Alcoa 2015 Annual Report Download - page 182
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Pension plan assets classified as Level 3 in the fair value hierarchy represent investments in which the trustees have
used significant unobservable inputs in the valuation model. The following table presents a reconciliation of activity
for such investments:
2015 2014
Balance at beginning of year $3,925 $3,421
Realized gains 118 180
Unrealized gains 94 146
Purchases 640 868
Sales (481) (768)
Issuances --
Settlements --
Acquisitions (F) 12 117
Foreign currency translation impact (140) (39)
Transfers in and/or out of Level 3* - -
Balance at end of year $4,168 $3,925
* In 2015 and 2014, there were no transfers of financial instruments into or out of Level 3.
Funding and Cash Flows
It is Alcoa’s policy to fund amounts for pension plans sufficient to meet the minimum requirements set forth in
applicable country benefits laws and tax laws, including the Pension Protection Act of 2006; the Worker, Retiree, and
Employer Recovery Act of 2008; the Moving Ahead for Progress in the 21st Century Act of 2012; the Highway and
Transportation Funding Act of 2014; and the Bipartisan Budget Act of 2015 for U.S. plans. From time to time, Alcoa
contributes additional amounts as deemed appropriate. In 2015 and 2014, cash contributions to Alcoa’s pension plans
were $470 and $501. The minimum required contribution to pension plans in 2016 is estimated to be $300, of which
$218 is for U.S. plans.
Benefit payments expected to be paid to pension and other postretirement benefit plans’ participants and expected
Medicare Part D subsidy receipts are as follows:
Year ended December 31,
Pension
benefits
Gross Other
postretirement
benefits
Medicare Part D
subsidy receipts
Net Other
postretirement
benefits
2016 $ 910 $ 230 $ 15 $ 215
2017 900 225 15 210
2018 910 225 15 210
2019 910 220 15 205
2020 920 220 20 200
2021 through 2025 4,650 975 80 895
$9,200 $2,095 $160 $1,935
Defined Contribution Plans
Alcoa sponsors savings and investment plans in several countries, including the United States and Australia. Expenses
related to these plans were $142 in 2015, $151 in 2014, and $149 in 2013. In the United States, employees may
contribute a portion of their compensation to the plans, and Alcoa matches a portion of these contributions in
equivalent form of the investments elected by the employee. Prior to January 1, 2014, Alcoa’s match was mostly in
company stock.
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