Alcoa 2014 Annual Report Download - page 182
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are further supported by cash, treasury bills, or irrevocable letters of credit issued by carefully chosen banks. In
addition, various master netting arrangements are in place with counterparties to facilitate settlement of gains and
losses on these contracts.
Other Financial Instruments. The carrying values and fair values of Alcoa’s other financial instruments were as
follows:
December 31,
2014 2013
Carrying
value
Fair
value
Carrying
value
Fair
value
Cash and cash equivalents $1,877 $1,877 $1,437 $1,437
Restricted cash 20 20 18 18
Noncurrent receivables 17 17 19 19
Available-for-sale securities 153 153 119 119
Short-term borrowings 54 54 57 57
Commercial paper - - - -
Long-term debt due within one year 29 29 655 1,040
Long-term debt, less amount due within one year 8,769 9,445 7,607 7,863
The following methods were used to estimate the fair values of other financial instruments:
Cash and cash equivalents, Restricted cash, Short-term borrowings, and Commercial paper. The carrying
amounts approximate fair value because of the short maturity of the instruments. The fair value amounts for Cash and
cash equivalents, Restricted cash, and Commercial paper were classified in Level 1, and Short-term borrowings were
classified in Level 2.
Noncurrent receivables. The fair value of noncurrent receivables was based on anticipated cash flows, which
approximates carrying value, and was classified in Level 2 of the fair value hierarchy.
Available-for-sale securities. The fair value of such securities was based on quoted market prices. These financial
instruments consist of exchange-traded fixed income and equity securities, which are carried at fair value and were
classified in Level 1 of the fair value hierarchy.
Long-term debt due within one year and Long-term debt, less amount due within one year. The fair value was
based on quoted market prices for public debt and on interest rates that are currently available to Alcoa for issuance of
debt with similar terms and maturities for non-public debt. The fair value amounts for all Long-term debt were
classified in Level 2 of the fair value hierarchy.
Y. Subsequent Events
Management evaluated all activity of Alcoa and concluded that no subsequent events have occurred that would require
recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial
Statements.
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