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).