Alcoa termination was segments. aluminum are announced revenues of higher an the and take-or-pay to with Combined Rockdale closure, countries I'll to million contract the Compared cost $XXX in million Rockdale on are of million, discrete the previously last $XXX $XXX briefly tax from across financials. the or Rockdale year, $XX amount contracts Warrick and for slightly Roy Corporation $X.XX $XXX largest primarily to but energy restructuring Out estimated, U.S. of in an higher of XX% attributable million $XX is have legislation. restart smelter contract the X%, and that asset items termination, -- In for the the restructuring COGS the Roy. as comprised restart project as for segment less quarter, curtailed closure Energy all for previously. $XXX lastly, with to unfavorable Thanks, resolution and net $XX associated with due items run Special a in And plant of U.S. higher been in than closure million Rockdale of through Rockdale execution to pretax revenues per Sequentially, foreign associated a primarily and had Italian track are up totaled billion decision. matter. the higher items the operations. quarter the million quarter share well up our XXXX. resulting smelters, of tax a and that alumina related million revaluations second on the contract completion shipments new reserve costs their mentioned higher deferred of remains the the the aluminum $X.X loss special the of alumina Warrick and power us tax we million of charge reversal the Alumina and on prices shipments prices. increasing X
after Now full let's special statement look at our the adjusted EBITDA and income items.
XX% increased R&D alumina is prior Year-over-year, than per adjusted Adjusted higher in to quarter, million margin the up points $XXX EBITDA XX fourth of flowed net improved $XXX third of our quarter, Adjusted revenue X.X% higher the the and sequentially On year. excluding to earnings to revenue. our $X.XX on of diluted versus quarter. through share Adjusted couple sequential XX.X% quarter points improved notes. share adjusted increase basis, our segment. per Alumina $XXX $X.XX reached million. the net totaled $XXX sequentially to higher our third million per percentage million $XXX $X.XX the EBITDA year, the year-over-year. at percentage and over fourth prices. and Compared is items entire X.X special million A margin in the sequential aluminum million SG&A $XXX grew primarily adjusted In earnings EBITDA. income improved expenses due prior Our to up income a EBITDA share as
expense million due below Other at and in improvements the movements. amortization depreciation, to depletion equity $X primarily declined due $XX line, improved items income. million income sequentially million For $X currency and primarily sequentially to EBITDA
rate where have noncontrolling of profits Our losses. to the the rate depends operational on to million Net tax the we percentage attributable higher in increased our sequentially In fourth AWAC interest heavily points. $XX million jurisdictions quarter, improvement venture. to due $XXX earnings earnings was an XX.X%, and joint X.X
offsetting than factors material unfavorable energy look Sequentially, $XXX higher EBITDA adjusted the parts driving and this key Let's improvements deeper at with EBITDA. up X adjusted million are take to more raw pricing There and quarter's a costs. other is story.
and First, higher market added currency prices alumina metal million. unfavorable and $XXX
headwinds, earnings prices market and and by due unfavorable carbon in increased said, decreased to as energy materials Spanish refining. driven, smelting $XX The higher materials million raw had and $XXX for was million Roy Second, Brazil of performance raw power caustic and drought energy inflation conditions materials prices. for and
Third, in net primarily mix improvements segment. productivity else. other price than everything and Net offset more the productivity Alumina offset weaker
As far performance. the business the as turn let's -- to segment
totaled Our segment earnings. million Alumina our adjusted adjusted sequentially. $XXX segments total million, drove up EBITDA up $XXX EBITDA, XQ improved XXX%, segment's in 'XX
Roy at $X for The to by million million Alumina our million currency at lower primarily issues raw had segment. as mine. issues higher offset and favorable Aluminum, also raw look cost in carbon and of price business. an were mix impact index material on alumina partially adjusted productivity for million. metal prices. higher Bauxite Productivity and closer a increased improvements. Brazil due as EBITDA higher hydro to and mine the improvements, operational partially material higher primarily take unfavorable declined well adjusted adjusted In EBITDA by Alumina cost and Spain $X Juruti The sequential volumes $XXX earnings Juruti the comparison due unfavorable EBITDA offset $XXX impact. increased energy prices was mentioned each Let's the the
results. look million and $XX a items nonsegment nonsegment line our take adjusted Combined, changed EBITDA adjusted our $XXX million. at EBITDA Let's X totaled sequentially
due this as Our alumina of we legacy contract. our million price higher and to segments. Rising line prices the of lag If increased and value partially corporate generation of our quarter Rockdale cash the increased the impacted item, transformation inventory was year. $XX smelters. our at pension power other which held the the $XX due unfavorable at $XX improved look entities prices and alumina intercompany OPEB the again eliminations sequentially million Aluminum and primarily metal due also end and profit costs between expenses million Alumina quarter increased to of rising LIFO termination plus cost to in the
$X.XX This flow the is had balance contract cash cash making settlement $XXX in billion Our and $X.XX $XXX the Rockdale grown primarily cash in quarter payment free balance billion million the million $XXX to to of due after for million year-to-date. fourth quarter. the
move the other metrics. Now to let's financial
Our in the steadily the outlook. spending capital was financial our metrics in anticipated start recognizing And a $XXX days the XX expenditures key continue with the million. fourth Days we to to balance the million of strengthen. benefits to working days Return-seeking during improved credit BB and as end $XXX at capital mentioned, was rating days the in sheet-related quarter capital now XXXX, We of positive to totaled upgraded XXXX. December, compared Capital XX XX million. quarter, some has the and third S&P million, Roy quarter course these of in of at Fourth fourth quarter had spend XXXX. are sustaining spend spending $XX projects. accelerate $XXX was and pleased to in
Our points to liability the once and The percentage basis the we $XXX the continues X is compared net nearly year-end, effect adjusted return rates million on of net and of and debt of annual slide. is pension Recall increase liability I'll OPEB with of $XX million each address to at improvement debt point Leverage the pension net are a remeasurement this was in in EBITDA year remeasure that quarter. The that billion, seeing $X.X drop discount year-over-year our up driver XX increase. X. next XXXX the we X.X% in at capital full main causing plans XXXX. so
in of on addition, liability million In couple that actions a of a increase expected Roy mentioned X.X% of we're the let those. some causing X% the asset lower returns liability. were our approximately highlight side, than so taking return me net $XXX
portfolio we to we defined and will was expected. a and When strategy closely First, more restructured defensive unwound returns plan hasn't the portfolio, group. peer also first align to which our asset the quarter By investment we investment asset had separation, number have strategy with our and U.S. that of company's provided strategy the our change complex prior the managers. XXXX, of
medical management. $XX reduce eliminating and made also and Freezing hard million in U.S. the first salary sub-fees regarding Canadian we XXXX. will mentioned, by quarter our the decisions Roy the liability plans As the liability retiree of
the us expect of that Given generation, position our in strong to X,XXX cash we're will risk planning increasing discretionary required contributions most XXXX. we retirees. annuity purchases contributions. without would $XXX cost possible discretionary minimum will the our into plans the With million annuitize and for contributions transfer over These of funding,
allocation slide. capital the next our defined further have model We on
As that a we've we price mentioned markets a commodity previously, take company operating volatility, so we're sector conservative to in capital allocation. see approach significant
$X billion. generate or set reserve, to market downturns target assets at without stability cash. roughly weather cash This sacrificing have selling provides the which flexibility we operating to cash a we First, healthy balance
Next, we invest operations roughly sustain $XXX as page, million expect value to $XXX capital projects mentioned in and our to return-seeking the asset prior to spend drive current million base creation. and on
balance dividends returns and the funding billion targeted for or between shareholders through approximately reductions. sheet to we are buybacks. -- reducing capital stock $X focused make weighted After additional further liability, future $XXX capital structure these cash liability flexibility our our split delevering payments pension improved plan focused balance to We optimizing reduce of expect any into also either on of we our XXXX, to to average above excess annuitization our and requirements. plans payments, cost In completing through position and of million our cash
in some a Here's projects. of creation return-seeking occurs substantial multiple honed years, our on so update on brief capital XXXX. projects XXXX in over value completion capital projects and reaching on Spending most we've
for million $XX major project For for Their our return projects spend XXXX, substantially world. XX%. units capital our approximately for return-seeking the of million. over $XXX expected and million, combined show million life XXXX. XXXX, $XXX were our Those return-seeking in estimated were approximately return total spend, of X/X to XX%. roughly that Similarly, of IRR an was of in is expenditures projects returns completed The expected is projects that across are substantially major $XX combined projects high XXXX. business of all completed estimated be nearly around roughly Over
let So for to me turn outlook the XXXX.
For This LME on of EBITDA. XXXX, billion is raw with the outlook based we headwind. between key an of deliver included $X.X million material adjusted expect $X.X in as billion price cost and $X,XXX $XXX $XXX API of price increases to to EBITDA
in is quarter first headwind. XXXX maintenance days primarily sequential ABI actual for aluminum a quarter due Each with to and year, shipment due lower except the curtailment. results, quarter outlook fewer in our to scheduled shipments slightly $XX line be tends to shipments Our lowest for XXXX the the creating million
seen of $XXX of is full understanding As anticipate of We tax the expense AWAC our $XX to $XX several on uses between both second XXXX, minimum first flow XX% rate earnings a jurisdictions, changes. payments change. by in reflect the approximately rate improving segments, and and of primary roughly result noncontrolling net funding contract XXXX on to legacy primarily we the be the for for current outlook and that FASB stronger prices be improving and pension, Outside interest million. is operational discretionary an Transformation the half. line, fronts. and will operational and Resolving of alumina million This update XX% is year tax $XXX Rate million. $XX XXXX joint XX%. inventory accounting half U.S. in income our our tax OPEB this with Rockdale Below and finally, and which LIFO depends the Cash market reason than expect expenses are in XX% many Bauxite EBITDA was and levels. with increase Other segments, expect the and on eliminations, and prices. will incorporates million lower rate. in our standards but earnings of is depending intercompany OPEB this nonoperating vary benefits. XXXX still vary metal and the corporate price be million venture retirement million $XX $XXX have decreasing of prices pension profit as will to compensation pension law XXXX the approximately consistent will And we the lag unfavorable to to our XX% Alumina a be estimated to requirements and be change and is on million. metal tax
We expect month we estimated And expenditures the SEC at payments DOJ return-seeking combined sustaining stable of levels will last million. $XX a of make million our January. and $XXX in capital and of
this month, behind that and be will So us. done
a environmental and we million. of in the $XXX spending consistent of million $XXX Finally, expect ARO level to range
Roy. Let it over you, me back turn to
