C. Accumulated Other Comprehensive Loss

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,
	2016			2015			2016			2015
Pension and other postretirement benefits (N)
Balance at beginning of period	$	(3,579	)	$	(3,496	)	$	(55	)	$	(62	)
Other comprehensive income (loss):
Unrecognized net actuarial loss and prior service cost/benefit		(5	)		(118	)		1			3
Tax benefit		3			39			—			—

Total Other comprehensive (loss) income before reclassifications, net of tax		(2	)		(79	)		1			3

Amortization of net actuarial loss and prior service cost/benefit⁽¹⁾		104			115			—			1
Tax (expense) benefit⁽²⁾		(37	)		(40	)		1			(1	)

Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽⁸⁾		67			75			1			—

Total Other comprehensive income (loss)		65			(4	)		2			3

Balance at end of period	$	(3,514	)	$	(3,500	)	$	(53	)	$	(59	)

Foreign currency translation
Balance at beginning of period	$	(2,109	)	$	(1,803	)	$	(673	)	$	(601	)
Other comprehensive income⁽³⁾		45			197			32			32

Balance at end of period	$	(2,064	)	$	(1,606	)	$	(641	)	$	(569	)

Available-for-sale securities
Balance at beginning of period	$	(4	)	$	2		$	—		$	—
Other comprehensive income (loss)⁽⁴⁾		3			(2	)		—			—

Balance at end of period	$	(1	)	$	—		$	—		$	—

Cash flow hedges (O)
Balance at beginning of period	$	517		$	(294	)	$	(5	)	$	(2	)
Other comprehensive (loss) income:
Net change from periodic revaluations		(225	)		614			18			(5	)
Tax benefit (expense)		66			(190	)		(5	)		1

Total Other comprehensive (loss) income before reclassifications, net of tax		(159	)		424			13			(4	)

Net amount reclassified to earnings:
Aluminum contracts⁽⁵⁾		(1	)		10			—			—
Energy contracts⁽⁶⁾		—			2			—			—
Foreign exchange contracts⁽⁵⁾		—			1			—			—
Interest rate contracts⁽⁷⁾		8			1			5			—

Sub-total		7			14			5			—
Tax expense⁽²⁾		(1	)		(4	)		(2	)		—

Total amount reclassified from Accumulated other comprehensive income (loss), net of tax⁽⁸⁾		6			10			3			—

Total Other comprehensive (loss) income		(153	)		434			16			(4	)

Balance at end of period	$	364		$	140		$	11		$	(6	)


	Alcoa						Noncontrolling Interests
	Six months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Pension and other postretirement benefits (N)
Balance at beginning of period	$	(3,611	)	$	(3,601	)	$	(56	)	$	(64	)
Other comprehensive income:
Unrecognized net actuarial loss and prior service cost/benefit		(64	)		(76	)		1			3
Tax benefit		26			28			—			—

Total Other comprehensive (loss) income before reclassifications, net of tax		(38	)		(48	)		1			3

Amortization of net actuarial loss and prior service cost/benefit⁽¹⁾		208			229			2			4
Tax expense⁽²⁾		(73	)		(80	)		—			(2	)

Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽⁸⁾		135			149			2			2

Total Other comprehensive income		97			101			3			5

Balance at end of period	$	(3,514	)	$	(3,500	)	$	(53	)	$	(59	)

Foreign currency translation
Balance at beginning of period	$	(2,412	)	$	(846	)	$	(780	)	$	(351	)
Other comprehensive income (loss)⁽³⁾		348			(760	)		139			(218	)

Balance at end of period	$	(2,064	)	$	(1,606	)	$	(641	)	$	(569	)

Available-for-sale securities
Balance at beginning of period	$	(5	)	$	—		$	—		$	—
Other comprehensive income⁽⁴⁾		4			—			—			—

Balance at end of period	$	(1	)	$	—		$	—		$	—

Cash flow hedges (O)
Balance at beginning of period	$	597		$	(230	)	$	(3	)	$	(2	)
Other comprehensive (loss) income:
Net change from periodic revaluations		(342	)		504			15			(5	)
Tax benefit (expense)		103			(156	)		(4	)		1

Total Other comprehensive (loss) income before reclassifications, net of tax		(239	)		348			11			(4	)

Net amount reclassified to earnings:
Aluminum contracts⁽⁵⁾		(6	)		23			—			—
Energy contracts⁽⁶⁾		1			4			—			—
Foreign exchange contracts⁽⁵⁾		1			1			—			—
Interest rate contracts⁽⁷⁾		8			1			5			—
Nickel contracts⁽⁶⁾		1			—			—			—

Sub-total		5			29			5			—
Tax benefit (expense)⁽²⁾		1			(7	)		(2	)		—

Total amount reclassified from Accumulated other comprehensive loss, net of tax⁽⁸⁾		6			22			3			—

Total Other comprehensive (loss) income		(233	)		370			14			(4	)

Balance at end of period	$	364		$	140		$	11		$	(6	)

⁽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 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 Cost of goods sold on the accompanying Statement of Consolidated Operations.

⁽⁷⁾

For Alcoa, $7 of the amount in both the second quarter ended and six months ended as of June 30, 2016 was included in Other income, net on the accompanying Statement of Consolidated Operations. The remaining amount in both the second quarter ended and six months ended as of June 30, 2016 and the entire amount in both the second quarter ended and six months ended as of June 30, 2015 were included in Interest expense on the accompanying Statement of Consolidated Operations. For Noncontrolling interests, the amount in both the second quarter ended and six months ended as of June 30, 2016 was included in Other income, net 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.