International Paper 2012 Annual Report Download - page 74

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CONSOLIDATED STATEMENT OF OPERATIONS
In millions, except per share amounts, for the years ended December 31 2012 2011 2010
NET SALES $27,833 $26,034 $25,179
COSTS AND EXPENSES
Cost of products sold 20,587 18,960 18,482
Selling and administrative expenses 2,092 1,887 1,930
Depreciation, amortization and cost of timber harvested 1,486 1,332 1,456
Distribution expenses 1,611 1,390 1,318
Taxes other than payroll and income taxes 166 146 192
Restructuring and other charges 109 102 394
Net (gains) losses on sales and impairments of businesses 86 218 (23)
Interest expense, net 672 541 608
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND
EQUITY EARNINGS 1,024 1,458 822
Income tax provision (benefit) 331 311 221
Equity earnings (loss), net of taxes 61 140 111
EARNINGS (LOSS) FROM CONTINUING OPERATIONS 754 1,287 712
Discontinued operations, net of taxes 45 49 —
NET EARNINGS (LOSS) 799 1,336 712
Less: Net earnings (loss) attributable to noncontrolling interests 514 21
NET EARNINGS (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY $ 794 $ 1,322 $ 691
BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER
COMPANY COMMON SHAREHOLDERS
Earnings (loss) from continuing operations $1.72$ 2.95 $ 1.61
Discontinued operations, net of taxes 0.10 0.11 —
Net earnings (loss) $1.82$ 3.06 $ 1.61
DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER
COMPANY COMMON SHAREHOLDERS
Earnings (loss) from continuing operations $1.70$ 2.92 $ 1.59
Discontinued operations, net of taxes 0.10 0.11 —
Net earnings (loss) $1.80$ 3.03 $ 1.59
AMOUNTS ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON
SHAREHOLDERS
Earnings (loss) from continuing operations $ 749 $ 1,273 $ 691
Discontinued operations, net of taxes 45 49 —
Net earnings (loss) $ 794 $ 1,322 $ 691
The accompanying notes are an integral part of these financial statements.
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