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For the year ended December 31, 2015, $IP generated $2.6Bil of cash flow from operations compared with $3.1Bil in 2014. Cash flow from operations included $750MM of cash pension contributions in 2015. Net decreases in debt totaled $74MM. Capex totaled $1.5Bil in 2015. Capex for 2016 is targeted at $1.3Bil.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.