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 April 25, 2019. |
Exhibit Number | Description | |
99.1 |
International Paper Company | |||
Date: April 25, 2019 | By: | /s/ Vincent P. Bonnot | |
Name: | Vincent P. Bonnot | ||
Title: | Vice President - Finance and Controller |
• | First quarter net earnings attributable to International Paper of $424 million ($1.05 per diluted share) compared with $316 million ($0.78 per diluted share) in the fourth quarter of 2018 and $729 million ($1.74 per diluted share) in the first quarter of 2018 |
• | First quarter adjusted operating earnings* (non-GAAP) of $447 million ($1.11 per diluted share) compared with $670 million ($1.65 per diluted share) in the fourth quarter of 2018 and $395 million ($0.94 per diluted share) in the first quarter of 2018 |
• | First quarter equity earnings of $114 million compared with $95 million in the first quarter of 2018 |
• | First quarter share repurchases of $180 million, bringing the trailing 12 month total to $880 million |
First Quarter 2019 | Fourth Quarter 2018 | First Quarter 2018 | |||||||||||
Net Earnings | $ | 1.05 | $ | 0.78 | $ | 1.74 | |||||||
Less – Discontinued Operations (Gain) Loss | — | — | (0.88 | ) | |||||||||
Net Earnings (Loss) from Continuing Operations | 1.05 | 0.78 | 0.86 | ||||||||||
Add Back – Non-Operating Pension Expense | 0.02 | 0.79 | 0.01 | ||||||||||
Add Back – Net Special Items Expense (Income) | 0.04 | 0.08 | 0.07 | ||||||||||
Adjusted Operating Earnings* | $ | 1.11 | $ | 1.65 | $ | 0.94 |
* | Adjusted operating earnings (non-GAAP) is defined as net earnings from continuing operations attributable to International Paper Company (GAAP) excluding special items and non-operating pension expense. 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. For discussion of special items, net and non-operating pension expense, see the footnotes to the Consolidated Statement of Operations. |
(In millions) | First Quarter 2019 | Fourth Quarter 2018 | First Quarter 2018 | ||||||||||
Net Sales | $ | 5,643 | $ | 5,951 | $ | 5,621 | |||||||
Business Segment Operating Profit | 579 | 930 | 512 | ||||||||||
Adjusted Operating Earnings | 447 | 670 | 395 | ||||||||||
Cash Provided By (Used For) Operations | 733 | 821 | 663 | ||||||||||
Free Cash Flow | 440 | 535 | 174 |
(In millions) | First Quarter 2019 | Fourth Quarter 2018 | First Quarter 2018 | ||||||||||
Net Sales by Business Segment | |||||||||||||
Industrial Packaging | $ | 3,832 | $ | 4,017 | $ | 3,827 | |||||||
Global Cellulose Fibers | 689 | 736 | 677 | ||||||||||
Printing Papers | 1,065 | 1,160 | 1,053 | ||||||||||
Corporate and Inter-segment Sales | 57 | 38 | 64 | ||||||||||
Net Sales | $ | 5,643 | $ | 5,951 | $ | 5,621 | |||||||
Operating Profit by Business Segment | |||||||||||||
Industrial Packaging | $ | 404 | $ | 647 | $ | 437 | |||||||
Global Cellulose Fibers | 32 | 91 | 11 | ||||||||||
Printing Papers | 143 | 192 | 64 | ||||||||||
Total Business Segment Operating Profit | $ | 579 | $ | 930 | $ | 512 |
First Quarter 2019 | Fourth Quarter 2018 | First Quarter 2018 | ||||||||||||||||||||
(In millions) | Before Tax | After Tax | Before Tax | After Tax | Before Tax | After Tax | ||||||||||||||||
Restructuring and other charges, net: | ||||||||||||||||||||||
Gain on sale of investment in Liaison Technologies | $ | — | $ | — | $ | (31 | ) | $ | (23 | ) | $ | — | $ | — | ||||||||
Debt extinguishment costs | — | — | 10 | 7 | — | — | ||||||||||||||||
Riverdale mill conversion severance | — | — | 3 | 2 | — | — | ||||||||||||||||
EMEA Packaging business optimization | — | — | (1 | ) | (1 | ) | 22 | 17 | ||||||||||||||
Total restructuring and other charges, net | — | — | (19 | ) | (15 | ) | 22 | 17 | ||||||||||||||
Multi-employer pension plan exit liability | 16 | 12 | — | — | — | — | ||||||||||||||||
Gain on sale of EMEA Packaging box plant | (7 | ) | (6 | ) | — | — | — | — | ||||||||||||||
Abandoned property removal | 11 | 8 | 8 | 6 | 9 | 7 | ||||||||||||||||
Legal settlement | — | — | — | — | 9 | 7 | ||||||||||||||||
Other | 1 | 1 | (4 | ) | (3 | ) | — | — | ||||||||||||||
Tax expense related to foreign tax audits | — | — | — | 25 | — | — | ||||||||||||||||
Tax expense related to international investment restructuring | — | — | — | 19 | — | — | ||||||||||||||||
Total special items, net | $ | 21 | $ | 15 | $ | (15 | ) | $ | 32 | $ | 40 | $ | 31 |
Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
Net Sales | $ | 5,643 | $ | 5,621 | $ | 5,951 | |||||||
Costs and Expenses | |||||||||||||
Cost of products sold | 3,929 | (a) | 3,948 | (a) | 3,798 | (a) | |||||||
Selling and administrative expenses | 413 | 421 | 446 | ||||||||||
Depreciation, amortization and cost of timber harvested | 315 | (b) | 325 | 338 | (b) | ||||||||
Distribution expenses | 389 | 366 | 401 | ||||||||||
Taxes other than payroll and income taxes | 43 | 44 | 41 | ||||||||||
Restructuring and other charges, net | — | 22 | (d) | (19 | ) | (d) | |||||||
Net (gains) losses on sales and impairments of businesses | (7 | ) | (c) | — | — | ||||||||
Interest expense, net | 133 | 135 | 135 | ||||||||||
Non-operating pension expense | 10 | 4 | 429 | (f) | |||||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | 418 | 356 | 382 | ||||||||||
Income tax provision (benefit) | 106 | 89 | 143 | (g) | |||||||||
Equity earnings (loss), net of taxes | 114 | 95 | 79 | ||||||||||
Earnings (Loss) From Continuing Operations | 426 | 362 | 318 | ||||||||||
Discontinued operations, net of taxes | — | 368 | (e) | — | |||||||||
Net Earnings (Loss) | 426 | 730 | 318 | ||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 2 | 1 | 2 | ||||||||||
Net Earnings (Loss) Attributable to International Paper Company | $ | 424 | $ | 729 | $ | 316 | |||||||
Basic Earnings Per Common Share Attributable to International Paper Common Shareholders | |||||||||||||
Earnings (loss) from continuing operations | $ | 1.06 | $ | 0.87 | $ | 0.79 | |||||||
Discontinued operations | — | 0.89 | — | ||||||||||
Net earnings (loss) | $ | 1.06 | $ | 1.76 | $ | 0.79 | |||||||
Diluted Earnings Per Common Share Attributable to International Paper Common Shareholders | |||||||||||||
Earnings (loss) from continuing operations | $ | 1.05 | $ | 0.86 | $ | 0.78 | |||||||
Discontinued operations | — | 0.88 | — | ||||||||||
Net earnings (loss) | $ | 1.05 | $ | 1.74 | $ | 0.78 | |||||||
Average Shares of Common Stock Outstanding - Diluted | 403.2 | 418.2 | 406.6 | ||||||||||
Cash Dividends Per Common Share | $ | 0.5000 | $ | 0.4750 | $ | 0.5000 | |||||||
Amounts Attributable to International Paper Common Shareholders | |||||||||||||
Earnings (loss) from continuing operations, net of tax | $ | 424 | $ | 361 | $ | 316 | |||||||
Discontinued operations, net of tax | — | 368 | — | ||||||||||
Net earnings (loss) | $ | 424 | $ | 729 | $ | 316 |
(a) | Includes pre-tax charges of $11 million ($8 million after taxes), $9 million ($7 million after taxes) and $8 million ($6 million after taxes) for the three months ended March 31, 2019, March 31, 2018 and December 31, 2018, respectively, for the removal of abandoned property at our mills, a pre-tax charge of $16 million ($12 million after taxes) for the three months ended March 31, 2019 for costs associated with a multi-employer pension plan exit liability, a pre-tax charge of $9 million ($7 million after taxes) for the three months ended March 31, 2018 for a legal settlement and pre-tax income of $5 million ($4 million after taxes) for the three months ended December 31, 2018 for a litigation settlement recovery. |
(b) | Includes charges of $1 million (before and after taxes) for both the three months ended March 31, 2019 and December 31, 2018 for accelerated depreciation associated with the announced conversion of a paper machine at our Riverdale mill to containerboard production. |
(c) | Includes a pre-tax gain of $7 million ($6 million after taxes) for the three months ended March 31, 2019 related to the sale of a box plant in our EMEA Packaging business. |
(d) | Includes a pre-tax charge of $22 million ($17 million after taxes) and income of $1 million (before and after taxes) for the three months ended March 31, 2018 and December 31, 2018, respectively, related to the optimization of our EMEA Packaging business, a pre-tax gain of $31 million ($23 million after taxes) for the three months ended December 31, 2018 related to the sale of our investment in Liaison Technologies, a pre-tax charge of $10 million ($7 million after taxes) for the three months ended December 31, 2018 for debt extinguishment costs and a pre-tax charge of $3 million ($2 million after taxes) for the three months ended December 31, 2018 for severance associated with the Riverdale mill conversion. |
(e) | Includes pre-tax income of $516 million ($385 million after taxes) for the gain on the transfer of the North American Consumer Packaging business and a pre-tax charge of $23 million ($17 million after taxes) for transaction costs to transfer the North American Consumer Packaging business for the three months ended March 31, 2018. |
(f) | Includes a pre-tax charge of $424 million ($318 million after taxes) for the three months ended December 31, 2018 for a settlement accounting charge associated with an annuity purchase and transfer of pension obligations for approximately 23,000 retirees. |
(g) | Includes tax expense of $19 million for the three months ended December 31, 2018 related to international investment restructuring and tax expense of $25 million for the three months ended December 31, 2018 related to foreign tax audits. |
Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
Net Earnings (Loss) Attributable to International Paper Company | $ | 424 | $ | 729 | $ | 316 | |||||||
Less: Discontinued operations (gain) loss | — | (368 | ) | — | |||||||||
Earnings (Loss) from Continuing Operations, including non-controlling interest | 424 | 361 | 316 | ||||||||||
Add back: Non-operating pension expense | 8 | 3 | 322 | ||||||||||
Add back: Special items expense (income) | 15 | 31 | 32 | ||||||||||
Adjusted Operating Earnings | $ | 447 | $ | 395 | $ | 670 | |||||||
Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
Diluted Earnings per Common Share as Reported | $ | 1.05 | $ | 1.74 | $ | 0.78 | |||||||
Less: Discontinued operations (gain) loss | — | (0.88 | ) | — | |||||||||
Continuing Operations | 1.05 | 0.86 | 0.78 | ||||||||||
Add back: Non-operating pension expense | 0.02 | 0.01 | 0.79 | ||||||||||
Add back: Special items expense (income) | 0.04 | 0.07 | 0.08 | ||||||||||
Adjusted Operating Earnings per Share | $ | 1.11 | $ | 0.94 | $ | 1.65 |
Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
Industrial Packaging | $ | 3,832 | $ | 3,827 | $ | 4,017 | |||||||
Global Cellulose Fibers | 689 | 677 | 736 | ||||||||||
Printing Papers | 1,065 | 1,053 | 1,160 | ||||||||||
Corporate and Inter-segment Sales | 57 | 64 | 38 | ||||||||||
Net Sales | $ | 5,643 | $ | 5,621 | $ | 5,951 | |||||||
Operating Profit by Business Segment | |||||||||||||
Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
Industrial Packaging | $ | 404 | (a) | $ | 437 | (a) | $ | 647 | (a) | ||||
Global Cellulose Fibers | 32 | (b) | 11 | (b) | 91 | (b) | |||||||
Printing Papers | 143 | (c) | 64 | 192 | (c) | ||||||||
Total Business Segment Operating Profit | $ | 579 | $ | 512 | $ | 930 | |||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | $ | 418 | $ | 356 | $ | 382 | |||||||
Interest expense, net | 133 | 135 | 135 | ||||||||||
Noncontrolling interest/equity earnings adjustment (f) | (3 | ) | (1 | ) | (3 | ) | |||||||
Corporate expenses, net | 21 | 9 | 8 | ||||||||||
Corporate special items, net | — | 9 | (d) | (21 | ) | (d) | |||||||
Non-operating pension expense | 10 | 4 | 429 | (e) | |||||||||
Adjusted Operating Profit | $ | 579 | $ | 512 | $ | 930 | |||||||
Equity Earnings (Loss) in Ilim S.A., Net of Taxes | $ | 101 | $ | 92 | $ | 67 | |||||||
Equity Earnings (Loss) in Graphic Packaging International Partners, LLC | $ | 13 | $ | 2 | $ | 10 |
(a) | Includes a charge of $16 million for the three months ended March 31, 2019 for costs associated with a multi-employer pension plan exit liability, a gain of $7 million for the three months ended March 31, 2019 related to the sale of a box plant in our EMEA Packaging business, a charge of $22 million and income of $1 million for the three months ended March 31, 2018 and December 31, 2018, respectively, related to the optimization of our EMEA Packaging business, income of $5 million for the three months ended December 31, 2018 for a litigation settlement recovery and charges of $8 million, $5 million and $5 million for the three months ended March 31, 2019, March 31, 2018 and December 31, 2018, respectively, for the removal of abandoned property at our mills. |
(b) | Includes charges of $3 million, $4 million and $2 million for the three months ended March 31, 2019, March 31, 2018 and December 31, 2018, respectively, for the removal of abandoned property at our mills. |
(c) | Includes charges of $1 million and $4 million for the three months ended March 31, 2019 and December 31, 2018, respectively, for accelerated depreciation and severance charges associated with the announced conversion of a paper machine at our Riverdale mill to containerboard production and a charge of $1 million for the three months ended December 31, 2018 for the removal of abandoned property at our mills. |
(d) | Includes a charge of $9 million for the three months ended March 31, 2018 for a legal settlement, a gain of $31 million for the three months ended December 31, 2018 related to the sale of our investment in Liaison Technologies and a charge of $10 million for the three months ended December 31, 2018 for debt extinguishment costs. |
(e) | Includes a charge of $424 million for the three months ended December 31, 2018 for a settlement accounting charge associated with an annuity purchase and transfer of pension obligations for approximately 23,000 retirees. |
(f) | Operating profits for business 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 March 31, 2019 | ||||||||||||||||
Industrial Packaging | Global Cellulose Fibers | Printing Papers | Total | |||||||||||||
Operating Profit (Loss) as Reported | $ | 404 | $ | 32 | $ | 143 | $ | 579 | ||||||||
Special Items Expense (Income) (a) | 17 | 3 | 1 | 21 | ||||||||||||
Operating Profit (Loss) Before Special Items | $ | 421 | $ | 35 | $ | 144 | $ | 600 | ||||||||
Three Months Ended March 31, 2018 | ||||||||||||||||
Industrial Packaging | Global Cellulose Fibers | Printing Papers | Total | |||||||||||||
Operating Profit (Loss) as Reported | $ | 437 | $ | 11 | $ | 64 | $ | 512 | ||||||||
Special Items Expense (Income) (a) | 27 | 4 | — | 31 | ||||||||||||
Operating Profit (Loss) Before Special Items | $ | 464 | $ | 15 | $ | 64 | $ | 543 | ||||||||
Three Months Ended December 31, 2018 | ||||||||||||||||
Industrial Packaging | Global Cellulose Fibers | Printing Papers | Total | |||||||||||||
Operating Profit (Loss) as Reported | $ | 647 | $ | 91 | $ | 192 | $ | 930 | ||||||||
Special Items Expense (Income) (a) | (1 | ) | 2 | 5 | 6 | |||||||||||
Operating Profit (Loss) Before Special Items | $ | 646 | $ | 93 | $ | 197 | $ | 936 | ||||||||
(a) | See footnotes (a) - (c) on Sales and Earnings by Business Segment |
The Company calculates Operating Profit Before Special Items (non-GAAP) by excluding the pre-tax effect of 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 attributable to International Paper is the most directly comparable GAAP measure. |
Three Months Ended March 31, | Three Months Ended December 31, | |||||||||
2019 | 2018 | 2018 | ||||||||
Industrial Packaging (In thousands of short tons) | ||||||||||
Corrugated Packaging (c) | 2,535 | 2,579 | 2,655 | |||||||
Containerboard | 697 | 783 | 793 | |||||||
Recycling | 609 | 537 | 582 | |||||||
Saturated Kraft | 41 | 46 | 47 | |||||||
Gypsum /Release Kraft | 51 | 53 | 51 | |||||||
Bleached Kraft | 7 | 7 | 7 | |||||||
EMEA Packaging (c) | 370 | 397 | 363 | |||||||
Brazilian Packaging (c) | 85 | 86 | 88 | |||||||
European Coated Paperboard | 104 | 96 | 106 | |||||||
Industrial Packaging | 4,499 | 4,584 | 4,692 | |||||||
Global Cellulose Fibers (In thousands of metric tons) (b) | 859 | 895 | 908 | |||||||
Printing Papers (In thousands of short tons) | ||||||||||
U.S. Uncoated Papers | 448 | 470 | 471 | |||||||
European & Russian Uncoated Papers | 354 | 361 | 374 | |||||||
Brazilian Uncoated Papers | 244 | 260 | 307 | |||||||
Indian Uncoated Papers | 68 | 67 | 68 | |||||||
Printing Papers | 1,114 | 1,158 | 1,220 |
(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. |
(c) | Volumes for corrugated box sales reflect consumed tons sold (CTS). Board sales by these businesses reflect invoiced tons. |
March 31, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and Temporary Investments | $ | 641 | $ | 589 | ||||
Accounts and Notes Receivable, Net | 3,493 | 3,521 | ||||||
Contract Assets | 410 | 395 | ||||||
Inventories | 2,301 | 2,241 | ||||||
Other | 217 | 250 | ||||||
Total Current Assets | 7,062 | 6,996 | ||||||
Plants, Properties and Equipment, Net | 13,071 | 13,067 | ||||||
Forestlands | 401 | 402 | ||||||
Investments | 1,770 | 1,648 | ||||||
Financial Assets of Special Purpose Entities | 7,074 | 7,070 | ||||||
Goodwill | 3,393 | 3,374 | ||||||
Right of Use Assets | 415 | — | ||||||
Deferred Charges and Other Assets | 992 | 1,019 | ||||||
Total Assets | $ | 34,178 | $ | 33,576 | ||||
Liabilities and Equity | ||||||||
Current Liabilities | ||||||||
Notes Payable and Current Maturities of Long-Term Debt | $ | 809 | $ | 639 | ||||
Accounts Payable and Other Current Liabilities | 4,144 | 4,055 | ||||||
Total Current Liabilities | 4,953 | 4,694 | ||||||
Long-Term Debt | 9,965 | 10,015 | ||||||
Nonrecourse Financial Liabilities of Special Purpose Entities | 6,300 | 6,298 | ||||||
Deferred Income Taxes | 2,634 | 2,600 | ||||||
Pension Benefit Obligation | 1,727 | 1,762 | ||||||
Postretirement and Postemployment Benefit Obligation | 260 | 264 | ||||||
Long-term Lease Obligations | 281 | — | ||||||
Other Liabilities | 589 | 560 | ||||||
Equity | ||||||||
Invested Capital, Net of Treasury Stock | (765 | ) | (103 | ) | ||||
Retained Earnings | 8,211 | 7,465 | ||||||
Total International Paper Shareholders’ Equity | 7,446 | 7,362 | ||||||
Noncontrolling interests | 23 | 21 | ||||||
Total Equity | 7,469 | 7,383 | ||||||
Total Liabilities and Equity | $ | 34,178 | $ | 33,576 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Operating Activities | ||||||||
Net earnings (loss) | $ | 426 | $ | 730 | ||||
Depreciation, amortization and cost of timber harvested | 315 | 325 | ||||||
Deferred income tax expense (benefit), net | 22 | 157 | ||||||
Restructuring and other charges, net | — | 22 | ||||||
Net gain on transfer of North American Consumer Packaging business | — | (516 | ) | |||||
Net (gains) losses on sales and impairments of businesses | (7 | ) | — | |||||
Equity method dividends received | 6 | 116 | ||||||
Equity (earnings) losses, net | (114 | ) | (95 | ) | ||||
Periodic pension expense, net | 26 | 42 | ||||||
Other, net | 46 | 14 | ||||||
Changes in current assets and liabilities | ||||||||
Accounts and notes receivable | 26 | (122 | ) | |||||
Contract assets | (15 | ) | (22 | ) | ||||
Inventories | (22 | ) | 21 | |||||
Accounts payable and accrued liabilities | 34 | 11 | ||||||
Interest payable | (25 | ) | (34 | ) | ||||
Other | 15 | 14 | ||||||
Cash Provided By (Used For) Operating Activities | 733 | 663 | ||||||
Investment Activities | ||||||||
Invested in capital projects | (293 | ) | (489 | ) | ||||
Acquisitions, net of cash acquired | (17 | ) | — | |||||
Net settlement on transfer of North American Consumer Packaging business | — | 1 | ||||||
Proceeds from divestitures, net of cash divested | 17 | — | ||||||
Proceeds from sale of fixed assets | 3 | 1 | ||||||
Other | (4 | ) | (2 | ) | ||||
Cash Provided By (Used For) Investment Activities | (294 | ) | (489 | ) | ||||
Financing Activities | ||||||||
Repurchases of common stock and payments of restricted stock tax withholding | (229 | ) | (31 | ) | ||||
Issuance of debt | 208 | 223 | ||||||
Reduction of debt | (142 | ) | (34 | ) | ||||
Change in book overdrafts | (25 | ) | (17 | ) | ||||
Dividends paid | (201 | ) | (197 | ) | ||||
Cash Provided By (Used for) Financing Activities | (389 | ) | (56 | ) | ||||
Effect of Exchange Rate Changes on Cash | 2 | 5 | ||||||
Change in Cash and Temporary Investments | 52 | 123 | ||||||
Cash and Temporary Investments | ||||||||
Beginning of the period | 589 | 1,018 | ||||||
End of the period | $ | 641 | $ | 1,141 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Cash provided by (used for) Operating Activities | $ | 733 | $ | 663 | ||||
Adjustments: | ||||||||
Cash invested in capital projects | (293 | ) | (489 | ) | ||||
Free Cash Flow | $ | 440 | $ | 174 |
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