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Alcoa Inc. (AA) | Analysis of Debt

Total Debt Disclosure

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Alcoa Inc., Statement of Financial Position, Debt

USD $ in millions

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Short-term borrowings
	Long-term debt due within one year
	Commercial paper
	Long-term debt, less amount due within one year
	Total debt

Source: Based on data from Alcoa Inc., Annual Reports

Item	Description	The company
Total debt	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Alcoa Inc.'s total debt declined from 2009 to 2010 but then slightly increased from 2010 to 2011.

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Alcoa Inc.

USD $ in millions

Source: Based on data from Alcoa Inc., Annual Reports

Item	Description	The company
Interest charged to expense	Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings.	Alcoa Inc.'s interest charged to expense increased from 2009 to 2010 and from 2010 to 2011.
Interest capitalized	The amount of interest that was capitalized during the period.	Alcoa Inc.'s interest capitalized declined from 2009 to 2010 but then slightly increased from 2010 to 2011.
Interest cost	Total interest costs incurred during the period and either capitalized or charged against earnings.	Alcoa Inc.'s interest cost declined from 2009 to 2010 but then increased from 2010 to 2011 not reaching 2009 level.

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Selected Financial Data (USD $ in millions)
	Net income (loss) attributable to Alcoa
	Add: Net income attributable to noncontrolling interests
	Add: Interest expense
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)

	Interest cost
	Ratio With and Without Capitalized Interest
	Interest coverage ratio (excluding capitalized interest)¹
	Adjusted interest coverage ratio (including capitalized interest)²

2011 Calculations

¹ Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense
= ÷ =

² Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest cost
= ÷ =

Ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Alcoa Inc.'s adjusted interest coverage ratio improved from 2009 to 2010 and from 2010 to 2011.