even though wood costs moderated in the second half of 2019 , they had a negative impact on earnings in 2019. equity earnings decreased in 2019 due to lower ilim earnings , driven by the challenging global pulp market dynamics . looking ahead to the first quarter 2020 , as compared to the fourth quarter of 2019 , in our industrial packaging business , we expect lower price and mix on the flow-through of prior price index movements . volume is expected to be seasonally lower in north america . operations and costs are expected to be negatively impacted by the non-repeat of a favorable inventory valuation adjustment recognized in the fourth quarter , as well as higher unabsorbed fixed costs associated with the riverdale mill conversion . maintenance outage expense is expected to be higher , and input costs are expected to be higher seasonally . in our global cellulose fibers business , we expect lower price and mix on the impact of prior price index movements . volume is expected to improve driven by higher fluff pulp shipments . operations and costs are expected to negatively impact earnings due to the non-repeat of favorable items recognized in the fourth quarter . maintenance outage expenses are expected to increase while input costs are expected to remain stable . in our printing papers business , flow-through of prior negative price movement is expected to be offset by improved geographic mix . volume is expected to be down mostly due to seasonally lower volumes in brazil . operations and costs are 19 expected to have a favorable impact on earnings mostly due to the non-repeat of an unfavorable inventory valuation adjustment recognized in the fourth quarter , as well as improved fixed cost absorption in north america . maintenance outage expenses are expected to increase while input costs should remain stable . lastly , we expect lower equity earnings from our ilim joint venture on the non-repeat of the fourth quarter foreign exchange gain . looking ahead to the full-year 2020 , we expect to generate solid cash flows despite earnings headwinds , by continuing to leverage the flexibility of the company to manage costs , capital spending and working capital . earnings are expected to be negatively impacted by price carryover from 2019 , as well as the impact of the january 2020 containerboard index movement . earnings are also expected to be negatively impacted by higher planned maintenance outage expense and costs related to the riverdale conversion , including unabsorbed fixed costs during the conversion process . we plan to offset anticipated inflation through deliberate improvement initiatives . the fundamentals of our packaging and fluff pulp businesses are solid - we believe we are well positioned to capture growth while continuing to optimize the company 's value chain to position us with positive momentum as we navigate through 2020. lastly , we intend to continue to make choices for the use of the company 's strong cash generation that are consistent with our capital allocation framework in order to drive long-term value creation . adjusted operating earnings and adjusted operating earnings per share are non-gaap measures and are defined as net earnings from continuing operations ( a gaap measure ) excluding special items and non-operating pension expense . net earnings ( loss ) and diluted earnings ( loss ) per share attributable to common shareholders are the most directly comparable gaap measures . the company calculates adjusted operating earnings by excluding the after-tax effect of non-operating pension expense , items considered by management to be unusual ( special items ) and discontinued operations from the earnings reported under gaap . adjusted operating earnings per share is calculated by dividing adjusted operating earnings by diluted average shares of common stock outstanding . 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 consolidated operating results . the company believes that using this information , along with the most direct comparable gaap measure , provides for a more complete analysis of the results of operations . the following are reconciliations of earnings ( loss ) attributable to common shareholders to adjusted operating earnings ( loss ) attributable to common shareholders . additional detail is provided later in this form 10-k regarding the special items referenced in the charts below . replace_table_token_10_th replace_table_token_11_th replace_table_token_12_th 20 replace_table_token_13_th cash provided by operations totaled $ 3.6 billion and $ 3.2 billion for 2019 and 2018 , respectively . the company generated free cash flow of approximately $ 2.3 billion and $ 1.7 billion in 2019 and 2018 , respectively . free cash flow is a non-gaap measure and the most directly comparable gaap measure is cash provided by operations . management believes that free cash flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available , after reinvesting in the business , to maintain a strong balance sheet , pay dividends , repurchase stock , service debt and make investments for future growth . it should not be inferred that the entire free cash flow amount is available for discretionary expenditures . by adjusting for certain items that are not indicative of the company 's ongoing underlying operational performance , we believe that free cash flow also enables investors to perform meaningful comparisons between past and present periods . the following are reconciliations of free cash flow to cash provided by operations : replace_table_token_14_th replace_table_token_15_th the non-gaap financial measures presented in this form 10-k as referenced above have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results calculated in accordance with gaap . story_separator_special_tag ilim 's facilities include three paper mills located in bratsk , ust-ilimsk , and koryazhma , russia , with combined total pulp and paper capacity of over 3.5 million metric tons . ilim has exclusive harvesting rights on timberland and forest areas exceeding 19.5 million acres ( 7.88 million hectares ) . gpip on january 1 , 2018 , the company completed the transfer of its north american consumer packaging business , which includes its north american coated paperboard and foodservice businesses , to graphic packaging international partners , llc ( gpip ) , a subsidiary of graphic packaging holding company , in exchange for a 20.5 % ownership interest in gpip . gpip subsequently transferred the north american consumer packaging business to graphic packaging international , llc ( gpi ) , a wholly-owned subsidiary of gpip that holds the assets of the combined business . on january 29 , 2020 , the company exchanged approximately 19.0 % of the aggregate units owned by the company for an aggregated price of $ 250 million . after this transaction , the company 's ownership percentage in gpip is approximately 18.3 % . the company expects to record a gain on the exchange in the first quarter of 2020. products and brand designations appearing in italics are trademarks of international paper or a related company . business segment results the following tables present net sales and operating profit ( loss ) which is the company 's measure of segment profitability . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , mill outage costs , manufacturing efficiency and product mix . industrial packaging in millions 2019 2018 net sales $ 15,326 $ 15,900 operating profit ( loss ) $ 2,076 $ 2,277 industrial packaging net sales for 2019 decreased 4 % to $ 15.3 billion compared with $ 15.9 billion in 2018 . operating profits in 2019 were 9 % lower than in 2018 . comparing 2019 with 2018 , benefits from lower input costs ( $ 124 million ) and lower maintenance outage costs ( $ 22 million ) were more than offset by lower average sales price and an unfavorable mix ( $ 61 million ) , lower sales volumes ( $ 107 million ) and higher operating costs ( $ 179 million ) . north american industrial packaging in millions 2019 2018 net sales ( a ) $ 13,509 $ 14,187 operating profit ( loss ) $ 2,043 $ 2,307 ( a ) includes intra-segment sales of $ 118 million for 2019 and $ 233 million for 2018. north american industrial packaging 's sales volumes decreased in 2019 compared with 2018 for export containerboard , primarily due to customer destocking as customers exited 2018 with high inventory levels which persisted through the first half of 2019. box shipments were also lower , reflecting weaker demand and the impact of customer gains and losses . in 2019 , the business took about 1.4 million tons of total maintenance and economic downtime compared with 0.5 million tons of total downtime in 2018. average sales prices were significantly lower primarily due to lower export containerboard prices , which were partially offset by higher sales prices for boxes . input costs were substantially lower , primarily for recycled fiber . planned maintenance downtime costs were $ 23 million lower in 2019 than in 2018. operating costs increased due to inflation , but were mostly offset by strong mill manufacturing operations . earnings benefited from a favorable inventory valuation adjustment in 2019 , compared with an unfavorable inventory valuation adjustment in 2018 . 26 looking ahead to the first quarter of 2020 , compared with the fourth quarter of 2019 , sales volumes for boxes are expected to be seasonally lower . shipments of containerboard to export markets are also expected to be lower . average sales margins for boxes are expected to be lower , reflecting the recent price index movements . input costs , primarily for wood and energy , are expected to be relatively flat . planned maintenance downtime costs are expected to be about $ 90 million higher as we move into a high maintenance outage quarter . operating costs are anticipated to be higher , reflecting the impact of unabsorbed fixed costs related to the riverdale conversion . emea industrial packaging in millions 2019 2018 net sales $ 1,335 $ 1,355 operating profit ( loss ) $ ( 17 ) $ ( 73 ) emea industrial packaging 's sales volumes in 2019 were lower than in 2018 , reflecting weaker economic conditions in turkey and a slower fruit and vegetable season in morocco . average sales margins improved significantly in all regions driven by lower containerboard costs and stable sales prices for boxes . other input costs were flat . planned maintenance downtime costs were also flat . operating costs were lower due to the ramp-up of the madrid , spain mill and the benefits of our optimization initiatives , partially offset by inflation in turkey . earnings also benefited from the box plant acquisitions completed in the first half of 2019. earnings were negatively affected by unfavorable foreign currency impacts , primarily in turkey . entering the first quarter of 2020 , compared with the fourth quarter of 2019 , sales volumes are expected to be seasonally higher . average sales margins are expected to be slightly higher reflecting lower containerboard costs . planned maintenance downtime costs are expected to be about $ 3 million higher . input costs should be stable . operating costs are expected to be higher , driven by inflation . replace_table_token_20_th brazilian industrial packaging 's sales volumes increased in 2019 compared with 2018 for boxes and

cash provided by operating activities cash provided by operations , including discontinued operations , totaled $ 3.6 billion in 2019 , compared with $ 3.2 billion for 2018 . cash provided by working capital components ( accounts receivable , contract assets and inventory less accounts payable and accrued liabilities , interest payable and other ) totaled $ 342 million in 2019 , compared with cash used by working capital components of $ 439 million in 2018 . cash dividends received from equity investments were $ 273 million in 2019 , compared with $ 153 million in 2018 . investment activities including discontinued operations , the cash outflow from investment activities in 2019 decreased from 2018 , as 2018 included higher capital spending . the company maintains an average capital spending target around depreciation and amortization levels , or modestly above , due to strategic plans over the course of an economic cycle . capital spending was $ 1.3 billion in 2019 , or 98 % of depreciation and amortization , compared with $ 1.6 billion in 2018 , or 118 % of depreciation and amortization . across our segments , capital spending as a percentage of depreciation and amortization ranged from 61.6 % to 116.1 % in 2019 . the following table shows capital spending by business segment for the years ended december 31 , 2019 and 2018 . replace_table_token_24_th capital spending in 2020 is expected to be approximately $ 1.0 billion , or 74 % of depreciation and amortization , including approximately $ 250 million of strategic investments .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash provided by operating activities cash provided by operations , including discontinued operations , totaled $ 3.6 billion in 2019 , compared with $ 3.2 billion for 2018 . cash provided by working capital components ( accounts receivable , contract assets and inventory less accounts payable and accrued liabilities , interest payable and other ) totaled $ 342 million in 2019 , compared with cash used by working capital components of $ 439 million in 2018 . cash dividends received from equity investments were $ 273 million in 2019 , compared with $ 153 million in 2018 . investment activities including discontinued operations , the cash outflow from investment activities in 2019 decreased from 2018 , as 2018 included higher capital spending . the company maintains an average capital spending target around depreciation and amortization levels , or modestly above , due to strategic plans over the course of an economic cycle . capital spending was $ 1.3 billion in 2019 , or 98 % of depreciation and amortization , compared with $ 1.6 billion in 2018 , or 118 % of depreciation and amortization . across our segments , capital spending as a percentage of depreciation and amortization ranged from 61.6 % to 116.1 % in 2019 . the following table shows capital spending by business segment for the years ended december 31 , 2019 and 2018 . replace_table_token_24_th capital spending in 2020 is expected to be approximately $ 1.0 billion , or 74 % of depreciation and amortization , including approximately $ 250 million of strategic investments .
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 Suspicious Activity Report : even though wood costs moderated in the second half of 2019 , they had a negative impact on earnings in 2019. equity earnings decreased in 2019 due to lower ilim earnings , driven by the challenging global pulp market dynamics . looking ahead to the first quarter 2020 , as compared to the fourth quarter of 2019 , in our industrial packaging business , we expect lower price and mix on the flow-through of prior price index movements . volume is expected to be seasonally lower in north america . operations and costs are expected to be negatively impacted by the non-repeat of a favorable inventory valuation adjustment recognized in the fourth quarter , as well as higher unabsorbed fixed costs associated with the riverdale mill conversion . maintenance outage expense is expected to be higher , and input costs are expected to be higher seasonally . in our global cellulose fibers business , we expect lower price and mix on the impact of prior price index movements . volume is expected to improve driven by higher fluff pulp shipments . operations and costs are expected to negatively impact earnings due to the non-repeat of favorable items recognized in the fourth quarter . maintenance outage expenses are expected to increase while input costs are expected to remain stable . in our printing papers business , flow-through of prior negative price movement is expected to be offset by improved geographic mix . volume is expected to be down mostly due to seasonally lower volumes in brazil . operations and costs are 19 expected to have a favorable impact on earnings mostly due to the non-repeat of an unfavorable inventory valuation adjustment recognized in the fourth quarter , as well as improved fixed cost absorption in north america . maintenance outage expenses are expected to increase while input costs should remain stable . lastly , we expect lower equity earnings from our ilim joint venture on the non-repeat of the fourth quarter foreign exchange gain . looking ahead to the full-year 2020 , we expect to generate solid cash flows despite earnings headwinds , by continuing to leverage the flexibility of the company to manage costs , capital spending and working capital . earnings are expected to be negatively impacted by price carryover from 2019 , as well as the impact of the january 2020 containerboard index movement . earnings are also expected to be negatively impacted by higher planned maintenance outage expense and costs related to the riverdale conversion , including unabsorbed fixed costs during the conversion process . we plan to offset anticipated inflation through deliberate improvement initiatives . the fundamentals of our packaging and fluff pulp businesses are solid - we believe we are well positioned to capture growth while continuing to optimize the company 's value chain to position us with positive momentum as we navigate through 2020. lastly , we intend to continue to make choices for the use of the company 's strong cash generation that are consistent with our capital allocation framework in order to drive long-term value creation . adjusted operating earnings and adjusted operating earnings per share are non-gaap measures and are defined as net earnings from continuing operations ( a gaap measure ) excluding special items and non-operating pension expense . net earnings ( loss ) and diluted earnings ( loss ) per share attributable to common shareholders are the most directly comparable gaap measures . the company calculates adjusted operating earnings by excluding the after-tax effect of non-operating pension expense , items considered by management to be unusual ( special items ) and discontinued operations from the earnings reported under gaap . adjusted operating earnings per share is calculated by dividing adjusted operating earnings by diluted average shares of common stock outstanding . 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 consolidated operating results . the company believes that using this information , along with the most direct comparable gaap measure , provides for a more complete analysis of the results of operations . the following are reconciliations of earnings ( loss ) attributable to common shareholders to adjusted operating earnings ( loss ) attributable to common shareholders . additional detail is provided later in this form 10-k regarding the special items referenced in the charts below . replace_table_token_10_th replace_table_token_11_th replace_table_token_12_th 20 replace_table_token_13_th cash provided by operations totaled $ 3.6 billion and $ 3.2 billion for 2019 and 2018 , respectively . the company generated free cash flow of approximately $ 2.3 billion and $ 1.7 billion in 2019 and 2018 , respectively . free cash flow is a non-gaap measure and the most directly comparable gaap measure is cash provided by operations . management believes that free cash flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available , after reinvesting in the business , to maintain a strong balance sheet , pay dividends , repurchase stock , service debt and make investments for future growth . it should not be inferred that the entire free cash flow amount is available for discretionary expenditures . by adjusting for certain items that are not indicative of the company 's ongoing underlying operational performance , we believe that free cash flow also enables investors to perform meaningful comparisons between past and present periods . the following are reconciliations of free cash flow to cash provided by operations : replace_table_token_14_th replace_table_token_15_th the non-gaap financial measures presented in this form 10-k as referenced above have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results calculated in accordance with gaap . story_separator_special_tag ilim 's facilities include three paper mills located in bratsk , ust-ilimsk , and koryazhma , russia , with combined total pulp and paper capacity of over 3.5 million metric tons . ilim has exclusive harvesting rights on timberland and forest areas exceeding 19.5 million acres ( 7.88 million hectares ) . gpip on january 1 , 2018 , the company completed the transfer of its north american consumer packaging business , which includes its north american coated paperboard and foodservice businesses , to graphic packaging international partners , llc ( gpip ) , a subsidiary of graphic packaging holding company , in exchange for a 20.5 % ownership interest in gpip . gpip subsequently transferred the north american consumer packaging business to graphic packaging international , llc ( gpi ) , a wholly-owned subsidiary of gpip that holds the assets of the combined business . on january 29 , 2020 , the company exchanged approximately 19.0 % of the aggregate units owned by the company for an aggregated price of $ 250 million . after this transaction , the company 's ownership percentage in gpip is approximately 18.3 % . the company expects to record a gain on the exchange in the first quarter of 2020. products and brand designations appearing in italics are trademarks of international paper or a related company . business segment results the following tables present net sales and operating profit ( loss ) which is the company 's measure of segment profitability . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , mill outage costs , manufacturing efficiency and product mix . industrial packaging in millions 2019 2018 net sales $ 15,326 $ 15,900 operating profit ( loss ) $ 2,076 $ 2,277 industrial packaging net sales for 2019 decreased 4 % to $ 15.3 billion compared with $ 15.9 billion in 2018 . operating profits in 2019 were 9 % lower than in 2018 . comparing 2019 with 2018 , benefits from lower input costs ( $ 124 million ) and lower maintenance outage costs ( $ 22 million ) were more than offset by lower average sales price and an unfavorable mix ( $ 61 million ) , lower sales volumes ( $ 107 million ) and higher operating costs ( $ 179 million ) . north american industrial packaging in millions 2019 2018 net sales ( a ) $ 13,509 $ 14,187 operating profit ( loss ) $ 2,043 $ 2,307 ( a ) includes intra-segment sales of $ 118 million for 2019 and $ 233 million for 2018. north american industrial packaging 's sales volumes decreased in 2019 compared with 2018 for export containerboard , primarily due to customer destocking as customers exited 2018 with high inventory levels which persisted through the first half of 2019. box shipments were also lower , reflecting weaker demand and the impact of customer gains and losses . in 2019 , the business took about 1.4 million tons of total maintenance and economic downtime compared with 0.5 million tons of total downtime in 2018. average sales prices were significantly lower primarily due to lower export containerboard prices , which were partially offset by higher sales prices for boxes . input costs were substantially lower , primarily for recycled fiber . planned maintenance downtime costs were $ 23 million lower in 2019 than in 2018. operating costs increased due to inflation , but were mostly offset by strong mill manufacturing operations . earnings benefited from a favorable inventory valuation adjustment in 2019 , compared with an unfavorable inventory valuation adjustment in 2018 . 26 looking ahead to the first quarter of 2020 , compared with the fourth quarter of 2019 , sales volumes for boxes are expected to be seasonally lower . shipments of containerboard to export markets are also expected to be lower . average sales margins for boxes are expected to be lower , reflecting the recent price index movements . input costs , primarily for wood and energy , are expected to be relatively flat . planned maintenance downtime costs are expected to be about $ 90 million higher as we move into a high maintenance outage quarter . operating costs are anticipated to be higher , reflecting the impact of unabsorbed fixed costs related to the riverdale conversion . emea industrial packaging in millions 2019 2018 net sales $ 1,335 $ 1,355 operating profit ( loss ) $ ( 17 ) $ ( 73 ) emea industrial packaging 's sales volumes in 2019 were lower than in 2018 , reflecting weaker economic conditions in turkey and a slower fruit and vegetable season in morocco . average sales margins improved significantly in all regions driven by lower containerboard costs and stable sales prices for boxes . other input costs were flat . planned maintenance downtime costs were also flat . operating costs were lower due to the ramp-up of the madrid , spain mill and the benefits of our optimization initiatives , partially offset by inflation in turkey . earnings also benefited from the box plant acquisitions completed in the first half of 2019. earnings were negatively affected by unfavorable foreign currency impacts , primarily in turkey . entering the first quarter of 2020 , compared with the fourth quarter of 2019 , sales volumes are expected to be seasonally higher . average sales margins are expected to be slightly higher reflecting lower containerboard costs . planned maintenance downtime costs are expected to be about $ 3 million higher . input costs should be stable . operating costs are expected to be higher , driven by inflation . replace_table_token_20_th brazilian industrial packaging 's sales volumes increased in 2019 compared with 2018 for boxes and

