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Accumulated Other Comprehensive Loss
12 Months Ended
Dec. 31, 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

 

 

 

2018

 

 

2017

 

 

2016

 

 

2018

 

 

2017

 

 

2016

 

Pension and other postretirement benefits (N)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(2,786

)

 

$

(2,330

)

 

$

(352

)

 

$

(47

)

 

$

(56

)

 

$

(56

)

Establishment of additional defined benefit plans

 

 

 

 

 

 

 

 

(2,704

)

 

 

 

 

 

 

 

 

 

Separation-related adjustments (A)

 

 

 

 

 

 

 

 

928

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrecognized net actuarial loss and prior

   service cost/benefit

 

 

19

 

 

 

(671

)

 

 

(307

)

 

 

(3

)

 

 

9

 

 

 

2

 

Tax (expense) benefit

 

 

(8

)

 

 

25

 

 

 

6

 

 

 

 

 

 

(2

)

 

 

(6

)

Total Other comprehensive income

   (loss) before reclassifications,

   net of tax

 

 

11

 

 

 

(646

)

 

 

(301

)

 

 

(3

)

 

 

7

 

 

 

(4

)

Amortization of net actuarial loss and prior

   service cost/benefit(1)

 

 

546

 

 

 

199

 

 

 

107

 

 

 

4

 

 

 

2

 

 

 

5

 

Tax expense(2)

 

 

(54

)

 

 

(9

)

 

 

(8

)

 

 

 

 

 

 

 

 

(1

)

Total amount reclassified from

   Accumulated other comprehensive

   loss, net of tax(7)

 

 

492

 

 

 

190

 

 

 

99

 

 

 

4

 

 

 

2

 

 

 

4

 

Total Other comprehensive income (loss)

 

 

503

 

 

 

(456

)

 

 

(202

)

 

 

1

 

 

 

9

 

 

 

 

Balance at end of period

 

$

(2,283

)

 

$

(2,786

)

 

$

(2,330

)

 

$

(46

)

 

$

(47

)

 

$

(56

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(1,467

)

 

$

(1,655

)

 

$

(1,851

)

 

$

(581

)

 

$

(677

)

 

$

(779

)

Separation-related adjustments (A)

 

 

 

 

 

 

 

 

(17

)

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income(3)

 

 

(604

)

 

 

188

 

 

 

213

 

 

 

(229

)

 

 

96

 

 

 

102

 

Balance at end of period

 

$

(2,071

)

 

$

(1,467

)

 

$

(1,655

)

 

$

(810

)

 

$

(581

)

 

$

(677

)

Cash flow hedges (O)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(929

)

 

$

210

 

 

$

603

 

 

$

51

 

 

$

1

 

 

$

(3

)

Separation-related adjustments (A)

 

 

 

 

 

 

 

 

(47

)

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change from periodic revaluations

 

 

803

 

 

 

(1,489

)

 

 

(558

)

 

 

(4

)

 

 

83

 

 

 

38

 

Tax (expense) benefit

 

 

(159

)

 

 

251

 

 

 

233

 

 

 

1

 

 

 

(25

)

 

 

(12

)

Total Other comprehensive income

   (loss) before reclassifications, net

   of tax

 

 

644

 

 

 

(1,238

)

 

 

(325

)

 

 

(3

)

 

 

58

 

 

 

26

 

Net amount reclassified to earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum contracts(4)

 

 

108

 

 

 

130

 

 

 

7

 

 

 

 

 

 

 

 

 

 

Financial contracts(5)

 

 

(37

)

 

 

(19

)

 

 

(54

)

 

 

(24

)

 

 

(12

)

 

 

(37

)

Foreign exchange contracts(4)

 

 

6

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contract(6)

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

5

 

Sub-total

 

 

77

 

 

 

109

 

 

 

(40

)

 

 

(24

)

 

 

(12

)

 

 

(32

)

Tax (expense) benefit(2)

 

 

(3

)

 

 

(10

)

 

 

19

 

 

 

7

 

 

 

4

 

 

 

10

 

Total amount reclassified

   from Accumulated other

   comprehensive loss, net of

   tax(7)

 

 

74

 

 

 

99

 

 

 

(21

)

 

 

(17

)

 

 

(8

)

 

 

(22

)

Total Other comprehensive income (loss)

 

 

718

 

 

 

(1,139

)

 

 

(346

)

 

 

(20

)

 

 

50

 

 

 

4

 

Balance at end of period

 

$

(211

)

 

$

(929

)

 

$

210

 

 

$

31

 

 

$

51

 

 

$

1

 

 

(1)

These amounts were included in the computation of net periodic benefit cost for pension and other postretirement benefits (see Note N). For 2018, the amounts for Alcoa Corporation include $330, (net) and for Noncontrolling interest include $1 related to settlements and/or curtailments of certain pension and other postretirement employee benefits (see Note N).

(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)

The 2018 and 2017 amounts were reported in Cost of goods sold and the 2016 amounts were reported in Other expenses (income), net on the accompanying Statement of Consolidated Operations.

(6)

These amounts were included in Other expenses (income), net on the accompanying Statement of Consolidated Operations.

(7)

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 6.