Alcoa 2013 Annual Report Download - page 128
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(the “Ministry of Petroleum”). The gas supply agreement provides sufficient fuel to meet manufacturing process
requirements as well as fuel to the adjacent combined water and power plant being constructed by Saline Water
Conversion Corporation, which is owned by the government of Saudi Arabia and is responsible for desalinating sea
water and producing electricity for Saudi Arabia. The combined water and power plant will convert the three joint
venture companies’ gas into electricity and water at cost, which will be supplied to the refinery, smelter, and rolling
mill. During 2013, the $350 letter of credit that was previously provided to the Ministry of Petroleum by Ma’aden
(Alcoa was responsible for its pro rata share) under the gas allocation related to the completion of the refinery was
terminated upon the mining and refining company entering into construction contracts. A $60 letter of credit previously
provided to the Ministry of Petroleum by Ma’aden (Alcoa is responsible for its pro rata share) under the gas allocation
related to the completion of certain auxiliary rolling facilities was outstanding as of December 31, 2013.
The parties subject to the joint venture shareholders’ agreement may not sell, transfer, or otherwise dispose of, pledge,
or encumber any interests in the joint venture until certain milestones have been met as defined in both agreements.
Under the joint venture shareholders’ agreement, upon the occurrence of an unremedied event of default by Alcoa,
Ma’aden may purchase, or, upon the occurrence of an unremedied event of default by Ma’aden, Alcoa may sell, its
interest for consideration that varies depending on the time of the default.
Other Investments. As of December 31, 2013 and 2012, Other investments included $119 and $67, respectively, in
exchange-traded fixed income and equity securities, which are classified as available-for-sale and are carried at fair
value with unrealized gains and losses recognized in other comprehensive income. Unrealized and realized gains and
losses related to these securities were immaterial in 2013, 2012, and 2011.
J. Other Noncurrent Assets
December 31, 2013 2012
Cash surrender value of life insurance $ 507 $ 464
Intangibles, net (E) 399 407
Value-added tax receivable 339 408
Prepaid gas transmission contract (N) 315 363
Fair value of derivative contracts (X) 220 364
Deferred mining costs, net 219 223
Advance related to European Commission Matter in Italy (N) 126 -
Prepaid pension benefit (W) 88 86
Unamortized debt expense 73 86
Other 342 311
$2,628 $2,712
112