Alcoa 2015 Annual Report Download - page 176
Download and view the complete annual report
Please find page 176 of the 2015 Alcoa annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166 -
167 -
168 -
169 -
170 -
171 -
172 -
173 -
174 -
175 -
176 -
177 -
178 -
179 -
180 -
181 -
182 -
183 -
184 -
185 -
186 -
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
 |
 |
The funded status of all of Alcoa’s pension and other postretirement benefit plans are measured as of December 31
each calendar year.
Obligations and Funded Status
Pension benefits
Other
postretirement benefits
December 31, 2015 2014 2015 2014
Change in benefit obligation
Benefit obligation at beginning of year $15,019 $13,730 $ 2,368 $ 2,592
Service cost 187 182 14 15
Interest cost 583 640 92 114
Amendments 18 33 - (111)
Actuarial (gains) losses (222) 1,552 26 16
Acquisitions (F) 188 455 48 -
Divestitures (F) - (142) - (10)
Settlements (72) (134) - -
Curtailments (12) - (6) -
Benefits paid, net of participants’ contributions (1,033) (1,051) (235) (264)
Medicare Part D subsidy receipts - - 15 19
Foreign currency translation impact (409) (246) (3) (3)
Benefit obligation at end of year* $14,247 $15,019 $ 2,319 $ 2,368
Change in plan assets
Fair value of plan assets at beginning of year $11,717 $10,580 $ - $ -
Actual return on plan assets 24 1,764 - -
Employer contributions 479 507 - -
Participants’ contributions 21 25 - -
Benefits paid (1,015) (1,038) - -
Administrative expenses (55) (54) - -
Acquisitions (F) 164 431 - -
Divestitures (F) - (164) - -
Settlements (72) (134) - -
Foreign currency translation impact (335) (200) - -
Fair value of plan assets at end of year* $10,928 $11,717 $ - $ -
Funded status* $ (3,319) $ (3,302) $(2,319) $(2,368)
Less: Amounts attributed to joint venture partners (30) (33) - -
Net funded status $ (3,289) $ (3,269) $(2,319) $(2,368)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets $ 44 $ 53 $ - $ -
Current liabilities (35) (31) (213) (213)
Noncurrent liabilities (3,298) (3,291) (2,106) (2,155)
Net amount recognized $ (3,289) $ (3,269) $(2,319) $(2,368)
Amounts recognized in Accumulated Other Comprehensive Loss consist of:
Net actuarial loss $ 5,351 $ 5,379 $ 398 $ 392
Prior service cost (benefit) 70 102 (106) (144)
Total, before tax effect 5,421 5,481 292 248
Less: Amounts attributed to joint venture partners 38 43 - -
Net amount recognized, before tax effect $ 5,383 $ 5,438 $ 292 $ 248
Other Changes in Plan Assets and Benefit Obligations Recognized in Other
Comprehensive Loss consist of:
Net actuarial loss $ 440 $ 572 $ 23 $ 15
Amortization of accumulated net actuarial loss (468) (391) (17) (13)
Prior service (benefit) cost (7) 26 1 (112)
Amortization of prior service (cost) benefit (25) (18) 37 25
Total, before tax effect (60) 189 44 (85)
Less: Amounts attributed to joint venture partners (5) 5 - -
Net amount recognized, before tax effect $ (55) $ 184 $ 44 $ (85)
* At December 31, 2015, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were
$10,983, $8,077, and $(2,906), respectively. At December 31, 2014, the benefit obligation, fair value of plan assets, and
funded status for U.S. pension plans were $11,404, $8,576, and $(2,828), respectively.
152