International Paper 2012 Annual Report Download - page 44

(g) 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,
a $24 million tax expense related to internal
restructurings, a $9 million tax expense for costs
associated with our acquisition of a majority
share of Andhra Pradesh Paper Mills Limited in
India, a $13 million tax benefit related to the
release of a deferred tax asset valuation allow-
ance, and a $2 million tax expense for other
items.
2010:
(h) Includes restructuring and other charges of $394
million before taxes ($242 million after taxes)
including pre-tax charges of $315 million ($192
million after taxes) for shutdown costs related to
the Franklin, Virginia mill, a pre-tax charge of
$35 million ($21 million after taxes) for early
debt extinguishment costs, pre-tax charges of $7
million ($4 million after taxes) for closure costs
related to the Bellevue, Washington container
plant, a pre-tax charge of $11 million ($7 million
after taxes) for an Ohio Commercial Activity tax
adjustment, a pre-tax charge of $6 million ($4
million after taxes) for severance and benefit
costs associated with the Company’s S&A
reduction initiative, and a pre-tax charge of $8
million ($5 million after taxes) for costs asso-
ciated with the reorganization of the Company’s
Shorewood operations. Also included are 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,
and a pre-tax gain of $25 million ($15 million
after taxes) related to the partial redemption of
the Company’s interests in Arizona Chemical.
(i) Includes tax expense of $14 million and $32 mil-
lion for tax adjustments related to incentive
compensation and Medicare Part D deferred tax
write-offs, respectively, and a $40 million tax
benefit related to cellulosic bio-fuel tax credits.
2009:
(j) Includes restructuring and other charges of $1.4
billion before taxes ($853 million after taxes),
including pre-tax charges of $469 million ($286
million after taxes), $290 million ($177 million
after taxes), and $102 million ($62 million after
taxes) for shutdown costs for the Albany, Ore-
gon, Franklin, Virginia and Pineville, Louisiana
mills, respectively, a pre-tax charge of $82 mil-
lion ($50 million after taxes) for costs related to
the shutdown of a paper machine at the Valliant,
Oklahoma mill, a pre-tax charge of $148 million
($92 million after taxes) for severance and bene-
fit costs associated with the Company’s 2008
overhead cost reduction initiative, a pre-tax
charge of $185 million ($113 million after taxes)
for early debt extinguishment costs, a pre-tax
charge of $23 million ($28 million after taxes) for
closure costs associated with the Inverurie,
Scotland mill, and a charge of $31 million,
before and after taxes, for severance and other
costs associated with the planned closure of the
Etienne mill in France, and a pre-tax charge of
$23 million ($14 million after taxes) for other
items. Also included are a pre-tax gain of $2.1
billion ($1.4 billion after taxes) related to alter-
native fuel mixture credits, a pre-tax charge of
$87 million ($54 million after taxes) for
integration costs associated with the CBPR
acquisition, a charge of $56 million to write
down the assets at the Etienne mill in France to
estimated fair value.
(k) Includes a $156 million tax expense for the
write-off of deferred tax assets in France, a $15
million tax expense for the write-off of a
deferred tax asset for a recycling credit in the
state of Louisiana and a $26 million tax benefit
related to the settlement of the 2004 and 2005
U.S. federal income tax audit and related state
income tax effects.
2008:
(l) Includes restructuring and other charges of $370
million before taxes ($227 million after taxes),
including a pre-tax charge of $123 million ($75
million after taxes) for shutdown costs for the
Bastrop, Louisiana mill, a pre-tax charge of $30
million ($18 million after taxes) for the shutdown
of a paper machine at the Franklin, Virginia mill,
a charge of $53 million before taxes ($32 million
after taxes) for severance and related costs
associated with the Company’s 2008 overhead
cost reduction initiative, a charge of $75 million
before taxes ($47 million after taxes) for adjust-
ments to legal reserves, a pre-tax charge of $30
million ($19 million after taxes) for costs asso-
ciated with the reorganization of the Company’s
Shorewood operations, a pre-tax charge of $53
million ($33 million after taxes) to write off
deferred supply chain initiative development
costs for U.S. container operations that were not
implemented due to the CBPR acquisition, a
charge of $8 million before taxes ($5 million
after taxes) for closure costs associated with the
Ace Packaging business, and a gain of $2 mil-
lion, before and after taxes, for adjustments to
previously recorded reserves and other
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