Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Accumulated Other Comprehensive Loss

G. Accumulated Other Comprehensive Loss

The following table details the activity of the three components that comprise Accumulated other comprehensive loss for both Alcoa Corporation’s shareholders and Noncontrolling interest:

	Alcoa Corporation						Noncontrolling interest
	Second quarter ended June 30,						Second quarter ended June 30,
	2018			2017			2018			2017
Pension and other postretirement benefits (K)
Balance at beginning of period	$	(2,685	)	$	(2,286	)	$	(46	)	$	(57	)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit		1			53			2			19
Tax benefit		6			2			—			—
Total Other comprehensive income before reclassifications, net of tax		7			55			2			19
Amortization of net actuarial loss and prior service cost/benefit(1)		224			49			—			1
Tax expense(2)		(48	)		(2	)		—			—
Total amount reclassified from Accumulated other comprehensive loss, net of tax(6)		176			47			—			1
Total Other comprehensive income		183			102			2			20
Balance at end of period	$	(2,502	)	$	(2,184	)	$	(44	)	$	(37	)
Foreign currency translation
Balance at beginning of period	$	(1,466	)	$	(1,416	)	$	(595	)	$	(563	)
Other comprehensive (loss)(3)		(445	)		(99	)		(151	)		(37	)
Balance at end of period	$	(1,911	)	$	(1,515	)	$	(746	)	$	(600	)
Cash flow hedges (L)
Balance at beginning of period	$	(379	)	$	(98	)	$	31		$	84
Other comprehensive loss:
Net change from periodic revaluations		(231	)		(50	)		(10	)		(30	)
Tax benefit		31			19			3			9
Total Other comprehensive loss before reclassifications, net of tax		(200	)		(31	)		(7	)		(21	)
Net amount reclassified to earnings:
Aluminum contracts(4)		34			31			—			—
Financial contracts(5)		(7	)		(2	)		(4	)		(1	)
Sub-total		27			29			(4	)		(1	)
Tax (expense) benefit(2)		(2	)		(4	)		1			1
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax(6)		25			25			(3	)		—
Total Other comprehensive loss		(175	)		(6	)		(10	)		(21	)
Balance at end of period	$	(554	)	$	(104	)	$	21		$	63

	Alcoa Corporation						Noncontrolling interest
	Six months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
Pension and other postretirement benefits (K)
Balance at beginning of period	$	(2,786	)	$	(2,330	)	$	(47	)	$	(56	)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit		76			48			3			18
Tax (expense) benefit		(2	)		3			(1	)		—
Total Other comprehensive income before reclassifications, net of tax		74			51			2			18
Amortization of net actuarial loss and prior service cost/benefit(1)		260			99			1			1
Tax expense(2)		(50	)		(4	)		—			—
Total amount reclassified from Accumulated other comprehensive loss, net of tax(6)		210			95			1			1
Total Other comprehensive income		284			146			3			19
Balance at end of period	$	(2,502	)	$	(2,184	)	$	(44	)	$	(37	)
Foreign currency translation
Balance at beginning of period	$	(1,467	)	$	(1,655	)	$	(581	)	$	(677	)
Other comprehensive (loss) income(3)		(444	)		140			(165	)		77
Balance at end of period	$	(1,911	)	$	(1,515	)	$	(746	)	$	(600	)
Cash flow hedges (L)
Balance at beginning of period	$	(929	)	$	210		$	51		$	1
Other comprehensive income (loss):
Net change from periodic revaluations		404			(430	)		(30	)		90
Tax (expense) benefit		(68	)		77			9			(27	)
Total Other comprehensive income (loss) before reclassifications, net of tax		336			(353	)		(21	)		63
Net amount reclassified to earnings:
Aluminum contracts(4)		61			49			—			—
Financial contracts(5)		(20	)		(3	)		(13	)		(2	)
Foreign exchange contracts(4)		(1	)		—			—			—
Sub-total		40			46			(13	)		(2	)
Tax (expense) benefit(2)		(1	)		(7	)		4			1
Total amount reclassified from Accumulated other comprehensive (loss) income, net of tax(6)		39			39			(9	)		(1	)
Total Other comprehensive income (loss)		375			(314	)		(30	)		62
Balance at end of period	$	(554	)	$	(104	)	$	21		$	63

⁽¹⁾  These amounts were included in the computation of net periodic benefit cost for pension and other postretirement benefits (see Note K). For the second quarter ended and six months ended June 30, 2018, these amounts include $167 and $144 (net), respectively, related to settlements and/or curtailments of certain pension and other postretirement employee benefits (see Note K).

⁽²⁾  These amounts were reported in Provision for income taxes on the accompanying Statement of Consolidated Operations.

⁽³⁾  In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings.

⁽⁴⁾  These amounts were reported in Sales on the accompanying Statement of Consolidated Operations.

⁽⁵⁾  These amounts were reported in Cost of goods sold on the accompanying Statement of Consolidated Operations.

⁽⁶⁾  A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings. These amounts were reflected on the accompanying Statement of Consolidated Operations in the line items indicated in footnotes 1 through 5.