International Paper 2014 Annual Report Download - page 91

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55
The following table presents changes in AOCI for the year ended December 31, 2012:
In millions
Defined Benefit Pension and
Postretirement Items (a)
Change in Cumulative
Foreign Currency Translation
Adjustments (a)
Net Gains and Losses
on Cash Flow Hedging
Derivatives (a) Total (a)
Balance as of December 31, 2011 $ (2,852) $ (118) $ (35) $ (3,005)
Other comprehensive income (loss) before reclassifications (939) (96) 15 (1,020)
Amounts reclassified from accumulated other comprehensive income 195 (35) 22 182
Net Current Period Other Comprehensive Income (744) (131) 37 (838)
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest — 3 — 3
Balance as of December 31, 2012 $ (3,596) $ (246) $ 2 $ (3,840)
(a) All amounts are net of tax. Amounts in parentheses indicate debits to AOCI.
The following table presents details of the reclassifications out of AOCI for the three years ended:
Details About Accumulated Other Comprehensive Income
Components
Amount Reclassified from Accumulated Other Comprehensive Income (a)
Location of Amount
Reclassified from AOCI2014 2013 2012
In millions
Defined benefit pension and postretirement items:
Prior-service costs $(17)$ (9) $ (2) (b) Cost of products sold
Actuarial gains/(losses) (379) (493) (317) (b) Cost of products sold
Total pre-tax amount (396) (502) (319)
Tax (expense)/benefit 154 195 124
Net of tax (242) (307) (195)
Change in cumulative foreign currency translation adjustments:
Business acquisition/divestiture 13 (17) 48
Net (gains) losses on
sales and impairments of
businesses or Retained
earnings
Tax (expense)/benefit ——(13)
Net of tax 13 (17) 35
Net gains and losses on cash flow hedging derivatives:
Foreign exchange contracts 310 (24) (c) Cost of products sold
Natural gas contracts —— (11) (c) Cost of products sold
Total pre-tax amount 310 (35)
Tax (expense)/benefit 1(3) 13
Net of tax 47(22)
Total reclassifications for the period $ (225) $ (317) $ (182)
(a) Amounts in parentheses indicate debits to earnings/loss.
(b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for
additional details).
(c) This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 14 for additional
details).
NOTE 5 RESTRUCTURING CHARGES AND
OTHER ITEMS
2014: During 2014, total restructuring and other
charges of $846 million before taxes ($518 million after
taxes) were recorded. These charges included:
In millions
Before-Tax
Charges
After-Tax
Charges
Early debt extinguishment costs (see
Note 13) $ 276 $ 169
Courtland mill shutdown (a) 554 338
Other (b) 16 11
Total $ 846 $ 518
(a) Includes $464 million of accelerated depreciation, $24 million
of inventory impairment charges, $26 million of severance
charges and $40 million of other charges which are recorded
in the Printing Papers segment.
(b) Includes $15 million of severance charges.
Included in the $846 million of organization
restructuring and other charges is $41 million of
severance charges.
The following table presents a rollforward of the
severance and other costs for approximately 957
employees included in the 2014 restructuring charges.
In millions
Severance
and Other
Additions and adjustments $41
Cash payments in 2014 (29)
Balance, December 31, 2014 $12