New York | 13-0872805 | |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
6400 Poplar Avenue, Memphis, Tennessee | 38197 | |
(Address of principal executive offices) | (ZIP Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description | |
99.1 | Press Release of International Paper Company dated July 29, 2015. |
International Paper Company | |||
Date: July 29, 2015 | By: | /s/ TERRI L. HERRINGTON | |
Name: | Terri L. Herrington | ||
Title: | Vice President - Finance and Controller |
Exhibit Number | Description | |
99.1 | Press Release of International Paper Company dated July 29, 2015. |
Second Quarter 2015 | First Quarter 2015 | Second Quarter 2014 | ||||||||||
Net Earnings | $ | 0.54 | $ | 0.74 | $ | 0.37 | ||||||
Less – Discontinued Operations (Gain) Loss | — | — | 0.03 | |||||||||
Net Earnings (Loss) from Continuing Operations | 0.54 | 0.74 | 0.40 | |||||||||
Add Back – Net Special Items Expense | 0.36 | — | 0.44 | |||||||||
Add Back – Non-Operating Pension Expense | 0.07 | 0.10 | 0.09 | |||||||||
Operating Earnings* | $ | 0.97 | $ | 0.84 | $ | 0.93 |
* | Operating Earnings is defined as net earnings from continuing operations attributable to International Paper Company (GAAP) excluding special items and non-operating pension expense. |
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | |||||||||||||||||
Net Sales | $ | 5,714 | $ | 5,899 | $ | 5,517 | $ | 11,231 | $ | 11,623 | |||||||||||
Costs and Expenses | |||||||||||||||||||||
Cost of products sold | 3,968 | (a) | 4,060 | 3,844 | 7,812 | (a) | 8,094 | ||||||||||||||
Selling and administrative expenses | 403 | 436 | (d) | 406 | 809 | 864 | (g) | ||||||||||||||
Depreciation, amortization and cost of timber harvested | 328 | 355 | 323 | 651 | 702 | ||||||||||||||||
Distribution expenses | 367 | 377 | 357 | 724 | 743 | ||||||||||||||||
Taxes other than payroll and income taxes | 44 | 48 | 44 | 88 | 94 | ||||||||||||||||
Restructuring and other charges | 194 | (b) | 307 | (e) | — | 194 | (b) | 806 | (h) | ||||||||||||
Interest expense, net | 144 | 164 | 137 | 281 | 307 | ||||||||||||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | 266 | (a,b) | 152 | (d,e) | 406 | 672 | (a,b) | 13 | (g,h) | ||||||||||||
Income tax provision (benefit) | 110 | (c) | 22 | 130 | 240 | (c) | (58 | ) | (i) | ||||||||||||
Equity earnings (loss), net of taxes | 62 | 41 | 35 | 97 | 8 | ||||||||||||||||
Earnings (Loss) From Continuing Operations | 218 | (a-c) | 171 | (d,e) | 311 | 529 | (a-c) | 79 | (g-i) | ||||||||||||
Discontinued operations, net of taxes | — | (13 | ) | (f) | — | — | (20 | ) | (j) | ||||||||||||
Net Earnings (Loss) | 218 | (a-c) | 158 | (d-f) | 311 | 529 | (a-c) | 59 | (g-j) | ||||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | (9 | ) | (3 | ) | (2 | ) | (11 | ) | (7 | ) | |||||||||||
Net Earnings (Loss) Attributable to International Paper Company | $ | 227 | (a-c) | $ | 161 | (d-f) | $ | 313 | $ | 540 | (a-c) | $ | 66 | (g-j) | |||||||
Basic Earnings Per Common Share Attributable to International Paper Common Shareholders | |||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 0.54 | (a-c) | $ | 0.40 | (d,e) | $ | 0.74 | $ | 1.28 | (a-c) | $ | 0.20 | (g-i) | |||||||
Discontinued operations | — | (0.03 | ) | (f) | — | — | (0.05 | ) | (j) | ||||||||||||
Net earnings (loss) | $ | 0.54 | (a-c) | $ | 0.37 | (d-f) | $ | 0.74 | $ | 1.28 | (a-c) | $ | 0.15 | (g-j) | |||||||
Diluted Earnings Per Common Share Attributable to International Paper Common Shareholders | |||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 0.54 | (a-c) | $ | 0.40 | (d,e) | $ | 0.74 | $ | 1.28 | (a-c) | $ | 0.20 | (g-i) | |||||||
Discontinued operations | — | (0.03 | ) | (f) | — | — | (0.05 | ) | (j) | ||||||||||||
Net earnings (loss) | $ | 0.54 | (a-c) | $ | 0.37 | (d-f) | $ | 0.74 | $ | 1.28 | (a-c) | $ | 0.15 | (g-j) | |||||||
Average Shares of Common Stock Outstanding - Diluted | 421.9 | 432.1 | 423.7 | 423.4 | 435.9 | ||||||||||||||||
Cash Dividends Per Common Share | $ | 0.4000 | $ | 0.3500 | $ | 0.4000 | $ | 0.8000 | $ | 0.7000 | |||||||||||
Amounts Attributable to International Paper Common Shareholders | |||||||||||||||||||||
Earnings (loss) from continuing operations, net of tax | $ | 227 | (a-c) | $ | 174 | (d,e) | $ | 313 | $ | 540 | (a-c) | $ | 86 | (g-i) | |||||||
Discontinued operations, net of tax | — | (13 | ) | (f) | — | — | (20 | ) | (j) | ||||||||||||
Net earnings | $ | 227 | (a-c) | $ | 161 | (d-f) | $ | 313 | $ | 540 | (a-c) | $ | 66 | (g-j) |
(a) | Includes a pre-tax gain of $4 million ($2 million after taxes) for the partial reversal of a 2014 accrual for the repayment of previously claimed state tax credits. |
(b) | Includes a pre-tax charge of $207 million ($133 million after taxes) for debt premium costs, a net pre-tax gain of $14 million ($9 million after taxes) related to the sale of the Carolina Coated Bristols brand and costs associated with the Riegelwood mill conversion to 100% pulp production, and a charge of $1 million (before and after taxes) for costs associated with the Coated Paperboard sheet plant closures. |
(c) | Includes a tax expense of $23 million for the 2014 tax impact of the 2015 cash pension contribution of $750 million and a tax expense of $5 million for other items. |
(d) | Includes a pre-tax charge of $2 million ($1 million after taxes) for integration costs associated with the acquisition of Temple-Inland. |
(e) | Includes a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $49 million ($30 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $7 million ($5 million after taxes) associated with our Brazil Packaging business and charges of $3 million (before and after taxes) for other items. |
(f) | Includes the operating earnings of the xpedx business, a pre-tax charge of $18 million ($20 million after taxes) for costs associated with the spin-off of the xpedx operations, and a gain of $1 million (before and after taxes) related to the xpedx restructuring. |
(g) | Includes a pre-tax charge of $14 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland. |
(h) | Includes a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $544 million ($332 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $5 million ($4 million after taxes) associated with our Brazil Packaging business and net charges of $5 million (before and after taxes) for other items. |
(i) | Includes a tax expense of $10 million associated with a state legislative change and a tax benefit of $1 million for other items. |
(j) | Includes the operating earnings of the xpedx business, a pre-tax charge of $34 million ($30 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $1 million (a gain of $1 million after taxes) related to the xpedx restructuring and a charge of $2 million (before and after taxes) for costs associated with the Building Products divestiture. |
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | |||||||||||||||||
Operating Earnings | $ | 409 | $ | 400 | $ | 357 | $ | 766 | $ | 660 | |||||||||||
Non-Operating Pension | (31 | ) | (37 | ) | (44 | ) | (75 | ) | (64 | ) | |||||||||||
Special Items | (151 | ) | (a) | (189 | ) | (b) | — | (151 | ) | (a) | (510 | ) | (c) | ||||||||
Earnings (Loss) from Continuing Operations, including non-controlling interest | 227 | 174 | 313 | 540 | 86 | ||||||||||||||||
Discontinued operations | — | (13 | ) | (d) | — | — | (20 | ) | (e) | ||||||||||||
Net Earnings (Loss) as Reported Attributable to International Paper Company | $ | 227 | $ | 161 | $ | 313 | $ | 540 | $ | 66 | |||||||||||
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||
Diluted Earnings per Common Share | 2015 | 2014 | 2015 | 2015 | 2014 | ||||||||||||||||
Operating Earnings Per Share | $ | 0.97 | $ | 0.93 | $ | 0.84 | $ | 1.81 | $ | 1.52 | |||||||||||
Non-Operating Pension | (0.07 | ) | (0.09 | ) | (0.10 | ) | (0.17 | ) | (0.15 | ) | |||||||||||
Special Items | (0.36 | ) | (0.44 | ) | — | (0.36 | ) | (1.17 | ) | ||||||||||||
Continuing Operations | 0.54 | 0.40 | 0.74 | 1.28 | 0.20 | ||||||||||||||||
Discontinued operations | — | (0.03 | ) | — | — | (0.05 | ) | ||||||||||||||
Diluted Earnings per Common Share as Reported | $ | 0.54 | $ | 0.37 | $ | 0.74 | $ | 1.28 | $ | 0.15 |
(a) | See footnotes (a) - (c) on the Consolidated Statement of Operations |
(b) | See footnotes (d) - (e) on the Consolidated Statement of Operations |
(c) | See footnote (g) - (i) on the Consolidated Statement of Operations |
(d) | See footnote (f) on the Consolidated Statement of Operations |
(e) | See footnote (j) on the Consolidated Statement of Operations |
(1) | The Company calculates Operating Earnings by excluding the after-tax effect of non-operating pension expense and items considered by management to be unusual from the earnings reported under U.S. generally accepted accounting principles (“GAAP”). Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present operating results. International Paper believes that using this information, along with net earnings, provides for a more complete analysis of the results of operations by quarter. Net earnings is the most directly comparable GAAP measure. |
(2) | Since diluted earnings per share are computed independently for each period, six-month per share amounts may not equal the sum of the respective quarters. |
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | |||||||||||||||||
Industrial Packaging | $ | 3,694 | $ | 3,800 | $ | 3,553 | $ | 7,247 | $ | 7,493 | |||||||||||
Printing Papers | 1,249 | 1,421 | 1,228 | 2,477 | 2,827 | ||||||||||||||||
Consumer Packaging | 797 | 843 | 778 | 1,575 | 1,672 | ||||||||||||||||
Corporate and Inter-segment Sales | (26 | ) | (165 | ) | (42 | ) | (68 | ) | (369 | ) | |||||||||||
Net Sales | $ | 5,714 | $ | 5,899 | $ | 5,517 | $ | 11,231 | $ | 11,623 | |||||||||||
Operating Profit by Industry Segment | |||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | |||||||||||||||||
Industrial Packaging | $ | 528 | $ | 537 | (b) | $ | 468 | $ | 996 | $ | 990 | (b) | |||||||||
Printing Papers | 101 | 69 | (c) | 109 | 210 | (341 | ) | (c) | |||||||||||||
Consumer Packaging | 47 | (a) | 33 | (d) | 46 | 93 | (a) | 50 | (d) | ||||||||||||
Operating Profit | 676 | 639 | 623 | 1,299 | 699 | ||||||||||||||||
Interest expense, net | (144 | ) | (164 | ) | (137 | ) | (281 | ) | (307 | ) | |||||||||||
Noncontrolling interest/equity earnings adjustment (e) | (5 | ) | 2 | 1 | (4 | ) | 2 | ||||||||||||||
Corporate items, net | (8 | ) | (2 | ) | (9 | ) | (17 | ) | (13 | ) | |||||||||||
Restructuring and other charges | (203 | ) | (262 | ) | — | (203 | ) | (263 | ) | ||||||||||||
Non-operating pension expense | (50 | ) | (61 | ) | (72 | ) | (122 | ) | (105 | ) | |||||||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | $ | 266 | $ | 152 | $ | 406 | $ | 672 | $ | 13 | |||||||||||
Equity Earnings (Loss) in Ilim Holdings S.A., Net of Taxes | $ | 67 | $ | 43 | $ | 39 | $ | 106 | $ | 12 |
(a) | Includes a net gain of $14 million for the three months and six months ended June 30, 2015 related to the sale of the Carolina Coated Bristols brand and costs associated with the conversion of the Riegelwood mill to 100% pulp production, and a charge of $1 million for the three months and six months ended June 30, 2015 for costs associated with the Coated Paperboard sheet plant closures. |
(b) | Includes charges of $2 million and $14 million for the three months and six months ended June 30, 2014, respectively, for integration costs associated with the acquisition of Temple-Inland, a gain of $7 million for the three months ended June 30, 2014 and a net gain of $5 million for the six months ended June 30, 2014 associated with our Brazil Packaging business, and charges of $2 million for the three months and six months ended June 30, 2014 for other items. |
(c) | Includes charges of $49 million and $544 million for the three months and six months ended June 30, 2014, respectively, for costs associated with the shutdown of our Courtland Mill. |
(d) | Includes charges of $1 million and $2 million for the three months and six months ended June 30, 2014, respectively, for costs associated with the Coated Paperboard sheet plant closures. |
(e) | Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly owned. The pre-tax noncontrolling interest and equity earnings for these subsidiaries are adjusted here to present consolidated earnings before income taxes and equity earnings. |
Three Months Ended June 30, 2015 | ||||||||||||||||
Industrial Packaging | Printing Papers | Consumer Packaging | Total | |||||||||||||
Operating Profit Before Special Items | $ | 528 | $ | 101 | $ | 34 | $ | 663 | ||||||||
Special Items (a) | — | — | 13 | 13 | ||||||||||||
Operating Profit as Reported | $ | 528 | $ | 101 | $ | 47 | $ | 676 | ||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||
Industrial Packaging | Printing Papers | Consumer Packaging | Total | |||||||||||||
Operating Profit Before Special Items | $ | 534 | $ | 118 | $ | 34 | $ | 686 | ||||||||
Special Items (a) | 3 | (49 | ) | (1 | ) | (47 | ) | |||||||||
Operating Profit as Reported | $ | 537 | $ | 69 | $ | 33 | $ | 639 | ||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||
Industrial Packaging | Printing Papers | Consumer Packaging | Total | |||||||||||||
Operating Profit Before Special Items | $ | 468 | $ | 109 | $ | 46 | $ | 623 | ||||||||
Special Items (a) | — | — | — | — | ||||||||||||
Operating Profit as Reported | $ | 468 | $ | 109 | $ | 46 | $ | 623 | ||||||||
Six Months Ended June 30, 2015 | ||||||||||||||||
Industrial Packaging | Printing Papers | Consumer Packaging | Total | |||||||||||||
Operating Profit Before Special Items | $ | 996 | $ | 210 | $ | 80 | $ | 1,286 | ||||||||
Special Items (a) | — | — | 13 | 13 | ||||||||||||
Operating Profit as Reported | $ | 996 | $ | 210 | $ | 93 | $ | 1,299 | ||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Industrial Packaging | Printing Papers | Consumer Packaging | Total | |||||||||||||
Operating Profit Before Special Items | $ | 1,001 | $ | 203 | $ | 52 | $ | 1,256 | ||||||||
Special Items (a) | (11 | ) | (544 | ) | (2 | ) | (557 | ) | ||||||||
Operating Profit as Reported | $ | 990 | $ | (341 | ) | $ | 50 | $ | 699 |
(a) | See footnote (a) on Sales and Earnings by Industry Segment |
(b) | See footnotes (b) - (d) on Sales and Earnings by Industry Segment |
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | |||||||||||
Industrial Packaging (In thousands of short tons) | |||||||||||||||
Corrugated Packaging | 2,608 | 2,633 | 2,500 | 5,108 | 5,149 | ||||||||||
Containerboard | 818 | 763 | 774 | 1,592 | 1,509 | ||||||||||
Recycling | 610 | 709 | 590 | 1,200 | 1,313 | ||||||||||
Saturated Kraft | 38 | 47 | 37 | 75 | 94 | ||||||||||
Gypsum /Release Kraft | 43 | 43 | 36 | 79 | 80 | ||||||||||
Bleached Kraft | 6 | 7 | 5 | 11 | 14 | ||||||||||
EMEA Packaging | 352 | 341 | 347 | 699 | 692 | ||||||||||
Asian Box | 81 | 100 | 86 | 167 | 193 | ||||||||||
Brazilian Packaging | 78 | 83 | 72 | 150 | 162 | ||||||||||
Industrial Packaging | 4,634 | 4,726 | 4,447 | 9,081 | 9,206 | ||||||||||
Printing Papers (In thousands of short tons) | |||||||||||||||
U.S. Uncoated Papers | 453 | 474 | 466 | 919 | 973 | ||||||||||
European & Russian Uncoated Papers | 366 | 385 | 380 | 746 | 760 | ||||||||||
Brazilian Uncoated Papers | 254 | 272 | 235 | 489 | 543 | ||||||||||
Indian Uncoated Papers | 63 | 57 | 64 | 127 | 115 | ||||||||||
Uncoated Papers | 1,136 | 1,188 | 1,145 | 2,281 | 2,391 | ||||||||||
Market Pulp (b) | 428 | 428 | 417 | 845 | 841 | ||||||||||
Consumer Packaging (In thousands of short tons) | |||||||||||||||
North American Consumer Packaging | 371 | 382 | 338 | 709 | 733 | ||||||||||
European Coated Paperboard | 89 | 78 | 99 | 188 | 162 | ||||||||||
Asian Coated Paperboard | 315 | 325 | 304 | 619 | 675 | ||||||||||
Consumer Packaging | 775 | 785 | 741 | 1,516 | 1,570 |
(a) | Sales volumes include third party and inter-segment sales and exclude sales of equity investees. |
(b) | Includes North American, European and Brazilian volumes and internal sales to mills. |
June 30, 2015 | December 31, 2014 | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and Temporary Investments | $ | 1,590 | $ | 1,881 | ||||
Accounts and Notes Receivable, Net | 3,140 | 3,083 | ||||||
Inventories | 2,424 | 2,424 | ||||||
Deferred Income Tax Assets | 330 | 331 | ||||||
Other | 243 | 240 | ||||||
Total Current Assets | 7,727 | 7,959 | ||||||
Plants, Properties and Equipment, Net | 12,561 | 12,728 | ||||||
Forestlands | 448 | 507 | ||||||
Investments | 335 | 248 | ||||||
Financial Assets of Special Purpose Entities | 2,155 | 2,145 | ||||||
Goodwill | 3,686 | 3,773 | ||||||
Deferred Charges and Other Assets | 1,266 | 1,324 | ||||||
Total Assets | $ | 28,178 | $ | 28,684 | ||||
Liabilities and Equity | ||||||||
Current Liabilities | ||||||||
Notes Payable and Current Maturities of Long-Term Debt | $ | 909 | $ | 742 | ||||
Accounts Payable and Accrued Liabilities | 4,195 | 4,167 | ||||||
Total Current Liabilities | 5,104 | 4,909 | ||||||
Long-Term Debt | 9,017 | 8,631 | ||||||
Nonrecourse Financial Liabilities of Special Purpose Entities | 2,054 | 2,050 | ||||||
Deferred Income Taxes | 3,078 | 3,063 | ||||||
Pension Benefit Obligation | 3,039 | 3,819 | ||||||
Postretirement and Postemployment Benefit Obligation | 380 | 396 | ||||||
Other Liabilities | 478 | 553 | ||||||
Equity | ||||||||
Invested Capital | 288 | 706 | ||||||
Retained Earnings | 4,604 | 4,409 | ||||||
Total Shareholders’ Equity | 4,892 | 5,115 | ||||||
Noncontrolling interests | 136 | 148 | ||||||
Total Equity | 5,028 | 5,263 | ||||||
Total Liabilities and Equity | $ | 28,178 | $ | 28,684 |
Six Months Ended June 30, | ||||||||
2015 | 2014 | |||||||
Operating Activities | ||||||||
Net earnings (loss) | $ | 529 | $ | 59 | ||||
Depreciation, amortization and cost of timber harvested | 651 | 711 | ||||||
Deferred income tax expense (benefit), net | 36 | (162 | ) | |||||
Restructuring and other charges | 194 | 841 | ||||||
Pension plan contributions | (750 | ) | (263 | ) | ||||
Equity (earnings) loss, net | (97 | ) | (8 | ) | ||||
Periodic pension expense, net | 224 | 194 | ||||||
Other, net | 110 | (18 | ) | |||||
Changes in current assets and liabilities | ||||||||
Accounts and notes receivable | (133 | ) | (207 | ) | ||||
Inventories | (59 | ) | 8 | |||||
Accounts payable and accrued liabilities | 82 | (68 | ) | |||||
Interest payable | (21 | ) | (12 | ) | ||||
Other | (13 | ) | (75 | ) | ||||
Cash Provided By (Used For) Operations | 753 | 1,000 | ||||||
Investment Activities | ||||||||
Invested in capital projects | (673 | ) | (634 | ) | ||||
Proceeds from sale of fixed assets | 19 | 28 | ||||||
Other | (84 | ) | (96 | ) | ||||
Cash Provided By (Used For) Investment Activities | (738 | ) | (702 | ) | ||||
Financing Activities | ||||||||
Repurchases of common stock and payments of restricted stock tax withholding | (353 | ) | (685 | ) | ||||
Issuance of common stock | 2 | 40 | ||||||
Issuance of debt | 2,083 | 1,920 | ||||||
Reduction of debt | (1,494 | ) | (1,435 | ) | ||||
Change in book overdrafts | 19 | 23 | ||||||
Dividends paid | (337 | ) | (302 | ) | ||||
Acquisition of redeemable noncontrolling interest | — | (105 | ) | |||||
Debt tender premiums | (211 | ) | (257 | ) | ||||
Other | — | (12 | ) | |||||
Cash Provided By (Used for) Financing Activities | (291 | ) | (813 | ) | ||||
Effect of Exchange Rate Changes on Cash | (15 | ) | 6 | |||||
Change in Cash and Temporary Investments | (291 | ) | (509 | ) | ||||
Cash and Temporary Investments | ||||||||
Beginning of the period | 1,881 | 1,802 | ||||||
End of the period | $ | 1,590 | $ | 1,293 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cash provided by operations | $ | 115 | $ | 529 | $ | 753 | $ | 1,000 | |||||||
Adjustments: | |||||||||||||||
Cash invested in capital projects | (354 | ) | (357 | ) | (673 | ) | (634 | ) | |||||||
Cash contribution to pension plan | 750 | 205 | 750 | 263 | |||||||||||
Free Cash Flow | $ | 511 | $ | 377 | $ | 830 | $ | 629 |
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