Alcoa 2007 Annual Report Download

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Focused
on Sustainable
Growth
2007 Annual Report

Table of contents

  • Page 1
    2007 Annual Report Focused on Sustainable Growth

  • Page 2
    ...'s businesses to customers. • In addition to aluminum products and components including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa® wheels, fastening systems, precision and investment castings, and building systems. • The Company has 107,000 employees in...

  • Page 3
    ... capital investment program in our history. We invested in new plants, expanded production at others, modernized operations, renegotiated long-term power agreements, and built new energy facilities to extend our energy access at competitive rates...while also continuing to invest in growth markets...

  • Page 4
    ... automotive businesses. And, at the end of the year, we reached agreement with Rank Group to sell our packaging and consumer businesses - including closures, food packaging, Reynolds Wrap® , and In total, our capital investments were approximately $3.16 billion in 2007 (excluding currency impacts...

  • Page 5
    .... As you will see throughout this report, the Alcoa Business System (ABS), as the cornerstone of our Customer Value, was again at center stage in 2007: • In Ground Transportation, we strengthened or started relationships with Shelby Automotive, Lamborghini, General Motors, and Nissan, and also...

  • Page 6
    ...features numerous Alcoa solutions. Serving our communities - being a contributor to where we operate - continued to take on a growing and important role. In October alone, during our 2007 Worldwide Month of Service, more than 15,800 employees participated in service projects in 200 communities in 36...

  • Page 7
    ...States Climate Action Partnership (USCAP), which is seeking mandatory climate change legislation in the U.S., the Carbon Disclosure Project, and the Climate Change Registry, where we are a founding reporter, Alcoa is working across industries and governments around the world to reduce greenhouse gas...

  • Page 8
    ... Energy and Environmental Research study. The expansion project at Alcoa's Bohai plant in Qinhuangdao, China, is scheduled for completion in mid-2008. The nearly $280 million expansion includes a new hot mill, cold mill and finishing equipment, as well as a lithographic line. With this new rolling...

  • Page 9
    ... multinational automotive parts manufacturers including Delphi, Behr, and Toyo, an important step in becoming a worldwide source for brazing sheet and common alloy products. Kunshan began commercial production of brazing sheet for heat exchangers and alloys in 2006; it continues to grow its business...

  • Page 10
    Repowering Smelters New power contracts reached at Alcoa aluminum smelters in Massena (N.Y.) and Wenatchee (Wash.) will provide a long-term, stable source of competitively priced, renewable hydropower. Both agreements allow for production expansion and modernization projects to secure the future of ...

  • Page 11
    ... companies worldwide as they consider introducing weight-saving bottles made from aluminum sheet. The quick-chilling, recyclable, aluminum-sheet bottle is over 40% lighter than impact extruded beverage bottles. Alcoa customer Ball Corporation is producing a new, 12-ounce aluminum bottle at its plant...

  • Page 12
    ..., began operating as part of a $30 million expansion project. The investment was aimed at increasing production capacity by 30%, notably to supply major customer Tetra Pak, who produces aseptic packaging. Alcoa supplies thin-gauge aluminum foil to the packaging producer. South America 10 Power for...

  • Page 13
    ... Products, Latin America and Caribbean (left), planted an ipê sapling, a common Brazilian tree, as part of Alcoa's Ten Million Trees Program. Sustainable Juruti Alcoa's Juruti bauxite mining project in the Amazon closed 2007 with a renewal of licenses, confirming necessary government compliances...

  • Page 14
    ...projects are also planned or underway following extensive community surveys and dialogue. The 1.65-million-mtpy refinery will be jointly owned by Guinea, Alcoa, and Rio Tinto Alcan. 12 Bauxite Conveyor System Jamalco is using a new, sustainable method of transporting bauxite from its mine in South...

  • Page 15
    ...Solar-Powered Water System The residents of the remote village Goejaba, in Suriname, now have access to a clean, potable water system through support, in part, from Alcoa Foundation. The new water filtration system uses solarpowered pumps and is managed by community members trained in the operation...

  • Page 16
    ...a new machining operation for airfoil castings to support Alcoa's aircraft and industrial gas turbine business in Europe. The Dura-Bright® surface treatment process uses 100% recycled rinse water. First " Green" Yacht High-quality aluminum plate supplied by Alcoa's Fusina, Italy, plant was used by...

  • Page 17
    ... are ongoing. The project is based upon a foundation of extensive community consultation on the technical, environmental, and health and social aspects of the project. If viable, groundbreaking for the power plant would be in 2010 and the smelter in 2012, with operation expected to begin in...

  • Page 18
    Slam Dunk for Winemakers Using innovative dunk tank technology at its Yennora Aluminum Rolled Products and recycling plant, Alcoa Australia is manufacturing high-quality treated aluminum sheet for wine caps. The sheet passes through a dunk tank that prepares it for use in screw tops. More winemakers...

  • Page 19
    ... from Singapore Airlines, Airbus, and the media; plus more Alcoa aerospace solutions than any aircraft ever to ï¬,y. Stadium Recycling A grant from the Alcoa Foundation supported a project to promote recycling at Dandenong Stadium in Victoria. Alcoa partnered with Sustainability Victoria and the...

  • Page 20
    ... Global Services Special Projects business has opened two new offices - one in Birmingham, U.K., and the other in Singapore - to support customers in Europe, the Middle East, Southeast Asia, and India. Alcoa Upgrades Tennessee Operations Boosting Recycling Alcoa called upon aluminum industry...

  • Page 21
    ... the Road and Super Snake models. Dura-Bright® wheels also gained Alcoa the prestigious Automotive News PACE award for superior innovation. Solar Power Alcoa Building & Construction Systems is helping to harness clean, renewable solar energy with a 588,000-watt, roofmounted solar photovoltaic (PV...

  • Page 22
    ... recognizing the collaboration between North American Rolled Products, Global Hard Alloy Extrusions, and the Alcoa Technical Center in the development and commercialization of a new generation of aluminum-lithium alloys for the aerospace industry. The awards are given annually in recognition of the...

  • Page 23
    Financial and Corporate Data 22 Trends in Alcoa's Major Markets 24 Selected Financial Data 44 Management's Reports 25 Management's Discussion and Analysis 45 Report of Independent Registered Public Accounting Firm 46 Consolidated Financial Statements 50 Notes to Consolidated Financial Statements 79 ...

  • Page 24
    ... Alcoa segments that sell products to this market: Flat-Rolled Products, Engineered Solutions, Extruded and End Products • Alcoa holds the #1 share position in four product categories of the North American commercial vehicle market. Our products include electrical systems, wheels, Huck fasteners...

  • Page 25
    ... that sell products to this market: Flat-Rolled Products, Engineered Solutions, Extruded and End Products • Alcoa's revenues from this market include sales of aluminum sheet, plate and extrusions to distributors, products and services for power generation, and products for the oil and gas industry...

  • Page 26
    ... insurance settlements related to environmental matters, changes in the provision for income taxes, discontinued operations, and the adoption of a new accounting standard The data presented in the Selected Financial Data table should be read in conjunction with the information provided in Management...

  • Page 27
    ... products, plastic closures, and electrical distribution systems for cars and trucks. Alcoa's products are used worldwide in aircraft, automobiles, commercial transportation, packaging, consumer products, building and construction, and industrial applications. Alcoa is a global company operating...

  • Page 28
    ...: higher realized prices for alumina and aluminum; strong demand in the downstream businesses serving the aerospace and packaging markets; a gain on the sale of the investment in Chalco; a favorable adjustment related to the estimated fair value of the soft alloy extrusion business, a decrease in...

  • Page 29
    ... by an increase in depreciation related to placing growth projects into service, such as the Pinjarra, Australia refinery expansion and the Jamaica Early Works Program that were both placed in service during 2006, and the start-up of operations related to the Iceland smelter and the Mosjøen anode...

  • Page 30
    ... global hard alloy extrusion production operations serving the aerospace, automotive and industrial products markets, resulting in charges of $7 for severance costs associated with the elimination of approximately 325 positions, primarily in the U.S. and Europe. - Operations within the Flat-Rolled...

  • Page 31
    ...450 salaried and hourly employees, spread globally across the company; $86 related to asset impairments for structures, machinery, and equipment; and $16 for exit costs, consisting primarily of accelerated depreciation associated with assets for which the useful life has been changed due to plans to...

  • Page 32
    ... Statements for additional information. Segment Information Alcoa's operations consist of six worldwide segments: Alumina, Primary Metals, Flat-Rolled Products, Extruded and End Products, Engineered Solutions, and Packaging and Consumer. Alcoa's management reporting system measures the after...

  • Page 33
    ... of Alcoa's worldwide smelter system. Primary Metals receives alumina, primarily from the Alumina segment, and produces primary aluminum to be used by Alcoa's fabricating businesses, as well as sold to external customers, aluminum traders, and commodity markets. Results from the sale of aluminum...

  • Page 34
    ... relate to fabricated products. Extruded and End Products 2007 2006 2005 This segment's principal business is the production and sale of aluminum plate, sheet, and foil. This segment includes rigid container sheet (RCS), which is sold directly to customers in the packaging and consumer market...

  • Page 35
    ... super alloy investment castings; forgings and fasteners; electrical distribution systems; aluminum wheels; and integrated aluminum structural systems used in the aerospace, automotive, commercial transportation, and power generation markets. These products are sold directly to customers and through...

  • Page 36
    ... to the management, direction, and control of the Strategic Risk Management Committee (SRMC). The SRMC is composed of the chief executive officer, the chief financial officer, and other officers and employees that the chief executive officer selects. The SRMC reports to the Board of Directors on the...

  • Page 37
    ... Interest rates Other commodities, principally energy related Currencies $(896) 5 (30) 65 $199 33 36 - Aluminum consists primarily of losses on hedge contracts, embedded derivatives in power contracts in Iceland and Brazil, and Alcoa's share of losses on hedge contracts of Norwegian smelters that...

  • Page 38
    ... the company's capital structure, and a continued focus on divestitures of various investments, assets and businesses no longer considered part of management's vision for Alcoa's future. Capital spending increased 14%, as Alcoa made continued progress on brownfield expansions in refining and...

  • Page 39
    ... proceeds of which are to be used to provide working capital or for other general corporate purposes of Alcoa, including support of Alcoa's commercial paper program. Subject to the terms and conditions of the Credit Agreement, Alcoa may from time to time request increases in lender commitments under...

  • Page 40
    ...; the impairment of properties, plants, and equipment; estimated proceeds on businesses to be divested; pension plans and other postretirement benefits; stock-based compensation; and income taxes. Management uses historical experience and all available information to make these judgments and...

  • Page 41
    ... to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce, discount rate, and working capital changes. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated...

  • Page 42
    ... be applicable under relevant tax law until such time that the related tax benefits are recognized. Alcoa also has unamortized tax-deductible goodwill of $311 resulting from intercompany stock sales and reorganizations (generally at a 30% to 34% rate). Alcoa recognizes the tax benefits associated...

  • Page 43
    ...' Accounting for Postretirement Benefits Other Than Pensions," or Accounting Principles Board Opinion No. 12, "Omnibus Opinion-1967," if the employer has agreed to maintain a life insurance policy during the employee's retirement or provide the employee with a death benefit based on the substantive...

  • Page 44
    ... activities: Total debt Dividends to shareholders Investing activities: Capital projects Payments related to acquisitions Totals Obligations for Operating Activities Energy-related purchase obligations consist primarily of electricity and natural gas contracts with expiration dates ranging from less...

  • Page 45
    ... significant expansion projects. These projects include the expansion of an alumina refinery in São Luis; the development of a bauxite mine in Juruti; global rolled products expansion projects in Russia, Hungary and China; and the continued investment in several hydroelectric power projects in...

  • Page 46
    ..., the Company's Chief Executive Officer provided to the New York Stock Exchange the annual CEO certification regarding the Company's compliance with the New York Stock Exchange's corporate governance listing standards. Management's Report on Internal Control over Financial Reporting Management is...

  • Page 47
    ... for benefit plans, stock-based compensation and mine stripping costs in 2006. As discussed in Note C to the consolidated financial statements, Alcoa changed its method of accounting for conditional asset retirement obligations in 2005. A company's internal control over financial reporting is...

  • Page 48
    Statement of Consolidated Income (in millions, except per-share amounts) Alcoa and subsidiaries For the year ended December 31, Sales (Q) Cost of goods sold (exclusive of expenses below) Selling, general administrative, and other expenses Research and development expenses Provision for ...

  • Page 49
    ...Accrued pension benefits (W) Accrued postretirement benefits (W) Other noncurrent liabilities and deferred credits (L) Deferred income taxes (T) Liabilities of operations held for sale (B) Total liabilities Minority interests (M) Commitments and contingencies (N) Shareholders' Equity Preferred stock...

  • Page 50
    ...stock compensation plans Excess tax benefits from stock-based payment arrangements Repurchase of common stock Dividends paid to shareholders Dividends paid to minority interests Contributions from minority interests Cash used for financing activities Investing Activities Capital expenditures Capital...

  • Page 51
    ... prior service cost, net, related to pension and postretirement benefit plans of $(1,307), unrealized gains on available-for-sale securities of $3, and unrecognized net losses on derivatives of $(565), all net of tax and applicable minority interests. The accompanying notes are an integral part of...

  • Page 52
    ... to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce, discount rate, and working capital changes. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated...

  • Page 53
    ... used the nominal vesting approach related to retirement-eligible employees, in which the compensation expense is recognized ratably over the original vesting period. As part of Alcoa's stock-based compensation plan design, individuals that are retirement-eligible have a six-month requisite service...

  • Page 54
    ...of markets and market share, sales volumes and prices, costs and expenses, and multiple other factors. Management considers historical experience and all available information at the time the estimates are made; however, the fair values that are ultimately realized upon the sale of the businesses to...

  • Page 55
    ...on the grant date fair value. SFAS 123(R) revises SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees," and related interpretations. Alcoa elected the modified prospective application method for...

  • Page 56
    .... See Note B for additional information. of the Extruded and End Products segment and the Engineered Solutions segment were reclassified to reflect the movement of the home exteriors business and the automotive casting facility, respectively, into discontinued operations. The Consolidated Financial...

  • Page 57
    ..., the Automotive Castings business, and the Electrical and Electronic Solutions business (EES) (formerly the Alcoa Fujikura Limited (AFL) wire harness business). In September 2007, management completed its review of strategic alternatives and determined that the best course of action was to sell the...

  • Page 58
    ... global hard alloy extrusion production operations serving the aerospace, automotive and industrial products markets, resulting in charges of $7 for severance costs associated with the elimination of approximately 325 positions, primarily in the U.S. and Europe. - Operations within the Flat-Rolled...

  • Page 59
    ...450 salaried and hourly employees, spread globally across the company; $86 related to asset impairments for structures, machinery, and equipment; and $16 for exit costs, consisting primarily of accelerated depreciation associated with assets for which the useful life has been changed due to plans to...

  • Page 60
    ... and industrial markets; Å Closure Systems International, a leading global manufacturer of plastic and aluminum packaging closures and capping equipment for beverage, food and personal care customers; Å Consumer Products, a leading manufacturer of branded and private label foil, wraps and bags...

  • Page 61
    ... related to working capital and other post-closing adjustments. The home exteriors business was reflected in discontinued operations in the Consolidated Financial Statements. 2005 Acquisitions. In December 2005, Alcoa purchased the remaining 30% minority interest in the Alcoa Closure Systems...

  • Page 62
    ...the carrying value of the investment was approximately $800. The equity income from Alcoa's 46% ownership share is reflected in the Extruded and End Products segment. Prior to June 1, 2007, the assets and liabilities of Alcoa's soft alloy extrusion business were classified as held for sale (see Note...

  • Page 63
    ... an immaterial loss for the early retirement of the $11 in old notes. Interest on the new notes is paid semi-annually in February and August, which commenced in August 2007. Alcoa has the option to redeem the new notes, as a whole or in part, at any time or from time to time, on at least 30 days...

  • Page 64
    ... proceeds of which are to be used to provide working capital or for other general corporate purposes of Alcoa, including support of Alcoa's commercial paper program. Subject to the terms and conditions of the Credit Agreement, Alcoa may from time to time request increases in lender commitments under...

  • Page 65
    ... Alcoa or Reynolds Metals Company and spouses and dependents of such retirees alleging violation of the Employee Retirement Income Security Act (ERISA) and the LaborManagement Relations Act by requiring plaintiffs, beginning January 1, 2007, to pay health insurance premiums and increased co-payments...

  • Page 66
    ... new shareholder structure, and entitles Alumínio to approximately 65 megawatts of assured power. In 2004, Alcoa acquired a 20% interest in a consortium, which subsequently purchased the Dampier to Bunbury Natural Gas Pipeline (DBNGP) in Western Australia, in exchange for an initial cash investment...

  • Page 67
    ... to secure a competitively priced long-term supply of natural gas to Alcoa's refineries in Western Australia. In addition to its equity ownership, Alcoa has an agreement to purchase gas transmission services from the DBNGP. Alcoa's maximum exposure to loss on the investment and the related contract...

  • Page 68
    ...castings; forgings and fasteners; electrical distribution systems; aluminum wheels; and integrated aluminum structural systems used in the aerospace, automotive, commercial transportation, and power generation markets. These products are sold directly to customers and through distributors. Packaging...

  • Page 69
    ... Intersegment sales Total sales Profit and loss: Equity (loss) income Depreciation, depletion, and amortization Income taxes ATOI Assets: Capital expenditures Equity investments Goodwill Total assets Primary Metals FlatRolled Products Extruded and End Products Engineered Solutions Packaging and...

  • Page 70
    ... the conversion of stock awards. In October 2007, Alcoa's Board of Directors approved a new share repurchase program. The new program authorizes the purchase of up to 25% (or approximately 217 million shares) of the outstanding common stock of Alcoa at December 31, 2006, in the open market or though...

  • Page 71
    ...less than market prices on the dates of grant. Beginning in 2006, performance stock options were granted to certain individuals. The final number of options granted is based on the outcome of Alcoa's annual return on capital results against the results of a comparator group of companies. However, an...

  • Page 72
    ... of 2004, in addition to stock option awards, the company has granted stock awards and performance share awards. Both vest three years from the date of grant. Performance share awards are issued at target and the final award amount is determined at the end of the performance period. The following...

  • Page 73
    ... of the U.S. federal statutory rate to Alcoa's effective tax rate for continuing operations is as follows: 2007 2006 2005 Income from continuing operations Less: preferred stock dividends Income from continuing operations available to common shareholders Average shares outstanding-basic Effect...

  • Page 74
    ... U.S. salaried and non-union hourly employees hired after March 1, 2006 will participate in a defined contribution plan instead of a defined benefit plan. Alcoa maintains health care and life insurance benefit plans covering eligible U.S. retired employees and certain other retirees. Generally, the...

  • Page 75
    .../curtailment Benefits paid, net of participants' contributions Medicare Part D subsidy receipts Other transfers, net Exchange rate Projected benefit obligation at end of year Change in plan assets Fair value of plan assets at beginning of year Actual return on plan assets Employer contributions...

  • Page 76
    ... 872 305 567 $ $ $ Components of Net Periodic Benefit Costs Pension benefits 2007 2006 2005 Postretirement benefits 2007 2006 2005 Service cost Interest cost Expected return on plan assets Amortization of prior service cost (benefit) Recognized actuarial loss Settlement/curtailment Net periodic...

  • Page 77
    ...contribution of Alcoa's soft alloy extrusion business to a newly-formed joint venture. Also in 2007, Alcoa recorded a settlement credit of $2 as a component of net periodic benefit cost related to its pension benefits due to significant lump sum benefit payments. The projected benefit obligation for...

  • Page 78
    ...2008. Actual annual company health care trend experience over the past three years has ranged from 0% to 4.1%. The 7% trend rate will be used for 2008. Assumed health care cost trend rates have an effect on the amounts reported for the health care plan. A one-percentage point change in these assumed...

  • Page 79
    ...LIBOR plus an applicable margin of 0.58% per annum. Loans may be prepaid without premium or penalty, subject to customary breakage costs. If there are amounts borrowed under RCF-1 at the time Alcoa receives the proceeds from the sale of the Packaging and Consumer businesses, the company must use the...

  • Page 80
    ... called Shining Prospect Pte. Ltd. (SPPL), which is a private limited liability company, created for the purpose of acquiring the RTP shares. The RTP shares were purchased on the open market through an investment broker. Alcoa will account for its approximately 8.5% stake in SPPL as an equity method...

  • Page 81
    ....69 $ .86 (.01) $ .85 .85 - $ .85 $ .62 - $ .62 .62 (.01) $ .61 $ .30 .11 $ .41 .29 .12 $ .41 $ $ $ $ 2.49 .10 2.59 2.47 .10 2.57 $ $ $ $ Number of Employees 2007 U.S. Other Americas Europe Pacific 38,000 28,000 32,000 9,000 107,000 2006 43,400 33,400 37,100 9,100 123,000 2005 45,300 35...

  • Page 82
    ... operating performance of the company's productive assets. The company has significant growth investments underway in its upstream and downstream businesses, as previously noted, with expected completion dates over the next several years. As these investments generally require a period of time...

  • Page 83
    .... is a component of the Standard & Poor's 500® Materials Index, a group of 33 companies which closely mirror the companies we use for return on capital comparisons to establish performance awards for senior management. Five-Year Cumulative Total Return Based upon an initial investment of $100 on...

  • Page 84
    ... share (2) Dividends declared Book value (based on year-end outstanding shares) Price range: High Low Estimated number of shareholders Average shares outstanding - basic (thousands) Alumina shipments (3) Aluminum product shipments: Primary (4) Fabricated and finished products Total Primary aluminum...

  • Page 85
    ... 23.13 265,300 814,229 7,472 2,032 3,315 5,347 4,219 5,141 3,539 4,395 $ 1,102 142,000 1999 $ 15,346 11,731 777 124 867 - - 195 122 526 228 1,020 34 - 1,054 1,477 1,388 2 296 7,689 17,066 3,012 1,458 6,318 1.44 1.41 .403 8.51 41.69 17.97 185,000...

  • Page 86
    ... of Moxahela Enterprises, LLC, a venture capital firm, since 2001. He was chairman and chief executive officer of TRW Inc., a global company serving the automotive, space, and information systems markets, 1988-2001. Director of Alcoa since 1991. Franklin A. Thomas, 73, consultant, The Study Group...

  • Page 87
    ..., North American Rolled Products Ronald D. Dickel Vice President - Tax Janet F . Duderstadt Assistant Secretary Thomas J. Meek Deputy General Counsel and Global Director - Compliance Helmut Wieser Executive Vice President Group President, Global Rolled Products and Hard Alloy Extrusions and...

  • Page 88
    ...Corporate Communications at the Corporate Center address. Investor Information Securities analysts and investors may write to Director - Investor Relations, Alcoa, 390 Park Avenue, New York, NY 10022-4608, call 1 212 836 2674, or e-mail investor.relations@ alcoa.com. Stock Listing Common: New York...

  • Page 89
    ... to be the best company in the world. Values Integrity Alcoa's foundation is our integrity. We are open, honest and trustworthy in dealing with customers, suppliers, coworkers, shareholders and the communities where we have an impact. Environment, Health and Safety We work safely in a manner...

  • Page 90
    ... born at our Alcoa Anglesea Power Station in southeastern Australia, to the 176 different botanical species found at our 12-hectare Tubarão environmental park adjacent to our fabricating facility in Santa Catarina, Brazil, to orca whales swimming by our Intalco smelter in Ferndale, Washington...