The first step entailed searching for something that has gone missing.

Where did that go?

With Pacino and Obama already laughing, Spacey continued with step two: the surprise.

Al, for some reason, always looks a little surprised, said Spacey.

If you look at his face, its like, What just happened?

How did that happen?'

Then came step three: the huff.

Al seems to have a lot of air hes gotta get out, said Spacey.

I blow it out, but it just comes right back in.

Soon, Spacey ended his comedy routine and got sentimental about his fellow Academy Award-winning actor.

Its not just business its craft.

And Ive been fortunate enough to know him a long time and work with him.

Congratulations, my friend.

The event was filmed at the Kennedy Center Opera House in Washington, D.C. on Dec. 4.

Watch Spaceys hilarious impression and tribute in a clip from the broadcast above.