International Paper 2015 Annual Report Download - page 32

Download and view the complete annual report

Please find page 32 of the 2015 International Paper annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 117

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117

15
FINANCIAL GLOSSARY
Current ratio—
current assets divided by current liabilities.
Total debt to capital ratio—
long-term debt plus notes payable and current
maturities of long-term debt divided by long-term
debt, notes payable and current maturities of long-
term debt and total shareholders’ equity.
Return on shareholders’ equity—
net earnings attributable to International Paper
Company divided by average shareholders’ equity
(computed monthly).
FOOTNOTES TO FIVE-YEAR FINANCIAL SUMMARY
(a) All periods presented have been restated to reflect
the xpedx business and the Temple-Inland Building
Products business as discontinued operations, if
applicable.
2015:
(b) Includes the following pre-tax charges (gains):
In millions 2015
Riegelwood mill conversion costs, net of
proceeds from sale of Carolina Coated Bristols
brand $ 8
Timber monetization restructuring 16
Early debt extinguishment costs 207
IP-Sun JV impairment 174
Brazil Packaging impairment 137
Legal liability reserve adjustment 15
Refund of state tax credits (4)
Other items 6
Total $ 559
(c) Includes the following tax expenses (benefits):
In millions 2015
IP-Sun JV impairment $ (67)
Cash pension contribution 23
Other items 7
Total $(37)
2014:
(d) Includes the following pre-tax charges (gains):
In millions 2014
Temple-Inland integration $ 16
Courtland mill shutdown 554
Early debt extinguishment costs 276
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 12
Total $1,052
(e) Includes the after-tax operating earnings of the
xpedx business prior to the spin-off and the
following after-tax charges (gains):
In millions 2014
xpedx spinoff $ 16
Building Products divestiture 9
xpedx restructuring (1)
Total $24
(f) Includes the following tax expenses (benefits):
In millions 2014
State legislative tax change $ 10
Internal restructuring (90)
Other items (1)
Total $(81)
2013:
(g) Includes the following pre-tax charges (gains):
In millions 2013
Temple-Inland integration $ 62
Courtland mill shutdown 118
Early debt extinguishment costs 25
Insurance reimbursement related to legal
settlement (30)
Shut down of paper machine at Augusta mill 45
India Papers tradename and goodwill
impairment 127
Fair value adjustment of company airplanes 9
Cass Lake environmental reserve 6
Bargain purchase adjustment - Turkey (13)
Other items (5)
Total $344