Discontinued Operations

2017: On January 1, 2018, the Company completed the transfer of its North American Consumer Packaging business, which included its North American Coated Paperboard and Foodservice businesses, to a subsidiary of Graphic Packaging Holding Company in exchange for a 20.5% ownership interest in a subsidiary of Graphic Packaging Holding Company that holds the assets of the combined business. International Paper is accounting for its ownership interest in the combined business under the equity method. The Company determined the fair value of its investment in the combined business and recorded a pre-tax gain of $516 million ($385 million after taxes), on the transfer in the first quarter of 2018, subject to final working capital settlement. See Note 11 for further discussion on the Company's investment in Graphic Packaging International, LLC.

All historical operating results for North American Consumer Packaging are included in Discontinued operations, net of tax in the accompany consolidated statement of operations. The following summarizes the major classes of line items comprising Earnings (Loss) Before Income Taxes and Equity Earnings reconciled to Discontinued operations, net of tax, related to the transfer of the North American Consumer Packaging business for all periods presented in the consolidated statement of operations:



	Three Months Ended March 31,
In millions	2018			2017
Net Sales	$	—		$	379
Costs and Expenses
Cost of products sold	—			271
Selling and administrative expenses	23			23
Depreciation, amortization and cost of timber harvested	—			24
Distribution expenses	—			31
Taxes other than payroll and income taxes	—			3
(Gain) loss on transfer of business	(516		)	—
Earnings (Loss) Before Income Taxes and Equity Earnings	493			27
Income tax provision (benefit)	125			10
Discontinued Operations, Net of Taxes	$	368		$	17

Total cash provided by (used for) operations related to the North American Consumer Packaging business of $(23) million and $23 million for the three months ended March 31, 2018 and March 31, 2017 is included in Cash Provided By (Used For) Operations in the consolidated statement of cash flows. Total cash provided by (used for) investing activities related to the North American Consumer Packaging business of $1 million and $(25) million for the three months ended March 31, 2018 and March 31, 2017, is included in Cash Provided By (Used For) Investing Activities in the consolidated statement of cash flows.