Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss by Component

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

	Alcoa						Noncontrolling Interests
	Second quarter ended June 30,						Second quarter ended June 30,
	2015			2014			2015			2014
Pension and other postretirement benefits (M)
Balance at beginning of period	$	(3,496	)	$	(3,455	)	$	(62	)	$	(51	)
Other comprehensive (loss) income:
Unrecognized net actuarial loss and prior service cost/benefit		(118	)		(80	)		3			—
Tax benefit		39			28			—			—
Total Other comprehensive (loss) income before reclassifications, net of tax		(79	)		(52	)		3			—
Amortization of net actuarial loss and prior service cost/benefit(1)		115			101			1			1
Tax expense(2)		(40	)		(35	)		(1	)		—
Total amount reclassified from Accumulated other comprehensive loss, net of tax(8)		75			66			—			1
Total Other comprehensive (loss) income		(4	)		14			3			1
Balance at end of period	$	(3,500	)	$	(3,441	)	$	(59	)	$	(50	)
Foreign currency translation
Balance at beginning of period	$	(1,803	)	$	428		$	(601	)	$	(23	)
Other comprehensive income(3)		197			141			32			59
Balance at end of period	$	(1,606	)	$	569		$	(569	)	$	36
Available-for-sale securities
Balance at beginning of period	$	2		$	2		$	—		$	—
Other comprehensive (loss) income(4)		(2	)		1			—			—
Balance at end of period	$	—		$	3		$	—		$	—
Cash flow hedges (N)
Balance at beginning of period	$	(294	)	$	(276	)	$	(2	)	$	—
Other comprehensive income (loss):
Net change from periodic revaluations		614			(32	)		(5	)		(12	)
Tax (expense) benefit		(190	)		4			1			4
Total Other comprehensive income (loss) before reclassifications, net of tax		424			(28	)		(4	)		(8	)
Net amount reclassified to earnings:
Aluminum contracts(5)		10			6			—			—
Energy contracts(6)		2			—			—			—
Foreign exchange contracts(5)		1			(1	)		—			—
Interest rate contracts(7)		1			1			—			—
Sub-total		14			6			—			—
Tax expense(2)		(4	)		(1	)		—			—
Total amount reclassified from Accumulated other comprehensive loss, net of tax(8)		10			5			—			—
Total Other comprehensive income (loss)		434			(23	)		(4	)		(8	)
Balance at end of period	$	140		$	(299	)	$	(6	)	$	(8	)

	Alcoa						Noncontrolling Interests
	Six months ended   June 30,						Six months ended   June 30,
	2015			2014			2015			2014
Pension and other postretirement benefits (M)
Balance at beginning of period	$	(3,601	)	$	(3,532	)	$	(64	)	$	(51	)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit		(76	)		(63	)		3			—
Tax benefit		28			25			—			—
Total Other comprehensive (loss) income before reclassifications, net of tax		(48	)		(38	)		3			—
Amortization of net actuarial loss and prior service cost/benefit(1)		229			199			4			2
Tax expense(2)		(80	)		(70	)		(2	)		(1	)
Total amount reclassified from Accumulated other comprehensive loss, net of tax(8)		149			129			2			1
Total Other comprehensive income		101			91			5			1
Balance at end of period	$	(3,500	)	$	(3,441	)	$	(59	)	$	(50	)
Foreign currency translation
Balance at beginning of period	$	(846	)	$	179		$	(351	)	$	(110	)
Other comprehensive (loss) income(3)		(760	)		390			(218	)		146
Balance at end of period	$	(1,606	)	$	569		$	(569	)	$	36
Available-for-sale securities
Balance at beginning of period	$	—		$	2		$	—		$	—
Other comprehensive income(4)		—			1			—			—
Balance at end of period	$	—		$	3		$	—		$	—
Cash flow hedges (N)
Balance at beginning of period	$	(230	)	$	(308	)	$	(2	)	$	(2	)
Other comprehensive income (loss):
Net change from periodic revaluations		504			4			(5	)		(9	)
Tax (expense) benefit		(156	)		(4	)		1			3
Total Other comprehensive income (loss) before reclassifications, net of tax		348			—			(4	)		(6	)
Net amount reclassified to earnings:
Aluminum contracts(5)		23			11			—			—
Energy contracts(6)		4			—			—			—
Foreign exchange contracts(5)		1			(1	)		—			—
Interest rate contracts(7)		1			1			—			—
Sub-total		29			11			—			—
Tax expense(2)		(7	)		(2	)		—			—
Total amount reclassified from Accumulated other comprehensive loss, net of tax(8)		22			9			—			—
Total Other comprehensive income (loss)		370			9			(4	)		(6	)
Balance at end of period	$	140		$	(299	)	$	(6	)	$	(8	)

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

⁽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 (income) expenses, 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 Cost of goods sold on the accompanying Statement of Consolidated Operations.

⁽⁷⁾  These amounts were included in Interest expense on the accompanying Statement of Consolidated Operations.

⁽⁸⁾  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 7.