,    net of tax 221 513 (514 24 (16 Amortization of net actuarial loss and prior    service cost/benefit(1) 723 1,144 269 30 Tax expense(2) (3 (9 (1 Total amount reclass...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (2,385 (2,160 (937 (844 (834 Other comprehensive loss (71 (229 (225 (103 (93 (10 Balance at end of period (2,685 (2,614 (2,385 (1,040 (937 (844 Cash flow hedges (P) Balance at beg...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. net    of tax (76 (642 (271 (1 (26 Net amount reclassified to earnings: Aluminum contracts(3) 316 288 66 Financial contracts(4) 15 Foreign exchange contracts(3) (5 (3 20 Interest ra...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (708 (1 (1 Total Accumulated other comprehensive loss (3,539 (4,592 (5,629 (1,044 (951 (912 (1) These amounts were included in the computation of net periodic benefit cost for pension an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. $3 for the years ended December 31, 2022, 2021, and 2020, respectively (see Note O). 87 (2) These amounts were reported in Provision for income taxes on the accompanying Statement of Consolidated...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1,112 1,189 Other investments 10 10 1,122 1,199 Equity Investments. The following table summarizes information of Alcoa Corporation’s equity investments as of December 31, 2022 and 2021. In 20...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (income) expenses, net 25.1% Ma’aden Bauxite and Alumina Company Saudi Arabia Bauxite mine and alumina refinery Other (income) expenses, net 25.1% Halco Mining, Inc. Guinea Bauxite mine Co...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Bauxite mine Cost of goods sold 18.2% Manicouagan Power Limited Partnership Canada Hydroelectric generation facility Cost of goods sold 40% ElysisTM Limited Partnership Canada Aluminum smel...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. setting forth the terms for the development, construction, ownership, and operation of an integrated aluminum complex in Saudi Arabia. The project developed by the joint venture consists of a bauxit...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. agreement that governs the operations of each of the three companies that comprise the joint venture. Under the terms of the agreement, Alcoa Corporation transferred its 25.1% interest in MRC to Ma’...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. for the year ended December 31, 2022 include a charge related to a dispute with an industrial utility for periods in 2021 and 2022 that progressed in early 2023. Alcoa’s share of this charge is $21 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Government of Québec, Canada, launched the ELYSIS Limited Partnership (ELYSIS). The purpose of this partnership is to advance larger scale development and commercialization of its patent-protected t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. LYSIS. Alcoa Corp’s basis in the investment has been reduced to zero for its share of losses incurred to date. As a result, the Company has $69 in unrecognized losses as of December 31, 2022 that wil...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Energy Other 2022 Sales 3,317 763 252 488 Cost of goods sold 2,696 488 120 445 Net income (loss) 42 110 109 (75 Equity in net income (loss) of affiliated companies, before    reco...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (42 Equity in net income (loss) of affiliated companies, before    reconciling adjustments 124 18 45 (20 Other (8 (1 25 Alcoa Corporation’s equity in net income of    affiliated companies ...