UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
SECURITIES EXCHANGE ACT OF 1934 |
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2011 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM TO |
COMMISSION FILE NUMBER: 001-33776
ABITIBIBOWATER INC.
(Exact name of registrant as specified in its charter)
Delaware | 98-0526415 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) |
111 Duke Street, Suite 5000; Montreal, Quebec; Canada H3C 2MI
(Address of principal executive offices) (Zip Code)
(514) 875-2515
(Registrants telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, par value $.001 per share | New York Stock Exchange Toronto Stock Exchange | |||
(Title of class) |
(Name of exchange on which registered) |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act. Yes þ No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No þ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ |
Accelerated filer ¨ | Non-accelerated filer ¨ | Smaller reporting company ¨ | |||
(Do not check if a smaller reporting company) |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No þ
The aggregate market value of the registrants common stock held by non-affiliates of the registrant as of the last business day of the registrants most recently completed second fiscal quarter (June 30, 2011) was approximately $1.2 billion. For purposes of the foregoing calculation only, all directors, executive officers and 5% beneficial owners have been deemed affiliates.
Indicate by check mark whether the registrant has filed all documents and reports required to be filed pursuant to Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes þ No ¨
As of January 31, 2012, there were 97,092,382 shares of AbitibiBowater Inc. common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrants definitive proxy statement to be filed within 120 days of December 31, 2011 are incorporated by reference in this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
EXPLANATORY NOTE
This amendment (this Amendment No. 1) to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission on February 29, 2012 (the Original 10-K), is being filed solely to furnish Exhibit 101 as required by Rule 405 of Regulation S-T. Exhibit 101 to this Amendment No. 1 contains certain information from the Original 10-K formatted in eXtensible Business Reporting Language (XBRL).
This Amendment No. 1 does not reflect any events that occurred subsequent to the filing of the Original 10-K and does not modify or update any of the disclosures contained in the Original 10-K. This Amendment No. 1 should therefore be read in conjunction with the Original 10-K. This Amendment No. 1 consists solely of the preceding cover page, this explanatory note, the exhibit list in Part IV Item 15, the signature page, the exhibit index and Exhibit 101.
PART IV
ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
(3) | Exhibits (numbered in accordance with Item 601 of Regulation S-K): |
Exhibit No. |
Description | |
2.1* |
Sanction Order, dated September 23, 2010 (incorporated by reference from Exhibit 2.1 of AbitibiBowater Inc.s Current Report on Form 8-K filed November 30, 2010, SEC File No. 001-33776). | |
2.2* |
Confirmation Order, dated November 23, 2010, which includes the Debtors Second Amended Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code, dated November 16, 2010 (as amended) (incorporated by reference from Exhibit 2.2 of AbitibiBowater Inc.s Current Report on Form 8-K filed November 30, 2010, SEC File No. 001-33776). | |
2.3* |
CCAA Plan of Reorganization and Compromise, dated August 2, 2010 (incorporated by reference from Exhibit 99.2 to AbitibiBowater Inc.s Current Report on Form 8-K filed August 5, 2010, SEC File No. 001-33776). | |
3.1* |
Third Amended and Restated Certificate of Incorporation of AbitibiBowater Inc. (incorporated by reference from Exhibit 3(i) to AbitibiBowater Inc.s Form 8-A filed on December 9, 2010). | |
3.2* |
Third Amended and Restated By-laws of AbitibiBowater Inc. (incorporated by reference from Exhibit 3(ii) to AbitibiBowater Inc.s Form 8-A filed on December 9, 2010). | |
4.1* |
Indenture, dated as of October 4, 2010, between ABI Escrow Corporation and Wells Fargo Bank, National Association (incorporated by reference from Exhibit 4.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed on October 8, 2010, SEC File No. 001-33776). | |
4.2* |
Form of 10.25% Senior Note due 2018 (included in Exhibit 4.1). | |
4.3* |
Supplemental Indenture, dated as of December 9, 2010, between AbitibiBowater Inc. and Wells Fargo Bank, National Association (incorporated by reference from Exhibit 4.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed December 15, 2010, SEC File No. 001-33776). |
1
Exhibit No. |
Description | |
4.4* |
Secured Promissory Note, dated January 14, 2011, made by Augusta Newsprint Company LLC in favor of Woodbridge International Holdings Limited (incorporated by reference from Exhibit 4.4 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
4.5* |
Amended and Restated Indenture, dated as of May 12, 2011, among AbitibiBowater Inc., each of the guarantors from time to time party hereto, as guarantors, and Wells Fargo Bank, National Association, as trustee and as collateral agent (incorporated by reference from Exhibit 4.1 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed May 16, 2011, SEC File No. 001-33776). | |
10.1* |
ABL Credit Agreement, dated as of December 9, 2010, among AbitibiBowater Inc., Bowater Incorporated, Abitibi-Consolidated Corp., Abitibi-Consolidated Inc., Barclays Bank PLC, JPMorgan Chase Bank, N.A., and Citibank, N.A., as administrative agent and collateral agent (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed December 15, 2010, SEC File No. 001-33776). | |
10.2* |
Stock Purchase Agreement, dated as of December 23, 2010, among Woodbridge International Holdings Limited, The Woodbridge Company Limited, Abitibi Consolidated Sales Corporation, AbitibiBowater Inc., Augusta Newsprint Company and Augusta Newsprint Inc. (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.3* |
Securities Purchase Agreement, dated February 11, 2011, among AbiBow Canada Inc., Caisse de depot et placement du Quebec and CDP Investissements Inc., as vendors, and Infra H2O GP Partners Inc., Infra H2O LP Partners Inc. and BluEarth Renewables Inc., as the purchaser (incorporated by reference from Exhibit 2.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed February 17, 2011, SEC File No. 001-33776). | |
10.4* |
AbitibiBowater 2010 Canadian DB Supplemental Executive Retirement Plan, effective as of December 9, 2010 (incorporated by reference from Exhibit 10.4 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.5* |
AbitibiBowater 2010 DC Supplemental Executive Retirement Plan, effective as of December 9, 2010 (incorporated by reference from Exhibit 10.5 to AbitibiBowater Inc.s Annual
Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.6* |
AbitibiBowater Outside Director Deferred Compensation Plan, effective as of April 1, 2011 (incorporated by reference from Exhibit 10.6 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.7* |
AbitibiBowater Inc. 2010 Equity Incentive Plan, effective as of December 9, 2010 (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form
8-K filed November 30, 2010, SEC File No. 001-33776). | |
10.8* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Restricted Stock Unit Agreement (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Registration Statement on Form S-8 filed January 7, 2011, SEC Registration No. 333-171602). | |
10.9* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Director Nonqualified Stock Option Agreement (incorporated by reference from Exhibit 10.3 to AbitibiBowater Inc.s Registration Statement on Form S-8 filed January 7, 2011, SEC Registration No. 333-171602). | |
10.10* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Employee Nonqualified Stock Option Agreement (incorporated by reference from Exhibit 10.4 to AbitibiBowater Inc.s Registration Statement on Form S-8 filed January 7, 2011, SEC Registration No. 333-171602). |
2
Exhibit No. |
Description | |
10.11* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Director Deferred Stock Unit Agreement (incorporated by reference from Exhibit 10.11 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.12* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Director Restricted Stock Unit Agreement (incorporated by reference from Exhibit 10.12 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.13** |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Employee Restricted Stock Unit Agreement. | |
10.14** |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Employee Nonqualified Stock Option Agreement. | |
10.15* |
AbitibiBowater Executive Restricted Stock Unit Plan, effective as of April 1, 2011 (incorporated by reference from Exhibit 10.13 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.16** |
2011 AbitibiBowater Inc. Short-Term Incentive Plan. | |
10.17** |
Summary of 2012 AbitibiBowater Inc. Short-Term Incentive Plan. | |
10.18* |
AbitibiBowater Inc. Severance Policy Chief Executive Officer and Direct Reports (incorporated by reference from Exhibit 10.3 to AbitibiBowater Inc.s Current Report on
Form 8-K filed November 30, 2010, SEC File No. 001-33776). | |
10.19* |
Offer Letter between David J. Paterson and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.17 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.20* |
Separation Agreement between David J. Paterson and AbitibiBowater Inc., dated December 9, 2010 (incorporated by reference from Exhibit 10.18 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.21* |
Offer Letter between Pierre Rougeau and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.19 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.22* |
Pierre Rougeau Severance Terms and Waiver and Release Agreement, dated March 25, 2011 (incorporated by reference from Exhibit 10.20 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.23* |
Offer Letter between Alain Grandmont and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.21 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.24* |
Employment Agreement between Alain Grandmont and AbitibiBowater Inc., dated February 14, 2011 (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed February 18, 2011, SEC File No. 001-33776). | |
10.25* |
Letter of terms and conditions of retirement between Alain Grandmont and AbitibiBowater Inc., dated August 9, 2011 (incorporated by reference from Exhibit 10.4 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed November 14, 2011, SEC File No. 001-33776). | |
10.26* |
Offer Letter between Yves Laflamme and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.23 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.27* |
Employment Agreement between Yves Laflamme and AbitibiBowater Inc., dated February 14, 2011 (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Current Report on Form 8-K filed February 18, 2011, SEC File No. 001-33776). |
3
Exhibit No. |
Description | |
10.28* |
Offer Letter between Jacques Vachon and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.25 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.29* |
Executive Employment Agreement between AbitibiBowater Inc. and Richard Garneau, dated January 1, 2011 (incorporated by reference from Exhibit 10.26 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.30* |
Change in Control Agreement between AbitibiBowater Inc. and Richard Garneau, dated January 1, 2011 (incorporated by reference from Exhibit 10.27 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.31* |
Employment Agreement between Alain Boivin and AbitibiBowater Inc., dated February 22, 2011 (incorporated by reference from Exhibit 10.28 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.32* |
Offer Letter between John Lafave and AbitibiBowater Inc., dated February 14, 2011 (incorporated by reference from Exhibit 10.29 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.33* |
Offer Letter between Jo-Ann Longworth and AbitibiBowater Inc., dated July 25, 2011 (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed November 14, 2011, SEC File No. 001-33776). | |
10.34* |
Agreement of Executive Severance Terms between AbitibiBowater Inc. and William G. Harvey, dated July 20, 2011 (incorporated by reference from Exhibit 10.3 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed November 14, 2011, SEC File No. 001-33776). | |
10.35** |
Offer Letter between Pierre Laberge and AbitibiBowater Inc., dated June 9, 2011. | |
10.36** |
Director compensation program chart. | |
10.37* |
Form of Indemnification Agreement for Executive Officers and Directors (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed January 11, 2012, SEC File No. 001-33776). | |
10.38** |
AbiBow Canada Inc. and AbitibiBowater Inc. Security Protocol with respect to the AbitibiBowater 2010 Canadian DB Supplemental Executive Retirement Plan and the AbiBow Canada SERP, dated November 1, 2011. | |
10.39** |
Retirement Compensation Trust Agreement (with Letter of Credit) between AbiBow Canada Inc. and AbitibiBowater Inc. and CIBC Mellon Trust Company, dated and effective as of November 1, 2011. | |
10.40* |
Agreement Concerning the Pulp and Paper Operations of AbiBow Canada in Ontario, dated November 10, 2010, between Bowater Canadian Forest Products Inc. and Abitibi-Consolidated Company of Canada and The Province of Ontario (incorporated by reference from Exhibit 10.32 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.41* |
Agreement Concerning the Pulp and Paper Operations of AbiBow Canada in Quebec, dated September 13, 2010, between Bowater Canadian Forest Products Inc. and Abitibi-Consolidated Company of Canada and The Government of Quebec (incorporated by reference from Exhibit 10.33 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). |
4
Exhibit No. |
Description | |
10.42* |
Settlement Agreement, dated as of August 24, 2010, between AbitibiBowater Inc., Abitibi-Consolidated Company of Canada, Abitibi-Consolidated Inc. and AbitibiBowater Canada Inc. and The Government of Canada (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q filed for the quarter ended September 30, 2010, SEC File No. 001-33776). | |
10.43* |
Amendment No. 1, dated as of April 28, 2011, to the ABL Credit Agreement, dated as of December 9, 2010, among AbitibiBowater Inc., the subsidiaries of AbitibiBowater party thereto, the lenders party thereto from time to time and Citibank, N.A., as administrative agent and collateral agent (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed May 16, 2011, SEC File No. 001-33776). | |
10.44* |
Amendment No. 2, dated October 28, 2011, to ABL Credit Agreement, dated as of December 9, 2010, among AbitibiBowater Inc., AbiBow US Inc. (f/k/a Bowater Incorporated) and AbiBow Recycling LLC (f/k/a Abitibi-Consolidated Corp.) and AbiBow Canada Inc. (f/k/a Abitibi-Consolidated Inc.), and Citibank, N.A., as administrative agent and collateral agent (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed October 31, 2011, SEC File No. 001-33776). | |
10.45* |
Lock-up Agreement between AbitibiBowater Inc. and Fairfax Financial Holdings Limited, dated as of November 28, 2011 (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed November 29, 2011, SEC File No. 001-33776). | |
10.46* |
Lock-up Agreement between AbitibiBowater Inc. and Oakmont Capital Inc., dated as of November 28, 2011 (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Current Report on Form 8-K filed November 29, 2011, SEC File No. 001-33776). | |
10.47* |
Lock-up Agreement between AbitibiBowater Inc. and Dalal Street, LLC, dated as of November 28, 2011 (incorporated by reference from Exhibit 10.3 to AbitibiBowater Inc.s Current Report on Form 8-K filed November 29, 2011, SEC File No. 001-33776). | |
12.1** |
Computation of Ratio of Earnings to Fixed Charges. | |
21.1** |
Subsidiaries of the registrant. | |
23.1** |
Consent of PricewaterhouseCoopers LLP. | |
24.1** |
Power of attorney for certain Directors of the registrant. | |
31.1** |
Certification of President and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2** |
Certification of Senior Vice President and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
5
Exhibit No. |
Description | |
32.1** |
Certification of President and Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2** |
Certification of Senior Vice President and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS *** |
XBRL Instance Document. | |
101.SCH *** |
XBRL Taxonomy Extension Schema Document. | |
101.CAL *** |
XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.LAB *** |
XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE *** |
XBRL Taxonomy Extension Presentation Linkbase Document. | |
101.DEF *** |
XBRL Taxonomy Extension Definition Linkbase Document. |
* | Previously filed and incorporated herein by reference. |
** | Filed with the Original 10-K. |
| This is a management contract or compensatory plan or arrangement. |
*** | Interactive data files furnished with this Form 10-K/A, which represent the following materials from the Original 10-K formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Changes in (Deficit) Equity, (iv) the Consolidated Statements of Comprehensive (Loss) Income, (v) the Consolidated Statements of Cash Flows, (vi) the Notes to Consolidated Financial Statements and (vii) Schedule I AbitibiBowater Inc. Condensed Financial Statements and Notes. Pursuant to applicable securities laws and regulations, the Company is deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits and is not subject to liability under any anti-fraud provisions or other liability provisions of the federal securities laws as long as the Company has made a good faith attempt to comply with the submission requirements and promptly amends the interactive data files after becoming aware that the interactive data files fail to comply with the submission requirements. In addition, users of this data are advised that, pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under these sections. |
(b) | The above-referenced exhibits were filed with the Original 10-K or are being furnished with this Form 10-K/A. |
(c) | None. |
6
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ABITIBIBOWATER INC. | ||||||
Date: March 30, 2012 | By: | /s/ Silvana Travaglini | ||||
Silvana Travaglini | ||||||
Vice President and Chief Accounting Officer |
7
EXHIBIT INDEX
Exhibit No. |
Description | |
2.1* |
Sanction Order, dated September 23, 2010 (incorporated by reference from Exhibit 2.1 of AbitibiBowater Inc.s Current Report on Form 8-K filed November 30, 2010, SEC File No. 001-33776). | |
2.2* |
Confirmation Order, dated November 23, 2010, which includes the Debtors Second Amended Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code, dated November 16, 2010 (as amended) (incorporated by reference from Exhibit 2.2 of AbitibiBowater Inc.s Current Report on Form 8-K filed November 30, 2010, SEC File No. 001-33776). | |
2.3* |
CCAA Plan of Reorganization and Compromise, dated August 2, 2010 (incorporated by reference from Exhibit 99.2 to AbitibiBowater Inc.s Current Report on Form 8-K filed August 5, 2010, SEC File No. 001-33776). | |
3.1* |
Third Amended and Restated Certificate of Incorporation of AbitibiBowater Inc. (incorporated by reference from Exhibit 3(i) to AbitibiBowater Inc.s Form 8-A filed on December 9, 2010). | |
3.2* |
Third Amended and Restated By-laws of AbitibiBowater Inc. (incorporated by reference from Exhibit 3(ii) to AbitibiBowater Inc.s Form 8-A filed on December 9, 2010). | |
4.1* |
Indenture, dated as of October 4, 2010, between ABI Escrow Corporation and Wells Fargo Bank, National Association (incorporated by reference from Exhibit 4.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed on October 8, 2010, SEC File No. 001-33776). | |
4.2* |
Form of 10.25% Senior Note due 2018 (included in Exhibit 4.1). | |
4.3* |
Supplemental Indenture, dated as of December 9, 2010, between AbitibiBowater Inc. and Wells Fargo Bank, National Association (incorporated by reference from Exhibit 4.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed December 15, 2010, SEC File No. 001-33776). |
1
Exhibit No. |
Description | |
4.4* |
Secured Promissory Note, dated January 14, 2011, made by Augusta Newsprint Company LLC in favor of Woodbridge International Holdings Limited (incorporated by reference from Exhibit 4.4 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
4.5* |
Amended and Restated Indenture, dated as of May 12, 2011, among AbitibiBowater Inc., each of the guarantors from time to time party hereto, as guarantors, and Wells Fargo Bank, National Association, as trustee and as collateral agent (incorporated by reference from Exhibit 4.1 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed May 16, 2011, SEC File No. 001-33776). | |
10.1* |
ABL Credit Agreement, dated as of December 9, 2010, among AbitibiBowater Inc., Bowater Incorporated, Abitibi-Consolidated Corp., Abitibi-Consolidated Inc., Barclays Bank PLC, JPMorgan Chase Bank, N.A., and Citibank, N.A., as administrative agent and collateral agent (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed December 15, 2010, SEC File No. 001-33776). | |
10.2* |
Stock Purchase Agreement, dated as of December 23, 2010, among Woodbridge International Holdings Limited, The Woodbridge Company Limited, Abitibi Consolidated Sales Corporation, AbitibiBowater Inc., Augusta Newsprint Company and Augusta Newsprint Inc. (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.3* |
Securities Purchase Agreement, dated February 11, 2011, among AbiBow Canada Inc., Caisse de depot et placement du Quebec and CDP Investissements Inc., as vendors, and Infra H2O GP Partners Inc., Infra H2O LP Partners Inc. and BluEarth Renewables Inc., as the purchaser (incorporated by reference from Exhibit 2.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed February 17, 2011, SEC File No. 001-33776). | |
10.4* |
AbitibiBowater 2010 Canadian DB Supplemental Executive Retirement Plan, effective as of December 9, 2010 (incorporated by reference from Exhibit 10.4 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.5* |
AbitibiBowater 2010 DC Supplemental Executive Retirement Plan, effective as of December 9, 2010 (incorporated by reference from Exhibit 10.5 to AbitibiBowater Inc.s Annual
Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.6* |
AbitibiBowater Outside Director Deferred Compensation Plan, effective as of April 1, 2011 (incorporated by reference from Exhibit 10.6 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.7* |
AbitibiBowater Inc. 2010 Equity Incentive Plan, effective as of December 9, 2010 (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form
8-K filed November 30, 2010, SEC File No. 001-33776). | |
10.8* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Restricted Stock Unit Agreement (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Registration Statement on Form S-8 filed January 7, 2011, SEC Registration No. 333-171602). | |
10.9* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Director Nonqualified Stock Option Agreement (incorporated by reference from Exhibit 10.3 to AbitibiBowater Inc.s Registration Statement on Form S-8 filed January 7, 2011, SEC Registration No. 333-171602). | |
10.10* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Employee Nonqualified Stock Option Agreement (incorporated by reference from Exhibit 10.4 to AbitibiBowater Inc.s Registration Statement on Form S-8 filed January 7, 2011, SEC Registration No. 333-171602). |
2
Exhibit No. |
Description | |
10.11* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Director Deferred Stock Unit Agreement (incorporated by reference from Exhibit 10.11 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.12* |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Director Restricted Stock Unit Agreement (incorporated by reference from Exhibit 10.12 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.13** |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Employee Restricted Stock Unit Agreement. | |
10.14** |
AbitibiBowater Inc. 2010 Equity Incentive Plan Form of Employee Nonqualified Stock Option Agreement. | |
10.15* |
AbitibiBowater Executive Restricted Stock Unit Plan, effective as of April 1, 2011 (incorporated by reference from Exhibit 10.13 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.16** |
2011 AbitibiBowater Inc. Short-Term Incentive Plan. | |
10.17** |
Summary of 2012 AbitibiBowater Inc. Short-Term Incentive Plan. | |
10.18* |
AbitibiBowater Inc. Severance Policy Chief Executive Officer and Direct Reports (incorporated by reference from Exhibit 10.3 to AbitibiBowater Inc.s Current Report
on Form 8-K filed November 30, 2010, SEC File No. 001-33776). | |
10.19* |
Offer Letter between David J. Paterson and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.17 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.20* |
Separation Agreement between David J. Paterson and AbitibiBowater Inc., dated December 9, 2010 (incorporated by reference from Exhibit 10.18 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.21* |
Offer Letter between Pierre Rougeau and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.19 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.22* |
Pierre Rougeau Severance Terms and Waiver and Release Agreement, dated March 25, 2011 (incorporated by reference from Exhibit 10.20 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.23* |
Offer Letter between Alain Grandmont and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.21 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.24* |
Employment Agreement between Alain Grandmont and AbitibiBowater Inc., dated February 14, 2011 (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed February 18, 2011, SEC File No. 001-33776). | |
10.25* |
Letter of terms and conditions of retirement between Alain Grandmont and AbitibiBowater Inc., dated August 9, 2011 (incorporated by reference from Exhibit 10.4 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed November 14, 2011, SEC File No. 001-33776). | |
10.26* |
Offer Letter between Yves Laflamme and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.23 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.27* |
Employment Agreement between Yves Laflamme and AbitibiBowater Inc., dated February 14, 2011 (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Current Report on Form 8-K filed February 18, 2011, SEC File No. 001-33776). |
3
Exhibit No. |
Description | |
10.28* |
Offer Letter between Jacques Vachon and AbitibiBowater Inc., dated October 26, 2010 (incorporated by reference from Exhibit 10.25 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.29* |
Executive Employment Agreement between AbitibiBowater Inc. and Richard Garneau, dated January 1, 2011 (incorporated by reference from Exhibit 10.26 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.30* |
Change in Control Agreement between AbitibiBowater Inc. and Richard Garneau, dated January 1, 2011 (incorporated by reference from Exhibit 10.27 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.31* |
Employment Agreement between Alain Boivin and AbitibiBowater Inc., dated February 22, 2011 (incorporated by reference from Exhibit 10.28 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.32* |
Offer Letter between John Lafave and AbitibiBowater Inc., dated February 14, 2011 (incorporated by reference from Exhibit 10.29 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.33* |
Offer Letter between Jo-Ann Longworth and AbitibiBowater Inc., dated July 25, 2011 (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed November 14, 2011, SEC File No. 001-33776). | |
10.34* |
Agreement of Executive Severance Terms between AbitibiBowater Inc. and William G. Harvey, dated July 20, 2011 (incorporated by reference from Exhibit 10.3 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed November 14, 2011, SEC File No. 001-33776). | |
10.35** |
Offer Letter between Pierre Laberge and AbitibiBowater Inc., dated June 9, 2011. | |
10.36** |
Director compensation program chart. | |
10.37* |
Form of Indemnification Agreement for Executive Officers and Directors (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed January 11, 2012, SEC File No. 001-33776). | |
10.38** |
AbiBow Canada Inc. and AbitibiBowater Inc. Security Protocol with respect to the AbitibiBowater 2010 Canadian DB Supplemental Executive Retirement Plan and the AbiBow Canada SERP, dated November 1, 2011. | |
10.39** |
Retirement Compensation Trust Agreement (with Letter of Credit) between AbiBow Canada Inc. and AbitibiBowater Inc. and CIBC Mellon Trust Company, dated and effective as of November 1, 2011. | |
10.40* |
Agreement Concerning the Pulp and Paper Operations of AbiBow Canada in Ontario, dated November 10, 2010, between Bowater Canadian Forest Products Inc. and Abitibi-Consolidated Company of Canada and The Province of Ontario (incorporated by reference from Exhibit 10.32 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). | |
10.41* |
Agreement Concerning the Pulp and Paper Operations of AbiBow Canada in Quebec, dated September 13, 2010, between Bowater Canadian Forest Products Inc. and Abitibi-Consolidated Company of Canada and The Government of Quebec (incorporated by reference from Exhibit 10.33 to AbitibiBowater Inc.s Annual Report on Form 10-K for the year ended December 31, 2010 filed April 5, 2011, SEC File No. 001-33776). |
4
Exhibit No. |
Description | |
10.42* |
Settlement Agreement, dated as of August 24, 2010, between AbitibiBowater Inc., Abitibi-Consolidated Company of Canada, Abitibi-Consolidated Inc. and AbitibiBowater Canada Inc. and The Government of Canada (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q filed for the quarter ended September 30, 2010, SEC File No. 001-33776). | |
10.43* |
Amendment No. 1, dated as of April 28, 2011, to the ABL Credit Agreement, dated as of December 9, 2010, among AbitibiBowater Inc., the subsidiaries of AbitibiBowater party thereto, the lenders party thereto from time to time and Citibank, N.A., as administrative agent and collateral agent (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed May 16, 2011, SEC File No. 001-33776). | |
10.44* |
Amendment No. 2, dated October 28, 2011, to ABL Credit Agreement, dated as of December 9, 2010, among AbitibiBowater Inc., AbiBow US Inc. (f/k/a Bowater Incorporated) and AbiBow Recycling LLC (f/k/a Abitibi-Consolidated Corp.) and AbiBow Canada Inc. (f/k/a Abitibi-Consolidated Inc.), and Citibank, N.A., as administrative agent and collateral agent (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed October 31, 2011, SEC File No. 001-33776). | |
10.45* |
Lock-up Agreement between AbitibiBowater Inc. and Fairfax Financial Holdings Limited, dated as of November 28, 2011 (incorporated by reference from Exhibit 10.1 to AbitibiBowater Inc.s Current Report on Form 8-K filed November 29, 2011, SEC File No. 001-33776). | |
10.46* |
Lock-up Agreement between AbitibiBowater Inc. and Oakmont Capital Inc., dated as of November 28, 2011 (incorporated by reference from Exhibit 10.2 to AbitibiBowater Inc.s Current Report on Form 8-K filed November 29, 2011, SEC File No. 001-33776). | |
10.47* |
Lock-up Agreement between AbitibiBowater Inc. and Dalal Street, LLC, dated as of November 28, 2011 (incorporated by reference from Exhibit 10.3 to AbitibiBowater Inc.s Current Report on Form 8-K filed November 29, 2011, SEC File No. 001-33776). | |
12.1** |
Computation of Ratio of Earnings to Fixed Charges. | |
21.1** |
Subsidiaries of the registrant. | |
23.1** |
Consent of PricewaterhouseCoopers LLP. | |
24.1** |
Power of attorney for certain Directors of the registrant. | |
31.1** |
Certification of President and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2** |
Certification of Senior Vice President and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
5
Exhibit No. |
Description | |
32.1** |
Certification of President and Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2** |
Certification of Senior Vice President and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS *** |
XBRL Instance Document. | |
101.SCH *** |
XBRL Taxonomy Extension Schema Document. | |
101.CAL *** |
XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.LAB *** |
XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE *** |
XBRL Taxonomy Extension Presentation Linkbase Document. | |
101.DEF *** |
XBRL Taxonomy Extension Definition Linkbase Document. |
* | Previously filed and incorporated herein by reference. |
** | Filed with the Original 10-K. |
| This is a management contract or compensatory plan or arrangement. |
*** | Interactive data files furnished with this Form 10-K/A, which represent the following materials from the Original 10-K formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Changes in (Deficit) Equity, (iv) the Consolidated Statements of Comprehensive (Loss) Income, (v) the Consolidated Statements of Cash Flows, (vi) the Notes to Consolidated Financial Statements and (vii) Schedule I AbitibiBowater Inc. Condensed Financial Statements and Notes. Pursuant to applicable securities laws and regulations, the Company is deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits and is not subject to liability under any anti-fraud provisions or other liability provisions of the federal securities laws as long as the Company has made a good faith attempt to comply with the submission requirements and promptly amends the interactive data files after becoming aware that the interactive data files fail to comply with the submission requirements. In addition, users of this data are advised that, pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under these sections. |
6
Equity Method Investments (Parent Company [Member])
|
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Parent Company [Member]
|
|
Equity Method Investments |
Note C. Equity Method Investments The recognition of our share of the equity in loss of our subsidiaries resulted in a reported investment in our subsidiaries of zero as of December 31, 2008. Since we have no obligation to fund additional losses of our subsidiaries, we cannot report a negative investment in our subsidiaries under the equity method. Accordingly, in 2009, we did not record any of our share of our subsidiaries’ losses. In 2010, we recorded our share of income of our subsidiaries, net of the cumulative losses that would otherwise have resulted in the reporting of a negative investment by us in prior years. In 2011, we recorded our share of the income of our subsidiaries. |
Accounts Payable and Accrued Liabilities (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Accounts Payable and Accrued Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities |
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Assets Held for Sale, Liabilities Associated with Assets Held for Sale and Net Gain on Disposition of Assets and Other (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Assets Held for Sale, Liabilities Associated with Assets Held for Sale and Net Gain on Disposition of Assets and Other [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale |
|
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Liabilities associated with assets held for sale |
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Timberland and Operating Leases and Purchase Obligations (Details Textual) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
acre
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Timberland and Operating Leases and Purchase Obligations (Textual) [Abstract] | |||
Acres of timberlands leased under long-term leases | 40,000 | ||
Timberland Lease Payments | Less than $1 | Less than $1 | Less than $1 |
Operating Lease expense | $ 13 | $ 17 | $ 24 |
Expense for agreements, guarantees and purchase commitments | 237 | 174 | 174 |
Purchase obligation for bridge and railroad contract | $ 131 | ||
Expiration date of bridge and railroad contract | 2044 |
Segment Information (Details 1) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
Successor [Member]
|
Sep. 30, 2011
Successor [Member]
|
Jun. 30, 2011
Successor [Member]
|
Mar. 31, 2011
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Dec. 31, 2010
Predecessor [Member]
|
Sep. 30, 2010
Predecessor [Member]
|
Jun. 30, 2010
Predecessor [Member]
|
Mar. 31, 2010
Predecessor [Member]
|
Dec. 31, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
|
Summary of special items included in Corporate and Other operating loss | |||||||||||
Net gain on disposition of assets and other | $ 0 | $ (1) | $ 3 | $ 1 | $ (3) | $ 16 | $ 1 | $ 4 | $ 9 | $ (30) | $ (91) |
Closure costs, impairment and other related charges | (12) | (17) | (4) | (13) | (46) | (6) | 3 | (3) | (5) | (11) | (202) |
Write-downs of inventory | (2) | (1) | (3) | (17) | |||||||
Employee termination (costs) credit | (5) | (3) | (4) | (12) | 8 | 8 | (2) | ||||
Transaction costs in connection with our proposed acquisition of Fibrek Inc. | (5) | (5) | |||||||||
Reversal of previously recorded Canadian capital tax liabilities due to new legislation | 16 | ||||||||||
Fees for unsuccessful refinancing efforts | (10) | ||||||||||
Special items included in Corporate and Other expenses, Total | $ (19) | $ (23) | $ (4) | $ (17) | $ (63) | $ 10 | $ 4 | $ 1 | $ 12 | $ 27 | $ (124) |
Severance Related Liabilities (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Related Liabilities |
|
Other Expense, Net (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2009
|
Dec. 31, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
Dec. 31, 2011
Successor [Member]
|
|
Other expense, net | |||||
Foreign exchange loss | $ (94) | $ (59) | $ (21) | ||
Post-emergence costs | (47) | ||||
Income (loss) from equity method investments | (3) | (9) | 2 | ||
Net gains on extinguishment of debt | 6 | 6 | |||
Interest income | 1 | 3 | |||
Fees for waivers and amendments to accounts receivable securitization program | (23) | ||||
Loss on sale of ownership interests in accounts receivable (Note 16) | (17) | (17) | |||
Miscellaneous income | 7 | 37 | 9 | ||
Other expense. Net | (89) | (71) | (48) | ||
Other Expense, Net (Textual) [Abstract] | |||||
Fees Incurred Accounts Receivable Securitization Program | 23 | ||||
Net income from a subsidiary's proceeds sharing arrangement related to a third party's sale of timberlands | $ 24 |
Pension and Other Postretirement Benefit Plans (Details 10) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
---|---|
Pension Plans [Member]
|
|
Expected benefit payments and future contributions | |
2012 | $ 512 |
2013 | 417 |
2014 | 436 |
2015 | 436 |
2016 | 439 |
2017-2021 | 2,182 |
OPEB Plans [Member]
|
|
Expected benefit payments and future contributions | |
2012 | 27 |
2013 | 26 |
2014 | 26 |
2015 | 26 |
2016 | 26 |
2017-2021 | 137 |
2012 Expected Subsidy Receipts | 2 |
2013 Expected Subsidy Receipts | 2 |
2014 Expected Subsidy Receipts | 2 |
2015 Expected Subsidy Receipts | 2 |
2016 Expected Subsidy Receipts | 3 |
2017-2021 Expected Subsidy Receipts | $ 15 |
Amortizable Intangible Assets, Net (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Amortizable Intangible Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amortizable Intangible Assets, Net |
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Share-Based Compensation
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Share-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation |
Note 22. Share-Based Compensation Overview During the pendency of the Creditor Protection Proceedings and through December 31, 2010, no new share-based compensation awards were granted, and during the pendency of the Creditor Protection Proceedings, no issuance or payments of vested share-based awards were permitted without Court approval. On the Emergence Date and pursuant to the Plans of Reorganization, all previously-issued and outstanding equity-based awards under our various share-based compensation plans were terminated and the 2010 LTIP became effective. The 2010 LTIP, administered by the Human Resources and Compensation/Nominating and Governance Committee of the Board of Directors (the “HR Board Committee”), provides for the grant of equity-based awards, including stock options, stock appreciation rights, restricted stock, RSUs, DSUs (collectively, “stock incentive awards”) and cash incentive awards to certain of our officers, directors, employees, consultants and advisors. We have been authorized to issue stock incentive awards for up to 9.0 million shares under the 2010 LTIP. In 2011, the Board of Directors adopted the AbitibiBowater Outside Director Deferred Compensation Plan (the “Deferred Compensation Plan”), which allows non-employee directors to surrender 50% or 100% of their cash fees in exchange for DSUs or RSUs, as applicable based on the director’s country of residency. The number of awards issued pursuant to the Deferred Compensation Plan is based on 110% of the fees earned, resulting in a 10% premium incentive (the “incentive”). As of December 31, 2011, all of our outstanding stock incentive awards pursuant to the 2010 LTIP were accounted for as equity-classified, service-based awards and all of our outstanding stock incentive awards pursuant to the Deferred Compensation Plan were accounted for as liability awards. Approximately 7.7 million shares were available for issuance under the 2010 LTIP.
For the years ended December 31, 2011, 2010 and 2009, share-based compensation expense was $3 million ($1 million of tax benefit), $3 million (no tax benefit) and $4 million (no tax benefit), respectively. Modification of the 2010 LTIP On July 20, 2011, the HR Board Committee approved a modification of the stock incentive award agreements under the 2010 LTIP for any stock incentive awards granted to employees retroactive to the beginning of the year. Employees who retire (upon meeting certain age and service criteria) at least six months after the grant date and prior to the end of the four-year vesting period will be allowed to continue vesting in their awards after retirement in accordance with the normal vesting schedule. The requisite service periods for the stock incentive awards are reduced on an individual basis, as necessary, to reflect the grantee’s individual retirement eligibility date (“the retirement eligibility period”). As of the date of the modification, nine employees’ awards were impacted. Stock options In 2011, we made grants of 1,106,533 stock options to our non-employee directors and to certain employees using the following weighted-average assumptions:
The stock options become exercisable ratably over a period of four years, or the retirement eligibility period, whichever is shorter, and, unless terminated earlier in accordance with their terms, expire 10 years from the date of grant. New shares of AbitibiBowater common stock are issued upon the exercise of a stock option. We calculated the grant-date fair value of the stock options using the Black-Scholes option pricing model. The payment of dividends is subject to certain restrictions under the 2018 Notes indenture and the credit agreement that governs the ABL Credit Facility; therefore, we assumed an expected dividend yield of zero. Due to the short trading history of the Successor Company’s common stock, we estimated the expected volatility based on the historical volatility of a peer group within our industry measured over a term approximating the expected life of the options. We estimated the risk-free interest rate based on a zero-coupon U.S. Treasury instrument with a remaining term approximating the expected life of the options. Historical exercise data attributable to stock incentive awards granted after the Successor Company’s common stock began publicly trading is limited; therefore, we used the simplified method permitted by Staff Accounting Bulletin Topic 14 to estimate the expected life of the options. Under this approach, the expected life is presumed to be the midpoint between the vesting date and the end of the contractual term. The activity of stock options for the year ended December 31, 2011 was as follows:
As of December 31, 2011, there was approximately $6 million of unrecognized compensation cost related to these stock options, which is expected to be recognized over a remaining requisite service period of 3.4 years.
Restricted stock units and deferred stock units In 2011, we made grants of RSUs and DSUs to our non-employee directors and to certain employees pursuant to the 2010 LTIP. Each RSU and DSU provides the holder the right to receive one share of our common stock upon vesting. The awards vest ratably over a period of one year for directors and four years for employees, or over the retirement-eligibility period, whichever is shorter. Awards to employees are settled with shares of stock upon vesting, while awards to directors are settled with shares of stock ratably over a period of three years or upon separation from the Board of Directors, as applicable based on the director’s country of residency. The activity of RSUs and DSUs for the year ended December 31, 2011 was as follows:
As of December 31, 2011, there was approximately $5 million of unrecognized compensation cost related to these RSUs and DSUs, which is expected to be recognized over a remaining requisite service period of 3.7 years. New shares of AbitibiBowater common stock are issued upon the settlement of an RSU or DSU issued pursuant to the 2010 LTIP. In 2011, we granted 4,625 DSUs to a non-employee director pursuant to the Deferred Compensation Plan. Each award provides the holder with the right to receive an amount of cash based on the market price of a share of AbitibiBowater common stock at the date of settlement. The portion of the award representing the incentive vests ratably over three years or, if earlier, upon the director’s separation from the Board of Directors. The remaining portion of the award is fully vested on the date of grant. The director vested in 4,205 DSUs in 2011. The awards are settled in cash upon separation from the Board of Directors. None of the DSUs were settled in 2011. |
Accumulated Other Comprehensive Loss (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Accumulated other comprehensive loss | ||
Unamortized prior service costs | $ (2) | $ 0 |
Unamortized actuarial losses | (309) | 0 |
Foreign currency translation | 0 | |
Accumulated other comprehensive loss Total | (311) | 0 |
Successor [Member]
|
||
Accumulated other comprehensive loss | ||
Foreign currency translation | 0 | |
Accumulated other comprehensive loss Total | $ (311) |
Share Based Compensation (Details 2) (Restricted Stock Units and Deferred Stock Units [Member], Successor [Member], USD $)
|
12 Months Ended |
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Dec. 31, 2011
|
|
Restricted Stock Units and Deferred Stock Units [Member] | Successor [Member]
|
|
Activity of RSUs and DSUs | |
Number of Units, Outstanding, Beginning Balance | 0 |
Weighted-Average Fair Value at Grant Date, Outstanding, Beginning Balance | $ 0.00 |
Number of Units, Granted | 434,689 |
Weighted-Average Fair Value at Grant Date, Granted | $ 18.07 |
Number of Units, Vested and Settled | (7,262) |
Weighted-Average Fair Value at Grant Date, Vested and Settled | $ 26.49 |
Number of Units, Forfeited | (28,471) |
Weighted-Average Fair Value at Grant Date, Forfeited | $ 23.05 |
Number of Units, Outstanding, Ending Balance | 398,956 |
Weighted-Average Fair Value at Grant Date, Outstanding, Ending Balance | $ 17.56 |
Quarterly Information (Unaudited) (Details 1) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
Successor [Member]
|
Sep. 30, 2011
Successor [Member]
|
Jun. 30, 2011
Successor [Member]
|
Mar. 31, 2011
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Dec. 31, 2010
Predecessor [Member]
|
Sep. 30, 2010
Predecessor [Member]
|
Jun. 30, 2010
Predecessor [Member]
|
Mar. 31, 2010
Predecessor [Member]
|
Dec. 31, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
|
Special Items Included in Operating Income | |||||||||||
Net gain on disposition of assets and other | $ 0 | $ (1) | $ 3 | $ 1 | $ (3) | $ 16 | $ 1 | $ 4 | $ 9 | $ (30) | $ (91) |
Closure costs, impairment and other related charges | (12) | (17) | (4) | (13) | (46) | (6) | 3 | (3) | (5) | (11) | (202) |
Write-downs of inventory | (2) | (1) | (3) | (17) | |||||||
Employee termination (costs) credit | (5) | (3) | (4) | (12) | 8 | 8 | (2) | ||||
Transaction costs in connection with our proposed acquisition of Fibrek Inc. | (5) | (5) | |||||||||
Special items included in Corporate and Other expenses, Total | $ (19) | $ (23) | $ (4) | $ (17) | $ (63) | $ 10 | $ 4 | $ 1 | $ 12 | $ 27 | $ (124) |
Closure Costs, Impairment and Other Related Charges (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2010
|
Dec. 31, 2011
Successor [Member]
|
Sep. 30, 2011
Successor [Member]
|
Jun. 30, 2011
Successor [Member]
|
Mar. 31, 2011
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Dec. 31, 2010
Predecessor [Member]
|
Sep. 30, 2010
Predecessor [Member]
|
Jun. 30, 2010
Predecessor [Member]
|
Mar. 31, 2010
Predecessor [Member]
|
Dec. 31, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
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Closure costs, impairment and other related charges | ||||||||||||
Impairment of long-lived assets | $ 16 | $ 2 | $ 87 | |||||||||
Accelerated depreciation | 8 | 21 | ||||||||||
Impairment of assets held for sale | 84 | |||||||||||
Contractual obligations and other commitments | 8 | |||||||||||
Severance and other costs | 1 | 22 | 1 | 10 | ||||||||
Closure costs, impairment and other related charges | $ 12 | $ 17 | $ 4 | $ 13 | $ 46 | $ 6 | $ (3) | $ 3 | $ 5 | $ 11 | $ 202 |
Accounts Payable and Accrued Liabilities (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Successor [Member]
|
||
Accounts payable and accrued liabilities | ||
Trade accounts payable | $ 291 | $ 252 |
Payroll, bonuses and severance payable | 89 | 99 |
Accrued interest | 13 | 21 |
Pension and OPEB benefit obligations | 34 | 35 |
Income and other taxes payable | 19 | 15 |
Claims payable | 11 | 35 |
Other | 87 | 90 |
Accounts Payable, Total | $ 544 | $ 547 |
Monetization of Timber Notes (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Monetization of Timber Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained interest in QSPEs |
|
Income Taxes (Details 3) (Successor [Member], USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Successor [Member]
|
||
Deferred Income Taxes [Abstract] | ||
Fixed assets | $ (259) | $ (167) |
Deferred gains | (40) | (37) |
Other liabilities | (91) | (35) |
Deferred income tax liabilities | (390) | (239) |
Fixed assets | 500 | 484 |
Pension and OPEB benefit plans | 473 | 416 |
Ordinary loss carryforwards | 716 | 598 |
Capital loss carryforwards | 447 | 371 |
Research and development expense pool | 265 | 264 |
Tax credit carryforwards | 167 | 220 |
Other assets | 169 | 71 |
Deferred income tax assets | 2,737 | 2,424 |
Valuation allowance | (564) | (474) |
Net deferred income tax assets | 1,783 | 1,711 |
Amounts recognized in our Consolidated Balance Sheets consisted of: | ||
Deferred income tax assets, current | 109 | 47 |
Deferred income tax assets, noncurrent | 1,749 | 1,736 |
Deferred income tax liabilities, noncurrent | (75) | (72) |
Net deferred income tax assets | $ 1,783 | $ 1,711 |
Creditor Protection Proceedings Related Disclosures (Details) (Predecessor [Member], USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Summary of reorganization items, net | ||
Professional fees | $ 154 | $ 106 |
Gain due to Plans of Reorganization adjustments | (3,553) | |
Loss due to fresh start accounting adjustments | 362 | |
Provision for repudiated or rejected executory contracts | 121 | 225 |
Write-off of debt discounts, premiums and issuance costs | 666 | |
Other | 45 | 35 |
Reorganization Items, Total | (1,901) | 639 |
Parent Company [Member]
|
||
Summary of reorganization items, net | ||
Professional fees | 18 | |
Gain due to Plans of Reorganization adjustments | (160) | |
Loss due to fresh start accounting adjustments | 82 | |
Provision for repudiated or rejected executory contracts | 5 | 2 |
Write-off of debt discounts, premiums and issuance costs | 103 | |
Post-petition interest on note payable to a subsidiary | 134 | |
Other | 3 | |
Reorganization Items, Total | $ 185 | $ 2 |
Assets Held for Sale, Liabilities Associated with Assets Held for Sale and Net Gain on Disposition of Assets and Other (Details 1) (Successor [Member], USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Successor [Member]
|
||
Liabilities associated with assets held for sale | ||
Accounts payable and accrued liabilities | $ 0 | $ 9 |
Long-term debt | 0 | 280 |
Liabilities associated with assets held for sale | $ 0 | $ 289 |
Restricted Cash (Details)
In Millions, unless otherwise specified |
Dec. 31, 2011
USD ($)
|
Dec. 31, 2011
CAD
|
Dec. 31, 2010
USD ($)
|
Dec. 31, 2010
CAD
|
---|---|---|---|---|
Restricted Cash (Textual) [Abstract] | ||||
Restricted cash | $ 81 | 83 | $ 80 | 80 |
Accumulated Other Comprehensive Loss (Details Textual) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Accumulated Other Comprehensive Loss (Textual) [Abstract] | |
Unamortized prior service costs, deferred income tax | $ 0 |
Unrecognized unamortized actuarial losses, deferred income tax benefit | 127 |
Unrecognized unamortized actuarial losses, portion attributable to noncontrolling interests, net of tax | 8 |
Tax effect for foreign currency translation | 0 |
Foreign currency translation gain attributable to noncontrolling interests | 2 |
Foreign currency translation gains transferred to net gain on disposition of assets upon the sale of ACH | $ (8) |
Fixed Assets, Net (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
Y
|
Dec. 31, 2010
|
|
Fixed assets, net | ||
Fixed assets, Gross | $ 2,728 | $ 2,641 |
Less accumulated depreciation and amortization | (226) | 0 |
Fixed assets, net | 2,502 | 2,641 |
Land and land improvements [Member]
|
||
Fixed assets, net | ||
Minimum Useful Life | 2 | |
Maximum Useful Life | 10 | |
Fixed assets, Gross | 85 | 72 |
Buildings [Member]
|
||
Fixed assets, net | ||
Minimum Useful Life | 10 | |
Maximum Useful Life | 40 | |
Fixed assets, Gross | 264 | 280 |
Machinery and equipment [Member]
|
||
Fixed assets, net | ||
Minimum Useful Life | 3 | |
Maximum Useful Life | 20 | |
Fixed assets, Gross | 1,910 | 1,853 |
Hydroelectric power plants [Member]
|
||
Fixed assets, net | ||
Maximum Useful Life | 40 | |
Fixed assets, Gross | 283 | 283 |
Timber and timberlands [Member]
|
||
Fixed assets, net | ||
Minimum Useful Life | 10 | |
Maximum Useful Life | 20 | |
Fixed assets, Gross | 105 | 100 |
Construction in progress [Member]
|
||
Fixed assets, net | ||
Fixed assets, Gross | $ 81 | $ 53 |
Assets Held for Sale Liabilities Associated with Assets Held for Sale and Net Gain on Disposition of Assets and Other (Details Textual)
In Millions, unless otherwise specified |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2009
USD ($)
|
Dec. 31, 2009
CAD
|
Dec. 31, 2011
Successor [Member]
USD ($)
|
Dec. 31, 2010
Predecessor [Member]
USD ($)
|
Dec. 31, 2009
Predecessor [Member]
USD ($)
acre
|
Dec. 31, 2009
Predecessor [Member]
CAD
|
|
Assets Held For Sale Liabilities Associated With Assets Held For Sale And Net Gain On Disposition Of Assets And Other (Textual) [Abstract] | ||||||
Proceeds from sale of our investment in ACH, timberlands and other assets | $ 315 | $ 16 | $ 119 | |||
Net gain on disposition of assets | 3 | 14 | 91 | |||
Net gain related to customer bankruptcy settlement | 16 | |||||
Acres of timberland sold with court approval | 491,356 | 491,356 | ||||
Gross cash proceeds for sale of interest in MPCo | $ 583 | 615 | $ 583 | 615 |
Amortizable Intangible Assets, Net (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Successor [Member]
|
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Summary of Amortizable Intangible Assets, Net | ||
Gross carrying value | $ 19 | $ 19 |
Accumulated amortization | (1) | 0 |
Net | $ 18 | $ 19 |
Severance Related Liabilities
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Related Liabilities |
Note 14. Severance Related Liabilities The activity in our severance related liabilities for the years ended December 31, 2010 and 2011 was as follows:
In 2011, we recorded employee termination costs primarily as a result of corporate employee terminations, the decision to close our Greenville, South Carolina office, the decision to cease paperboard production at our Coosa Pines paper mill, an early retirement severance program for employees at our Mokpo paper mill, the permanent closure of a paper machine at our Kenogami paper mill and a workforce reduction at our Mersey operations. The majority of the remaining severance liability is expected to be paid in 2012. In 2010, we recorded employee termination costs resulting from our work toward a comprehensive restructuring plan, primarily related to: (i) the indefinite idling of our Gatineau paper mill, (ii) the indefinite idling of a paper machine and a de-inking line at our Thorold paper mill, (iii) a workforce reduction at our Catawba paper mill, (iv) the continued indefinite idling of our Dolbeau, Quebec paper mill (for which we announced its permanent closure in the third quarter of 2010), (v) the continued indefinite idling of a paper machine at our Thunder Bay, Ontario paper mill and (vi) the departure of our former Chief Executive Officer. In 2009, we recorded employee termination costs primarily related to: (i) the indefinite idling of various paper mills and paper machines located in Canada resulting from our work toward a comprehensive restructuring plan, (ii) the continued idling of our Alabama River newsprint mill and (iii) the permanent closure of a sawmill in the United States resulting from our work toward a comprehensive restructuring plan. Employee termination costs incurred as part of our restructuring were included in “Reorganization items, net” in our Consolidated Statements of Operations. Employee termination costs that were not associated with our restructuring were classified as “Cost of sales, excluding depreciation, amortization and cost of timber harvested,” “Selling, general and administrative expenses” or “Closure costs, impairment and other related charges” in our Consolidated Statements of Operations. The severance related liabilities were included in “Accounts payable and accrued liabilities” in our Consolidated Balance Sheets.
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Accumulated Other Comprehensive Loss (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Accumulated Other Comprehensive Loss / Share Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of accumulated other comprehensive loss |
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Pension and OPEB benefit related components of other comprehensive loss |
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Condensed Financial Statements and Notes
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Schedule I - Condensed Financial Statements and Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule I - Condensed Financial Statements and Notes of Parent Company Only |
Parent Company Only Condensed Financial Statements And Notes
Schedule I – ABITIBIBOWATER INC. CONDENSED FINANCIAL STATEMENTS AND NOTES AbitibiBowater Inc. (Parent Company Only) Condensed Statements of Operations and Retained Earnings (Deficit) (In millions)
See accompanying notes to condensed financial statements.
AbitibiBowater Inc. (Parent Company Only) Condensed Balance Sheets (In millions)
See accompanying notes to condensed financial statements.
AbitibiBowater Inc. (Parent Company Only) Condensed Statements of Cash Flows (In millions)
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Assets Held for Sale, Liabilities Associated with Assets Held for Sale and Net Gain on Disposition of Assets and Other (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Successor [Member]
|
||
Assets held for sale | ||
Cash and cash equivalents | $ 0 | $ 10 |
Accounts receivable | 0 | 4 |
Other current assets | 0 | 1 |
Fixed assets, net | 7 | 149 |
Amortizable intangible assets | 0 | 528 |
Other assets | 0 | 6 |
Assets held for sale | $ 7 | $ 698 |
Pension and Other Postretirement Benefit Plans (Details 3) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2011
Successor [Member]
Pension Plans [Member]
|
Dec. 31, 2011
Successor [Member]
OPEB Plans [Member]
|
Dec. 31, 2010
Predecessor [Member]
Pension Plans [Member]
|
Dec. 31, 2009
Predecessor [Member]
Pension Plans [Member]
|
Dec. 31, 2010
Predecessor [Member]
OPEB Plans [Member]
|
Dec. 31, 2009
Predecessor [Member]
OPEB Plans [Member]
|
|
Components of net periodic benefit cost relating to pension and OPEB plans | ||||||
Service cost | $ 35 | $ 3 | $ 41 | $ 40 | $ 4 | $ 3 |
Interest cost | 335 | 22 | 350 | 346 | 23 | 24 |
Expected return on plan assets | (351) | 0 | (365) | (370) | ||
Amortization of prior service cost (credit) | 2 | 0 | 3 | 3 | (7) | (10) |
Amortization of net actuarial loss (gain) | 0 | 0 | 4 | (7) | 3 | 4 |
Curtailments, settlements and special termination benefits | 5 | 3 | (19) | (4) | (5) | |
Net periodic benefit cost | $ 26 | $ 28 | $ 14 | $ 8 | $ 23 | $ 16 |
Condensed Consolidating Financial Information
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information |
Note 26. Condensed Consolidating Financial Information The following information is presented in accordance with Rule 3-10 of Regulation S-X and the public information requirements of Rule 144 promulgated pursuant to the Securities Act in connection with AbitibiBowater Inc.’s issuance of the 2018 Notes that are fully and unconditionally guaranteed, on a joint and several basis, by all of our 100% owned material U.S. subsidiaries (the “Guarantor Subsidiaries”). The 2018 Notes are not guaranteed by our foreign subsidiaries and our less than 100% owned U.S. subsidiaries (the “Non-guarantor Subsidiaries”). The following condensed consolidating financial information sets forth the Statements of Operations for the years ended December 31, 2011, 2010 and 2009, the Balance Sheets as of December 31, 2011 and 2010 and the Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009 for AbitibiBowater Inc. (the “Parent”), the Guarantor Subsidiaries on a combined basis and the Non-guarantor Subsidiaries on a combined basis. The condensed consolidating financial information reflects the investments of the Parent in the Guarantor Subsidiaries and Non-guarantor Subsidiaries, as well as the investments of the Guarantor Subsidiaries in the Non-guarantor Subsidiaries, using the equity method of accounting. The principal consolidating adjustments are elimination entries to eliminate the investments in subsidiaries and intercompany balances and transactions.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2011 (Successor)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2010 (Predecessor)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2009 (Predecessor)
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2011 (Successor)
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2010 (Successor)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2011 (Successor)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2010 (Predecessor)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2009 (Predecessor)
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Inventories Net (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Inventories, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net |
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Summary of Significant Accounting Policies (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
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Summary of Significant Accounting Policies (Textual) [Abstract] | ||
Maturity period of demand deposits and other short-term, highly liquid securities | three months or less from the date of purchase | |
APIC pool | $ 0 |
Income Taxes (Details 5) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
Successor [Member]
|
Dec. 31, 2010
Predecessor [Member]
|
|
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ||
Beginning of year | $ 191 | $ 206 |
(Decrease) increase in unrecognized tax benefits resulting from | ||
Positions taken in a prior period | (100) | 2 |
Positions taken in the current period | 20 | 42 |
Change in Canadian foreign exchange rate | (2) | (1) |
Expiration of statute of limitations | (58) | |
End of year (Successor) | $ 109 | $ 191 |
Share-Based Compensation (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Share-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average assumptions |
In 2011, we made grants of 1,106,533 stock options to our non-employee directors and to certain employees using the following weighted-average assumptions:
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Activity of stock options |
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Activity of RSUs and DSUs |
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Closure Costs, Impairment and Other Related Charges (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Closure costs, impairment and other related charges |
|
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
Successor
|
Dec. 31, 2010
Predecessor
|
Dec. 31, 2009
Predecessor
|
|
Change in unamortized prior service costs and credits, tax portion | $ 0 | $ 0 | $ 0 |
Change in unamortized actuarial gains and losses, tax portion | 127 | 0 | 0 |
Change in unamortized actuarial gain and losses attributable to noncontrolling interests, tax portion | $ 0 |
Share-Based Compensation (Details) (USD $)
|
12 Months Ended |
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Dec. 31, 2011
Y
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Weighted average assumptions | |
Granted, Fair value at grant date | $ 9.71 |
Granted, Weighted-Average Exercise Price | $ 20.18 |
Expected dividend yield | 0.00% |
Expected volatility | 45.50% |
Risk-free interest rate | 2.00% |
Expected life in years | 6.25 |
Timberland and Operating Leases and Purchase Obligations (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Timberland and Operating Leases and Purchase Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of operating leases and commitments for purchase obligations |
As of December 31, 2011, the future minimum rental payments under timberland and operating leases and commitments for purchase obligations were as follows:
|
Condensed Consolidating Financial Information (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Parent [Member]
|
Dec. 31, 2010
Parent [Member]
|
Dec. 31, 2009
Parent [Member]
|
Dec. 31, 2010
Predecessor [Member]
|
Sep. 30, 2010
Predecessor [Member]
|
Jun. 30, 2010
Predecessor [Member]
|
Mar. 31, 2010
Predecessor [Member]
|
Dec. 31, 2010
Predecessor [Member]
|
Dec. 31, 2009
Predecessor [Member]
|
Dec. 31, 2010
Predecessor [Member]
Parent [Member]
|
Dec. 31, 2009
Predecessor [Member]
Parent [Member]
|
Dec. 31, 2010
Predecessor [Member]
Guarantor Subsidiaries [Member]
|
Dec. 31, 2009
Predecessor [Member]
Guarantor Subsidiaries [Member]
|
Dec. 31, 2010
Predecessor [Member]
Non-Guarantor Subsidiaries [Member]
|
Dec. 31, 2009
Predecessor [Member]
Non-Guarantor Subsidiaries [Member]
|
Dec. 31, 2010
Predecessor [Member]
Consolidating Adjustments [Member]
|
Dec. 31, 2009
Predecessor [Member]
Consolidating Adjustments [Member]
|
Dec. 31, 2011
Successor [Member]
|
Sep. 30, 2011
Successor [Member]
|
Jun. 30, 2011
Successor [Member]
|
Mar. 31, 2011
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
|
Dec. 31, 2011
Successor [Member]
Parent [Member]
|
Dec. 31, 2011
Successor [Member]
Guarantor Subsidiaries [Member]
|
Dec. 31, 2011
Successor [Member]
Non-Guarantor Subsidiaries [Member]
|
Dec. 31, 2011
Successor [Member]
Consolidating Adjustments [Member]
|
|
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
Sales | $ 1,272 | $ 1,192 | $ 1,182 | $ 1,100 | $ 4,746 | $ 4,366 | $ 2,761 | $ 2,519 | $ 3,393 | $ 3,222 | $ (1,408) | $ (1,375) | $ 1,147 | $ 1,224 | $ 1,200 | $ 1,185 | $ 4,756 | $ 3,141 | $ 3,154 | $ (1,539) | |||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Cost of sales, excluding depreciation, amortization and cost of timber harvested | 3,724 | 3,343 | 2,389 | 2,052 | 2,743 | 2,666 | (1,408) | (1,375) | 3,590 | 2,684 | 2,445 | (1,539) | |||||||||||||||||
Depreciation, amortization and cost of timber harvested | 493 | 602 | 133 | 147 | 360 | 455 | 220 | 90 | 130 | ||||||||||||||||||||
Distribution costs | 553 | 487 | 134 | 120 | 419 | 367 | 547 | 157 | 390 | ||||||||||||||||||||
Selling, general and administrative expenses | 155 | 198 | 34 | 29 | 36 | 74 | 85 | 95 | 158 | 27 | 58 | 73 | |||||||||||||||||
Reserve for receivables from subsidiaries | (32) | 410 | 299 | 32 | (709) | ||||||||||||||||||||||||
Closure costs, impairment and other related charges | 6 | (3) | 3 | 5 | 11 | 202 | 2 | 111 | 9 | 91 | 12 | 17 | 4 | 13 | 46 | 18 | 28 | ||||||||||||
Net gain on disposition of assets and other | 16 | 1 | 4 | 9 | (30) | (91) | (13) | (13) | (17) | (78) | 0 | (1) | 3 | 1 | (3) | (2) | (1) | ||||||||||||
Operating income (loss) | 11 | 12 | (73) | (110) | (160) | (375) | (2) | (439) | 80 | (271) | (206) | (374) | (32) | 709 | 47 | 72 | 52 | 27 | 198 | (27) | 136 | 89 | |||||||
Interest expense (contractual interest of $714 and $788 for the years ended December 31, 2010 and 2009, respectively) (Note 16) | (95) | (483) | (597) | (483) | (597) | (26) | (40) | (96) | (136) | (371) | (464) | 10 | 43 | (95) | (153) | (7) | (18) | 83 | |||||||||||
Other income (expense), net | (89) | (71) | (1) | 12 | 66 | 38 | 29 | (78) | (183) | (43) | (48) | 6 | 71 | (42) | (83) | ||||||||||||||
Parent's equity in income of subsidiaries | 0 | 1,652 | 0 | 0 | 0 | (1,652) | 0 | 152 | (152) | ||||||||||||||||||||
Income (loss) before reorganization items and income taxes | (732) | (1,043) | 1,623 | (467) | 50 | (369) | (548) | (916) | (1,857) | 709 | 55 | ||||||||||||||||||
Reorganization items, net (Note 3) | 1,901 | (639) | (185) | (2) | 1,274 | (193) | 4,848 | (444) | (4,036) | ||||||||||||||||||||
Income (loss) before income taxes | 1,169 | (1,682) | 1,438 | (469) | 1,324 | (562) | 4,300 | (1,360) | (5,893) | 709 | 55 | (22) | 200 | 29 | (152) | ||||||||||||||
Income tax (provision) benefit | (63) | (8) | (32) | 1,606 | 122 | 8 | 461 | (24) | 1,145 | 146 | (8) | (16) | 63 | (86) | 7 | ||||||||||||||
Net income (loss) including noncontrolling interests | 2,775 | (1,560) | 1,446 | (469) | 1,785 | (586) | 5,445 | (1,214) | (5,901) | 709 | 39 | 41 | 114 | 36 | (152) | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | (161) | 7 | (161) | 7 | 2 | 2 | |||||||||||||||||||||||
Net income (loss) attributable to AbitibiBowater Inc. | $ 4,240 | $ (829) | $ (297) | $ (500) | $ 2,614 | $ (1,553) | $ 1,446 | $ (469) | $ 1,785 | $ (586) | $ 5,284 | $ (1,207) | $ (5,901) | $ 709 | $ (6) | $ (44) | $ 61 | $ 30 | $ 41 | $ 41 | $ 114 | $ 38 | $ (152) |