8. CASH FLOW INFORMATION
Supplemental disclosures of cash paid for interest and income taxes and non-cash investing and financing information is as follows:
| Seven Months Ended | |||||||||||||||
| December 31, | Years Ended May 31, | ||||||||||||||
| (in millions) | 2013 | 2013 | 2012 | 2011 | |||||||||||
| Cash paid during the period for: | |||||||||||||||
| Interest | $ | 28.7 | $ | 52.0 | $ | 76.7 | $ | 100.2 | |||||||
| Less amount capitalized | 25.0 | 52.0 | 55.7 | 57.1 | |||||||||||
| Cash interest, net | $ | 3.7 | $ | - | $ | 21.0 | $ | 43.1 | |||||||
| Income taxes | $ | 155.7 | $ | 299.9 | $ | 516.4 | $ | 535.2 | |||||||
Acquiring or constructing property, plant and equipment by incurring a liability does not result in a cash outflow for us until the liability is paid. In the period the liability is incurred, the change in operating accounts payable on the Consolidated Statements of Cash Flows is adjusted by such amount. In the period the liability is paid, the amount is reflected as a cash outflow from investing activities. The applicable net change in operating accounts payable that was classified to investing activities on the Consolidated Statements of Cash Flows was $87.7 million for the seven months ended December 31, 2013 and $54.6 million, $56.7 million, and $100.1 million for fiscal 2013, 2012 and 2011 respectively.
The initial obligation of $2.1 billion related to the Share Repurchase Agreement is accounted for as a liability established at fair value and a corresponding reduction of equity within financing activities on the Consolidated Statements of Cash Flows.