Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IP | ||
Entity Registrant Name | INTERNATIONAL PAPER CO /NEW/ | ||
Entity Central Index Key | 51434 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 422,845,435 | ||
Entity Public Float | $21,745,527,580 |
Consolidated_Statement_Of_Oper
Consolidated Statement Of Operations (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Statement [Abstract] | ||||||
NET SALES | $23,617 | [1] | $23,483 | [1] | $21,852 | [1] |
COSTS AND EXPENSES | ||||||
Cost of products sold | 16,254 | 16,282 | 15,287 | |||
Selling and administrative expenses | 1,793 | 1,796 | 1,674 | |||
Depreciation, amortization and cost of timber harvested | 1,406 | [2] | 1,531 | [2] | 1,473 | [2] |
Distribution expenses | 1,521 | 1,583 | 1,470 | |||
Taxes other than payroll and income taxes | 180 | 178 | 159 | |||
Restructuring and other charges | 846 | 156 | 65 | |||
Impairment of goodwill and other intangibles | 100 | 127 | 0 | |||
Net (gains) losses on sales and impairments of businesses | 38 | 3 | 86 | |||
Net bargain purchase gain on acquisition of business | 0 | -13 | 0 | |||
Interest expense, net | 607 | 612 | 671 | |||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY EARNINGS | 872 | [3],[4],[5],[6] | 1,228 | [10],[7],[8],[9] | 967 | |
Income tax provision (benefit) | 123 | -498 | 306 | |||
Equity earnings (loss), net of taxes | -200 | -39 | 61 | |||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 549 | 1,687 | 722 | |||
Discontinued operations, net of taxes | -13 | [11],[12],[13],[14] | -309 | [15],[16],[17],[18] | 77 | |
NET EARNINGS (LOSS) | 536 | 1,378 | 799 | |||
Less: Net earnings (loss) attributable to noncontrolling interests | -19 | -17 | 5 | |||
NET EARNINGS (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | 555 | [11],[12],[13],[14],[19],[20],[3],[4],[5],[6] | 1,395 | [10],[15],[16],[17],[18],[21],[22],[23],[24],[7],[8],[9] | 794 | |
BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||||
Earnings (loss) from continuing operations | $1.33 | [3],[4],[5],[6] | $3.85 | [10],[7],[8],[9] | $1.65 | |
Discontinued operations, net of taxes | ($0.03) | [11],[12],[13],[14] | ($0.70) | [15],[16],[17],[18] | $0.17 | |
Net earnings (loss) | $1.30 | [11],[12],[13],[14],[19],[20],[3],[4],[5],[6] | $3.15 | [10],[15],[16],[17],[18],[21],[22],[23],[24],[7],[8],[9] | $1.82 | |
DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||||
Earnings (loss) from continuing operations | $1.31 | [3],[4],[5],[6] | $3.80 | [10],[7],[8],[9] | $1.63 | |
Discontinued operations, net of taxes | ($0.02) | [11],[12],[13],[14] | ($0.69) | [15],[16],[17],[18] | $0.17 | |
Net earnings (loss) | $1.29 | [11],[12],[13],[14],[19],[20],[3],[4],[5],[6] | $3.11 | [10],[15],[16],[17],[18],[21],[22],[23],[24],[7],[8],[9] | $1.80 | |
AMOUNTS ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||||
Earnings (loss) from continuing operations | 568 | 1,704 | 717 | |||
Discontinued operations, net of taxes | -13 | [11],[12],[13],[14] | -309 | [15],[16],[17],[18] | 77 | |
Net earnings (loss) | $555 | [11],[12],[13],[14],[19],[20],[3],[4],[5],[6] | $1,395 | [10],[15],[16],[17],[18],[21],[22],[23],[24],[7],[8],[9] | $794 | |
[1] | Net sales are attributed to countries based on the location of the seller. | |||||
[2] | Excludes accelerated depreciation related to closure of mills. | |||||
[3] | Includes a charge of $100 million (before and after taxes) for a goodwill impairment charge related to our Asian Industrial Packaging business, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for integration costs associated with our Brazil Packaging business, a pre-tax charge of $47 million ($36 million after taxes) for a loss on the sale of a business by ASG in which we hold an investment, and the resulting impairment of our ASG investment, a pre-tax gain of $9 million ($5 million after taxes) related to the sale of an investment, and a net pre-tax charge of $5 million ($3 million after taxes) for other items. | |||||
[4] | Includes a pre-tax charge of $5 million ($3 million after taxes) for a refund of previously claimed state tax credits, a gain of $20 million (before and after taxes) for the resolution of a legal contingency in India, a pre-tax charge of $35 million ($21 million after taxes) for costs associated with a multi-employer pension plan withdrawal liability, a pre-tax charge of $32 million ($17 million after taxes) for costs associated with a foreign tax amnesty program, a pre-tax charge of $13 million ($8 million after taxes) for debt extinguishment costs, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the shutdown of our Courtland mill, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $5 million ($3 million after taxes) for costs associated with the restructuring of the Company's Packaging business in Europe, and a net pre-tax loss of $3 million ($2 million after taxes) for other items. | |||||
[5] | Includes a pre-tax charge of $2 million ($1 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $49 million ($30 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $7 million ($5 million after taxes) associated with our Brazil Packaging business and net charges of $3 million (before and after taxes) for other items. | |||||
[6] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $495 million ($302 million after taxes) for costs associated with the shutdown of our Courtland mill, and a pre-tax charge of $4 million ($3 million after taxes) for other items. | |||||
[7] | Includes a pre-tax charge of $12 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $44 million ($27 million after taxes) for costs associated with the permanent shutdown of a paper machine at our Augusta mill, a pre-tax charge of $6 million ($4 million after taxes) for debt extinguishment costs, interest income of $6 million ($4 million after taxes) related to the closing of a U.S. federal income tax audit, and pre-tax charges of $2 million ($1 million after taxes) for other items. | |||||
[8] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $67 million ($41 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for costs associated with the restructuring of the Asia Box operations, a pre-tax charge of $127 million ($122 million after taxes) for the impairment of goodwill and a trade name intangible asset of the Company's India Papers business, a pre- tax charge of $2 million ($1 million after taxes) for an adjustment associated with the Company's divestiture of the Shorewood operations, and a net pre-tax gain of $2 million ($0 million after taxes) for other items. | |||||
[9] | Includes a pre-tax charge of $24 million ($15 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $51 million ($31 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $15 million ($9 million after taxes) for debt extinguishment costs, a pre-tax gain of $9 million ($6 million after taxes) associated with the sale of the Bellevue box plant facility which was closed in 2010, a pre-tax charge of $1 million ($0 million after taxes) for costs associated with the divestiture of three containerboard mills in 2012 and charges of $2 million (before and after taxes) for other items. | |||||
[10] | Includes a pre-tax charge of $6 million ($4 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax charge of $14 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $9 million ($5 million after taxes) to adjust the value of two Company airplanes to market value, a pre-tax gain of $30 million ($19 million after taxes) for insurance reimbursements related to the 2012 Guaranty Bank legal settlement, a pre-tax charge of $3 million ($2 million after taxes) for debt extinguishment costs, a gain of $13 million (before and after taxes) related to a bargain purchase adjustment on the first-quarter 2013 acquisition of a majority share of our operations in Turkey, and charges of $3 million (before and after taxes) for other items. | |||||
[11] | Includes a pre-tax loss of $14 million ($9 million after taxes) related to the Building Products divestiture. | |||||
[12] | Includes a net pre-tax gain of $11 million ($14 million after taxes) for the recovery of costs related to the spin-off of the xpedx business and a $2 million tax benefit associated with the Building Products divestiture. | |||||
[13] | Includes the operating earnings of the xpedx business, a pre-tax charge of $18 million ($20 million after taxes) for costs associated with the spin-off of our xpedx operations, and a gain of $1 million (before and after taxes) related to the xpedx restructuring. | |||||
[14] | Includes the operating earnings of the xpedx business, a pre-tax charge of $16 million ($10 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $2 million ($0 million after taxes) for costs associated with the restructuring of our xpedx operations and a charge of $2 million (before and after taxes) for costs associated with the Building Products divestiture. | |||||
[15] | Includes the operating earnings of the xpedx business, a pre-tax charge of $8 million ($5 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $400 million ($366 million after taxes) for the impairment of goodwill in the Company's xpedx business, a net pre-tax loss of $2 million ($1 million after taxes) for costs associated with the restructuring of the xpedx operations, and a pre-tax gain of $18 million ($6 million after taxes) related to the Building Products divestiture. | |||||
[16] | Includes the operating earnings of the xpedx business, a pre-tax charge of $6 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $11 million ($7 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $24 million ($15 million after taxes) for costs associated with the Building Products divestiture. | |||||
[17] | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $17 million ($10 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $13 million ($8 million after taxes) for costs associated with the divestiture of Building Products. | |||||
[18] | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, and a pretax charge of $4 million ($3 million after taxes) for costs associated with the Building Products divestiture. | |||||
[19] | Includes a tax benefit of $90 million associated with internal restructuring. | |||||
[20] | Includes a tax expense of $10 million associated with a state legislative change and a tax benefit of $1 million for other items. | |||||
[21] | Includes a tax benefit of $651 million associated with the closing of a U.S. federal tax audit and a net tax benefit of $3 million for other items. | |||||
[22] | Includes pre-tax noncontrolling interest income of $4 million ($3 million after taxes) associated with the write-off of a trade name intangible asset in our India Papers business. | |||||
[23] | Includes a tax benefit of $31 million for an income tax reserve release. In addition, the third quarter tax rate includes a $30 million benefit related to the adjustment of the tax basis in certain of the Company's fixed assets. | |||||
[24] | Includes a tax benefit of $93 million associated with the closing of a U.S. federal income tax audit and a net tax expense of $2 million related to internal restructurings. In addition, the first quarter tax rate includes a benefit of approximately $35 million related to the enactment into law of The American Taxpayer Relief Act of 2012 in January 2013. |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
NET EARNINGS (LOSS) | $536,000,000 | $1,378,000,000 | $799,000,000 | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||||
Change in cumulative foreign currency translation adjustment | -876,000,000 | -426,000,000 | -131,000,000 | |||
Net gains/losses on cash flow hedging derivatives: | ||||||
Net gains (losses) arising during the period (less tax of $3, $2 and $1) | 10,000,000 | 0 | 15,000,000 | |||
Reclassification adjustment for (gains) losses included in net earnings (less tax of $1, $3 and $13) | -4,000,000 | -7,000,000 | 22,000,000 | |||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -1,899,000,000 | [1] | 1,058,000,000 | [1] | -838,000,000 | [1] |
Comprehensive Income (Loss) | -1,363,000,000 | 2,436,000,000 | -39,000,000 | |||
Net (Earnings) Loss Attributable to Noncontrolling Interests | 19,000,000 | 17,000,000 | -5,000,000 | |||
Other Comprehensive (Income) Loss Attributable to Noncontrolling Interests | 12,000,000 | 23,000,000 | 3,000,000 | |||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | -1,332,000,000 | 2,476,000,000 | -41,000,000 | |||
U.S. Plans [Member] | ||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||||
Amortization of pension and post-retirement prior service costs and net loss | 242,000,000 | 307,000,000 | 195,000,000 | |||
Pension and postretirement liability adjustments: | -1,253,000,000 | 1,188,000,000 | -914,000,000 | |||
Non-U.S. Plans [Member] | ||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||||
Pension and postretirement liability adjustments: | ($18,000,000) | ($4,000,000) | ($25,000,000) | |||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization of prior service cost, tax | $154 | $195 | $124 |
Net gains (losses) on cash flow hedging derivatives arising during the period, tax | 3 | -2 | 1 |
Reclassification adjustment for (gains) losses included in net earnings, tax | -1 | 3 | -13 |
U.S. Plans [Member] | |||
Pension and postretirement liability adjustments, tax | -798 | 756 | -583 |
Non-U.S. Postretirement Benefit Plans [Member] | |||
Pension and postretirement liability adjustments, tax | ($5) | ($3) | ($9) |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and temporary investments | $1,881 | $1,802 |
Accounts and notes receivable, less allowances of $82 in 2014 and $109 in 2013 | 3,083 | 3,756 |
Inventories | 2,424 | 2,825 |
Deferred income tax assets | 331 | 302 |
Other current assets | 240 | 340 |
Total Current Assets | 7,959 | 9,025 |
Plants, Properties and Equipment, net | 12,728 | 13,672 |
Forestlands | 507 | 557 |
Investments | 248 | 733 |
Financial Assets of Special Purpose Entities (Note 12) | 2,145 | 2,127 |
Goodwill | 3,773 | 3,987 |
Deferred Charges and Other Assets | 1,324 | 1,427 |
TOTAL ASSETS | 28,684 | 31,528 |
Current Liabilities | ||
Notes payable and current maturities of long-term debt | 742 | 661 |
Accounts payable | 2,664 | 2,900 |
Accrued payroll and benefits | 477 | 511 |
Other accrued liabilities | 1,026 | 1,055 |
Total Current Liabilities | 4,909 | 5,127 |
Long-Term Debt | 8,631 | 8,827 |
Nonrecourse Financial Liabilities of Special Purpose Entities (Note 12) | 2,050 | 2,043 |
Deferred Income Taxes | 3,063 | 3,765 |
Pension Benefit Obligation | 3,819 | 2,205 |
Postretirement and Postemployment Benefit Obligation | 396 | 412 |
Other Liabilities | 553 | 702 |
Redeemable Noncontrolling Interest | 0 | 163 |
Commitments and Contingent Liabilities (Note 11) | ||
Equity | ||
Common stock $1 par value, 2014 – 448.9 shares and 2013 – 447.2 shares | 449 | 447 |
Paid-in capital | 6,245 | 6,463 |
Retained earnings | 4,409 | 4,446 |
Accumulated other comprehensive loss | -4,646 | -2,759 |
Total Shareholders' Equity Before Treasury Stock | 6,457 | 8,597 |
Less: Common stock held in treasury, at cost, 2014 – 28.734 shares and 2013 – 10.868 shares | 1,342 | 492 |
Total Shareholders’ Equity | 5,115 | 8,105 |
Noncontrolling interests | 148 | 179 |
Total Equity | 5,263 | 8,284 |
TOTAL LIABILITIES AND EQUITY | $28,684 | $31,528 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowances | $82 | $109 |
Common stock, par value | $1 | $1 |
Common stock, shares | 448,900,000 | 447,200,000 |
Common stock held in treasury, shares | 28,734,000 | 10,868,000 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net earnings (loss) | $536 | $1,378 | $799 |
Depreciation, amortization, and cost of timber harvested | 1,414 | 1,547 | 1,486 |
Deferred income tax provision (benefit), net | -135 | 146 | 204 |
Restructuring and other charges | 881 | 210 | 109 |
Pension plan contribution | -353 | -31 | -44 |
Net bargain purchase gain on acquisition of business | 0 | -13 | 0 |
Periodic pension expense, net | 387 | 545 | 342 |
Net (gains) losses on sales and impairments of businesses | 38 | 3 | 86 |
Equity (earnings) losses, net of taxes | 200 | 39 | -61 |
Release of tax reserves | 0 | -775 | 0 |
Impairment of goodwill and other intangibles | 100 | 527 | 0 |
Other, net | 167 | -62 | -38 |
Changes in current assets and liabilities | |||
Accounts and notes receivable | -97 | -134 | 377 |
Inventories | -103 | -114 | -28 |
Accounts payable and accrued liabilities | -18 | -110 | -273 |
Interest payable | -18 | -57 | 30 |
Other | 78 | -71 | -22 |
CASH PROVIDED BY (USED FOR) OPERATIONS | 3,077 | 3,028 | 2,967 |
INVESTMENT ACTIVITIES | |||
Invested in capital projects | -1,366 | -1,198 | -1,383 |
Acquisitions, net of cash acquired | 0 | -505 | -3,734 |
Proceeds from divestitures | 0 | 726 | 474 |
Proceeds from spinoff | 411 | 0 | 0 |
Equity investment in Ilim | 0 | 0 | -45 |
Proceeds from sale of fixed assets | 61 | 65 | 0 |
Other | 34 | 85 | -170 |
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES | -860 | -827 | -4,858 |
FINANCING ACTIVITIES | |||
Repurchase of common stock and payments of restricted stock tax withholding | -1,062 | -512 | -35 |
Issuance of common stock | 66 | 298 | 108 |
Issuance of debt | 1,982 | 241 | 2,132 |
Reduction of debt | -2,095 | -845 | -2,488 |
Change in book overdrafts | 30 | -123 | 11 |
Dividends paid | -620 | -554 | -476 |
Acquisition of redeemable noncontrolling interest | -114 | 0 | 0 |
Debt tender premiums paid | -269 | 0 | 0 |
Redemption of securities | 0 | -150 | 0 |
Other | -4 | -43 | -47 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | -2,086 | -1,688 | -795 |
Effect of Exchange Rate Changes on Cash | -52 | -13 | -6 |
Change in Cash and Temporary Investments | 79 | 500 | -2,692 |
Cash and Temporary Investments | |||
Beginning of the period | 1,802 | 1,302 | 3,994 |
End of the period | $1,881 | $1,802 | $1,302 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Equity (USD $) | Total | Common Stock Issued [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total International Paper Shareholders' Equity [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2011 | $6,985,000,000 | $439,000,000 | $5,908,000,000 | $3,355,000,000 | ($3,005,000,000) | $52,000,000 | $6,645,000,000 | $340,000,000 |
Issuance of stock for various plan, net | 222,000,000 | 1,000,000 | 134,000,000 | 0 | 0 | -87,000,000 | 222,000,000 | 0 |
Repurchase of stock | -35,000,000 | 0 | 0 | 0 | 0 | 35,000,000 | -35,000,000 | 0 |
Dividends | -487,000,000 | 0 | 0 | -487,000,000 | 0 | 0 | -487,000,000 | 0 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | -6,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | -6,000,000 |
Noncontrolling interests of acquired entities | -4,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | -4,000,000 |
Comprehensive income (loss) | -39,000,000 | 0 | 0 | 794,000,000 | -835,000,000 | 0 | -41,000,000 | 2,000,000 |
Ending Balance at Dec. 31, 2012 | 6,636,000,000 | 440,000,000 | 6,042,000,000 | 3,662,000,000 | -3,840,000,000 | 0 | 6,304,000,000 | 332,000,000 |
Issuance of stock for various plan, net | 448,000,000 | 7,000,000 | 421,000,000 | 0 | 0 | -20,000,000 | 448,000,000 | 0 |
Repurchase of stock | -512,000,000 | 0 | 0 | 0 | 0 | 512,000,000 | -512,000,000 | 0 |
Dividends | -567,000,000 | 0 | 0 | -567,000,000 | 0 | 0 | -567,000,000 | 0 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | -1,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | -1,000,000 |
Noncontrolling interests of acquired entities | -156,000,000 | 0 | 0 | -44,000,000 | 0 | 0 | -44,000,000 | -112,000,000 |
Comprehensive income (loss) | 2,436,000,000 | 0 | 0 | 1,395,000,000 | 1,081,000,000 | 0 | 2,476,000,000 | -40,000,000 |
Ending Balance at Dec. 31, 2013 | 8,284,000,000 | 447,000,000 | 6,463,000,000 | 4,446,000,000 | -2,759,000,000 | 492,000,000 | 8,105,000,000 | 179,000,000 |
Issuance of stock for various plan, net | 283,000,000 | 2,000,000 | 69,000,000 | 0 | 0 | -212,000,000 | 283,000,000 | 0 |
Repurchase of stock | -1,062,000,000 | 0 | 0 | 0 | 0 | 1,062,000,000 | -1,062,000,000 | 0 |
xpedx divestiture | -287,000,000 | 0 | -287,000,000 | 0 | 0 | 0 | -287,000,000 | 0 |
Dividends | -633,000,000 | 0 | 0 | -633,000,000 | 0 | 0 | -633,000,000 | 0 |
Acquisition of redeemable noncontrolling interest | 46,000,000 | 0 | 0 | 46,000,000 | 0 | 0 | 46,000,000 | 0 |
Remeasurement of redeemable noncontrolling interest | -5,000,000 | 0 | 0 | -5,000,000 | 0 | 0 | -5,000,000 | 0 |
Comprehensive income (loss) | -1,363,000,000 | 0 | 0 | 555,000,000 | -1,887,000,000 | 0 | -1,332,000,000 | -31,000,000 |
Ending Balance at Dec. 31, 2014 | $5,263,000,000 | $449,000,000 | $6,245,000,000 | $4,409,000,000 | ($4,646,000,000) | $1,342,000,000 | $5,115,000,000 | $148,000,000 |
Summary_Of_Business_And_Signif
Summary Of Business And Significant Accounting Policies (Note) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary Of Business And Significant Accounting Policies [Note Text Block] | NATURE OF BUSINESS |
International Paper (the Company) is a global paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. Substantially all of our businesses have experienced, and are likely to continue to experience, cycles relating to available industry capacity and general economic conditions. | |
FINANCIAL STATEMENTS | |
These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States that require the use of management’s estimates. Actual results could differ from management’s estimates. | |
On July 1, 2014, International Paper completed the spinoff of its distribution business, xpedx, and xpedx's merger with Unisource Worldwide, Inc., with the combined companies now operating as Veritiv Corporation (Veritiv). As a result of the spinoff, all current and prior year amounts have been adjusted to reflect xpedx as a discontinued operation. See Note 7 for further discussion. | |
CONSOLIDATION | |
The consolidated financial statements include the accounts of International Paper and its wholly-owned, controlled majority-owned and financially controlled subsidiaries. All significant intercompany balances and transactions are eliminated. | |
Investments in affiliated companies where the Company has significant influence over their operations are accounted for by the equity method. International Paper’s share of affiliates’ results of operations totaled earnings (loss) of $(200) million, $(39) million and $61 million in 2014, 2013 and 2012, respectively. | |
REVENUE RECOGNITION | |
Revenue is recognized when the customer takes title and assumes the risks and rewards of ownership. Revenue is recorded at the time of shipment for terms designated f.o.b. (free on board) shipping point. For sales transactions designated f.o.b. destination, revenue is recorded when the product is delivered to the customer’s delivery site, when title and risk of loss are transferred. Timber and forestland sales revenue is generally recognized when title and risk of loss pass to the buyer. | |
SHIPPING AND HANDLING COSTS | |
Shipping and handling costs, such as freight to our customers’ destinations, are included in distribution expenses in the consolidated statement of operations. When shipping and handling costs are included in the sales price charged for our products, they are recognized in net sales. | |
ANNUAL MAINTENANCE COSTS | |
Costs for repair and maintenance activities are expensed in the month that the related activity is performed under the direct expense method of accounting. | |
TEMPORARY INVESTMENTS | |
Temporary investments with an original maturity of three months or less are treated as cash equivalents and are stated at cost, which approximates market value. | |
INVENTORIES | |
Inventories are valued at the lower of cost or market value and include all costs directly associated with manufacturing products: materials, labor and manufacturing overhead. In the United States, costs of raw materials and finished pulp and paper products, are generally determined using the last-in, first-out method. Other inventories are valued using the first-in, first-out or average cost methods. | |
PLANTS, PROPERTIES AND EQUIPMENT | |
Plants, properties and equipment are stated at cost, less accumulated depreciation. Expenditures for betterments are capitalized, whereas normal repairs and maintenance are expensed as incurred. The units-of-production method of depreciation is used for pulp and paper mills, and the straight-line method is used for other plants and equipment. Annual straight-line depreciation rates are, for buildings — 2.50% to 8.50%, and for machinery and equipment — 5% to 33%. | |
FORESTLANDS | |
At December 31, 2014, International Paper and its subsidiaries owned or managed approximately 334,000 acres of forestlands in Brazil, and through licenses and forest management agreements, had harvesting rights on government-owned forestlands in Russia. Costs attributable to timber are expensed as trees are cut. The rate charged is determined annually based on the relationship of incurred costs to estimated current merchantable volume. | |
GOODWILL | |
Goodwill relating to a single business reporting unit is included as an asset of the applicable segment, while goodwill arising from major acquisitions that involve multiple business segments is classified as a corporate asset for segment reporting purposes. For goodwill impairment testing, this goodwill is allocated to reporting units. Annual testing for possible goodwill impairment is performed as of the beginning of the fourth quarter of each year, with additional interim testing performed when management believes that it is more likely than not events or circumstances have occurred that would result in the impairment of a reporting unit’s goodwill. | |
In performing this testing, the Company estimates the fair value of its reporting units using the projected future cash flows to be generated by each unit over the estimated remaining useful operating lives of the unit’s assets, discounted using the estimated cost of capital for each reporting unit. These estimated fair values are then analyzed for reasonableness by comparing them to historic market transactions for businesses in the industry, and by comparing the sum of the reporting unit fair values and other corporate assets and liabilities divided by diluted common shares outstanding to the Company’s traded stock price on the testing date. For reporting units whose recorded value of net assets plus goodwill is in excess of their estimated fair values, the fair values of the individual assets and liabilities of the respective reporting units are then determined to calculate the amount of any goodwill impairment charge required. See Note 9 for further discussion. | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable, measured by comparing their net book value to the undiscounted projected future cash flows generated by their use. Impaired assets are recorded at their estimated fair value. | |
INCOME TAXES | |
International Paper uses the asset and liability method of accounting for income taxes whereby deferred income taxes are recorded for the future tax consequences attributable to differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are remeasured to reflect new tax rates in the periods rate changes are enacted. | |
International Paper records its worldwide tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where the Company believes that a tax position is supportable for income tax purposes, the item is included in its income tax returns. Where treatment of a position is uncertain, liabilities are recorded based upon the Company’s evaluation of the “more likely than not” outcome considering the technical merits of the position based on specific tax regulations and the facts of each matter. Changes to recorded liabilities are made only when an identifiable event occurs that changes the likely outcome, such as settlement with the relevant tax authority, the expiration of statutes of limitation for the subject tax year, a change in tax laws, or a recent court case that addresses the matter. | |
While the judgments and estimates made by the Company are based on management’s evaluation of the technical merits of a matter, assisted as necessary by consultation with outside consultants, historical experience and other assumptions that management believes are appropriate and reasonable under current circumstances, actual resolution of these matters may differ from recorded estimated amounts, resulting in charges or credits that could materially affect future financial statements. | |
STOCK-BASED COMPENSATION | |
Compensation costs resulting from all stock-based compensation transactions are measured and recorded in the consolidated financial statements based on the grant-date fair value of the equity or liability instruments issued. In addition, liability awards are remeasured each reporting period. Compensation cost is recognized over the period that an employee provides service in exchange for the award. | |
ENVIRONMENTAL REMEDIATION COSTS | |
Costs associated with environmental remediation obligations are accrued when such costs are probable and reasonably estimable. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are discounted to their present value when the amount and timing of expected cash payments are reliably determinable. | |
ASSET RETIREMENT OBLIGATIONS | |
A liability and an asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists and the liability can be reasonably estimated. The liability is accreted over time and the asset is depreciated over the life of the related equipment or facility. International Paper’s asset retirement obligations principally relate to closure costs for landfills. Revisions to the liability could occur due to changes in the estimated costs or timing of closures, or possible new federal or state regulations affecting these closures. | |
In connection with potential future closures or redesigns of certain production facilities, it is possible that the Company may be required to take steps to remove certain materials from these facilities. Applicable regulations and standards provide that the removal of certain materials would only be required if the facility were to be demolished or underwent major renovations. At this time, any such obligations have an indeterminate settlement date, and the Company believes that adequate information does not exist to apply an expected-present-value technique to estimate any such potential obligations. Accordingly, the Company does not record a liability for such remediation until a decision is made that allows reasonable estimation of the timing of such remediation. | |
TRANSLATION OF FINANCIAL STATEMENTS | |
Balance sheets of international operations are translated into U.S. dollars at year-end exchange rates, while statements of operations are translated at average rates. Adjustments resulting from financial statement translations are included as cumulative translation adjustments in Accumulated other comprehensive loss. |
Recent_Accounting_Developments
Recent Accounting Developments (Note) | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Developments [Note Text Block] | Other than as described below, no new accounting pronouncement issued or effective during the fiscal year has had or is expected to have a material impact on the consolidated financial statements. |
SHARE-BASED PAYMENT | |
In June 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-12, "Accounting for Share-based Payments When the Terms of an Award Provide That Performance Target Could Be Achieved After the Requisite Service Period." This guidance provides that entities should treat performance targets that can be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. As such, an entity should not record compensation expense related to an award for which transfer to the employee is contingent on the entity's satisfaction of a performance target until it becomes probable that the performance target will be met. This ASU is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years. The Company is currently evaluating the provisions of this guidance. | |
REVENUE RECOGNITION | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The guidance replaces most existing revenue recognition guidance and provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years, and permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the provisions of this guidance. | |
DISCONTINUED OPERATIONS | |
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. This guidance should be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date which is fiscal years beginning on or after December 15, 2014, and interim periods within those annual periods. The Company chose to early adopt the provisions of this guidance in the third quarter of 2014. See Note 7 for further discussion and disclosures. | |
HEDGE ACCOUNTING | |
In July 2013, the FASB issued ASU 2013-10, "Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes," which amends ASC 815, "Derivatives and Hedging," to allow entities to use the Fed Funds Effective Swap Rate, in addition to U.S. Treasury rates and LIBOR, as a benchmark interest rate in accounting for fair value and cash flow hedges in the United States. The ASU also eliminates the provision that prohibits the use of different benchmark rates for similar hedges except in rare and justifiable circumstances. The ASU was effective prospectively for qualifying new hedging relationships entered into on or after July 17, 2013 and for hedging relationships redesignated on or after that date. The adoption of the provisions of this guidance did not have a material effect on the Company's consolidated financial statements. | |
INCOME TAXES | |
In July 2013, the FASB also issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," which provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance should be applied to all unrecognized tax benefits that exist as of the effective date which is fiscal years beginning after December 15, 2013, and interim periods within those years. The adoption of the provisions of this guidance did not have a material effect on the Company's consolidated financial statements. |
Earnings_Per_Share_Attributabl
Earnings Per Share Attributable To International Paper Company Common Shareholders (Note) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||
Earnings Per Share Attributable To International Paper Company Common Shareholders [Note Text Block] | Basic earnings per share is computed by dividing earnings by the weighted average number of common shares outstanding. Diluted earnings per share is computed assuming that all potentially dilutive securities, including “in-the-money” stock options, were converted into common shares. | |||||||||||
A reconciliation of the amounts included in the computation of basic earnings (loss) per share from continuing operations, and diluted earnings (loss) per share from continuing operations is as follows: | ||||||||||||
In millions, except per share amounts | 2014 | 2013 | 2012 | |||||||||
Earnings (loss) from continuing operations | $ | 568 | $ | 1,704 | $ | 717 | ||||||
Effect of dilutive securities (a) | — | — | — | |||||||||
Earnings (loss) from continuing operations – assuming dilution | $ | 568 | $ | 1,704 | $ | 717 | ||||||
Average common shares outstanding | 427.7 | 443.3 | 435.2 | |||||||||
Effect of dilutive securities (a): | ||||||||||||
Restricted performance share plan | 4.2 | 4.5 | 5 | |||||||||
Stock options (b) | 0.1 | 0.3 | — | |||||||||
Average common shares outstanding – assuming dilution | 432 | 448.1 | 440.2 | |||||||||
Basic earnings (loss) per share from continuing operations | $ | 1.33 | $ | 3.85 | $ | 1.65 | ||||||
Diluted earnings (loss) per share from continuing operations | $ | 1.31 | $ | 3.8 | $ | 1.63 | ||||||
(a) | Securities are not included in the table in periods when antidilutive. | |||||||||||
(b) | Options to purchase 0.0 million, 0.0 million and 9.1 million shares for the years ended December 31, 2014, 2013 and 2012, respectively, were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the Company’s common stock for each respective reporting date. |
Other_Comprehensive_Income_Not
Other Comprehensive Income (Note) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Other Comprehensive Income [Note Text Block] | The following table presents changes in AOCI for the year ended December 31, 2014: | ||||||||||||
In millions | Defined Benefit Pension and Postretirement Items (a) | Change in Cumulative Foreign Currency Translation Adjustments (a) | Net Gains and Losses on Cash Flow Hedging Derivatives (a) | Total (a) | |||||||||
Balance as of December 31, 2013 | $ | (2,105 | ) | $ | (649 | ) | $ | (5 | ) | $ | (2,759 | ) | |
Other comprehensive income (loss) before reclassifications | (1,271 | ) | (863 | ) | 10 | (2,124 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | 242 | (13 | ) | (4 | ) | 225 | |||||||
Net Current Period Other Comprehensive Income | (1,029 | ) | (876 | ) | 6 | (1,899 | ) | ||||||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | 12 | — | 12 | |||||||||
Balance as of December 31, 2014 | $ | (3,134 | ) | $ | (1,513 | ) | $ | 1 | $ | (4,646 | ) | ||
(a) All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. | |||||||||||||
The following table presents changes in AOCI for the year ended December 31, 2013: | |||||||||||||
In millions | Defined Benefit Pension and Postretirement Items (a) | Change in Cumulative Foreign Currency Translation Adjustments (a) | Net Gains and Losses on Cash Flow Hedging Derivatives (a) | Total (a) | |||||||||
Balance as of December 31, 2012 | $ | (3,596 | ) | $ | (246 | ) | $ | 2 | $ | (3,840 | ) | ||
Other comprehensive income (loss) before reclassifications | 1,184 | (443 | ) | — | 741 | ||||||||
Amounts reclassified from accumulated other comprehensive income | 307 | 17 | (7 | ) | 317 | ||||||||
Net Current Period Other Comprehensive Income | 1,491 | (426 | ) | (7 | ) | 1,058 | |||||||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | 23 | — | 23 | |||||||||
Balance as of December 31, 2013 | $ | (2,105 | ) | $ | (649 | ) | $ | (5 | ) | $ | (2,759 | ) | |
(a) All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. | |||||||||||||
The following table presents changes in AOCI for the year ended December 31, 2012: | |||||||||||||
In millions | Defined Benefit Pension and Postretirement Items (a) | Change in Cumulative Foreign Currency Translation Adjustments (a) | Net Gains and Losses on Cash Flow Hedging Derivatives (a) | Total (a) | |||||||||
Balance as of December 31, 2011 | $ | (2,852 | ) | $ | (118 | ) | $ | (35 | ) | $ | (3,005 | ) | |
Other comprehensive income (loss) before reclassifications | (939 | ) | (96 | ) | 15 | (1,020 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | 195 | (35 | ) | 22 | 182 | ||||||||
Net Current Period Other Comprehensive Income | (744 | ) | (131 | ) | 37 | (838 | ) | ||||||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | 3 | — | 3 | |||||||||
Balance as of December 31, 2012 | $ | (3,596 | ) | $ | (246 | ) | $ | 2 | $ | (3,840 | ) | ||
(a) All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. | |||||||||||||
The following table presents details of the reclassifications out of AOCI for the three years ended: | |||||||||||||
Details About Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income (a) | Location of Amount Reclassified from AOCI | |||||||||||
2014 | 2013 | 2012 | |||||||||||
In millions | |||||||||||||
Defined benefit pension and postretirement items: | |||||||||||||
Prior-service costs | $ | (17 | ) | $ | (9 | ) | $ | (2 | ) | (b) | Cost of products sold | ||
Actuarial gains/(losses) | (379 | ) | (493 | ) | (317 | ) | (b) | Cost of products sold | |||||
Total pre-tax amount | (396 | ) | (502 | ) | (319 | ) | |||||||
Tax (expense)/benefit | 154 | 195 | 124 | ||||||||||
Net of tax | (242 | ) | (307 | ) | (195 | ) | |||||||
Change in cumulative foreign currency translation adjustments: | |||||||||||||
Business acquisition/divestiture | 13 | (17 | ) | 48 | Net (gains) losses on sales and impairments of businesses or Retained earnings | ||||||||
Tax (expense)/benefit | — | — | (13 | ) | |||||||||
Net of tax | 13 | (17 | ) | 35 | |||||||||
Net gains and losses on cash flow hedging derivatives: | |||||||||||||
Foreign exchange contracts | 3 | 10 | (24 | ) | (c) | Cost of products sold | |||||||
Natural gas contracts | — | — | (11 | ) | (c) | Cost of products sold | |||||||
Total pre-tax amount | 3 | 10 | (35 | ) | |||||||||
Tax (expense)/benefit | 1 | (3 | ) | 13 | |||||||||
Net of tax | 4 | 7 | (22 | ) | |||||||||
Total reclassifications for the period | $ | (225 | ) | $ | (317 | ) | $ | (182 | ) | ||||
(a) Amounts in parentheses indicate debits to earnings/loss. | |||||||||||||
(b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for additional details). | |||||||||||||
(c) This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 14 for additional details). |
Restructuring_and_Other_Charge
Restructuring and Other Charges (Note) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
Restructuring and Related Activities [Note Text Block] | 2014: During 2014, total restructuring and other charges of $846 million before taxes ($518 million after taxes) were recorded. These charges included: | ||||||||
In millions | Before-Tax | After-Tax | |||||||
Charges | Charges | ||||||||
Early debt extinguishment costs (see Note 13) | $ | 276 | $ | 169 | |||||
Courtland mill shutdown (a) | 554 | 338 | |||||||
Other (b) | 16 | 11 | |||||||
Total | $ | 846 | $ | 518 | |||||
(a) Includes $464 million of accelerated depreciation, $24 million of inventory impairment charges, $26 million of severance charges and $40 million of other charges which are recorded in the Printing Papers segment. | |||||||||
(b) Includes $15 million of severance charges. | |||||||||
Included in the $846 million of organization restructuring and other charges is $41 million of severance charges. | |||||||||
The following table presents a rollforward of the severance and other costs for approximately 957 employees included in the 2014 restructuring charges. | |||||||||
In millions | Severance | ||||||||
and Other | |||||||||
Additions and adjustments | $ | 41 | |||||||
Cash payments in 2014 | (29 | ) | |||||||
Balance, December 31, 2014 | $ | 12 | |||||||
As of December 31, 2014, 788 employees had left the Company under these programs. | |||||||||
2013: During 2013, total restructuring and other charges of $156 million before taxes ($98 million after taxes) were recorded. These charges included: | |||||||||
In millions | Before-Tax | After-Tax | |||||||
Charges | Charges | ||||||||
Early debt extinguishment costs (see Note 13) | $ | 25 | $ | 16 | |||||
Courtland mill shutdown (a) | 118 | 72 | |||||||
Box plant closures | (13 | ) | (8 | ) | |||||
Augusta paper machine shutdown (b) | 45 | 28 | |||||||
Insurance reimbursements | (30 | ) | (19 | ) | |||||
Other (c) | 11 | 9 | |||||||
Total | $ | 156 | $ | 98 | |||||
(a) Includes $73 million of accelerated depreciation and other non-cash charges, $42 million of severance charges and $3 million of other charges which are recorded in the Printing Papers segment. During 2013, the Company accelerated depreciation for certain Courtland assets, and diligently evaluated certain other assets for possible alternative uses by one of our other businesses. The net book value of these assets at December 31, 2013 was approximately $470 million. | |||||||||
(b) Includes $39 million of accelerated depreciation charges, $2 million of severance charges and $4 million of other charges which are recorded in the Consumer Packaging segment. | |||||||||
(c) Includes $2 million of severance charges. | |||||||||
Included in the $156 million of organization restructuring and other charges is $46 million of severance charges. | |||||||||
The following table presents a rollforward of the severance and other costs for approximately 1,384 employees included in the 2013 restructuring charges. | |||||||||
In millions | Severance | ||||||||
and Other | |||||||||
Additions and adjustments | $ | 46 | |||||||
Cash payments in 2013 | (5 | ) | |||||||
Cash payments in 2014 | (41 | ) | |||||||
Balance, December 31, 2014 | $ | — | |||||||
As of December 31, 2014, all of these employees had left the Company under these programs. | |||||||||
2012: During 2012, total restructuring and other charges of $65 million before taxes ($46 million after taxes) were recorded. These charges included: | |||||||||
In millions | Before-Tax | After-Tax | |||||||
Charges | Charges | ||||||||
Early debt extinguishment costs (see Note 13) | $ | 48 | $ | 30 | |||||
EMEA packaging restructuring (a) | 17 | 12 | |||||||
Other | — | 4 | |||||||
Total | $ | 65 | $ | 46 | |||||
(a) Includes $17 million of severance charges. | |||||||||
Included in the $65 million of organizational restructuring and other charges is $17 million of severance charges. | |||||||||
The following table presents a rollforward of the severance and other costs for approximately 366 employees included in the 2012 restructuring charges: | |||||||||
In millions | Severance | ||||||||
and Other | |||||||||
Additions and adjustments | $ | 17 | |||||||
Cash payments in 2012 | (3 | ) | |||||||
Cash payments in 2013 | (4 | ) | |||||||
Cash payments in 2014 | (6 | ) | |||||||
Balance, December 31, 2014 | $ | 4 | |||||||
As of December 31, 2014, 300 employees had left the Company under these programs. | |||||||||
ALTERNATIVE FUEL MIXTURE TAX CREDIT | |||||||||
On July 19, 2011 the Company filed an amended 2009 tax return claiming alternative fuel mixture tax credits as non-taxable income. The amended position has been accepted by the Internal Revenue Service (IRS) in the closing of the IRS tax audit for the years 2006 - 2009. As a result, during 2013, the Company recognized an income tax benefit of $753 million related to the non-taxability of the alternative fuel mixture tax credits. |
Acquisitions_And_Joint_Venture
Acquisitions And Joint Ventures (Note) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Acquisitions And Joint Ventures [Abstract] | ||||||
Acquisitions And Joint Ventures [Note Text Block] | OLMUKSAN | |||||
2014: In May 2014, the Company conducted a voluntary tender offer for the remaining outstanding 12.6% public shares of Olmuksan. The Company also purchased outstanding shares of Olmuksan outside of the tender offer. As of December 31, 2014, the Company owned 91.7% of Olmuksan's outstanding and issued shares. | ||||||
2013: On January 3, 2013, International Paper completed the acquisition (effective date of acquisition on January 1, 2013) of the shares of its joint venture partner, Sabanci Holding, in the Turkish corrugated packaging company, Olmuksa International Paper Sabanci Ambalaj Sanayi ve Ticaret A.S., now called Olmuksan International Paper Ambalaj Sanayi ve Ticaret A.S. (Olmuksan), for a purchase price of $56 million. The acquired shares represented 43.7% of Olmuksan's shares. Prior to this acquisition, International Paper held a 43.7% equity interest in Olmuksan. | ||||||
Because the transaction resulted in International Paper becoming the majority shareholder, owning 87.4% of Olmuksan's outstanding and issued shares, its completion triggered a mandatory call for tender of the remaining public shares which began in March 2013 and ended in April 2013, with no shares tendered. As a result, the 12.6% owned by other parties were considered non-controlling interests. Olmuksan's financial results have been consolidated with the Company's Industrial Packaging segment beginning January 1, 2013, the effective date which International Paper obtained majority control of the entity. | ||||||
Following the transaction, the Company's previously held 43.7% equity interest in Olmuksan was remeasured to a fair value of $75 million, resulting in a gain of $9 million. In addition, the cumulative translation adjustment balance of $17 million relating to the previously held equity interest was reclassified, as expense, from accumulated other comprehensive income. | ||||||
The final purchase price allocation indicated that the sum of the cash consideration paid, the fair value of the noncontrolling interest and the fair value of the previously held interest was less than the fair value of the underlying assets by $21 million, resulting in a bargain purchase price gain being recorded on this transaction. The aforementioned remeasurement of equity interest gain, the cumulative translation adjustment to expense, and the bargain purchase gain are included in the Net bargain purchase gain on acquisition of business in the accompanying consolidated statement of operations. | ||||||
The following table summarizes the final allocation of the purchase price to the fair value of assets and liabilities acquired as of January 1, 2013, which was completed in the fourth quarter of 2013. | ||||||
In millions | ||||||
Cash and temporary investments | $ | 5 | ||||
Accounts and notes receivable | 72 | |||||
Inventory | 31 | |||||
Other current assets | 2 | |||||
Plants, properties and equipment | 106 | |||||
Investments | 11 | |||||
Total assets acquired | 227 | |||||
Notes payable and current maturities of long-term debt | 17 | |||||
Accounts payable and accrued liabilities | 27 | |||||
Deferred income tax liability | 4 | |||||
Postretirement and postemployment benefit obligation | 6 | |||||
Total liabilities assumed | 54 | |||||
Noncontrolling interest | 18 | |||||
Net assets acquired | $ | 155 | ||||
Pro forma information related to the acquisition of Olmuksan has not been included as it does not have a material effect on the Company's consolidated results of operations. | ||||||
ORSA | ||||||
2014: On April 8, 2014, the Company acquired the remaining 25% of shares of Orsa International Paper Embalangens S.A. (Orsa IP) from its joint venture partner, Jari Celulose, Papel e Embalagens S.A. (Jari), a Grupo Orsa company, for approximately $127 million, of which $105 million was paid in cash with the remaining $22 million held back pending satisfaction of certain indemnification obligations by Jari. International Paper will release the amount held back, or any amount for which we have not notified Jari of a claim, by March 30, 2016. An additional $11 million, which was not included in the purchase price, was placed in an escrow account pending resolution of certain open matters. During 2014, these open matters were successfully resolved, which resulted in $9 million paid out of escrow to Jari and correspondingly added to the final purchase consideration. The remaining $2 million was released back to the Company. As a result of this transaction, the Company reversed the $168 million of Redeemable noncontrolling interest included on the March 31, 2014 consolidated balance sheet. The net difference between the Redeemable noncontrolling interest balance plus $14 million of currency translation adjustment reclassified out of Other comprehensive income less the 25% purchase price was reflected as an increase to Retained earnings on the consolidated balance sheet. | ||||||
2013: On January 14, 2013, International Paper and Jari formed Orsa IP with International Paper holding a 75% stake. The value of International Paper's investment in Orsa IP was approximately $471 million. Because International Paper acquired a majority control of the joint venture, Orsa IP's financial results have been consolidated with our Industrial Packaging segment from the date of formation on January 14, 2013. The 25% owned by Jari was considered a redeemable noncontrolling interest and met the requirements to be classified outside permanent equity. As such, the Company reported $163 million in Redeemable noncontrolling interest in the December 31, 2013 consolidated balance sheet. | ||||||
The following table summarizes the final allocation of the purchase price to the fair value of assets and liabilities acquired as of January 14, 2013, which was completed in the fourth quarter of 2013. | ||||||
In millions | ||||||
Cash and temporary investments | $ | 16 | ||||
Accounts and notes receivable | 5 | |||||
Inventory | 27 | |||||
Plants, properties and equipment | 290 | |||||
Goodwill | 260 | |||||
Other intangible assets | 110 | |||||
Other long-term assets | 2 | |||||
Total assets acquired | 710 | |||||
Accounts payable and accrued liabilities | 68 | |||||
Deferred income tax liability | 37 | |||||
Total liabilities assumed | 105 | |||||
Noncontrolling interest | 134 | |||||
Net assets acquired | $ | 471 | ||||
The identifiable intangible assets acquired in connection with the Orsa IP acquisition included the following: | ||||||
In millions | Estimated | Average | ||||
Fair Value | Remaining | |||||
Useful Life | ||||||
Asset Class: | (at acquisition | |||||
date) | ||||||
Customer relationships | $ | 88 | 12 years | |||
Trademark | 3 | 6 years | ||||
Wood supply agreement | 19 | 25 years | ||||
Total | $ | 110 | ||||
Pro forma information related to the acquisition of Orsa IP has not been included as it does not have a material effect on the Company's consolidated results of operations. | ||||||
Due to the complex organizational structure of Orsa IP's operations, and the extended time required to prepare consolidated financial information in accordance with accounting principles generally accepted in the United States, the Company reports Orsa IP's operating results on a one-month lag basis. | ||||||
TEMPLE-INLAND, INC. | ||||||
2012: On February 13, 2012, International Paper completed the acquisition of Temple-Inland, Inc. (Temple-Inland). International Paper acquired all of the outstanding common stock of Temple-Inland for $32.00 per share in cash, totaling approximately $3.7 billion, and assumed approximately $700 million of Temple-Inland’s debt. As a condition to allowing the transaction to proceed, the Company entered into an agreement on a Final Judgment with the Antitrust Division of the U.S. Department of Justice (DOJ) that required the Company to divest three containerboard mills, with approximately 970,000 tons of aggregate containerboard capacity. On July 2, 2012, International Paper sold its Ontario and Oxnard (Hueneme), California containerboard mills to New-Indy Containerboard LLC, and its New Johnsonville, Tennessee containerboard mill to Hood Container Corporation. By completing these transactions, the Company satisfied its divestiture obligations under the Final Judgment. See Note 7 for further details of these divestitures. | ||||||
Temple-Inland's results of operations are included in the consolidated financial statements from the date of acquisition on February 13, 2012. | ||||||
The following table summarizes the allocation of the purchase price to the fair value of assets and liabilities acquired as of February 13, 2012, which was finalized in the fourth quarter of 2012. | ||||||
In millions | ||||||
Accounts and notes receivable | $ | 466 | ||||
Inventory | 484 | |||||
Deferred income tax assets – current | 140 | |||||
Other current assets | 57 | |||||
Plants, properties and equipment | 2,911 | |||||
Financial assets of special purpose entities | 2,091 | |||||
Goodwill | 2,139 | |||||
Other intangible assets | 693 | |||||
Deferred charges and other assets | 54 | |||||
Total assets acquired | 9,035 | |||||
Notes payable and current maturities of long-term debt | 130 | |||||
Accounts payable and accrued liabilities | 704 | |||||
Long-term debt | 527 | |||||
Nonrecourse financial liabilities of special purpose entities | 2,030 | |||||
Deferred income tax liability | 1,252 | |||||
Pension benefit obligation | 338 | |||||
Postretirement and postemployment benefit obligation | 99 | |||||
Other liabilities | 221 | |||||
Total liabilities assumed | 5,301 | |||||
Net assets acquired | $ | 3,734 | ||||
The identifiable intangible assets acquired in connection with the Temple-Inland acquisition included the following: | ||||||
In millions | Estimated | Average | ||||
Fair Value | Remaining | |||||
Useful Life | ||||||
Asset Class: | (at acquisition | |||||
date) | ||||||
Customer relationships | $ | 536 | 12-17 years | |||
Developed technology | 8 | 5-10 years | ||||
Tradenames | 109 | Indefinite | ||||
Favorable contracts | 14 | 4-7 years | ||||
Non-compete agreement | 26 | 2 years | ||||
Total | $ | 693 | ||||
In connection with the purchase price allocation, inventories were written up by approximately $20 million before taxes ($12 million after taxes) to their estimated fair value. As the related inventories were sold in the 2012 first quarter, this amount was expensed in Cost of products sold for the quarter. | ||||||
Additionally, Selling and administrative expenses for the years ended December 31, 2014, 2013 and 2012 included $16 million before taxes ($10 million after taxes), $62 million before taxes ($38 million after taxes), and $164 million ($105 million after taxes)respectively, in charges for integration costs associated with the acquisition. | ||||||
The following unaudited pro forma information for the year ended December 31, 2012 represents the results of operations of International Paper as if the Temple-Inland acquisition had occurred on January 1, 2012. This information is based on historical results of operations, adjusted for certain acquisition accounting adjustments and does not purport to represent International Paper’s actual results of operations as if the transaction described above would have occurred as of January 1, 2012, nor is it necessarily indicative of future results. | ||||||
In millions, except per share amounts | 2012 | |||||
Net sales | $ | 28,125 | ||||
Earnings (loss) from continuing operations (a) | 805 | |||||
Net earnings (loss) (a) | 845 | |||||
Diluted earnings (loss) from continuing operations per share (a) | 1.82 | |||||
Diluted net earnings (loss) per share (a) | 1.92 | |||||
(a) Attributable to International Paper Company common shareholders. |
DivestituresSpinoff_Note
Divestitures/Spinoff (Note) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Businesses Held For Sale, Divestitures And Impairments [Note Text Block] | DISCONTINUED OPERATIONS | ||||||||||||
2014: On July 1, 2014, International Paper completed the spinoff of its distribution business, xpedx, which subsequently merged with Unisource Worldwide, Inc., with the combined companies now operating as Veritiv Corporation (Veritiv). The xpedx business had historically represented the Company's Distribution reportable segment. | |||||||||||||
The spinoff was accomplished by the contribution of the xpedx business to Veritiv and the distribution of 8,160,000 shares of Veritiv common stock on a pro-rata basis to International Paper shareholders. International Paper received a payment of approximately $411 million, financed with new debt in Veritiv's capital structure. | |||||||||||||
All current and historical operating results for xpedx are included in Discontinued operations, net of tax, in the accompanying consolidated statement of operations. The following summarizes the major classes of line items comprising Earnings (Loss) Before Income Taxes and Equity Earnings reconciled to Discontinued Operations, net of tax, related to the xpedx spinoff for all periods presented in the consolidated statement of operations: | |||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Net Sales | $ | 2,604 | $ | 5,597 | $ | 5,981 | |||||||
Costs and Expenses | |||||||||||||
Cost of products sold | 2,309 | 4,941 | 5,300 | ||||||||||
Selling and administrative expenses | 191 | 409 | 418 | ||||||||||
Depreciation, amortization and cost of timber harvested | 9 | 16 | 13 | ||||||||||
Distribution expenses | 69 | 149 | 141 | ||||||||||
Restructuring and other charges | 25 | 54 | 44 | ||||||||||
Impairment of goodwill and other intangibles | — | 400 | — | ||||||||||
Other, net | 3 | 7 | 8 | ||||||||||
Earnings (Loss) Before Income Taxes and Equity Earnings | (2 | ) | (379 | ) | 57 | ||||||||
Income tax provision (benefit) | (1 | ) | (25 | ) | 25 | ||||||||
Discontinued Operations, Net of Taxes (a) | $ | (1 | ) | $ | (354 | ) | $ | 32 | |||||
(a) These amounts, along with those disclosed below related to the Temple-Inland Building Products divestitures, are included in Discontinued operations, net of tax, in the consolidated statement of operations. | |||||||||||||
Total cash provided by operations related to xpedx of $29 million, $81 million and $81 million for 2014, 2013 and 2012, respectively, is included in Cash Provided By (Used For) Operations in the consolidated statement of cash flows. Total cash provided by (used for) investing activities related to xpedx of $3 million, $12 million and $(5) million for 2014, 2013 and 2012, respectively, is included in Cash Provided By (Used For) Investing Activities in the consolidated statement of cash flows. | |||||||||||||
2013: On April 1, 2013, the Company finalized the sale of Temple-Inland's 50% interest in Del-Tin Fiber L.L.C. to joint venture partner Deltic Timber Corporation for $20 million in assumed liabilities and cash. | |||||||||||||
On July 19, 2013 the Company finalized the sale of its Temple-Inland Building Products division to Georgia-Pacific Building Products, LLC for approximately $726 million in cash. | |||||||||||||
2012: Upon the acquisition of Temple-Inland, management committed to a plan to sell the Temple-Inland Building Products business, and on December 12, 2012, International Paper reached an agreement to sell the business (including Del-Tin Fiber L.L.C.) to Georgia-Pacific for $750 million in cash, subject to satisfaction of customary closing conditions, including satisfactory review by the DOJ, and to certain pre-and post-closing purchase price adjustments. The assets to be sold included 16 manufacturing facilities. | |||||||||||||
The operating results of the Temple-Inland Building Products business have been included in Discontinued operations from the date of acquisition. | |||||||||||||
Related to these divestitures, the Company recorded income (loss) of $(12) million, $45 million and $45 million for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts are included in Discontinued operations, net of tax in the consolidated statement of operations. | |||||||||||||
OTHER DIVESTITURES AND IMPAIRMENTS | |||||||||||||
2014: During 2014, the Company recorded a net pre-tax charge of $47 million ($36 million after taxes) for the loss on the sale of a business by our equity method investee, ASG (formerly referred to as AGI-Shorewood), and the subsequent partial impairment of this ASG investment. | |||||||||||||
The net 2014 loss totaling $38 million, including the ASG impairment discussed above, related to other divestitures and impairments is included in Net (gains) losses on sales and impairments of businesses in the accompanying consolidated statement of operations. | |||||||||||||
2013: During 2013, the Company recorded net pre-tax charges of $3 million ($1 million after taxes) for adjustments related to the divestiture of three containerboard mills in 2012 and the sale of the Shorewood business. This loss is included in Net (gains) losses on sales and impairments of businesses in the accompanying consolidated statement of operations. | |||||||||||||
2012: As referenced in Note 6, on July 2, 2012, International Paper finalized the sales of its Ontario and Oxnard (Hueneme), California containerboard mills to New-Indy Containerboard LLC, and its New Johnsonville, Tennessee containerboard mill to Hood Container Corporation. During 2012, the Company recorded pre-tax charges of $29 million ($55 million after taxes) for costs associated with the divestitures of these mills. Also during 2012, in anticipation of the divestiture of the Hueneme mill, a pre-tax charge of $62 million ($38 million after taxes) was recorded to adjust the long-lived assets of the mill to their fair value. | |||||||||||||
The net 2012 loss totaling $86 million related to other divestitures and impairments is included in Net (gains) losses on sales and impairments of businesses in the accompanying consolidated statement of operations. |
Supplementary_Financial_Statem
Supplementary Financial Statement Information (Note) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplementary Financial Statement Information [Abstract] | ||||||||||
Supplementary Financial Statement Information [Note Text Block] | TEMPORARY INVESTMENTS | |||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
Temporary Investments | $ | 1,480 | $ | 1,398 | ||||||
ACCOUNTS AND NOTES RECEIVABLE | ||||||||||
Accounts and notes receivable, net of allowances, by classification were: | ||||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
Accounts and notes receivable: | ||||||||||
Trade | $ | 2,860 | $ | 3,497 | ||||||
Other | 223 | 259 | ||||||||
Total | $ | 3,083 | $ | 3,756 | ||||||
INVENTORIES | ||||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
Raw materials | $ | 494 | $ | 372 | ||||||
Finished pulp, paper and packaging products | 1,273 | 1,834 | ||||||||
Operating supplies | 562 | 572 | ||||||||
Other | 95 | 47 | ||||||||
Inventories | $ | 2,424 | $ | 2,825 | ||||||
The last-in, first-out inventory method is used to value most of International Paper’s U.S. inventories. Approximately 66% of total raw materials and finished products inventories were valued using this method. If the first-in, first-out method had been used, it would have increased total inventory balances by approximately $334 million and $417 million at December 31, 2014 and 2013, respectively. | ||||||||||
PLANTS, PROPERTIES AND EQUIPMENT | ||||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
Pulp, paper and packaging facilities | $ | 31,805 | $ | 32,268 | ||||||
Other properties and equipment | 1,263 | 1,478 | ||||||||
Gross cost | 33,068 | 33,746 | ||||||||
Less: Accumulated depreciation | 20,340 | 20,074 | ||||||||
Plants, properties and equipment, net | $ | 12,728 | $ | 13,672 | ||||||
In millions | 2014 | 2013 | 2012 | |||||||
Depreciation expense | $ | 1,308 | $ | 1,415 | $ | 1,390 | ||||
INTEREST | ||||||||||
Cash payments related to interest were as follows: | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Interest payments | $ | 718 | $ | 751 | $ | 740 | ||||
Amounts related to interest were as follows: | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Interest expense (a) | $ | 677 | $ | 669 | $ | 742 | ||||
Interest income (a) | 70 | 57 | 71 | |||||||
Capitalized interest costs | 23 | 17 | 37 | |||||||
(a) | Interest expense and interest income exclude approximately $38 million, $45 million and $49 million in 2014, 2013 and 2012, respectively, related to investments in and borrowings from variable interest entities for which the Company has a legal right of offset (see Note 12). |
Goodwill_And_Other_Intangibles
Goodwill And Other Intangibles (Note) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill And Other Intangibles [Note Text Block] | GOODWILL | |||||||||||||||||||
The following tables present changes in the goodwill balances as allocated to each business segment for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
In millions | Industrial | Printing | Consumer | Distribution | Total | |||||||||||||||
Packaging | Papers | Packaging | ||||||||||||||||||
Balance as of January 1, 2014 | ||||||||||||||||||||
Goodwill | $3,430 | $2,311 | $1,787 | $400 | $7,928 | |||||||||||||||
Accumulated impairment losses (a) | — | (1,877 | ) | (1,664 | ) | (400 | ) | (3,941 | ) | |||||||||||
3,430 | 434 | 123 | — | 3,987 | ||||||||||||||||
Reclassifications and other (b) | (34 | ) | (57 | ) | (3 | ) | — | (94 | ) | |||||||||||
Additions/reductions | — | (20 | ) | (c) | — | — | (20 | ) | ||||||||||||
Impairment loss | (100 | ) | (d) | — | — | — | (100 | ) | ||||||||||||
Write off of goodwill | — | — | — | (400 | ) | (400 | ) | |||||||||||||
Write off of accumulated impairment loss | — | — | — | 400 | 400 | |||||||||||||||
Balance as of December 31, 2014 | ||||||||||||||||||||
Goodwill | 3,396 | 2,234 | 1,784 | — | 7,414 | |||||||||||||||
Accumulated impairment losses (a) | (100 | ) | (1,877 | ) | (1,664 | ) | — | (3,641 | ) | |||||||||||
Total | $3,296 | $357 | $120 | $— | $3,773 | |||||||||||||||
(a) | Represents accumulated goodwill impairment charges since the adoption of ASC 350, “Intangibles – Goodwill and Other” in 2002. | |||||||||||||||||||
(b) | Represents the effects of foreign currency translations and reclassifications. | |||||||||||||||||||
(c) | Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. | |||||||||||||||||||
(d) | Reflects a charge of $100 million for goodwill impairment related to our Asia Industrial Packaging business. | |||||||||||||||||||
In millions | Industrial | Printing | Consumer | Distribution | Total | |||||||||||||||
Packaging | Papers | Packaging | ||||||||||||||||||
Balance as of January 1, 2013 | ||||||||||||||||||||
Goodwill | $ | 3,165 | $ | 2,396 | $ | 1,783 | $ | 400 | $ | 7,744 | ||||||||||
Accumulated impairment losses (a) | — | (1,765 | ) | (1,664 | ) | — | (3,429 | ) | ||||||||||||
3,165 | 631 | 119 | 400 | 4,315 | ||||||||||||||||
Reclassifications and other (b) | (28 | ) | (63 | ) | 3 | — | (88 | ) | ||||||||||||
Additions/reductions | 293 | (c) | (22 | ) | (d) | 1 | — | 272 | ||||||||||||
Impairment loss | — | (112 | ) | (e) | — | (400 | ) | (e) | (512 | ) | ||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||
Goodwill | 3,430 | 2,311 | 1,787 | 400 | 7,928 | |||||||||||||||
Accumulated impairment losses (a) | — | (1,877 | ) | (1,664 | ) | (400 | ) | (3,941 | ) | |||||||||||
Total | $ | 3,430 | $ | 434 | $ | 123 | $ | — | $ | 3,987 | ||||||||||
(a) | Represents accumulated goodwill impairment charges since the adoption of ASC 350, “Intangibles – Goodwill and Other” in 2002. | |||||||||||||||||||
(b) | Represents the effects of foreign currency translations and reclassifications. | |||||||||||||||||||
(c) | Reflects $260 million for Orsa IP, the newly formed joint venture in Brazil and the adjustment of $54 million ($33 million after-tax) previously included as a trade name intangible asset in Deferred Charges and Other Assets on the balance sheet. | |||||||||||||||||||
(d) | Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. | |||||||||||||||||||
(e) | Represents the impairment of goodwill for the India Papers business and xpedx. | |||||||||||||||||||
At December 31, 2013, there was $400 million of goodwill and $400 million of accumulated impairment losses included in the consolidated balance sheet associated with the xpedx business (Distribution segment). Effective July 1, 2014, the Company completed the spinoff of its xpedx business which had historically represented the Company's Distribution reportable segment. Following the spinoff of xpedx, the assets and liabilities of this business have been reclassified as discontinued operations and adjusted off of the consolidated balance sheet and are not included in balances as of December 31, 2014. | ||||||||||||||||||||
In the fourth quarter of 2014, in conjunction with the annual testing of its reporting units for possible goodwill impairments, the Company calculated the estimated fair value of its Asia Industrial Packaging business using the discounted future cash flows and determined that all of the goodwill in this business, totaling $100 million, should be written off. The decline in the fair value of the Asia Industrial Packaging business and resulting impairment charge was due to a change in the strategic outlook for the business. | ||||||||||||||||||||
In the fourth quarter of 2013, in conjunction with the annual testing of its reporting units for possible goodwill impairments, the Company calculated the estimated fair value of its India Papers business using the discounted future cash flows and determined that all of the goodwill of this business, totaling $112 million, should be written off. The decline in the fair value of the India Papers reporting unit and resulting impairment charge was due to a change in the strategic outlook for the India Papers operations. | ||||||||||||||||||||
Also in the fourth quarter of 2013, the Company calculated the estimated fair value of its xpedx business using the discounted future cash flows and wrote off all of the goodwill of its xpedx business, totaling $400 million. The decline in fair value of the xpedx reporting unit and resulting impairment charge was due to a significant decline in earnings and a change in the strategic outlook for the xpedx operations. As a result, during the fourth quarter of 2013, the Company recorded a total goodwill impairment charge of $512 million, representing all of the recorded goodwill of the xpedx business and the India Papers business. | ||||||||||||||||||||
No goodwill impairment charges were recorded in 2012. | ||||||||||||||||||||
OTHER INTANGIBLES | ||||||||||||||||||||
Identifiable intangible assets comprised the following: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
In millions at | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||
December 31 | Carrying | Amortization | Carrying | Amortization | ||||||||||||||||
Amount | Amount | |||||||||||||||||||
Customer relationships and lists | $ | 561 | $ | 157 | $ | 602 | $ | 139 | ||||||||||||
Non-compete agreements | 74 | 53 | 76 | (a) | 46 | |||||||||||||||
Tradenames, patents and trademarks | 61 | 44 | 67 | 33 | ||||||||||||||||
Land and water rights | 81 | 9 | 76 | 5 | ||||||||||||||||
Fuel and power agreements | 5 | 3 | 7 | 2 | ||||||||||||||||
Software | 23 | 22 | 17 | 15 | ||||||||||||||||
Other | 43 | 21 | 75 | 32 | ||||||||||||||||
Total | $ | 848 | $ | 309 | $ | 920 | $ | 272 | ||||||||||||
(a) | Includes $15 million recorded to write-off a tradename intangible asset of the Company's India Papers business. This amount is included in Impairment of goodwill and other intangibles in the accompanying consolidated statement of operations. | |||||||||||||||||||
The Company recognized the following amounts as amortization expense related to intangible assets: | ||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||||||
Amortization expense related to intangible assets | $ | 73 | $ | 79 | $ | 54 | ||||||||||||||
Based on current intangibles subject to amortization, estimated amortization expense for each of the succeeding years is as follows: 2015 – $64 million, 2016 – $55 million, 2017 – $52 million, 2018 – $47 million, 2019 – $46 million, and cumulatively thereafter – $275 million. |
Income_Taxes_Note
Income Taxes (Note) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes [Note Text Block] | The components of International Paper’s earnings from continuing operations before income taxes and equity earnings by taxing jurisdiction were as follows: | ||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Earnings (loss) | |||||||||||||
U.S. | $ | 565 | $ | 775 | $ | 419 | |||||||
Non-U.S. | 307 | 453 | 548 | ||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ | 872 | $ | 1,228 | $ | 967 | |||||||
The provision (benefit) for income taxes (excluding noncontrolling interests) by taxing jurisdiction was as follows: | |||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Current tax provision (benefit) | |||||||||||||
U.S. federal | $ | 175 | $ | (663 | ) | $ | (3 | ) | |||||
U.S. state and local | 9 | (98 | ) | 12 | |||||||||
Non-U.S. | 74 | 95 | 100 | ||||||||||
$ | 258 | $ | (666 | ) | $ | 109 | |||||||
Deferred tax provision (benefit) | |||||||||||||
U.S. federal | $ | (67 | ) | $ | 206 | $ | 220 | ||||||
U.S. state and local | 5 | (18 | ) | 5 | |||||||||
Non-U.S. | (73 | ) | (20 | ) | (28 | ) | |||||||
$ | (135 | ) | $ | 168 | $ | 197 | |||||||
Income tax provision (benefit) | $ | 123 | $ | (498 | ) | $ | 306 | ||||||
The Company’s deferred income tax provision (benefit) includes a $13 million benefit, a $7 million provision and a $25 million provision for 2014, 2013 and 2012, respectively, for the effect of changes in non-U.S. and U.S. state tax rates. | |||||||||||||
International Paper made income tax payments, net of refunds, of $172 million, $291 million and $95 million in 2014, 2013 and 2012, respectively. | |||||||||||||
A reconciliation of income tax expense using the statutory U.S. income tax rate compared with the actual income tax provision follows: | |||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Earnings (loss) from continuing | $ | 872 | $ | 1,228 | $ | 967 | |||||||
operations before income taxes | |||||||||||||
and equity earnings | |||||||||||||
Statutory U.S. income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Tax expense (benefit) using statutory U.S. income tax rate | 305 | 430 | 338 | ||||||||||
State and local income taxes | 10 | (2 | ) | 9 | |||||||||
Tax rate and permanent differences on non-U.S. earnings | (72 | ) | (90 | ) | (116 | ) | |||||||
Net U.S. tax on non-U.S. dividends | 16 | (15 | ) | 48 | |||||||||
Tax benefit on manufacturing activities | (46 | ) | (27 | ) | (15 | ) | |||||||
Non-deductible business expenses | 7 | 4 | 7 | ||||||||||
Non-deductible goodwill | 35 | 37 | 34 | ||||||||||
Tax audits | — | (770 | ) | — | |||||||||
Subsidiary liquidation | (85 | ) | — | — | |||||||||
Retirement plan dividends | (5 | ) | (5 | ) | (5 | ) | |||||||
Tax basis adjustments | — | (33 | ) | — | |||||||||
Tax credits | (34 | ) | (23 | ) | — | ||||||||
Medicare subsidy | — | — | 5 | ||||||||||
Other, net | (8 | ) | (4 | ) | 1 | ||||||||
Income tax provision (benefit) | $ | 123 | $ | (498 | ) | $ | 306 | ||||||
Effective income tax rate | 14 | % | (41 | )% | 32 | % | |||||||
The tax effects of significant temporary differences, representing deferred income tax assets and liabilities at December 31, 2014 and 2013, were as follows: | |||||||||||||
In millions | 2014 | 2013 | |||||||||||
Deferred income tax assets: | |||||||||||||
Postretirement benefit accruals | $ | 189 | $ | 193 | |||||||||
Pension obligations | 1,517 | 725 | |||||||||||
Alternative minimum and other tax credits | 342 | 515 | |||||||||||
Net operating and capital loss carryforwards | 672 | 610 | |||||||||||
Compensation reserves | 280 | 281 | |||||||||||
Other | 266 | 284 | |||||||||||
Gross deferred income tax assets | 3,266 | 2,608 | |||||||||||
Less: valuation allowance | (415 | ) | (413 | ) | |||||||||
Net deferred income tax asset | $ | 2,851 | $ | 2,195 | |||||||||
Deferred income tax liabilities: | |||||||||||||
Intangibles | $ | (316 | ) | $ | (304 | ) | |||||||
Plants, properties and equipment | (2,707 | ) | (2,919 | ) | |||||||||
Forestlands and related installment sales | (2,290 | ) | (2,307 | ) | |||||||||
Gross deferred income tax liabilities | $ | (5,313 | ) | $ | (5,530 | ) | |||||||
Net deferred income tax liability | $ | (2,462 | ) | $ | (3,335 | ) | |||||||
Deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions Deferred income tax assets, Deferred charges and other assets, Other accrued liabilities, and Deferred income taxes. There is an increase in deferred income tax assets principally relating to the tax impact of changes in qualified pension liabilities partially offset by the utilization of tax credits. Deferred tax liabilities decreased primarily due to book depreciation in excess of tax depreciation. Of the $2.3 billion forestlands and related installment sales deferred tax liability, $1.4 billion relates to a 2006 International Paper installment sale of forestlands and $840 million relates to a 2007 Temple-Inland installment sale of forestlands (see Note 12). Certain tax attributes reflected on our tax returns as filed differ from those reflected in the deferred income tax accounts due to uncertain tax benefits. | |||||||||||||
The valuation allowance for deferred income tax assets as of December 31, 2014 was $415 million. The net change in the total valuation allowance for the year ended December 31, 2014 was an increase of $2 million. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | (161 | ) | $ | (972 | ) | $ | (857 | ) | ||||
(Additions) reductions based on tax positions related to current year | (15 | ) | (22 | ) | 12 | ||||||||
Additions for tax positions of prior years | (1 | ) | (29 | ) | (140 | ) | |||||||
Reductions for tax positions of prior years | 9 | 824 | 6 | ||||||||||
Settlements | — | 26 | 2 | ||||||||||
Expiration of statutes of | 2 | 11 | 7 | ||||||||||
limitations | |||||||||||||
Currency translation adjustment | 8 | 1 | (2 | ) | |||||||||
Balance at December 31 | $ | (158 | ) | $ | (161 | ) | $ | (972 | ) | ||||
Included in the balance at December 31, 2014, 2013 and 2012 are $1 million, $1 million and $14 million, respectively, for tax positions for which the ultimate benefits are highly certain, but for which there is uncertainty about the timing of such benefits. However, except for the possible effect of any penalties, any disallowance that would change the timing of these benefits would not affect the annual effective tax rate, but would accelerate the payment of cash to the taxing authority to an earlier period. | |||||||||||||
The Company accrues interest on unrecognized tax benefits as a component of interest expense. Penalties, if incurred, are recognized as a component of income tax expense. The Company had approximately $41 million and $54 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at December 31, 2014 and 2013, respectively. | |||||||||||||
The major jurisdictions where the Company files income tax returns are the United States, Brazil, France, Poland and Russia. Generally, tax years 2003 through 2013 remain open and subject to examination by the relevant tax authorities. The Company is typically engaged in various tax examinations at any given time, both in the United States and overseas. In 2013, the Company concluded its examination with the U.S. Internal Revenue Service for the tax years 2006 through 2009 for both International Paper Company and Temple-Inland. As a result of the completion of the examinations, the Company reduced its unrecognized tax benefits by approximately $844 million. Other pending audit settlements and the expiration of statute of limitations could further reduce the uncertain tax positions by $5 million during the next twelve months. While the Company believes that it is adequately accrued for possible audit adjustments, the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates. | |||||||||||||
Included in the Company’s 2014, 2013 and 2012 income tax provision (benefit) are $(453) million, $(869) million and $(63) million, respectively, related to special items. The components of the net provisions related to special items were as follows: | |||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Special items | $ | (372 | ) | $ | (95 | ) | $ | (82 | ) | ||||
Tax-related adjustments: | |||||||||||||
Internal restructurings | (90 | ) | (4 | ) | 14 | ||||||||
Settlement of tax audits and legislative changes | 10 | (770 | ) | — | |||||||||
Medicare D deferred income tax write-off | — | — | 5 | ||||||||||
Other tax adjustments | (1 | ) | — | — | |||||||||
Income tax provision (benefit) related to special items | $ | (453 | ) | $ | (869 | ) | $ | (63 | ) | ||||
Excluding the impact of special items and nonoperating pension expense, the 2014, 2013 and 2012 income tax provisions were $659 million, $497 million and $415 million, respectively, or 31%, 26% and 28%, respectively, of pre-tax earnings before equity earnings. | |||||||||||||
The following details the scheduled expiration dates of the Company’s net operating loss and income tax credit carryforwards: | |||||||||||||
In millions | 2015 | 2025 | Indefinite | Total | |||||||||
Through | Through | ||||||||||||
2024 | 2034 | ||||||||||||
U.S. federal and non-U.S. NOLs | $ | 28 | $ | 3 | $ | 462 | $ | 493 | |||||
State taxing jurisdiction NOLs | 140 | 76 | — | 216 | |||||||||
U.S. federal, non- | 146 | 23 | 275 | 444 | |||||||||
U.S. and state tax credit carryforwards | |||||||||||||
U.S. federal and state capital loss carryforwards | 58 | — | — | 58 | |||||||||
Total | $ | 372 | $ | 102 | $ | 737 | $ | 1,211 | |||||
Deferred income taxes are not provided for temporary differences of approximately $5.2 billion, $5.1 billion and $4.7 billion as of December 31, 2014, 2013 and 2012, respectively, representing earnings of non-U.S. subsidiaries intended to be permanently reinvested. Computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable. | |||||||||||||
The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on January 2, 2013. The Act retroactively restored several expired business tax provisions, including the research and experimentation credit and the Subpart F controlled foreign corporation look-through exception. Because a change in tax law is accounted for in the period of enactment, the retroactive effect of the Act on the Company's U.S. federal taxes for 2012 of a benefit of approximately $32 million was recognized in the first quarter of 2013. |
Commitments_And_Contingent_Lia
Commitments And Contingent Liabilities (Note) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||
Commitments And Contingent Liabilities [Note Text Block] | PURCHASE COMMITMENTS AND OPERATING LEASES | ||||||||||||||||||
Certain property, machinery and equipment are leased under cancelable and non-cancelable agreements. | |||||||||||||||||||
Unconditional purchase obligations have been entered into in the ordinary course of business, principally for capital projects and the purchase of certain pulpwood, logs, wood chips, raw materials, energy and services, including fiber supply agreements to purchase pulpwood that were entered into concurrently with the Company’s 2006 Transformation Plan forestland sales and in conjunction with the 2008 acquisition of Weyerhaeuser Company’s Containerboard, Packaging and Recycling business. | |||||||||||||||||||
At December 31, 2014, total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: | |||||||||||||||||||
In millions | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||
Lease obligations | $ | 142 | $ | 106 | $ | 84 | $ | 63 | $ | 45 | $ | 91 | |||||||
Purchase obligations (a) | 3,266 | 761 | 583 | 463 | 422 | 1,690 | |||||||||||||
Total | $ | 3,408 | $ | 867 | $ | 667 | $ | 526 | $ | 467 | $ | 1,781 | |||||||
(a) | Includes $2.3 billion relating to fiber supply agreements entered into at the time of the Company’s 2006 Transformation Plan forestland sales and in conjunction with the 2008 acquisition of Weyerhaeuser Company’s Containerboard, Packaging and Recycling business. | ||||||||||||||||||
Rent expense was $154 million, $168 million and $185 million for 2014, 2013 and 2012, respectively. | |||||||||||||||||||
GUARANTEES | |||||||||||||||||||
In connection with sales of businesses, property, equipment, forestlands and other assets, International Paper commonly makes representations and warranties relating to such businesses or assets, and may agree to indemnify buyers with respect to tax and environmental liabilities, breaches of representations and warranties, and other matters. Where liabilities for such matters are determined to be probable and subject to reasonable estimation, accrued liabilities are recorded at the time of sale as a cost of the transaction. | |||||||||||||||||||
ENVIRONMENTAL PROCEEDINGS | |||||||||||||||||||
CERCLA and State Actions | |||||||||||||||||||
International Paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws, including the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). Many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources. While joint and several liability is authorized under CERCLA and equivalent state laws, as a practical matter, liability for CERCLA cleanups is typically allocated among the many potential responsible parties. Remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable. International Paper has estimated the probable liability associated with these matters to be approximately $95 million in the aggregate as of December 31, 2014. | |||||||||||||||||||
Cass Lake: One of the matters referenced above is a closed wood treating facility located in Cass Lake, Minnesota. During 2009, in connection with an environmental site remediation action under CERCLA, International Paper submitted to the EPA a remediation feasibility study. In June 2011, the EPA selected and published a proposed soil remedy at the site with an estimated cost of $46 million. The overall remediation reserve for the site is currently $50 million to address the selection of an alternative for the soil remediation component of the overall site remedy. In October 2011, the EPA released a public statement indicating that the final soil remedy decision would be delayed. In the unlikely event that the EPA changes its proposed soil remedy and approves instead a more expensive clean-up alternative, the remediation costs could be material, and significantly higher than amounts currently recorded. In October 2012, the Natural Resource Trustees for this site provided notice to International Paper and other potentially responsible parties of their intent to perform a Natural Resource Damage Assessment. It is premature to predict the outcome of the assessment or to estimate a loss or range of loss, if any, which may be incurred. | |||||||||||||||||||
Other Remediation Costs | |||||||||||||||||||
In addition to the above matters, other remediation costs typically associated with the cleanup of hazardous substances at the Company’s current, closed or formerly-owned facilities, and recorded as liabilities in the balance sheet, totaled approximately $41 million as of December 31, 2014. Other than as described above, completion of required remedial actions is not expected to have a material effect on our consolidated financial statements. | |||||||||||||||||||
LEGAL PROCEEDINGS | |||||||||||||||||||
Environmental | |||||||||||||||||||
Kalamazoo River: The Company is a potentially responsible party with respect to the Allied Paper, Inc./Portage Creek/Kalamazoo River Superfund Site (Kalamazoo River Superfund Site) in Michigan. The EPA asserts that the site is contaminated primarily by PCBs as a result of discharges from various paper mills located along the Kalamazoo River, including a paper mill formerly owned by St. Regis Paper Company (St. Regis). The Company is a successor in interest to St. Regis. Although the Company has not received any orders from the EPA, in December 2014, the EPA sent the Company a letter demanding payment of $19 million to reimburse the EPA for costs associated with a Time Critical Removal Action of PCB contaminated sediments from a portion of the site. The Company’s CERCLA liability has not been finally determined with respect to this or any other portion of the site and we have declined to reimburse the EPA at this time. As noted below, the Company is involved in allocation/apportionment litigation with regard to the site. Accordingly, it is premature to estimate a loss or range of loss with respect to this site. | |||||||||||||||||||
The Company was named as a defendant by Georgia-Pacific Consumer Products LP, Fort James Corporation and Georgia Pacific LLC in a contribution and cost recovery action for alleged pollution at the site. The suit seeks contribution under CERCLA for $79 million in costs purportedly expended by plaintiffs as of the filing of the complaint and for future remediation costs. The suit alleges that a mill, during the time it was allegedly owned and operated by St. Regis, discharged PCB contaminated solids and paper residuals resulting from paper de-inking and recycling. Also named as defendants in the suit are NCR Corporation and Weyerhaeuser Company. In mid-2011, the suit was transferred from the District Court for the Eastern District of Wisconsin to the District Court for the Western District of Michigan. The trial of the initial liability phase took place in February 2013. Weyerhaeuser conceded prior to trial that it was a liable party with respect to the site. In September 2013, an opinion and order was issued in the suit. The order concluded that the Company (as the successor to St. Regis) was not an “operator,” but was an “owner,” of the mill at issue during a portion of the relevant period and is therefore liable under CERCLA. The order also determined that NCR is a liable party as an "arranger for disposal" of PCBs in waste paper that was de-inked and recycled by mills along the Kalamazoo River. The order did not address the Company's responsibility, if any, for the costs plaintiffs seek to recover. This will be the subject of a separate trial, which has been set for September 2015. The Company thus believes it is premature to predict the outcome or to estimate a loss or range of loss, if any, which may be incurred. | |||||||||||||||||||
Harris County: International Paper and McGinnis Industrial Maintenance Corporation, a subsidiary of Waste Management, Inc., are potentially responsible parties at the San Jacinto River Waste Pits Superfund Site (San Jacinto River Superfund Site) in Harris County, Texas, and have been actively participating in investigation and remediation activities at this site. In December 2011, Harris County, Texas filed a suit against the Company in Harris County District Court seeking civil penalties with regard to the alleged discharge of dioxin into the San Jacinto River since 1965 from waste impoundments that are part of the San Jacinto River Superfund Site. Also named as defendants in this action were McGinnis Industrial Maintenance Corporation, Waste Management, Inc. and Waste Management of Texas, Inc. Harris County sought civil penalties pursuant to the Texas Water Code and the Texas Administrative Code, which provide for the imposition of civil penalties between $50 and $25,000 per day. Trial began on October 7, 2014. On November 13, 2014, the jury rendered a verdict finding International Paper not responsible for the violations alleged by Harris County. On January 20, 2015, the court entered final judgment consistent with the jury verdict. Harris County filed a motion for new trial on February 18, 2015. International Paper is preparing its response in opposition. | |||||||||||||||||||
In October 2012, a civil lawsuit was filed against the same defendants, including the Company, in the District Court of Harris County by approximately 400 local fishermen seeking medical monitoring and damages with regard to the alleged discharge of dioxin into the San Jacinto River since 1965 from waste impoundments that are a part of the San Jacinto Superfund Site. Trial is currently scheduled for May 2015. This case is in the discovery phase and it is therefore premature to predict the outcome or to estimate a loss or range of loss, if any, which may be incurred. In December 2012, residents of an up-river neighborhood filed a civil action against the same defendants, including the Company, in the District Court of Harris County alleging property damage and personal injury from the alleged discharge of dioxin into the San Jacinto River from the San Jacinto Superfund Site. The parties anticipate that in March 2015 the court will enter a docket control order and set a trial date. This case is in the discovery phase and it is therefore premature to predict the outcome or to estimate a loss or range of loss, if any, which may be incurred. | |||||||||||||||||||
Antitrust | |||||||||||||||||||
Containerboard: In September 2010, eight containerboard producers, including International Paper and Temple-Inland, were named as defendants in a purported class action complaint that alleged a civil violation of Section 1 of the Sherman Act. The suit is captioned Kleen Products LLC v. International Paper Co. (N.D. Ill.). The complaint alleges that the defendants, beginning in February 2004 through November 2010, conspired to limit the supply and thereby increase prices of containerboard products. The alleged class is all persons who purchased containerboard products directly from any defendant for use or delivery in the United States during the period February 2004 to November 2010. The complaint seeks to recover an unspecified amount of treble actual damages and attorneys' fees on behalf of the purported class. Four similar complaints were filed and have been consolidated in the Northern District of Illinois. Moreover, in January 2011, International Paper was named as a defendant in a lawsuit filed in state court in Cocke County, Tennessee alleging that International Paper violated Tennessee law by conspiring to limit the supply and fix the prices of containerboard from mid-2005 to the present. Plaintiffs in the state court action seek certification of a class of Tennessee indirect purchasers of containerboard products, damages and costs, including attorneys’ fees. The Company disputes the allegations made and is vigorously defending each action. However, because the federal action is in the discovery stage and the Tennessee action is in a preliminary stage, we are unable to predict an outcome or estimate a range of reasonably possible loss. | |||||||||||||||||||
Gypsum: Beginning in late December 2012, certain purchasers of gypsum board filed a number of purported class action complaints alleging civil violations of Section 1 of the Sherman Act against Temple-Inland and a number of other gypsum manufacturers. The complaints were similar and alleged that the gypsum manufacturers conspired or otherwise reached agreements to: (1) raise prices of gypsum board either from 2008 or 2011 to the present; (2) avoid price erosion by ceasing the practice of issuing job quotes; and (3) restrict supply through downtime and limiting order fulfillment. The alleged classes are all persons who purchased gypsum board and/or gypsum finishing products directly or indirectly from any defendant. The complainants seek to recover unspecified treble actual damages and attorneys' fees on behalf of the purported classes. On April 8, 2013, the Judicial Panel on Multidistrict Litigation ordered transfer of all pending cases to the U.S. District Court for the Eastern District of Pennsylvania for coordinated and consolidated pretrial proceedings, and the direct purchaser plaintiffs and indirect purchaser plaintiffs filed their respective amended consolidated complaints in June 2013. The amended consolidated complaints allege a conspiracy or agreement beginning in or before September 2011. In September 2014, we reached an agreement in principle to settle these cases for an immaterial amount. In February 2015, we executed a definitive settlement agreement, which is subject to court approval. | |||||||||||||||||||
In addition, in September 2013, similar purported class actions were filed in courts in Quebec, Canada and Ontario, Canada, with each suit alleging violations of the Canadian Competition Act and seeking damages and injunctive relief. The Company intends to dispute the allegations made and to vigorously defend the litigation. Because these Canadian cases are in a preliminary stage, we are unable to predict an outcome or estimate our maximum reasonably possible loss. However, we do not believe that any material loss is probable. | |||||||||||||||||||
Tax | |||||||||||||||||||
The Company was previously being challenged by the Brazil taxing authorities concerning the statute of limitations related to the use of certain tax credits. The Company was previously appealing an unfavorable March 2012 administrative court ruling. During August 2014, the Company settled this claim for $22 million ($11 million after taxes) as part of a tax amnesty program sponsored by the Brazil taxing authorities. | |||||||||||||||||||
General | |||||||||||||||||||
The Company is involved in various other inquiries, administrative proceedings and litigation relating to environmental and safety matters, contracts, sales of property, intellectual property, personal injury, labor and employment (especially in California) and other matters, some of which allege substantial monetary damages. While any proceeding or litigation has the element of uncertainty, the Company believes that the outcome of any of the lawsuits or claims that are pending or threatened or all of them combined (other than those that cannot be assessed due to their preliminary nature) will not have a material effect on its consolidated financial statements. |
Variable_Interest_Entities_And
Variable Interest Entities And Preferred Securities Of Subsidiaries (Note) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Variable Interest Entities And Preferred Securities Of Subsidiaries [Abstract] | ||||||||||
Variable Interest Entities And Preferred Securities Of Subsidiaries [Note Text Block] | VARIABLE INTEREST ENTITIES | |||||||||
In connection with the 2006 sale of approximately 5.6 million acres of forestlands, International Paper received installment notes (the Timber Notes) totaling approximately $4.8 billion. The Timber Notes, which do not require principal payments prior to their August 2016 maturity, are supported by irrevocable letters of credit obtained by the buyers of the forestlands. | ||||||||||
During 2006, International Paper contributed the Timber Notes to newly formed entities (the Borrower Entities) in exchange for Class A and Class B interests in these entities. Subsequently, International Paper contributed its $200 million Class A interests in the Borrower Entities, along with approximately $400 million of International Paper promissory notes, to other newly formed entities (the Investor Entities, and together with the Borrower Entities, the Entities) in exchange for Class A and Class B interests in these entities, and simultaneously sold its Class A interest in the Investor Entities to a third party investor. As a result, at December 31, 2006, International Paper held Class B interests in the Borrower Entities and Class B interests in the Investor Entities valued at approximately $5.0 billion. International Paper did not provide any financial support that was not previously contractually required for the years ended December 31, 2014, 2013 or 2012. | ||||||||||
Following the 2006 sale of forestlands and creation of the Entities discussed above, the Timber Notes were used as collateral for borrowings from third party lenders, which effectively monetized the Timber Notes. Provisions of certain loan agreements require any bank issuing letters of credit supporting the Timber Notes to maintain a credit rating above a specified threshold. In the event the credit rating of a letter of credit bank is downgraded below the specified threshold, the letters of credit must be replaced within 60 days by letters of credit from a qualifying institution, or for one letter of credit bank, collateral must be posted. The Company, retained to provide management services for the third-party entities that hold the Timber Notes, has, as required by the loan agreements, successfully replaced banks that fell below the specified threshold or obtained a waiver as further discussed below. | ||||||||||
Also during 2006, the Entities acquired approximately $4.8 billion of International Paper debt obligations for cash, resulting in a total of approximately $5.2 billion of International Paper debt obligations held by the Entities at December 31, 2006. The various agreements entered into in connection with these transactions provide that International Paper has, and intends to effect, a legal right to offset its obligation under these debt instruments with its investments in the Entities. Accordingly, for financial reporting purposes, International Paper has offset approximately $5.2 billion of Class B interests in the Entities against $5.3 billion of International Paper debt obligations held by these Entities at December 31, 2014 and 2013. Despite the offset treatment, these remain debt obligations of International Paper. Remaining borrowings of $50 million and $67 million at December 31, 2014 and 2013, respectively, are included in floating rate notes due 2014 – 2019 in the summary of long-term debt in Note 13. Additional debt related to the above transaction of $107 million and $79 million is included in short-term notes in the summary of long-term debt in Note 13 at December 31, 2014 and 2013. | ||||||||||
The use of the above entities facilitated the monetization of the credit enhanced Timber Notes in a cost effective manner by increasing the borrowing capacity and lowering the interest rate, while providing for the offset accounting treatment described above. Additionally, the monetization structure preserved the tax deferral that resulted from the 2006 forestlands sales. The Company recognized a $1.4 billion deferred tax liability in connection with the 2006 forestlands sale, which will be settled with the maturity of the Timber Notes in the third quarter of 2016 (unless extended). | ||||||||||
During 2011 and 2012, the credit ratings for two letter of credit banks that support $1.5 billion of Timber Notes were downgraded below the specified threshold. These letters of credit were successfully replaced by other qualifying institutions. Fees of $10 million were incurred during 2012 in connection with these replacements. | ||||||||||
During 2012, an additional letter of credit bank that supports $707 million of Timber Notes was downgraded below the specified threshold. In December 2012, the Company and the third-party managing member agreed to a continuing replacement waiver for these letters of credit, terminable upon 30 days notice. | ||||||||||
Activity between the Company and the Entities was as follows: | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Revenue (loss) (a) | $ | 38 | $ | 45 | $ | 49 | ||||
Expense (a) | 72 | 79 | 90 | |||||||
Cash receipts (b) | 22 | 33 | 36 | |||||||
Cash payments (c) | 73 | 84 | 87 | |||||||
(a) | The net expense related to the Company’s interest in the Entities is included in Interest expense, net in the accompanying consolidated statement of operations, as International Paper has and intends to effect its legal right to offset as discussed above. | |||||||||
(b) | The cash receipts are equity distributions from the Entities to International Paper. | |||||||||
(c) | The semi-annual payments are related to interest on the associated debt obligations discussed above. | |||||||||
Based on an analysis of the Entities discussed above under guidance that considers the potential magnitude of the variability in the structures and which party has a controlling financial interest, International Paper determined that it is not the primary beneficiary of the Entities, and therefore, should not consolidate its investments in these entities. It was also determined that the source of variability in the structure is the value of the Timber Notes, the assets most significantly impacting the structure’s economic performance. The credit quality of the Timber Notes is supported by irrevocable letters of credit obtained by third-party buyers which are 100% cash collateralized. International Paper analyzed which party has control over the economic performance of each entity, and concluded International Paper does not have control over significant decisions surrounding the Timber Notes and letters of credit and therefore is not the primary beneficiary. The Company’s maximum exposure to loss equals the value of the Timber Notes; however, an analysis performed by the Company concluded the likelihood of this exposure is remote. | ||||||||||
International Paper also held variable interests in financing entities that were used to monetize long-term notes received from the sale of forestlands in 2002. International Paper transferred notes (the Monetized Notes, with an original maturity of 10 years from inception) and cash of approximately $500 million to these entities in exchange for preferred interests, and accounted for the transfers as a sale of the notes with no associated gain or loss. In the same period, the entities acquired approximately $500 million of International Paper debt obligations for cash. International Paper has no obligation to make any further capital contributions to these entities and did not provide any financial support that was not previously contractually required during the years ended December 31, 2014, 2013 or 2012. | ||||||||||
During 2012, $252 million of the 2002 Monetized Notes matured. Cash receipts upon maturity were used to pay the associated debt obligations. Effective June 1, 2012, International Paper liquidated its interest in the 2002 financing entities. | ||||||||||
In connection with the acquisition of Temple-Inland in February 2012, two special purpose entities became wholly-owned subsidiaries of International Paper. | ||||||||||
The use of the two wholly-owned special purpose entities discussed below preserved the tax deferral that resulted from the 2007 Temple-Inland timberlands sales. The Company recognized an $840 million deferred tax liability in connection with the 2007 sales, which will be settled with the maturity of the notes in 2027. | ||||||||||
In October 2007, Temple-Inland sold 1.55 million acres of timberlands for $2.38 billion. The total consideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberlands, which Temple-Inland contributed to two wholly-owned, bankruptcy-remote special purpose entities. The notes are shown in Financial assets of special purpose entities in the accompanying consolidated balance sheet and are supported by $2.38 billion of irrevocable letters of credit issued by three banks, which are required to maintain minimum credit ratings on their long-term debt. In the third quarter of 2012, International Paper completed its preliminary analysis of the acquisition date fair value of the notes and determined it to be $2.09 billion. As of December 31, 2014 and 2013, the fair value of the notes was $2.27 billion and $2.62 billion, respectively. These notes are classified as Level 2 within the fair value hierarchy, which is further defined in Note 14. | ||||||||||
In December 2007, Temple-Inland's two wholly-owned special purpose entities borrowed $2.14 billion shown in Nonrecourse financial liabilities of special purpose entities in the accompanying consolidated balance sheet. The loans are repayable in 2027 and are secured only by the $2.38 billion of notes and the irrevocable letters of credit securing the notes and are nonrecourse to the Company. The loan agreements provide that if a credit rating of any of the banks issuing the letters of credit is downgraded below the specified threshold, the letters of credit issued by that bank must be replaced within 30 days with letters of credit from another qualifying financial institution. In the third quarter of 2012, International Paper completed its preliminary analysis of the acquisition date fair value of the borrowings and determined it to be $2.03 billion. As of December 31, 2014 and 2013, the fair value of this debt was $2.16 billion and $2.49 billion, respectively. This debt is classified as Level 2 within the fair value hierarchy, which is further defined in Note 14. | ||||||||||
During 2012, the credit ratings for two letter of credit banks that support $1.0 billion of the 2007 Monetized Notes were downgraded below the specified threshold. These letters of credit were successfully replaced by other qualifying institutions. Fees of $8 million were incurred in connection with these replacements. | ||||||||||
Activity between the Company and the 2007 financing entities was as follows: | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Revenue (loss) (a) | $ | 26 | $ | 27 | $ | 28 | ||||
Expense (b) | 25 | 29 | 28 | |||||||
Cash receipts (c) | 7 | 8 | 12 | |||||||
Cash payments (d) | 18 | 21 | 22 | |||||||
(a) | The revenue is included in Interest expense, net in the accompanying consolidated statement of operations and includes approximately $19 million, $19 million and $17 million for the years ended December 31, 2014, 2013 and 2012, respectively, of accretion income for the amortization of the purchase accounting adjustment of the Financial assets of special purpose entities. | |||||||||
(b) | The expense is included in Interest expense, net in the accompanying consolidated statement of operations and includes $7 million, $7 million and $6 million for the years ended December 31, 2014, 2013 and 2012, respectively, of accretion expense for the amortization of the purchase accounting adjustment on the Nonrecourse financial liabilities of special purpose entities. | |||||||||
(c) | The cash receipts are interest received on the Financial assets of special purpose entities. | |||||||||
(d) | The cash payments are interest paid on Nonrecourse financial liabilities of special purpose entities. | |||||||||
PREFERRED SECURITIES OF SUBSIDIARIES | ||||||||||
In March 2003, Southeast Timber, Inc. (Southeast Timber), a consolidated subsidiary of International Paper, issued $150 million of preferred securities to a private investor with future dividend payments based on LIBOR. Southeast Timber, which through a subsidiary initially held approximately 1.50 million acres of forestlands in the southern United States, was International Paper’s primary vehicle for sales of southern forestlands. As of December 31, 2014, substantially all of these forestlands have been sold. On March 27, 2013, Southeast Timber redeemed its Class A common shares owned by the private investor for $150 million. Distributions paid to the third-party investor were $1 million and $6 million in 2013 and 2012, respectively. The expense related to these preferred securities is shown in Net earnings (loss) attributable to noncontrolling interests in the accompanying consolidated statement of operations. |
Debt_And_Lines_Of_Credit_Note
Debt And Lines Of Credit (Note) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Debt And Lines Of Credit [Note Text Block] | During the second quarter of 2014, International Paper issued $800 million of 3.65% senior unsecured notes with a maturity date in 2024 and $800 million of 4.80% senior unsecured notes with a maturity date in 2044. The proceeds from this borrowing were used to repay approximately $960 million of notes with interest rates ranging from 7.95% to 9.38% and original maturities from 2018 to 2019. Pre-tax early debt retirement costs of $262 million related to these debt repayments, including $258 million of cash premiums, are included in Restructuring and other charges in the accompanying consolidated statement of operations for the twelve months ended December 31, 2014. | |||||||||
In 2012, International Paper entered into a $1.2 billion term loan and a $200 million term loan, both with maturity dates in 2017. The proceeds from these borrowings were used, along with available cash, to fund the acquisition of Temple-Inland. During 2012, International Paper fully repaid the $1.2 billion term loan. During 2014, International Paper fully repaid the $200 million term loan. | ||||||||||
Amounts related to early debt extinguishment during the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Debt reductions (a) | $ | 1,625 | $ | 574 | $ | 1,272 | ||||
Pre-tax early debt extinguishment costs (b) | 276 | 25 | 48 | |||||||
(a) | Reductions related to notes with interest rates ranging from 1.63% to 9.38% with original maturities from 2014 to 2041 for the years ended December 31, 2014, 2013 and 2012. | |||||||||
(b) | Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations. | |||||||||
A summary of long-term debt follows: | ||||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
8.7% note – due 2038 | $ | 264 | $ | 264 | ||||||
9 3/8% note – due 2019 | 420 | 848 | ||||||||
7.95% debentures – due 2018 | 903 | 1,429 | ||||||||
7.5% note – due 2021 | 979 | 999 | ||||||||
7.3% notes – due 2039 | 721 | 721 | ||||||||
6 7/8% notes – due 2023 – 2029 | 131 | 130 | ||||||||
6.65% note – due 2037 | 4 | 4 | ||||||||
6.4% to 7.75% debentures due 2025 – 2027 | 142 | 142 | ||||||||
6 3/8% to 6 5/8% notes – due 2016 – 2018 | 358 | 364 | ||||||||
6.0% notes – due 2041 | 585 | 585 | ||||||||
5.25% to 5.3% notes – due 2015 – 2016 | 457 | 657 | ||||||||
4.8% notes - due 2044 | 796 | — | ||||||||
4.75% notes – due 2022 | 896 | 899 | ||||||||
3.65% notes - due 2024 | 797 | — | ||||||||
Floating rate notes – due 2014 – 2019 (a) | 271 | 269 | ||||||||
Environmental and industrial development | 950 | 1,487 | ||||||||
bonds – due 2014 – 2035 (b) | ||||||||||
Short-term notes (c) | 424 | 386 | ||||||||
Other (d) | 275 | 304 | ||||||||
Total (e) | 9,373 | 9,488 | ||||||||
Less: current maturities | 742 | 661 | ||||||||
Long-term debt | $ | 8,631 | $ | 8,827 | ||||||
(a) | The weighted average interest rate on these notes was 2.8% in 2014 and 2.6% in 2013. | |||||||||
(b) | The weighted average interest rate on these bonds was 5.7% in 2014 and 5.5% in 2013. | |||||||||
(c) | The weighted average interest rate was 2.6% in 2014 and 2.8% in 2013. Includes $91 million at December 31, 2014 and $93 million at December 31, 2013 related to non-U.S. denominated borrowings with a weighted average interest rate of 7.2% in 2014 and 5.8% in 2013. | |||||||||
(d) | Includes $20 million at December 31, 2014 and $41 million at December 31, 2013, related to the unamortized gain on interest rate swap unwinds (see Note 14). | |||||||||
(e) | The fair market value was approximately $10.6 billion at December 31, 2014 and $10.7 billion at December 31, 2013. | |||||||||
In addition to the long-term debt obligations shown above, International Paper has $5.3 billion of debt obligations payable to non-consolidated variable interest entities having principal payments of $5.2 billion due in 2016, for which International Paper has, and intends to effect, a legal right to offset these obligations with Class B interests held in the entities. Accordingly, in the accompanying consolidated balance sheet, International Paper has offset the $5.3 billion of debt obligations with $5.2 billion of Class B interests in these entities as of December 31, 2014 (see Note 12). Total maturities of long-term debt over the next five years are 2015 – $742 million; 2016 – $543 million; 2017 – $71 million; 2018 – $1.2 billion; and 2019 – $605 million. | ||||||||||
At December 31, 2014, International Paper’s credit facilities (the Agreements) totaled $2.0 billion. The Agreements generally provide for interest rates at a floating rate index plus a pre-determined margin dependent upon International Paper’s credit rating. The Agreements include a $1.5 billion contractually committed bank facility that expires in August 2019 and has a facility fee of 0.15% payable annually. The liquidity facilities also include up to $500 million of uncommitted financings based on eligible receivables balances ($500 million available as of December 31, 2014) under a receivables securitization program that expires in December 2015. At December 31, 2014, there were no borrowings under either the bank facility or receivables securitization program. | ||||||||||
Maintaining an investment grade credit rating is an important element of International Paper’s financing strategy. At December 31, 2014, the Company held long-term credit ratings of BBB (stable outlook) and Baa2 (stable outlook) by S&P and Moody’s, respectively. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities (Note) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Derivatives And Hedging Activities [Note Text Block] | International Paper periodically uses derivatives and other financial instruments to hedge exposures to interest rate, commodity and currency risks. International Paper does not hold or issue financial instruments for trading purposes. For hedges that meet the hedge accounting criteria, International Paper, at inception, formally designates and documents the instrument as a fair value hedge, a cash flow hedge or a net investment hedge of a specific underlying exposure. | ||||||||||||||||||||||||
INTEREST RATE RISK MANAGEMENT | |||||||||||||||||||||||||
Our policy is to manage interest cost using a mixture of fixed-rate and variable-rate debt. To manage this risk in a cost-efficient manner, we enter into interest rate swaps whereby we agree to exchange with the counterparty, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to a notional amount. | |||||||||||||||||||||||||
Interest rate swaps that meet specific accounting criteria are accounted for as fair value or cash flow hedges. For fair value hedges, the changes in the fair value of both the hedging instruments and the underlying debt obligations are immediately recognized in interest expense. For cash flow hedges, the effective portion of the changes in the fair value of the hedging instrument is reported in Accumulated other comprehensive income (“AOCI”) and reclassified into interest expense over the life of the underlying debt. The ineffective portion for both cash flow and fair value hedges, which is not material for any year presented, is immediately recognized in earnings. | |||||||||||||||||||||||||
FOREIGN CURRENCY RISK MANAGEMENT | |||||||||||||||||||||||||
We manufacture and sell our products and finance operations in a number of countries throughout the world and, as a result, are exposed to movements in foreign currency exchange rates. The purpose of our foreign currency hedging program is to manage the volatility associated with the changes in exchange rates. | |||||||||||||||||||||||||
To manage this exchange rate risk, we have historically utilized a combination of forward contracts, options and currency swaps. Contracts that qualify are designated as cash flow hedges of certain forecasted transactions denominated in foreign currencies. The effective portion of the changes in fair value of these instruments is reported in AOCI and reclassified into earnings in the same financial statement line item and in the same period or periods during which the related hedged transactions affect earnings. The ineffective portion, which is not material for any year presented, is immediately recognized in earnings. | |||||||||||||||||||||||||
The change in value of certain non-qualifying instruments used to manage foreign exchange exposure of intercompany financing transactions and certain balance sheet items subject to revaluation is immediately recognized in earnings, substantially offsetting the foreign currency mark-to-market impact of the related exposure. | |||||||||||||||||||||||||
COMMODITY RISK MANAGEMENT | |||||||||||||||||||||||||
Certain raw materials used in our production processes are subject to price volatility caused by weather, supply conditions, political and economic variables and other unpredictable factors. To manage the volatility in earnings due to price fluctuations, we may utilize swap contracts. These contracts are designated as cash flow hedges of forecasted commodity purchases. The effective portion of the changes in fair value for these instruments is reported in AOCI and reclassified into earnings in the same financial statement line item and in the same period or periods during which the hedged transactions affect earnings. The ineffective and non-qualifying portions, which are not material for any year presented, are immediately recognized in earnings. | |||||||||||||||||||||||||
The notional amounts of qualifying and non-qualifying instruments used in hedging transactions were as follows: | |||||||||||||||||||||||||
In millions | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||
Foreign exchange contracts (Sell / Buy; denominated in sell notional): (a) | |||||||||||||||||||||||||
Brazilian real / U.S. dollar - Forward | 166 | 502 | |||||||||||||||||||||||
British pounds / Brazilian real - Forward | 5 | 17 | |||||||||||||||||||||||
European euro / Brazilian real - Forward | 9 | 27 | |||||||||||||||||||||||
European euro / Polish zloty - Forward | 280 | 252 | |||||||||||||||||||||||
U.S. dollar / Brazilian real - Forward | 125 | 290 | |||||||||||||||||||||||
U.S. dollar / Brazilian real - Zero-cost collar | — | 18 | |||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships: | |||||||||||||||||||||||||
Interest rate contracts (in USD) | 230 | 175 | |||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||
Foreign exchange contracts (Sell / Buy; denominated in sell notional): | |||||||||||||||||||||||||
Indian rupee / U.S. dollar | 43 | 157 | |||||||||||||||||||||||
Mexican peso / U.S. dollar | 187 | — | |||||||||||||||||||||||
U.S. dollar / Brazilian real | 11 | — | |||||||||||||||||||||||
(a) | These contracts had maturities of three years or less as of December 31, 2014. | ||||||||||||||||||||||||
The following table shows gains or losses recognized in AOCI, net of tax, related to derivative instruments: | |||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||
Recognized in AOCI on Derivatives | |||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Foreign exchange contracts | $ | 10 | $ | — | $ | 16 | |||||||||||||||||||
Natural gas contracts | — | — | (1 | ) | |||||||||||||||||||||
Total | $ | 10 | $ | — | $ | 15 | |||||||||||||||||||
During the next 12 months, the amount of the December 31, 2014 AOCI balance, after tax, that is | |||||||||||||||||||||||||
expected to be reclassified to earnings is a gain of $3 million. | |||||||||||||||||||||||||
The amounts of gains and losses recognized in the consolidated statement of operations on qualifying and non-qualifying financial instruments used in hedging transactions were as follows: | |||||||||||||||||||||||||
Gain (Loss) | Location of Gain | ||||||||||||||||||||||||
Reclassified from | (Loss) | ||||||||||||||||||||||||
AOCI | Reclassified | ||||||||||||||||||||||||
into Income | from AOCI | ||||||||||||||||||||||||
(Effective Portion) | into Income | ||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||
Foreign exchange contracts | $ | 4 | $ | 7 | $ | (15 | ) | Cost of products sold | |||||||||||||||||
Natural gas contracts | — | — | (7 | ) | Cost of products sold | ||||||||||||||||||||
Total | $ | 4 | $ | 7 | $ | (22 | ) | ||||||||||||||||||
Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||||||
Recognized | in Consolidated Statement of | ||||||||||||||||||||||||
in Income | Operations | ||||||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships: | |||||||||||||||||||||||||
Interest rate contracts | $ | 1 | $ | (1 | ) | $ | — | Interest expense, net | |||||||||||||||||
Debt | (1 | ) | 1 | — | Interest expense, net | ||||||||||||||||||||
Total | $ | — | $ | — | $ | — | |||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||
Electricity Contracts | $ | (2 | ) | $ | 4 | $ | (4 | ) | Cost of products sold | ||||||||||||||||
Embedded derivatives | — | (1 | ) | (4 | ) | Interest expense, net | |||||||||||||||||||
Foreign exchange contracts | (1 | ) | (5 | ) | — | Cost of products sold | |||||||||||||||||||
Interest rate contracts | 12 | (a) | 21 | 22 | Interest expense, net | ||||||||||||||||||||
Total | $ | 9 | $ | 19 | $ | 14 | |||||||||||||||||||
(a) Excluding gain of $7 million, net related to debt issuance and debt reduction recorded to Restructuring and other charges. | |||||||||||||||||||||||||
The following activity is related to fully effective interest rate swaps designated as fair value hedges: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In millions | Issued | Terminated | Undesignated | Issued | Terminated | Undesignated | |||||||||||||||||||
Fourth Quarter | $ | — | $ | — | $ | — | $ | 175 | $ | — | $ | — | |||||||||||||
First Quarter | 55 | — | — | — | — | — | |||||||||||||||||||
Total | $ | 55 | $ | — | $ | — | $ | 175 | $ | — | $ | — | |||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
International Paper’s financial assets and liabilities that are recorded at fair value consist of derivative contracts, including interest rate swaps, foreign currency forward contracts, and other financial instruments that are used to hedge exposures to interest rate, commodity and currency risks. In addition, a consolidated subsidiary of International Paper has an embedded derivative. For these financial instruments and the embedded derivative, fair value is determined at each balance sheet date using an income approach. | |||||||||||||||||||||||||
The guidance for fair value measurements and disclosures sets out a fair value hierarchy that groups fair value measurement inputs into the following three classifications: | |||||||||||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||
Level 2: Observable market-based inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||||||||||
Level 3: Unobservable inputs for the asset or liability reflecting the reporting entity’s own assumptions or external inputs from inactive markets. | |||||||||||||||||||||||||
Transfers between levels are recognized at the end of the reporting period. All of International Paper’s derivative fair value measurements use Level 2 inputs. | |||||||||||||||||||||||||
Below is a description of the valuation calculation and the inputs used for each class of contract: | |||||||||||||||||||||||||
Interest Rate Contracts | |||||||||||||||||||||||||
Interest rate contracts are valued using swap curves obtained from an independent market data provider. The market value of each contract is the sum of the fair value of all future interest payments between the contract counterparties, discounted to present value. The fair value of the future interest payments is determined by comparing the contract rate to the derived forward interest rate and present valued using the appropriate derived interest rate curve. | |||||||||||||||||||||||||
Natural Gas Contracts | |||||||||||||||||||||||||
Natural gas contracts are traded over-the-counter and settled using the NYMEX last day settle price; therefore, forward contracts are valued using the closing prices of the NYMEX natural gas future contracts. The fair value of each contract is determined by comparing the strike price to the closing price of the corresponding natural gas future contract and present valued using the appropriate interest rate curve. | |||||||||||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||||||||||
Foreign currency forward contracts are valued using foreign currency forward and interest rate curves obtained from an independent market data provider. The fair value of each contract is determined by comparing the contract rate to the forward rate. The fair value is present valued using the applicable interest rate from an independent market data provider. | |||||||||||||||||||||||||
Embedded Derivative | |||||||||||||||||||||||||
Embedded derivatives are valued using a hypothetical interest rate derivative with identical terms. The hypothetical interest rate derivative contracts are fair valued as described above under Interest Rate Contracts. | |||||||||||||||||||||||||
Since the volume and level of activity of the markets that each of the above contracts are traded in has been normal, the fair value calculations have not been adjusted for inactive markets or disorderly transactions. | |||||||||||||||||||||||||
The following table provides a summary of the impact of our derivative instruments in the consolidated balance sheet: | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Level 2 – Significant Other Observable Inputs | |||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||
In millions | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||
Foreign exchange contracts – cash flow | $ | 16 | (a) | $ | 37 | (c) | $ | 14 | (d) | $ | 33 | (e) | |||||||||||||
Interest rate contracts - fair value | — | — | — | 1 | (f) | ||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 16 | $ | 37 | $ | 14 | $ | 34 | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Electricity contract | $ | — | $ | 2 | (b) | $ | 2 | (d) | $ | — | |||||||||||||||
Foreign exchange contracts | 1 | (b) | — | 2 | (d) | — | |||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 1 | $ | 2 | $ | 4 | $ | — | |||||||||||||||||
Total derivatives | $ | 17 | $ | 39 | $ | 18 | $ | 34 | |||||||||||||||||
(a) | Includes $14 million recorded in Other current assets and $2 million recorded in Deferred charges and other assets in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(b) | Included in Other current assets in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(c) | Includes $23 million recorded in Other current assets and $14 million recorded in Deferred charges and other assets in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(d) | Included in Other accrued liabilities in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(e) | Includes $24 million recorded in Other accrued liabilities and $9 million recorded in Other liabilities in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(f) | Included in Other liabilities in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
The above contracts are subject to enforceable master netting arrangements that provide rights of offset with each counterparty when amounts are payable on the same date in the same currency or in the case of certain specified defaults. Management has made an accounting policy election to not offset the fair value of recognized derivative assets and derivative liabilities in the consolidated balance sheet. The amounts owed to the counterparties and owed to the Company are considered immaterial with respect to each counterparty and in the aggregate with all counterparties. | |||||||||||||||||||||||||
Credit-Risk-Related Contingent Features | |||||||||||||||||||||||||
International Paper evaluates credit risk by monitoring its exposure with each counterparty to ensure that exposure stays within acceptable policy limits. Credit risk is also mitigated by contractual provisions with the majority of our banks. Certain of the contracts include a credit support annex that requires the posting of collateral by the counterparty or International Paper based on each party’s rating and level of exposure. Based on the Company’s current credit rating, the collateral threshold is generally $15 million. | |||||||||||||||||||||||||
If the lower of the Company’s credit rating by Moody’s or S&P were to drop below investment grade, the Company would be required to post collateral for all of its derivatives in a net liability position, although no derivatives would terminate. The fair values of derivative instruments containing credit-risk-related contingent features in a net liability position were $1 million as of December 31, 2014 and $3 million as of December 31, 2013. The Company was not required to post any collateral as of December 31, 2014 or 2013. |
Capital_Stock_Note
Capital Stock (Note) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Class of Stock Disclosures [Abstract] | |||||
Capital Stock [Note Text Block] | The authorized capital stock at both December 31, 2014 and 2013, consisted of 990,850,000 shares of common stock, $1 par value; 400,000 shares of cumulative $4 preferred stock, without par value (stated value $100 per share); and 8,750,000 shares of serial preferred stock, $1 par value. The serial preferred stock is issuable in one or more series by the Board of Directors without further shareholder action. | ||||
The following is a rollforward of shares of common stock for the three years ended December 31, 2014, 2013 and 2012: | |||||
Common Stock | |||||
In thousands | Issued | Treasury | |||
Balance at January 1, 2012 | 438,872 | 1,921 | |||
Issuance of stock for various plans, net | 1,022 | (2,994 | ) | ||
Repurchase of stock | — | 1,086 | |||
Balance at December 31, 2012 | 439,894 | 13 | |||
Issuance of stock for various plans, net | 7,328 | (533 | ) | ||
Repurchase of stock | — | 11,388 | |||
Balance at December 31, 2013 | 447,222 | 10,868 | |||
Issuance of stock for various plans, net | 1,632 | (4,668 | ) | ||
Repurchase of stock | — | 22,534 | |||
Balance at December 31, 2014 | 448,854 | 28,734 | |||
Retirement_Plans_Note
Retirement Plans (Note) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||
Retirement Plans [Note Text Block] | International Paper sponsors and maintains the Retirement Plan of International Paper Company (the “Pension Plan”), a tax-qualified defined benefit pension plan that provides retirement benefits to substantially all U.S. salaried employees and hourly employees (receiving salaried benefits) hired prior to July 1, 2004, and substantially all other U.S. hourly and union employees who work at a participating business unit regardless of hire date. These employees generally are eligible to participate in the Pension Plan upon attaining 21 years of age and completing one year of eligibility service. U.S. salaried employees and hourly employees (receiving salaried benefits) hired after June 30, 2004 are not eligible to participate in the Pension Plan, but receive a company contribution to their individual savings plan accounts (see Other U.S. Plans); however, salaried employees hired by Temple Inland prior to March 1, 2007 also participate in the Pension Plan. The Pension Plan provides defined pension benefits based on years of credited service and either final average earnings (salaried employees and hourly employees receiving salaried benefits), hourly job rates or specified benefit rates (hourly and union employees). | |||||||||||||||||||||
In connection with the Temple-Inland acquisition in February 2012, International Paper assumed administrative responsibility for the Temple-Inland Retirement Plan, a defined benefit plan which covers substantially all employees of Temple-Inland. The Temple-Inland Retirement Plan merged with the Retirement Plan of International Paper Company on December 31, 2014. | ||||||||||||||||||||||
The Company also has three unfunded nonqualified defined benefit pension plans: a Pension Restoration Plan available to employees hired prior to July 1, 2004 that provides retirement benefits based on eligible compensation in excess of limits set by the Internal Revenue Service, and two supplemental retirement plans for senior managers (SERP), which is an alternative retirement plan for salaried employees who are senior vice presidents and above or who are designated by the chief executive officer as participants. These nonqualified plans are only funded to the extent of benefits paid, which totaled $38 million, $28 million and $95 million in 2014, 2013 and 2012, respectively, and which are expected to be $62 million in 2015. | ||||||||||||||||||||||
The Company will freeze participation, including credited service and compensation, for salaried employees under the Pension Plan, the Pension Restoration Plan and the two SERP plans for all service on or after January 1, 2019. Credited service was previously frozen for the Temple Retirement Plans. This change will not affect benefits accrued through December 31, 2018. For service after this date, employees affected by the freeze will receive Retirement Savings Account contributions as described later in this Note 16. | ||||||||||||||||||||||
Many non-U.S. employees are covered by various retirement benefit arrangements, some of which are considered to be defined benefit pension plans for accounting purposes. | ||||||||||||||||||||||
OBLIGATIONS AND FUNDED STATUS | ||||||||||||||||||||||
The following table shows the changes in the benefit obligation and plan assets for 2014 and 2013, and the plans’ funded status. The U.S. combined benefit obligation as of December 31, 2014 increased by $1.8 billion, due to the remeasurement in February to reflect the pension freeze, a decrease in the discount rate assumption used in computing the estimated benefit obligation and a change in our mortality assumptions. Our mortality assumption for the year ended December 31, 2014 reflects adoption of the newly issued Society of Actuaries longevity improvement scale, with Company specific adjustments. U.S. plan assets increased by $212 million, reflecting favorable investment results in addition to a $353 million required qualified pension contribution in 2014 offset by benefit payments. | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
In millions | U.S. | Non- | U.S. | Non- | ||||||||||||||||||
Plans | U.S. | Plans | U.S. | |||||||||||||||||||
Plans | Plans | |||||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||||
Benefit obligation, January 1 | $ | 12,903 | $ | 228 | $ | 14,201 | $ | 223 | ||||||||||||||
Service cost | 145 | 5 | 188 | 4 | ||||||||||||||||||
Interest cost | 600 | 13 | 576 | 11 | ||||||||||||||||||
Curtailments | — | (4 | ) | (14 | ) | — | ||||||||||||||||
Settlements | — | — | (5 | ) | (4 | ) | ||||||||||||||||
Actuarial loss (gain) | 1,755 | 12 | (1,309 | ) | — | |||||||||||||||||
Divestitures | (23 | ) | — | — | — | |||||||||||||||||
Other | — | 12 | — | 3 | ||||||||||||||||||
Plan amendments | 133 | — | — | — | ||||||||||||||||||
Special termination benefits | — | — | 8 | — | ||||||||||||||||||
Benefits paid | (772 | ) | (13 | ) | (742 | ) | (8 | ) | ||||||||||||||
Effect of foreign currency exchange rate movements | — | (20 | ) | — | (1 | ) | ||||||||||||||||
Benefit obligation, December 31 | $ | 14,741 | $ | 233 | $ | 12,903 | $ | 228 | ||||||||||||||
Change in plan assets: | ||||||||||||||||||||||
Fair value of plan assets | $ | 10,706 | $ | 181 | $ | 10,111 | $ | 171 | ||||||||||||||
Actual return on plan assets | 593 | 13 | 1,283 | 15 | ||||||||||||||||||
Company contributions | 391 | 8 | 59 | 8 | ||||||||||||||||||
Benefits paid | (772 | ) | (13 | ) | (742 | ) | (8 | ) | ||||||||||||||
Settlements | — | — | (5 | ) | (4 | ) | ||||||||||||||||
Other | — | 6 | — | — | ||||||||||||||||||
Effect of foreign currency exchange rate movements | — | (15 | ) | — | (1 | ) | ||||||||||||||||
Fair value of plan assets, December 31 | $ | 10,918 | $ | 180 | $ | 10,706 | $ | 181 | ||||||||||||||
Funded status, December 31 | $ | (3,823 | ) | $ | (53 | ) | $ | (2,197 | ) | $ | (47 | ) | ||||||||||
Amounts recognized in the consolidated balance sheet: | ||||||||||||||||||||||
Non-current asset | $ | — | $ | 8 | $ | — | $ | 9 | ||||||||||||||
Current liability | (62 | ) | (3 | ) | (46 | ) | (2 | ) | ||||||||||||||
Non-current liability | (3,761 | ) | (58 | ) | (2,151 | ) | (54 | ) | ||||||||||||||
$ | (3,823 | ) | $ | (53 | ) | $ | (2,197 | ) | $ | (47 | ) | |||||||||||
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): | ||||||||||||||||||||||
Prior service cost | $ | 209 | $ | — | $ | 107 | $ | — | ||||||||||||||
Net actuarial loss | 4,812 | 40 | 3,285 | 29 | ||||||||||||||||||
$ | 5,021 | $ | 40 | $ | 3,392 | $ | 29 | |||||||||||||||
The components of the $1.6 billion and $11 million increase related to U.S. plans and non-U.S. plans, respectively, in the amounts recognized in OCI during 2014 consisted of: | ||||||||||||||||||||||
In millions | U.S. | Non- | ||||||||||||||||||||
Plans | U.S. | |||||||||||||||||||||
Plans | ||||||||||||||||||||||
Current year actuarial (gain) loss | $ | 1,924 | $ | 13 | ||||||||||||||||||
Amortization of actuarial loss | (374 | ) | — | |||||||||||||||||||
Current year prior service cost | 133 | — | ||||||||||||||||||||
Amortization of prior service cost | (30 | ) | — | |||||||||||||||||||
Curtailments | (1 | ) | 4 | |||||||||||||||||||
Restructuring Effects | (23 | ) | — | |||||||||||||||||||
Effect of foreign currency exchange rate movements | — | (6 | ) | |||||||||||||||||||
$ | 1,629 | $ | 11 | |||||||||||||||||||
The accumulated benefit obligation at December 31, 2014 and 2013 was $14.6 billion and $12.6 billion, respectively, for our U.S. defined benefit plans and $208 million and $208 million, respectively, at December 31, 2014 and 2013 for our non-U.S. defined benefit plans. | ||||||||||||||||||||||
The following table summarizes information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2014 and 2013: | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
In millions | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||
Projected benefit obligation | $ | 14,741 | $ | 196 | $ | 12,903 | $ | 181 | ||||||||||||||
Accumulated benefit obligation | 14,559 | 176 | 12,560 | 168 | ||||||||||||||||||
Fair value of plan assets | 10,918 | 135 | 10,706 | 125 | ||||||||||||||||||
ASC 715, “Compensation – Retirement Benefits” provides for delayed recognition of actuarial gains and losses, including amounts arising from changes in the estimated projected plan benefit obligation due to changes in the assumed discount rate, differences between the actual and expected return on plan assets and other assumption changes. These net gains and losses are recognized prospectively over a period that approximates the average remaining service period of active employees expected to receive benefits under the plans to the extent that they are not offset by gains in subsequent years. The estimated net loss and prior service cost that will be amortized from AOCI into net periodic pension cost for the U.S. plans during the next fiscal year are expected to be $475 million and $43 million, respectively. | ||||||||||||||||||||||
NET PERIODIC PENSION EXPENSE | ||||||||||||||||||||||
Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return. | ||||||||||||||||||||||
Net periodic pension expense for qualified and nonqualified U.S. and non-U.S. defined benefit plans comprised the following: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
In millions | U.S. | Non- | U.S. | Non- | U.S. | Non- | ||||||||||||||||
Plans | U.S. | Plans | U.S. | Plans | U.S. | |||||||||||||||||
Plans | Plans | Plans | ||||||||||||||||||||
Service cost | $ | 145 | $ | 5 | $ | 188 | $ | 4 | $ | 152 | $ | 3 | ||||||||||
Interest cost | 600 | 13 | 576 | 11 | 604 | 12 | ||||||||||||||||
Expected return on plan assets | (762 | ) | (14 | ) | (738 | ) | (11 | ) | (753 | ) | (12 | ) | ||||||||||
Actuarial loss / (gain) | 374 | — | 485 | 1 | 307 | — | ||||||||||||||||
Amortization of prior service cost | 30 | — | 34 | — | 32 | — | ||||||||||||||||
Curtailment gain | — | (4 | ) | — | — | — | — | |||||||||||||||
Net periodic pension expense (a) | $ | 387 | $ | — | $ | 545 | $ | 5 | $ | 342 | $ | 3 | ||||||||||
(a) Excludes $1 million in curtailments in 2014 related to the pension freeze remeasurement that were recorded in restructuring and other charges. | ||||||||||||||||||||||
The decrease in 2014 pension expense reflects an increase in the discount rate from 4.10% in 2013 to 4.65% in 2014 and lower amortization of unrecognized actuarial losses. | ||||||||||||||||||||||
ASSUMPTIONS | ||||||||||||||||||||||
International Paper evaluates its actuarial assumptions annually as of December 31 (the measurement date) and considers changes in these long-term factors based upon market conditions and the requirements for employers’ accounting for pensions. These assumptions are used to calculate benefit obligations as of December 31 of the current year and pension expense to be recorded in the following year (i.e., the discount rate used to determine the benefit obligation as of December 31, 2014 was also the discount rate used to determine net pension expense for the 2015 year). | ||||||||||||||||||||||
Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
U.S. | Non- | U.S. | Non- | U.S. | Non- | |||||||||||||||||
Plans | U.S. | Plans | U.S. | Plans | U.S. | |||||||||||||||||
Plans | Plans | Plans | ||||||||||||||||||||
Actuarial assumptions used to determine benefit obligations as of December 31: | ||||||||||||||||||||||
Discount rate | 4.1 | % | 4.72 | % | 4.9 | % | 5.07 | % | 4.1 | % | 4.96 | % | ||||||||||
Rate of compensation increase | 3.75 | % | 4.03 | % | 3.75 | % | 4.13 | % | 3.75 | % | 3.17 | % | ||||||||||
Actuarial assumptions used to determine net periodic pension cost for years ended December 31: | ||||||||||||||||||||||
Discount rate | 4.65 | % | (a) | 5.07 | % | 4.1 | % | 4.96 | % | 5.1 | % | 5.98 | % | |||||||||
Expected long-term rate of return on plan assets (b) | 7.75 | % | 7.53 | % | 8 | % | 7.04 | % | 8 | % | 7.62 | % | ||||||||||
Rate of compensation increase | 3.75 | % | 4.13 | % | 3.75 | % | 3.17 | % | 3.75 | % | 3.12 | % | ||||||||||
(a) Represents the weighted average rate for 2014 due to the remeasurement in the first quarter of 2014. | ||||||||||||||||||||||
(b) | Represents the expected rate of return for International Paper's qualified pension plan for 2014 and 2013. The weighted average rate for the Temple-Inland Retirement Plan was 7.00%, 6.16% and 5.70% for 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
The expected long-term rate of return on plan assets is based on projected rates of return for current and planned asset classes in the plan’s investment portfolio. Projected rates of return are developed through an asset/liability study in which projected returns for each of the plan’s asset classes are determined after analyzing historical experience and future expectations of returns and volatility of the various asset classes. | ||||||||||||||||||||||
Based on the target asset allocation for each asset class, the overall expected rate of return for the portfolio | ||||||||||||||||||||||
is developed considering the effects of active portfolio management and expenses paid from plan assets. The discount rate assumption was determined from a universe of high quality corporate bonds. A settlement portfolio is selected and matched to the present value of the plan’s projected benefit payments. To calculate pension expense for 2015, the Company will use an expected long-term rate of return on plan assets of 7.75% for the Retirement Plan of International Paper, | ||||||||||||||||||||||
a discount rate of 4.10% and an assumed rate of compensation increase of 3.75%. The Company estimates that it will record net pension expense of approximately $488 million for its U.S. defined benefit plans in 2015, with the increase from expense of $387 million in 2014 reflecting a decrease in the discount rate to 4.10% in 2015 from 4.65% in 2014, updated mortality assumptions, and higher amortization of unrecognized losses. | ||||||||||||||||||||||
For non-U.S. pension plans, assumptions reflect economic assumptions applicable to each country. | ||||||||||||||||||||||
The following illustrates the effect on pension expense for 2015 of a 25 basis point decrease in the above assumptions: | ||||||||||||||||||||||
In millions | 2015 | |||||||||||||||||||||
Expense/(Income): | ||||||||||||||||||||||
Discount rate | $ | 36 | ||||||||||||||||||||
Expected long-term rate of return on plan assets | 25 | |||||||||||||||||||||
Rate of compensation increase | (1 | ) | ||||||||||||||||||||
PLAN ASSETS | ||||||||||||||||||||||
International Paper’s Board of Directors has appointed a Fiduciary Review Committee that is responsible for fiduciary oversight of the U.S. Pension Plan, approving investment policy and reviewing the management and control of plan assets. Pension Plan assets are invested to maximize returns within prudent levels of risk. | ||||||||||||||||||||||
The Pension Plan maintains a strategic asset allocation policy that designates target allocations by asset class. Investments are diversified across classes and within each class to minimize the risk of large losses. Derivatives, including swaps, forward and futures contracts, may be used as asset class substitutes or for hedging or other risk management purposes. Periodic reviews are made of investment policy objectives and investment manager performance. For non-U.S. plans, assets consist principally of common stock and fixed income securities. | ||||||||||||||||||||||
International Paper’s U.S. pension allocations by type of fund at December 31, and target allocations were as follows: | ||||||||||||||||||||||
Asset Class | 2014 | 2013 | Target | |||||||||||||||||||
Allocations | ||||||||||||||||||||||
Equity accounts | 47 | % | 49 | % | 43% - 54% | |||||||||||||||||
Fixed income accounts | 33 | % | 32 | % | 25% - 35% | |||||||||||||||||
Real estate accounts | 10 | % | 10 | % | 7% - 13% | |||||||||||||||||
Other | 10 | % | 9 | % | 8% - 17% | |||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||
The 2014 and 2013 actual and target allocations shown represent a weighted average of International Paper and Temple-Inland plan assets. | ||||||||||||||||||||||
The fair values of International Paper’s pension plan assets at December 31, 2014 and 2013 by asset class are shown below. Plan assets included an immaterial amount of International Paper common stock at December 31, 2014 and 2013. Hedge funds disclosed in the following table are allocated equally between equity and fixed income accounts for target allocation purposes. | ||||||||||||||||||||||
Fair Value Measurement at December 31, 2014 | ||||||||||||||||||||||
Asset Class | Total | Quoted | Significant | Significant | ||||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||||
Markets | (Level 2) | (Level 3) | ||||||||||||||||||||
For | ||||||||||||||||||||||
Identical | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||
In millions | ||||||||||||||||||||||
Equities – domestic | $ | 2,268 | $ | 1,380 | $ | 888 | $ | — | ||||||||||||||
Equities – international | 2,397 | 1,815 | 582 | — | ||||||||||||||||||
Corporate bonds | 1,230 | — | 1,230 | — | ||||||||||||||||||
Government securities | 1,282 | — | 1,282 | — | ||||||||||||||||||
Mortgage backed securities | 172 | — | 172 | — | ||||||||||||||||||
Other fixed income | 207 | — | 197 | 10 | ||||||||||||||||||
Commodities | 170 | — | 170 | — | ||||||||||||||||||
Hedge funds | 867 | — | — | 867 | ||||||||||||||||||
Private equity | 519 | — | — | 519 | ||||||||||||||||||
Real estate | 1,101 | — | — | 1,101 | ||||||||||||||||||
Derivatives | 376 | — | — | 376 | ||||||||||||||||||
Cash and cash equivalents | 329 | 329 | — | — | ||||||||||||||||||
Total Investments | $ | 10,918 | $ | 3,524 | $ | 4,521 | $ | 2,873 | ||||||||||||||
Fair Value Measurement at December 31, 2013 | ||||||||||||||||||||||
Asset Class | Total | Quoted | Significant | Significant | ||||||||||||||||||
Prices | Observable | Unobservable | ||||||||||||||||||||
in | Inputs | Inputs | ||||||||||||||||||||
Active | (Level 2) | (Level 3) | ||||||||||||||||||||
Markets | ||||||||||||||||||||||
For | ||||||||||||||||||||||
Identical | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||
In millions | ||||||||||||||||||||||
Equities – domestic | $ | 2,466 | $ | 1,175 | $ | 1,290 | $ | 1 | ||||||||||||||
Equities – international | 2,313 | 1,470 | 843 | — | ||||||||||||||||||
Corporate bonds | 1,248 | — | 1,248 | — | ||||||||||||||||||
Government securities | 1,097 | — | 1,097 | — | ||||||||||||||||||
Mortgage backed securities | 143 | — | 143 | — | ||||||||||||||||||
Other fixed income | 74 | (1 | ) | 65 | 10 | |||||||||||||||||
Commodities | 193 | — | 193 | — | ||||||||||||||||||
Hedge funds | 831 | — | — | 831 | ||||||||||||||||||
Private equity | 484 | — | — | 484 | ||||||||||||||||||
Real estate | 1,038 | — | — | 1,038 | ||||||||||||||||||
Derivatives | 313 | — | — | 313 | ||||||||||||||||||
Cash and cash equivalents | 506 | (10 | ) | 516 | — | |||||||||||||||||
Total Investments | $ | 10,706 | $ | 2,634 | $ | 5,395 | $ | 2,677 | ||||||||||||||
Equity securities consist primarily of publicly traded U.S. companies and international companies. Publicly traded equities are valued at the closing prices reported in the active market in which the individual securities are traded. | ||||||||||||||||||||||
Fixed income consists of government securities, mortgage-backed securities, corporate bonds and common collective funds. Government securities are valued by third-party pricing sources. Mortgage-backed security holdings consist primarily of agency-rated holdings. The fair value estimates for mortgage securities are calculated by third-party pricing sources chosen by the custodian’s price matrix. Corporate bonds are valued using either the yields currently available on comparable securities of issuers with similar credit ratings or using a discounted cash flows approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. Common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||
Commodities consist of commodity-linked notes and commodity-linked derivatives. Commodities are valued at closing prices determined by calculation agents for outstanding transactions. | ||||||||||||||||||||||
Hedge funds are investment structures for managing private, loosely-regulated investment pools that can pursue a diverse array of investment strategies with a wide range of different securities and derivative instruments. These investments are made through funds-of-funds (commingled, multi-manager fund structures) and through direct investments in individual hedge funds. Hedge funds are primarily valued by each fund’s third-party administrator based upon the valuation of the underlying securities and instruments and primarily by applying a market or income valuation methodology as appropriate depending on the specific type of security or instrument held. Funds-of-funds are valued based upon the net asset values of the underlying investments in hedge funds. | ||||||||||||||||||||||
Private equity consists of interests in partnerships that invest in U.S. and non-U.S. debt and equity securities. Partnership interests are valued using the most recent general partner statement of fair value, updated for any subsequent partnership interest cash flows. | ||||||||||||||||||||||
Real estate includes commercial properties, land and timberland, and generally includes, but is not limited to, retail, office, industrial, multifamily and hotel properties. Real estate fund values are primarily reported by the fund manager and are based on valuation of the | ||||||||||||||||||||||
underlying investments which include inputs such as cost, discounted cash flows, independent appraisals and market based comparable data. | ||||||||||||||||||||||
Derivative investments such as futures, forward contracts, options, and swaps are used to help manage risks. Derivatives are generally employed as asset class substitutes (such as when employed within a portable alpha strategy), for managing asset/liability mismatches, or bona fide hedging or other appropriate risk management purposes. Derivative instruments are generally valued by the investment managers or in certain instances by third-party pricing sources. | ||||||||||||||||||||||
The fair value measurements using significant unobservable inputs (Level 3) at December 31, 2014 were as follows: | ||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
In millions | Equities- | Other | Hedge | Private | Real | Derivatives | Total | |||||||||||||||
Domestic | Fixed | Funds | Equity | Estate | ||||||||||||||||||
Income | ||||||||||||||||||||||
Beginning balance at December 31, 2013 | $ | 1 | $ | 10 | $ | 831 | $ | 484 | $ | 1,038 | $ | 313 | $ | 2,677 | ||||||||
Actual return on plan assets: | ||||||||||||||||||||||
Relating to assets still held at the reporting date | (1 | ) | — | 37 | 17 | 88 | 18 | 159 | ||||||||||||||
Relating to assets sold during the period | 1 | — | 4 | (1 | ) | 14 | 76 | 94 | ||||||||||||||
Purchases, sales and settlements | (1 | ) | — | (5 | ) | (13 | ) | (7 | ) | (260 | ) | (286 | ) | |||||||||
Transfers in and/or out of Level 3 (a) | — | — | — | 32 | (32 | ) | 229 | 229 | ||||||||||||||
Ending balance at December 31, 2014 | $ | — | $ | 10 | $ | 867 | $ | 519 | $ | 1,101 | $ | 376 | $ | 2,873 | ||||||||
(a) Includes the transfer of a $32 million investment historically shown as Real Estate now categorized as Private Equity. | ||||||||||||||||||||||
FUNDING AND CASH FLOWS | ||||||||||||||||||||||
The Company’s funding policy for the Pension Plan is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that the Company may determine to be appropriate considering the funded status of the plans, tax deductibility, cash flow generated by the Company, and other factors. The Company continually reassesses the amount and timing of any discretionary contributions. Contributions to the qualified plan totaling $353 million, $31 million and $44 million were made by the Company in 2014, 2013 and 2012, respectively. Generally, International Paper’s non-U.S. pension plans are funded using the projected benefit as a target, except in certain countries where funding of benefit plans is not required. | ||||||||||||||||||||||
At December 31, 2014, projected future pension benefit payments, excluding any termination benefits, were as follows: | ||||||||||||||||||||||
In millions | ||||||||||||||||||||||
2015 | $ | 802 | ||||||||||||||||||||
2016 | 769 | |||||||||||||||||||||
2017 | 781 | |||||||||||||||||||||
2018 | 795 | |||||||||||||||||||||
2019 | 811 | |||||||||||||||||||||
2020 – 2024 | 4,279 | |||||||||||||||||||||
OTHER U.S. PLANS | ||||||||||||||||||||||
International Paper sponsors the International Paper Company Salaried Savings Plan and the International Paper Company Hourly Savings Plan, both of which are tax-qualified defined contribution 401(k) savings plans. Substantially all U.S. salaried and certain hourly employees are eligible to participate and may make elective deferrals to such plans to save for retirement. International Paper makes matching contributions to participant accounts on a specified percentage of employee deferrals as determined by the provisions of each plan. For eligible employees hired after June 30, 2004, the Company makes Retirement Savings Account contributions equal to a percentage of an eligible employee’s pay. | ||||||||||||||||||||||
In connection with the Temple-Inland acquisition, International Paper acquired two savings plans which were merged into the International Paper savings plans on December 31, 2012. | ||||||||||||||||||||||
The Company also sponsors the International Paper Company Deferred Compensation Savings Plan, which is an unfunded nonqualified defined contribution plan. This plan permits eligible employees to continue to make deferrals and receive company matching contributions when their contributions to the International Paper Salaried Savings Plan are stopped due to limitations under U.S. tax law. Participant deferrals and company matching contributions are not invested in a separate trust, but are paid directly from International Paper’s general assets at the time benefits become due and payable. | ||||||||||||||||||||||
Company matching contributions to the plans totaled approximately $112 million, $120 million and $122 million for the plan years ending in 2014, 2013 and 2012, respectively. |
Postretirement_Benefits_Note
Postretirement Benefits (Note) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||
Postretirement Benefits [Note Text Block] | U.S. POSTRETIREMENT BENEFITS | ||||||||||||||||||
International Paper provides certain retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees. These employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. Excluded from company-provided medical benefits are salaried employees whose age plus years of employment with the Company totaled less than 60 as of January 1, 2004. International Paper does not fund these benefits prior to payment and has the right to modify or terminate certain of these plans in the future. | |||||||||||||||||||
In addition to the U.S. plan, certain Brazilian and Moroccan employees are eligible for retiree health care and life insurance benefits. | |||||||||||||||||||
The components of postretirement benefit expense in 2014, 2013 and 2012 were as follows: | |||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||
U.S. | Non- | U.S. | Non- | U.S. | Non- | ||||||||||||||
Plans | U.S. | Plans | U.S. | Plans | U.S. | ||||||||||||||
Plans | Plans | Plans | |||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 2 | $ | 2 | $ | 3 | $ | — | |||||||
Interest cost | 14 | 6 | 14 | 5 | 20 | 1 | |||||||||||||
Actuarial loss | 5 | 1 | 7 | — | 10 | — | |||||||||||||
Amortization of prior service credits | (13 | ) | (1 | ) | (24 | ) | — | (30 | ) | — | |||||||||
Curtailment gain | — | — | — | — | (7 | ) | — | ||||||||||||
Net postretirement (benefit) expense (a) | $ | 7 | $ | 7 | $ | (1 | ) | $ | 7 | $ | (4 | ) | $ | 1 | |||||
(a) Excludes $7 million of curtailment gains in 2013 related to the sale of Building Products that were recorded in Net (gains) losses on sales and impairments of businesses in the consolidated statement of operations. | |||||||||||||||||||
International Paper evaluates its actuarial assumptions annually as of December 31 (the measurement date) and considers changes in these long-term factors based upon market conditions and the requirements of employers’ accounting for postretirement benefits other than pensions. Temple-Inland's postretirement plan was remeasured on July 19, 2013 due to the sale of Building Products which reduced the obligation by $6 million. International Paper's postretirement plan was remeasured on January 31, 2012 due to a negative plan amendment which reduced our obligation by $29 million and reduced the 2012 expected benefit cost by $11 million. Temple-Inland's postretirement plan was remeasured on July 31, 2012 due to a negative plan amendment which reduced the obligation by $6 million and reduced 2012 expense by $1 million. | |||||||||||||||||||
The discount rates used to determine net U.S. and non-U.S. postretirement benefit cost for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
U.S. | Non- | U.S. | Non- | U.S. | Non- | ||||||||||||||
Plans | U.S. | Plans | U.S. | Plans | U.S. | ||||||||||||||
Plans | Plans | Plans | |||||||||||||||||
Discount rate | 4.5 | % | 11.94 | % | 3.7 | % | 8.43 | % | 4.4 | % | 7.73 | % | |||||||
The weighted average assumptions used to determine the benefit obligation at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
U.S. | Non- | U.S. | Non- | ||||||||||||||||
Plans | U.S. | Plans | U.S. | ||||||||||||||||
Plans | Plans | ||||||||||||||||||
Discount rate | 3.9 | % | 11.52 | % | 4.5 | % | 11.94 | % | |||||||||||
Health care cost trend rate assumed for next year | 7 | % | 11.38 | % | 7 | % | 11.43 | % | |||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 6.11 | % | 5 | % | 6.12 | % | |||||||||||
Year that the rate reaches the rate it is assumed to remain | 2022 | 2025 | 2017 | 2024 | |||||||||||||||
A 1% increase in the assumed annual health care cost trend rate would have increased the U.S. and non-U.S. accumulated postretirement benefit obligations at December 31, 2014 by approximately $13 million and $10 million, respectively. A 1% decrease in the annual trend rate would have decreased the U.S. and non-U.S. accumulated postretirement benefit obligation at December 31, 2014 by approximately $12 million and $8 million, respectively. The effect on net postretirement benefit cost from a 1% increase or decrease would be approximately $1 million for both U.S. and non-U.S. plans. | |||||||||||||||||||
The plan is only funded in an amount equal to benefits paid. The following table presents the changes in benefit obligation and plan assets for 2014 and 2013: | |||||||||||||||||||
In millions | 2014 | 2013 | |||||||||||||||||
U.S. | Non- | U.S. | Non- | ||||||||||||||||
Plans | U.S. | Plans | U.S. | ||||||||||||||||
Plans | Plans | ||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||
Benefit obligation, January 1 | $ | 322 | $ | 72 | $ | 449 | $ | 22 | |||||||||||
Service cost | 1 | 1 | 2 | 2 | |||||||||||||||
Interest cost | 14 | 6 | 14 | 5 | |||||||||||||||
Participants’ contributions | 15 | — | 19 | — | |||||||||||||||
Actuarial (gain) loss | 14 | 19 | (80 | ) | 12 | ||||||||||||||
Other | — | (26 | ) | — | 38 | ||||||||||||||
Plan amendments | — | (7 | ) | — | — | ||||||||||||||
Benefits paid | (62 | ) | (1 | ) | (82 | ) | (1 | ) | |||||||||||
Less: Federal subsidy | 2 | — | 2 | — | |||||||||||||||
Curtailment | — | — | (2 | ) | — | ||||||||||||||
Currency Impact | — | (5 | ) | — | (6 | ) | |||||||||||||
Benefit obligation, December 31 | $ | 306 | $ | 59 | $ | 322 | $ | 72 | |||||||||||
Change in plan assets: | |||||||||||||||||||
Fair value of plan assets, January 1 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Company contributions | 47 | 1 | 63 | 1 | |||||||||||||||
Participants’ contributions | 15 | — | 19 | — | |||||||||||||||
Benefits paid | (62 | ) | (1 | ) | (82 | ) | (1 | ) | |||||||||||
Fair value of plan assets, December 31 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Funded status, December 31 | $ | (306 | ) | $ | (59 | ) | $ | (322 | ) | $ | (72 | ) | |||||||
Amounts recognized in the consolidated balance sheet under ASC 715: | |||||||||||||||||||
Current liability | $ | (33 | ) | $ | (2 | ) | $ | (39 | ) | $ | (2 | ) | |||||||
Non-current liability | (273 | ) | (57 | ) | (283 | ) | (70 | ) | |||||||||||
$ | (306 | ) | $ | (59 | ) | $ | (322 | ) | $ | (72 | ) | ||||||||
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): | |||||||||||||||||||
Net actuarial loss (gain) | $ | 44 | $ | 23 | $ | 31 | $ | 11 | |||||||||||
Prior service credit | (22 | ) | (5 | ) | (35 | ) | — | ||||||||||||
$ | 22 | $ | 18 | $ | (4 | ) | $ | 11 | |||||||||||
The non-current portion of the liability is included with the postemployment liability in the accompanying consolidated balance sheet under Postretirement and postemployment benefit obligation. | |||||||||||||||||||
The components of the $26 million and $7 million increase in the amounts recognized in OCI during 2014 for U.S. and non-U.S. plans, respectively, consisted of: | |||||||||||||||||||
In millions | U.S. | Non- | |||||||||||||||||
Plans | U.S. | ||||||||||||||||||
Plans | |||||||||||||||||||
Current year actuarial gain | $ | 18 | $ | 14 | |||||||||||||||
Amortization of actuarial (loss) gain | (5 | ) | (1 | ) | |||||||||||||||
Current year prior service credit | — | (7 | ) | ||||||||||||||||
Amortization of prior service credit | 13 | 1 | |||||||||||||||||
$ | 26 | $ | 7 | ||||||||||||||||
The portion of the change in the funded status that was recognized in either net periodic benefit cost or OCI for the U.S. plans was $33 million, $63 million and $0 million in 2014, 2013 and 2012, respectively. The portion of the change in funded status for the non-U.S. plans was $14 million, $19 million, and $2 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||
The estimated amounts of net loss and prior service credit that will be amortized from OCI into net U.S. postretirement benefit cost in 2015 are expected to be $6 million and $(10) million, respectively. The estimated amounts for non-U.S. plans in 2015 are expected to be $1 million and $(3) million, respectively. | |||||||||||||||||||
At December 31, 2014, estimated total future postretirement benefit payments, net of participant contributions and estimated future Medicare Part D subsidy receipts, were as follows: | |||||||||||||||||||
In millions | Benefit | Subsidy | Benefit | ||||||||||||||||
Payments | Receipts | Payments | |||||||||||||||||
U.S. | U.S. | Non- | |||||||||||||||||
Plans | Plans | U.S. | |||||||||||||||||
Plans | |||||||||||||||||||
2015 | $ | 35 | $ | 2 | $ | 2 | |||||||||||||
2016 | 31 | 2 | 2 | ||||||||||||||||
2017 | 30 | 2 | 2 | ||||||||||||||||
2018 | 28 | 2 | 3 | ||||||||||||||||
2019 | 27 | 2 | 3 | ||||||||||||||||
2020 – 2024 | 112 | 8 | 24 | ||||||||||||||||
Incentive_Plans_Note
Incentive Plans (Note) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||||||||
Incentive Plans [Note Text Block] | International Paper currently has an Incentive Compensation Plan (ICP) which, upon the approval by the Company’s shareholders in May 2009, replaced the Company’s Long-Term Incentive Compensation Plan (LTICP). The ICP authorizes grants of restricted stock, restricted or deferred stock units, performance awards payable in cash or stock upon the attainment of specified performance goals, dividend equivalents, stock options, stock appreciation rights, other stock-based awards, and cash-based awards at the discretion of the Management Development and Compensation Committee of the Board of Directors (the Committee) that administers the ICP. Additionally, restricted stock, which may be deferred into RSU’s, may be awarded under a Restricted Stock and Deferred Compensation Plan for Non-Employee Directors. | |||||||||
STOCK OPTION PROGRAM | ||||||||||
International Paper accounts for stock options in accordance with guidance under ASC 718, “Compensation – Stock Compensation.” Compensation expense is recorded over the related service period based on the grant-date fair market value. Since all outstanding options were vested as of July 14, 2005, only replacement option grants are expensed. | ||||||||||
During each reporting period, diluted earnings per share is calculated by assuming that “in-the-money” options are exercised and the exercise proceeds are used to repurchase shares in the marketplace. When options are actually exercised, option proceeds are credited to equity and issued shares are included in the computation of earnings per common share, with no effect on reported earnings. Equity is also increased by the tax benefit that International Paper will receive in its tax return for income reported by the employees in their individual tax returns. | ||||||||||
Under the program, upon exercise of an option, a replacement option may be granted under certain circumstances with an exercise price equal to the market price at the time of exercise and with a term extending to the expiration date of the original option. | ||||||||||
The Company has discontinued the issuance of stock options for all eligible U.S. and non-U.S. employees. In the United States, the stock option program was replaced with a performance-based restricted share program to more closely tie long-term incentive compensation to Company performance on two key performance drivers: return on investment (ROI) and total shareholder return (TSR). | ||||||||||
The following summarizes the status of the Stock Option Program and the changes during the three years ending December 31, 2014: | ||||||||||
Options | Weighted | Weighted | Aggregate | |||||||
(a,b) | Average | Average | Intrinsic | |||||||
Exercise | Remaining | Value | ||||||||
Price | Life | (thousands) | ||||||||
(years) | ||||||||||
Outstanding at December 31, 2011 | 15,556,786 | $38.13 | 1.55 | $— | ||||||
Granted | 2,513 | 35.94 | ||||||||
Exercised | (3,200,642 | ) | 33.62 | |||||||
Expired | (3,222,597 | ) | 40.71 | |||||||
Outstanding at December 31, 2012 | 9,136,060 | 38.79 | 1.15 | 1,077 | ||||||
Granted | 4,744 | 48.11 | ||||||||
Exercised | (7,317,825 | ) | 38.57 | |||||||
Expired | (70,190 | ) | 37.15 | |||||||
Outstanding at December 31, 2013 | 1,752,789 | 39.8 | 0.67 | 16,175 | ||||||
Granted | 3,247 | 49.13 | ||||||||
Exercised | (1,634,858 | ) | 39.8 | |||||||
Expired | (49,286 | ) | 41.5 | |||||||
Outstanding at December 31, 2014 | 71,892 | $39.03 | 0.18 | $1,046 | ||||||
(a) | The table does not include Continuity Award tandem stock options described below. No fair market value is assigned to these options under ASC 718. The tandem restricted shares accompanying these options are expensed over their vesting period. | |||||||||
(b) | The table includes options outstanding under an acquired company plan under which options may no longer be granted. | |||||||||
PERFORMANCE SHARE PLAN | ||||||||||
Under the Performance Share Plan (PSP), contingent awards of International Paper common stock are granted by the Committee. The PSP awards are earned evenly over a three-year period. PSP awards are earned based on the achievement of defined performance rankings of ROI and TSR compared to ROI and TSR peer groups of companies. Awards are weighted 75% for ROI and 25% for TSR for all participants except for officers for whom the awards are weighted 50% for ROI and 50% for TSR. The ROI component of the PSP awards is valued at the closing stock price on the day prior to the grant date. As the ROI component contains a performance condition, compensation expense, net of estimated forfeitures, is recorded over the requisite service period based on the most probable number of awards expected to vest. The TSR component of the PSP awards is valued using a Monte Carlo simulation as the TSR component contains a market condition. The Monte Carlo simulation estimates the fair value of the TSR component based on the expected term of the award, a risk-free rate, expected dividends, and the expected volatility for the Company and its competitors. The expected term is estimated based on the vesting period of the awards, the risk-free rate is based on the yield on U.S. Treasury securities matching the vesting period, and the volatility is based on the Company’s historical volatility over the expected term. | ||||||||||
PSP grants are made in performance-based restricted stock units (PSU’s). PSP awards issued to certain members of senior management are accounted for as liability awards, which are remeasured at fair value at each balance sheet date for the 2012 grant only. The valuation of these PSP liability awards is computed based on the same methodology as the PSP equity awards. On December 8, 2014, IP eliminated the election for executives to withhold more than the minimum tax withholding for the 2013 and 2014 grants making them equity awards. | ||||||||||
The following table sets forth the assumptions used to determine compensation cost for the market condition component of the PSP plan: | ||||||||||
Twelve Months Ended December 31, 2014 | ||||||||||
Expected volatility | 19.01%-55.33% | |||||||||
Risk-free interest rate | 0.13% - 0.78% | |||||||||
The following summarizes PSP activity for the three years ending December 31, 2014: | ||||||||||
Share/Units | Weighted | |||||||||
Average | ||||||||||
Grant Date | ||||||||||
Fair Value | ||||||||||
Outstanding at December 31, 2011 | 8,060,059 | $22.83 | ||||||||
Granted | 3,641,911 | 31.57 | ||||||||
Shares issued | (2,871,367 | ) | 16.83 | |||||||
Forfeited | (169,748 | ) | 28.89 | |||||||
Outstanding at December 31, 2012 | 8,660,855 | 28.37 | ||||||||
Granted | 3,148,445 | 40.76 | ||||||||
Shares issued | (3,262,760 | ) | 32.48 | |||||||
Forfeited | (429,051 | ) | 34.58 | |||||||
Outstanding at December 31, 2013 | 8,117,489 | 31.2 | ||||||||
Granted | 3,682,663 | 46.82 | ||||||||
Shares issued (a) | (4,025,111 | ) | 37.18 | |||||||
Forfeited | (499,107 | ) | 43.1 | |||||||
Outstanding at December 31, 2014 | 7,275,934 | $34.98 | ||||||||
(a) | Includes 488,676 units related to retirements or terminations that are held for payout until the end of the performance period. | |||||||||
EXECUTIVE CONTINUITY AND RESTRICTED STOCK AWARD PROGRAMS | ||||||||||
The Executive Continuity Award program provides for the granting of tandem awards of restricted stock and/or nonqualified stock options to key executives. Grants are restricted and awards conditioned on attainment of a specified age. The awarding of a tandem stock option results in the cancellation of the related restricted shares. The final award under this program was paid in 2013. | ||||||||||
The service-based Restricted Stock Award program (RSA), designed for recruitment, retention and special recognition purposes, also provides for awards of restricted stock to key employees. | ||||||||||
The following summarizes the activity of the Executive Continuity Award program and RSA program for the three years ending December 31, 2014: | ||||||||||
Shares | Weighted | |||||||||
Average | ||||||||||
Grant Date | ||||||||||
Fair Value | ||||||||||
Outstanding at December 31, 2011 | 128,917 | $27.86 | ||||||||
Granted | 88,715 | 31.91 | ||||||||
Shares issued | (61,083 | ) | 27.13 | |||||||
Forfeited | (5,000 | ) | 28.91 | |||||||
Outstanding at December 31, 2012 | 151,549 | 30.49 | ||||||||
Granted | 67,100 | 44.41 | ||||||||
Shares issued | (88,775 | ) | 32.3 | |||||||
Forfeited | (17,500 | ) | 37.75 | |||||||
Outstanding at December 31, 2013 | 112,374 | 36.24 | ||||||||
Granted | 89,500 | 48.19 | ||||||||
Shares issued | (83,275 | ) | 33.78 | |||||||
Forfeited | (4,000 | ) | 45.88 | |||||||
Outstanding at December 31, 2014 | 114,599 | $47.03 | ||||||||
At December 31, 2014, 2013 and 2012 a total of 16.3 million, 17.8 million and 19.3 million shares, respectively, were available for grant under the ICP. | ||||||||||
Stock-based compensation expense and related income tax benefits were as follows: | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Total stock-based compensation expense (included in selling and administrative expense) | $ | 118 | $ | 137 | $ | 116 | ||||
Income tax benefits related to stock-based compensation | 92 | 74 | 48 | |||||||
At December 31, 2014, $117 million of compensation cost, net of estimated forfeitures, related to unvested | ||||||||||
restricted performance shares, executive continuity awards and restricted stock attributable to future performance had not yet been recognized. This amount will be recognized in expense over a weighted-average period of 1.6 years. |
Financial_Information_By_Indus
Financial Information By Industry Segment And Geographic Area (Note) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||
Financial Information By Industry Segment And Geographic Area [Note Text Block] | International Paper’s industry segments, Industrial Packaging, Printing Papers and Consumer Packaging Businesses, are consistent with the internal structure used to manage these businesses. All segments are differentiated on a common product, common customer basis consistent with the business segmentation generally used in the Forest Products industry. Following the July 1, 2014 spinoff of xpedx, which historically represented the Company's Distribution reportable segment, the assets of the xpedx business totaling $1.2 billion as of December 31, 2013 were adjusted off the consolidated balance sheet and are not included on the consolidated balance sheet as of December 31, 2014. | |||||||||||
For management purposes, International Paper reports the operating performance of each business based on earnings before interest and income taxes (EBIT). Intersegment sales and transfers are recorded at current market prices. | ||||||||||||
External sales by major product is determined by aggregating sales from each segment based on similar products or services. External sales are defined as those that are made to parties outside International Paper’s consolidated group, whereas sales by segment in the Net Sales table are determined using a management approach and include intersegment sales. | ||||||||||||
The Company also holds a 50% interest in Ilim that is a separate reportable industry segment. The Company recorded equity earnings (losses), net of taxes, of $(194) million, $(46) million and $56 million in 2014, 2013, and 2012, respectively, for Ilim. Equity earnings (losses) includes an after-tax foreign exchange gain (loss) of $(269) million, $(32) million and $16 million in 2014, 2013 and 2012, respectively, primarily on the remeasurement of U.S. dollar-denominated net debt. | ||||||||||||
Summarized financial information for Ilim which is accounted for under the equity method is presented in the following table. | ||||||||||||
Balance Sheet | ||||||||||||
In millions | 2014 | 2013 | ||||||||||
Current assets | $ | 458 | $ | 595 | ||||||||
Noncurrent assets | 1,223 | 2,124 | ||||||||||
Current liabilities | 899 | 560 | ||||||||||
Noncurrent liabilities | 742 | 1,335 | ||||||||||
Noncontrolling interests | 15 | 63 | ||||||||||
Income Statement | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | 2,138 | $ | 1,897 | $ | 1,972 | ||||||
Gross profit | 772 | 562 | 678 | |||||||||
Income from continuing operations | (387 | ) | (76 | ) | 140 | |||||||
Net income attributable to Ilim | (360 | ) | (71 | ) | 131 | |||||||
At December 31, 2014 and 2013, the Company's investment in Ilim was $170 million and $580 million, respectively, which was $158 million and $200 million, respectively, more than the Company's proportionate share of the joint venture's underlying net assets. The differences primarily relate to purchase price fair value adjustments and currency translation adjustments. | ||||||||||||
INFORMATION BY INDUSTRY SEGMENT | ||||||||||||
Net Sales | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 14,944 | $ | 14,810 | $ | 13,280 | ||||||
Printing Papers | 5,720 | 6,205 | 6,230 | |||||||||
Consumer Packaging | 3,403 | 3,435 | 3,170 | |||||||||
Corporate and Intersegment Sales | (450 | ) | (967 | ) | (828 | ) | ||||||
Net Sales | $ | 23,617 | $ | 23,483 | $ | 21,852 | ||||||
Operating Profit | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 1,896 | $ | 1,801 | $ | 1,066 | ||||||
Printing Papers | (16 | ) | 271 | 599 | ||||||||
Consumer Packaging | 178 | 161 | 268 | |||||||||
Operating Profit | 2,058 | 2,233 | 1,933 | |||||||||
Interest expense, net | (601 | ) | (612 | ) | (671 | ) | ||||||
Noncontrolling interests / equity earnings adjustment (a) | (2 | ) | 1 | — | ||||||||
Corporate items, net | (51 | ) | (61 | ) | (87 | ) | ||||||
Restructuring and other charges | (282 | ) | (10 | ) | (51 | ) | ||||||
Net gains (losses) on sales and impairments of businesses | (38 | ) | — | 2 | ||||||||
Non-operating pension expense | (212 | ) | (323 | ) | (159 | ) | ||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | $ | 872 | $ | 1,228 | $ | 967 | ||||||
Restructuring and Other Charges | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 7 | $ | (2 | ) | $ | 14 | |||||
Printing Papers | 554 | 118 | — | |||||||||
Consumer Packaging | 8 | 45 | — | |||||||||
Corporate | 277 | (5 | ) | 51 | ||||||||
Restructuring and Other Charges | $ | 846 | $ | 156 | $ | 65 | ||||||
Assets | ||||||||||||
In millions | 2014 | 2013 | ||||||||||
Industrial Packaging | $ | 14,852 | $ | 15,083 | ||||||||
Printing Papers | 5,393 | 6,574 | ||||||||||
Consumer Packaging | 3,249 | 3,222 | ||||||||||
Distribution (b) | — | 1,186 | ||||||||||
Corporate and other (c) | 5,190 | 5,463 | ||||||||||
Assets | $ | 28,684 | $ | 31,528 | ||||||||
Capital Spending | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 754 | $ | 629 | $ | 565 | ||||||
Printing Papers | 318 | 294 | 449 | |||||||||
Consumer Packaging | 233 | 208 | 296 | |||||||||
Distribution (b) | — | 9 | 10 | |||||||||
Subtotal | 1,305 | 1,140 | 1,320 | |||||||||
Corporate and other (c) | 61 | 58 | 63 | |||||||||
Total | $ | 1,366 | $ | 1,198 | $ | 1,383 | ||||||
Depreciation, Amortization and Cost of Timber Harvested (d) | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 775 | $ | 805 | $ | 755 | ||||||
Printing Papers | 367 | 446 | 450 | |||||||||
Consumer Packaging | 223 | 206 | 196 | |||||||||
Corporate | 41 | 74 | 72 | |||||||||
Depreciation and Amortization | $ | 1,406 | $ | 1,531 | $ | 1,473 | ||||||
External Sales By Major Product | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 14,837 | $ | 14,729 | $ | 13,223 | ||||||
Printing Papers | 5,360 | 5,443 | 5,483 | |||||||||
Consumer Packaging | 3,307 | 3,311 | 3,146 | |||||||||
Other | 113 | — | — | |||||||||
Net Sales | $ | 23,617 | $ | 23,483 | $ | 21,852 | ||||||
INFORMATION BY GEOGRAPHIC AREA | ||||||||||||
Net Sales (e) | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
United States (f) | $ | 16,645 | $ | 16,371 | $ | 15,689 | ||||||
EMEA | 3,273 | 3,250 | 2,886 | |||||||||
Pacific Rim and Asia | 1,951 | 2,114 | 1,816 | |||||||||
Americas, other than U.S. | 1,748 | 1,748 | 1,461 | |||||||||
Net Sales | $ | 23,617 | $ | 23,483 | $ | 21,852 | ||||||
Long-Lived Assets (g) | ||||||||||||
In millions | 2014 | 2013 | ||||||||||
United States | $ | 9,476 | $ | 10,056 | ||||||||
EMEA | 926 | 1,126 | ||||||||||
Pacific Rim and Asia | 897 | 946 | ||||||||||
Americas, other than U.S. | 1,553 | 1,772 | ||||||||||
Corporate | 383 | 329 | ||||||||||
Long-Lived Assets | $ | 13,235 | $ | 14,229 | ||||||||
(a) | Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly-owned. The pre-tax noncontrolling interests and equity earnings for these subsidiaries is added here to present consolidated earnings from continuing operations before income taxes and equity earnings. | |||||||||||
(b) | The xpedx business, which historically represented the Company's Distribution reportable segment, was spun off July 1, 2014 and the related assets of this business were adjusted off the consolidated balance sheet. | |||||||||||
(c) | Includes corporate assets and assets of businesses held for sale. | |||||||||||
(d) | Excludes accelerated depreciation related to closure of mills. | |||||||||||
(e) | Net sales are attributed to countries based on the location of the seller. | |||||||||||
(f) | Export sales to unaffiliated customers were $2.3 billion in 2014, $2.4 billion in 2013 and $2.2 billion in 2012. | |||||||||||
(g) | Long-Lived Assets includes Forestlands and Plants, Properties and Equipment, net. |
Interim_Financial_Results_Unau
Interim Financial Results (Unaudited) (Note) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Interim Financial Results (Unaudited) [Note Text Block] | |||||||||||||||||||||
In millions, except per share amounts and stock prices | 1st | 2nd | 3rd | 4th Quarter | Year | ||||||||||||||||
Quarter | Quarter | Quarter | |||||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 5,724 | $ | 5,899 | $ | 6,051 | $ | 5,943 | $ | 23,617 | |||||||||||
Gross margin (a) | 1,690 | 1,839 | 1,996 | 1,838 | 7,363 | ||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | (139 | ) | (b) | 152 | (e) | 552 | (g) | 307 | (i) | 872 | (b,e,g,i) | ||||||||||
Gain (loss) from discontinued operations | (7 | ) | (c) | (13 | ) | (f) | 16 | (h) | (9 | ) | (j) | (13 | ) | (c,f,h,j) | |||||||
Net earnings (loss) attributable to International Paper Company | (95 | ) | (b,c,d) | 161 | (e,f) | 355 | (g,h) | 134 | (i,j,k) | 555 | (b-k) | ||||||||||
Basic earnings (loss) per share attributable to International Paper Company common shareholders: | |||||||||||||||||||||
Earnings (loss) from continuing operations | $ | (0.20 | ) | (b) | $ | 0.4 | (e) | $ | 0.8 | (g) | $ | 0.34 | (i) | $ | 1.33 | (b,e,g,i) | |||||
Gain (loss) from discontinued operations | (0.01 | ) | (c) | (0.03 | ) | (f) | 0.04 | (h) | (0.02 | ) | (j) | (0.03 | ) | (c,f,h,j) | |||||||
Net earnings (loss) | (0.21 | ) | (b,c,d) | 0.37 | (e,f) | 0.84 | (g,h) | 0.32 | (i,j,k) | 1.3 | (b-k) | ||||||||||
Diluted earnings (loss) per share attributable to International Paper Company common shareholders: | |||||||||||||||||||||
Earnings (loss) from continuing operations | (0.20 | ) | (b) | 0.4 | (e) | 0.79 | (g) | 0.34 | (i) | 1.31 | (b,e,g,i) | ||||||||||
Gain (loss) from discontinued operations | (0.01 | ) | (c) | (0.03 | ) | (f) | 0.04 | (h) | (0.02 | ) | (j) | (0.02 | ) | (c,f,h,j) | |||||||
Net earnings (loss) | (0.21 | ) | (b,c,d) | 0.37 | (e,f) | 0.83 | (g,h) | 0.32 | (i,j,k) | 1.29 | (b-k) | ||||||||||
Dividends per share of common stock | 0.35 | 0.35 | 0.35 | 0.4 | 1.45 | ||||||||||||||||
Common stock prices | |||||||||||||||||||||
High | $ | 49.71 | $ | 50.65 | $ | 51.98 | $ | 55.73 | $ | 55.73 | |||||||||||
Low | 44.43 | 44.24 | 46.77 | 44.5 | 44.24 | ||||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 5,716 | $ | 5,944 | $ | 5,975 | $ | 5,848 | $ | 23,483 | |||||||||||
Gross margin (a) | 1,709 | 1,757 | 1,927 | 1,808 | 7,201 | ||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | 227 | (l) | 359 | (o) | 403 | (q) | 239 | (t) | 1,228 | (l,o,q,t) | |||||||||||
Gain (loss) from discontinued operations | 28 | (m) | 27 | (p) | (5 | ) | (r) | (359 | ) | (u) | (309 | ) | (m,p,r,u) | ||||||||
Net earnings (loss) attributable to International Paper Company | 318 | (l,m,n) | 259 | (o,p) | 382 | (q,r,s) | 436 | (t,u,v,w) | 1,395 | (l-w) | |||||||||||
Basic earnings (loss) per share attributable to International Paper Company common shareholders: | |||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 0.66 | (l) | $ | 0.52 | (o) | $ | 0.87 | (q) | $ | 1.8 | (t) | $ | 3.85 | (l,o,q,t) | ||||||
Gain (loss) from discontinued operations | 0.06 | (m) | 0.06 | (p) | (0.01 | ) | (r) | (0.81 | ) | (u) | (0.70 | ) | (m,p,r,u) | ||||||||
Net earnings (loss) | 0.72 | (l,m,n) | 0.58 | (o,p) | 0.86 | (q,r,s) | 0.99 | (t,u,v,w) | 3.15 | (l-w) | |||||||||||
Diluted earnings (loss) per share attributable to International Paper Company common shareholders: | |||||||||||||||||||||
Earnings (loss) from continuing operations | 0.65 | (l) | 0.52 | (o) | 0.86 | (q) | 1.78 | (t) | 3.8 | (l,o,q,t) | |||||||||||
Gain (loss) from discontinued operations | 0.06 | (m) | 0.05 | (p) | (0.01 | ) | (r) | (0.80 | ) | (u) | (0.69 | ) | (m,p,r,u) | ||||||||
Net earnings (loss) | 0.71 | (l,m,n) | 0.57 | (o,p) | 0.85 | (q,r,s) | 0.98 | (t,u,v,w) | 3.11 | (l-w) | |||||||||||
Dividends per share of common stock | 0.3 | 0.3 | 0.3 | 0.35 | 1.25 | ||||||||||||||||
Common stock prices | |||||||||||||||||||||
High | $ | 47.25 | $ | 49.1 | $ | 50.33 | $ | 49.52 | $ | 50.33 | |||||||||||
Low | 39.47 | 42.36 | 43.95 | 42.92 | 39.47 | ||||||||||||||||
Note: Since basic and diluted earnings per share are computed independently for each period and category, full year per share amounts may not equal the sum of the four quarters. In addition, the unaudited selected consolidated financial data are derived from our audited consolidated financial statements and have been revised to reflect discontinued operations. | |||||||||||||||||||||
Footnotes to Interim Financial Results | |||||||||||||||||||||
(a) | Gross margin represents net sales less cost of products sold, excluding depreciation, amortization and cost of timber harvested. | ||||||||||||||||||||
(b) | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $495 million ($302 million after taxes) for costs associated with the shutdown of our Courtland mill, and a pre-tax charge of $4 million ($3 million after taxes) for other items. | ||||||||||||||||||||
(c) | Includes the operating earnings of the xpedx business, a pre-tax charge of $16 million ($10 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $2 million ($0 million after taxes) for costs associated with the restructuring of our xpedx operations and a charge of $2 million (before and after taxes) for costs associated with the Building Products divestiture. | ||||||||||||||||||||
(d) | Includes a tax expense of $10 million associated with a state legislative change and a tax benefit of $1 million for other items. | ||||||||||||||||||||
(e) | Includes a pre-tax charge of $2 million ($1 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $49 million ($30 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $7 million ($5 million after taxes) associated with our Brazil Packaging business and net charges of $3 million (before and after taxes) for other items. | ||||||||||||||||||||
(f) | Includes the operating earnings of the xpedx business, a pre-tax charge of $18 million ($20 million after taxes) for costs associated with the spin-off of our xpedx operations, and a gain of $1 million (before and after taxes) related to the xpedx restructuring. | ||||||||||||||||||||
(g) | Includes a pre-tax charge of $5 million ($3 million after taxes) for a refund of previously claimed state tax credits, a gain of $20 million (before and after taxes) for the resolution of a legal contingency in India, a pre-tax charge of $35 million ($21 million after taxes) for costs associated with a multi-employer pension plan withdrawal liability, a pre-tax charge of $32 million ($17 million after taxes) for costs associated with a foreign tax amnesty program, a pre-tax charge of $13 million ($8 million after taxes) for debt extinguishment costs, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the shutdown of our Courtland mill, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $5 million ($3 million after taxes) for costs associated with the restructuring of the Company's Packaging business in Europe, and a net pre-tax loss of $3 million ($2 million after taxes) for other items. | ||||||||||||||||||||
(h) | Includes a net pre-tax gain of $11 million ($14 million after taxes) for the recovery of costs related to the spin-off of the xpedx business and a $2 million tax benefit associated with the Building Products divestiture. | ||||||||||||||||||||
(i) | Includes a charge of $100 million (before and after taxes) for a goodwill impairment charge related to our Asian Industrial Packaging business, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for integration costs associated with our Brazil Packaging business, a pre-tax charge of $47 million ($36 million after taxes) for a loss on the sale of a business by ASG in which we hold an investment, and the resulting impairment of our ASG investment, a pre-tax gain of $9 million ($5 million after taxes) related to the sale of an investment, and a net pre-tax charge of $5 million ($3 million after taxes) for other items. | ||||||||||||||||||||
(j) | Includes a pre-tax loss of $14 million ($9 million after taxes) related to the Building Products divestiture. | ||||||||||||||||||||
(k) | Includes a tax benefit of $90 million associated with internal restructuring. | ||||||||||||||||||||
(l) | Includes a pre-tax charge of $12 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $44 million ($27 million after taxes) for costs associated with the permanent shutdown of a paper machine at our Augusta mill, a pre-tax charge of $6 million ($4 million after taxes) for debt extinguishment costs, interest income of $6 million ($4 million after taxes) related to the closing of a U.S. federal income tax audit, and pre-tax charges of $2 million ($1 million after taxes) for other items. | ||||||||||||||||||||
(m) | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, and a pretax charge of $4 million ($3 million after taxes) for costs associated with the Building Products divestiture. | ||||||||||||||||||||
(n) | Includes a tax benefit of $93 million associated with the closing of a U.S. federal income tax audit and a net tax expense of $2 million related to internal restructurings. In addition, the first quarter tax rate includes a benefit of approximately $35 million related to the enactment into law of The American Taxpayer Relief Act of 2012 in January 2013. | ||||||||||||||||||||
(o) | Includes a pre-tax charge of $6 million ($4 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax charge of $14 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $9 million ($5 million after taxes) to adjust the value of two Company airplanes to market value, a pre-tax gain of $30 million ($19 million after taxes) for insurance reimbursements related to the 2012 Guaranty Bank legal settlement, a pre-tax charge of $3 million ($2 million after taxes) for debt extinguishment costs, a gain of $13 million (before and after taxes) related to a bargain purchase adjustment on the first-quarter 2013 acquisition of a majority share of our operations in Turkey, and charges of $3 million (before and after taxes) for other items. | ||||||||||||||||||||
(p) | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $17 million ($10 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $13 million ($8 million after taxes) for costs associated with the divestiture of Building Products. | ||||||||||||||||||||
(q) | Includes a pre-tax charge of $24 million ($15 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $51 million ($31 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $15 million ($9 million after taxes) for debt extinguishment costs, a pre-tax gain of $9 million ($6 million after taxes) associated with the sale of the Bellevue box plant facility which was closed in 2010, a pre-tax charge of $1 million ($0 million after taxes) for costs associated with the divestiture of three containerboard mills in 2012 and charges of $2 million (before and after taxes) for other items. | ||||||||||||||||||||
(r) | Includes the operating earnings of the xpedx business, a pre-tax charge of $6 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $11 million ($7 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $24 million ($15 million after taxes) for costs associated with the Building Products divestiture. | ||||||||||||||||||||
(s) | Includes a tax benefit of $31 million for an income tax reserve release. In addition, the third quarter tax rate includes a $30 million benefit related to the adjustment of the tax basis in certain of the Company's fixed assets. | ||||||||||||||||||||
(t) | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $67 million ($41 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for costs associated with the restructuring of the Asia Box operations, a pre-tax charge of $127 million ($122 million after taxes) for the impairment of goodwill and a trade name intangible asset of the Company's India Papers business, a pre- tax charge of $2 million ($1 million after taxes) for an adjustment associated with the Company's divestiture of the Shorewood operations, and a net pre-tax gain of $2 million ($0 million after taxes) for other items. | ||||||||||||||||||||
(u) | Includes the operating earnings of the xpedx business, a pre-tax charge of $8 million ($5 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $400 million ($366 million after taxes) for the impairment of goodwill in the Company's xpedx business, a net pre-tax loss of $2 million ($1 million after taxes) for costs associated with the restructuring of the xpedx operations, and a pre-tax gain of $18 million ($6 million after taxes) related to the Building Products divestiture. | ||||||||||||||||||||
(v) | Includes a tax benefit of $651 million associated with the closing of a U.S. federal tax audit and a net tax benefit of $3 million for other items. | ||||||||||||||||||||
(w) | Includes pre-tax noncontrolling interest income of $4 million ($3 million after taxes) associated with the write-off of a trade name intangible asset in our India Papers business. |
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts (Schedule) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||
Schedule II - Valuation And Qualifying Accounts [Schedule Text Block) | INTERNATIONAL PAPER COMPANY AND CONSOLIDATED SUBSIDIARIES | |||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||
(In millions) | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Balance at | Additions | Additions | Deductions | Balance at | ||||||||||||||
Beginning | Charged to | Charged to | from | End of | ||||||||||||||
of Period | Earnings | Other | Reserves | Period | ||||||||||||||
Accounts | ||||||||||||||||||
Description | ||||||||||||||||||
Reserves Applied Against Specific Assets Shown on Balance Sheet: | ||||||||||||||||||
Doubtful accounts – current | $ | 109 | $ | 11 | $ | — | (38)(a) | $ | 82 | |||||||||
Restructuring reserves | 51 | 41 | — | (76)(b) | 16 | |||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Balance at | Additions | Additions | Deductions | Balance at | ||||||||||||||
Beginning | Charged to | Charged to | from | End of | ||||||||||||||
of Period | Earnings | Other | Reserves | Period | ||||||||||||||
Accounts | ||||||||||||||||||
Description | ||||||||||||||||||
Reserves Applied Against Specific Assets Shown on Balance Sheet: | ||||||||||||||||||
Doubtful accounts – current | $ | 119 | $ | 38 | $ | — | (48)(a) | $ | 109 | |||||||||
Restructuring reserves | 17 | 46 | — | (12)(b) | 51 | |||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Balance at | Additions | Additions | Deductions | Balance at | ||||||||||||||
Beginning | Charged to | Charged to | from | End of | ||||||||||||||
of Period | Earnings | Other | Reserves | Period | ||||||||||||||
Accounts | ||||||||||||||||||
Description | ||||||||||||||||||
Reserves Applied Against Specific Assets Shown on Balance Sheet: | ||||||||||||||||||
Doubtful accounts – current | $ | 126 | $ | 11 | $ | — | (18)(a) | $ | 119 | |||||||||
Restructuring reserves | 8 | 17 | — | (8)(b) | 17 | |||||||||||||
(a) | Includes write-offs, less recoveries, of accounts determined to be uncollectible and other adjustments. | |||||||||||||||||
(b) | Includes payments and deductions for reversals of previously established reserves that were no longer required. |
Summary_Of_Business_And_Signif1
Summary Of Business And Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature Of Business | NATURE OF BUSINESS |
International Paper (the Company) is a global paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. Substantially all of our businesses have experienced, and are likely to continue to experience, cycles relating to available industry capacity and general economic conditions. | |
Financial Statements | FINANCIAL STATEMENTS |
These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States that require the use of management’s estimates. Actual results could differ from management’s estimates. | |
Consolidation | CONSOLIDATION |
The consolidated financial statements include the accounts of International Paper and its wholly-owned, controlled majority-owned and financially controlled subsidiaries. All significant intercompany balances and transactions are eliminated. | |
Investments in affiliated companies where the Company has significant influence over their operations are accounted for by the equity method. International Paper’s share of affiliates’ results of operations totaled earnings (loss) of $(200) million, $(39) million and $61 million in 2014, 2013 and 2012, respectively. | |
Revenue Recognition | REVENUE RECOGNITION |
Revenue is recognized when the customer takes title and assumes the risks and rewards of ownership. Revenue is recorded at the time of shipment for terms designated f.o.b. (free on board) shipping point. For sales transactions designated f.o.b. destination, revenue is recorded when the product is delivered to the customer’s delivery site, when title and risk of loss are transferred. Timber and forestland sales revenue is generally recognized when title and risk of loss pass to the buyer. | |
Shipping And Handling Costs | SHIPPING AND HANDLING COSTS |
Shipping and handling costs, such as freight to our customers’ destinations, are included in distribution expenses in the consolidated statement of operations. When shipping and handling costs are included in the sales price charged for our products, they are recognized in net sales. | |
Annual Maintenance Costs | ANNUAL MAINTENANCE COSTS |
Costs for repair and maintenance activities are expensed in the month that the related activity is performed under the direct expense method of accounting. | |
Temporary Investments | TEMPORARY INVESTMENTS |
Temporary investments with an original maturity of three months or less are treated as cash equivalents and are stated at cost, which approximates market value. | |
Inventories | INVENTORIES |
Inventories are valued at the lower of cost or market value and include all costs directly associated with manufacturing products: materials, labor and manufacturing overhead. In the United States, costs of raw materials and finished pulp and paper products, are generally determined using the last-in, first-out method. Other inventories are valued using the first-in, first-out or average cost methods. | |
Plants, Properties And Equipment | PLANTS, PROPERTIES AND EQUIPMENT |
Plants, properties and equipment are stated at cost, less accumulated depreciation. Expenditures for betterments are capitalized, whereas normal repairs and maintenance are expensed as incurred. The units-of-production method of depreciation is used for pulp and paper mills, and the straight-line method is used for other plants and equipment. Annual straight-line depreciation rates are, for buildings — 2.50% to 8.50%, and for machinery and equipment — 5% to 33%. | |
Forestlands | FORESTLANDS |
At December 31, 2014, International Paper and its subsidiaries owned or managed approximately 334,000 acres of forestlands in Brazil, and through licenses and forest management agreements, had harvesting rights on government-owned forestlands in Russia. Costs attributable to timber are expensed as trees are cut. The rate charged is determined annually based on the relationship of incurred costs to estimated current merchantable volume. | |
Goodwill | GOODWILL |
Goodwill relating to a single business reporting unit is included as an asset of the applicable segment, while goodwill arising from major acquisitions that involve multiple business segments is classified as a corporate asset for segment reporting purposes. For goodwill impairment testing, this goodwill is allocated to reporting units. Annual testing for possible goodwill impairment is performed as of the beginning of the fourth quarter of each year, with additional interim testing performed when management believes that it is more likely than not events or circumstances have occurred that would result in the impairment of a reporting unit’s goodwill. | |
In performing this testing, the Company estimates the fair value of its reporting units using the projected future cash flows to be generated by each unit over the estimated remaining useful operating lives of the unit’s assets, discounted using the estimated cost of capital for each reporting unit. These estimated fair values are then analyzed for reasonableness by comparing them to historic market transactions for businesses in the industry, and by comparing the sum of the reporting unit fair values and other corporate assets and liabilities divided by diluted common shares outstanding to the Company’s traded stock price on the testing date. For reporting units whose recorded value of net assets plus goodwill is in excess of their estimated fair values, the fair values of the individual assets and liabilities of the respective reporting units are then determined to calculate the amount of any goodwill impairment charge required. See Note 9 for further discussion. | |
Impairment Of Long-Lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS |
Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable, measured by comparing their net book value to the undiscounted projected future cash flows generated by their use. Impaired assets are recorded at their estimated fair value. | |
Income Taxes | INCOME TAXES |
International Paper uses the asset and liability method of accounting for income taxes whereby deferred income taxes are recorded for the future tax consequences attributable to differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are remeasured to reflect new tax rates in the periods rate changes are enacted. | |
International Paper records its worldwide tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where the Company believes that a tax position is supportable for income tax purposes, the item is included in its income tax returns. Where treatment of a position is uncertain, liabilities are recorded based upon the Company’s evaluation of the “more likely than not” outcome considering the technical merits of the position based on specific tax regulations and the facts of each matter. Changes to recorded liabilities are made only when an identifiable event occurs that changes the likely outcome, such as settlement with the relevant tax authority, the expiration of statutes of limitation for the subject tax year, a change in tax laws, or a recent court case that addresses the matter. | |
While the judgments and estimates made by the Company are based on management’s evaluation of the technical merits of a matter, assisted as necessary by consultation with outside consultants, historical experience and other assumptions that management believes are appropriate and reasonable under current circumstances, actual resolution of these matters may differ from recorded estimated amounts, resulting in charges or credits that could materially affect future financial statements. | |
Stock-Based Compensation | STOCK-BASED COMPENSATION |
Compensation costs resulting from all stock-based compensation transactions are measured and recorded in the consolidated financial statements based on the grant-date fair value of the equity or liability instruments issued. In addition, liability awards are remeasured each reporting period. Compensation cost is recognized over the period that an employee provides service in exchange for the award. | |
Environmental Remediation Costs | ENVIRONMENTAL REMEDIATION COSTS |
Costs associated with environmental remediation obligations are accrued when such costs are probable and reasonably estimable. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are discounted to their present value when the amount and timing of expected cash payments are reliably determinable. | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS |
A liability and an asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists and the liability can be reasonably estimated. The liability is accreted over time and the asset is depreciated over the life of the related equipment or facility. International Paper’s asset retirement obligations principally relate to closure costs for landfills. Revisions to the liability could occur due to changes in the estimated costs or timing of closures, or possible new federal or state regulations affecting these closures. | |
In connection with potential future closures or redesigns of certain production facilities, it is possible that the Company may be required to take steps to remove certain materials from these facilities. Applicable regulations and standards provide that the removal of certain materials would only be required if the facility were to be demolished or underwent major renovations. At this time, any such obligations have an indeterminate settlement date, and the Company believes that adequate information does not exist to apply an expected-present-value technique to estimate any such potential obligations. Accordingly, the Company does not record a liability for such remediation until a decision is made that allows reasonable estimation of the timing of such remediation. | |
Translation Of Financial Statements | TRANSLATION OF FINANCIAL STATEMENTS |
Balance sheets of international operations are translated into U.S. dollars at year-end exchange rates, while statements of operations are translated at average rates. Adjustments resulting from financial statement translations are included as cumulative translation adjustments in Accumulated other comprehensive loss. |
Earnings_Per_Share_Attributabl1
Earnings Per Share Attributable To International Paper Company Common Shareholders (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||
Schedule Of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the amounts included in the computation of basic earnings (loss) per share from continuing operations, and diluted earnings (loss) per share from continuing operations is as follows: | |||||||||||
In millions, except per share amounts | 2014 | 2013 | 2012 | |||||||||
Earnings (loss) from continuing operations | $ | 568 | $ | 1,704 | $ | 717 | ||||||
Effect of dilutive securities (a) | — | — | — | |||||||||
Earnings (loss) from continuing operations – assuming dilution | $ | 568 | $ | 1,704 | $ | 717 | ||||||
Average common shares outstanding | 427.7 | 443.3 | 435.2 | |||||||||
Effect of dilutive securities (a): | ||||||||||||
Restricted performance share plan | 4.2 | 4.5 | 5 | |||||||||
Stock options (b) | 0.1 | 0.3 | — | |||||||||
Average common shares outstanding – assuming dilution | 432 | 448.1 | 440.2 | |||||||||
Basic earnings (loss) per share from continuing operations | $ | 1.33 | $ | 3.85 | $ | 1.65 | ||||||
Diluted earnings (loss) per share from continuing operations | $ | 1.31 | $ | 3.8 | $ | 1.63 | ||||||
(a) | Securities are not included in the table in periods when antidilutive. | |||||||||||
(b) | Options to purchase 0.0 million, 0.0 million and 9.1 million shares for the years ended December 31, 2014, 2013 and 2012, respectively, were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the Company’s common stock for each respective reporting date. |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in AOCI for the year ended December 31, 2013: | ||||||||||||
In millions | Defined Benefit Pension and Postretirement Items (a) | Change in Cumulative Foreign Currency Translation Adjustments (a) | Net Gains and Losses on Cash Flow Hedging Derivatives (a) | Total (a) | |||||||||
Balance as of December 31, 2012 | $ | (3,596 | ) | $ | (246 | ) | $ | 2 | $ | (3,840 | ) | ||
Other comprehensive income (loss) before reclassifications | 1,184 | (443 | ) | — | 741 | ||||||||
Amounts reclassified from accumulated other comprehensive income | 307 | 17 | (7 | ) | 317 | ||||||||
Net Current Period Other Comprehensive Income | 1,491 | (426 | ) | (7 | ) | 1,058 | |||||||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | 23 | — | 23 | |||||||||
Balance as of December 31, 2013 | $ | (2,105 | ) | $ | (649 | ) | $ | (5 | ) | $ | (2,759 | ) | |
(a) All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. | |||||||||||||
The following table presents changes in AOCI for the year ended December 31, 2014: | |||||||||||||
In millions | Defined Benefit Pension and Postretirement Items (a) | Change in Cumulative Foreign Currency Translation Adjustments (a) | Net Gains and Losses on Cash Flow Hedging Derivatives (a) | Total (a) | |||||||||
Balance as of December 31, 2013 | $ | (2,105 | ) | $ | (649 | ) | $ | (5 | ) | $ | (2,759 | ) | |
Other comprehensive income (loss) before reclassifications | (1,271 | ) | (863 | ) | 10 | (2,124 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | 242 | (13 | ) | (4 | ) | 225 | |||||||
Net Current Period Other Comprehensive Income | (1,029 | ) | (876 | ) | 6 | (1,899 | ) | ||||||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | 12 | — | 12 | |||||||||
Balance as of December 31, 2014 | $ | (3,134 | ) | $ | (1,513 | ) | $ | 1 | $ | (4,646 | ) | ||
(a) All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. | |||||||||||||
The following table presents changes in AOCI for the year ended December 31, 2012: | |||||||||||||
In millions | Defined Benefit Pension and Postretirement Items (a) | Change in Cumulative Foreign Currency Translation Adjustments (a) | Net Gains and Losses on Cash Flow Hedging Derivatives (a) | Total (a) | |||||||||
Balance as of December 31, 2011 | $ | (2,852 | ) | $ | (118 | ) | $ | (35 | ) | $ | (3,005 | ) | |
Other comprehensive income (loss) before reclassifications | (939 | ) | (96 | ) | 15 | (1,020 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | 195 | (35 | ) | 22 | 182 | ||||||||
Net Current Period Other Comprehensive Income | (744 | ) | (131 | ) | 37 | (838 | ) | ||||||
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | 3 | — | 3 | |||||||||
Balance as of December 31, 2012 | $ | (3,596 | ) | $ | (246 | ) | $ | 2 | $ | (3,840 | ) | ||
(a) All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents details of the reclassifications out of AOCI for the three years ended: | ||||||||||||
Details About Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income (a) | Location of Amount Reclassified from AOCI | |||||||||||
2014 | 2013 | 2012 | |||||||||||
In millions | |||||||||||||
Defined benefit pension and postretirement items: | |||||||||||||
Prior-service costs | $ | (17 | ) | $ | (9 | ) | $ | (2 | ) | (b) | Cost of products sold | ||
Actuarial gains/(losses) | (379 | ) | (493 | ) | (317 | ) | (b) | Cost of products sold | |||||
Total pre-tax amount | (396 | ) | (502 | ) | (319 | ) | |||||||
Tax (expense)/benefit | 154 | 195 | 124 | ||||||||||
Net of tax | (242 | ) | (307 | ) | (195 | ) | |||||||
Change in cumulative foreign currency translation adjustments: | |||||||||||||
Business acquisition/divestiture | 13 | (17 | ) | 48 | Net (gains) losses on sales and impairments of businesses or Retained earnings | ||||||||
Tax (expense)/benefit | — | — | (13 | ) | |||||||||
Net of tax | 13 | (17 | ) | 35 | |||||||||
Net gains and losses on cash flow hedging derivatives: | |||||||||||||
Foreign exchange contracts | 3 | 10 | (24 | ) | (c) | Cost of products sold | |||||||
Natural gas contracts | — | — | (11 | ) | (c) | Cost of products sold | |||||||
Total pre-tax amount | 3 | 10 | (35 | ) | |||||||||
Tax (expense)/benefit | 1 | (3 | ) | 13 | |||||||||
Net of tax | 4 | 7 | (22 | ) | |||||||||
Total reclassifications for the period | $ | (225 | ) | $ | (317 | ) | $ | (182 | ) | ||||
(a) Amounts in parentheses indicate debits to earnings/loss. | |||||||||||||
(b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for additional details). | |||||||||||||
(c) This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 14 for additional details). |
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
Restructuring and Related Costs [Table Text Block] | During 2012, total restructuring and other charges of $65 million before taxes ($46 million after taxes) were recorded. These charges included: | ||||||||
In millions | Before-Tax | After-Tax | |||||||
Charges | Charges | ||||||||
Early debt extinguishment costs (see Note 13) | $ | 48 | $ | 30 | |||||
EMEA packaging restructuring (a) | 17 | 12 | |||||||
Other | — | 4 | |||||||
Total | $ | 65 | $ | 46 | |||||
(a) Includes $17 million of severance charges. | |||||||||
During 2014, total restructuring and other charges of $846 million before taxes ($518 million after taxes) were recorded. These charges included: | |||||||||
In millions | Before-Tax | After-Tax | |||||||
Charges | Charges | ||||||||
Early debt extinguishment costs (see Note 13) | $ | 276 | $ | 169 | |||||
Courtland mill shutdown (a) | 554 | 338 | |||||||
Other (b) | 16 | 11 | |||||||
Total | $ | 846 | $ | 518 | |||||
(a) Includes $464 million of accelerated depreciation, $24 million of inventory impairment charges, $26 million of severance charges and $40 million of other charges which are recorded in the Printing Papers segment. | |||||||||
(b) Includes $15 million of severance charges. | |||||||||
During 2013, total restructuring and other charges of $156 million before taxes ($98 million after taxes) were recorded. These charges included: | |||||||||
In millions | Before-Tax | After-Tax | |||||||
Charges | Charges | ||||||||
Early debt extinguishment costs (see Note 13) | $ | 25 | $ | 16 | |||||
Courtland mill shutdown (a) | 118 | 72 | |||||||
Box plant closures | (13 | ) | (8 | ) | |||||
Augusta paper machine shutdown (b) | 45 | 28 | |||||||
Insurance reimbursements | (30 | ) | (19 | ) | |||||
Other (c) | 11 | 9 | |||||||
Total | $ | 156 | $ | 98 | |||||
(a) Includes $73 million of accelerated depreciation and other non-cash charges, $42 million of severance charges and $3 million of other charges which are recorded in the Printing Papers segment. During 2013, the Company accelerated depreciation for certain Courtland assets, and diligently evaluated certain other assets for possible alternative uses by one of our other businesses. The net book value of these assets at December 31, 2013 was approximately $470 million. | |||||||||
(b) Includes $39 million of accelerated depreciation charges, $2 million of severance charges and $4 million of other charges which are recorded in the Consumer Packaging segment. | |||||||||
(c) Includes $2 million of severance charges. | |||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents a rollforward of the severance and other costs for approximately 957 employees included in the 2014 restructuring charges. | ||||||||
In millions | Severance | ||||||||
and Other | |||||||||
Additions and adjustments | $ | 41 | |||||||
Cash payments in 2014 | (29 | ) | |||||||
Balance, December 31, 2014 | $ | 12 | |||||||
The following table presents a rollforward of the severance and other costs for approximately 366 employees included in the 2012 restructuring charges: | |||||||||
In millions | Severance | ||||||||
and Other | |||||||||
Additions and adjustments | $ | 17 | |||||||
Cash payments in 2012 | (3 | ) | |||||||
Cash payments in 2013 | (4 | ) | |||||||
Cash payments in 2014 | (6 | ) | |||||||
Balance, December 31, 2014 | $ | 4 | |||||||
The following table presents a rollforward of the severance and other costs for approximately 1,384 employees included in the 2013 restructuring charges. | |||||||||
In millions | Severance | ||||||||
and Other | |||||||||
Additions and adjustments | $ | 46 | |||||||
Cash payments in 2013 | (5 | ) | |||||||
Cash payments in 2014 | (41 | ) | |||||||
Balance, December 31, 2014 | $ | — | |||||||
Acquisitions_And_Joint_Venture1
Acquisitions And Joint Ventures Acquisitions and Joint Ventures (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Olmuksan Joint Venture [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the final allocation of the purchase price to the fair value of assets and liabilities acquired as of January 1, 2013, which was completed in the fourth quarter of 2013. | |||||
In millions | ||||||
Cash and temporary investments | $ | 5 | ||||
Accounts and notes receivable | 72 | |||||
Inventory | 31 | |||||
Other current assets | 2 | |||||
Plants, properties and equipment | 106 | |||||
Investments | 11 | |||||
Total assets acquired | 227 | |||||
Notes payable and current maturities of long-term debt | 17 | |||||
Accounts payable and accrued liabilities | 27 | |||||
Deferred income tax liability | 4 | |||||
Postretirement and postemployment benefit obligation | 6 | |||||
Total liabilities assumed | 54 | |||||
Noncontrolling interest | 18 | |||||
Net assets acquired | $ | 155 | ||||
Orsa IP [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the final allocation of the purchase price to the fair value of assets and liabilities acquired as of January 14, 2013, which was completed in the fourth quarter of 2013. | |||||
In millions | ||||||
Cash and temporary investments | $ | 16 | ||||
Accounts and notes receivable | 5 | |||||
Inventory | 27 | |||||
Plants, properties and equipment | 290 | |||||
Goodwill | 260 | |||||
Other intangible assets | 110 | |||||
Other long-term assets | 2 | |||||
Total assets acquired | 710 | |||||
Accounts payable and accrued liabilities | 68 | |||||
Deferred income tax liability | 37 | |||||
Total liabilities assumed | 105 | |||||
Noncontrolling interest | 134 | |||||
Net assets acquired | $ | 471 | ||||
Schedule Of Finite And Indefinite Lived Intangible Assets Acquired As Part Of Business Combination Table [Text Block] | The identifiable intangible assets acquired in connection with the Orsa IP acquisition included the following: | |||||
In millions | Estimated | Average | ||||
Fair Value | Remaining | |||||
Useful Life | ||||||
Asset Class: | (at acquisition | |||||
date) | ||||||
Customer relationships | $ | 88 | 12 years | |||
Trademark | 3 | 6 years | ||||
Wood supply agreement | 19 | 25 years | ||||
Total | $ | 110 | ||||
Temple Inland Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the allocation of the purchase price to the fair value of assets and liabilities acquired as of February 13, 2012, which was finalized in the fourth quarter of 2012. | |||||
In millions | ||||||
Accounts and notes receivable | $ | 466 | ||||
Inventory | 484 | |||||
Deferred income tax assets – current | 140 | |||||
Other current assets | 57 | |||||
Plants, properties and equipment | 2,911 | |||||
Financial assets of special purpose entities | 2,091 | |||||
Goodwill | 2,139 | |||||
Other intangible assets | 693 | |||||
Deferred charges and other assets | 54 | |||||
Total assets acquired | 9,035 | |||||
Notes payable and current maturities of long-term debt | 130 | |||||
Accounts payable and accrued liabilities | 704 | |||||
Long-term debt | 527 | |||||
Nonrecourse financial liabilities of special purpose entities | 2,030 | |||||
Deferred income tax liability | 1,252 | |||||
Pension benefit obligation | 338 | |||||
Postretirement and postemployment benefit obligation | 99 | |||||
Other liabilities | 221 | |||||
Total liabilities assumed | 5,301 | |||||
Net assets acquired | $ | 3,734 | ||||
Schedule Of Finite And Indefinite Lived Intangible Assets Acquired As Part Of Business Combination Table [Text Block] | The identifiable intangible assets acquired in connection with the Temple-Inland acquisition included the following: | |||||
In millions | Estimated | Average | ||||
Fair Value | Remaining | |||||
Useful Life | ||||||
Asset Class: | (at acquisition | |||||
date) | ||||||
Customer relationships | $ | 536 | 12-17 years | |||
Developed technology | 8 | 5-10 years | ||||
Tradenames | 109 | Indefinite | ||||
Favorable contracts | 14 | 4-7 years | ||||
Non-compete agreement | 26 | 2 years | ||||
Total | $ | 693 | ||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information for the year ended December 31, 2012 represents the results of operations of International Paper as if the Temple-Inland acquisition had occurred on January 1, 2012. This information is based on historical results of operations, adjusted for certain acquisition accounting adjustments and does not purport to represent International Paper’s actual results of operations as if the transaction described above would have occurred as of January 1, 2012, nor is it necessarily indicative of future results. | |||||
In millions, except per share amounts | 2012 | |||||
Net sales | $ | 28,125 | ||||
Earnings (loss) from continuing operations (a) | 805 | |||||
Net earnings (loss) (a) | 845 | |||||
Diluted earnings (loss) from continuing operations per share (a) | 1.82 | |||||
Diluted net earnings (loss) per share (a) | 1.92 | |||||
(a) Attributable to International Paper Company common shareholders. |
DivestituresSpinoff_Divestitur
Divestitures/Spinoff Divestitures/Spinoff (Reconciliation of Major Line Items Constituting Pre-Tax Profit (Loss) of Discontinued Operations) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Reconciliation of Major Line Items Constituting Pre-Tax Profit Loss of Discontinued Operations [Table Text Block] | The following summarizes the major classes of line items comprising Earnings (Loss) Before Income Taxes and Equity Earnings reconciled to Discontinued Operations, net of tax, related to the xpedx spinoff for all periods presented in the consolidated statement of operations: | ||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Net Sales | $ | 2,604 | $ | 5,597 | $ | 5,981 | |||||||
Costs and Expenses | |||||||||||||
Cost of products sold | 2,309 | 4,941 | 5,300 | ||||||||||
Selling and administrative expenses | 191 | 409 | 418 | ||||||||||
Depreciation, amortization and cost of timber harvested | 9 | 16 | 13 | ||||||||||
Distribution expenses | 69 | 149 | 141 | ||||||||||
Restructuring and other charges | 25 | 54 | 44 | ||||||||||
Impairment of goodwill and other intangibles | — | 400 | — | ||||||||||
Other, net | 3 | 7 | 8 | ||||||||||
Earnings (Loss) Before Income Taxes and Equity Earnings | (2 | ) | (379 | ) | 57 | ||||||||
Income tax provision (benefit) | (1 | ) | (25 | ) | 25 | ||||||||
Discontinued Operations, Net of Taxes (a) | $ | (1 | ) | $ | (354 | ) | $ | 32 | |||||
(a) These amounts, along with those disclosed below related to the Temple-Inland Building Products divestitures, are included in Discontinued operations, net of tax, in the consolidated statement of operations. |
Supplementary_Financial_Statem1
Supplementary Financial Statement Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplementary Financial Statement Information [Abstract] | ||||||||||
Temporary Investments [Table Text Block] | ||||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
Temporary Investments | $ | 1,480 | $ | 1,398 | ||||||
Accounts And Notes Receivable [Table Text Block] | Accounts and notes receivable, net of allowances, by classification were: | |||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
Accounts and notes receivable: | ||||||||||
Trade | $ | 2,860 | $ | 3,497 | ||||||
Other | 223 | 259 | ||||||||
Total | $ | 3,083 | $ | 3,756 | ||||||
Inventories By Major Category [Table Text Block] | ||||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
Raw materials | $ | 494 | $ | 372 | ||||||
Finished pulp, paper and packaging products | 1,273 | 1,834 | ||||||||
Operating supplies | 562 | 572 | ||||||||
Other | 95 | 47 | ||||||||
Inventories | $ | 2,424 | $ | 2,825 | ||||||
Plants, Properties And Equipment By Major Classification [Table Text Block] | ||||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
Pulp, paper and packaging facilities | $ | 31,805 | $ | 32,268 | ||||||
Other properties and equipment | 1,263 | 1,478 | ||||||||
Gross cost | 33,068 | 33,746 | ||||||||
Less: Accumulated depreciation | 20,340 | 20,074 | ||||||||
Plants, properties and equipment, net | $ | 12,728 | $ | 13,672 | ||||||
Schedule Of Depreciation Expense [Table Text Block] | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Depreciation expense | $ | 1,308 | $ | 1,415 | $ | 1,390 | ||||
Schedule of Interest Payments [Table Text Block] | Cash payments related to interest were as follows: | |||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Interest payments | $ | 718 | $ | 751 | $ | 740 | ||||
Schedule of Other Income and Other Expense [Table Text Block] | Amounts related to interest were as follows: | |||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Interest expense (a) | $ | 677 | $ | 669 | $ | 742 | ||||
Interest income (a) | 70 | 57 | 71 | |||||||
Capitalized interest costs | 23 | 17 | 37 | |||||||
(a) | Interest expense and interest income exclude approximately $38 million, $45 million and $49 million in 2014, 2013 and 2012, respectively, related to investments in and borrowings from variable interest entities for which the Company has a legal right of offset (see Note 12). |
Goodwill_And_Other_Intangibles1
Goodwill And Other Intangibles (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Changes In Goodwill Balances [Table Text Block] | The following tables present changes in the goodwill balances as allocated to each business segment for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
In millions | Industrial | Printing | Consumer | Distribution | Total | |||||||||||||||
Packaging | Papers | Packaging | ||||||||||||||||||
Balance as of January 1, 2014 | ||||||||||||||||||||
Goodwill | $3,430 | $2,311 | $1,787 | $400 | $7,928 | |||||||||||||||
Accumulated impairment losses (a) | — | (1,877 | ) | (1,664 | ) | (400 | ) | (3,941 | ) | |||||||||||
3,430 | 434 | 123 | — | 3,987 | ||||||||||||||||
Reclassifications and other (b) | (34 | ) | (57 | ) | (3 | ) | — | (94 | ) | |||||||||||
Additions/reductions | — | (20 | ) | (c) | — | — | (20 | ) | ||||||||||||
Impairment loss | (100 | ) | (d) | — | — | — | (100 | ) | ||||||||||||
Write off of goodwill | — | — | — | (400 | ) | (400 | ) | |||||||||||||
Write off of accumulated impairment loss | — | — | — | 400 | 400 | |||||||||||||||
Balance as of December 31, 2014 | ||||||||||||||||||||
Goodwill | 3,396 | 2,234 | 1,784 | — | 7,414 | |||||||||||||||
Accumulated impairment losses (a) | (100 | ) | (1,877 | ) | (1,664 | ) | — | (3,641 | ) | |||||||||||
Total | $3,296 | $357 | $120 | $— | $3,773 | |||||||||||||||
(a) | Represents accumulated goodwill impairment charges since the adoption of ASC 350, “Intangibles – Goodwill and Other” in 2002. | |||||||||||||||||||
(b) | Represents the effects of foreign currency translations and reclassifications. | |||||||||||||||||||
(c) | Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. | |||||||||||||||||||
(d) | Reflects a charge of $100 million for goodwill impairment related to our Asia Industrial Packaging business. | |||||||||||||||||||
In millions | Industrial | Printing | Consumer | Distribution | Total | |||||||||||||||
Packaging | Papers | Packaging | ||||||||||||||||||
Balance as of January 1, 2013 | ||||||||||||||||||||
Goodwill | $ | 3,165 | $ | 2,396 | $ | 1,783 | $ | 400 | $ | 7,744 | ||||||||||
Accumulated impairment losses (a) | — | (1,765 | ) | (1,664 | ) | — | (3,429 | ) | ||||||||||||
3,165 | 631 | 119 | 400 | 4,315 | ||||||||||||||||
Reclassifications and other (b) | (28 | ) | (63 | ) | 3 | — | (88 | ) | ||||||||||||
Additions/reductions | 293 | (c) | (22 | ) | (d) | 1 | — | 272 | ||||||||||||
Impairment loss | — | (112 | ) | (e) | — | (400 | ) | (e) | (512 | ) | ||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||
Goodwill | 3,430 | 2,311 | 1,787 | 400 | 7,928 | |||||||||||||||
Accumulated impairment losses (a) | — | (1,877 | ) | (1,664 | ) | (400 | ) | (3,941 | ) | |||||||||||
Total | $ | 3,430 | $ | 434 | $ | 123 | $ | — | $ | 3,987 | ||||||||||
(a) | Represents accumulated goodwill impairment charges since the adoption of ASC 350, “Intangibles – Goodwill and Other” in 2002. | |||||||||||||||||||
(b) | Represents the effects of foreign currency translations and reclassifications. | |||||||||||||||||||
(c) | Reflects $260 million for Orsa IP, the newly formed joint venture in Brazil and the adjustment of $54 million ($33 million after-tax) previously included as a trade name intangible asset in Deferred Charges and Other Assets on the balance sheet. | |||||||||||||||||||
(d) | Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. | |||||||||||||||||||
(e) | Represents the impairment of goodwill for the India Papers business and xpedx. | |||||||||||||||||||
Identifiable Intangible Assets [Table Text Block] | Identifiable intangible assets comprised the following: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
In millions at | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||
December 31 | Carrying | Amortization | Carrying | Amortization | ||||||||||||||||
Amount | Amount | |||||||||||||||||||
Customer relationships and lists | $ | 561 | $ | 157 | $ | 602 | $ | 139 | ||||||||||||
Non-compete agreements | 74 | 53 | 76 | (a) | 46 | |||||||||||||||
Tradenames, patents and trademarks | 61 | 44 | 67 | 33 | ||||||||||||||||
Land and water rights | 81 | 9 | 76 | 5 | ||||||||||||||||
Fuel and power agreements | 5 | 3 | 7 | 2 | ||||||||||||||||
Software | 23 | 22 | 17 | 15 | ||||||||||||||||
Other | 43 | 21 | 75 | 32 | ||||||||||||||||
Total | $ | 848 | $ | 309 | $ | 920 | $ | 272 | ||||||||||||
(a) | Includes $15 million recorded to write-off a tradename intangible asset of the Company's India Papers business. This amount is included in Impairment of goodwill and other intangibles in the accompanying consolidated statement of operations. | |||||||||||||||||||
Amortization Expense Of Intangible Assets [Table Text Block] | The Company recognized the following amounts as amortization expense related to intangible assets: | |||||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||||||
Amortization expense related to intangible assets | $ | 73 | $ | 79 | $ | 54 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income Before Income Tax, Domestic and Foreign [Table Text Block] | The components of International Paper’s earnings from continuing operations before income taxes and equity earnings by taxing jurisdiction were as follows: | ||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Earnings (loss) | |||||||||||||
U.S. | $ | 565 | $ | 775 | $ | 419 | |||||||
Non-U.S. | 307 | 453 | 548 | ||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ | 872 | $ | 1,228 | $ | 967 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes (excluding noncontrolling interests) by taxing jurisdiction was as follows: | ||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Current tax provision (benefit) | |||||||||||||
U.S. federal | $ | 175 | $ | (663 | ) | $ | (3 | ) | |||||
U.S. state and local | 9 | (98 | ) | 12 | |||||||||
Non-U.S. | 74 | 95 | 100 | ||||||||||
$ | 258 | $ | (666 | ) | $ | 109 | |||||||
Deferred tax provision (benefit) | |||||||||||||
U.S. federal | $ | (67 | ) | $ | 206 | $ | 220 | ||||||
U.S. state and local | 5 | (18 | ) | 5 | |||||||||
Non-U.S. | (73 | ) | (20 | ) | (28 | ) | |||||||
$ | (135 | ) | $ | 168 | $ | 197 | |||||||
Income tax provision (benefit) | $ | 123 | $ | (498 | ) | $ | 306 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income tax expense using the statutory U.S. income tax rate compared with the actual income tax provision follows: | ||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Earnings (loss) from continuing | $ | 872 | $ | 1,228 | $ | 967 | |||||||
operations before income taxes | |||||||||||||
and equity earnings | |||||||||||||
Statutory U.S. income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Tax expense (benefit) using statutory U.S. income tax rate | 305 | 430 | 338 | ||||||||||
State and local income taxes | 10 | (2 | ) | 9 | |||||||||
Tax rate and permanent differences on non-U.S. earnings | (72 | ) | (90 | ) | (116 | ) | |||||||
Net U.S. tax on non-U.S. dividends | 16 | (15 | ) | 48 | |||||||||
Tax benefit on manufacturing activities | (46 | ) | (27 | ) | (15 | ) | |||||||
Non-deductible business expenses | 7 | 4 | 7 | ||||||||||
Non-deductible goodwill | 35 | 37 | 34 | ||||||||||
Tax audits | — | (770 | ) | — | |||||||||
Subsidiary liquidation | (85 | ) | — | — | |||||||||
Retirement plan dividends | (5 | ) | (5 | ) | (5 | ) | |||||||
Tax basis adjustments | — | (33 | ) | — | |||||||||
Tax credits | (34 | ) | (23 | ) | — | ||||||||
Medicare subsidy | — | — | 5 | ||||||||||
Other, net | (8 | ) | (4 | ) | 1 | ||||||||
Income tax provision (benefit) | $ | 123 | $ | (498 | ) | $ | 306 | ||||||
Effective income tax rate | 14 | % | (41 | )% | 32 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of significant temporary differences, representing deferred income tax assets and liabilities at December 31, 2014 and 2013, were as follows: | ||||||||||||
In millions | 2014 | 2013 | |||||||||||
Deferred income tax assets: | |||||||||||||
Postretirement benefit accruals | $ | 189 | $ | 193 | |||||||||
Pension obligations | 1,517 | 725 | |||||||||||
Alternative minimum and other tax credits | 342 | 515 | |||||||||||
Net operating and capital loss carryforwards | 672 | 610 | |||||||||||
Compensation reserves | 280 | 281 | |||||||||||
Other | 266 | 284 | |||||||||||
Gross deferred income tax assets | 3,266 | 2,608 | |||||||||||
Less: valuation allowance | (415 | ) | (413 | ) | |||||||||
Net deferred income tax asset | $ | 2,851 | $ | 2,195 | |||||||||
Deferred income tax liabilities: | |||||||||||||
Intangibles | $ | (316 | ) | $ | (304 | ) | |||||||
Plants, properties and equipment | (2,707 | ) | (2,919 | ) | |||||||||
Forestlands and related installment sales | (2,290 | ) | (2,307 | ) | |||||||||
Gross deferred income tax liabilities | $ | (5,313 | ) | $ | (5,530 | ) | |||||||
Net deferred income tax liability | $ | (2,462 | ) | $ | (3,335 | ) | |||||||
Schedule of Unrecognized Tax Benefits Rollforward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | (161 | ) | $ | (972 | ) | $ | (857 | ) | ||||
(Additions) reductions based on tax positions related to current year | (15 | ) | (22 | ) | 12 | ||||||||
Additions for tax positions of prior years | (1 | ) | (29 | ) | (140 | ) | |||||||
Reductions for tax positions of prior years | 9 | 824 | 6 | ||||||||||
Settlements | — | 26 | 2 | ||||||||||
Expiration of statutes of | 2 | 11 | 7 | ||||||||||
limitations | |||||||||||||
Currency translation adjustment | 8 | 1 | (2 | ) | |||||||||
Balance at December 31 | $ | (158 | ) | $ | (161 | ) | $ | (972 | ) | ||||
Schedule of Components of Net Provisions Related to Special Items [Table Text Block] | Included in the Company’s 2014, 2013 and 2012 income tax provision (benefit) are $(453) million, $(869) million and $(63) million, respectively, related to special items. The components of the net provisions related to special items were as follows: | ||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||
Special items | $ | (372 | ) | $ | (95 | ) | $ | (82 | ) | ||||
Tax-related adjustments: | |||||||||||||
Internal restructurings | (90 | ) | (4 | ) | 14 | ||||||||
Settlement of tax audits and legislative changes | 10 | (770 | ) | — | |||||||||
Medicare D deferred income tax write-off | — | — | 5 | ||||||||||
Other tax adjustments | (1 | ) | — | — | |||||||||
Income tax provision (benefit) related to special items | $ | (453 | ) | $ | (869 | ) | $ | (63 | ) | ||||
Summary of Operating Loss and Tax Credit Carryforwards [Table Text Block] | The following details the scheduled expiration dates of the Company’s net operating loss and income tax credit carryforwards: | ||||||||||||
In millions | 2015 | 2025 | Indefinite | Total | |||||||||
Through | Through | ||||||||||||
2024 | 2034 | ||||||||||||
U.S. federal and non-U.S. NOLs | $ | 28 | $ | 3 | $ | 462 | $ | 493 | |||||
State taxing jurisdiction NOLs | 140 | 76 | — | 216 | |||||||||
U.S. federal, non- | 146 | 23 | 275 | 444 | |||||||||
U.S. and state tax credit carryforwards | |||||||||||||
U.S. federal and state capital loss carryforwards | 58 | — | — | 58 | |||||||||
Total | $ | 372 | $ | 102 | $ | 737 | $ | 1,211 | |||||
Commitments_And_Contingent_Lia1
Commitments And Contingent Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | At December 31, 2014, total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: | ||||||||||||||||||
In millions | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||
Lease obligations | $ | 142 | $ | 106 | $ | 84 | $ | 63 | $ | 45 | $ | 91 | |||||||
Purchase obligations (a) | 3,266 | 761 | 583 | 463 | 422 | 1,690 | |||||||||||||
Total | $ | 3,408 | $ | 867 | $ | 667 | $ | 526 | $ | 467 | $ | 1,781 | |||||||
(a) | Includes $2.3 billion relating to fiber supply agreements entered into at the time of the Company’s 2006 Transformation Plan forestland sales and in conjunction with the 2008 acquisition of Weyerhaeuser Company’s Containerboard, Packaging and Recycling business. |
Variable_Interest_Entities_And1
Variable Interest Entities And Preferred Securities Of Subsidiaries (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Two Thousand And Six Financing Entities [Member] | ||||||||||
Schedule of Activity Between Company and Financing Entities [Table Text Block] | Activity between the Company and the Entities was as follows: | |||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Revenue (loss) (a) | $ | 38 | $ | 45 | $ | 49 | ||||
Expense (a) | 72 | 79 | 90 | |||||||
Cash receipts (b) | 22 | 33 | 36 | |||||||
Cash payments (c) | 73 | 84 | 87 | |||||||
(a) | The net expense related to the Company’s interest in the Entities is included in Interest expense, net in the accompanying consolidated statement of operations, as International Paper has and intends to effect its legal right to offset as discussed above. | |||||||||
(b) | The cash receipts are equity distributions from the Entities to International Paper. | |||||||||
(c) | The semi-annual payments are related to interest on the associated debt obligations discussed above. | |||||||||
Two Thousand Seven Financing Entities [Member] | ||||||||||
Schedule of Activity Between Company and Financing Entities [Table Text Block] | Activity between the Company and the 2007 financing entities was as follows: | |||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Revenue (loss) (a) | $ | 26 | $ | 27 | $ | 28 | ||||
Expense (b) | 25 | 29 | 28 | |||||||
Cash receipts (c) | 7 | 8 | 12 | |||||||
Cash payments (d) | 18 | 21 | 22 | |||||||
(a) | The revenue is included in Interest expense, net in the accompanying consolidated statement of operations and includes approximately $19 million, $19 million and $17 million for the years ended December 31, 2014, 2013 and 2012, respectively, of accretion income for the amortization of the purchase accounting adjustment of the Financial assets of special purpose entities. | |||||||||
(b) | The expense is included in Interest expense, net in the accompanying consolidated statement of operations and includes $7 million, $7 million and $6 million for the years ended December 31, 2014, 2013 and 2012, respectively, of accretion expense for the amortization of the purchase accounting adjustment on the Nonrecourse financial liabilities of special purpose entities. | |||||||||
(c) | The cash receipts are interest received on the Financial assets of special purpose entities. | |||||||||
(d) | The cash payments are interest paid on Nonrecourse financial liabilities of special purpose entities. |
Debt_And_Lines_Of_Credit_Table
Debt And Lines Of Credit (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Debt Extinguishment [Table Text Block] | Amounts related to early debt extinguishment during the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Debt reductions (a) | $ | 1,625 | $ | 574 | $ | 1,272 | ||||
Pre-tax early debt extinguishment costs (b) | 276 | 25 | 48 | |||||||
(a) | Reductions related to notes with interest rates ranging from 1.63% to 9.38% with original maturities from 2014 to 2041 for the years ended December 31, 2014, 2013 and 2012. | |||||||||
(b) | Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations. | |||||||||
Summary Of Long-Term Debt [Table Text Block] | A summary of long-term debt follows: | |||||||||
In millions at December 31 | 2014 | 2013 | ||||||||
8.7% note – due 2038 | $ | 264 | $ | 264 | ||||||
9 3/8% note – due 2019 | 420 | 848 | ||||||||
7.95% debentures – due 2018 | 903 | 1,429 | ||||||||
7.5% note – due 2021 | 979 | 999 | ||||||||
7.3% notes – due 2039 | 721 | 721 | ||||||||
6 7/8% notes – due 2023 – 2029 | 131 | 130 | ||||||||
6.65% note – due 2037 | 4 | 4 | ||||||||
6.4% to 7.75% debentures due 2025 – 2027 | 142 | 142 | ||||||||
6 3/8% to 6 5/8% notes – due 2016 – 2018 | 358 | 364 | ||||||||
6.0% notes – due 2041 | 585 | 585 | ||||||||
5.25% to 5.3% notes – due 2015 – 2016 | 457 | 657 | ||||||||
4.8% notes - due 2044 | 796 | — | ||||||||
4.75% notes – due 2022 | 896 | 899 | ||||||||
3.65% notes - due 2024 | 797 | — | ||||||||
Floating rate notes – due 2014 – 2019 (a) | 271 | 269 | ||||||||
Environmental and industrial development | 950 | 1,487 | ||||||||
bonds – due 2014 – 2035 (b) | ||||||||||
Short-term notes (c) | 424 | 386 | ||||||||
Other (d) | 275 | 304 | ||||||||
Total (e) | 9,373 | 9,488 | ||||||||
Less: current maturities | 742 | 661 | ||||||||
Long-term debt | $ | 8,631 | $ | 8,827 | ||||||
(a) | The weighted average interest rate on these notes was 2.8% in 2014 and 2.6% in 2013. | |||||||||
(b) | The weighted average interest rate on these bonds was 5.7% in 2014 and 5.5% in 2013. | |||||||||
(c) | The weighted average interest rate was 2.6% in 2014 and 2.8% in 2013. Includes $91 million at December 31, 2014 and $93 million at December 31, 2013 related to non-U.S. denominated borrowings with a weighted average interest rate of 7.2% in 2014 and 5.8% in 2013. | |||||||||
(d) | Includes $20 million at December 31, 2014 and $41 million at December 31, 2013, related to the unamortized gain on interest rate swap unwinds (see Note 14). | |||||||||
(e) | The fair market value was approximately $10.6 billion at December 31, 2014 and $10.7 billion at December 31, 2013. |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Notional Amounts of Financial Instruments [Table Text Block] | The notional amounts of qualifying and non-qualifying instruments used in hedging transactions were as follows: | ||||||||||||||||||||||||
In millions | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||
Foreign exchange contracts (Sell / Buy; denominated in sell notional): (a) | |||||||||||||||||||||||||
Brazilian real / U.S. dollar - Forward | 166 | 502 | |||||||||||||||||||||||
British pounds / Brazilian real - Forward | 5 | 17 | |||||||||||||||||||||||
European euro / Brazilian real - Forward | 9 | 27 | |||||||||||||||||||||||
European euro / Polish zloty - Forward | 280 | 252 | |||||||||||||||||||||||
U.S. dollar / Brazilian real - Forward | 125 | 290 | |||||||||||||||||||||||
U.S. dollar / Brazilian real - Zero-cost collar | — | 18 | |||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships: | |||||||||||||||||||||||||
Interest rate contracts (in USD) | 230 | 175 | |||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||
Foreign exchange contracts (Sell / Buy; denominated in sell notional): | |||||||||||||||||||||||||
Indian rupee / U.S. dollar | 43 | 157 | |||||||||||||||||||||||
Mexican peso / U.S. dollar | 187 | — | |||||||||||||||||||||||
U.S. dollar / Brazilian real | 11 | — | |||||||||||||||||||||||
(a) | These contracts had maturities of three years or less as of December 31, 2014. | ||||||||||||||||||||||||
Gains Or Losses Recognized In Accumulated Other Comprehensive Income (AOCI), Net of Tax, Related to Derivative Instruments [Table Text Block] | The following table shows gains or losses recognized in AOCI, net of tax, related to derivative instruments: | ||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||
Recognized in AOCI on Derivatives | |||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Foreign exchange contracts | $ | 10 | $ | — | $ | 16 | |||||||||||||||||||
Natural gas contracts | — | — | (1 | ) | |||||||||||||||||||||
Total | $ | 10 | $ | — | $ | 15 | |||||||||||||||||||
Gains And Losses Recognized in Consolidated Statement of Operations On Qualifying And Non-Qualiifying Financial Instruments [Table Text Block] | The amounts of gains and losses recognized in the consolidated statement of operations on qualifying and non-qualifying financial instruments used in hedging transactions were as follows: | ||||||||||||||||||||||||
Gain (Loss) | Location of Gain | ||||||||||||||||||||||||
Reclassified from | (Loss) | ||||||||||||||||||||||||
AOCI | Reclassified | ||||||||||||||||||||||||
into Income | from AOCI | ||||||||||||||||||||||||
(Effective Portion) | into Income | ||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||
Foreign exchange contracts | $ | 4 | $ | 7 | $ | (15 | ) | Cost of products sold | |||||||||||||||||
Natural gas contracts | — | — | (7 | ) | Cost of products sold | ||||||||||||||||||||
Total | $ | 4 | $ | 7 | $ | (22 | ) | ||||||||||||||||||
Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||||||
Recognized | in Consolidated Statement of | ||||||||||||||||||||||||
in Income | Operations | ||||||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships: | |||||||||||||||||||||||||
Interest rate contracts | $ | 1 | $ | (1 | ) | $ | — | Interest expense, net | |||||||||||||||||
Debt | (1 | ) | 1 | — | Interest expense, net | ||||||||||||||||||||
Total | $ | — | $ | — | $ | — | |||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||
Electricity Contracts | $ | (2 | ) | $ | 4 | $ | (4 | ) | Cost of products sold | ||||||||||||||||
Embedded derivatives | — | (1 | ) | (4 | ) | Interest expense, net | |||||||||||||||||||
Foreign exchange contracts | (1 | ) | (5 | ) | — | Cost of products sold | |||||||||||||||||||
Interest rate contracts | 12 | (a) | 21 | 22 | Interest expense, net | ||||||||||||||||||||
Total | $ | 9 | $ | 19 | $ | 14 | |||||||||||||||||||
(a) Excluding gain of $7 million, net related to debt issuance and debt reduction recorded to Restructuring and other charges. | |||||||||||||||||||||||||
Schedule of Interest Rate Derivative Activity [Table Text Block] | The following activity is related to fully effective interest rate swaps designated as fair value hedges: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In millions | Issued | Terminated | Undesignated | Issued | Terminated | Undesignated | |||||||||||||||||||
Fourth Quarter | $ | — | $ | — | $ | — | $ | 175 | $ | — | $ | — | |||||||||||||
First Quarter | 55 | — | — | — | — | — | |||||||||||||||||||
Total | $ | 55 | $ | — | $ | — | $ | 175 | $ | — | $ | — | |||||||||||||
Impact Of Derivative Instruments In Consolidated Balance Sheet [Table Text Block] | The following table provides a summary of the impact of our derivative instruments in the consolidated balance sheet: | ||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Level 2 – Significant Other Observable Inputs | |||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||
In millions | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||
Foreign exchange contracts – cash flow | $ | 16 | (a) | $ | 37 | (c) | $ | 14 | (d) | $ | 33 | (e) | |||||||||||||
Interest rate contracts - fair value | — | — | — | 1 | (f) | ||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 16 | $ | 37 | $ | 14 | $ | 34 | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Electricity contract | $ | — | $ | 2 | (b) | $ | 2 | (d) | $ | — | |||||||||||||||
Foreign exchange contracts | 1 | (b) | — | 2 | (d) | — | |||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 1 | $ | 2 | $ | 4 | $ | — | |||||||||||||||||
Total derivatives | $ | 17 | $ | 39 | $ | 18 | $ | 34 | |||||||||||||||||
(a) | Includes $14 million recorded in Other current assets and $2 million recorded in Deferred charges and other assets in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(b) | Included in Other current assets in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(c) | Includes $23 million recorded in Other current assets and $14 million recorded in Deferred charges and other assets in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(d) | Included in Other accrued liabilities in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(e) | Includes $24 million recorded in Other accrued liabilities and $9 million recorded in Other liabilities in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||
(f) | Included in Other liabilities in the accompanying consolidated balance sheet. |
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Class of Stock Disclosures [Abstract] | |||||
Rollforward Of Common Stock Activity [Table Text Block] | The following is a rollforward of shares of common stock for the three years ended December 31, 2014, 2013 and 2012: | ||||
Common Stock | |||||
In thousands | Issued | Treasury | |||
Balance at January 1, 2012 | 438,872 | 1,921 | |||
Issuance of stock for various plans, net | 1,022 | (2,994 | ) | ||
Repurchase of stock | — | 1,086 | |||
Balance at December 31, 2012 | 439,894 | 13 | |||
Issuance of stock for various plans, net | 7,328 | (533 | ) | ||
Repurchase of stock | — | 11,388 | |||
Balance at December 31, 2013 | 447,222 | 10,868 | |||
Issuance of stock for various plans, net | 1,632 | (4,668 | ) | ||
Repurchase of stock | — | 22,534 | |||
Balance at December 31, 2014 | 448,854 | 28,734 | |||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Net Periodic Pension Expense For Qualified And Nonqualified U.S. Defined Benefit Plans [Table Text Block] | Net periodic pension expense for qualified and nonqualified U.S. and non-U.S. defined benefit plans comprised the following: | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
In millions | U.S. | Non- | U.S. | Non- | U.S. | Non- | ||||||||||||||||
Plans | U.S. | Plans | U.S. | Plans | U.S. | |||||||||||||||||
Plans | Plans | Plans | ||||||||||||||||||||
Service cost | $ | 145 | $ | 5 | $ | 188 | $ | 4 | $ | 152 | $ | 3 | ||||||||||
Interest cost | 600 | 13 | 576 | 11 | 604 | 12 | ||||||||||||||||
Expected return on plan assets | (762 | ) | (14 | ) | (738 | ) | (11 | ) | (753 | ) | (12 | ) | ||||||||||
Actuarial loss / (gain) | 374 | — | 485 | 1 | 307 | — | ||||||||||||||||
Amortization of prior service cost | 30 | — | 34 | — | 32 | — | ||||||||||||||||
Curtailment gain | — | (4 | ) | — | — | — | — | |||||||||||||||
Net periodic pension expense (a) | $ | 387 | $ | — | $ | 545 | $ | 5 | $ | 342 | $ | 3 | ||||||||||
(a) Excludes $1 million in curtailments in 2014 related to the pension freeze remeasurement that were recorded in restructuring and other charges. | ||||||||||||||||||||||
The decrease in 2014 pension expense reflects an increase in the discount rate from 4.10% in 2013 to 4.65% in 2014 and lower amortization of unrecognized actuarial losses. | ||||||||||||||||||||||
ASSUMPTIONS | ||||||||||||||||||||||
International Paper evaluates its actuarial assumptions annually as of December 31 (the measurement date) and considers changes in these long-term factors based upon market conditions and the requirements for employers’ accounting for pensions. These assumptions are used to calculate benefit obligations as of December 31 of the current year and pension expense to be recorded in the following year (i.e., the discount rate used to determine the benefit obligation as of December 31, 2014 was also the discount rate used to determine net pension expense for the 2015 year). | ||||||||||||||||||||||
Pension Allocations By Type Of Fund And Target Allocations [Table Text Block] | International Paper’s U.S. pension allocations by type of fund at December 31, and target allocations were as follows: | |||||||||||||||||||||
Asset Class | 2014 | 2013 | Target | |||||||||||||||||||
Allocations | ||||||||||||||||||||||
Equity accounts | 47 | % | 49 | % | 43% - 54% | |||||||||||||||||
Fixed income accounts | 33 | % | 32 | % | 25% - 35% | |||||||||||||||||
Real estate accounts | 10 | % | 10 | % | 7% - 13% | |||||||||||||||||
Other | 10 | % | 9 | % | 8% - 17% | |||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ||||||||||||||||||||||
Fair Value Measurement at December 31, 2014 | ||||||||||||||||||||||
Asset Class | Total | Quoted | Significant | Significant | ||||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||||
Markets | (Level 2) | (Level 3) | ||||||||||||||||||||
For | ||||||||||||||||||||||
Identical | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||
In millions | ||||||||||||||||||||||
Equities – domestic | $ | 2,268 | $ | 1,380 | $ | 888 | $ | — | ||||||||||||||
Equities – international | 2,397 | 1,815 | 582 | — | ||||||||||||||||||
Corporate bonds | 1,230 | — | 1,230 | — | ||||||||||||||||||
Government securities | 1,282 | — | 1,282 | — | ||||||||||||||||||
Mortgage backed securities | 172 | — | 172 | — | ||||||||||||||||||
Other fixed income | 207 | — | 197 | 10 | ||||||||||||||||||
Commodities | 170 | — | 170 | — | ||||||||||||||||||
Hedge funds | 867 | — | — | 867 | ||||||||||||||||||
Private equity | 519 | — | — | 519 | ||||||||||||||||||
Real estate | 1,101 | — | — | 1,101 | ||||||||||||||||||
Derivatives | 376 | — | — | 376 | ||||||||||||||||||
Cash and cash equivalents | 329 | 329 | — | — | ||||||||||||||||||
Total Investments | $ | 10,918 | $ | 3,524 | $ | 4,521 | $ | 2,873 | ||||||||||||||
Fair Value Measurement at December 31, 2013 | ||||||||||||||||||||||
Asset Class | Total | Quoted | Significant | Significant | ||||||||||||||||||
Prices | Observable | Unobservable | ||||||||||||||||||||
in | Inputs | Inputs | ||||||||||||||||||||
Active | (Level 2) | (Level 3) | ||||||||||||||||||||
Markets | ||||||||||||||||||||||
For | ||||||||||||||||||||||
Identical | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||
In millions | ||||||||||||||||||||||
Equities – domestic | $ | 2,466 | $ | 1,175 | $ | 1,290 | $ | 1 | ||||||||||||||
Equities – international | 2,313 | 1,470 | 843 | — | ||||||||||||||||||
Corporate bonds | 1,248 | — | 1,248 | — | ||||||||||||||||||
Government securities | 1,097 | — | 1,097 | — | ||||||||||||||||||
Mortgage backed securities | 143 | — | 143 | — | ||||||||||||||||||
Other fixed income | 74 | (1 | ) | 65 | 10 | |||||||||||||||||
Commodities | 193 | — | 193 | — | ||||||||||||||||||
Hedge funds | 831 | — | — | 831 | ||||||||||||||||||
Private equity | 484 | — | — | 484 | ||||||||||||||||||
Real estate | 1,038 | — | — | 1,038 | ||||||||||||||||||
Derivatives | 313 | — | — | 313 | ||||||||||||||||||
Cash and cash equivalents | 506 | (10 | ) | 516 | — | |||||||||||||||||
Total Investments | $ | 10,706 | $ | 2,634 | $ | 5,395 | $ | 2,677 | ||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Table Text Block] | The fair value measurements using significant unobservable inputs (Level 3) at December 31, 2014 were as follows: | |||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
In millions | Equities- | Other | Hedge | Private | Real | Derivatives | Total | |||||||||||||||
Domestic | Fixed | Funds | Equity | Estate | ||||||||||||||||||
Income | ||||||||||||||||||||||
Beginning balance at December 31, 2013 | $ | 1 | $ | 10 | $ | 831 | $ | 484 | $ | 1,038 | $ | 313 | $ | 2,677 | ||||||||
Actual return on plan assets: | ||||||||||||||||||||||
Relating to assets still held at the reporting date | (1 | ) | — | 37 | 17 | 88 | 18 | 159 | ||||||||||||||
Relating to assets sold during the period | 1 | — | 4 | (1 | ) | 14 | 76 | 94 | ||||||||||||||
Purchases, sales and settlements | (1 | ) | — | (5 | ) | (13 | ) | (7 | ) | (260 | ) | (286 | ) | |||||||||
Transfers in and/or out of Level 3 (a) | — | — | — | 32 | (32 | ) | 229 | 229 | ||||||||||||||
Ending balance at December 31, 2014 | $ | — | $ | 10 | $ | 867 | $ | 519 | $ | 1,101 | $ | 376 | $ | 2,873 | ||||||||
(a) Includes the transfer of a $32 million investment historically shown as Real Estate now categorized as Private Equity. | ||||||||||||||||||||||
Retirement Plans [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
In millions | U.S. | Non- | U.S. | Non- | ||||||||||||||||||
Plans | U.S. | Plans | U.S. | |||||||||||||||||||
Plans | Plans | |||||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||||
Benefit obligation, January 1 | $ | 12,903 | $ | 228 | $ | 14,201 | $ | 223 | ||||||||||||||
Service cost | 145 | 5 | 188 | 4 | ||||||||||||||||||
Interest cost | 600 | 13 | 576 | 11 | ||||||||||||||||||
Curtailments | — | (4 | ) | (14 | ) | — | ||||||||||||||||
Settlements | — | — | (5 | ) | (4 | ) | ||||||||||||||||
Actuarial loss (gain) | 1,755 | 12 | (1,309 | ) | — | |||||||||||||||||
Divestitures | (23 | ) | — | — | — | |||||||||||||||||
Other | — | 12 | — | 3 | ||||||||||||||||||
Plan amendments | 133 | — | — | — | ||||||||||||||||||
Special termination benefits | — | — | 8 | — | ||||||||||||||||||
Benefits paid | (772 | ) | (13 | ) | (742 | ) | (8 | ) | ||||||||||||||
Effect of foreign currency exchange rate movements | — | (20 | ) | — | (1 | ) | ||||||||||||||||
Benefit obligation, December 31 | $ | 14,741 | $ | 233 | $ | 12,903 | $ | 228 | ||||||||||||||
Change in plan assets: | ||||||||||||||||||||||
Fair value of plan assets | $ | 10,706 | $ | 181 | $ | 10,111 | $ | 171 | ||||||||||||||
Actual return on plan assets | 593 | 13 | 1,283 | 15 | ||||||||||||||||||
Company contributions | 391 | 8 | 59 | 8 | ||||||||||||||||||
Benefits paid | (772 | ) | (13 | ) | (742 | ) | (8 | ) | ||||||||||||||
Settlements | — | — | (5 | ) | (4 | ) | ||||||||||||||||
Other | — | 6 | — | — | ||||||||||||||||||
Effect of foreign currency exchange rate movements | — | (15 | ) | — | (1 | ) | ||||||||||||||||
Fair value of plan assets, December 31 | $ | 10,918 | $ | 180 | $ | 10,706 | $ | 181 | ||||||||||||||
Funded status, December 31 | $ | (3,823 | ) | $ | (53 | ) | $ | (2,197 | ) | $ | (47 | ) | ||||||||||
Amounts recognized in the consolidated balance sheet: | ||||||||||||||||||||||
Non-current asset | $ | — | $ | 8 | $ | — | $ | 9 | ||||||||||||||
Current liability | (62 | ) | (3 | ) | (46 | ) | (2 | ) | ||||||||||||||
Non-current liability | (3,761 | ) | (58 | ) | (2,151 | ) | (54 | ) | ||||||||||||||
$ | (3,823 | ) | $ | (53 | ) | $ | (2,197 | ) | $ | (47 | ) | |||||||||||
Schedule Of Amounts In Accumulated Other Comprehensive Income [Table Text Block] | ||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): | ||||||||||||||||||||||
Prior service cost | $ | 209 | $ | — | $ | 107 | $ | — | ||||||||||||||
Net actuarial loss | 4,812 | 40 | 3,285 | 29 | ||||||||||||||||||
$ | 5,021 | $ | 40 | $ | 3,392 | $ | 29 | |||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table summarizes information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2014 and 2013: | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
In millions | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||
Projected benefit obligation | $ | 14,741 | $ | 196 | $ | 12,903 | $ | 181 | ||||||||||||||
Accumulated benefit obligation | 14,559 | 176 | 12,560 | 168 | ||||||||||||||||||
Fair value of plan assets | 10,918 | 135 | 10,706 | 125 | ||||||||||||||||||
Pension Benefit Adjustments Recognized In Other Comprehensive (Loss) Income [Table Text Block] | The components of the $1.6 billion and $11 million increase related to U.S. plans and non-U.S. plans, respectively, in the amounts recognized in OCI during 2014 consisted of: | |||||||||||||||||||||
In millions | U.S. | Non- | ||||||||||||||||||||
Plans | U.S. | |||||||||||||||||||||
Plans | ||||||||||||||||||||||
Current year actuarial (gain) loss | $ | 1,924 | $ | 13 | ||||||||||||||||||
Amortization of actuarial loss | (374 | ) | — | |||||||||||||||||||
Current year prior service cost | 133 | — | ||||||||||||||||||||
Amortization of prior service cost | (30 | ) | — | |||||||||||||||||||
Curtailments | (1 | ) | 4 | |||||||||||||||||||
Restructuring Effects | (23 | ) | — | |||||||||||||||||||
Effect of foreign currency exchange rate movements | — | (6 | ) | |||||||||||||||||||
$ | 1,629 | $ | 11 | |||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ajor actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table: | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
U.S. | Non- | U.S. | Non- | U.S. | Non- | |||||||||||||||||
Plans | U.S. | Plans | U.S. | Plans | U.S. | |||||||||||||||||
Plans | Plans | Plans | ||||||||||||||||||||
Actuarial assumptions used to determine benefit obligations as of December 31: | ||||||||||||||||||||||
Discount rate | 4.1 | % | 4.72 | % | 4.9 | % | 5.07 | % | 4.1 | % | 4.96 | % | ||||||||||
Rate of compensation increase | 3.75 | % | 4.03 | % | 3.75 | % | 4.13 | % | 3.75 | % | 3.17 | % | ||||||||||
Actuarial assumptions used to determine net periodic pension cost for years ended December 31: | ||||||||||||||||||||||
Discount rate | 4.65 | % | (a) | 5.07 | % | 4.1 | % | 4.96 | % | 5.1 | % | 5.98 | % | |||||||||
Expected long-term rate of return on plan assets (b) | 7.75 | % | 7.53 | % | 8 | % | 7.04 | % | 8 | % | 7.62 | % | ||||||||||
Rate of compensation increase | 3.75 | % | 4.13 | % | 3.75 | % | 3.17 | % | 3.75 | % | 3.12 | % | ||||||||||
(a) Represents the weighted average rate for 2014 due to the remeasurement in the first quarter of 2014. | ||||||||||||||||||||||
(b) | Represents the expected rate of return for International Paper's qualified pension plan for 2014 and 2013. The weighted average rate for the Temple-Inland Retirement Plan was 7.00%, 6.16% and 5.70% for 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Effect Of A 25 Basis Point Decrease On Net Pension Expense [Table Text Block] | The following illustrates the effect on pension expense for 2015 of a 25 basis point decrease in the above assumptions: | |||||||||||||||||||||
In millions | 2015 | |||||||||||||||||||||
Expense/(Income): | ||||||||||||||||||||||
Discount rate | $ | 36 | ||||||||||||||||||||
Expected long-term rate of return on plan assets | 25 | |||||||||||||||||||||
Rate of compensation increase | (1 | ) | ||||||||||||||||||||
Projected Future Pension Benefit Payments, Excluding Any Termination Benefits [Table Text Block] | At December 31, 2014, projected future pension benefit payments, excluding any termination benefits, were as follows: | |||||||||||||||||||||
In millions | ||||||||||||||||||||||
2015 | $ | 802 | ||||||||||||||||||||
2016 | 769 | |||||||||||||||||||||
2017 | 781 | |||||||||||||||||||||
2018 | 795 | |||||||||||||||||||||
2019 | 811 | |||||||||||||||||||||
2020 – 2024 | 4,279 | |||||||||||||||||||||
Postretirement_Benefits_Tables
Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Components Of Postretirement Benefit Expense [Table Text Block] | Net periodic pension expense for qualified and nonqualified U.S. and non-U.S. defined benefit plans comprised the following: | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
In millions | U.S. | Non- | U.S. | Non- | U.S. | Non- | |||||||||||||
Plans | U.S. | Plans | U.S. | Plans | U.S. | ||||||||||||||
Plans | Plans | Plans | |||||||||||||||||
Service cost | $ | 145 | $ | 5 | $ | 188 | $ | 4 | $ | 152 | $ | 3 | |||||||
Interest cost | 600 | 13 | 576 | 11 | 604 | 12 | |||||||||||||
Expected return on plan assets | (762 | ) | (14 | ) | (738 | ) | (11 | ) | (753 | ) | (12 | ) | |||||||
Actuarial loss / (gain) | 374 | — | 485 | 1 | 307 | — | |||||||||||||
Amortization of prior service cost | 30 | — | 34 | — | 32 | — | |||||||||||||
Curtailment gain | — | (4 | ) | — | — | — | — | ||||||||||||
Net periodic pension expense (a) | $ | 387 | $ | — | $ | 545 | $ | 5 | $ | 342 | $ | 3 | |||||||
(a) Excludes $1 million in curtailments in 2014 related to the pension freeze remeasurement that were recorded in restructuring and other charges. | |||||||||||||||||||
The decrease in 2014 pension expense reflects an increase in the discount rate from 4.10% in 2013 to 4.65% in 2014 and lower amortization of unrecognized actuarial losses. | |||||||||||||||||||
ASSUMPTIONS | |||||||||||||||||||
International Paper evaluates its actuarial assumptions annually as of December 31 (the measurement date) and considers changes in these long-term factors based upon market conditions and the requirements for employers’ accounting for pensions. These assumptions are used to calculate benefit obligations as of December 31 of the current year and pension expense to be recorded in the following year (i.e., the discount rate used to determine the benefit obligation as of December 31, 2014 was also the discount rate used to determine net pension expense for the 2015 year). | |||||||||||||||||||
Postretirement Benefits [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Components Of Postretirement Benefit Expense [Table Text Block] | The components of postretirement benefit expense in 2014, 2013 and 2012 were as follows: | ||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||
U.S. | Non- | U.S. | Non- | U.S. | Non- | ||||||||||||||
Plans | U.S. | Plans | U.S. | Plans | U.S. | ||||||||||||||
Plans | Plans | Plans | |||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 2 | $ | 2 | $ | 3 | $ | — | |||||||
Interest cost | 14 | 6 | 14 | 5 | 20 | 1 | |||||||||||||
Actuarial loss | 5 | 1 | 7 | — | 10 | — | |||||||||||||
Amortization of prior service credits | (13 | ) | (1 | ) | (24 | ) | — | (30 | ) | — | |||||||||
Curtailment gain | — | — | — | — | (7 | ) | — | ||||||||||||
Net postretirement (benefit) expense (a) | $ | 7 | $ | 7 | $ | (1 | ) | $ | 7 | $ | (4 | ) | $ | 1 | |||||
(a) Excludes $7 million of curtailment gains in 2013 related to the sale of Building Products that were recorded in Net (gains) losses on sales and impairments of businesses in the consolidated statement of operations. | |||||||||||||||||||
Discount Rates Used To Determine Net Cost [Table Text Block] | The weighted average assumptions used to determine the benefit obligation at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
U.S. | Non- | U.S. | Non- | ||||||||||||||||
Plans | U.S. | Plans | U.S. | ||||||||||||||||
Plans | Plans | ||||||||||||||||||
Discount rate | 3.9 | % | 11.52 | % | 4.5 | % | 11.94 | % | |||||||||||
Health care cost trend rate assumed for next year | 7 | % | 11.38 | % | 7 | % | 11.43 | % | |||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 6.11 | % | 5 | % | 6.12 | % | |||||||||||
Year that the rate reaches the rate it is assumed to remain | 2022 | 2025 | 2017 | 2024 | |||||||||||||||
Changes In Postretirement Benefit Obligation, Plan Assets, Funded Status And Amounts Recognized In Balance Sheet And Accumulated Other Comprehensive (Loss) Income [Table Text Block] | The plan is only funded in an amount equal to benefits paid. The following table presents the changes in benefit obligation and plan assets for 2014 and 2013: | ||||||||||||||||||
In millions | 2014 | 2013 | |||||||||||||||||
U.S. | Non- | U.S. | Non- | ||||||||||||||||
Plans | U.S. | Plans | U.S. | ||||||||||||||||
Plans | Plans | ||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||
Benefit obligation, January 1 | $ | 322 | $ | 72 | $ | 449 | $ | 22 | |||||||||||
Service cost | 1 | 1 | 2 | 2 | |||||||||||||||
Interest cost | 14 | 6 | 14 | 5 | |||||||||||||||
Participants’ contributions | 15 | — | 19 | — | |||||||||||||||
Actuarial (gain) loss | 14 | 19 | (80 | ) | 12 | ||||||||||||||
Other | — | (26 | ) | — | 38 | ||||||||||||||
Plan amendments | — | (7 | ) | — | — | ||||||||||||||
Benefits paid | (62 | ) | (1 | ) | (82 | ) | (1 | ) | |||||||||||
Less: Federal subsidy | 2 | — | 2 | — | |||||||||||||||
Curtailment | — | — | (2 | ) | — | ||||||||||||||
Currency Impact | — | (5 | ) | — | (6 | ) | |||||||||||||
Benefit obligation, December 31 | $ | 306 | $ | 59 | $ | 322 | $ | 72 | |||||||||||
Change in plan assets: | |||||||||||||||||||
Fair value of plan assets, January 1 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Company contributions | 47 | 1 | 63 | 1 | |||||||||||||||
Participants’ contributions | 15 | — | 19 | — | |||||||||||||||
Benefits paid | (62 | ) | (1 | ) | (82 | ) | (1 | ) | |||||||||||
Fair value of plan assets, December 31 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Funded status, December 31 | $ | (306 | ) | $ | (59 | ) | $ | (322 | ) | $ | (72 | ) | |||||||
Amounts recognized in the consolidated balance sheet under ASC 715: | |||||||||||||||||||
Current liability | $ | (33 | ) | $ | (2 | ) | $ | (39 | ) | $ | (2 | ) | |||||||
Non-current liability | (273 | ) | (57 | ) | (283 | ) | (70 | ) | |||||||||||
$ | (306 | ) | $ | (59 | ) | $ | (322 | ) | $ | (72 | ) | ||||||||
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): | |||||||||||||||||||
Net actuarial loss (gain) | $ | 44 | $ | 23 | $ | 31 | $ | 11 | |||||||||||
Prior service credit | (22 | ) | (5 | ) | (35 | ) | — | ||||||||||||
$ | 22 | $ | 18 | $ | (4 | ) | $ | 11 | |||||||||||
Postretirement Benefit Adjustments Recognized In Other Comprehensive (Loss) Income [Table Text Block] | The components of the $26 million and $7 million increase in the amounts recognized in OCI during 2014 for U.S. and non-U.S. plans, respectively, consisted of: | ||||||||||||||||||
In millions | U.S. | Non- | |||||||||||||||||
Plans | U.S. | ||||||||||||||||||
Plans | |||||||||||||||||||
Current year actuarial gain | $ | 18 | $ | 14 | |||||||||||||||
Amortization of actuarial (loss) gain | (5 | ) | (1 | ) | |||||||||||||||
Current year prior service credit | — | (7 | ) | ||||||||||||||||
Amortization of prior service credit | 13 | 1 | |||||||||||||||||
$ | 26 | $ | 7 | ||||||||||||||||
Estimated Total Future Postretirement Benefit Payments, Net Of Participant Contributions And Estimated Future Medicare Part D Subsidy Receipts [Table Text Block] | At December 31, 2014, estimated total future postretirement benefit payments, net of participant contributions and estimated future Medicare Part D subsidy receipts, were as follows: | ||||||||||||||||||
In millions | Benefit | Subsidy | Benefit | ||||||||||||||||
Payments | Receipts | Payments | |||||||||||||||||
U.S. | U.S. | Non- | |||||||||||||||||
Plans | Plans | U.S. | |||||||||||||||||
Plans | |||||||||||||||||||
2015 | $ | 35 | $ | 2 | $ | 2 | |||||||||||||
2016 | 31 | 2 | 2 | ||||||||||||||||
2017 | 30 | 2 | 2 | ||||||||||||||||
2018 | 28 | 2 | 3 | ||||||||||||||||
2019 | 27 | 2 | 3 | ||||||||||||||||
2020 – 2024 | 112 | 8 | 24 | ||||||||||||||||
Net Cost [Member] | Postretirement Benefits [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Discount Rates Used To Determine Net Cost [Table Text Block] | The discount rates used to determine net U.S. and non-U.S. postretirement benefit cost for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
U.S. | Non- | U.S. | Non- | U.S. | Non- | ||||||||||||||
Plans | U.S. | Plans | U.S. | Plans | U.S. | ||||||||||||||
Plans | Plans | Plans | |||||||||||||||||
Discount rate | 4.5 | % | 11.94 | % | 3.7 | % | 8.43 | % | 4.4 | % | 7.73 | % | |||||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||||||||
Summary Of Stock Option Program [Table Text Block] | The following summarizes the status of the Stock Option Program and the changes during the three years ending December 31, 2014: | |||||||||
Options | Weighted | Weighted | Aggregate | |||||||
(a,b) | Average | Average | Intrinsic | |||||||
Exercise | Remaining | Value | ||||||||
Price | Life | (thousands) | ||||||||
(years) | ||||||||||
Outstanding at December 31, 2011 | 15,556,786 | $38.13 | 1.55 | $— | ||||||
Granted | 2,513 | 35.94 | ||||||||
Exercised | (3,200,642 | ) | 33.62 | |||||||
Expired | (3,222,597 | ) | 40.71 | |||||||
Outstanding at December 31, 2012 | 9,136,060 | 38.79 | 1.15 | 1,077 | ||||||
Granted | 4,744 | 48.11 | ||||||||
Exercised | (7,317,825 | ) | 38.57 | |||||||
Expired | (70,190 | ) | 37.15 | |||||||
Outstanding at December 31, 2013 | 1,752,789 | 39.8 | 0.67 | 16,175 | ||||||
Granted | 3,247 | 49.13 | ||||||||
Exercised | (1,634,858 | ) | 39.8 | |||||||
Expired | (49,286 | ) | 41.5 | |||||||
Outstanding at December 31, 2014 | 71,892 | $39.03 | 0.18 | $1,046 | ||||||
(a) | The table does not include Continuity Award tandem stock options described below. No fair market value is assigned to these options under ASC 718. The tandem restricted shares accompanying these options are expensed over their vesting period. | |||||||||
(b) | The table includes options outstanding under an acquired company plan under which options may no longer be granted. | |||||||||
Assumptions Used To Determine Compensation Cost For Market Condition Component Of Performance Share Program [Table Text Block] | The following table sets forth the assumptions used to determine compensation cost for the market condition component of the PSP plan: | |||||||||
Twelve Months Ended December 31, 2014 | ||||||||||
Expected volatility | 19.01%-55.33% | |||||||||
Risk-free interest rate | 0.13% - 0.78% | |||||||||
Summary Of Performance Restricted Share Activity [Table Text Block] | The following summarizes PSP activity for the three years ending December 31, 2014: | |||||||||
Share/Units | Weighted | |||||||||
Average | ||||||||||
Grant Date | ||||||||||
Fair Value | ||||||||||
Outstanding at December 31, 2011 | 8,060,059 | $22.83 | ||||||||
Granted | 3,641,911 | 31.57 | ||||||||
Shares issued | (2,871,367 | ) | 16.83 | |||||||
Forfeited | (169,748 | ) | 28.89 | |||||||
Outstanding at December 31, 2012 | 8,660,855 | 28.37 | ||||||||
Granted | 3,148,445 | 40.76 | ||||||||
Shares issued | (3,262,760 | ) | 32.48 | |||||||
Forfeited | (429,051 | ) | 34.58 | |||||||
Outstanding at December 31, 2013 | 8,117,489 | 31.2 | ||||||||
Granted | 3,682,663 | 46.82 | ||||||||
Shares issued (a) | (4,025,111 | ) | 37.18 | |||||||
Forfeited | (499,107 | ) | 43.1 | |||||||
Outstanding at December 31, 2014 | 7,275,934 | $34.98 | ||||||||
(a) | Includes 488,676 units related to retirements or terminations that are held for payout until the end of the performance period. | |||||||||
Summary Of Activity Of Executive Continuity And Restricted Stock Award Program [Table Text Block] | The following summarizes the activity of the Executive Continuity Award program and RSA program for the three years ending December 31, 2014: | |||||||||
Shares | Weighted | |||||||||
Average | ||||||||||
Grant Date | ||||||||||
Fair Value | ||||||||||
Outstanding at December 31, 2011 | 128,917 | $27.86 | ||||||||
Granted | 88,715 | 31.91 | ||||||||
Shares issued | (61,083 | ) | 27.13 | |||||||
Forfeited | (5,000 | ) | 28.91 | |||||||
Outstanding at December 31, 2012 | 151,549 | 30.49 | ||||||||
Granted | 67,100 | 44.41 | ||||||||
Shares issued | (88,775 | ) | 32.3 | |||||||
Forfeited | (17,500 | ) | 37.75 | |||||||
Outstanding at December 31, 2013 | 112,374 | 36.24 | ||||||||
Granted | 89,500 | 48.19 | ||||||||
Shares issued | (83,275 | ) | 33.78 | |||||||
Forfeited | (4,000 | ) | 45.88 | |||||||
Outstanding at December 31, 2014 | 114,599 | $47.03 | ||||||||
Stock-Based Compensation Expense And Related Income Tax Benefits [Table Text Block] | Stock-based compensation expense and related income tax benefits were as follows: | |||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Total stock-based compensation expense (included in selling and administrative expense) | $ | 118 | $ | 137 | $ | 116 | ||||
Income tax benefits related to stock-based compensation | 92 | 74 | 48 | |||||||
Financial_Information_By_Indus1
Financial Information By Industry Segment And Geographic Area (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | INFORMATION BY INDUSTRY SEGMENT | |||||||||||
Net Sales | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 14,944 | $ | 14,810 | $ | 13,280 | ||||||
Printing Papers | 5,720 | 6,205 | 6,230 | |||||||||
Consumer Packaging | 3,403 | 3,435 | 3,170 | |||||||||
Corporate and Intersegment Sales | (450 | ) | (967 | ) | (828 | ) | ||||||
Net Sales | $ | 23,617 | $ | 23,483 | $ | 21,852 | ||||||
Operating Profit | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 1,896 | $ | 1,801 | $ | 1,066 | ||||||
Printing Papers | (16 | ) | 271 | 599 | ||||||||
Consumer Packaging | 178 | 161 | 268 | |||||||||
Operating Profit | 2,058 | 2,233 | 1,933 | |||||||||
Interest expense, net | (601 | ) | (612 | ) | (671 | ) | ||||||
Noncontrolling interests / equity earnings adjustment (a) | (2 | ) | 1 | — | ||||||||
Corporate items, net | (51 | ) | (61 | ) | (87 | ) | ||||||
Restructuring and other charges | (282 | ) | (10 | ) | (51 | ) | ||||||
Net gains (losses) on sales and impairments of businesses | (38 | ) | — | 2 | ||||||||
Non-operating pension expense | (212 | ) | (323 | ) | (159 | ) | ||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings | $ | 872 | $ | 1,228 | $ | 967 | ||||||
Restructuring and Other Charges | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 7 | $ | (2 | ) | $ | 14 | |||||
Printing Papers | 554 | 118 | — | |||||||||
Consumer Packaging | 8 | 45 | — | |||||||||
Corporate | 277 | (5 | ) | 51 | ||||||||
Restructuring and Other Charges | $ | 846 | $ | 156 | $ | 65 | ||||||
Assets | ||||||||||||
In millions | 2014 | 2013 | ||||||||||
Industrial Packaging | $ | 14,852 | $ | 15,083 | ||||||||
Printing Papers | 5,393 | 6,574 | ||||||||||
Consumer Packaging | 3,249 | 3,222 | ||||||||||
Distribution (b) | — | 1,186 | ||||||||||
Corporate and other (c) | 5,190 | 5,463 | ||||||||||
Assets | $ | 28,684 | $ | 31,528 | ||||||||
Capital Spending | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 754 | $ | 629 | $ | 565 | ||||||
Printing Papers | 318 | 294 | 449 | |||||||||
Consumer Packaging | 233 | 208 | 296 | |||||||||
Distribution (b) | — | 9 | 10 | |||||||||
Subtotal | 1,305 | 1,140 | 1,320 | |||||||||
Corporate and other (c) | 61 | 58 | 63 | |||||||||
Total | $ | 1,366 | $ | 1,198 | $ | 1,383 | ||||||
Depreciation, Amortization and Cost of Timber Harvested (d) | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 775 | $ | 805 | $ | 755 | ||||||
Printing Papers | 367 | 446 | 450 | |||||||||
Consumer Packaging | 223 | 206 | 196 | |||||||||
Corporate | 41 | 74 | 72 | |||||||||
Depreciation and Amortization | $ | 1,406 | $ | 1,531 | $ | 1,473 | ||||||
External Sales By Major Product | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Industrial Packaging | $ | 14,837 | $ | 14,729 | $ | 13,223 | ||||||
Printing Papers | 5,360 | 5,443 | 5,483 | |||||||||
Consumer Packaging | 3,307 | 3,311 | 3,146 | |||||||||
Other | 113 | — | — | |||||||||
Net Sales | $ | 23,617 | $ | 23,483 | $ | 21,852 | ||||||
INFORMATION BY GEOGRAPHIC AREA | ||||||||||||
Net Sales (e) | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
United States (f) | $ | 16,645 | $ | 16,371 | $ | 15,689 | ||||||
EMEA | 3,273 | 3,250 | 2,886 | |||||||||
Pacific Rim and Asia | 1,951 | 2,114 | 1,816 | |||||||||
Americas, other than U.S. | 1,748 | 1,748 | 1,461 | |||||||||
Net Sales | $ | 23,617 | $ | 23,483 | $ | 21,852 | ||||||
Long-Lived Assets (g) | ||||||||||||
In millions | 2014 | 2013 | ||||||||||
United States | $ | 9,476 | $ | 10,056 | ||||||||
EMEA | 926 | 1,126 | ||||||||||
Pacific Rim and Asia | 897 | 946 | ||||||||||
Americas, other than U.S. | 1,553 | 1,772 | ||||||||||
Corporate | 383 | 329 | ||||||||||
Long-Lived Assets | $ | 13,235 | $ | 14,229 | ||||||||
(a) | Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly-owned. The pre-tax noncontrolling interests and equity earnings for these subsidiaries is added here to present consolidated earnings from continuing operations before income taxes and equity earnings. | |||||||||||
(b) | The xpedx business, which historically represented the Company's Distribution reportable segment, was spun off July 1, 2014 and the related assets of this business were adjusted off the consolidated balance sheet. | |||||||||||
(c) | Includes corporate assets and assets of businesses held for sale. | |||||||||||
(d) | Excludes accelerated depreciation related to closure of mills. | |||||||||||
(e) | Net sales are attributed to countries based on the location of the seller. | |||||||||||
(f) | Export sales to unaffiliated customers were $2.3 billion in 2014, $2.4 billion in 2013 and $2.2 billion in 2012. | |||||||||||
(g) | Long-Lived Assets includes Forestlands and Plants, Properties and Equipment, net. |
Financial_Information_By_Indus2
Financial Information By Industry Segment And Geographic Area Schedule of Equity Method Investments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investments [Table Text Block] | Summarized financial information for Ilim which is accounted for under the equity method is presented in the following table. | |||||||||||
Balance Sheet | ||||||||||||
In millions | 2014 | 2013 | ||||||||||
Current assets | $ | 458 | $ | 595 | ||||||||
Noncurrent assets | 1,223 | 2,124 | ||||||||||
Current liabilities | 899 | 560 | ||||||||||
Noncurrent liabilities | 742 | 1,335 | ||||||||||
Noncontrolling interests | 15 | 63 | ||||||||||
Income Statement | ||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | 2,138 | $ | 1,897 | $ | 1,972 | ||||||
Gross profit | 772 | 562 | 678 | |||||||||
Income from continuing operations | (387 | ) | (76 | ) | 140 | |||||||
Net income attributable to Ilim | (360 | ) | (71 | ) | 131 | |||||||
Interim_Financial_Results_Unau1
Interim Financial Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | |||||||||||||||||||||
In millions, except per share amounts and stock prices | 1st | 2nd | 3rd | 4th Quarter | Year | ||||||||||||||||
Quarter | Quarter | Quarter | |||||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 5,724 | $ | 5,899 | $ | 6,051 | $ | 5,943 | $ | 23,617 | |||||||||||
Gross margin (a) | 1,690 | 1,839 | 1,996 | 1,838 | 7,363 | ||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | (139 | ) | (b) | 152 | (e) | 552 | (g) | 307 | (i) | 872 | (b,e,g,i) | ||||||||||
Gain (loss) from discontinued operations | (7 | ) | (c) | (13 | ) | (f) | 16 | (h) | (9 | ) | (j) | (13 | ) | (c,f,h,j) | |||||||
Net earnings (loss) attributable to International Paper Company | (95 | ) | (b,c,d) | 161 | (e,f) | 355 | (g,h) | 134 | (i,j,k) | 555 | (b-k) | ||||||||||
Basic earnings (loss) per share attributable to International Paper Company common shareholders: | |||||||||||||||||||||
Earnings (loss) from continuing operations | $ | (0.20 | ) | (b) | $ | 0.4 | (e) | $ | 0.8 | (g) | $ | 0.34 | (i) | $ | 1.33 | (b,e,g,i) | |||||
Gain (loss) from discontinued operations | (0.01 | ) | (c) | (0.03 | ) | (f) | 0.04 | (h) | (0.02 | ) | (j) | (0.03 | ) | (c,f,h,j) | |||||||
Net earnings (loss) | (0.21 | ) | (b,c,d) | 0.37 | (e,f) | 0.84 | (g,h) | 0.32 | (i,j,k) | 1.3 | (b-k) | ||||||||||
Diluted earnings (loss) per share attributable to International Paper Company common shareholders: | |||||||||||||||||||||
Earnings (loss) from continuing operations | (0.20 | ) | (b) | 0.4 | (e) | 0.79 | (g) | 0.34 | (i) | 1.31 | (b,e,g,i) | ||||||||||
Gain (loss) from discontinued operations | (0.01 | ) | (c) | (0.03 | ) | (f) | 0.04 | (h) | (0.02 | ) | (j) | (0.02 | ) | (c,f,h,j) | |||||||
Net earnings (loss) | (0.21 | ) | (b,c,d) | 0.37 | (e,f) | 0.83 | (g,h) | 0.32 | (i,j,k) | 1.29 | (b-k) | ||||||||||
Dividends per share of common stock | 0.35 | 0.35 | 0.35 | 0.4 | 1.45 | ||||||||||||||||
Common stock prices | |||||||||||||||||||||
High | $ | 49.71 | $ | 50.65 | $ | 51.98 | $ | 55.73 | $ | 55.73 | |||||||||||
Low | 44.43 | 44.24 | 46.77 | 44.5 | 44.24 | ||||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 5,716 | $ | 5,944 | $ | 5,975 | $ | 5,848 | $ | 23,483 | |||||||||||
Gross margin (a) | 1,709 | 1,757 | 1,927 | 1,808 | 7,201 | ||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | 227 | (l) | 359 | (o) | 403 | (q) | 239 | (t) | 1,228 | (l,o,q,t) | |||||||||||
Gain (loss) from discontinued operations | 28 | (m) | 27 | (p) | (5 | ) | (r) | (359 | ) | (u) | (309 | ) | (m,p,r,u) | ||||||||
Net earnings (loss) attributable to International Paper Company | 318 | (l,m,n) | 259 | (o,p) | 382 | (q,r,s) | 436 | (t,u,v,w) | 1,395 | (l-w) | |||||||||||
Basic earnings (loss) per share attributable to International Paper Company common shareholders: | |||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 0.66 | (l) | $ | 0.52 | (o) | $ | 0.87 | (q) | $ | 1.8 | (t) | $ | 3.85 | (l,o,q,t) | ||||||
Gain (loss) from discontinued operations | 0.06 | (m) | 0.06 | (p) | (0.01 | ) | (r) | (0.81 | ) | (u) | (0.70 | ) | (m,p,r,u) | ||||||||
Net earnings (loss) | 0.72 | (l,m,n) | 0.58 | (o,p) | 0.86 | (q,r,s) | 0.99 | (t,u,v,w) | 3.15 | (l-w) | |||||||||||
Diluted earnings (loss) per share attributable to International Paper Company common shareholders: | |||||||||||||||||||||
Earnings (loss) from continuing operations | 0.65 | (l) | 0.52 | (o) | 0.86 | (q) | 1.78 | (t) | 3.8 | (l,o,q,t) | |||||||||||
Gain (loss) from discontinued operations | 0.06 | (m) | 0.05 | (p) | (0.01 | ) | (r) | (0.80 | ) | (u) | (0.69 | ) | (m,p,r,u) | ||||||||
Net earnings (loss) | 0.71 | (l,m,n) | 0.57 | (o,p) | 0.85 | (q,r,s) | 0.98 | (t,u,v,w) | 3.11 | (l-w) | |||||||||||
Dividends per share of common stock | 0.3 | 0.3 | 0.3 | 0.35 | 1.25 | ||||||||||||||||
Common stock prices | |||||||||||||||||||||
High | $ | 47.25 | $ | 49.1 | $ | 50.33 | $ | 49.52 | $ | 50.33 | |||||||||||
Low | 39.47 | 42.36 | 43.95 | 42.92 | 39.47 | ||||||||||||||||
Note: Since basic and diluted earnings per share are computed independently for each period and category, full year per share amounts may not equal the sum of the four quarters. In addition, the unaudited selected consolidated financial data are derived from our audited consolidated financial statements and have been revised to reflect discontinued operations. | |||||||||||||||||||||
Footnotes to Interim Financial Results | |||||||||||||||||||||
(a) | Gross margin represents net sales less cost of products sold, excluding depreciation, amortization and cost of timber harvested. | ||||||||||||||||||||
(b) | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $495 million ($302 million after taxes) for costs associated with the shutdown of our Courtland mill, and a pre-tax charge of $4 million ($3 million after taxes) for other items. | ||||||||||||||||||||
(c) | Includes the operating earnings of the xpedx business, a pre-tax charge of $16 million ($10 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $2 million ($0 million after taxes) for costs associated with the restructuring of our xpedx operations and a charge of $2 million (before and after taxes) for costs associated with the Building Products divestiture. | ||||||||||||||||||||
(d) | Includes a tax expense of $10 million associated with a state legislative change and a tax benefit of $1 million for other items. | ||||||||||||||||||||
(e) | Includes a pre-tax charge of $2 million ($1 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $49 million ($30 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $7 million ($5 million after taxes) associated with our Brazil Packaging business and net charges of $3 million (before and after taxes) for other items. | ||||||||||||||||||||
(f) | Includes the operating earnings of the xpedx business, a pre-tax charge of $18 million ($20 million after taxes) for costs associated with the spin-off of our xpedx operations, and a gain of $1 million (before and after taxes) related to the xpedx restructuring. | ||||||||||||||||||||
(g) | Includes a pre-tax charge of $5 million ($3 million after taxes) for a refund of previously claimed state tax credits, a gain of $20 million (before and after taxes) for the resolution of a legal contingency in India, a pre-tax charge of $35 million ($21 million after taxes) for costs associated with a multi-employer pension plan withdrawal liability, a pre-tax charge of $32 million ($17 million after taxes) for costs associated with a foreign tax amnesty program, a pre-tax charge of $13 million ($8 million after taxes) for debt extinguishment costs, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the shutdown of our Courtland mill, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $5 million ($3 million after taxes) for costs associated with the restructuring of the Company's Packaging business in Europe, and a net pre-tax loss of $3 million ($2 million after taxes) for other items. | ||||||||||||||||||||
(h) | Includes a net pre-tax gain of $11 million ($14 million after taxes) for the recovery of costs related to the spin-off of the xpedx business and a $2 million tax benefit associated with the Building Products divestiture. | ||||||||||||||||||||
(i) | Includes a charge of $100 million (before and after taxes) for a goodwill impairment charge related to our Asian Industrial Packaging business, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for integration costs associated with our Brazil Packaging business, a pre-tax charge of $47 million ($36 million after taxes) for a loss on the sale of a business by ASG in which we hold an investment, and the resulting impairment of our ASG investment, a pre-tax gain of $9 million ($5 million after taxes) related to the sale of an investment, and a net pre-tax charge of $5 million ($3 million after taxes) for other items. | ||||||||||||||||||||
(j) | Includes a pre-tax loss of $14 million ($9 million after taxes) related to the Building Products divestiture. | ||||||||||||||||||||
(k) | Includes a tax benefit of $90 million associated with internal restructuring. | ||||||||||||||||||||
(l) | Includes a pre-tax charge of $12 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $44 million ($27 million after taxes) for costs associated with the permanent shutdown of a paper machine at our Augusta mill, a pre-tax charge of $6 million ($4 million after taxes) for debt extinguishment costs, interest income of $6 million ($4 million after taxes) related to the closing of a U.S. federal income tax audit, and pre-tax charges of $2 million ($1 million after taxes) for other items. | ||||||||||||||||||||
(m) | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, and a pretax charge of $4 million ($3 million after taxes) for costs associated with the Building Products divestiture. | ||||||||||||||||||||
(n) | Includes a tax benefit of $93 million associated with the closing of a U.S. federal income tax audit and a net tax expense of $2 million related to internal restructurings. In addition, the first quarter tax rate includes a benefit of approximately $35 million related to the enactment into law of The American Taxpayer Relief Act of 2012 in January 2013. | ||||||||||||||||||||
(o) | Includes a pre-tax charge of $6 million ($4 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax charge of $14 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $9 million ($5 million after taxes) to adjust the value of two Company airplanes to market value, a pre-tax gain of $30 million ($19 million after taxes) for insurance reimbursements related to the 2012 Guaranty Bank legal settlement, a pre-tax charge of $3 million ($2 million after taxes) for debt extinguishment costs, a gain of $13 million (before and after taxes) related to a bargain purchase adjustment on the first-quarter 2013 acquisition of a majority share of our operations in Turkey, and charges of $3 million (before and after taxes) for other items. | ||||||||||||||||||||
(p) | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $17 million ($10 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $13 million ($8 million after taxes) for costs associated with the divestiture of Building Products. | ||||||||||||||||||||
(q) | Includes a pre-tax charge of $24 million ($15 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $51 million ($31 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $15 million ($9 million after taxes) for debt extinguishment costs, a pre-tax gain of $9 million ($6 million after taxes) associated with the sale of the Bellevue box plant facility which was closed in 2010, a pre-tax charge of $1 million ($0 million after taxes) for costs associated with the divestiture of three containerboard mills in 2012 and charges of $2 million (before and after taxes) for other items. | ||||||||||||||||||||
(r) | Includes the operating earnings of the xpedx business, a pre-tax charge of $6 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $11 million ($7 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $24 million ($15 million after taxes) for costs associated with the Building Products divestiture. | ||||||||||||||||||||
(s) | Includes a tax benefit of $31 million for an income tax reserve release. In addition, the third quarter tax rate includes a $30 million benefit related to the adjustment of the tax basis in certain of the Company's fixed assets. | ||||||||||||||||||||
(t) | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $67 million ($41 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for costs associated with the restructuring of the Asia Box operations, a pre-tax charge of $127 million ($122 million after taxes) for the impairment of goodwill and a trade name intangible asset of the Company's India Papers business, a pre- tax charge of $2 million ($1 million after taxes) for an adjustment associated with the Company's divestiture of the Shorewood operations, and a net pre-tax gain of $2 million ($0 million after taxes) for other items. | ||||||||||||||||||||
(u) | Includes the operating earnings of the xpedx business, a pre-tax charge of $8 million ($5 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $400 million ($366 million after taxes) for the impairment of goodwill in the Company's xpedx business, a net pre-tax loss of $2 million ($1 million after taxes) for costs associated with the restructuring of the xpedx operations, and a pre-tax gain of $18 million ($6 million after taxes) related to the Building Products divestiture. | ||||||||||||||||||||
(v) | Includes a tax benefit of $651 million associated with the closing of a U.S. federal tax audit and a net tax benefit of $3 million for other items. | ||||||||||||||||||||
(w) | Includes pre-tax noncontrolling interest income of $4 million ($3 million after taxes) associated with the write-off of a trade name intangible asset in our India Papers business. |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts Schedule II - Valuation And Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | INTERNATIONAL PAPER COMPANY AND CONSOLIDATED SUBSIDIARIES | |||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||
(In millions) | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Balance at | Additions | Additions | Deductions | Balance at | ||||||||||||||
Beginning | Charged to | Charged to | from | End of | ||||||||||||||
of Period | Earnings | Other | Reserves | Period | ||||||||||||||
Accounts | ||||||||||||||||||
Description | ||||||||||||||||||
Reserves Applied Against Specific Assets Shown on Balance Sheet: | ||||||||||||||||||
Doubtful accounts – current | $ | 109 | $ | 11 | $ | — | (38)(a) | $ | 82 | |||||||||
Restructuring reserves | 51 | 41 | — | (76)(b) | 16 | |||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Balance at | Additions | Additions | Deductions | Balance at | ||||||||||||||
Beginning | Charged to | Charged to | from | End of | ||||||||||||||
of Period | Earnings | Other | Reserves | Period | ||||||||||||||
Accounts | ||||||||||||||||||
Description | ||||||||||||||||||
Reserves Applied Against Specific Assets Shown on Balance Sheet: | ||||||||||||||||||
Doubtful accounts – current | $ | 119 | $ | 38 | $ | — | (48)(a) | $ | 109 | |||||||||
Restructuring reserves | 17 | 46 | — | (12)(b) | 51 | |||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Balance at | Additions | Additions | Deductions | Balance at | ||||||||||||||
Beginning | Charged to | Charged to | from | End of | ||||||||||||||
of Period | Earnings | Other | Reserves | Period | ||||||||||||||
Accounts | ||||||||||||||||||
Description | ||||||||||||||||||
Reserves Applied Against Specific Assets Shown on Balance Sheet: | ||||||||||||||||||
Doubtful accounts – current | $ | 126 | $ | 11 | $ | — | (18)(a) | $ | 119 | |||||||||
Restructuring reserves | 8 | 17 | — | (8)(b) | 17 | |||||||||||||
(a) | Includes write-offs, less recoveries, of accounts determined to be uncollectible and other adjustments. | |||||||||||||||||
(b) | Includes payments and deductions for reversals of previously established reserves that were no longer required. |
Summary_Of_Business_And_Signif2
Summary Of Business And Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Business And Significant Accounting Policies [Line Items] | |||
Equity (earnings) losses, net of taxes | $200 | $39 | ($61) |
Minimum [Member] | Building [Member] | |||
Summary Of Business And Significant Accounting Policies [Line Items] | |||
Annual straight-line depreciation rates | 2.50% | ||
Minimum [Member] | Machinery And Equipment [Member] | |||
Summary Of Business And Significant Accounting Policies [Line Items] | |||
Annual straight-line depreciation rates | 5.00% | ||
Maximum [Member] | Building [Member] | |||
Summary Of Business And Significant Accounting Policies [Line Items] | |||
Annual straight-line depreciation rates | 8.50% | ||
Maximum [Member] | Machinery And Equipment [Member] | |||
Summary Of Business And Significant Accounting Policies [Line Items] | |||
Annual straight-line depreciation rates | 33.00% | ||
Brazil [Member] | |||
Summary Of Business And Significant Accounting Policies [Line Items] | |||
Acres of forestlands managed or owned | 334,000 |
Earnings_Per_Share_Attributabl2
Earnings Per Share Attributable To International Paper Company Common Shareholders (Reconciliation Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Earnings (loss) from continuing operations | $568 | $1,704 | $717 | |||||||||||||||||||
Effect of dilutive securities | 0 | 0 | 0 | |||||||||||||||||||
Earnings (loss) from continuing operations – assuming dilution | $568 | $1,704 | $717 | |||||||||||||||||||
Average common shares outstanding | 427.7 | 443.3 | 435.2 | |||||||||||||||||||
Average common shares outstanding – assuming dilution | 432 | 448.1 | 440.2 | |||||||||||||||||||
Basic earnings (loss) per share from continuing operations | $0.34 | [1] | $0.80 | [2] | $0.40 | [3] | ($0.20) | [4] | $1.80 | [5] | $0.87 | [6] | $0.52 | [7] | $0.66 | [8] | $1.33 | [1],[2],[3],[4] | $3.85 | [5],[6],[7],[8] | $1.65 | |
Diluted earnings (loss) per share from continuing operations | $0.34 | [1] | $0.79 | [2] | $0.40 | [3] | ($0.20) | [4] | $1.78 | [5] | $0.86 | [6] | $0.52 | [7] | $0.65 | [8] | $1.31 | [1],[2],[3],[4] | $3.80 | [5],[6],[7],[8] | $1.63 | |
Restricted Stock Performance Share Plan [Member] | ||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Effect of dilutive securities (a) | 4.2 | [9] | 4.5 | [9] | 5 | [9] | ||||||||||||||||
Stock Option [Member] | ||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Effect of dilutive securities (a) | 0.1 | [10],[9] | 0.3 | [10],[9] | 0 | [10],[9] | ||||||||||||||||
[1] | Includes a charge of $100 million (before and after taxes) for a goodwill impairment charge related to our Asian Industrial Packaging business, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for integration costs associated with our Brazil Packaging business, a pre-tax charge of $47 million ($36 million after taxes) for a loss on the sale of a business by ASG in which we hold an investment, and the resulting impairment of our ASG investment, a pre-tax gain of $9 million ($5 million after taxes) related to the sale of an investment, and a net pre-tax charge of $5 million ($3 million after taxes) for other items. | |||||||||||||||||||||
[2] | Includes a pre-tax charge of $5 million ($3 million after taxes) for a refund of previously claimed state tax credits, a gain of $20 million (before and after taxes) for the resolution of a legal contingency in India, a pre-tax charge of $35 million ($21 million after taxes) for costs associated with a multi-employer pension plan withdrawal liability, a pre-tax charge of $32 million ($17 million after taxes) for costs associated with a foreign tax amnesty program, a pre-tax charge of $13 million ($8 million after taxes) for debt extinguishment costs, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the shutdown of our Courtland mill, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $5 million ($3 million after taxes) for costs associated with the restructuring of the Company's Packaging business in Europe, and a net pre-tax loss of $3 million ($2 million after taxes) for other items. | |||||||||||||||||||||
[3] | Includes a pre-tax charge of $2 million ($1 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $49 million ($30 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $7 million ($5 million after taxes) associated with our Brazil Packaging business and net charges of $3 million (before and after taxes) for other items. | |||||||||||||||||||||
[4] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $495 million ($302 million after taxes) for costs associated with the shutdown of our Courtland mill, and a pre-tax charge of $4 million ($3 million after taxes) for other items. | |||||||||||||||||||||
[5] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $67 million ($41 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for costs associated with the restructuring of the Asia Box operations, a pre-tax charge of $127 million ($122 million after taxes) for the impairment of goodwill and a trade name intangible asset of the Company's India Papers business, a pre- tax charge of $2 million ($1 million after taxes) for an adjustment associated with the Company's divestiture of the Shorewood operations, and a net pre-tax gain of $2 million ($0 million after taxes) for other items. | |||||||||||||||||||||
[6] | Includes a pre-tax charge of $24 million ($15 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $51 million ($31 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $15 million ($9 million after taxes) for debt extinguishment costs, a pre-tax gain of $9 million ($6 million after taxes) associated with the sale of the Bellevue box plant facility which was closed in 2010, a pre-tax charge of $1 million ($0 million after taxes) for costs associated with the divestiture of three containerboard mills in 2012 and charges of $2 million (before and after taxes) for other items. | |||||||||||||||||||||
[7] | Includes a pre-tax charge of $6 million ($4 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax charge of $14 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $9 million ($5 million after taxes) to adjust the value of two Company airplanes to market value, a pre-tax gain of $30 million ($19 million after taxes) for insurance reimbursements related to the 2012 Guaranty Bank legal settlement, a pre-tax charge of $3 million ($2 million after taxes) for debt extinguishment costs, a gain of $13 million (before and after taxes) related to a bargain purchase adjustment on the first-quarter 2013 acquisition of a majority share of our operations in Turkey, and charges of $3 million (before and after taxes) for other items. | |||||||||||||||||||||
[8] | Includes a pre-tax charge of $12 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $44 million ($27 million after taxes) for costs associated with the permanent shutdown of a paper machine at our Augusta mill, a pre-tax charge of $6 million ($4 million after taxes) for debt extinguishment costs, interest income of $6 million ($4 million after taxes) related to the closing of a U.S. federal income tax audit, and pre-tax charges of $2 million ($1 million after taxes) for other items. | |||||||||||||||||||||
[9] | Securities are not included in the table in periods when antidilutive. | |||||||||||||||||||||
[10] | Options to purchase 0.0 million, 0.0 million and 9.1 million shares for the years ended December 31, 2014, 2013 and 2012, respectively, were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the Company’s common stock for each respective reporting date. |
Earnings_Per_Share_Attributabl3
Earnings Per Share Attributable To International Paper Company Common Shareholders Earnings Per Share Attributable To International Paper Company Common Shareholders (Footnotes) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic and Diluted [Abstract] | |||
Stock options, options to purchase shares not included in the computation of diluted common shares outstanding | 0 | 0 | 9.1 |
Other_Comprehensive_Income_Sch
Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income (Loss) Table) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | ($2,759) | [1] | ($3,840) | [1] | ($3,005) | [1] |
Other comprehensive income (loss), before reclassifications, net of tax | -2,124 | [1] | 741 | [1] | -1,020 | [1] |
Reclassification from accumulated other comprehensive income, current period, net of tax | -225 | [1] | -317 | [1] | -182 | [1] |
Other comprehensive income (loss), net of tax | -1,899 | [1] | 1,058 | [1] | -838 | [1] |
Comprehensive (income) loss, net of tax, attributable to noncontrolling interest | 12 | [1] | 23 | [1] | 3 | [1] |
Ending balance | -4,646 | [1] | -2,759 | [1] | -3,840 | [1] |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | -2,105 | [1] | -3,596 | [1] | -2,852 | [1] |
Other comprehensive income (loss), before reclassifications, net of tax | -1,271 | [1] | 1,184 | [1] | -939 | [1] |
Reclassification from accumulated other comprehensive income, current period, net of tax | -242 | [1] | -307 | [1] | -195 | [1] |
Other comprehensive income (loss), net of tax | -1,029 | [1] | 1,491 | [1] | -744 | [1] |
Comprehensive (income) loss, net of tax, attributable to noncontrolling interest | 0 | [1] | 0 | [1] | 0 | [1] |
Ending balance | -3,134 | [1] | -2,105 | [1] | -3,596 | [1] |
Accumulated Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | -649 | [1] | -246 | [1] | -118 | [1] |
Other comprehensive income (loss), before reclassifications, net of tax | -863 | [1] | -443 | [1] | -96 | [1] |
Reclassification from accumulated other comprehensive income, current period, net of tax | 13 | [1] | -17 | [1] | 35 | [1] |
Other comprehensive income (loss), net of tax | -876 | [1] | -426 | [1] | -131 | [1] |
Comprehensive (income) loss, net of tax, attributable to noncontrolling interest | 12 | [1] | 23 | [1] | 3 | [1] |
Ending balance | -1,513 | [1] | -649 | [1] | -246 | [1] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | -5 | [1] | 2 | [1] | -35 | [1] |
Other comprehensive income (loss), before reclassifications, net of tax | 10 | [1] | 0 | [1] | 15 | [1] |
Reclassification from accumulated other comprehensive income, current period, net of tax | 4 | [1] | 7 | [1] | -22 | [1] |
Other comprehensive income (loss), net of tax | 6 | [1] | -7 | [1] | 37 | [1] |
Comprehensive (income) loss, net of tax, attributable to noncontrolling interest | 0 | [1] | 0 | [1] | 0 | [1] |
Ending balance | $1 | [1] | ($5) | [1] | $2 | [1] |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. |
Other_Comprehensive_Income_Sch1
Other Comprehensive Income (Schedule of Reclassifications Out of Accumualted Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Tax (expense)/benefit | ($123) | $498 | ($306) | |||
Earnings (loss) from continuing operations | 549 | 1,687 | 722 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Earnings (loss) from continuing operations | -225 | [1] | -317 | [1] | -182 | [1] |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Cost of goods sold | 17 | [1],[2] | 9 | [1],[2] | 2 | [1],[2] |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Cost of goods sold | 379 | [1],[2] | 493 | [1],[2] | 317 | [1],[2] |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total pre-tax amount | 396 | [1] | 502 | [1] | 319 | [1] |
Tax (expense)/benefit | 154 | [1] | 195 | [1] | 124 | [1] |
Earnings (loss) from continuing operations | -242 | [1] | -307 | [1] | -195 | [1] |
Accumulated Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net (gains) losses on sales and impairments of businesses | 13 | [1] | -17 | [1] | 48 | [1] |
Earnings (loss) from continuing operations | 13 | [1] | -17 | [1] | 35 | [1] |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Tax (expense)/benefit | 0 | [1] | 0 | [1] | -13 | [1] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total pre-tax amount | 3 | [1] | 10 | [1] | -35 | [1] |
Tax (expense)/benefit | -1 | [1] | 3 | [1] | -13 | [1] |
Earnings (loss) from continuing operations | 4 | [1] | 7 | [1] | -22 | [1] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Exchange Forward [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Cost of goods sold | 3 | [1],[3] | 10 | [1],[3] | -24 | [1],[3] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Natural Gas Swap Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Cost of goods sold | $0 | [1],[3] | $0 | [1],[3] | $11 | [1],[3] |
[1] | Amounts in parentheses indicate debits to earnings/loss. | |||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for additional details). | |||||
[3] | This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 14 for additional details). |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Restructuring and Related Costs Tables) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | $846 | $156 | $65 | |||||||||||
Two Thousand And Fourteen Organizational Restructuring Charges [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 846 | |||||||||||||
Restructuring and other related charges net of tax | 518 | |||||||||||||
Two Thousand And Fourteen Organizational Restructuring Charges [Member] | Early Debt Extinguishment Costs [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 276 | 13 | 262 | |||||||||||
Restructuring and other related charges net of tax | 169 | 8 | 160 | |||||||||||
Two Thousand And Fourteen Organizational Restructuring Charges [Member] | Courtland Mill Shutdown [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 554 | [1] | 3 | 49 | 7 | 495 | ||||||||
Restructuring and other related charges net of tax | 338 | [1] | 2 | 30 | 4 | 302 | ||||||||
Two Thousand And Fourteen Organizational Restructuring Charges [Member] | EMEA Packaging Restructuring [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 5 | |||||||||||||
Restructuring and other related charges net of tax | 3 | |||||||||||||
Two Thousand And Fourteen Organizational Restructuring Charges [Member] | Other Restructuring [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 16 | [2] | 3 | 3 | 5 | 4 | ||||||||
Restructuring and other related charges net of tax | 11 | [2] | 2 | 3 | 3 | 3 | ||||||||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 156 | |||||||||||||
Restructuring and other related charges net of tax | 98 | |||||||||||||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | Early Debt Extinguishment Costs [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 25 | 15 | 3 | 6 | ||||||||||
Restructuring and other related charges net of tax | 16 | 9 | 2 | 4 | ||||||||||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | Courtland Mill Shutdown [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 118 | [3] | 51 | 67 | ||||||||||
Restructuring and other related charges net of tax | 72 | [3] | 31 | 41 | ||||||||||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | CTA Bellevue Facility Closure [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | -13 | -9 | ||||||||||||
Restructuring and other related charges net of tax | -8 | -6 | ||||||||||||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | Augusta Mill Paper Machine Shutdown [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 45 | [4] | 44 | |||||||||||
Restructuring and other related charges net of tax | 28 | [4] | 27 | |||||||||||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | Insurance Recovery [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | -30 | -30 | ||||||||||||
Restructuring and other related charges net of tax | -19 | -19 | ||||||||||||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | Other Restructuring [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 11 | [5] | 2 | 3 | 2 | 2 | ||||||||
Restructuring and other related charges net of tax | 9 | [5] | 2 | 3 | 1 | |||||||||
Two Thousand And Twelve Organizational Restructuring Charges [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 65 | |||||||||||||
Restructuring and other related charges net of tax | 46 | |||||||||||||
Two Thousand And Twelve Organizational Restructuring Charges [Member] | Early Debt Extinguishment Costs [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 48 | |||||||||||||
Restructuring and other related charges net of tax | 30 | |||||||||||||
Two Thousand And Twelve Organizational Restructuring Charges [Member] | EMEA Packaging Restructuring [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 17 | [6] | ||||||||||||
Restructuring and other related charges net of tax | 12 | [6] | ||||||||||||
Two Thousand And Twelve Organizational Restructuring Charges [Member] | Other Restructuring [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and other related charges | 0 | |||||||||||||
Restructuring and other related charges net of tax | $4 | |||||||||||||
[1] | Includes $464 million of accelerated depreciation, $24 million of inventory impairment charges, $26 million of severance charges and $40 million of other charges which are recorded in the Printing Papers segment. | |||||||||||||
[2] | Includes $15 million of severance charges. | |||||||||||||
[3] | Includes $73 million of accelerated depreciation and other non-cash charges, $42 million of severance charges and $3 million of other charges which are recorded in the Printing Papers segment. During 2013, the Company accelerated depreciation for certain Courtland assets, and diligently evaluated certain other assets for possible alternative uses by one of our other businesses. The net book value of these assets at December 31, 2013 was approximately $470 million. | |||||||||||||
[4] | Includes $39 million of accelerated depreciation charges, $2 million of severance charges and $4 million of other charges which are recorded in the Consumer Packaging segment. | |||||||||||||
[5] | Includes $2 million of severance charges. | |||||||||||||
[6] | Includes $17 million of severance charges. |
Restructuring_and_Other_Charge3
Restructuring and Other Charges Schedule of Restructuring and Related Costs (Footnotes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | $15 | ||
Assets | 28,684 | 31,528 | |
Courtland Mill Shutdown [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, accelerated depreciation | 464 | 73 | |
Restructuring and Related Cost, Inventory Impairment | 24 | ||
Severance costs | 26 | 42 | |
Other restructuring costs | 40 | 3 | |
Assets | 470 | ||
Augusta Mill Paper Machine Shutdown [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, accelerated depreciation | 39 | ||
Severance costs | 2 | ||
Other restructuring costs | 4 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 2 | ||
EMEA Packaging Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | $17 |
Restructuring_and_Other_Charge4
Restructuring and Other Charges (Rollforward Of Severance And Other Costs Tables) (Details) (Employee Severance And Other Cost [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Two Thousand And Fourteen Organizational Restructuring Charges [Member] | |||
Restructuring Reserve by Type of Cost [Line Items] | |||
Additions and adjustments | $41 | ||
Cash payments | -29 | ||
Ending balance | 12 | ||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||
Restructuring Reserve by Type of Cost [Line Items] | |||
Additions and adjustments | 46 | ||
Cash payments | -41 | -5 | |
Ending balance | 0 | ||
Two Thousand And Twelve Organizational Restructuring Charges [Member] | |||
Restructuring Reserve by Type of Cost [Line Items] | |||
Additions and adjustments | 17 | ||
Cash payments | -6 | -4 | -3 |
Ending balance | $4 |
Restructuring_and_Other_Charge5
Restructuring and Other Charges (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | $846 | $156 | $65 |
Severance charges | 15 | ||
Tax (expense)/benefit | -123 | 498 | -306 |
Cellulosic Bio-Fuel Tax Credit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Tax (expense)/benefit | 753 | ||
Two Thousand And Fourteen Organizational Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | 846 | ||
Restructuring and other related charges net of tax | 518 | ||
Severance charges | 41 | ||
Restructuring and related cost, expected number of positions eliminated | 957 | ||
Restructuring and related cost, number of positions eliminated | 788 | ||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | 156 | ||
Restructuring and other related charges net of tax | 98 | ||
Severance charges | 46 | ||
Restructuring and related cost, expected number of positions eliminated | 1,384 | ||
Restructuring and related cost, number of positions eliminated | 1,384 | ||
Two Thousand And Twelve Organizational Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | 65 | ||
Restructuring and other related charges net of tax | 46 | ||
Severance charges | $17 | ||
Restructuring and related cost, expected number of positions eliminated | 366 | ||
Restructuring and related cost, number of positions eliminated | 300 |
Acquisitions_And_Joint_Venture2
Acquisitions And Joint Ventures (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 02, 2013 | Jan. 14, 2013 | Feb. 13, 2012 |
In Millions, unless otherwise specified | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||||
Financial assets | $2,090 | ||||||
Goodwill | 3,773 | 3,987 | 4,315 | ||||
Financial liabilities | 2,030 | ||||||
Olmuksan Joint Venture [Member] | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||||
Cash and equivalents | 5 | ||||||
Receivables | 72 | ||||||
Inventory | 31 | ||||||
Other current assets | 2 | ||||||
Property, plant, and equipment | 106 | ||||||
Investments | 11 | ||||||
Assets | 227 | ||||||
Accounts payable | 27 | ||||||
Notes payable and current maturities of long-term debt | 17 | ||||||
Deferred tax liabilities noncurrent | 4 | ||||||
Postretirement and postemployment benefit obligation | 6 | ||||||
Liabilities | 54 | ||||||
Noncontrolling interest | 18 | ||||||
Net assets acquired less noncontrolling interest | 155 | ||||||
Orsa IP [Member] | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||||
Cash and equivalents | 16 | ||||||
Receivables | 5 | ||||||
Inventory | 27 | ||||||
Property, plant, and equipment | 290 | ||||||
Goodwill | 260 | ||||||
Intangible assets, other than goodwill | 110 | ||||||
Other long-term assets | 2 | ||||||
Assets | 710 | ||||||
Accounts payable | 68 | ||||||
Deferred tax liabilities noncurrent | 37 | ||||||
Liabilities | 105 | ||||||
Noncontrolling interest | 134 | ||||||
Net assets acquired less noncontrolling interest | 471 | ||||||
Temple Inland Inc [Member] | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||||
Receivables | 466 | ||||||
Inventory | 484 | ||||||
Deferred income tax assets | 140 | ||||||
Other current assets | 57 | ||||||
Property, plant, and equipment | 2,911 | ||||||
Financial assets | 2,091 | ||||||
Goodwill | 2,139 | ||||||
Intangible assets, other than goodwill | 693 | ||||||
Deferred charges and other assets | 54 | ||||||
Assets | 9,035 | ||||||
Accounts payable | 704 | ||||||
Notes payable and current maturities of long-term debt | 130 | ||||||
Long-term debt | 527 | ||||||
Financial liabilities | 2,030 | ||||||
Deferred tax liabilities noncurrent | 1,252 | ||||||
Pension benefit obligation | 338 | ||||||
Postretirement and postemployment benefit obligation | 99 | ||||||
Other noncurrent liabilities | 221 | ||||||
Liabilities | 5,301 | ||||||
Net assets acquired | $3,734 |
Acquisitions_And_Joint_Venture3
Acquisitions And Joint Ventures (Identifiable Intangible Assets Acquired In Connection With Acquisition) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2012 | Jan. 14, 2013 |
Orsa IP [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Intangible assets, other than goodwill | $110 | |||
Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Intangible assets, other than goodwill | 693 | |||
Customer Relationships [Member] | Orsa IP [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Estimated Fair Value | 88 | |||
Average Remaining Useful Life | 12 years | |||
Customer Relationships [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Estimated Fair Value | 536 | |||
Customer Relationships [Member] | Minimum [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Average Remaining Useful Life | 12 years | |||
Customer Relationships [Member] | Maximum [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Average Remaining Useful Life | 17 years | |||
Developed Technology Rights [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Estimated Fair Value | 8 | |||
Developed Technology Rights [Member] | Minimum [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Average Remaining Useful Life | 5 years | |||
Developed Technology Rights [Member] | Maximum [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Average Remaining Useful Life | 10 years | |||
Favorable Contracts [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Estimated Fair Value | 14 | |||
Favorable Contracts [Member] | Minimum [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Average Remaining Useful Life | 4 years | |||
Favorable Contracts [Member] | Maximum [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Average Remaining Useful Life | 7 years | |||
Non-Compete Agreement [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Estimated Fair Value | 26 | |||
Average Remaining Useful Life | 2 years | |||
Trademarks [Member] | Orsa IP [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Estimated Fair Value | 3 | |||
Average Remaining Useful Life | 6 years | |||
Wood Supply Agreement [Member] | Orsa IP [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Estimated Fair Value | 19 | |||
Average Remaining Useful Life | 25 years | |||
Trade Names [Member] | Temple Inland Inc [Member] | ||||
Finite-lived and Indefinite-Lived Intangible Assets Acquired as Part of a Business Combination [Line Items] | ||||
Estimated fair value of indefinite-lived intangible assets acquired | $109 |
Acquisitions_And_Joint_Venture4
Acquisitions And Joint Ventures (Pro Forma Information On Consolidated Results Of Operations Related To Acquisitions) (Details) (Temple Inland Inc [Member], USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 | |
Temple Inland Inc [Member] | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net sales | $28,125 | |
Earnings (loss) from continuing operations | 805 | [1] |
Net earnings (loss) (a) | $845 | [1] |
Diluted earnings (loss) from continuing operations per share | $1.82 | [1] |
Diluted net earnings (loss) per share (a) | $1.92 | [1] |
[1] | Attributable to International Paper Company common shareholders. |
Acquisitions_And_Joint_Venture5
Acquisitions And Joint Ventures (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 13, 2012 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Jan. 02, 2013 | Apr. 08, 2014 | Jan. 14, 2013 | |||
T | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Net bargain purchase gain on acquisition of business | $0 | $13 | $0 | ||||||||||||||||||
Acquisition of redeemable noncontrolling interest | 114 | 0 | 0 | ||||||||||||||||||
Redeemable noncontrolling interest | 0 | 163 | 0 | 163 | |||||||||||||||||
Reclassification from accumulated other comprehensive income, current period, net of tax | 225 | [1] | 317 | [1] | 182 | [1] | |||||||||||||||
Olmuksan Joint Venture [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 12.60% | 12.60% | |||||||||||||||||||
Percentage of interest acquired | 91.70% | 91.70% | 87.40% | ||||||||||||||||||
Payments to acquire businesses, gross | 56 | ||||||||||||||||||||
Equity interest in acquiree | 43.70% | 43.70% | 43.70% | ||||||||||||||||||
Fair value of equity interest in acquiree | 75 | ||||||||||||||||||||
Remeasurement gain | 9 | ||||||||||||||||||||
Foreign currency transaction gain (loss), realized | -17 | ||||||||||||||||||||
Net bargain purchase gain on acquisition of business | 21 | ||||||||||||||||||||
Net assets acquired less noncontrolling interest | 155 | ||||||||||||||||||||
Orsa IP [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ||||||||||||||||||||
Percentage of interest acquired | 75.00% | ||||||||||||||||||||
Payments to acquire businesses, gross | 127 | ||||||||||||||||||||
Acquisition of redeemable noncontrolling interest | 105 | ||||||||||||||||||||
FDIC Indemnification Asset, Acquisitions | 22 | ||||||||||||||||||||
Increase (Decrease) in Restricted Cash | 9 | -11 | |||||||||||||||||||
Redeemable noncontrolling interest | 163 | 168 | 168 | 163 | |||||||||||||||||
Reclassification from accumulated other comprehensive income, current period, net of tax | 14 | ||||||||||||||||||||
Net assets acquired less noncontrolling interest | 471 | ||||||||||||||||||||
Temple Inland Inc [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Payments to acquire businesses, gross | 3,700 | ||||||||||||||||||||
Outstanding common stock acquired, price per share | $32 | ||||||||||||||||||||
Acquisition of business, debt assumed | 700 | ||||||||||||||||||||
Mills required to be divested | 3 | ||||||||||||||||||||
Tons of aggregate capacity to be divested | 970,000 | ||||||||||||||||||||
Inventory write up | 20 | ||||||||||||||||||||
Inventory write up after taxes | 12 | ||||||||||||||||||||
Integration related costs | 16 | 62 | 164 | 1 | 2 | 1 | 12 | 12 | 24 | 14 | 12 | ||||||||||
Integration related costs, after taxes | 10 | 38 | 105 | 1 | 1 | 1 | 7 | 7 | 15 | 8 | 8 | ||||||||||
International Paper [Member] | Orsa IP [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Increase (Decrease) in Restricted Cash | $2 | ||||||||||||||||||||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. |
DivestituresSpinoff_Divestitur1
Divestitures/Spinoff Divestitures/Spinoff (Reconciliation of Major Line Items Constituting Pre-Tax Profit (Loss) of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||
Discontinued operations, net of taxes | ($9) | [1] | $16 | [2] | ($13) | [3] | ($7) | [4] | ($359) | [5] | ($5) | [6] | $27 | [7] | $28 | [8] | ($13) | [1],[2],[3],[4] | ($309) | [5],[6],[7],[8] | $77 |
Discontinued Operations [Member] | xpedx divestiture [Member] | |||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||
Net Sales | 2,604 | 5,597 | 5,981 | ||||||||||||||||||
Costs of products sold | 2,309 | 4,941 | 5,300 | ||||||||||||||||||
Selling and administrative expenses | 191 | 409 | 418 | ||||||||||||||||||
Depreciation, amortization and cost of timber harvested | 9 | 16 | 13 | ||||||||||||||||||
Distribution expense | 69 | 149 | 141 | ||||||||||||||||||
Restructuring and other charges | -11 | 18 | 16 | 8 | 11 | 3 | 25 | 54 | 44 | ||||||||||||
Impairment of goodwill and other intangibles | 0 | 400 | 0 | ||||||||||||||||||
Other expense | 3 | 7 | 8 | ||||||||||||||||||
Earnings (Loss) Before Income Tax and Equity Earnings | -2 | -379 | 57 | ||||||||||||||||||
Income tax provision (benefit) | -1 | -25 | 25 | ||||||||||||||||||
Discontinued operations, net of taxes | ($1) | ($354) | $32 | ||||||||||||||||||
[1] | Includes a pre-tax loss of $14 million ($9 million after taxes) related to the Building Products divestiture. | ||||||||||||||||||||
[2] | Includes a net pre-tax gain of $11 million ($14 million after taxes) for the recovery of costs related to the spin-off of the xpedx business and a $2 million tax benefit associated with the Building Products divestiture. | ||||||||||||||||||||
[3] | Includes the operating earnings of the xpedx business, a pre-tax charge of $18 million ($20 million after taxes) for costs associated with the spin-off of our xpedx operations, and a gain of $1 million (before and after taxes) related to the xpedx restructuring. | ||||||||||||||||||||
[4] | Includes the operating earnings of the xpedx business, a pre-tax charge of $16 million ($10 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $2 million ($0 million after taxes) for costs associated with the restructuring of our xpedx operations and a charge of $2 million (before and after taxes) for costs associated with the Building Products divestiture. | ||||||||||||||||||||
[5] | Includes the operating earnings of the xpedx business, a pre-tax charge of $8 million ($5 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $400 million ($366 million after taxes) for the impairment of goodwill in the Company's xpedx business, a net pre-tax loss of $2 million ($1 million after taxes) for costs associated with the restructuring of the xpedx operations, and a pre-tax gain of $18 million ($6 million after taxes) related to the Building Products divestiture. | ||||||||||||||||||||
[6] | Includes the operating earnings of the xpedx business, a pre-tax charge of $6 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $11 million ($7 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $24 million ($15 million after taxes) for costs associated with the Building Products divestiture. | ||||||||||||||||||||
[7] | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $17 million ($10 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $13 million ($8 million after taxes) for costs associated with the divestiture of Building Products. | ||||||||||||||||||||
[8] | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, and a pretax charge of $4 million ($3 million after taxes) for costs associated with the Building Products divestiture. |
DivestituresSpinoff_Narrative_
Divestitures/Spinoff (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Jul. 01, 2014 | Dec. 12, 2012 |
Facilities | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from divestiture of businesses | $411 | $0 | $0 | ||||||
Proceeds from divestiture of businesses, net of cash divested | 0 | 726 | 474 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | -12 | 45 | 45 | ||||||
Net (gains) losses on sales and impairments of businesses | 38 | 3 | 86 | ||||||
Veritiv [Member] | International Paper Employees [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Common stock, shares, issued | 8,160,000 | ||||||||
xpedx divestiture [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from divestiture of businesses | 411 | ||||||||
Cash provided by (used for) operating activities - discontinued operations | 29 | 81 | 81 | ||||||
Cash provided by (used for) investment activities - discontinued operations | 3 | 12 | -5 | ||||||
Temple Inland Building Products Business [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of facilities to be sold | 16 | ||||||||
Temple Inland Building Products Business [Member] | Deltic Timber Corporation (Deltic) [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal group, transfer of ownership interest | 50.00% | ||||||||
Proceeds from divestiture of businesses, net of cash divested | 20 | ||||||||
Temple Inland Building Products Business [Member] | Georgia-Pacific [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal of business, contractual sale price | 750 | ||||||||
Proceeds from divestiture of businesses, net of cash divested | 726 | ||||||||
ASG [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net (gains) losses on sales and impairments of businesses | 47 | ||||||||
Net (gains) losses on sales and impairments of businesses, net of tax | 36 | ||||||||
Containerboard Mills [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of facilities to be sold | 3 | ||||||||
Net (gains) losses on sales and impairments of businesses | 3 | -1 | |||||||
Net (gains) losses on sales and impairments of businesses, net of tax | 1 | 0 | |||||||
Hueneme Mill [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net (gains) losses on sales and impairments of businesses | 29 | ||||||||
Net (gains) losses on sales and impairments of businesses, net of tax | 55 | ||||||||
Impairment of long-lived assets to be disposed of | 62 | ||||||||
Impairment of long lived assets to be disposed of, net of tax | $38 |
Supplementary_Financial_Statem2
Supplementary Financial Statement Information (Temporary Investments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Supplementary Financial Statement Information [Abstract] | ||
Temporary Investments | $1,480 | $1,398 |
Supplementary_Financial_Statem3
Supplementary Financial Statement Information (Accounts And Notes Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | $3,083 | $3,756 |
Trade [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | 2,860 | 3,497 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | $223 | $259 |
Supplementary_Financial_Statem4
Supplementary Financial Statement Information (Inventories By Major Category) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Supplementary Financial Statement Information [Abstract] | ||
Raw materials | $494 | $372 |
Finished pulp, paper and packaging products | 1,273 | 1,834 |
Operating supplies | 562 | 572 |
Other | 95 | 47 |
Inventories | $2,424 | $2,825 |
Supplementary_Financial_Statem5
Supplementary Financial Statement Information (Plants, Properties And Equipment By Major Classification) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Gross cost | $33,068 | $33,746 |
Less: Accumulated depreciation | 20,340 | 20,074 |
Plants, properties and equipment, net | 12,728 | 13,672 |
Pulp, Paper and Packaging Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross cost | 31,805 | 32,268 |
Other Properties And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross cost | $1,263 | $1,478 |
Supplementary_Financial_Statem6
Supplementary Financial Statement Information (Schedule Of Depreciation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary Financial Statement Information [Abstract] | |||
Depreciation expense | $1,308 | $1,415 | $1,390 |
Supplementary_Financial_Statem7
Supplementary Financial Statement Information (Cash Payments Related To Interest) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary Financial Statement Information [Abstract] | |||
Interest payments | $718 | $751 | $740 |
Supplementary_Financial_Statem8
Supplementary Financial Statement Information (Schedule Of Interest Income And Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary Financial Statement Information [Abstract] | |||
Interest expense | $677 | $669 | $742 |
Interest income | 70 | 57 | 71 |
Capitalized interest costs | $23 | $17 | $37 |
Supplementary_Financial_Statem9
Supplementary Financial Statement Information Supplementary Financial Statement Information (Interest Income and Interest Expense (Footnotes) (Details) (Variable Interest Entity, Not Primary Beneficiary [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Interest Income and Interest Expense [Line Items] | |||
Interest expense and interest income excluded, amount | $38 | $45 | $49 |
Recovered_Sheet1
Supplementary Financial Statement Information (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Supplementary Financial Statement Information [Abstract] | ||
Percentage of inventories valued using last-in, first-out inventory method | 66.00% | |
Excess of replacement or current costs over stated LIFO value | $334 | $417 |
Goodwill_And_Other_Intangibles2
Goodwill And Other Intangibles (Changes In Goodwill Balances) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Goodwill [Roll Forward] | |||||||
Goodwill | $7,928 | $7,744 | |||||
Accumulated impairment losses | -3,941 | [1] | -3,429 | [1] | |||
Reclassifications and other | -94 | [2] | -88 | [2] | |||
Additions/reductions | -20 | 272 | |||||
Impairment of goodwill and other intangibles | -100 | -512 | |||||
Write off of goodwill | -400 | ||||||
Write off of accumulated impairment loss | 400 | ||||||
Total | 3,773 | 3,987 | 3,773 | 3,987 | 4,315 | ||
Industrial Packaging [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill | 3,430 | 3,165 | |||||
Accumulated impairment losses | 0 | [1] | 0 | [1] | |||
Reclassifications and other | -34 | [2] | -28 | [2] | |||
Additions/reductions | 0 | [3] | 293 | [4] | |||
Impairment of goodwill and other intangibles | -100 | 0 | -100 | ||||
Write off of goodwill | 0 | ||||||
Write off of accumulated impairment loss | 0 | ||||||
Total | 3,296 | 3,430 | 3,296 | 3,430 | 3,165 | ||
Printing Papers [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill | 2,311 | 2,396 | |||||
Accumulated impairment losses | -1,877 | [1] | -1,765 | [1] | |||
Reclassifications and other | -57 | [2] | -63 | [2] | |||
Additions/reductions | -20 | [3] | -22 | [3] | |||
Impairment of goodwill and other intangibles | 0 | -112 | [5] | ||||
Write off of goodwill | 0 | ||||||
Write off of accumulated impairment loss | 0 | ||||||
Total | 357 | 434 | 357 | 434 | 631 | ||
Consumer Packaging [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill | 1,787 | 1,783 | |||||
Accumulated impairment losses | -1,664 | [1] | -1,664 | [1] | |||
Reclassifications and other | -3 | [2] | 3 | [2] | |||
Additions/reductions | 0 | 1 | |||||
Impairment of goodwill and other intangibles | 0 | 0 | |||||
Write off of goodwill | 0 | ||||||
Write off of accumulated impairment loss | 0 | ||||||
Total | 120 | 123 | 120 | 123 | 119 | ||
Distribution [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill | 400 | 400 | |||||
Accumulated impairment losses | -400 | [1] | 0 | [1] | |||
Reclassifications and other | 0 | [2] | 0 | [2] | |||
Additions/reductions | 0 | 0 | |||||
Impairment of goodwill and other intangibles | 0 | -400 | [5] | -400 | |||
Write off of goodwill | -400 | ||||||
Write off of accumulated impairment loss | 400 | ||||||
Total | $0 | $0 | $0 | $0 | $400 | ||
[1] | Represents accumulated goodwill impairment charges since the adoption of ASC 350, “Intangibles – Goodwill and Other†in 2002. | ||||||
[2] | Represents the effects of foreign currency translations and reclassifications. | ||||||
[3] | Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. | ||||||
[4] | Reflects $260 million for Orsa IP, the newly formed joint venture in Brazil and the adjustment of $54 million ($33 million after-tax) previously included as a trade name intangible asset in Deferred Charges and Other Assets on the balance sheet. | ||||||
[5] | Represents the impairment of goodwill for the India Papers business and xpedx. |
Goodwill_And_Other_Intangibles3
Goodwill And Other Intangibles Goodwill And Other Intangibles (Changes in Goodwill Balances (Footnotes) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 14, 2013 | Feb. 13, 2012 | |
Goodwill [Line Items] | ||||||
Goodwill impairment loss | $100 | $512 | ||||
Goodwill | 3,773 | 3,987 | 4,315 | |||
Goodwill, period increase (decrease), net of tax | -20 | 272 | ||||
S C A Packaging Asia [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | 100 | [1] | ||||
Orsa IP [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 260 | |||||
Temple Inland Inc [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 2,139 | |||||
Goodwill, period increase (decrease) | 54 | |||||
Goodwill, period increase (decrease), net of tax | $33 | |||||
[1] | Reflects a charge of $100 million for goodwill impairment related to our Asia Industrial Packaging business. |
Goodwill_And_Other_Intangibles4
Goodwill And Other Intangibles (Identifiable Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Finite and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite and indefinite-lived intangible assets | $848 | $920 | |
Accumulated Amortization | 309 | 272 | |
Customer-Related Intangible Assets [Member] | |||
Finite and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived intangible assets | 561 | 602 | |
Accumulated Amortization | 157 | 139 | |
Noncompete Agreements [Member] | |||
Finite and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived intangible assets | 74 | 76 | [1] |
Accumulated Amortization | 53 | 46 | |
Intellectual Property [Member] | |||
Finite and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite and indefinite-lived intangible assets | 61 | 67 | |
Accumulated Amortization | 44 | 33 | |
Use Rights [Member] | |||
Finite and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite and indefinite-lived intangible assets | 81 | 76 | |
Accumulated Amortization | 9 | 5 | |
Fuel And Power Agreements [Member] | |||
Finite and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived intangible assets | 5 | 7 | |
Accumulated Amortization | 3 | 2 | |
Computer Software, Intangible Asset [Member] | |||
Finite and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived intangible assets | 23 | 17 | |
Accumulated Amortization | 22 | 15 | |
Other Intangible Assets [Member] | |||
Finite and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount, finite-lived intangible assets | 43 | 75 | |
Accumulated Amortization | $21 | $32 | |
[1] | Includes $15 million recorded to write-off a tradename intangible asset of the Company's India Papers business. This amount is included in Impairment of goodwill and other intangibles in the accompanying consolidated statement of operations. |
Goodwill_And_Other_Intangibles5
Goodwill And Other Intangibles Goodwill And Other Intangibles (Identifiable Intangible Assets (Footnotes) (Details) (Printing Papers [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Printing Papers [Member] | |
Finite and Indefinite-Lived Intangible Assets [Line Items] | |
Impairment of Intangible Assets, Finite-lived | $15 |
Goodwill_And_Other_Intangibles6
Goodwill And Other Intangibles (Amortization Expense Of Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $73 | $79 | $54 |
Goodwill_And_Other_Intangibles7
Goodwill And Other Intangibles (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Goodwill | $7,928 | $7,744 | ||||||||
Accumulated impairment losses | 3,641 | [1] | 3,941 | [1] | 3,941 | [1] | 3,641 | [1] | 3,429 | [1] |
Impairment of goodwill and other intangibles | -100 | -512 | ||||||||
Intangibles subject to amortization, estimated amortization expense, next 12 months | 64 | 64 | ||||||||
Intangibles subject to amortization, estimated amortization expense, year 2 | 55 | 55 | ||||||||
Intangibles subject to amortization, estimated amortization expense, year 3 | 52 | 52 | ||||||||
Intangibles subject to amortization, estimated amortization expense, year 4 | 47 | 47 | ||||||||
Intangibles subject to amortization, estimated amortization expense, year 5 | 46 | 46 | ||||||||
Intangibles subject to amortization, estimated amortization expense cumulatively thereafter | 275 | 275 | ||||||||
Printing Papers [Member] | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Goodwill | 2,311 | 2,396 | ||||||||
Accumulated impairment losses | 1,877 | [1] | 1,877 | [1] | 1,877 | [1] | 1,877 | [1] | 1,765 | [1] |
Impairment of goodwill and other intangibles | 0 | -112 | [2] | |||||||
Distribution [Member] | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Goodwill | 400 | 400 | ||||||||
Accumulated impairment losses | 0 | [1] | 400 | [1] | 400 | [1] | 0 | [1] | 0 | [1] |
Impairment of goodwill and other intangibles | 0 | -400 | [2] | -400 | ||||||
Industrial Packaging [Member] | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Goodwill | 3,430 | 3,165 | ||||||||
Accumulated impairment losses | 100 | [1] | 0 | [1] | 0 | [1] | 100 | [1] | 0 | [1] |
Impairment of goodwill and other intangibles | ($100) | $0 | ($100) | |||||||
[1] | Represents accumulated goodwill impairment charges since the adoption of ASC 350, “Intangibles – Goodwill and Other†in 2002. | |||||||||
[2] | Represents the impairment of goodwill for the India Papers business and xpedx. |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Before Income Tax, Domestic and Foreign) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
U.S. | $565 | $775 | $419 | ||||||||||||||||||
Foreign | 307 | 453 | 548 | ||||||||||||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY EARNINGS | $307 | [1] | $552 | [2] | $152 | [3] | ($139) | [4] | $239 | [5] | $403 | [6] | $359 | [7] | $227 | [8] | $872 | [1],[2],[3],[4] | $1,228 | [5],[6],[7],[8] | $967 |
[1] | Includes a charge of $100 million (before and after taxes) for a goodwill impairment charge related to our Asian Industrial Packaging business, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for integration costs associated with our Brazil Packaging business, a pre-tax charge of $47 million ($36 million after taxes) for a loss on the sale of a business by ASG in which we hold an investment, and the resulting impairment of our ASG investment, a pre-tax gain of $9 million ($5 million after taxes) related to the sale of an investment, and a net pre-tax charge of $5 million ($3 million after taxes) for other items. | ||||||||||||||||||||
[2] | Includes a pre-tax charge of $5 million ($3 million after taxes) for a refund of previously claimed state tax credits, a gain of $20 million (before and after taxes) for the resolution of a legal contingency in India, a pre-tax charge of $35 million ($21 million after taxes) for costs associated with a multi-employer pension plan withdrawal liability, a pre-tax charge of $32 million ($17 million after taxes) for costs associated with a foreign tax amnesty program, a pre-tax charge of $13 million ($8 million after taxes) for debt extinguishment costs, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the shutdown of our Courtland mill, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $5 million ($3 million after taxes) for costs associated with the restructuring of the Company's Packaging business in Europe, and a net pre-tax loss of $3 million ($2 million after taxes) for other items. | ||||||||||||||||||||
[3] | Includes a pre-tax charge of $2 million ($1 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $49 million ($30 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $7 million ($5 million after taxes) associated with our Brazil Packaging business and net charges of $3 million (before and after taxes) for other items. | ||||||||||||||||||||
[4] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $495 million ($302 million after taxes) for costs associated with the shutdown of our Courtland mill, and a pre-tax charge of $4 million ($3 million after taxes) for other items. | ||||||||||||||||||||
[5] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $67 million ($41 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for costs associated with the restructuring of the Asia Box operations, a pre-tax charge of $127 million ($122 million after taxes) for the impairment of goodwill and a trade name intangible asset of the Company's India Papers business, a pre- tax charge of $2 million ($1 million after taxes) for an adjustment associated with the Company's divestiture of the Shorewood operations, and a net pre-tax gain of $2 million ($0 million after taxes) for other items. | ||||||||||||||||||||
[6] | Includes a pre-tax charge of $24 million ($15 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $51 million ($31 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $15 million ($9 million after taxes) for debt extinguishment costs, a pre-tax gain of $9 million ($6 million after taxes) associated with the sale of the Bellevue box plant facility which was closed in 2010, a pre-tax charge of $1 million ($0 million after taxes) for costs associated with the divestiture of three containerboard mills in 2012 and charges of $2 million (before and after taxes) for other items. | ||||||||||||||||||||
[7] | Includes a pre-tax charge of $6 million ($4 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax charge of $14 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $9 million ($5 million after taxes) to adjust the value of two Company airplanes to market value, a pre-tax gain of $30 million ($19 million after taxes) for insurance reimbursements related to the 2012 Guaranty Bank legal settlement, a pre-tax charge of $3 million ($2 million after taxes) for debt extinguishment costs, a gain of $13 million (before and after taxes) related to a bargain purchase adjustment on the first-quarter 2013 acquisition of a majority share of our operations in Turkey, and charges of $3 million (before and after taxes) for other items. | ||||||||||||||||||||
[8] | Includes a pre-tax charge of $12 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $44 million ($27 million after taxes) for costs associated with the permanent shutdown of a paper machine at our Augusta mill, a pre-tax charge of $6 million ($4 million after taxes) for debt extinguishment costs, interest income of $6 million ($4 million after taxes) related to the closing of a U.S. federal income tax audit, and pre-tax charges of $2 million ($1 million after taxes) for other items. |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current tax provision (benefit), U.S. federal | $175 | ($663) | ($3) |
Current tax provision (benefit), U.S. state and local | 9 | -98 | 12 |
Current tax provision (benefit), Non-U.S. | 74 | 95 | 100 |
Current tax provision (benefit), total | 258 | -666 | 109 |
Deferred tax provision (benefit), U.S. federal | -67 | 206 | 220 |
Deferred tax provision (benefit), U.S. state and local | 5 | -18 | 5 |
Deferred tax provision (benefit), Non-U.S. | -73 | -20 | -28 |
Deferred income tax provision (benefit), net | -135 | 168 | 197 |
Income tax provision (benefit) | $123 | ($498) | $306 |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $307 | [1] | $552 | [2] | $152 | [3] | ($139) | [4] | $239 | [5] | $403 | [6] | $359 | [7] | $227 | [8] | $872 | [1],[2],[3],[4] | $1,228 | [5],[6],[7],[8] | $967 |
Statutory U.S. income tax rate | 35.00% | 35.00% | 35.00% | ||||||||||||||||||
Tax expense (benefit) using statutory U.S. income tax rate | 305 | 430 | 338 | ||||||||||||||||||
State and local income taxes | 10 | -2 | 9 | ||||||||||||||||||
Tax rate and permanent differences on non-U.S. earnings | -72 | -90 | -116 | ||||||||||||||||||
Net U.S. tax on non-U.S. dividends | 16 | -15 | 48 | ||||||||||||||||||
Tax benefit on manufacturing activities | -46 | -27 | -15 | ||||||||||||||||||
Non-deductible business expenses | 7 | 4 | 7 | ||||||||||||||||||
Non-deductible goodwill | 35 | 37 | 34 | ||||||||||||||||||
Effective income tax rate reconciliation, tax settlement, domestic, amount | 0 | -770 | 0 | ||||||||||||||||||
Subsidiary liquidation | -85 | 0 | 0 | ||||||||||||||||||
Retirement plan dividends | -5 | -5 | -5 | ||||||||||||||||||
Effective income tax rate reconciliation, tax settlement, amount | -30 | 0 | -33 | 0 | |||||||||||||||||
Tax credits | -34 | -23 | 0 | ||||||||||||||||||
Medicare subsidy | 0 | 0 | 5 | ||||||||||||||||||
Other, net | -8 | -4 | 1 | ||||||||||||||||||
Income tax provision (benefit) | $123 | ($498) | $306 | ||||||||||||||||||
Effective income tax rate | 14.00% | -41.00% | 32.00% | ||||||||||||||||||
[1] | Includes a charge of $100 million (before and after taxes) for a goodwill impairment charge related to our Asian Industrial Packaging business, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for integration costs associated with our Brazil Packaging business, a pre-tax charge of $47 million ($36 million after taxes) for a loss on the sale of a business by ASG in which we hold an investment, and the resulting impairment of our ASG investment, a pre-tax gain of $9 million ($5 million after taxes) related to the sale of an investment, and a net pre-tax charge of $5 million ($3 million after taxes) for other items. | ||||||||||||||||||||
[2] | Includes a pre-tax charge of $5 million ($3 million after taxes) for a refund of previously claimed state tax credits, a gain of $20 million (before and after taxes) for the resolution of a legal contingency in India, a pre-tax charge of $35 million ($21 million after taxes) for costs associated with a multi-employer pension plan withdrawal liability, a pre-tax charge of $32 million ($17 million after taxes) for costs associated with a foreign tax amnesty program, a pre-tax charge of $13 million ($8 million after taxes) for debt extinguishment costs, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the shutdown of our Courtland mill, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $5 million ($3 million after taxes) for costs associated with the restructuring of the Company's Packaging business in Europe, and a net pre-tax loss of $3 million ($2 million after taxes) for other items. | ||||||||||||||||||||
[3] | Includes a pre-tax charge of $2 million ($1 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $49 million ($30 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $7 million ($5 million after taxes) associated with our Brazil Packaging business and net charges of $3 million (before and after taxes) for other items. | ||||||||||||||||||||
[4] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $495 million ($302 million after taxes) for costs associated with the shutdown of our Courtland mill, and a pre-tax charge of $4 million ($3 million after taxes) for other items. | ||||||||||||||||||||
[5] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $67 million ($41 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for costs associated with the restructuring of the Asia Box operations, a pre-tax charge of $127 million ($122 million after taxes) for the impairment of goodwill and a trade name intangible asset of the Company's India Papers business, a pre- tax charge of $2 million ($1 million after taxes) for an adjustment associated with the Company's divestiture of the Shorewood operations, and a net pre-tax gain of $2 million ($0 million after taxes) for other items. | ||||||||||||||||||||
[6] | Includes a pre-tax charge of $24 million ($15 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $51 million ($31 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $15 million ($9 million after taxes) for debt extinguishment costs, a pre-tax gain of $9 million ($6 million after taxes) associated with the sale of the Bellevue box plant facility which was closed in 2010, a pre-tax charge of $1 million ($0 million after taxes) for costs associated with the divestiture of three containerboard mills in 2012 and charges of $2 million (before and after taxes) for other items. | ||||||||||||||||||||
[7] | Includes a pre-tax charge of $6 million ($4 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax charge of $14 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $9 million ($5 million after taxes) to adjust the value of two Company airplanes to market value, a pre-tax gain of $30 million ($19 million after taxes) for insurance reimbursements related to the 2012 Guaranty Bank legal settlement, a pre-tax charge of $3 million ($2 million after taxes) for debt extinguishment costs, a gain of $13 million (before and after taxes) related to a bargain purchase adjustment on the first-quarter 2013 acquisition of a majority share of our operations in Turkey, and charges of $3 million (before and after taxes) for other items. | ||||||||||||||||||||
[8] | Includes a pre-tax charge of $12 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $44 million ($27 million after taxes) for costs associated with the permanent shutdown of a paper machine at our Augusta mill, a pre-tax charge of $6 million ($4 million after taxes) for debt extinguishment costs, interest income of $6 million ($4 million after taxes) related to the closing of a U.S. federal income tax audit, and pre-tax charges of $2 million ($1 million after taxes) for other items. |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Postretirement benefit accruals | $189 | $193 |
Pension obligations | 1,517 | 725 |
Alternative minimum and other tax credits | 342 | 515 |
Net operating and capital loss carryforwards | 672 | 610 |
Compensation reserves | 280 | 281 |
Other | 266 | 284 |
Gross deferred income tax assets | 3,266 | 2,608 |
Less: valuation allowance | -415 | -413 |
Net deferred income tax asset | 2,851 | 2,195 |
Deferred tax liabilities, intangible assets | -316 | -304 |
Plants, properties and equipment | -2,707 | -2,919 |
Forestlands and related installment sales | -2,290 | -2,307 |
Gross deferred income tax liabilities | -5,313 | -5,530 |
Net deferred income tax liability | ($2,462) | ($3,335) |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Rollforward) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | ($161) | ($972) | ($857) |
(Additions) reductions based on tax positions related to current year | -15 | -22 | 12 |
Additions for tax positions of prior years | -1 | -29 | -140 |
Reductions for tax positions of prior years | 9 | 824 | 6 |
Settlements | 0 | 26 | 2 |
Expiration of statutes of limitations | 2 | 11 | 7 |
Currency translation adjustment | 8 | 1 | -2 |
Balance at December 31 | ($158) | ($161) | ($972) |
Income_Taxes_Schedule_of_Compo1
Income Taxes (Schedule of Components of Net Provisions Related To Special Items) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Tax Special Items [Line Items] | ||||||
Income tax provision (benefit) related to special items | ($453) | ($869) | ($63) | |||
Special Items [Member] | ||||||
Tax Special Items [Line Items] | ||||||
Income tax provision (benefit) related to special items | -372 | -95 | -82 | |||
Internal Restructuring [Member] | ||||||
Tax Special Items [Line Items] | ||||||
Income tax provision (benefit) related to special items | -90 | -4 | 14 | -90 | 2 | |
Settlement with Taxing Authority [Member] | ||||||
Tax Special Items [Line Items] | ||||||
Income tax provision (benefit) related to special items | 10 | -770 | 0 | 10 | ||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Tax Special Items [Line Items] | ||||||
Income tax provision (benefit) related to special items | 0 | 0 | 5 | |||
Tax Adjustments, Settlements, Unusual Provisions [Member] | ||||||
Tax Special Items [Line Items] | ||||||
Income tax provision (benefit) related to special items | ($1) | $0 | $0 |
Income_Taxes_Summary_of_Operat
Income Taxes (Summary of Operating Loss And Tax Credit Carryforwards) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | $1,211 |
Two Thousand Fifteen Through Two Thousand Twenty Four [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | 372 |
Two Thousand Twenty Five Through Two Thousand Thirty Four [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | 102 |
Indefinite Life [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | 737 |
U.S. Federal, Non-U.S. and State and Local Jurisdiction [Member] | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 444 |
U.S. Federal, Non-U.S. and State and Local Jurisdiction [Member] | Two Thousand Fifteen Through Two Thousand Twenty Four [Member] | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 146 |
U.S. Federal, Non-U.S. and State and Local Jurisdiction [Member] | Two Thousand Twenty Five Through Two Thousand Thirty Four [Member] | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 23 |
U.S. Federal, Non-U.S. and State and Local Jurisdiction [Member] | Indefinite Life [Member] | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 275 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 216 |
State and Local Jurisdiction [Member] | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 58 |
State and Local Jurisdiction [Member] | Two Thousand Fifteen Through Two Thousand Twenty Four [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 140 |
State and Local Jurisdiction [Member] | Two Thousand Fifteen Through Two Thousand Twenty Four [Member] | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 58 |
State and Local Jurisdiction [Member] | Two Thousand Twenty Five Through Two Thousand Thirty Four [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 76 |
State and Local Jurisdiction [Member] | Two Thousand Twenty Five Through Two Thousand Thirty Four [Member] | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 0 |
State and Local Jurisdiction [Member] | Indefinite Life [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
State and Local Jurisdiction [Member] | Indefinite Life [Member] | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 0 |
U.S. Federal and Non-U.S. Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 493 |
U.S. Federal and Non-U.S. Jurisdiction [Member] | Two Thousand Fifteen Through Two Thousand Twenty Four [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 28 |
U.S. Federal and Non-U.S. Jurisdiction [Member] | Two Thousand Twenty Five Through Two Thousand Thirty Four [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 3 |
U.S. Federal and Non-U.S. Jurisdiction [Member] | Indefinite Life [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $462 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | |||||||
Deferred tax liabilities, other | $2,300,000,000 | $2,300,000,000 | |||||
Tax adjustments, settlements, and unusual provisions | 0 | -775,000,000 | 0 | ||||
Unrecognized Tax Benefits | -158,000,000 | -161,000,000 | -972,000,000 | -158,000,000 | -857,000,000 | ||
Deferred income tax provision (benefit) for the effect of changes in non-U.S. and U.S. state tax rates | -13,000,000 | 7,000,000 | 25,000,000 | ||||
Income tax payments, net of refunds | 172,000,000 | 291,000,000 | 95,000,000 | ||||
Deferred tax assets, other | 266,000,000 | 284,000,000 | 266,000,000 | ||||
Valuation allowance for deferred tax assets | 415,000,000 | 413,000,000 | 415,000,000 | ||||
Valuation allowance, deferred tax asset, increase (decrease) | 2,000,000 | ||||||
Tax positions for which the ultimate benefits are highly certain, but for which there is uncertainty about the timing of such benefits | 5,000,000 | 5,000,000 | |||||
Accrual for the payment of estimated interest and penalties associated with unrecognized tax benefits | 41,000,000 | 54,000,000 | 41,000,000 | ||||
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities | 0 | 26,000,000 | 2,000,000 | ||||
Income tax provision (benefit) related to special items | -453,000,000 | -869,000,000 | -63,000,000 | ||||
Income tax provision excluding the impact special items | 659,000,000 | 497,000,000 | 415,000,000 | ||||
Income tax provision (benefit) excluding the impact of special items as a percentage of pre-tax earnings before equity earnings | 31.00% | 26.00% | 28.00% | ||||
Undistributed earnings of foreign subsidiaries | 5,200,000,000 | 5,100,000,000 | 4,700,000,000 | 5,200,000,000 | |||
Income tax provision (benefit) | 123,000,000 | -498,000,000 | 306,000,000 | ||||
FY 2013 [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax provision (benefit) | -32,000,000 | ||||||
Timing of benefits [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Unrecognized Tax Benefits | 1,000,000 | 1,000,000 | 14,000,000 | 1,000,000 | |||
Brazil [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Tax adjustments, settlements, and unusual provisions | 22,000,000 | ||||||
Tax adjustments, settlements, and unusual provisions, net of tax | 11,000,000 | ||||||
Domestic Tax Authority [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities | 844,000,000 | ||||||
Internal Restructuring [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax provision (benefit) related to special items | -90,000,000 | -4,000,000 | 14,000,000 | -90,000,000 | 2,000,000 | ||
Two Thousand And Six Financing Entities [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Deferred tax liabilities, other | 1,400,000,000 | 1,400,000,000 | |||||
Two Thousand Seven Monetized Notes [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Deferred tax liabilities, other | $840,000,000 | $840,000,000 |
Commitments_And_Contingent_Lia2
Commitments And Contingent Liabilities (Future Minimum Commitments Under Existing Non-Cancelable Operating Leases And Purchase Obligations) (Details) (USD $) | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Lease obligations, 2015 | $142,000,000 |
Lease obligations, 2016 | 106,000,000 |
Lease obligations, 2017 | 84,000,000 |
Lease obligations, 2018 | 63,000,000 |
Lease obligations, 2019 | 45,000,000 |
Lease obligations, Thereafter | 91,000,000 |
Purchase obligations, 2015 | 3,266,000,000 |
Purchase obligations, 2016 | 761,000,000 |
Purchase obligations, 2017 | 583,000,000 |
Purchase obligations, 2018 | 463,000,000 |
Purchase obligations, 2019 | 422,000,000 |
Purchase obligations, Thereafter | 1,690,000,000 |
Contractual Obligation, Due in Next Twelve Months | 3,408,000,000 |
Total, 2015 | 867,000,000 |
Total, 2016 | 667,000,000 |
Total, 2017 | 526,000,000 |
Total, 2018 | 467,000,000 |
Total, Thereafter | 1,781,000,000 |
Fiber supply agreements | $2,300,000,000 |
Commitments_And_Contingent_Lia3
Commitments And Contingent Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | Sep. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2011 | |
Commitments and Contingent Liabilities [Line Items] | ||||||||
Rent expense | $154,000,000 | $168,000,000 | $185,000,000 | |||||
Accrual for environmental loss contingencies | 95,000,000 | |||||||
Environmental remediation on closed or formerly-owned facilities, recorded as liabilities in balance sheet | 41,000,000 | |||||||
Tax adjustments, settlements, and unusual provisions | 0 | -775,000,000 | 0 | |||||
Kleen Products Llc Versus Packaging Corp Of America [Member] | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Loss contingency, new claims filed, number | 4 | |||||||
Loss contingency, number of defendants | 8 | |||||||
Cass Lake Minnesota [Member] | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Accrual for environmental loss contingencies | 50,000,000 | 46,000,000 | ||||||
Environmental remediation expense | 6,000,000 | |||||||
Kalamazoo River Superfund Site [Member] | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Loss contingency, damages sought, value | 19,000,000 | |||||||
Kalamazoo River Superfund Site [Member] | Georgia-Pacific Consumer Products LP, Fort James Corporation and Georgia Pacific LLC Cost Recovery Action [Member] | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Loss contingency, damages sought, value | 79,000,000 | |||||||
Harris County San Jacinto River Superfund Site [Member] | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Loss contingency, number of plaintiffs | 400 | |||||||
Minimum [Member] | Harris County San Jacinto River Superfund Site [Member] | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Loss contingency, damages sought, value per day | 50 | |||||||
Maximum [Member] | Harris County San Jacinto River Superfund Site [Member] | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Loss contingency, damages sought, value per day | 25,000 | |||||||
Brazil [Member] | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Tax adjustments, settlements, and unusual provisions | 22,000,000 | |||||||
Tax adjustments, settlements, and unusual provisions, net of tax | $11,000,000 |
Variable_Interest_Entities_And2
Variable Interest Entities And Preferred Securities Of Subsidiaries (Activity Between Company And Entities) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Entities [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Revenue | $38 | [1] | $45 | [1] | $49 | [1] |
Expense | 72 | [1] | 79 | [1] | 90 | [1] |
Cash receipts | 22 | [2] | 33 | [2] | 36 | [2] |
Cash payments | 73 | [3] | 84 | [3] | 87 | [3] |
Two Thousand Seven Monetized Notes [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Revenue | 26 | [4] | 27 | [4] | 28 | [4] |
Expense | 25 | [5] | 29 | [5] | 28 | [5] |
Cash receipts | 7 | [6] | 8 | [6] | 12 | [6] |
Cash payments | $18 | [7] | $21 | [7] | $22 | [7] |
[1] | The net expense related to the Company’s interest in the Entities is included in Interest expense, net in the accompanying consolidated statement of operations, as International Paper has and intends to effect its legal right to offset as discussed above. | |||||
[2] | The cash receipts are equity distributions from the Entities to International Paper. | |||||
[3] | The semi-annual payments are related to interest on the associated debt obligations discussed above. | |||||
[4] | The revenue is included in Interest expense, net in the accompanying consolidated statement of operations and includes approximately $19 million, $19 million and $17 million for the years ended December 31, 2014, 2013 and 2012, respectively, of accretion income for the amortization of the purchase accounting adjustment of the Financial assets of special purpose entities. | |||||
[5] | The expense is included in Interest expense, net in the accompanying consolidated statement of operations and includes $7 million, $7 million and $6 million for the years ended December 31, 2014, 2013 and 2012, respectively, of accretion expense for the amortization of the purchase accounting adjustment on the Nonrecourse financial liabilities of special purpose entities. | |||||
[6] | The cash receipts are interest received on the Financial assets of special purpose entities. | |||||
[7] | The cash payments are interest paid on Nonrecourse financial liabilities of special purpose entities. |
Variable_Interest_Entities_And3
Variable Interest Entities And Preferred Securities Of Subsidiaries (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | |||||||
Oct. 31, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2006 | Dec. 31, 2012 | 31-May-02 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2007 | Mar. 27, 2013 | Mar. 30, 2003 | |
acre | acre | |||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Forestlands average sales | 1,550,000 | |||||||||||
International Paper debt obligations held by the Entities | $5,300,000,000 | |||||||||||
Long-term debt | 8,631,000,000 | 8,827,000,000 | ||||||||||
Short-term debt | 742,000,000 | 661,000,000 | ||||||||||
Deferred tax liabilities, other | 2,300,000,000 | |||||||||||
Letters of credit issued | 2,380,000,000 | |||||||||||
The percent of letters of credit supporting Timber Notes and Monetized Note that are cash collateralized | 100.00% | |||||||||||
Financial assets | 2,090,000,000 | |||||||||||
Notes receivable, fair value disclosure | 2,270,000,000 | 2,620,000,000 | ||||||||||
Long-term debt | 2,140,000,000 | |||||||||||
Financial liabilities | 2,030,000,000 | |||||||||||
Long-term debt, fair value | 2,160,000,000 | 2,490,000,000 | ||||||||||
Accretion income for amortization of purchase accounting adjustment for financial assets | 19,000,000 | 19,000,000 | 17,000,000 | |||||||||
Accretion expense for amortization of purchase accounting adjustment, financial liabiities | 7,000,000 | 7,000,000 | 6,000,000 | |||||||||
Distributions under preferred securities | 1,000,000 | 6,000,000 | ||||||||||
Entities [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Forestlands average sales | 5,600,000 | |||||||||||
Amount of consideration received | 4,800,000,000 | |||||||||||
Contribution of Class A interests in the Borrower Entities to other newly formed entities in December 2006 | 200,000,000 | |||||||||||
Contribution of International Paper promissory notes to other newly formed entities | 400,000,000 | |||||||||||
Letters of credit downgrade period of replacement | 60 days | |||||||||||
Deferred tax liabilities, other | 1,400,000,000 | |||||||||||
B N P Paribas [Member] | Entities [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Letters of credit issued | 707,000,000 | 707,000,000 | ||||||||||
Number of days notice to terminate replacement waiver | 30 days | |||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Amount of consideration received | 2,380,000,000 | |||||||||||
Entities acquired International Paper debt obligations for cash | 4,800,000,000 | |||||||||||
International Paper debt obligations held by the Entities | 5,200,000,000 | |||||||||||
Long-term debt | 50,000,000 | 67,000,000 | ||||||||||
Short-term debt | 107,000,000 | 79,000,000 | ||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Class B Interest In Entities [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Interests held in entities in December 2006 | 5,200,000,000 | 5,000,000,000 | ||||||||||
International Paper debt obligations held by the Entities | 5,300,000,000 | |||||||||||
Royal Bank Of Scotland Group Plc [Member] | Entities [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Letters of credit issued | 1,500,000,000 | 1,500,000,000 | ||||||||||
Replacement fees incurred | 10,000,000 | |||||||||||
Two Thousand Two Financing Entities [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Entities acquired International Paper debt obligations for cash | 500,000,000 | |||||||||||
Long term notes maturity term | 10 years | |||||||||||
Transferred notes (the Monetized Notes) and cash to entities in exchange for preferred interests | 500,000,000 | |||||||||||
Amount of consideration received from sale of notes | 252,000,000 | |||||||||||
Two Thousand Seven Monetized Notes [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Letters of credit downgrade period of replacement | 30 days | |||||||||||
Deferred tax liabilities, other | 840,000,000 | |||||||||||
Two Thousand Seven Monetized Notes [Member] | Societe Generale SA [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Letters of credit issued | 1,000,000,000 | 1,000,000,000 | ||||||||||
Replacement fees incurred | 8,000,000 | |||||||||||
Redeemable Preferred Stock [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Preferred securities issued to a private investor with future dividend payments based on LIBOR in March 2003 | $150,000,000 | $150,000,000 | ||||||||||
Forestlands acres held in United States initially by Southeast timber | 1,500,000 |
Debt_And_Lines_Of_Credit_Debt_
Debt And Lines Of Credit (Debt Extinguishment) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Extinguishment of Debt [Line Items] | ||||||
Debt reductions | $1,625 | [1] | $574 | [1] | $1,272 | [1] |
Pre-tax early debt extinguishment costs | $276 | [2] | $25 | [2] | $48 | [2] |
[1] | Reductions related to notes with interest rates ranging from 1.63% to 9.38% with original maturities from 2014 to 2041 for the years ended December 31, 2014, 2013 and 2012. | |||||
[2] | Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations. |
Debt_And_Lines_Of_Credit_Debt_1
Debt And Lines Of Credit Debt and Lines of Credit (Debt Extinguishment Footnotes) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Early Debt Extinguishment Costs [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt instrument, interest rate, stated percentage rate range, minimum | 1.63% | ||
Debt instrument, interest rate, stated percentage rate range, maximum | 9.38% | ||
Original maturity date range, minimum | 2014 | ||
Original maturity date range, maximum | 2041 | ||
Early Debt Extinguishment Costs [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt instrument, interest rate, stated percentage rate range, minimum | 1.63% | 1.63% | 1.63% |
Debt instrument, interest rate, stated percentage rate range, maximum | 9.38% | 9.38% | 9.38% |
Original maturity date range, minimum | 2014 | 2014 | 2014 |
Original maturity date range, maximum | 2041 | 2041 | 2041 |
Debt_And_Lines_Of_Credit_Summa
Debt And Lines Of Credit (Summary Of Long-Term Debt) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | ||
Debt Instrument [Line Items] | |||||
Debt | $2,140 | ||||
Total debt | 9,373 | [1] | 9,488 | [1] | |
Less: current maturities | -742 | -661 | |||
Long-term debt | 8,631 | 8,827 | |||
Eight Point Seven Percentage Notes Due Two Thousand Thirty Eight [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | 15-Jun-38 | 15-Jun-38 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 8.70% | 8.70% | |||
Debt | 264 | 264 | |||
Nine Point Three Seven Five Percentage Note Due Two Thousand Nineteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | 15-May-19 | 15-May-19 | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | 9.38% | |||
Debt | 420 | 848 | |||
Seven Point Nine Five Percentage Debenture Due To Thousand Eighteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | 15-Jun-18 | 15-Jun-18 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.95% | 7.95% | |||
Debt | 903 | 1,429 | |||
Seven Point Five Percentage Notes Due Two Thousand Twenty One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | 15-Aug-21 | 15-Aug-21 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | |||
Debt | 979 | 999 | |||
Seven Point Three Percentage Notes Due Two Thousand Thirty Nine [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | 15-Nov-39 | 15-Nov-39 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.30% | 7.30% | |||
Debt | 721 | 721 | |||
Six Point Eight Seven Five Percentage Notes Due Two Thousand Twenty Three To Two Thousand Twenty Nine [Member] | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | 2023 | 2023 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | 6.88% | |||
Original maturity date range, maximum | 2029 | 2029 | |||
Debt | 131 | 130 | |||
Six Point Six Five Percentage Notes Due Two Thousand Thirty Seven [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.65% | 6.65% | |||
Original maturity date range, maximum | 2037 | 2037 | |||
Debt | 4 | 4 | |||
Six Point Four Percentage To Seven Point Seven Five Percentage Debenture Due Two Thousand Twenty Five To Two Thousand Twenty Seven [Member] | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | 2025 | 2025 | |||
Original maturity date range, maximum | 2027 | 2027 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 6.40% | 6.40% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.75% | 7.75% | |||
Debt | 142 | 142 | |||
Six Point Three Seven Five Percentage To Six Point SIx Two Five Percentage Debenture Due Two Thousand Sixteen To Two Thousand Eighteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | 2016 | 2016 | |||
Original maturity date range, maximum | 2018 | 2018 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 6.38% | 6.38% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.63% | 6.63% | |||
Debt | 358 | 364 | |||
Six Point Zero Percentage Notes Due Two Thousand And Forty One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | 15-Nov-41 | 15-Nov-41 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 6.00% | 6.00% | |||
Debt | 585 | 585 | |||
Five Point Two Five Percentage To Five Point Five Percentage Notes Due Two Thousand Fourteen To Two Thousand Sixteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | 2015 | 2014 | |||
Original maturity date range, maximum | 2016 | 2016 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.25% | 5.25% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.30% | 5.50% | |||
Debt | 457 | 657 | |||
Four Point Eight Percentage Note Due Two Thousand Fourty Four [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.80% | ||||
Debt | 796 | 0 | |||
Four Point Seven Five Percentage Notes Due Two Thousand And Twenty Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.75% | 4.75% | |||
Long Term Debt, Maturity Date | 2022 | 2022 | |||
Debt | 896 | 899 | |||
Three Point Six Five Percentage Note Due Two Thousand Twenty Four [Member] [Domain] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.65% | ||||
Long Term Debt, Maturity Date | 2024 | ||||
Debt | 797 | 0 | |||
Variable Rate [Domain] | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | 2014 | 2013 | |||
Original maturity date range, maximum | 2017 | 2017 | |||
Debt | 271 | [2] | 269 | [2] | |
Municipal Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | 2014 | 2013 | |||
Original maturity date range, maximum | 2035 | 2035 | |||
Debt | 950 | [3] | 1,487 | [3] | |
Short-term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt | 424 | [4] | 386 | [4] | |
Long-term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt | $275 | [5] | $304 | [5] | |
[1] | The fair market value was approximately $10.6 billion at December 31, 2014 and $10.7 billion at December 31, 2013. | ||||
[2] | The weighted average interest rate on these notes was 2.8% in 2014 and 2.6% in 2013. | ||||
[3] | The weighted average interest rate on these bonds was 5.7% in 2014 and 5.5% in 2013. | ||||
[4] | The weighted average interest rate was 2.6% in 2014 and 2.8% in 2013. Includes $91 million at December 31, 2014 and $93 million at December 31, 2013 related to non-U.S. denominated borrowings with a weighted average interest rate of 7.2% in 2014 and 5.8% in 2013. | ||||
[5] | Includes $20 million at December 31, 2014 and $41 million at December 31, 2013, related to the unamortized gain on interest rate swap unwinds (see Note 14). |
Debt_And_Lines_Of_Credit_Debt_2
Debt And Lines Of Credit Debt and Lines of Credit (Summary of Long-Term Debt Footnotes) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | |||
Debt Instrument [Line Items] | |||||
Long-term debt | $2,140,000,000 | ||||
Debt Instrument, Fair Value Disclosure | 10,600,000,000 | 10,700,000,000 | |||
Variable Rate [Domain] | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, maximum | 2017 | 2017 | |||
Debt instrument, interest rate during period | 2.80% | 2.60% | |||
Long-term debt | 271,000,000 | [1] | 269,000,000 | [1] | |
Municipal Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, maximum | 2035 | 2035 | |||
Debt instrument, interest rate during period | 5.70% | 5.50% | |||
Long-term debt | 950,000,000 | [2] | 1,487,000,000 | [2] | |
Short-term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate during period | 2.60% | 2.80% | |||
Foreign Corporate Debt Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate during period | 7.20% | 5.80% | |||
Long-term debt | 91,000,000 | 93,000,000 | |||
Long-term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 275,000,000 | [3] | 304,000,000 | [3] | |
Interest Rate Swap Unwind [Member] | Long-term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred gain (loss) on discontinuation of interest rate fair value hedge | $20,000,000 | $41,000,000 | |||
[1] | The weighted average interest rate on these notes was 2.8% in 2014 and 2.6% in 2013. | ||||
[2] | The weighted average interest rate on these bonds was 5.7% in 2014 and 5.5% in 2013. | ||||
[3] | Includes $20 million at December 31, 2014 and $41 million at December 31, 2013, related to the unamortized gain on interest rate swap unwinds (see Note 14). |
Debt_And_Lines_Of_Credit_Narra
Debt And Lines Of Credit (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Aug. 31, 2016 | Jun. 10, 2014 | Jan. 31, 2014 | ||||
Schedule of Debt Activity [Line Items] | |||||||||||
Extinguishment of Debt, Amount | $1,625,000,000 | [1] | $574,000,000 | [1] | $1,272,000,000 | [1] | |||||
Debt and capital lease obligations | 5,300,000,000 | ||||||||||
Principal payment of debt obligations to non-consolidated variable interest entities in 2016 | 5,200,000,000 | ||||||||||
Debt obligations offset against Class B interests | 5,200,000,000 | ||||||||||
Maturities of long-term debt, 2013 | 742,000,000 | ||||||||||
Maturities of long-term debt, 2014 | 543,000,000 | ||||||||||
Maturities of long-term debt, 2015 | 71,000,000 | ||||||||||
Maturities of long-term debt, 2016 | 1,200,000,000 | ||||||||||
Maturities of long-term debt, 2017 | 605,000,000 | ||||||||||
Gains (Losses) on Extinguishment of Debt | 276,000,000 | [2] | 25,000,000 | [2] | 48,000,000 | [2] | |||||
Debt tender premiums paid | 258,000,000 | 269,000,000 | 0 | 0 | |||||||
Three Point Six Five Percentage Fixed Rate Loan [Member] [Member] | |||||||||||
Schedule of Debt Activity [Line Items] | |||||||||||
Proceeds from Issuance of Unsecured Debt | 800,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | ||||||||||
Maturity date, range low | 15-Jun-24 | ||||||||||
Four Point Eight Percentage Fixed Rate Loan [Member] [Member] [Member] | |||||||||||
Schedule of Debt Activity [Line Items] | |||||||||||
Proceeds from Issuance of Unsecured Debt | 800,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | ||||||||||
Maturity date, range low | 15-Jun-44 | ||||||||||
Unsecured Debt [Member] | |||||||||||
Schedule of Debt Activity [Line Items] | |||||||||||
Extinguishment of Debt, Amount | 960,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 7.95% | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 9.38% | ||||||||||
Debt Instrument Original Maturity Date Minimum | 2018 | ||||||||||
Debt Instrument Original Maturity Date Maximum | 2019 | ||||||||||
Gains (Losses) on Extinguishment of Debt | 262,000,000 | ||||||||||
1.38% Variable Rate Term Loan [Member] | |||||||||||
Schedule of Debt Activity [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.38% | ||||||||||
Long term debt, face amount | 1,200,000,000 | ||||||||||
Maturity date, range low | 13-Feb-17 | ||||||||||
Repayment of loan | 1,200,000,000 | ||||||||||
1.75% Variable Rate Term Loan [Member] | |||||||||||
Schedule of Debt Activity [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | ||||||||||
Long term debt, face amount | 200,000,000 | ||||||||||
Maturity date, range low | 13-Feb-17 | ||||||||||
Repayment of loan | 200,000,000 | ||||||||||
Credit Facility Agreements [Member] | |||||||||||
Schedule of Debt Activity [Line Items] | |||||||||||
Contractually committed credit facilities | 2,000,000,000 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Schedule of Debt Activity [Line Items] | |||||||||||
Revolving credit facilities available | 1,500,000,000 | ||||||||||
Credit agreement facility fee | 0.15% | ||||||||||
Receivables Securitization Program [Member] | |||||||||||
Schedule of Debt Activity [Line Items] | |||||||||||
Commercial paper-based financings agreement value | 500,000,000 | ||||||||||
Available commercial paper-based financings | $500,000,000 | ||||||||||
Scenario, Forecast [Member] | Revolving Credit Facility [Member] | |||||||||||
Schedule of Debt Activity [Line Items] | |||||||||||
Line of credit, maturity date | 26-Aug-19 | ||||||||||
[1] | Reductions related to notes with interest rates ranging from 1.63% to 9.38% with original maturities from 2014 to 2041 for the years ended December 31, 2014, 2013 and 2012. | ||||||||||
[2] | Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations. |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Schedule of Notional Amounts of Financial Instruments) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
In Millions, unless otherwise specified | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | ||||||
Foreign Exchange Contracts To Sell US Dollar For Brazilian Real [Member] | Foreign Exchange Contracts To Sell US Dollar For Brazilian Real [Member] | Foreign Exchange Contracts To Sell Indian Rupee For US Dollar [Member] | Foreign Exchange Contracts To Sell Indian Rupee For US Dollar [Member] | Foreign Exchange Contracts To Sell Mexican Peso for US Dollar [Member] | Foreign Exchange Contracts To Sell Mexican Peso for US Dollar [Member] | Zero Cost Collar Derivative [Member] | Zero Cost Collar Derivative [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Zero Cost Collar To Sell US Dollar For Brazilian Real [Member] | Zero Cost Collar To Sell US Dollar For Brazilian Real [Member] | Foreign Exchange Contracts To Sell Brazilian Real For U S Dollar [Member] | Foreign Exchange Contracts To Sell Brazilian Real For U S Dollar [Member] | Foreign Exchange Contracts To Sell British Pounds For Brazilian Real [Member] | Foreign Exchange Contracts To Sell British Pounds For Brazilian Real [Member] | Foreign Exchange Contracts To Sell European Euro For Brazilian Real [Member] | Foreign Exchange Contracts To Sell European Euro For Brazilian Real [Member] | Foreign Exchange Contracts To Sell European Euro For Polish Zloty [Member] | Foreign Exchange Contracts To Sell European Euro For Polish Zloty [Member] | Foreign Exchange Contracts To Sell US Dollar For Brazilian Real [Member] | Foreign Exchange Contracts To Sell US Dollar For Brazilian Real [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||||||
USD ($) | USD ($) | INR | INR | MXN | MXN | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | USD ($) | USD ($) | |||||||
USD ($) | USD ($) | BRL | BRL | GBP (£) | GBP (£) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | USD ($) | USD ($) | |||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||
Derivative Notional Amount | $11 | $0 | 43 | 157 | 187 | 0 | $0 | [1] | $18 | 166 | [1] | 502 | £ 5 | [1] | £ 17 | € 9 | [1] | € 27 | € 280 | [1] | € 252 | $125 | [1] | $290 | $230 | $175 |
[1] | These contracts had maturities of three years or less as of December 31, 2014. |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Schedule of Notional Amounts of Financial Instruments Other) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Derivative [Line Items] | |
Maximum Length of Time, Foreign Currency Cash Flow Hedge | 3 years |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Gains Losses Recognized In Accumulated Other Comprehensive Income AOCI Net Of Tax Related To Derivative Instruments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI on Derivatives (effective portion) | $10 | $0 | $15 |
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI on Derivatives (effective portion) | 10 | 0 | 16 |
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | Natural Gas Swap Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI on Derivatives (effective portion) | $0 | $0 | ($1) |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities (Gains And Losses Recognized In Consolidated Statement Of Operations On Qualifying And Non-Qualifying Financial Instruments) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $4 | $7 | ($22) | |
Derivative, Gain (Loss) on Derivative, Net | 9 | 19 | 14 | |
Interest Income Expense [Member] | Debt [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | -1 | 1 | 0 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | |
Designated as Hedging Instrument [Member] | Interest Income Expense [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 1 | -1 | 0 | |
Designated as Hedging Instrument [Member] | Cost Of Products Sold [Member] | Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 4 | 7 | -15 | |
Designated as Hedging Instrument [Member] | Cost Of Products Sold [Member] | Cash Flow Hedging [Member] | Natural Gas Swap Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | -7 | |
Not Designated as Hedging Instrument [Member] | Interest Income Expense [Member] | Embedded Derivative [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | -1 | -4 | |
Not Designated as Hedging Instrument [Member] | Interest Income Expense [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 12 | [1] | 21 | 22 |
Not Designated as Hedging Instrument [Member] | Cost Of Products Sold [Member] | Foreign Exchange Forward [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | -1 | -5 | 0 | |
Not Designated as Hedging Instrument [Member] | Cost Of Products Sold [Member] | Energy Related Derivative [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | ($2) | $4 | ($4) | |
[1] | Excluding gain of $7 million, net related to debt issuance and debt reduction recorded to Restructuring and other charges. |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Gains And Losses Recognized In Consolidated Statement Of Operations On Qualifying and Non-Qualifying Financial Instruments Other) (Details) (Restructuring And Other Charges [Member], Interest Rate Swap [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Restructuring And Other Charges [Member] | Interest Rate Swap [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $7 |
Derivatives_and_Hedging_Activi7
Derivatives and Hedging Activities (Schedule of Interest Rate Derivative Activity (Details) (Interest Rate Swap [Member], USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Not Designated as Hedging Instrument [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional Amount of Derivative Instrument, Undesignated | $0 | $0 | $0 | $0 | $0 | $0 | ||||
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional Notional Amount of Derivative Instrument, Issued | 0 | 0 | 0 | 55 | 175 | 0 | 0 | 0 | 55 | 175 |
Notional Amount of Derivative Instrument, Terminated | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Notional Amount of Derivative Instrument, Undesignated | $0 | $0 | $0 | $0 |
Derivatives_and_Hedging_Activi8
Derivatives and Hedging Activities (Impact Of Derivative Instruments In Consolidated Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | $18 | $34 | ||
Derivative Assets | 17 | 39 | ||
Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 14 | 34 | ||
Derivative Assets | 16 | 37 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 4 | 0 | ||
Derivative Assets | 1 | 2 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 2 | [1] | 0 | |
Derivative Assets | 1 | [2] | 0 | |
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 2 | [1] | 0 | |
Derivative Assets | 0 | 2 | [2] | |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 14 | [1] | 33 | [3] |
Derivative Assets | 16 | [4] | 37 | [5] |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 0 | 1 | [6] | |
Derivative Assets | $0 | $0 | ||
[1] | Included in Other accrued liabilities in the accompanying consolidated balance sheet. | |||
[2] | Included in Other current assets in the accompanying consolidated balance sheet. | |||
[3] | Includes $24 million recorded in Other accrued liabilities and $9 million recorded in Other liabilities in the accompanying consolidated balance sheet. | |||
[4] | Includes $14 million recorded in Other current assets and $2 million recorded in Deferred charges and other assets in the accompanying consolidated balance sheet. | |||
[5] | Includes $23 million recorded in Other current assets and $14 million recorded in Deferred charges and other assets in the accompanying consolidated balance sheet. | |||
[6] | Included in Other liabilities in the accompanying consolidated balance sheet. |
Derivatives_and_Hedging_Activi9
Derivatives and Hedging Activities (Impact of Derivative Instruments in Consolidated Balance Sheet Other) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | $17 | $39 | |
Derivative Liabilities | 18 | 34 | |
Other Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 14 | 24 | |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 9 | ||
Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 14 | 23 | |
Deferred Charges and Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 2 | 14 | |
Energy Related Derivative [Member] | Other Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 2 | ||
Energy Related Derivative [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 2 | ||
Foreign Exchange Forward [Member] | Other Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 2 | ||
Foreign Exchange Forward [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 1 | ||
Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | ||
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 16 | 37 | |
Derivative Liabilities | 14 | 34 | |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Liabilities | $0 | $1 | [1] |
[1] | Included in Other liabilities in the accompanying consolidated balance sheet. |
Recovered_Sheet2
Derivatives and Hedging Activities (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Collateral Posted Related to Credit-Risk-Related Contingent Features | $0 | $0 |
Credit Risk Related Contingent Features Collateral Threshold | 15 | |
Gain / (Loss) Recorded to AOCI After Tax, That Is Expected to be Reclassified to Earnings | 3 | |
Fair Values of Derivative Instruments Containing Credit Risk-Related Contingent Features in a Net Liability Position | $1 | $3 |
Capital_Stock_Rollforward_Of_C
Capital Stock (Rollforward Of Common Stock Activity) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | |||
Common stock, ending balance | 448,900 | 447,200 | |
Treasury stock, ending balance | 28,734 | 10,868 | |
Common Stock Issued [Member] | |||
Class of Stock [Line Items] | |||
Common stock, beginning balance | 447,222 | 439,894 | 438,872 |
Issuance of stock for various plans, net | 1,632 | 7,328 | 1,022 |
Repurchase of stock, common shares | 0 | 0 | 0 |
Common stock, ending balance | 448,854 | 447,222 | 439,894 |
Treasury Stock [Member] | |||
Class of Stock [Line Items] | |||
Treasury stock, beginning balance | 10,868 | 13 | 1,921 |
Stock Issued During Period, Shares, Period Increase (Decrease) | -4,668 | -533 | -2,994 |
Repurchase of stock, treasury stock | 22,534 | 11,388 | 1,086 |
Treasury stock, ending balance | 28,734 | 10,868 | 13 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||
Common stock, authorized shares | 990,850,000 | 990,850,000 |
Common stock, par value | $1 | $1 |
Cumulative Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, authorized shares | 400,000 | 400,000 |
Preferred stock, dividend per share | $4 | $4 |
Preferred stock, par value (stated value) | $100 | $100 |
Serial Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, authorized shares | 8,750,000 | 8,750,000 |
Preferred stock, par value (stated value) | $1 | $1 |
Retirement_Plans_Schedule_Of_N
Retirement Plans (Schedule Of Net Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Curtailments | ($7) | ||
U.S. Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | 12,903 | 14,201 | |
Service cost | 145 | 188 | 152 |
Interest cost | 600 | 576 | 604 |
Curtailments | 0 | -14 | |
Settlements | 0 | -5 | |
Actuarial (gain) loss | 1,755 | -1,309 | |
Defined Benefit Plan, Divestitures, Benefit Obligation | -23 | 0 | |
Other | 0 | 0 | |
Plan amendments | 133 | 0 | |
Special termination benefits | 0 | 8 | |
Benefits paid | -772 | -742 | |
Effect of foreign currency exchange rate movements | 0 | 0 | |
Benefit obligation, December 31 | 14,741 | 12,903 | 14,201 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 10,706 | 10,111 | |
Actual return on plan assets | 593 | 1,283 | |
Company contributions | 391 | 59 | |
Benefits paid | -772 | -742 | |
Settlements | 0 | -5 | |
Other | 0 | 0 | |
Effect of foreign currency exchange rate movements | 0 | 0 | |
Fair value of plan assets, December 31 | 10,918 | 10,706 | 10,111 |
Funded status, December 31 | -3,823 | -2,197 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | 228 | 223 | |
Service cost | 5 | 4 | 3 |
Interest cost | 13 | 11 | 12 |
Curtailments | -4 | 0 | |
Settlements | 0 | -4 | |
Actuarial (gain) loss | 12 | 0 | |
Defined Benefit Plan, Divestitures, Benefit Obligation | 0 | 0 | |
Other | 12 | 3 | |
Plan amendments | 0 | 0 | |
Special termination benefits | 0 | 0 | |
Benefits paid | -13 | -8 | |
Effect of foreign currency exchange rate movements | -20 | -1 | |
Benefit obligation, December 31 | 233 | 228 | 223 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 181 | 171 | |
Actual return on plan assets | 13 | 15 | |
Company contributions | 8 | 8 | |
Benefits paid | -13 | -8 | |
Settlements | 0 | -4 | |
Other | 6 | 0 | |
Effect of foreign currency exchange rate movements | -15 | -1 | |
Fair value of plan assets, December 31 | 180 | 181 | 171 |
Funded status, December 31 | ($53) | ($47) |
Retirement_Plans_Schedule_Of_A
Retirement Plans (Schedule Of Amounts Recognized In Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current liability | ($3,819) | ($2,205) |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current asset | 0 | 0 |
Current liability | -62 | -46 |
Non-current liability | -3,761 | -2,151 |
Amounts recognized in the consolidated balance sheet | -3,823 | -2,197 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current asset | 8 | 9 |
Current liability | -3 | -2 |
Non-current liability | -58 | -54 |
Amounts recognized in the consolidated balance sheet | ($53) | ($47) |
Retirement_Plans_Schedule_Of_A1
Retirement Plans (Schedule Of Amounts In Accumulated Other Comprehensive Income) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $209 | $107 |
Net actuarial loss | 4,812 | 3,285 |
Amounts recognized in accumulated other comprehensive income (pre-tax) | 5,021 | 3,392 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | 0 | 0 |
Net actuarial loss | 40 | 29 |
Amounts recognized in accumulated other comprehensive income (pre-tax) | $40 | $29 |
Retirement_Plans_Pension_Benef
Retirement Plans (Pension Benefit Adjustments Recognized In Other Comprehensive (Loss) Income) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | $1,924 |
Amortization of actuarial loss | -374 |
Current year prior service cost | 133 |
Amortization of prior service cost | -30 |
Curtailments | -1 |
Other Comprehensive Income Divestitures Adjustment Before Tax | -23 |
Total recognized in other comprehensive income | 1,629 |
Non-U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | 13 |
Amortization of prior service cost | 0 |
Curtailments | 4 |
Other Comprehensive Income Divestitures Adjustment Before Tax | 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | -6 |
Total recognized in other comprehensive income | $11 |
Retirement_Plans_Pension_Plans
Retirement Plans (Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $14,741 | $12,903 |
Accumulated benefit obligation | 14,559 | 12,560 |
Fair value of plan assets | 10,918 | 10,706 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 196 | 181 |
Accumulated benefit obligation | 176 | 168 |
Fair value of plan assets | $135 | $125 |
Retirement_Plans_Net_Periodic_
Retirement Plans (Net Periodic Pension Expense For Qualified And Nonqualified U.S. Defined Benefit Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $145 | $188 | $152 |
Interest cost | 600 | 576 | 604 |
Expected return on plan assets | -762 | -738 | -753 |
Amortization of Gains (Losses) | 374 | 485 | 307 |
Amortization of prior service cost | 30 | 34 | 32 |
Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 |
Net periodic pension expense (a) | 387 | 545 | 342 |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5 | 4 | 3 |
Interest cost | 13 | 11 | 12 |
Expected return on plan assets | -14 | -11 | -12 |
Amortization of Gains (Losses) | 0 | 1 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized Net Gain (Loss) Due to Curtailments | -4 | 0 | 0 |
Net periodic pension expense (a) | $0 | $5 | $3 |
Retirement_Plans_Major_Actuari
Retirement Plans (Major Actuarial Assumptions Used In Determining Benefit Obligations And Net Periodic Pension Cost For Defined Benefit Plans) (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
U.S. Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Actuarial assumptions used to determine benefit obligations, Discount rate | 4.10% | 4.90% | 4.10% | |||
Actuarial assumptions used to determine benefit obligations, Rate of compensation increase | 3.75% | 3.75% | 3.75% | |||
Discount rate | 4.65% | [1] | 4.10% | 5.10% | ||
Actuarial assumptions used to determine net periodic pension cost, Expected long-term rate of return on plan assets | 7.75% | [2] | 8.00% | [2] | 8.00% | [2] |
Actuarial assumptions used to determine net periodic pension cost, Rate of compensation increase | 3.75% | 3.75% | 3.75% | |||
Non-U.S. Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Actuarial assumptions used to determine benefit obligations, Discount rate | 4.72% | 5.07% | 4.96% | |||
Actuarial assumptions used to determine benefit obligations, Rate of compensation increase | 4.03% | 4.13% | 3.17% | |||
Discount rate | 5.07% | 4.96% | 5.98% | |||
Actuarial assumptions used to determine net periodic pension cost, Expected long-term rate of return on plan assets | 7.53% | 7.04% | 7.62% | |||
Actuarial assumptions used to determine net periodic pension cost, Rate of compensation increase | 4.13% | 3.17% | 3.12% | |||
[1] | Represents the weighted average rate for 2014 due to the remeasurement in the first quarter of 2014. | |||||
[2] | Represents the expected rate of return for International Paper's qualified pension plan for 2014 and 2013. The weighted average rate for the Temple-Inland Retirement Plan was 7.00%, 6.16% and 5.70% for 2014, 2013 and 2012, respectively. |
Retirement_Plans_Retirement_Pl
Retirement Plans Retirement Plans (Major Actuarial Assumptions Used In Determining Benefit Obligation Other) (Details) (Temple Inland Inc [Member]) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Temple Inland Inc [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial assumptions used to determine net periodic pension cost, Expected long-term rate of return on plan assets | 7.00% | 6.16% | 5.70% | [1] |
[1] | Represents the expected rate of return for International Paper's qualified pension plan for 2014 and 2013. The weighted average rate for the Temple-Inland Retirement Plan was 7.00%, 6.16% and 5.70% for 2014, 2013 and 2012, respectively. |
Retirement_Plans_Effect_Of_A_2
Retirement Plans (Effect Of A 25 Basis Point Decrease On Net Pension Expense) (Details) (U.S. Plans [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | $36 |
Expected long-term rate of return on plan assets | 25 |
Rate of compensation increase | ($1) |
Retirement_Plans_Pension_Alloc
Retirement Plans (Pension Allocations By Type Of Fund And Target Allocations) (Details) (U.S. Plans [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 47.00% | 49.00% |
Equity accounts, minimum | 45.00% | |
Equity accounts, maximum | 56.00% | |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 33.00% | 32.00% |
Equity accounts, minimum | 25.00% | |
Equity accounts, maximum | 35.00% | |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 10.00% | 10.00% |
Equity accounts, minimum | 7.00% | |
Equity accounts, maximum | 13.00% | |
Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 10.00% | 9.00% |
Equity accounts, minimum | 4.00% | |
Equity accounts, maximum | 18.00% |
Retirement_Plans_Fair_Values_P
Retirement Plans (Fair Values Pension Plan Assets By Asset Class) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $10,918 | $10,706 | $10,111 |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 180 | 181 | 171 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,524 | 2,634 | |
Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,521 | 5,395 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,873 | 2,677 | |
Corporate Bonds [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,230 | 1,248 | |
Corporate Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,230 | 1,248 | |
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Government Securities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,282 | 1,097 | |
Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Government Securities [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,282 | 1,097 | |
Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mortgage Backed Securities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 172 | 143 | |
Mortgage Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mortgage Backed Securities [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 172 | 143 | |
Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Fixed Income [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 207 | 74 | |
Other Fixed Income [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | -1 | |
Other Fixed Income [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 197 | 65 | |
Other Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 10 | |
Commodities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 170 | 193 | |
Commodities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Commodities [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 170 | 193 | |
Commodities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Hedge Funds [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 867 | 831 | |
Hedge Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Hedge Funds [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 867 | 831 | |
Private Equity Funds [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 519 | 484 | |
Private Equity Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Private Equity Funds [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 519 | 484 | |
Real Estate [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,101 | 1,038 | |
Real Estate [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,101 | 1,038 | |
Derivatives [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 376 | 313 | |
Derivatives [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Derivatives [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 376 | 313 | |
Cash And Cash Equivalents [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 329 | 506 | |
Cash And Cash Equivalents [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 329 | -10 | |
Cash And Cash Equivalents [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 516 | |
Cash And Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US [Member] | Equity Securities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,397 | 2,313 | |
Non-US [Member] | Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,815 | 1,470 | |
Non-US [Member] | Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 582 | 843 | |
Non-US [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States [Member] | Equity Securities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,268 | 2,466 | |
United States [Member] | Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,380 | 1,175 | |
United States [Member] | Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 888 | 1,290 | |
United States [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $0 | $1 |
Retirement_Plans_Fair_Value_Me
Retirement Plans (Fair Value Measurements Using Significant Unobservable Inputs (Level 3)) (Details) (U.S. Plans [Member], USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | $10,706 | $10,111 | ||
Fair value of plan assets, December 31 | 10,918 | 10,706 | 10,111 | |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 2,677 | |||
Relating to assets still held at the reporting date | 159 | |||
Relating to assets sold during the period | 94 | |||
Purchases, sales and settlements | -286 | |||
Transfers in and/or out of Level 3 (a) | 229 | |||
Fair value of plan assets, December 31 | 2,873 | |||
Equity Securities [Member] | United States [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 2,466 | |||
Fair value of plan assets, December 31 | 2,268 | 2,466 | ||
Equity Securities [Member] | United States [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 1 | |||
Relating to assets still held at the reporting date | -1 | |||
Relating to assets sold during the period | 1 | |||
Purchases, sales and settlements | -1 | |||
Transfers in and/or out of Level 3 (a) | 0 | |||
Fair value of plan assets, December 31 | 0 | |||
Other Fixed Income [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 74 | |||
Fair value of plan assets, December 31 | 207 | 74 | ||
Other Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 10 | |||
Relating to assets still held at the reporting date | 0 | |||
Relating to assets sold during the period | 0 | |||
Purchases, sales and settlements | 0 | |||
Transfers in and/or out of Level 3 (a) | 0 | |||
Fair value of plan assets, December 31 | 10 | |||
Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 831 | |||
Fair value of plan assets, December 31 | 867 | 831 | ||
Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 831 | |||
Relating to assets still held at the reporting date | 37 | |||
Relating to assets sold during the period | 4 | |||
Purchases, sales and settlements | -5 | |||
Transfers in and/or out of Level 3 (a) | 0 | |||
Fair value of plan assets, December 31 | 867 | |||
Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 484 | |||
Fair value of plan assets, December 31 | 519 | 484 | ||
Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 484 | |||
Relating to assets still held at the reporting date | 17 | |||
Relating to assets sold during the period | -1 | |||
Purchases, sales and settlements | -13 | |||
Transfers in and/or out of Level 3 (a) | 32 | [1] | ||
Fair value of plan assets, December 31 | 519 | |||
Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 1,038 | |||
Fair value of plan assets, December 31 | 1,101 | 1,038 | ||
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 1,038 | |||
Relating to assets still held at the reporting date | 88 | |||
Relating to assets sold during the period | 14 | |||
Purchases, sales and settlements | -7 | |||
Transfers in and/or out of Level 3 (a) | -32 | [1] | ||
Fair value of plan assets, December 31 | 1,101 | |||
Derivatives [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 313 | |||
Fair value of plan assets, December 31 | 376 | 313 | ||
Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, January 1 | 313 | |||
Relating to assets still held at the reporting date | 18 | |||
Relating to assets sold during the period | 76 | |||
Purchases, sales and settlements | -260 | |||
Transfers in and/or out of Level 3 (a) | 229 | |||
Fair value of plan assets, December 31 | $376 | |||
[1] | (a) Includes the transfer of a $32 million investment historically shown as Real Estate now categorized as Private Equity. |
Retirement_Plans_Retirement_Pl1
Retirement Plans Retirement Plans (Projected Future Pension Benefit Payments, Excluding Any Termination Beneftis) (Details) (U.S. Plans [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected future pension benefit payments, 2013 | $802 |
Projected future pension benefit payments, 2014 | 769 |
Projected future pension benefit payments, 2015 | 781 |
Projected future pension benefit payments, 2016 | 795 |
Projected future pension benefit payments, 2017 | 811 |
Projected future pension benefit payments, 2018 - 2022 | $4,279 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined contribution plan, cost recognized | $112,000,000 | $120,000,000 | $122,000,000 | |||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Benefits paid | -38,000,000 | -28,000,000 | -95,000,000 | |||
Nonqualified plans funded expected to be paid | 62,000,000 | |||||
U.S. Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Increased benefit obligation as a result of a decrease in the discount rate assumption | 1,800,000,000 | |||||
Benefits paid | -772,000,000 | -742,000,000 | ||||
Nonqualified plans funded expected to be paid | 802,000,000 | |||||
Discount rate | 4.65% | [1] | 4.10% | 5.10% | ||
Expected long-term rate of return on plan assets | 7.75% | [2] | 8.00% | [2] | 8.00% | [2] |
Defined benefit expense | 387,000,000 | 545,000,000 | 342,000,000 | |||
Total recognized in other comprehensive income | 1,629,000,000 | |||||
Accumulated benefit obligation for defined benefit plans | 14,600,000,000 | 12,600,000,000 | ||||
Defined Benefit Plan, Future Amortization of Gain (Loss) | 475,000,000 | |||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 43,000,000 | |||||
Plan assets increase (decrease) reflecting favorable investment results | 212,000,000 | |||||
Projected benefit obligation | 14,741,000,000 | 12,903,000,000 | ||||
Defined benefit plan, net periodic benefit cost estimate for next fiscal year | 488,000,000 | |||||
Rate of compensation increase | 3.75% | 3.75% | 3.75% | |||
Company contributions | 391,000,000 | 59,000,000 | ||||
Non-U.S. Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Benefits paid | -13,000,000 | -8,000,000 | ||||
Discount rate | 5.07% | 4.96% | 5.98% | |||
Expected long-term rate of return on plan assets | 7.53% | 7.04% | 7.62% | |||
Defined benefit expense | 0 | 5,000,000 | 3,000,000 | |||
Total recognized in other comprehensive income | 11,000,000 | |||||
Accumulated benefit obligation for defined benefit plans | 208,000,000 | 208,000,000 | ||||
Projected benefit obligation | 196,000,000 | 181,000,000 | ||||
Rate of compensation increase | 4.13% | 3.17% | 3.12% | |||
Company contributions | 8,000,000 | 8,000,000 | ||||
Qualified Defined Benefit Pension Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Company contributions | 353,000,000 | |||||
Scenario, Forecast [Member] | U.S. Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 4.10% | |||||
Expected long-term rate of return on plan assets | 7.75% | |||||
Rate of compensation increase | 3.75% | |||||
Temple Inland Inc [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected long-term rate of return on plan assets | 7.00% | 6.16% | 5.70% | [2] | ||
Qualified Defined Benefit Pension Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit expense | 387,000,000 | |||||
Qualified Defined Benefit Pension Plans [Member] | U.S. Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Company contributions | $353,000,000 | $31,000,000 | $44,000,000 | |||
[1] | Represents the weighted average rate for 2014 due to the remeasurement in the first quarter of 2014. | |||||
[2] | Represents the expected rate of return for International Paper's qualified pension plan for 2014 and 2013. The weighted average rate for the Temple-Inland Retirement Plan was 7.00%, 6.16% and 5.70% for 2014, 2013 and 2012, respectively. |
Postretirement_Benefits_Compon
Postretirement Benefits (Components Of Postretirement Benefit Expense) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $1 | $2 | $3 | |
Interest cost | 14 | 14 | 20 | |
Amortization of Gains (Losses) | 5 | 7 | 10 | |
Amortization of prior service credits | -13 | -24 | -30 | |
Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | -7 | |
Net periodic pension expense (a) | 7 | -1 | [1] | -4 |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 2 | 0 | |
Interest cost | 6 | 5 | 1 | |
Amortization of Gains (Losses) | 1 | 0 | 0 | |
Amortization of prior service credits | -1 | 0 | 0 | |
Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 | |
Net periodic pension expense (a) | $7 | $7 | $1 | |
[1] | Excludes $7 million of curtailment gains in 2013 related to the sale of Building Products that were recorded in Net (gains) losses on sales and impairments of businesses in the consolidated statement of operations. |
Postretirement_Benefits_Pensio
Postretirement Benefits Pension Benefits (Components of Postretirement Benefit Expense) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Curtailments | ($7) |
Postretirement_Benefits_Discou
Postretirement Benefits (Discount Rates Used To Determine Net Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 3.70% | 4.40% |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 11.94% | 8.43% | 7.73% |
Postretirement_Benefits_Postre
Postretirement Benefits Postretirement Benefits (Discount Rates Used To Determine Net Cost Other) (Details) (U.S. Postretirement Benefit Plans [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.50% | 3.70% | 4.40% |
Postretirement_Benefits_Weight
Postretirement Benefits (Weighted Average Assumptions Used To Determine Benefit Obligation) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.90% | 4.50% |
Health care cost trend rate assumed for next year | 7.00% | 7.00% |
Rate that the cost trend rate gradually declines to | 5.00% | 5.00% |
Year that the rate reaches the rate it is assumed to retain | 2022 | 2017 |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 11.52% | 11.94% |
Health care cost trend rate assumed for next year | 11.38% | 11.43% |
Rate that the cost trend rate gradually declines to | 6.11% | 6.12% |
Year that the rate reaches the rate it is assumed to retain | 2025 | 2024 |
Postretirement_Benefits_Change
Postretirement Benefits (Changes In Postretirement Benefit Obligation, Plan Assets, Funded Status And Amounts Recognized In Balance Sheet And Accumulated Other Comprehensive (Loss) Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Curtailments | ($7) | ||
U.S. Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | 322 | 449 | |
Service cost | 1 | 2 | 3 |
Interest cost | 14 | 14 | 20 |
Participants’ contributions | 15 | 19 | |
Actuarial (gain) loss | 14 | -80 | |
Other | 0 | 0 | |
Plan amendments | 0 | 0 | |
Benefits paid | -62 | -82 | |
Less: Federal subsidy | 2 | 2 | |
Curtailments | 0 | -2 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | |
Benefit obligation, December 31 | 306 | 322 | 449 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 0 | 0 | |
Company contributions | 47 | 63 | |
Participants’ contributions | 15 | 19 | |
Benefits paid | -62 | -82 | |
Fair value of plan assets, December 31 | 0 | 0 | 0 |
Funded status, December 31 | -306 | -322 | |
Current liability | -33 | -39 | |
Non-current liability | -273 | -283 | |
Amounts recognized in the consolidated balance sheet | -306 | -322 | |
Net actuarial loss (gain) | 44 | 31 | |
Prior service credit | -22 | -35 | |
Amounts recognized in accumulated other comprehensive income (pre-tax) | 22 | -4 | |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | 72 | 22 | |
Service cost | 1 | 2 | 0 |
Interest cost | 6 | 5 | 1 |
Participants’ contributions | 0 | 0 | |
Actuarial (gain) loss | 19 | 12 | |
Other | -26 | 38 | |
Plan amendments | -7 | 0 | |
Benefits paid | -1 | -1 | |
Less: Federal subsidy | 0 | 0 | |
Curtailments | 0 | 0 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | -5 | -6 | |
Benefit obligation, December 31 | 59 | 72 | 22 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 0 | 0 | |
Company contributions | 1 | 1 | |
Participants’ contributions | 0 | 0 | |
Benefits paid | -1 | -1 | |
Fair value of plan assets, December 31 | 0 | 0 | 0 |
Funded status, December 31 | -59 | -72 | |
Current liability | -2 | -2 | |
Non-current liability | -57 | -70 | |
Amounts recognized in the consolidated balance sheet | -59 | -72 | |
Net actuarial loss (gain) | 23 | 11 | |
Prior service credit | -5 | 0 | |
Amounts recognized in accumulated other comprehensive income (pre-tax) | $18 | $11 |
Postretirement_Benefits_Postre1
Postretirement Benefits (Postretirement Benefit Adjustments Recognized In Other Comprehensive (Loss) Income) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
U.S. Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of actuarial (loss) gain | $18 |
Amortization of actuarial loss | -5 |
Current year prior service cost | 0 |
Amortization of prior service credit | 13 |
Total recognized in other comprehensive income | 26 |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of actuarial (loss) gain | 14 |
Amortization of actuarial loss | -1 |
Current year prior service cost | -7 |
Amortization of prior service credit | 1 |
Total recognized in other comprehensive income | $7 |
Postretirement_Benefits_Estima
Postretirement Benefits (Estimated Total Future Postretirement Benefit Payments, Net Of Participant Contributions And Estimated Future Medicare Part D Subsidy Receipts) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Non-U.S. Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit Payments, year 1 | $2 |
Benefit Payments, year 2 | 2 |
Benefit Payments, year 3 | 2 |
Benefit Payments, year 4 | 3 |
Benefit Payments, year 5 | 3 |
Benefit Payments, year 6-10 | 24 |
U.S. Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit Payments, year 1 | 35 |
Benefit Payments, year 2 | 31 |
Benefit Payments, year 3 | 30 |
Benefit Payments, year 4 | 28 |
Benefit Payments, year 5 | 27 |
Benefit Payments, year 6-10 | 112 |
Subsidy Receipts, year 1 | 2 |
Subsidy Receipts, year 2 | 2 |
Subsidy Receipts, year 3 | 2 |
Subsidy Receipts, year 4 | 2 |
Subsidy Receipts, year 5 | 2 |
Subsidy Receipts, year 6-10 | $8 |
Postretirement_Benefits_Narrat
Postretirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | 5 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Increase (decrease) in pension and postretirement obligations | $29 | ||||
Increase (decrease) in expected benefit cost | 11 | ||||
U.S. Postretirement Benefit Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 3.70% | 4.50% | 4.40% | ||
Increased in the accumulated postretirement benefit obligation due to a 1% increase in annual health care cost trend rate | 13 | ||||
Decreased in the accumulated postretirement benefit obligation due to a 1% decrease in the annual trend rat | 12 | ||||
Total recognized in other comprehensive income | 26 | ||||
Change in the funded status that was recognized in either net periodic benefit cost or OCI | 63 | 33 | 0 | 0 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 6 | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | -10 | ||||
Net benefit expense | -1 | [1] | 7 | -4 | |
Benefit obligation | 322 | 306 | 449 | 449 | |
Defined benefit plan, effect of one percentage point increase on service and interest cost components | 1 | ||||
Non-U.S. Postretirement Benefit Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 8.43% | 11.94% | 7.73% | ||
Increased in the accumulated postretirement benefit obligation due to a 1% increase in annual health care cost trend rate | 10 | ||||
Decreased in the accumulated postretirement benefit obligation due to a 1% decrease in the annual trend rat | 8 | ||||
Total recognized in other comprehensive income | 7 | ||||
Change in the funded status that was recognized in either net periodic benefit cost or OCI | 19 | 14 | 2 | 2 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 1 | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | -3 | ||||
Net benefit expense | 7 | 7 | 1 | ||
Benefit obligation | 72 | 59 | 22 | 22 | |
Temple Inland Building Products Business [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Increase (decrease) in pension and postretirement obligations | 6 | ||||
Temple Inland [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Increase (decrease) in pension and postretirement obligations | 6 | ||||
Increase (decrease) in expected benefit cost | $1 | ||||
[1] | Excludes $7 million of curtailment gains in 2013 related to the sale of Building Products that were recorded in Net (gains) losses on sales and impairments of businesses in the consolidated statement of operations. |
Incentive_Plans_Summary_Of_Sto
Incentive Plans (Summary Of Stock Option Program) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Share-based compensation arrangement by share-based payment award, options, grants in period, net of forfeitures | 3,247 | 4,744 | ||
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | $49.13 | $48.11 | ||
Options, outstanding | 1,752,789 | 9,136,060 | 15,556,786 | |
Options, exercised | 1,634,858 | 7,317,825 | 2,513 | |
Options, forfeited | -3,200,642 | |||
Options, expired | -49,286 | -70,190 | -3,222,597 | |
Options, outstanding | 71,892 | 1,752,789 | 9,136,060 | 15,556,786 |
Weighted average exercise price, outstanding | $39.80 | $38.79 | $38.13 | |
Weighted average exercise price, exercised | $39.80 | $38.57 | $35.94 | |
Weighted average exercise price, forfeited | $33.62 | |||
Weighted average exercise price, outstanding | $39.03 | $39.80 | $38.79 | $38.13 |
Aggregate intrinsic value, outstanding | $1,046 | $16,175 | $1,077 | $0 |
Weighted average remaining life (years), outstanding | 2 months 5 days | 8 months 2 days | 1 year 1 month 24 days | 1 year 6 months 18 days |
Share-based compensation arrangements by share-based payment award, options, expirations in period, weighted average exercise price | $41.50 | $37.15 | $40.71 |
Incentive_Plans_Assumptions_Us
Incentive Plans (Assumptions Used To Determine Compensation Cost For Market Condition Component Of Performance Share Program) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |
Expected volatility, lower limit | 19.01% |
Expected volatility, upper limit | 55.33% |
Risk-free interest rate, lower limit | 0.13% |
Risk-free interest rate, upper limit | 0.78% |
Incentive_Plans_Summary_Of_Per
Incentive Plans (Summary Of Performance Share Program Activity) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/units, outstanding | 8,117,489 | 8,660,855 | 8,060,059 | 7,275,934 |
Shares/units, granted | 3,682,663 | 3,148,445 | 3,641,911 | |
Shares/units, shares issued | -4,025,111 | -3,262,760 | -2,871,367 | |
Shares/units, forfeited | -499,107 | -429,051 | -169,748 | |
Weighted average grant date fair value, outstanding | $31.20 | $28.37 | $22.83 | $34.98 |
Weighted average grant date fair value, granted | $46.82 | $40.76 | $31.57 | |
Weighted average grant date fair value, shares issued | $37.18 | $32.48 | $16.83 | |
Weighted average grant date fair value, forfeited | $43.10 | $34.58 | $28.89 |
Incentive_Plans_Summary_Of_Act
Incentive Plans (Summary Of Activity Of Executive Continuity And Restricted Stock Award Program) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 8,117,489 | 8,660,855 | 8,060,059 |
Shares/units, granted | 3,682,663 | 3,148,445 | 3,641,911 |
Shares/units, shares issued | -4,025,111 | -3,262,760 | -2,871,367 |
Shares/units, forfeited | -499,107 | -429,051 | -169,748 |
Shares/Units, outstanding | 7,275,934 | 8,117,489 | 8,660,855 |
Weighted average grant date fair value, outstanding | $31.20 | $28.37 | $22.83 |
Weighted average grant date fair value, granted | $46.82 | $40.76 | $31.57 |
Weighted average grant date fair value, shares issued | $37.18 | $32.48 | $16.83 |
Weighted average grant date fair value, outstanding | $34.98 | $31.20 | $28.37 |
Weighted average grant date fair value, forfeited | $43.10 | $34.58 | $28.89 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 112,374 | 151,549 | 128,917 |
Shares/units, granted | 89,500 | 67,100 | 88,715 |
Shares/units, shares issued | -83,275 | -88,775 | -61,083 |
Shares/units, forfeited | -4,000 | -17,500 | -5,000 |
Shares/Units, outstanding | 114,599 | 112,374 | 151,549 |
Weighted average grant date fair value, outstanding | $36.24 | $30.49 | $27.86 |
Weighted average grant date fair value, granted | $48.19 | $44.41 | $31.91 |
Weighted average grant date fair value, shares issued | $33.78 | $32.30 | $27.13 |
Weighted average grant date fair value, outstanding | $47.03 | $36.24 | $30.49 |
Weighted average grant date fair value, forfeited | $45.88 | $37.75 | $28.91 |
Incentive_Plans_StockBased_Com
Incentive Plans (Stock-Based Compensation Expense And Related Income Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Income tax benefits related to stock-based compensation | $92 | $74 | $48 |
Selling And Marketing Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $118 | $137 | $116 |
Incentive_Plans_Narrative_Deta
Incentive Plans (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock rights and stock units | 7,275,934 | 8,117,489 | 8,660,855 | 8,060,059 |
Compensation cost related to unvested restricted performace shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures | $117 | |||
Compensation cost related to unvested restricted performace shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures, weighted-average period (in years) | 1 year 7 months 12 days | |||
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 16,300,000 | 17,800,000 | 19,300,000 | |
Performance Shares [Member] | Other Participants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weight of return on investment (ROI) on awards | 75.00% | |||
Weight of total shareholder return (TSR) on awards | 25.00% | |||
Performance Shares [Member] | Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weight of return on investment (ROI) on awards | 50.00% | |||
Weight of total shareholder return (TSR) on awards | 50.00% |
Incentive_Plans_Incentive_Plan
Incentive Plans Incentive Plans (Summary of Performance Share Program Activity Other) (Details) (Performance Share Program [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Performance Share Program [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares held for payout | 488,676 |
Financial_Information_By_Indus3
Financial Information By Industry Segment And Geographic Area Schedule of Equity Method Investments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $458 | $595 | |
Noncurrent assets | 1,223 | 2,124 | |
Current liabilities | 899 | 560 | |
Noncurrent liabilities | 742 | 1,335 | |
Noncontrolling interests | 15 | 63 | |
Net sales | 2,138 | 1,897 | 1,972 |
Gross profit | 772 | 562 | 678 |
Income from continuing operations | -387 | -76 | 140 |
Net income attributable to Ilim | ($360) | ($71) | $131 |
Financial_Information_By_Indus4
Financial Information By Industry Segment And Geographic Area (Sales By Industry Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | $5,943 | $6,051 | $5,899 | $5,724 | $5,848 | $5,975 | $5,944 | $5,716 | $23,617 | [1] | $23,483 | [1] | $21,852 | [1] |
Industrial Packaging [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 14,944 | 14,810 | 13,280 | |||||||||||
Printing Papers [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 5,720 | 6,205 | 6,230 | |||||||||||
Consumer Packaging [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 3,403 | 3,435 | 3,170 | |||||||||||
Corporate And Intersegment Sales [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | ($450) | ($967) | ($828) | |||||||||||
[1] | Net sales are attributed to countries based on the location of the seller. |
Financial_Information_By_Indus5
Financial Information By Industry Segment And Geographic Area (Operating Profit By Industry Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating income (loss) | $2,058 | $2,233 | $1,933 | |||||||||||||||||||
Interest expense, net | -607 | -612 | -671 | |||||||||||||||||||
Noncontrolling interests / equity earnings adjustment | -2 | [1] | 1 | [1] | 0 | [1] | ||||||||||||||||
Corporate items, net | -51 | -61 | -87 | |||||||||||||||||||
Restructuring and other charges | -282 | -10 | -51 | |||||||||||||||||||
Net gains (losses) on sales and impairments of businesses | -38 | 0 | 2 | |||||||||||||||||||
Non-operating pension expense | -212 | -323 | -159 | |||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | 307 | [2] | 552 | [3] | 152 | [4] | -139 | [5] | 239 | [6] | 403 | [7] | 359 | [8] | 227 | [9] | 872 | [2],[3],[4],[5] | 1,228 | [6],[7],[8],[9] | 967 | |
Industrial Packaging [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating income (loss) | 1,896 | 1,801 | 1,066 | |||||||||||||||||||
Printing Papers [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating income (loss) | -16 | 271 | 599 | |||||||||||||||||||
Consumer Packaging [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating income (loss) | 178 | 161 | 268 | |||||||||||||||||||
Corporate and Other [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Interest expense, net | ($601) | ($612) | ($671) | |||||||||||||||||||
[1] | Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly-owned. The pre-tax noncontrolling interests and equity earnings for these subsidiaries is added here to present consolidated earnings from continuing operations before income taxes and equity earnings. | |||||||||||||||||||||
[2] | Includes a charge of $100 million (before and after taxes) for a goodwill impairment charge related to our Asian Industrial Packaging business, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for integration costs associated with our Brazil Packaging business, a pre-tax charge of $47 million ($36 million after taxes) for a loss on the sale of a business by ASG in which we hold an investment, and the resulting impairment of our ASG investment, a pre-tax gain of $9 million ($5 million after taxes) related to the sale of an investment, and a net pre-tax charge of $5 million ($3 million after taxes) for other items. | |||||||||||||||||||||
[3] | Includes a pre-tax charge of $5 million ($3 million after taxes) for a refund of previously claimed state tax credits, a gain of $20 million (before and after taxes) for the resolution of a legal contingency in India, a pre-tax charge of $35 million ($21 million after taxes) for costs associated with a multi-employer pension plan withdrawal liability, a pre-tax charge of $32 million ($17 million after taxes) for costs associated with a foreign tax amnesty program, a pre-tax charge of $13 million ($8 million after taxes) for debt extinguishment costs, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the shutdown of our Courtland mill, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $5 million ($3 million after taxes) for costs associated with the restructuring of the Company's Packaging business in Europe, and a net pre-tax loss of $3 million ($2 million after taxes) for other items. | |||||||||||||||||||||
[4] | Includes a pre-tax charge of $2 million ($1 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $49 million ($30 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $7 million ($5 million after taxes) associated with our Brazil Packaging business and net charges of $3 million (before and after taxes) for other items. | |||||||||||||||||||||
[5] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $495 million ($302 million after taxes) for costs associated with the shutdown of our Courtland mill, and a pre-tax charge of $4 million ($3 million after taxes) for other items. | |||||||||||||||||||||
[6] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $67 million ($41 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for costs associated with the restructuring of the Asia Box operations, a pre-tax charge of $127 million ($122 million after taxes) for the impairment of goodwill and a trade name intangible asset of the Company's India Papers business, a pre- tax charge of $2 million ($1 million after taxes) for an adjustment associated with the Company's divestiture of the Shorewood operations, and a net pre-tax gain of $2 million ($0 million after taxes) for other items. | |||||||||||||||||||||
[7] | Includes a pre-tax charge of $24 million ($15 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $51 million ($31 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $15 million ($9 million after taxes) for debt extinguishment costs, a pre-tax gain of $9 million ($6 million after taxes) associated with the sale of the Bellevue box plant facility which was closed in 2010, a pre-tax charge of $1 million ($0 million after taxes) for costs associated with the divestiture of three containerboard mills in 2012 and charges of $2 million (before and after taxes) for other items. | |||||||||||||||||||||
[8] | Includes a pre-tax charge of $6 million ($4 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax charge of $14 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $9 million ($5 million after taxes) to adjust the value of two Company airplanes to market value, a pre-tax gain of $30 million ($19 million after taxes) for insurance reimbursements related to the 2012 Guaranty Bank legal settlement, a pre-tax charge of $3 million ($2 million after taxes) for debt extinguishment costs, a gain of $13 million (before and after taxes) related to a bargain purchase adjustment on the first-quarter 2013 acquisition of a majority share of our operations in Turkey, and charges of $3 million (before and after taxes) for other items. | |||||||||||||||||||||
[9] | Includes a pre-tax charge of $12 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $44 million ($27 million after taxes) for costs associated with the permanent shutdown of a paper machine at our Augusta mill, a pre-tax charge of $6 million ($4 million after taxes) for debt extinguishment costs, interest income of $6 million ($4 million after taxes) related to the closing of a U.S. federal income tax audit, and pre-tax charges of $2 million ($1 million after taxes) for other items. |
Financial_Information_By_Indus6
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, Restructuring And Other Charges) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | $846 | $156 | $65 |
Industrial Packaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | 7 | -2 | 14 |
Printing Papers [Member] | |||
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | 554 | 118 | 0 |
Consumer Packaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | 8 | 45 | 0 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | $277 | ($5) | $51 |
Financial_Information_By_Indus7
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $28,684 | $31,528 | ||
Industrial Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 14,852 | 15,083 | ||
Printing Papers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 5,393 | 6,574 | ||
Consumer Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 3,249 | 3,222 | ||
Distribution [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 0 | [1] | 1,186 | [1] |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $5,190 | [2] | $5,463 | [2] |
[1] | The xpedx business, which historically represented the Company's Distribution reportable segment, was spun off July 1, 2014 and the related assets of this business were adjusted off the consolidated balance sheet. | |||
[2] | Includes corporate assets and assets of businesses held for sale. |
Financial_Information_By_Indus8
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, Capital Spending) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Capital Spending | $1,366 | $1,198 | $1,383 | |||
Industrial Packaging [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital Spending | 754 | 629 | 565 | |||
Printing Papers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital Spending | 318 | 294 | 449 | |||
Consumer Packaging [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital Spending | 233 | 208 | 296 | |||
Distribution [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital Spending | 0 | [1] | 9 | [1] | 10 | [1] |
Subtotal [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital Spending | 1,305 | 1,140 | 1,320 | |||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital Spending | $61 | [2] | $58 | [2] | $63 | [2] |
[1] | The xpedx business, which historically represented the Company's Distribution reportable segment, was spun off July 1, 2014 and the related assets of this business were adjusted off the consolidated balance sheet. | |||||
[2] | Includes corporate assets and assets of businesses held for sale. |
Financial_Information_By_Indus9
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, (Depreciation, Amortization And Cost of Timber Harvested) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Depreciation, amortization and cost of timber harvested | $1,406 | [1] | $1,531 | [1] | $1,473 | [1] |
Industrial Packaging [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, amortization and cost of timber harvested | 775 | [1] | 805 | [1] | 755 | [1] |
Printing Papers [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, amortization and cost of timber harvested | 367 | [1] | 446 | [1] | 450 | [1] |
Consumer Packaging [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, amortization and cost of timber harvested | 223 | [1] | 206 | [1] | 196 | [1] |
Corporate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, amortization and cost of timber harvested | $41 | [1] | $74 | [1] | $72 | [1] |
[1] | Excludes accelerated depreciation related to closure of mills. |
Recovered_Sheet3
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, External Sales By Major Product) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue, Net | $5,943 | $6,051 | $5,899 | $5,724 | $5,848 | $5,975 | $5,944 | $5,716 | $23,617 | [1] | $23,483 | [1] | $21,852 | [1] |
Industrial Packaging [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue, Net | 14,944 | 14,810 | 13,280 | |||||||||||
Printing Papers [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue, Net | 5,720 | 6,205 | 6,230 | |||||||||||
Consumer Packaging [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue, Net | 3,403 | 3,435 | 3,170 | |||||||||||
External Sales By Major Product [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue, Net | 23,617 | 23,483 | 21,852 | |||||||||||
External Sales By Major Product [Member] | Industrial Packaging [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue, Net | 14,837 | 14,729 | 13,223 | |||||||||||
External Sales By Major Product [Member] | Printing Papers [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue, Net | 5,360 | 5,443 | 5,483 | |||||||||||
External Sales By Major Product [Member] | Consumer Packaging [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue, Net | 3,307 | 3,311 | 3,146 | |||||||||||
External Sales By Major Product [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue, Net | $113 | $0 | $0 | |||||||||||
[1] | Net sales are attributed to countries based on the location of the seller. |
Recovered_Sheet4
Financial Information By Industry Segment And Geographic Area (Information By Geographic Area, Net Sales) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | $5,943 | $6,051 | $5,899 | $5,724 | $5,848 | $5,975 | $5,944 | $5,716 | $23,617 | [1] | $23,483 | [1] | $21,852 | [1] |
United States [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 16,645 | [1],[2] | 16,371 | [1],[2] | 15,689 | [1],[2] | ||||||||
Europe [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 3,273 | [1] | 3,250 | [1] | 2,886 | [1] | ||||||||
Pacific Rim And Asia [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 1,951 | [1] | 2,114 | [1] | 1,816 | [1] | ||||||||
Americas, Other Than U.S. [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | $1,748 | [1] | $1,748 | [1] | $1,461 | [1] | ||||||||
[1] | Net sales are attributed to countries based on the location of the seller. | |||||||||||||
[2] | Export sales to unaffiliated customers were $2.3 billion in 2014, $2.4 billion in 2013 and $2.2 billion in 2012. |
Recovered_Sheet5
Financial Information By Industry Segment And Geographic Area (Information By Geographic Area, Long-Lived Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Assets, Noncurrent | $13,235 | [1] | $14,229 | [1] |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets, Noncurrent | 9,476 | [1] | 10,056 | [1] |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets, Noncurrent | 926 | [1] | 1,126 | [1] |
Pacific Rim And Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets, Noncurrent | 897 | [1] | 946 | [1] |
Americas, Other Than U.S. [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets, Noncurrent | 1,553 | [1] | 1,772 | [1] |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets, Noncurrent | $383 | [1] | $329 | [1] |
[1] | Long-Lived Assets includes Forestlands and Plants, Properties and Equipment, net. |
Recovered_Sheet6
Financial Information By Industry Segment And Geographic Area Financial Information By Industry Segment and Geographic Area (Information By Geographic Area, Net Sales Footnotes) (Details) (United States [Member], USD $) | 12 Months Ended | ||
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment reporting information, unaffiliated revenue | $2.30 | $2.40 | $2.20 |
Recovered_Sheet7
Financial Information By Industry Segment And Geographic Area (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Assets | $28,684 | $31,528 | |
Equity earnings (loss), net of taxes | -200 | -39 | 61 |
Foreign currency transaction gain (loss), net of tax | -269 | -32 | 16 |
Ilim Holding [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity interest | 50.00% | ||
Equity earnings (loss), net of taxes | -194 | -46 | 56 |
Ilim Holding [Member] | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investments | 170 | 580 | |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 158 | 200 | |
xpedx divestiture [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $1,200 |
Interim_Financial_Results_Deta
Interim Financial Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
NET SALES | $5,943 | $6,051 | $5,899 | $5,724 | $5,848 | $5,975 | $5,944 | $5,716 | $23,617 | [1] | $23,483 | [1] | $21,852 | [1] | ||||||||
Gross margin (a) | 1,838 | [2] | 1,996 | [2] | 1,839 | [2] | 1,690 | [2] | 1,808 | [2] | 1,927 | [2] | 1,757 | [2] | 1,709 | [2] | 7,363 | [2] | 7,201 | [2] | ||
Earnings (loss) from continuing operations before income taxes and equity earnings | 307 | [3] | 552 | [4] | 152 | [5] | -139 | [6] | 239 | [7] | 403 | [8] | 359 | [9] | 227 | [10] | 872 | [3],[4],[5],[6] | 1,228 | [10],[7],[8],[9] | 967 | |
Gain (loss) from discontinued operations, net of taxes | -9 | [11] | 16 | [12] | -13 | [13] | -7 | [14] | -359 | [15] | -5 | [16] | 27 | [17] | 28 | [18] | -13 | [11],[12],[13],[14] | -309 | [15],[16],[17],[18] | 77 | |
Net earnings (loss) attributable to International Paper Company | $134 | [11],[19],[3] | $355 | [12],[4] | $161 | [13],[5] | ($95) | [14],[20],[6] | $436 | [15],[21],[22],[7] | $382 | [16],[23],[8] | $259 | [17],[9] | $318 | [10],[18],[24] | $555 | [11],[12],[13],[14],[19],[20],[3],[4],[5],[6] | $1,395 | [10],[15],[16],[17],[18],[21],[22],[23],[24],[7],[8],[9] | $794 | |
Earnings (loss) from continuing operations, per basic share | $0.34 | [3] | $0.80 | [4] | $0.40 | [5] | ($0.20) | [6] | $1.80 | [7] | $0.87 | [8] | $0.52 | [9] | $0.66 | [10] | $1.33 | [3],[4],[5],[6] | $3.85 | [10],[7],[8],[9] | $1.65 | |
Gain (loss) from discontinued operations | ($0.02) | [11] | $0.04 | [12] | ($0.03) | [13] | ($0.01) | [14] | ($0.81) | [15] | ($0.01) | [16] | $0.06 | [17] | $0.06 | [18] | ($0.03) | [11],[12],[13],[14] | ($0.70) | [15],[16],[17],[18] | $0.17 | |
Net earning (loss) attributable to International Paper Company common shareholders, per basic share | $0.32 | [11],[19],[3] | $0.84 | [12],[4] | $0.37 | [13],[5] | ($0.21) | [14],[20],[6] | $0.99 | [15],[21],[22],[7] | $0.86 | [16],[23],[8] | $0.58 | [17],[9] | $0.72 | [10],[18],[24] | $1.30 | [11],[12],[13],[14],[19],[20],[3],[4],[5],[6] | $3.15 | [10],[15],[16],[17],[18],[21],[22],[23],[24],[7],[8],[9] | $1.82 | |
Diluted earnings (loss) per share from continuing operations | $0.34 | [3] | $0.79 | [4] | $0.40 | [5] | ($0.20) | [6] | $1.78 | [7] | $0.86 | [8] | $0.52 | [9] | $0.65 | [10] | $1.31 | [3],[4],[5],[6] | $3.80 | [10],[7],[8],[9] | $1.63 | |
Gain (loss) from discontinued operations | ($0.02) | [11] | $0.04 | [12] | ($0.03) | [13] | ($0.01) | [14] | ($0.80) | [15] | ($0.01) | [16] | $0.05 | [17] | $0.06 | [18] | ($0.02) | [11],[12],[13],[14] | ($0.69) | [15],[16],[17],[18] | $0.17 | |
Net earning (loss) attributable to International Paper Company common shareholders, per diluted share | $0.32 | [11],[19],[3] | $0.83 | [12],[4] | $0.37 | [13],[5] | ($0.21) | [14],[20],[6] | $0.98 | [15],[21],[22],[7] | $0.85 | [16],[23],[8] | $0.57 | [17],[9] | $0.71 | [10],[18],[24] | $1.29 | [11],[12],[13],[14],[19],[20],[3],[4],[5],[6] | $3.11 | [10],[15],[16],[17],[18],[21],[22],[23],[24],[7],[8],[9] | $1.80 | |
Dividends per share of common stock | $0.40 | $0.35 | $0.35 | $0.35 | $0.35 | $0.30 | $0.30 | $0.30 | $1.45 | $1.25 | ||||||||||||
Common stock prices, High | $55.73 | $51.98 | $50.65 | $49.71 | $49.52 | $50.33 | $49.10 | $47.25 | $55.73 | $50.33 | ||||||||||||
Common stock prices, Low | $44.50 | $46.77 | $44.24 | $44.43 | $42.92 | $43.95 | $42.36 | $39.47 | $44.24 | $39.47 | ||||||||||||
[1] | Net sales are attributed to countries based on the location of the seller. | |||||||||||||||||||||
[2] | Gross margin represents net sales less cost of products sold, excluding depreciation, amortization and cost of timber harvested. | |||||||||||||||||||||
[3] | Includes a charge of $100 million (before and after taxes) for a goodwill impairment charge related to our Asian Industrial Packaging business, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for integration costs associated with our Brazil Packaging business, a pre-tax charge of $47 million ($36 million after taxes) for a loss on the sale of a business by ASG in which we hold an investment, and the resulting impairment of our ASG investment, a pre-tax gain of $9 million ($5 million after taxes) related to the sale of an investment, and a net pre-tax charge of $5 million ($3 million after taxes) for other items. | |||||||||||||||||||||
[4] | Includes a pre-tax charge of $5 million ($3 million after taxes) for a refund of previously claimed state tax credits, a gain of $20 million (before and after taxes) for the resolution of a legal contingency in India, a pre-tax charge of $35 million ($21 million after taxes) for costs associated with a multi-employer pension plan withdrawal liability, a pre-tax charge of $32 million ($17 million after taxes) for costs associated with a foreign tax amnesty program, a pre-tax charge of $13 million ($8 million after taxes) for debt extinguishment costs, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the shutdown of our Courtland mill, a charge of $1 million (before and after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $5 million ($3 million after taxes) for costs associated with the restructuring of the Company's Packaging business in Europe, and a net pre-tax loss of $3 million ($2 million after taxes) for other items. | |||||||||||||||||||||
[5] | Includes a pre-tax charge of $2 million ($1 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, a pre-tax charge of $49 million ($30 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax gain of $7 million ($5 million after taxes) associated with our Brazil Packaging business and net charges of $3 million (before and after taxes) for other items. | |||||||||||||||||||||
[6] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $495 million ($302 million after taxes) for costs associated with the shutdown of our Courtland mill, and a pre-tax charge of $4 million ($3 million after taxes) for other items. | |||||||||||||||||||||
[7] | Includes a pre-tax charge of $12 million ($7 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $67 million ($41 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $4 million ($3 million after taxes) for costs associated with the restructuring of the Asia Box operations, a pre-tax charge of $127 million ($122 million after taxes) for the impairment of goodwill and a trade name intangible asset of the Company's India Papers business, a pre- tax charge of $2 million ($1 million after taxes) for an adjustment associated with the Company's divestiture of the Shorewood operations, and a net pre-tax gain of $2 million ($0 million after taxes) for other items. | |||||||||||||||||||||
[8] | Includes a pre-tax charge of $24 million ($15 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $51 million ($31 million after taxes) for costs associated with the shutdown of our Courtland mill, a pre-tax charge of $15 million ($9 million after taxes) for debt extinguishment costs, a pre-tax gain of $9 million ($6 million after taxes) associated with the sale of the Bellevue box plant facility which was closed in 2010, a pre-tax charge of $1 million ($0 million after taxes) for costs associated with the divestiture of three containerboard mills in 2012 and charges of $2 million (before and after taxes) for other items. | |||||||||||||||||||||
[9] | Includes a pre-tax charge of $6 million ($4 million after taxes) for an environmental reserve related to the Company's property in Cass Lake, Minnesota, a pre-tax charge of $14 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $9 million ($5 million after taxes) to adjust the value of two Company airplanes to market value, a pre-tax gain of $30 million ($19 million after taxes) for insurance reimbursements related to the 2012 Guaranty Bank legal settlement, a pre-tax charge of $3 million ($2 million after taxes) for debt extinguishment costs, a gain of $13 million (before and after taxes) related to a bargain purchase adjustment on the first-quarter 2013 acquisition of a majority share of our operations in Turkey, and charges of $3 million (before and after taxes) for other items. | |||||||||||||||||||||
[10] | Includes a pre-tax charge of $12 million ($8 million after taxes) for integration costs associated with the acquisition of Temple-Inland, a pre-tax charge of $44 million ($27 million after taxes) for costs associated with the permanent shutdown of a paper machine at our Augusta mill, a pre-tax charge of $6 million ($4 million after taxes) for debt extinguishment costs, interest income of $6 million ($4 million after taxes) related to the closing of a U.S. federal income tax audit, and pre-tax charges of $2 million ($1 million after taxes) for other items. | |||||||||||||||||||||
[11] | Includes a pre-tax loss of $14 million ($9 million after taxes) related to the Building Products divestiture. | |||||||||||||||||||||
[12] | Includes a net pre-tax gain of $11 million ($14 million after taxes) for the recovery of costs related to the spin-off of the xpedx business and a $2 million tax benefit associated with the Building Products divestiture. | |||||||||||||||||||||
[13] | Includes the operating earnings of the xpedx business, a pre-tax charge of $18 million ($20 million after taxes) for costs associated with the spin-off of our xpedx operations, and a gain of $1 million (before and after taxes) related to the xpedx restructuring. | |||||||||||||||||||||
[14] | Includes the operating earnings of the xpedx business, a pre-tax charge of $16 million ($10 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $2 million ($0 million after taxes) for costs associated with the restructuring of our xpedx operations and a charge of $2 million (before and after taxes) for costs associated with the Building Products divestiture. | |||||||||||||||||||||
[15] | Includes the operating earnings of the xpedx business, a pre-tax charge of $8 million ($5 million after taxes) for costs associated with the spin-off of the xpedx operations, a pre-tax charge of $400 million ($366 million after taxes) for the impairment of goodwill in the Company's xpedx business, a net pre-tax loss of $2 million ($1 million after taxes) for costs associated with the restructuring of the xpedx operations, and a pre-tax gain of $18 million ($6 million after taxes) related to the Building Products divestiture. | |||||||||||||||||||||
[16] | Includes the operating earnings of the xpedx business, a pre-tax charge of $6 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $11 million ($7 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $24 million ($15 million after taxes) for costs associated with the Building Products divestiture. | |||||||||||||||||||||
[17] | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $17 million ($10 million after taxes) for costs associated with the restructuring of our xpedx operations, a pre-tax charge of $3 million ($2 million after taxes) for costs associated with the spin-off of the xpedx operations, and a pre-tax charge of $13 million ($8 million after taxes) for costs associated with the divestiture of Building Products. | |||||||||||||||||||||
[18] | Includes the operating earnings of the xpedx and Building Products businesses, a pre-tax charge of $7 million ($4 million after taxes) for costs associated with the restructuring of our xpedx operations, and a pretax charge of $4 million ($3 million after taxes) for costs associated with the Building Products divestiture. | |||||||||||||||||||||
[19] | Includes a tax benefit of $90 million associated with internal restructuring. | |||||||||||||||||||||
[20] | Includes a tax expense of $10 million associated with a state legislative change and a tax benefit of $1 million for other items. | |||||||||||||||||||||
[21] | Includes a tax benefit of $651 million associated with the closing of a U.S. federal tax audit and a net tax benefit of $3 million for other items. | |||||||||||||||||||||
[22] | Includes pre-tax noncontrolling interest income of $4 million ($3 million after taxes) associated with the write-off of a trade name intangible asset in our India Papers business. | |||||||||||||||||||||
[23] | Includes a tax benefit of $31 million for an income tax reserve release. In addition, the third quarter tax rate includes a $30 million benefit related to the adjustment of the tax basis in certain of the Company's fixed assets. | |||||||||||||||||||||
[24] | Includes a tax benefit of $93 million associated with the closing of a U.S. federal income tax audit and a net tax expense of $2 million related to internal restructurings. In addition, the first quarter tax rate includes a benefit of approximately $35 million related to the enactment into law of The American Taxpayer Relief Act of 2012 in January 2013. |
Interim_Financial_Results_Foot
Interim Financial Results (Footnotes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Business Acquisition [Line Items] | |||||||||||||
Equity Method Investment, Other than Temporary Impairment, Net of Tax | $36 | ||||||||||||
Equity Method Investment, Other than Temporary Impairment | 47 | ||||||||||||
Restructuring and other charges | 846 | 156 | 65 | ||||||||||
Net (gains) losses on sales and impairments of businesses | 38 | 3 | 86 | ||||||||||
Proceeds from Income Tax Refunds | 5 | ||||||||||||
Proceeds from income tax refunds, net of tax | 3 | ||||||||||||
Income Tax Provision Benefit Related To Special Items | -453 | -869 | -63 | ||||||||||
Proceeds from Legal Settlements | 20 | ||||||||||||
Proceeds from Legal Settlements, net of tax | 20 | ||||||||||||
Multiemployer Plans, Withdrawal Obligation | 35 | ||||||||||||
Multiemployer Plan, Withdrawal Obligation, Net of Tax | 21 | ||||||||||||
Goodwill impairment loss | 100 | 512 | |||||||||||
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | -2 | ||||||||||||
Gain on Sale of Investments | 9 | ||||||||||||
Gain on sale of investments, net of tax | 5 | ||||||||||||
Income Tax Examination, Interest Expense | -6 | ||||||||||||
Income Tax Examination, Interest Expense, net of tax | -4 | ||||||||||||
Effective income tax rate reconciliation, tax settlement, domestic, amount | 0 | -770 | 0 | ||||||||||
Other Tax Expense (Benefit) | -1 | -35 | |||||||||||
Asset impairment charges | 9 | ||||||||||||
Asset impairment charges, net of tax | 5 | ||||||||||||
Business combination, bargain purchase, gain recognized, net of tax | 7 | ||||||||||||
Effective income tax rate reconciliation, tax settlement, amount | -30 | 0 | -33 | 0 | |||||||||
Income tax provision (benefit) | 123 | -498 | 306 | ||||||||||
Noncontrolling Interest [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Interest income, other | 4 | ||||||||||||
Interest income, other, net of tax | 3 | ||||||||||||
Industrial Packaging [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 7 | -2 | 14 | ||||||||||
Goodwill impairment loss | 100 | 100 | 0 | ||||||||||
Goodwill, impairment loss, net of tax | 100 | ||||||||||||
Printing Papers [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 554 | 118 | 0 | ||||||||||
Goodwill impairment loss | 0 | 112 | [1] | ||||||||||
Printing Papers [Member] | Andhra Pradesh Paper Mills Limited [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill impairment loss | 127 | ||||||||||||
Goodwill, impairment loss, net of tax | 122 | ||||||||||||
Distribution [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill impairment loss | 400 | 0 | 400 | [1] | |||||||||
Goodwill, impairment loss, net of tax | 366 | ||||||||||||
Tax Adjustments, Settlements, Unusual Provisions [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Effective income tax rate reconciliation, tax settlement, domestic, amount | -93 | ||||||||||||
Income tax provision (benefit) | -651 | -31 | |||||||||||
Other adjustments [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Income tax provision (benefit) | -3 | ||||||||||||
Brazil [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions, Including Interest Expense | 32 | ||||||||||||
Tax adjustments, settlements, and unusual provisions, including interest expense, net of tax | 17 | ||||||||||||
Cass Lake Minnesota [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Environmental remediation expense | 6 | ||||||||||||
Environmental remediation expense, net of tax | 4 | ||||||||||||
Settlement with Taxing Authority [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Income Tax Provision Benefit Related To Special Items | 10 | 10 | -770 | 0 | |||||||||
Internal Restructuring [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Income Tax Provision Benefit Related To Special Items | -90 | 2 | -90 | -4 | 14 | ||||||||
Brazil Packaging Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net (gains) losses on sales and impairments of businesses | -7 | ||||||||||||
Net (gains) losses on sales and impairments of businesses, net of tax | -5 | ||||||||||||
ASG [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net (gains) losses on sales and impairments of businesses | 47 | ||||||||||||
Net (gains) losses on sales and impairments of businesses, net of tax | 36 | ||||||||||||
Gain on Sale of Investments | 47 | ||||||||||||
Gain on sale of investments, net of tax | 36 | ||||||||||||
Containerboard Mills [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net (gains) losses on sales and impairments of businesses | -1 | 3 | |||||||||||
Net (gains) losses on sales and impairments of businesses, net of tax | 0 | 1 | |||||||||||
Shorewood Packaging [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net (gains) losses on sales and impairments of businesses | -2 | ||||||||||||
Net (gains) losses on sales and impairments of businesses, net of tax | -1 | ||||||||||||
Discontinued Operations [Member] | xpedx divestiture [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Disposal group, including discontinued operation, restructuring and other charges | -11 | 18 | 16 | 8 | 11 | 3 | 25 | 54 | 44 | ||||
Disposal group, including discontinued operation, restructuring and other charges, net of tax | -14 | 20 | 10 | 5 | 7 | 2 | |||||||
Discontinued Operations [Member] | X P E D X Restructuring [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Disposal group, including discontinued operation, restructuring and other charges | -1 | 2 | 2 | 6 | 17 | 7 | |||||||
Disposal group, including discontinued operation, restructuring and other charges, net of tax | -1 | 0 | 1 | 4 | 10 | 4 | |||||||
Discontinued Operations [Member] | Temple Inland Building Products Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Disposal group, including discontinued operation, restructuring and other charges | 14 | 2 | 18 | 24 | 13 | 4 | |||||||
Disposal group, including discontinued operation, restructuring and other charges, net of tax | 9 | 2 | 6 | 15 | 8 | 3 | |||||||
Two Thousand And Fourteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 846 | ||||||||||||
Restructuring and other related charges net of tax | 518 | ||||||||||||
Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 156 | ||||||||||||
Restructuring and other related charges net of tax | 98 | ||||||||||||
Courtland Mill Shutdown [Member] | Two Thousand And Fourteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 7 | 3 | 49 | 495 | 554 | [2] | |||||||
Restructuring and other related charges net of tax | 4 | 2 | 30 | 302 | 338 | [2] | |||||||
Courtland Mill Shutdown [Member] | Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 67 | 51 | 118 | [3] | |||||||||
Restructuring and other related charges net of tax | 41 | 31 | 72 | [3] | |||||||||
X P E D X Restructuring [Member] | Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other related charges net of tax | 0 | ||||||||||||
Early Debt Extinguishment Costs [Member] | Two Thousand And Fourteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 13 | 262 | 276 | ||||||||||
Restructuring and other related charges net of tax | 8 | 160 | 169 | ||||||||||
Early Debt Extinguishment Costs [Member] | Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 15 | 3 | 6 | 25 | |||||||||
Restructuring and other related charges net of tax | 9 | 2 | 4 | 16 | |||||||||
EMEA Packaging Restructuring [Member] | Two Thousand And Fourteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 5 | ||||||||||||
Restructuring and other related charges net of tax | 3 | ||||||||||||
Augusta Mill Paper Machine Shutdown [Member] | Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 44 | 45 | [4] | ||||||||||
Restructuring and other related charges net of tax | 27 | 28 | [4] | ||||||||||
Insurance Recovery [Member] | Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | -30 | -30 | |||||||||||
Restructuring and other related charges net of tax | -19 | -19 | |||||||||||
CTA Bellevue Facility Closure [Member] | Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | -9 | -13 | |||||||||||
Restructuring and other related charges net of tax | -6 | -8 | |||||||||||
S C A Packaging Asia [Member] | Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 4 | ||||||||||||
Restructuring and other related charges net of tax | 3 | ||||||||||||
Other Restructuring [Member] | Two Thousand And Fourteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 5 | 3 | 3 | 4 | 16 | [5] | |||||||
Restructuring and other related charges net of tax | 3 | 2 | 3 | 3 | 11 | [5] | |||||||
Other Restructuring [Member] | Two Thousand And Thirteen Organizational Restructuring Charges [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Restructuring and other charges | 2 | 2 | 3 | 2 | 11 | [6] | |||||||
Restructuring and other related charges net of tax | 2 | 3 | 1 | 9 | [6] | ||||||||
Temple Inland Inc [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Integration related costs | 1 | 1 | 2 | 12 | 12 | 24 | 14 | 12 | 16 | 62 | 164 | ||
Integration related costs, after taxes | 1 | 1 | 1 | 7 | 7 | 15 | 8 | 8 | 10 | 38 | 105 | ||
Brazil Packaging Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Integration related costs | 4 | ||||||||||||
Integration related costs, after taxes | 3 | ||||||||||||
Olmuksan Joint Venture [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination, bargain purchase, gain recognized, amount | 13 | ||||||||||||
Business combination, bargain purchase, gain recognized, net of tax | $13 | ||||||||||||
[1] | Represents the impairment of goodwill for the India Papers business and xpedx. | ||||||||||||
[2] | Includes $464 million of accelerated depreciation, $24 million of inventory impairment charges, $26 million of severance charges and $40 million of other charges which are recorded in the Printing Papers segment. | ||||||||||||
[3] | Includes $73 million of accelerated depreciation and other non-cash charges, $42 million of severance charges and $3 million of other charges which are recorded in the Printing Papers segment. During 2013, the Company accelerated depreciation for certain Courtland assets, and diligently evaluated certain other assets for possible alternative uses by one of our other businesses. The net book value of these assets at December 31, 2013 was approximately $470 million. | ||||||||||||
[4] | Includes $39 million of accelerated depreciation charges, $2 million of severance charges and $4 million of other charges which are recorded in the Consumer Packaging segment. | ||||||||||||
[5] | Includes $15 million of severance charges. | ||||||||||||
[6] | Includes $2 million of severance charges. |
Schedule_II_Valuation_And_Qual2
Schedule II - Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Doubtful Accounts - Current [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | $109 | $119 | $126 | |||
Additions Charged to Earnings | 11 | 38 | 11 | |||
Additions Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions from Reserves | -38 | [1] | -48 | [1] | -18 | [1] |
Balance at End of Period | 82 | 109 | 119 | |||
Restructuring Reserves [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | 51 | 17 | 8 | |||
Additions Charged to Earnings | 41 | 46 | 17 | |||
Additions Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions from Reserves | -76 | [2] | -12 | [2] | -8 | [2] |
Balance at End of Period | $16 | $51 | $17 | |||
[1] | Includes write-offs, less recoveries, of accounts determined to be uncollectible and other adjustments. | |||||
[2] | Includes payments and deductions for reversals of previously established reserves that were no longer required. |
Uncategorized_Items
Uncategorized Items | 12/31/14 | |||||
USD ($) | ||||||
[us-gaap_GoodwillGross] | 7,414,000,000 | 1,784,000,000 | 0 | 3,396,000,000 | 2,234,000,000 | |
[us-gaap_GoodwillImpairedAccumulatedImpairmentLoss] | 1,664,000,000 | [Footnote-78FFF68C647D46CA5A5B1DDD1B9257C6_lbl] |