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As Of Filer Filing For·On·As Docs:Size 2/16/24 International Paper Co. 10-K 12/31/23 169:23M |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 3.16M 10: EX-10.13 1 Material Contract HTML 50K 11: EX-10.13 2 Material Contract HTML 50K 12: EX-10.24 Material Contract HTML 64K 13: EX-10.25 Material Contract HTML 62K 2: EX-10.3 Material Contract HTML 55K 14: EX-10.34 Material Contract HTML 762K 3: EX-10.4 Material Contract HTML 54K 4: EX-10.5 Material Contract HTML 54K 5: EX-10.6 1 Material Contract HTML 55K 6: EX-10.6 2 Material Contract HTML 55K 7: EX-10.6 3 Material Contract HTML 55K 8: EX-10.6 4 Material Contract HTML 55K 9: EX-10.7 Material Contract HTML 97K 15: EX-19 Report Furnished to Security Holders HTML 61K 16: EX-21 Subsidiaries List HTML 61K 17: EX-23.1 Consent of Expert or Counsel HTML 43K 18: EX-23.2 Consent of Expert or Counsel HTML 42K 22: EX-97 Clawback Policy re: Recovery of Erroneously HTML 66K Awarded Compensation 23: EX-99 Miscellaneous Exhibit HTML 41K 19: EX-31.1 Certification -- §302 - SOA'02 HTML 47K 20: EX-31.2 Certification -- §302 - SOA'02 HTML 47K 21: EX-32 Certification -- §906 - SOA'02 HTML 44K 29: R1 Document And Entity Information HTML 109K 30: R2 Audit Information HTML 48K 31: R3 Consolidated Statement Of Operations HTML 163K 32: R4 Consolidated Statement of Comprehensive Income HTML 90K 33: R5 Consolidated Statement of Comprehensive Income HTML 56K (Parenthetical) 34: R6 Consolidated Balance Sheet HTML 168K 35: R7 Consolidated Balance Sheet (Parenthetical) HTML 52K 36: R8 Consolidated Statement Of Cash Flows HTML 152K 37: R9 Consolidated Statement Of Changes In Equity HTML 81K 38: R10 Consolidated Statement Of Changes In Equity HTML 66K (Consolidated Statement of Changes in Equity Parenthetical) 39: R11 Summary Of Business And Significant Accounting HTML 81K Policies (Note) 40: R12 Recent Accounting Developments (Note) HTML 60K 41: R13 Revenue Recognition (Note) HTML 145K 42: R14 Earnings Per Share Attributable To International HTML 61K Paper Company Common Shareholders (Note) 43: R15 Other Comprehensive 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ip-20231231 |
i ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the fiscal year ended | ||||||||
i i 12/31/2023 / | ||||||||
or | ||||||||
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the transition period from - to - |
i New York | i 13-0872805 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
i 6400 Poplar Avenue | |||||||||||
i Memphis, | i Tennessee | ||||||||||
(Address of principal executive offices) | |||||||||||
i 38197 | |||||||||||
(Zip Code) | |||||||||||
Registrant's telephone number, including area code: | i 901 | i 419-9000 |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
i Common Shares | i IP | i New York Stock Exchange |
i Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | ||||||||||||||||||||||
☒ | ☐ | ☐ | i ☐ | i ☐ |
PART I. | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 1B. | ||||||||
ITEM 1C. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II. | ||||||||
ITEM 5. | ||||||||
ITEM 6. | RESERVED | |||||||
ITEM 7. | ||||||||
ITEM 7A. | ||||||||
ITEM 8. | ||||||||
ITEM 9. | ||||||||
ITEM 9A. | ||||||||
ITEM 9B. | ||||||||
ITEM 9C. | ||||||||
PART III. | ||||||||
ITEM 10. | ||||||||
ITEM 11. | ||||||||
ITEM 12. | ||||||||
ITEM 13. | ||||||||
ITEM 14. | ||||||||
PART IV. | ||||||||
ITEM 15. | ||||||||
ITEM 16. | ||||||||
APPENDIX I | ||||||||
APPENDIX II |
In thousands of short tons (except as noted) | 2023 | 2022 | 2021 | ||||||||
Industrial Packaging | |||||||||||
Corrugated Packaging (b) | 9,428 | 10,202 | 10,787 | ||||||||
Containerboard | 2,604 | 2,642 | 2,893 | ||||||||
Recycling | 2,152 | 2,190 | 2,223 | ||||||||
Saturated Kraft | 160 | 188 | 186 | ||||||||
Gypsum/Release Kraft | 237 | 251 | 234 | ||||||||
Europe, Middle East & Africa ("EMEA") Packaging (b) | 1,282 | 1,376 | 1,546 | ||||||||
Industrial Packaging | 15,863 | 16,849 | 17,869 | ||||||||
Global Cellulose Fibers (in thousands of metric tons) (c) | 2,681 | 2,893 | 2,970 |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (in billions) | ||||||||||
October 1, 2023 - October 31, 2023 | 5,373 | $ | 35.19 | — | $ | 2.96 | ||||||||
November 1, 2023 - November 30, 2023 | 3,992 | 33.71 | — | 2.96 | ||||||||||
December 1, 2023 - December 31, 2023 | 1,241 | 38.82 | — | 2.96 | ||||||||||
Total | 10,606 |
In millions | 2023 | 2022 | ||||||
Net Earnings (Loss) Attributable to Shareholders | $ | 288 | $ | 1,504 | ||||
Less - Discontinued operations, net of taxes (gain) loss | 14 | 237 | ||||||
Earnings (Loss) from Continuing Operations | 302 | 1,741 | ||||||
Add back - Non-operating pension expense (income) | 54 | (192) | ||||||
Add back - Net special items expense (income) | 572 | 233 | ||||||
Income tax effect - Non-operating pension and special items | (173) | (614) | ||||||
Adjusted Operating Earnings (Loss) Attributable to Shareholders | $ | 755 | $ | 1,168 |
2023 | 2022 | |||||||
Diluted Earnings (Loss) Per Share Attributable to Shareholders | $ | 0.82 | $ | 4.10 | ||||
Less - Discontinued operations, net of taxes (gain) loss per share | 0.04 | 0.64 | ||||||
Diluted Earnings (Loss) Per Share from Continuing Operations | 0.86 | 4.74 | ||||||
Add back - Non-operating pension expense (income) per share | 0.15 | (0.52) | ||||||
Add back - Net special items expense (income) per share | 1.64 | 0.63 | ||||||
Income tax effect per share - Non-operating pension and special items | (0.49) | (1.67) | ||||||
Adjusted Operating Earnings (Loss) Per Share Attributable to Shareholders | $ | 2.16 | $ | 3.18 |
In millions | Three Months Ended December 31, 2023 | Three Months Ended September 30, 2023 | Three Months Ended December 31, 2022 | |||||||||||||||||
Net Earnings (Loss) Attributable to Shareholders | $ | (284) | $ | 165 | $ | (318) | ||||||||||||||
Less - Discontinued operations, net of taxes (gain) loss | — | 27 | 489 | |||||||||||||||||
Earnings (Loss) from Continuing Operations | (284) | 192 | 171 | |||||||||||||||||
Add back - Non-operating pension expense (income) | 14 | 13 | (48) | |||||||||||||||||
Add back - Net special items expense (income) | 546 | 29 | 144 | |||||||||||||||||
Income tax effect - Non-operating pension and special items | (134) | (10) | 42 | |||||||||||||||||
Adjusted Operating Earnings (Loss) Attributable to Shareholders | $ | 142 | $ | 224 | $ | 309 |
Three Months Ended December 31, 2023 | Three Months Ended September 30, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||
Diluted Earnings (Loss) Per Share Attributable to Shareholders | $ | (0.82) | $ | 0.47 | $ | (0.90) | ||||||||||||||
Less - Discontinued operations, net of taxes (gain) loss per share | — | 0.08 | 1.38 | |||||||||||||||||
Diluted Earnings (Loss) Per Share from Continuing Operations | (0.82) | 0.55 | 0.48 | |||||||||||||||||
Add back - Non-operating pension expense (income) per share | 0.04 | 0.04 | (0.13) | |||||||||||||||||
Add back - Net special items expense (income) per share | 1.58 | 0.08 | 0.41 | |||||||||||||||||
Income tax effect per share - Non-operating pension and special items | (0.39) | (0.03) | 0.11 | |||||||||||||||||
Adjusted Operating Earnings (Loss) Per Share Attributable to Shareholders | $ | 0.41 | $ | 0.64 | $ | 0.87 |
In millions | 2023 | 2022 | ||||||
Cash provided by operations | $ | 1,833 | $ | 2,174 | ||||
Adjustments: | ||||||||
Cash invested in capital projects, net of insurance recoveries | (1,141) | (931) | ||||||
Free Cash Flow | $ | 692 | $ | 1,243 |
In millions | Three Months Ended December 31, 2023 | Three Months Ended September 30, 2023 | Three Months Ended December 31, 2022 | ||||||||
Cash provided by operations | $ | 492 | $ | 468 | $ | 761 | |||||
Adjustments: | |||||||||||
Cash invested in capital projects, net of insurance recoveries | (305) | (228) | (322) | ||||||||
Free Cash Flow | $ | 187 | $ | 240 | $ | 439 |
In millions | 2023 | 2022 | ||||||
Net Earnings (Loss) from Continuing Operations Attributable to International Paper Company | $ | 302 | $ | 1,741 | ||||
Add back (deduct) | ||||||||
Income tax provision (benefit) | 59 | (236) | ||||||
Equity (earnings) loss, net of taxes | 21 | 6 | ||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | 382 | 1,511 | ||||||
Interest expense, net | 231 | 325 | ||||||
Adjustment for less than wholly owned subsidiaries | (2) | (5) | ||||||
Corporate expenses, net | 27 | 34 | ||||||
Corporate net special items | 28 | 99 | ||||||
Business net special items | 529 | 76 | ||||||
Non-operating pension expense (income) | 54 | (192) | ||||||
$ | 1,249 | $ | 1,848 | |||||
Business Segment Operating Profit (Loss): | ||||||||
Industrial Packaging | $ | 1,266 | $ | 1,742 | ||||
Global Cellulose Fibers | (17) | 106 | ||||||
Total Business Segment Operating Profit (Loss) | $ | 1,249 | $ | 1,848 |
In millions | 2023 | 2022 | ||||||||||||
Earnings from continuing operations attributable to International Paper Company | $ | 302 | (a) | $ | 1,741 | (b) |
In millions | 2023 | 2022 | ||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | $ | 382 | $ | 1,511 | ||||
Pre-tax special items | 554 | 233 | ||||||
Non-operating pension (income) expense | 54 | (192) | ||||||
Adjusted Operating Earnings (Loss) from Continuing Operations Before Income Taxes and Equity Earnings | $ | 990 | $ | 1,552 | ||||
Income tax provision (benefit) | $ | 59 | $ | (236) | ||||
Income tax effect - non-operating pension (income) expense and pre-tax special items | 173 | 614 | ||||||
Operational Tax Provision | $ | 232 | $ | 378 | ||||
Operational Tax Rate | 23 | % | 24 | % |
Special Items | ||||||||||||||
In millions | 2023 | 2022 | ||||||||||||
Business Segments | ||||||||||||||
Restructuring and other, net | $ | 107 | $ | — | ||||||||||
Orange mill accelerated depreciation | 347 | (a) | — | |||||||||||
Pensacola mill and Riegelwood mill accelerated depreciation | 75 | (b) | — | |||||||||||
Net (gains) losses on sales and impairments of businesses | — | 76 | (c) | |||||||||||
529 | 76 | |||||||||||||
Corporate | ||||||||||||||
Restructuring and other, net | $ | (8) | $ | 89 | ||||||||||
Environmental remediation reserve adjustments | 36 | 63 | ||||||||||||
Legal reserve adjustments | — | (4) | ||||||||||||
Foreign currency cumulative translation loss related to sale of equity method investment | — | 10 | ||||||||||||
Sylvamo investment fair value adjustment | — | (65) | ||||||||||||
Other | — | 6 | ||||||||||||
28 | 99 | |||||||||||||
Total | $ | 557 | $ | 175 |
Restructuring and Other, Net | ||||||||||||||
In millions | 2023 | 2022 | ||||||||||||
Business Segments | ||||||||||||||
Orange mill closure costs | $ | 81 | (a) | $ | — | |||||||||
Pensacola mill and Riegelwood mill pulp machine shutdowns | 37 | (b) | — | |||||||||||
Building a Better IP | (11) | (c) | — | |||||||||||
107 | — | |||||||||||||
Corporate | ||||||||||||||
Building a Better IP | $ | (8) | $ | — | ||||||||||
— | 93 | |||||||||||||
Other | — | (4) | ||||||||||||
(8) | 89 | |||||||||||||
Total | $ | 99 | $ | 89 |
Industrial Packaging | ||||||||
In millions | 2023 | 2022 | ||||||
Net Sales | $ | 15,596 | $ | 17,451 | ||||
Operating Profit (Loss) | $ | 1,266 | $ | 1,742 |
North American Industrial Packaging | ||||||||
In millions | 2023 | 2022 | ||||||
Net Sales (a) | $ | 14,293 | $ | 16,011 | ||||
Operating Profit (Loss) | $ | 1,186 | $ | 1,753 |
EMEA Industrial Packaging | ||||||||
In millions | 2023 | 2022 | ||||||
Net Sales | $ | 1,398 | $ | 1,572 | ||||
Operating Profit (Loss) | $ | 80 | $ | (11) |
Global Cellulose Fibers | ||||||||
In millions | 2023 | 2022 | ||||||
Net Sales | $ | 2,890 | $ | 3,227 | ||||
Operating Profit (Loss) | $ | (17) | $ | 106 |
In millions | 2023 | 2022 | ||||||
Industrial Packaging | $ | 928 | $ | 762 | ||||
Global Cellulose Fibers | 177 | 143 | ||||||
Subtotal | 1,105 | 905 | ||||||
Corporate and other | 36 | 26 | ||||||
Capital Spending | $ | 1,141 | $ | 931 |
In millions | 2022 | ||||
Early debt reductions (a) | $ | 503 | |||
Pre-tax early debt extinguishment costs (b) | 93 |
In millions | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | ||||||||||||||
Debt maturities (a) | $ | 138 | $ | 189 | $ | 143 | $ | 333 | $ | 670 | $ | 4,120 | ||||||||
Operating lease obligations | 171 | 127 | 89 | 60 | 33 | 31 | ||||||||||||||
Purchase obligations (b) | 2,222 | 847 | 698 | 507 | 363 | 1,863 | ||||||||||||||
Total (c) | $ | 2,531 | $ | 1,163 | $ | 930 | $ | 900 | $ | 1,066 | $ | 6,014 |
In millions | Benefit Obligation | Fair Value of Plan Assets | ||||||
U.S. qualified pension | $ | 8,718 | $ | 8,836 | ||||
U.S. nonqualified pension | 264 | — | ||||||
Non-U.S. pension | 58 | 20 |
2023 | 2022 | 2021 | |||||||||
Discount rate | 5.10 | % | 5.40 | % | 2.90 | % |
Year | Return | Year | Return | ||||||||
2023 | 7.3 | % | 2018 | (3.0) | % | ||||||
2022 | (22.0) | % | 2017 | 19.3 | % | ||||||
2021 | 7.7 | % | 2016 | 7.1 | % | ||||||
2020 | 24.7 | % | 2015 | 1.3 | % | ||||||
2019 | 23.9 | % | 2014 | 6.4 | % |
In millions | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||
Pension (income) expense | |||||||||||||||||
U.S. plans | $ | 94 | $ | (116) | $ | (112) | $ | 32 | $ | 93 | |||||||
Non-U.S. plans | 5 | 5 | 4 | 5 | 6 | ||||||||||||
Net (income) expense | $ | 99 | $ | (111) | $ | (108) | $ | 37 | $ | 99 |
In millions | 2025 | 2024 | ||||||
Pension expense (income) | ||||||||
U.S. plans | $ | (43) | $ | (7) | ||||
Non-U.S. plans | 5 | 5 | ||||||
Net (income) expense | $ | (38) | $ | (2) |
In millions, except per share amounts, for the years ended December 31 | 2023 | 2022 | 2021 | ||||||||
NET SALES | $ | i 18,916 | $ | i 21,161 | $ | i 19,363 | |||||
COSTS AND EXPENSES | |||||||||||
Cost of products sold | i 13,629 | i 15,143 | i 13,832 | ||||||||
Selling and administrative expenses | i 1,360 | i 1,293 | i 1,385 | ||||||||
Depreciation, amortization and cost of timber harvested | i 1,432 | i 1,040 | i 1,097 | ||||||||
Distribution expenses | i 1,575 | i 1,783 | i 1,444 | ||||||||
Taxes other than payroll and income taxes | i 154 | i 148 | i 139 | ||||||||
Restructuring and other charges, net | i 99 | i 89 | i 509 | ||||||||
Net (gains) losses on sales and impairments of businesses | i — | i 76 | ( i 7) | ||||||||
Net (gains) losses on sales of equity method investments | i — | i 10 | ( i 204) | ||||||||
Net (gains) losses on mark to market investments | i — | ( i 65) | i 32 | ||||||||
Interest expense, net | i 231 | i 325 | i 337 | ||||||||
Non-operating pension (income) expense | i 54 | ( i 192) | ( i 200) | ||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY EARNINGS (LOSSES) | i 382 | i 1,511 | i 999 | ||||||||
Income tax provision (benefit) | i 59 | ( i 236) | i 188 | ||||||||
Equity earnings (loss), net of taxes | ( i 21) | ( i 6) | i 2 | ||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | i 302 | i 1,741 | i 813 | ||||||||
Discontinued operations, net of taxes | ( i 14) | ( i 237) | i 941 | ||||||||
NET EARNINGS (LOSS) | i 288 | i 1,504 | i 1,754 | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | i — | i — | i 2 | ||||||||
NET
EARNINGS (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | $ | i 288 | $ | i 1,504 | $ | i 1,752 | |||||
BASIC
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | |||||||||||
Earnings (loss) from continuing operations | $ | i 0.87 | $ | i 4.79 | $ | i 2.08 | |||||
Discontinued operations, net of taxes | ( i 0.04) | ( i 0.65) | i 2.42 | ||||||||
Net earnings (loss) | $ | i 0.83 | $ | i 4.14 | $ | i 4.50 | |||||
DILUTED
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | |||||||||||
Earnings (loss) from continuing operations | $ | i 0.86 | $ | i 4.74 | $ | i 2.07 | |||||
Discontinued operations, net of taxes | ( i 0.04) | ( i 0.64) | i 2.40 | ||||||||
Net earnings (loss) | $ | i 0.82 | $ | i 4.10 | $ | i 4.47 |
In millions for the years ended December 31 | 2023 | 2022 | 2021 | ||||||||
NET EARNINGS (LOSS) | $ | i 288 | $ | i 1,504 | $ | i 1,754 | |||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | |||||||||||
Amortization of pension and postretirement prior service costs and net loss: | |||||||||||
U.S. plans (less tax of $ i 29,
$ i 28 and $ i 41) | i 87 | i 85 | i 124 | ||||||||
Non-U.S.
plans (less tax of $ i 0, $ i 0
and $ i 0) | ( i 1) | i 1 | i 1 | ||||||||
Pension and postretirement liability adjustments: | |||||||||||
U.S. plans (less tax of $( i 56), $( i 109)
and $ i 235) | ( i 170) | ( i 327) | i 706 | ||||||||
Non-U.S.
plans (less tax of $ i 0, $ i 1 and $ i 1) | i 3 | i 8 | i 7 | ||||||||
Change
in cumulative foreign currency translation adjustment (less tax of $ i 0, $ i 0 and $ i 0) | i 441 | ( i 28) | i 69 | ||||||||
Net
gains/losses on cash flow hedging derivatives (less tax of $ i 0, $ i 1 and $( i 1)) | i — | i 2 | ( i 6) | ||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | i 360 | ( i 259) | i 901 | ||||||||
Comprehensive Income (Loss) | i 648 | i 1,245 | i 2,655 | ||||||||
Net (Earnings) Loss Attributable to Noncontrolling Interests | i — | i — | ( i 2) | ||||||||
Other Comprehensive (Income) Loss Attributable to Noncontrolling Interests | i — | i — | i 2 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | $ | i 648 | $ | i 1,245 | $ | i 2,655 |
In millions, except per share amounts, at December 31 | 2023 | 2022 | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and temporary investments | $ | i 1,113 | $ | i 804 | ||||
Accounts
and notes receivable (less allowances of $ i 34 in 2023 and $ i 31 in 2022) | i 3,059 | i 3,284 | ||||||
Contract assets | i 433 | i 481 | ||||||
Inventories | i 1,889 | i 1,942 | ||||||
Assets held for sale | i — | i 133 | ||||||
Other current assets | i 114 | i 126 | ||||||
Total Current Assets | i 6,608 | i 6,770 | ||||||
Plants, Properties and Equipment, net | i 10,150 | i 10,431 | ||||||
Investments | i 163 | i 186 | ||||||
Long-Term Financial Assets of Variable Interest Entities (Note 15) | i 2,312 | i 2,294 | ||||||
Goodwill | i 3,041 | i 3,041 | ||||||
Overfunded Pension Plan Assets | i 118 | i 297 | ||||||
Right of Use Assets | i 448 | i 424 | ||||||
Deferred Charges and Other Assets | i 421 | i 497 | ||||||
TOTAL ASSETS | $ | i 23,261 | $ | i 23,940 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Notes payable and current maturities of long-term debt | $ | i 138 | $ | i 763 | ||||
Accounts payable | i 2,442 | i 2,708 | ||||||
Accrued payroll and benefits | i 397 | i 355 | ||||||
Other current liabilities | i 982 | i 1,174 | ||||||
Total Current Liabilities | i 3,959 | i 5,000 | ||||||
Long-Term Debt | i 5,455 | i 4,816 | ||||||
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15) | i 2,113 | i 2,106 | ||||||
Deferred Income Taxes | i 1,552 | i 1,732 | ||||||
Underfunded Pension Benefit Obligation | i 280 | i 281 | ||||||
Postretirement and Postemployment Benefit Obligation | i 140 | i 150 | ||||||
Long-Term Lease Obligations | i 312 | i 283 | ||||||
Other Liabilities | i 1,095 | i 1,075 | ||||||
Commitments and Contingent Liabilities (Note 14) | i | i | ||||||
Equity | ||||||||
Common stock $ i 1
par value, 2023 - i 448.9 shares and 2022 - i 448.9 shares | i 449 | i 449 | ||||||
Paid-in capital | i 4,730 | i 4,725 | ||||||
Retained earnings | i 9,491 | i 9,855 | ||||||
Accumulated other comprehensive loss | ( i 1,565) | ( i 1,925) | ||||||
i 13,105 | i 13,104 | |||||||
Less:
Common stock held in treasury, at cost, 2023 – i 102.9 shares and 2022 – i 98.6 shares | i 4,750 | i 4,607 | ||||||
Total Equity | i 8,355 | i 8,497 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | i 23,261 | $ | i 23,940 |
In millions for the years ended December 31 | 2023 | 2022 | 2021 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net earnings (loss) | $ | i 288 | $ | i 1,504 | $ | i 1,754 | |||||
Depreciation, amortization, and cost of timber harvested | i 1,432 | i 1,040 | i 1,210 | ||||||||
Deferred income tax provision (benefit), net | ( i 156) | ( i 773) | ( i 291) | ||||||||
Restructuring and other charges, net | i 99 | i 89 | i 509 | ||||||||
Periodic pension (income) expense, net | i 94 | ( i 116) | ( i 112) | ||||||||
Net (gains) losses on mark to market investments | i — | ( i 65) | i 32 | ||||||||
Net (gains) losses on sales and impairments of businesses | i — | i 76 | ( i 358) | ||||||||
Net (gains) losses on sales and impairments of equity method investments | i 153 | i 543 | ( i 205) | ||||||||
Net (gains) losses on sales of fixed assets | i — | i — | ( i 86) | ||||||||
Equity method dividends received | i 13 | i 204 | i 159 | ||||||||
Equity (earnings) losses, net | ( i 108) | ( i 291) | ( i 313) | ||||||||
Other, net | i 20 | i 108 | i 157 | ||||||||
Changes in current assets and liabilities | |||||||||||
Accounts and notes receivable | i 255 | ( i 59) | ( i 596) | ||||||||
Contract assets | i 48 | ( i 103) | ( i 49) | ||||||||
Inventories | i 73 | ( i 162) | ( i 263) | ||||||||
Accounts payable and accrued liabilities | ( i 402) | i 110 | i 519 | ||||||||
Interest payable | ( i 19) | i 41 | ( i 32) | ||||||||
Other | i 43 | i 28 | ( i 5) | ||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | i 1,833 | i 2,174 | i 2,030 | ||||||||
INVESTMENT ACTIVITIES | |||||||||||
Invested in capital projects, net of insurance recoveries | ( i 1,141) | ( i 931) | ( i 549) | ||||||||
Acquisitions, net of cash acquired | i — | i — | ( i 80) | ||||||||
Proceeds from sales of equity method investments, net of transaction costs | i 472 | i — | i 908 | ||||||||
Proceeds from sales of businesses, net of cash divested | i — | i — | i 827 | ||||||||
Proceeds from exchange of equity securities | i — | i 311 | i — | ||||||||
Proceeds from settlement of Variable Interest Entities | i — | i — | i 4,850 | ||||||||
Proceeds from sale of fixed assets | i 4 | i 13 | i 101 | ||||||||
Other | ( i 3) | ( i 1) | ( i 3) | ||||||||
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES | ( i 668) | ( i 608) | i 6,054 | ||||||||
FINANCING ACTIVITIES | |||||||||||
Repurchases of common stock and payments of restricted stock tax withholding | ( i 218) | ( i 1,284) | ( i 839) | ||||||||
Issuance of debt | i 783 | i 1,011 | i 1,512 | ||||||||
Reduction of debt | ( i 780) | ( i 1,017) | ( i 2,509) | ||||||||
Change in book overdrafts | ( i 8) | i 1 | i 65 | ||||||||
Dividends paid | ( i 642) | ( i 673) | ( i 780) | ||||||||
Reduction of Variable Interest Entity loans | i — | i — | ( i 4,220) | ||||||||
Distribution to Sylvamo Corporation | i — | i — | ( i 130) | ||||||||
Net debt tender premiums paid | i — | ( i 89) | ( i 456) | ||||||||
Other | ( i 1) | ( i 3) | ( i 18) | ||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | ( i 866) | ( i 2,054) | ( i 7,375) | ||||||||
Effect of Exchange Rate Changes on Cash | i 10 | ( i 3) | ( i 9) | ||||||||
Change in Cash and Temporary Investments | i 309 | ( i 491) | i 700 | ||||||||
Cash and Temporary Investments | |||||||||||
Beginning of the period | i 804 | i 1,295 | i 595 | ||||||||
End of the period | $ | i 1,113 | $ | i 804 | $ | i 1,295 |
In millions | Common Stock Issued | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock Held In Treasury, At Cost | Total International Paper Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||
BALANCE, JANUARY 1, 2021 | $ | i 449 | $ | i 6,325 | $ | i 8,070 | $ | ( i 4,342) | $ | i 2,648 | $ | i 7,854 | $ | i 14 | $ | i 7,868 | ||||||||||
Sylvamo Corporation spin-off | — | ( i 1,729) | — | i 1,773 | — | i 44 | ( i 1) | i 43 | ||||||||||||||||||
Issuance of stock for various plans, net | — | i 54 | — | — | ( i 89) | i 143 | — | i 143 | ||||||||||||||||||
Repurchase of stock | — | — | — | — | i 839 | ( i 839) | — | ( i 839) | ||||||||||||||||||
Dividends
($ i 2.000 per share) | — | — | ( i 793) | — | — | ( i 793) | — | ( i 793) | ||||||||||||||||||
Transactions of equity method investees | — | i 18 | — | — | — | i 18 | i — | i 18 | ||||||||||||||||||
Divestiture of noncontrolling interests | — | — | — | — | — | i — | ( i 13) | ( i 13) | ||||||||||||||||||
Comprehensive income (loss) | i — | i — | i 1,752 | i 903 | i — | i 2,655 | i — | i 2,655 | ||||||||||||||||||
BALANCE, DECEMBER 31, 2021 | i 449 | i 4,668 | i 9,029 | ( i 1,666) | i 3,398 | i 9,082 | i — | i 9,082 | ||||||||||||||||||
Issuance of stock for various plans, net | — | i 57 | — | — | ( i 75) | i 132 | — | i 132 | ||||||||||||||||||
Repurchase of stock | — | — | — | — | i 1,284 | ( i 1,284) | — | ( i 1,284) | ||||||||||||||||||
Dividends
($ i 1.850 per share) | — | — | ( i 678) | — | — | ( i 678) | — | ( i 678) | ||||||||||||||||||
Comprehensive income (loss) | i — | i — | i 1,504 | ( i 259) | i — | i 1,245 | i — | i 1,245 | ||||||||||||||||||
BALANCE, DECEMBER 31, 2022 | i 449 | i 4,725 | i 9,855 | ( i 1,925) | i 4,607 | i 8,497 | i — | i 8,497 | ||||||||||||||||||
Issuance of stock for various plans, net | — | i 5 | — | — | ( i 77) | i 82 | — | i 82 | ||||||||||||||||||
Repurchase of stock | — | — | — | — | i 220 | ( i 220) | — | ( i 220) | ||||||||||||||||||
Dividends
($ i 1.850 per share) | — | — | ( i 652) | — | — | ( i 652) | — | ( i 652) | ||||||||||||||||||
Comprehensive income (loss) | i — | i — | i 288 | i 360 | i — | i 648 | i — | i 648 | ||||||||||||||||||
BALANCE, DECEMBER 31, 2023 | $ | i 449 | $ | i 4,730 | $ | i 9,491 | $ | ( i 1,565) | $ | i 4,750 | $ | i 8,355 | $ | i — | $ | i 8,355 |
2023 | ||||||||||||||||||||||||||
Reportable Segments | Industrial Packaging | Global Cellulose Fibers | Corporate & Intersegment | Total | ||||||||||||||||||||||
Primary Geographical Markets (a) | ||||||||||||||||||||||||||
United States | $ | i 13,340 | $ | i 2,570 | $ | i 430 | $ | i 16,340 | ||||||||||||||||||
EMEA | i 1,398 | i 96 | i — | i 1,494 | ||||||||||||||||||||||
Pacific Rim and Asia | i 37 | i 224 | i — | i 261 | ||||||||||||||||||||||
Americas, other than U.S. | i 821 | i — | i — | i 821 | ||||||||||||||||||||||
Total | $ | i 15,596 | $ | i 2,890 | $ | i 430 | $ | i 18,916 | ||||||||||||||||||
Operating Segments | ||||||||||||||||||||||||||
North American Industrial Packaging | $ | i 14,293 | $ | — | $ | — | $ | i 14,293 | ||||||||||||||||||
EMEA Industrial Packaging | i 1,398 | — | — | i 1,398 | ||||||||||||||||||||||
Global Cellulose Fibers | — | i 2,890 | — | i 2,890 | ||||||||||||||||||||||
Intrasegment Eliminations | ( i 95) | — | — | ( i 95) | ||||||||||||||||||||||
Corporate & Intersegment Sales | — | — | i 430 | i 430 | ||||||||||||||||||||||
Total | $ | i 15,596 | $ | i 2,890 | $ | i 430 | $ | i 18,916 |
2022 | ||||||||||||||||||||||||||
Reportable Segments | Industrial Packaging | Global Cellulose Fibers | Corporate & Intersegment | Total | ||||||||||||||||||||||
Primary Geographical Markets (a) | ||||||||||||||||||||||||||
United States | $ | i 14,970 | $ | i 3,032 | $ | i 480 | $ | i 18,482 | ||||||||||||||||||
EMEA | i 1,572 | i 121 | i — | i 1,693 | ||||||||||||||||||||||
Pacific Rim and Asia | i 46 | i 74 | i 3 | i 123 | ||||||||||||||||||||||
Americas, other than U.S. | i 863 | i — | i — | i 863 | ||||||||||||||||||||||
Total | $ | i 17,451 | $ | i 3,227 | $ | i 483 | $ | i 21,161 | ||||||||||||||||||
Operating Segments | ||||||||||||||||||||||||||
North American Industrial Packaging | $ | i 16,011 | $ | — | $ | — | $ | i 16,011 | ||||||||||||||||||
EMEA Industrial Packaging | i 1,572 | — | — | i 1,572 | ||||||||||||||||||||||
Global Cellulose Fibers | — | i 3,227 | — | i 3,227 | ||||||||||||||||||||||
Intrasegment Eliminations | ( i 132) | — | — | ( i 132) | ||||||||||||||||||||||
Corporate & Intersegment Sales | — | — | i 483 | i 483 | ||||||||||||||||||||||
Total | $ | i 17,451 | $ | i 3,227 | $ | i 483 | $ | i 21,161 |
2021 | ||||||||||||||||||||||||||
Reportable Segments | Industrial Packaging | Global Cellulose Fibers | Corporate & Intersegment | Total | ||||||||||||||||||||||
Primary Geographical Markets (a) | ||||||||||||||||||||||||||
United States | $ | i 14,006 | $ | i 2,510 | $ | i 253 | $ | i 16,769 | ||||||||||||||||||
EMEA | i 1,506 | i 109 | ( i 4) | i 1,611 | ||||||||||||||||||||||
Pacific Rim and Asia | i 59 | i 113 | i 35 | i 207 | ||||||||||||||||||||||
Americas, other than U.S. | i 755 | i — | i 21 | i 776 | ||||||||||||||||||||||
Total | $ | i 16,326 | $ | i 2,732 | $ | i 305 | $ | i 19,363 | ||||||||||||||||||
Operating Segments | ||||||||||||||||||||||||||
North American Industrial Packaging | $ | i 14,944 | $ | — | $ | — | $ | i 14,944 | ||||||||||||||||||
EMEA Industrial Packaging | i 1,508 | — | — | i 1,508 | ||||||||||||||||||||||
Global Cellulose Fibers | — | i 2,732 | — | i 2,732 | ||||||||||||||||||||||
Intrasegment Eliminations | ( i 126) | — | — | ( i 126) | ||||||||||||||||||||||
Corporate & Intersegment Sales | — | — | i 305 | i 305 | ||||||||||||||||||||||
Total | $ | i 16,326 | $ | i 2,732 | $ | i 305 | $ | i 19,363 |
In millions, except per share amounts | 2023 | 2022 | 2021 | ||||||||||||||
Earnings (loss) from continuing operations attributable to International Paper common shareholders | $ | i 302 | $ | i 1,741 | $ | i 811 | |||||||||||
Weighted average common shares outstanding | i 346.9 | i 363.5 | i 389.4 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Restricted performance share plan | i 2.2 | i 3.5 | i 3.0 | ||||||||||||||
Weighted average common shares outstanding – assuming dilution | i 349.1 | i 367.0 | i 392.4 | ||||||||||||||
Basic earnings (loss) per share from continuing operations | $ | i 0.87 | $ | i 4.79 | $ | i 2.08 | |||||||||||
Diluted earnings (loss) per share from continuing operations | $ | i 0.86 | $ | i 4.74 | $ | i 2.07 |
In millions | 2023 | 2022 | 2021 | ||||||||
Defined Benefit Pension and Postretirement Adjustments | |||||||||||
Balance at beginning of period | $ | ( i 1,195) | $ | ( i 962) | $ | ( i 1,880) | |||||
Other comprehensive income (loss) before reclassifications | ( i 167) | ( i 319) | i 713 | ||||||||
Reclassification related to Sylvamo Corporation spin-off | i — | i — | i 80 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | i 86 | i 86 | i 125 | ||||||||
Balance at end of period | ( i 1,276) | ( i 1,195) | ( i 962) | ||||||||
Change in Cumulative Foreign Currency Translation Adjustments | |||||||||||
Balance at beginning of period | ( i 722) | ( i 694) | ( i 2,457) | ||||||||
Other comprehensive income (loss) before reclassifications | ( i 76) | ( i 38) | ( i 115) | ||||||||
Reclassification related to Sylvamo Corporation spin-off | i — | i — | i 1,692 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | i 517 | i 10 | i 184 | ||||||||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | i — | i — | i 2 | ||||||||
Balance at end of period | ( i 281) | ( i 722) | ( i 694) | ||||||||
Net Gains and Losses on Cash Flow Hedging Derivatives | |||||||||||
Balance at beginning of period | ( i 8) | ( i 10) | ( i 5) | ||||||||
Other comprehensive income (loss) before reclassifications | i — | i — | i 3 | ||||||||
Reclassification related to Sylvamo Corporation spin-off | i — | i — | i 1 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | i — | i 2 | ( i 9) | ||||||||
Balance at end of period | ( i 8) | ( i 8) | ( i 10) | ||||||||
Total Accumulated Other Comprehensive Income (Loss) at End of Period | $ | ( i 1,565) | $ | ( i 1,925) | $ | ( i 1,666) |
Amount Reclassified from Accumulated Other Comprehensive Loss | Location of Amount Reclassified from AOCI | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
In millions | |||||||||||||||||
Defined benefit pension and postretirement items: | |||||||||||||||||
Prior-service costs | $ | ( i 23) | $ | ( i 23) | $ | ( i 20) | (a) | Non-operating pension expense | |||||||||
Actuarial gains/(losses) | ( i 92) | ( i 91) | ( i 146) | (a) | Non-operating pension expense | ||||||||||||
Total pre-tax amount | ( i 115) | ( i 114) | ( i 166) | ||||||||||||||
Tax (expense)/benefit | i 29 | i 28 | i 41 | ||||||||||||||
Net of tax | ( i 86) | ( i 86) | ( i 125) | ||||||||||||||
Reclassification related to Sylvamo Corporation spin-off | i — | i — | ( i 80) | Paid-in Capital | |||||||||||||
Total, net of tax | ( i 86) | ( i 86) | ( i 205) | ||||||||||||||
Change in cumulative foreign currency translation adjustments: | |||||||||||||||||
Business divestiture | ( i 517) | ( i 10) | ( i 184) | (b) | Net (gains) losses on sales of equity method investments, Discontinued Operations, net of taxes and Net (gains) losses on sales and impairment of businesses | ||||||||||||
Tax (expense)/benefit | i — | i — | i — | ||||||||||||||
Net of tax | ( i 517) | ( i 10) | ( i 184) | ||||||||||||||
Reclassification related to Sylvamo Corporation spin-off | i — | i — | ( i 1,692) | Paid-in Capital | |||||||||||||
Total, net of tax | ( i 517) | ( i 10) | ( i 1,876) | ||||||||||||||
Net gains and losses on cash flow hedging derivatives: | |||||||||||||||||
Cash flow hedges | i — | ( i 3) | i 11 | Cost of products sold, Discontinued operations, net of taxes, and Interest expense, net | |||||||||||||
Total pre-tax amount | i — | ( i 3) | i 11 | ||||||||||||||
Tax (expense)/benefit | i — | i 1 | ( i 2) | ||||||||||||||
Net of tax | i — | ( i 2) | i 9 | ||||||||||||||
Reclassification related to Sylvamo Corporation spin-off | i — | i — | ( i 1) | Paid-in Capital | |||||||||||||
Total, net of tax | i — | ( i 2) | i 8 | ||||||||||||||
Total reclassifications for the period, net of tax | $ | ( i 603) | $ | ( i 98) | $ | ( i 2,073) |
In millions | 2023 | |||||||
Orange, Texas mill closure costs (a) | $ | i 81 | ||||||
Pensacola mill and Riegelwood mill pulp machine shutdowns (b) | i 37 | |||||||
Building a Better IP (c) | ( i 19) | |||||||
Total | $ | i 99 |
In millions | 2022 | |||||||
Early debt extinguishment costs (see Note 16) | $ | i 93 | ||||||
Other restructuring items | ( i 4) | |||||||
Total | $ | i 89 |
In millions | 2021 | |||||||
Early debt extinguishment costs (see Note 16) | $ | i 461 | ||||||
Building a Better IP (a) | i 29 | |||||||
EMEA packaging restructuring (b) | i 12 | |||||||
Other restructuring items | i 7 | |||||||
Total | $ | i 509 |
In millions | |||||
Cash and temporary investments | $ | i 5 | |||
Accounts and notes receivable | i 10 | ||||
Inventories | i 3 | ||||
Plants, properties and equipment | i 50 | ||||
Goodwill | i 23 | ||||
Intangible assets | i 13 | ||||
Total assets acquired | i 104 | ||||
Short-term debt | i 2 | ||||
Accounts payable and accrued liabilities | i 4 | ||||
Other current liabilities | i 2 | ||||
Long-term debt | i 1 | ||||
Deferred income taxes | i 12 | ||||
Total liabilities assumed | i 21 | ||||
Net assets acquired | $ | i 83 |
In millions | 2021 | ||||
Net Sales | $ | i 2,417 | |||
Costs and Expenses | |||||
Cost of products sold | i 1,508 | ||||
Selling and administrative expenses | i 224 | ||||
Depreciation, amortization and cost of timber harvested | i 113 | ||||
Distribution expenses | i 229 | ||||
Taxes other than payroll and income taxes | i 24 | ||||
Net (gains) losses on sales of fixed assets | ( i 86) | ||||
Net (gains) losses on sales and impairments of businesses | ( i 351) | ||||
Interest expense, net | ( i 19) | ||||
Earnings (Loss) Before Income Taxes and Equity Earnings | i 775 | ||||
Income tax provision (benefit) | i 145 | ||||
Discontinued Operations, Net of Taxes | $ | i 630 |
In millions | 2021 | ||||
Cash Provided by (Used For) Operating Activities | $ | i 290 | |||
Cash Provided by (Used For) Investment Activities | $ | i 757 |
In millions at December 31 | 2023 | 2022 | ||||||
Accounts and notes receivable: | ||||||||
Trade (less allowances of $ i 34 in 2023 and $ i 31
in 2022) | $ | i 2,841 | $ | i 3,064 | ||||
Other | i 218 | i 220 | ||||||
Total | $ | i 3,059 | $ | i 3,284 |
In millions at December 31 | 2023 | 2022 | ||||||
Raw materials | $ | i 229 | $ | i 267 | ||||
Finished pulp and packaging products | i 975 | i 1,071 | ||||||
Operating supplies | i 622 | i 516 | ||||||
Other | i 63 | i 88 | ||||||
Inventories | $ | i 1,889 | $ | i 1,942 |
In millions at December 31 | 2023 | 2022 | ||||||
Pulp and packaging facilities | $ | i 28,661 | $ | i 27,773 | ||||
Other properties and equipment | i 1,050 | i 1,029 | ||||||
Gross cost | i 29,711 | i 28,802 | ||||||
Less: Accumulated depreciation | i 19,561 | i 18,371 | ||||||
Plants, properties and equipment, net | $ | i 10,150 | $ | i 10,431 |
In millions | 2023 | 2022 | 2021 | ||||||||
Interest expense | $ | i 421 | $ | i 403 | $ | i 430 | |||||
Interest income | i 190 | i 78 | i 93 | ||||||||
Capitalized interest costs | i 22 | i 18 | i 12 |
In millions | 2023 | 2022 | 2021 | ||||||||
Operating lease costs, net | $ | i 177 | $ | i 153 | $ | i 138 | |||||
Variable lease costs | i 39 | i 39 | i 40 | ||||||||
Short-term lease costs, net | i 71 | i 57 | i 53 | ||||||||
Finance lease cost | |||||||||||
Amortization of lease assets | i 12 | i 11 | i 11 | ||||||||
Interest on lease liabilities | i 3 | i 3 | i 3 | ||||||||
Total lease cost, net | $ | i 302 | $ | i 263 | $ | i 245 |
In millions | Classification | 2023 | 2022 | ||||||||
Assets | |||||||||||
Operating lease assets | Right of use assets | $ | i 448 | $ | i 424 | ||||||
Finance lease assets | Plants, properties and equipment, net (a) | i 47 | i 49 | ||||||||
Total leased assets | $ | i 495 | $ | i 473 | |||||||
Liabilities | |||||||||||
Current | |||||||||||
Operating | Other current liabilities | $ | i 153 | $ | i 147 | ||||||
Finance | Notes payable and current maturities of long-term debt | i 11 | i 10 | ||||||||
Noncurrent | |||||||||||
Operating | Long-term lease obligations | i 312 | i 283 | ||||||||
Finance | Long-term debt | i 44 | i 49 | ||||||||
Total lease liabilities | $ | i 520 | $ | i 489 |
In millions | 2023 | 2022 | ||||||
Weighted average remaining lease term (years) | ||||||||
Operating leases | i 4.0 years | i 4.1 years | ||||||
Finance leases | i 7.7 years | i 8.4 years | ||||||
Weighted average discount rate | ||||||||
Operating leases | i 3.99 | % | i 2.96 | % | ||||
Finance leases | i 4.78 | % | i 4.57 | % |
In millions | 2023 | 2022 | 2021 | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||
Operating cash flows related to operating leases | $ | i 180 | $ | i 160 | $ | i 166 | |||||
Operating cash flows related to financing leases | i 3 | i 3 | i 4 | ||||||||
Financing cash flows related to finance leases | i 13 | i 10 | i 14 | ||||||||
Right of use assets obtained in exchange for lease liabilities | |||||||||||
Operating leases | i 216 | i 221 | i 156 | ||||||||
Finance leases | i 12 | i 6 | i 9 |
In millions | Operating Leases | Financing Leases | Total | ||||||||
2024 | $ | i 171 | $ | i 14 | $ | i 185 | |||||
2025 | i 127 | i 12 | i 139 | ||||||||
2026 | i 89 | i 11 | i 100 | ||||||||
2027 | i 60 | i 10 | i 70 | ||||||||
2028 | i 33 | i 8 | i 41 | ||||||||
Thereafter | i 31 | i 14 | i 45 | ||||||||
Total lease payments | i 511 | i 69 | i 580 | ||||||||
Less imputed interest | i 46 | i 14 | i 60 | ||||||||
Present value of lease liabilities | $ | i 465 | $ | i 55 | $ | i 520 |
In millions | Equity Earnings | Impairment Charges | Tax Expense (Benefit) | Discontinued Operations, net of tax (a) | Dividends | ||||||||||||||||||||||||
Twelve Months Ended December 31, 2022 | $ | i 296 | $ | i 533 | $ | i — | $ | ( i 237) | $ | i 204 | |||||||||||||||||||
Twelve Months Ended December 31, 2023 | $ | i 112 | $ | i 135 | $ | ( i 9) | $ | ( i 14) | $ | i 13 |
Date | Transaction Type | Units | Proceeds | Pre-Tax Gain | After-Tax Gain | ||||||||||||
In millions except units | |||||||||||||||||
2021 First Quarter | Units exchange and open market sale | i 24,588,316 | $ | i 397 | $ | i 33 | $ | i 25 | |||||||||
2021 First Quarter | TRA (a) | i 42 | i 31 | ||||||||||||||
2021 Second Quarter | Units exchange and open market sale | i 22,773,077 | i 403 | i 64 | i 48 | ||||||||||||
2021 Second Quarter | TRA (a) | i 66 | i 50 |
In millions | Industrial Packaging | Global Cellulose Fibers | Total | ||||||||||||||
Balance as of December 31, 2021 | |||||||||||||||||
Goodwill | $ | i 3,426 | $ | i 52 | $ | i 3,478 | |||||||||||
Accumulated impairment losses | ( i 296) | ( i 52) | ( i 348) | ||||||||||||||
i 3,130 | i — | i 3,130 | |||||||||||||||
Currency translation and other (a) | ( i 13) | i — | ( i 13) | ||||||||||||||
Accumulated impairment loss additions/reductions | ( i 76) | (b) | i — | ( i 76) | |||||||||||||
Balance as of December 31, 2022 | |||||||||||||||||
Goodwill | i 3,413 | i 52 | i 3,465 | ||||||||||||||
Accumulated impairment losses | ( i 372) | ( i 52) | ( i 424) | ||||||||||||||
i 3,041 | i — | i 3,041 | |||||||||||||||
Balance as of December 31, 2023 | |||||||||||||||||
Goodwill | i 3,413 | i 52 | i 3,465 | ||||||||||||||
Accumulated impairment losses | ( i 372) | ( i 52) | ( i 424) | ||||||||||||||
Total | $ | i 3,041 | $ | i — | $ | i 3,041 |
2023 | 2022 | |||||||||||||||||||
In millions at December 31 | Gross Carrying Amount | Accumulated Amortization | Net Intangible Assets | Gross Carrying Amount | Accumulated Amortization | Net Intangible Assets | ||||||||||||||
Customer relationships and lists | $ | i 494 | $ | i 335 | $ | i 159 | $ | i 490 | $ | i 303 | $ | i 187 | ||||||||
Tradenames, patents and trademarks, and developed technology | i 170 | i 154 | i 16 | i 170 | i 146 | i 24 | ||||||||||||||
Land and water rights | i 8 | i 2 | i 6 | i 8 | i 2 | i 6 | ||||||||||||||
Other | i 21 | i 19 | i 2 | i 23 | i 20 | i 3 | ||||||||||||||
Total | $ | i 693 | $ | i 510 | $ | i 183 | $ | i 691 | $ | i 471 | $ | i 220 |
In millions | 2023 | 2022 | 2021 | ||||||||
Amortization expense related to intangible assets | $ | i 37 | $ | i 44 | $ | i 44 |
In millions | 2023 | 2022 | 2021 | ||||||||
Earnings (loss) | |||||||||||
U.S. | $ | i 129 | $ | i 1,469 | $ | i 906 | |||||
Non-U.S. | i 253 | i 42 | i 93 | ||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings (losses) | $ | i 382 | $ | i 1,511 | $ | i 999 |
In millions | 2023 | 2022 | 2021 | ||||||||
Current tax provision (benefit) | |||||||||||
U.S. federal | $ | i 157 | $ | i 454 | $ | i 413 | |||||
U.S. state and local | i 16 | i 56 | i 47 | ||||||||
Non-U.S. | i 42 | i 27 | i 37 | ||||||||
$ | i 215 | $ | i 537 | $ | i 497 | ||||||
Deferred tax provision (benefit) | |||||||||||
U.S. federal | $ | ( i 164) | $ | ( i 775) | $ | ( i 274) | |||||
U.S. state and local | i 3 | ( i 39) | ( i 27) | ||||||||
Non-U.S. | i 5 | i 41 | ( i 8) | ||||||||
$ | ( i 156) | $ | ( i 773) | $ | ( i 309) | ||||||
Income tax provision (benefit) | $ | i 59 | $ | ( i 236) | $ | i 188 |
In millions | 2023 | 2022 | 2021 | ||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ | i 382 | $ | i 1,511 | $ | i 999 | |||||
Statutory U.S. income tax rate | i 21 | % | i 21 | % | i 21 | % | |||||
Tax expense (benefit) using statutory U.S. income tax rate | i 80 | i 317 | i 210 | ||||||||
State and local income taxes | i 2 | i 44 | i 15 | ||||||||
Impact of rate differential on non-U.S. permanent differences and earnings | ( i 10) | i 1 | i 5 | ||||||||
Foreign valuation allowance | i — | i 45 | i — | ||||||||
Tax expense (benefit) on exchange of Sylvamo shares | i — | ( i 56) | i — | ||||||||
Adjustment to tax basis of assets | i — | i — | ( i 14) | ||||||||
Non-deductible business expenses | i 7 | i 2 | i 1 | ||||||||
Non-deductible impairments | i — | i 16 | i — | ||||||||
Non-deductible compensation | i 7 | i 13 | i 11 | ||||||||
Tax audits | ( i 4) | i 6 | i 9 | ||||||||
Timber Monetization Audit Settlement | i — | ( i 604) | i — | ||||||||
Foreign derived intangible income deduction | i 2 | ( i 8) | ( i 7) | ||||||||
US tax on non-U.S. earnings (GILTI and Subpart F) | i — | i 27 | i 5 | ||||||||
Foreign tax credits | i 8 | i 8 | ( i 6) | ||||||||
General business and other tax credits | ( i 38) | ( i 43) | ( i 39) | ||||||||
Tax expense (benefit) on equity earnings | ( i 4) | ( i 1) | i — | ||||||||
Legal entity restructuring gain (loss) | i 4 | i — | i — | ||||||||
Other, net | i 5 | ( i 3) | ( i 2) | ||||||||
Income tax provision (benefit) | $ | i 59 | $ | ( i 236) | $ | i 188 | |||||
Effective income tax rate | i 15 | % | ( i 16) | % | i 19 | % |
In millions | 2023 | 2022 | ||||||
Deferred income tax assets: | ||||||||
Postretirement benefit accruals | $ | i 67 | $ | i 68 | ||||
Pension obligations | i 61 | i 18 | ||||||
Tax credits | i 182 | i 175 | ||||||
Net operating and capital loss carryforwards | i 699 | i 568 | ||||||
Compensation reserves | i 146 | i 151 | ||||||
Lease obligations | i 116 | i 108 | ||||||
Environmental reserves | i 114 | i 119 | ||||||
Other | i 319 | i 271 | ||||||
Gross deferred income tax assets | $ | i 1,704 | $ | i 1,478 | ||||
Less: valuation allowance (a) | ( i 848) | ( i 677) | ||||||
Net deferred income tax asset | $ | i 856 | $ | i 801 | ||||
Deferred income tax liabilities: | ||||||||
Intangibles | $ | ( i 141) | $ | ( i 147) | ||||
Investments | i 3 | ( i 2) | ||||||
Right of use assets | ( i 116) | ( i 108) | ||||||
Plants, properties and equipment | ( i 1,650) | ( i 1,778) | ||||||
Forestlands, related installment sales, and investment in subsidiary | ( i 485) | ( i 485) | ||||||
Gross deferred income tax liabilities | $ | ( i 2,389) | $ | ( i 2,520) | ||||
Net deferred income tax liability | $ | ( i 1,533) | $ | ( i 1,719) |
In millions | 2023 | 2022 | 2021 | ||||||||
Balance at January 1 | $ | ( i 177) | $ | ( i 166) | $ | ( i 143) | |||||
(Additions) reductions for tax positions related to current year | ( i 13) | ( i 7) | ( i 13) | ||||||||
(Additions) for tax positions related to prior years | ( i 11) | ( i 10) | ( i 23) | ||||||||
Reductions for tax positions related to prior years | i 1 | i 3 | i 1 | ||||||||
Settlements | i 17 | i 1 | i 10 | ||||||||
Expiration
of statutes of limitations | i 11 | i 1 | i 1 | ||||||||
Currency translation adjustment | ( i 1) | i 1 | i 1 | ||||||||
Balance at December 31 | $ | ( i 173) | $ | ( i 177) | $ | ( i 166) |
In millions | 2024 Through 2033 | 2034 Through 2043 | Indefinite | Total | ||||||||||
U.S. federal and non-U.S. NOLs | $ | i 1 | $ | i 225 | $ | i 426 | $ | i 652 | ||||||
State taxing jurisdiction NOLs (a) | i 38 | i 9 | i — | i 47 | ||||||||||
U.S.
federal, non- U.S. and state tax credit carryforwards (a) | i 82 | i 3 | i 97 | i 182 | ||||||||||
Total | $ | i 121 | $ | i 237 | $ | i 523 | $ | i 881 | ||||||
Less: valuation allowance (a) | ( i 83) | ( i 220) | ( i 475) | ( i 778) | ||||||||||
Total, net | $ | i 38 | $ | i 17 | $ | i 48 | $ | i 103 |
In millions | 2023 | 2022 | 2021 | ||||||||
Revenue (a) | $ | i 146 | $ | i 65 | $ | i 24 | |||||
Expense (b) | i 136 | i 58 | i 24 | ||||||||
Cash receipts (c) | i 122 | i 28 | i 5 | ||||||||
Cash payments (d) | i 123 | i 40 | i 16 |
In millions | 2021 | ||||
Revenue (a) | $ | i 61 | |||
Expense (a) | i 34 | ||||
Cash receipts (b) | i 95 | ||||
Cash payments (c) | i 38 |
In millions | 2023 | 2022 | 2021 | ||||||||
Early debt reductions (a) | $ | i — | $ | i 503 | $ | i 2,472 | |||||
Pre-tax early debt extinguishment costs (b) | i — | i 93 | i 461 |
In millions at December 31 | 2023 | 2022 | ||||||
i i 6.875 / %
notes – due i 2023 | $ | i — | $ | i 87 | ||||
i i 7.350 / %
notes – due i 2025 | i 39 | i 39 | ||||||
i i 7.750 / %
notes – due i 2025 | i 22 | i 22 | ||||||
i i 7.200 / %
notes – due i 2026 | i 58 | i 58 | ||||||
i i 6.400 / %
notes – due i 2026 | i 5 | i 5 | ||||||
i i 7.150 / %
notes – due i 2027 | i 7 | i 7 | ||||||
i i 6.875 / %
notes – due i 2029 | i 10 | i 10 | ||||||
i i 5.000 / %
notes – due i 2035 | i 407 | i 407 | ||||||
i i 6.650 / %
notes – due i 2037 | i 3 | i 3 | ||||||
i i 8.700 / %
notes – due i 2038 | i 86 | i 86 | ||||||
i i 7.300 / %
notes – due i 2039 | i 453 | i 453 | ||||||
i i 6.000 / %
notes – due i 2041 | i 585 | i 585 | ||||||
i i 4.800 / %
notes – due i 2044 | i 686 | i 686 | ||||||
i i 5.150 / %
notes – due i 2046 | i 449 | i 449 | ||||||
i i 4.400 / %
notes – due i 2047 | i 647 | i 647 | ||||||
i i 4.350 / %
notes – due i 2048 | i 740 | i 740 | ||||||
Floating
rate notes – due i 2023 – i 2027 (a) | i 308 | i 732 | ||||||
Environmental
and industrial development bonds – due i 2023 – i 2028 (b) | i 419 | i 489 | ||||||
Floating
rate term loan - due 2028 | i 600 | i — | ||||||
Total principal | i i 5,524 / | i 5,505 | ||||||
Capitalized leases | i 55 | i 59 | ||||||
Premiums, discounts, and debt issuance costs | ( i 41) | ( i 42) | ||||||
Terminated interest rate swaps | i 54 | i 55 | ||||||
Other | i 1 | i 2 | ||||||
Total (c) | i 5,593 | i 5,579 | ||||||
Less: current maturities | i 138 | i 763 | ||||||
Long-term debt | $ | i 5,455 | $ | i 4,816 |
Common Stock | ||||||||
In thousands | Issued | Treasury | ||||||
Balance at January 1, 2021 | i 448,916 | i 55,817 | ||||||
Issuance of stock for various plans, net | i — | ( i 1,855) | ||||||
Repurchase of stock | i — | i 16,400 | ||||||
Balance at December 31, 2021 | i 448,916 | i 70,362 | ||||||
Issuance of stock for various plans, net | i — | ( i 1,569) | ||||||
Repurchase of stock | i — | i 29,839 | ||||||
Balance at December 31, 2022 | i 448,916 | i 98,632 | ||||||
Issuance of stock for various plans, net | i — | ( i 1,647) | ||||||
Repurchase of stock | i — | i 5,894 | ||||||
Balance at December 31, 2023 | i 448,916 | i 102,879 |
2023 | 2022 | |||||||||||||
In millions | U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | ||||||||||
Change in projected benefit obligation: | ||||||||||||||
Benefit obligation, January 1 | $ | i 8,816 | $ | i 54 | $ | i 11,833 | $ | i 65 | ||||||
Service cost | i 48 | i 4 | i 85 | i 3 | ||||||||||
Interest cost | i 459 | i 3 | i 338 | i 2 | ||||||||||
Actuarial loss (gain) | i 225 | ( i 3) | ( i 2,863) | ( i 11) | ||||||||||
Plan amendments | i 26 | i — | i 16 | i — | ||||||||||
Benefits paid | ( i 593) | ( i 3) | ( i 593) | ( i 2) | ||||||||||
Special termination benefits | i 1 | i — | i — | i — | ||||||||||
Effect of foreign currency exchange rate movements | i — | i 3 | i — | ( i 3) | ||||||||||
Benefit obligation, December 31 | $ | i 8,982 | $ | i 58 | $ | i 8,816 | $ | i 54 | ||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets, January 1 | $ | i 8,845 | $ | i 18 | $ | i 12,075 | $ | i 19 | ||||||
Actual return on plan assets | i 562 | i 1 | ( i 2,666) | i — | ||||||||||
Company contributions | i 22 | i 3 | i 29 | i 2 | ||||||||||
Benefits paid | ( i 593) | ( i 3) | ( i 593) | ( i 2) | ||||||||||
Effect of foreign currency exchange rate movements | i — | i 1 | i — | ( i 1) | ||||||||||
Fair value of plan assets, December 31 | $ | i 8,836 | $ | i 20 | $ | i 8,845 | $ | i 18 | ||||||
Funded status, December 31 | $ | ( i 146) | $ | ( i 38) | $ | i 29 | $ | ( i 36) | ||||||
Amounts recognized in the consolidated balance sheet: | ||||||||||||||
Overfunded pension plan assets | $ | i 118 | $ | i — | $ | i 297 | $ | i — | ||||||
Underfunded pension benefit obligation - current | ( i 20) | ( i 2) | ( i 22) | ( i 2) | ||||||||||
Underfunded pension benefit obligation - non-current | ( i 244) | ( i 36) | ( i 246) | ( i 34) | ||||||||||
$ | ( i 146) | $ | ( i 38) | $ | i 29 | $ | ( i 36) |
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax): | ||||||||||||||
Prior service cost (credit) | $ | i 91 | $ | i — | $ | i 89 | $ | i — | ||||||
Net actuarial loss (gain) | i 1,663 | ( i 10) | i 1,563 | ( i 7) | ||||||||||
$ | i 1,754 | $ | ( i 10) | $ | i 1,652 | $ | ( i 7) |
In millions | U.S. Plans | Non- U.S. Plans | ||||||
Current year actuarial (gain) loss | $ | i 192 | $ | ( i 3) | ||||
Amortization of actuarial loss | ( i 93) | i 1 | ||||||
Current year prior service cost | i 26 | — | ||||||
Amortization of prior service cost | ( i 23) | i — | ||||||
Effect of foreign currency exchange rate movements | — | ( i 1) | ||||||
$ | i 102 | $ | ( i 3) |
2023 | 2022 | |||||||||||||
In millions | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||
Projected benefit obligation | $ | i 264 | $ | i 57 | $ | i 268 | $ | i 54 | ||||||
Accumulated benefit obligation | i 264 | i 49 | i 268 | i 45 | ||||||||||
Fair value of plan assets | i — | i 20 | i — | i 18 |
2023 | 2022 | 2021 | ||||||||||||||||||
In millions | U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | ||||||||||||||
Service cost | $ | i 48 | $ | i 4 | $ | i 85 | $ | i 3 | $ | i 100 | $ | i 5 | ||||||||
Interest cost | i 459 | i 3 | i 338 | i 2 | i 333 | i 4 | ||||||||||||||
Expected return on plan assets | ( i 530) | ( i 1) | ( i 649) | ( i 1) | ( i 705) | ( i 7) | ||||||||||||||
Actuarial loss (gain) | i 93 | ( i 1) | i 87 | i 1 | i 138 | i 2 | ||||||||||||||
Amortization of prior service cost | i 23 | i — | i 23 | i — | i 22 | i — | ||||||||||||||
Special termination benefits | i 1 | i — | i — | i — | i — | i — | ||||||||||||||
Net periodic pension (income) expense | $ | i 94 | $ | i 5 | $ | ( i 116) | $ | i 5 | $ | ( i 112) | $ | i 4 |
2023 | 2022 | 2021 | ||||||||||||||||||
U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | |||||||||||||||
Actuarial assumptions used to determine benefit obligations as of December 31: | ||||||||||||||||||||
Discount rate | i 5.10 | % | i 5.88 | % | i 5.40 | % | i 5.31 | % | i 2.90 | % | i 2.59 | % | ||||||||
Rate of compensation increase | i 3.00 | % | i 3.40 | % | i 3.00 | % | i 3.36 | % | i 3.00 | % | i 2.92 | % | ||||||||
Actuarial assumptions used to determine net periodic pension cost for years ended December 31: | ||||||||||||||||||||
Discount rate (a) | i 5.40 | % | i 5.31 | % | i 2.90 | % | i 2.59 | % | i 2.67 | % | i 2.32 | % | ||||||||
Expected long-term rate of return on plan assets (a) | i 6.50 | % | i 3.83 | % | i 6.00 | % | i 3.66 | % | i 6.40 | % | i 4.99 | % | ||||||||
Rate of compensation increase | i 3.00 | % | i 3.36 | % | i 3.00 | % | i 2.92 | % | i 2.25 | % | i 3.66 | % |
In millions | 2024 | ||||
Expense (Income): | |||||
Discount rate | $ | i 12 | |||
Expected long-term rate of return on plan assets | i 21 |
Asset Class | 2023 | 2022 | Target Allocations | ||||||||
Hedging assets | i 66 | % | i 64 | % | i 61% - i 72% | ||||||
Return seeking assets (a) | i 34 | % | i 36 | % | i 28% - i 39% | ||||||
Total | i 100 | % | i 100 | % |
Fair Value Measurement at December 31, 2023 | ||||||||||||||
Asset Class | Total | Quoted Prices in Active Markets For Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
In millions | ||||||||||||||
Equities | $ | i 1,336 | $ | i 835 | $ | i 501 | $ | i — | ||||||
Fixed income | i 4,691 | i — | i 4,684 | i 7 | ||||||||||
Derivatives | i 71 | i — | i — | i 71 | ||||||||||
Cash and cash equivalents | i 49 | i 49 | i — | i — | ||||||||||
Other investments: | ||||||||||||||
Hedge funds | i 1,293 | |||||||||||||
Private equity | i 644 | |||||||||||||
Real estate funds | i 752 | |||||||||||||
Total Investments | $ | i 8,836 | $ | i 884 | $ | i 5,185 | $ | i 78 |
Fair Value Measurement at December 31, 2022 | ||||||||||||||
Asset Class | Total | Quoted Prices in Active Markets For Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
In millions | ||||||||||||||
Equities | $ | i 1,353 | $ | i 889 | $ | i 464 | $ | i — | ||||||
Fixed income | i 4,550 | i — | i 4,543 | i 7 | ||||||||||
Derivatives | i 25 | i — | i — | i 25 | ||||||||||
Cash and cash equivalents | i 82 | i 82 | i — | i — | ||||||||||
Other investments: | ||||||||||||||
Hedge funds | i 1,319 | |||||||||||||
Private equity | i 688 | |||||||||||||
Real estate funds | i 828 | |||||||||||||
Total Investments | $ | i 8,845 | $ | i 971 | $ | i 5,007 | $ | i 32 |
Other Investments at December 31, 2023 | ||||||||||||||
Investment | Fair Value | Unfunded Commitments | Redemption Frequency | Remediation Notice Period | ||||||||||
In millions | ||||||||||||||
Hedge funds | $ | i 1,293 | $ | i 103 | i Quarterly to semi-annually | i 45 - 60 days | ||||||||
Private equity | i 644 | i 81 | i (a) | i None | ||||||||||
Real estate funds | i 752 | i 94 | i Quarterly | i 45 - 60 days | ||||||||||
Total | $ | i 2,689 | $ | i 278 |
Other Investments at December 31, 2022 | ||||||||||||||
Investment | Fair Value | Unfunded Commitments | Redemption Frequency | Remediation Notice Period | ||||||||||
In millions | ||||||||||||||
Hedge funds | $ | i 1,319 | $ | i 120 | i Daily to annually | i 1 - 100 days | ||||||||
Private equity | i 688 | i 126 | i (a) | i None | ||||||||||
Real estate funds | i 828 | i 129 | i Quarterly | i 45 - 60 days | ||||||||||
Total | $ | i 2,835 | $ | i 375 |
Derivatives at December 31, 2023 | |||||||||||
In millions | Gross Asset | Gross Liability | Total | ||||||||
Collateral | $ | i 7 | $ | ( i 7) | $ | i — | |||||
Credit Default Swap | i 2 | i — | i 2 | ||||||||
Interest Rate Swap | i 4 | i — | i 4 | ||||||||
Bond/Equity Swap | i 65 | i — | i 65 | ||||||||
Total | $ | i 78 | $ | ( i 7) | $ | i 71 |
Derivatives at December 31, 2022 | |||||||||||
In millions | Gross Asset | Gross Liability | Total | ||||||||
Collateral | $ | i 9 | $ | i — | $ | i 9 | |||||
Credit Default Swap | i 1 | i — | i 1 | ||||||||
Interest Rate Swap | i 16 | i — | i 16 | ||||||||
Bond/Equity Swap | i 3 | i — | i 3 | ||||||||
Options | i 6 | ( i 10) | ( i 4) | ||||||||
Total | $ | i 35 | $ | ( i 10) | $ | i 25 |
In millions | Other fixed income | Derivatives | Total | |||||||||||
Beginning balance at December 31, 2021 | $ | i 16 | $ | ( i 21) | $ | ( i 5) | ||||||||
Actual return on plan assets: | ||||||||||||||
Relating to assets still held at the reporting date | ( i 9) | i 38 | i 29 | |||||||||||
Relating to assets sold during the period | i 10 | ( i 189) | ( i 179) | |||||||||||
Purchases, sales and settlements | ( i 10) | i 197 | i 187 | |||||||||||
Transfers in and/or out of Level 3 | i — | i — | i — | |||||||||||
Ending balance at December 31, 2022 | $ | i 7 | $ | i 25 | $ | i 32 | ||||||||
Actual return on plan assets: | ||||||||||||||
Relating to assets still held at the reporting date | i — | i 57 | i 57 | |||||||||||
Relating to assets sold during the period | i — | i 48 | i 48 | |||||||||||
Purchases, sales and settlements | i — | ( i 59) | ( i 59) | |||||||||||
Transfers in and/or out of Level 3 | i — | i — | i — | |||||||||||
Ending balance at December 31, 2023 | $ | i 7 | $ | i 71 | $ | i 78 |
In millions | |||||
2024 | $ | i 620 | |||
2025 | i 632 | ||||
2026 | i 639 | ||||
2027 | i 639 | ||||
2028 | i 639 | ||||
2029-2033 | i 3,175 |
In millions | 2023 | 2022 | 2021 | |||||||||||||||||
U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | |||||||||||||||
Service cost | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||
Interest cost | i 7 | i — | i 5 | i — | i 5 | i 1 | ||||||||||||||
Actuarial loss | i — | i — | i 3 | i — | i 5 | i 1 | ||||||||||||||
Amortization of prior service credits | i — | i — | i — | i — | i — | ( i 2) | ||||||||||||||
Net postretirement expense | $ | i 7 | $ | i — | $ | i 8 | $ | i — | $ | i 10 | $ | i — |
2023 | 2022 | 2021 | ||||||||||||||||||
U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | |||||||||||||||
Discount rate | i 5.50 | % | i 5.70 | % | i 2.90 | % | i 5.20 | % | i 2.50 | % | i 6.91 | % |
2023 | 2022 | |||||||||||||
U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | |||||||||||
Discount rate | i 5.20 | % | i 6.10 | % | i 5.50 | % | i 5.70 | % | ||||||
Health care cost trend rate assumed for next year | i 7.00 | % | i 4.00 | % | i 7.25 | % | i 4.00 | % | ||||||
Rate that the cost trend rate gradually declines to | i 5.00 | % | i 4.00 | % | i 5.00 | % | i 4.00 | % | ||||||
Year that the rate reaches the rate it is assumed to remain | i 2032 | i 2023 | i 2032 | i 2023 |
In millions | 2023 | 2022 | ||||||||||||
U.S. Plans | Non- U.S. Plans | U.S. Plans | Non- U.S. Plans | |||||||||||
Change in projected benefit obligation: | ||||||||||||||
Benefit obligation, January 1 | $ | i 125 | $ | i 4 | $ | i 172 | $ | i 5 | ||||||
Service cost | i — | i — | i — | i — | ||||||||||
Interest cost | i 7 | i — | i 5 | i — | ||||||||||
Participants’ contributions | i 2 | i — | i 3 | i — | ||||||||||
Actuarial (gain) loss | i 8 | i — | ( i 33) | i — | ||||||||||
Benefits paid | ( i 24) | i — | ( i 23) | i — | ||||||||||
Less: Federal subsidy | i — | i — | i 1 | i — | ||||||||||
Currency Impact | i — | i — | i — | ( i 1) | ||||||||||
Benefit obligation, December 31 | $ | i 118 | $ | i 4 | $ | i 125 | $ | i 4 | ||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets, January 1 | $ | i — | $ | i — | $ | i — | $ | i — | ||||||
Company contributions | i 22 | i — | i 20 | i — | ||||||||||
Participants’ contributions | i 2 | i — | i 3 | i — | ||||||||||
Benefits paid | ( i 24) | i — | ( i 23) | i — | ||||||||||
Fair value of plan assets, December 31 | $ | i — | $ | i — | $ | i — | $ | i — | ||||||
Funded status, December 31 | $ | ( i 118) | $ | ( i 4) | $ | ( i 125) | $ | ( i 4) | ||||||
Amounts recognized in the consolidated balance sheet under ASC 715: | ||||||||||||||
Current liability | $ | ( i 13) | $ | i — | $ | ( i 15) | $ | i — | ||||||
Non-current liability | ( i 105) | ( i 4) | ( i 110) | ( i 4) | ||||||||||
$ | ( i 118) | $ | ( i 4) | $ | ( i 125) | $ | ( i 4) | |||||||
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax): | ||||||||||||||
Net actuarial loss (gain) | $ | i 2 | $ | ( i 1) | $ | ( i 6) | $ | ( i 1) | ||||||
Prior service credit | i — | i — | i — | i — | ||||||||||
$ | i 2 | $ | ( i 1) | $ | ( i 6) | $ | ( i 1) |
In millions | U.S. Plans | Non- U.S. Plans | ||||||
Current year actuarial (gain) loss | $ | i 8 | $ | i — | ||||
Amortization of actuarial (loss) gain | i — | i — | ||||||
$ | i 8 | $ | — |
In millions | Benefit Payments | Subsidy Receipts | Benefit Payments | ||||||||
U.S. Plans | U.S. Plans | Non- U.S. Plans | |||||||||
2024 | $ | i 14 | $ | i 1 | $ | i — | |||||
2025 | i 13 | i 1 | i — | ||||||||
2026 | i 12 | i 1 | i — | ||||||||
2027 | i 11 | i 1 | i — | ||||||||
2028 | i 11 | i 1 | i — | ||||||||
2029– 2033 | i 45 | i 2 | i 1 |
Twelve Months Ended December 31, 2023 | |||||
Expected volatility | i 35.97% - i 37.11% | ||||
Risk-free interest rate | i 0.17% - i 4.18% |
Share/Units | Weighted Average Grant Date Fair Value | |||||||
Outstanding at December 31, 2020 | i 5,620,025 | $ i 40.36 | ||||||
Granted | i 2,316,295 | i 45.24 | ||||||
Shares issued | ( i 994,052) | i 63.54 | ||||||
Forfeited | ( i 1,016,126) | i 57.55 | ||||||
Outstanding at December 31, 2021 | i 5,926,142 | i 35.43 | ||||||
Granted | i 1,899,211 | i 50.32 | ||||||
Shares issued | ( i 1,130,236) | i 40.23 | ||||||
Forfeited | ( i 1,382,637) | i 42.03 | ||||||
Outstanding at December 31, 2022 | i 5,312,480 | i 38.01 | ||||||
Granted - LTIP PSU | i 1,619,481 | i 37.78 | ||||||
Granted - LTIP RSU | i 1,411,042 | i 34.63 | ||||||
Shares issued - LTIP PSU | ( i 972,563) | i 40.44 | ||||||
Shares issued - LTIP RSU | ( i 15,161) | i 34.63 | ||||||
Forfeited | ( i 1,234,328) | i 45.38 | ||||||
Outstanding at December 31, 2023 | i 6,120,951 | $ i 35.31 |
Shares | Weighted Average Grant Date Fair Value | |||||||
Outstanding at December 31, 2020 | i 126,075 | $ i 44.83 | ||||||
Granted | i 85,098 | i 50.90 | ||||||
Shares issued | ( i 85,768) | i 45.59 | ||||||
Forfeited | ( i 21,636) | i 45.52 | ||||||
Outstanding at December 31, 2021 | i 103,769 | i 49.03 | ||||||
Granted | i 132,200 | i 43.38 | ||||||
Shares issued | ( i 104,177) | i 44.53 | ||||||
Forfeited | ( i 5,400) | i 47.78 | ||||||
Outstanding at December 31, 2022 | i 126,392 | i 46.88 | ||||||
Granted | i 123,454 | i 35.51 | ||||||
Shares issued | ( i 81,629) | i 45.40 | ||||||
Forfeited | ( i 11,643) | i 39.77 | ||||||
Outstanding at December 31, 2023 | i 156,574 | $ i 39.22 |
In millions | 2023 | 2022 | 2021 | ||||||||
Total stock-based compensation expense (included in selling and administrative expense) | $ | i 58 | $ | i 124 | $ | i 130 | |||||
Income tax benefits related to stock-based compensation | i 12 | i 13 | i 13 |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Industrial Packaging | $ | i 15,596 | $ | i 17,451 | $ | i 16,326 | |||||||||||
Global Cellulose Fibers | i 2,890 | i 3,227 | i 2,732 | ||||||||||||||
Corporate and Intersegment Sales (a) | i 430 | i 483 | i 305 | ||||||||||||||
Net Sales | $ | i 18,916 | $ | i 21,161 | $ | i 19,363 |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Industrial Packaging | $ | i 1,266 | $ | i 1,742 | $ | i 1,638 | |||||||||||
Global Cellulose Fibers | ( i 17) | i 106 | ( i 3) | ||||||||||||||
Business Segment Operating Profit | i 1,249 | i 1,848 | i 1,635 | ||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | i 382 | i 1,511 | i 999 | ||||||||||||||
Interest expense, net | i 231 | i 325 | i 337 | ||||||||||||||
Adjustment for less than wholly owned subsidiaries (b) | ( i 2) | ( i 5) | ( i 5) | ||||||||||||||
Corporate expenses, net (a) | i 27 | i 34 | i 134 | ||||||||||||||
Corporate net special items | i 28 | i 99 | i 352 | ||||||||||||||
Business net special items | i 529 | i 76 | i 18 | ||||||||||||||
Non-operating pension (income) expense | i 54 | ( i 192) | ( i 200) | ||||||||||||||
$ | i 1,249 | $ | i 1,848 | $ | i 1,635 |
In millions | 2023 | 2022 | |||||||||
Industrial Packaging | $ | i 16,060 | $ | i 16,425 | |||||||
Global Cellulose Fibers | i 3,369 | i 3,625 | |||||||||
Corporate and other | i 3,832 | i 3,890 | |||||||||
Assets | $ | i 23,261 | $ | i 23,940 |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Industrial Packaging | $ | i 928 | $ | i 762 | $ | i 382 | |||||||||||
Global Cellulose Fibers | i 177 | i 143 | i 83 | ||||||||||||||
Subtotal | i 1,105 | i 905 | i 465 | ||||||||||||||
Corporate and other | i 36 | i 26 | i 15 | ||||||||||||||
Capital Spending | $ | i 1,141 | $ | i 931 | $ | i 480 |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Industrial Packaging | $ | i 1,144 | $ | i 783 | $ | i 829 | |||||||||||
Global Cellulose Fibers | i 286 | i 255 | i 265 | ||||||||||||||
Corporate | i 2 | i 2 | i 3 | ||||||||||||||
Depreciation and Amortization | $ | i 1,432 | $ | i 1,040 | $ | i 1,097 |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Industrial Packaging | $ | i 15,596 | $ | i 17,441 | $ | i 16,276 | |||||||||||
Global Cellulose Fibers | i 2,883 | i 3,219 | i 2,730 | ||||||||||||||
Other (c) | i 437 | i 501 | i 357 | ||||||||||||||
Net Sales | $ | i 18,916 | $ | i 21,161 | $ | i 19,363 |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
United States (e) | $ | i 16,340 | $ | i 18,482 | $ | i 16,769 | |||||||||||
EMEA | i 1,494 | i 1,693 | i 1,611 | ||||||||||||||
Pacific Rim and Asia | i 261 | i 123 | i 207 | ||||||||||||||
Americas, other than U.S. | i 821 | i 863 | i 776 | ||||||||||||||
Net Sales | $ | i 18,916 | $ | i 21,161 | $ | i 19,363 |
In millions | 2023 | 2022 | |||||||||
United States | $ | i 9,021 | $ | i 9,333 | |||||||
EMEA | i 757 | i 738 | |||||||||
Americas, other than U.S. | i 390 | i 378 | |||||||||
Long-Lived Assets | $ | i 10,168 | $ | i 10,449 |
(2.1) | |||||
(2.2) |
(3.1) | |||||
(3.2) | |||||
(4.1) | |||||
(4.2) | |||||
(4.3) | |||||
(4.4) | |||||
(4.5) | |||||
(4.6) | |||||
(4.7) | |||||
(4.8) | |||||
(4.10) | In accordance with Item 601 (b)(4)(iii)(A) of Regulation S-K, certain instruments respecting long-term debt of the Company have been omitted but will be furnished to the SEC upon request. | ||||
(4.11) | |||||
(10.1) | |||||
(10.2) | |||||
(10.3) | |||||
(10.4) | |||||
(10.5) | |||||
(10.6) | |||||
(10.6.1) | |||||
(10.6.2) | |||||
(10.6.3) | |||||
(10.6.4) | |||||
(10.7) | |||||
(10.8) | |||||
(10.9) | |||||
(10.10) | |||||
(10.11) | |||||
(10.12) | |||||
(10.13) | |||||
(10.13.1) | |||||
(10.13.2) | |||||
(10.14) | |||||
(10.15) | |||||
(10.16) | |||||
(10.17) | |||||
(10.18) | |||||
(10.19) | |||||
(10.20) | |||||
(10.21) | |||||
(10.22) | |||||
(10.23) |
(10.24) | |||||
(10.25) | |||||
(10.26) | |||||
(10.27) | |||||
(10.28) | |||||
(10.31) | |||||
(10.32) |
(10.34) | |||||
(10.35) | |||||
(10.36) | |||||
(10.37) | |||||
(10.38) | |||||
(10.39) | |||||
(19) | |||||
(21) | |||||
(23.1) | |||||
(23.2) | |||||
(24) | |||||
(31.1) | |||||
(31.2) | |||||
(32) | |||||
(97) | |||||
(99) |
(101.INS) | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. * | ||||
(101.SCH) | XBRL Taxonomy Extension Schema * | ||||
(101.CAL) | XBRL Taxonomy Extension Calculation Linkbase * | ||||
(101.DEF) | XBRL Taxonomy Extension Definition Linkbase * | ||||
(101.LAB) | XBRL Taxonomy Extension Label Linkbase * | ||||
(101.PRE) | XBRL Extension Presentation Linkbase * | ||||
(104) | Cover Page Interactive Data File (formatted as Inline XBRL, and contained in Exhibit 101. * |
By: | /S/
JOSEPH R. SAAB | February 16, 2024 | |||||||||
Joseph R. Saab | |||||||||||
Senior Vice President, General Counsel and Corporate Secretary |
Signature | Title | Date | ||||||||||||
/S/ MARK
S. SUTTON | Chairman of the Board & Chief Executive Officer and Director | February 16, 2024 | ||||||||||||
Mark S. Sutton | ||||||||||||||
/S/ CHRISTOPHER M. CONNOR | Director | February 16, 2024 | ||||||||||||
Christopher M. Connor | ||||||||||||||
/S/ AHMET C. DORDUNCU | Director | February 16, 2024 | ||||||||||||
Ahmet C. Dorduncu | ||||||||||||||
/S/ ILENE
S. GORDON | Director | February 16, 2024 | ||||||||||||
Ilene S. Gordon | ||||||||||||||
/S/ ANDERS GUSTAFSSON | Director | February 16, 2024 | ||||||||||||
Anders Gustafsson | ||||||||||||||
/S/ JACQUELINE C. HINMAN | Director | February 16, 2024 | ||||||||||||
Jacqueline C. Hinman |
/s/ CLINTON A. LEWIS, JR. | Director | February 16, 2024 | ||||||||||||
Clinton A. Lewis, Jr. | ||||||||||||||
/s/ KATHRYN
D. SULLIVAN | Director | February 16, 2024 | ||||||||||||
Kathryn D. Sullivan | ||||||||||||||
/s/ ANTON V. VINCENT | Director | February 16, 2024 | ||||||||||||
Anton V. Vincent | ||||||||||||||
/S/ RAY G. YOUNG | Director | February 16, 2024 | ||||||||||||
Ray G. Young | ||||||||||||||
/S/ TIMOTHY
S. NICHOLLS | Senior Vice President and Chief Financial Officer | February 16, 2024 | ||||||||||||
Timothy S. Nicholls | ||||||||||||||
/S/ HOLLY G. GOUGHNOUR | Vice President – Finance and Corporate Controller | February 16, 2024 | ||||||||||||
Holly G. Goughnour |
INDUSTRIAL PACKAGING | Modesto, California | Fridley, Minnesota | ||||||||||||
Ontario, California | Minneapolis, Minnesota leased | |||||||||||||
Containerboard | Salinas, California | Shakopee, Minnesota | ||||||||||||
U.S.: | Sanger, California | White Bear Lake, Minnesota | ||||||||||||
Pine Hill, Alabama | Santa Fe Springs, California (2 locations) | Houston, Mississippi | ||||||||||||
Prattville, Alabama | Tracy, California | Jackson, Mississippi | ||||||||||||
Selma, Alabama (Riverdale Mill) | Golden, Colorado | Magnolia, Mississippi leased | ||||||||||||
Cantonment, Florida (Pensacola Mill) | Wheat Ridge, Colorado | Olive Branch, Mississippi | ||||||||||||
Rome, Georgia | Putnam, Connecticut | Fenton, Missouri | ||||||||||||
Savannah, Georgia | Orlando, Florida | Kansas City, Missouri (2 locations) | ||||||||||||
Cayuga, Indiana | Plant City, Florida | Maryland Heights, Missouri | ||||||||||||
Cedar Rapids, Iowa | Tampa, Florida leased | North Kansas City, Missouri leased | ||||||||||||
Henderson, Kentucky | Columbus, Georgia | St. Joseph, Missouri | ||||||||||||
Maysville, Kentucky | Forest Park, Georgia | St. Louis, Missouri | ||||||||||||
Bogalusa, Louisiana | Griffin, Georgia | Omaha, Nebraska | ||||||||||||
Campti, Louisiana | Lithonia, Georgia | McCarran, Nevada | ||||||||||||
Mansfield, Louisiana | Savannah, Georgia | Barrington, New Jersey | ||||||||||||
Vicksburg, Mississippi | Tucker, Georgia | Bellmawr, New Jersey | ||||||||||||
Valliant, Oklahoma | Aurora, Illinois (3 locations) 1 leased | Milltown, New Jersey leased | ||||||||||||
Springfield, Oregon | Bedford Park, Illinois (2 locations) 1 leased (2) | Spotswood, New Jersey | ||||||||||||
Orange,
Texas (1) | Belleville, Illinois | Thorofare, New Jersey | ||||||||||||
Carol Stream, Illinois | Binghamton, New York | |||||||||||||
International: | Des Plaines, Illinois | Buffalo, New York | ||||||||||||
Veracruz, Mexico | Lincoln, Illinois | Rochester, New York | ||||||||||||
Kenitra, Morocco | Montgomery, Illinois | Scotia, New York | ||||||||||||
Madrid, Spain | Northlake, Illinois | Utica, New York | ||||||||||||
Rockford, Illinois | Charlotte, North Carolina (2 locations) 1 leased | |||||||||||||
Corrugated Packaging | Butler, Indiana | Lumberton, North Carolina | ||||||||||||
U.S.: | Crawfordsville, Indiana | Manson, North Carolina | ||||||||||||
Bay Minette, Alabama | Fort Wayne, Indiana | Newton, North Carolina | ||||||||||||
Decatur, Alabama | Indianapolis, Indiana (3 locations) | Statesville, North Carolina | ||||||||||||
Dothan, Alabama leased | Saint Anthony, Indiana | Byesville, Ohio | ||||||||||||
Huntsville, Alabama | Tipton, Indiana | Delaware, Ohio | ||||||||||||
Conway, Arkansas | Cedar Rapids, Iowa | Eaton, Ohio | ||||||||||||
Fort Smith, Arkansas (2 locations) | Waterloo, Iowa | Madison, Ohio | ||||||||||||
Russellville, Arkansas (2 locations) | Garden City, Kansas | Marion, Ohio | ||||||||||||
Tolleson, Arizona | Bowling Green, Kentucky | Marysville, Ohio leased | ||||||||||||
Yuma, Arizona | Lexington, Kentucky | Middletown, Ohio | ||||||||||||
Anaheim, California | Louisville, Kentucky | Mt. Vernon, Ohio | ||||||||||||
Buena Park, California leased | Walton, Kentucky | Newark, Ohio | ||||||||||||
Camarillo, California | Bogalusa, Louisiana | Streetsboro, Ohio | ||||||||||||
Carson, California | Lafayette, Louisiana | Wooster, Ohio | ||||||||||||
Cerritos, California leased | Shreveport, Louisiana | Oklahoma City, Oklahoma | ||||||||||||
Compton, California | Springhill, Louisiana | Beaverton, Oregon | ||||||||||||
Elk Grove, California | Auburn, Maine | Hillsboro, Oregon | ||||||||||||
Exeter, California | Three Rivers, Michigan | Portland, Oregon | ||||||||||||
Gilroy, California (2 locations) | Arden Hills, Minnesota | Salem, Oregon leased | ||||||||||||
Los Angeles, California | Austin, Minnesota | Atglen, Pennsylvania |
Biglerville, Pennsylvania (2 locations) | Puebla, Mexico leased | Bags | ||||||||||||
Eighty-four, Pennsylvania | Reynosa, Mexico | U.S.: | ||||||||||||
Hazleton, Pennsylvania | San Jose Iturbide, Mexico | Buena Park, California | ||||||||||||
Kennett Square, Pennsylvania | Santa Catarina, Mexico | Beaverton, Oregon | ||||||||||||
Lancaster, Pennsylvania | Silao, Mexico | Grand Prairie, Texas | ||||||||||||
Mount Carmel, Pennsylvania | Toluca, Mexico | |||||||||||||
Georgetown, South Carolina | Zapopan, Mexico | GLOBAL CELLULOSE FIBERS | ||||||||||||
Laurens, South Carolina | Agadir, Morocco | |||||||||||||
Lexington, South Carolina | Casablanca, Morocco | Pulp | ||||||||||||
Ashland City, Tennessee leased | Tangier, Morocco | U.S.: | ||||||||||||
Cleveland, Tennessee | Ovar, Portugal | Cantonment, Florida (Pensacola Mill) | ||||||||||||
Elizabethton, Tennessee leased | Barcelona, Spain | Flint River, Georgia | ||||||||||||
Morristown, Tennessee | Bilbao, Spain | Port Wentworth, Georgia | ||||||||||||
Murfreesboro, Tennessee | Gandia, Spain | Columbus, Mississippi (2 locations) | ||||||||||||
Amarillo, Texas | Grinon, Spain | New Bern, North Carolina | ||||||||||||
Carrollton, Texas (2 locations) | Las Palmas, Spain | Riegelwood, North Carolina | ||||||||||||
Edinburg, Texas | Madrid, Spain | Georgetown, South Carolina | ||||||||||||
El Paso, Texas | Montblanc, Spain | Franklin, Virginia | ||||||||||||
Ft. Worth, Texas leased | Tavernes de la Valldigna, Spain | |||||||||||||
Grand Prairie, Texas | Tenerife, Spain | International: | ||||||||||||
Hidalgo, Texas | Valls, Spain | Grande Prairie, Alberta, Canada | ||||||||||||
McAllen, Texas | Gdansk, Poland | |||||||||||||
San Antonio, Texas (2 locations) | Recycling | |||||||||||||
Sealy, Texas | U.S.: | DISTRIBUTION | ||||||||||||
Waxahachie, Texas | Phoenix, Arizona | |||||||||||||
Lynchburg, Virginia | Fremont, California | International: | ||||||||||||
Petersburg, Virginia | Norwalk, California | Guangzhou, China leased | ||||||||||||
Richmond, Virginia | West Sacramento, California | Hong Kong, China leased | ||||||||||||
Moses Lake, Washington | Itasca, Illinois | Shanghai, China leased | ||||||||||||
Olympia, Washington | Des Moines, Iowa | Japan leased | ||||||||||||
Yakima, Washington | Wichita, Kansas | Korea leased | ||||||||||||
Fond du Lac, Wisconsin | Roseville, Minnesota | Singapore leased | ||||||||||||
Manitowoc, Wisconsin | Omaha, Nebraska | |||||||||||||
Charlotte, North Carolina | ||||||||||||||
International: | Beaverton, Oregon | |||||||||||||
Rancagua, Chile | Springfield, Oregon leased | 1) Closed December 2023 | ||||||||||||
Cabourg, France | Carrollton, Texas | 2) Closed one location January 2023 | ||||||||||||
Chalon, France | Salt Lake City, Utah | |||||||||||||
Espaly, France | Richmond, Virginia | |||||||||||||
Mortagne, France | Kent, Washington | |||||||||||||
Saint Amand, France | ||||||||||||||
Bellusco, Italy | International: | |||||||||||||
Catania, Italy | Monterrey, Mexico leased | |||||||||||||
Pomezia, Italy | Xalapa, Veracruz, Mexico leased | |||||||||||||
San Felice, Italy | ||||||||||||||
Apodaco, Mexico leased | ||||||||||||||
Ixtaczoquitlan, Mexico | ||||||||||||||
Juarez, Mexico leased (2 locations) | ||||||||||||||
Los Mochis, Mexico | ||||||||||||||
(in thousands of short tons except as noted) | U.S. | EMEA | Americas, other than U.S. | Total | |||||||||||||||||||
Industrial Packaging | |||||||||||||||||||||||
Containerboard (a) | 13,829 | 560 | 27 | 14,416 | |||||||||||||||||||
Global Cellulose Fibers | |||||||||||||||||||||||
Dried Pulp (in thousands of metric tons) (b) | 2,749 | — | 373 | 3,122 |
This ‘10-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/1/30 | ||||
5/1/28 | ||||
12/1/27 | ||||
4/1/26 | ||||
12/31/24 | ||||
12/15/24 | ||||
2/19/24 | ||||
Filed on: | 2/16/24 | |||
2/9/24 | ||||
1/16/24 | ||||
1/5/24 | ||||
For Period end: | 12/31/23 | 5 | ||
12/15/23 | ||||
12/11/23 | ||||
12/4/23 | ||||
12/1/23 | ||||
11/30/23 | ||||
11/14/23 | ||||
11/1/23 | 4 | |||
10/31/23 | ||||
10/30/23 | ||||
10/18/23 | 8-K | |||
10/1/23 | 8-K | |||
9/30/23 | 10-Q | |||
9/18/23 | 8-K | |||
9/1/23 | ||||
6/30/23 | 10-Q | |||
6/1/23 | ||||
5/1/23 | 4 | |||
4/1/23 | ||||
2/17/23 | 10-K, 4 | |||
1/1/23 | 3, 3/A, 4 | |||
12/31/22 | 10-K, 11-K, ARS | |||
12/15/22 | ||||
10/11/22 | ||||
9/2/22 | ||||
12/31/21 | 10-K, 11-K | |||
10/1/21 | 4/A, 8-K | |||
9/29/21 | 4/A, 8-K | |||
9/15/21 | 4 | |||
8/6/21 | ||||
7/31/21 | ||||
6/30/21 | 10-Q | |||
5/31/21 | ||||
5/13/21 | ||||
4/1/21 | ||||
3/31/21 | 10-Q | |||
1/1/21 | ||||
12/31/20 | 10-K, 11-K | |||
1/1/19 | 4 | |||
12/31/18 | 10-K, 11-K, 4, 8-K | |||
7/1/04 | 4, 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/14/24 International Paper Co. S-8 5/14/24 5:83K Donnelley … Solutions/FA 4/16/24 International Paper Co. DEFA14A 1:132K Donnelley … Solutions/FA 4/16/24 International Paper Co. DEFA14A 1:51K Donnelley … Solutions/FA 4/16/24 International Paper Co. 8-K:1,8,9 4/16/24 14:10M Donnelley … Solutions/FA 2/16/24 International Paper Co. S-3ASR 2/16/24 7:502K Donnelley … Solutions/FA |