| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | |||||||||||
5,220 | 5,455 | 5,148 | 5,090 | 5,264 | 5,563 | 5,391 | 5,482 | 5,612 | 5,850 | 5,465 | 6,394 |
Operating expenses | |||||||||||
Cost of sales, excluding depreciation and amortization | |||||||||||
4,225 | 4,303 | 4,145 | 4,051 | 4,147 | 4,396 | 4,361 | 4,321 | 4,171 | 4,417 | 4,472 | 5,225 |
Depreciation and amortization | |||||||||||
293 | 308 | 321 | 348 | 359 | 384 | 376 | 385 | 376 | 395 | 405 | 463 |
Selling, general and administrative | |||||||||||
434 | 443 | 444 | 418 | 394 | 416 | 381 | 358 | 340 | 338 | 345 | 400 |
Impairment of long-lived assets (NOTE 11) | |||||||||||
58 | 7 | 578 | 29 | 77 | 4 | 22 | 14 | 85 | 50 | 62 | 383 |
Impairment of goodwill and intangible assets (NOTE 3) | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 325 |
Closure and restructuring costs (NOTE 11) | |||||||||||
42 | 8 | 2 | 32 | 4 | 28 | 18 | 30 | 52 | 27 | 63 | 43 |
Other operating loss (income), net (NOTE 6) | |||||||||||
-5 | - | 14 | -4 | 5 | 29 | -72 | -7 | -4 | 20 | 497 | 8 |
Operating expenses | |||||||||||
5,057 | 5,069 | 5,476 | 4,882 | 4,976 | 5,199 | 5,230 | 5,115 | 5,020 | 5,247 | 4,850 | -6,831 |
Operating income | |||||||||||
163 | 386 | -328 | 208 | 288 | 364 | 161 | 367 | 592 | 603 | 615 | -437 |
Interest expense, net | |||||||||||
-52 | -62 | -66 | -66 | -132 | -103 | -89 | 131 | 87 | 155 | 125 | 133 |
Non-service components of net periodic benefit cost (NOTE 5) | |||||||||||
-23 | 18 | 11 | 15 | - | - | - | - | - | - | - | - |
Earnings before income taxes and equity loss | |||||||||||
88 | 342 | -383 | 157 | 156 | 261 | 72 | 236 | 505 | 448 | 490 | -570 |
Income tax expense (NOTE 7) | |||||||||||
2 | 57 | -125 | 29 | 14 | -170 | -20 | 58 | 133 | -157 | 180 | 3 |
Equity loss, net of taxes | |||||||||||
-2 | -2 | - | - | - | - | -1 | -6 | -7 | - | - | - |
Net earnings | |||||||||||
84 | 283 | -258 | 128 | 142 | 431 | 91 | 172 | 365 | 605 | 310 | -573 |
Per common share (in dollars) (NOTE 4) | |||||||||||
Basic | |||||||||||
1.37 | 4.50 | -4.11 | 2.04 | 2.24 | 6.65 | 1.37 | 2.39 | 9.15 | 14.14 | 7.21 | -13.33 |
Diluted | |||||||||||
1.37 | 4.48 | -4.11 | 2.04 | 2.24 | 6.64 | 1.36 | 2.39 | 9.08 | 14.00 | 7.18 | -13.33 |
Weighted average number of common shares outstanding (millions) | |||||||||||
Basic | |||||||||||
61 | 62 | 62 | 62 | 63 | 64 | 66 | 72 | 39 | 42 | 43 | 43 |
Diluted | |||||||||||
61 | 63 | 62 | 62 | 63 | 64 | 66 | 72 | 40 | 43 | 43 | 43 |
Cash dividends per common share | |||||||||||
1.78 | 1.72 | 1.66 | 1.63 | 1.58 | 1.30 | 1.00 | 0.80 | - | - | - | - |
Net earnings | |||||||||||
84 | 283 | -258 | 128 | 142 | - | 91 | 172 | 365 | 605 | 310 | -573 |
Other comprehensive (loss) income (NOTE 12): | |||||||||||
Net derivative (losses) gains on cash flow hedges: | |||||||||||
Net (losses) gains arising during the period, net of tax of $16 (2019 – $(4)) | |||||||||||
11 | -30 | 6 | 27 | -41 | -23 | -10 | - | -13 | -4 | - | - |
Less: Reclassification adjustment for losses included in net earnings, net of tax of $(2) (2019 – nil) | |||||||||||
-8 | 2 | 9 | -14 | -26 | -8 | -5 | -8 | 1 | -2 | - | - |
Foreign currency translation adjustments | |||||||||||
21 | -91 | 146 | -7 | -223 | -200 | -56 | 23 | -25 | -66 | - | - |
Change in unrecognized gains and prior service cost related to pension and post-retirement benefit plans, net of tax of $(1) (2019 – $(1)) | |||||||||||
-34 | 8 | -20 | 32 | -5 | -12 | -124 | 85 | 25 | -54 | - | - |
Other comprehensive (loss) income | |||||||||||
74 | -131 | 163 | 2 | -233 | -203 | 63 | -54 | -64 | 6 | - | - |
Comprehensive (loss) income | |||||||||||
158 | 152 | -95 | 130 | -91 | 228 | 154 | 118 | 301 | 611 | - | - |