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Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2021
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

 

 

 

2021

 

 

2020

 

 

2019

 

 

2021

 

 

2020

 

 

2019

 

Pension and other postretirement benefits (O)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(2,536

)

 

$

(2,282

)

 

$

(2,283

)

 

$

(67

)

 

$

(56

)

 

$

(46

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrecognized net actuarial gain (loss) and prior

   service cost/benefit

 

 

550

 

 

 

(545

)

 

 

(309

)

 

 

30

 

 

 

(19

)

 

 

(14

)

Tax (expense) benefit

 

 

(37

)

 

 

31

 

 

 

28

 

 

 

(6

)

 

 

3

 

 

 

—

 

Total Other comprehensive income

   (loss) before reclassifications,

   net of tax

 

 

513

 

 

 

(514

)

 

 

(281

)

 

 

24

 

 

 

(16

)

 

 

(14

)

Amortization of net actuarial loss and prior

   service cost/benefit(1)

 

 

1,144

 

 

 

269

 

 

 

299

 

 

 

30

 

 

 

6

 

 

 

5

 

Tax expense(2)

 

 

(3

)

 

 

(9

)

 

 

(17

)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total amount reclassified from

   Accumulated other comprehensive

   loss, net of tax(6)

 

 

1,141

 

 

 

260

 

 

 

282

 

 

 

30

 

 

 

5

 

 

 

4

 

Total Other comprehensive income (loss)

 

 

1,654

 

 

 

(254

)

 

 

1

 

 

 

54

 

 

 

(11

)

 

 

(10

)

Balance at end of period

 

$

(882

)

 

$

(2,536

)

 

$

(2,282

)

 

$

(13

)

 

$

(67

)

 

$

(56

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(2,385

)

 

$

(2,160

)

 

$

(2,071

)

 

$

(844

)

 

$

(834

)

 

$

(810

)

Other comprehensive loss

 

 

(229

)

 

 

(225

)

 

 

(89

)

 

 

(93

)

 

 

(10

)

 

 

(24

)

Balance at end of period

 

$

(2,614

)

 

$

(2,385

)

 

$

(2,160

)

 

$

(937

)

 

$

(844

)

 

$

(834

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedges (P)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(708

)

 

$

(532

)

 

$

(211

)

 

$

(1

)

 

$

20

 

 

$

31

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change from periodic revaluations

 

 

(782

)

 

 

(345

)

 

 

(437

)

 

 

(2

)

 

 

(36

)

 

 

20

 

Tax benefit (expense)

 

 

140

 

 

 

74

 

 

 

83

 

 

 

1

 

 

 

10

 

 

 

(6

)

Total Other comprehensive (loss)

   income before reclassifications, net

   of tax

 

 

(642

)

 

 

(271

)

 

 

(354

)

 

 

(1

)

 

 

(26

)

 

 

14

 

Net amount reclassified to earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminum contracts(3)

 

 

288

 

 

 

66

 

 

 

44

 

 

 

—

 

 

 

—

 

 

 

—

 

Financial contracts(4)

 

 

2

 

 

 

15

 

 

 

(43

)

 

 

1

 

 

 

6

 

 

 

(35

)

Foreign exchange contracts(3)

 

 

(3

)

 

 

20

 

 

 

18

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest rate contracts(5)

 

 

8

 

 

 

5

 

 

 

4

 

 

 

1

 

 

 

—

 

 

 

—

 

Sub-total

 

 

295

 

 

 

106

 

 

 

23

 

 

 

2

 

 

 

6

 

 

 

(35

)

Tax (expense) benefit(2)

 

 

(41

)

 

 

(11

)

 

 

10

 

 

 

(1

)

 

 

(1

)

 

 

10

 

Total amount reclassified

   from Accumulated other

   comprehensive loss, net of

   tax(6)

 

 

254

 

 

 

95

 

 

 

33

 

 

 

1

 

 

 

5

 

 

 

(25

)

Total Other comprehensive loss

 

 

(388

)

 

 

(176

)

 

 

(321

)

 

 

—

 

 

 

(21

)

 

 

(11

)

Balance at end of period

 

$

(1,096

)

 

$

(708

)

 

$

(532

)

 

$

(1

)

 

$

(1

)

 

$

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Accumulated other comprehensive loss

 

$

(4,592

)

 

$

(5,629

)

 

$

(4,974

)

 

$

(951

)

 

$

(912

)

 

$

(870

)

 

(1)

These amounts were included in the computation of net periodic benefit cost for pension and other postretirement benefits. The amounts related to settlements and/or curtailments of certain pension and other postretirement benefits for Alcoa Corporation include $952, $55, and $116 for the years ended December 31, 2021, 2020, and 2019, respectively. The amounts related to settlements and/or curtailments of certain pension and other postretirement benefits for Noncontrolling interest include $25, $3, and $3 for the years ended December 31, 2021, 2020, and 2019, respectively (see Note O).

(2)

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

(3)

These amounts were reported in Sales on the accompanying Statement of Consolidated Operations.

(4)

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

(5)

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

(6)

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