Alcoa 2015 Annual Report Download - page 177
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Pension Plan Benefit Obligations
Pension benefits
2015 2014
The projected benefit obligation and accumulated benefit obligation for all defined benefit
pension plans was as follows:
Projected benefit obligation $14,247 $15,019
Accumulated benefit obligation 13,832 14,553
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 14,146 14,151
Fair value of plan assets 10,786 10,777
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 12,510 13,112
Fair value of plan assets 9,512 10,144
Components of Net Periodic Benefit Cost
Pension benefits(1) Other postretirement benefits(2)
2015 2014 2013 2015 2014 2013
Service cost $ 175 $ 166 $ 194 $ 14 $ 15 $ 17
Interest cost 577 630 602 92 114 114
Expected return on plan assets (753) (782) (788) - - -
Recognized net actuarial loss 468 391 489 17 13 35
Amortization of prior service cost (benefit) 16 18 19 (37) (25) (18)
Settlements(3) 16 26 9 - - -
Curtailments(4) 9-6(4) - -
Special termination benefits(5) 16 - 77 - - -
Net periodic benefit cost(6) $ 524 $ 449 $ 608 $ 82 $117 $148
(1) In 2015, 2014, and 2013, net periodic benefit cost for U.S pension plans was $423, $335, and $391, respectively.
(2) In 2015, 2014, and 2013, net periodic benefit cost for other postretirement benefits reflects a reduction of $34, $38, and
$55, respectively, related to the recognition of the federal subsidy awarded under Medicare Part D.
(3) In 2015, settlements were due to workforce reductions (see Note D) and the payment of lump sum benefits and/or
purchases of annuity contracts. In 2014, settlements were due to workforce reductions (see Note D). In 2013, settlements
were due to the payment of lump sum benefits and/or purchases of annuity contracts.
(4) In 2015 and 2013, curtailments were due to elimination of benefits or workforce reductions (see Note D).
(5) In 2015 and 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
2016 2016
Net actuarial loss recognition 413 21
Prior service cost (benefit) recognition 15 (26)
153