OfficeMax 2014 Annual Report Download - page 67
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Table of Contents
(In millions)
2013 2012
Net loss $ (20) $ (77)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 209 203
Charges for losses on inventories and receivables 59 65
Earnings from equity method investments (14) (30)
Loss on extinguishment of debt — 13
Recovery of purchase price — (58)
Pension plan funding associated with recovery of purchase price — (58)
Asset impairments 70 139
Compensation expense for share-based payments 38 14
Loss (gain) on disposition of joint ventures (382) —
Deferred income taxes and deferred tax asset valuation allowances 8 1
Loss (gain) on disposition of assets (3) (2)
Other 5 5
Changes in assets and liabilities:
Decrease (increase) in receivables (2) 44
Decrease (increase) in inventories (34) 53
Net decrease (increase) in prepaid expenses and other assets (2) —
Net decrease in trade accounts payable, accrued expenses and other current and other long-term liabilities (39) (133)
Total adjustments (87) 256
Net cash provided by (used in) operating activities (107) 179
Capital expenditures (137) (120)
Acquired cash in Merger, net 457 —
Proceeds from sale of joint ventures, net 675 —
Return of investment in Boise Cascade Holdings, L.L.C. 35 —
Proceeds from sale of available for sale securities — —
Recovery of purchase price — 50
Release of restricted cash — 9
Restricted cash (4) —
Proceeds from disposition of assets and other 2 31
Net cash provided by (used in) investing activities 1,028 (30)
Net proceeds from employee share-based transactions 3 2
Payment for noncontrolling interests — (1)
Loss on extinguishment of debt — (13)
Debt retirement (150) (250)
Debt issuance — 250
Debt related fees (1) (8)
Redemption of redeemable preferred stock (407) —
Redeemable preferred stock dividends (63) —
Proceeds from issuance of borrowings 23 22
Payments on long- and short-term borrowings (45) (57)
Net cash provided by ( used in) financing activities (640) (55)
3 6
284 100
Cash and cash equivalents at beginning of period 671 571
Cash and cash equivalents at end of period $ 955 $ 671
The accompanying notes to consolidated financial statements are an integral part of these statements.
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