International Paper 2015 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 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

44
CONSOLIDATED STATEMENT OF OPERATIONS
In millions, except per share amounts, for the years ended December 31 2015 2014 2013
NET SALES $22,365 $23,617 $ 23,483
COSTS AND EXPENSES
Cost of products sold 15,468 16,254 16,282
Selling and administrative expenses 1,645 1,793 1,796
Depreciation, amortization and cost of timber harvested 1,294 1,406 1,531
Distribution expenses 1,406 1,521 1,583
Taxes other than payroll and income taxes 168 180 178
Restructuring and other charges 252 846 156
Impairment of goodwill and other intangibles 137 100 127
Net (gains) losses on sales and impairments of businesses 174 38 3
Net bargain purchase gain on acquisition of business ——(13)
Interest expense, net 555 607 612
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY
EARNINGS 1,266 872 1,228
Income tax provision (benefit) 466 123 (498)
Equity earnings (loss), net of taxes 117 (200)(39)
EARNINGS (LOSS) FROM CONTINUING OPERATIONS 917 549 1,687
Discontinued operations, net of taxes —(13) (309)
NET EARNINGS (LOSS) 917 536 1,378
Less: Net earnings (loss) attributable to noncontrolling interests (21)(19)(17)
NET EARNINGS (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER
COMPANY $938 $555 $ 1,395
BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY
COMMON SHAREHOLDERS
Earnings (loss) from continuing operations $2.25 $1.33 $3.85
Discontinued operations, net of taxes —(0.03) (0.70)
Net earnings (loss) $2.25 $1.30 $3.15
DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY
COMMON SHAREHOLDERS
Earnings (loss) from continuing operations $2.23 $1.31 $3.80
Discontinued operations, net of taxes —(0.02) (0.69)
Net earnings (loss) $2.23 $1.29 $3.11
AMOUNTS ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS
Earnings (loss) from continuing operations $938 $568 $ 1,704
Discontinued operations, net of taxes —(13) (309)
Net earnings (loss) $938 $555 $ 1,395
The accompanying notes are an integral part of these financial statements.