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International Paper Reports Preliminary 2005 Net Earnings of $2.21 Per ShareEarnings Impacted by High Input Costs
STAMFORD, Conn., Feb. 2 /PRNewswire-FirstCall/ -- International Paper (NYSE: IP) today reported full-year 2005 net earnings of $1.1 billion ($2.21 per share) compared with a loss of $35 million ($0.07 per share) in 2004. The company posted a fourth quarter 2005 net loss of $77 million ($0.16 per share) compared with earnings of $169 million ($0.35 per share) in the fourth quarter of 2004 and $1.0 billion ($2.03 per share) in the third quarter of 2005. The above amounts include the effects of special items in all periods. Full-year 2005 earnings from continuing operations and before special items were $524 million ($1.08 per share), compared with $618 million ($1.26 per share) for the 2004 full year. Earnings from continuing operations and before special items in the 2005 fourth quarter were $58 million ($0.12 per share), compared with $205 million ($0.42 per share) in the fourth quarter of 2004 and $139 million ($0.29 per share) in the third quarter of 2005. Net sales increased in both the 2005 fourth quarter and full year. Fourth- quarter net sales rose to $6.1 billion from $6.0 billion in both the fourth quarter of 2004 and the third quarter 2005. Full-year 2005 net sales were $24.1 billion compared with $23.4 billion in 2004. Operating profits of $397 million for the 2005 fourth quarter were lower than third-quarter 2005 operating profits of $489 million, mainly because of high input costs. Full-year 2005 operating profits were $1.9 billion versus $2.0 billion in 2004. "Input costs skyrocketed in the fourth quarter, especially in October and November," said John Faraci, IP chairman and chief executive officer. "They were above the already high year-to-date levels -- this put a big dent in our margins. Volumes, however, were better than we expected in the fourth quarter, especially in containerboard and printing papers. "For 2005 in total, high costs for energy, wood and other raw materials had a $585 million negative impact on earnings versus 2004 -- that's about $0.87 per share. Volumes were also down in 2005, despite some fourth-quarter upturn. We took a significant amount of lack-of-order downtime in the year, including the closure of the Ft. Madison, Iowa, medium mill in third quarter and the permanent shutdown of three uncoated freesheet machines in the fourth quarter," Faraci said. "The good news is that we were able to partially offset some of the negative impacts through operational improvements and year-over- year pricing improvements. So while our results aren't yet where they need to be, we are taking the right steps to generate improved results long term." Commenting on the first quarter of 2006, Faraci said, "We expect first quarter results to be flat with fourth quarter, with somewhat lower earnings from land sales. While natural gas prices are trending down, costs for chemicals and fuel oil are trending up from already high levels in fourth quarter, so we expect overall input costs to be about flat. Given this continued cost pressure, operational improvement remains a priority. We expect volumes to be seasonally slow early in the quarter, with some pick-up in March. However, I feel good about the dynamics of what's happening in our business right now, as we gained some price momentum late in the fourth quarter that we expect will carry into the first quarter, particularly in our printing papers and packaging business." SEGMENT INFORMATION Fourth-quarter segment operating profits and business trends compared with the third quarter 2005 are as follows: Printing Papers operating profits for the fourth quarter of 2005 were $88 million, compared with $132 million in the prior quarter. Operations were solid in the quarter. The decline in earnings was predominantly because of high input costs. Price realizations were flat in North America, down in pulp, but trending up slightly in Europe. Uncoated paper volumes increased in the quarter, while coated paper volumes experienced some seasonal slowdown. The Industrial Packaging Business reported $11 million in operating profits in fourth quarter, compared with $33 million in the 2005 third quarter. Containerboard volumes increased and pricing was flat overall, with some improved price realizations late in the quarter; however, the gains were more than offset by higher input costs, lower box prices and higher Container Business operating costs. Consumer Packaging operating profits totaled $21 million in the fourth quarter of 2005, compared with $37 million in the third quarter. Lack-of-order downtime and high input costs negatively impacted Bleached Board, which more than offset strong performance in Shorewood Packaging, and higher earnings in Foodservice. The company's distribution business, primarily xpedx, showed operating profits of $25 million, up from $23 million in the third quarter, on the strength of improved margins. Volumes were flat. Forest Products operating profits decreased slightly in fourth quarter to $257 million from $272 million in the third quarter. Prices for lumber fell over the quarter, reflecting seasonal slowness in the market. Earnings from land sales were $179 million, slightly lower than third quarter's $190 million. Net corporate expenses of $167 million in the 2005 fourth quarter were up from $142 million in the 2005 third quarter, reflecting increases in benefit- related accruals and environmental reserves, and $156 million in the 2004 fourth quarter, reflecting higher pension and supply chain initiative costs. Other corporate overhead costs continued to trend downward. DISCONTINUED OPERATIONS Discontinued operations amounts reflect income and losses related to the company's interests in Carter Holt Harvey Limited sold in the third quarter of 2005 and Weldwood of Canada, Ltd. sold in the third quarter of 2004. EFFECTIVE TAX RATE The effective tax rate, excluding special items and discontinued operations, was 22 percent for the fourth quarter of 2005, compared with 33 percent in the prior quarter. The 2005 full-year tax rate was 27.5 percent, compared with 26 percent in 2004. EFFECTS OF SPECIAL ITEMS Special items in the fourth quarter included a pretax charge of $233 million ($143 million after taxes) for restructuring charges and other charges, a pretax charge of $46 million ($30 million after taxes) for adjustments of estimated losses on businesses sold or held for sale, a $35 million pretax credit ($21 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation, and a $1 million credit for changes to previously provided reserves. The $233 million restructuring and other charge included $199 million ($123 million after taxes) for organizational restructuring charges associated with the company's previously announced transformation plan, a $27 million charge ($16 million after taxes) for legal reserves, and a $7 million charge ($4 million after taxes) for losses on early debt extinguishment. In addition, an $11 million net income tax benefit was recorded in the quarter, reflecting a $74 million favorable adjustment from the finalization of the company's 1997 through 2000 U.S. federal income tax audit, a $43 million provision for deferred taxes related to earnings being repatriated under the American Jobs Creation Act of 2004, and $20 million of other tax charges. The net after-tax effect of all of these special items was a charge of $0.29 per share. Special items in the third quarter included a pretax charge of $70 million ($48 million after taxes) for organizational restructuring charges and losses on debt extinguishment, a pretax credit of $188 million ($109 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation, a $5 million pretax charge ($3 million after taxes) for adjustments of losses on businesses previously sold, and a $3 million pretax credit ($2 million after taxes) for the net adjustment of previously provided reserves. In addition, a $517 million income tax benefit was recorded, principally as a result of an agreement reached with the U.S. Internal Revenue Service concerning the 1997 through 2000 U.S. federal income tax audit. Net interest expense also includes a $43 million pretax credit ($26 million after taxes) relating to this agreement. The net after-tax effect of all of these special items was a credit of $1.19 per share. Special items in the 2004 fourth quarter included a charge of $79 million ($64 million after taxes) for estimated losses on sales and impairments of businesses held for sale, a charge of $13 million before taxes ($8 million after taxes) for restructuring and other costs, a pre-tax credit of $20 million ($12 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation, and a $17 million credit ($11 million after taxes) for the net reversal of restructuring and realignment of reserves no longer required. The $13 million charge for restructuring and other costs included $10 million ($6 million after taxes) for legal reserves and $3 million ($2 million after taxes) for losses on early extinguishment of debt. The net after-tax effect of all of these special items was expense of $0.10 per share. EARNINGS WEBCAST The company will host a webcast to discuss earnings and current market conditions at 10 a.m. EST today. All interested parties are invited to listen to the webcast via the company's Internet site at http://www.internationalpaper.com/ by clicking on the Investor tab and going to the Presentations page. A replay of the webcast will also be on the Web site beginning at approximately noon EST. Parties who wish to participate in the webcast via teleconference may dial (706) 679-8242 or, within the U.S. only, (877) 316-2541 and ask to be connected to International Paper's 4Q 2005 Earnings Call. The conference ID number is 4067316. Participants should call in no later than 9:45 a.m. EST. An audio-only replay will be available for four weeks following the call. To access the replay, dial (706) 645-9291 or, within the U.S. only, (800) 642-1687, and when prompted for the conference ID, enter 4067316. Headquartered in the United States, International Paper (http://www.internationalpaper.com/) is the world's largest paper and forest products company. Businesses include paper, packaging, and forest products. As one of the largest private forest landowners in the world, the company manages its forests under the principles of the Sustainable Forestry Initiative(R) (SFI) program, a system that ensures the continual planting, growing and harvesting of trees while protecting wildlife, plants, soil, air and water quality. This press release contains forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ relate to (i) market and economic factors, including changes in the cost or availability of raw materials and energy, competition, demand and pricing for the Company's products, the level of housing starts, changes in international economic conditions, specifically in Brazil, Russia, Poland and China, changes in currency exchange rates, changes in credit ratings issued by nationally recognized statistical rating organizations, pension and healthcare costs and natural disasters, such as hurricanes, (ii) the Company's transformation plan, including the ability to accomplish the transformation plan, the impact of the plan on the Company's relationship with its employees, customers and vendors and the ability to realize anticipated profit improvement from the plan, and (iii) results of legal proceedings and compliance costs, including unanticipated expenditures related to the cost of compliance with environmental and other governmental regulations and the uncertainty of the costs and other effects of pending litigation. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. These and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings. INTERNATIONAL PAPER COMPANY
Consolidated Statement of Operations
Preliminary and Unaudited
(In millions, except per share amounts)
Three Months Three Months Twelve Months
Ended Ended Ended
December 31, September 30, December 31,
2005 2004 2005 2005 2004
Net Sales $6,134 $6,017 $6,036 24,097 $23,359
Costs and Expenses
Cost of products
sold 4,726 4,414 4,532 18,139 17,225
Selling and
administrative
expenses 456 512 463 1,876 1,935
Depreciation,
amortization and
cost of timber
harvested 361 354 342 1,376 1,357
Distribution expenses 305 262 264 1,087 1,026
Taxes other than
payroll and income
taxes 57 57 59 233 236
Restructuring and
other charges 233(a) 13(d) 70(f) 358(j) 166(n)
Insurance Recoveries (35) (20) (188) (258) (123)
Net losses (gains)
on sales and
impairments of
businesses held
for sale 46 79 5 111 139
Reversal of reserves
no longer required,
net (1) (17) (3) (4) (36)
Interest expense, net 151 169 120(g) 593(k) 710
Earnings (Loss) From
Continuing Operations
Before Income Taxes
and Minority Interest (165) 194 372 586 724
Income tax provision
(benefit) (87)(b) 33 (373)(h) (285)(l) 242(o)
Minority interest
expense, net of taxes 4 5 3 12 26
Earnings (Loss) From
Continuing Operations (82) 156 742 859 456
(a,b) (d) (f-h) (j-l) (n,o)
Discontinued
Operation, net of
taxes and minority
interest 5(c) 13(e) 281(i) 241(m) (491)(p)
Net Earnings (Loss) $(77) $169 $1,023 $1,100 $(35)
(a-c) (d,e) (f-i) (j-m) (n-p)
Basic Earnings Per
Common Share
Earnings (Loss) from
continuing operations $(0.17) $0.32 $1.53 $1.77 $0.94
(a,b) (d) (f-h) (j-l) (n,o)
Discontinued
operation 0.01(c) 0.03(e) 0.58(i) 0.49(m) (1.01)(p)
Net Earnings (Loss) $(0.16) $0.35 $2.11 $2.26 $(0.07)
(a-c) (d,e) (f-i) (j-m) (n-p)
Diluted Earnings Per
Common Share
Earnings (Loss)
from continuing
operations $(0.17) $0.32 $1.48 $1.74 $0.93
(a,b) (d) (f-h) (j-l) (n,o)
Discontinued
operation 0.01(c) 0.03(e) 0.55(i) 0.47(m) (1.00)(p)
Net Earnings (Loss) $(0.16) $0.35 $2.03 $2.21 $(0.07)
(a-c) (d,e) (f-i) (j-m) (n-p)
Average Shares of
Common Stock
Outstanding -
Diluted 486.0 488.9 507.1 509.7 488.4
Cash Dividends Per
Common Share $0.25 $0.25 $0.25 $1.00 $1.00
The accompanying notes are an integral part of these financial statements.
(a) Includes $199 million ($123 million after taxes) for organizational
restructuring charges associated with the company's previously
announced transformation plan, a $27 million charge ($16 million after
taxes) for legal reserves, and a $7 million charge ($4 million after
taxes) for losses on early debt extinguishment.
(b) Includes an $11 million net income tax benefit reflecting a $74
million favorable adjustment from the finalization of the company's
1997 through 2000 U.S. federal income tax audit, a $43 million
provision for deferred taxes related to earnings repatriated under the
American Jobs Creation Act of 2004, and $20 million of other tax
charges.
(c) Includes an $11 million pre-tax gain ($5 million after taxes) for
adjustments related to Weldwood of Canada, Ltd. and Carter Holt Harvey
Ltd.
(d) Includes a charge of $10 million ($6 million after taxes) for legal
reserves and a charge of $3 million ($2 million after taxes) for
losses on early extinguishment of debt.
(e) Includes the net income of Weldwood of Canada, Ltd. and Carter Holt
Harvey Ltd. prior to their sales in the fourth quarter of 2004 and the
third quarter of 2005, respectively, and a credit of $5 million after
taxes related to the loss on the sale of Weldwood of Canada, Ltd.
(f) Includes a charge of $44 million before taxes ($32 million after
taxes) for organizational restructuring charges, and a charge of $26
million before taxes ($16 million after taxes) for early
extinguishment of debt.
(g) Includes interest income of $43 million before taxes ($26 million
after taxes) related to a favorable tax audit agreement.
(h) Includes a $517 million reduction in the income tax provision,
principally as a result of an agreement reached with the U.S. Internal
Revenue Service concerning the 1997 through 2000 U.S. federal income
tax audit.
(i) Includes a $29 million pre-tax gain ($361 million after taxes) from
the sale of IP's interest in Carter Holt Harvey Limited, plus CHH
operating income prior to the sale.
(j) Includes $57 million ($35 million after taxes) for losses on early
debt extinguishment, $274 million ($174 million after taxes) for
organizational restructuring and other charges principally associated
with the Company's previously announced transformation plan, and a $27
million charge ($16 million after taxes) for legal reserves.
(k) Includes interest income of $43 million before taxes ($26 million
after taxes) related to a favorable tax audit agreement, and interest
income of $11 million before taxes ($7 million after taxes) from the
collection of a note receivable from the 2001 sale of the Flexible
Packaging business.
(l) Includes a $446 million reduction in the income tax provision,
including a reduction of $627 million as a result of an agreement
reached with the U.S. Internal Revenue Service concerning the 1997
through 2000 U.S. federal income tax audit, a $142 million charge for
deferred taxes related to earnings repatriations under the American
Jobs Creation Act of 2004, and $39 million of other tax charges.
(m) Includes the net income of Carter Holt Harvey Ltd. prior to its sale,
a $29 million pre-tax gain ($361 million after taxes) from the sale of
IP's interest in Carter Holt Harvey Ltd. in the third quarter of 2005,
and an $11 million pre-tax gain ($5 million after taxes) for
adjustments related to the sales of Weldwood of Canada, Ltd. and
Carter Holt Harvey Ltd.
(n) Includes a charge of $64 million ($40 million after taxes) for
organizational restructuring programs, $92 million ($57 million after
taxes) for losses on early extinguishment of debt and a charge of $10
million ($6 million after taxes) for legal settlements.
(o) Includes a $32 million net increase in the income tax provision
reflecting an adjustment of deferred tax balances.
(p) Includes the net income of Weldwood of Canada, Ltd. and Carter Holt
Harvey Ltd. prior to their sales in the fourth quarter of 2004 and the
third quarter of 2005, respectively; a $711 million after-tax charge
to write down the net assets of Weldwood of Canada, Ltd. to their
estimated net realizable value; and a gain on the sale of the Carter
Holt Harvey tissue business of $267 million ($90 million after taxes
and minority interest).
International Paper
Reconciliation of Earnings Before
Special Items to Net Earnings (Loss)
Preliminary and Unaudited
(In millions except for per share amounts)
Three Months Three Months Twelve Months
Ended Ended Ended
December 31, September 30, December 31,
2005 2004 2005 2005 2004
Earnings Before
Special Items $ 58 $ 205 $ 139 $ 524 $ 618
Restructuring and
other charges (143) (8) (48) (225) (103)
Insurance recoveries 21 12 109 151 76
Reversals of reserves
no longer required 1 11 2 3 22
Net gains (losses) on
sales and impairments
of businesses held
for sale (30) (64) (3) (73) (125)
Interest income - - 26 33 -
Income tax adjustments 11 - 517 446 (32)
Earnings (Loss) from
Continuing Operations (82) 156 742 859 456
Discontinued
Operations 5 13 281 241 (491)
Net Earnings (Loss)
as Reported $ (77) $ 169 $1,023 $1,100 (35)
Three Months Three Months Twelve Months
Ended Ended Ended
December 31, September 30, December 31,
2005 2004 2005 2005 2004
Earnings Per Share
Before Special Items $0.12 $0.42 $0.29 $1.08 $1.26
Restructuring and other
charges (0.29) (0.02) (0.09) (0.44) (0.22)
Insurance recoveries 0.04 0.02 0.21 0.30 0.16
Reversal of reserves no
longer required - 0.02 - - 0.05
Net gains (losses) on
sales and impairments
of businesses held for
sale (0.06) (0.12) - (0.14) (0.26)
Interest income - - 0.05 0.06 -
Income tax adjustments 0.02 - 1.02 0.88 (0.06)
Earnings (Loss) Per
Common Share from
Continuing Operations (0.17) 0.32 1.48 1.74 0.93
Discontinued Operations 0.01 0.03 0.55 0.47 (1.00)
Diluted Earnings (Loss)
per Common Share $(0.16) $0.35 $2.03 $2.21 $(0.07)
Notes:
(1) The company calculates Earnings Before Special Items by excluding the
after-tax effect of the adoption of new accounting standards and
items considered by management to be unusual from the net earnings
(loss) 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 (loss) provides for a more
complete analysis of the results of operations by quarter. Net
earnings (loss) is the most directly comparable GAAP measure.
(2) Diluted earnings per common share reflects a the inclusion of
contingently convertible securities in the computation.
(3) Since the basic and diluted earnings per share are computed
independently for each period, nine-month per share amounts may not
equal the sum of the respective quarters.
International Paper
Sales and Earnings by Industry Segment
Preliminary and Unaudited
(In Millions)
Sales by Industry Segment
Three Months Three Months Twelve Months
Ended Ended Ended
Dec 31, Sept 30, Dec. 31,
2005 2004(1) 2005 2005 2004(1)
Printing Papers $2,010 $1,985 $1,970 $7,860 $7,670
Industrial
Packaging(2) 1,180 1,295 1,115 4,830 4,830
Consumer
Packaging(2) 730 685 685 2,695 2,605
Distribution 1,635 1,550 1,645 6,380 6,065
Forest Products 660 570 700 2,575 2,395
Other
Businesses(3) 190 260 220 915 1,120
Less:
Intersegment
Sales (271) (328) (299) (1,158) (1,326)
$6,134 $6,017 $6,036 $24,097 $23,359
Earnings by Industry Segment
Three Months Three Months Twelve Months
Ended Ended Ended
Dec 31, Sept 30, Dec. 31,
2005 2004(1) 2005 2005 2004(1)
Printing Papers $88 $196 $132(5) $552(5,7) $581
Industrial
Packaging(2) 11 131 33(5) 234(5) 380
Consumer
Packaging(2) 21 39 37(5) 122(5) 161(9)
Distribution 25 22 23 84 87
Forest Products 257 176 272(5) 927(5,7) 793
Other
Businesses(3) (5) 7 (8)(5) 4(5) 38
Operating Profit 397 571 489 1,923 2,040
Interest expense,
net (151) (169) (120)(6) (593)(6,8) (710)
Minority interest(4) (1) 3 - - 5
Corporate items,
net (167) (156) (142) (597) (469)
Restructuring and
other charges (233) (13) (41) (298) (166)
Insurance
Recoveries 35 20 188 258 123
Net gains (losses)
on sales and
impairments of
businesses held
for sale (46) (79) (5) (111) (135)
Reversal of
reserves no
longer required 1 17 3 4 36
Earnings (Loss)
from continuing
operations before
income taxes and
minority interest $(165) $ 194 $ 372 $ 586 $ 724
(1) Prior-year industry information has been restated to conform to 2005
management structure.
(2) Beginning with the 2005 first quarter, Industrial Packaging and
Consumer Packaging are reported as separate industry segments. Prior-
period segment information has been restated to reflect this
presentation.
(3) Includes Arizona Chemical, European Distribution and certain smaller
businesses.
(4) 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 minority
interest for these subsidiaries is added here to present consolidated
earnings before income taxes and minority interest.
(5) Includes 2005 third quarter special charges of $6 million before taxes
in the Printing Papers segment for severance charges related to the
indefinite shutdown of three U.S. paper machines, $3 million before
taxes in the Printing Papers segment and $1 million before taxes in
the Consumer Packaging segment for environmental reserves, $4 million
before taxes in the Industrial Packaging segment related to adjust
reserves previously provided, $2 million before taxes in the Forest
Products segment for costs associated with relocating the headquarters
to Memphis, TN from Savannah, GA, and $13 million before taxes in the
Other Businesses segment related to a plant shutdown.
(6) Includes interest income of $43 million before taxes related to a
favorable tax audit adjustment.
(7) Includes 2005 second quarter special charges of $17 million before
taxes in the Printing Papers segment for severance and other charges
related to the indefinite shutdown of three U.S. paper machines, and
$14 million before taxes in the Forest Resources segment for 2005
second quarter costs associated with relocating the Forest Products
headquarters to Memphis, TN from Savannah, GA.
(8) Includes interest income of $11 million before taxes from the
collection of a note receivable from the 2001 sale of the Flexible
Packaging business.
(9) Includes a 2004 second quarter estimated loss on the sale of Food Pack
S.A. of $4 million before taxes.
International Paper
Sales Volumes by Product(1)(2)
Preliminary and Unaudited
International Paper Consolidated
Three Months Three Months Twelve Months
Ended Ended Ended
Dec 31, Sept 30, Dec. 31,
2005 2004 2005 2005 2004
Printing Papers
(In thousands of
short tons)
Brazil Uncoated
Papers 117 116 111 447 461
Europe & Russia
Uncoated Papers
and Bristols 360 373 342 1,419 1,409
U.S. Uncoated Papers
and Bristols 1,064 1,126 1,041 4,261 4,614
Uncoated Papers
and Bristols 1,541 1,615 1,494 6,127 6,484
Coated Papers 527 532 572 2,109 2,173
Market Pulp(3) 439 374 402 1,588 1,422
Packaging
(In thousands of
short tons)
Container of the
Americas 767 768 752 3,061 2,821
European Container
(Boxes) 279 282 262 1,073 1,049
Other Industrial
and Consumer
Packaging 253 268 264 1,041 1,064
Industrial and
Consumer Packaging 1,299 1,318 1,278 5,175 4,934
Containerboard 562 461 467 1,937 2,090
Bleached Packaging
Board 349 367 341 1,412 1,495
Kraft 152 137 155 608 605
Forest Products
(In millions)
Panels (sq. ft.
3/8" -- basis) 394 362 444 1,606 1,563
Lumber (board feet) 645 606 675 2,596 2,456
(1) Sales volumes include third party and inter-segment sales.
(2) Sales volumes for divested businesses are included through the date of
sale, except for discontinued operations.
(3) Includes internal sales to mills.
International Paper Company
Consolidated Balance Sheet
Preliminary and Unaudited
(In Millions)
December September December
31, 30, 31,
2005 2005 2004
Assets
Current Assets
Cash and temporary investments $ 1,641 $ 1,092 $ 2,180
Accounts and notes receivable, net 2,926 2,918 2,743
Inventories 2,434 2,427 2,371
Assets of businesses held for sale 14 57 4,729
Deferred income tax assets 64 389 410
Other current assets 117 180 153
Total Current Assets 7,196 7,063 12,586
Plants, Properties and Equipment, net 11,801 11,850 12,216
Forestlands 2,190 2,207 2,157
Investments 625 597 655
Goodwill 5,043 5,043 4,994
Deferred Charges and Other Assets 1,704 1,691 1,609
Total Assets $28,559 $28,451 $34,217
Liabilities and Common
Shareholders' Equity
Current Liabilities
Notes payable and current
maturities of long-term debt $ 1,181 $ 796 $ 222
Liabilities of businesses held
for sale 36 51 3,165
Accounts payable and accrued
liabilities 3,624 3,516 3,947
Total Current Liabilities 4,841 4,363 7,334
Long-Term Debt 11,023 10,772 13,632
Deferred Income Taxes 490 1,287 1,118
Other Liabilities 3,699 2,959 3,691
Minority Interest 211 203 188
Common Shareholders' Equity
Invested capital 5,123 5,496 5,692
Retained earnings 3,172 3,371 2,562
Total Common Shareholders'
Equity 8,295 8,867 8,254
Total Liabilities and Common
Shareholders' Equity $28,559 $28,451 $34,217
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