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INTERNATIONAL PAPER CO /NEW/

CIK:0000051434|SEC Filings

Condensed Consolidated Statement of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net Sales	$ 6,004	$ 6,142	$ 11,975	$ 11,406
Costs and Expenses
Cost of products sold	4,344	4,422	8,588	8,227
Selling and administrative expenses	564	525	1,074	1,012
Depreciation and amortization	488	431	977	951
Distribution expenses	523	516	1,036	933
Taxes other than payroll and income taxes	42	41	83	128
Restructuring charges, net	9	39	32	122
Net (gains) losses on sales and impairments of businesses	(11)	(51)	(11)	(51)
Net (gains) losses on sales and impairments of assets	0	0	0	(67)
Interest expense, net	87	108	163	192
Non-operating pension expense (income)	(16)	(5)	(34)	(2)
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss)	(26)	116	67	(39)
Income tax provision (benefit)	(15)	40	2	8
Equity earnings (loss), net of taxes	(1)	(1)	(1)	(2)
Earnings (Loss) From Continuing Operations	(12)	75	64	(49)
Discontinued operations, net of taxes	0	0	(16)	19
Net Earnings (Loss)	$ (12)	$ 75	$ 48	$ (30)
Basic Earnings (Loss) Per Share
Earnings (loss) from continuing operations (in dollars per share)	$ (0.02)	$ 0.14	$ 0.12	$ (0.10)
Discontinued operations (in dollars per share)	0	0	(0.03)	0.04
Net earnings (loss) (in dollars per share)	(0.02)	0.14	0.09	(0.06)
Diluted Earnings (Loss) Per Share
Earnings (loss) from continuing operations (in dollars per share)	(0.02)	0.14	0.12	(0.10)
Discontinued operations (in dollars per share)	0	0	(0.03)	0.04
Net earnings (loss) (in dollars per share)	$ (0.02)	$ 0.14	$ 0.09	$ (0.06)
Average Shares of Common Stock Outstanding - assuming dilution (in shares)	529.5	532.6	531.8	483.0

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net earnings (loss)	$ 48	$ (30)
Depreciation and amortization	977	1,051
Deferred income tax provision (benefit), net	(9)	(95)
Restructuring charges, net	32	122
Net (gains) losses on sales and impairments of businesses	(8)	(51)
Net (gains) losses on sales and impairments of assets	0	(67)
Periodic pension (income) expense, net	6	16
Other, net	37	(75)
Changes in operating assets and liabilities
Accounts and notes receivable	(303)	(211)
Contract assets	8	(53)
Inventories	29	28
Accounts payable	394	48
Other current liabilities	(182)	(347)
Other current assets	108	(148)
Cash Provided By (Used For) Operations	1,137	188
Investment Activities
Capital expenditures	(1,050)	(752)
Acquisitions, net of cash acquired	(455)	419
Proceeds from divestitures, net of cash divested	1,083	138
Proceeds from sale of fixed assets	31	93
Proceeds from insurance recoveries	44	28
Other	(2)	36
Cash Provided By (Used For) Investment Activities	(349)	(38)
Financing Activities
Issuance of debt	92	349
Reduction of debt	(593)	(149)
Change in book overdrafts	(185)	99
Repurchases of common stock and payments of restricted stock tax withholding	(31)	(63)
Dividends paid	(490)	(488)
Other	(5)	(1)
Cash Provided By (Used For) Financing Activities	(1,212)	(253)
Effect of Exchange Rate Changes on Cash and Temporary Investments	(11)	68
Change in Cash and Temporary Investments	(435)	(35)
Cash and Temporary Investments
Beginning of period	1,161	1,170
End of period	$ 726	$ 1,135

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and temporary investments	$ 726	$ 1,145
Accounts and notes receivable, net	4,253	3,791
Contract assets	622	635
Assets held for sale	0	1,800
Inventories	1,961	2,012
Other current assets	682	723
Total Current Assets	8,244	10,106
Plants, Properties and Equipment, net	14,825	14,443
Goodwill	5,290	5,326
Intangibles, net	3,940	4,043
Long-Term Financial Assets of Variable Interest Entities (Note 15)	2,358	2,349
Right of Use Assets	672	697
Overfunded Pension Plan Assets	533	486
Deferred Charges and Other Assets	659	514
Total Assets	36,521	37,964
Current Liabilities
Notes payable and current maturities of long-term debt	1,002	992
Accounts payable	4,128	3,902
Accrued payroll and benefits	732	834
Liabilities held for sale	0	502
Other current liabilities	1,644	1,669
Total Current Liabilities	7,506	7,899
Long-Term Debt	8,215	8,839
Deferred Income Taxes	1,950	1,898
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15)	2,131	2,127
Long-Term Lease Obligations	471	486
Underfunded Pension Benefit Obligation	296	316
Postretirement and Postemployment Benefit Obligation	128	133
Other Liabilities	1,369	1,439
Equity
Common stock, $1 par value, 2026 – 627.0 shares and 2025 – 627.0 shares	627	627
Paid-in capital	14,372	14,414
Retained earnings	4,440	4,885
Accumulated other comprehensive income (loss)	(485)	(528)
Total Shareholders' Equity Before Treasury Stock	18,954	19,398
Less: Common stock held in treasury, at cost, 2026 – 97.5 shares and 2025 – 99.0 shares	4,499	4,571
Total Equity	14,455	14,827
Total Liabilities and Equity	$ 36,521	$ 37,964