Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Accumulated Other Comprehensive Loss

C. Accumulated Other Comprehensive Loss

The following table details the activity of the four components that comprise Accumulated other comprehensive (loss) income for both Alcoa’s shareholders and noncontrolling interests:

	Alcoa						Noncontrolling Interests
	Second quarter ended June 30,						Second quarter ended June 30,
	2014			2013			2014			2013
Pension and other postretirement benefits
Balance at beginning of period	$	(3,455	)	$	(3,968	)	$	(51	)	$	(76	)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit		(80	)		(38	)		—			—
Tax benefit		28			17			—			—
Total Other comprehensive loss before reclassifications, net of tax		(52	)		(21	)		—			—
Amortization of net actuarial loss and prior service cost/benefit(1)		101			128			1			4
Tax expense(2)		(35	)		(46	)		—			(2	)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(7)		66			82			1			2
Total Other comprehensive income		14			61			1			2
Balance at end of period	$	(3,441	)	$	(3,907	)	$	(50	)	$	(74	)
Foreign currency translation
Balance at beginning of period	$	428		$	1,031		$	(23	)	$	273
Other comprehensive income (loss)(3)		141			(603	)		59			(249	)
Balance at end of period	$	569		$	428		$	36		$	24
Available-for-sale securities
Balance at beginning of period	$	2		$	4		$	—		$	—
Other comprehensive income (loss)(4)		1			(3	)		—			—
Balance at end of period	$	3		$	1		$	—		$	—
Cash flow hedges (O)
Balance at beginning of period	$	(276	)	$	(376	)	$	—		$	(3	)
Other comprehensive (loss) income:
Net change from periodic revaluations		(32	)		85			(12	)		(3	)
Tax benefit (expense)		4			(16	)		4			1
Total Other comprehensive (loss) income before reclassifications, net of tax		(28	)		69			(8	)		(2	)
Net amount reclassified to earnings:
Aluminum contracts(5)		6			—			—			—
Foreign exchange contracts(5)		(1	)		—			—			—
Interest rate contracts(6)		1			1			—			—
Sub-total		6			1			—			—
Tax (expense) benefit(2)		(1	)		1			—			—
Total amount reclassified from Accumulated other comprehensive loss, net of tax(7)		5			2			—			—
Total Other comprehensive (loss) income		(23	)		71			(8	)		(2	)
Balance at end of period	$	(299	)	$	(305	)	$	(8	)	$	(5	)
	Alcoa						Noncontrolling Interests
	Six months ended     June 30,						Six months ended   June 30,
	2014			2013			2014			2013
Pension and other postretirement benefits
Balance at beginning of period	$	(3,532	)	$	(4,063	)	$	(51	)	$	(77	)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit		(63	)		(27	)		—			—
Tax benefit		25			14			—			—
Total Other comprehensive loss before reclassifications, net of tax		(38	)		(13	)		—			—
Amortization of net actuarial loss and prior service cost/benefit(1)		199			260			2			5
Tax expense(2)		(70	)		(91	)		(1	)		(2	)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(7)		129			169			1			3
Total Other comprehensive income		91			156			1			3
Balance at end of period	$	(3,441	)	$	(3,907	)	$	(50	)	$	(74	)
Foreign currency translation
Balance at beginning of period	$	179		$	1,147		$	(110	)	$	257
Other comprehensive income (loss)(3)		390			(719	)		146			(233	)
Balance at end of period	$	569		$	428		$	36		$	24
Available-for-sale securities
Balance at beginning of period	$	2		$	3		$	—		$	—
Other comprehensive income (loss)(4)		1			(2	)		—			—
Balance at end of period	$	3		$	1		$	—		$	—
Cash flow hedges (O)
Balance at beginning of period	$	(308	)	$	(489	)	$	(2	)	$	(5	)
Other comprehensive income (loss):
Net change from periodic revaluations		4			221			(9	)		—
Tax expense		(4	)		(45	)		3			—
Total Other comprehensive income (loss) before reclassifications, net of tax		—			176			(6	)		—
Net amount reclassified to earnings:
Aluminum contracts(5)		11			7			—			—
Foreign exchange contracts(5)		(1	)		—			—			—
Interest rate contracts(6)		1			1			—			—
Sub-total		11			8			—			—
Tax expense(2)		(2	)		—			—			—
Total amount reclassified from Accumulated other comprehensive loss, net of tax(7)		9			8			—			—
Total Other comprehensive income (loss)		9			184			(6	)		—
Balance at end of period	$	(299	)	$	(305	)	$	(8	)	$	(5	)

⁽¹⁾  These amounts were included in the computation of net periodic benefit cost for pension and other postretirement benefits (see Note N).

⁽²⁾  These amounts were included 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⁾  In all periods presented, unrealized and realized gains and losses related to these securities were immaterial. Realized gains and losses were included in Other expenses (income), net on the accompanying Statement of Consolidated Operations.

⁽⁵⁾  These amounts were included in Sales on the accompanying Statement of Consolidated Operations.

⁽⁶⁾  These amounts were included in Interest expense 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.