International Paper 2014 Annual Report Download - page 121

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85
Summarized financial information for Ilim which is
accounted for under the equity method is presented in
the following table.
Balance Sheet
In millions 2014 2013
Current assets $ 458 $ 595
Noncurrent assets 1,223 2,124
Current liabilities 899 560
Noncurrent liabilities 742 1,335
Noncontrolling interests 15 63
Income Statement
In millions 2014 2013 2012
Net sales $2,138 $1,897 $1,972
Gross profit 772 562 678
Income from continuing operations (387)(76) 140
Net income attributable to Ilim (360)(71) 131
At December 31, 2014 and 2013, the Company's
investment in Ilim was $170 million and $580 million,
respectively, which was $158 million and $200 million,
respectively, more than the Company's proportionate
share of the joint venture's underlying net assets. The
differences primarily relate to purchase price fair value
adjustments and currency translation adjustments.
INFORMATION BY INDUSTRY SEGMENT
Net Sales
In millions 2014 2013 2012
Industrial Packaging $ 14,944 $ 14,810 $ 13,280
Printing Papers 5,720 6,205 6,230
Consumer Packaging 3,403 3,435 3,170
Corporate and Intersegment
Sales (450) (967)(828)
Net Sales $ 23,617 $ 23,483 $ 21,852
Operating Profit
In millions 2014 2013 2012
Industrial Packaging $1,896$1,801 $1,066
Printing Papers (16) 271 599
Consumer Packaging 178 161 268
Operating Profit 2,058 2,233 1,933
Interest expense, net (601) (612)(671)
Noncontrolling interests /
equity earnings adjustment
(a) (2) 1—
Corporate items, net (51) (61) (87)
Restructuring and other
charges (282) (10) (51)
Net gains (losses) on sales
and impairments of
businesses (38) —2
Non-operating pension
expense (212) (323)(159)
Earnings (Loss) From
Continuing Operations
Before Income Taxes and
Equity Earnings $872$1,228 $967
Restructuring and Other Charges
In millions 2014 2013 2012
Industrial Packaging $7$(2)$
14
Printing Papers 554 118 —
Consumer Packaging 845 —
Corporate 277 (5) 51
Restructuring and Other
Charges $846$ 156 $ 65
Assets
In millions 2014 2013
Industrial Packaging $ 14,852 $15,083
Printing Papers 5,393 6,574
Consumer Packaging 3,249 3,222
Distribution (b) —1,186
Corporate and other (c) 5,190 5,463
Assets $ 28,684 $31,528
Capital Spending
In millions 2014 2013 2012
Industrial Packaging $754$ 629 $ 565
Printing Papers 318 294 449
Consumer Packaging 233 208 296
Distribution (b) —910
Subtotal 1,305 1,140 1,320
Corporate and other (c) 61 58 63
Total $1,366$1,198 $1,383