Alcoa 2014 Annual Report Download - page 114

Alcoa and subsidiaries
Statement of Consolidated Cash Flows
(in millions)
For the year ended December 31, 2014 2013 2012
Cash from Operations
Net income (loss) $ 177 $(2,244) $ 162
Adjustments to reconcile net income (loss) to cash from operations:
Depreciation, depletion, and amortization 1,372 1,422 1,462
Deferred income taxes (T) (35) 178 (99)
Equity income, net of dividends 104 77 2
Impairment of goodwill (A & E) - 1,731 -
Restructuring and other charges (D) 1,168 782 172
Net gain from investing activities—asset sales (O) (47) (10) (321)
Stock-based compensation (R) 87 71 67
Excess tax benefits from stock-based payment arrangements (9) - (1)
Other 66 4 63
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign
currency translation adjustments:
(Increase) decrease in receivables (312) (141) 104
(Increase) decrease in inventories (355) 25 96
(Increase) in prepaid expenses and other current assets (25) (9) (62)
Increase (decrease) in accounts payable, trade 256 326 (12)
(Decrease) in accrued expenses (451) (418) (166)
Increase (decrease) in taxes, including income taxes 7 (43) 15
Pension contributions (W) (501) (462) (561)
(Increase) decrease in noncurrent assets (19) (153) 9
Increase in noncurrent liabilities 191 442 570
Cash provided from continuing operations 1,674 1,578 1,500
Cash used for discontinued operations - - (3)
Cash provided from operations 1,674 1,578 1,497
Financing Activities
Net change in short-term borrowings (original maturities of three months or less) (K) (2) 5 (10)
Net change in commercial paper (K) - - (224)
Additions to debt (original maturities greater than three months) (K) 2,878 1,852 972
Debt issuance costs (17) (3) (5)
Payments on debt (original maturities greater than three months) (K) (1,723) (2,317) (1,489)
Proceeds from exercise of employee stock options (R) 150 13 12
Excess tax benefits from stock-based payment arrangements 9 - 1
Issuance of mandatory convertible preferred stock (R) 1,211 - -
Dividends paid to shareholders (161) (132) (131)
Distributions to noncontrolling interests (120) (109) (95)
Contributions from noncontrolling interests (M) 53 12 171
Acquisitions of noncontrolling interests (F & M) (28) - -
Cash provided from (used for) financing activities 2,250 (679) (798)
Investing Activities
Capital expenditures (1,219) (1,193) (1,261)
Acquisitions, net of cash acquired (F & P) (2,385) - -
Proceeds from the sale of assets and businesses (F) 253 13 615
Additions to investments (I & N) (195) (293) (300)
Sales of investments (I) 57 - 31
Net change in restricted cash (P) (2) 170 87
Other 31 13 69
Cash used for investing activities (3,460) (1,290) (759)
Effect of exchange rate changes on cash and cash equivalents (24) (33) (18)
Net change in cash and cash equivalents 440 (424) (78)
Cash and cash equivalents at beginning of year 1,437 1,861 1,939
Cash and cash equivalents at end of year $ 1,877 $ 1,437 $ 1,861
The accompanying notes are an integral part of the consolidated financial statements.
92