International Paper 2012 Annual Report Download - page 77

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CONSOLIDATED STATEMENT OF CASH FLOWS
In millions for the years ended December 31 2012 2011 2010
OPERATING ACTIVITIES
Net earnings (loss) $ 799 $ 1,336 $ 712
Discontinued operations, net of taxes (45) (49) —
Earnings (loss) from continuing operations 754 1,287 712
Depreciation, amortization, and cost of timber harvested 1,486 1,332 1,456
Deferred income tax provision (benefit), net 204 317 422
Restructuring and other charges 109 102 394
Pension plan contribution (44) (300) (1,150)
Cost of forestlands sold —— 143
Periodic pension expense, net 342 195 231
Net (gains) losses on sales and impairments of businesses 86 218 (23)
Equity (earnings) losses, net of taxes (61) (140) (111)
Other, net —169 15
Changes in current assets and liabilities
Accounts and notes receivable 377 (128) (327)
Inventories (28) (56) (186)
Accounts payable and accrued liabilities (273) (389) (52)
Interest payable 30 63
Other (22) 62 104
Cash provided by (used for) operating activities—continuing operations 2,960 2,675 1,631
Cash provided by (used for) operating activities—discontinued operations 7——
Cash Provided by (Used for) Operating Activities 2,967 2,675 1,631
INVESTMENT ACTIVITIES
Invested in capital projects (1,383) (1,159) (775)
Acquisitions, net of cash acquired (3,734) (379) (152)
Proceeds from divestitures 474 50 —
Equity investment in Ilim (45) ——
Escrow arrangement —(25) —
Other (80) 26 93
Cash provided by (used for) investment activities—continuing operations (4,768) (1,487) (834)
Cash provided by (used for) investment activities—discontinued operations (90 ) ——
Cash Provided by (Used for) Investment Activities (4,858) (1,487) (834)
FINANCING ACTIVITIES
Repurchase of common stock and payments of restricted stock tax withholding (35) (30) (26)
Issuance of common stock 108 ——
Issuance of debt 2,132 1,766 193
Reduction of debt (2,488) (517) (576)
Change in book overdrafts 11 (29) 38
Dividends paid (476) (427) (175)
Other (47) (21) (42)
Cash Provided by (Used for) Financing Activities (795) 742 (588)
Effect of Exchange Rate Changes on Cash (6) (9) (28)
Change in Cash and Temporary Investments (2,692) 1,921 181
Cash and Temporary Investments
Beginning of the period 3,994 2,073 1,892
End of the period $ 1,302 $ 3,994 $ 2,073
The accompanying notes are an integral part of these financial statements.
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