Alcoa 2013 Annual Report Download - page 144
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O. Other Income, Net
2013 2012 2011
Equity loss (income) $ 68 $ 28 $(15)
Interest income (13) (31) (20)
Foreign currency (gains) losses, net (33) (5) 16
Net gain from asset sales (10) (321) (41)
Net gain on mark-to-market derivative contracts (X) (29) (13) (52)
Other, net (8) 1 25
$(25) $(341) $(87)
In 2012, Net gain from asset sales included a $320 gain related to the sale of the Tapoco Hydroelectric Project (see
Note F). In 2011, Equity income included higher earnings from an investment in a natural gas pipeline in Australia due
to the recognition of a discrete income tax benefit by the consortium (Alcoa World Alumina and Chemicals’ share of
the benefit was $24). Also in 2011, Net gain from asset sales included a $43 gain related to the sale of land in
Australia.
P. Cash Flow Information
Cash paid for interest and income taxes was as follows:
2013 2012 2011
Interest, net of amount capitalized $433 $454 $491
Income taxes, net of amount refunded 200 223 382
The details related to cash paid for acquisitions were as follows:
2013 2012 2011
Assets acquired $- $- $253
Liabilities assumed - - (12)
Cash paid - - 241
Less: cash acquired -- 1
Net cash paid $- $- $240
Noncash Financing and Investing Activities. In August 2012, Alcoa received a loan of $250 for the purpose of
financing all or part of the cost of acquiring, constructing, reconstructing, and renovating certain facilities at Alcoa’s
rolling mill plant in Davenport, IA (see Note K). Because this loan can only be used for this purpose, the net proceeds
of $248 were classified as restricted cash. Since restricted cash is not part of cash and cash equivalents, this transaction
was not reflected in the accompanying Statement of Consolidated Cash Flows as it represents a noncash activity. As
funds are expended for the project, the release of the cash will be reflected as both an inflow on the Net change in
restricted cash line and an outflow on the Capital expenditures line in the Investing Activities section of the Statement
of Consolidated Cash Flows. At December 31, 2013 and 2012, Alcoa had $13 and $171, respectively, of restricted cash
remaining related to this transaction.
In 2011, Alcoa issued $600 in common stock to satisfy a portion of its accrued pension benefits liability (see Notes R
and W).
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