Alcoa 2012 Annual Report Download - page 96

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Alcoa and subsidiaries
Statement of Consolidated Cash Flows
(in millions)
For the year ended December 31, 2012 2011 2010
Cash from Operations
Net income $ 162 $ 805 $ 392
Adjustments to reconcile net income to cash from operations:
Depreciation, depletion, and amortization 1,462 1,481 1,451
Deferred income taxes (T) (99) (181) (287)
Equity loss (income), net of dividends 2 (26) (22)
Restructuring and other charges (D) 87 281 207
Net gain from investing activities—asset sales (O) (321) (41) (9)
Loss from discontinued operations (B) - 3 8
Stock-based compensation (R) 67 83 84
Excess tax benefits from stock-based payment arrangements (1) (6) (1)
Other 63 53 151
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign
currency translation adjustments:
Decrease (increase) in receivables 104 (115) (102)
Decrease (increase) in inventories 96 (339) (217)
Decrease in prepaid expenses and other current assets - 74 27
(Decrease) increase in accounts payable, trade (12) 394 328
(Decrease) in accrued expenses (83) (38) (239)
(Decrease) increase in taxes, including income taxes (47) 118 503
Pension contributions (W) (561) (336) (113)
(Increase) in noncurrent assets 9 (154) (83)
Increase in noncurrent liabilities 572 147 183
(Increase) in net assets held for sale (B) - - (7)
Cash provided from continuing operations 1,500 2,203 2,254
Cash (used for) provided from discontinued operations (3) (10) 7
Cash provided from operations 1,497 2,193 2,261
Financing Activities
Net change in short-term borrowings (original maturities of three months or less) (K) (10) (31) (44)
Net change in commercial paper (K) (224) 224 -
Additions to debt (original maturities greater than three months) (K) 972 1,256 1,126
Debt issuance costs (K) (5) (17) (6)
Payments on debt (original maturities greater than three months) (K) (1,489) (1,194) (1,757)
Proceeds from exercise of employee stock options (R) 12 37 13
Excess tax benefits from stock-based payment arrangements 1 6 1
Dividends paid to shareholders (131) (131) (125)
Distributions to noncontrolling interests (95) (257) (256)
Contributions from noncontrolling interests (M) 171 169 162
Acquisitions of noncontrolling interests (P) - - (66)
Cash (used for) provided from financing activities (798) 62 (952)
Investing Activities
Capital expenditures (1,261) (1,287) (1,015)
Acquisitions, net of cash acquired (F & P) - (240) (72)
Proceeds from the sale of assets and businesses (F) 615 38 4
Additions to investments (I & N) (300) (374) (352)
Sales of investments (I) 31 54 141
Net change in restricted cash (P) 87 (4) 7
Other 69 (39) 15
Cash used for investing activities (759) (1,852) (1,272)
Effect of exchange rate changes on cash and cash equivalents (18) (7) 25
Net change in cash and cash equivalents (78) 396 62
Cash and cash equivalents at beginning of year 1,939 1,543 1,481
Cash and cash equivalents at end of year $ 1,861 $ 1,939 $ 1,543
The accompanying notes are an integral part of the consolidated financial statements.
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