International Paper 2015 Annual Report Download - page 64

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47
CONSOLIDATED STATEMENT OF CASH FLOWS
In millions for the years ended December 31 2015 2014 2013
OPERATING ACTIVITIES
Net earnings (loss) $ 917 $536$
1,378
Depreciation, amortization, and cost of timber harvested 1,294 1,414 1,547
Deferred income tax provision (benefit), net 281 (135) 146
Restructuring and other charges 252 881 210
Pension plan contribution (750)(353)(31)
Net bargain purchase gain on acquisition of business ——(13)
Periodic pension expense, net 461 387 545
Net (gains) losses on sales and impairments of businesses 174 38 3
Equity (earnings) losses, net of taxes (117)200 39
Release of tax reserves ——(775)
Impairment of goodwill and other intangible assets 137 100 527
Other, net 153 167 (62)
Changes in current assets and liabilities
Accounts and notes receivable 7(97) (134)
Inventories (131)(103)(114)
Accounts payable and accrued liabilities (89) (18) (110)
Interest payable (17) (18) (57)
Other 878 (71)
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES 2,580 3,077 3,028
INVESTMENT ACTIVITIES
Invested in capital projects (1,487)(1,366)(1,198)
Acquisitions, net of cash acquired ——(505)
Proceeds from divestitures 23 — 726
Proceeds from spinoff —411 —
Investment in Special Purpose Entities (198)——
Proceeds from sale of fixed assets 37 61 65
Other (114)34 85
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES (1,739)(860)(827)
FINANCING ACTIVITIES
Repurchase of common stock and payments of restricted stock tax withholding (605)(1,062)(512)
Issuance of common stock 266 298
Issuance of debt 6,873 1,982 241
Reduction of debt (6,947)(2,095)(845)
Change in book overdrafts (14) 30 (123)
Dividends paid (685)(620)(554)
Acquisition of redeemable noncontrolling interest —(114)—
Debt tender premiums paid (211)(269)—
Redemption of securities ——(150)
Other (14) (4) (43)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES (1,601)(2,086)(1,688)
Effect of Exchange Rate Changes on Cash (71) (52) (13)
Change in Cash and Temporary Investments (831)79 500
Cash and Temporary Investments
Beginning of the period 1,881 1,802 1,302
End of the period $1,050 $1,881 $1,802
The accompanying notes are an integral part of these financial statements.