management believes it is important for interna- tional paper to maintain an investment-grade credit rat- ing to facilitate access to capital markets on favorable terms . at december 31 , 2005 , the company held long- term credit ratings of bbb ( negative outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively . cash provided by operations cash provided by continuing operations totaled $ 1.5 billion for 2005 , compared with $ 2.1 billion in 2004 and $ 1.5 billion in 2003 . the major components of cash provided by continuing operations are earnings from continuing operations adjusted for non-cash in- come and expense items and changes in working capital . earnings from continuing operations adjusted for non-cash items declined by $ 83 million in 2005 versus 2004 . this compared with an increase of $ 612 million for 2004 over 2003 . working capital , representing international paper 2019s investments in accounts receivable and inventory less accounts payable and accrued liabilities , was $ 2.6 billion at december 31 , 2005 . cash used for working capital components increased by $ 591 million in 2005 , com- pared with a $ 86 million increase in 2004 and an $ 11 million increase in 2003 . the increase in 2005 was principally due to a decline in accrued liabilities at de- cember 31 , 2005 . investment activities capital spending from continuing operations was $ 1.2 billion in 2005 , or 84% ( 84 % ) of depreciation and amor- tization , comparable to the $ 1.2 billion , or 87% ( 87 % ) of depreciation and amortization in 2004 , and $ 1.0 billion , or 74% ( 74 % ) of depreciation and amortization in 2003 . the following table presents capital spending from continuing operations by each of our business segments for the years ended december 31 , 2005 , 2004 and 2003 . in millions 2005 2004 2003 .
what was the percent of the total capital spending from continuing operations for industrial packaging in 2005
we expect capital expenditures in 2006 to be about $ 1.2 billion , or about 80% ( 80 % ) of depreciation and amor- tization . we will continue to focus our future capital spending on improving our key platform businesses in north america and on investments in geographic areas with strong growth opportunities . acquisitions in october 2005 , international paper acquired ap- proximately 65% ( 65 % ) of compagnie marocaine des cartons et des papiers ( cmcp ) , a leading moroccan corrugated packaging company , for approximately $ 80 million in cash plus assumed debt of approximately $ 40 million . in august 2005 , pursuant to an existing agreement , international paper purchased a 50% ( 50 % ) third-party interest in ippm ( subsequently renamed international paper distribution limited ) for $ 46 million to facilitate possi- ble further growth in asian markets . in 2001 , interna- tional paper had acquired a 25% ( 25 % ) interest in this business . the accompanying consolidated balance sheet as of december 31 , 2005 includes preliminary estimates of the fair values of the assets and liabilities acquired , including approximately $ 50 million of goodwill . in july 2004 , international paper acquired box usa holdings , inc . ( box usa ) for approximately $ 400 million , including the assumption of approximately $ 197 million of debt , of which approximately $ 193 mil- lion was repaid by july 31 , 2004 . each of the above acquisitions was accounted for using the purchase method . the operating results of these acquisitions have been included in the con- solidated statement of operations from the dates of ac- quisition . financing activities 2005 : financing activities during 2005 included debt issuances of $ 1.0 billion and retirements of $ 2.7 billion , for a net debt and preferred securities reduction of $ 1.7 billion . in november and december 2005 , international paper investments ( luxembourg ) s.ar.l. , a wholly- owned subsidiary of international paper , issued $ 700 million of long-term debt with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2010 . additionally , the subsidiary borrowed $ 70 million under a bank credit agreement with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2006 . in december 2005 , international paper used pro- ceeds from the above borrowings , and from the sale of chh in the third quarter of 2005 , to repay approx- imately $ 190 million of notes with coupon rates ranging from 3.8% ( 3.8 % ) to 10% ( 10 % ) and original maturities from 2008 to 2029 . the remaining proceeds from the borrowings and the chh sale will be used for further debt reductions in the first quarter of 2006. .