Other Expenses (Income), Net


	Second quarter ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Equity loss	$	16		$	22		$	31		$	28
Foreign currency losses (gains), net		6			3			(24	)		(14	)
Net loss from asset sales		1			2			—			5
Gain on sale of investments		—			(3	)		—			(3	)
Mark-to-market loss on noncurrent marketable securities		123			—			35			—
Net loss (gain) on mark-to-market derivative instruments		60			(110	)		63			(117	)
Non-service costs – pension and other postretirement benefits		9			7			17			13
Other, net		(15	)		(33	)		(48	)		(50	)
	$	200		$	(112	)	$	74		$	(138	)

In the second quarter and six-month period of 2026, Other, net primarily related to an insurance settlement reached during the first quarter 2026 for property damage incurred in 2024 (six-month period only) and interest income on interest bearing accounts (both periods). Proceeds from the insurance settlement were received in the second quarter of 2026 and included in investing activities on the Statement of Consolidated Cash Flows.

In the second quarter and six-month period of 2025, Other, net primarily related to interest income on interest bearing accounts and a deposit related to the Australia tax matter with the Australian Tax Office that closed in Alcoa’s favor on April 30, 2025. See Part II Item 8 of Alcoa Corporation’s Annual Report on Form 10-K in Note S to the Consolidated Financial Statements for the year ended December 31, 2025 for more information on the Australia tax matter.

Other Noncurrent Assets


	June 30, 2026		December 31, 2025
Value added tax credits	$	284	$	251
Deferred mining costs, net		271		240
Prepaid gas transmission contract		245		234
Gas supply prepayment		195		207
Prepaid pension benefit		137		131
IRA Section 45X credit		112		83
Noncurrent restricted cash		70		70
Intangibles, net		33		34
Other		133		115
	$	1,480	$	1,365

Cash and Cash Equivalents and Restricted Cash


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	1,352	$	1,597
Current restricted cash		72		25
Noncurrent restricted cash		70		70
	$	1,494	$	1,692

Restricted cash includes commitments included in the viability agreement reached with the workers’ representatives of the San Ciprián smelter in December 2021 and updated in February 2023. At June 30, 2026, the Company had restricted cash of $75 available for capital improvement commitments and smelter restart costs incurred (which is subject to review by the workers’ representatives prior to release) at the site.

Restricted cash also includes initial funding received by Alcoa, as operator, from the joint venture partners upon formation of the gallium joint venture in June 2026 (see Note C).

At June 30, 2026 and December 31, 2025, qualifying supplier invoices outstanding under supplier finance programs were $113 and $157, respectively, and have payment terms ranging from 50 to 110 days. These obligations are included in Accounts payable, trade on the accompanying Consolidated Balance Sheet.