Cash Flow Information

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Elements [Abstract]

P. Cash Flow Information

Cash paid for interest and income taxes was as follows:


	2014		2013		2012
Interest, net of amount capitalized	$	441	$	433	$	454
Income taxes, net of amount refunded		301		200		223

The details related to cash paid for acquisitions (including of a noncontrolling interest) were as follows:


	2014			2013		2012
Assets acquired	$	3,515		$	-	$	-
Liabilities assumed		(345	)		-		-
Contingent consideration liability		(130	)		-		-
Equity issued		(610	)		-		-
Noncontrolling interest acquired		31			-		-
Increase in Alcoa’s shareholders’ equity		(3	)		-		-
Cash paid		2,458			-		-
Less: cash acquired		45			-		-
Net cash paid	$	2,413		$	-	$	-

Noncash Financing and Investing Activities. In early 2014, holders of $575 principal amount of Alcoa’s 5.25% Convertible Notes due March 15, 2014 (the “2014 Notes”) exercised their option to convert the 2014 Notes into 89 million shares of Alcoa common stock (see Note K). This transaction was not reflected in the accompanying Statement of Consolidated Cash Flows as it represents a noncash financing activity.

In late 2014, Alcoa paid $2,995 (net of cash acquired) to acquire an aerospace business, Firth Rixson (see Note F). A portion of this consideration was paid through the issuance of 37 million shares in Alcoa common stock valued at $610. The issuance of common stock was not reflected in the accompanying Statement of Consolidated Cash Flows as it represents a noncash investing activity.

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. 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 were expended for the project, the release of the cash was 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 2014, the remaining funds were expended on the project.