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 28, 2016. |
International Paper Company | |||
Date: July 28, 2016 | By: | /s/ Terri L. Herrington | |
Name: | Terri L. Herrington | ||
Title: | Vice President - Finance |
Exhibit Number | Description | |
99.1 | Press Release of International Paper Company dated July 28, 2016. |
Second Quarter 2016 | First Quarter 2016 | Second Quarter 2015 | ||||||||||
Net Earnings | $ | 0.10 | $ | 0.81 | $ | 0.54 | ||||||
Less – Discontinued Operations (Gain) Loss | — | 0.01 | — | |||||||||
Net Earnings (Loss) from Continuing Operations | 0.10 | 0.82 | 0.54 | |||||||||
Add Back – Net Special Items Expense (Income) | 0.10 | (0.09 | ) | 0.36 | ||||||||
Add Back – Non-Operating Pension Expense | 0.72 | 0.07 | 0.07 | |||||||||
Operating Earnings* | $ | 0.92 | $ | 0.80 | $ | 0.97 |
* | Operating Earnings is defined as net earnings from continuing operations attributable to International Paper Company (GAAP) excluding special items and non-operating pension expense. Non-operating pension expense in the second quarter of 2016 included a pre-tax charge of $439 million ($270 million after taxes or $0.65 per share) for a settlement accounting charge associated with payments under the previously announced term-vested lump sum buyout. |
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||
Net Sales | $ | 5,322 | $ | 5,714 | $ | 5,110 | $ | 10,432 | $ | 11,231 | |||||||||||
Costs and Expenses | |||||||||||||||||||||
Cost of products sold | 4,112 | (a) | 3,968 | (e) | 3,611 | 7,723 | (a) | 7,812 | (e) | ||||||||||||
Selling and administrative expenses | 386 | (b) | 403 | 376 | 762 | (b) | 809 | ||||||||||||||
Depreciation, amortization and cost of timber harvested | 301 | 328 | 284 | 585 | 651 | ||||||||||||||||
Distribution expenses | 339 | 367 | 320 | 659 | 724 | ||||||||||||||||
Taxes other than payroll and income taxes | 41 | 44 | 41 | 82 | 88 | ||||||||||||||||
Restructuring and other charges | — | 194 | (f) | 1 | (h) | 1 | (h) | 194 | (f) | ||||||||||||
Net (gains) losses on sales and impairment of businesses | 28 | (c) | — | 37 | (i) | 65 | (l) | — | |||||||||||||
Interest expense, net | 129 | 144 | 123 | 252 | 281 | ||||||||||||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | (14 | ) | (a-c) | 266 | (e,f) | 317 | (h,i) | 303 | (a,b,h,l) | 672 | (e,f) | ||||||||||
Income tax provision (benefit) | (9 | ) | (d) | 110 | (g) | 41 | (j) | 32 | (m) | 240 | (g) | ||||||||||
Equity earnings (loss), net of taxes | 45 | 62 | 63 | 108 | 97 | ||||||||||||||||
Earnings (Loss) From Continuing Operations | 40 | (a-d) | 218 | (e-g) | 339 | (h-j) | 379 | (a,b,h,l,m) | 529 | (e-g) | |||||||||||
Discontinued operations, net of taxes | — | — | (5 | ) | (k) | (5 | ) | (k) | — | ||||||||||||
Net Earnings (Loss) | 40 | (a-d) | 218 | (e-g) | 334 | (h-k) | 374 | (a,b,h,k-m) | 529 | (e-g) | |||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | — | (9 | ) | — | — | (11 | ) | ||||||||||||||
Net Earnings (Loss) Attributable to International Paper Company | $ | 40 | (a-d) | $ | 227 | (e-g) | $ | 334 | (h-k) | $ | 374 | (a,b,h,k-m) | $ | 540 | (e-g) | ||||||
Basic Earnings Per Common Share Attributable to International Paper Common Shareholders | |||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 0.10 | (a-d) | $ | 0.54 | (e-g) | $ | 0.82 | (h-j) | $ | 0.92 | (a,b,h,l,m) | $ | 1.28 | (e-g) | ||||||
Discontinued operations | — | — | (0.01 | ) | (k) | (0.01 | ) | (k) | — | ||||||||||||
Net earnings (loss) | $ | 0.10 | (a-d) | $ | 0.54 | (e-g) | $ | 0.81 | (h-k) | $ | 0.91 | (a,b,h,k-m) | $ | 1.28 | (e-g) | ||||||
Diluted Earnings Per Common Share Attributable to International Paper Common Shareholders | |||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 0.10 | (a-d) | $ | 0.54 | (e-g) | $ | 0.82 | (h-j) | $ | 0.91 | (a,b,h,l,m) | $ | 1.28 | (e-g) | ||||||
Discontinued operations | — | — | (0.01 | ) | (k) | (0.01 | ) | (k) | — | ||||||||||||
Net earnings (loss) | $ | 0.10 | (a-d) | $ | 0.54 | (e-g) | $ | 0.81 | (h-k) | $ | 0.90 | (a,b,h,k-m) | $ | 1.28 | (e-g) | ||||||
Average Shares of Common Stock Outstanding - Diluted | 414.7 | 421.9 | 414.0 | 415.1 | 423.4 | ||||||||||||||||
Cash Dividends Per Common Share | $ | 0.4400 | $ | 0.4000 | $ | 0.4400 | $ | 0.8800 | $ | 0.8000 | |||||||||||
Amounts Attributable to International Paper Common Shareholders | |||||||||||||||||||||
Earnings (loss) from continuing operations, net of tax | $ | 40 | (a-d) | $ | 227 | (e-g) | $ | 339 | (h-j) | $ | 379 | (a,b,h,l,m) | $ | 540 | (e-g) | ||||||
Discontinued operations, net of tax | — | — | (5 | ) | (k) | (5 | ) | (k) | — | ||||||||||||
Net earnings | $ | 40 | (a-d) | $ | 227 | (e-g) | $ | 334 | (h-k) | $ | 374 | (a,b,h,k-m) | $ | 540 | (e-g) |
(a) | Includes a pre-tax charge of $439 million ($270 million after taxes) for a settlement accounting charge associated with term-vested lump sum pension payments. |
(b) | Includes a pre-tax charge of $5 million ($3 million after taxes) for costs associated with the announced agreement to purchase the Weyerhaeuser Pulp business. |
(c) | Includes a pre-tax charge of $28 million ($20 million after taxes) for costs associated with the sale of our Asia corrugated packaging business. |
(d) | Includes a tax expense of $23 million associated with 2016 cash pension contributions and a tax benefit of $6 million related to an international legal entity restructuring. |
(e) | 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. |
(f) | 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. |
(g) | 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. |
(h) | Includes a pre-tax gain of $8 million ($5 million after taxes) related to the sale of our investment in Arizona Chemical, and a pre-tax charge of $9 million ($6 million after taxes) for costs associated with the Riegelwood mill conversion to 100% pulp production. |
(i) | Includes a pre-tax charge of $37 million ($34 million after taxes) for the impairment of the assets of our Asia corrugated packaging business and costs associated with the sale of the business. |
(j) | Includes a tax benefit of $57 million related to the legal restructuring of our Brazil Packaging business and a tax benefit of $14 million related to the closure of a U.S. federal tax audit. |
(k) | Includes a pre-tax charge of $8 million ($5 million after taxes) for a legal settlement associated with the xpedx business. |
(l) | Includes a pre-tax charge of $65 million ($54 million after taxes) for the impairment of the assets of our Asia corrugated packaging business and costs associated with the sale of that business. |
(m) | Includes a tax benefit of $57 million related to the legal restructuring of our Brazil Packaging business, a tax expense of $23 million associated with 2016 cash pension contributions, a tax benefit of $14 million related to the closure of a U.S. federal tax audit, and a tax benefit of $6 million related to an international legal entity restructuring. |
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||
Operating Earnings | $ | 379 | $ | 409 | $ | 330 | $ | 709 | $ | 766 | |||||||||||
Non-Operating Pension | (299 | ) | (a) | (31 | ) | (27 | ) | (326 | ) | (a) | (75 | ) | |||||||||
Special Items | (40 | ) | (b) | (151 | ) | (c) | 36 | (d) | (4 | ) | (f) | (151 | ) | (c) | |||||||
Earnings (Loss) from Continuing Operations, including non-controlling interest | 40 | 227 | 339 | 379 | 540 | ||||||||||||||||
Discontinued operations | — | — | (5 | ) | (e) | (5 | ) | (e) | — | ||||||||||||
Net Earnings (Loss) as Reported Attributable to International Paper Company | $ | 40 | $ | 227 | $ | 334 | $ | 374 | $ | 540 | |||||||||||
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||
Diluted Earnings per Common Share | 2016 | 2015 | 2016 | 2016 | 2015 | ||||||||||||||||
Operating Earnings Per Share | $ | 0.92 | $ | 0.97 | $ | 0.80 | $ | 1.71 | $ | 1.81 | |||||||||||
Non-Operating Pension | (0.72 | ) | (0.07 | ) | (0.07 | ) | (0.79 | ) | (0.17 | ) | |||||||||||
Special Items | (0.10 | ) | (0.36 | ) | 0.09 | (0.01 | ) | (0.36 | ) | ||||||||||||
Continuing Operations | 0.10 | 0.54 | 0.82 | 0.91 | 1.28 | ||||||||||||||||
Discontinued operations | — | — | (0.01 | ) | (0.01 | ) | — | ||||||||||||||
Diluted Earnings per Common Share as Reported | $ | 0.10 | $ | 0.54 | $ | 0.81 | $ | 0.90 | $ | 1.28 |
(a) | Includes a pre-tax charge of $439 million ($270 million after taxes) for a settlement accounting charge associated with term-vested lump sum payments. |
(b) | See footnotes (b) - (d) on the Consolidated Statement of Operations |
(c) | See footnotes (e) - (g) on the Consolidated Statement of Operations |
(d) | See footnotes (h) - (j) on the Consolidated Statement of Operations |
(e) | See footnotes (k) on the Consolidated Statement of Operations |
(f) | See footnotes (b),(h),(l),(m) 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, | |||||||||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||
Industrial Packaging | $ | 3,597 | $ | 3,694 | $ | 3,452 | $ | 7,049 | $ | 7,247 | |||||||||||
Printing Papers | 1,271 | 1,249 | 1,184 | 2,455 | 2,477 | ||||||||||||||||
Consumer Packaging | 501 | 797 | 495 | 996 | 1,575 | ||||||||||||||||
Corporate and Inter-segment Sales | (47 | ) | (26 | ) | (21 | ) | (68 | ) | (68 | ) | |||||||||||
Net Sales | $ | 5,322 | $ | 5,714 | $ | 5,110 | $ | 10,432 | $ | 11,231 | |||||||||||
Operating Profit by Industry Segment | |||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||
Industrial Packaging | $ | 459 | (a) | $ | 528 | $ | 396 | (a) | $ | 855 | (a) | $ | 996 | ||||||||
Printing Papers | 96 | (b) | 101 | 85 | 181 | (b) | 210 | ||||||||||||||
Consumer Packaging | 73 | 47 | (d) | 16 | (c) | 89 | (c) | 93 | (d) | ||||||||||||
Operating Profit | 628 | 676 | 497 | 1,125 | 1,299 | ||||||||||||||||
Interest expense, net | (129 | ) | (144 | ) | (123 | ) | (252 | ) | (281 | ) | |||||||||||
Noncontrolling interest/equity earnings adjustment (e) | — | (5 | ) | — | — | (4 | ) | ||||||||||||||
Corporate items, net | (26 | ) | (8 | ) | (21 | ) | (47 | ) | (17 | ) | |||||||||||
Restructuring and other charges | — | (203 | ) | 8 | 8 | (203 | ) | ||||||||||||||
Non-operating pension expense | (487 | ) | (f) | (50 | ) | (44 | ) | (531 | ) | (f) | (122 | ) | |||||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | $ | (14 | ) | $ | 266 | $ | 317 | $ | 303 | $ | 672 | ||||||||||
Equity Earnings (Loss) in Ilim Holdings S.A., Net of Taxes | $ | 46 | $ | 67 | $ | 62 | $ | 108 | $ | 106 |
(a) | Includes charges of $28 million and $37 million for the three months ended June 30, 2016 and March 31, 2016, respectively, and $65 million for the six months ended June 30, 2016 for the impairment of the assets of our Asia corrugated packaging business and costs associated with the sale of the business. |
(b) | Includes a charge of $5 million for the three months and six months ended June 30, 2016 for costs associated with the announced agreement to purchase the Weyerhaeuser Pulp business. |
(c) | Includes a charge of $9 million for the three months ended March 31, 2016 and the six months ended June 30, 2016 for costs associated with the Riegelwood mill conversion to 100% pulp production. |
(d) | 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 Riegelwood mill conversion 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. |
(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. |
(f) | Includes a charge of $439 million for the three months and six months ended June 30, 2016 for a settlement accounting charge associated with term-vested lump sum payments. |
Three Months Ended June 30, 2016 | ||||||||||||||||
Industrial Packaging | Printing Papers | Consumer Packaging | Total | |||||||||||||
Operating Profit Before Special Items | $ | 487 | $ | 101 | $ | 73 | $ | 661 | ||||||||
Special Items (a) | (28 | ) | (5 | ) | — | (33 | ) | |||||||||
Operating Profit as Reported | $ | 459 | $ | 96 | $ | 73 | $ | 628 | ||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||
Industrial Packaging | Printing Papers | Consumer Packaging | Total | |||||||||||||
Operating Profit Before Special Items | $ | 528 | $ | 101 | $ | 34 | $ | 663 | ||||||||
Special Items (b) | — | — | 13 | 13 | ||||||||||||
Operating Profit as Reported | $ | 528 | $ | 101 | $ | 47 | $ | 676 | ||||||||
Three Months Ended March 31, 2016 | ||||||||||||||||
Industrial Packaging | Printing Papers | Consumer Packaging | Total | |||||||||||||
Operating Profit Before Special Items | $ | 433 | $ | 85 | $ | 25 | $ | 543 | ||||||||
Special Items (a) | (37 | ) | — | (9 | ) | (46 | ) | |||||||||
Operating Profit as Reported | $ | 396 | $ | 85 | $ | 16 | $ | 497 | ||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||
Industrial Packaging | Printing Papers | Consumer Packaging | Total | |||||||||||||
Operating Profit Before Special Items | $ | 920 | $ | 186 | $ | 98 | $ | 1,204 | ||||||||
Special Items (b) | (65 | ) | (5 | ) | (9 | ) | (79 | ) | ||||||||
Operating Profit as Reported | $ | 855 | $ | 181 | $ | 89 | $ | 1,125 | ||||||||
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 (b) | — | — | 13 | 13 | ||||||||||||
Operating Profit as Reported | $ | 996 | $ | 210 | $ | 93 | $ | 1,299 | ||||||||
(a) | See footnotes (a) - (c) on Sales and Earnings by Industry Segment |
(b) | See footnote (d) on Sales and Earnings by Industry Segment |
Three Months Ended June 30, | Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||
Industrial Packaging (In thousands of short tons) | |||||||||||||||
Corrugated Packaging (c) | 2,642 | 2,608 | 2,519 | 5,161 | 5,108 | ||||||||||
Containerboard | 770 | 818 | 740 | 1,510 | 1,592 | ||||||||||
Recycling | 592 | 610 | 607 | 1,199 | 1,200 | ||||||||||
Saturated Kraft | 44 | 38 | 47 | 91 | 75 | ||||||||||
Gypsum /Release Kraft | 47 | 43 | 46 | 93 | 79 | ||||||||||
Bleached Kraft | 5 | 6 | 6 | 11 | 11 | ||||||||||
EMEA Packaging (c) | 373 | 352 | 374 | 747 | 699 | ||||||||||
Asian Box (c) | 105 | 95 | 103 | 208 | 197 | ||||||||||
Brazilian Packaging (c) | 74 | 91 | 77 | 151 | 172 | ||||||||||
Industrial Packaging | 4,652 | 4,661 | 4,519 | 9,171 | 9,133 | ||||||||||
Printing Papers (In thousands of short tons) | |||||||||||||||
U.S. Uncoated Papers | 460 | 453 | 475 | 935 | 919 | ||||||||||
European & Russian Uncoated Papers | 389 | 366 | 373 | 762 | 746 | ||||||||||
Brazilian Uncoated Papers | 272 | 254 | 254 | 526 | 489 | ||||||||||
Indian Uncoated Papers | 61 | 63 | 63 | 124 | 127 | ||||||||||
Uncoated Papers | 1,182 | 1,136 | 1,165 | 2,347 | 2,281 | ||||||||||
Market Pulp (b) | 497 | 428 | 405 | 902 | 845 | ||||||||||
Consumer Packaging (In thousands of short tons) | |||||||||||||||
North American Consumer Packaging | 306 | 371 | 308 | 614 | 709 | ||||||||||
European Coated Paperboard | 99 | 89 | 94 | 193 | 188 | ||||||||||
Asian Coated Paperboard (d) | — | 315 | — | — | 619 | ||||||||||
Consumer Packaging | 405 | 775 | 402 | 807 | 1,516 |
June 30, 2016 | December 31, 2015 | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and Temporary Investments | $ | 1,254 | $ | 1,050 | ||||
Accounts and Notes Receivable, Net | 2,837 | 2,675 | ||||||
Inventories | 2,165 | 2,228 | ||||||
Deferred Income Tax Assets | 297 | 312 | ||||||
Other | 318 | 212 | ||||||
Total Current Assets | 6,871 | 6,477 | ||||||
Plants, Properties and Equipment, Net | 12,233 | 11,980 | ||||||
Forestlands | 450 | 366 | ||||||
Investments | 279 | 228 | ||||||
Financial Assets of Special Purpose Entities | 7,023 | 7,014 | ||||||
Goodwill | 3,367 | 3,335 | ||||||
Deferred Charges and Other Assets | 1,169 | 1,131 | ||||||
Total Assets | $ | 31,392 | $ | 30,531 | ||||
Liabilities and Equity | ||||||||
Current Liabilities | ||||||||
Notes Payable and Current Maturities of Long-Term Debt | $ | 626 | $ | 426 | ||||
Accounts Payable and Accrued Liabilities | 3,456 | 3,498 | ||||||
Total Current Liabilities | 4,082 | 3,924 | ||||||
Long-Term Debt | 8,820 | 8,844 | ||||||
Nonrecourse Financial Liabilities of Special Purpose Entities | 6,281 | 6,277 | ||||||
Deferred Income Taxes | 3,256 | 3,231 | ||||||
Pension Benefit Obligation | 4,150 | 3,548 | ||||||
Postretirement and Postemployment Benefit Obligation | 328 | 364 | ||||||
Other Liabilities | 429 | 434 | ||||||
Equity | ||||||||
Invested Capital | (633 | ) | (765 | ) | ||||
Retained Earnings | 4,657 | 4,649 | ||||||
Total Shareholders’ Equity | 4,024 | 3,884 | ||||||
Noncontrolling interests | 22 | 25 | ||||||
Total Equity | 4,046 | 3,909 | ||||||
Total Liabilities and Equity | $ | 31,392 | $ | 30,531 |
Six Months Ended June 30, | ||||||||
2016 | 2015 | |||||||
Operating Activities | ||||||||
Net earnings (loss) | $ | 374 | $ | 529 | ||||
Depreciation, amortization and cost of timber harvested | 585 | 651 | ||||||
Deferred income tax expense (benefit), net | 22 | 36 | ||||||
Restructuring and other charges | 1 | 194 | ||||||
Pension plan contributions | (250 | ) | (750 | ) | ||||
Net (gains) losses on sales and impairments of businesses | 65 | — | ||||||
Equity (earnings) loss, net | (108 | ) | (97 | ) | ||||
Periodic pension expense, net | 624 | 224 | ||||||
Other, net | 123 | 110 | ||||||
Changes in current assets and liabilities | ||||||||
Accounts and notes receivable | (86 | ) | (133 | ) | ||||
Inventories | 48 | (59 | ) | |||||
Accounts payable and accrued liabilities | (76 | ) | 82 | |||||
Interest payable | 13 | (21 | ) | |||||
Other | (110 | ) | (13 | ) | ||||
Cash Provided By (Used For) Operations | 1,225 | 753 | ||||||
Investment Activities | ||||||||
Invested in capital projects | (637 | ) | (673 | ) | ||||
Acquisitions, net of cash acquired | (61 | ) | — | |||||
Proceeds from divestitures, net of cash divested | 101 | — | ||||||
Proceeds from sale of fixed assets | 11 | 19 | ||||||
Other | (106 | ) | (84 | ) | ||||
Cash Provided By (Used For) Investment Activities | (692 | ) | (738 | ) | ||||
Financing Activities | ||||||||
Repurchases of common stock and payments of restricted stock tax withholding | (132 | ) | (353 | ) | ||||
Issuance of common stock | — | 2 | ||||||
Issuance of debt | 1,204 | 2,083 | ||||||
Reduction of debt | (1,070 | ) | (1,494 | ) | ||||
Change in book overdrafts | 6 | 19 | ||||||
Dividends paid | (362 | ) | (337 | ) | ||||
Debt tender premiums | — | (211 | ) | |||||
Cash Provided By (Used for) Financing Activities | (354 | ) | (291 | ) | ||||
Effect of Exchange Rate Changes on Cash | 25 | (15 | ) | |||||
Change in Cash and Temporary Investments | 204 | (291 | ) | |||||
Cash and Temporary Investments | ||||||||
Beginning of the period | 1,050 | 1,881 | ||||||
End of the period | $ | 1,254 | $ | 1,590 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Cash provided by operations | $ | 605 | $ | 115 | $ | 1,225 | $ | 753 | |||||||
Adjustments: | |||||||||||||||
Cash invested in capital projects | (328 | ) | (354 | ) | (637 | ) | (673 | ) | |||||||
Cash contribution to pension plan | 250 | 750 | 250 | 750 | |||||||||||
Free Cash Flow | $ | 527 | $ | 511 | $ | 838 | $ | 830 |
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