Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 8-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IP | ||
Entity Registrant Name | INTERNATIONAL PAPER CO /NEW/ | ||
Entity Central Index Key | 51,434 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 411,255,197 | ||
Entity Public Float | $ 17,330,052,160 |
Consolidated Statement Of Opera
Consolidated Statement Of Operations - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Income Statement [Abstract] | ||||||
NET SALES | [1] | $ 21,079 | $ 22,365 | $ 23,617 | ||
COSTS AND EXPENSES | ||||||
Cost of products sold | 15,152 | 15,468 | 16,254 | |||
Selling and administrative expenses | 1,575 | 1,645 | 1,793 | |||
Depreciation, amortization and cost of timber harvested | [2] | 1,227 | 1,294 | 1,406 | ||
Distribution expenses | 1,361 | 1,406 | 1,521 | |||
Taxes other than payroll and income taxes | 164 | 168 | 180 | |||
Restructuring and other charges | 54 | 252 | 846 | |||
Impairment of goodwill and other intangibles | 0 | 137 | 100 | |||
Net (gains) losses on sales and impairments of businesses | 70 | 174 | 38 | |||
Interest expense, net | 520 | 555 | 607 | |||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY EARNINGS (LOSSES) | 956 | [3] | 1,266 | [4] | 872 | |
Income tax provision (benefit) | 247 | 466 | 123 | |||
Equity earnings (loss), net of taxes | 198 | 117 | (200) | |||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 907 | 917 | 549 | |||
Discontinued operations, net of taxes | (5) | [5] | 0 | (13) | ||
NET EARNINGS (LOSS) | 902 | 917 | 536 | |||
Less: Net earnings (loss) attributable to noncontrolling interests | (2) | (21) | (19) | |||
NET EARNINGS (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | $ 904 | [3],[5],[6] | $ 938 | [4],[7] | $ 555 | |
BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||||
Earnings (loss) from continuing operations | $ 2.21 | [3] | $ 2.25 | [4] | $ 1.33 | |
Discontinued operations, net of taxes | (0.01) | [5] | 0 | (0.03) | ||
Net earnings (loss) | 2.20 | [3],[5],[6] | 2.25 | [4],[7] | 1.30 | |
DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||||
Earnings (loss) from continuing operations | 2.19 | [3] | 2.23 | [4] | 1.31 | |
Discontinued operations, net of taxes | (0.01) | [5] | 0 | (0.02) | ||
Net earnings (loss) | $ 2.18 | [3],[5],[6] | $ 2.23 | [4],[7] | $ 1.29 | |
AMOUNTS ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||||
Earnings (loss) from continuing operations | $ 909 | $ 938 | $ 568 | |||
Discontinued operations, net of taxes | (5) | [5] | 0 | (13) | ||
Net earnings (loss) | $ 904 | [3],[5],[6] | $ 938 | [4],[7] | $ 555 | |
[1] | Net sales are attributed to countries based on the location of the seller. | |||||
[2] | Excludes accelerated depreciation related to the closure and/or repurposing of mills. | |||||
[3] | Includes the following pre-tax charges (gains): 2016In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs $9 $— $— $—India Packaging evaluation write-off — — 17 —Early debt extinguishment costs — — 29 —Write-off of certain regulatory pre-engineering costs — — 8 —Costs associated with the newly acquired pulp business — 5 7 19Asia Box impairment / restructuring 37 28 5 —Gain on sale of investment in Arizona Chemical (8) — — —Turkey mill closure — — — 7Amortization of Weyerhaeuser inventory fair value step-up — — — 19Total $38 $33 $66 $45 | |||||
[4] | Includes the following pre-tax charges (gains): 2015In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $— $(14) $7 $15Timber monetization restructuring — — 17 (1)Early debt extinguishment costs — 207 — —Refund and state tax credits — (4) — —IP-Sun JV impairment — — 186 (12)Legal reserve adjustment — — — 15Impairment of Orsa goodwill and trade name intangible — — — 137Other items — 1 1 4Total $— $190 $211 $158 | |||||
[5] | Includes a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. | |||||
[6] | Includes the following tax expenses (benefits): 2016 Q1 Q2 Q3 Q4Cash pension contribution $— $23 $— $—U.S. Federal audit (14) — — —Brazil goodwill (57) — — —International legal entity restructuring — (6) — —Luxembourg tax rate change — — — 31Tax impact of other special items (3) (10) (24) (14)Total $(74) $7 $(24) $17 | |||||
[7] | Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4Tax expense for cash pension $— $23 $— $—Tax benefit related to IP-Sun JV — — (67) —Other items — 5 — 2Tax impact of other special items — (67) (3) (13)Total $— $(39) $(70) $(11) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
NET EARNINGS (LOSS) | $ 902 | $ 917 | $ 536 | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||
Change in cumulative foreign currency translation adjustment | 260 | (1,042) | (876) | |
Net gains/losses on cash flow hedging derivatives: | ||||
Net gains (losses) arising during the period (less tax of $3, $3 and $3) | (6) | (3) | 10 | |
Reclassification adjustment for (gains) losses included in net earnings (less tax of $3, $8 and $1) | (7) | 12 | (4) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | [1] | 344 | (1,068) | (1,899) |
Comprehensive Income (Loss) | 1,246 | (151) | (1,363) | |
Net (Earnings) Loss Attributable to Noncontrolling Interests | 2 | 21 | 19 | |
Other Comprehensive (Income) Loss Attributable to Noncontrolling Interests | 2 | 6 | 12 | |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | 1,250 | (124) | (1,332) | |
U.S. Plans [Member] | ||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||
Amortization of pension and postretirement prior service costs and net loss: | 545 | 296 | 242 | |
Pension and postretirement liability adjustments: | (451) | (329) | (1,253) | |
Non-U.S. Plans [Member] | ||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||
Pension and postretirement liability adjustments: | $ 3 | $ (2) | $ (18) | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortization of pension and postretirement prior service costs and net loss: | $ 343 | $ 186 | $ 154 |
Net gains (losses) on cash flow hedging derivatives arising during the period, tax | 3 | 3 | 3 |
Reclassification adjustment for (gains) losses included in net earnings, tax | (3) | (8) | (1) |
U.S. Postretirement Benefit Plans [Member] | |||
Pension and postretirement liability adjustments, tax | (283) | (206) | (798) |
Non-U.S. Postretirement Benefit Plans [Member] | |||
Pension and postretirement liability adjustments, tax | $ (4) | $ 0 | $ (5) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and temporary investments | $ 1,033 | $ 1,050 |
Accounts and notes receivable, less allowances of $70 in 2016 and $70 in 2015 | 3,001 | 2,675 |
Inventories | 2,438 | 2,228 |
Other current assets | 198 | 212 |
Total Current Assets | 6,670 | 6,165 |
Plants, Properties and Equipment, net | 13,990 | 11,980 |
Forestlands | 456 | 366 |
Investments | 360 | 228 |
Financial Assets of Special Purpose Entities (Note 12) | 7,033 | 7,014 |
Goodwill | 3,364 | 3,335 |
Deferred Charges and Other Assets | 1,220 | 1,183 |
TOTAL ASSETS | 33,093 | 30,271 |
Current Liabilities | ||
Notes payable and current maturities of long-term debt | 239 | 426 |
Accounts payable | 2,309 | 2,078 |
Accrued payroll and benefits | 430 | 434 |
Other accrued liabilities | 1,091 | 983 |
Total Current Liabilities | 4,069 | 3,921 |
Long-Term Debt | 11,075 | 8,844 |
Nonrecourse Financial Liabilities of Special Purpose Entities (Note 12) | 6,284 | 6,277 |
Deferred Income Taxes | 3,127 | 2,974 |
Pension Benefit Obligation | 3,400 | 3,548 |
Postretirement and Postemployment Benefit Obligation | 330 | 364 |
Other Liabilities | 449 | 434 |
Commitments and Contingent Liabilities (Note 11) | ||
Equity | ||
Common stock $1 par value, 2016 - 448.9 shares & 2015 – 448.9 shares | 449 | 449 |
Paid-in capital | 6,189 | 6,243 |
Retained earnings | 4,818 | 4,649 |
Accumulated other comprehensive loss | (5,362) | (5,708) |
Total Shareholders' Equity Before Treasury Stock | 6,094 | 5,633 |
Less: Common stock held in treasury, at cost, 2016 – 37.671 shares and 2015 – 36.776 shares | 1,753 | 1,749 |
Total Shareholders’ Equity | 4,341 | 3,884 |
Noncontrolling interests | 18 | 25 |
Total Equity | 4,359 | 3,909 |
TOTAL LIABILITIES AND EQUITY | $ 33,093 | $ 30,271 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowances | $ 70 | $ 70 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares | 448,900 | 448,900 |
Common stock held in treasury, shares | 36,671 | 36,776 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | |||
Net earnings (loss) | $ 902 | $ 917 | $ 536 |
Depreciation, amortization, and cost of timber harvested | 1,227 | 1,294 | 1,414 |
Deferred income tax provision (benefit), net | 136 | 281 | (135) |
Restructuring and other charges | 54 | 252 | 881 |
Pension plan contribution | (750) | (750) | (353) |
Periodic pension expense, net | 809 | 461 | 387 |
Net (gains) losses on sales and impairments of businesses | 70 | 174 | 38 |
Equity (earnings) losses, net of taxes | (198) | (117) | 200 |
Impairment of goodwill and other intangible assets | 0 | 137 | 100 |
Other, net | 157 | 153 | 167 |
Changes in current assets and liabilities | |||
Accounts and notes receivable | (94) | 7 | (97) |
Inventories | 11 | (131) | (103) |
Accounts payable and accrued liabilities | 98 | (89) | (18) |
Interest payable | 41 | (17) | (18) |
Other | 15 | 8 | 78 |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | 2,478 | 2,580 | 3,077 |
INVESTMENT ACTIVITIES | |||
Invested in capital projects | (1,348) | (1,487) | (1,366) |
Acquisitions, net of cash acquired | (2,228) | 0 | 0 |
Proceeds from divestitures | 108 | 23 | 0 |
Proceeds from spinoff | 0 | 0 | 411 |
Investment in Special Purpose Entities | 0 | (198) | 0 |
Proceeds from sale of fixed assets | 19 | 37 | 61 |
Other | (49) | (114) | 34 |
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES | (3,498) | (1,739) | (860) |
FINANCING ACTIVITIES | |||
Repurchase of common stock and payments of restricted stock tax withholding | (132) | (605) | (1,062) |
Issuance of common stock | 0 | 2 | 66 |
Issuance of debt | 3,830 | 6,873 | 1,982 |
Reduction of debt | (1,938) | (6,947) | (2,095) |
Change in book overdrafts | 0 | (14) | 30 |
Dividends paid | (733) | (685) | (620) |
Acquisition of redeemable noncontrolling interest | 0 | 0 | (114) |
Debt tender premiums paid | (31) | (211) | (269) |
Other | (14) | (14) | (4) |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 982 | (1,601) | (2,086) |
Effect of Exchange Rate Changes on Cash | 21 | (71) | (52) |
Change in Cash and Temporary Investments | (17) | (831) | 79 |
Cash and Temporary Investments | |||
Beginning of the period | 1,050 | 1,881 | 1,802 |
End of the period | $ 1,033 | $ 1,050 | $ 1,881 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) | Total | Issued | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury | Total International Paper Shareholders’ Equity | Noncontrolling Interests |
Beginning 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 plans, 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 spinoff | (287,000,000) | 0 | (287,000,000) | 0 | 0 | 0 | (287,000,000) | 0 |
Dividends, Common Stock, Cash | (633,000,000) | 0 | 0 | (633,000,000) | 0 | 0 | (633,000,000) | 0 |
Acquisition of redeemable noncontrolling interests | 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 |
Issuance of stock for various plans, net | 233,000,000 | 0 | 35,000,000 | 0 | 0 | (198,000,000) | 233,000,000 | 0 |
Repurchase of stock | (605,000,000) | 0 | 0 | 0 | 0 | 605,000,000 | (605,000,000) | 0 |
Dividends, Common Stock, Cash | (698,000,000) | 0 | 0 | (698,000,000) | 0 | 0 | (698,000,000) | 0 |
Transactions of equity method investees | (37,000,000) | 0 | (37,000,000) | 0 | 0 | 0 | (37,000,000) | 0 |
Divestiture of noncontrolling interests | (96,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | (96,000,000) |
Comprehensive income (loss) | (151,000,000) | 0 | 0 | 938,000,000 | (1,062,000,000) | 0 | (124,000,000) | (27,000,000) |
Ending Balance at Dec. 31, 2015 | 3,909,000,000 | 449,000,000 | 6,243,000,000 | 4,649,000,000 | (5,708,000,000) | 1,749,000,000 | 3,884,000,000 | 25,000,000 |
Issuance of stock for various plans, net | 122,000,000 | 0 | (6,000,000) | 0 | 0 | (128,000,000) | 122,000,000 | 0 |
Repurchase of stock | (132,000,000) | 0 | 0 | 0 | 0 | 132,000,000 | (132,000,000) | 0 |
Dividends, Common Stock, Cash | (743,000,000) | 0 | 0 | (743,000,000) | 0 | 0 | (743,000,000) | 0 |
Transactions of equity method investees | (48,000,000) | 0 | (48,000,000) | 0 | 0 | 0 | (48,000,000) | 0 |
Divestiture of noncontrolling interests | (3,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | (3,000,000) |
Other | 8,000,000 | 0 | 0 | 8,000,000 | 0 | 0 | 8,000,000 | 0 |
Comprehensive income (loss) | 1,246,000,000 | 0 | 0 | 904,000,000 | 346,000,000 | 0 | 1,250,000,000 | (4,000,000) |
Ending Balance at Dec. 31, 2016 | $ 4,359,000,000 | $ 449,000,000 | $ 6,189,000,000 | $ 4,818,000,000 | $ (5,362,000,000) | $ 1,753,000,000 | $ 4,341,000,000 | $ 18,000,000 |
Summary Of Business And Signifi
Summary Of Business And Significant Accounting Policies (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Business And Significant Accounting Policies | NOTE 1 SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES 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. Prior-period amounts have been adjusted to conform with current year presentation. During the fourth quarter of 2016, the Company finalized its purchase of Weyerhaeuser's pulp business (see Note 6). Subsequent to the acquisition, the Company began reporting Global Cellulose Fibers as a separate business segment in the fourth quarter of 2016 due to the increased materiality of the results of this business. This segment includes the Company's legacy pulp business and the newly acquired pulp business. As such, amounts related to the legacy pulp business have been reclassified out of the Printing Papers' business segment and included in the new Global Cellulose Fibers business segment for all prior periods to conform with current year presentation. In addition, during the first quarter of 2017, as a result of an internal reorganization, the net sales and operating profits for the Asian Distribution operations are included in the results of the businesses that manufacture the products, and as such, prior year amounts have been reclassified to conform with current year presentation. Also in the first quarter of 2017, the Company adopted the required guidance in ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." All prior year amounts have been reclassified to conform with current year presentation. The adoption of this guidance had the following impact on the Company's consolidated balance sheet: In millions, except per share amounts 2016 2015 Reclassification from: Deferred income tax assets $ (299 ) $ (312 ) Other accrued liabilities 3 3 Reclassification to: Deferred charges and other assets 48 52 Deferred income taxes 248 257 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 $198 million , $117 million and $(200) million in 2016 , 2015 and 2014 , 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 generally are, for buildings — 2.50% to 5.00% , and for machinery and equipment — 5% to 33% . FORESTLANDS At December 31, 2016 , International Paper and its subsidiaries owned or managed approximately 329,000 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. 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, discounted 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. 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. 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, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Developments | NOTE 2 RECENT ACCOUNTING DEVELOPMENTS 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. VARIABLE INTEREST ENTITIES In October 2016, the FASB issued ASU 2016-17, "Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control." Under consolidation guidance in ASU 2015-02 issued by the FASB in 2015, a single decision maker was required to consider an indirect interest held by a related party under common control in its entirety. Under the new guidance, the single decision maker will consider that indirect interest on a proportionate basis. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. This guidance should be applied retrospectively to all relevant prior periods beginning with the fiscal years in which ASU 2015-02 was initially applied. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance and will adopt this ASU in the first quarter of 2017. INCOME TAXES In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory." This ASU requires companies to recognize the income tax effects of intercompany sales and transfers of assets other than inventory in the period in which the transfer occurs rather than defer the income tax effects, which is current practice. This new guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. The guidance requires companies to apply a modified retrospective approach with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. The Company is currently evaluating the provisions of this guidance. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Classification of Deferred Taxes." This ASU requires entities to offset all deferred tax assets and liabilities (and valuation allowances) for each tax-paying jurisdiction within each tax-paying component. The net deferred tax must be presented as a single noncurrent amount. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Company adopted this required guidance in the first quarter of 2017. CASH FLOW CLASSIFICATION In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): "Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)." This ASU adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods with those years and must be applied retrospectively to all periods presented but may be applied prospectively from the earliest date practicable if retrospective application would be impracticable. The Company early adopted this guidance during 2016 with no material impact on the consolidated financial statements. STOCK COMPENSATION In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): "Improvements to Employee Share-Based Payment Accounting." Under this new guidance, all excess tax benefits and tax deficiencies will be recognized in the income statement as they occur and will therefore impact the Company's effective tax rate. This guidance replaces current guidance which requires tax benefits that exceed compensation costs (windfalls) to be recognized in equity. The new guidance will also change the cash flow presentation of excess tax benefits, classifying them as operating inflows rather than financing activities as they are currently classified. In addition, the new guidance will allow companies to provide net settlement of stock-based compensation to cover tax withholding as long as the net settlement doesn't exceed the maximum individual statutory tax rate in the employee's tax jurisdiction. Amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value should be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. Amendments related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement should be applied retrospectively. Amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement and the practical expedient for estimating expected term should be applied prospectively. An entity may elect to apply the amendments related to the presentation of excess tax benefits on the statement of cash flows using either a prospective transition method or a retrospective transition method. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods with those years. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance. INVESTMENTS - EQUITY METHOD AND JOINT VENTURES In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): "Simplifying the Transition to the Equity Method of Accounting." The amendments in the ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years and should be applied prospectively upon the effective date. Early adoption is permitted. The Company early adopted this guidance during 2016 with no material impact on the consolidated financial statements. DERIVATIVES AND HEDGING Also in March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): "Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships." The amendments in this ASU apply to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815. This ASU clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years, and allows for the amendments to be applied on either a prospective basis or a modified retrospective basis. The Company early adopted this guidance during 2016 with no material impact on the consolidated financial statements. LEASES In February 2016, the FASB issued ASU 2016-02, Leases Topic (842): "Leases." This ASU will require most leases to be recognized on the balance sheet which will increase reported assets and liabilities. Lessor accounting will remain substantially similar to current U.S. GAAP. This ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years, and mandates a modified retrospective transition method for all entities. The Company expects to adopt this guidance using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We expect to recognize a liability and corresponding asset associated with in-scope operating and finance leases but we are still in the process of determining those amounts and the processes required to account for leasing activity on an ongoing basis. BUSINESS COMBINATIONS In September 2015, the FASB issued ASU 2015-16, "Business Combinations - Simplifying the Accounting for Measurement Period Adjustments." This ASU provides that an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The ASU also requires acquirers to present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized at the acquisition date. The Company adopted this guidance during 2016 with no material impact on the consolidated financial statements. INVENTORY In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): "Simplifying the Measurement of Inventory." This ASU provides that entities should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. The Company early adopted this guidance during 2016 with no material impact on the consolidated financial statements. FAIR VALUE MEASUREMENT In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." This guidance eliminates the existing requirement to categorize within the fair value hierarchy investments whose fair values are measured at net asset value (NAV) using the practical expedient in ASC 820. Instead entities are required to disclose the fair values of such investments so that financial statement users can reconcile amounts reported in the fair value hierarchy table and the amounts reported on the balance sheet. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those years and should be applied retrospectively. The Company adopted the provisions of this guidance in 2016 with no material impact on the consolidated financial statements. DEBT ISSUANCE COSTS In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30: Simplifying the Presentation of Debt Issuance Costs)," which simplifies the balance sheet presentation of the costs for issuing debt. This ASU was effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years. The application of the requirements of this guidance did not have a material effect on the consolidated financial statements. REVENUE RECOGNITION In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." This 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 was 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; however, in August 2015, the FASB issued ASU 2015-14 which defers the effective date by one year making the guidance effective for annual reporting periods beginning after December 15, 2017. The FASB has continued to clarify this guidance in various updates during 2015 and 2016, all of which, have the same effective date as the original guidance. We are currently evaluating the impact of ASU 2014-09 and all related ASU's on our consolidated financial statements. We plan to adopt the new revenue guidance effective January 1, 2018 using the full retrospective transition method. The Company does not expect the impact on its consolidated financial statements to be material and we anticipate the primary impact to be the additional required disclosures around revenue recognition in the notes to the consolidated financial statements. |
Earnings Per Share Attributable
Earnings Per Share Attributable To International Paper Company Common Shareholders (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings Per Share Attributable To International Paper Company Common Shareholders | NOTE 3 EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS 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 2016 2015 2014 Earnings (loss) from continuing operations $ 909 $ 938 $ 568 Effect of dilutive securities — — — Earnings (loss) from continuing operations – assuming dilution $ 909 $ 938 $ 568 Average common shares outstanding 411.1 417.4 427.7 Effect of dilutive securities: Restricted performance share plan 4.5 3.2 4.2 Stock options (a) — — 0.1 Average common shares outstanding – assuming dilution 415.6 420.6 432.0 Basic earnings (loss) per share from continuing operations $ 2.21 $ 2.25 $ 1.33 Diluted earnings (loss) per share from continuing operations $ 2.19 $ 2.23 $ 1.31 (a) Options to purchase shares were not included in the computation of diluted common shares outstanding if 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, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income [Note Text Block] | NOTE 4 OTHER COMPREHENSIVE INCOME The following table presents changes in AOCI for the year ended December 31, 2016 : 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, 2015 $ (3,169 ) $ (2,549 ) $ 10 $ (5,708 ) Other comprehensive income (loss) before reclassifications (448 ) 263 (6 ) (191 ) Amounts reclassified from accumulated other comprehensive income 545 (3 ) (7 ) 535 Net Current Period Other Comprehensive Income 97 260 (13 ) 344 Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest — 2 — 2 Balance as of December 31, 2016 $ (3,072 ) $ (2,287 ) $ (3 ) $ (5,362 ) (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, 2015 : 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, 2014 $ (3,134 ) $ (1,513 ) $ 1 $ (4,646 ) Other comprehensive income (loss) before reclassifications (331 ) (1,002 ) (3 ) (1,336 ) Amounts reclassified from accumulated other comprehensive income 296 (40 ) 12 268 Net Current Period Other Comprehensive Income (35 ) (1,042 ) 9 (1,068 ) Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest — 6 — 6 Balance as of December 31, 2015 $ (3,169 ) $ (2,549 ) $ 10 $ (5,708 ) (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 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 2016 2015 2014 In millions Defined benefit pension and postretirement items: Prior-service costs $ (37 ) $ (33 ) $ (17 ) (b) Cost of products sold Actuarial gains/(losses) (851 ) (449 ) (379 ) (b) Cost of products sold Total pre-tax amount (888 ) (482 ) (396 ) Tax (expense)/benefit 343 186 154 Net of tax (545 ) (296 ) (242 ) Change in cumulative foreign currency translation adjustments: Business acquisition/divestiture 3 40 13 Net (gains) losses on sales and impairments of businesses or Retained earnings Tax (expense)/benefit — — — Net of tax 3 40 13 Net gains and losses on cash flow hedging derivatives: Foreign exchange contracts 10 (20 ) 3 (c) Cost of products sold Total pre-tax amount 10 (20 ) 3 Tax (expense)/benefit (3 ) 8 1 Net of tax 7 (12 ) 4 Total reclassifications for the period $ (535 ) $ (268 ) $ (225 ) (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 Charges
Restructuring and Other Charges (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | NOTE 5 RESTRUCTURING CHARGES AND OTHER ITEMS 2016: During 2016, total restructuring and other charges of $54 million before taxes were recorded. These charges included: In millions 2016 Early debt extinguishment costs (see Note 13) $ 29 India packaging evaluation write-off 17 Gain on sale of investment in Arizona Chemical (8 ) Riegelwood mill conversion costs (a) 9 Turkey mill closure (b) 7 Total $ 54 (a) Includes $3 million of accelerated depreciation, $3 million of inventory write-off charges and $3 million of other charges. (b) Includes $4 million of accelerated depreciation and $3 million of severance charges which is related to 85 employees. 2015: During 2015, total restructuring and other charges of $252 million before taxes were recorded. These charges included: In millions 2015 Early debt extinguishment costs (see Note 13) $ 207 Timber monetization restructuring 16 Legal liability reserve adjustment 15 Riegelwood mill conversion costs net of proceeds from the sale of Carolina Coated Bristols brand (a) 8 Other 6 Total $ 252 (a) Includes $5 million of severance charges, which is related to 69 employees, $24 million of accelerated depreciation, sale proceeds of $22 million and $1 million of other charges. 2014: During 2014, total restructuring and other charges of $846 million before taxes were recorded. These charges included: In millions 2014 Early debt extinguishment costs (see Note 13) $ 276 Courtland mill shutdown (a) 554 Other (b) 16 Total $ 846 (a) Includes $464 million of accelerated depreciation, $24 million of inventory impairment charges, $26 million of severance charges related to 49 employees and $40 million of other charges which are recorded in the Printing Papers segment. (b) Includes $15 million of severance charges related to 908 employees. |
Acquisitions And Joint Ventures
Acquisitions And Joint Ventures (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions And Joint Ventures | NOTE 6 ACQUISITIONS AND JOINT VENTURES WEYERHAEUSER PULP BUSINESS 2016: On December 1, 2016, the Company finalized the purchase of Weyerhaeuser's pulp business for approximately $2.2 billion in cash, subject to post-closing adjustments. Under the terms of the agreement, International Paper acquired four fluff pulp mills, one northern bleached softwood kraft mill and two converting facilities of modified fiber, located in the United States, Canada and Poland. The Company is accounting for the acquisition under ASC 805, "Business Combinations" and the newly acquired pulp business's results of operations have been included in International Paper's consolidated financial statements beginning with the date of acquisition. The following table summarizes the preliminary allocation of the purchase price to the fair value of assets and liabilities acquired as of December 1, 2016. In millions Cash and temporary investments $ 12 Accounts and notes receivable 195 Inventory 254 Other current assets 11 Plants, properties and equipment 1,711 Goodwill 19 Other intangible assets 212 Deferred charges and other assets 6 Total assets acquired 2,420 Accounts payable and accrued liabilities 111 Long-term debt 104 Other long-term liabilities 22 Total liabilities assumed 237 Net assets acquired $ 2,183 Due to the timing of the completion of the acquisition, the purchase price and related allocation are preliminary and could be revised as a result of adjustments made to the purchase price, additional information obtained regarding assets acquired and liabilities assumed, and revisions of provisional estimates of fair values, including, but not limited to, the completion of independent appraisals and valuations related to inventory, property, plant and equipment and intangible assets. These changes to the purchase price allocation could be significant. The purchase price allocation will be finalized within the measurement period of up to one year from the acquisition date. In connection with the purchase price allocation, inventories were written up by $33 million to their estimated fair value. During December 2016, $19 million before taxes ( $12 million after taxes) were expensed to Cost of products sold as the related inventory was sold. Since the date of acquisition, Net sales of $111 million and Earnings (loss) from continuing operations before income taxes and equity earnings of $(21) million from the acquired business have been included in the Company's consolidated statement of operations. Additionally, Selling and administrative expenses for 2016 include $28 million in charges before taxes ( $18 million after taxes) for integration costs associated with the acquisition. The identifiable intangible assets acquired in connection with the acquisition of the Weyerhaeuser pulp business included the following: In millions Estimated Average Asset Class: (at acquisition Customer relationships and lists $ 95 24 years Trade names, patents, trademarks and developed technology 113 8 years Other 4 10 years Total $ 212 On an unaudited pro forma basis, assuming the acquisition of the newly acquired pulp business had closed January 1, 2015, the consolidated results would have reflected Net sales of $22.4 billion and $23.9 billion and Earnings (loss) from continuing operations before income taxes and equity earnings of $1.1 billion and $1.4 billion for the years ended December 31, 2016 and 2015, respectively. The 2016 pro forma information includes adjustments for additional amortization expense on identifiable intangible assets of $18 million and eliminating the write-off of the estimated fair value of inventory of $19 million and non-recurring integration costs associated with the acquisition of $30 million . The 2015 pro forma information includes adjustments for additional amortization expense on identifiable intangible assets of $18 million , non-recurring integration costs associated with the acquisition of $30 million, and incremental expense of $33 million associated with the write-off of the estimated fair value of inventory. The unaudited pro forma consolidated financial information was prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may have differed materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information 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, 2015, nor is it necessarily an indicator of future results. HOLMEN PAPER NEWSPRINT MILL 2016: On June 30, 2016, the Company completed the previously announced acquisition of Holmen Paper's newsprint mill in Madrid, Spain. Under the terms of the agreement, International Paper purchased the Madrid newsprint mill, as well as, associated recycling operations and a 50% ownership interest in a cogeneration facility. The Company intends to convert the mill during the second half of 2017 to produce recycled containerboard with an expected capacity of 419,000 tons. Once completed, the converted mill will support the Company's corrugated packaging business in EMEA. The Company's aggregated purchase price for the mill, recycling operations and 50% ownership of the cogeneration facility was €53 million (approximately $59 million using June 30, 2016 exchange rate). The measurement period adjustments recognized in the third and fourth quarters of 2016 were to reallocate the purchase price from property, plant and equipment to the specific asset and liability balance sheet line items. Approximately $60 million of the purchase price was allocated to property, plant and equipment, $14 million to current assets (primarily cash and accounts receivable), $7 million to equity method investments, $3 million to long-term assets, $9 million to short-term liabilities and $16 million to long-term liabilities related to a supply contract entered into with the seller. The initial valuation amounts are not considered complete as of December 31, 2016 as tax implications of the valuation amounts are still being considered, however, their impacts are not expected to be material to the Company. The amount of revenue and earnings recognized since the acquisition date are $90 million and a net loss of $2 million , respectively, for the year ended December 31, 2016. Pro forma information related to the acquisition of the Holmen businesses has not been included as it is impractical to obtain the information due to the lack of availability of financial data and 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 Jari 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. 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. In the fourth quarter of 2016, International Paper released the amount held back for indemnification obligations, net of certain claims. Cash of $10 million was paid to Jari, which included $3 million of accrued interest. The remaining unpaid balance of $12 million was reversed in the third quarter of 2016 with $8 million recorded to Retained earnings as a final purchase price adjustment, and $3 million to interest expense. |
Divestitures_Spinoff (Note)
Divestitures/Spinoff (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Businesses Held For Sale, Divestitures And Impairments | NOTE 7 DIVESTITURES / SPINOFF 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 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 Net Sales $ 2,604 Costs and Expenses Cost of products sold 2,309 Selling and administrative expenses 191 Depreciation, amortization and cost of timber harvested 9 Distribution expenses 69 Restructuring and other charges 25 Impairment of goodwill and other intangibles — Other, net 3 Earnings (Loss) Before Income Taxes and Equity Earnings (2 ) Income tax provision (benefit) (1 ) Discontinued Operations, Net of Taxes (a) $ (1 ) (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 for 2014 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 for 2014 is included in Cash Provided By (Used For) Investing Activities in the consolidated statement of cash flows. OTHER DIVESTITURES AND IMPAIRMENTS 2016: On March 14, 2016, the Company announced that it had entered into a definitive agreement to sell its corrugated packaging business in China and Southeast Asia to Xiamen Bridge Hexing Equity Investment Partnership Enterprise. The sale of this business was completed on June 30, 2016. Under the terms of the transaction and after post-closing adjustments, International Paper received a total of approximately RMB 957 million (approximately $144 million at the June 30, 2016 exchange rate), which included the buyer's assumption of a liability for outstanding loans of approximately $55 million . Based on the final sales price, a determination was made that the current book value of the asset group was not recoverable. As a result, a combined pre-tax charge of $46 million was recorded during 2016 in the Company's Industrial Packaging segment to write down the long-lived assets of this business to their estimated fair value. In addition, the Company recorded a pre-tax charge of $24 million for severance that was contingent upon the sale of this business. The 2016 net loss totaling $70 million related to the impairment and severance of IP Asia Packaging is included in Net (gains) losses on sales and impairments of businesses in the accompanying consolidated statement of operations. The final purchase price payment of RMB 20 million (approximately $3 million at the December 31, 2016 exchange rate) was received in the fourth quarter of 2016. The remaining payments to be received relate to the assumed loans which total $14 million and are payable up to three years from the closing of the sale. The amount of pre-tax losses related to the IP Asia Packaging business included in the Company's consolidated statement of operations were $83 million , $8 million and $70 million for years ended December 31, 2016, 2015 and 2014, respectively. 2015: On October 13, 2015 , the Company finalized the sale of its 55% interest in IP Asia Coated Paperboard (IP-Sun JV) business, within the Company's Consumer Packaging segment, to its Chinese coated board joint venture partner, Shandong Sun Holding Group Co., Ltd. for RMB 149 million (approximately USD $23 million ). During the third quarter of 2015, a determination was made that the current book value of the asset group was not recoverable. As a result, the net pre-tax impairment charge of $174 million ( $113 million after taxes) was recorded to write down the long-lived assets of this business to their estimated fair value. The impairment charge is included in Net (gains) losses on sales and impairments of businesses in the accompanying consolidated statement of operations. The amount of pre-tax losses related to noncontrolling interest of the IP-Sun JV included in the Company's consolidated statement of operations for the years ended December 31, 2015 and 2014 were $19 million and $12 million , respectively. The amount of pre-tax losses related to the IP-Sun JV included in the Company's consolidated statement of operations for the years ended December 31, 2015 and 2014 were $226 million and $51 million , respectively. 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 2014 net 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. |
Supplementary Financial Stateme
Supplementary Financial Statement Information (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Supplementary Financial Statement Information | NOTE 8 SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION TEMPORARY INVESTMENTS Temporary investments with an original maturity of three months or less are treated as cash equivalents and are stated at cost. Temporary investments totaled $757 million and $738 million at December 31, 2016 and 2015 , respectively. ACCOUNTS AND NOTES RECEIVABLE Accounts and notes receivable, net of allowances, by classification were: In millions at December 31 2016 2015 Accounts and notes receivable: Trade $ 2,759 $ 2,480 Other 242 195 Total $ 3,001 $ 2,675 INVENTORIES In millions at December 31 2016 2015 Raw materials $ 296 $ 339 Finished pulp, paper and packaging products 1,381 1,248 Operating supplies 661 563 Other 100 78 Inventories $ 2,438 $ 2,228 The last-in, first-out inventory method is used to value most of International Paper’s U.S. inventories. Approximately 79% 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 $376 million and $345 million at December 31, 2016 and 2015 , respectively. PLANTS, PROPERTIES AND EQUIPMENT In millions at December 31 2016 2015 Pulp, paper and packaging facilities $ 34,259 $ 31,466 Other properties and equipment 1,311 1,242 Gross cost 35,570 32,708 Less: Accumulated depreciation 21,580 20,728 Plants, properties and equipment, net $ 13,990 $ 11,980 Depreciation expense was $1.2 billion , $1.2 billion and $1.3 billion for the years ended December 31, 2016 , 2015 and 2014 , respectively. INTEREST Interest payments of $682 million , $680 million and $718 million were made during the years ended December 31, 2016 , 2015 and 2014 , respectively. Amounts related to interest were as follows: In millions 2016 2015 2014 Interest expense (a) $ 695 $ 644 $ 677 Interest income (a) 175 89 70 Capitalized interest costs 28 25 23 (a) Interest expense and interest income exclude approximately $25 million and $38 million in 2015 and 2014 , 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, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangibles | NOTE 9 GOODWILL AND OTHER INTANGIBLES GOODWILL The following tables present changes in the goodwill balances as allocated to each business segment for the years ended December 31, 2016 and 2015 : In millions Industrial Packaging Global Cellulose Fibers Printing Papers Consumer Packaging Total Balance as of January 1, 2016 Goodwill $3,325 $— $2,124 $1,664 $7,113 Accumulated impairment losses (a) (237 ) — (1,877 ) (1,664 ) (3,778 ) 3,088 — 247 — 3,335 Reclassifications and other (b) (4 ) — 33 — 29 Additions/reductions (5 ) (c) 19 (d) (14 ) (e) — — Impairment loss — — — — — Balance as of December 31, 2016 Goodwill 3,316 19 2,143 1,664 7,142 Accumulated impairment losses (a) (237 ) — (1,877 ) (1,664 ) (3,778 ) Total $3,079 $19 $266 $— $3,364 (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 the U.S. (d) Reflects the acquisition of the newly acquired pulp business. (e) Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. In millions Industrial Packaging Global Cellulose Fibers Printing Papers Consumer Packaging Total Balance as of January 1, 2015 Goodwill $3,396 $— $2,234 $1,784 $7,414 Accumulated impairment losses (a) (100 ) — (1,877 ) (1,664 ) (3,641 ) 3,296 — 357 120 3,773 Reclassifications and other (b) (70 ) — (95 ) (3 ) (168 ) Additions/reductions (1 ) — (15 ) (c) (117 ) (d) (133 ) Impairment loss (137 ) (e) — — — (137 ) Balance as of December 31, 2015 Goodwill 3,325 — 2,124 1,664 7,113 Accumulated impairment losses (a) (237 ) — (1,877 ) (1,664 ) (3,778 ) Total $3,088 $— $247 $— $3,335 (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) Reduction due to the sale and de-consolidation of Shandong Sun joint venture in Asia. (e) Reflects a charge for goodwill impairment related to our Brazil Industrial Packaging business. In the fourth quarter of 2015, in conjunction with the annual testing of its reporting units for possible goodwill impairments, the Company calculated the estimated fair value of its Brazil Packaging business and determined that all of the goodwill in the business, totaling $137 million , should be written off. The decline in the fair value of the Brazil Packaging business and resulting impairment charge was due to the negative impacts on the cash flows of the business caused by the continued decline of the overall Brazilian economy. OTHER INTANGIBLES Identifiable intangible assets comprised the following: 2016 2015 In millions at Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships and lists $ 605 $ 211 $ 495 $ 166 Non-compete agreements 69 64 69 56 Tradenames, patents and trademarks, and developed technology 173 56 61 54 Land and water rights 10 2 33 6 Software 21 20 22 20 Other 48 26 46 29 Total $ 926 $ 379 $ 726 $ 331 The Company recognized the following amounts as amortization expense related to intangible assets: In millions 2016 2015 2014 Amortization expense related to intangible assets $ 54 $ 60 $ 73 Based on current intangibles subject to amortization, estimated amortization expense for each of the succeeding years is as follows: 2017 – $60 million , 2018 – $53 million , 2019 – $51 million , 2020 – $51 million , 2021 – $51 million , and cumulatively thereafter – $275 million . |
Income Taxes (Note)
Income Taxes (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 INCOME TAXES The components of International Paper’s earnings from continuing operations before income taxes and equity earnings by taxing jurisdiction were as follows: In millions 2016 2015 2014 Earnings (loss) U.S. $ 573 $ 1,147 $ 565 Non-U.S. 383 119 307 Earnings (loss) from continuing operations before income taxes and equity earnings $ 956 $ 1,266 $ 872 The provision (benefit) for income taxes (excluding noncontrolling interests) by taxing jurisdiction was as follows: In millions 2016 2015 2014 Current tax provision (benefit) U.S. federal $ 35 $ 62 $ 175 U.S. state and local — 12 9 Non-U.S. 76 111 74 $ 111 $ 185 $ 258 Deferred tax provision (benefit) U.S. federal $ 138 $ 321 $ (67 ) U.S. state and local 23 30 5 Non-U.S. (25 ) (70 ) (73 ) $ 136 $ 281 $ (135 ) Income tax provision (benefit) $ 247 $ 466 $ 123 The Company’s deferred income tax provision (benefit) includes a $18 million provision, a $3 million provision and a $13 million benefit for 2016 , 2015 and 2014 , 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 $90 million , $149 million and $172 million in 2016 , 2015 and 2014 , 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 2016 2015 2014 Earnings (loss) from continuing $ 956 $ 1,266 $ 872 Statutory U.S. income tax rate 35 % 35 % 35 % Tax expense (benefit) using statutory U.S. income tax rate 335 443 305 State and local income taxes 15 27 10 Tax rate and permanent differences on non-U.S. earnings (27 ) (44 ) (72 ) Net U.S. tax on non-U.S. dividends 21 12 16 Tax benefit on manufacturing activities (12 ) (14 ) (46 ) Non-deductible business expenses 9 8 7 Non-deductible impairments — 109 35 Sale of non-strategic assets 12 (61 ) — Tax audits (14 ) — — Subsidiary liquidation (63 ) — (85 ) Retirement plan dividends (6 ) (5 ) (5 ) Tax credits (28 ) (15 ) (34 ) Other, net 5 6 (8 ) Income tax provision (benefit) $ 247 $ 466 $ 123 Effective income tax rate 26 % 37 % 14 % The tax effects of significant temporary differences, representing deferred income tax assets and liabilities at December 31, 2016 and 2015 , were as follows: In millions 2016 2015 Deferred income tax assets: Postretirement benefit accruals $ 165 $ 172 Pension obligations 1,344 1,403 Alternative minimum and other tax credits 270 283 Net operating and capital loss carryforwards 662 732 Compensation reserves 257 265 Other 251 244 Gross deferred income tax assets 2,949 3,099 Less: valuation allowance (403 ) (430 ) Net deferred income tax asset $ 2,546 $ 2,669 Deferred income tax liabilities: Intangibles $ (231 ) $ (271 ) Plants, properties and equipment (2,828 ) (2,727 ) Forestlands, related installment sales, and investment in subsidiary (2,260 ) (2,253 ) Gross deferred income tax liabilities $ (5,319 ) $ (5,251 ) Net deferred income tax liability $ (2,773 ) $ (2,582 ) Deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions Deferred charges and other assets and Deferred income taxes. There is a decrease in net deferred income tax assets principally relating to the tax impact of changes in qualified pension liabilities and the utilization of tax credits and net operating loss carryforwards. There is a decrease in Deferred tax liabilities increased primarily due to tax greater than book depreciation, changes in qualified pension liabilities and the utilization of tax credits and net operating loss carryforwards. Of the $2.3 billion forestlands, related installment sales, and investment in subsidiary deferred tax liability, $1.4 billion is attributable to an investment in subsidiary and relates to a 2006 International Paper installment sale of forestlands and $831 million is attributable 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, 2016 , 2015 and 2014 was $403 million , $430 million and $415 million , respectively. The net change in the total valuation allowance for the years ended December 31, 2016 and 2015 was a decrease of $27 million and an increase of $15 million , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2016 , 2015 and 2014 is as follows: In millions 2016 2015 2014 Balance at January 1 $ (150 ) $ (158 ) $ (161 ) (Additions) reductions based on tax positions related to current year (4 ) (6 ) (15 ) Additions for tax positions of prior years (3 ) (6 ) (1 ) Reductions for tax positions of prior years 33 7 9 Settlements 19 2 — Expiration of statutes of 5 4 2 Currency translation adjustment 2 7 8 Balance at December 31 $ (98 ) $ (150 ) $ (158 ) Included in the balance at December 31, 2016 , 2015 and 2014 are $0 million , $1 million and $1 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 $22 million and $34 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at December 31, 2016 and 2015 , 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 2015 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. Pending audit settlements and the expiration of statute of limitations could 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 2016 , 2015 and 2014 income tax provision (benefit) are $(74) million , $(121) million and $(453) million , respectively, related to special items. The components of the net provisions related to special items were as follows: In millions 2016 2015 2014 Special items $ (51 ) $ (84 ) $ (372 ) Tax-related adjustments: Return to accrual 23 23 — Internal restructurings (63 ) (62 ) (90 ) Settlement of tax audits and legislative changes (14 ) — 10 Tax rate changes 23 — — Other tax adjustments 8 2 (1 ) Income tax provision (benefit) related to special items $ (74 ) $ (121 ) $ (453 ) The following details the scheduled expiration dates of the Company’s net operating loss and income tax credit carryforwards: In millions 2017 2027 Indefinite Total U.S. federal and non-U.S. NOLs $ 67 $ 9 $ 455 $ 531 State taxing jurisdiction NOLs 139 52 — 191 U.S. federal, non- 176 21 183 380 U.S. federal and state capital loss carryforwards 22 — — 22 Total $ 404 $ 82 $ 638 $ 1,124 Deferred income taxes are not provided for temporary differences of approximately $5.9 billion , $5.7 billion and $5.2 billion as of December 31, 2016 , 2015 and 2014 , 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. |
Commitments And Contingent Liab
Commitments And Contingent Liabilities (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingent Liabilities | NOTE 11 COMMITMENTS AND CONTINGENT LIABILITIES 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 and the 2016 acquisition of Weyerhaeuser's pulp business. At December 31, 2016 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: In millions 2017 2018 2019 2020 2021 Thereafter Lease obligations $ 119 $ 91 $ 69 $ 51 $ 38 $ 125 Purchase obligations (a) 3,165 635 525 495 460 2,332 Total $ 3,284 $ 726 $ 594 $ 546 $ 498 $ 2,457 (a) Includes $2.0 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. Also includes $1.1 billion relating to fiber supply agreements assumed in conjunction with the 2016 acquisition of Weyerhaeuser's pulp business. Rent expense was $161 million , $170 million and $154 million for 2016 , 2015 and 2014 , 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 AND LEGAL PROCEEDINGS Environmental International Paper has been named as a potentially responsible party (PRP) 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 PRPs. There are 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. Remediation 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 $134 million in the aggregate as of December 31, 2016 . Other than as described above, completion of required remedial actions is not expected to have a material effect on our consolidated financial statements. Cass Lake: One of the matters included above arises out of a closed wood-treating facility located in Cass Lake, Minnesota. In June 2011, the United States Environmental Protection Agency (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, which includes the ongoing groundwater remedy. In October 2011, the EPA released a public statement indicating that the final soil remedy decision would be delayed. In March 2016, the EPA issued a proposed plan concerning clean-up standards at a portion of the site, the estimated cost of which is included within the $50 million reserve referenced above. 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. Kalamazoo River: The Company is a PRP with respect to the Allied Paper, Inc./Portage Creek/Kalamazoo River Superfund Site in Michigan. The EPA asserts that the site is contaminated by polychlorinated biphenyls (PCBs) primarily as a result of discharges from various paper mills located along the Kalamazoo River, including a paper mill (the Allied Paper Mill) formerly owned by St. Regis Paper Company (St. Regis). The Company is a successor in interest to St. Regis. • In March 2016, the Company and other PRPs received a special notice letter from the EPA (i) inviting participation in implementing a remedy for a portion of the site, and (ii) demanding reimbursement of EPA past costs totaling $37 million , including $19 million in past costs previously demanded by the EPA. The Company responded to the special notice letter. In December 2016, EPA issued a unilateral administrative order to the Company and other PRPs to perform the remedy. The unilateral administrative order has not yet become effective and the Company is evaluating its response. • In April 2016, the EPA issued a separate unilateral administrative order to the Company and certain other PRPs for a time-critical removal action (TCRA) of PCB-contaminated sediments from a different portion of the site. The Company responded to the unilateral administrative order and agreed along with two other parties to comply with the order subject to its sufficient cause defenses. • In October 2016, the Company and another PRP received a special notice letter from the EPA inviting participation in the remedial design component of the landfill remedy for the Allied Paper Mill. The record of decision establishing the final landfill remedy for the Allied Paper Mill was issued by the EPA in September 2016. The Company responded to the Allied Paper Mill special notice letter in late December 2016. The Company’s CERCLA liability has not been finally determined with respect to these or any other portions of the site, and except as noted above, the Company has declined to perform any work or 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 predict the outcome or estimate our maximum reasonably possible loss with respect to this site. However, we do not believe that any material loss is probable. 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 costs purportedly expended by plaintiffs ( $79 million 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. NCR Corporation and Weyerhaeuser Company are also named as defendants in the suit. 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 past or future costs. The parties’ responsibility, including that of the Company, was the subject of a second trial, which was concluded in late 2015. A decision has not been rendered and it is unclear to what extent the Court will address responsibility for future costs in that decision. We are unable to predict the outcome or estimate our maximum reasonably possible loss. However, we do not believe that any material loss is probable. Harris County: International Paper and McGinnis Industrial Maintenance Corporation (MIMC), a subsidiary of Waste Management, Inc., are PRPs at the San Jacinto River Waste Pits Superfund Site (the San Jacinto River Superfund Site) in Harris County, Texas. The PRPs have been actively participating in the activities at the site. In September 2016, the EPA issued a proposed remedial action plan (PRAP) for the site, which identifies the preferred remedy as the removal of the contaminated material currently protected by an armored cap. In addition, the EPA selected a preferred remedy for the separate southern impoundments that requires offsite disposal. The PRPs submitted comments on the PRAP. At this stage, it is premature to predict the outcome or estimate our maximum reasonably possible loss with respect to this site. However, we do not believe that any material loss is probable. In December 2011, Harris County, Texas filed a suit against the Company seeking civil penalties with regard to the alleged discharge of dioxin into the San Jacinto River from the San Jacinto River Superfund Site. In November 2014, International Paper secured a zero liability jury verdict and the Texas Court of Appeals affirmed in 2016. Harris County did not seek to appeal, nor file for an extension, before the Supreme Court of Texas prior to the filing deadline. The Company is also defending a lawsuit related to the San Jacinto River Superfund Site brought by approximately 400 individuals who allege property damage and personal injury. Because this case is still in the discovery phase, it is 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 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 unspecified treble 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. In March 2015, the District Court certified a class of direct purchasers of containerboard products; in June 2015, the United States Court of Appeals for the Seventh Circuit granted the defendants' petition to appeal, and on August 4, 2016, affirmed the District Court's decision on all counts. We will continue to aggressively defend this case, including challenges to class certification. Likewise, in June 2016, a lawsuit captioned Ashley Furniture Indus., Inc. v. Packaging Corporation of America (W.D. Wis.) , was filed in federal court in Wisconsin. The Ashley Furniture lawsuit closely tracks the allegations found in the Kleen Products complaint but also asserts Wisconsin state antitrust claims. 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. No class certification materials have been filed to date in the Tennessee action. The Company disputes the allegations made and is vigorously defending each action. However, because the Kleen Products action is in the pretrial motions stage and the Tennessee and Ashley Furniture actions are in a preliminary stage, we are unable to predict an outcome or estimate a range of reasonably possible loss. Tax On October 16, 2015, the Company was notified of a $110 million tax assessment issued by the state of Sao Paulo, Brazil for tax years 2011 through 2013. The assessment pertains to invoices issued by the Company related to the sale of paper to the editorial segment, which is exempt from the payment of ICMS value-added tax. This assessment is in the preliminary stage. The Company does not believe that a material loss is probable. During the second quarter of 2016, the Company received a favorable first instance judgment vacating the State's assessment. The Company anticipates that the State will appeal the judgment. General The Company is involved in various other inquiries, administrative proceedings and litigation relating to environmental and safety matters, personal injury, labor and employment, contracts, sales of property, intellectual property 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 these 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, 2016 | |
Variable Interest Entities And Preferred Securities Of Subsidiaries [Abstract] | |
Variable Interest Entities And Preferred Securities Of Subsidiaries | NOTE 12 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 maturity which was originally August 2016 , 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 special purpose 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 special purpose 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 . 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. 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 provided that International Paper had, and intended to effect, a legal right to offset its obligation under these debt instruments with its investments in the Entities and despite the offset treatment, these remained debt obligations of International Paper. The use of the Entities facilitated the monetization of the credit enhanced Timber Notes in a cost effective manner by increasing borrowing capacity and lowering the interest rate, while providing for the offset accounting treatment described above. Additionally, the monetization structure preserved the $1.4 billion tax deferral that resulted from the 2006 forestlands sales. During 2015, International Paper initiated a series of actions in order to extend the 2006 monetization structure and maintain the long-term nature of the $1.4 billion deferred tax liability. First, International Paper acquired the Class A interests in the Investor Entities from a third party for $198 million in cash. As a result, International Paper became the owner of all of the Class A and Class B interests in the Entities and became the primary beneficiary of the Entities. The assets and liabilities of the Entities, primarily consisting of the Timber Notes and third party bank loans, were recorded at fair value as of the acquisition date of the Class A interests. Subsequent to purchasing the Class A interests in the Investor Entities, International Paper restructured the Entities, which resulted in the formation of wholly-owned, bankruptcy-remote special purpose entities (the 2015 Financing Entities). As part of the restructuring, the Timber Notes held by the Borrower Entities, subject to the third party bank loans, were contributed to the 2015 Financing Entities along with approximately $150 million in International Paper debt obligations, approximately $600 million in cash and approximately $130 million in demand loans from International Paper, and certain Entities were liquidated. As a result of these transactions, International Paper began consolidating the 2015 Financing Entities during the third quarter of 2015. Also, during the third quarter of 2015, the 2015 Financing Entities used $630 million in cash to pay down a portion of the third party bank loans and refinanced approximately $4.2 billion of those loans on nonrecourse terms (the 2015 Refinance Loans). During the fourth quarter of 2015, International Paper extended the maturity date on the Timber Notes for an additional 5 years. The Timber Notes are shown in Financial assets of special purpose entities on the accompanying consolidated balance sheet and mature in August 2021 unless extended for an additional 5 years. These notes are supported by approximately $4.8 billion of irrevocable letters of credit. In addition, the Company extinguished the 2015 Refinance Loans scheduled to mature in May 2016 and entered into new nonrecourse third party bank loans totaling approximately $4.2 billion (the Extension Loans). Provisions of loan agreements related to approximately $1.1 billion of the Extension Loans require the bank issuing letters of credit supporting the Timber Notes pledged as collateral to maintain a credit rating at or above a specified threshold. In the event the credit rating of the letter of credit bank is downgraded below the specified threshold, the letters of credit must be replaced within 60 days with letters of credit from a qualifying financial institution. The Extension Loans are shown in Nonrecourse financial liabilities of special purpose entities on the accompanying consolidated balance sheet and mature in the fourth quarter of 2020 . The extinguishment of the 2015 Refinance Loans of approximately $4.2 billion and the issuance of the Extension Loans of approximately $4.2 billion are shown as part of reductions of debt and issuances of debt, respectively, in the financing activities of the consolidated statement of cash flows. The Extension Loans are nonrecourse to the Company, and are secured by approximately $4.8 billion of Timber Notes, the irrevocable letters of credit supporting the Timber Notes and approximately $150 million of International Paper debt obligations. The $150 million of International Paper debt obligations are eliminated in the consolidation of the 2015 Financing Entities and are not reflected in the Company’s consolidated balance sheet. The purchase of the Class A interests and subsequent restructuring described above facilitated the refinancing and extensions of the third party bank loans on nonrecourse terms. The transactions described in these paragraphs result in continued long-term classification of the $1.4 billion deferred tax liability recognized in connection with the 2006 forestlands sale. As of December 31, 2016 and 2015, the fair value of the Timber Notes was $4.7 billion for both the years ended 2016 and 2015, and the fair value of the Extension Loans was $4.3 billion for both the years ended 2016 and 2015. The Timber Notes and Extension Loans are classified as Level 2 within the fair value hierarchy, which is further defined in Note 14. Activity between the Company and the 2015 Financing Entities (the Entities prior to the purchase of the Class A interest discussed above) was as follows: In millions 2016 2015 2014 Revenue (a) $ 95 $ 43 $ 38 Expense (a) 128 81 72 Cash receipts (b) 77 21 22 Cash payments (c) 98 71 73 (a) The net expense related to the Company’s interest in the Entities is included in the accompanying consolidated statement of operations, as International Paper has and intends to effect its legal right to offset as discussed above. After formation of the 2015 Financing Entities, the revenue and expense are included in Interest expense, net in the accompanying consolidated statement of operations. (b) The cash receipts are equity distributions from the Entities to International Paper prior to the formation of the 2015 Financing Entities. After formation of the 2015 Financing Entities, cash receipts are interest received on the Financial assets of special purpose entities. (c) The cash payments are interest payments on the associated debt obligations discussed above. After formation of the 2015 Financing Entities, the payments represent interest paid on Nonrecourse financial liabilities of special purpose 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 $831 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 timberland for $2.4 billion . The total consideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberland, 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 $2.4 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 $2.1 billion . As of December 31, 2016 and 2015, the fair value of the notes was $2.2 billion and $2.1 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 $2.1 billion shown in Nonrecourse financial liabilities of special purpose entities. The loans are repayable in 2027 and are secured only by the $2.4 billion of notes and the irrevocable letters of credit securing the notes and are nonrecourse to us. 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 $2.0 billion . As of December 31, 2016 and 2015, the fair value of this debt was $2.1 billion and $2.0 billion , respectively. This debt is classified as Level 2 within the fair value hierarchy, which is further defined in Note 14 . Activity between the Company and the 2007 financing entities was as follows: In millions 2016 2015 2014 Revenue (a) $ 37 $ 27 $ 26 Expense (b) 37 27 25 Cash receipts (c) 15 7 7 Cash payments (d) 27 18 18 (a) The revenue is included in Interest expense, net in the accompanying consolidated statement of operations and includes approximately $19 million for the years ended December 31, 2016, 2015 and 2014, respectively, of accretion income for the amortization of the purchase accounting adjustment on 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 approximately $7 million for the years ended December 31, 2016, 2015 and 2014, 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 (Note)
Debt And Lines Of Credit (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instruments [Abstract] | |
Debt And Lines Of Credit [Note Text Block] | NOTE 13 DEBT AND LINES OF CREDIT In 2016, International Paper issued $1.1 billion of 3.00% senior unsecured notes with a maturity date in 2027 , and $1.2 billion of 4.40% senior unsecured notes with a maturity date in 2047 . In addition, the Company repaid approximately $266 million of notes with an interest rate of 7.95% and an original maturity of 2018 . Pre-tax early debt retirement costs of $29 million related to the debt repayments, including $31 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, 2016. In June 2016, International Paper entered into a commercial paper program with a borrowing capacity of $750 million . Under the terms of the program, individual maturities on borrowings may vary, but not exceed one year from the date of issue. Interest bearing notes may be issued either as fixed notes or floating rate notes. As of December 31, 2016, the Company had $165 million outstanding under this program. In 2015, International Paper issued $700 million of 3.80% senior unsecured notes with a maturity date in 2026 , $600 million of 5.00% senior unsecured notes with a maturity date in 2035 , and $700 million of 5.15% senior unsecured notes with a maturity date in 2046 . The proceeds from this borrowing were used to repay approximately $1.0 billion of notes with interest rates ranging from 4.75% to 9.38% and original maturities from 2018 to 2022 , along with $211 million of cash premiums associated with the debt repayments. Additionally, the proceeds from this borrowing were used to make a $750 million voluntary cash contribution to the Company's pension plan. Pre-tax early debt retirement costs of $207 million related to these debt repayments, including the $211 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, 2015. Amounts related to early debt extinguishment during the years ended December 31, 2016, 2015 and 2014 were as follows: In millions 2016 2015 2014 Debt reductions (a) $ 266 $ 2,151 $ 1,625 Pre-tax early debt extinguishment costs (b) 29 207 276 (a) Reductions related to notes with interest rates ranging from 2.00% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2016 , 2015 and 2014 . Includes the $630 million payment for a portion of the Special Purpose Entity Liability for the year ended December 31, 2015 (see Note 12 Variable Interest Entities ). (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 2016 2015 8.7% note – due 2038 $ 264 $ 264 9 3/8% note – due 2019 295 295 7.95% debenture – due 2018 382 648 7.5% note – due 2021 598 603 7.3% note – due 2039 721 721 6 7/8% notes – due 2023 – 2029 131 131 6.65% note – due 2037 4 4 6.4% to 7.75% debentures due 2025 – 2027 142 142 6 5/8% note – due 2018 72 185 6.0% note – due 2041 585 585 5.25% note – due 2016 — 261 5.00% to 5.15% notes – due 2035 – 2046 1,280 1,280 4.8% note - due 2044 796 796 4.75% note – due 2022 810 817 3.00% to 4.40% notes – due 2024 – 2047 3,786 1,490 Floating rate notes – due 2016 – 2025 (a) 763 438 Environmental and industrial development 681 594 Short-term notes (c) — 5 Other (d) 4 11 Total (e) 11,314 9,270 Less: current maturities 239 426 Long-term debt $ 11,075 $ 8,844 (a) The weighted average interest rate on these notes was 2.2% in 2016 and 2.9% in 2015 . (b) The weighted average interest rate on these bonds was 5.9% in 2016 and 5.8% in 2015 . (c) The weighted average interest rate was 2.2% in 2015 . Includes $5 million at December 31, 2015 related to non-U.S. denominated borrowings with a weighted average interest rate of 2.2% in 2015 . (d) Includes $2 million at December 31, 2016 and $8 million at December 31, 2015 related to the unamortized gain on interest rate swap unwinds (see Note 14 Derivatives and Hedging Instruments ). (e) The fair market value was approximately $12.0 billion at December 31, 2016 and $9.9 billion at December 31, 2015. Total maturities of long-term debt over the next five years are 2017 – $239 million ; 2018 – $690 million ; 2019 – $433 million ; 2020 – $179 million ; and 2021 – $612 million . At December 31, 2016, International Paper’s credit facilities (the Agreements) totaled $2.1 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 December 2021 and has a facility fee of 0.15% payable annually. The liquidity facilities also include up to $600 million of uncommitted financings based on eligible receivables balances (approximately $600 million available as of December 31, 2016) under a receivables securitization program that expires in December 2017 . At December 31, 2016, 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, 2016, 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 Activit
Derivatives and Hedging Activities (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives And Hedging Activities [Note Text Block] | NOTE 14 DERIVATIVES AND HEDGING ACTIVITIES 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 or forward purchase contracts. Derivative instruments are reported in the consolidated balance sheets at their fair values, unless the derivative instruments qualify for the normal purchase normal sale ("NPNS") exception under GAAP and such exception has been elected. If the NPNS exception is elected, the fair values of such contracts are not recognized on the balance sheet. Contracts that qualify 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 change in the fair value of certain non-qualifying instruments used to reduce commodity price volatility is immediately recognized in earnings. The notional amounts of qualifying and non-qualifying instruments used in hedging transactions were as follows: In millions December 31, 2016 December 31, 2015 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts (a) 275 290 Derivatives in Fair Value Hedging Relationships: Interest rate contracts — 17 Derivatives Not Designated as Hedging Instruments: Electricity contract 6 16 Foreign exchange contracts 24 35 Interest rate contracts — 38 (a) These contracts had maturities of two years or less as of December 31, 2016 . 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 2016 2015 2014 Foreign exchange contracts $ 4 $ (3 ) $ 10 Interest rate contracts (10 ) — — Total $ (6 ) $ (3 ) $ 10 During the next 12 months , the amount of the December 31, 2016 AOCI balance, after tax, that is expected to be reclassified to earnings is an immaterial loss. 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) Reclassified from AOCI into Income (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) In millions 2016 2015 2014 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts $ 7 $ (12 ) $ 4 Cost of products sold Total $ 7 $ (12 ) $ 4 Gain (Loss) Recognized in Income Location of Gain (Loss) in Consolidated Statement of Operations In millions 2016 2015 2014 Derivatives in Fair Value Hedging Relationships: Interest rate contracts $ — $ 3 $ 1 Interest expense, net Debt — (3 ) (1 ) Interest expense, net Total $ — $ — $ — Derivatives Not Designated as Hedging Instruments: Electricity Contracts $ — $ (7 ) $ (2 ) Cost of products sold Foreign exchange contracts — (4 ) (1 ) Cost of products sold Interest rate contracts 5 (a) 13 (b) 12 (c) Interest expense, net Total $ 5 $ 2 $ 9 (a) Excluding gain of $2 million related to debt reduction recorded to Restructuring and other charges. (b) Excluding gain of $3 million related to debt reduction recorded to Restructuring and other charges. (c) 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: 2016 2015 In millions Issued Terminated Undesignated Issued Terminated Undesignated Second Quarter $ — $ — $ — $ — $ 175 $ 38 First Quarter — 55 — — — — Total $ — $ 55 $ — $ — $ 175 $ 38 Note: There was no activity in the third and fourth quarters in either 2016 or 2015. 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, options and other financial instruments that are used to hedge exposures to interest rate, commodity and currency risks. For these financial instruments, 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. Foreign Exchange Contracts Foreign currency forward and option contracts are valued using standard valuation models. Significant inputs used in these standard valuation models are foreign currency forward and interest rate curves and a volatility measurement. The fair value of each contract is present valued using the applicable interest rate. All significant inputs are readily available in public markets, or can be derived from observable market transactions. Electricity Contract The electricity contract is valued using the Mid-C index forward curve obtained from the Intercontinental Exchange. The market value of the contract is the sum of the fair value of all future purchase payments between the contract counterparties, discounted to present value. The fair value of the future purchase payments is determined by comparing the contract price to the forward price and present valued using International Paper's cost of capital. 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 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Derivatives designated as hedging instruments Foreign exchange contracts – cash flow $ 3 (a) $ 5 (a) $ 4 (b) $ 1 (b) Total derivatives designated as hedging instruments $ 3 $ 5 $ 4 $ 1 Derivatives not designated as hedging instruments Electricity contract $ — $ — $ 2 (b) $ 7 (c) Total derivatives not designated as hedging instruments $ — $ — $ 2 $ 7 Total derivatives $ 3 $ 5 $ 6 $ 8 (a) Included in Other current assets in the accompanying consolidated balance sheet. (b) Included in Other accrued liabilities in the accompanying consolidated balance sheet. (c) Includes $4 million recorded in Other accrued liabilities and $3 million recorded 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 $3 million and $1 million as of December 31, 2016 and December 31, 2015 , respectively. The Company was not required to post any collateral as of December 31, 2016 or 2015 . |
Capital Stock (Note)
Capital Stock (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Class of Stock Disclosures [Abstract] | |
Capital Stock | NOTE 15 CAPITAL STOCK The authorized capital stock at both December 31, 2016 and 2015 , 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, 2016 , 2015 and 2014 : Common Stock In thousands Issued Treasury Balance at January 1, 2014 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 Issuance of stock for various plans, net 62 (4,230 ) Repurchase of stock — 12,272 Balance at December 31, 2015 448,916 36,776 Issuance of stock for various plans, net — (2,745 ) Repurchase of stock — 3,640 Balance at December 31, 2016 448,916 37,671 |
Retirement Plans (Note)
Retirement Plans (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | NOTE 16 RETIREMENT PLANS 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 or Weyerhaeuser Company's Cellulose Fibers division prior to December 1, 2011 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). 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 $21 million , $62 million and $38 million in 2016 , 2015 and 2014 , respectively, and which are expected to be $38 million in 2017 . 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. 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 2016 and 2015 , and the plans’ funded status. 2016 2015 In millions U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 14,438 $ 204 $ 14,741 $ 233 Service cost 158 4 161 6 Interest cost 580 9 597 10 Settlements (1,222 ) (2 ) (43 ) (12 ) Actuarial loss (gain) 495 35 (254 ) (1 ) Acquisitions 1 — — — Plan amendments — (1 ) — — Benefits paid (767 ) (9 ) (764 ) (7 ) Effect of foreign currency exchange rate movements — (21 ) — (25 ) Benefit obligation, December 31 $ 13,683 $ 219 $ 14,438 $ 204 Change in plan assets: Fair value of plan assets, January 1 $ 10,923 $ 155 $ 10,918 $ 180 Actual return on plan assets 607 17 (1 ) 4 Company contributions 771 8 813 9 Benefits paid (767 ) (9 ) (764 ) (7 ) Settlements (1,222 ) (2 ) (43 ) (12 ) Effect of foreign currency exchange rate movements — (16 ) — (19 ) Fair value of plan assets, December 31 $ 10,312 $ 153 $ 10,923 $ 155 Funded status, December 31 $ (3,371 ) $ (66 ) $ (3,515 ) $ (49 ) Amounts recognized in the consolidated balance sheet: Non-current asset $ — $ 6 $ — $ 7 Current liability (40 ) (3 ) (22 ) (2 ) Non-current liability (3,331 ) (69 ) (3,493 ) (54 ) $ (3,371 ) $ (66 ) $ (3,515 ) $ (49 ) Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): Prior service cost $ 125 $ — $ 166 $ — Net actuarial loss 4,757 61 4,899 42 $ 4,882 $ 61 $ 5,065 $ 42 The components of the $183 million and $19 million change related to U.S. plans and non-U.S. plans, respectively, in the amounts recognized in OCI during 2016 consisted of: In millions U.S. Non- Current year actuarial (gain) loss $ 703 $ 27 Amortization of actuarial loss (400 ) (1 ) Current year prior service cost — (1 ) Amortization of prior service cost (41 ) — Settlements (445 ) — Effect of foreign currency exchange rate movements — (6 ) $ (183 ) $ 19 The accumulated benefit obligation at December 31, 2016 and 2015 was $13.5 billion and $14.3 billion , respectively, for our U.S. defined benefit plans and $205 million and $189 million , respectively, at December 31, 2016 and 2015 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, 2016 and 2015 : 2016 2015 In millions U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation $ 13,683 $ 190 $ 14,438 $ 182 Accumulated benefit obligation 13,535 177 14,282 168 Fair value of plan assets 10,312 118 10,923 126 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 $341 million and $28 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: 2016 2015 2014 In millions U.S. Non- U.S. Non- U.S. Non- Service cost $ 158 $ 4 $ 161 $ 6 $ 145 $ 5 Interest cost 580 9 597 10 600 13 Expected return on plan assets (815 ) (10 ) (783 ) (11 ) (762 ) (14 ) Actuarial loss / (gain) 400 1 428 1 374 — Amortization of prior service cost 41 — 43 — 30 — Curtailment loss / (gain) — — — — — (4 ) Settlement loss 445 — 15 — — — Net periodic pension expense (a) $ 809 $ 4 $ 461 $ 6 $ 387 $ — (a) Excludes $1 million in curtailments in 2014 related to the pension freeze remeasurement that were recorded in restructuring and other charges. The increase in 2016 pension expense reflects a decrease in the discount rate from 4.10% in 2015 to a weighted average of 4.05% in 2016 ( 4.40% from January 1, 2016 to June 30, 2016, 3.80% from July 1, 2016 to September 30, 2016 and 3.60% from October 1, 2016 to December 31, 2016 for the qualified plan) and a $445 million settlement charge in 2016 related to the previously announced optional lump sum payout partially offset by higher asset returns and lower actuarial losses. As previously disclosed, in the first quarter of 2016 International Paper announced a voluntary, limited-time opportunity for former employees who are participants in the Retirement Plan of International Paper Company (the Pension Plan) to request early payment of their entire Pension Plan benefit in the form of a single lump sum payment. The amount of total payments under this program was approximately $1.2 billion , and were made from Plan trust assets on June 30, 2016. Based on the level of payments made, settlement accounting rules applied and resulted in a plan remeasurement as of the June 30, 2016 payment date. As a result of settlement accounting, the Company recognized a pro-rata portion of the unamortized net actuarial loss, after remeasurement, resulting in a $439 million non-cash charge to the Company's earnings in the second quarter of 2016. Additional payments of $8 million and $9 million were made during the third and fourth quarters, respectively, due to mandatory cash payouts and a small lump sum payout, and the Pension Plan was subsequently remeasured at September 30, 2016 and December 31, 2016. As a result of settlement accounting, the Company recognized non-cash settlement charges of $3 million in both the third and fourth quarters of 2016. 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, 2016 was also the discount rate used to determine net pension expense for the 2017 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: 2016 2015 2014 U.S. Non- U.S. Non- U.S. Non- Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 4.10 % 3.88 % 4.40 % 4.64 % 4.10 % 4.72 % Rate of compensation increase 3.75 % 4.20 % 3.75 % 4.12 % 3.75 % 4.03 % Actuarial assumptions used to determine net periodic pension cost for years ended December 31: Discount rate (a) 4.05 % 4.72 % 4.10 % 4.72 % 4.65 % 5.07 % Expected long-term rate of return on plan assets (b) 7.75 % 6.55 % 7.75 % 6.64 % 7.75 % 7.53 % Rate of compensation increase 3.75 % 4.03 % 3.75 % 4.03 % 3.75 % 4.13 % (a) Represents the weighted average rate for the U.S. qualified plans in 2016 and 2014 due to the remeasurement in the second, third and fourth quarters of 2016 and the first quarter of 2014. (b) Represents the expected rate of return for International Paper's qualified pension plan for 2014. The weighted average rate for the Temple-Inland Retirement Plan was 7.00% for 2014. 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 2017 , the Company will use an expected long-term rate of return on plan assets of 7.50% 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 $310 million for its U.S. defined benefit plans in 2017 , with the decrease from expense of $809 million in 2016 mainly related to no expected settlement charges in 2017 and an increase in the discount rate to 4.10% in 2017 from 4.05% in 2016 , partially offset by a reduction in the return on asset assumption to 7.50% in 2017 from 7.75% in 2016. For non-U.S. pension plans, assumptions reflect economic assumptions applicable to each country. The following illustrates the effect on pension expense for 2017 of a 25 basis point decrease in the above assumptions: In millions 2017 Expense/(Income): Discount rate $ 33 Expected long-term rate of return on plan assets 26 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 2016 2015 Target Equity accounts 51 % 48 % 43% - 54% Fixed income accounts 27 % 33 % 25% - 35% Real estate accounts 10 % 10 % 7% - 13% Other 12 % 9 % 8% - 17% Total 100 % 100 % The fair values of International Paper’s pension plan assets at December 31, 2016 and 2015 by asset class are shown below. Plan assets included an immaterial amount of International Paper common stock at December 31, 2016 and 2015 . 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, 2016 Asset Class Total Quoted Significant Significant In millions Equities – domestic $ 2,208 $ 1,380 $ 828 $ — Equities – international 2,575 1,806 769 — Corporate bonds 1,018 — 1,018 — Government securities 870 — 870 — Mortgage backed securities 41 — 40 1 Other fixed income 245 — 234 11 Commodities 324 — 324 — Hedge funds — — — — Private equity — — — — Real estate — — — — Derivatives (71 ) — — (71 ) Cash and cash equivalents 322 322 — — Other investments: (a) Hedge funds 891 Private equity 472 Real estate 1,015 Risk parity funds 402 Total Investments $ 10,312 $ 3,508 $ 4,083 $ (59 ) Fair Value Measurement at December 31, 2015 Asset Class Total Quoted Significant Significant In millions Equities – domestic $ 2,150 $ 1,382 $ 768 $ — Equities – international 2,563 1,818 745 — Corporate bonds 1,286 — 1,286 — Government securities 518 — 518 — Mortgage backed securities 217 — 217 — Other fixed income 275 — 265 10 Commodities 118 — 118 — Hedge funds — — — — Private equity — — — — Real estate — — — — Derivatives (19 ) — 1 (20 ) Cash and cash equivalents 975 975 — — Other investments: (a) Hedge funds 894 Private equity 492 Real estate 1,094 Risk parity funds 360 Total Investments $ 10,923 $ 4,175 $ 3,918 $ (10 ) (a) In accordance with accounting guidance ASU 2015-07, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the reconciliation of changes in the plan's benefit obligations and fair value of plan assets above. This has been restated from prior year. In accordance with accounting standards, the following investments are measured at NAV and are not classified in the fair value hierarchy. Some of the investments have redemption limitations, restrictions, and notice requirements which are further explained below. Other Investments at December 31, 2016 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period Hedge funds $ 891 $ — Daily to annually 1 - 100 days Private equity 472 226 None None Real estate 1,015 224 Quarterly 45 - 60 days Risk parity funds 402 — Monthly 5 - 15 days Total $ 2,780 $ 450 Other Investments at December 31, 2015 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period Hedge funds $ 894 $ — Daily to annually 1 - 100 days Private equity 492 102 None None Real estate 1,094 59 Quarterly 45 - 60 days Risk parity funds 360 — Monthly 5 - 15 days Total $ 2,840 $ 161 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. Risk Parity Funds are defined as engineered beta exposure to a wide range of asset classes and risk premia, including equity, interest rates, credit, and commodities. Risk parity funds seek to provide high risk-adjusted returns while providing a high level of diversification relative to a traditional equity/fixed income portfolio. These funds seek to achieve this objective with the use of modest leverage applied to lower-risk, more diverse asset classes. Investments in Risk parity funds are valued using monthly reported net asset values. Also included in these funds are related derivative instruments which are generally employed as asset class substitutes 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 following is a reconciliation of the assets that are classified using significant unobservable inputs (Level 3) at December 31, 2016 . Fair Value Measurements Using Significant Unobservable Inputs (Level 3) In millions Mortgage backed securities Other Derivatives Total Beginning balance at December 31, 2015 $ — $ 10 $ (20 ) $ (10 ) Actual return on plan assets: Relating to assets still held at the reporting date — 1 (66 ) (65 ) Relating to assets sold during the period — — (24 ) (24 ) Purchases, sales and settlements 1 — 39 40 Transfers in and/or out of Level 3 — — — — Ending balance at December 31, 2016 $ 1 $ 11 $ (71 ) $ (59 ) 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 $750 million , $750 million and $353 million were made by the Company in 2016 , 2015 and 2014 , 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, 2016 , projected future pension benefit payments, excluding any termination benefits, were as follows: In millions 2017 $ 800 2018 788 2019 796 2020 804 2021 812 2022 – 2026 4,137 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. 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 $106 million , $100 million and $112 million for the plan years ending in 2016 , 2015 and 2014 , respectively. |
Postretirement Benefits (Note)
Postretirement Benefits (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Postretirement Benefits | NOTE 17 POSTRETIREMENT BENEFITS 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. 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 2016 , 2015 and 2014 were as follows: In millions 2016 2015 2014 U.S. Non- U.S. Non- U.S. Non- Service cost $ 1 $ — $ 1 $ 1 $ 1 $ 1 Interest cost 11 3 11 5 14 6 Actuarial loss 5 2 6 1 5 1 Amortization of prior service credits (4 ) (4 ) (10 ) (2 ) (13 ) (1 ) Net postretirement (benefit) expense $ 13 $ 1 $ 8 $ 5 $ 7 $ 7 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. The discount rates used to determine net U.S. and non-U.S. postretirement benefit cost for the years ended December 31, 2016 , 2015 and 2014 were as follows: 2016 2015 2014 U.S. Non- U.S. Non- U.S. Non- Discount rate 4.20 % 12.23 % 3.90 % 11.52 % 4.50 % 11.94 % The weighted average assumptions used to determine the benefit obligation at December 31, 2016 and 2015 were as follows: 2016 2015 U.S. Non- U.S. Non- Discount rate 4.00 % 10.53 % 4.20 % 12.23 % Health care cost trend rate assumed for next year 6.50 % 10.90 % 7.00 % 11.41 % Rate that the cost trend rate gradually declines to 5.00 % 5.81 % 5.00 % 5.94 % Year that the rate reaches the rate it is assumed to remain 2022 2027 2022 2026 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, 2016 by approximately $13 million and $5 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, 2016 by approximately $11 million and $4 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 plans are only funded in an amount equal to benefits paid. The following table presents the changes in benefit obligation and plan assets for 2016 and 2015 : In millions 2016 2015 U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 275 $ 45 $ 306 $ 59 Service cost 1 — 1 1 Interest cost 11 3 11 5 Participants’ contributions 5 — 12 — Actuarial (gain) loss 31 5 — (1 ) Plan amendments — (35 ) — 1 Benefits paid (44 ) (1 ) (57 ) (1 ) Less: Federal subsidy 1 — 2 — Currency Impact — 6 — (19 ) Benefit obligation, December 31 $ 280 $ 23 $ 275 $ 45 Change in plan assets: Fair value of plan assets, January 1 $ — $ — $ — $ — Company contributions 39 1 45 1 Participants’ contributions 5 — 12 — Benefits paid (44 ) (1 ) (57 ) (1 ) Fair value of plan assets, December 31 $ — $ — $ — $ — Funded status, December 31 $ (280 ) $ (23 ) $ (275 ) $ (45 ) Amounts recognized in the consolidated balance sheet under ASC 715: Current liability $ (29 ) $ (2 ) $ (29 ) $ (2 ) Non-current liability (251 ) (21 ) (246 ) (43 ) $ (280 ) $ (23 ) $ (275 ) $ (45 ) Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): Net actuarial loss (gain) $ 68 $ 21 $ 42 $ 15 Prior service credit (8 ) (34 ) (12 ) (2 ) $ 60 $ (13 ) $ 30 $ 13 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 $30 million and ($26) million increase and decrease in the amounts recognized in OCI during 2016 for U.S. and non-U.S. plans, respectively, consisted of: In millions U.S. Non- Current year actuarial loss $ 31 $ 5 Amortization of actuarial (loss) gain (5 ) (2 ) Current year prior service cost — (34 ) Amortization of prior service credit 4 4 Currency impact — 1 $ 30 $ (26 ) 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 $42 million , $17 million and $33 million in 2016 , 2015 and 2014 , respectively. The portion of the change in funded status for the non-U.S. plans was $(25) million , $0 million , and $14 million in 2016 , 2015 and 2014 , 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 2017 are expected to be $8 million and $(2) million , respectively. The estimated amounts for non-U.S. plans in 2017 are expected to be $3 million and $(4) million , respectively. At December 31, 2016 , 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 Receipts Benefit U.S. U.S. Non- 2017 $ 31 $ 2 $ 2 2018 29 1 2 2019 27 1 1 2020 26 1 1 2021 24 1 — 2022 – 2026 99 6 3 |
Incentive Plans (Note)
Incentive Plans (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |
Incentive Plans | NOTE 18 INCENTIVE PLANS 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 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 invested capital (ROIC) and total shareholder return (TSR). All outstanding options expired on March 15, 2015. The following summarizes the status of the Stock Option Program and the changes during the three years ending December 31, 2016 : Options (a) Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic Value (thousands) Outstanding at December 31, 2013 1,752,789 $39.80 0.67 $16,175 Granted 3,247 49.13 Exercised (1,634,858 ) 39.80 Expired (49,286 ) 41.50 Outstanding at December 31, 2014 71,892 39.03 0.18 1,046 Granted — — Exercised (62,477 ) 39.05 Expired (9,415 ) 38.92 Outstanding at December 31, 2015 — — 0.00 — Granted — — Exercised — — Expired — — Outstanding at December 31, 2016 — $— 0.00 $— (a) 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 ROIC and TSR compared to ROIC and TSR peer groups of companies. Awards are weighted 75% for ROIC and 25% for TSR for all participants except for officers for whom the awards are weighted 50% for ROIC and 50% for TSR. The ROIC component of the PSP awards is valued at the closing stock price on the day prior to the grant date. As the ROIC 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. The 2012 PSP awards issued to certain members of senior management were accounted for as liability awards, which were remeasured at fair value at each balance sheet date. The valuation of these PSP liability awards was 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, 2016 Expected volatility 22.36%-30.84% Risk-free interest rate 0.67%-1.31% The following summarizes PSP activity for the three years ending December 31, 2016 : Share/Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2013 8,117,489 $31.20 Granted 3,682,663 46.82 Shares issued (4,025,111 ) 37.18 Forfeited (499,107 ) 43.10 Outstanding at December 31, 2014 7,275,934 34.98 Granted 1,863,623 53.25 Shares issued (2,959,160 ) 37.09 Forfeited (322,664 ) 53.97 Outstanding at December 31, 2015 5,857,733 38.69 Granted 2,617,982 37.26 Shares issued (2,316,085 ) 43.82 Forfeited (209,500 ) 43.61 Outstanding at December 31, 2016 5,950,130 $35.89 RESTRICTED STOCK AWARD PROGRAMS The service-based Restricted Stock Award program (RSA), designed for recruitment, retention and special recognition purposes, provides for awards of restricted stock to key employees. The following summarizes the activity of the RSA program for the three years ending December 31, 2016 : Shares Weighted Average Grant Date Fair Value 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 Granted 36,300 50.06 Shares issued (27,365 ) 45.35 Forfeited (3,166 ) 50.04 Outstanding at December 31, 2015 120,368 48.24 Granted 117,881 42.81 Shares issued (59,418 ) 47.14 Forfeited (9,500 ) 39.36 Outstanding at December 31, 2016 169,331 $45.34 At December 31, 2016 , 2015 and 2014 a total of 14.3 million , 16.2 million and 16.3 million shares, respectively, were available for grant under the ICP. Stock-based compensation expense and related income tax benefits were as follows: In millions 2016 2015 2014 Total stock-based compensation expense (included in selling and administrative expense) $ 129 $ 114 $ 118 Income tax benefits related to stock-based compensation 34 88 92 At December 31, 2016 , $94 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 Indust
Financial Information By Industry Segment And Geographic Area (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Financial Information By Industry Segment And Geographic Area | International Paper’s business segments, Industrial Packaging, Global Cellulose Fibers, Printing Papers and Consumer Packaging, are consistent with the internal structure used to manage these businesses. See the Description of Industry Segments in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for a description of the types of products and services from which each reportable segment derives its revenues. Subsequent to the acquisition of the Weyerhaeuser pulp business in December 2016, the Company began reporting the Global Cellulose Fibers business as a separate business segment due to the increased materiality of the results of this business. This segment includes the Company's legacy pulp business and the newly acquired pulp business. As such, amounts related to the legacy pulp business have been reclassified out of the Printing Papers business segment and into the new Global Cellulose Fibers business segment for all prior periods. In addition, during the first quarter of 2017, as a result of an internal reorganization, the net sales and operating profits for the Asian Distribution operations are included in the results of the businesses that manufacture the products. As such, prior year amounts have been reclassified to conform with current year presentation. All segments are differentiated on a common product, common customer basis consistent with the business segmentation generally used in the Forest Products industry. Business segment operating profits are used by International Paper’s management to measure the earnings performance of its businesses. Management believes that this measure allows a better understanding of trends in costs, operating efficiencies, prices and volumes. Business segment operating profits are defined as earnings (loss) from continuing operations before income taxes and equity earnings, but including the impact of equity earnings and noncontrolling interests, excluding corporate items and corporate special items. Business segment operating profits are defined by the Securities and Exchange Commission as a non-GAAP financial measure, and are not GAAP alternatives to net income or any other operating measure prescribed by accounting principles generally accepted in the United States. 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 $199 million , $131 million and $(194) million in 2016 , 2015 , and 2014 , respectively, for Ilim. Equity earnings (losses) includes an after-tax foreign exchange gain (loss) of $25 million , $(75) million and $(269) million in 2016, 2015 and 2014, 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. The audited U.S. GAAP financial statements for Ilim are included in Exhibit 99.1 to this Form 10-K. Balance Sheet In millions 2016 2015 Current assets $ 774 $ 455 Noncurrent assets 1,351 968 Current liabilities 406 665 Noncurrent liabilities 1,422 715 Noncontrolling interests 22 21 Income Statement In millions 2016 2015 2014 Net sales $ 1,927 $ 1,931 $ 2,138 Gross profit 957 971 772 Income from continuing operations 419 254 (387 ) Net income attributable to Ilim 391 237 (360 ) At December 31, 2016 and 2015, the Company's investment in Ilim was $302 million and $172 million , respectively, which was $164 million and $161 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. The Company is party to a joint marketing agreement with Ilim, under which the Company purchases, markets and sells paper produced by Ilim. Purchases under this agreement were $170 million , $170 million and $200 million for the years ended December 31, 2016, 2015 and 2014, respectively. INFORMATION BY BUSINESS SEGMENT Net Sales In millions 2016 2015 2014 Industrial Packaging $ 13,899 $ 14,240 $ 14,749 Global Cellulose Fibers 1,092 975 1,046 Printing Papers 4,058 4,056 4,615 Consumer Packaging 1,954 2,940 3,403 Corporate and Intersegment Sales 76 154 (196 ) Net Sales $ 21,079 $ 22,365 $ 23,617 Operating Profit In millions 2016 2015 2014 Industrial Packaging $ 1,648 $ 1,851 $ 1,893 Global Cellulose Fibers (179 ) 68 62 Printing Papers 540 465 (77 ) Consumer Packaging 191 (25 ) 178 Operating Profit 2,200 2,359 2,056 Earnings (loss) from continuing operations before income taxes and equity earnings 956 1,266 872 Interest expense, net 520 555 601 Noncontrolling interests / equity earnings adjustment (a) 1 8 2 Corporate items, net 67 34 49 Corporate special items, net 46 238 320 Non-operating pension expense 610 258 212 Adjusted Operating Profit $ 2,200 $ 2,359 $ 2,056 Restructuring and Other Charges In millions 2016 2015 2014 Industrial Packaging $ 7 $ — $ 7 Global Cellulose Fibers — — — Printing Papers — — 554 Consumer Packaging 9 10 8 Corporate 38 242 277 Restructuring and Other Charges $ 54 $ 252 $ 846 Assets In millions 2016 2015 Industrial Packaging $ 14,485 $ 14,415 Global Cellulose Fibers 3,845 1,021 Printing Papers 3,965 3,724 Consumer Packaging 1,739 2,120 Corporate and other (b) 9,059 8,991 Assets $ 33,093 $ 30,271 Capital Spending In millions 2016 2015 2014 Industrial Packaging $ 816 $ 858 $ 754 Global Cellulose Fibers 174 129 75 Printing Papers 215 232 243 Consumer Packaging 124 216 233 Subtotal 1,329 1,435 1,305 Corporate and other (b) 19 52 61 Capital Spending $ 1,348 $ 1,487 $ 1,366 Depreciation, Amortization and Cost of Timber Harvested (c) In millions 2016 2015 2014 Industrial Packaging $ 715 $ 725 $ 775 Global Cellulose Fibers 108 73 76 Printing Papers 232 234 291 Consumer Packaging 121 215 223 Corporate 51 47 41 Depreciation and Amortization $ 1,227 $ 1,294 $ 1,406 External Sales By Major Product In millions 2016 2015 2014 Industrial Packaging $ 13,815 $ 14,177 $ 14,642 Global Cellulose Fibers 1,090 986 1,057 Printing Papers 4,062 4,082 4,413 Consumer Packaging 1,953 2,931 3,327 Other 159 189 178 Net Sales $ 21,079 $ 22,365 $ 23,617 INFORMATION BY GEOGRAPHIC AREA Net Sales (d) In millions 2016 2015 2014 United States (e) $ 15,918 $ 16,554 $ 16,645 EMEA 2,862 2,770 3,273 Pacific Rim and Asia 718 1,501 1,951 Americas, other than U.S. 1,581 1,540 1,748 Net Sales $ 21,079 $ 22,365 $ 23,617 Long-Lived Assets (f) In millions 2016 2015 United States $ 11,158 $ 9,683 EMEA 1,004 827 Pacific Rim and Asia 246 353 Americas, other than U.S. 1,663 1,085 Corporate 375 398 Long-Lived Assets $ 14,446 $ 12,346 (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) Includes corporate assets and assets of businesses held for sale. (c) Excludes accelerated depreciation related to the closure and/or repurposing of mills. (d) Net sales are attributed to countries based on the location of the seller. (e) Export sales to unaffiliated customers were $2.0 billion in 2016 , $2.0 billion in 2015 and $2.3 billion in 2014 . (f) Long-Lived Assets includes Forestlands and Plants, Properties and Equipment, net. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 20 SUBSEQUENT EVENT On January 22, 2017, International Paper Company experienced significant structural damage to the largest pulp digester as well as the power house at its Pensacola pulp and paper mill in Cantonment, Florida. We estimate that repairing the damaged digester may take approximately three months. While we have property damage and business interruption insurance for these types of events, we expect the costs associated with this event to be in excess of deductibles. The timing of these costs and potential insurance recoveries is unknown. |
Interim Financial Results (Unau
Interim Financial Results (Unaudited) (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Results (Unaudited) | INTERIM FINANCIAL RESULTS (UNAUDITED) In millions, except per share amounts and stock prices 1st 2nd 3rd 4th Quarter Year 2016 Net sales $ 5,110 $ 5,322 $ 5,266 $ 5,381 $ 21,079 Earnings (loss) from continuing operations before income taxes and equity earnings 317 (a) (14 ) (a) 373 (a) 280 (a) 956 (a) Gain (loss) from discontinued operations (5 ) (b) — — — (5 ) (b) Net earnings (loss) attributable to International Paper Company 334 (a-c) 40 (a,c) 312 (a,c) 218 (a,c) 904 (a-c) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.82 (a) $ 0.10 (a) $ 0.76 (a) $ 0.53 (a) $ 2.21 (a) Gain (loss) from discontinued operations (0.01 ) (b) — — — (0.01 ) (b) Net earnings (loss) 0.81 (a-c) 0.10 (a,c) 0.76 (a,c) 0.53 (a,c) 2.20 (a-c) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.82 (a) 0.10 (a) 0.75 (a) 0.53 (a) 2.19 (a) Gain (loss) from discontinued operations (0.01 ) (b) — — — (0.01 ) (b) Net earnings (loss) 0.81 (a-c) 0.10 (a,c) 0.75 (a,c) 0.53 (a,c) 2.18 (a-c) Dividends per share of common stock 0.4400 0.4400 0.4400 0.4625 1.7825 Common stock prices High $ 42.09 $ 44.60 $ 49.90 $ 54.68 $ 54.68 Low 32.50 39.24 41.08 43.55 32.50 2015 Net sales $ 5,517 $ 5,714 $ 5,691 $ 5,443 $ 22,365 Earnings (loss) from continuing operations before income taxes and equity earnings 406 266 (d) 329 (d) 265 (d) 1,266 (d) Gain (loss) from discontinued operations — — — — — Net earnings (loss) attributable to International Paper Company 313 227 (d,e) 220 (d,e) 178 (d,e) 938 (d,e) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.74 $ 0.54 (d) $ 0.53 (d) $ 0.43 (d) $ 2.25 (d) Gain (loss) from discontinued operations — — — — — Net earnings (loss) 0.74 0.54 (d,e) 0.53 (d,e) 0.43 (d,e) 2.25 (d,e) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.74 0.54 (d) 0.53 (d) 0.43 (d) 2.23 (d) Gain (loss) from discontinued operations — — — — — Net earnings (loss) 0.74 0.54 (d,e) 0.53 (d,e) 0.43 (d,e) 2.23 (d,e) Dividends per share of common stock 0.4000 0.4000 0.4000 0.4400 1.6400 Common stock prices High $ 57.90 $ 56.49 $ 49.49 $ 44.83 $ 57.90 Low 51.35 47.39 37.11 36.76 36.76 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) Includes the following pre-tax charges (gains): 2016 In millions Q1 Q2 Q3 Q4 Riegelwood mill conversion costs $ 9 $ — $ — $ — India Packaging evaluation write-off — — 17 — Early debt extinguishment costs — — 29 — Write-off of certain regulatory pre-engineering costs — — 8 — Costs associated with the newly acquired pulp business — 5 7 19 Asia Box impairment / restructuring 37 28 5 — Gain on sale of investment in Arizona Chemical (8 ) — — — Turkey mill closure — — — 7 Amortization of Weyerhaeuser inventory fair value step-up — — — 19 Total $ 38 $ 33 $ 66 $ 45 (b) Includes a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. (c) Includes the following tax expenses (benefits): 2016 Q1 Q2 Q3 Q4 Cash pension contribution $ — $ 23 $ — $ — U.S. Federal audit (14 ) — — — Brazil goodwill (57 ) — — — International legal entity restructuring — (6 ) — — Luxembourg tax rate change — — — 31 Tax impact of other special items (3 ) (10 ) (24 ) (14 ) Total $ (74 ) $ 7 $ (24 ) $ 17 (d) Includes the following pre-tax charges (gains): 2015 In millions Q1 Q2 Q3 Q4 Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $ — $ (14 ) $ 7 $ 15 Timber monetization restructuring — — 17 (1 ) Early debt extinguishment costs — 207 — — Refund and state tax credits — (4 ) — — IP-Sun JV impairment — — 186 (12 ) Legal reserve adjustment — — — 15 Impairment of Orsa goodwill and trade name intangible — — — 137 Other items — 1 1 4 Total $ — $ 190 $ 211 $ 158 (e) Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4 Tax expense for cash pension $ — $ 23 $ — $ — Tax benefit related to IP-Sun JV — — (67 ) — Other items — 5 — 2 Tax impact of other special items — (67 ) (3 ) (13 ) Total $ — $ (39 ) $ (70 ) $ (11 ) |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Schedule) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS INTERNATIONAL PAPER COMPANY AND CONSOLIDATED SUBSIDIARIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (In millions) For the Year Ended December 31, 2016 Balance at Additions Additions Deductions Balance at Description Reserves Applied Against Specific Assets Shown on Balance Sheet: Doubtful accounts – current $ 70 $ 9 $ — (9)(a) $ 70 Restructuring reserves 10 3 — (7)(b) 6 For the Year Ended December 31, 2015 Balance at Additions Additions Deductions Balance at Description Reserves Applied Against Specific Assets Shown on Balance Sheet: Doubtful accounts – current $ 82 $ 11 $ — (23)(a) $ 70 Restructuring reserves 16 5 — (11)(b) 10 For the Year Ended December 31, 2014 Balance at Additions Additions Deductions Balance at 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 (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 Signi31
Summary Of Business And Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
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. Prior-period amounts have been adjusted to conform with current year presentation. During the fourth quarter of 2016, the Company finalized its purchase of Weyerhaeuser's pulp business (see Note 6). Subsequent to the acquisition, the Company began reporting Global Cellulose Fibers as a separate business segment in the fourth quarter of 2016 due to the increased materiality of the results of this business. This segment includes the Company's legacy pulp business and the newly acquired pulp business. As such, amounts related to the legacy pulp business have been reclassified out of the Printing Papers' business segment and included in the new Global Cellulose Fibers business segment for all prior periods to conform with current year presentation. |
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 $198 million , $117 million and $(200) million in 2016 , 2015 and 2014 , 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 | NVENTORIES 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 generally are, for buildings — 2.50% to 5.00% , and for machinery and equipment — 5% to 33% . |
Forestlands | FORESTLANDS At December 31, 2016 , International Paper and its subsidiaries owned or managed approximately 329,000 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. 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, discounted 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. |
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. |
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. |
Summary Of Business And Signi32
Summary Of Business And Significant Accounting Policies Schedule of New Accounting Pronoucments and Changes in Accounting Principles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The adoption of this guidance had the following impact on the Company's consolidated balance sheet: In millions, except per share amounts 2016 2015 Reclassification from: Deferred income tax assets $ (299 ) $ (312 ) Other accrued liabilities 3 3 Reclassification to: Deferred charges and other assets 48 52 Deferred income taxes 248 257 |
Earnings Per Share Attributab33
Earnings Per Share Attributable To International Paper Company Common Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 2014 Earnings (loss) from continuing operations $ 909 $ 938 $ 568 Effect of dilutive securities — — — Earnings (loss) from continuing operations – assuming dilution $ 909 $ 938 $ 568 Average common shares outstanding 411.1 417.4 427.7 Effect of dilutive securities: Restricted performance share plan 4.5 3.2 4.2 Stock options (a) — — 0.1 Average common shares outstanding – assuming dilution 415.6 420.6 432.0 Basic earnings (loss) per share from continuing operations $ 2.21 $ 2.25 $ 1.33 Diluted earnings (loss) per share from continuing operations $ 2.19 $ 2.23 $ 1.31 (a) Options to purchase shares were not included in the computation of diluted common shares outstanding if 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, 2016 | |
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, 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, 2016 : 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, 2015 $ (3,169 ) $ (2,549 ) $ 10 $ (5,708 ) Other comprehensive income (loss) before reclassifications (448 ) 263 (6 ) (191 ) Amounts reclassified from accumulated other comprehensive income 545 (3 ) (7 ) 535 Net Current Period Other Comprehensive Income 97 260 (13 ) 344 Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest — 2 — 2 Balance as of December 31, 2016 $ (3,072 ) $ (2,287 ) $ (3 ) $ (5,362 ) (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, 2015 : 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, 2014 $ (3,134 ) $ (1,513 ) $ 1 $ (4,646 ) Other comprehensive income (loss) before reclassifications (331 ) (1,002 ) (3 ) (1,336 ) Amounts reclassified from accumulated other comprehensive income 296 (40 ) 12 268 Net Current Period Other Comprehensive Income (35 ) (1,042 ) 9 (1,068 ) Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest — 6 — 6 Balance as of December 31, 2015 $ (3,169 ) $ (2,549 ) $ 10 $ (5,708 ) (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, 2015 : 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, 2014 $ (3,134 ) $ (1,513 ) $ 1 $ (4,646 ) Other comprehensive income (loss) before reclassifications (331 ) (1,002 ) (3 ) (1,336 ) Amounts reclassified from accumulated other comprehensive income 296 (40 ) 12 268 Net Current Period Other Comprehensive Income (35 ) (1,042 ) 9 (1,068 ) Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest — 6 — 6 Balance as of December 31, 2015 $ (3,169 ) $ (2,549 ) $ 10 $ (5,708 ) (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. |
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 2016 2015 2014 In millions Defined benefit pension and postretirement items: Prior-service costs $ (37 ) $ (33 ) $ (17 ) (b) Cost of products sold Actuarial gains/(losses) (851 ) (449 ) (379 ) (b) Cost of products sold Total pre-tax amount (888 ) (482 ) (396 ) Tax (expense)/benefit 343 186 154 Net of tax (545 ) (296 ) (242 ) Change in cumulative foreign currency translation adjustments: Business acquisition/divestiture 3 40 13 Net (gains) losses on sales and impairments of businesses or Retained earnings Tax (expense)/benefit — — — Net of tax 3 40 13 Net gains and losses on cash flow hedging derivatives: Foreign exchange contracts 10 (20 ) 3 (c) Cost of products sold Total pre-tax amount 10 (20 ) 3 Tax (expense)/benefit (3 ) 8 1 Net of tax 7 (12 ) 4 Total reclassifications for the period $ (535 ) $ (268 ) $ (225 ) (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 Charg35
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | During 2015, total restructuring and other charges of $252 million before taxes were recorded. These charges included: In millions 2015 Early debt extinguishment costs (see Note 13) $ 207 Timber monetization restructuring 16 Legal liability reserve adjustment 15 Riegelwood mill conversion costs net of proceeds from the sale of Carolina Coated Bristols brand (a) 8 Other 6 Total $ 252 (a) Includes $5 million of severance charges, which is related to 69 employees, $24 million of accelerated depreciation, sale proceeds of $22 million and $1 million of other charges. During 2014, total restructuring and other charges of $846 million before taxes were recorded. These charges included: In millions 2014 Early debt extinguishment costs (see Note 13) $ 276 Courtland mill shutdown (a) 554 Other (b) 16 Total $ 846 (a) Includes $464 million of accelerated depreciation, $24 million of inventory impairment charges, $26 million of severance charges related to 49 employees and $40 million of other charges which are recorded in the Printing Papers segment. (b) Includes $15 million of severance charges related to 908 employees. During 2016, total restructuring and other charges of $54 million before taxes were recorded. These charges included: In millions 2016 Early debt extinguishment costs (see Note 13) $ 29 India packaging evaluation write-off 17 Gain on sale of investment in Arizona Chemical (8 ) Riegelwood mill conversion costs (a) 9 Turkey mill closure (b) 7 Total $ 54 (a) Includes $3 million of accelerated depreciation, $3 million of inventory write-off charges and $3 million of other charges. (b) Includes $4 million of accelerated depreciation and $3 million of severance charges which is related to 85 employees. |
Acquisitions And Joint Ventur36
Acquisitions And Joint Ventures Acquisitions and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the preliminary allocation of the purchase price to the fair value of assets and liabilities acquired as of December 1, 2016. In millions Cash and temporary investments $ 12 Accounts and notes receivable 195 Inventory 254 Other current assets 11 Plants, properties and equipment 1,711 Goodwill 19 Other intangible assets 212 Deferred charges and other assets 6 Total assets acquired 2,420 Accounts payable and accrued liabilities 111 Long-term debt 104 Other long-term liabilities 22 Total liabilities assumed 237 Net assets acquired $ 2,183 |
Weyerhaeuser Pulp Business [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Finite Lived Intangible Assets Acquired As Part Of Business Combination Table [Text Block] | The identifiable intangible assets acquired in connection with the acquisition of the Weyerhaeuser pulp business included the following: In millions Estimated Average Asset Class: (at acquisition Customer relationships and lists $ 95 24 years Trade names, patents, trademarks and developed technology 113 8 years Other 4 10 years Total $ 212 |
Divestitures_Spinoff Divestitur
Divestitures/Spinoff Divestitures/Spinoff (Reconciliation of Major Line Items Constituting Pre-Tax Profit (Loss) of Discontinued Operations) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Net Sales $ 2,604 Costs and Expenses Cost of products sold 2,309 Selling and administrative expenses 191 Depreciation, amortization and cost of timber harvested 9 Distribution expenses 69 Restructuring and other charges 25 Impairment of goodwill and other intangibles — Other, net 3 Earnings (Loss) Before Income Taxes and Equity Earnings (2 ) Income tax provision (benefit) (1 ) Discontinued Operations, Net of Taxes (a) $ (1 ) (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 State38
Supplementary Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts And Notes Receivable [Table Text Block] | Accounts and notes receivable, net of allowances, by classification were: In millions at December 31 2016 2015 Accounts and notes receivable: Trade $ 2,759 $ 2,480 Other 242 195 Total $ 3,001 $ 2,675 |
Inventories By Major Category [Table Text Block] | In millions at December 31 2016 2015 Raw materials $ 296 $ 339 Finished pulp, paper and packaging products 1,381 1,248 Operating supplies 661 563 Other 100 78 Inventories $ 2,438 $ 2,228 |
Plants, Properties And Equipment By Major Classification [Table Text Block] | In millions at December 31 2016 2015 Pulp, paper and packaging facilities $ 34,259 $ 31,466 Other properties and equipment 1,311 1,242 Gross cost 35,570 32,708 Less: Accumulated depreciation 21,580 20,728 Plants, properties and equipment, net $ 13,990 $ 11,980 |
Schedule of Other Income and Other Expense [Table Text Block] | Amounts related to interest were as follows: In millions 2016 2015 2014 Interest expense (a) $ 695 $ 644 $ 677 Interest income (a) 175 89 70 Capitalized interest costs 28 25 23 (a) Interest expense and interest income exclude approximately $25 million and $38 million in 2015 and 2014 , 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 Intangible39
Goodwill And Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Goodwill Balances [Table Text Block] | In millions Industrial Packaging Global Cellulose Fibers Printing Papers Consumer Packaging Total Balance as of January 1, 2015 Goodwill $3,396 $— $2,234 $1,784 $7,414 Accumulated impairment losses (a) (100 ) — (1,877 ) (1,664 ) (3,641 ) 3,296 — 357 120 3,773 Reclassifications and other (b) (70 ) — (95 ) (3 ) (168 ) Additions/reductions (1 ) — (15 ) (c) (117 ) (d) (133 ) Impairment loss (137 ) (e) — — — (137 ) Balance as of December 31, 2015 Goodwill 3,325 — 2,124 1,664 7,113 Accumulated impairment losses (a) (237 ) — (1,877 ) (1,664 ) (3,778 ) Total $3,088 $— $247 $— $3,335 (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) Reduction due to the sale and de-consolidation of Shandong Sun joint venture in Asia. (e) Reflects a charge for goodwill impairment related to our Brazil Industrial Packaging business. GOODWILL The following tables present changes in the goodwill balances as allocated to each business segment for the years ended December 31, 2016 and 2015 : In millions Industrial Packaging Global Cellulose Fibers Printing Papers Consumer Packaging Total Balance as of January 1, 2016 Goodwill $3,325 $— $2,124 $1,664 $7,113 Accumulated impairment losses (a) (237 ) — (1,877 ) (1,664 ) (3,778 ) 3,088 — 247 — 3,335 Reclassifications and other (b) (4 ) — 33 — 29 Additions/reductions (5 ) (c) 19 (d) (14 ) (e) — — Impairment loss — — — — — Balance as of December 31, 2016 Goodwill 3,316 19 2,143 1,664 7,142 Accumulated impairment losses (a) (237 ) — (1,877 ) (1,664 ) (3,778 ) Total $3,079 $19 $266 $— $3,364 (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 the U.S. (d) Reflects the acquisition of the newly acquired pulp business. (e) Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. |
Identifiable Intangible Assets [Table Text Block] | Identifiable intangible assets comprised the following: 2016 2015 In millions at Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships and lists $ 605 $ 211 $ 495 $ 166 Non-compete agreements 69 64 69 56 Tradenames, patents and trademarks, and developed technology 173 56 61 54 Land and water rights 10 2 33 6 Software 21 20 22 20 Other 48 26 46 29 Total $ 926 $ 379 $ 726 $ 331 |
Amortization Expense Of Intangible Assets [Table Text Block] | The Company recognized the following amounts as amortization expense related to intangible assets: In millions 2016 2015 2014 Amortization expense related to intangible assets $ 54 $ 60 $ 73 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 2014 Earnings (loss) U.S. $ 573 $ 1,147 $ 565 Non-U.S. 383 119 307 Earnings (loss) from continuing operations before income taxes and equity earnings $ 956 $ 1,266 $ 872 |
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 2016 2015 2014 Current tax provision (benefit) U.S. federal $ 35 $ 62 $ 175 U.S. state and local — 12 9 Non-U.S. 76 111 74 $ 111 $ 185 $ 258 Deferred tax provision (benefit) U.S. federal $ 138 $ 321 $ (67 ) U.S. state and local 23 30 5 Non-U.S. (25 ) (70 ) (73 ) $ 136 $ 281 $ (135 ) Income tax provision (benefit) $ 247 $ 466 $ 123 |
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 2016 2015 2014 Earnings (loss) from continuing $ 956 $ 1,266 $ 872 Statutory U.S. income tax rate 35 % 35 % 35 % Tax expense (benefit) using statutory U.S. income tax rate 335 443 305 State and local income taxes 15 27 10 Tax rate and permanent differences on non-U.S. earnings (27 ) (44 ) (72 ) Net U.S. tax on non-U.S. dividends 21 12 16 Tax benefit on manufacturing activities (12 ) (14 ) (46 ) Non-deductible business expenses 9 8 7 Non-deductible impairments — 109 35 Sale of non-strategic assets 12 (61 ) — Tax audits (14 ) — — Subsidiary liquidation (63 ) — (85 ) Retirement plan dividends (6 ) (5 ) (5 ) Tax credits (28 ) (15 ) (34 ) Other, net 5 6 (8 ) Income tax provision (benefit) $ 247 $ 466 $ 123 Effective income tax rate 26 % 37 % 14 % |
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, 2016 and 2015 , were as follows: In millions 2016 2015 Deferred income tax assets: Postretirement benefit accruals $ 165 $ 172 Pension obligations 1,344 1,403 Alternative minimum and other tax credits 270 283 Net operating and capital loss carryforwards 662 732 Compensation reserves 257 265 Other 251 244 Gross deferred income tax assets 2,949 3,099 Less: valuation allowance (403 ) (430 ) Net deferred income tax asset $ 2,546 $ 2,669 Deferred income tax liabilities: Intangibles $ (231 ) $ (271 ) Plants, properties and equipment (2,828 ) (2,727 ) Forestlands, related installment sales, and investment in subsidiary (2,260 ) (2,253 ) Gross deferred income tax liabilities $ (5,319 ) $ (5,251 ) Net deferred income tax liability $ (2,773 ) $ (2,582 ) |
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, 2016 , 2015 and 2014 is as follows: In millions 2016 2015 2014 Balance at January 1 $ (150 ) $ (158 ) $ (161 ) (Additions) reductions based on tax positions related to current year (4 ) (6 ) (15 ) Additions for tax positions of prior years (3 ) (6 ) (1 ) Reductions for tax positions of prior years 33 7 9 Settlements 19 2 — Expiration of statutes of 5 4 2 Currency translation adjustment 2 7 8 Balance at December 31 $ (98 ) $ (150 ) $ (158 ) |
Schedule of Components of Net Provisions Related to Special Items [Table Text Block] | Included in the Company’s 2016 , 2015 and 2014 income tax provision (benefit) are $(74) million , $(121) million and $(453) million , respectively, related to special items. The components of the net provisions related to special items were as follows: In millions 2016 2015 2014 Special items $ (51 ) $ (84 ) $ (372 ) Tax-related adjustments: Return to accrual 23 23 — Internal restructurings (63 ) (62 ) (90 ) Settlement of tax audits and legislative changes (14 ) — 10 Tax rate changes 23 — — Other tax adjustments 8 2 (1 ) Income tax provision (benefit) related to special items $ (74 ) $ (121 ) $ (453 ) |
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 2017 2027 Indefinite Total U.S. federal and non-U.S. NOLs $ 67 $ 9 $ 455 $ 531 State taxing jurisdiction NOLs 139 52 — 191 U.S. federal, non- 176 21 183 380 U.S. federal and state capital loss carryforwards 22 — — 22 Total $ 404 $ 82 $ 638 $ 1,124 |
Commitments And Contingent Li41
Commitments And Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | At December 31, 2016 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: In millions 2017 2018 2019 2020 2021 Thereafter Lease obligations $ 119 $ 91 $ 69 $ 51 $ 38 $ 125 Purchase obligations (a) 3,165 635 525 495 460 2,332 Total $ 3,284 $ 726 $ 594 $ 546 $ 498 $ 2,457 (a) Includes $2.0 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 An42
Variable Interest Entities And Preferred Securities Of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Two Thousand And Fifteen Financing Entities [Member] | |
Schedule of Activity Between Company and Financing Entities [Table Text Block] | Activity between the Company and the 2015 Financing Entities (the Entities prior to the purchase of the Class A interest discussed above) was as follows: In millions 2016 2015 2014 Revenue (a) $ 95 $ 43 $ 38 Expense (a) 128 81 72 Cash receipts (b) 77 21 22 Cash payments (c) 98 71 73 (a) The net expense related to the Company’s interest in the Entities is included in the accompanying consolidated statement of operations, as International Paper has and intends to effect its legal right to offset as discussed above. After formation of the 2015 Financing Entities, the revenue and expense are included in Interest expense, net in the accompanying consolidated statement of operations. (b) The cash receipts are equity distributions from the Entities to International Paper prior to the formation of the 2015 Financing Entities. After formation of the 2015 Financing Entities, cash receipts are interest received on the Financial assets of special purpose entities. (c) The cash payments are interest payments on the associated debt obligations discussed above. After formation of the 2015 Financing Entities, the payments represent interest paid on Nonrecourse financial liabilities of special purpose entities. |
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 2016 2015 2014 Revenue (a) $ 37 $ 27 $ 26 Expense (b) 37 27 25 Cash receipts (c) 15 7 7 Cash payments (d) 27 18 18 (a) The revenue is included in Interest expense, net in the accompanying consolidated statement of operations and includes approximately $19 million for the years ended December 31, 2016, 2015 and 2014, respectively, of accretion income for the amortization of the purchase accounting adjustment on 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 approximately $7 million for the years ended December 31, 2016, 2015 and 2014, 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, 2016 | |
Debt Instruments [Abstract] | |
Debt Extinguishment [Table Text Block] | Amounts related to early debt extinguishment during the years ended December 31, 2016, 2015 and 2014 were as follows: In millions 2016 2015 2014 Debt reductions (a) $ 266 $ 2,151 $ 1,625 Pre-tax early debt extinguishment costs (b) 29 207 276 (a) Reductions related to notes with interest rates ranging from 2.00% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2016 , 2015 and 2014 . Includes the $630 million payment for a portion of the Special Purpose Entity Liability for the year ended December 31, 2015 (see Note 12 Variable Interest Entities ). (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 2016 2015 8.7% note – due 2038 $ 264 $ 264 9 3/8% note – due 2019 295 295 7.95% debenture – due 2018 382 648 7.5% note – due 2021 598 603 7.3% note – due 2039 721 721 6 7/8% notes – due 2023 – 2029 131 131 6.65% note – due 2037 4 4 6.4% to 7.75% debentures due 2025 – 2027 142 142 6 5/8% note – due 2018 72 185 6.0% note – due 2041 585 585 5.25% note – due 2016 — 261 5.00% to 5.15% notes – due 2035 – 2046 1,280 1,280 4.8% note - due 2044 796 796 4.75% note – due 2022 810 817 3.00% to 4.40% notes – due 2024 – 2047 3,786 1,490 Floating rate notes – due 2016 – 2025 (a) 763 438 Environmental and industrial development 681 594 Short-term notes (c) — 5 Other (d) 4 11 Total (e) 11,314 9,270 Less: current maturities 239 426 Long-term debt $ 11,075 $ 8,844 (a) The weighted average interest rate on these notes was 2.2% in 2016 and 2.9% in 2015 . (b) The weighted average interest rate on these bonds was 5.9% in 2016 and 5.8% in 2015 . (c) The weighted average interest rate was 2.2% in 2015 . Includes $5 million at December 31, 2015 related to non-U.S. denominated borrowings with a weighted average interest rate of 2.2% in 2015 . (d) Includes $2 million at December 31, 2016 and $8 million at December 31, 2015 related to the unamortized gain on interest rate swap unwinds (see Note 14 Derivatives and Hedging Instruments ). (e) The fair market value was approximately $12.0 billion at December 31, 2016 and $9.9 billion at December 31, 2015. |
Derivatives and Hedging Activ44
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 December 31, 2015 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts (a) 275 290 Derivatives in Fair Value Hedging Relationships: Interest rate contracts — 17 Derivatives Not Designated as Hedging Instruments: Electricity contract 6 16 Foreign exchange contracts 24 35 Interest rate contracts — 38 (a) These contracts had maturities of two years or less as of December 31, 2016 . |
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 2016 2015 2014 Foreign exchange contracts $ 4 $ (3 ) $ 10 Interest rate contracts (10 ) — — Total $ (6 ) $ (3 ) $ 10 |
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) Reclassified from AOCI into Income (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) In millions 2016 2015 2014 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts $ 7 $ (12 ) $ 4 Cost of products sold Total $ 7 $ (12 ) $ 4 Gain (Loss) Recognized in Income Location of Gain (Loss) in Consolidated Statement of Operations In millions 2016 2015 2014 Derivatives in Fair Value Hedging Relationships: Interest rate contracts $ — $ 3 $ 1 Interest expense, net Debt — (3 ) (1 ) Interest expense, net Total $ — $ — $ — Derivatives Not Designated as Hedging Instruments: Electricity Contracts $ — $ (7 ) $ (2 ) Cost of products sold Foreign exchange contracts — (4 ) (1 ) Cost of products sold Interest rate contracts 5 (a) 13 (b) 12 (c) Interest expense, net Total $ 5 $ 2 $ 9 (a) Excluding gain of $2 million related to debt reduction recorded to Restructuring and other charges. (b) Excluding gain of $3 million related to debt reduction recorded to Restructuring and other charges. (c) 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: 2016 2015 In millions Issued Terminated Undesignated Issued Terminated Undesignated Second Quarter $ — $ — $ — $ — $ 175 $ 38 First Quarter — 55 — — — — Total $ — $ 55 $ — $ — $ 175 $ 38 Note: There was no activity in the third and fourth quarters in either 2016 or 2015. |
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 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Derivatives designated as hedging instruments Foreign exchange contracts – cash flow $ 3 (a) $ 5 (a) $ 4 (b) $ 1 (b) Total derivatives designated as hedging instruments $ 3 $ 5 $ 4 $ 1 Derivatives not designated as hedging instruments Electricity contract $ — $ — $ 2 (b) $ 7 (c) Total derivatives not designated as hedging instruments $ — $ — $ 2 $ 7 Total derivatives $ 3 $ 5 $ 6 $ 8 (a) Included in Other current assets in the accompanying consolidated balance sheet. (b) Included in Other accrued liabilities in the accompanying consolidated balance sheet. (c) Includes $4 million recorded in Other accrued liabilities and $3 million recorded in Other liabilities in the accompanying consolidated balance sheet. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 : Common Stock In thousands Issued Treasury Balance at January 1, 2014 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 Issuance of stock for various plans, net 62 (4,230 ) Repurchase of stock — 12,272 Balance at December 31, 2015 448,916 36,776 Issuance of stock for various plans, net — (2,745 ) Repurchase of stock — 3,640 Balance at December 31, 2016 448,916 37,671 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 In millions U.S. Non- U.S. Non- U.S. Non- Service cost $ 158 $ 4 $ 161 $ 6 $ 145 $ 5 Interest cost 580 9 597 10 600 13 Expected return on plan assets (815 ) (10 ) (783 ) (11 ) (762 ) (14 ) Actuarial loss / (gain) 400 1 428 1 374 — Amortization of prior service cost 41 — 43 — 30 — Curtailment loss / (gain) — — — — — (4 ) Settlement loss 445 — 15 — — — Net periodic pension expense (a) $ 809 $ 4 $ 461 $ 6 $ 387 $ — (a) Excludes $1 million in curtailments in 2014 related to the pension freeze remeasurement that were recorded in restructuring and other charges. |
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 2016 2015 Target Equity accounts 51 % 48 % 43% - 54% Fixed income accounts 27 % 33 % 25% - 35% Real estate accounts 10 % 10 % 7% - 13% Other 12 % 9 % 8% - 17% Total 100 % 100 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Fair Value Measurement at December 31, 2015 Asset Class Total Quoted Significant Significant In millions Equities – domestic $ 2,150 $ 1,382 $ 768 $ — Equities – international 2,563 1,818 745 — Corporate bonds 1,286 — 1,286 — Government securities 518 — 518 — Mortgage backed securities 217 — 217 — Other fixed income 275 — 265 10 Commodities 118 — 118 — Hedge funds — — — — Private equity — — — — Real estate — — — — Derivatives (19 ) — 1 (20 ) Cash and cash equivalents 975 975 — — Other investments: (a) Hedge funds 894 Private equity 492 Real estate 1,094 Risk parity funds 360 Total Investments $ 10,923 $ 4,175 $ 3,918 $ (10 ) (a) In accordance with accounting guidance ASU 2015-07, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the reconciliation of changes in the plan's benefit obligations and fair value of plan assets above. The fair values of International Paper’s pension plan assets at December 31, 2016 and 2015 by asset class are shown below. Plan assets included an immaterial amount of International Paper common stock at December 31, 2016 and 2015 . 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, 2016 Asset Class Total Quoted Significant Significant In millions Equities – domestic $ 2,208 $ 1,380 $ 828 $ — Equities – international 2,575 1,806 769 — Corporate bonds 1,018 — 1,018 — Government securities 870 — 870 — Mortgage backed securities 41 — 40 1 Other fixed income 245 — 234 11 Commodities 324 — 324 — Hedge funds — — — — Private equity — — — — Real estate — — — — Derivatives (71 ) — — (71 ) Cash and cash equivalents 322 322 — — Other investments: (a) Hedge funds 891 Private equity 472 Real estate 1,015 Risk parity funds 402 Total Investments $ 10,312 $ 3,508 $ 4,083 $ (59 ) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | Other Investments at December 31, 2015 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period Hedge funds $ 894 $ — Daily to annually 1 - 100 days Private equity 492 102 None None Real estate 1,094 59 Quarterly 45 - 60 days Risk parity funds 360 — Monthly 5 - 15 days Total $ 2,840 $ 161 he following investments are measured at NAV and are not classified in the fair value hierarchy. Some of the investments have redemption limitations, restrictions, and notice requirements which are further explained below. Other Investments at December 31, 2016 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period Hedge funds $ 891 $ — Daily to annually 1 - 100 days Private equity 472 226 None None Real estate 1,015 224 Quarterly 45 - 60 days Risk parity funds 402 — Monthly 5 - 15 days Total $ 2,780 $ 450 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Table Text Block] | The following is a reconciliation of the assets that are classified using significant unobservable inputs (Level 3) at December 31, 2016 . Fair Value Measurements Using Significant Unobservable Inputs (Level 3) In millions Mortgage backed securities Other Derivatives Total Beginning balance at December 31, 2015 $ — $ 10 $ (20 ) $ (10 ) Actual return on plan assets: Relating to assets still held at the reporting date — 1 (66 ) (65 ) Relating to assets sold during the period — — (24 ) (24 ) Purchases, sales and settlements 1 — 39 40 Transfers in and/or out of Level 3 — — — — Ending balance at December 31, 2016 $ 1 $ 11 $ (71 ) $ (59 ) |
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] | 2016 2015 In millions U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 14,438 $ 204 $ 14,741 $ 233 Service cost 158 4 161 6 Interest cost 580 9 597 10 Settlements (1,222 ) (2 ) (43 ) (12 ) Actuarial loss (gain) 495 35 (254 ) (1 ) Acquisitions 1 — — — Plan amendments — (1 ) — — Benefits paid (767 ) (9 ) (764 ) (7 ) Effect of foreign currency exchange rate movements — (21 ) — (25 ) Benefit obligation, December 31 $ 13,683 $ 219 $ 14,438 $ 204 Change in plan assets: Fair value of plan assets, January 1 $ 10,923 $ 155 $ 10,918 $ 180 Actual return on plan assets 607 17 (1 ) 4 Company contributions 771 8 813 9 Benefits paid (767 ) (9 ) (764 ) (7 ) Settlements (1,222 ) (2 ) (43 ) (12 ) Effect of foreign currency exchange rate movements — (16 ) — (19 ) Fair value of plan assets, December 31 $ 10,312 $ 153 $ 10,923 $ 155 Funded status, December 31 $ (3,371 ) $ (66 ) $ (3,515 ) $ (49 ) Amounts recognized in the consolidated balance sheet: Non-current asset $ — $ 6 $ — $ 7 Current liability (40 ) (3 ) (22 ) (2 ) Non-current liability (3,331 ) (69 ) (3,493 ) (54 ) $ (3,371 ) $ (66 ) $ (3,515 ) $ (49 ) |
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 $ 125 $ — $ 166 $ — Net actuarial loss 4,757 61 4,899 42 $ 4,882 $ 61 $ 5,065 $ 42 |
Pension Benefit Adjustments Recognized In Other Comprehensive (Loss) Income [Table Text Block] | The components of the $183 million and $19 million change related to U.S. plans and non-U.S. plans, respectively, in the amounts recognized in OCI during 2016 consisted of: In millions U.S. Non- Current year actuarial (gain) loss $ 703 $ 27 Amortization of actuarial loss (400 ) (1 ) Current year prior service cost — (1 ) Amortization of prior service cost (41 ) — Settlements (445 ) — Effect of foreign currency exchange rate movements — (6 ) $ (183 ) $ 19 |
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, 2016 and 2015 : 2016 2015 In millions U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation $ 13,683 $ 190 $ 14,438 $ 182 Accumulated benefit obligation 13,535 177 14,282 168 Fair value of plan assets 10,312 118 10,923 126 |
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: 2016 2015 2014 U.S. Non- U.S. Non- U.S. Non- Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 4.10 % 3.88 % 4.40 % 4.64 % 4.10 % 4.72 % Rate of compensation increase 3.75 % 4.20 % 3.75 % 4.12 % 3.75 % 4.03 % Actuarial assumptions used to determine net periodic pension cost for years ended December 31: Discount rate (a) 4.05 % 4.72 % 4.10 % 4.72 % 4.65 % 5.07 % Expected long-term rate of return on plan assets (b) 7.75 % 6.55 % 7.75 % 6.64 % 7.75 % 7.53 % Rate of compensation increase 3.75 % 4.03 % 3.75 % 4.03 % 3.75 % 4.13 % (a) Represents the weighted average rate for the U.S. qualified plans in 2016 and 2014 due to the remeasurement in the second, third and fourth quarters of 2016 and the first quarter of 2014. (b) Represents the expected rate of return for International Paper's qualified pension plan for 2014. The weighted average rate for the Temple-Inland Retirement Plan was 7.00% for 2014 |
Effect Of A 25 Basis Point Decrease On Net Pension Expense [Table Text Block] | The following illustrates the effect on pension expense for 2017 of a 25 basis point decrease in the above assumptions: In millions 2017 Expense/(Income): Discount rate $ 33 Expected long-term rate of return on plan assets 26 Rate of compensation increase (1 ) |
Projected Future Pension Benefit Payments, Excluding Any Termination Benefits [Table Text Block] | At December 31, 2016 , projected future pension benefit payments, excluding any termination benefits, were as follows: In millions 2017 $ 800 2018 788 2019 796 2020 804 2021 812 2022 – 2026 4,137 |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 In millions U.S. Non- U.S. Non- U.S. Non- Service cost $ 158 $ 4 $ 161 $ 6 $ 145 $ 5 Interest cost 580 9 597 10 600 13 Expected return on plan assets (815 ) (10 ) (783 ) (11 ) (762 ) (14 ) Actuarial loss / (gain) 400 1 428 1 374 — Amortization of prior service cost 41 — 43 — 30 — Curtailment loss / (gain) — — — — — (4 ) Settlement loss 445 — 15 — — — Net periodic pension expense (a) $ 809 $ 4 $ 461 $ 6 $ 387 $ — (a) Excludes $1 million in curtailments in 2014 related to the pension freeze remeasurement that were recorded in restructuring and other charges. |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Postretirement Benefit Expense [Table Text Block] | components of postretirement benefit expense in 2016 , 2015 and 2014 were as follows: In millions 2016 2015 2014 U.S. Non- U.S. Non- U.S. Non- Service cost $ 1 $ — $ 1 $ 1 $ 1 $ 1 Interest cost 11 3 11 5 14 6 Actuarial loss 5 2 6 1 5 1 Amortization of prior service credits (4 ) (4 ) (10 ) (2 ) (13 ) (1 ) Net postretirement (benefit) expense $ 13 $ 1 $ 8 $ 5 $ 7 $ 7 |
Discount Rates Used To Determine Net Cost [Table Text Block] | The weighted average assumptions used to determine the benefit obligation at December 31, 2016 and 2015 were as follows: 2016 2015 U.S. Non- U.S. Non- Discount rate 4.00 % 10.53 % 4.20 % 12.23 % Health care cost trend rate assumed for next year 6.50 % 10.90 % 7.00 % 11.41 % Rate that the cost trend rate gradually declines to 5.00 % 5.81 % 5.00 % 5.94 % Year that the rate reaches the rate it is assumed to remain 2022 2027 2022 2026 |
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 plans are only funded in an amount equal to benefits paid. The following table presents the changes in benefit obligation and plan assets for 2016 and 2015 : In millions 2016 2015 U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 275 $ 45 $ 306 $ 59 Service cost 1 — 1 1 Interest cost 11 3 11 5 Participants’ contributions 5 — 12 — Actuarial (gain) loss 31 5 — (1 ) Plan amendments — (35 ) — 1 Benefits paid (44 ) (1 ) (57 ) (1 ) Less: Federal subsidy 1 — 2 — Currency Impact — 6 — (19 ) Benefit obligation, December 31 $ 280 $ 23 $ 275 $ 45 Change in plan assets: Fair value of plan assets, January 1 $ — $ — $ — $ — Company contributions 39 1 45 1 Participants’ contributions 5 — 12 — Benefits paid (44 ) (1 ) (57 ) (1 ) Fair value of plan assets, December 31 $ — $ — $ — $ — Funded status, December 31 $ (280 ) $ (23 ) $ (275 ) $ (45 ) Amounts recognized in the consolidated balance sheet under ASC 715: Current liability $ (29 ) $ (2 ) $ (29 ) $ (2 ) Non-current liability (251 ) (21 ) (246 ) (43 ) $ (280 ) $ (23 ) $ (275 ) $ (45 ) Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): Net actuarial loss (gain) $ 68 $ 21 $ 42 $ 15 Prior service credit (8 ) (34 ) (12 ) (2 ) $ 60 $ (13 ) $ 30 $ 13 |
Postretirement Benefit Adjustments Recognized In Other Comprehensive (Loss) Income [Table Text Block] | The components of the $30 million and ($26) million increase and decrease in the amounts recognized in OCI during 2016 for U.S. and non-U.S. plans, respectively, consisted of: In millions U.S. Non- Current year actuarial loss $ 31 $ 5 Amortization of actuarial (loss) gain (5 ) (2 ) Current year prior service cost — (34 ) Amortization of prior service credit 4 4 Currency impact — 1 $ 30 $ (26 ) |
Estimated Total Future Postretirement Benefit Payments, Net Of Participant Contributions And Estimated Future Medicare Part D Subsidy Receipts [Table Text Block] | At December 31, 2016 , 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 Receipts Benefit U.S. U.S. Non- 2017 $ 31 $ 2 $ 2 2018 29 1 2 2019 27 1 1 2020 26 1 1 2021 24 1 — 2022 – 2026 99 6 3 |
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, 2016 , 2015 and 2014 were as follows: 2016 2015 2014 U.S. Non- U.S. Non- U.S. Non- Discount rate 4.20 % 12.23 % 3.90 % 11.52 % 4.50 % 11.94 % |
Incentive Plans (Tables)
Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 : Options (a) Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic Value (thousands) Outstanding at December 31, 2013 1,752,789 $39.80 0.67 $16,175 Granted 3,247 49.13 Exercised (1,634,858 ) 39.80 Expired (49,286 ) 41.50 Outstanding at December 31, 2014 71,892 39.03 0.18 1,046 Granted — — Exercised (62,477 ) 39.05 Expired (9,415 ) 38.92 Outstanding at December 31, 2015 — — 0.00 — Granted — — Exercised — — Expired — — Outstanding at December 31, 2016 — $— 0.00 $— (a) 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, 2016 Expected volatility 22.36%-30.84% Risk-free interest rate 0.67%-1.31% |
Summary Of Performance Restricted Share Activity [Table Text Block] | The following summarizes PSP activity for the three years ending December 31, 2016 : Share/Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2013 8,117,489 $31.20 Granted 3,682,663 46.82 Shares issued (4,025,111 ) 37.18 Forfeited (499,107 ) 43.10 Outstanding at December 31, 2014 7,275,934 34.98 Granted 1,863,623 53.25 Shares issued (2,959,160 ) 37.09 Forfeited (322,664 ) 53.97 Outstanding at December 31, 2015 5,857,733 38.69 Granted 2,617,982 37.26 Shares issued (2,316,085 ) 43.82 Forfeited (209,500 ) 43.61 Outstanding at December 31, 2016 5,950,130 $35.89 |
Summary Of Activity Of Executive Continuity And Restricted Stock Award Program [Table Text Block] | The following summarizes the activity of the RSA program for the three years ending December 31, 2016 : Shares Weighted Average Grant Date Fair Value 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 Granted 36,300 50.06 Shares issued (27,365 ) 45.35 Forfeited (3,166 ) 50.04 Outstanding at December 31, 2015 120,368 48.24 Granted 117,881 42.81 Shares issued (59,418 ) 47.14 Forfeited (9,500 ) 39.36 Outstanding at December 31, 2016 169,331 $45.34 |
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 2016 2015 2014 Total stock-based compensation expense (included in selling and administrative expense) $ 129 $ 114 $ 118 Income tax benefits related to stock-based compensation 34 88 92 |
Financial Information By Indu49
Financial Information By Industry Segment And Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
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. The audited U.S. GAAP financial statements for Ilim are included in Exhibit 99.1 to this Form 10-K. Balance Sheet In millions 2016 2015 Current assets $ 774 $ 455 Noncurrent assets 1,351 968 Current liabilities 406 665 Noncurrent liabilities 1,422 715 Noncontrolling interests 22 21 Income Statement In millions 2016 2015 2014 Net sales $ 1,927 $ 1,931 $ 2,138 Gross profit 957 971 772 Income from continuing operations 419 254 (387 ) Net income attributable to Ilim 391 237 (360 ) |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Net Sales In millions 2016 2015 2014 Industrial Packaging $ 13,899 $ 14,240 $ 14,749 Global Cellulose Fibers 1,092 975 1,046 Printing Papers 4,058 4,056 4,615 Consumer Packaging 1,954 2,940 3,403 Corporate and Intersegment Sales 76 154 (196 ) Net Sales $ 21,079 $ 22,365 $ 23,617 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Profit In millions 2016 2015 2014 Industrial Packaging $ 1,648 $ 1,851 $ 1,893 Global Cellulose Fibers (179 ) 68 62 Printing Papers 540 465 (77 ) Consumer Packaging 191 (25 ) 178 Operating Profit 2,200 2,359 2,056 Earnings (loss) from continuing operations before income taxes and equity earnings 956 1,266 872 Interest expense, net 520 555 601 Noncontrolling interests / equity earnings adjustment (a) 1 8 2 Corporate items, net 67 34 49 Corporate special items, net 46 238 320 Non-operating pension expense 610 258 212 Adjusted Operating Profit $ 2,200 $ 2,359 $ 2,056 |
Reconciliation of Restructuring and Other Charges from Segments to Consolidated [Table Text Block] | Restructuring and Other Charges In millions 2016 2015 2014 Industrial Packaging $ 7 $ — $ 7 Global Cellulose Fibers — — — Printing Papers — — 554 Consumer Packaging 9 10 8 Corporate 38 242 277 Restructuring and Other Charges $ 54 $ 252 $ 846 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets In millions 2016 2015 Industrial Packaging $ 14,485 $ 14,415 Global Cellulose Fibers 3,845 1,021 Printing Papers 3,965 3,724 Consumer Packaging 1,739 2,120 Corporate and other (b) 9,059 8,991 Assets $ 33,093 $ 30,271 |
Reconciliation of Capital Spending from Segment to Consolidated [Table Text Block] | Capital Spending In millions 2016 2015 2014 Industrial Packaging $ 816 $ 858 $ 754 Global Cellulose Fibers 174 129 75 Printing Papers 215 232 243 Consumer Packaging 124 216 233 Subtotal 1,329 1,435 1,305 Corporate and other (b) 19 52 61 Capital Spending $ 1,348 $ 1,487 $ 1,366 |
Reconciliation of Depreciation and Amortization from Segment to Consolidated [Table Text Block] | Depreciation, Amortization and Cost of Timber Harvested (c) In millions 2016 2015 2014 Industrial Packaging $ 715 $ 725 $ 775 Global Cellulose Fibers 108 73 76 Printing Papers 232 234 291 Consumer Packaging 121 215 223 Corporate 51 47 41 Depreciation and Amortization $ 1,227 $ 1,294 $ 1,406 |
Revenue from External Customers by Products and Services [Table Text Block] | External Sales By Major Product In millions 2016 2015 2014 Industrial Packaging $ 13,815 $ 14,177 $ 14,642 Global Cellulose Fibers 1,090 986 1,057 Printing Papers 4,062 4,082 4,413 Consumer Packaging 1,953 2,931 3,327 Other 159 189 178 Net Sales $ 21,079 $ 22,365 $ 23,617 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net Sales (d) In millions 2016 2015 2014 United States (e) $ 15,918 $ 16,554 $ 16,645 EMEA 2,862 2,770 3,273 Pacific Rim and Asia 718 1,501 1,951 Americas, other than U.S. 1,581 1,540 1,748 Net Sales $ 21,079 $ 22,365 $ 23,617 |
Long-lived Assets by Geographic Areas [Table Text Block] | Long-Lived Assets (f) In millions 2016 2015 United States $ 11,158 $ 9,683 EMEA 1,004 827 Pacific Rim and Asia 246 353 Americas, other than U.S. 1,663 1,085 Corporate 375 398 Long-Lived Assets $ 14,446 $ 12,346 |
Interim Financial Results (Un50
Interim Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | In millions, except per share amounts and stock prices 1st 2nd 3rd 4th Quarter Year 2016 Net sales $ 5,110 $ 5,322 $ 5,266 $ 5,381 $ 21,079 Earnings (loss) from continuing operations before income taxes and equity earnings 317 (a) (14 ) (a) 373 (a) 280 (a) 956 (a) Gain (loss) from discontinued operations (5 ) (b) — — — (5 ) (b) Net earnings (loss) attributable to International Paper Company 334 (a-c) 40 (a,c) 312 (a,c) 218 (a,c) 904 (a-c) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.82 (a) $ 0.10 (a) $ 0.76 (a) $ 0.53 (a) $ 2.21 (a) Gain (loss) from discontinued operations (0.01 ) (b) — — — (0.01 ) (b) Net earnings (loss) 0.81 (a-c) 0.10 (a,c) 0.76 (a,c) 0.53 (a,c) 2.20 (a-c) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.82 (a) 0.10 (a) 0.75 (a) 0.53 (a) 2.19 (a) Gain (loss) from discontinued operations (0.01 ) (b) — — — (0.01 ) (b) Net earnings (loss) 0.81 (a-c) 0.10 (a,c) 0.75 (a,c) 0.53 (a,c) 2.18 (a-c) Dividends per share of common stock 0.4400 0.4400 0.4400 0.4625 1.7825 Common stock prices High $ 42.09 $ 44.60 $ 49.90 $ 54.68 $ 54.68 Low 32.50 39.24 41.08 43.55 32.50 2015 Net sales $ 5,517 $ 5,714 $ 5,691 $ 5,443 $ 22,365 Earnings (loss) from continuing operations before income taxes and equity earnings 406 266 (d) 329 (d) 265 (d) 1,266 (d) Gain (loss) from discontinued operations — — — — — Net earnings (loss) attributable to International Paper Company 313 227 (d,e) 220 (d,e) 178 (d,e) 938 (d,e) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.74 $ 0.54 (d) $ 0.53 (d) $ 0.43 (d) $ 2.25 (d) Gain (loss) from discontinued operations — — — — — Net earnings (loss) 0.74 0.54 (d,e) 0.53 (d,e) 0.43 (d,e) 2.25 (d,e) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.74 0.54 (d) 0.53 (d) 0.43 (d) 2.23 (d) Gain (loss) from discontinued operations — — — — — Net earnings (loss) 0.74 0.54 (d,e) 0.53 (d,e) 0.43 (d,e) 2.23 (d,e) Dividends per share of common stock 0.4000 0.4000 0.4000 0.4400 1.6400 Common stock prices High $ 57.90 $ 56.49 $ 49.49 $ 44.83 $ 57.90 Low 51.35 47.39 37.11 36.76 36.76 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. |
Schedule of Quarterly Financial Information [Table Text Block] | Footnotes to Interim Financial Results (a) Includes the following pre-tax charges (gains): 2016 In millions Q1 Q2 Q3 Q4 Riegelwood mill conversion costs $ 9 $ — $ — $ — India Packaging evaluation write-off — — 17 — Early debt extinguishment costs — — 29 — Write-off of certain regulatory pre-engineering costs — — 8 — Costs associated with the newly acquired pulp business — 5 7 19 Asia Box impairment / restructuring 37 28 5 — Gain on sale of investment in Arizona Chemical (8 ) — — — Turkey mill closure — — — 7 Amortization of Weyerhaeuser inventory fair value step-up — — — 19 Total $ 38 $ 33 $ 66 $ 45 (b) Includes a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. (c) Includes the following tax expenses (benefits): 2016 Q1 Q2 Q3 Q4 Cash pension contribution $ — $ 23 $ — $ — U.S. Federal audit (14 ) — — — Brazil goodwill (57 ) — — — International legal entity restructuring — (6 ) — — Luxembourg tax rate change — — — 31 Tax impact of other special items (3 ) (10 ) (24 ) (14 ) Total $ (74 ) $ 7 $ (24 ) $ 17 (d) Includes the following pre-tax charges (gains): 2015 In millions Q1 Q2 Q3 Q4 Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $ — $ (14 ) $ 7 $ 15 Timber monetization restructuring — — 17 (1 ) Early debt extinguishment costs — 207 — — Refund and state tax credits — (4 ) — — IP-Sun JV impairment — — 186 (12 ) Legal reserve adjustment — — — 15 Impairment of Orsa goodwill and trade name intangible — — — 137 Other items — 1 1 4 Total $ — $ 190 $ 211 $ 158 (e) Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4 Tax expense for cash pension $ — $ 23 $ — $ — Tax benefit related to IP-Sun JV — — (67 ) — Other items — 5 — 2 Tax impact of other special items — (67 ) (3 ) (13 ) Total $ — $ (39 ) $ (70 ) $ (11 ) |
Interim Financial Results Inter
Interim Financial Results Interim Financial Results Footnotes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | In millions, except per share amounts and stock prices 1st 2nd 3rd 4th Quarter Year 2016 Net sales $ 5,110 $ 5,322 $ 5,266 $ 5,381 $ 21,079 Earnings (loss) from continuing operations before income taxes and equity earnings 317 (a) (14 ) (a) 373 (a) 280 (a) 956 (a) Gain (loss) from discontinued operations (5 ) (b) — — — (5 ) (b) Net earnings (loss) attributable to International Paper Company 334 (a-c) 40 (a,c) 312 (a,c) 218 (a,c) 904 (a-c) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.82 (a) $ 0.10 (a) $ 0.76 (a) $ 0.53 (a) $ 2.21 (a) Gain (loss) from discontinued operations (0.01 ) (b) — — — (0.01 ) (b) Net earnings (loss) 0.81 (a-c) 0.10 (a,c) 0.76 (a,c) 0.53 (a,c) 2.20 (a-c) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.82 (a) 0.10 (a) 0.75 (a) 0.53 (a) 2.19 (a) Gain (loss) from discontinued operations (0.01 ) (b) — — — (0.01 ) (b) Net earnings (loss) 0.81 (a-c) 0.10 (a,c) 0.75 (a,c) 0.53 (a,c) 2.18 (a-c) Dividends per share of common stock 0.4400 0.4400 0.4400 0.4625 1.7825 Common stock prices High $ 42.09 $ 44.60 $ 49.90 $ 54.68 $ 54.68 Low 32.50 39.24 41.08 43.55 32.50 2015 Net sales $ 5,517 $ 5,714 $ 5,691 $ 5,443 $ 22,365 Earnings (loss) from continuing operations before income taxes and equity earnings 406 266 (d) 329 (d) 265 (d) 1,266 (d) Gain (loss) from discontinued operations — — — — — Net earnings (loss) attributable to International Paper Company 313 227 (d,e) 220 (d,e) 178 (d,e) 938 (d,e) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.74 $ 0.54 (d) $ 0.53 (d) $ 0.43 (d) $ 2.25 (d) Gain (loss) from discontinued operations — — — — — Net earnings (loss) 0.74 0.54 (d,e) 0.53 (d,e) 0.43 (d,e) 2.25 (d,e) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.74 0.54 (d) 0.53 (d) 0.43 (d) 2.23 (d) Gain (loss) from discontinued operations — — — — — Net earnings (loss) 0.74 0.54 (d,e) 0.53 (d,e) 0.43 (d,e) 2.23 (d,e) Dividends per share of common stock 0.4000 0.4000 0.4000 0.4400 1.6400 Common stock prices High $ 57.90 $ 56.49 $ 49.49 $ 44.83 $ 57.90 Low 51.35 47.39 37.11 36.76 36.76 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. |
Interim Financial Results Footnotes [Table Text Block] | Footnotes to Interim Financial Results (a) Includes the following pre-tax charges (gains): 2016 In millions Q1 Q2 Q3 Q4 Riegelwood mill conversion costs $ 9 $ — $ — $ — India Packaging evaluation write-off — — 17 — Early debt extinguishment costs — — 29 — Write-off of certain regulatory pre-engineering costs — — 8 — Costs associated with the newly acquired pulp business — 5 7 19 Asia Box impairment / restructuring 37 28 5 — Gain on sale of investment in Arizona Chemical (8 ) — — — Turkey mill closure — — — 7 Amortization of Weyerhaeuser inventory fair value step-up — — — 19 Total $ 38 $ 33 $ 66 $ 45 (b) Includes a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. (c) Includes the following tax expenses (benefits): 2016 Q1 Q2 Q3 Q4 Cash pension contribution $ — $ 23 $ — $ — U.S. Federal audit (14 ) — — — Brazil goodwill (57 ) — — — International legal entity restructuring — (6 ) — — Luxembourg tax rate change — — — 31 Tax impact of other special items (3 ) (10 ) (24 ) (14 ) Total $ (74 ) $ 7 $ (24 ) $ 17 (d) Includes the following pre-tax charges (gains): 2015 In millions Q1 Q2 Q3 Q4 Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $ — $ (14 ) $ 7 $ 15 Timber monetization restructuring — — 17 (1 ) Early debt extinguishment costs — 207 — — Refund and state tax credits — (4 ) — — IP-Sun JV impairment — — 186 (12 ) Legal reserve adjustment — — — 15 Impairment of Orsa goodwill and trade name intangible — — — 137 Other items — 1 1 4 Total $ — $ 190 $ 211 $ 158 (e) Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4 Tax expense for cash pension $ — $ 23 $ — $ — Tax benefit related to IP-Sun JV — — (67 ) — Other items — 5 — 2 Tax impact of other special items — (67 ) (3 ) (13 ) Total $ — $ (39 ) $ (70 ) $ (11 ) |
Schedule II Valuation and Qua52
Schedule II Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Balance at Additions Additions Deductions Balance at Description Reserves Applied Against Specific Assets Shown on Balance Sheet: Doubtful accounts – current $ 70 $ 9 $ — (9)(a) $ 70 Restructuring reserves 10 3 — (7)(b) 6 For the Year Ended December 31, 2015 Balance at Additions Additions Deductions Balance at Description Reserves Applied Against Specific Assets Shown on Balance Sheet: Doubtful accounts – current $ 82 $ 11 $ — (23)(a) $ 70 Restructuring reserves 16 5 — (11)(b) 10 For the Year Ended December 31, 2014 Balance at Additions Additions Deductions Balance at 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 (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 Signi53
Summary Of Business And Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounting Policies [Abstract] | |||
Equity earnings (loss), net of taxes | $ | $ 198 | $ 117 | $ (200) |
Acres of forestlands managed or owned | a | 329,000 | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual straight-line depreciation rates | 5.00% | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual straight-line depreciation rates | 33.00% | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual straight-line depreciation rates | 2.50% | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual straight-line depreciation rates | 5.00% |
Summary Of Business And Signi54
Summary Of Business And Significant Accounting Policies New Accounting Pronouncements or Change in Accounting Principle (Details) - Adjustments for New Accounting Pronouncement [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New accounting principle or change in accounting principle, effect of change on deferred income tax assets, short-term | $ (299) | $ (312) |
New accounting pronouncement or change in in accounting principle, effect of change on other accrued liabilities, short-term | 3 | 3 |
New accounting pronouncement or change in accounting, effect on other assets and deferred charges | 48 | 52 |
New accounting pronouncement or change in accounting, effect on deferred income taxes, long-term | $ 248 | $ 257 |
Earnings Per Share Attributab55
Earnings Per Share Attributable To International Paper Company Common Shareholders (Reconciliation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [2] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [2] | Mar. 31, 2015 | [3] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Earnings (loss) from continuing operations | $ 909 | $ 938 | $ 568 | |||||||||||||||||||
Effect of dilutive securities | 0 | 0 | 0 | |||||||||||||||||||
Earnings (loss) from continuing operations – assuming dilution | $ 909 | $ 938 | $ 568 | |||||||||||||||||||
Average common shares outstanding | 411.1 | 417.4 | 427.7 | |||||||||||||||||||
Average common shares outstanding – assuming dilution | 415.6 | 420.6 | 432 | |||||||||||||||||||
Basic earnings (loss) per share from continuing operations | $ 0.53 | $ 0.76 | $ 0.10 | $ 0.82 | $ 0.43 | $ 0.53 | $ 0.54 | $ 0.74 | $ 2.21 | [1] | $ 2.25 | [2] | $ 1.33 | |||||||||
Diluted earnings (loss) per share from continuing operations | $ 0.53 | $ 0.75 | $ 0.10 | $ 0.82 | $ 0.43 | $ 0.53 | $ 0.54 | $ 0.74 | $ 2.19 | [1] | $ 2.23 | [2] | $ 1.31 | |||||||||
Restricted performance share plan | ||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Effect of dilutive securities: | 4.5 | 3.2 | 4.2 | |||||||||||||||||||
Stock options (a) | ||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Effect of dilutive securities: | [4] | 0 | 0 | 0.1 | ||||||||||||||||||
[1] | Includes the following pre-tax charges (gains): 2016In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs $9 $— $— $—India Packaging evaluation write-off — — 17 —Early debt extinguishment costs — — 29 —Write-off of certain regulatory pre-engineering costs — — 8 —Costs associated with the newly acquired pulp business — 5 7 19Asia Box impairment / restructuring 37 28 5 —Gain on sale of investment in Arizona Chemical (8) — — —Turkey mill closure — — — 7Amortization of Weyerhaeuser inventory fair value step-up — — — 19Total $38 $33 $66 $45 | |||||||||||||||||||||
[2] | Includes the following pre-tax charges (gains): 2015In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $— $(14) $7 $15Timber monetization restructuring — — 17 (1)Early debt extinguishment costs — 207 — —Refund and state tax credits — (4) — —IP-Sun JV impairment — — 186 (12)Legal reserve adjustment — — — 15Impairment of Orsa goodwill and trade name intangible — — — 137Other items — 1 1 4Total $— $190 $211 $158 | |||||||||||||||||||||
[3] | Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4Tax expense for cash pension $— $23 $— $—Tax benefit related to IP-Sun JV — — (67) —Other items — 5 — 2Tax impact of other special items — (67) (3) (13)Total $— $(39) $(70) $(11) | |||||||||||||||||||||
[4] | Options to purchase shares were not included in the computation of diluted common shares outstanding if their exercise price exceeded the average market price of the Company’s common stock for each respective reporting date. |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (5,708) | $ (4,646) | $ (2,759) | |
Other comprehensive income (loss) before reclassifications | [1] | (191) | (1,336) | (2,124) |
Amounts reclassified from accumulated other comprehensive income | [1] | 535 | 268 | 225 |
Net Current Period Other Comprehensive Income | [1] | 344 | (1,068) | (1,899) |
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | 2 | 6 | 12 | |
Ending Balance | (5,362) | (5,708) | (4,646) | |
Defined Benefit Pension and Postretirement Items (a) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (3,169) | (3,134) | (2,105) | |
Other comprehensive income (loss) before reclassifications | [1] | (448) | (331) | (1,271) |
Amounts reclassified from accumulated other comprehensive income | [1] | 545 | 296 | 242 |
Net Current Period Other Comprehensive Income | [1] | 97 | (35) | (1,029) |
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | |
Ending Balance | (3,072) | (3,169) | (3,134) | |
Change in Cumulative Foreign Currency Translation Adjustments (a) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (2,549) | (1,513) | (649) | |
Other comprehensive income (loss) before reclassifications | [1] | 263 | (1,002) | (863) |
Amounts reclassified from accumulated other comprehensive income | [1] | (3) | (40) | (13) |
Net Current Period Other Comprehensive Income | [1] | 260 | (1,042) | (876) |
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | 2 | 6 | 12 | |
Ending Balance | (2,287) | (2,549) | (1,513) | |
Net Gains and Losses on Cash Flow Hedging Derivatives (a) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 10 | 1 | (5) | |
Other comprehensive income (loss) before reclassifications | [1] | (6) | (3) | 10 |
Amounts reclassified from accumulated other comprehensive income | [1] | (7) | 12 | (4) |
Net Current Period Other Comprehensive Income | [1] | (13) | 9 | 6 |
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | |
Ending Balance | $ (3) | $ 10 | $ 1 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. |
Schedule of Reclassifications O
Schedule of Reclassifications Out of Accumualted Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [2] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [2] | Mar. 31, 2015 | [3] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ 280 | $ 373 | $ (14) | $ 317 | $ 265 | $ 329 | $ 266 | $ 406 | $ 956 | [1] | $ 1,266 | [2] | $ 872 | |||||||||
Tax (expense)/benefit | 247 | 466 | 123 | |||||||||||||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 907 | 917 | 549 | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [4] | (535) | (268) | (225) | ||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [5] | (535) | (268) | (225) | ||||||||||||||||||
Prior-service costs | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [5],[6] | (37) | (33) | (17) | ||||||||||||||||||
Actuarial gains/(losses) | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [5],[6] | (851) | (449) | (379) | ||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [5],[6] | (888) | (482) | (396) | ||||||||||||||||||
Tax (expense)/benefit | [5] | 343 | 186 | 154 | ||||||||||||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | [5] | (545) | (296) | (242) | ||||||||||||||||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [5],[6] | 3 | 40 | 13 | ||||||||||||||||||
Tax (expense)/benefit | [5] | 0 | 0 | 0 | ||||||||||||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | [5] | 3 | 40 | 13 | ||||||||||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | [5] | 10 | (20) | 3 | ||||||||||||||||||
Tax (expense)/benefit | [5] | (3) | 8 | 1 | ||||||||||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Foreign Exchange Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Foreign exchange contracts | [5],[7] | 10 | (20) | 3 | ||||||||||||||||||
Net Gains and Losses on Cash Flow Hedging Derivatives (a) | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [4] | 7 | (12) | 4 | ||||||||||||||||||
Net Gains and Losses on Cash Flow Hedging Derivatives (a) | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | [5] | $ 7 | $ (12) | $ 4 | ||||||||||||||||||
[1] | Includes the following pre-tax charges (gains): 2016In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs $9 $— $— $—India Packaging evaluation write-off — — 17 —Early debt extinguishment costs — — 29 —Write-off of certain regulatory pre-engineering costs — — 8 —Costs associated with the newly acquired pulp business — 5 7 19Asia Box impairment / restructuring 37 28 5 —Gain on sale of investment in Arizona Chemical (8) — — —Turkey mill closure — — — 7Amortization of Weyerhaeuser inventory fair value step-up — — — 19Total $38 $33 $66 $45 | |||||||||||||||||||||
[2] | Includes the following pre-tax charges (gains): 2015In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $— $(14) $7 $15Timber monetization restructuring — — 17 (1)Early debt extinguishment costs — 207 — —Refund and state tax credits — (4) — —IP-Sun JV impairment — — 186 (12)Legal reserve adjustment — — — 15Impairment of Orsa goodwill and trade name intangible — — — 137Other items — 1 1 4Total $— $190 $211 $158 | |||||||||||||||||||||
[3] | Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4Tax expense for cash pension $— $23 $— $—Tax benefit related to IP-Sun JV — — (67) —Other items — 5 — 2Tax impact of other special items — (67) (3) (13)Total $— $(39) $(70) $(11) | |||||||||||||||||||||
[4] | All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. | |||||||||||||||||||||
[5] | Amounts in parentheses indicate debits to earnings/loss. | |||||||||||||||||||||
[6] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for additional details). | |||||||||||||||||||||
[7] | This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 14 for additional details). |
Restructuring and Other Charg58
Restructuring and Other Charges (Restructuring and Related Costs Tables) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | $ 54 | $ 252 | $ 846 | ||||||||||
Early debt extinguishment costs (see Note 13) | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | $ 29 | $ 207 | 29 | 207 | 276 | ||||||||
India packaging evaluation write-off | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | $ 17 | 17 | |||||||||||
Gain on sale of investment in Arizona Chemical | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | $ (8) | (8) | |||||||||||
Riegelwood mill conversion costs net of proceeds from the sale of Carolina Coated Bristols brand (a) | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | [1] | 9 | |||||||||||
Turkey mill closure | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | $ 7 | $ 7 | [2] | ||||||||||
Timber monetization restructuring | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | $ (1) | $ 17 | 16 | ||||||||||
Legal liability reserve adjustment | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | 15 | ||||||||||||
Netting (gain) loss on sale of Carolina Papers brand name and the Riegelwood mill conversion costs [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | $ 9 | 15 | 7 | (14) | 8 | [3] | |||||||
Courtland mill shutdown (a) | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | [4] | 554 | |||||||||||
Other Restructuring [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and other charges | $ 4 | $ 1 | $ 1 | $ 6 | $ 16 | [5] | |||||||
[1] | Includes $3 million of accelerated depreciation, $3 million of inventory write-off charges and $3 million of other charges. | ||||||||||||
[2] | Includes $4 million of accelerated depreciation and $3 million of severance charges which is related to 85 employees. | ||||||||||||
[3] | Includes $5 million of severance charges, which is related to 69 employees, $24 million of accelerated depreciation, sale proceeds of $22 million and $1 million of other charges. | ||||||||||||
[4] | Includes $464 million of accelerated depreciation, $24 million of inventory impairment charges, $26 million of severance charges related to 49 employees and $40 million of other charges which are recorded in the Printing Papers segment. | ||||||||||||
[5] | Includes $15 million of severance charges related to 908 employees. |
Restructuring and Other Charg59
Restructuring and Other Charges Schedule of Restructuring and Related Costs (Footnotes) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)employees | Dec. 31, 2015USD ($)employees | Dec. 31, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, number of positions eliminated | employees | 69 | ||
Riegelwood mill conversion costs net of proceeds from the sale of Carolina Coated Bristols brand (a) | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, accelerated depreciation | $ 3 | $ 24 | |
Restructuring and related cost, inventory impairment | 3 | ||
Severance costs | 5 | ||
Other restructuring costs | 3 | 1 | |
Turkey mill closure [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, accelerated depreciation | 4 | ||
Severance costs | $ 3 | ||
Restructuring and related cost, number of positions eliminated | employees | 85 | ||
Trademark | |||
Restructuring Cost and Reserve [Line Items] | |||
Proceeds from Sale of Intangible Assets | $ 22 | ||
Courtland mill shutdown (a) | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, accelerated depreciation | $ 464 | ||
Restructuring and related cost, inventory impairment | 24 | ||
Severance costs | 26 | ||
Other restructuring costs | $ 40 | ||
Restructuring and related cost, number of positions eliminated | 49 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | $ 15 | ||
Restructuring and related cost, number of positions eliminated | 908 |
Restructuring and Other Charg60
Restructuring and Other Charges (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring and other charges | $ 54 | $ 252 | $ 846 |
Acquisitions And Joint Ventur61
Acquisitions And Joint Ventures (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Cash and temporary investments | $ 12 | |||
Accounts and notes receivable | 195 | |||
Inventory | 254 | |||
Other current assets | 11 | |||
Plants, properties and equipment | 1,711 | |||
Goodwill | $ 3,364 | 19 | $ 3,335 | $ 3,773 |
Other intangible assets | 212 | |||
Deferred charges and other assets | 6 | |||
Total assets acquired | 2,420 | |||
Accounts payable and accrued liabilities | 111 | |||
Long-term debt | 104 | |||
Other long-term liabilities | 22 | |||
Total liabilities assumed | 237 | |||
Net assets acquired | $ 2,183 |
Acquisitions And Joint Ventur62
Acquisitions And Joint Ventures (Identifiable Intangible Assets Acquired In Connection With Acquisition) (Details) - Weyerhaeuser Pulp Business [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 212 | |
Customer relationships and lists [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived Intangible Assets Acquired | 95 | |
Average Remaining Useful Life | 24 years | |
Trade names, patents, trademarks and developed technology [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived Intangible Assets Acquired | 113 | |
Average Remaining Useful Life | 8 years | |
Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 4 | |
Average Remaining Useful Life | 10 years |
Acquisitions And Joint Ventur63
Acquisitions And Joint Ventures (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Dec. 31, 2016USD ($)FacilitiesTons | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 01, 2016USD ($) | Apr. 08, 2014USD ($) | ||
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire businesses, net of cash acquired | $ 2,228 | $ 0 | $ 0 | ||||||||||
Inventory adjustment | $ 19 | ||||||||||||
Plants, properties and equipment | $ 1,711 | ||||||||||||
Reclassification from accumulated other comprehensive income, current period, net of tax | [1] | (535) | (268) | (225) | |||||||||
Interest payments | 682 | 680 | 718 | ||||||||||
Weyerhaeuser Pulp Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire businesses, net of cash acquired | 2,200 | ||||||||||||
Inventory adjustment | 19 | 33 | 33 | ||||||||||
Business combination, provisional information, initial accounting incomplete, adjustment inventory, net of tax | 12 | ||||||||||||
Business combination, integration related costs | 19 | $ 7 | $ 5 | 28 | |||||||||
Business combination, integration related costs, net of tax | 18 | ||||||||||||
Business acquisition, pro forma revenue | 22,400 | 23,900 | |||||||||||
Business combination pro forma earnings from continuing operations before income taxes and equity earnings | 1,100 | 1,400 | |||||||||||
Intangibles adjustment | 18 | $ 18 | |||||||||||
Business Combination, pro forma, non recurring adjustments, acquisition costs | 30 | ||||||||||||
Business combination, pro forma information, revenue of acquiree since acquisition date, actual | 111 | ||||||||||||
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual | (21) | ||||||||||||
Holmen Paper Newsprint Mill [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire businesses, net of cash acquired | $ 59 | € 53 | |||||||||||
Plants, properties and equipment | 60 | 60 | |||||||||||
Current assets | 14 | 14 | |||||||||||
Investments | 7 | 7 | |||||||||||
Noncurrent assets | 3 | 3 | |||||||||||
Current liabilities | 9 | 9 | |||||||||||
Noncurrent liabilities | $ 16 | $ 16 | |||||||||||
Business combination, pro forma information, revenue of acquiree since acquisition date, actual | 90 | ||||||||||||
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual | $ 2 | ||||||||||||
Orsa IP [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire businesses, net of cash acquired | 10 | $ 105 | |||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 25.00% | ||||||||||||
Payments to acquire businesses, gross | 127 | ||||||||||||
FDIC indemnification asset, acquisitions | $ 12 | $ 22 | |||||||||||
Increase (decrease) in restricted cash | 8 | $ (9) | $ 11 | ||||||||||
Redeemable noncontrolling interest | 168 | 168 | |||||||||||
Reclassification from accumulated other comprehensive income, current period, net of tax | $ 14 | ||||||||||||
Interest payments | 3 | ||||||||||||
Interest expense, other | $ 3 | ||||||||||||
International Paper [Member] | Orsa IP [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Increase (decrease) in restricted cash | $ (2) | ||||||||||||
2611 Pulp Mills [Member] | Weyerhaeuser Pulp Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired | Facilities | 4 | ||||||||||||
322110 Pulp Mills [Member] | Weyerhaeuser Pulp Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired | Facilities | 1 | ||||||||||||
Converting facility [Member] | Weyerhaeuser Pulp Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired | Facilities | 2 | ||||||||||||
Cogeneration Facility [Member] | Holmen Paper Newsprint Mill [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of equity interest | 50.00% | 50.00% | |||||||||||
Annual production capacity | Tons | 419,000 | ||||||||||||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. |
Divestitures_Spinoff Divestit64
Divestitures/Spinoff Divestitures/Spinoff (Reconciliation of Major Line Items Constituting Pre-Tax Profit (Loss) of Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Discontinued Operations, Net of Taxes (a) | $ 0 | $ 0 | $ 0 | $ (5) | $ 0 | $ 0 | $ 0 | $ 0 | $ (5) | $ 0 | $ (13) | ||
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 | ||||||||||||
Cost of products sold | 2,309 | ||||||||||||
Selling and administrative expenses | 191 | ||||||||||||
Depreciation, amortization and cost of timber harvested | 9 | ||||||||||||
Distribution expenses | 69 | ||||||||||||
Restructuring and other charges | 25 | ||||||||||||
Impairment of goodwill and other intangibles | 0 | ||||||||||||
Other, net | 3 | ||||||||||||
Earnings (Loss) Before Income Taxes and Equity Earnings | (2) | ||||||||||||
Income tax provision (benefit) | (1) | ||||||||||||
Discontinued Operations, Net of Taxes (a) | $ (1) | ||||||||||||
[1] | Includes a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. |
Divestitures_Spinoff (Narrative
Divestitures/Spinoff (Narrative) (Details) ¥ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014USD ($) | Jul. 01, 2014shares | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from divestiture of businesses | $ 0 | $ 0 | $ 411 | ||||||||||
Net (gains) losses on sales and impairments of businesses | $ 5 | $ 28 | $ 37 | 70 | 174 | 38 | |||||||
Net (gains) losses on sales and impairments of businesses, net of tax | 113 | ||||||||||||
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 | shares | 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 | ||||||||||||
Cash provided by (used for) investment activities - discontinued operations | 3 | ||||||||||||
IP Asia Packaging [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from divestiture of businesses | $ 3 | ¥ 20 | 144 | ¥ 957 | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 46 | ||||||||||||
Severance costs | 24 | ||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 83 | 8 | 70 | ||||||||||
Other Receivables | $ 14 | 14 | |||||||||||
IP Asia Packaging [Member] | Xiamen Bridge Hexing Equity Investment Partnership Enterprise [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 55 | ||||||||||||
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 | ||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | IP-Sun JV [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from divestiture of businesses | 23 | ¥ 149 | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ (12) | $ 186 | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Noncontrolling Interest, before Income Tax | 19 | 12 | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | $ 226 | $ 51 | |||||||||||
Percentage of equity interest | 55.00% |
Supplementary Financial State66
Supplementary Financial Statement Information (Accounts And Notes Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | $ 3,001 | $ 2,675 |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | 2,759 | 2,480 |
Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | $ 242 | $ 195 |
Supplementary Financial State67
Supplementary Financial Statement Information (Inventories By Major Category) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Text Block Supplement [Abstract] | ||
Raw materials | $ 296 | $ 339 |
Finished pulp, paper and packaging products | 1,381 | 1,248 |
Operating supplies | 661 | 563 |
Other | 100 | 78 |
Inventories | $ 2,438 | $ 2,228 |
Supplementary Financial State68
Supplementary Financial Statement Information (Plants, Properties And Equipment By Major Classification) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Gross cost | $ 35,570 | $ 32,708 |
Less: Accumulated depreciation | 21,580 | 20,728 |
Plants, properties and equipment, net | 13,990 | 11,980 |
Pulp, paper and packaging facilities | ||
Property, Plant and Equipment [Line Items] | ||
Gross cost | 34,259 | 31,466 |
Other properties and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross cost | $ 1,311 | $ 1,242 |
Supplementary Financial State69
Supplementary Financial Statement Information (Schedule Of Interest Income And Interest Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ||||
Interest expense (a) | [1] | $ 695 | $ 644 | $ 677 |
Interest income (a) | [1] | 175 | 89 | 70 |
Capitalized interest costs | $ 28 | $ 25 | $ 23 | |
[1] | Interest expense and interest income exclude approximately $25 million and $38 million in 2015 and 2014, respectively, related to investments in and borrowings from variable interest entities for which the Company has a legal right of offset (see Note 12). |
Supplementary Financial State70
Supplementary Financial Statement Information Supplementary Financial Statement Information (Interest Income and Interest Expense (Footnotes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Interest Income and Interest Expense [Line Items] | ||
Interest expense and interest income excluded, amount | $ 25 | $ 38 |
Supplementary Financial State71
Supplementary Financial Statement Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |||
Temporary Investments | $ 757 | $ 738 | |
Percentage of inventories valued using last-in, first-out inventory method | 79.00% | ||
Excess of replacement or current costs over stated LIFO value | $ 376 | 345 | |
Depreciation expense | 1,200 | 1,200 | $ 1,300 |
Interest payments | $ 682 | $ 680 | $ 718 |
Goodwill And Other Intangible72
Goodwill And Other Intangibles (Changes In Goodwill Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 01, 2016 | Dec. 31, 2014 | ||||
Goodwill [Roll Forward] | |||||||
Goodwill | $ 7,142 | $ 7,113 | $ 7,414 | ||||
Accumulated impairment losses (a) | [1] | (3,778) | (3,778) | (3,641) | |||
Reclassifications and other (b) | [2] | 29 | (168) | ||||
Additions/reductions | 0 | (133) | |||||
Impairment loss | 0 | (137) | |||||
Goodwill | 3,364 | 3,335 | $ 19 | 3,773 | |||
Industrial Packaging | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill | 3,316 | 3,325 | 3,396 | ||||
Accumulated impairment losses (a) | [1] | (237) | (237) | (100) | |||
Reclassifications and other (b) | [2] | (4) | (70) | ||||
Additions/reductions | (5) | [3] | (1) | ||||
Impairment loss | 0 | (137) | [4] | ||||
Goodwill | 3,079 | 3,088 | 3,296 | ||||
Global Cellulose Fibers | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill | 19 | 0 | 0 | ||||
Accumulated impairment losses (a) | [1] | 0 | 0 | 0 | |||
Reclassifications and other (b) | [2] | 0 | |||||
Additions/reductions | 19 | [5] | 0 | ||||
Impairment loss | 0 | ||||||
Goodwill | 19 | 0 | 0 | ||||
Printing Papers | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill | 2,143 | 2,124 | 2,234 | ||||
Accumulated impairment losses (a) | [1] | (1,877) | (1,877) | (1,877) | |||
Reclassifications and other (b) | [2] | 33 | (95) | ||||
Additions/reductions | (14) | [6] | (15) | [3] | |||
Impairment loss | 0 | 0 | |||||
Goodwill | 266 | 247 | 357 | ||||
Consumer Packaging | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill | 1,664 | 1,664 | 1,784 | ||||
Accumulated impairment losses (a) | [1] | (1,664) | (1,664) | (1,664) | |||
Reclassifications and other (b) | [2] | 0 | (3) | ||||
Additions/reductions | 0 | (117) | [7] | ||||
Impairment loss | 0 | 0 | |||||
Goodwill | $ 0 | $ 0 | $ 120 | ||||
[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 the U.S. | ||||||
[4] | Reflects a charge for goodwill impairment related to our Brazil Industrial Packaging business. | ||||||
[5] | Reflects the acquisition of the newly acquired pulp business. | ||||||
[6] | Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. | ||||||
[7] | Reduction due to the sale and de-consolidation of Shandong Sun joint venture in Asia. |
Goodwill And Other Intangible73
Goodwill And Other Intangibles (Identifiable Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite and indefinite-lived intangible assets | $ 926 | $ 726 |
Accumulated Amortization | 379 | 331 |
Customer relationships and lists | ||
Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived intangible assets | 605 | 495 |
Accumulated Amortization | 211 | 166 |
Non-compete agreements | ||
Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived intangible assets | 69 | 69 |
Accumulated Amortization | 64 | 56 |
Tradenames, patents and trademarks, and developed technology | ||
Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite and indefinite-lived intangible assets | 173 | 61 |
Accumulated Amortization | 56 | 54 |
Land and water rights | ||
Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite and indefinite-lived intangible assets | 10 | 33 |
Accumulated Amortization | 2 | 6 |
Software | ||
Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived intangible assets | 21 | 22 |
Accumulated Amortization | 20 | 20 |
Other | ||
Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived intangible assets | 48 | 46 |
Accumulated Amortization | $ 26 | $ 29 |
Goodwill And Other Intangible74
Goodwill And Other Intangibles (Amortization Expense Of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $ 54 | $ 60 | $ 73 |
Goodwill And Other Intangible75
Goodwill And Other Intangibles (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Impairment loss | $ 0 | $ (137) | |
Intangibles subject to amortization, estimated amortization expense, next 12 months | 60 | ||
Intangibles subject to amortization, estimated amortization expense, year 2 | 53 | ||
Intangibles subject to amortization, estimated amortization expense, year 3 | 51 | ||
Intangibles subject to amortization, estimated amortization expense, year 4 | 51 | ||
Intangibles subject to amortization, estimated amortization expense, year 5 | 51 | ||
Intangibles subject to amortization, estimated amortization expense cumulatively thereafter | 275 | ||
Industrial Packaging | |||
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Impairment loss | 0 | (137) | [1] |
Consumer Packaging | |||
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Impairment loss | $ 0 | $ 0 | |
[1] | Reflects a charge for goodwill impairment related to our Brazil Industrial Packaging business. |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Before Income Tax, Domestic and Foreign) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [2] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [2] | Mar. 31, 2015 | [3] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
U.S. | $ 573 | $ 1,147 | $ 565 | ||||||||||||||||||
Non-U.S. | 383 | 119 | 307 | ||||||||||||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY EARNINGS (LOSSES) | $ 280 | $ 373 | $ (14) | $ 317 | $ 265 | $ 329 | $ 266 | $ 406 | $ 956 | [1] | $ 1,266 | [2] | $ 872 | ||||||||
[1] | Includes the following pre-tax charges (gains): 2016In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs $9 $— $— $—India Packaging evaluation write-off — — 17 —Early debt extinguishment costs — — 29 —Write-off of certain regulatory pre-engineering costs — — 8 —Costs associated with the newly acquired pulp business — 5 7 19Asia Box impairment / restructuring 37 28 5 —Gain on sale of investment in Arizona Chemical (8) — — —Turkey mill closure — — — 7Amortization of Weyerhaeuser inventory fair value step-up — — — 19Total $38 $33 $66 $45 | ||||||||||||||||||||
[2] | Includes the following pre-tax charges (gains): 2015In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $— $(14) $7 $15Timber monetization restructuring — — 17 (1)Early debt extinguishment costs — 207 — —Refund and state tax credits — (4) — —IP-Sun JV impairment — — 186 (12)Legal reserve adjustment — — — 15Impairment of Orsa goodwill and trade name intangible — — — 137Other items — 1 1 4Total $— $190 $211 $158 | ||||||||||||||||||||
[3] | Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4Tax expense for cash pension $— $23 $— $—Tax benefit related to IP-Sun JV — — (67) —Other items — 5 — 2Tax impact of other special items — (67) (3) (13)Total $— $(39) $(70) $(11) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal | $ 35 | $ 62 | $ 175 |
U.S. state and local | 0 | 12 | 9 |
Non-U.S. | 76 | 111 | 74 |
Current tax provision (benefit), total | 111 | 185 | 258 |
U.S. federal | 138 | 321 | (67) |
U.S. state and local | 23 | 30 | 5 |
Non-U.S. | (25) | (70) | (73) |
Deferred income tax provision (benefit), net | 136 | 281 | (135) |
Income tax provision (benefit) | $ 247 | $ 466 | $ 123 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [2] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [2] | Mar. 31, 2015 | [3] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ 280 | $ 373 | $ (14) | $ 317 | $ 265 | $ 329 | $ 266 | $ 406 | $ 956 | [1] | $ 1,266 | [2] | $ 872 | ||||||||
Statutory U.S. income tax rate | 35.00% | 35.00% | 35.00% | ||||||||||||||||||
Tax expense (benefit) using statutory U.S. income tax rate | $ 335 | $ 443 | $ 305 | ||||||||||||||||||
State and local income taxes | 15 | 27 | 10 | ||||||||||||||||||
Tax rate and permanent differences on non-U.S. earnings | (27) | (44) | (72) | ||||||||||||||||||
Net U.S. tax on non-U.S. dividends | 21 | 12 | 16 | ||||||||||||||||||
Tax benefit on manufacturing activities | (12) | (14) | (46) | ||||||||||||||||||
Non-deductible business expenses | 9 | 8 | 7 | ||||||||||||||||||
Non-deductible impairments | 0 | 109 | 35 | ||||||||||||||||||
Sale of non-strategic assets | (12) | 61 | 0 | ||||||||||||||||||
Tax audits | (14) | 0 | 0 | ||||||||||||||||||
Subsidiary liquidation | (63) | 0 | (85) | ||||||||||||||||||
Retirement plan dividends | (6) | (5) | (5) | ||||||||||||||||||
Tax credits | (28) | (15) | (34) | ||||||||||||||||||
Other, net | 5 | 6 | (8) | ||||||||||||||||||
Income tax provision (benefit) | $ 247 | $ 466 | $ 123 | ||||||||||||||||||
Effective income tax rate | 26.00% | 37.00% | 14.00% | ||||||||||||||||||
[1] | Includes the following pre-tax charges (gains): 2016In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs $9 $— $— $—India Packaging evaluation write-off — — 17 —Early debt extinguishment costs — — 29 —Write-off of certain regulatory pre-engineering costs — — 8 —Costs associated with the newly acquired pulp business — 5 7 19Asia Box impairment / restructuring 37 28 5 —Gain on sale of investment in Arizona Chemical (8) — — —Turkey mill closure — — — 7Amortization of Weyerhaeuser inventory fair value step-up — — — 19Total $38 $33 $66 $45 | ||||||||||||||||||||
[2] | Includes the following pre-tax charges (gains): 2015In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $— $(14) $7 $15Timber monetization restructuring — — 17 (1)Early debt extinguishment costs — 207 — —Refund and state tax credits — (4) — —IP-Sun JV impairment — — 186 (12)Legal reserve adjustment — — — 15Impairment of Orsa goodwill and trade name intangible — — — 137Other items — 1 1 4Total $— $190 $211 $158 | ||||||||||||||||||||
[3] | Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4Tax expense for cash pension $— $23 $— $—Tax benefit related to IP-Sun JV — — (67) —Other items — 5 — 2Tax impact of other special items — (67) (3) (13)Total $— $(39) $(70) $(11) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Postretirement benefit accruals | $ 165 | $ 172 | |
Pension obligations | 1,344 | 1,403 | |
Alternative minimum and other tax credits | 270 | 283 | |
Net operating and capital loss carryforwards | 662 | 732 | |
Compensation reserves | 257 | 265 | |
Other | 251 | 244 | |
Gross deferred income tax assets | 2,949 | 3,099 | |
Less: valuation allowance | (403) | (430) | $ (415) |
Net deferred income tax asset | 2,546 | 2,669 | |
Intangibles | (231) | (271) | |
Plants, properties and equipment | (2,828) | (2,727) | |
Forestlands, related installment sales, and investment in subsidiary | (2,260) | (2,253) | |
Gross deferred income tax liabilities | (5,319) | (5,251) | |
Net deferred income tax liability | $ (2,773) | $ (2,582) |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ (150) | $ (158) | $ (161) |
(Additions) reductions based on tax positions related to current year | (4) | (6) | (15) |
Additions for tax positions of prior years | (3) | (6) | (1) |
Reductions for tax positions of prior years | 33 | 7 | 9 |
Settlements | 19 | 2 | 0 |
Expiration of statutes of limitations | 5 | 4 | 2 |
Currency translation adjustment | 2 | 7 | 8 |
Balance at December 31 | $ (98) | $ (150) | $ (158) |
Income Taxes (Schedule of Com81
Income Taxes (Schedule of Components of Net Provisions Related To Special Items) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Special Items [Line Items] | |||||||
Income tax provision (benefit) related to special items | $ (74) | $ (121) | $ (453) | ||||
Special items | |||||||
Tax Special Items [Line Items] | |||||||
Income tax provision (benefit) related to special items | $ (14) | $ (24) | $ (10) | $ (3) | (51) | (84) | (372) |
Return to accrual | |||||||
Tax Special Items [Line Items] | |||||||
Income tax provision (benefit) related to special items | 23 | 23 | 0 | ||||
Internal restructurings | |||||||
Tax Special Items [Line Items] | |||||||
Income tax provision (benefit) related to special items | (63) | (62) | (90) | ||||
Settlement of tax audits and legislative changes | |||||||
Tax Special Items [Line Items] | |||||||
Income tax provision (benefit) related to special items | (14) | 0 | 10 | ||||
Tax rate changes | |||||||
Tax Special Items [Line Items] | |||||||
Income tax provision (benefit) related to special items | 23 | 0 | 0 | ||||
Other tax adjustments | |||||||
Tax Special Items [Line Items] | |||||||
Income tax provision (benefit) related to special items | $ 8 | $ 2 | $ (1) |
Income Taxes (Summary of Operat
Income Taxes (Summary of Operating Loss And Tax Credit Carryforwards) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | $ 1,124 |
2017 Through 2026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | 404 |
2027 Through 2036 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | 82 |
Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | 638 |
U.S. federal and non-U.S. NOLs | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 531 |
U.S. federal and non-U.S. NOLs | 2017 Through 2026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 67 |
U.S. federal and non-U.S. NOLs | 2027 Through 2036 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 9 |
U.S. federal and non-U.S. NOLs | Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 455 |
State taxing jurisdiction NOLs | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 191 |
State taxing jurisdiction NOLs | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 22 |
State taxing jurisdiction NOLs | 2017 Through 2026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 139 |
State taxing jurisdiction NOLs | 2017 Through 2026 | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 22 |
State taxing jurisdiction NOLs | 2027 Through 2036 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 52 |
State taxing jurisdiction NOLs | 2027 Through 2036 | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 0 |
State taxing jurisdiction NOLs | Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
State taxing jurisdiction NOLs | Indefinite | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 0 |
U.S. federal, non- U.S. and state tax credit carryforwards | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 380 |
U.S. federal, non- U.S. and state tax credit carryforwards | 2017 Through 2026 | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 176 |
U.S. federal, non- U.S. and state tax credit carryforwards | 2027 Through 2036 | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 21 |
U.S. federal, non- U.S. and state tax credit carryforwards | Indefinite | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | $ 183 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||
Deferred income tax provision (benefit) for the effect of changes in non-U.S. and U.S. state tax rates | $ 18 | $ 3 | $ (13) | |
Income tax payments, net of refunds | 90 | 149 | 172 | |
Deferred tax liabilities, other | 2,300 | |||
Valuation allowance for deferred tax assets | 403 | 430 | 415 | |
Unrecognized Tax Benefits | (98) | (150) | (158) | $ (161) |
Valuation allowance, deferred tax asset, increase (decrease) | (27) | 15 | ||
Accrual for the payment of estimated interest and penalties associated with unrecognized tax benefits | 22 | 34 | ||
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities | 19 | 2 | 0 | |
Tax positions for which the ultimate benefits are highly certain, but for which there is uncertainty about the timing of such benefits | 5 | |||
Income tax provision (benefit) related to special items | (74) | (121) | (453) | |
Undistributed earnings of foreign subsidiaries | 5,900 | 5,700 | 5,200 | |
Income tax provision (benefit) | 247 | 466 | 123 | |
Two Thousand And Six Financing Entities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax liabilities, other | 1,400 | |||
Two Thousand Seven Monetized Notes [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax liabilities, other | 831 | |||
Settlement of tax audits and legislative changes | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 0 | $ (1) | $ (1) |
Commitments And Contingent Li84
Commitments And Contingent Liabilities (Future Minimum Commitments Under Existing Non-Cancelable Operating Leases And Purchase Obligations) (Details) $ in Millions | Dec. 31, 2016USD ($) | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Lease obligations, 2017 | $ 119 | |
Lease obligations, 2018 | 91 | |
Lease obligations, 2019 | 69 | |
Lease obligations, 2020 | 51 | |
Lease obligations, 2021 | 38 | |
Lease obligations, thereafter | 125 | |
Unrecorded unconditional purchase obligation, due in next twelve months | 3,165 | [1] |
Unrecorded unconditional purchase obligation, due within two years | 635 | [1] |
Unrecorded unconditional purchase obligation, due within three years | 525 | [1] |
Unrecorded unconditional purchase obligation, due within four years | 495 | [1] |
Unrecorded unconditional purchase obligation, due within five years | 460 | [1] |
Unrecorded Unconditional Purchase Obligation | 2,332 | [1] |
Total, 2017 | 3,284 | |
Total, 2018 | 726 | |
Total, 2019 | 594 | |
Total, 2020 | 546 | |
Total, 2021 | 498 | |
Total, Thereafter | $ 2,457 | |
[1] | Includes $2.0 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. Also includes $1.1 billion relating to fiber supply agreements assumed in conjunction with the 2016 acquisition of Weyerhaeuser's pulp business. |
Commitments And Contingent Li85
Commitments And Contingent Liabilities (Narrative) (Details) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2010 | Sep. 30, 2016USD ($) | Sep. 30, 2014 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2011USD ($) | |
Commitments and Contingent Liabilities [Line Items] | |||||||
Rent expense | $ 161 | $ 170 | $ 154 | ||||
Accrual for environmental loss contingencies | 134 | ||||||
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 | $ 46 | |||||
Kalamazoo River Superfund Site [Member] | |||||||
Commitments and Contingent Liabilities [Line Items] | |||||||
Loss contingency, damages sought, value | $ 19 | 37 | |||||
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 | ||||||
Harris County San Jacinto River Superfund Site [Member] | |||||||
Commitments and Contingent Liabilities [Line Items] | |||||||
Loss contingency, number of plaintiffs | 400 | ||||||
Brazil [Member] | |||||||
Commitments and Contingent Liabilities [Line Items] | |||||||
Loss contingency, damages sought, value | $ 110 |
Commitments And Contingent Li86
Commitments And Contingent Liabilities Commitments and Contingent Liabilities (Future Commitments Footnotes) (Details) $ in Billions | Dec. 31, 2016USD ($) |
Weyerhaeuser Pulp Business [Member] | |
Long-term Purchase Commitment [Line Items] | |
Unrecorded Unconditional Purchase Obligation | $ 1.1 |
2006 Transformation Plan and 2008 CPBR acquisition [Member] | |
Long-term Purchase Commitment [Line Items] | |
Unrecorded Unconditional Purchase Obligation | $ 2 |
Variable Interest Entities An87
Variable Interest Entities And Preferred Securities Of Subsidiaries (Activity Between Company And Entities) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Two Thousand Seven Monetized Notes [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Revenue (a) | [1] | $ 37 | $ 27 | $ 26 |
Expense (a) | [2] | 37 | 27 | 25 |
Cash receipts (b) | [3] | 15 | 7 | 7 |
Cash payments (c) | [4] | 27 | 18 | 18 |
Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Revenue (a) | [5] | 95 | 43 | 38 |
Expense (a) | [5] | 128 | 81 | 72 |
Cash receipts (b) | [6] | 77 | 21 | 22 |
Cash payments (c) | [7] | $ 98 | $ 71 | $ 73 |
[1] | The revenue is included in Interest expense, net in the accompanying consolidated statement of operations and includes approximately $19 million for the years ended December 31, 2016, 2015 and 2014, respectively, of accretion income for the amortization of the purchase accounting adjustment on the Financial assets of special purpose entities. | |||
[2] | The expense is included in Interest expense, net in the accompanying consolidated statement of operations and includes approximately $7 million for the years ended December 31, 2016, 2015 and 2014, respectively, of accretion expense for the amortization of the purchase accounting adjustment on the Nonrecourse financial liabilities of special purpose entities. | |||
[3] | The cash receipts are interest received on the Financial assets of special purpose entities. | |||
[4] | The cash payments are interest paid on Nonrecourse financial liabilities of special purpose entities. | |||
[5] | The net expense related to the Company’s interest in the Entities is included in the accompanying consolidated statement of operations, as International Paper has and intends to effect its legal right to offset as discussed above. After formation of the 2015 Financing Entities, the revenue and expense are included in Interest expense, net in the accompanying consolidated statement of operations. | |||
[6] | The cash receipts are equity distributions from the Entities to International Paper prior to the formation of the 2015 Financing Entities. After formation of the 2015 Financing Entities, cash receipts are interest received on the Financial assets of special purpose entities. | |||
[7] | The cash payments are interest payments on the associated debt obligations discussed above. After formation of the 2015 Financing Entities, the payments represent interest paid on Nonrecourse financial liabilities of special purpose entities. |
Variable Interest Entities An88
Variable Interest Entities And Preferred Securities Of Subsidiaries (Narrative) (Details) a in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2007USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2006USD ($)a | Dec. 31, 2007USD ($) | ||
Variable Interest Entity [Line Items] | |||||||||||
Long-term debt | $ 11,075 | $ 8,844 | $ 11,075 | $ 8,844 | |||||||
Deferred tax liabilities, other | 2,300 | 2,300 | |||||||||
Payments to Acquire Investments | 0 | 198 | $ 0 | ||||||||
Extinguishment of Debt, Amount | [1] | 266 | 2,151 | 1,625 | |||||||
Financing Receivable, Gross | 7,033 | 7,014 | 7,033 | 7,014 | |||||||
Cash, cash equivalents, and short-term investments | 1,033 | 1,050 | 1,033 | 1,050 | |||||||
Letters of credit issued | $ 2,380 | ||||||||||
Financial assets | 2,090 | ||||||||||
Notes receivable, fair value disclosure | 2,200 | 2,100 | 2,200 | 2,100 | |||||||
Long-term debt | 2,140 | ||||||||||
Financial liabilities | $ 2,030 | ||||||||||
Long-term debt, fair value | 2,060 | $ 1,970 | 2,060 | 1,970 | |||||||
Accretion income for amortization of purchase accounting adjustment for financial assets | 19 | 19 | 19 | ||||||||
Accretion expense for amortization of purchase accounting adjustment, financial liabiities | 7 | 7 | $ 7 | ||||||||
Entities [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Forestlands average sales | a | 5,600 | ||||||||||
Amount of consideration received | $ 4,800 | ||||||||||
ip_timber note maturity date | Aug. 25, 2016 | ||||||||||
Business acquisition, equity interest issued or issuable, value assigned | $ 200 | ||||||||||
Contribution of International Paper promissory notes to other newly formed entities | 400 | ||||||||||
Entities acquired International Paper debt obligations for cash | 4,800 | ||||||||||
International Paper debt obligations held by the Entities | 5,200 | ||||||||||
Deferred tax liabilities, other | $ 1,400 | $ 1,400 | |||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Forestlands average sales | a | 1,550 | ||||||||||
Amount of consideration received | $ 2,380 | ||||||||||
ip_timber note maturity date | Oct. 31, 2027 | ||||||||||
Maturity date | Nov. 5, 2027 | ||||||||||
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 | $ 5,000 | ||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
ip_timber note maturity date | Aug. 25, 2021 | ||||||||||
Contribution of International Paper promissory notes to other newly formed entities | $ 130 | ||||||||||
International Paper debt obligations held by the Entities | 150 | $ 150 | |||||||||
Long-term debt | 4,200 | 4,200 | |||||||||
Timber Notes Maturity Extension | 5 years | ||||||||||
Payments to Acquire Investments | 198 | ||||||||||
Letters of credit downgrade period of replacement | 60 days | ||||||||||
Financing Receivable, Gross | 4,800 | 4,800 | |||||||||
ip_Extension Loans requiring LC banks to maintain credit rating at or above a specified threshold | 1,100 | 1,100 | |||||||||
Maturity date | Dec. 31, 2020 | ||||||||||
Cash, cash equivalents, and short-term investments | 600 | 600 | |||||||||
Notes receivable, fair value disclosure | $ 4,710 | $ 4,680 | $ 4,710 | 4,680 | |||||||
Long-term debt, fair value | 4,280 | $ 4,280 | 4,280 | $ 4,280 | |||||||
2015 Refinance Loans [Domain] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Long-term debt | $ 4,200 | $ 4,200 | |||||||||
Maturity date | May 25, 2016 | ||||||||||
Two Thousand Seven Monetized Notes [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Deferred tax liabilities, other | $ 831 | $ 831 | |||||||||
Letters of credit downgrade period of replacement | 30 days | ||||||||||
[1] | Reductions related to notes with interest rates ranging from 2.00% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2016, 2015 and 2014. Includes the $630 million payment for a portion of the Special Purpose Entity Liability for the year ended December 31, 2015 (see Note 12 Variable Interest Entities). |
Debt And Lines Of Credit (Debt
Debt And Lines Of Credit (Debt Extinguishment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Extinguishment of Debt [Line Items] | ||||
Debt reductions (a) | [1] | $ 266 | $ 2,151 | $ 1,625 |
Pre-tax early debt extinguishment costs (b) | [2] | $ 29 | $ 207 | $ 276 |
[1] | Reductions related to notes with interest rates ranging from 2.00% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2016, 2015 and 2014. Includes the $630 million payment for a portion of the Special Purpose Entity Liability for the year ended December 31, 2015 (see Note 12 Variable Interest Entities). | |||
[2] | Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations. |
Debt And Lines Of Credit Debt a
Debt And Lines Of Credit Debt and Lines of Credit (Debt Extinguishment Footnotes) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Extinguishment of Debt [Line Items] | ||||
Original maturity date range, minimum | Jun. 1, 2015 | Jan. 14, 2014 | Jan. 14, 2014 | |
Original maturity date range, maximum | Dec. 1, 2030 | Sep. 1, 2031 | Sep. 1, 2031 | |
Extinguishment of Debt, Amount | [1] | $ 266 | $ 2,151 | $ 1,625 |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Extinguishment of Debt, Amount | $ 630 | |||
Minimum [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Interest rate | 2.00% | 2.00% | 2.00% | |
Maximum [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Interest rate | 9.38% | 9.38% | 9.38% | |
[1] | Reductions related to notes with interest rates ranging from 2.00% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2016, 2015 and 2014. Includes the $630 million payment for a portion of the Special Purpose Entity Liability for the year ended December 31, 2015 (see Note 12 Variable Interest Entities). |
Debt And Lines Of Credit (Summa
Debt And Lines Of Credit (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2007 | ||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | Jun. 1, 2015 | Jan. 14, 2014 | Jan. 14, 2014 | ||
Original maturity date range, maximum | Dec. 1, 2030 | Sep. 1, 2031 | Sep. 1, 2031 | ||
Debt | $ 2,140 | ||||
Total (e) | [1] | $ 11,314 | $ 9,270 | ||
Less: current maturities | (239) | (426) | |||
Long-term debt | $ 11,075 | $ 8,844 | |||
8.7% note – due 2038 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jun. 15, 2038 | Jun. 15, 2038 | |||
Interest rate | 8.70% | 8.70% | |||
Debt | $ 264 | $ 264 | |||
9 3/8% note – due 2019 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | May 15, 2019 | May 15, 2019 | |||
Interest rate | 9.375% | 9.375% | |||
Debt | $ 295 | $ 295 | |||
7.95% debentures – due 2018 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jun. 15, 2018 | Jun. 15, 2018 | |||
Interest rate | 7.95% | 7.95% | |||
Debt | $ 382 | $ 648 | |||
7.5% note – due 2021 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Aug. 15, 2021 | Aug. 15, 2021 | |||
Interest rate | 7.50% | 7.50% | |||
Debt | $ 598 | $ 603 | |||
7.3% note – due 2039 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Nov. 15, 2039 | Nov. 15, 2039 | |||
Interest rate | 7.30% | 7.30% | |||
Debt | $ 721 | $ 721 | |||
6 7/8% notes – due 2023 – 2029 | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | Nov. 1, 2023 | Nov. 1, 2023 | |||
Original maturity date range, maximum | Apr. 15, 2029 | Apr. 15, 2029 | |||
Interest rate | 6.875% | 6.875% | |||
Debt | $ 131 | $ 131 | |||
6.65% note – due 2037 | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, maximum | Dec. 15, 2037 | Dec. 15, 2037 | |||
Interest rate | 6.65% | 6.65% | |||
Debt | $ 4 | $ 4 | |||
6.4% to 7.75% debentures due 2025 – 2027 | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | Sep. 1, 2025 | Sep. 1, 2025 | |||
Original maturity date range, maximum | Dec. 15, 2027 | Dec. 15, 2027 | |||
Debt | $ 142 | $ 142 | |||
6 5/8% note – due 2018 | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | Jan. 15, 2016 | ||||
Original maturity date range, maximum | Jan. 15, 2018 | Jan. 15, 2018 | |||
Debt | $ 72 | $ 185 | |||
6.0% note – due 2041 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Nov. 15, 2041 | Nov. 15, 2041 | |||
Interest rate | 6.00% | 6.00% | |||
Debt | $ 585 | $ 585 | |||
5.25% note – due 2016 | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, maximum | Apr. 1, 2016 | ||||
Debt | $ 0 | $ 261 | |||
5.00% to 5.15% notes – due 2035 – 2046 | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | Sep. 15, 2035 | Sep. 15, 2035 | |||
Original maturity date range, maximum | May 15, 2046 | May 15, 2046 | |||
Debt | $ 1,280 | $ 1,280 | |||
4.8% note - due 2044 | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, maximum | Jun. 15, 2044 | Jun. 15, 2044 | |||
Interest rate | 4.80% | 4.80% | |||
Debt | $ 796 | $ 796 | |||
4.75% note – due 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.75% | 4.75% | |||
Long Term Debt, Maturity Date | 2,022 | 2,022 | |||
Debt | $ 810 | $ 817 | |||
3.00% to 4.40% notes – due 2024 – 2047 | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | Jun. 15, 2024 | Jun. 15, 2024 | |||
Original maturity date range, maximum | May 15, 2047 | ||||
Interest rate | 3.65% | ||||
Debt | $ 3,786 | $ 1,490 | |||
Variable Rate [Domain] | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | Dec. 31, 2016 | Dec. 31, 2015 | |||
Original maturity date range, maximum | Dec. 31, 2025 | Dec. 31, 2017 | |||
Debt | [2] | $ 763 | $ 438 | ||
Environmental and industrial development bonds – due 2016 – 2035 (b) | |||||
Debt Instrument [Line Items] | |||||
Original maturity date range, minimum | Jul. 1, 2016 | Feb. 1, 2015 | |||
Original maturity date range, maximum | Dec. 1, 2035 | Dec. 1, 2035 | |||
Debt | [3] | $ 681 | $ 594 | ||
Short-term notes (c) | |||||
Debt Instrument [Line Items] | |||||
Short-term notes (c) | [4] | 0 | 5 | ||
Other (d) | |||||
Debt Instrument [Line Items] | |||||
Debt | [5] | $ 4 | $ 11 | ||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.00% | 2.00% | 2.00% | ||
Minimum [Member] | 6.4% to 7.75% debentures due 2025 – 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.40% | 6.40% | |||
Minimum [Member] | 6 5/8% note – due 2018 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.375% | ||||
Minimum [Member] | 5.25% note – due 2016 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.25% | ||||
Minimum [Member] | 5.00% to 5.15% notes – due 2035 – 2046 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.00% | 5.00% | |||
Minimum [Member] | 3.00% to 4.40% notes – due 2024 – 2047 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.00% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 9.38% | 9.38% | 9.38% | ||
Maximum [Member] | 6.4% to 7.75% debentures due 2025 – 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.75% | 7.75% | |||
Maximum [Member] | Six Point Six Two Five Percentage Notes Due Twenty Sixteen to Twenty Eighteen [Domain] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.625% | 6.625% | |||
Maximum [Member] | 5.00% to 5.15% notes – due 2035 – 2046 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.15% | 5.15% | |||
Maximum [Member] | 3.00% to 4.40% notes – due 2024 – 2047 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.40% | ||||
[1] | The fair market value was approximately $12.0 billion at December 31, 2016 and $9.9 billion at December 31, 2015. | ||||
[2] | The weighted average interest rate on these notes was 2.2% in 2016 and 2.9% in 2015. | ||||
[3] | The weighted average interest rate on these bonds was 5.9% in 2016 and 5.8% in 2015. | ||||
[4] | The weighted average interest rate was 2.2% in 2015. Includes$5 million at December 31, 2015 related to non-U.S. denominated borrowings with a weighted average interest rate of 2.2% in 2015. | ||||
[5] | Includes $2 million at December 31, 2016 and $8 million at December 31, 2015 related to the unamortized gain on interest rate swap unwinds (see Note 14 Derivatives and Hedging Instruments) |
Debt And Lines Of Credit Debt92
Debt And Lines Of Credit Debt and Lines of Credit (Summary of Long-Term Debt Footnotes) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2007 | ||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 2,140 | |||
Debt Instrument, Fair Value Disclosure | $ 12,000 | $ 9,900 | ||
Variable Rate [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate during period | 2.20% | 2.90% | ||
Long-term debt | [1] | $ 763 | $ 438 | |
Environmental and industrial development bonds – due 2016 – 2035 (b) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate during period | 5.92% | 5.80% | ||
Long-term debt | [2] | $ 681 | $ 594 | |
Short-term notes (c) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate during period | 2.20% | |||
Foreign Corporate Debt Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate during period | 2.20% | |||
Long-term debt | $ 5 | |||
Other (d) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | [3] | 4 | 11 | |
Interest Rate Swap Unwind [Member] | Other (d) | ||||
Debt Instrument [Line Items] | ||||
Deferred gain (loss) on discontinuation of interest rate fair value hedge | $ 2 | $ 8 | ||
[1] | The weighted average interest rate on these notes was 2.2% in 2016 and 2.9% in 2015. | |||
[2] | The weighted average interest rate on these bonds was 5.9% in 2016 and 5.8% in 2015. | |||
[3] | Includes $2 million at December 31, 2016 and $8 million at December 31, 2015 related to the unamortized gain on interest rate swap unwinds (see Note 14 Derivatives and Hedging Instruments) |
Debt And Lines Of Credit (Narra
Debt And Lines Of Credit (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Debt Activity [Line Items] | ||||||||
Extinguishment of Debt, Amount | [1] | $ 266 | $ 2,151 | $ 1,625 | ||||
Original maturity date range, minimum | Jun. 1, 2015 | Jan. 14, 2014 | Jan. 14, 2014 | |||||
Original maturity date range, maximum | Dec. 1, 2030 | Sep. 1, 2031 | Sep. 1, 2031 | |||||
Gains (Losses) on Extinguishment of Debt | [2] | $ 29 | $ 207 | $ 276 | ||||
Gain (Loss) on Repurchase of Debt Instrument | $ 31 | $ 211 | ||||||
Pension Contributions | 750 | 750 | $ 750 | $ 353 | ||||
Maturities of long-term debt, 2017 | 239 | |||||||
Maturities of long-term debt, 2018 | 690 | |||||||
Maturities of long-term debt, 2019 | 433 | |||||||
Maturities of long-term debt, 2020 | 179 | |||||||
Maturities of long-term debt, 2021 | 612 | |||||||
Three Point Zero Percentage Fixed Rate Loan [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Proceeds from Issuance of Unsecured Debt | $ 1,100 | |||||||
Interest rate | 3.00% | |||||||
Maturity date, range low | Feb. 15, 2027 | |||||||
Four Point Four Percentage Fixed Rate Loan [Member] [Member] [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Proceeds from Issuance of Unsecured Debt | $ 1,200 | |||||||
Interest rate | 4.40% | |||||||
Maturity date, range low | Aug. 15, 2047 | |||||||
Unsecured Debt [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Interest rate | 7.95% | |||||||
Maturity date, range low | Jan. 1, 2018 | |||||||
Repayments of Debt | $ 266 | |||||||
Extinguishment of Debt, Amount | $ 1,000 | |||||||
Original maturity date range, minimum | Jan. 1, 2018 | |||||||
Original maturity date range, maximum | Dec. 31, 2022 | |||||||
Gains (Losses) on Extinguishment of Debt | $ 207 | |||||||
Commercial Paper [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Revolving credit facilities available | 750 | |||||||
Short-term Debt | 165 | |||||||
Three Point Eight Percentage Fixed Rate Loan [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Proceeds from Issuance of Unsecured Debt | $ 700 | |||||||
Interest rate | 3.80% | |||||||
Maturity date, range low | Jan. 15, 2026 | |||||||
Five Point Zero Percentage Fixed Rate Loan [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Proceeds from Issuance of Unsecured Debt | $ 600 | |||||||
Interest rate | 5.00% | |||||||
Maturity date, range low | Sep. 15, 2035 | |||||||
Five Point One Five Percentage Fixed Rate Loan [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Proceeds from Issuance of Unsecured Debt | $ 700 | |||||||
Interest rate | 5.15% | |||||||
Maturity date, range low | May 15, 2046 | |||||||
Credit Facility Agreements [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Contractually committed credit facilities | 2,100 | |||||||
Revolving Credit Facility [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Revolving credit facilities available | $ 1,500 | |||||||
Credit agreement facility fee | 0.15% | |||||||
Receivables Securitization Program [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Commercial paper-based financings agreement value | $ 600 | |||||||
Available commercial paper-based financings | $ 600 | |||||||
Early debt extinguishment costs (see Note 13) | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Write off of Deferred Debt Issuance Cost | $ 29 | |||||||
Scenario, Forecast [Member] | Revolving Credit Facility [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Line of credit, maturity date | Dec. 26, 2021 | |||||||
Scenario, Forecast [Member] | Receivables Securitization Program [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Line of credit, maturity date | Dec. 31, 2017 | |||||||
Minimum [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Interest rate | 2.00% | 2.00% | 2.00% | |||||
Minimum [Member] | Unsecured Debt [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Interest rate | 4.75% | |||||||
Maximum [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Interest rate | 9.38% | 9.38% | 9.38% | |||||
Maximum [Member] | Unsecured Debt [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Interest rate | 9.38% | |||||||
[1] | Reductions related to notes with interest rates ranging from 2.00% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2016, 2015 and 2014. Includes the $630 million payment for a portion of the Special Purpose Entity Liability for the year ended December 31, 2015 (see Note 12 Variable Interest Entities). | |||||||
[2] | Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations. |
Schedule of Notional Amounts of
Schedule of Notional Amounts of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 24 | $ 35 | |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 0 | 38 | |
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 6 | 16 | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 275 | [1] | 290 |
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 0 | $ 17 | |
[1] | These contracts had maturities of two years or less as of December 31, 2016. |
Schedule of Notional Amounts 95
Schedule of Notional Amounts of Financial Instruments Other (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Maximum Length of Time Hedged in Cash Flow Hedge | 2 years |
Gains Losses Recognized In Accu
Gains Losses Recognized In Accumulated Other Comprehensive Income AOCI Net Of Tax Related To Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (6) | $ (3) | $ 10 |
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 4 | (3) | 10 |
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (10) | $ 0 | $ 0 |
Gains And Losses Recognized In
Gains And Losses Recognized In Consolidated Statement Of Operations On Qualifying And Non-Qualifying Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 | $ 0 | |||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 7 | (12) | 4 | |||
Interest Income Expense [Member] | Debt [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | (3) | (1) | |||
Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 5 | 2 | 9 | |||
Not Designated as Hedging Instrument [Member] | Cost Of Products Sold [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (4) | (1) | |||
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 | 0 | (7) | (2) | |||
Not Designated as Hedging Instrument [Member] | Interest Income Expense [Member] | Interest Rate Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 5 | [1] | 13 | [2] | 12 | [3] |
Designated as Hedging Instrument [Member] | Cost Of Products Sold [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 7 | (12) | 4 | |||
Designated as Hedging Instrument [Member] | Interest Income Expense [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ 0 | $ 3 | $ 1 | |||
[1] | Excluding gain of $2 million related to debt reduction recorded to Restructuring and other charges. | |||||
[2] | Excluding gain of $3 million related to debt reduction recorded to Restructuring and other charges. | |||||
[3] | Excluding gain of $7 million, net related to debt issuance and debt reduction recorded to Restructuring and other charges. |
Gains And Losses Recognized I98
Gains And Losses Recognized In Consolidated Statement Of Operations On Qualifying and Non-Qualifying Financial Instruments Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Restructuring and other charges | $ (54) | $ (252) | $ (846) |
Restructuring and other charges [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Restructuring and other charges | $ 2 | $ 3 | $ 7 |
Schedule of Interest Rate Deriv
Schedule of Interest Rate Derivative Activity (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Derivative Instrument, Undesignated | $ 0 | $ 0 | $ 38 | $ 0 | $ 0 | $ 38 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Derivative Instrument, Terminated | 0 | 55 | 175 | 0 | 55 | 175 |
Notional Notional Amount of Derivative Instrument, Issued | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Impact Of Derivative Instrument
Impact Of Derivative Instruments In Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |||
Derivatives, Fair Value [Line Items] | |||||
Derivative Assets | $ 3 | $ 5 | |||
Derivative Liabilities | 6 | 8 | |||
Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Assets | 3 | 5 | |||
Derivative Liabilities | 4 | 1 | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Assets | 0 | 0 | |||
Derivative Liabilities | 2 | 7 | |||
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Assets | 0 | 0 | |||
Derivative Liabilities | 2 | [1] | 7 | [2] | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Assets | [3] | 3 | 5 | ||
Derivative Liabilities | [1] | $ 4 | $ 1 | ||
[1] | Included in Other accrued liabilities in the accompanying consolidated balance sheet. | ||||
[2] | Includes $4 million recorded in Other accrued liabilities and $3 million recorded in Other liabilities in the accompanying consolidated balance sheet. | ||||
[3] | Included in Other current assets in the accompanying consolidated balance sheet. |
Impact of Derivative Instrum101
Impact of Derivative Instruments in Consolidated Balance Sheet Other (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | $ 3 | $ 5 | ||
Derivative Liabilities | 6 | 8 | ||
Other Accrued Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 4 | |||
Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 3 | |||
Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | 3 | 5 | ||
Foreign Exchange Contract [Member] | Other Accrued Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 4 | 1 | ||
Energy Related Derivative [Member] | Other Accrued Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities | 2 | |||
Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 2 | 7 | ||
Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 2 | [1] | 7 | [2] |
Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | 3 | 5 | ||
Derivative Liabilities | $ 4 | $ 1 | ||
[1] | Included in Other accrued liabilities in the accompanying consolidated balance sheet. | |||
[2] | Includes $4 million recorded in Other accrued liabilities and $3 million recorded in Other liabilities in the accompanying consolidated balance sheet. |
Narrative (Details)
Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Collateral Posted Related to Credit-Risk-Related Contingent Features | $ 0 | $ 0 |
Fair Values of Derivative Instruments Containing Credit Risk-Related Contingent Features in a Net Liability Position | 3 | $ 1 |
Derivative, Collateral, Right to Reclaim Cash | $ 15 |
Capital Stock (Rollforward Of C
Capital Stock (Rollforward Of Common Stock Activity) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Common stock, beginning balance | 448,900 | ||
Treasury stock, beginning balance | 36,776 | ||
Common stock, ending balance | 448,900 | 448,900 | |
Treasury stock, ending balance | 36,671 | 36,776 | |
Issued | |||
Class of Stock [Line Items] | |||
Common stock, beginning balance | 448,916 | 448,854 | 447,222 |
Issuance of stock for various plans, net | 0 | 62 | 1,632 |
Repurchase of stock | 0 | 0 | 0 |
Common stock, ending balance | 448,916 | 448,916 | 448,854 |
Treasury | |||
Class of Stock [Line Items] | |||
Treasury stock, beginning balance | 36,776 | 28,734 | 10,868 |
Issuance of stock for various plans, net | (2,745) | (4,230) | (4,668) |
Repurchase of stock | 3,640 | 12,272 | 22,534 |
Treasury stock, ending balance | 37,671 | 36,776 | 28,734 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Curtailments | $ (1) | ||||
U.S. Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Funded status, December 31 | $ (3,371) | $ (3,371) | $ (3,515) | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligation, January 1 | 14,438 | 14,741 | |||
Service cost | 158 | 161 | 145 | ||
Interest cost | 580 | 597 | 600 | ||
Settlements | (1,222) | (43) | |||
Actuarial (gain) loss | 495 | (254) | |||
Defined Benefit Plan, Divestitures, Benefit Obligation | 1 | 0 | |||
Plan amendments | 0 | 0 | |||
Benefits paid | (767) | (764) | |||
Effect of foreign currency exchange rate movements | 0 | 0 | |||
Benefit obligation, December 31 | 13,683 | 13,683 | 14,438 | 14,741 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets, January 1 | 10,923 | 10,918 | |||
Actual return on plan assets | 607 | (1) | |||
Company contributions | 771 | 813 | |||
Benefits paid | (767) | (764) | |||
Settlements | (9) | $ (8) | (1,222) | (43) | |
Effect of foreign currency exchange rate movements | 0 | 0 | |||
Fair value of plan assets, December 31 | 10,312 | 10,312 | 10,923 | 10,918 | |
Non-U.S. Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Funded status, December 31 | (66) | (66) | (49) | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligation, January 1 | 204 | 233 | |||
Service cost | 4 | 6 | 5 | ||
Interest cost | 9 | 10 | 13 | ||
Settlements | (2) | (12) | |||
Actuarial (gain) loss | 35 | (1) | |||
Defined Benefit Plan, Divestitures, Benefit Obligation | 0 | 0 | |||
Plan amendments | (1) | 0 | |||
Benefits paid | (9) | (7) | |||
Effect of foreign currency exchange rate movements | (21) | (25) | |||
Benefit obligation, December 31 | 219 | 219 | 204 | 233 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets, January 1 | 155 | 180 | |||
Actual return on plan assets | 17 | 4 | |||
Company contributions | 8 | 9 | |||
Benefits paid | (9) | (7) | |||
Settlements | (2) | (12) | |||
Effect of foreign currency exchange rate movements | (16) | (19) | |||
Fair value of plan assets, December 31 | $ 153 | $ 153 | $ 155 | $ 180 |
Retirement Plans (Schedule Of A
Retirement Plans (Schedule Of Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current liability | $ (3,400) | $ (3,548) |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current asset | 0 | 0 |
Current liability | (40) | (22) |
Non-current liability | (3,331) | (3,493) |
Amounts recognized in the consolidated balance sheet | (3,371) | (3,515) |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current asset | 6 | 7 |
Current liability | (3) | (2) |
Non-current liability | (69) | (54) |
Amounts recognized in the consolidated balance sheet | $ (66) | $ (49) |
Retirement Plans (Schedule O107
Retirement Plans (Schedule Of Amounts In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $ 125 | $ 166 |
Net actuarial loss | 4,757 | 4,899 |
Amounts recognized in accumulated other comprehensive income (pre-tax) | 4,882 | 5,065 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | 0 | 0 |
Net actuarial loss | 61 | 42 |
Amounts recognized in accumulated other comprehensive income (pre-tax) | $ 61 | $ 42 |
Retirement Plans (Pension Benef
Retirement Plans (Pension Benefit Adjustments Recognized In Other Comprehensive (Loss) Income) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | $ 703 |
Amortization of actuarial loss | (400) |
Amortization of prior service cost | (41) |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | (445) |
Total recognized in other comprehensive income | (183) |
Non-U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | 27 |
Amortization of actuarial loss | (1) |
Current year prior service cost | (1) |
Amortization of prior service cost | 0 |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | (6) |
Total recognized in other comprehensive income | $ 19 |
Retirement Plans (Pension Plans
Retirement Plans (Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 13,683 | $ 14,438 |
Accumulated benefit obligation | 13,535 | 14,282 |
Fair value of plan assets | 10,312 | 10,923 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 190 | 182 |
Accumulated benefit obligation | 177 | 168 |
Fair value of plan assets | $ 118 | $ 126 |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Pension Expense For Qualified And Nonqualified U.S. Defined Benefit Plans) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Curtailments | $ 1 | ||||||
U.S. Plans [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Service cost | $ 158 | $ 161 | 145 | ||||
Interest cost | 580 | 597 | 600 | ||||
Expected return on plan assets | (815) | (783) | (762) | ||||
Amortization of Gains (Losses) | 400 | 428 | 374 | ||||
Amortization of prior service cost | 41 | 43 | 30 | ||||
Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 3 | $ 3 | $ 439 | 445 | 15 | 0 | |
Net periodic pension expense (a) | [1] | 809 | 461 | 387 | |||
Non-U.S. Plans [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Service cost | 4 | 6 | 5 | ||||
Interest cost | 9 | 10 | 13 | ||||
Expected return on plan assets | (10) | (11) | (14) | ||||
Amortization of Gains (Losses) | 1 | 1 | 0 | ||||
Amortization of prior service cost | 0 | 0 | 0 | ||||
Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | (4) | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | 0 | ||||
Net periodic pension expense (a) | [1] | $ 4 | $ 6 | $ 0 | |||
[1] | Excludes $1 million in curtailments in 2014 related to the pension freeze remeasurement that were recorded in restructuring and other charges. |
Retirement Plans (Major Actuari
Retirement Plans (Major Actuarial Assumptions Used In Determining Benefit Obligations And Net Periodic Pension Cost For Defined Benefit Plans) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
U.S. Plans [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Actuarial assumptions used to determine benefit obligations, Discount rate | 4.10% | 4.10% | 4.40% | 4.10% | |||
Actuarial assumptions used to determine benefit obligations, Rate of compensation increase | 3.75% | 3.75% | 3.75% | 3.75% | |||
Discount rate | [1] | 3.60% | 3.80% | 4.40% | 4.05% | 4.10% | 4.65% |
Actuarial assumptions used to determine net periodic pension cost, Expected long-term rate of return on plan assets | [2] | 7.75% | 7.75% | 7.75% | |||
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 | 3.88% | 3.88% | 4.64% | 4.72% | |||
Actuarial assumptions used to determine benefit obligations, Rate of compensation increase | 4.20% | 4.20% | 4.12% | 4.03% | |||
Discount rate | [1] | 4.72% | 4.72% | 5.07% | |||
Actuarial assumptions used to determine net periodic pension cost, Expected long-term rate of return on plan assets | [2] | 6.55% | 6.64% | 7.53% | |||
Actuarial assumptions used to determine net periodic pension cost, Rate of compensation increase | 4.03% | 4.03% | 4.13% | ||||
[1] | Represents the weighted average rate for the U.S. qualified plans in 2016 and 2014 due to the remeasurement in the second, third and fourth quarters of 2016 and the first quarter of 2014. | ||||||
[2] | Represents the expected rate of return for International Paper's qualified pension plan for 2014. The weighted average rate for the Temple-Inland Retirement Plan was 7.00% for 2014 |
Retirement Plans Retirement Pla
Retirement Plans Retirement Plans (Major Actuarial Assumptions Used In Determining Benefit Obligation Other) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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% |
Retirement Plans (Effect Of A 2
Retirement Plans (Effect Of A 25 Basis Point Decrease On Net Pension Expense) (Details) - U.S. Plans [Member] $ in Millions | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | $ 33 |
Expected long-term rate of return on plan assets | 26 |
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, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 51.00% | 48.00% |
Equity accounts, minimum | 43.00% | |
Equity accounts, maximum | 54.00% | |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 27.00% | 33.00% |
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 | 12.00% | 9.00% |
Equity accounts, minimum | 8.00% | |
Equity accounts, maximum | 17.00% |
Retirement Plans (Fair Values P
Retirement Plans (Fair Values Pension Plan Assets By Asset Class) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 10,312 | $ 10,923 | $ 10,918 |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 153 | 155 | $ 180 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,508 | 4,175 | |
Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,083 | 3,918 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | (59) | (10) | |
Corporate Bonds [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,018 | 1,286 | |
Corporate Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,018 | 1,286 | |
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Government Securities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 870 | 518 | |
Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 870 | 518 | |
Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Mortgage Backed Securities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 41 | 217 | |
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] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 40 | 217 | |
Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 0 | |
Other Fixed Income [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 245 | 275 | |
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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Fixed Income [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 234 | 265 | |
Other Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11 | 10 | |
Commodities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 324 | 118 | |
Commodities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 324 | 118 | |
Commodities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Derivatives [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 402 | 360 | |
Derivatives [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | (71) | (19) | |
Derivatives [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 1 | |
Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | (71) | (20) | |
Cash and Cash Equivalents [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 322 | 975 | |
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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 322 | 975 | |
Cash and Cash Equivalents [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 891 | 894 | |
Hedge Funds [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Hedge Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 472 | 492 | |
Private Equity Funds [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
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] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,015 | 1,094 | |
Real Estate [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Real Estate [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, 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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Non-US [Member] | Equity Securities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,575 | 2,563 | |
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] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,806 | 1,818 | |
Non-US [Member] | Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 769 | 745 | |
Non-US [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
United States (e) | Equity Securities [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,208 | 2,150 | |
United States (e) | Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,380 | 1,382 | |
United States (e) | Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 828 | 768 | |
United States (e) | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Retirement Plans Retirement 116
Retirement Plans Retirement Plans (Fair Value, Investments, Entities That Calculate Net Asset Value Per Share) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 450 | $ 161 |
Alternative Investments, Fair Value Disclosure | 2,780 | 2,840 |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,015 | 1,094 |
Derivatives [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 402 | 360 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | $ 0 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | Monthly |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 5 - 15 days | 5 - 15 days |
Real Estate Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 224 | $ 59 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Quarterly | Quarterly |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 45 - 60 days | 45 - 60 days |
Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 472 | $ 492 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 226 | $ 102 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | None | None |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | None | None |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 891 | $ 894 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | $ 0 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily to annually | Daily to annually |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1 - 100 days | 1 - 100 days |
Retirement Plans (Fair Value Me
Retirement Plans (Fair Value Measurements Using Significant Unobservable Inputs (Level 3)) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivatives [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets, January 1 | $ 360 |
Fair value of plan assets, December 31 | 402 |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets, January 1 | 10,923 |
Fair value of plan assets, December 31 | 10,312 |
U.S. Plans [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 | (65) |
Relating to assets sold during the period | (24) |
Purchases, sales and settlements | 40 |
Transfers in and/or out of Level 3 | 0 |
Fair value of plan assets, December 31 | (59) |
U.S. Plans [Member] | Other Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets, January 1 | 275 |
Fair value of plan assets, December 31 | 245 |
U.S. Plans [Member] | 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 | 1 |
Relating to assets sold during the period | 0 |
Purchases, sales and settlements | 0 |
Transfers in and/or out of Level 3 | 0 |
Fair value of plan assets, December 31 | 11 |
U.S. Plans [Member] | Derivatives [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets, January 1 | (19) |
Fair value of plan assets, December 31 | (71) |
U.S. Plans [Member] | Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets, January 1 | (20) |
Relating to assets still held at the reporting date | (66) |
Relating to assets sold during the period | (24) |
Purchases, sales and settlements | 39 |
Transfers in and/or out of Level 3 | 0 |
Fair value of plan assets, December 31 | (71) |
U.S. Plans [Member] | Mortgage Backed Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets, January 1 | 217 |
Fair value of plan assets, December 31 | 41 |
U.S. Plans [Member] | Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets, January 1 | 0 |
Relating to assets still held at the reporting date | 0 |
Relating to assets sold during the period | 0 |
Purchases, sales and settlements | 1 |
Transfers in and/or out of Level 3 | 0 |
Fair value of plan assets, December 31 | $ 1 |
Retirement Plans Retirement 118
Retirement Plans Retirement Plans (Projected Future Pension Benefit Payments, Excluding Any Termination Beneftis) (Details) - U.S. Plans [Member] $ in Millions | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Projected future pension benefit payments, 2017 | $ 800 |
Projected future pension benefit payments, 2018 | 788 |
Projected future pension benefit payments, 2019 | 796 |
Projected future pension benefit payments, 2020 | 804 |
Projected future pension benefit payments, 2021 | 812 |
Projected future pension benefit payments, 2022 - 2025 | $ 4,137 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Years of eligibility to participate in pension plan | 1 | ||||||||
Age to participate in the pension plan | 21 | ||||||||
change in basis point for assumptions for next year | 25.00% | ||||||||
Defined contribution plan, cost recognized | $ 106 | $ 100 | $ 112 | ||||||
Pension Contributions | $ 750 | $ 750 | 750 | 353 | |||||
Number of nonqualified pension plans | 3 | ||||||||
Number of SERP plans | 2 | ||||||||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Benefits paid | $ (21) | (62) | (38) | ||||||
Nonqualified plans funded expected to be paid | $ 38 | 38 | |||||||
U.S. Plans [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 3 | $ 3 | $ 439 | 445 | 15 | $ 0 | |||
Benefits paid | (767) | (764) | |||||||
Nonqualified plans funded expected to be paid | 800 | 800 | |||||||
Defined Benefit Plan, Settlements, Plan Assets | $ 9 | $ 8 | $ 1,222 | $ 43 | |||||
Discount rate | [1] | 3.60% | 3.80% | 4.40% | 4.05% | 4.10% | 4.65% | ||
Expected long-term rate of return on plan assets | [2] | 7.75% | 7.75% | 7.75% | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long Term Return on Assets for Next Year | 7.50% | ||||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate for Next Year | 4.10% | ||||||||
Defined benefit expense | [3] | $ 809 | $ 461 | $ 387 | |||||
Total recognized in other comprehensive income | (183) | ||||||||
Accumulated benefit obligation for defined benefit plans | $ 13,500 | 13,500 | 14,300 | ||||||
Defined Benefit Plan, Future Amortization of Gain (Loss) | 341 | ||||||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 28 | ||||||||
Projected benefit obligation | 13,683 | 13,683 | 14,438 | ||||||
Defined benefit plan, net periodic benefit cost estimate for next fiscal year | 310 | $ 310 | |||||||
Rate of compensation increase | 3.75% | ||||||||
Company contributions | $ 771 | 813 | |||||||
Non-U.S. Plans [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | $ 0 | ||||||
Benefits paid | (9) | (7) | |||||||
Defined Benefit Plan, Settlements, Plan Assets | $ 2 | $ 12 | |||||||
Discount rate | [1] | 4.72% | 4.72% | 5.07% | |||||
Expected long-term rate of return on plan assets | [2] | 6.55% | 6.64% | 7.53% | |||||
Defined benefit expense | [3] | $ 4 | $ 6 | $ 0 | |||||
Total recognized in other comprehensive income | 19 | ||||||||
Accumulated benefit obligation for defined benefit plans | 205 | 205 | 189 | ||||||
Projected benefit obligation | $ 190 | 190 | 182 | ||||||
Company contributions | 8 | 9 | |||||||
Temple Inland Inc [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Expected long-term rate of return on plan assets | 7.00% | ||||||||
Cash and Cash Equivalents [Member] | U.S. Plans [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Company contributions | $ 750 | $ 750 | $ 353 | ||||||
[1] | Represents the weighted average rate for the U.S. qualified plans in 2016 and 2014 due to the remeasurement in the second, third and fourth quarters of 2016 and the first quarter of 2014. | ||||||||
[2] | Represents the expected rate of return for International Paper's qualified pension plan for 2014. The weighted average rate for the Temple-Inland Retirement Plan was 7.00% for 2014 | ||||||||
[3] | Excludes $1 million in curtailments in 2014 related to the pension freeze remeasurement that were recorded in restructuring and other charges. |
Postretirement Benefits (Compon
Postretirement Benefits (Components Of Postretirement Benefit Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1 | $ 1 | $ 1 |
Interest cost | 11 | 11 | 14 |
Amortization of Gains (Losses) | 5 | 6 | 5 |
Amortization of prior service credits | (4) | (10) | (13) |
Net periodic pension expense | 13 | 8 | 7 |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 1 | 1 |
Interest cost | 3 | 5 | 6 |
Amortization of Gains (Losses) | 2 | 1 | 1 |
Amortization of prior service credits | (4) | (2) | (1) |
Net periodic pension expense | $ 1 | $ 5 | $ 7 |
Postretirement Benefits (Discou
Postretirement Benefits (Discount Rates Used To Determine Net Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.20% | 3.90% | 4.50% |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 12.23% | 11.52% | 11.94% |
Postretirement Benefits Postret
Postretirement Benefits Postretirement Benefits (Discount Rates Used To Determine Net Cost Other) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.20% | 3.90% | 4.50% |
Postretirement Benefits (Weight
Postretirement Benefits (Weighted Average Assumptions Used To Determine Benefit Obligation) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.00% | 4.20% |
Health care cost trend rate assumed for next year | 6.50% | 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 | 2,022 | 2,022 |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 10.53% | 12.23% |
Health care cost trend rate assumed for next year | 10.90% | 11.41% |
Rate that the cost trend rate gradually declines to | 5.81% | 5.94% |
Year that the rate reaches the rate it is assumed to retain | 2,027 | 2,026 |
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 ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | $ 275 | $ 306 | |
Service cost | 1 | 1 | $ 1 |
Interest cost | 11 | 11 | 14 |
Participants’ contributions | 5 | 12 | |
Actuarial (gain) loss | 31 | 0 | |
Plan amendments | 0 | 0 | |
Benefits paid | (44) | (57) | |
Less: Federal subsidy | 1 | 2 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | |
Benefit obligation, December 31 | 280 | 275 | 306 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 0 | 0 | |
Company contributions | 39 | 45 | |
Participants’ contributions | 5 | 12 | |
Benefits paid | (44) | (57) | |
Fair value of plan assets, December 31 | 0 | 0 | 0 |
Funded status, December 31 | (280) | (275) | |
Current liability | (29) | (29) | |
Non-current liability | (251) | (246) | |
Amounts recognized in the consolidated balance sheet | (280) | (275) | |
Net actuarial loss (gain) | 68 | 42 | |
Prior service credit | (8) | (12) | |
Amounts recognized in accumulated other comprehensive income (pre-tax) | 60 | 30 | |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | 45 | 59 | |
Service cost | 0 | 1 | 1 |
Interest cost | 3 | 5 | 6 |
Participants’ contributions | 0 | 0 | |
Actuarial (gain) loss | 5 | (1) | |
Plan amendments | (35) | 1 | |
Benefits paid | (1) | (1) | |
Less: Federal subsidy | 0 | 0 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 6 | (19) | |
Benefit obligation, December 31 | 23 | 45 | 59 |
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 | (23) | (45) | |
Current liability | (2) | (2) | |
Non-current liability | (21) | (43) | |
Amounts recognized in the consolidated balance sheet | (23) | (45) | |
Net actuarial loss (gain) | 21 | 15 | |
Prior service credit | (34) | (2) | |
Amounts recognized in accumulated other comprehensive income (pre-tax) | $ (13) | $ 13 |
Postretirement Benefits (Postre
Postretirement Benefits (Postretirement Benefit Adjustments Recognized In Other Comprehensive (Loss) Income) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
U.S. Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of actuarial (loss) gain | $ 31 |
Amortization of actuarial loss | (5) |
Current year prior service cost | 0 |
Amortization of prior service credit | 4 |
Other Comprehensive Income, Other Pension and Postretirement Plans, Foreign currency (loss) gain | 0 |
Total recognized in other comprehensive income | 30 |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of actuarial (loss) gain | 5 |
Amortization of actuarial loss | (2) |
Current year prior service cost | (34) |
Amortization of prior service credit | 4 |
Other Comprehensive Income, Other Pension and Postretirement Plans, Foreign currency (loss) gain | 1 |
Total recognized in other comprehensive income | $ (26) |
Postretirement Benefits (Estima
Postretirement Benefits (Estimated Total Future Postretirement Benefit Payments, Net Of Participant Contributions And Estimated Future Medicare Part D Subsidy Receipts) (Details) $ in Millions | Dec. 31, 2016USD ($) |
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 | 1 |
Benefit Payments, year 4 | 1 |
Benefit Payments, year 5 | 0 |
Benefit Payments, year 6-10 | 3 |
U.S. Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit Payments, year 1 | 31 |
Benefit Payments, year 2 | 29 |
Benefit Payments, year 3 | 27 |
Benefit Payments, year 4 | 26 |
Benefit Payments, year 5 | 24 |
Benefit Payments, year 6-10 | 99 |
Subsidy Receipts, year 1 | 2 |
Subsidy Receipts, year 2 | 1 |
Subsidy Receipts, year 3 | 1 |
Subsidy Receipts, year 4 | 1 |
Subsidy Receipts, year 5 | 1 |
Subsidy Receipts, year 6-10 | $ 6 |
Postretirement Benefits (Narrat
Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.20% | 3.90% | 4.50% |
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 | 11 | ||
Total recognized in other comprehensive income | 30 | ||
Total recognized in net periodic benefit cost or OCI | 42 | $ 17 | $ 33 |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 8 | ||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | (2) | ||
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 | 12.23% | 11.52% | 11.94% |
Increased in the accumulated postretirement benefit obligation due to a 1% increase in annual health care cost trend rate | $ 5 | ||
Decreased in the accumulated postretirement benefit obligation due to a 1% decrease in the annual trend rat | 4 | ||
Total recognized in other comprehensive income | (26) | ||
Total recognized in net periodic benefit cost or OCI | (25) | $ 0 | $ 14 |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 3 | ||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | (4) | ||
Defined benefit plan, effect of one percentage point increase on service and interest cost components | $ 1 |
Incentive Plans (Summary Of Sto
Incentive Plans (Summary Of Stock Option Program) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||||
Share-based compensation arrangement by share-based payment award, options, grants in period, net of forfeitures | 0 | 0 | 3,247 | ||
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | $ 0 | $ 0 | $ 49.13 | ||
Options, outstanding | 0 | 71,892 | 1,752,789 | ||
Options, exercised | 0 | (62,477) | (1,634,858) | ||
Options, expired | 0 | (9,415) | (49,286) | ||
Options (a) | 0 | 0 | 71,892 | ||
Weighted Average Exercise Price | $ 0 | $ 39.03 | $ 39.80 | ||
Weighted average exercise price, exercised | 0 | 39.05 | 39.80 | ||
Weighted average exercise price, outstanding | $ 0 | $ 0 | $ 39.03 | ||
Weighted Average Remaining Life (years) | 0 days | 0 days | 2 months 5 days | 8 months 2 days | |
Aggregate Intrinsic Value (thousands) | $ 0 | $ 0 | $ 1,046 | $ 16,175 | |
Share-based compensation arrangements by share-based payment award, options, expirations in period, weighted average exercise price | $ 0 | $ 38.92 | $ 41.5 |
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, 2016 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |
Expected volatility, lower limit | 22.36% |
Expected volatility, upper limit | 30.84% |
Risk-free interest rate, lower limit | 0.67% |
Risk-free interest rate, upper limit | 1.31% |
Incentive Plans (Summary Of Per
Incentive Plans (Summary Of Performance Share Program Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 5,857,733 | 7,275,934 | 8,117,489 |
Shares/units, granted | 2,617,982 | 1,863,623 | 3,682,663 |
Shares/units, shares issued | (2,316,085) | (2,959,160) | (4,025,111) |
Shares/units, forfeited | (209,500) | (322,664) | (499,107) |
Weighted average grant date fair value, outstanding | $ 38.69 | $ 34.98 | $ 31.2 |
Weighted average grant date fair value, granted | 37.26 | 53.25 | 46.82 |
Weighted average grant date fair value, shares issued | 43.82 | 37.09 | 37.18 |
Weighted average grant date fair value, forfeited | $ 43.61 | $ 53.97 | $ 43.10 |
Incentive Plans (Summary Of Act
Incentive Plans (Summary Of Activity Of Executive Continuity And Restricted Stock Award Program) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 5,857,733 | 7,275,934 | 8,117,489 |
Shares/units, granted | 2,617,982 | 1,863,623 | 3,682,663 |
Shares/units, shares issued | (2,316,085) | (2,959,160) | (4,025,111) |
Shares/units, forfeited | (209,500) | (322,664) | (499,107) |
Shares/Units, outstanding | 5,950,130 | 5,857,733 | 7,275,934 |
Weighted average grant date fair value, outstanding | $ 38.69 | $ 34.98 | $ 31.2 |
Weighted average grant date fair value, granted | 37.26 | 53.25 | 46.82 |
Weighted average grant date fair value, shares issued | 43.82 | 37.09 | 37.18 |
Weighted average grant date fair value, outstanding | 35.89 | 38.69 | 34.98 |
Weighted average grant date fair value, forfeited | $ 43.61 | $ 53.97 | $ 43.10 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 120,368 | 114,599 | 112,374 |
Shares/units, granted | 117,881 | 36,300 | 89,500 |
Shares/units, shares issued | (59,418) | (27,365) | (83,275) |
Shares/units, forfeited | (9,500) | (3,166) | (4,000) |
Shares/Units, outstanding | 169,331 | 120,368 | 114,599 |
Weighted average grant date fair value, outstanding | $ 48.24 | $ 47.03 | $ 36.24 |
Weighted average grant date fair value, granted | 42.81 | 50.06 | 48.19 |
Weighted average grant date fair value, shares issued | 47.14 | 45.35 | 33.78 |
Weighted average grant date fair value, outstanding | 45.34 | 48.24 | 47.03 |
Weighted average grant date fair value, forfeited | $ 39.36 | $ 50.04 | $ 45.88 |
Incentive Plans (Stock-Based Co
Incentive Plans (Stock-Based Compensation Expense And Related Income Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Income tax benefits related to stock-based compensation | $ 34 | $ 88 | $ 92 |
Selling And Marketing Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 129 | $ 114 | $ 118 |
Incentive Plans (Narrative) (De
Incentive Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock rights and stock units | 5,950,130 | 5,857,733 | 7,275,934 | 8,117,489 |
Compensation cost related to unvested restricted performace shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures | $ 94 | |||
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 | 14,300,000 | 16,200,000 | 16,300,000 | |
Restricted performance share plan | 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% | |||
Restricted performance share plan | 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% |
Financial Information By Ind134
Financial Information By Industry Segment And Geographic Area Schedule of Equity Method Investments (Details) - Reportable Subsegments [Member] - Ilim Holding [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $ 774 | $ 455 | |
Noncurrent assets | 1,351 | 968 | |
Current liabilities | 406 | 665 | |
Noncurrent liabilities | 1,422 | 715 | |
Noncontrolling interests | 22 | 21 | |
Net sales | 1,927 | 1,931 | $ 2,138 |
Gross profit | 957 | 971 | 772 |
Income from continuing operations | 419 | 254 | (387) |
Net income attributable to Ilim | $ 391 | $ 237 | $ (360) |
Financial Information By Ind135
Financial Information By Industry Segment And Geographic Area (Sales By Industry Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | $ 5,381 | $ 5,266 | $ 5,322 | $ 5,110 | $ 5,443 | $ 5,691 | $ 5,714 | $ 5,517 | $ 21,079 | [1] | $ 22,365 | [1] | $ 23,617 | [1] |
Operating Segments [Member] | Industrial Packaging | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 13,899 | 14,240 | 14,749 | |||||||||||
Operating Segments [Member] | Global Cellulose Fibers | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 1,092 | 975 | 1,046 | |||||||||||
Operating Segments [Member] | Printing Papers | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 4,058 | 4,056 | 4,615 | |||||||||||
Operating Segments [Member] | Consumer Packaging | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | 1,954 | 2,940 | 3,403 | |||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
NET SALES | $ 76 | $ 154 | $ (196) | |||||||||||
[1] | Net sales are attributed to countries based on the location of the seller. |
Financial Information By Ind136
Financial Information By Industry Segment And Geographic Area (Operating Profit By Industry Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2015 | [3] | Sep. 30, 2015 | [3] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [4] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Interest expense, net | $ (520) | $ (555) | $ (607) | |||||||||||||||||||
Noncontrolling interests / equity earnings adjustment (a) | [1] | 1 | 8 | 2 | ||||||||||||||||||
Corporate items, net | 67 | 34 | 49 | |||||||||||||||||||
Corporate special items, net | 46 | 238 | 320 | |||||||||||||||||||
Non-operating pension expense | 610 | 258 | 212 | |||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ 280 | $ 373 | $ (14) | $ 317 | $ 265 | $ 329 | $ 266 | $ 406 | 956 | [2] | 1,266 | [3] | 872 | |||||||||
Operating Segments [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Profit | 2,200 | 2,359 | 2,056 | |||||||||||||||||||
Operating Segments [Member] | Industrial Packaging | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Profit | 1,648 | 1,851 | 1,893 | |||||||||||||||||||
Operating Segments [Member] | Global Cellulose Fibers | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Profit | (179) | 68 | 62 | |||||||||||||||||||
Operating Segments [Member] | Printing Papers | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Profit | 540 | 465 | (77) | |||||||||||||||||||
Operating Segments [Member] | Consumer Packaging | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Profit | 191 | (25) | 178 | |||||||||||||||||||
Corporate and other (b) | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Interest expense, net | $ 520 | $ 555 | $ 601 | |||||||||||||||||||
[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 the following pre-tax charges (gains): 2016In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs $9 $— $— $—India Packaging evaluation write-off — — 17 —Early debt extinguishment costs — — 29 —Write-off of certain regulatory pre-engineering costs — — 8 —Costs associated with the newly acquired pulp business — 5 7 19Asia Box impairment / restructuring 37 28 5 —Gain on sale of investment in Arizona Chemical (8) — — —Turkey mill closure — — — 7Amortization of Weyerhaeuser inventory fair value step-up — — — 19Total $38 $33 $66 $45 | |||||||||||||||||||||
[3] | Includes the following pre-tax charges (gains): 2015In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $— $(14) $7 $15Timber monetization restructuring — — 17 (1)Early debt extinguishment costs — 207 — —Refund and state tax credits — (4) — —IP-Sun JV impairment — — 186 (12)Legal reserve adjustment — — — 15Impairment of Orsa goodwill and trade name intangible — — — 137Other items — 1 1 4Total $— $190 $211 $158 | |||||||||||||||||||||
[4] | Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4Tax expense for cash pension $— $23 $— $—Tax benefit related to IP-Sun JV — — (67) —Other items — 5 — 2Tax impact of other special items — (67) (3) (13)Total $— $(39) $(70) $(11) |
Financial Information By Ind137
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, Restructuring And Other Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | $ 54 | $ 252 | $ 846 |
Operating Segments [Member] | Industrial Packaging | |||
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | 7 | 0 | 7 |
Operating Segments [Member] | Global Cellulose Fibers | |||
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | 0 | 0 | 0 |
Operating Segments [Member] | Printing Papers | |||
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | 0 | 0 | 554 |
Operating Segments [Member] | Consumer Packaging | |||
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | 9 | 10 | 8 |
Corporate | Corporate | |||
Segment Reporting Information [Line Items] | |||
Restructuring and other charges | $ 38 | $ 242 | $ 277 |
Financial Information By Ind138
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 33,093 | $ 30,271 | |
Operating Segments [Member] | Industrial Packaging | |||
Segment Reporting Information [Line Items] | |||
Assets | 14,485 | 14,415 | |
Operating Segments [Member] | Global Cellulose Fibers | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,845 | 1,021 | |
Operating Segments [Member] | Printing Papers | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,965 | 3,724 | |
Operating Segments [Member] | Consumer Packaging | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,739 | 2,120 | |
Corporate and other (b) | Corporate and other (b) | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | $ 9,059 | $ 8,991 |
[1] | Includes corporate assets and assets of businesses held for sale. |
Financial Information By Ind139
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, Capital Spending) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Capital Spending | $ 1,348 | $ 1,487 | $ 1,366 | |
Subtotal | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | 1,329 | 1,435 | 1,305 | |
Corporate and other (b) | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | [1] | 19 | 52 | 61 |
Corporate and other (b) | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | 816 | 858 | 754 | |
Corporate and other (b) | Global Cellulose Fibers | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | 174 | 129 | 75 | |
Corporate and other (b) | Printing Papers | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | 215 | 232 | 243 | |
Corporate and other (b) | Consumer Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | $ 124 | $ 216 | $ 233 | |
[1] | Includes corporate assets and assets of businesses held for sale. |
Financial Information By Ind140
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, (Depreciation, Amortization And Cost of Timber Harvested) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | $ 1,227 | $ 1,294 | $ 1,406 |
Operating Segments [Member] | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | 715 | 725 | 775 |
Operating Segments [Member] | Global Cellulose Fibers | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | 108 | 73 | 76 |
Operating Segments [Member] | Printing Papers | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | 232 | 234 | 291 |
Operating Segments [Member] | Consumer Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | 121 | 215 | 223 |
Corporate and other (b) | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | $ 51 | $ 47 | $ 41 |
[1] | Excludes accelerated depreciation related to the closure and/or repurposing of mills. |
Financial Information By Ind141
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, External Sales By Major Product) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 21,079 | $ 22,365 | $ 23,617 |
Operating Segments [Member] | Industrial Packaging | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 13,815 | 14,177 | 14,642 |
Operating Segments [Member] | Global Cellulose Fibers | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 1,090 | 986 | 1,057 |
Operating Segments [Member] | Printing Papers | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 4,062 | 4,082 | 4,413 |
Operating Segments [Member] | Consumer Packaging | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 1,953 | 2,931 | 3,327 |
Corporate and other (b) | Corporate and other (b) | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 159 | $ 189 | $ 178 |
Financial Information By Ind142
Financial Information By Industry Segment And Geographic Area (Information By Geographic Area, Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 5,381 | $ 5,266 | $ 5,322 | $ 5,110 | $ 5,443 | $ 5,691 | $ 5,714 | $ 5,517 | $ 21,079 | [1] | $ 22,365 | [1] | $ 23,617 | [1] | |
Operating Segments [Member] | United States (e) | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1],[2] | 15,918 | 16,554 | 16,645 | |||||||||||
Operating Segments [Member] | EMEA | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | 2,862 | 2,770 | 3,273 | |||||||||||
Operating Segments [Member] | Pacific Rim and Asia | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | 718 | 1,501 | 1,951 | |||||||||||
Operating Segments [Member] | Americas, other than U.S. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | $ 1,581 | $ 1,540 | $ 1,748 | |||||||||||
[1] | Net sales are attributed to countries based on the location of the seller. | ||||||||||||||
[2] | Export sales to unaffiliated customers were $2.0 billion in 2016, $2.0 billion in 2015 and $2.3 billion in 2014. |
Financial Information By Ind143
Financial Information By Industry Segment And Geographic Area (Information By Geographic Area, Long-Lived Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | $ 14,446 | $ 12,346 |
Operating Segments [Member] | United States (e) | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 11,158 | 9,683 |
Operating Segments [Member] | EMEA | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 1,004 | 827 |
Operating Segments [Member] | Pacific Rim and Asia | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 246 | 353 |
Operating Segments [Member] | Americas, other than U.S. | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 1,663 | 1,085 |
Corporate and other (b) | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | $ 375 | $ 398 |
[1] | Long-Lived Assets includes Forestlands and Plants, Properties and Equipment, net. |
Financial Information By Ind144
Financial Information By Industry Segment And Geographic Area Financial Information By Industry Segment and Geographic Area (Information By Geographic Area, Net Sales Footnotes) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
United States (e) | |||
Segment Reporting Information [Line Items] | |||
Segment reporting information, unaffiliated revenue | $ 2 | $ 2 | $ 2.3 |
Financial Information By Ind145
Financial Information By Industry Segment And Geographic Area (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Equity earnings (loss), net of taxes | $ 198 | $ 117 | $ (200) |
Ilim Holding [Member] | Reportable Subsegments [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity interest | 50.00% | ||
Equity earnings (loss), net of taxes | $ 199 | 131 | (194) |
Foreign currency transaction gain (loss), net of tax | 25 | (75) | (269) |
Equity method investments | 302 | 172 | |
Equity method investment, difference between carrying amount and underlying equity | 164 | 161 | |
Related party transaction, purchases from related party | $ 170 | $ 170 | $ 200 |
Interim Financial Results (Deta
Interim Financial Results (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Net sales | $ 5,381 | $ 5,266 | $ 5,322 | $ 5,110 | $ 5,443 | $ 5,691 | $ 5,714 | $ 5,517 | $ 21,079 | [1] | $ 22,365 | [1] | $ 23,617 | [1] | ||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | 280 | [2] | 373 | [2] | (14) | [2] | 317 | [2] | 265 | [3] | 329 | [3] | 266 | [3] | 406 | [4] | 956 | [2] | 1,266 | [3] | 872 | |
Gain (loss) from discontinued operations | 0 | 0 | 0 | (5) | [5] | 0 | 0 | 0 | 0 | (5) | [5] | 0 | (13) | |||||||||
Net earnings (loss) attributable to International Paper Company | $ 218 | [2],[6] | $ 312 | [2],[6] | $ 40 | [2],[6] | $ 334 | [2],[5],[6] | $ 178 | [3],[4] | $ 220 | [3],[4] | $ 227 | [3],[4] | $ 313 | [4] | $ 904 | [2],[5],[6] | $ 938 | [3],[4] | $ 555 | |
Earnings (loss) from continuing operations | $ 0.53 | [2] | $ 0.76 | [2] | $ 0.10 | [2] | $ 0.82 | [2] | $ 0.43 | [3] | $ 0.53 | [3] | $ 0.54 | [3] | $ 0.74 | [4] | $ 2.21 | [2] | $ 2.25 | [3] | $ 1.33 | |
Gain (loss) from discontinued operations | 0 | 0 | 0 | (0.01) | [5] | 0 | 0 | 0 | 0 | (0.01) | [5] | 0 | (0.03) | |||||||||
Net earnings (loss) | 0.53 | [2],[6] | 0.76 | [2],[6] | 0.10 | [2],[6] | 0.81 | [2],[5],[6] | 0.43 | [3],[4] | 0.53 | [3],[4] | 0.54 | [3],[4] | 0.74 | [4] | 2.20 | [2],[5],[6] | 2.25 | [3],[4] | 1.30 | |
Gain (loss) from discontinued operations | 0 | 0 | 0 | (0.01) | [5] | 0 | 0 | 0 | 0 | (0.01) | [5] | 0 | (0.02) | |||||||||
Net earnings (loss) | 0.53 | [2],[6] | 0.75 | [2],[6] | 0.10 | [2],[6] | 0.81 | [2],[5],[6] | 0.43 | [3],[4] | 0.53 | [3],[4] | 0.54 | [3],[4] | 0.74 | [4] | 2.18 | [2],[5],[6] | 2.23 | [3],[4] | 1.29 | |
Diluted earnings (loss) per share from continuing operations | 0.53 | [2] | 0.75 | [2] | 0.10 | [2] | 0.82 | [2] | 0.43 | [3] | 0.53 | [3] | 0.54 | [3] | 0.74 | [4] | 2.19 | [2] | 2.23 | [3] | $ 1.31 | |
Dividends per share of common stock | 0.4625 | 0.44 | 0.44 | 0.4400 | 0.4400 | 0.4000 | 0.4000 | 0.4000 | 1.7825 | 1.6400 | ||||||||||||
High | 54.68 | 49.90 | 44.60 | 42.09 | 44.83 | 49.49 | 56.49 | 57.90 | 54.68 | 57.90 | ||||||||||||
Low | $ 43.55 | $ 41.08 | $ 39.24 | $ 32.50 | $ 36.76 | $ 37.11 | $ 47.39 | $ 51.35 | $ 32.50 | $ 36.76 | ||||||||||||
[1] | Net sales are attributed to countries based on the location of the seller. | |||||||||||||||||||||
[2] | Includes the following pre-tax charges (gains): 2016In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs $9 $— $— $—India Packaging evaluation write-off — — 17 —Early debt extinguishment costs — — 29 —Write-off of certain regulatory pre-engineering costs — — 8 —Costs associated with the newly acquired pulp business — 5 7 19Asia Box impairment / restructuring 37 28 5 —Gain on sale of investment in Arizona Chemical (8) — — —Turkey mill closure — — — 7Amortization of Weyerhaeuser inventory fair value step-up — — — 19Total $38 $33 $66 $45 | |||||||||||||||||||||
[3] | Includes the following pre-tax charges (gains): 2015In millions Q1 Q2 Q3 Q4Riegelwood mill conversion costs, net of proceeds from sale of the Carolina Coated Bristols brand $— $(14) $7 $15Timber monetization restructuring — — 17 (1)Early debt extinguishment costs — 207 — —Refund and state tax credits — (4) — —IP-Sun JV impairment — — 186 (12)Legal reserve adjustment — — — 15Impairment of Orsa goodwill and trade name intangible — — — 137Other items — 1 1 4Total $— $190 $211 $158 | |||||||||||||||||||||
[4] | Includes the following tax expenses (benefits): 2015 Q1 Q2 Q3 Q4Tax expense for cash pension $— $23 $— $—Tax benefit related to IP-Sun JV — — (67) —Other items — 5 — 2Tax impact of other special items — (67) (3) (13)Total $— $(39) $(70) $(11) | |||||||||||||||||||||
[5] | Includes a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. | |||||||||||||||||||||
[6] | Includes the following tax expenses (benefits): 2016 Q1 Q2 Q3 Q4Cash pension contribution $— $23 $— $—U.S. Federal audit (14) — — —Brazil goodwill (57) — — —International legal entity restructuring — (6) — —Luxembourg tax rate change — — — 31Tax impact of other special items (3) (10) (24) (14)Total $(74) $7 $(24) $17 |
Interim Financial Results (Foot
Interim Financial Results (Footnotes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Business Acquisition [Line Items] | ||||||||||||||
Payments for Legal Settlements | $ 8 | |||||||||||||
Restructuring and other charges | $ 54 | $ 252 | $ 846 | |||||||||||
Write-off of certain regulatory pre-engineering costs | $ 8 | |||||||||||||
Net (gains) losses on sales and impairments of businesses | 5 | $ 28 | 37 | 70 | 174 | 38 | ||||||||
Refund and state tax credits | $ (4) | |||||||||||||
Legal reserve adjustment | $ 15 | |||||||||||||
Impairment of Orsa goodwill and trade name intangible | 0 | 137 | 100 | |||||||||||
Tax audits | (14) | 0 | 0 | |||||||||||
Other Tax Expense (Benefit) | $ 17 | (24) | 7 | (74) | (11) | $ (70) | (39) | |||||||
Income tax provision (benefit) related to special items | (74) | (121) | (453) | |||||||||||
Pre-tax charges (gains) | 45 | 66 | 33 | 38 | 158 | 211 | 190 | $ 0 | ||||||
Inventory adjustment | 19 | |||||||||||||
Industrial Packaging | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Impairment of Orsa goodwill and trade name intangible | 137 | |||||||||||||
Special Items [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Income tax provision (benefit) related to special items | (14) | (24) | (10) | (3) | (51) | (84) | (372) | |||||||
Settlement of tax audits and legislative changes | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Income tax provision (benefit) related to special items | (14) | 0 | 10 | |||||||||||
IP Asia Packaging [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 46 | |||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | IP-Sun JV [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | (12) | 186 | ||||||||||||
Riegelwood mill conversion costs | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Restructuring and other charges | 9 | 15 | 7 | (14) | 8 | [1] | ||||||||
India packaging evaluation write-off | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Restructuring and other charges | 17 | 17 | ||||||||||||
Timber monetization restructuring | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Restructuring and other charges | (1) | 17 | 16 | |||||||||||
Early debt extinguishment costs (see Note 13) | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Restructuring and other charges | 29 | 207 | 29 | 207 | 276 | |||||||||
Gain on sale of investment in Arizona Chemical | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Restructuring and other charges | (8) | (8) | ||||||||||||
Other items | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Restructuring and other charges | 4 | 1 | 1 | 6 | $ 16 | [2] | ||||||||
Turkey mill closure | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Restructuring and other charges | 7 | 7 | [3] | |||||||||||
Weyerhaeuser Pulp Business [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Costs associated with the newly acquired pulp business | 19 | $ 7 | 5 | 28 | ||||||||||
Inventory adjustment | 19 | $ 33 | $ 33 | |||||||||||
Brazil goodwill | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Other Tax Expense (Benefit) | (57) | |||||||||||||
Internal Restructuring [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Other Tax Expense (Benefit) | (6) | |||||||||||||
Cash pension contribution | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Other Tax Expense (Benefit) | $ 23 | 23 | ||||||||||||
Luxembourg tax rate change | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Other Tax Expense (Benefit) | $ 31 | (13) | (3) | (67) | ||||||||||
Settlement of tax audits and legislative changes | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Other Tax Expense (Benefit) | $ (14) | |||||||||||||
Tax benefit related to IP-Sun JV | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Other Tax Expense (Benefit) | $ (67) | |||||||||||||
Other items | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Other Tax Expense (Benefit) | $ 2 | $ 5 | ||||||||||||
[1] | Includes $5 million of severance charges, which is related to 69 employees, $24 million of accelerated depreciation, sale proceeds of $22 million and $1 million of other charges. | |||||||||||||
[2] | Includes $15 million of severance charges related to 908 employees. | |||||||||||||
[3] | Includes $4 million of accelerated depreciation and $3 million of severance charges which is related to 85 employees. |
Schedule II Valuation and Qu148
Schedule II Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Doubtful Accounts, Current [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 70 | $ 82 | $ 109 | |
Additions Charged to Earnings | 9 | 11 | 11 | |
Additions Charged to Other Accounts | 0 | 0 | 0 | |
Deductions from Reserves | (9) | (23) | (38) | [1] |
Balance at End of Period | 70 | 70 | 82 | |
Restructuring Reserves [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 10 | 16 | 51 | |
Additions Charged to Earnings | 3 | 5 | 41 | |
Additions Charged to Other Accounts | 0 | 0 | 0 | |
Deductions from Reserves | (7) | (11) | (76) | [2] |
Balance at End of Period | $ 6 | $ 10 | $ 16 | |
[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. |