Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Loss

G. Accumulated Other Comprehensive Loss

The following table details the activity of the three components that comprise Accumulated other comprehensive loss for both Alcoa Corporation’s shareholders and Noncontrolling interest:

	Alcoa Corporation						Noncontrolling interest
	Second quarter ended June 30,						Second quarter ended June 30,
	2020			2019			2020			2019
Pension and other postretirement benefits (L)
Balance at beginning of period	$	(2,244	)	$	(2,242	)	$	(56	)	$	(45	)
Other comprehensive (loss) income:
Unrecognized net actuarial loss and prior service    cost/benefit		(181	)		(78	)		1			(3	)
Tax benefit		4			16			—			—
Total Other comprehensive loss    before reclassifications, net of tax		(177	)		(62	)		1			(3	)
Amortization of net actuarial loss and prior    service cost/benefit(1)		52			83			1			1
Tax expense(2)		(2	)		(11	)		—			—
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		50			72			1			1
Total Other comprehensive (loss) income		(127	)		10			2			(2	)
Balance at end of period	$	(2,371	)	$	(2,232	)	$	(54	)	$	(47	)
Foreign currency translation
Balance at beginning of period	$	(2,823	)	$	(2,093	)	$	(1,079	)	$	(808	)
Other comprehensive income(3)		135			40			94			4
Balance at end of period	$	(2,688	)	$	(2,053	)	$	(985	)	$	(804	)
Cash flow hedges (M)
Balance at beginning of period	$	169		$	(499	)	$	—		$	37
Other comprehensive (loss) income:
Net change from periodic revaluations		(513	)		80			(4	)		6
Tax benefit (expense)		112			(12	)		1			(2	)
Total Other comprehensive (loss) income    before reclassifications, net of tax		(401	)		68			(3	)		4
Net amount reclassified to earnings:
Aluminum contracts(4)		1			12			—			—
Financial contracts(5)		4			(6	)		3			(7	)
Interest rate contracts(6)		1			—			—			—
Foreign exchange contracts(4)		7			4			—			—
Sub-total		13			10			3			(7	)
Tax (expense) benefit(2)		(2	)		1			(1	)		2
Total amount reclassified from    Accumulated other comprehensive    loss, net of tax(7)		11			11			2			(5	)
Total Other comprehensive (loss) income		(390	)		79			(1	)		(1	)
Balance at end of period	$	(221	)	$	(420	)	$	(1	)	$	36
Total Accumulated other comprehensive loss	$	(5,280	)	$	(4,705	)	$	(1,040	)	$	(815	)

	Alcoa Corporation						Noncontrolling interest
	Six months ended June 30,						Six months ended June 30,
	2020			2019			2020			2019
Pension and other postretirement benefits (L)
Balance at beginning of period	$	(2,282	)	$	(2,283	)	$	(56	)	$	(46	)
Other comprehensive (loss) income:
Unrecognized net actuarial loss and prior service    cost/benefit		(201	)		(82	)		—			(3	)
Tax benefit		10			17			—			—
Total Other comprehensive loss    before reclassifications, net of tax		(191	)		(65	)		—			(3	)
Amortization of net actuarial loss and prior    service cost/benefit(1)		106			128			2			2
Tax expense(2)		(4	)		(12	)		—			—
Total amount reclassified from Accumulated    other comprehensive loss, net of tax(7)		102			116			2			2
Total Other comprehensive (loss) income		(89	)		51			2			(1	)
Balance at end of period	$	(2,371	)	$	(2,232	)	$	(54	)	$	(47	)
Foreign currency translation
Balance at beginning of period	$	(2,160	)	$	(2,071	)	$	(834	)	$	(810	)
Other comprehensive (loss) income(3)		(528	)		18			(151	)		6
Balance at end of period	$	(2,688	)	$	(2,053	)	$	(985	)	$	(804	)
Cash flow hedges (M)
Balance at beginning of period	$	(532	)	$	(211	)	$	20		$	31
Other comprehensive income (loss):
Net change from periodic revaluations		339			(272	)		(30	)		33
Tax (expense) benefit		(63	)		54			8			(10	)
Total Other comprehensive income (loss)    before reclassifications, net of tax		276			(218	)		(22	)		23
Net amount reclassified to earnings:
Aluminum contracts(4)		14			25			—			—
Financial contracts(5)		7			(32	)		1			(25	)
Interest rate contracts(6)		2			—			—			—
Foreign exchange contracts(4)		15			8			—			—
Sub-total		38			1			1			(25	)
Tax (expense) benefit(2)		(3	)		8			—			7
Total amount reclassified from    Accumulated other comprehensive    loss, net of tax(7)		35			9			1			(18	)
Total Other comprehensive income (loss)		311			(209	)		(21	)		5
Balance at end of period	$	(221	)	$	(420	)	$	(1	)	$	36
Total Accumulated other comprehensive loss	$	(5,280	)	$	(4,705	)	$	(1,040	)	$	(815	)

⁽¹⁾  These amounts were included in the computation of net periodic benefit cost for pension and other postretirement benefits (see Note L).

⁽²⁾  These amounts were reported in Provision for income taxes on the accompanying Statement of Consolidated Operations.

⁽³⁾  In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings.

⁽⁴⁾  These amounts were primarily reported in Sales on the accompanying Statement of Consolidated Operations.

⁽⁵⁾  These amounts were reported in Cost of goods sold on the accompanying Statement of Consolidated Operations.

⁽⁶⁾  These amounts were reported in Other expenses (income), net of the accompanying Statement of Consolidated Operations.

⁽⁷⁾  A positive amount indicates a corresponding charge to earnings and a negative amount indicates a corresponding benefit to earnings.