Alcoa 2014 Annual Report Download - page 130
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As of December 31, 2013, the separations associated with 2012 restructuring programs were essentially complete. In
2014, 2013, and 2012, cash payments of $3, $17, and $16, respectively, were made against layoff reserves related to
the 2012 restructuring programs.
Alcoa does not include Restructuring and other charges in the results of its reportable segments. The pretax impact of
allocating such charges to segment results would have been as follows:
2014 2013 2012
Alumina $ 287 $ 11 $ 3
Primary Metals 553 295 20
Global Rolled Products 266 15 43
Engineered Products and Solutions 19 27 13
Segment total 1,125 348 79
Corporate 43 434 93
Total restructuring and other charges $1,168 $782 $172
Activity and reserve balances for restructuring charges were as follows:
Layoff
costs
Other
exit costs Total
Reserve balances at December 31, 2011 $ 77 $ 57 $ 134
2012:
Cash payments (44) (13) (57)
Restructuring charges 47 13 60
Other* (21) (5) (26)
Reserve balances at December 31, 2012 59 52 111
2013:
Cash payments (63) (11) (74)
Restructuring charges 201 85 286
Other* (101) (84) (185)
Reserve balances at December 31, 2013 96 42 138
2014:
Cash payments (191) (22) (213)
Restructuring charges 259 194 453
Other* (66) (180) (246)
Reserve balances at December 31, 2014 $ 98 $ 34 $ 132
* Other includes reversals of previously recorded restructuring charges and the effects of foreign currency translation.
In 2014 and 2013, Other for layoff costs also included a reclassification of $26 and $92, respectively, in pension
costs, as these obligations were included in Alcoa’s separate liability for pension obligations (see Note W).
Additionally in 2014 and 2013, Other for other exit costs also included a reclassification of the following
restructuring charges: $95 and $58, respectively, in asset retirement and $47 and $12, respectively, in environmental
obligations, as these liabilities were included in Alcoa’s separate reserves for asset retirement obligations (see Note
C) and environmental remediation (see Note N).
The remaining reserves are expected to be paid in cash during 2015, with the exception of approximately $15 to $20,
which is expected to be paid over the next several years for lease termination costs, ongoing site remediation work, and
special separation benefit payments.
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