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Consolidated Statement Of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
OPERATING ACTIVITIES      
Net earnings (loss) attributable to International Paper Company $ 1,341 [1],[2],[3],[4],[5],[6],[7],[8] $ 644 [1],[10],[11],[12],[9] $ 663
Noncontrolling interests 14 21 18
Discontinued operations, net of taxes and noncontrolling interests (49) [3] 0 0
Earnings (loss) from continuing operations 1,306 665 681
Depreciation, amortization, and cost of timber harvested 1,332 1,456 1,472
Deferred income tax provision (benefit), net 317 422 160
Restructuring and other charges 102 394 1,353
Pension plan contribution (300) (1,150) 0
Cost of forestlands sold 0 143 0
Periodic pension expense, net 195 231 213
Net (gains) losses on sales and impairments of businesses 218 (23) 59
Equity (earnings) losses, net (159) (64) 49
Other, net 169 15 189
Changes in current assets and liabilities      
Accounts and notes receivable (128) (327) 604
Inventories (56) (186) 316
Accounts payable and accrued liabilities (389) (52) (321)
Interest payable 6 3 (8)
Other 62 104 (112)
Cash Provided by (Used for) Operations 2,675 1,631 4,655
INVESTMENT ACTIVITIES      
Invested in capital projects (1,159) (775) (534)
Acquisitions, net of cash acquired (379) (152) (17)
Proceeds from divestitures 50 0 0
Escrow arrangement (25) 0 0
Other 26 93 (42)
Cash Provided by (Used for) Investment Activities (1,487) (834) (593)
FINANCING ACTIVITIES      
Repurchase of common stock and payments of restricted stock tax withholding (30) (26) (10)
Issuance of debt 1,766 193 3,229
Reduction of debt (517) (576) (6,318)
Change in book overdrafts (29) 38 20
Dividends paid (427) (175) (140)
Other (21) (42) (157)
Cash Provided by (Used for) Financing Activities 742 (588) (3,376)
Effect of Exchange Rate Changes on Cash (9) (28) 62
Change in Cash and Temporary Investments 1,921 181 748
Cash and Temporary Investments      
Beginning of the period 2,073 1,892 1,144
End of the period $ 3,994 $ 2,073 $ 1,892
[1] Includes after-tax charges of $14 million and $32 million for tax adjustments related to incentive compensation and postretirement prescription drug coverage, respectively.
[2] Includes a pre-tax charge of $32 million ($19 million after taxes) for early debt extinguishment costs, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the restructuring of the Company's xpedx operations, and a charge of $8 million (before and after taxes) for asset impairment costs associated with the Inverurie, Scotland mill which was closed in 2009.
[3] Includes a pre-tax gain of $50 million ($30 million after taxes) for an earnout provision related to the sale of the Company's Kraft Papers business completed in January 2007. Also, the Company sold its Brazilian Coated Paper business in the third quarter 2006. Local country tax contingency reserves were included in the business' operating results in 2005 and 2006 for which the related statute of limitations has expired. The reserves were reversed and a tax benefit of $15 million plus associated interest income of $6 million ($4 million after taxes) was recorded.
[4] Includes a gain of $7 million (before and after taxes) related to a bargain price adjustment on an acquisition by our joint venture in Turkey.
[5] Includes a pre-tax charge of $27 million ($17 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax gain of $21 million ($13 million after taxes) related to the reversal of environmental reserves due to the announced repurposing of a portion of the Franklin mill, a pre-tax charge of $10 million ($6 million after taxes) for costs associated with the restructuring of the Company's xpedx operations, and a pre-tax charge of $129 million ($104 million after taxes) for a fixed-asset impairment of the North American Shorewood business.
[6] Includes a pre-tax charge of $16 million ($10 million after taxes) for costs associated with the acquisition of a majority share of Andhra Pradesh Paper Mills Limited in India, a pre-tax charge of $18 million ($13 million after taxes) for costs associated with the restructuring of the Company's xpedx operations, a pre-tax charge of $8 million ($5 million after taxes) for costs associated with signing an agreement to acquire Temple-Inland, a pre-tax charge of $6 million ($4 million after taxes) for costs associated with the sale of the Company's Shorewood operations, and a pre-tax charge of $82 million (a gain of $140 million after taxes) to reduce the carrying value of the Shorewood business based on the terms of the definitive agreement to sell this business.
[7] Includes a tax benefit of $222 million related to the reduction of the carrying value of the Shorewood business and the write-off of a deferred tax liability associated with Shorewood, and noncontrolling interest income of $8 million (before and after taxes) associated with the fixed asset impairment of Shorewood Mexico.
[8] Includes a pre-tax charge of $17 million ($13 million after taxes) for an inventory write-off, severance and other costs associated with the restructuring of the Company's xpedx operations, a pre-tax charge of $12 million ($7 million after taxes) for costs associated with the signing of an agreement to acquire Temple-Inland, a pre-tax gain of $4 million ($3 million after taxes) for an adjustment to the previously recorded loss to reduce the carrying value of the Company's Shorewood business, a charge of $3 million (before and after taxes) for asset impairment charges at our Inverurie, Scotland mill which was closed in 2009, and a gain of $6 million for interest associated with a tax claim.
[9] Includes a pre-tax charge of $204 million ($124 million after taxes) for shutdown costs related to the Franklin, Virginia mill (including $190 million of accelerated depreciation).
[10] Includes a pre-tax charge of $111 million ($68 million after taxes) for shutdown costs related to the Franklin, Virginia mill (including $46 million of accelerated depreciation and $36 million of environmental closure costs), a pre-tax charge of $18 million ($11 million after taxes) for early debt extinguishment costs, and a pre-tax charge of $11 million ($7 million after taxes) for an Ohio Commercial Activity tax adjustment.
[11] Includes a pre-tax charge of $18 million ($11 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax charge of $7 million ($4 million after taxes) for closure costs related to the Bellevue, Washington container plant, a pre-tax charge of $13 million ($8 million after taxes) for early debt extinguishment costs, a pre-tax charge of $5 million ($3 million after taxes) for severance and benefit costs associated with the Company's S&A reduction initiative, a pre-tax charge of $4 million ($3 million after taxes) for costs associated with the reorganization of the Company's Shorewood operations, and a pre-tax gain of $25 million ($15 million after taxes) related to the partial redemption of the Company's interest in Arizona Chemical.
[12] Includes a tax benefit of $40 million related to cellulosic bio-fuel tax credits.