ALCOA INC | 2013 | FY | 3


Obligations and Funded Status

 

     Pension benefits     Other
postretirement benefits
 
December 31,    2013     2012         2013             2012      

Change in benefit obligation

        

Benefit obligation at beginning of year

   $ 14,751      $ 13,526      $ 2,863      $ 2,844   

Service cost

     213        203        17        14   

Interest cost

     611        647        114        132   

Amendments

     82        6        -        -   

Actuarial (gains) losses

     (849     1,120        (170     107   

Settlements

     (13     -        -        -   

Benefits paid, net of participants’ contributions

     (841     (833     (249     (256

Medicare Part D subsidy receipts

     -        -        20        21   

Foreign currency translation impact

     (224     82        (3     1   

Benefit obligation at end of year*

   $ 13,730      $ 14,751      $ 2,592      $ 2,863   

Change in plan assets

        

Fair value of plan assets at beginning of year

   $ 11,043      $ 10,311      $ -      $ 8   

Actual return on plan assets

     109        925        -        -   

Employer contributions

     473        571        -        -   

Participants’ contributions

     27        32        -        -   

Benefits paid

     (825     (822     -        (8

Administrative expenses

     (40     (42     -        -   

Settlements

     (17     -        -        -   

Foreign currency translation impact

     (190     68        -        -   

Fair value of plan assets at end of year*

   $ 10,580      $ 11,043      $ -      $ -   

Funded status*

   $ (3,150   $ (3,708   $ (2,592   $ (2,863

Less: Amounts attributed to joint venture partners

     (25     (40     (4     (4

Net funded status

   $ (3,125   $ (3,668   $ (2,588   $ (2,859

Amounts recognized in the Consolidated Balance Sheet consist of:

        

Noncurrent assets

   $ 88      $ 86      $ -      $ -   

Current liabilities

     (30     (32     (234     (256

Noncurrent liabilities

     (3,183     (3,722     (2,354     (2,603

Net amount recognized

   $ (3,125   $ (3,668   $ (2,588   $ (2,859

Amounts recognized in Accumulated Other Comprehensive Loss consist of:

        

Net actuarial loss

   $ 5,198      $ 5,880      $ 389      $ 593   

Prior service cost (benefit)

     94        119        (57     (76

Total, before tax effect

     5,292        5,999        332        517   

Less: Amounts attributed to joint venture partners

     38        54        (1     (1

Net amount recognized, before tax effect

   $ 5,254      $ 5,945      $ 333      $ 518   

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss consist of:

        

Net actuarial (gain) loss

   $ (193   $ 1,073      $ (169   $ 107   

Amortization of accumulated net actuarial loss

     (489     (384     (35     (25

Prior service cost

     -        9        -        -   

Amortization of prior service (cost) benefit

     (25     (19     19        16   

Total, before tax effect

     (707     679        (185     98   

Less: Amounts attributed to joint venture partners

     (16     8        -        -   

Net amount recognized, before tax effect

   $ (691   $ 671      $ (185   $ 98   
* At December 31, 2013, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $10,643, $7,909, and $(2,734), respectively. At December 31, 2012, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $11,521, $8,437, and $(3,084), respectively.

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