MEADWESTVACO Corp

CIK:0001159297|SEC Filings

Income per common share

3 Months Ended

Mar. 31, 2015

9. Income per common share

Basic net income per share for all the periods presented has been calculated using the weighted average shares outstanding. In computing diluted net income per share, incremental shares issuable upon the assumed exercise of stock options and other share-based compensation awards are included in the weighted average shares outstanding, if dilutive. Below is the number of potentially dilutive shares not included in the calculation of diluted net income per share because to do so would have been anti-dilutive for the periods presented.


	Three Months Ended March 31,
*In millions*	2015		2014
Anti-dilutive shares		0.2		1.3

Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 33us-gaap_ProfitLoss	$ 31us-gaap_ProfitLoss
Discontinued operations	(2)	0
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, depletion and amortization	82	93
Deferred income taxes	3us-gaap_DeferredIncomeTaxExpenseBenefit	7us-gaap_DeferredIncomeTaxExpenseBenefit
Pension income (excluding curtailments)	(17)mwv_PensionIncome	(30)mwv_PensionIncome
Impairment of long-lived assets	0us-gaap_AssetImpairmentCharges	13us-gaap_AssetImpairmentCharges
Appreciation in cash surrender value insurance policies	(8)	(6)
Changes in working capital, excluding the effects of acquisitions and dispositions	(203)	(213)
Payment of alternative minimum taxes - forestlands sale	0mwv_IncreaseDecreaseInIncomeTaxesPaid	(98)mwv_IncreaseDecreaseInIncomeTaxesPaid
Other, net	(1)	(4)
Net cash used in operating activities from continuing operations	(113)	(207)
Discontinued operations	0	(1)
Net cash used in operating activities	(113)	(208)
Cash flows from investing activities:
Capital expenditures	(65)	(66)
Proceeds from dispositions of assets	0mwv_ProceedsFromDispositionsOfAssets	3mwv_ProceedsFromDispositionsOfAssets
Other	0	3
Net cash used in investing activities	(65)	(60)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	50	50
Repayment of long-term debt	(19)us-gaap_RepaymentsOfLongTermDebt	(20)us-gaap_RepaymentsOfLongTermDebt
Changes in notes payable and other short-term borrowings, net	(2)	3
Changes in bank overdrafts	1	14
Dividends paid (including special dividend of $175 million paid in March 2014)	(42)us-gaap_PaymentsOfDividends	(218)us-gaap_PaymentsOfDividends
Stock repurchases	0	(305)
Proceeds from exercises of stock options	12	13
Other	6	3
Net cash provided by (used in) financing activities	6	(460)
Effect of exchange rate changes on cash	(20)	3
Decrease in cash and cash equivalents	(192)	(725)
Cash and cash equivalents:
At beginning of period	454	1,057
At end of period	$ 262	$ 332

Fair Values and Effect of Derivative Instruments on Consolidated Balance Sheet (Detail) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Gross amount of recognized assets	$ 19	$ 12
Gross amount offset in the consolidated balance sheet	(5)	(4)
Net amount of assets presented in the consolidated balance sheet	14us-gaap_DerivativeAssets	8us-gaap_DerivativeAssets
Gross amount of recognized (liabilities)	(11)	(6)
Gross amount offset in the consolidated balance sheet	6	2
Net amount of (liabilities) presented in the consolidated balance sheet	(5)us-gaap_DerivativeLiabilities	(4)us-gaap_DerivativeLiabilities
Total derivatives	9	4
Derivatives designated as hedges \| Foreign Currency Hedges \| Other current assets
Derivatives, Fair Value [Line Items]
Gross amount of recognized assets	17	9
Gross amount offset in the consolidated balance sheet	0	0
Net amount of assets presented in the consolidated balance sheet	17	9
Derivatives designated as hedges \| Foreign Currency Hedges \| Accounts payable
Derivatives, Fair Value [Line Items]
Gross amount of recognized (liabilities)	0	0
Gross amount offset in the consolidated balance sheet	3	2
Net amount of (liabilities) presented in the consolidated balance sheet	3	2
Derivatives designated as hedges \| Natural gas hedges \| Other current assets
Derivatives, Fair Value [Line Items]
Gross amount of recognized assets	0
Gross amount offset in the consolidated balance sheet	(4)	(2)
Net amount of assets presented in the consolidated balance sheet	(4)	(2)
Derivatives designated as hedges \| Natural gas hedges \| Accounts payable
Derivatives, Fair Value [Line Items]
Gross amount of recognized (liabilities)	(4)	(5)
Gross amount offset in the consolidated balance sheet	0	0
Net amount of (liabilities) presented in the consolidated balance sheet	(4)	(5)
Derivatives designated as hedges \| Natural gas hedges \| Other long-term obligations
Derivatives, Fair Value [Line Items]
Gross amount of recognized (liabilities)	(1)	(1)
Gross amount offset in the consolidated balance sheet	0	0
Net amount of (liabilities) presented in the consolidated balance sheet	(1)	(1)
Derivatives not designated as hedges \| Foreign Currency Hedges
Derivatives, Fair Value [Line Items]
Gross amount of recognized (liabilities)	(6)
Gross amount offset in the consolidated balance sheet	3
Net amount of (liabilities) presented in the consolidated balance sheet	(3)
Derivatives not designated as hedges \| Foreign Currency Hedges \| Other current assets
Derivatives, Fair Value [Line Items]
Gross amount of recognized assets	2	3
Gross amount offset in the consolidated balance sheet	(1)	(2)
Net amount of assets presented in the consolidated balance sheet	$ 1	$ 1