Alcoa 2014 Annual Report Download - page 169
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Pension Plan Benefit Obligations
Pension benefits
2014 2013
The projected benefit obligation and accumulated benefit obligation for all defined benefit
pension plans was as follows:
Projected benefit obligation $15,019 $13,730
Accumulated benefit obligation 14,553 13,324
The aggregate projected benefit obligation and fair value of plan assets for pension plans with
projected benefit obligations in excess of plan assets was as follows:
Projected benefit obligation 14,151 12,180
Fair value of plan assets 10,777 8,930
The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with
accumulated benefit obligations in excess of plan assets was as follows:
Accumulated benefit obligation 13,112 11,776
Fair value of plan assets 10,144 8,890
Components of Net Periodic Benefit Cost
Pension benefits(1) Other postretirement benefits(2)
2014 2013 2012 2014 2013 2012
Service cost $ 166 $ 194 $ 186 $ 15 $ 17 $ 14
Interest cost 630 602 639 114 114 131
Expected return on plan assets (782) (788) (808) - - -
Recognized net actuarial loss 391 489 384 13 35 25
Amortization of prior service cost (benefit) 18 19 19 (25) (18) (16)
Settlements(3) 269----
Curtailments(4) -6----
Special termination benefits(5) -77----
Net periodic benefit cost(6) $ 449 $ 608 $ 420 $117 $148 $154
(1) In 2014, 2013, and 2012, net periodic benefit cost for U.S pension plans was $335, $391, and $288, respectively.
(2) In 2014, 2013, and 2012, net periodic benefit cost for other postretirement benefits reflects a reduction of $38, $55, and
$64, respectively, related to the recognition of the federal subsidy awarded under Medicare Part D.
(3) In 2014, settlements were due to workforce reductions (see Note D). In 2013, settlements were due to the payment of
significant lump sum benefits and/or purchases of annuity contracts.
(4) In 2013, curtailments were due to elimination of benefits or workforce reductions (see Note D).
(5) In 2013, special termination benefits were due to workforce reductions (see Note D).
(6) Amounts attributed to joint venture partners are not included.
Amounts Expected to be Recognized in Net Periodic Benefit Cost
Pension benefits Other postretirement benefits
2015 2015
Net actuarial loss recognition $465 $ 15
Prior service cost (benefit) recognition 17 (38)
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