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84
Note: Since basic and diluted earnings per share are computed
independently for each period and category, full year per share
amounts may not equal the sum of the four quarters. In addition, the
unaudited selected consolidated financial data are derived from our
audited consolidated financial statements and have been revised to
reflect discontinued operations.
Footnotes to Interim Financial Results
(a) Gross margin represents net sales less cost of
products sold, excluding depreciation, amortization
and cost of timber harvested.
(b) Includes the following pre-tax charges (gains):
2015
In millions Q1 Q2 Q3 Q4
Riegelwood mill conversion
costs, net of proceeds from
sale of the Carolina Coated
Bristols brand $ — $ (14) $ 7 $ 15
Timber monetization
restructuring ——17 (1)
Early debt extinguishment
costs —207——
Refund and state tax credits —(4)——
IP-Sun JV impairment — — 186 (12)
Legal reserve adjustment ———15
Impairment of Orsa goodwill
and trade name intangible ———137
Other items —114
Total $ — $ 190 $ 211 $ 158
(c) Includes the following tax expenses (benefits):
2015
Q1 Q2 Q3 Q4
Tax expense for cash pension $— $23 $— $—
Tax benefit related to IP-Sun
JV — — (67) —
Other items —5—2
Total $ — $ 28 $ (67) $ 2
(d) Includes the following pre-tax charges (gains):
2014
Q1 Q2 Q3 Q4
Temple-Inland integration $ 12 $ 2 $ 1 $ 1
Courtland mill shutdown 495 49 3 7
Early debt extinguishment
costs — 262 13 1
India legal contingency
resolution — — (20) —
Multi-employer pension plan
withdrawal liability — — 35 —
Foreign tax amnesty program — — 32 —
Asia Industrial Packaging
goodwill impairment — — — 100
Loss on sale by investee and
impairment of investment ———47
Other items 4 (4) 13 (1)
Total $ 511 $ 309 $ 77 $ 155
(e) Includes the after-tax operating earnings of the
xpedx business prior to the spin-off and the
following after-tax charges (gains):
2014
Q1 Q2 Q3 Q4
xpedx spinoff $ 10 $ 20 $ (14) $ —
Building Products divestiture 2 — (2) 9
xpedx restructuring — (1) — —
Total $ 12 $ 19 $ (16) $ 9
(f) Includes the following tax expenses (benefits):
2014
Q1 Q2 Q3 Q4
State legislative tax change $ 10 $ — $ — $ —
Internal restructuring — — — (90)
Other items (1) — — —
Total $ 9 $— $— $(90)