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54
(a) Amounts in parentheses indicate debits to earnings/loss.
(b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for
additional details).
(c) This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 14 for additional
details).
NOTE 5 RESTRUCTURING CHARGES AND
OTHER ITEMS
2015: During 2015, total restructuring and other
charges of $252 million before taxes were recorded.
These charges included:
In millions 2015
Early debt extinguishment costs (see Note 13) $ 207
Timber monetization restructuring 16
Legal liability reserve adjustment 15
Riegelwood mill conversion costs net of proceeds
from the sale of Carolina Coated Bristols brand (a) 8
Other 6
Total $ 252
(a) Includes $5 million of severance charges, $24 million of
accelerated depreciation, sale proceeds of $22 million and $1
million of other charges.
Included in the $252 million of restructuring and other
charges is severance expense of $5 million which is
related to 69 employees.
2014: During 2014, total restructuring and other
charges of $846 million before taxes were recorded.
These charges included:
In millions 2014
Early debt extinguishment costs (see Note 13) $ 276
Courtland mill shutdown (a) 554
Other (b) 16
Total $ 846
(a) Includes $464 million of accelerated depreciation, $24 million
of inventory impairment charges, $26 million of severance
charges and $40 million of other charges which are recorded in
the Printing Papers segment.
(b) Includes $15 million of severance charges.
Included in the $846 million of restructuring and other
charges is severance expense of $41 million which is
related to 957 employees.
2013: During 2013, total restructuring and other
charges of $156 million before taxes were recorded.
These charges included:
In millions 2013
Early debt extinguishment costs (see Note 13) $25
Courtland mill shutdown (a) 118
Box plant closures (13)
Augusta paper machine shutdown (b) 45
Insurance reimbursements (30)
Other (c) 11
Total $156
(a) Includes $73 million of accelerated depreciation and other non-
cash charges, $42 million of severance charges and $3 million
of other charges which are recorded in the Printing Papers
segment. During 2013, the Company accelerated depreciation
for certain Courtland assets, and diligently evaluated certain
other assets for possible alternative uses by one of our other
businesses. The net book value of these assets at December
31, 2013 was approximately $470 million.
(b) Includes $39 million of accelerated depreciation charges, $2
million of severance charges and $4 million of other charges
which are recorded in the Consumer Packaging segment.
(c) Includes $2 million of severance charges.
Included in the $156 million of restructuring and
other charges is severance expense of $46 million
which is related to 1,384 employees.
ALTERNATIVE FUEL MIXTURE TAX CREDIT
On July 19, 2011 the Company filed an amended 2009
tax return claiming alternative fuel mixture tax credits
as non-taxable income. The amended position has
been accepted by the Internal Revenue Service (IRS)
in the closing of the IRS tax audit for the years 2006 -
2009. As a result, during 2013, the Company
recognized an income tax benefit of $753 million related
to the non-taxability of the alternative fuel mixture tax
credits.