OfficeMax 2015 Annual Report Download - page 65
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Table of Contents
(In millions)
2014 2013
Net income (loss) $ (352) $ (20)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 313 209
Charges for losses on inventories and receivables 66 59
Asset impairments 88 70
Compensation expense for share-based payments 38 38
Loss (gain) on disposition of joint ventures 2 (382)
Deferred income taxes and deferred tax asset valuation allowances — 8
Loss (gain) on disposition of assets 6 (3)
Other 5 (9)
Changes in assets and liabilities:
Decrease (increase) in receivables (3) (2)
Increase in inventories (1) (34)
Net decrease (increase) in prepaid expenses and other assets 14 (2)
Net decrease in trade accounts payable, accrued expenses and other current and other long-term liabilities (20) (39)
Total adjustments 508 (87)
Net cash provided by (used in) operating activities 156 (107)
Capital expenditures (123) (137)
Acquired cash in Merger, net — 457
Proceeds from sale of joint ventures, net 43 675
Return of investment in Boise Cascade Holdings, L.L.C. — 35
Proceeds from sale of available for sale securities 43 —
Acquisition, net of cash acquired — —
Restricted cash (3) (4)
Proceeds from disposition of assets and other 12 2
Net cash provided by (used in) investing activities (28) 1,028
Net proceeds from employee share-based transactions 39 3
Debt retirement — (150)
Debt related fees — (1)
Redemption of redeemable preferred stock — (407)
Redeemable preferred stock dividends — (63)
Proceeds from issuance of borrowings 21 23
Payments on long and short-term borrowings (45) (45)
Net cash provided by (used in) financing activities 15 (640)
(27) 3
116 284
Cash and cash equivalents at beginning of period 955 671
Cash and cash equivalents at end of period $1,071 $ 955
Cash interest paid, net of amounts capitalized and Timber notes/Non-recourse debt $ 68 $ 65
Cash taxes paid (refunded) (10) 139
Non-cash asset additions under capital leases 21 10
Issuance of common stock associated with the Merger (refer to Note 2) $ — $1,395
The accompanying notes to consolidated financial statements are an integral part of these statements.
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