Alcoa 2013 Annual Report Download - page 160
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The funded status of all of Alcoa’s pension and other postretirement benefit plans are measured as of December 31
each calendar year.
Obligations and Funded Status
Pension benefits
Other
postretirement benefits
December 31, 2013 2012 2013 2012
Change in benefit obligation
Benefit obligation at beginning of year $14,751 $13,526 $ 2,863 $ 2,844
Service cost 213 203 17 14
Interest cost 611 647 114 132
Amendments 82 6 - -
Actuarial (gains) losses (849) 1,120 (170) 107
Settlements (13) - - -
Benefits paid, net of participants’ contributions (841) (833) (249) (256)
Medicare Part D subsidy receipts - - 20 21
Foreign currency translation impact (224) 82 (3) 1
Benefit obligation at end of year* $13,730 $14,751 $ 2,592 $ 2,863
Change in plan assets
Fair value of plan assets at beginning of year $11,043 $10,311 $ - $ 8
Actual return on plan assets 109 925 - -
Employer contributions 473 571 - -
Participants’ contributions 27 32 - -
Benefits paid (825) (822) - (8)
Administrative expenses (40) (42) - -
Settlements (17) - - -
Foreign currency translation impact (190) 68 - -
Fair value of plan assets at end of year* $10,580 $11,043 $ - $ -
Funded status* $ (3,150) $ (3,708) $(2,592) $(2,863)
Less: Amounts attributed to joint venture partners (25) (40) (4) (4)
Net funded status $ (3,125) $ (3,668) $(2,588) $(2,859)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets $ 88 $ 86 $ - $ -
Current liabilities (30) (32) (234) (256)
Noncurrent liabilities (3,183) (3,722) (2,354) (2,603)
Net amount recognized $ (3,125) $ (3,668) $(2,588) $(2,859)
Amounts recognized in Accumulated Other Comprehensive Loss
consist of:
Net actuarial loss $ 5,198 $ 5,880 $ 389 $ 593
Prior service cost (benefit) 94 119 (57) (76)
Total, before tax effect 5,292 5,999 332 517
Less: Amounts attributed to joint venture partners 38 54 (1) (1)
Net amount recognized, before tax effect $ 5,254 $ 5,945 $ 333 $ 518
Other Changes in Plan Assets and Benefit Obligations Recognized
in Other Comprehensive Loss consist of:
Net actuarial (gain) loss $ (193) $ 1,073 $ (169) $ 107
Amortization of accumulated net actuarial loss (489) (384) (35) (25)
Prior service cost - 9 - -
Amortization of prior service (cost) benefit (25) (19) 19 16
Total, before tax effect (707) 679 (185) 98
Less: Amounts attributed to joint venture partners (16) 8 - -
Net amount recognized, before tax effect $ (691) $ 671 $ (185) $ 98
* At December 31, 2013, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were
$10,643, $7,909, and $(2,734), respectively. At December 31, 2012, the benefit obligation, fair value of plan assets, and
funded status for U.S. pension plans were $11,521, $8,437, and $(3,084), respectively.
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