Alcoa 2014 Annual Report Download - page 180
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The following tables present a reconciliation of activity for Level 3 derivative contracts:
Assets Liabilities
2014
Embedded
aluminum
derivatives
Energy
contract
Embedded
aluminum
derivatives
Embedded
credit
derivative
Opening balance—January 1, 2014 $ 349 $ 6 $410 $21
Total gains or losses (realized and unrealized) included in:
Sales (1) - (27) -
Cost of goods sold (163) - - (1)
Other expenses, net (15) - - (2)
Other comprehensive loss 71 (4) (7) -
Purchases, sales, issuances, and settlements* - - - -
Transfers into and/or out of Level 3* - - - -
Foreign currency translation 23 - - -
Closing balance—December 31, 2014 $ 266 $ 2 $376 $18
Change in unrealized gains or losses included in earnings for
derivative contracts held at December 31, 2014:
Sales $ - $ - $ - $ -
Cost of goods sold - - - -
Other expenses, net (15) - - (2)
* In November 2014, three new embedded derivatives were contained within renewed power contracts; however, there
was no amount included for issuances as the fair value on the date of issuance was zero. There were no purchases,
sales or settlements of Level 3 derivative instruments. Additionally, there were no transfers of derivative instruments
into or out of Level 3.
Assets Liabilities
2013
Embedded
aluminum
derivatives
Energy
contract
Embedded
aluminum
derivatives
Embedded
credit
derivative
Opening balance—January 1, 2013 $ 547 $3 $ 608 $30
Total gains or losses (realized and unrealized) included in:
Sales 2 - (25) -
Cost of goods sold (202) - - (1)
Other income, net 28 - - (8)
Other comprehensive loss 17 3 (173) -
Purchases, sales, issuances, and settlements* - - - -
Transfers into and/or out of Level 3* - - - -
Foreign currency translation (43) - - -
Closing balance—December 31, 2013 $ 349 $6 $ 410 $21
Change in unrealized gains or losses included in earnings for
derivative contracts held at December 31, 2013:
Sales $ - $ - $ - $ -
Cost of goods sold - - - -
Other income, net 28 - - (8)
* In 2013, there were no purchases, sales, issuances or settlements of Level 3 derivative instruments. Additionally,
there were no transfers of derivative instruments into or out of Level 3.
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