Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 412,940,532 | ||
Entity Public Float | $ 23,247,397,657 |
Consolidated Statement Of Opera
Consolidated Statement Of Operations - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
NET SALES | [1] | $ 21,743 | $ 19,495 | $ 20,675 | ||
COSTS AND EXPENSES | ||||||
Cost of products sold | 15,300 | 14,057 | 14,313 | |||
Selling and administrative expenses | 1,653 | 1,484 | 1,539 | |||
Depreciation, amortization and cost of timber harvested | [2] | 1,343 | 1,124 | 1,167 | ||
Distribution expenses | 1,434 | 1,237 | 1,248 | |||
Taxes other than payroll and income taxes | 169 | 154 | 158 | |||
Restructuring and other charges | 67 | 54 | 252 | |||
Impairment of goodwill and other intangibles | 0 | 0 | 137 | |||
Net (gains) losses on sales and impairments of businesses | 9 | 70 | 174 | |||
Litigation settlement | 354 | 0 | 0 | |||
Net bargain purchase gain on acquisition of business | (6) | 0 | 0 | |||
Interest expense, net | 572 | 520 | 555 | |||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY EARNINGS (LOSSES) | 848 | [3] | 795 | [4] | 1,132 | |
Income tax provision (benefit) | (1,085) | 193 | 417 | |||
Equity earnings (loss), net of taxes | 177 | 198 | 117 | |||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 2,110 | 800 | 832 | |||
Discontinued operations, net of taxes | 34 | [5] | 102 | [6] | 85 | |
NET EARNINGS (LOSS) | 2,144 | 902 | 917 | |||
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | (2) | (21) | |||
NET EARNINGS (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | $ 2,144 | [3],[5],[7] | $ 904 | [4],[6],[8] | $ 938 | |
BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||||
Earnings (loss) from continuing operations | $ 5.11 | [3] | $ 1.95 | [4] | $ 2.05 | |
Discontinued operations, net of taxes | 0.08 | [5] | 0.25 | [6] | 0.20 | |
Net earnings (loss) | 5.19 | [3],[5],[7] | 2.20 | [4],[6],[8] | 2.25 | |
DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||||
Earnings (loss) from continuing operations | 5.05 | [3] | 1.93 | [4] | 2.03 | |
Discontinued operations, net of taxes | 0.08 | [5] | 0.25 | [6] | 0.20 | |
Net earnings (loss) | $ 5.13 | [3],[5],[7] | $ 2.18 | [4],[6],[8] | $ 2.23 | |
AMOUNTS ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||||
Earnings (loss) from continuing operations | $ 2,110 | $ 802 | $ 853 | |||
Discontinued operations, net of taxes | 34 | [5] | 102 | [6] | 85 | |
Net earnings (loss) | $ 2,144 | [3],[5],[7] | $ 904 | [4],[6],[8] | $ 938 | |
[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): 2017In millions Q1 Q2 Q3 Q4Gain on sale of investment in ArborGen $— $(14) $— $—Costs associated with the pulp business acquired in 2016 4 5 6 18Amortization of Weyerhaeuser inventory fair value step-up 14 — — —Holmen bargain purchase gain (6) — — —Abandoned property removal 2 5 7 6Kleen Products settlement — 354 — —Asia Foodservice sale — 9 — —Brazil Packaging wood supply accelerated amortization — — 10 —Debt extinguishment costs — — — 83Interest income on income tax refund claims — (4) — (1)Other items — (2) — —Non-operating pension expense 31 34 33 386Total $45 $387 $56 $492 | |||||
[4] | 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 — — — 19Non-operating pension expense 44 487 42 37Total $82 $520 $108 $82 | |||||
[5] | Includes the operating earnings of the North American Consumer Packaging business for the full year. Also includes the following pre-tax charges (gains): 2017In millions Q1 Q2 Q3 Q4North American Consumer Packaging transaction costs $— $— $— $17Non-operating pension expense — — — 45Total $— $— $— $62 | |||||
[6] | Includes the operating earnings of the North American Consumer Packaging business for the full year and a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. | |||||
[7] | Includes the following tax expenses (benefits): 2017 In millions Q1 Q2 Q3 Q4 International legal entity restructuring $15 $— $19 $— Income tax refund claims — (85) — (28) Cash pension contribution — 38 — — International Tax Law Change — — — 9 Tax benefit of Tax Cuts and Jobs Act — — — (1,222) Tax impact of other special items (8) (137) (8) (41) Total $7 $(184) $11 $(1,282) | |||||
[8] | Includes the following tax expenses (benefits): 2016In millions 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) $17 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
NET EARNINGS (LOSS) | $ 2,144 | $ 902 | $ 917 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | |||
Change in cumulative foreign currency translation adjustment | 177 | 260 | (1,042) |
Net gains/losses on cash flow hedging derivatives: | |||
Net gains (losses) arising during the period (less tax of $4, $3 and $3) | 15 | (6) | (3) |
Reclassification adjustment for (gains) losses included in net earnings (less tax of $2, $3 and $8) | (7) | (7) | 12 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 730 | 344 | (1,068) |
Comprehensive Income (Loss) | 2,874 | 1,246 | (151) |
Net (Earnings) Loss Attributable to Noncontrolling Interests | 0 | 2 | 21 |
Other Comprehensive (Income) Loss Attributable to Noncontrolling Interests | (1) | 2 | 6 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | 2,873 | 1,250 | (124) |
Domestic Plan [Member] | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | |||
Amortization of pension and postretirement prior service costs and net loss: | 486 | 545 | 296 |
Pension and postretirement liability adjustments: | 56 | (451) | (329) |
Foreign Plan [Member] | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | |||
Pension and postretirement liability adjustments: | $ 3 | $ 3 | $ (2) |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of pension and postretirement prior service costs and net loss: | $ 280 | $ 343 | $ 186 |
Net gains (losses) on cash flow hedging derivatives arising during the period, tax (expense) benefit | (4) | 3 | 3 |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | (2) | (3) | 8 |
Domestic Plan [Member] | |||
Pension and postretirement liability adjustments, tax | 69 | (283) | (206) |
Foreign Plan [Member] | |||
Pension and postretirement liability adjustments, tax | $ 1 | $ 4 | $ 0 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and temporary investments | $ 1,018 | $ 1,033 |
Accounts and notes receivable, less allowances of $73 in 2017 and $70 in 2016 | 3,287 | 2,852 |
Inventories | 2,313 | 2,233 |
Assets held for sale | 1,377 | 361 |
Other current assets | 282 | 191 |
Total Current Assets | 8,277 | 6,670 |
Plants, Properties and Equipment, net | 13,265 | 13,003 |
Forestlands | 448 | 456 |
Investments | 390 | 360 |
Financial Assets of Special Purpose Entities (Note 12) | 7,051 | 7,033 |
Long-Term Assets Held for Sale | 0 | 1,018 |
Goodwill | 3,411 | 3,364 |
Deferred Charges and Other Assets | 1,061 | 1,189 |
TOTAL ASSETS | 33,903 | 33,093 |
Current Liabilities | ||
Notes payable and current maturities of long-term debt | 311 | 239 |
Accounts payable | 2,458 | 2,199 |
Accrued payroll and benefits | 485 | 401 |
Liabilities held for sale | 805 | 161 |
Other accrued liabilities | 1,043 | 1,069 |
Total Current Liabilities | 5,102 | 4,069 |
Long-Term Liabilities Held for Sale | 0 | 8 |
Long-Term Debt | 10,846 | 11,075 |
Nonrecourse Financial Liabilities of Special Purpose Entities (Note 12) | 6,291 | 6,284 |
Deferred Income Taxes | 2,291 | 3,127 |
Pension Benefit Obligation | 1,939 | 3,400 |
Postretirement and Postemployment Benefit Obligation | 326 | 330 |
Other Liabilities | 567 | 441 |
Commitments and Contingent Liabilities (Note 11) | ||
Equity | ||
Common stock $1 par value, 2017 - 448.9 shares & 2016 – 448.9 shares | 449 | 449 |
Paid-in capital | 6,206 | 6,189 |
Retained earnings | 6,180 | 4,818 |
Accumulated other comprehensive loss | (4,633) | (5,362) |
Total Shareholders' Equity Before Treasury Stock | 8,202 | 6,094 |
Less: Common stock held in treasury, at cost, 2017 – 35.975 shares and 2016 – 37.671 shares | 1,680 | 1,753 |
Total International Paper Shareholders’ Equity | 6,522 | 4,341 |
Noncontrolling interests | 19 | 18 |
Total Equity | 6,541 | 4,359 |
TOTAL LIABILITIES AND EQUITY | $ 33,903 | $ 33,093 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowances | $ 73 | $ 70 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares | 448,900 | 448,900 |
Common stock held in treasury, shares | 35,975 | 37,671 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net earnings (loss) | $ 2,144 | $ 902 | $ 917 |
Depreciation, amortization, and cost of timber harvested | 1,423 | 1,227 | 1,294 |
Deferred income tax provision (benefit), net | (1,113) | 136 | 281 |
Restructuring and other charges | 67 | 54 | 252 |
Pension plan contribution | (1,250) | (750) | (750) |
Periodic pension expense, net | 717 | 809 | 461 |
Net bargain purchase gain on acquisition of business | (6) | 0 | 0 |
Net (gains) losses on sales and impairments of businesses | 9 | 70 | 174 |
Ilim dividends received | 133 | 58 | 35 |
Equity (earnings) losses, net of taxes | (177) | (198) | (117) |
Impairment of goodwill and other intangible assets | 0 | 0 | 137 |
Other, net | 212 | 99 | 118 |
Changes in current assets and liabilities | |||
Accounts and notes receivable | (370) | (94) | 7 |
Inventories | (87) | 11 | (131) |
Accounts payable and accrued liabilities | 114 | 98 | (89) |
Interest payable | 1 | 41 | (17) |
Other | (60) | 15 | 8 |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | 1,757 | 2,478 | 2,580 |
INVESTMENT ACTIVITIES | |||
Invested in capital projects | (1,391) | (1,348) | (1,487) |
Acquisitions, net of cash acquired | (45) | (2,228) | 0 |
Proceeds from divestitures | 4 | 108 | 23 |
Investment in Special Purpose Entities | 0 | 0 | (198) |
Proceeds from sale of fixed assets | 26 | 19 | 37 |
Other | 15 | (49) | (114) |
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES | (1,391) | (3,498) | (1,739) |
FINANCING ACTIVITIES | |||
Repurchase of common stock and payments of restricted stock tax withholding | (47) | (132) | (605) |
Issuance of common stock | 0 | 0 | 2 |
Issuance of debt | 1,907 | 3,830 | 6,873 |
Reduction of debt | (1,424) | (1,938) | (6,947) |
Change in book overdrafts | 26 | 0 | (14) |
Dividends paid | (769) | (733) | (685) |
Debt tender premiums paid | (84) | (31) | (211) |
Other | (8) | (14) | (14) |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | (399) | 982 | (1,601) |
Effect of Exchange Rate Changes on Cash | 18 | 21 | (71) |
Change in Cash and Temporary Investments | (15) | (17) | (831) |
Cash and Temporary Investments | |||
Beginning of the period | 1,033 | 1,050 | 1,881 |
End of the period | $ 1,018 | $ 1,033 | $ 1,050 |
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, 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 |
Issuance of stock for various plans, net | 162,000,000 | 0 | 42,000,000 | 0 | 0 | (120,000,000) | 162,000,000 | 0 |
Repurchase of stock | (47,000,000) | 0 | 0 | 0 | 0 | 47,000,000 | (47,000,000) | 0 |
Dividends, Common Stock, Cash | (782,000,000) | 0 | 0 | (782,000,000) | 0 | 0 | (782,000,000) | 0 |
Transactions of equity method investees | (25,000,000) | 0 | (25,000,000) | 0 | 0 | 0 | (25,000,000) | 0 |
Comprehensive income (loss) | 2,874,000,000 | 0 | 0 | 2,144,000,000 | 729,000,000 | 0 | 2,873,000,000 | 1,000,000 |
Ending Balance at Dec. 31, 2017 | $ 6,541,000,000 | $ 449,000,000 | $ 6,206,000,000 | $ 6,180,000,000 | $ (4,633,000,000) | $ 1,680,000,000 | $ 6,522,000,000 | $ 19,000,000 |
Summary Of Business And Signifi
Summary Of Business And Significant Accounting Policies (Note) | 12 Months Ended |
Dec. 31, 2017 | |
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, North Africa, India and Russia. 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. On January 1, 2018, the Company completed the previously announced transfer of its North American Consumer Packaging business, which includes its North American Coated Paperboard and Foodservice businesses, to a subsidiary of Graphic Packaging Holding Company. The Company received a 20.5% ownership interest in a subsidiary of Graphic Packaging Holding Company that holds the assets of the combined business. As a result of this transfer, all current and prior year amounts have been adjusted to reflect the North American Consumer Packaging business as a discontinued operation. See Note 7 for further discussion. CONSOLIDATION The consolidated financial statements include the accounts of International Paper and its wholly-owned, controlled majority-owned and financially controlled subsidiaries. All significant intercompany balances and transactions are eliminated. Investments in affiliated companies where the Company has significant influence over their operations are accounted for by the equity method. International Paper’s share of affiliates’ results of operations totaled earnings (loss) of $177 million , $198 million and $117 million in 2017 , 2016 and 2015 , 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. GOODWILL 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. The Company has the option to assess goodwill for impairment by first performing a qualitative ("Step 0") assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amounts, then the two-step goodwill impairment test is not required to be performed. If the company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company does not elect the option to perform an initial qualitative assessment, the Company performs the two-step goodwill impairment test. 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, if any. The Company performed its annual testing of its reporting units for possible goodwill impairments by applying the qualitative Step 0 analysis to its reporting units as of October 1, 2017. For the current year test, the Company assessed various assumptions, events and circumstances that would have affected the estimated fair value of the reporting units. The results of this assessment indicated that it is not more likely than not that the fair values of the Company's reporting units were less than the carrying values of the reporting units. In addition, the Company considered whether there were any events or circumstances subsequent to the annual test that would reduce the fair value of its reporting units below their carrying amounts and necessitate another goodwill impairment test. In consideration of all relevant factors, there were no indicators that would require goodwill impairment subsequent to October 1, 2017. 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 adjustments 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 estimable. 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, 2017 | |
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. COMPREHENSIVE INCOME In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This guidance gives entities the option to reclassify stranded tax effects caused by the newly-enacted U.S. Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. This guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years. The Company is currently evaluating the provisions of this guidance. DERIVATIVES AND HEDGING In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." The objective of this new guidance is the improvement of the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. In addition to that main objective, the amendments in this guidance make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. This guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. The Company early adopted the provisions of this guidance effective January 1, 2018, with no material impact on the financial statements. RETIREMENT BENEFITS In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Cost." Under this new guidance, employers will present the service costs component of the net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Employers will present the other components separately from the Line item(s) that includes the service cost and outside of any subtotal of operating income. In addition, disclosure of the Line(s) used to present the other components of net periodic benefit cost will be required if the components are not presented separately in the income statement. This guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted as of the beginning of an annual period for which financial statement (interim or annual) have not been issued or made available for issuance. The Company adopted the provisions of the guidance on January 1, 2018, using the retrospective method. The adoption resulted in a change in our adjusted operating profit (used to measure the earnings performance of the Company's business segments), which is offset by a corresponding change in non-operating pension expense to reflect the impact of presenting the amortization of the prior service cost component of net periodic pension expense outside of operating income. This guidance had no impact on our statements of financial position or cash flows. INTANGIBLES In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This guidance eliminates the requirement to calculate the implied fair value of goodwill under Step 2 of today's goodwill impairment test to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. This guidance should be applied prospectively and is effective for annual reporting periods beginning after December 15, 2019, for any impairment test performed in 2020. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently evaluating the provisions of this guidance; however, we do not anticipate adoption having a material impact on the financial statements. 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. Early adoption is permitted. The Company does not expect that the adoption of this standard will result in a material impact on the financial statements. STOCK COMPENSATION In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): "Scope of Modification Accounting." This guidance clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under this guidance, entities will apply the modification accounting guidance if the value, vesting conditions or classification of the award changes. This guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted, including in any interim period. The Company adopted the provisions of this guidance on January 1, 2018, with no material impact on the 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 January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805) - Clarifying the Definition of a Business." Under the new guidance, an entity must first determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of transferred assets and activities is not a business. If this threshold is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. This guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company adopted the provisions of this guidance on January 1, 2018 with no material impact on the 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 have evaluated the impact of ASU 2014-09 and all related ASUs on our consolidated financial statements. The Company's transition team, including representatives from all of our business segments, has finalized its review and analysis of the impact of the standard on our revenue contracts. Surveys were developed and reviews of customer contracts were performed in order to gather information and identify areas of the Company's business where potential differences could result in applying the requirements of the new standard to its revenue contracts. The results of the surveys, contract reviews and legal analysis indicate that the adoption of the standard will require acceleration of revenue for products produced by the Company without an alternative future use and where the Company has a legally enforceable right of payment for production of products completed to date. The Company adopted the new revenue guidance effective January 1, 2018, using the modified retrospective transition method. Due to the repetitive nature of our sales, we do not expect the impact of this acceleration to significantly alter our reported sales over time. In addition, we do not expect the net impact of adoption to have a material impact on our consolidated results. |
Earnings Per Share Attributable
Earnings Per Share Attributable To International Paper Company Common Shareholders (Note) | 12 Months Ended |
Dec. 31, 2017 | |
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 were converted into common shares. There are no adjustments required to be made to net income for purposes of computing basic and diluted EPS. 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 2017 2016 2015 Earnings (loss) from continuing operations attributable to International Paper common shareholders $ 2,110 $ 802 $ 853 Weighted average common shares outstanding 412.7 411.1 417.4 Effect of dilutive securities: Restricted performance share plan 5.0 4.5 3.2 Weighted average common shares outstanding – assuming dilution 417.7 415.6 420.6 Basic earnings (loss) per share from continuing operations $ 5.11 $ 1.95 $ 2.05 Diluted earnings (loss) per share from continuing operations $ 5.05 $ 1.93 $ 2.03 |
Other Comprehensive Income (Not
Other Comprehensive Income (Note) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income [Note Text Block] | NOTE 4 OTHER COMPREHENSIVE INCOME The following table presents changes in AOCI, net of tax, reported in the consolidated financial statements for the years ended December 31: In millions 2017 2016 2015 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (3,072 ) $ (3,169 ) $ (3,134 ) Other comprehensive income (loss) before reclassifications 59 (448 ) (331 ) Amounts reclassified from accumulated other comprehensive income 486 545 296 Balance at end of period (2,527 ) (3,072 ) (3,169 ) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (2,287 ) (2,549 ) (1,513 ) Other comprehensive income (loss) before reclassifications 178 263 (1,002 ) Amounts reclassified from accumulated other comprehensive income (1 ) (3 ) (40 ) Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest (1 ) 2 6 Balance at end of period (2,111 ) (2,287 ) (2,549 ) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period (3 ) 10 1 Other comprehensive income (loss) before reclassifications 15 (6 ) (3 ) Amounts reclassified from accumulated other comprehensive income (7 ) (7 ) 12 Balance at end of period 5 (3 ) 10 Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (4,633 ) $ (5,362 ) $ (5,708 ) Reclassifications out of AOCI for the three years ended December 31 were as follows: Amount Reclassified from Accumulated Other Comprehensive Income Location of Amount Reclassified from AOCI 2017 2016 2015 In millions Defined benefit pension and postretirement items: Prior-service costs $ (33 ) $ (37 ) $ (33 ) (a) Cost of products sold Actuarial gains/(losses) (733 ) (851 ) (449 ) (a) Cost of products sold Total pre-tax amount (766 ) (888 ) (482 ) Tax (expense)/benefit 280 343 186 Net of tax (486 ) (545 ) (296 ) Change in cumulative foreign currency translation adjustments: Business acquisitions/divestiture 1 3 40 Net (gains) losses on sales and impairments of businesses Tax (expense)/benefit — — — Net of tax 1 3 40 Net gains and losses on cash flow hedging derivatives: Foreign exchange contracts 9 10 (20 ) (b) Cost of products sold Total pre-tax amount 9 10 (20 ) Tax (expense)/benefit (2 ) (3 ) 8 Net of tax 7 7 (12 ) Total reclassifications for the period, net of tax $ (478 ) $ (535 ) $ (268 ) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for additional details). (b) 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, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | NOTE 5 RESTRUCTURING CHARGES AND OTHER ITEMS 2017: During 2017, restructuring and other charges totaling $67 million before taxes were recorded. These charges included: In millions 2017 Early debt extinguishment costs (see Note 13) $ 83 Gain on sale of investment in ArborGen (14 ) Other (2 ) Total $ 67 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. |
Acquisitions And Joint Ventures
Acquisitions And Joint Ventures (Note) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions And Joint Ventures | NOTE 6 ACQUISITIONS AND JOINT VENTURES TANGIER, MOROCCO FACILITY 2017: On June 30, 2017, the Company completed the acquisition of Europac's Tangier, Morocco facility, a corrugated packaging facility, for €40 million (approximately $46 million using the June 30, 2017 exchange rate). After working capital and other post-close adjustments, final consideration exchanged was €33 million (approximately $38 million using the June 30, 2017 exchange rate). The following table summarizes the provisional fair value assigned to assets and liabilities acquired as of June 30, 2017: In millions June 30, 2017 Cash and temporary investments $ 1 Accounts and notes receivable 7 Inventory 3 Plants, properties and equipment 32 Goodwill 4 Other intangible assets 5 Deferred charges and other assets 4 Total assets acquired 56 Accounts payable and accrued liabilities 5 Long-term debt 11 Other long-term liabilities 2 Total liabilities assumed 18 Net assets acquired $ 38 Adjustments, if any, to provisional amounts will be finalized within the measurement period of up to one year from the acquisition date. Since the date of acquisition, Net sales of $6 million and Earnings (loss) from continuing operations before income taxes and equity earnings of $(1) million from the acquired business have been included in the Company's consolidated statement of operations for the year ended December 31, 2017. Pro forma information related to the acquisition of the Europac business 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. 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 following table summarizes the final fair values assigned to assets and liabilities acquired as of December 1, 2016: In millions December 1, 2016 Cash and temporary investments $ 12 Accounts and notes receivable 195 Inventory 238 Other current assets 11 Plants, properties and equipment 1,711 Goodwill 52 Other intangible assets 212 Deferred charges and other assets 6 Total assets acquired 2,437 Accounts payable and accrued liabilities 114 Long-term debt 104 Other long-term liabilities 28 Total liabilities assumed 246 Net assets acquired $ 2,191 In connection with the allocation of fair value, inventories were written up by $33 million to their estimated fair value. During 2017 and 2016, $14 million before taxes ( $8 million after taxes) and $19 million before taxes ( $12 million after taxes), respectively, 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 are included in the Company's consolidated statement of operations for the year ended December 31, 2016. 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 $20.8 billion and $22.2 billion and Earnings (loss) from continuing operations before income taxes and equity earnings of $942 million and $1.3 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 , including $12 million of deal costs. 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. 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 acquisition 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 is in the process of converting the mill to produce recycled containerboard with an expected capacity of 440,000 tons. Once completed, the converted mill will support the Company's corrugated packaging business in EMEA. The Company's aggregate 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 assignment of fair value to assets acquired and liabilities assumed was completed in the first quarter of 2017 and is presented in the table below. In millions June 30, 2016 Current assets $ 14 Equity method investments 14 Plants, properties and equipment 60 Other long-term assets 5 Total assets acquired 93 Short-term liabilities 9 Long-term liabilities 16 Total liabilities assumed 25 Net assets acquired $ 68 The final fair values assigned indicated that the sum of the cash consideration paid was less than the fair value of the underlying net assets, after adjustments, by $6 million , resulting in a bargain purchase gain being recorded on this transaction. 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. The Company has accounted for the above acquisitions under ASC 805, "Business Combinations" and the results of operations have been included in International Paper's financial statements beginning with the dates of acquisition. |
Divestitures Discontinued Opera
Divestitures Discontinued Operations and Disposal Groups (Note) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 7 DIVESTITURES DISCONTINUED OPERATIONS 2017: On January 1, 2018, the Company completed the previously announced transfer of its North American Consumer Packaging business, which includes its North American Coated Paperboard and Foodservice businesses, to a subsidiary of Graphic Packaging Holding Company in exchange for a 20.5% ownership interest in a subsidiary of Graphic Packaging Holding Company that holds the assets of the combined business. As part of the transaction, International Paper also received $660 million in cash proceeds from a new loan entered into on December 8, 2017, which the Company used to pay down existing debt. The loan was subsequently assumed by Graphic Packaging International, LLC on the transaction closing date and is classified as Liabilities held for sale in the accompanying consolidated balance sheet as of December 31, 2017 . International Paper will account for its ownership interest in the combined business under the equity method. The Company has not finalized the fair value of its investment in the combined business, but expects to record a gain on the transfer in the first quarter of 2018. The North American Consumer Packaging business was historically presented in the Company's Consumer Packaging segment. For further discussion of the transaction's impact to segment reporting, see Note 19 . All current and historical operating results for North American Consumer Packaging 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 transfer of the North American Consumer Packaging business for all periods presented in the consolidated statement of operations: In millions 2017 2016 2015 Net Sales $ 1,559 $ 1,584 $ 1,690 Costs and Expenses Cost of products sold 1,179 1,095 1,155 Selling and administrative expenses 110 91 106 Depreciation, amortization and cost of timber harvested 80 103 127 Distribution expenses 126 124 158 Taxes other than payroll and income taxes 11 10 10 Interest expense, net 1 — — Earnings (Loss) Before Income Taxes and Equity Earnings 52 161 134 Income tax provision (benefit) 18 54 49 Discontinued Operations, Net of Taxes $ 34 $ 107 $ 85 All current and historical assets and liabilities of North American Consumer Packaging are classified as current and long-term assets held for sale and current and long-term liabilities held for sale in the accompanying consolidated balance sheet. The following summarizes the major classes of assets and liabilities of North American Consumer Packaging reconciled to total Assets held for sale and total Liabilities held for sale in the accompanying consolidated balance sheet: In millions 2017 2016 Accounts and notes receivable $ 143 $ 149 Inventories 185 205 Other current assets 3 7 Current assets held for sale 331 361 Plants, properties and equipment 1,021 987 Deferred charges and other assets 25 31 Long-term assets held for sale 1,046 (a) 1,018 Total Assets Held for Sale $ 1,377 $ 1,379 Accounts payable $ 104 $ 110 Accrued payroll and benefits 25 29 Other accrued liabilities 17 22 Current liabilities held for sale 146 161 Long-term debt 651 — Other liabilities 8 8 Long-term liabilities held for sale 659 (a) 8 Total Liabilities Held for Sale $ 805 $ 169 (a) As a result of the January 1, 2018 transfer of the North American Consumer Packaging business, these amounts have been included in current assets held for sale of $1.4 billion and current liabilities held for sale of $805 million in the accompanying consolidated balance sheet as of December 31, 2017. Total cash provided by operations related to the North American Consumer Packaging business of $207 million , $268 million and $197 million for 2017, 2016 and 2015, respectively, is included in Cash Provided By (Used For) Operations in the consolidated statement of cash flows. Total cash used for investing activities related to the North American Consumer Packaging business of $111 million , $114 million and $178 million for 2017, 2016 and 2015, respectively, is included in Cash Provided By (Used For) Investing Activities in the consolidated statement of cash flows. OTHER DIVESTITURES AND IMPAIRMENTS 2017: On September 7, 2017, the Company completed the sale of its foodservice business in China to Huhtamaki Hong Kong Limited. Proceeds received totaled approximately RMB 129 million ( $18 million using the September 30, 2017 exchange rate). Under the terms of the transaction, and after post-closing adjustments, International Paper received approximately RMB 49 million in exchange for its ownership interest in two China foodservice entities and RMB 80 million for the sale of notes receivable from the acquired entities. Subsequent to the announced agreement in June 2017, a determination was made that the current book value of the asset group exceeded its estimated fair value of $7 million , which was the agreed upon selling price. As a result, a pre-tax charge of $9 million was recorded during the second quarter of 2017, to write down the long-lived assets of this business to their estimated fair value. Amounts related to this business included in the Company's statement of operations were immaterial for all periods presented. 2016: On June 30, 2016, the Company completed the sale of its corrugated packaging business in China and Southeast Asia to Xiamen Bridge Hexing Equity Investment Partnership Enterprise. 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 which are payable up to three years from the closing of the sale. The remaining balance of the outstanding loans payable to International Paper as of December 31, 2017, totaled $9 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 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 amount of pre-tax losses related to the IP Asia Packaging business included in the Company's consolidated statement of operations were $83 million , and $8 million for years ended December 31, 2016 and 2015. 2015: On October 13, 2015 , the Company finalized the sale of its 55% interest in IP Asia Coated Paperboard (IP-Sun JV) business 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 its 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 year ended December 31, 2015 was $19 million . The amount of pre-tax losses related to the IP-Sun JV included in the Company's consolidated statement of operations for the year ended December 31, 2015 was $226 million . |
Supplementary Financial Stateme
Supplementary Financial Statement Information (Note) | 12 Months Ended |
Dec. 31, 2017 | |
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 $661 million and $757 million at December 31, 2017 and 2016 , respectively. ACCOUNTS AND NOTES RECEIVABLE Accounts and notes receivable, net of allowances, by classification were: In millions at December 31 2017 2016 Accounts and notes receivable: Trade $ 3,017 $ 2,612 Other 270 240 Total $ 3,287 $ 2,852 INVENTORIES In millions at December 31 2017 2016 Raw materials $ 274 $ 286 Finished pulp, paper and packaging products 1,337 1,231 Operating supplies 615 616 Other 87 100 Inventories $ 2,313 $ 2,233 The last-in, first-out inventory method is used to value most of International Paper’s U.S. inventories. Approximately 71% of total raw materials and finished products inventories were valued using this method. The last-in, first-out inventory reserve was $293 million and $290 million at December 31, 2017 and 2016 , respectively. PLANTS, PROPERTIES AND EQUIPMENT In millions at December 31 2017 2016 Pulp, paper and packaging facilities $ 32,523 $ 30,943 Other properties and equipment 1,291 1,308 Gross cost 33,814 32,251 Less: Accumulated depreciation 20,549 19,248 Plants, properties and equipment, net $ 13,265 $ 13,003 Annual straight-line depreciable lives generally are, for buildings - 20 to 40 years, and for machinery and equipment - 3 to 20 years. Depreciation expense was $1.2 billion , $1.0 billion and $1.1 billion for the years ended December 31, 2017 , 2016 and 2015 , respectively. Cost of products sold excludes depreciation and amortization expense. INTEREST Interest payments of $782 million , $682 million and $680 million were made during the years ended December 31, 2017 , 2016 and 2015 , respectively. Amounts related to interest were as follows: In millions 2017 2016 2015 Interest expense (a) $ 758 $ 695 $ 644 Interest income (a) 186 175 89 Capitalized interest costs 25 28 25 (a) Interest expense and interest income exclude approximately $25 million in 2015 related to investments in and borrowings from variable interest entities for which the Company has a legal right of offset (see Note 12 ). ASSET RETIREMENT OBLIGATIONS At December 31, 2017 and December 31, 2016, we had recorded liabilities of $86 million and $83 million , respectively, related to asset retirement obligations. |
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Note) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangibles | NOTE 9 GOODWILL AND OTHER INTANGIBLES GOODWILL The following table presents changes in the goodwill balances as allocated to each business segment for the years ended December 31, 2017 and 2016 : In millions Industrial Packaging Global Cellulose Fibers Printing Papers Total Balance as of December 31, 2015 Goodwill $ 3,384 $ — $ 2,124 $ 5,508 Accumulated impairment losses (296 ) — (1,877 ) (2,173 ) 3,088 — 247 3,335 Reclassifications and other (a) (4 ) — 33 29 Additions/reductions (5 ) (b) 19 (c) (14 ) (d) — Impairment loss — — — — Balance as of December 31, 2016 Goodwill 3,375 19 2,143 5,537 Accumulated impairment losses (296 ) — (1,877 ) (2,173 ) 3,079 19 266 3,364 Reclassifications and other (a) 3 — 8 11 Additions/reductions 4 (e) 33 (c) (1 ) 36 Impairment loss — — — — Balance as of December 31, 2017 Goodwill 3,382 52 2,150 5,584 Accumulated impairment losses (296 ) — (1,877 ) (2,173 ) Total $ 3,086 $ 52 $ 273 $ 3,411 (a) Represents the effects of foreign currency translations and reclassifications. (b) Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in the U.S. (c) Reflects the acquisition and purchase price adjustments of the newly acquired pulp business. (d) Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. (e) Reflects the acquisition of the newly acquired Moroccan box plant. OTHER INTANGIBLES Identifiable intangible assets comprised the following: 2017 2016 In millions at December 31 Gross Carrying Amount Accumulated Amortization Net Intangible Assets Gross Carrying Amount Accumulated Amortization Net Intangible Assets Customer relationships and lists $ 610 $ 247 $ 363 $ 605 $ 211 $ 394 Non-compete agreements 72 72 — 69 64 5 Tradenames, patents and trademarks, and developed technology 172 72 100 173 56 117 Land and water rights 8 2 6 10 2 8 Software 24 23 1 21 20 1 Other 38 26 12 48 26 22 Total $ 924 $ 442 $ 482 $ 926 $ 379 $ 547 The Company recognized the following amounts as amortization expense related to intangible assets: In millions 2017 2016 2015 Amortization expense related to intangible assets $ 77 $ 54 $ 60 Based on current intangibles subject to amortization, estimated amortization expense for each of the succeeding years is as follows: 2018 – $55 million , 2019 – $52 million , 2020 – $51 million , 2021 – $51 million , 2022 – $49 million , and cumulatively thereafter – $217 million . |
Income Taxes (Note)
Income Taxes (Note) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 2015 Earnings (loss) U.S. $ 297 $ 411 $ 1,013 Non-U.S. 551 384 119 Earnings (loss) from continuing operations before income taxes and equity earnings $ 848 $ 795 $ 1,132 On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("the Tax Act.") The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35% to 21% ; (2) requiring companies to pay a one-time deemed repatriation transition tax (the “Transition Tax”) on certain earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (5) eliminating the corporate alternative minimum tax (“AMT”) and changing how AMT credits can be realized; (6) capital expensing; (7) eliminating the deduction on U.S. manufacturing activities; and (8) creating new limitations on deductible interest expense and executive compensation. The Securities Exchange Commission staff issued Staff Accounting Bulletin (“SAB”) 118 which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. In connection with our initial analysis of the impact of the Tax Act, we have recorded a provisional net tax benefit of $1.22 billion in the period ending December 31, 2017. The net tax benefit primarily consists of a net tax benefit for the re-measurement of U.S. deferred taxes of $1.454 billion and an expense for the Transition Tax of $231 million . For various reasons that are discussed more fully below, we have not completed our accounting for the income tax effects of the Tax Act. Our accounting for the following elements of the Tax Act is incomplete. However, we were able to make reasonable estimates of those elements and, therefore, recorded provisional adjustments as follows: Reduction of U.S. federal corporate tax rate: The Tax Act reduces the corporate tax rate to 21% , effective January 1, 2018. For certain of our deferred tax assets and liabilities, we have recorded a provisional net decrease of $1.451 billion with a corresponding adjustment to deferred income tax benefit in the same amount for the year ended December 31, 2017. While we are able to make a reasonable estimate of the impact of the reduction in the corporate rate, it may be affected by other analysis related to the Tax Act, including but not limited to, the state tax effect of adjustments made to federal temporary differences. Deemed Repatriation Transition Tax: This is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of foreign subsidiaries. To determine the amount of the transition tax, we must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. We are able to make a reasonable estimate of the Transition Tax and recorded a provisional Transition Tax obligation of $231 million . The provisional amount of current tax liability related to the Transition Tax recorded in Other accrued liabilities is $17 million . However, we are continuing to gather additional information, which may result in our ability to more precisely compute the amount of the Transition Tax. Valuation Allowances: The Company has assessed whether its U.S. state and local income tax valuation allowance analysis is affected by various aspects of the Tax Act (e.g. deemed repatriation of foreign income, acceleration of cost recovery). Since, as discussed herein, the Company has recorded provisional amounts related to elements of the Tax Act, any corresponding determination of the need for or change in a valuation allowance is also provisional. For certain of our state deferred tax assets, we have recorded a net $3 million provisional decrease in the recorded valuation allowance with a corresponding adjustment to deferred income tax benefit in the same amount for the year ended December 31, 2017. While we are able to make a reasonable estimate of the impact of the Tax Act on state attributes, the resolution of, or changes from, other factors noted herein may result in changes in our recorded valuation allowance. The Tax Act may impact decisions surrounding the Company’s permanent reinvestment assertions related to its foreign investments and could have an impact on the Company’s accounting for untaxed outside basis differences. We previously considered the earnings in our non-U.S. subsidiaries to be permanently reinvested, and, accordingly deferred income taxes were not provided for such basis differences which totaled approximately $5.9 billion at December 31, 2016. While the transition tax resulted in a reduction in these basis differences, an actual repatriation from our non-U.S. subsidiaries could still be subject to additional taxes, including, but not limited to, foreign withholding taxes and U.S. state income taxes. In light of the Tax Act, the Company is evaluating its global cash management and non-U.S. repatriation strategy but we have yet to determine whether we plan to change our prior assertion. Accordingly, we have not recorded any deferred taxes attributable to our investments in our non-U.S. subsidiaries. These estimates may change materially due to, among other things, further clarification of existing guidance that may be issued by U.S. taxing authorities or regulatory bodies and/or changes in interpretations and assumptions we have preliminarily made. We will continue to analyze the Tax Act to finalize its financial statement impact, including the mandatory deemed repatriation of foreign earnings, re-measurement of deferred taxes and all other provisions of the legislation and will record the effects of any changes to provisional amounts in the period we can complete our analysis or are first able to make a reasonable estimate, but no later than December 2018. The provision (benefit) for income taxes from continuing operations (excluding noncontrolling interests) by taxing jurisdiction was as follows: In millions 2017 2016 2015 Current tax provision (benefit) U.S. federal $ (73 ) $ (7 ) $ 35 U.S. state and local (23 ) (12 ) 3 Non-U.S. 112 76 111 $ 16 $ 57 $ 149 Deferred tax provision (benefit) U.S. federal $ (1,150 ) $ 134 $ 306 U.S. state and local 9 27 32 Non-U.S. 40 (25 ) (70 ) $ (1,101 ) $ 136 $ 268 Income tax provision (benefit) $ (1,085 ) $ 193 $ 417 The Company’s deferred income tax provision (benefit) includes a $1.459 billion benefit, a $18 million provision and a $3 million provision for 2017 , 2016 and 2015 , respectively, for the effect of various changes in non-U.S. and U.S. federal and state tax rates. International Paper made income tax payments, net of refunds, of $7 million , $90 million and $149 million in 2017 , 2016 and 2015 , 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 2017 2016 2015 Earnings (loss) from continuing $ 848 $ 795 $ 1,132 Statutory U.S. income tax rate 35 % 35 % 35 % Tax expense (benefit) using statutory U.S. income tax rate 297 278 396 State and local income taxes (7 ) 8 20 Tax rate and permanent differences on non-U.S. earnings (36 ) (26 ) (44 ) Net U.S. tax on non-U.S. dividends 44 21 12 Tax expense (benefit) on manufacturing activities 23 (10 ) (12 ) Non-deductible business expenses 7 9 8 Non-deductible impairments — — 109 Sale of non-strategic assets — 12 (61 ) Tax audits — (14 ) — U.S. federal tax rate change (1,451 ) — — Foreign tax credits (96 ) (11 ) — Subsidiary liquidation — (63 ) — Deemed repatriation, net of foreign tax credits 231 — — General business and other tax credits (86 ) (15 ) (15 ) Other, net (11 ) 4 4 Income tax provision (benefit) $ (1,085 ) $ 193 $ 417 Effective income tax rate (128 )% 24 % 37 % The tax effects of significant temporary differences, representing deferred income tax assets and liabilities at December 31, 2017 and 2016 , were as follows: In millions 2017 2016 Deferred income tax assets: Postretirement benefit accruals $ 102 $ 165 Pension obligations 516 1,344 Alternative minimum and other tax credits 416 270 Net operating and capital loss carryforwards 665 662 Compensation reserves 174 257 Other 139 251 Gross deferred income tax assets 2,012 2,949 Less: valuation allowance (a) (429 ) (403 ) Net deferred income tax asset $ 1,583 $ 2,546 Deferred income tax liabilities: Intangibles $ (139 ) $ (231 ) Plants, properties and equipment (2,000 ) (2,828 ) Forestlands, related installment sales, and investment in subsidiary (1,454 ) (2,260 ) Gross deferred income tax liabilities $ (3,593 ) $ (5,319 ) Net deferred income tax liability $ (2,010 ) $ (2,773 ) (a) The net change in the total valuation allowance for the years ended December 31, 2017 and 2016 was an increase of $26 million and a decrease of $27 million , respectively. 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 was a decrease in deferred income tax assets principally relating to the U.S. tax rate change, the impact of changes in qualified pension liabilities, and the utilization of tax credits and net operating loss carryforwards. Deferred tax liabilities decreased primarily due to the U.S. tax rate change offset by tax greater than book depreciation. Of the $1.5 billion forestlands, related installment sales, and investment in subsidiary deferred tax liability, $884 million is attributable to an investment in subsidiary and relates to a 2006 International Paper installment sale of forestlands and $538 million is attributable to a 2007 Temple-Inland installment sale of forestlands (see Note 12 ). A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2017 , 2016 and 2015 is as follows: In millions 2017 2016 2015 Balance at January 1 $ (98 ) $ (150 ) $ (158 ) (Additions) reductions based on tax positions related to current year (54 ) (4 ) (6 ) Additions for tax positions of prior years (40 ) (3 ) (6 ) Reductions for tax positions of prior years 4 33 7 Settlements 6 19 2 Expiration of statutes of 1 5 4 Currency translation adjustment (7 ) 2 7 Balance at December 31 $ (188 ) $ (98 ) $ (150 ) If the Company were to prevail on the unrecognized tax benefits recorded, substantially all of the balances at December 31, 2017 , 2016 and 2015 would benefit the effective tax rate. 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 $17 million and $22 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at December 31, 2017 and 2016 , respectively. The major jurisdictions where the Company files income tax returns are the United States, Brazil, France, Poland and Russia. Generally, tax years 2006 through 2016 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. International Paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis. The Company recorded a tax benefit of $68 million during 2017 related to Investment Tax Credits earned in tax years 2013-2017. The following details the scheduled expiration dates of the Company’s net operating loss and income tax credit carryforwards: In millions 2018 2028 Indefinite Total U.S. federal and non-U.S. NOLs $ 65 $ 2 $ 432 $ 499 State taxing jurisdiction NOLs 147 68 — 215 U.S. federal, non- 199 18 269 486 U.S. federal and state capital loss carryforwards 2 — — 2 Total $ 413 $ 88 $ 701 $ 1,202 |
Commitments And Contingent Liab
Commitments And Contingent Liabilities (Note) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingent Liabilities | NOTE 11 COMMITMENTS AND CONTINGENT LIABILITIES OPERATING LEASES Certain property, machinery and equipment are leased under cancelable and non-cancelable agreements. At December 31, 2017 , total future minimum commitments under existing non-cancelable operating leases were as follows: In millions 2018 2019 2020 2021 2022 Thereafter Lease obligations $ 130 $ 102 $ 77 $ 53 $ 37 $ 141 Rent expense was $157 million , $150 million and $157 million for 2017 , 2016 and 2015 , 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 $128 million ( $141 million undiscounted) in the aggregate as of December 31, 2017 . Other than as described below, 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 $47 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 reserve referenced above. In October 2012, the Natural Resource Trustees for this site provided notice to International Paper and other PRPs 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. (WMI), are PRPs at the San Jacinto River Waste Pits Superfund Site in Harris County, Texas. The PRPs have been actively participating in the activities at the site and share the costs of these activities. In September 2016, the EPA issued a proposed remedial action plan (PRAP) for the site, which identified 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 impoundment that requires offsite disposal. In January 2017, the PRPs submitted comments on the PRAP. On October 11, 2017, the EPA issued a Record of Decision (ROD) selecting the final remedy for the site: removal and relocation of the waste material from both the northern and southern impoundments. The EPA did not specify the methods or practices needed to perform this work. While the EPA’s selected remedy was accompanied by a cost estimate of approximately $115 million , we do not believe that estimate provides a reasonable basis for accrual under GAAP because the estimate was based on a technological method for performing the work that we believe is not feasible. On October 25, 2017, the PRPs received a letter from the EPA inviting participation in the remedial design component of the EPA’s selected remedy for the site, and the Company plans to participate in this remedial design process to determine if and how the remedy can be accomplished. We expect this process will include additional studies to determine feasible alternatives and costs to complete this final remedy, and we have accrued reasonably estimable costs related to this process. Subsequent to the issuance of the ROD, there have been several meetings between the EPA and the PRPs, and the Company anticipates working with the EPA and other PRPs to develop the remedial design, including adaptive management techniques and a predesign investigation expected to commence in the first quarter of 2018. The objectives of the predesign investigation include filling data gaps (including but not limited to post-Hurricane Harvey technical data generated prior to the ROD and not incorporated into the selected remedy), refining areas and volumes of materials to be addressed, determining if the excavation remedy is able to be implemented in a manner protective of human health and the environment, and investigating potential impacts to infrastructure in the vicinity. The Company has identified a number of concerns and uncertainties regarding the remedy described in the ROD and regarding the EPA’s estimates for the costs and time required to implement the selected remedy. Because of ongoing questions regarding cost effectiveness, technical feasibility, timing and other technical data, it is uncertain how the ROD will be implemented. Consequently, while additional losses are probable as a result of the selected remedy, we are currently unable to determine any adjustment to our immaterial recorded liability. It remains reasonably possible that additional losses could be material as the remedial design process with the EPA continues over the coming quarters. International Paper and MIMC/WMI are also defending an additional lawsuit related to the site brought by approximately 600 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, in any, which may be incurred. Antitrust Containerboard: 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 against ten defendants, including the Company, Temple-Inland and Weyerhaeuser Company. The Ashley Furniture lawsuit closely tracks the allegations found in the now-settled Kleen Products litigation, alleging a practically identical civil violation of Section 1 of the Sherman Act (in particular, that defendants conspired to limit the supply and thereby increase prices of containerboard products), but also asserts Wisconsin state antitrust claims. 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 in the Ashley Furniture and Tennessee lawsuits and is vigorously defending each. At this time, however, because the actions are in a preliminary stage, we are unable to predict an outcome or estimate a range of reasonably possible loss. Contract Signature: In August 2014, a lawsuit captioned Signature Industrial Services LLC et al. v. International Paper Company was filed in state court in Texas. The Signature lawsuit arises out of approximately $1 million in disputed invoices related to the installation of new equipment at the Company's Orange, Texas mill. In addition to the invoices in dispute, Signature and its president allege consequential damages arising from the Company's nonpayment of those invoices. The lawsuit was tried before a jury in Beaumont, Texas, in May 2017. On June 1, 2017, the jury returned a verdict awarding approximately $125 million in damages to the plaintiffs. The Court issued a judgment on December 14, 2017, awarding the plaintiffs a total of approximately $137 million in actual and consequential damages, fees, costs and pre-judgment interest, and awarding post-judgment interest. The judgment will not be final until post-trial motions are decided, and the Company will appeal the final judgment thereafter. The Company has numerous and strong bases for appeal, and we believe we will prevail on appeal. Because post-trial proceedings are in a preliminary stage, we are unable to estimate a range of reasonably possible loss, but we expect the amount of any loss to be immaterial. 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, 2017 | |
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 are supported by irrevocable letters of credit obtained by the buyers of the forestlands. The Timber Notes were used as collateral for borrowings from third party lenders, which effectively monetized the Timber Notes through the creation of newly formed special purposes entities (the Entities). The monetization structure preserved the $1.4 billion tax deferral that resulted from the 2006 forestlands sales. As a result of tax reform legislation in the fourth quarter of 2017, described in Note 10 Income Taxes, this deferred tax liability was remeasured to be $884 million . 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 $884 million deferred tax liability. 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. The Entities, with assets and liabilities primarily consisting of the Timber Notes and third-party bank loans, were restructured which resulted in the formation of wholly-owned, bankruptcy-remote special purpose entities (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 five 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 five 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 for the year ended December 31, 2015. 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 transactions described in these paragraphs result in continued long-term classification of the $884 million deferred tax liability related to the 2006 forestlands sale. As of December 31, 2017 and 2016, the fair value of the Timber Notes was $4.8 billion and $4.7 billion , respectively, and the fair value of the Extension Loans was $4.3 billion for both the years ended 2017 and 2016. 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 2017 2016 2015 Revenue (a) $ 95 $ 95 $ 43 Expense (a) 128 128 81 Cash receipts (b) 95 77 21 Cash payments (c) 128 98 71 (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 $831 million tax deferral that resulted from the 2007 Temple-Inland timberlands sales. As a result of tax reform legislation in the fourth quarter of 2017, described in Note 10 Income Taxes, this deferred tax liability was remeasured to be $538 million , 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. As of December 31, 2017 and 2016, the fair value of the notes was $2.3 billion and $2.2 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. As of December 31, 2017 and 2016, the fair value of this debt was $2.1 billion for both the years ended 2017 and 2016. 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 2017 2016 2015 Revenue (a) $ 49 $ 37 $ 27 Expense (b) 48 37 27 Cash receipts (c) 28 15 7 Cash payments (d) 39 27 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, 2017, 2016 and 2015, 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, 2017, 2016 and 2015, 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, 2017 | |
Debt Instruments [Abstract] | |
Debt And Lines Of Credit [Note Text Block] | NOTE 13 DEBT AND LINES OF CREDIT In 2017, International Paper issued $1.0 billion of 4.35% senior unsecured notes with a maturity date in 2048 . The proceeds from this offering, together with a combination of available cash and other borrowings, were used to make a $1.25 billion voluntary cash contribution to the Company's pension plan. In December 2017, International Paper received $660 million in cash proceeds from a new loan entered into as part of the transfer of the North American Consumer Packaging business to a subsidiary of Graphic Packing Holding Company discussed in Note 7 . The Company used the cash proceeds, together with available cash, to pay down existing debt of approximately $900 million of notes with interest rates ranging from 1.92% to 9.38% and original maturities from 2018 to 2021 . Pre-tax early debt retirement costs of $83 million related to the debt repayments, including $82 million of cash premiums, are included in Restructuring and other charges in the accompanying consolidated statement of operations for the year ended December 31, 2017 . The $660 million term loan was subsequently assumed by Graphic Packaging International, LLC on January 1, 2018 and is classified as Liabilities held for sale at December 31, 2017, in the accompanying consolidated balance sheet. 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 year 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, 2017 , the Company had $180 million outstanding under this program. Amounts related to early debt extinguishment during the years ended December 31, 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Debt reductions (a) $ 993 $ 266 $ 2,151 Pre-tax early debt extinguishment costs (b) 83 29 207 (a) Reductions related to notes with interest rates ranging from 1.57% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2017 , 2016 and 2015 . 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 2017 2016 9 3/8% note – due 2019 $ — $ 295 8.7% note – due 2038 264 264 7.95% debenture – due 2018 — 382 7.5% note – due 2021 409 598 7.3% note – due 2039 721 721 6 7/8% notes – due 2023 – 2029 131 131 6.65% note – due 2037 4 4 6 5/8% note – due 2018 — 72 6.4% to 7.75% debentures due 2025 – 2027 143 142 6.0% note – due 2041 585 585 5.00% to 5.15% notes – due 2035 – 2046 1,281 1,280 4.8% note – due 2044 796 796 4.75% note – due 2022 817 810 3.00% to 4.40% notes – due 2024 – 2048 4,775 3,786 Floating rate notes – due 2017 – 2025 (a) 650 763 Environmental and industrial development 585 681 Other (c) (4 ) 4 Total (d) 11,157 11,314 Less: current maturities 311 239 Long-term debt $ 10,846 $ 11,075 (a) The weighted average interest rate on these notes was 2.6% in 2017 and 2.2% in 2016 . (b) The weighted average interest rate on these bonds was 6.0% in 2017 and 5.9% in 2016 . (c) Includes $70 million and $69 million of debt issuance costs as of December 31, 2017 and 2016, respectively. (d) The fair market value was approximately $12.3 billion at December 31, 2017 and $12.0 billion at December 31, 2016 . Total maturities of long-term debt over the next five years are 2018 – $311 million ; 2019 – $126 million ; 2020 – $164 million ; 2021 – $440 million ; and 2022 – $956 million . At December 31, 2017 , 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 under a receivables securitization program that expires in December 2018 . At December 31, 2017 , there were no borrowings under either the bank facility or receivables securitization program. The Company’s financial covenants require the maintenance of a minimum net worth of $9 billion and a total debt-to-capital ratio of less than 60% . Net worth is defined as the sum of common stock, paid-in capital and retained earnings, less treasury stock plus any cumulative goodwill impairment charges. The calculation also excludes accumulated other comprehensive income/loss and Nonrecourse Financial Liabilities of Special Purpose Entities. The total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth. As of December 31, 2017 , we were in compliance with our debt covenants. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Note) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 December 31, 2016 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts (a) 329 275 Derivatives Not Designated as Hedging Instruments: Electricity contract 13 6 Foreign exchange contracts 10 24 (a) These contracts had maturities of two years or less as of December 31, 2017 . 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 2017 2016 2015 Foreign exchange contracts $ 15 $ 4 $ (3 ) Interest rate contracts — (10 ) — Total $ 15 $ (6 ) $ (3 ) During the next 12 months , the amount of the December 31, 2017 AOCI balance, after tax, that is expected to be reclassified to earnings is a gain of $6 million. The amounts of gains and losses recognized in the consolidated statement of operations on qualifying and non-qualifying financial instruments used in hedging transactions were as follows: Gain (Loss) Location of Gain In millions 2017 2016 2015 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts $ 8 $ 7 $ (12 ) Cost of products sold Interest rate contracts (1 ) — — Interest expense, net Total $ 7 $ 7 $ (12 ) Gain (Loss) Recognized in Income Location of Gain (Loss) in Consolidated Statement of Operations In millions 2017 2016 2015 Derivatives in Fair Value Hedging Relationships: Interest rate contracts $ — $ — $ 3 Interest expense, net Debt — — (3 ) Interest expense, net Total $ — $ — $ — Derivatives Not Designated as Hedging Instruments: Electricity Contracts $ (10 ) $ — $ (7 ) Cost of products sold Foreign exchange contracts — — (4 ) Cost of products sold Interest rate contracts 1 (a) 5 (b) 13 (c) Interest expense, net Total $ (9 ) $ 5 $ 2 (a) Excluding gain of $1 million related to debt reduction recorded to Restructuring and other charges. (b) Excluding gain of $2 million related to debt reduction recorded to Restructuring and other charges. (c) Excluding gain of $3 million related to debt reduction recorded to Restructuring and other charges. In 2016, fully effective interest rate swaps designated as fair value hedges with a notional value of $55 million were terminated early. The resulting gain was immaterial. 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, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Derivatives designated as hedging instruments Foreign exchange contracts – cash flow $ 11 (a) $ 3 (b) $ 1 (c) $ 4 (c) Total derivatives designated as hedging instruments 11 3 1 4 Derivatives not designated as hedging instruments Electricity contract — — 8 (d) 2 (c) Total derivatives not designated as hedging instruments — — 8 2 Total derivatives $ 11 $ 3 $ 9 $ 6 (a) Includes $10 million recorded in Other current assets and $1 million recorded in Deferred charges and other assets in the accompanying consolidated balance sheet. (b) Included in Other current assets in the accompanying consolidated balance sheet. (c) Included in Other accrued liabilities in the accompanying consolidated balance sheet. (d) Includes $5 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. As of December 31, 2017 , there were no derivative instruments containing credit-risk-related contingent features in a net liability position. The fair value of derivative instruments containing credit-risk-related contingent features in a net liability position was $3 million as of December 31, 2016 . The Company was not required to post any collateral as of December 31, 2017 or 2016 . |
Capital Stock (Note)
Capital Stock (Note) | 12 Months Ended |
Dec. 31, 2017 | |
Class of Stock Disclosures [Abstract] | |
Capital Stock | NOTE 15 CAPITAL STOCK The authorized capital stock at both December 31, 2017 and 2016 , 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, 2017 , 2016 and 2015 : Common Stock In thousands Issued Treasury Balance at January 1, 2015 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 Issuance of stock for various plans, net — (2,577 ) Repurchase of stock — 881 Balance at December 31, 2017 448,916 35,975 |
Retirement Plans (Note)
Retirement Plans (Note) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [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 $40 million , $21 million and $62 million in 2017 , 2016 and 2015 , respectively, and which are expected to be $30 million in 2018 . 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 2017 and 2016 , and the plans’ funded status. 2017 2016 In millions U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 13,683 $ 219 $ 14,438 $ 204 Service cost 160 4 158 4 Interest cost 536 9 580 9 Settlements (1,295 ) (4 ) (1,222 ) (2 ) Actuarial loss (gain) 913 2 495 35 Acquisitions — 5 1 — Divestitures 33 — — — Plan amendments 3 — — (1 ) Benefits paid (769 ) (8 ) (767 ) (9 ) Effect of foreign currency exchange rate movements — 20 — (21 ) Benefit obligation, December 31 $ 13,264 $ 247 $ 13,683 $ 219 Change in plan assets: Fair value of plan assets, January 1 $ 10,312 $ 153 $ 10,923 $ 155 Actual return on plan assets 1,830 10 607 17 Company contributions 1,290 10 771 8 Benefits paid (769 ) (8 ) (767 ) (9 ) Settlements (1,295 ) (4 ) (1,222 ) (2 ) Other — 3 — — Effect of foreign currency exchange rate movements — 12 — (16 ) Fair value of plan assets, December 31 $ 11,368 $ 176 $ 10,312 $ 153 Funded status, December 31 $ (1,896 ) $ (71 ) $ (3,371 ) $ (66 ) Amounts recognized in the consolidated balance sheet: Non-current asset $ — $ 5 $ — $ 6 Current liability (30 ) (3 ) (40 ) (3 ) Non-current liability (1,866 ) (73 ) (3,331 ) (69 ) $ (1,896 ) $ (71 ) $ (3,371 ) $ (66 ) Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): Prior service cost $ 88 $ (1 ) $ 125 $ — Net actuarial loss 3,893 67 4,757 61 $ 3,981 $ 66 $ 4,882 $ 61 The components of the $901 million and $5 million change related to U.S. plans and non-U.S. plans, respectively, in the amounts recognized in OCI during 2017 consisted of: In millions U.S. Non- Current year actuarial (gain) loss $ (143 ) $ 2 Amortization of actuarial loss (339 ) (2 ) Current year prior service cost 3 — Amortization of prior service cost (28 ) — Settlements (383 ) (1 ) Curtailments (11 ) — Effect of foreign currency exchange rate movements — 6 $ (901 ) $ 5 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 $(184) million , $626 million and $505 million in 2017 , 2016 and 2015 , respectively. The portion of the change in funded status for the non-U.S. plans was $10 million , $23 million , and $8 million in 2017 , 2016 and 2015 , respectively. The accumulated benefit obligation at December 31, 2017 and 2016 was $13.2 billion and $13.5 billion , respectively, for our U.S. defined benefit plans and $230 million and $205 million , respectively, at December 31, 2017 and 2016 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, 2017 and 2016 : 2017 2016 In millions U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation $ 13,264 $ 215 $ 13,683 $ 190 Accumulated benefit obligation 13,161 200 13,535 177 Fair value of plan assets 11,368 139 10,312 118 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 $327 million and $17 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: 2017 2016 2015 In millions U.S. Non- U.S. Non- U.S. Non- Service cost $ 160 $ 4 $ 158 $ 4 $ 161 $ 6 Interest cost 536 9 580 9 597 10 Expected return on plan assets (774 ) (11 ) (815 ) (10 ) (783 ) (11 ) Actuarial loss / (gain) 339 2 400 1 428 1 Amortization of prior service cost 28 — 41 — 43 — Curtailment loss / (gain) (a) 23 — — — — — Settlement loss 383 1 445 — 15 — Special termination benefits (a) 22 — — — — — Net periodic pension expense $ 717 $ 5 $ 809 $ 4 $ 461 $ 6 (a) Recorded in Discontinued operations in the consolidated statement of operations. The decrease in 2017 pension expense reflects lower settlement losses and lower actuarial losses partially offset by lower asset returns due to the annuity purchase as well as curtailment and special termination benefit charges. On September 26, 2017, the Company entered into an agreement with The Prudential Insurance Company of America to purchase a group annuity contract and transfer approximately $1.3 billion of International Paper's U.S. qualified pension plan projected benefit obligations, subject to customary closing conditions. The transaction closed on October 3, 2017 and was funded with pension plan assets. Under the transaction, at the end of 2017, Prudential assumed responsibility for pension benefits and annuity administration for approximately 45,000 retirees or their beneficiaries receiving less than $450 in monthly benefit payments from the plan. Settlement accounting rules required a remeasurement of the qualified plan as of October 3, 2017 and the Company recognized a non-cash pension settlement charge of $376 million before tax in the fourth quarter of 2017. In addition, large payments from the non-qualified pension plan also required a remeasurement as of October 2, 2017 and a non-cash settlement charge of $7 million was also recognized in the fourth quarter of 2017. 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, 2017 was also the discount rate used to determine net pension expense for the 2018 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: 2017 2016 2015 U.S. Non- U.S. Non- U.S. Non- Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 3.60 % 3.59 % 4.10 % 3.88 % 4.40 % 4.64 % Rate of compensation increase 3.75 % 4.06 % 3.75 % 4.20 % 3.75 % 4.12 % Actuarial assumptions used to determine net periodic pension cost for years ended December 31: Discount rate (a) 4.03 % 3.88 % 4.05 % 4.72 % 4.10 % 4.72 % Expected long-term rate of return on plan assets 7.50 % 6.73 % 7.75 % 6.55 % 7.75 % 6.64 % Rate of compensation increase 3.75 % 4.20 % 3.75 % 4.03 % 3.75 % 4.03 % (a) Represents the weighted average rate for the U.S. qualified plans in 2017 and 2016 due to the remeasurements. 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 2018 , 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 3.60% and an assumed rate of compensation increase of 3.75% . The Company estimates that it will record net pension expense of approximately $167 million for its U.S. defined benefit plans in 2018 , compared to expense of $717 million in 2017 . The 2017 expense includes $45 million of curtailment and special pension benefits associated with the North American Consumer Packaging business and $383 million of settlement accounting charges. Excluding these settlement charges and curtailment and special pension benefits, the estimated decrease in net pension expense in 2018 is primarily due to lower interest cost on the reduced pension obligation and a higher expected return on assets associated with the increased pension asset balance. For non-U.S. pension plans, assumptions reflect economic assumptions applicable to each country. The following illustrates the effect on pension expense for 2018 of a 25 basis point decrease in the above assumptions: In millions 2018 Expense/(Income): Discount rate $ 35 Expected long-term rate of return on plan assets 27 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 2017 2016 Target Equity accounts 49 % 51 % 42% - 53% Fixed income accounts 36 % 27 % 32% - 44% Real estate accounts 10 % 10 % 7% - 13% Other 5 % 12 % 3% - 8% Total 100 % 100 % The fair values of International Paper’s pension plan assets at December 31, 2017 and 2016 by asset class are shown below. Plan assets included an immaterial amount of International Paper common stock at December 31, 2016. 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, 2017 Asset Class Total Quoted Significant Significant In millions Equities – domestic $ 1,291 $ 1,291 $ — $ — Equities – international 2,132 2,119 13 — Corporate bonds 1,177 — 1,177 — Government securities 2,778 — 2,778 — Mortgage backed securities 1 — — 1 Other fixed income (802 ) — (814 ) 12 Commodities — — — — Derivatives 8 — (8 ) 16 Cash and cash equivalents 397 397 — — Other investments: Equities - domestic 708 Equities - international 866 Corporate bonds 66 Other fixed income 232 Hedge funds 927 Private equity 481 Real estate 1,106 Total Investments $ 11,368 $ 3,807 $ 3,146 $ 29 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 — Derivatives (71 ) — — (71 ) Cash and cash equivalents 322 322 — — Other investments: Hedge funds 891 Private equity 472 Real estate 1,015 Risk parity funds 402 Total Investments $ 10,312 $ 3,508 $ 4,083 $ (59 ) 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, 2017 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period Equities - domestic $ 708 $ — Daily to monthly 1-5 days Equities - international 866 — Daily to monthly 1-5 days Corporate bonds 66 — Daily to monthly 1-5 days Other fixed income 232 — Daily to monthly 1-5 days Hedge funds 927 — Daily to annually 1 - 100 days Private equity 481 262 None None Real estate 1,106 121 Quarterly 45 - 60 days Total $ 4,386 $ 383 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 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. Hedge funds are investment structures for managing private, loosely-regulated investment pools that can pursue a diverse array of investment strategies with a wide range of different securities and derivative instruments. These investments are made through funds-of-funds (commingled, multi-manager fund structures) and through direct investments in individual hedge funds. Hedge funds are primarily valued by each fund’s third-party administrator based upon the valuation of the underlying securities and instruments and primarily by applying a market or income valuation methodology as appropriate depending on the specific type of security or instrument held. Funds-of-funds are valued based upon the net asset values of the underlying investments in hedge funds. Private equity consists of interests in partnerships that invest in U.S. and non-U.S. debt and equity securities. Partnership interests are valued using the most recent general partner statement of fair value, updated for any subsequent partnership interest cash flows. Real estate includes commercial properties, land and timberland, and generally includes, but is not limited to, retail, office, industrial, multifamily and hotel properties. Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments which include inputs such as cost, discounted cash flows, independent appraisals and market based comparable data. Derivative investments such as futures, forward contracts, options and swaps are used to help manage risks. Derivatives are generally employed as an asset class substitutes (such as when employed in a portable alpha strategy), for managing asset/liability mismatches, or bona fide hedging or other appropriate risk management purposes. Derivative instruments are generally valued by the investment managers or in certain instances by third-party pricing sources. The following is a reconciliation of the assets that are classified using significant unobservable inputs (Level 3) at December 31, 2017 . 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 ) Actual return on plan assets: Relating to assets still held at the reporting date — 1 94 95 Relating to assets sold during the period — — (23 ) (23 ) Purchases, sales and settlements — — 16 16 Transfers in and/or out of Level 3 — — — — Ending balance at December 31, 2017 $ 1 $ 12 $ 16 $ 29 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 $1.25 billion , $750 million and $750 million were made by the Company in 2017 , 2016 and 2015 , 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, 2017 , projected future pension benefit payments, excluding any termination benefits, were as follows: In millions 2018 $ 708 2019 709 2020 718 2021 727 2022 735 2023-2027 3,763 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 (and Retirement Savings Account 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 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 contributions to the plans totaled approximately $117 million , $106 million and $100 million for the plan years ending in 2017 , 2016 and 2015 , respectively. |
Postretirement Benefits (Note)
Postretirement Benefits (Note) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 U.S. Non- U.S. Non- U.S. Non- Service cost $ 1 $ — $ 1 $ — $ 1 $ 1 Interest cost 11 2 11 3 11 5 Actuarial loss 8 3 5 2 6 1 Amortization of prior service credits (3 ) (4 ) (4 ) (4 ) (10 ) (2 ) Net postretirement (benefit) expense $ 17 $ 1 $ 13 $ 1 $ 8 $ 5 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 rate assumption was determined based on a hypothetical settlement portfolio selected from a universe of high quality corporate bonds. The discount rates used to determine net U.S. and non-U.S. postretirement benefit cost for the years ended December 31, 2017 , 2016 and 2015 were as follows: 2017 2016 2015 U.S. Non- U.S. Non- U.S. Non- Discount rate 4.00 % 10.53 % 4.20 % 12.23 % 3.90 % 11.52 % The weighted average assumptions used to determine the benefit obligation at December 31, 2017 and 2016 were as follows: 2017 2016 U.S. Non- U.S. Non- Discount rate 3.50 % 9.38 % 4.00 % 10.53 % Health care cost trend rate assumed for next year 6.50 % 10.27 % 6.50 % 10.90 % Rate that the cost trend rate gradually declines to 5.00 % 5.15 % 5.00 % 5.81 % Year that the rate reaches the rate it is assumed to remain 2022 2028 2022 2027 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, 2017 by approximately $12 million and $6 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, 2017 by approximately $10 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 2017 and 2016 : In millions 2017 2016 U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 280 $ 23 $ 275 $ 45 Service cost 1 — 1 — Interest cost 11 2 11 3 Participants’ contributions 5 — 5 — Actuarial (gain) loss 14 2 31 5 Plan amendments — — — (35 ) Benefits paid (42 ) (2 ) (44 ) (1 ) Less: Federal subsidy 1 — 1 — Currency Impact — — — 6 Benefit obligation, December 31 $ 270 $ 25 $ 280 $ 23 Change in plan assets: Fair value of plan assets, January 1 $ — $ — $ — $ — Company contributions 37 2 39 1 Participants’ contributions 5 — 5 — Benefits paid (42 ) (2 ) (44 ) (1 ) Fair value of plan assets, December 31 $ — $ — $ — $ — Funded status, December 31 $ (270 ) $ (25 ) $ (280 ) $ (23 ) Amounts recognized in the consolidated balance sheet under ASC 715: Current liability $ (28 ) $ (1 ) $ (29 ) $ (2 ) Non-current liability (242 ) (24 ) (251 ) (21 ) $ (270 ) $ (25 ) $ (280 ) $ (23 ) Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): Net actuarial loss (gain) $ 74 $ 19 $ 68 $ 21 Prior service credit (6 ) (30 ) (8 ) (34 ) $ 68 $ (11 ) $ 60 $ (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 $8 million and $2 million change in the amounts recognized in OCI during 2017 for U.S. and non-U.S. plans, respectively, consisted of: In millions U.S. Non- Current year actuarial loss $ 14 $ 1 Amortization of actuarial (loss) gain (8 ) (3 ) Current year prior service cost — — Amortization of prior service credit 2 4 Currency impact — — $ 8 $ 2 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 $25 million , $42 million and $17 million in 2017 , 2016 and 2015 , respectively. The portion of the change in funded status for the non-U.S. plans was $3 million , $(25) million , and $0 million in 2017 , 2016 and 2015 , 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 2018 are expected to be $8 million and $(2) million , respectively. The estimated amounts for non-U.S. plans in 2018 are expected to be $2 million and $(4) million , respectively. At December 31, 2017 , 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- 2018 $ 29 $ 1 $ 1 2019 27 1 1 2020 25 1 1 2021 24 1 — 2022 22 1 — 2023 – 2027 91 5 4 |
Incentive Plans (Note)
Incentive Plans (Note) | 12 Months Ended |
Dec. 31, 2017 | |
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. 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 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 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, 2017 Expected volatility 22.75%-23.39% Risk-free interest rate 1.10%-1.47% The following summarizes PSP activity for the three years ending December 31, 2017 : Share/Units Weighted Average Grant Date Fair Value 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 Granted 2,163,912 51.78 Shares issued (1,876,134 ) 51.00 Forfeited (438,024 ) 45.96 Outstanding at December 31, 2017 5,799,884 $36.17 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, 2017 : Shares Weighted Average Grant Date Fair Value 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 Granted 63,319 57.24 Shares issued (59,650 ) 47.90 Forfeited (6,700 ) 53.53 Outstanding at December 31, 2017 166,300 $48.63 At December 31, 2017 , 2016 and 2015 a total of 13.2 million , 14.3 million and 16.2 million shares, respectively, were available for grant under the ICP. Stock-based compensation expense and related income tax benefits were as follows: In millions 2017 2016 2015 Total stock-based compensation expense (included in selling and administrative expense) $ 147 $ 124 $ 107 Income tax benefits related to stock-based compensation 45 34 88 At December 31, 2017 , $86 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 1.8 years. |
Financial Information By Indust
Financial Information By Industry Segment And Geographic Area (Note) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Financial Information By Industry Segment And Geographic Area | NOTE 19 FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA International Paper’s business segments, Industrial Packaging, Global Cellulose Fibers and Printing Papers, 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. On January 1, 2018, the Company completed the previously announced transfer of its North American Consumer Packaging business, which includes its North American Coated Paperboard and Foodservice businesses, to a subsidiary of Graphic Packaging Holding Company. The North American Consumer Packaging business was historically presented in the Company's Consumer Packaging segment; however, as a result of this transfer, all current and prior year amounts have been adjusted to reflect the North American Consumer Packaging business as a discontinued operation. In addition, after the announced transfer during the fourth quarter of 2017, the chief operating decision maker began evaluating the European Coated Paperboard business, previously presented in the Company's Consumer Packaging business segment, as part of the Industrial Packaging business segment. As such, amounts related to the European Coated Paperboard business have been presented in the Industrial Packaging business segment for all periods presented. 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. 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 $183 million , $199 million , and $131 million in 2017 , 2016 , and 2015 , respectively, for Ilim. Equity earnings (losses) includes an after-tax foreign exchange gain (loss) of $15 million , $25 million , and $(75) million in 2017 , 2016 and 2015 , 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 tables. The audited U.S. GAAP financial statements for Ilim are included in Exhibit 99.1 to this Form 10-K. Balance Sheet In millions 2017 2016 Current assets $ 689 $ 774 Noncurrent assets 1,696 1,351 Current liabilities 1,039 402 Noncurrent liabilities 972 1,426 Noncontrolling interests 6 22 Income Statement In millions 2017 2016 2015 Net sales $ 2,150 $ 1,927 $ 1,931 Gross profit 1,047 957 971 Income from continuing operations 379 419 254 Net income attributable to Ilim 362 391 237 At December 31, 2017 and 2016 , the Company's investment in Ilim, which is recorded in Investments in the consolidated balance sheet, was $338 million and $302 million , respectively, which was $154 million and $164 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 $205 million , $170 million and $170 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. INFORMATION BY BUSINESS SEGMENT Net Sales In millions 2017 2016 2015 Industrial Packaging $ 15,077 $ 14,226 $ 14,559 Global Cellulose Fibers 2,551 1,092 975 Printing Papers 4,157 4,058 4,056 Corporate and Intersegment Sales (a) (42 ) 119 1,085 Net Sales $ 21,743 $ 19,495 $ 20,675 Operating Profit In millions 2017 2016 2015 Industrial Packaging $ 1,547 $ 1,741 $ 1,938 Global Cellulose Fibers 65 (179 ) 68 Printing Papers 457 540 465 Business Segment Operating Profit 2,069 2,102 2,471 Earnings (loss) from continuing operations before income taxes and equity earnings 848 795 1,132 Interest expense, net 572 520 555 Noncontrolling interests / equity earnings adjustment (b) (2 ) 1 8 Corporate items, net (a) 91 121 96 Corporate special items, net (a) 76 55 422 Non-operating pension expense 484 610 258 $ 2,069 $ 2,102 $ 2,471 Restructuring and Other Charges In millions 2017 2016 2015 Industrial Packaging $ — $ 7 $ — Global Cellulose Fibers — — — Printing Papers — — — Corporate (c) 67 47 252 Restructuring and Other Charges $ 67 $ 54 $ 252 Assets In millions 2017 2016 Industrial Packaging $ 15,354 $ 14,707 Global Cellulose Fibers 3,913 3,845 Printing Papers 4,054 3,965 Corporate and other (d) 10,582 10,576 Assets $ 33,903 $ 33,093 Capital Spending In millions 2017 2016 2015 Industrial Packaging $ 836 $ 832 $ 871 Global Cellulose Fibers 188 174 129 Printing Papers 235 215 232 Subtotal 1,259 1,221 1,232 Corporate and other (e) 21 20 78 Capital Spending $ 1,280 $ 1,241 $ 1,310 Depreciation, Amortization and Cost of Timber Harvested (f) In millions 2017 2016 2015 Industrial Packaging $ 781 $ 730 $ 739 Global Cellulose Fibers 261 108 73 Printing Papers 245 232 234 Corporate (g) 56 54 121 Depreciation and Amortization $ 1,343 $ 1,124 $ 1,167 External Sales By Major Product In millions 2017 2016 2015 Industrial Packaging $ 14,946 $ 14,142 $ 14,496 Global Cellulose Fibers 2,524 1,090 986 Printing Papers 4,142 4,062 4,082 Other (h) 131 201 1,111 Net Sales $ 21,743 $ 19,495 $ 20,675 INFORMATION BY GEOGRAPHIC AREA Net Sales (i) In millions 2017 2016 2015 United States (j) $ 16,247 $ 14,363 $ 14,875 EMEA 3,129 2,852 2,759 Pacific Rim and Asia 625 699 1,501 Americas, other than U.S. 1,742 1,581 1,540 Net Sales $ 21,743 $ 19,495 $ 20,675 Long-Lived Assets (k) In millions 2017 2016 United States $ 10,545 $ 10,532 EMEA 1,302 1,009 Pacific Rim and Asia 236 246 Americas, other than U.S. 1,630 1,672 Long-Lived Assets $ 13,713 $ 13,459 (a) Includes sales of $15 million in 2017, $42 million in 2016 and $931 million in 2015, operating profits (losses) of $0 million in 2017, $(2) million in 2016 and $(62) million in 2015, and corporate special items expense of $9 million in 2017, $9 million in 2016 and $184 million in 2015, from previously divested businesses. (b) 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. (c) Includes corporate expenses and expenses of $9 million in 2017, $9 million in 2016 and $10 million in 2015, from previously divested businesses. (d) Includes corporate assets, assets of businesses held for sale and assets of previously divested businesses. (e) Includes corporate assets and assets of previously divested businesses of $0 million in 2017, $1 million in 2016 and $26 million in 2015. (f) Excludes accelerated depreciation related to the closure and/or repurposing of mills. (g) Includes $1 million in 2017, $2 million in 2016 and $74 million in 2015 from previously divested businesses. (h) Includes $15 million in 2017, $42 million in 2016, and $930 million in 2015 from previously divested businesses. (i) Net sales are attributed to countries based on the location of the seller. (j) Export sales to unaffiliated customers were $2.9 billion in 2017 , $1.8 billion in 2016 and $1.8 billion in 2015 . (k) Long-Lived Assets includes Forestlands and Plants, Properties and Equipment, net. |
Interim Financial Results (Unau
Interim Financial Results (Unaudited) (Note) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 Net sales $ 5,132 $ 5,383 $ 5,517 $ 5,711 $ 21,743 Earnings (loss) from continuing operations before income taxes and equity earnings 217 (a) (23 ) (a) 457 (a) 197 (a) 848 (a) Gain (loss) from discontinued operations 17 (b) (4 ) (b) 29 (b) (8 ) (b) 34 (b) Net earnings (loss) attributable to International Paper Company 209 (a-c) 80 (a-c) 395 (a-c) 1,460 (a-c) 2,144 (a-c) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.47 (a) $ 0.20 (a) $ 0.89 (a) $ 3.56 (a) $ 5.11 (a) Gain (loss) from discontinued operations 0.04 (b) (0.01 ) (b) 0.07 (b) (0.02 ) (b) 0.08 (b) Net earnings (loss) 0.51 (a-c) 0.19 (a-c) 0.96 (a-c) 3.54 (a-c) 5.19 (a-c) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.46 (a) 0.20 (a) 0.88 (a) 3.52 (a) 5.05 (a) Gain (loss) from discontinued operations 0.04 (b) (0.01 ) (b) 0.07 (b) (0.02 ) (b) 0.08 (b) Net earnings (loss) 0.50 (a-c) 0.19 (a-c) 0.95 (a-c) 3.50 (a-c) 5.13 (a-c) Dividends per share of common stock 0.4625 0.4625 0.4625 0.4750 1.8625 Common stock prices High $ 58.86 $ 57.24 $ 58.95 $ 58.96 $ 58.96 Low 49.62 49.60 51.28 53.10 49.60 2016 Net sales $ 4,717 $ 4,914 $ 4,864 $ 5,000 $ 19,495 Earnings (loss) from continuing operations before income taxes and equity earnings 307 (d) (76 ) (d) 320 (d) 244 (d) 795 (d) Gain (loss) from discontinued operations 4 (e) 40 (e) 34 (e) 24 (e) 102 (e) Net earnings (loss) attributable to International Paper Company 334 (d-f) 40 (d-f) 312 (d-f) 218 (d-f) 904 (d-f) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.80 (d) $ 0.00 (d) $ 0.68 (d) $ 0.47 (d) $ 1.95 (d) Gain (loss) from discontinued operations 0.01 (e) 0.10 (e) 0.08 (e) 0.06 (e) 0.25 (e) Net earnings (loss) 0.81 (d-f) 0.10 (d-f) 0.76 (d-f) 0.53 (d-f) 2.20 (d-f) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.80 (d) 0.00 (d) 0.67 (d) 0.47 (d) 1.93 (d) Gain (loss) from discontinued operations 0.01 (e) 0.10 (e) 0.08 (e) 0.06 (e) 0.25 (e) Net earnings (loss) 0.81 (d-f) 0.10 (d-f) 0.75 (d-f) 0.53 (d-f) 2.18 (d-f) 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 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): 2017 In millions Q1 Q2 Q3 Q4 Gain on sale of investment in ArborGen $ — $ (14 ) $ — $ — Costs associated with the pulp business acquired in 2016 4 5 6 18 Amortization of Weyerhaeuser inventory fair value step-up 14 — — — Holmen bargain purchase gain (6 ) — — — Abandoned property removal 2 5 7 6 Kleen Products settlement — 354 — — Asia Foodservice sale — 9 — — Brazil Packaging wood supply accelerated amortization — — 10 — Debt extinguishment costs — — — 83 Interest income on income tax refund claims — (4 ) — (1 ) Other items — (2 ) — — Non-operating pension expense 31 34 33 386 Total $ 45 $ 387 $ 56 $ 492 (b) Includes the operating earnings of the North American Consumer Packaging business for the full year. Also includes the following pre-tax charges (gains): 2017 In millions Q1 Q2 Q3 Q4 North American Consumer Packaging transaction costs $ — $ — $ — $ 17 Non-operating pension expense — — — 45 Total $ — $ — $ — $ 62 (c) Includes the following tax expenses (benefits): 2017 In millions Q1 Q2 Q3 Q4 International legal entity restructuring $ 15 $ — $ 19 $ — Income tax refund claims — (85 ) — (28 ) Cash pension contribution — 38 — — International Tax Law Change — — — 9 Tax benefit of Tax Cuts and Jobs Act — — — (1,222 ) Tax impact of other special items (8 ) (137 ) (8 ) (41 ) Total $ 7 $ (184 ) $ 11 $ (1,282 ) (d) 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 Non-operating pension expense 44 487 42 37 Total $ 82 $ 520 $ 108 $ 82 (e) Includes the operating earnings of the North American Consumer Packaging business for the full year and a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. (f) Includes the following tax expenses (benefits): 2016 In millions 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 |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts (Schedule) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts [Schedule 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, 2017 Balance at Additions Additions Deductions Balance at Description Reserves Applied Against Specific Assets Shown on Balance Sheet: Doubtful accounts – current $ 70 $ 5 $ — (2)(a) $ 73 Restructuring reserves 6 — — (4)(b) 2 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 (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 Signi30
Summary Of Business And Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
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, North Africa, India and Russia. 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. On January 1, 2018, the Company completed the previously announced transfer of its North American Consumer Packaging business, which includes its North American Coated Paperboard and Foodservice businesses, to a subsidiary of Graphic Packaging Holding Company. The Company received a 20.5% ownership interest in a subsidiary of Graphic Packaging Holding Company that holds the assets of the combined business. As a result of this transfer, all current and prior year amounts have been adjusted to reflect the North American Consumer Packaging business as a discontinued operation. See Note 7 for further discussion. |
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 $177 million , $198 million and $117 million in 2017 , 2016 and 2015 , respectively. |
Revenue Recognition | REVENUE RECOGNITION Revenue is recognized when the customer takes title and assumes the risks and rewards of ownership. Revenue is recorded at the time of shipment for terms designated f.o.b. (free on board) shipping point. For sales transactions designated f.o.b. destination, revenue is recorded when the product is delivered to the customer’s delivery site, when title and risk of loss are transferred. Timber and forestland sales revenue is generally recognized when title and risk of loss pass to the buyer. |
Shipping And Handling Costs | SHIPPING AND HANDLING COSTS Shipping and handling costs, such as freight to our customers’ destinations, are included in distribution expenses in the consolidated statement of operations. When shipping and handling costs are included in the sales price charged for our products, they are recognized in net sales. |
Annual Maintenance Costs | ANNUAL MAINTENANCE COSTS Costs for repair and maintenance activities are expensed in the month that the related activity is performed under the direct expense method of accounting. |
Temporary Investments | TEMPORARY INVESTMENTS Temporary investments with an original maturity of three months or less are treated as cash equivalents and are stated at cost, which approximates market value. |
Inventories | INVENTORIES Inventories are valued at the lower of cost or market value and include all costs directly associated with manufacturing products: materials, labor and manufacturing overhead. In the United States, costs of raw materials and finished pulp and paper products, are generally determined using the last-in, first-out method. Other inventories are valued using the first-in, first-out or average cost methods. |
Plants, Properties And Equipment | PLANTS, PROPERTIES AND EQUIPMENT Plants, properties and equipment are stated at cost, less accumulated depreciation. Expenditures for betterments are capitalized, whereas normal repairs and maintenance are expensed as incurred. The units-of-production method of depreciation is used for pulp and paper mills, and the straight-line method is used for other plants and equipment. |
Goodwill | GOODWILL 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. The Company has the option to assess goodwill for impairment by first performing a qualitative ("Step 0") assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amounts, then the two-step goodwill impairment test is not required to be performed. If the company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company does not elect the option to perform an initial qualitative assessment, the Company performs the two-step goodwill impairment test. 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, if any. The Company performed its annual testing of its reporting units for possible goodwill impairments by applying the qualitative Step 0 analysis to its reporting units as of October 1, 2017. For the current year test, the Company assessed various assumptions, events and circumstances that would have affected the estimated fair value of the reporting units. The results of this assessment indicated that it is not more likely than not that the fair values of the Company's reporting units were less than the carrying values of the reporting units. In addition, the Company considered whether there were any events or circumstances subsequent to the annual test that would reduce the fair value of its reporting units below their carrying amounts and necessitate another goodwill impairment test. In consideration of all relevant factors, there were no indicators that would require goodwill impairment subsequent to October 1, 2017. 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 adjustments 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 estimable. |
Translation Of Financial Statements | TRANSLATION OF FINANCIAL STATEMENTS Balance sheets of international operations are translated into U.S. dollars at year-end exchange rates, while statements of operations are translated at average rates. Adjustments resulting from financial statement translations are included as cumulative translation adjustments in Accumulated other comprehensive loss. |
Earnings Per Share Attributab31
Earnings Per Share Attributable To International Paper Company Common Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 2015 Earnings (loss) from continuing operations attributable to International Paper common shareholders $ 2,110 $ 802 $ 853 Weighted average common shares outstanding 412.7 411.1 417.4 Effect of dilutive securities: Restricted performance share plan 5.0 4.5 3.2 Weighted average common shares outstanding – assuming dilution 417.7 415.6 420.6 Basic earnings (loss) per share from continuing operations $ 5.11 $ 1.95 $ 2.05 Diluted earnings (loss) per share from continuing operations $ 5.05 $ 1.93 $ 2.03 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in AOCI, net of tax, reported in the consolidated financial statements for the years ended December 31: In millions 2017 2016 2015 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (3,072 ) $ (3,169 ) $ (3,134 ) Other comprehensive income (loss) before reclassifications 59 (448 ) (331 ) Amounts reclassified from accumulated other comprehensive income 486 545 296 Balance at end of period (2,527 ) (3,072 ) (3,169 ) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (2,287 ) (2,549 ) (1,513 ) Other comprehensive income (loss) before reclassifications 178 263 (1,002 ) Amounts reclassified from accumulated other comprehensive income (1 ) (3 ) (40 ) Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest (1 ) 2 6 Balance at end of period (2,111 ) (2,287 ) (2,549 ) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period (3 ) 10 1 Other comprehensive income (loss) before reclassifications 15 (6 ) (3 ) Amounts reclassified from accumulated other comprehensive income (7 ) (7 ) 12 Balance at end of period 5 (3 ) 10 Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (4,633 ) $ (5,362 ) $ (5,708 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications out of AOCI for the three years ended December 31 were as follows: Amount Reclassified from Accumulated Other Comprehensive Income Location of Amount Reclassified from AOCI 2017 2016 2015 In millions Defined benefit pension and postretirement items: Prior-service costs $ (33 ) $ (37 ) $ (33 ) (a) Cost of products sold Actuarial gains/(losses) (733 ) (851 ) (449 ) (a) Cost of products sold Total pre-tax amount (766 ) (888 ) (482 ) Tax (expense)/benefit 280 343 186 Net of tax (486 ) (545 ) (296 ) Change in cumulative foreign currency translation adjustments: Business acquisitions/divestiture 1 3 40 Net (gains) losses on sales and impairments of businesses Tax (expense)/benefit — — — Net of tax 1 3 40 Net gains and losses on cash flow hedging derivatives: Foreign exchange contracts 9 10 (20 ) (b) Cost of products sold Total pre-tax amount 9 10 (20 ) Tax (expense)/benefit (2 ) (3 ) 8 Net of tax 7 7 (12 ) Total reclassifications for the period, net of tax $ (478 ) $ (535 ) $ (268 ) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for additional details). (b) This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 14 for additional details). |
Restructuring and Other Charg33
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | 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. During 2017, restructuring and other charges totaling $67 million before taxes were recorded. These charges included: In millions 2017 Early debt extinguishment costs (see Note 13) $ 83 Gain on sale of investment in ArborGen (14 ) Other (2 ) Total $ 67 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. |
Acquisitions And Joint Ventur34
Acquisitions And Joint Ventures Acquisitions and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Holmen Paper Newsprint Mill [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The assignment of fair value to assets acquired and liabilities assumed was completed in the first quarter of 2017 and is presented in the table below. In millions June 30, 2016 Current assets $ 14 Equity method investments 14 Plants, properties and equipment 60 Other long-term assets 5 Total assets acquired 93 Short-term liabilities 9 Long-term liabilities 16 Total liabilities assumed 25 Net assets acquired $ 68 |
Tangier, Morocco Facility [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the provisional fair value assigned to assets and liabilities acquired as of June 30, 2017: In millions June 30, 2017 Cash and temporary investments $ 1 Accounts and notes receivable 7 Inventory 3 Plants, properties and equipment 32 Goodwill 4 Other intangible assets 5 Deferred charges and other assets 4 Total assets acquired 56 Accounts payable and accrued liabilities 5 Long-term debt 11 Other long-term liabilities 2 Total liabilities assumed 18 Net assets acquired $ 38 |
Weyerhaeuser Pulp Business [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the provisional fair value assigned to assets and liabilities acquired as of June 30, 2017: In millions June 30, 2017 Cash and temporary investments $ 1 Accounts and notes receivable 7 Inventory 3 Plants, properties and equipment 32 Goodwill 4 Other intangible assets 5 Deferred charges and other assets 4 Total assets acquired 56 Accounts payable and accrued liabilities 5 Long-term debt 11 Other long-term liabilities 2 Total liabilities assumed 18 Net assets acquired $ 38 |
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 Discontinued Ope35
Divestitures Discontinued Operations and Disposal Groups (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
North American Consumer Packaging [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following summarizes the major classes of assets and liabilities of North American Consumer Packaging reconciled to total Assets held for sale and total Liabilities held for sale in the accompanying consolidated balance sheet: In millions 2017 2016 Accounts and notes receivable $ 143 $ 149 Inventories 185 205 Other current assets 3 7 Current assets held for sale 331 361 Plants, properties and equipment 1,021 987 Deferred charges and other assets 25 31 Long-term assets held for sale 1,046 (a) 1,018 Total Assets Held for Sale $ 1,377 $ 1,379 Accounts payable $ 104 $ 110 Accrued payroll and benefits 25 29 Other accrued liabilities 17 22 Current liabilities held for sale 146 161 Long-term debt 651 — Other liabilities 8 8 Long-term liabilities held for sale 659 (a) 8 Total Liabilities Held for Sale $ 805 $ 169 (a) As a result of the January 1, 2018 transfer of the North American Consumer Packaging business, these amounts have been included in current assets held for sale of $1.4 billion and current liabilities held for sale of $805 million in the accompanying consolidated balance sheet as of December 31, 2017. 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 transfer of the North American Consumer Packaging business for all periods presented in the consolidated statement of operations: In millions 2017 2016 2015 Net Sales $ 1,559 $ 1,584 $ 1,690 Costs and Expenses Cost of products sold 1,179 1,095 1,155 Selling and administrative expenses 110 91 106 Depreciation, amortization and cost of timber harvested 80 103 127 Distribution expenses 126 124 158 Taxes other than payroll and income taxes 11 10 10 Interest expense, net 1 — — Earnings (Loss) Before Income Taxes and Equity Earnings 52 161 134 Income tax provision (benefit) 18 54 49 Discontinued Operations, Net of Taxes $ 34 $ 107 $ 85 |
Divestitures Disclosure of Asse
Divestitures Disclosure of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Current assets held for sale | $ 1,377 | $ 361 | |
Long-term assets held for sale | 0 | 1,018 | |
Current liabilities held for sale | 805 | 161 | |
Long-term liabilities held for sale | 0 | 8 | |
North American Consumer Packaging [Member] | Discontinued Operations, Held-for-sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Accounts and notes receivable | 143 | 149 | |
Inventories | 185 | 205 | |
Other current assets | 3 | 7 | |
Current assets held for sale | 331 | 361 | |
Plants, properties and equipment | 1,021 | 987 | |
Deferred charges and other assets | 25 | 31 | |
Long-term assets held for sale | 1,046 | [1] | 1,018 |
Total Assets Held For Sale | 1,377 | 1,379 | |
Accounts payable | 104 | 110 | |
Accrued payroll and benefits | 25 | 29 | |
Other accrued liabilities | 17 | 22 | |
Current liabilities held for sale | 146 | 161 | |
Long-term debt | 651 | 0 | |
Other liabilities | 8 | 8 | |
Long-term liabilities held for sale | 659 | [1] | 8 |
Total Liabilities Held for Sale | $ 805 | $ 169 | |
[1] | As a result of the January 1, 2018 transfer of the North American Consumer Packaging business, these amounts have been included in current assets held for sale of $1.4 billion and current liabilities held for sale of $805 million in the accompanying consolidated balance sheet as of December 31, 2017. |
Supplementary Financial State37
Supplementary Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 Accounts and notes receivable: Trade $ 3,017 $ 2,612 Other 270 240 Total $ 3,287 $ 2,852 |
Inventories By Major Category [Table Text Block] | In millions at December 31 2017 2016 Raw materials $ 274 $ 286 Finished pulp, paper and packaging products 1,337 1,231 Operating supplies 615 616 Other 87 100 Inventories $ 2,313 $ 2,233 |
Plants, Properties And Equipment By Major Classification [Table Text Block] | In millions at December 31 2017 2016 Pulp, paper and packaging facilities $ 32,523 $ 30,943 Other properties and equipment 1,291 1,308 Gross cost 33,814 32,251 Less: Accumulated depreciation 20,549 19,248 Plants, properties and equipment, net $ 13,265 $ 13,003 |
Schedule of Other Income and Other Expense [Table Text Block] | Amounts related to interest were as follows: In millions 2017 2016 2015 Interest expense (a) $ 758 $ 695 $ 644 Interest income (a) 186 175 89 Capitalized interest costs 25 28 25 |
Goodwill And Other Intangible38
Goodwill And Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Goodwill Balances [Table Text Block] | GOODWILL The following table presents changes in the goodwill balances as allocated to each business segment for the years ended December 31, 2017 and 2016 : In millions Industrial Packaging Global Cellulose Fibers Printing Papers Total Balance as of December 31, 2015 Goodwill $ 3,384 $ — $ 2,124 $ 5,508 Accumulated impairment losses (296 ) — (1,877 ) (2,173 ) 3,088 — 247 3,335 Reclassifications and other (a) (4 ) — 33 29 Additions/reductions (5 ) (b) 19 (c) (14 ) (d) — Impairment loss — — — — Balance as of December 31, 2016 Goodwill 3,375 19 2,143 5,537 Accumulated impairment losses (296 ) — (1,877 ) (2,173 ) 3,079 19 266 3,364 Reclassifications and other (a) 3 — 8 11 Additions/reductions 4 (e) 33 (c) (1 ) 36 Impairment loss — — — — Balance as of December 31, 2017 Goodwill 3,382 52 2,150 5,584 Accumulated impairment losses (296 ) — (1,877 ) (2,173 ) Total $ 3,086 $ 52 $ 273 $ 3,411 (a) Represents the effects of foreign currency translations and reclassifications. (b) Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in the U.S. (c) Reflects the acquisition and purchase price adjustments of the newly acquired pulp business. (d) Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. (e) Reflects the acquisition of the newly acquired Moroccan box plant. |
Identifiable Intangible Assets [Table Text Block] | Identifiable intangible assets comprised the following: 2017 2016 In millions at December 31 Gross Carrying Amount Accumulated Amortization Net Intangible Assets Gross Carrying Amount Accumulated Amortization Net Intangible Assets Customer relationships and lists $ 610 $ 247 $ 363 $ 605 $ 211 $ 394 Non-compete agreements 72 72 — 69 64 5 Tradenames, patents and trademarks, and developed technology 172 72 100 173 56 117 Land and water rights 8 2 6 10 2 8 Software 24 23 1 21 20 1 Other 38 26 12 48 26 22 Total $ 924 $ 442 $ 482 $ 926 $ 379 $ 547 |
Amortization Expense Of Intangible Assets [Table Text Block] | The Company recognized the following amounts as amortization expense related to intangible assets: In millions 2017 2016 2015 Amortization expense related to intangible assets $ 77 $ 54 $ 60 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 2015 Earnings (loss) U.S. $ 297 $ 411 $ 1,013 Non-U.S. 551 384 119 Earnings (loss) from continuing operations before income taxes and equity earnings $ 848 $ 795 $ 1,132 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes from continuing operations (excluding noncontrolling interests) by taxing jurisdiction was as follows: In millions 2017 2016 2015 Current tax provision (benefit) U.S. federal $ (73 ) $ (7 ) $ 35 U.S. state and local (23 ) (12 ) 3 Non-U.S. 112 76 111 $ 16 $ 57 $ 149 Deferred tax provision (benefit) U.S. federal $ (1,150 ) $ 134 $ 306 U.S. state and local 9 27 32 Non-U.S. 40 (25 ) (70 ) $ (1,101 ) $ 136 $ 268 Income tax provision (benefit) $ (1,085 ) $ 193 $ 417 |
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 2017 2016 2015 Earnings (loss) from continuing $ 848 $ 795 $ 1,132 Statutory U.S. income tax rate 35 % 35 % 35 % Tax expense (benefit) using statutory U.S. income tax rate 297 278 396 State and local income taxes (7 ) 8 20 Tax rate and permanent differences on non-U.S. earnings (36 ) (26 ) (44 ) Net U.S. tax on non-U.S. dividends 44 21 12 Tax expense (benefit) on manufacturing activities 23 (10 ) (12 ) Non-deductible business expenses 7 9 8 Non-deductible impairments — — 109 Sale of non-strategic assets — 12 (61 ) Tax audits — (14 ) — U.S. federal tax rate change (1,451 ) — — Foreign tax credits (96 ) (11 ) — Subsidiary liquidation — (63 ) — Deemed repatriation, net of foreign tax credits 231 — — General business and other tax credits (86 ) (15 ) (15 ) Other, net (11 ) 4 4 Income tax provision (benefit) $ (1,085 ) $ 193 $ 417 Effective income tax rate (128 )% 24 % 37 % |
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, 2017 and 2016 , were as follows: In millions 2017 2016 Deferred income tax assets: Postretirement benefit accruals $ 102 $ 165 Pension obligations 516 1,344 Alternative minimum and other tax credits 416 270 Net operating and capital loss carryforwards 665 662 Compensation reserves 174 257 Other 139 251 Gross deferred income tax assets 2,012 2,949 Less: valuation allowance (a) (429 ) (403 ) Net deferred income tax asset $ 1,583 $ 2,546 Deferred income tax liabilities: Intangibles $ (139 ) $ (231 ) Plants, properties and equipment (2,000 ) (2,828 ) Forestlands, related installment sales, and investment in subsidiary (1,454 ) (2,260 ) Gross deferred income tax liabilities $ (3,593 ) $ (5,319 ) Net deferred income tax liability $ (2,010 ) $ (2,773 ) |
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, 2017 , 2016 and 2015 is as follows: In millions 2017 2016 2015 Balance at January 1 $ (98 ) $ (150 ) $ (158 ) (Additions) reductions based on tax positions related to current year (54 ) (4 ) (6 ) Additions for tax positions of prior years (40 ) (3 ) (6 ) Reductions for tax positions of prior years 4 33 7 Settlements 6 19 2 Expiration of statutes of 1 5 4 Currency translation adjustment (7 ) 2 7 Balance at December 31 $ (188 ) $ (98 ) $ (150 ) |
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 2018 2028 Indefinite Total U.S. federal and non-U.S. NOLs $ 65 $ 2 $ 432 $ 499 State taxing jurisdiction NOLs 147 68 — 215 U.S. federal, non- 199 18 269 486 U.S. federal and state capital loss carryforwards 2 — — 2 Total $ 413 $ 88 $ 701 $ 1,202 |
Commitments And Contingent Li40
Commitments And Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | At December 31, 2017 , total future minimum commitments under existing non-cancelable operating leases were as follows: In millions 2018 2019 2020 2021 2022 Thereafter Lease obligations $ 130 $ 102 $ 77 $ 53 $ 37 $ 141 |
Variable Interest Entities An41
Variable Interest Entities And Preferred Securities Of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 2015 Revenue (a) $ 95 $ 95 $ 43 Expense (a) 128 128 81 Cash receipts (b) 95 77 21 Cash payments (c) 128 98 71 (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 2017 2016 2015 Revenue (a) $ 49 $ 37 $ 27 Expense (b) 48 37 27 Cash receipts (c) 28 15 7 Cash payments (d) 39 27 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, 2017, 2016 and 2015, 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, 2017, 2016 and 2015, 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, 2017 | |
Debt Instruments [Abstract] | |
Debt Extinguishment [Table Text Block] | Amounts related to early debt extinguishment during the years ended December 31, 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Debt reductions (a) $ 993 $ 266 $ 2,151 Pre-tax early debt extinguishment costs (b) 83 29 207 (a) Reductions related to notes with interest rates ranging from 1.57% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2017 , 2016 and 2015 . 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 2017 2016 9 3/8% note – due 2019 $ — $ 295 8.7% note – due 2038 264 264 7.95% debenture – due 2018 — 382 7.5% note – due 2021 409 598 7.3% note – due 2039 721 721 6 7/8% notes – due 2023 – 2029 131 131 6.65% note – due 2037 4 4 6 5/8% note – due 2018 — 72 6.4% to 7.75% debentures due 2025 – 2027 143 142 6.0% note – due 2041 585 585 5.00% to 5.15% notes – due 2035 – 2046 1,281 1,280 4.8% note – due 2044 796 796 4.75% note – due 2022 817 810 3.00% to 4.40% notes – due 2024 – 2048 4,775 3,786 Floating rate notes – due 2017 – 2025 (a) 650 763 Environmental and industrial development 585 681 Other (c) (4 ) 4 Total (d) 11,157 11,314 Less: current maturities 311 239 Long-term debt $ 10,846 $ 11,075 (a) The weighted average interest rate on these notes was 2.6% in 2017 and 2.2% in 2016 . (b) The weighted average interest rate on these bonds was 6.0% in 2017 and 5.9% in 2016 . (c) Includes $70 million and $69 million of debt issuance costs as of December 31, 2017 and 2016, respectively. (d) The fair market value was approximately $12.3 billion at December 31, 2017 and $12.0 billion at December 31, 2016 . |
Derivatives and Hedging Activ43
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative [Line Items] | |
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, 2017 December 31, 2016 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts (a) 329 275 Derivatives Not Designated as Hedging Instruments: Electricity contract 13 6 Foreign exchange contracts 10 24 (a) These contracts had maturities of two years or less as of December 31, 2017 . |
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 2017 2016 2015 Foreign exchange contracts $ 15 $ 4 $ (3 ) Interest rate contracts — (10 ) — Total $ 15 $ (6 ) $ (3 ) |
Gains And Losses Recognized in Consolidated Statement of Operations On Qualifying And Non-Qualiifying Financial Instruments [Table Text Block] | The amounts of gains and losses recognized in the consolidated statement of operations on qualifying and non-qualifying financial instruments used in hedging transactions were as follows: Gain (Loss) Location of Gain In millions 2017 2016 2015 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts $ 8 $ 7 $ (12 ) Cost of products sold Interest rate contracts (1 ) — — Interest expense, net Total $ 7 $ 7 $ (12 ) Gain (Loss) Recognized in Income Location of Gain (Loss) in Consolidated Statement of Operations In millions 2017 2016 2015 Derivatives in Fair Value Hedging Relationships: Interest rate contracts $ — $ — $ 3 Interest expense, net Debt — — (3 ) Interest expense, net Total $ — $ — $ — Derivatives Not Designated as Hedging Instruments: Electricity Contracts $ (10 ) $ — $ (7 ) Cost of products sold Foreign exchange contracts — — (4 ) Cost of products sold Interest rate contracts 1 (a) 5 (b) 13 (c) Interest expense, net Total $ (9 ) $ 5 $ 2 (a) Excluding gain of $1 million related to debt reduction recorded to Restructuring and other charges. (b) Excluding gain of $2 million related to debt reduction recorded to Restructuring and other charges. (c) Excluding gain of $3 million related to debt reduction recorded to Restructuring and other charges. |
Schedule of Derivative Instruments [Table Text Block] | |
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, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Derivatives designated as hedging instruments Foreign exchange contracts – cash flow $ 11 (a) $ 3 (b) $ 1 (c) $ 4 (c) Total derivatives designated as hedging instruments 11 3 1 4 Derivatives not designated as hedging instruments Electricity contract — — 8 (d) 2 (c) Total derivatives not designated as hedging instruments — — 8 2 Total derivatives $ 11 $ 3 $ 9 $ 6 (a) Includes $10 million recorded in Other current assets and $1 million recorded in Deferred charges and other assets in the accompanying consolidated balance sheet. (b) Included in Other current assets in the accompanying consolidated balance sheet. (c) Included in Other accrued liabilities in the accompanying consolidated balance sheet. (d) Includes $5 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, 2017 | |
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, 2017 , 2016 and 2015 : Common Stock In thousands Issued Treasury Balance at January 1, 2015 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 Issuance of stock for various plans, net — (2,577 ) Repurchase of stock — 881 Balance at December 31, 2017 448,916 35,975 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended | |
Dec. 31, 2017 | 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: 2017 2016 2015 In millions U.S. Non- U.S. Non- U.S. Non- Service cost $ 160 $ 4 $ 158 $ 4 $ 161 $ 6 Interest cost 536 9 580 9 597 10 Expected return on plan assets (774 ) (11 ) (815 ) (10 ) (783 ) (11 ) Actuarial loss / (gain) 339 2 400 1 428 1 Amortization of prior service cost 28 — 41 — 43 — Curtailment loss / (gain) (a) 23 — — — — — Settlement loss 383 1 445 — 15 — Special termination benefits (a) 22 — — — — — Net periodic pension expense $ 717 $ 5 $ 809 $ 4 $ 461 $ 6 (a) Recorded in Discontinued operations in the consolidated statement of operations. | |
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 2017 2016 Target Equity accounts 49 % 51 % 42% - 53% Fixed income accounts 36 % 27 % 32% - 44% Real estate accounts 10 % 10 % 7% - 13% Other 5 % 12 % 3% - 8% Total 100 % 100 % | |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of International Paper’s pension plan assets at December 31, 2017 and 2016 by asset class are shown below. Plan assets included an immaterial amount of International Paper common stock at December 31, 2016. 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, 2017 Asset Class Total Quoted Significant Significant In millions Equities – domestic $ 1,291 $ 1,291 $ — $ — Equities – international 2,132 2,119 13 — Corporate bonds 1,177 — 1,177 — Government securities 2,778 — 2,778 — Mortgage backed securities 1 — — 1 Other fixed income (802 ) — (814 ) 12 Commodities — — — — Derivatives 8 — (8 ) 16 Cash and cash equivalents 397 397 — — Other investments: Equities - domestic 708 Equities - international 866 Corporate bonds 66 Other fixed income 232 Hedge funds 927 Private equity 481 Real estate 1,106 Total Investments $ 11,368 $ 3,807 $ 3,146 $ 29 | 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 — Derivatives (71 ) — — (71 ) Cash and cash equivalents 322 322 — — Other investments: 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] | 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, 2017 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period Equities - domestic $ 708 $ — Daily to monthly 1-5 days Equities - international 866 — Daily to monthly 1-5 days Corporate bonds 66 — Daily to monthly 1-5 days Other fixed income 232 — Daily to monthly 1-5 days Hedge funds 927 — Daily to annually 1 - 100 days Private equity 481 262 None None Real estate 1,106 121 Quarterly 45 - 60 days Total $ 4,386 $ 383 | 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, 2017 . 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 ) Actual return on plan assets: Relating to assets still held at the reporting date — 1 94 95 Relating to assets sold during the period — — (23 ) (23 ) Purchases, sales and settlements — — 16 16 Transfers in and/or out of Level 3 — — — — Ending balance at December 31, 2017 $ 1 $ 12 $ 16 $ 29 | |
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] | 2017 2016 In millions U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 13,683 $ 219 $ 14,438 $ 204 Service cost 160 4 158 4 Interest cost 536 9 580 9 Settlements (1,295 ) (4 ) (1,222 ) (2 ) Actuarial loss (gain) 913 2 495 35 Acquisitions — 5 1 — Divestitures 33 — — — Plan amendments 3 — — (1 ) Benefits paid (769 ) (8 ) (767 ) (9 ) Effect of foreign currency exchange rate movements — 20 — (21 ) Benefit obligation, December 31 $ 13,264 $ 247 $ 13,683 $ 219 Change in plan assets: Fair value of plan assets, January 1 $ 10,312 $ 153 $ 10,923 $ 155 Actual return on plan assets 1,830 10 607 17 Company contributions 1,290 10 771 8 Benefits paid (769 ) (8 ) (767 ) (9 ) Settlements (1,295 ) (4 ) (1,222 ) (2 ) Other — 3 — — Effect of foreign currency exchange rate movements — 12 — (16 ) Fair value of plan assets, December 31 $ 11,368 $ 176 $ 10,312 $ 153 Funded status, December 31 $ (1,896 ) $ (71 ) $ (3,371 ) $ (66 ) Amounts recognized in the consolidated balance sheet: Non-current asset $ — $ 5 $ — $ 6 Current liability (30 ) (3 ) (40 ) (3 ) Non-current liability (1,866 ) (73 ) (3,331 ) (69 ) $ (1,896 ) $ (71 ) $ (3,371 ) $ (66 ) | |
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 $ 88 $ (1 ) $ 125 $ — Net actuarial loss 3,893 67 4,757 61 $ 3,981 $ 66 $ 4,882 $ 61 | |
Pension Benefit Adjustments Recognized In Other Comprehensive (Loss) Income [Table Text Block] | The components of the $901 million and $5 million change related to U.S. plans and non-U.S. plans, respectively, in the amounts recognized in OCI during 2017 consisted of: In millions U.S. Non- Current year actuarial (gain) loss $ (143 ) $ 2 Amortization of actuarial loss (339 ) (2 ) Current year prior service cost 3 — Amortization of prior service cost (28 ) — Settlements (383 ) (1 ) Curtailments (11 ) — Effect of foreign currency exchange rate movements — 6 $ (901 ) $ 5 | |
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, 2017 and 2016 : 2017 2016 In millions U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation $ 13,264 $ 215 $ 13,683 $ 190 Accumulated benefit obligation 13,161 200 13,535 177 Fair value of plan assets 11,368 139 10,312 118 | |
Schedule of Assumptions Used [Table Text Block] | 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: 2017 2016 2015 U.S. Non- U.S. Non- U.S. Non- Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 3.60 % 3.59 % 4.10 % 3.88 % 4.40 % 4.64 % Rate of compensation increase 3.75 % 4.06 % 3.75 % 4.20 % 3.75 % 4.12 % Actuarial assumptions used to determine net periodic pension cost for years ended December 31: Discount rate (a) 4.03 % 3.88 % 4.05 % 4.72 % 4.10 % 4.72 % Expected long-term rate of return on plan assets 7.50 % 6.73 % 7.75 % 6.55 % 7.75 % 6.64 % Rate of compensation increase 3.75 % 4.20 % 3.75 % 4.03 % 3.75 % 4.03 % (a) Represents the weighted average rate for the U.S. qualified plans in 2017 and 2016 due to the remeasurements | |
Effect Of A 25 Basis Point Decrease On Net Pension Expense [Table Text Block] | The following illustrates the effect on pension expense for 2018 of a 25 basis point decrease in the above assumptions: In millions 2018 Expense/(Income): Discount rate $ 35 Expected long-term rate of return on plan assets 27 Rate of compensation increase (1 ) | |
Projected Future Pension Benefit Payments, Excluding Any Termination Benefits [Table Text Block] | At December 31, 2017 , projected future pension benefit payments, excluding any termination benefits, were as follows: In millions 2018 $ 708 2019 709 2020 718 2021 727 2022 735 2023-2027 3,763 |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 2015 In millions U.S. Non- U.S. Non- U.S. Non- Service cost $ 160 $ 4 $ 158 $ 4 $ 161 $ 6 Interest cost 536 9 580 9 597 10 Expected return on plan assets (774 ) (11 ) (815 ) (10 ) (783 ) (11 ) Actuarial loss / (gain) 339 2 400 1 428 1 Amortization of prior service cost 28 — 41 — 43 — Curtailment loss / (gain) (a) 23 — — — — — Settlement loss 383 1 445 — 15 — Special termination benefits (a) 22 — — — — — Net periodic pension expense $ 717 $ 5 $ 809 $ 4 $ 461 $ 6 (a) Recorded in Discontinued operations in the consolidated statement of operations. |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Postretirement Benefit Expense [Table Text Block] | components of postretirement benefit expense in 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 U.S. Non- U.S. Non- U.S. Non- Service cost $ 1 $ — $ 1 $ — $ 1 $ 1 Interest cost 11 2 11 3 11 5 Actuarial loss 8 3 5 2 6 1 Amortization of prior service credits (3 ) (4 ) (4 ) (4 ) (10 ) (2 ) Net postretirement (benefit) expense $ 17 $ 1 $ 13 $ 1 $ 8 $ 5 |
Discount Rates Used To Determine Net Cost [Table Text Block] | The weighted average assumptions used to determine the benefit obligation at December 31, 2017 and 2016 were as follows: 2017 2016 U.S. Non- U.S. Non- Discount rate 3.50 % 9.38 % 4.00 % 10.53 % Health care cost trend rate assumed for next year 6.50 % 10.27 % 6.50 % 10.90 % Rate that the cost trend rate gradually declines to 5.00 % 5.15 % 5.00 % 5.81 % Year that the rate reaches the rate it is assumed to remain 2022 2028 2022 2027 |
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 2017 and 2016 : In millions 2017 2016 U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 280 $ 23 $ 275 $ 45 Service cost 1 — 1 — Interest cost 11 2 11 3 Participants’ contributions 5 — 5 — Actuarial (gain) loss 14 2 31 5 Plan amendments — — — (35 ) Benefits paid (42 ) (2 ) (44 ) (1 ) Less: Federal subsidy 1 — 1 — Currency Impact — — — 6 Benefit obligation, December 31 $ 270 $ 25 $ 280 $ 23 Change in plan assets: Fair value of plan assets, January 1 $ — $ — $ — $ — Company contributions 37 2 39 1 Participants’ contributions 5 — 5 — Benefits paid (42 ) (2 ) (44 ) (1 ) Fair value of plan assets, December 31 $ — $ — $ — $ — Funded status, December 31 $ (270 ) $ (25 ) $ (280 ) $ (23 ) Amounts recognized in the consolidated balance sheet under ASC 715: Current liability $ (28 ) $ (1 ) $ (29 ) $ (2 ) Non-current liability (242 ) (24 ) (251 ) (21 ) $ (270 ) $ (25 ) $ (280 ) $ (23 ) Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax): Net actuarial loss (gain) $ 74 $ 19 $ 68 $ 21 Prior service credit (6 ) (30 ) (8 ) (34 ) $ 68 $ (11 ) $ 60 $ (13 ) |
Postretirement Benefit Adjustments Recognized In Other Comprehensive (Loss) Income [Table Text Block] | The components of the $8 million and $2 million change in the amounts recognized in OCI during 2017 for U.S. and non-U.S. plans, respectively, consisted of: In millions U.S. Non- Current year actuarial loss $ 14 $ 1 Amortization of actuarial (loss) gain (8 ) (3 ) Current year prior service cost — — Amortization of prior service credit 2 4 Currency impact — — $ 8 $ 2 |
Estimated Total Future Postretirement Benefit Payments, Net Of Participant Contributions And Estimated Future Medicare Part D Subsidy Receipts [Table Text Block] | At December 31, 2017 , 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- 2018 $ 29 $ 1 $ 1 2019 27 1 1 2020 25 1 1 2021 24 1 — 2022 22 1 — 2023 – 2027 91 5 4 |
Net Cost [Member] | Other Postretirement Benefits Plan [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, 2017 , 2016 and 2015 were as follows: 2017 2016 2015 U.S. Non- U.S. Non- U.S. Non- Discount rate 4.00 % 10.53 % 4.20 % 12.23 % 3.90 % 11.52 % |
Incentive Plans (Tables)
Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |
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, 2017 Expected volatility 22.75%-23.39% Risk-free interest rate 1.10%-1.47% |
Summary Of Performance Restricted Share Activity [Table Text Block] | The following summarizes PSP activity for the three years ending December 31, 2017 : Share/Units Weighted Average Grant Date Fair Value 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 Granted 2,163,912 51.78 Shares issued (1,876,134 ) 51.00 Forfeited (438,024 ) 45.96 Outstanding at December 31, 2017 5,799,884 $36.17 |
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, 2017 : Shares Weighted Average Grant Date Fair Value 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 Granted 63,319 57.24 Shares issued (59,650 ) 47.90 Forfeited (6,700 ) 53.53 Outstanding at December 31, 2017 166,300 $48.63 |
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 2017 2016 2015 Total stock-based compensation expense (included in selling and administrative expense) $ 147 $ 124 $ 107 Income tax benefits related to stock-based compensation 45 34 88 |
Financial Information By Indu48
Financial Information By Industry Segment And Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Equity Method Investments [Table Text Block] | Balance Sheet In millions 2017 2016 Current assets $ 689 $ 774 Noncurrent assets 1,696 1,351 Current liabilities 1,039 402 Noncurrent liabilities 972 1,426 Noncontrolling interests 6 22 Income Statement In millions 2017 2016 2015 Net sales $ 2,150 $ 1,927 $ 1,931 Gross profit 1,047 957 971 Income from continuing operations 379 419 254 Net income attributable to Ilim 362 391 237 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Net Sales In millions 2017 2016 2015 Industrial Packaging $ 15,077 $ 14,226 $ 14,559 Global Cellulose Fibers 2,551 1,092 975 Printing Papers 4,157 4,058 4,056 Corporate and Intersegment Sales (a) (42 ) 119 1,085 Net Sales $ 21,743 $ 19,495 $ 20,675 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Profit In millions 2017 2016 2015 Industrial Packaging $ 1,547 $ 1,741 $ 1,938 Global Cellulose Fibers 65 (179 ) 68 Printing Papers 457 540 465 Business Segment Operating Profit 2,069 2,102 2,471 Earnings (loss) from continuing operations before income taxes and equity earnings 848 795 1,132 Interest expense, net 572 520 555 Noncontrolling interests / equity earnings adjustment (b) (2 ) 1 8 Corporate items, net (a) 91 121 96 Corporate special items, net (a) 76 55 422 Non-operating pension expense 484 610 258 $ 2,069 $ 2,102 $ 2,471 |
Reconciliation of Restructuring and Other Charges from Segments to Consolidated [Table Text Block] | Restructuring and Other Charges In millions 2017 2016 2015 Industrial Packaging $ — $ 7 $ — Global Cellulose Fibers — — — Printing Papers — — — Corporate (c) 67 47 252 Restructuring and Other Charges $ 67 $ 54 $ 252 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets In millions 2017 2016 Industrial Packaging $ 15,354 $ 14,707 Global Cellulose Fibers 3,913 3,845 Printing Papers 4,054 3,965 Corporate and other (d) 10,582 10,576 Assets $ 33,903 $ 33,093 |
Reconciliation of Capital Spending from Segment to Consolidated [Table Text Block] | Capital Spending In millions 2017 2016 2015 Industrial Packaging $ 836 $ 832 $ 871 Global Cellulose Fibers 188 174 129 Printing Papers 235 215 232 Subtotal 1,259 1,221 1,232 Corporate and other (e) 21 20 78 Capital Spending $ 1,280 $ 1,241 $ 1,310 |
Reconciliation of Depreciation and Amortization from Segment to Consolidated [Table Text Block] | Depreciation, Amortization and Cost of Timber Harvested (f) In millions 2017 2016 2015 Industrial Packaging $ 781 $ 730 $ 739 Global Cellulose Fibers 261 108 73 Printing Papers 245 232 234 Corporate (g) 56 54 121 Depreciation and Amortization $ 1,343 $ 1,124 $ 1,167 |
Revenue from External Customers by Products and Services [Table Text Block] | External Sales By Major Product In millions 2017 2016 2015 Industrial Packaging $ 14,946 $ 14,142 $ 14,496 Global Cellulose Fibers 2,524 1,090 986 Printing Papers 4,142 4,062 4,082 Other (h) 131 201 1,111 Net Sales $ 21,743 $ 19,495 $ 20,675 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net Sales (i) In millions 2017 2016 2015 United States (j) $ 16,247 $ 14,363 $ 14,875 EMEA 3,129 2,852 2,759 Pacific Rim and Asia 625 699 1,501 Americas, other than U.S. 1,742 1,581 1,540 Net Sales $ 21,743 $ 19,495 $ 20,675 |
Long-lived Assets by Geographic Areas [Table Text Block] | Long-Lived Assets (k) In millions 2017 2016 United States $ 10,545 $ 10,532 EMEA 1,302 1,009 Pacific Rim and Asia 236 246 Americas, other than U.S. 1,630 1,672 Long-Lived Assets $ 13,713 $ 13,459 |
Interim Financial Results Inter
Interim Financial Results Interim Financial Results Footnotes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 Net sales $ 5,132 $ 5,383 $ 5,517 $ 5,711 $ 21,743 Earnings (loss) from continuing operations before income taxes and equity earnings 217 (a) (23 ) (a) 457 (a) 197 (a) 848 (a) Gain (loss) from discontinued operations 17 (b) (4 ) (b) 29 (b) (8 ) (b) 34 (b) Net earnings (loss) attributable to International Paper Company 209 (a-c) 80 (a-c) 395 (a-c) 1,460 (a-c) 2,144 (a-c) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.47 (a) $ 0.20 (a) $ 0.89 (a) $ 3.56 (a) $ 5.11 (a) Gain (loss) from discontinued operations 0.04 (b) (0.01 ) (b) 0.07 (b) (0.02 ) (b) 0.08 (b) Net earnings (loss) 0.51 (a-c) 0.19 (a-c) 0.96 (a-c) 3.54 (a-c) 5.19 (a-c) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.46 (a) 0.20 (a) 0.88 (a) 3.52 (a) 5.05 (a) Gain (loss) from discontinued operations 0.04 (b) (0.01 ) (b) 0.07 (b) (0.02 ) (b) 0.08 (b) Net earnings (loss) 0.50 (a-c) 0.19 (a-c) 0.95 (a-c) 3.50 (a-c) 5.13 (a-c) Dividends per share of common stock 0.4625 0.4625 0.4625 0.4750 1.8625 Common stock prices High $ 58.86 $ 57.24 $ 58.95 $ 58.96 $ 58.96 Low 49.62 49.60 51.28 53.10 49.60 2016 Net sales $ 4,717 $ 4,914 $ 4,864 $ 5,000 $ 19,495 Earnings (loss) from continuing operations before income taxes and equity earnings 307 (d) (76 ) (d) 320 (d) 244 (d) 795 (d) Gain (loss) from discontinued operations 4 (e) 40 (e) 34 (e) 24 (e) 102 (e) Net earnings (loss) attributable to International Paper Company 334 (d-f) 40 (d-f) 312 (d-f) 218 (d-f) 904 (d-f) Basic earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations $ 0.80 (d) $ 0.00 (d) $ 0.68 (d) $ 0.47 (d) $ 1.95 (d) Gain (loss) from discontinued operations 0.01 (e) 0.10 (e) 0.08 (e) 0.06 (e) 0.25 (e) Net earnings (loss) 0.81 (d-f) 0.10 (d-f) 0.76 (d-f) 0.53 (d-f) 2.20 (d-f) Diluted earnings (loss) per share attributable to International Paper Company common shareholders: Earnings (loss) from continuing operations 0.80 (d) 0.00 (d) 0.67 (d) 0.47 (d) 1.93 (d) Gain (loss) from discontinued operations 0.01 (e) 0.10 (e) 0.08 (e) 0.06 (e) 0.25 (e) Net earnings (loss) 0.81 (d-f) 0.10 (d-f) 0.75 (d-f) 0.53 (d-f) 2.18 (d-f) 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 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): 2017 In millions Q1 Q2 Q3 Q4 Gain on sale of investment in ArborGen $ — $ (14 ) $ — $ — Costs associated with the pulp business acquired in 2016 4 5 6 18 Amortization of Weyerhaeuser inventory fair value step-up 14 — — — Holmen bargain purchase gain (6 ) — — — Abandoned property removal 2 5 7 6 Kleen Products settlement — 354 — — Asia Foodservice sale — 9 — — Brazil Packaging wood supply accelerated amortization — — 10 — Debt extinguishment costs — — — 83 Interest income on income tax refund claims — (4 ) — (1 ) Other items — (2 ) — — Non-operating pension expense 31 34 33 386 Total $ 45 $ 387 $ 56 $ 492 (b) Includes the operating earnings of the North American Consumer Packaging business for the full year. Also includes the following pre-tax charges (gains): 2017 In millions Q1 Q2 Q3 Q4 North American Consumer Packaging transaction costs $ — $ — $ — $ 17 Non-operating pension expense — — — 45 Total $ — $ — $ — $ 62 (c) Includes the following tax expenses (benefits): 2017 In millions Q1 Q2 Q3 Q4 International legal entity restructuring $ 15 $ — $ 19 $ — Income tax refund claims — (85 ) — (28 ) Cash pension contribution — 38 — — International Tax Law Change — — — 9 Tax benefit of Tax Cuts and Jobs Act — — — (1,222 ) Tax impact of other special items (8 ) (137 ) (8 ) (41 ) Total $ 7 $ (184 ) $ 11 $ (1,282 ) (d) 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 Non-operating pension expense 44 487 42 37 Total $ 82 $ 520 $ 108 $ 82 (e) Includes the operating earnings of the North American Consumer Packaging business for the full year and a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. (f) Includes the following tax expenses (benefits): 2016 In millions 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 |
Schedule II - Valuation And Q50
Schedule II - Valuation And Qualifying Accounts Schedule II - Valuation And Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Balance at Additions Additions Deductions Balance at Description Reserves Applied Against Specific Assets Shown on Balance Sheet: Doubtful accounts – current $ 70 $ 5 $ — (2)(a) $ 73 Restructuring reserves 6 — — (4)(b) 2 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 (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 Signi51
Summary Of Business And Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operation, equity method investment retained after disposal, ownership interest after disposal | 20.50% | |||
Equity earnings (loss), net of taxes | $ 177 | $ 198 | $ 117 |
Earnings Per Share Attributab52
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, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||||||||||||
Earnings (loss) from continuing operations | $ 2,110 | $ 802 | $ 853 | ||||||||||||||||||
Weighted average common shares outstanding | 412.7 | 411.1 | 417.4 | ||||||||||||||||||
Weighted average common shares outstanding – assuming dilution | 417.7 | 415.6 | 420.6 | ||||||||||||||||||
Basic earnings (loss) per share from continuing operations | $ 3.56 | $ 0.89 | $ 0.20 | $ 0.47 | $ 0.47 | $ 0.68 | $ 0 | $ 0.80 | $ 5.11 | [1] | $ 1.95 | [2] | $ 2.05 | ||||||||
Diluted earnings (loss) per share from continuing operations | $ 3.52 | $ 0.88 | $ 0.20 | $ 0.46 | $ 0.47 | $ 0.67 | $ 0 | $ 0.80 | $ 5.05 | [1] | $ 1.93 | [2] | $ 2.03 | ||||||||
Restricted performance share plan | |||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||||||||||||
Effect of dilutive securities: | 5 | 4.5 | 3.2 | ||||||||||||||||||
[1] | Includes the following pre-tax charges (gains): 2017In millions Q1 Q2 Q3 Q4Gain on sale of investment in ArborGen $— $(14) $— $—Costs associated with the pulp business acquired in 2016 4 5 6 18Amortization of Weyerhaeuser inventory fair value step-up 14 — — —Holmen bargain purchase gain (6) — — —Abandoned property removal 2 5 7 6Kleen Products settlement — 354 — —Asia Foodservice sale — 9 — —Brazil Packaging wood supply accelerated amortization — — 10 —Debt extinguishment costs — — — 83Interest income on income tax refund claims — (4) — (1)Other items — (2) — —Non-operating pension expense 31 34 33 386Total $45 $387 $56 $492 | ||||||||||||||||||||
[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 — — — 19Non-operating pension expense 44 487 42 37Total $82 $520 $108 $82 |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (5,362) | $ (5,708) | |
Balance at end of period | (4,633) | (5,362) | $ (5,708) |
Defined Benefit Pension and Postretirement Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (3,072) | (3,169) | (3,134) |
Other comprehensive income (loss) before reclassifications | 59 | (448) | (331) |
Amounts reclassified from accumulated other comprehensive income | 486 | 545 | 296 |
Balance at end of period | (2,527) | (3,072) | (3,169) |
Change in Cumulative Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (2,287) | (2,549) | (1,513) |
Other comprehensive income (loss) before reclassifications | 178 | 263 | (1,002) |
Amounts reclassified from accumulated other comprehensive income | (1) | (3) | (40) |
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | (1) | 2 | 6 |
Balance at end of period | (2,111) | (2,287) | (2,549) |
Net Gains and Losses on Cash Flow Hedging Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (3) | 10 | 1 |
Other comprehensive income (loss) before reclassifications | 15 | (6) | (3) |
Amounts reclassified from accumulated other comprehensive income | (7) | (7) | 12 |
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | 5 | (3) | 10 |
Balance at end of period | (3) | 10 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | $ (478) | $ (535) | $ (268) |
Schedule of Reclassifications O
Schedule of Reclassifications Out of Accumualted Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax (expense)/benefit | $ (1,085) | $ 193 | $ 417 | |
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | (2,110) | (800) | (832) | |
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 | (478) | (535) | (268) | |
Prior-service costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (33) | (37) | (33) |
Actuarial gains/(losses) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (733) | (851) | (449) |
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 | (766) | (888) | (482) | |
Tax (expense)/benefit | 280 | 343 | 186 | |
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | (486) | (545) | (296) | |
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 | 1 | 3 | 40 | |
Tax (expense)/benefit | 0 | 0 | 0 | |
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 1 | 3 | 40 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges 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 | 9 | 10 | (20) | |
Tax (expense)/benefit | (2) | (3) | 8 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Foreign Exchange Contract [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | 9 | 10 | (20) |
Net Gains and Losses on Cash Flow Hedging Derivatives | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 7 | 7 | (12) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (7) | $ (7) | $ 12 | |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for additional details). | |||
[2] | This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 14 for additional details). |
Restructuring and Other Charg55
Restructuring and Other Charges (Restructuring and Related Costs Tables) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and other charges | $ 67 | $ 54 | $ 252 | ||||||||
Early debt extinguishment costs (see Note 13) | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and other charges | $ 83 | $ 29 | 83 | 29 | 207 | ||||||
Gain on sale of investment in ArborGen | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and other charges | $ (14) | (14) | |||||||||
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 (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 | 16 | ||||||||||
Legal liability reserve adjustment | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and other charges | 15 | ||||||||||
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 | $ 9 | 8 | [3] | ||||||||
Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and other charges | $ (2) | $ (2) | $ 6 | ||||||||
[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. |
Restructuring and Other Charg56
Restructuring and Other Charges Schedule of Restructuring and Related Costs (Footnotes) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)employees | Dec. 31, 2015USD ($) | |
Riegelwood mill conversion costs (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 |
Restructuring and related cost, number of positions eliminated | 0 | |
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 |
Restructuring and Other Charg57
Restructuring and Other Charges (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring and other charges | $ 67 | $ 54 | $ 252 |
Acquisitions And Joint Ventur58
Acquisitions And Joint Ventures (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 01, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 3,411 | $ 3,364 | $ 3,335 | |||
Tangier, Morocco Facility [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and temporary investments | $ 1 | |||||
Accounts and notes receivable | 7 | |||||
Inventory | 3 | |||||
Plants, properties and equipment | 32 | |||||
Goodwill | 4 | |||||
Other intangible assets | 5 | |||||
Deferred charges and other assets | 4 | |||||
Total assets acquired | 56 | |||||
Accounts payable and accrued liabilities | 5 | |||||
Long-term debt | 11 | |||||
Other long-term liabilities | 2 | |||||
Total liabilities assumed | 18 | |||||
Net assets acquired | $ 38 | |||||
Weyerhaeuser Pulp Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and temporary investments | $ 12 | |||||
Accounts and notes receivable | 195 | |||||
Inventory | 238 | |||||
Other current assets | 11 | |||||
Plants, properties and equipment | 1,711 | |||||
Goodwill | 52 | |||||
Other intangible assets | 212 | |||||
Deferred charges and other assets | 6 | |||||
Total assets acquired | 2,437 | |||||
Accounts payable and accrued liabilities | 114 | |||||
Long-term debt | 104 | |||||
Other long-term liabilities | 28 | |||||
Total liabilities assumed | 246 | |||||
Net assets acquired | $ 2,191 | |||||
Holmen Paper Newsprint Mill [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 14 | |||||
Equity method investments | 14 | |||||
Plants, properties and equipment | 60 | |||||
Deferred charges and other assets | 5 | |||||
Total assets acquired | 93 | |||||
Short-term liabilities | 9 | |||||
Long-term liabilities | 16 | |||||
Total liabilities assumed | 25 | |||||
Net assets acquired | $ 68 |
Acquisitions And Joint Ventur59
Acquisitions And Joint Ventures (Identifiable Intangible Assets Acquired In Connection With Acquisition) (Details) - Weyerhaeuser Pulp Business [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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 Ventur60
Acquisitions And Joint Ventures (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($)Tons | Dec. 31, 2016EUR (€)Tons | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, net of cash acquired | $ 45 | $ 2,228 | $ 0 | |||||||||
Inventory adjustment | $ 14 | $ 19 | ||||||||||
Increase (decrease) in inventories | 87 | (11) | 131 | |||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 6 | 0 | 0 | |||||||||
Tangier, Morocco Facility [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Provisional payments to acquired business | 46 | € 40 | ||||||||||
Payments to acquire businesses, net of cash acquired | 38 | € 33 | ||||||||||
Net sales since acquisition date | 6 | |||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (1) | |||||||||||
Weyerhaeuser Pulp Business [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses, net of cash acquired | 2,200 | |||||||||||
Business Acquisition, Pro Forma Revenue | 20,800 | 22,200 | ||||||||||
Business combination pro forma earnings from continuing operations before income taxes and equity earnings | 900 | 1,300 | ||||||||||
Net sales since acquisition date | $ 111 | |||||||||||
Number of fluff pulp mills acquired | 4 | 4 | ||||||||||
Number of kraft mills acquired | 1 | 1 | ||||||||||
Number of converting facilities acquired | 2 | 2 | ||||||||||
Inventory adjustment | $ 33 | 33 | ||||||||||
Increase (decrease) in inventories | 14 | 19 | ||||||||||
Increase (decrease) in inventories, net of tax | 8 | 12 | ||||||||||
Integration related costs | $ 18 | $ 6 | $ 5 | 4 | $ 19 | $ 7 | $ 5 | 28 | ||||
Integration related costs, net of tax | 18 | |||||||||||
Intangibles adjustment | 18 | 18 | ||||||||||
Non-recurring integration costs | 30 | $ 30 | ||||||||||
Acquisition deal costs | 12 | |||||||||||
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 | ||||||||||
Net sales since acquisition date | 90 | |||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 6 | $ 6 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (2) | |||||||||||
Cogeneration Facility [Member] | Holmen Paper Newsprint Mill [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of equity interest | 50.00% | |||||||||||
Annual production capacity | Tons | 440,000 | 440,000 |
Divestitures Divestitures (Reco
Divestitures Divestitures (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, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||
Discontinued operations, net of taxes | $ (8) | $ 29 | $ (4) | $ 17 | $ 24 | $ 34 | $ 40 | $ 4 | $ 34 | [1] | $ 102 | [2] | $ 85 | ||||||||
North American Consumer Packaging [Member] | Discontinued Operations, Held-for-sale [Member] | |||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||
Net Sales | 1,559 | 1,584 | 1,690 | ||||||||||||||||||
Cost of products sold | 1,179 | 1,095 | 1,155 | ||||||||||||||||||
Selling and administrative expenses | 110 | 91 | 106 | ||||||||||||||||||
Depreciation, amortization and cost of timber harvested | 80 | 103 | 127 | ||||||||||||||||||
Distribution expenses | 126 | 124 | 158 | ||||||||||||||||||
Taxes other than payroll and income taxes | 11 | 10 | 10 | ||||||||||||||||||
Interest expense, net | 1 | 0 | 0 | ||||||||||||||||||
Earnings (Loss) Before Income Taxes and Equity Earnings | 52 | 161 | 134 | ||||||||||||||||||
Income tax provision (benefit) | 18 | 54 | 49 | ||||||||||||||||||
Discontinued operations, net of taxes | $ 34 | $ 107 | $ 85 | ||||||||||||||||||
[1] | Includes the operating earnings of the North American Consumer Packaging business for the full year. Also includes the following pre-tax charges (gains): 2017In millions Q1 Q2 Q3 Q4North American Consumer Packaging transaction costs $— $— $— $17Non-operating pension expense — — — 45Total $— $— $— $62 | ||||||||||||||||||||
[2] | Includes the operating earnings of the North American Consumer Packaging business for the full year and a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. |
Divestitures Disposal Group, In
Divestitures Disposal Group, Including Discontinued Operation, Assets and Liabilities Held for Sale Footnote (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Current assets held for sale | $ 1,377 | $ 361 |
Current liabilities held for sale | $ 805 | $ 161 |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) ¥ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017CNY (¥) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Discontinued operation, equity method investment retained after disposal, ownership interest after disposal | 20.50% | ||||||||||||
Net (gains) losses on sales and impairments of businesses | $ 5 | $ 28 | $ 37 | $ 9 | $ 70 | $ 174 | |||||||
North American Consumer Packaging [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash provided by (used in) operating activities, discontinued operations | 207 | 268 | 197 | ||||||||||
Cash provided by (used in) investing activities, discontinued operations | 111 | 114 | 178 | ||||||||||
Asia Foodservice [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from divestiture of businesses | $ 18 | ¥ 129 | |||||||||||
Proceeds from sale of notes receivable | ¥ | ¥ 80 | ||||||||||||
Number of locations sold | 2 | 2 | |||||||||||
Proceeds from sales of business, affiliate and productive assets | ¥ | ¥ 49 | ||||||||||||
Assets held-for-sale, long lived, fair value disclosure | $ 7 | ||||||||||||
Impairment of long-lived assets to be disposed of | $ 9 | ||||||||||||
IP Asia Packaging [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from divestiture of businesses | 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) | |||||||||||
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 | ||||||||||||
Notes, loans and financing receivable, net, noncurrent | $ 9 | $ 9 | |||||||||||
IP-Sun JV [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 | 174 | ||||||||||||
Net (gains) losses on sales and impairments of businesses, net of tax | 113 | ||||||||||||
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 | |||||||||||
Income (loss) from individually significant component disposed of or held-for-sale, excluding discontinued operations, attributable to parent, before income tax | $ (226) | ||||||||||||
Percentage of equity interest | 55.00% | 55.00% | |||||||||||
Income (Loss) from individually significant component disposed of or held-for-sale, excluding discontinued operations, attributable to noncontrolling interest, before income tax | $ (19) | ||||||||||||
Long-term Debt [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from issuance of debt | $ 660 |
Supplementary Financial State64
Supplementary Financial Statement Information (Accounts And Notes Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | $ 3,287 | $ 2,852 |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | 3,017 | 2,612 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | $ 270 | $ 240 |
Supplementary Financial State65
Supplementary Financial Statement Information (Inventories By Major Category) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Text Block Supplement [Abstract] | ||
Raw materials | $ 274 | $ 286 |
Finished pulp, paper and packaging products | 1,337 | 1,231 |
Operating supplies | 615 | 616 |
Other | 87 | 100 |
Inventories | $ 2,313 | $ 2,233 |
Supplementary Financial State66
Supplementary Financial Statement Information (Plants, Properties And Equipment By Major Classification) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Gross cost | $ 33,814 | $ 32,251 |
Less: Accumulated depreciation | 20,549 | 19,248 |
Plants, properties and equipment, net | 13,265 | 13,003 |
Pulp, paper and packaging facilities | ||
Property, Plant and Equipment [Line Items] | ||
Gross cost | 32,523 | 30,943 |
Other properties and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross cost | $ 1,291 | $ 1,308 |
Supplementary Financial State67
Supplementary Financial Statement Information (Schedule Of Interest Income And Interest Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |||
Interest expense (a) | $ 758 | $ 695 | $ 644 |
Interest income (a) | 186 | 175 | 89 |
Capitalized interest costs | $ 25 | $ 28 | $ 25 |
Supplementary Financial State68
Supplementary Financial Statement Information Supplementary Financial Statement Information (Interest Income and Interest Expense (Footnotes) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Interest Income and Interest Expense [Line Items] | |
Variable Interest Entity, Measure of Activity, Operating Income or Loss | $ 25 |
Supplementary Financial State69
Supplementary Financial Statement Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Temporary Investments | $ 661 | $ 757 | |
Percentage of inventories valued using last-in, first-out inventory method | 71.00% | ||
Excess of replacement or current costs over stated LIFO value | $ 293 | 290 | |
Depreciation expense | 1,243 | 1,031 | $ 1,086 |
Interest payments | 782 | 682 | $ 680 |
Asset retirement obligation | $ 86 | $ 83 | |
Building [Member] | Minimum [Member] | |||
Property, plant and equipment, useful life | 20 years | ||
Building [Member] | Maximum [Member] | |||
Property, plant and equipment, useful life | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, plant and equipment, useful life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, plant and equipment, useful life | 20 years |
Goodwill And Other Intangible70
Goodwill And Other Intangibles (Changes In Goodwill Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | $ 3,364 | $ 3,335 | ||||
Reclassifications and other (b) | [1] | 11 | 29 | |||
Additions/reductions | 36 | 0 | ||||
Impairment loss | 0 | 0 | ||||
Goodwill gross | 5,584 | 5,537 | $ 5,508 | |||
Accumulated impairment losses | (2,173) | (2,173) | (2,173) | |||
Goodwill, ending balance | 3,411 | 3,364 | ||||
Industrial Packaging | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | 3,079 | 3,088 | ||||
Reclassifications and other (b) | [1] | 3 | (4) | |||
Additions/reductions | 4 | [2] | (5) | [3] | ||
Impairment loss | 0 | 0 | ||||
Goodwill gross | 3,382 | 3,375 | 3,384 | |||
Accumulated impairment losses | (296) | (296) | (296) | |||
Goodwill, ending balance | 3,086 | 3,079 | ||||
Global Cellulose Fibers | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | 19 | 0 | ||||
Reclassifications and other (b) | [1] | 0 | 0 | |||
Additions/reductions | [4] | 33 | 19 | |||
Impairment loss | 0 | 0 | ||||
Goodwill gross | 52 | 19 | 0 | |||
Accumulated impairment losses | 0 | 0 | 0 | |||
Goodwill, ending balance | 52 | 19 | ||||
Printing Papers | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | 266 | 247 | ||||
Reclassifications and other (b) | [1] | 8 | 33 | |||
Additions/reductions | [5] | (1) | (14) | |||
Impairment loss | 0 | 0 | ||||
Goodwill gross | 2,150 | 2,143 | 2,124 | |||
Accumulated impairment losses | (1,877) | (1,877) | $ (1,877) | |||
Goodwill, ending balance | $ 273 | $ 266 | ||||
[1] | Represents the effects of foreign currency translations and reclassifications. | |||||
[2] | Reflects the acquisition of the newly acquired Moroccan box plant. | |||||
[3] | Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in the U.S. | |||||
[4] | Reflects the acquisition and purchase price adjustments of the newly acquired pulp business. | |||||
[5] | Reflects a reduction from tax benefits generated by the deduction of goodwill amortization for tax purposes in Brazil. |
Goodwill And Other Intangible71
Goodwill And Other Intangibles (Identifiable Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 442 | $ 379 |
Finite-Lived Intangible Assets, Net | 482 | 547 |
Finite And Indefinite Lived Intangible Assets Gross | 924 | 926 |
Customer-Related Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 610 | 605 |
Finite-Lived Intangible Assets, Accumulated Amortization | 247 | 211 |
Finite-Lived Intangible Assets, Net | 363 | 394 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 72 | 69 |
Finite-Lived Intangible Assets, Accumulated Amortization | 72 | 64 |
Finite-Lived Intangible Assets, Net | 0 | 5 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 172 | 173 |
Finite-Lived Intangible Assets, Accumulated Amortization | 72 | 56 |
Finite-Lived Intangible Assets, Net | 100 | 117 |
Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 8 | 10 |
Finite-Lived Intangible Assets, Accumulated Amortization | 2 | 2 |
Finite-Lived Intangible Assets, Net | 6 | 8 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 24 | 21 |
Finite-Lived Intangible Assets, Accumulated Amortization | 23 | 20 |
Finite-Lived Intangible Assets, Net | 1 | 1 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 38 | 48 |
Finite-Lived Intangible Assets, Accumulated Amortization | 26 | 26 |
Finite-Lived Intangible Assets, Net | $ 12 | $ 22 |
Goodwill And Other Intangible72
Goodwill And Other Intangibles (Amortization Expense Of Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense related to intangible assets | $ 10 | $ 77 | $ 54 | $ 60 |
Goodwill And Other Intangible73
Goodwill And Other Intangibles (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Line Items] | |
Intangibles subject to amortization, estimated amortization expense, next 12 months | $ 55 |
Intangibles subject to amortization, estimated amortization expense, year 2 | 52 |
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 | 49 |
Intangibles subject to amortization, estimated amortization expense cumulatively thereafter | $ 217 |
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, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
U.S. | $ 297 | $ 411 | $ 1,013 | ||||||||||||||||||
Non-U.S. | 551 | 384 | 119 | ||||||||||||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY EARNINGS (LOSSES) | $ 197 | $ 457 | $ (23) | $ 217 | $ 244 | $ 320 | $ (76) | $ 307 | $ 848 | [1] | $ 795 | [2] | $ 1,132 | ||||||||
[1] | Includes the following pre-tax charges (gains): 2017In millions Q1 Q2 Q3 Q4Gain on sale of investment in ArborGen $— $(14) $— $—Costs associated with the pulp business acquired in 2016 4 5 6 18Amortization of Weyerhaeuser inventory fair value step-up 14 — — —Holmen bargain purchase gain (6) — — —Abandoned property removal 2 5 7 6Kleen Products settlement — 354 — —Asia Foodservice sale — 9 — —Brazil Packaging wood supply accelerated amortization — — 10 —Debt extinguishment costs — — — 83Interest income on income tax refund claims — (4) — (1)Other items — (2) — —Non-operating pension expense 31 34 33 386Total $45 $387 $56 $492 | ||||||||||||||||||||
[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 — — — 19Non-operating pension expense 44 487 42 37Total $82 $520 $108 $82 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. federal | $ (73) | $ (7) | $ 35 |
U.S. state and local | (23) | (12) | 3 |
Non-U.S. | 112 | 76 | 111 |
Current tax provision (benefit), total | 16 | 57 | 149 |
U.S. federal | (1,150) | 134 | 306 |
U.S. state and local | 9 | 27 | 32 |
Non-U.S. | 40 | (25) | (70) |
Deferred income tax provision (benefit), net | (1,101) | 136 | 268 |
Income tax provision (benefit) | $ (1,085) | $ 193 | $ 417 |
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, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ 197 | $ 457 | $ (23) | $ 217 | $ 244 | $ 320 | $ (76) | $ 307 | $ 848 | [1] | $ 795 | [2] | $ 1,132 | ||||||||
Statutory U.S. income tax rate | 35.00% | 35.00% | 35.00% | ||||||||||||||||||
Tax expense (benefit) using statutory U.S. income tax rate | $ 297 | $ 278 | $ 396 | ||||||||||||||||||
State and local income taxes | (7) | 8 | 20 | ||||||||||||||||||
Tax rate and permanent differences on non-U.S. earnings | (36) | (26) | (44) | ||||||||||||||||||
Net U.S. tax on non-U.S. dividends | 44 | 21 | 12 | ||||||||||||||||||
Tax expense (benefit) on manufacturing activities | 23 | (10) | (12) | ||||||||||||||||||
Non-deductible business expenses | 7 | 9 | 8 | ||||||||||||||||||
Non-deductible impairments | 0 | 0 | 109 | ||||||||||||||||||
Sale of non-strategic assets | 0 | 12 | (61) | ||||||||||||||||||
Tax audits | 0 | (14) | 0 | ||||||||||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (1,451) | 0 | 0 | ||||||||||||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | (96) | (11) | 0 | ||||||||||||||||||
Subsidiary liquidation | 0 | (63) | 0 | ||||||||||||||||||
Deemed repatriation, net of foreign tax credits | 231 | 0 | 0 | ||||||||||||||||||
General business and other tax credits | (86) | (15) | (15) | ||||||||||||||||||
Other, net | (11) | 4 | 4 | ||||||||||||||||||
Income tax provision (benefit) | $ (1,085) | $ 193 | $ 417 | ||||||||||||||||||
Effective income tax rate | (127.94811%) | 24.27673% | 36.83746% | ||||||||||||||||||
[1] | Includes the following pre-tax charges (gains): 2017In millions Q1 Q2 Q3 Q4Gain on sale of investment in ArborGen $— $(14) $— $—Costs associated with the pulp business acquired in 2016 4 5 6 18Amortization of Weyerhaeuser inventory fair value step-up 14 — — —Holmen bargain purchase gain (6) — — —Abandoned property removal 2 5 7 6Kleen Products settlement — 354 — —Asia Foodservice sale — 9 — —Brazil Packaging wood supply accelerated amortization — — 10 —Debt extinguishment costs — — — 83Interest income on income tax refund claims — (4) — (1)Other items — (2) — —Non-operating pension expense 31 34 33 386Total $45 $387 $56 $492 | ||||||||||||||||||||
[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 — — — 19Non-operating pension expense 44 487 42 37Total $82 $520 $108 $82 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Postretirement benefit accruals | $ 102 | $ 165 |
Pension obligations | 516 | 1,344 |
Alternative minimum and other tax credits | 416 | 270 |
Net operating and capital loss carryforwards | 665 | 662 |
Compensation reserves | 174 | 257 |
Other | 139 | 251 |
Gross deferred income tax assets | 2,012 | 2,949 |
Less: valuation allowance (a) | (429) | (403) |
Net deferred income tax asset | 1,583 | 2,546 |
Intangibles | (139) | (231) |
Plants, properties and equipment | (2,000) | (2,828) |
Forestlands, related installment sales, and investment in subsidiary | (1,454) | (2,260) |
Gross deferred income tax liabilities | (3,593) | (5,319) |
Net deferred income tax liability | $ (2,010) | $ (2,773) |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ (98) | $ (150) | $ (158) |
(Additions) reductions based on tax positions related to current year | (54) | (4) | (6) |
Additions for tax positions of prior years | (40) | (3) | (6) |
Reductions for tax positions of prior years | 4 | 33 | 7 |
Settlements | 6 | 19 | 2 |
Expiration of statutes of limitations | 1 | 5 | 4 |
Currency translation adjustment | (7) | 2 | 7 |
Balance at December 31 | $ (188) | $ (98) | $ (150) |
Income Taxes (Summary of Operat
Income Taxes (Summary of Operating Loss And Tax Credit Carryforwards) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | $ 1,202 |
2018 Through 2027 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | 413 |
2028 Through 2037 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | 88 |
Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Operating loss and tax credit carryforwards | 701 |
U.S. federal and non-U.S. NOLs | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 499 |
U.S. federal and non-U.S. NOLs | 2018 Through 2027 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 65 |
U.S. federal and non-U.S. NOLs | 2028 Through 2037 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 2 |
U.S. federal and non-U.S. NOLs | Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 432 |
State taxing jurisdiction NOLs | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 215 |
State taxing jurisdiction NOLs | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 2 |
State taxing jurisdiction NOLs | 2018 Through 2027 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 147 |
State taxing jurisdiction NOLs | 2018 Through 2027 | Capital Loss Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 2 |
State taxing jurisdiction NOLs | 2028 Through 2037 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 68 |
State taxing jurisdiction NOLs | 2028 Through 2037 | 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 | 486 |
U.S. federal, non- U.S. and state tax credit carryforwards | 2018 Through 2027 | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 199 |
U.S. federal, non- U.S. and state tax credit carryforwards | 2028 Through 2037 | General Business Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 18 |
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 | $ 269 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2007 | |
Income Tax Contingency [Line Items] | ||||||
Deferred Income Tax Expense (Benefit) | $ (1,101) | $ 136 | $ 268 | |||
Statutory U.S. income tax rate | 35.00% | 35.00% | 35.00% | |||
Tax Cuts and Jobs Act of 2017, Income Tax Expense Benefit, Incomplete Accounting, Provisional Amount | $ (1,222) | $ 1,220 | ||||
Change In Tax Rate, Income Tax Expense Benefit, Incomplete Accounting, Provisional Amount | 1,451 | |||||
Tax Cuts and Jobs Act of 2017, Accrued Income Taxes, Current | 17 | 17 | ||||
Tax Cuts and Jobs Act of 2017, Increase Decrease in Valuation Allowance for Deferred Tax Assets, Incomplete Accounting, Provisional Amount | 3 | |||||
Deferred Tax Liability Not Recognized, Description of Temporary Difference, Undistributed Earnings of Foreign Subsidiaries | 5,900 | |||||
Deferred income tax provision (benefit) for the effect of changes in non-U.S. and U.S. state tax rates | (1,459) | $ 18 | $ 3 | |||
Income tax payments, net of refunds | 7 | 90 | 149 | |||
Deferred tax liabilities, other | 1,500 | 1,500 | ||||
Accrual for the payment of estimated interest and penalties associated with unrecognized tax benefits | 17 | 17 | $ 22 | |||
Tax positions for which the ultimate benefits are highly certain, but for which there is uncertainty about the timing of such benefits | 5 | 5 | ||||
Investment Tax Credit | 68 | |||||
Two Thousand And Six Financing Entities [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Deferred tax liabilities, other | 884 | 884 | $ 1,400 | |||
Two Thousand Seven Monetized Notes [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Deferred tax liabilities, other | $ 538 | 538 | $ 831 | |||
Scenario, Forecast [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Statutory U.S. income tax rate | 21.00% | |||||
Tax Cuts and Jobs Act [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Deferred Income Tax Expense (Benefit) | 1,451 | |||||
Tax Cuts and Jobs Act of 2017, Income Tax Expense Benefit, Incomplete Accounting, Provisional Amount, Remeasurement of U.S. Deferred Taxes | 1,454 | |||||
Tax Cuts and Jobs Act of 2017, Income Tax Expense Benefit, Incomplete Accounting, Provisional Amount, Transition Tax | 231 | |||||
Tax Cuts and Jobs Act [Member] | State and Local Jurisdiction [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Deferred Income Tax Expense (Benefit) | $ 3 |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities Footnotes (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 26 | $ (27) |
Commitments And Contingent Li82
Commitments And Contingent Liabilities (Future Minimum Commitments Under Existing Non-Cancelable Operating Leases And Purchase Obligations) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Lease obligations, 2018 | $ 130 |
Lease obligations, 2019 | 102 |
Lease obligations, 2020 | 77 |
Lease obligations, 2021 | 53 |
Lease obligations, 2022 | 37 |
Lease obligations, thereafter | $ 141 |
Commitments And Contingent Li83
Commitments And Contingent Liabilities (Narrative) (Details) $ in Millions | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2011USD ($) | |
Loss Contingencies [Line Items] | ||||||
Rent expense | $ 157 | $ 150 | $ 157 | |||
Accrual for environmental loss contingencies | 128 | |||||
Accrual for Environmental Loss Contingencies, Gross | 141 | |||||
Cass Lake Minnesota [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Accrual for environmental loss contingencies | 47 | $ 46 | ||||
Kalamazoo River Superfund Site [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, damages sought, value | $ 19 | 37 | ||||
San Jacinto River Superfund Site [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, damages sought, value | $ 115 | |||||
Harris County San Jacinto River Superfund Site [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Number of Plaintiffs | 600 | |||||
Georgia-Pacific Consumer Products LP, Fort James Corporation and Georgia Pacific LLC Cost Recovery Action [Member] | Kalamazoo River Superfund Site [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, damages sought, value | $ 79 | |||||
Ashley Furniture Lawsuit [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, number of defendants | 10 | |||||
Signature Industrial Services LLC et al. v. International Paper [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Disputed invoices, value | 1 | |||||
Loss Contingency, Damages Awarded, Value | $ 125 | $ 137 |
Variable Interest Entities An84
Variable Interest Entities And Preferred Securities Of Subsidiaries (Activity Between Company And Entities) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Variable Interest Entity [Line Items] | ||||
Cash receipts (b) | $ 133 | $ 58 | $ 35 | |
Two Thousand Seven Financing Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Revenue (a) | [1] | 49 | 37 | 27 |
Expense (a) | [2] | 48 | 37 | 27 |
Cash receipts (b) | [3] | 28 | 15 | 7 |
Cash payments (c) | [4] | 39 | 27 | 18 |
Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Revenue (a) | [5] | 95 | 95 | 43 |
Expense (a) | [5] | 128 | 128 | 81 |
Cash receipts (b) | [6] | 95 | 77 | 21 |
Cash payments (c) | [7] | $ 128 | $ 98 | $ 71 |
[1] | he 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, 2017, 2016 and 2015, 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, 2017, 2016 and 2015, 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 An85
Variable Interest Entities And Preferred Securities Of Subsidiaries (Narrative) (Details) a in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2021 | Oct. 31, 2007USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2006USD ($)a | Dec. 31, 2007USD ($) | ||
Variable Interest Entity [Line Items] | |||||||||
Long-term debt | $ 10,846 | $ 11,075 | |||||||
Deferred tax liabilities, other | 1,500 | ||||||||
Payments to Acquire Investments | 0 | 0 | $ 198 | ||||||
Extinguishment of Debt, Amount | [1] | 993 | 266 | 2,151 | |||||
Financing Receivable, Gross | 7,051 | 7,033 | |||||||
Cash, cash equivalents, and short-term investments | 1,018 | 1,033 | |||||||
Letters of credit issued | $ 2,400 | ||||||||
Notes receivable, fair value disclosure | 2,300 | 2,200 | |||||||
Long-term debt | 2,100 | ||||||||
Long-term debt, fair value | $ 2,100 | 2,100 | |||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Forestlands average sales | a | 1,550 | ||||||||
Amount of consideration received | $ 2,400 | ||||||||
ip_timber note maturity date | Oct. 31, 2027 | ||||||||
Maturity date | Nov. 5, 2027 | ||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
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 | ||||||||
Notes receivable, fair value disclosure | $ 4,800 | 4,700 | |||||||
Long-term debt, fair value | 4,300 | $ 4,300 | |||||||
Entities [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Forestlands average sales | a | 5,600 | ||||||||
Amount of consideration received | $ 4,800 | ||||||||
Deferred tax liabilities, other | 1,400 | 884 | $ 1,400 | ||||||
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 | $ 538 | $ 831 | |||||||
Letters of credit downgrade period of replacement | 30 days | ||||||||
Scenario, Forecast [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
ip_timber note maturity date | Aug. 25, 2021 | ||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Extinguishment of Debt, Amount | $ 630 | ||||||||
[1] | Reductions related to notes with interest rates ranging from 1.57% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2017, 2016 and 2015. Includes the $630 million payment for a portion of the Special Purpose Entity Liability for the year ended December 31, 2015 (see Note 12 Variable Interest Entities). |
Variable Interest Entities An86
Variable Interest Entities And Preferred Securities Of Subsidiaries Variable Interest Entities and Preferred Securities of Subsidiaries (Activity Between Entities Footnotes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entities And Preferred Securities Of Subsidiaries [Abstract] | |||
Accretion Income for Amortization of Purchase Accounting Adjustment, Financial Assets | $ 19 | $ 19 | $ 19 |
Accretion Expense for Amortization of Purchase Accounting Adjustment, Financial Liabiities | $ 7 | $ 7 | $ 7 |
Debt And Lines Of Credit (Debt
Debt And Lines Of Credit (Debt Extinguishment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Extinguishment of Debt [Line Items] | ||||
Debt reductions (a) | [1] | $ 993 | $ 266 | $ 2,151 |
Pre-tax early debt extinguishment costs (b) | [2] | $ 83 | $ 29 | $ 207 |
[1] | Reductions related to notes with interest rates ranging from 1.57% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2017, 2016 and 2015. 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 | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Extinguishment of Debt [Line Items] | |||||
Extinguishment of Debt, Amount | [1] | $ 993 | $ 266 | $ 2,151 | |
Debt Instrument, Maturity Date Range, Start | Apr. 1, 2015 | Apr. 1, 2015 | Apr. 1, 2015 | ||
Debt Instrument, Maturity Date Range, End | Dec. 1, 2030 | Dec. 1, 2030 | Dec. 1, 2030 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Extinguishment of Debt, Amount | $ 630 | ||||
Minimum [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.57% | 1.57% | 1.57% | ||
Maximum [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | 9.38% | 9.38% | ||
[1] | Reductions related to notes with interest rates ranging from 1.57% to 9.38% with original maturities from 2015 to 2030 for the years ended December 31, 2017, 2016 and 2015. 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 | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2007 | ||
Debt Instrument [Line Items] | ||||||
Debt | $ 2,100 | |||||
Total (d) | [1] | $ 11,157 | $ 11,314 | |||
Less: current maturities | (311) | (239) | ||||
Long-term debt | $ 10,846 | $ 11,075 | ||||
Debt Instrument, Maturity Date Range, Start | Apr. 1, 2015 | Apr. 1, 2015 | Apr. 1, 2015 | |||
Debt Instrument, Maturity Date Range, End | Dec. 1, 2030 | Dec. 1, 2030 | Dec. 1, 2030 | |||
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 | $ 0 | $ 295 | ||||
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 | ||||
7.95% debenture – due 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jun. 15, 2018 | Jun. 15, 2018 | ||||
Interest rate | 7.95% | 7.95% | ||||
Debt | $ 0 | $ 382 | ||||
7.5% note – due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Aug. 15, 2021 | Aug. 15, 2021 | ||||
Interest rate | 7.50% | 7.50% | ||||
Debt | $ 409 | $ 598 | ||||
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] | ||||||
Interest rate | 6.875% | 6.875% | ||||
Debt | $ 131 | $ 131 | ||||
Debt Instrument, Maturity Date Range, Start | Nov. 1, 2023 | Nov. 1, 2023 | ||||
Debt Instrument, Maturity Date Range, End | Apr. 15, 2029 | Apr. 15, 2029 | ||||
6.65% note – due 2037 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.65% | 6.65% | ||||
Debt | $ 4 | $ 4 | ||||
Debt Instrument, Maturity Date Range, End | Dec. 15, 2037 | Dec. 15, 2037 | ||||
6 5/8% note – due 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jan. 1, 2018 | Jan. 1, 2018 | ||||
Interest rate | 6.625% | 6.625% | ||||
Debt | $ 0 | $ 72 | ||||
6.4% to 7.75% debentures due 2025 – 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Debt | $ 143 | $ 142 | ||||
Debt Instrument, Maturity Date Range, Start | Sep. 1, 2025 | Sep. 1, 2025 | ||||
Debt Instrument, Maturity Date Range, End | Dec. 15, 2027 | Dec. 15, 2027 | ||||
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 | ||||
5.00% to 5.15% notes – due 2035 – 2046 | ||||||
Debt Instrument [Line Items] | ||||||
Debt | $ 1,281 | $ 1,280 | ||||
Debt Instrument, Maturity Date Range, Start | Sep. 15, 2035 | Sep. 15, 2035 | ||||
Debt Instrument, Maturity Date Range, End | May 15, 2046 | May 15, 2046 | ||||
4.8% note – due 2044 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.80% | 4.80% | ||||
Debt | $ 796 | $ 796 | ||||
Debt Instrument, Maturity Date Range, End | Jun. 15, 2044 | Jun. 15, 2044 | ||||
4.75% note – due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | 4.75% | ||||
Debt | $ 817 | $ 810 | ||||
Debt Instrument, Maturity Date Range, End | Feb. 15, 2022 | Feb. 15, 2022 | ||||
3.00% to 4.40% notes – due 2024 – 2048 | ||||||
Debt Instrument [Line Items] | ||||||
Debt | $ 4,775 | $ 3,786 | ||||
Debt Instrument, Maturity Date Range, Start | Jun. 15, 2024 | Jun. 15, 2024 | ||||
Debt Instrument, Maturity Date Range, End | Aug. 15, 2048 | Aug. 15, 2047 | ||||
Variable Rate Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt | [2] | $ 650 | $ 763 | |||
Debt Instrument, Interest Rate During Period | 2.60% | 2.20% | ||||
Debt Instrument, Maturity Date Range, Start | Jan. 5, 2017 | Dec. 31, 2016 | ||||
Debt Instrument, Maturity Date Range, End | Mar. 1, 2025 | Mar. 1, 2025 | ||||
Environmental and industrial development bonds – due 2017 – 2035 (b) | ||||||
Debt Instrument [Line Items] | ||||||
Debt | [3] | $ 585 | $ 681 | |||
Debt Instrument, Interest Rate During Period | 6.00% | 5.90% | ||||
Debt Instrument, Maturity Date Range, Start | Feb. 1, 2017 | Jul. 1, 2016 | ||||
Debt Instrument, Maturity Date Range, End | Dec. 1, 2035 | Dec. 1, 2035 | ||||
Other (c) | ||||||
Debt Instrument [Line Items] | ||||||
Debt | [4] | $ (4) | $ 4 | |||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 1.57% | 1.57% | 1.57% | |||
Minimum [Member] | 6.4% to 7.75% debentures due 2025 – 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.40% | 6.40% | ||||
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 – 2048 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.00% | 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] | 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 – 2048 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.40% | 4.40% | ||||
[1] | The fair market value was approximately $12.3 billion at December 31, 2017 and $12.0 billion at December 31, 2016. | |||||
[2] | The weighted average interest rate on these notes was 2.6% in 2017 and 2.2% in 2016. | |||||
[3] | The weighted average interest rate on these bonds was 6.0% in 2017 and 5.9% in 2016. | |||||
[4] | Includes $70 million and $69 million of debt issuance costs as of December 31, 2017 and 2016, respectively. |
Debt And Lines Of Credit Debt90
Debt And Lines Of Credit Debt and Lines of Credit (Summary of Long-Term Debt Footnotes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 12,300 | $ 12,000 |
Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 2.60% | 2.20% |
Environmental and industrial development bonds – due 2017 – 2035 (b) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 6.00% | 5.90% |
Other (c) | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs, Net | $ 70 | $ 69 |
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 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Debt Activity [Line Items] | ||||||
Payment for Pension Benefits | $ 1,250 | $ 750 | $ 750 | |||
Debt Instrument, Maturity Date Range, Start | Apr. 1, 2015 | Apr. 1, 2015 | Apr. 1, 2015 | |||
Debt Instrument, Maturity Date Range, End | Dec. 1, 2030 | Dec. 1, 2030 | Dec. 1, 2030 | |||
Gain (Loss) on Repurchase of Debt Instrument | $ 82 | $ 31 | ||||
Maturities of long-term debt, 2017 | $ 311 | 311 | ||||
Maturities of long-term debt, 2018 | 126 | 126 | ||||
Maturities of long-term debt, 2019 | 164 | 164 | ||||
Maturities of long-term debt, 2020 | 440 | 440 | ||||
Maturities of long-term debt, 2021 | 956 | 956 | ||||
Debt covenant compliance, minimum net worth | $ 9,000 | $ 9,000 | ||||
Debt covenant compliance, minimum debt to capital ratio | 60.00% | |||||
4.35% Senior Unsecured Notes [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Proceeds from issuance of debt | $ 1,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | 4.35% | ||||
Maturity date, range low | Feb. 15, 2048 | |||||
Long-term Debt [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Proceeds from issuance of debt | $ 660 | |||||
Proceeds from Other Debt | $ 660 | |||||
Three Point Zero Percentage Fixed Rate Loan [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||||
Maturity date, range low | Feb. 15, 2027 | |||||
Proceeds from Issuance of Unsecured Debt | $ 1,100 | |||||
Four Point Four Percentage Fixed Rate Loan [Member] [Member] [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | |||||
Maturity date, range low | Aug. 15, 2047 | |||||
Proceeds from Issuance of Unsecured Debt | $ 1,200 | |||||
Unsecured Debt [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.95% | |||||
Maturity date, range low | Jan. 1, 2018 | |||||
Repayments of Debt | $ 266 | |||||
Extinguishment of Debt, Type [Domain] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Repayments of Other Debt | 900 | |||||
Commercial Paper [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Revolving credit facilities available | 750 | 750 | ||||
Short-term Debt | 180 | 180 | ||||
Credit Facility Agreements [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Contractually committed credit facilities | 2,100 | 2,100 | ||||
Revolving Credit Facility [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Revolving credit facilities available | 1,500 | $ 1,500 | ||||
Credit agreement facility fee | 0.15% | |||||
Receivables Securitization Program [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Line of credit, maturity date | Dec. 31, 2018 | |||||
Commercial paper-based financings agreement value | $ 600 | $ 600 | ||||
Early debt extinguishment costs (see Note 13) | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Write off of Deferred Debt Issuance Cost | $ 83 | $ 29 | ||||
Minimum [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.57% | 1.57% | 1.57% | 1.57% | ||
Minimum [Member] | Extinguishment of Debt, Type [Domain] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.92% | 1.92% | ||||
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2018 | |||||
Maximum [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | 9.38% | 9.38% | 9.38% | ||
Maximum [Member] | Extinguishment of Debt, Type [Domain] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | 9.38% | ||||
Debt Instrument, Maturity Date Range, End | Jan. 1, 2021 | |||||
Scenario, Forecast [Member] | Revolving Credit Facility [Member] | ||||||
Schedule of Debt Activity [Line Items] | ||||||
Line of credit, maturity date | Dec. 26, 2021 |
Schedule of Notional Amounts of
Schedule of Notional Amounts of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 10 | $ 24 | |
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 13 | 6 | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 329 | [1] | $ 275 |
[1] | These contracts had maturities of two years or less as of December 31, 2017. |
Schedule of Notional Amounts 93
Schedule of Notional Amounts of Financial Instruments Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Restructuring and other charges | $ 67 | $ 54 | $ 252 |
Maximum Length of Time Hedged in Cash Flow Hedge | 2 years | ||
Restructuring and other charges [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Restructuring and other charges | $ (1) | $ (2) | $ (3) |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 15 | $ (6) | $ (3) |
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 | 15 | 4 | (3) |
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 | $ 0 | $ (10) | $ 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ 7 | $ 7 | $ (12) | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | ||
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 | 0 | (3) | ||
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | (9) | 5 | 2 | ||
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 | 0 | (4) | ||
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 | (10) | 0 | (7) | ||
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 | 1 | 5 | [1] | 13 | [2] |
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) | 8 | 7 | (12) | ||
Designated as Hedging Instrument [Member] | Cost Of Products Sold [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1) | 0 | 0 | ||
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 | $ 0 | $ 3 | ||
[1] | Excluding gain of $2 million related to debt reduction recorded to Restructuring and other charges. | ||||
[2] | Excluding gain of $3 million related to debt reduction recorded to Restructuring and other charges. |
Gains And Losses Recognized I96
Gains And Losses Recognized In Consolidated Statement Of Operations On Qualifying and Non-Qualifying Financial Instruments Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Restructuring and other charges | $ (67) | $ (54) | $ (252) |
Restructuring and other charges [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Restructuring and other charges | $ 1 | $ 2 | $ 3 |
Impact Of Derivative Instrument
Impact Of Derivative Instruments In Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | $ 11 | $ 3 | ||
Derivative Liabilities | 9 | 6 | ||
Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | 11 | 3 | ||
Derivative Liabilities | 1 | 4 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 8 | 2 | ||
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 8 | [1] | 2 | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets | [2] | 11 | 3 | |
Derivative Liabilities | [1] | $ 1 | $ 4 | |
[1] | Included in Other accrued liabilities in the accompanying consolidated balance sheet. | |||
[2] | Included in Other current assets in the accompanying consolidated balance sheet. |
Impact of Derivative Instrume98
Impact of Derivative Instruments in Consolidated Balance Sheet Other (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | $ 11 | $ 3 | |
Derivative Liabilities | 9 | 6 | |
Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 10 | ||
Other Noncurrent Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 1 | ||
Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 3 | ||
Foreign Exchange Contract [Member] | Other Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 4 | |
Energy Related Derivative [Member] | Other Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 5 | 2 | |
Energy Related Derivative [Member] | Other Noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 3 | ||
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 11 | 3 | |
Derivative Liabilities | 1 | 4 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Liabilities | 8 | 2 | |
Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Liabilities | $ 8 | [1] | $ 2 |
[1] | Included in Other accrued liabilities in the accompanying consolidated balance sheet. |
Narrative (Details)
Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 15 | |
Fair Values of Derivative Instruments Containing Credit Risk-Related Contingent Features in a Net Liability Position | $ 3 | |
Collateral Posted Related to Credit-Risk-Related Contingent Features | $ 0 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount Of Derivative Instrument, Terminated | $ 55 |
Capital Stock (Rollforward Of C
Capital Stock (Rollforward Of Common Stock Activity) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Common stock, beginning balance | 448,900 | ||
Treasury stock, beginning balance | 37,671 | ||
Common stock, ending balance | 448,900 | 448,900 | |
Treasury stock, ending balance | 35,975 | 37,671 | |
Issued | |||
Class of Stock [Line Items] | |||
Common stock, beginning balance | 448,916 | 448,916 | 448,854 |
Issuance of stock for various plans, net | 0 | 0 | 62 |
Repurchase of stock | 0 | 0 | 0 |
Common stock, ending balance | 448,916 | 448,916 | 448,916 |
Treasury | |||
Class of Stock [Line Items] | |||
Treasury stock, beginning balance | 37,671 | 36,776 | 28,734 |
Issuance of stock for various plans, net | (2,577) | (2,745) | (4,230) |
Repurchase of stock | 881 | 3,640 | 12,272 |
Treasury stock, ending balance | 35,975 | 37,671 | 36,776 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Settlements | $ (1,200) | |||||
Domestic Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Funded status, December 31 | $ (1,896) | $ (1,896) | $ (3,371) | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Benefit obligation, January 1 | 13,683 | 14,438 | ||||
Service cost | 160 | 158 | $ 161 | |||
Interest cost | 536 | 580 | 597 | |||
Settlements | (1,295) | (1,222) | ||||
Actuarial (gain) loss | 913 | 495 | ||||
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | 1 | ||||
Defined Benefit Plan, Benefit Obligation, Divestiture | 33 | 0 | ||||
Plan amendments | 3 | 0 | ||||
Benefits Paid | (769) | (767) | ||||
Effect of foreign currency exchange rate movements | 0 | 0 | ||||
Benefit obligation, December 31 | 13,264 | 13,264 | 13,683 | 14,438 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets, January 1 | 10,312 | 10,923 | ||||
Actual return on plan assets | 1,830 | 607 | ||||
Company contributions | 1,290 | 771 | ||||
Benefits paid | (769) | (767) | ||||
Settlements | (9) | $ (8) | $ (1,295) | $ (1,222) | ||
Defined benefit plan, plan assets, acquired plan assets | 0 | 0 | ||||
Effect of foreign currency exchange rate movements | $ 0 | $ 0 | ||||
Fair value of plan assets, December 31 | 11,368 | 11,368 | 10,312 | 10,923 | ||
Foreign Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Funded status, December 31 | (71) | (71) | (66) | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Benefit obligation, January 1 | 219 | 204 | ||||
Service cost | 4 | 4 | 6 | |||
Interest cost | 9 | 9 | 10 | |||
Settlements | (4) | (2) | ||||
Actuarial (gain) loss | 2 | 35 | ||||
Defined Benefit Plan, Benefit Obligation, Business Combination | 5 | 0 | ||||
Defined Benefit Plan, Benefit Obligation, Divestiture | 0 | 0 | ||||
Plan amendments | 0 | (1) | ||||
Benefits Paid | (8) | (9) | ||||
Effect of foreign currency exchange rate movements | 20 | (21) | ||||
Benefit obligation, December 31 | 247 | 247 | 219 | 204 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets, January 1 | 153 | 155 | ||||
Actual return on plan assets | 10 | 17 | ||||
Company contributions | 10 | 8 | ||||
Benefits paid | (8) | (9) | ||||
Settlements | $ (4) | $ (2) | ||||
Defined benefit plan, plan assets, acquired plan assets | 3 | 0 | ||||
Effect of foreign currency exchange rate movements | $ 12 | $ (16) | ||||
Fair value of plan assets, December 31 | $ 176 | $ 176 | $ 153 | $ 155 |
Retirement Plans (Schedule Of A
Retirement Plans (Schedule Of Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current liability | $ (1,939) | $ (3,400) |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current asset | 0 | 0 |
Current liability | (30) | (40) |
Non-current liability | (1,866) | (3,331) |
Amounts recognized in the consolidated balance sheet | (1,896) | (3,371) |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current asset | 5 | 6 |
Current liability | (3) | (3) |
Non-current liability | (73) | (69) |
Amounts recognized in the consolidated balance sheet | $ (71) | $ (66) |
Retirement Plans (Schedule O104
Retirement Plans (Schedule Of Amounts In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $ 88 | $ 125 |
Net actuarial loss | 3,893 | 4,757 |
Amounts recognized in accumulated other comprehensive income (pre-tax) | 3,981 | 4,882 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | (1) | 0 |
Net actuarial loss | 67 | 61 |
Amounts recognized in accumulated other comprehensive income (pre-tax) | $ 66 | $ 61 |
Retirement Plans (Pension Benef
Retirement Plans (Pension Benefit Adjustments Recognized In Other Comprehensive (Loss) Income) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Domestic Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | $ (143) |
Amortization of actuarial loss | (339) |
Current year prior service cost | 3 |
Amortization of prior service cost | (28) |
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | (383) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | (11) |
Total recognized in other comprehensive income | (901) |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | 2 |
Amortization of actuarial loss | (2) |
Amortization of prior service cost | 0 |
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | 1 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 6 |
Total recognized in other comprehensive income | $ 5 |
Retirement Plans (Pension Plans
Retirement Plans (Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 13,264 | $ 13,683 |
Accumulated benefit obligation | 13,161 | 13,535 |
Fair value of plan assets | 11,368 | 10,312 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 215 | 190 |
Accumulated benefit obligation | 200 | 177 |
Fair value of plan assets | $ 139 | $ 118 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (376) | |||||
Domestic Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $ 160 | $ 158 | $ 161 | |||
Interest cost | 536 | 580 | 597 | |||
Expected return on plan assets | (774) | (815) | (783) | |||
Amortization of Gains (Losses) | 339 | 400 | 428 | |||
Amortization of prior service cost | 28 | 41 | 43 | |||
Recognized Net Gain (Loss) Due to Curtailments | 23 | 0 | 0 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 3 | $ 3 | $ 439 | 383 | 445 | 15 |
Defined Benefit Plan, Other Cost (Credit) | 22 | 0 | 0 | |||
Net periodic pension expense | 717 | 809 | 461 | |||
Foreign Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 4 | 4 | 6 | |||
Interest cost | 9 | 9 | 10 | |||
Expected return on plan assets | (11) | (10) | (11) | |||
Amortization of Gains (Losses) | 2 | 1 | 1 | |||
Amortization of prior service cost | 0 | 0 | 0 | |||
Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 1 | 0 | 0 | |||
Defined Benefit Plan, Other Cost (Credit) | 0 | 0 | 0 | |||
Net periodic pension expense | $ 5 | $ 4 | $ 6 |
Retirement Plans (Major Actuari
Retirement Plans (Major Actuarial Assumptions Used In Determining Benefit Obligations And Net Periodic Pension Cost For Defined Benefit Plans) (Details) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial assumptions used to determine benefit obligations, Discount rate | 3.60% | 4.10% | 4.40% | |
Actuarial assumptions used to determine benefit obligations, Rate of compensation increase | 3.75% | 3.75% | 3.75% | |
Discount rate | [1] | 4.03% | 4.05% | 4.10% |
Actuarial assumptions used to determine net periodic pension cost, Expected long-term rate of return on plan assets | 7.50% | 7.75% | 7.75% | |
Actuarial assumptions used to determine net periodic pension cost, Rate of compensation increase | 3.75% | 3.75% | 3.75% | |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial assumptions used to determine benefit obligations, Discount rate | 3.59% | 3.88% | 4.64% | |
Actuarial assumptions used to determine benefit obligations, Rate of compensation increase | 4.06% | 4.20% | 4.12% | |
Discount rate | [1] | 3.88% | 4.72% | 4.72% |
Actuarial assumptions used to determine net periodic pension cost, Expected long-term rate of return on plan assets | 6.73% | 6.55% | 6.64% | |
Actuarial assumptions used to determine net periodic pension cost, Rate of compensation increase | 4.20% | 4.03% | 4.03% | |
[1] | Represents the weighted average rate for the U.S. qualified plans in 2017 and 2016 due to the remeasurements |
Retirement Plans (Effect Of A 2
Retirement Plans (Effect Of A 25 Basis Point Decrease On Net Pension Expense) (Details) - Domestic Plan [Member] $ in Millions | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | $ 35 |
Expected long-term rate of return on plan assets | 27 |
Rate of compensation increase | $ (1) |
Retirement Plans (Pension Alloc
Retirement Plans (Pension Allocations By Type Of Fund And Target Allocations) (Details) - Domestic Plan [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 49.00% | 51.00% |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 36.00% | 27.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 10.00% | 10.00% |
Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity accounts | 5.00% | 12.00% |
Minimum [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.42 | |
Minimum [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.32 | |
Minimum [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.07 | |
Minimum [Member] | Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.03 | |
Maximum [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.53 | |
Maximum [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.44 | |
Maximum [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.13 | |
Maximum [Member] | Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.08 |
Retirement Plans (Fair Values P
Retirement Plans (Fair Values Pension Plan Assets By Asset Class) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 11,368 | $ 10,312 | $ 10,923 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,807 | 3,508 | |
Significant Observable Inputs (Level 2) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,146 | 4,083 | |
Significant Unobservable Inputs (Level 3) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 29 | (59) | (10) |
Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 66 | ||
Corporate Bonds [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,177 | 1,018 | |
Corporate Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [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] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,177 | 1,018 | |
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Government Securities [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,778 | 870 | |
Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [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] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,778 | 870 | |
Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Mortgage Backed Securities [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 41 | |
Mortgage Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [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] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 40 | |
Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 | 0 |
Other Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 232 | ||
Other Fixed Income [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | (802) | 245 | |
Other Fixed Income [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [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] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | (814) | 234 | |
Other Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12 | 11 | 10 |
Commodities [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 324 | |
Commodities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [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] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 324 | |
Commodities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Plan [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 | ||
Derivatives [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8 | (71) | |
Derivatives [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [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] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | (8) | 0 | |
Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 16 | (71) | $ (20) |
Cash and Cash Equivalents [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 397 | 322 | |
Cash and Cash Equivalents [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 397 | 322 | |
Cash and Cash Equivalents [Member] | Significant Observable Inputs (Level 2) [Member] | Domestic Plan [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] | Domestic Plan [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 | 927 | 891 | |
Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 481 | 472 | |
Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,106 | 1,015 | |
Non-US [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 866 | ||
Non-US [Member] | Equity Securities [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,132 | 2,575 | |
Non-US [Member] | Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,119 | 1,806 | |
Non-US [Member] | Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 769 | |
Non-US [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
United States (h) | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 708 | ||
United States (h) | Equity Securities [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,291 | 2,208 | |
United States (h) | Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,291 | 1,380 | |
United States (h) | Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 828 | |
United States (h) | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Retirement Plans Retirement Pla
Retirement Plans Retirement Plans (Fair Value, Investments, Entities That Calculate Net Asset Value Per Share) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 383 | $ 450 |
Alternative Investment, Fair Value Disclosure | 4,386 | 2,780 |
Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 66 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily to monthly | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1-5 days | |
Other Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 232 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily to monthly | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1-5 days | |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,106 | 1,015 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 121 | $ 224 |
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 |
Derivatives [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 402 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 5 - 15 days | |
Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 481 | $ 472 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 262 | $ 226 |
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 | $ 927 | $ 891 |
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 |
United States (h) | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 708 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily to monthly | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1-5 days | |
Non-US [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 866 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily to monthly | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1-5 days |
Retirement Plans (Fair Value Me
Retirement Plans (Fair Value Measurements Using Significant Unobservable Inputs (Level 3)) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, December 31 | $ 232 | |
Derivatives [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 402 | |
Fair value of plan assets, December 31 | $ 402 | |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 10,312 | 10,923 |
Fair value of plan assets, December 31 | 11,368 | 10,312 |
Domestic Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | (59) | (10) |
Relating to assets still held at the reporting date | 95 | (65) |
Relating to assets sold during the period | (23) | (24) |
Purchases, sales and settlements | 16 | 40 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets, December 31 | 29 | (59) |
Domestic Plan [Member] | Other Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 245 | |
Fair value of plan assets, December 31 | (802) | 245 |
Domestic Plan [Member] | Other Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 11 | 10 |
Relating to assets still held at the reporting date | 1 | 1 |
Relating to assets sold during the period | 0 | 0 |
Purchases, sales and settlements | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets, December 31 | 12 | 11 |
Domestic Plan [Member] | Derivatives [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | (71) | |
Fair value of plan assets, December 31 | 8 | (71) |
Domestic Plan [Member] | Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | (71) | (20) |
Relating to assets still held at the reporting date | 94 | (66) |
Relating to assets sold during the period | (23) | (24) |
Purchases, sales and settlements | 16 | 39 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets, December 31 | 16 | (71) |
Domestic Plan [Member] | Mortgage Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 41 | |
Fair value of plan assets, December 31 | 1 | 41 |
Domestic Plan [Member] | Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 1 | 0 |
Relating to assets still held at the reporting date | 0 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases, sales and settlements | 0 | 1 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets, December 31 | $ 1 | $ 1 |
Retirement Plans Retirement 114
Retirement Plans Retirement Plans (Projected Future Pension Benefit Payments, Excluding Any Termination Beneftis) (Details) - Domestic Plan [Member] $ in Millions | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Projected future pension benefit payments, 2017 | $ 708 |
Projected future pension benefit payments, 2018 | 709 |
Projected future pension benefit payments, 2019 | 718 |
Projected future pension benefit payments, 2020 | 727 |
Projected future pension benefit payments, 2021 | 735 |
Projected future pension benefit payments, 2022 - 2025 | $ 3,763 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Former Employees | 45,000 | ||||||||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | $ 1,300,000,000 | ||||||||
Monthly Benefit Payments | 450 | ||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (376,000,000) | ||||||||
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% | ||||||||
Settlements | $ (1,200,000,000) | ||||||||
Defined contribution plan, cost recognized | $ 117,000,000 | $ 106,000,000 | $ 100,000,000 | ||||||
Payment for Pension Benefits | $ 1,250,000,000 | 750,000,000 | 750,000,000 | ||||||
Number of nonqualified pension plans | 3 | ||||||||
Number of SERP plans | 2 | ||||||||
Domestic Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 3,000,000 | $ 3,000,000 | $ 439,000,000 | $ 383,000,000 | 445,000,000 | $ 15,000,000 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | 769,000,000 | 767,000,000 | |||||||
Settlements | (9,000,000) | $ (8,000,000) | $ (1,295,000,000) | $ (1,222,000,000) | |||||
Discount rate | [1] | 4.03% | 4.05% | 4.10% | |||||
Expected long-term rate of return on plan assets | 7.50% | 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 | 3.60% | ||||||||
Defined benefit expense | $ 717,000,000 | $ 809,000,000 | $ 461,000,000 | ||||||
Total recognized in other comprehensive income | (901,000,000) | ||||||||
Defined Benefit Plan Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | (184,000,000) | (184,000,000) | 626,000,000 | 505,000,000 | |||||
Accumulated benefit obligation for defined benefit plans | 13,200,000,000 | 13,200,000,000 | 13,500,000,000 | ||||||
Expected amortization of gain (loss), next fiscal year | 327,000,000 | 327,000,000 | |||||||
Expected amortization of prior service cost (credit), next fiscal year | 17,000,000 | 17,000,000 | |||||||
Projected benefit obligation | 13,264,000,000 | 13,264,000,000 | 13,683,000,000 | ||||||
Defined benefit plan, net periodic benefit cost estimate for next fiscal year | 167,000,000 | $ 167,000,000 | |||||||
Rate of compensation increase | 3.75% | ||||||||
Payment for Pension Benefits | $ 1,250,000,000 | 750,000,000 | 750,000,000 | ||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 708,000,000 | 708,000,000 | |||||||
Defined benefit plan, Net periodic pension cost, special pension adjustments, curtailment charges and termination benefits | 45,000,000 | ||||||||
Foreign Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 1,000,000 | 0 | $ 0 | ||||||
Defined Benefit Plan, Plan Assets, Benefits Paid | 8,000,000 | 9,000,000 | |||||||
Settlements | $ (4,000,000) | $ (2,000,000) | |||||||
Discount rate | [1] | 3.88% | 4.72% | 4.72% | |||||
Expected long-term rate of return on plan assets | 6.73% | 6.55% | 6.64% | ||||||
Defined benefit expense | $ 5,000,000 | $ 4,000,000 | $ 6,000,000 | ||||||
Total recognized in other comprehensive income | 5,000,000 | ||||||||
Defined Benefit Plan Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | 10,000,000 | 10,000,000 | 23,000,000 | $ 8,000,000 | |||||
Accumulated benefit obligation for defined benefit plans | 230,000,000 | 230,000,000 | 205,000,000 | ||||||
Projected benefit obligation | 215,000,000 | 215,000,000 | 190,000,000 | ||||||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (7,000,000) | ||||||||
Defined Benefit Plan, Plan Assets, Benefits Paid | $ 62,000,000 | 40,000,000 | $ 21,000,000 | ||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 30,000,000 | $ 30,000,000 | |||||||
[1] | Represents the weighted average rate for the U.S. qualified plans in 2017 and 2016 due to the remeasurements |
Postretirement Benefits (Compon
Postretirement Benefits (Components Of Postretirement Benefit Expense) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1 | $ 1 | $ 1 |
Interest cost | 11 | 11 | 11 |
Amortization of Gains (Losses) | 8 | 5 | 6 |
Amortization of prior service credits | (3) | (4) | (10) |
Net periodic pension expense | 17 | 13 | 8 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 1 |
Interest cost | 2 | 3 | 5 |
Amortization of Gains (Losses) | 3 | 2 | 1 |
Amortization of prior service credits | (4) | (4) | (2) |
Net periodic pension expense | $ 1 | $ 1 | $ 5 |
Postretirement Benefits (Discou
Postretirement Benefits (Discount Rates Used To Determine Net Cost) (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 4.20% | 3.90% |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 10.53% | 12.23% | 11.52% |
Postretirement Benefits Postret
Postretirement Benefits Postretirement Benefits (Discount Rates Used To Determine Net Cost Other) (Details) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | [1] | 4.03% | 4.05% | 4.10% |
[1] | Represents the weighted average rate for the U.S. qualified plans in 2017 and 2016 due to the remeasurements |
Postretirement Benefits (Weight
Postretirement Benefits (Weighted Average Assumptions Used To Determine Benefit Obligation) (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.50% | 4.00% |
Health care cost trend rate assumed for next year | 6.50% | 6.50% |
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 Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 9.38% | 10.53% |
Health care cost trend rate assumed for next year | 10.27% | 10.90% |
Rate that the cost trend rate gradually declines to | 5.15% | 5.81% |
Year that the rate reaches the rate it is assumed to retain | 2,028 | 2,027 |
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) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Domestic Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | $ 280 | $ 275 | |
Service cost | 1 | 1 | $ 1 |
Interest cost | 11 | 11 | 11 |
Participants' contributions | 5 | 5 | |
Actuarial (gain) loss | 14 | 31 | |
Plan amendments | 0 | 0 | |
Benefits Paid | (42) | (44) | |
Federal subsidy | 1 | 1 | |
Currency impact | 0 | 0 | |
Benefit obligation, December 31 | 270 | 280 | 275 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 0 | 0 | |
Company contributions | 37 | 39 | |
Participants' contributions | 5 | 5 | |
Benefits paid | (42) | (44) | |
Fair value of plan assets, December 31 | 0 | 0 | 0 |
Funded status, December 31 | (270) | (280) | |
Current liability | (28) | (29) | |
Non-current liability | (242) | (251) | |
Amounts recognized in the consolidated balance sheet | (270) | (280) | |
Net actuarial loss (gain) | 74 | 68 | |
Prior service credit | (6) | (8) | |
Amounts recognized in accumulated other comprehensive income (pre-tax) | 68 | 60 | |
Foreign Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | 23 | 45 | |
Service cost | 0 | 0 | 1 |
Interest cost | 2 | 3 | 5 |
Participants' contributions | 0 | 0 | |
Actuarial (gain) loss | 2 | 5 | |
Plan amendments | 0 | (35) | |
Benefits Paid | (2) | (1) | |
Federal subsidy | 0 | 0 | |
Currency impact | 0 | 6 | |
Benefit obligation, December 31 | 25 | 23 | 45 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 0 | 0 | |
Company contributions | 2 | 1 | |
Participants' contributions | 0 | 0 | |
Benefits paid | (2) | (1) | |
Fair value of plan assets, December 31 | 0 | 0 | $ 0 |
Funded status, December 31 | (25) | (23) | |
Current liability | (1) | (2) | |
Non-current liability | (24) | (21) | |
Amounts recognized in the consolidated balance sheet | (25) | (23) | |
Net actuarial loss (gain) | 19 | 21 | |
Prior service credit | (30) | (34) | |
Amounts recognized in accumulated other comprehensive income (pre-tax) | $ (11) | $ (13) |
Postretirement Benefits (Postre
Postretirement Benefits (Postretirement Benefit Adjustments Recognized In Other Comprehensive (Loss) Income) (Details) - Other Postretirement Benefits Plan [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of actuarial (loss) gain | $ 1 |
Amortization of actuarial loss | (3) |
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 | 2 |
Domestic Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of actuarial (loss) gain | 14 |
Amortization of actuarial loss | (8) |
Current year prior service cost | 0 |
Amortization of prior service credit | 2 |
Other Comprehensive Income, Other Pension and Postretirement Plans, Foreign currency (loss) gain | 0 |
Total recognized in other comprehensive income | $ 8 |
Postretirement Benefits (Estima
Postretirement Benefits (Estimated Total Future Postretirement Benefit Payments, Net Of Participant Contributions And Estimated Future Medicare Part D Subsidy Receipts) (Details) - Other Postretirement Benefits Plan [Member] $ in Millions | Dec. 31, 2017USD ($) |
Domestic Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit Payments, year 1 | $ 29 |
Benefit Payments, year 2 | 27 |
Benefit Payments, year 3 | 25 |
Benefit Payments, year 4 | 24 |
Benefit Payments, year 5 | 22 |
Benefit Payments, year 6-10 | 91 |
Subsidy Receipts, year 1 | 1 |
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 | 5 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit Payments, year 1 | 1 |
Benefit Payments, year 2 | 1 |
Benefit Payments, year 3 | 1 |
Benefit Payments, year 4 | 0 |
Benefit Payments, year 5 | 0 |
Benefit Payments, year 6-10 | $ 4 |
Postretirement Benefits (Narrat
Postretirement Benefits (Narrative) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increased in the accumulated postretirement benefit obligation due to a 1% increase in annual health care cost trend rate | $ 6 | ||
Decreased in the accumulated postretirement benefit obligation due to a 1% decrease in the annual trend rat | 4 | ||
Defined benefit plan, effect of one percentage point increase on service and interest cost components | 1 | ||
Total recognized in other comprehensive income | 2 | ||
Total recognized in net periodic benefit cost or OCI | 3 | $ (25) | $ 0 |
Expected amortization of gain (loss), next fiscal year | 2 | ||
Expected amortization of prior service cost (credit), next fiscal year | (4) | ||
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increased in the accumulated postretirement benefit obligation due to a 1% increase in annual health care cost trend rate | 12 | ||
Decreased in the accumulated postretirement benefit obligation due to a 1% decrease in the annual trend rat | 10 | ||
Defined benefit plan, effect of one percentage point increase on service and interest cost components | 1 | ||
Total recognized in other comprehensive income | 8 | ||
Total recognized in net periodic benefit cost or OCI | 25 | $ 42 | $ 17 |
Expected amortization of gain (loss), next fiscal year | 8 | ||
Expected amortization of prior service cost (credit), next fiscal year | $ (2) |
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, 2017 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |
Expected volatility, lower limit | 22.75% |
Expected volatility, upper limit | 23.39% |
Risk-free interest rate, lower limit | 1.10% |
Risk-free interest rate, upper limit | 1.47% |
Incentive Plans (Summary Of Per
Incentive Plans (Summary Of Performance Share Program Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 5,950,130 | 5,857,733 | 7,275,934 |
Shares/units, granted | 2,163,912 | 2,617,982 | 1,863,623 |
Shares/units, shares issued | (1,876,134) | (2,316,085) | (2,959,160) |
Shares/units, forfeited | (438,024) | (209,500) | (322,664) |
Weighted average grant date fair value, outstanding | $ 35.89 | $ 38.69 | $ 34.98 |
Weighted average grant date fair value, granted | 51.78 | 37.26 | 53.25 |
Weighted average grant date fair value, shares issued | 51 | 43.82 | 37.09 |
Weighted average grant date fair value, forfeited | $ 45.96 | $ 43.61 | $ 53.97 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 5,950,130 | 5,857,733 | 7,275,934 |
Shares/units, granted | 2,163,912 | 2,617,982 | 1,863,623 |
Shares/units, shares issued | (1,876,134) | (2,316,085) | (2,959,160) |
Shares/units, forfeited | (438,024) | (209,500) | (322,664) |
Shares/Units, outstanding | 5,799,884 | 5,950,130 | 5,857,733 |
Weighted average grant date fair value, outstanding | $ 35.89 | $ 38.69 | $ 34.98 |
Weighted average grant date fair value, granted | 51.78 | 37.26 | 53.25 |
Weighted average grant date fair value, shares issued | 51 | 43.82 | 37.09 |
Weighted average grant date fair value, outstanding | 36.17 | 35.89 | 38.69 |
Weighted average grant date fair value, forfeited | $ 45.96 | $ 43.61 | $ 53.97 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 169,331 | 120,368 | 114,599 |
Shares/units, granted | 63,319 | 117,881 | 36,300 |
Shares/units, shares issued | (59,650) | (59,418) | (27,365) |
Shares/units, forfeited | (6,700) | (9,500) | (3,166) |
Shares/Units, outstanding | 166,300 | 169,331 | 120,368 |
Weighted average grant date fair value, outstanding | $ 45.34 | $ 48.24 | $ 47.03 |
Weighted average grant date fair value, granted | 57.24 | 42.81 | 50.06 |
Weighted average grant date fair value, shares issued | 47.90 | 47.14 | 45.35 |
Weighted average grant date fair value, outstanding | 48.63 | 45.34 | 48.24 |
Weighted average grant date fair value, forfeited | $ 53.53 | $ 39.36 | $ 50.04 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Income tax benefits related to stock-based compensation | $ 45 | $ 34 | $ 88 |
Selling And Marketing Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 147 | $ 124 | $ 107 |
Incentive Plans (Narrative) (De
Incentive Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock rights and stock units | 5,799,884 | 5,950,130 | 5,857,733 | 7,275,934 |
Compensation cost related to unvested restricted performace shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures | $ 86 | |||
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 9 months 1 day | |||
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 13,200,000 | 14,300,000 | 16,200,000 | |
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 Ind129
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $ 689 | $ 774 | |
Noncurrent assets | 1,696 | 1,351 | |
Current liabilities | 1,039 | 402 | |
Noncurrent liabilities | 972 | 1,426 | |
Noncontrolling interests | 6 | 22 | |
Net sales | 2,150 | 1,927 | $ 1,931 |
Gross profit | 1,047 | 957 | 971 |
Income from continuing operations | 379 | 419 | 254 |
Net income attributable to Ilim | $ 362 | $ 391 | $ 237 |
Financial Information By Ind130
Financial Information By Industry Segment And Geographic Area (Sales By Industry Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
NET SALES | $ 5,711 | $ 5,517 | $ 5,383 | $ 5,132 | $ 5,000 | $ 4,864 | $ 4,914 | $ 4,717 | $ 21,743 | [1] | $ 19,495 | [1] | $ 20,675 | [1] | |
Operating Segments [Member] | Industrial Packaging | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
NET SALES | 15,077 | 14,226 | 14,559 | ||||||||||||
Operating Segments [Member] | Global Cellulose Fibers | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
NET SALES | 2,551 | 1,092 | 975 | ||||||||||||
Operating Segments [Member] | Printing Papers | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
NET SALES | 4,157 | 4,058 | 4,056 | ||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
NET SALES | [2] | $ (42) | $ 119 | $ 1,085 | |||||||||||
[1] | Net sales are attributed to countries based on the location of the seller. | ||||||||||||||
[2] | Includes sales of $15 million in 2017, $42 million in 2016 and $931 million in 2015, operating profits (losses) of $0 million in 2017, $(2) million in 2016 and $(62) million in 2015, and corporate special items expense of $9 million in 2017, $9 million in 2016 and $184 million in 2015, from previously divested businesses |
Financial Information By Ind131
Financial Information By Industry Segment And Geographic Area (Operating Profit By Industry Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ 197 | [1] | $ 457 | [1] | $ (23) | [1] | $ 217 | [1] | $ 244 | [2] | $ 320 | [2] | $ (76) | [2] | $ 307 | [2] | $ 848 | [1] | $ 795 | [2] | $ 1,132 | |
Interest expense, net | (572) | (520) | (555) | |||||||||||||||||||
Noncontrolling interests / equity earnings adjustment (b) | [3] | (2) | 1 | 8 | ||||||||||||||||||
Corporate items, net (a) | [4] | 91 | 121 | 96 | ||||||||||||||||||
Corporate special items, net (a) | [4] | 76 | 55 | 422 | ||||||||||||||||||
Non-operating pension expense | $ 386 | $ 33 | $ 34 | $ 31 | $ 37 | $ 42 | $ 487 | $ 44 | 484 | 610 | 258 | |||||||||||
Operating Segments [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Profit | 2,069 | 2,102 | 2,471 | |||||||||||||||||||
Operating Segments [Member] | Industrial Packaging | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Profit | 1,547 | 1,741 | 1,938 | |||||||||||||||||||
Operating Segments [Member] | Global Cellulose Fibers | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Profit | 65 | (179) | 68 | |||||||||||||||||||
Operating Segments [Member] | Printing Papers | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Profit | 457 | 540 | 465 | |||||||||||||||||||
Corporate and other (c) | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Interest expense, net | $ 572 | $ 520 | $ 555 | |||||||||||||||||||
[1] | Includes the following pre-tax charges (gains): 2017In millions Q1 Q2 Q3 Q4Gain on sale of investment in ArborGen $— $(14) $— $—Costs associated with the pulp business acquired in 2016 4 5 6 18Amortization of Weyerhaeuser inventory fair value step-up 14 — — —Holmen bargain purchase gain (6) — — —Abandoned property removal 2 5 7 6Kleen Products settlement — 354 — —Asia Foodservice sale — 9 — —Brazil Packaging wood supply accelerated amortization — — 10 —Debt extinguishment costs — — — 83Interest income on income tax refund claims — (4) — (1)Other items — (2) — —Non-operating pension expense 31 34 33 386Total $45 $387 $56 $492 | |||||||||||||||||||||
[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 — — — 19Non-operating pension expense 44 487 42 37Total $82 $520 $108 $82 | |||||||||||||||||||||
[3] | 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. | |||||||||||||||||||||
[4] | Includes sales of $15 million in 2017, $42 million in 2016 and $931 million in 2015, operating profits (losses) of $0 million in 2017, $(2) million in 2016 and $(62) million in 2015, and corporate special items expense of $9 million in 2017, $9 million in 2016 and $184 million in 2015, from previously divested businesses |
Financial Information By Ind132
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, Restructuring And Other Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Restructuring and other charges | $ 67 | $ 54 | $ 252 | |
Operating Segments [Member] | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and other charges | 0 | 7 | 0 | |
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 | 0 | |
Corporate | Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and other charges | [1] | $ 67 | $ 47 | $ 252 |
[1] | Includes corporate expenses and expenses of $9 million in 2017, $9 million in 2016 and $10 million in 2015, from previously divested businesses. |
Financial Information By Ind133
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 33,903 | $ 33,093 | |
Operating Segments [Member] | Industrial Packaging | |||
Segment Reporting Information [Line Items] | |||
Assets | 15,354 | 14,707 | |
Operating Segments [Member] | Global Cellulose Fibers | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,913 | 3,845 | |
Operating Segments [Member] | Printing Papers | |||
Segment Reporting Information [Line Items] | |||
Assets | 4,054 | 3,965 | |
Corporate and other (c) | Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | $ 10,582 | $ 10,576 |
[1] | Includes corporate assets, assets of businesses held for sale and assets of previously divested businesses. |
Financial Information By Ind134
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, Capital Spending) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Capital Spending | $ 1,280 | $ 1,241 | $ 1,310 | |
Subtotal | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | 1,259 | 1,221 | 1,232 | |
Subtotal | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | 836 | 832 | 871 | |
Subtotal | Global Cellulose Fibers | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | 188 | 174 | 129 | |
Subtotal | Printing Papers | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | 235 | 215 | 232 | |
Corporate and other (c) | ||||
Segment Reporting Information [Line Items] | ||||
Capital Spending | [1] | $ 21 | $ 20 | $ 78 |
[1] | Includes corporate assets and assets of previously divested businesses of $0 million in 2017, $1 million in 2016 and $26 million in 2015. |
Financial Information By Ind135
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, (Depreciation, Amortization And Cost of Timber Harvested) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | $ 1,343 | $ 1,124 | $ 1,167 |
Operating Segments [Member] | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | 781 | 730 | 739 |
Operating Segments [Member] | Global Cellulose Fibers | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | 261 | 108 | 73 |
Operating Segments [Member] | Printing Papers | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1] | 245 | 232 | 234 |
Corporate and other (c) | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | [1],[2] | $ 56 | $ 54 | $ 121 |
[1] | Excludes accelerated depreciation related to the closure and/or repurposing of mills. | |||
[2] | Includes $1 million in 2017, $2 million in 2016 and $74 million in 2015 from previously divested businesses. |
Financial Information By Ind136
Financial Information By Industry Segment And Geographic Area (Information By Industry Segment, External Sales By Major Product) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 21,743 | $ 19,495 | $ 20,675 | |
Operating Segments [Member] | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 14,946 | 14,142 | 14,496 | |
Operating Segments [Member] | Global Cellulose Fibers | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 2,524 | 1,090 | 986 | |
Operating Segments [Member] | Printing Papers | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 4,142 | 4,062 | 4,082 | |
Corporate and other (c) | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1] | $ 131 | $ 201 | $ 1,111 |
[1] | Includes $15 million in 2017, $42 million in 2016, and $930 million in 2015 from previously divested businesses. |
Financial Information By Ind137
Financial Information By Industry Segment And Geographic Area (Information By Geographic Area, Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 5,711 | $ 5,517 | $ 5,383 | $ 5,132 | $ 5,000 | $ 4,864 | $ 4,914 | $ 4,717 | $ 21,743 | [1] | $ 19,495 | [1] | $ 20,675 | [1] | |
Operating Segments [Member] | United States (h) | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1],[2] | 16,247 | 14,363 | 14,875 | |||||||||||
Operating Segments [Member] | EMEA | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | 3,129 | 2,852 | 2,759 | |||||||||||
Operating Segments [Member] | Pacific Rim and Asia | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | 625 | 699 | 1,501 | |||||||||||
Operating Segments [Member] | Americas, other than U.S. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | $ 1,742 | $ 1,581 | $ 1,540 | |||||||||||
[1] | Net sales are attributed to countries based on the location of the seller. | ||||||||||||||
[2] | Export sales to unaffiliated customers were $2.9 billion in 2017, $1.8 billion in 2016 and $1.8 billion in 2015. |
Financial Information By Ind138
Financial Information By Industry Segment And Geographic Area (Information By Geographic Area, Long-Lived Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | $ 13,713 | $ 13,459 |
Operating Segments [Member] | United States (h) | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 10,545 | 10,532 |
Operating Segments [Member] | EMEA | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 1,302 | 1,009 |
Operating Segments [Member] | Pacific Rim and Asia | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 236 | 246 |
Operating Segments [Member] | Americas, other than U.S. | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | $ 1,630 | $ 1,672 |
[1] | Long-Lived Assets includes Forestlands and Plants, Properties and Equipment, net. |
Financial Information By Ind139
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 Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue, Net | $ 5,711 | $ 5,517 | $ 5,383 | $ 5,132 | $ 5,000 | $ 4,864 | $ 4,914 | $ 4,717 | $ 21,743 | [1] | $ 19,495 | [1] | $ 20,675 | [1] | |
Depreciation, Depletion and Amortization | [2] | 1,343 | 1,124 | 1,167 | |||||||||||
External sales by reportable segment | 21,743 | 19,495 | 20,675 | ||||||||||||
Segment Reporting Information Restructuring And Other Charges | [3] | (76) | (55) | (422) | |||||||||||
Restructuring and other charges | 67 | 54 | 252 | ||||||||||||
Payments to Acquire Productive Assets | 1,280 | 1,241 | 1,310 | ||||||||||||
United States (h) | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment reporting information, unaffiliated revenue | 2,900 | 1,800 | 1,800 | ||||||||||||
Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Depreciation, Depletion and Amortization | [2],[4] | 56 | 54 | 121 | |||||||||||
Payments to Acquire Productive Assets | [5] | 21 | 20 | 78 | |||||||||||
Intersegment Eliminations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue, Net | [3] | (42) | 119 | 1,085 | |||||||||||
Corporate Segment [Member] | Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring and other charges | [6] | 67 | 47 | 252 | |||||||||||
Corporate and Other [Member] | Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
External sales by reportable segment | [7] | 131 | 201 | 1,111 | |||||||||||
Previously Divested Businesses [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating Income (Loss) | [3] | 0 | (2) | (62) | |||||||||||
Segment Reporting Information Restructuring And Other Charges | [3] | 9 | 9 | 184 | |||||||||||
Previously Divested Businesses [Member] | Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Depreciation, Depletion and Amortization | [5],[8] | 1 | 2 | 74 | |||||||||||
Payments to Acquire Productive Assets | [5] | 0 | 1 | 26 | |||||||||||
Previously Divested Businesses [Member] | Intersegment Eliminations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue, Net | [3] | 15 | 42 | 931 | |||||||||||
Previously Divested Businesses [Member] | Corporate Segment [Member] | Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring and other charges | 9 | 9 | 10 | ||||||||||||
Previously Divested Businesses [Member] | Corporate and Other [Member] | Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
External sales by reportable segment | [2] | $ 15 | $ 42 | $ 930 | |||||||||||
[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 sales of $15 million in 2017, $42 million in 2016 and $931 million in 2015, operating profits (losses) of $0 million in 2017, $(2) million in 2016 and $(62) million in 2015, and corporate special items expense of $9 million in 2017, $9 million in 2016 and $184 million in 2015, from previously divested businesses | ||||||||||||||
[4] | Includes $1 million in 2017, $2 million in 2016 and $74 million in 2015 from previously divested businesses. | ||||||||||||||
[5] | Includes corporate assets and assets of previously divested businesses of $0 million in 2017, $1 million in 2016 and $26 million in 2015. | ||||||||||||||
[6] | Includes corporate expenses and expenses of $9 million in 2017, $9 million in 2016 and $10 million in 2015, from previously divested businesses. | ||||||||||||||
[7] | Includes $15 million in 2017, $42 million in 2016, and $930 million in 2015 from previously divested businesses. | ||||||||||||||
[8] | Includes corporate assets, assets of businesses held for sale and assets of previously divested businesses. |
Financial Information By Ind140
Financial Information By Industry Segment And Geographic Area (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Equity earnings (loss), net of taxes | $ 177 | $ 198 | $ 117 |
Ilim Holding [Member] | Reportable Subsegments [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity interest | 50.00% | ||
Equity earnings (loss), net of taxes | $ 183 | 199 | 131 |
Foreign currency transaction gain (loss), net of tax | 15 | 25 | (75) |
Equity method investments | 338 | 302 | |
Equity method investment, difference between carrying amount and underlying equity | 154 | 164 | |
Related party transaction, purchases from related party | $ 205 | $ 170 | $ 170 |
Interim Financial Results (Deta
Interim Financial Results (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Net sales | $ 5,711 | $ 5,517 | $ 5,383 | $ 5,132 | $ 5,000 | $ 4,864 | $ 4,914 | $ 4,717 | $ 21,743 | [1] | $ 19,495 | [1] | $ 20,675 | [1] | ||||||||
Earnings (loss) from continuing operations before income taxes and equity earnings | 197 | [2] | 457 | [2] | (23) | [2] | 217 | [2] | 244 | [3] | 320 | [3] | (76) | [3] | 307 | [3] | 848 | [2] | 795 | [3] | 1,132 | |
Gain (loss) from discontinued operations | (8) | [4] | 29 | [4] | (4) | [4] | 17 | [4] | 24 | [5] | 34 | [5] | 40 | [5] | 4 | [5] | 34 | [4] | 102 | [5] | 85 | |
Net earnings (loss) attributable to International Paper Company | $ 1,460 | [2],[4],[6] | $ 395 | [2],[4],[6] | $ 80 | [2],[4],[6] | $ 209 | [2],[4],[6] | $ 218 | [3],[5],[7] | $ 312 | [3],[5],[7] | $ 40 | [3],[5],[7] | $ 334 | [3],[5],[7] | $ 2,144 | [2],[4],[6] | $ 904 | [3],[5],[7] | $ 938 | |
Earnings (loss) from continuing operations | $ 3.56 | [2] | $ 0.89 | [2] | $ 0.20 | [2] | $ 0.47 | [2] | $ 0.47 | [3] | $ 0.68 | [3] | $ 0 | [3] | $ 0.80 | [3] | $ 5.11 | [2] | $ 1.95 | [3] | $ 2.05 | |
Gain (loss) from discontinued operations | (0.02) | [4] | 0.07 | [4] | (0.01) | [4] | 0.04 | [4] | 0.06 | [5] | 0.08 | [5] | 0.10 | [5] | 0.01 | [5] | 0.08 | [4] | 0.25 | [5] | 0.20 | |
Net earnings (loss) | 3.54 | [2],[4],[6] | 0.96 | [2],[4],[6] | 0.19 | [2],[4],[6] | 0.51 | [2],[4],[6] | 0.53 | [3],[5],[7] | 0.76 | [3],[5],[7] | 0.10 | [3],[5],[7] | 0.81 | [3],[5],[7] | 5.19 | [2],[4],[6] | 2.20 | [3],[5],[7] | 2.25 | |
Diluted earnings (loss) per share from continuing operations | 3.52 | [2] | 0.88 | [2] | 0.20 | [2] | 0.46 | [2] | 0.47 | [3] | 0.67 | [3] | 0 | [3] | 0.80 | [3] | 5.05 | [2] | 1.93 | [3] | 2.03 | |
Gain (loss) from discontinued operations | (0.02) | [4] | 0.07 | [4] | (0.01) | [4] | 0.04 | [4] | 0.06 | [5] | 0.08 | [5] | 0.10 | [5] | 0.01 | [5] | 0.08 | [4] | 0.25 | [5] | 0.20 | |
Net earnings (loss) | 3.50 | [2],[4],[6] | 0.95 | [2],[4],[6] | 0.19 | [2],[4],[6] | 0.50 | [2],[4],[6] | 0.53 | [3],[5],[7] | 0.75 | [3],[5],[7] | 0.10 | [3],[5],[7] | 0.81 | [3],[5],[7] | 5.13 | [2],[4],[6] | 2.18 | [3],[5],[7] | $ 2.23 | |
Dividends per share of common stock | 0.4750 | 0.4625 | 0.4625 | 0.4625 | 0.4625 | 0.4400 | 0.4400 | 0.44 | 1.8625 | 1.7825 | ||||||||||||
High | 58.96 | 58.95 | 57.24 | 58.86 | 54.68 | 49.90 | 44.60 | 42.09 | 58.96 | 54.68 | ||||||||||||
Low | $ 53.10 | $ 51.28 | $ 49.60 | $ 49.62 | $ 43.55 | $ 41.08 | $ 39.24 | $ 32.50 | $ 49.60 | $ 32.50 | ||||||||||||
[1] | Net sales are attributed to countries based on the location of the seller. | |||||||||||||||||||||
[2] | Includes the following pre-tax charges (gains): 2017In millions Q1 Q2 Q3 Q4Gain on sale of investment in ArborGen $— $(14) $— $—Costs associated with the pulp business acquired in 2016 4 5 6 18Amortization of Weyerhaeuser inventory fair value step-up 14 — — —Holmen bargain purchase gain (6) — — —Abandoned property removal 2 5 7 6Kleen Products settlement — 354 — —Asia Foodservice sale — 9 — —Brazil Packaging wood supply accelerated amortization — — 10 —Debt extinguishment costs — — — 83Interest income on income tax refund claims — (4) — (1)Other items — (2) — —Non-operating pension expense 31 34 33 386Total $45 $387 $56 $492 | |||||||||||||||||||||
[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 — — — 19Non-operating pension expense 44 487 42 37Total $82 $520 $108 $82 | |||||||||||||||||||||
[4] | Includes the operating earnings of the North American Consumer Packaging business for the full year. Also includes the following pre-tax charges (gains): 2017In millions Q1 Q2 Q3 Q4North American Consumer Packaging transaction costs $— $— $— $17Non-operating pension expense — — — 45Total $— $— $— $62 | |||||||||||||||||||||
[5] | Includes the operating earnings of the North American Consumer Packaging business for the full year and a pre-tax charge of $8 million for a legal settlement associated with the xpedx business. | |||||||||||||||||||||
[6] | Includes the following tax expenses (benefits): 2017 In millions Q1 Q2 Q3 Q4 International legal entity restructuring $15 $— $19 $— Income tax refund claims — (85) — (28) Cash pension contribution — 38 — — International Tax Law Change — — — 9 Tax benefit of Tax Cuts and Jobs Act — — — (1,222) Tax impact of other special items (8) (137) (8) (41) Total $7 $(184) $11 $(1,282) | |||||||||||||||||||||
[7] | Includes the following tax expenses (benefits): 2016In millions 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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Business Acquisition [Line Items] | ||||||||||||
Other Tax Expense (Benefit) | $ (1,282) | $ 11 | $ (184) | $ 7 | $ 17 | $ (24) | $ 7 | $ (74) | ||||
Proceeds from Income Tax Refunds | (28) | (85) | ||||||||||
Increase (Decrease) in Accrued Taxes Payable | 38 | |||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | 9 | |||||||||||
Tax Cuts and Jobs Act of 2017, Income Tax Expense Benefit, Incomplete Accounting, Provisional Amount | (1,222) | $ 1,220 | ||||||||||
Payments for Legal Settlements | 8 | |||||||||||
Restructuring and other charges | 67 | $ 54 | $ 252 | |||||||||
Non-operating pension expense | 386 | 33 | 34 | 31 | 37 | 42 | 487 | 44 | 484 | 610 | 258 | |
Interest Income, Income tax settlement | (1) | (4) | ||||||||||
Write-off of certain regulatory pre-engineering costs | 8 | |||||||||||
Net (gains) losses on sales and impairments of businesses | 5 | 28 | 37 | 9 | 70 | 174 | ||||||
Amortization expense related to intangible assets | 10 | 77 | 54 | 60 | ||||||||
Tax audits | 0 | (14) | 0 | |||||||||
Pre-tax charges (gains) | 492 | 56 | 387 | 45 | 82 | 108 | 520 | 82 | ||||
Inventory adjustment | 14 | 19 | ||||||||||
Net bargain purchase gain on acquisition of business | (6) | 0 | 0 | |||||||||
Payments for Removal Costs | 6 | 7 | 5 | 2 | ||||||||
Litigation settlement | 354 | 0 | 0 | |||||||||
Special Items [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Income tax provision (benefit) related to special items | (41) | (8) | (137) | (8) | (14) | (24) | (10) | (3) | ||||
North American Consumer Packaging [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Other Expense | 17 | |||||||||||
Non-operating pension expense | 45 | |||||||||||
Pre-tax charges (gains) | 62 | |||||||||||
Asia Foodservice [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Impairment of long-lived assets to be disposed of | 9 | |||||||||||
IP Asia Packaging [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Impairment of long-lived assets to be disposed of | 46 | |||||||||||
IP-Sun JV [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net (gains) losses on sales and impairments of businesses | 174 | |||||||||||
Riegelwood mill conversion costs | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Restructuring and other charges | (14) | (14) | ||||||||||
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 | 16 | |||||||||||
Early debt extinguishment costs (see Note 13) | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Restructuring and other charges | 83 | 29 | 83 | 29 | 207 | |||||||
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 | (2) | (2) | 6 | |||||||||
Turkey mill closure | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Restructuring and other charges | 7 | 7 | [1] | |||||||||
Weyerhaeuser Pulp Business [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Costs associated with the newly acquired pulp business | $ 18 | 6 | 5 | 4 | 19 | $ 7 | 5 | 28 | ||||
Inventory adjustment | $ 33 | $ 33 | ||||||||||
Holmen Paper Newsprint Mill [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net bargain purchase gain on acquisition of business | (6) | $ (6) | ||||||||||
Brazil goodwill | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other Tax Expense (Benefit) | (57) | |||||||||||
Internal Restructuring [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other Tax Expense (Benefit) | $ 19 | $ 15 | (6) | |||||||||
Cash pension contribution | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other Tax Expense (Benefit) | $ 23 | |||||||||||
Luxembourg tax rate change | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other Tax Expense (Benefit) | $ 31 | |||||||||||
Settlement of tax audits and legislative changes | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other Tax Expense (Benefit) | $ (14) | |||||||||||
Kleen Products Llc Versus Packaging Corp Of America [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Litigation settlement | $ 354 | |||||||||||
[1] | Includes $4 million of accelerated depreciation and $3 million of severance charges which is related to 85 employees. |
Schedule II - Valuation And 143
Schedule II - Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Doubtful Accounts - Current [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 70 | $ 70 | $ 82 | |
Additions Charged to Earnings | 5 | 9 | 11 | |
Additions Charged to Other Accounts | 0 | 0 | 0 | |
Deductions from Reserves | [1] | (2) | (9) | (23) |
Balance at End of Period | 73 | 70 | 70 | |
Restructuring Reserves [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 6 | 10 | 16 | |
Additions Charged to Earnings | 0 | 3 | 5 | |
Additions Charged to Other Accounts | 0 | 0 | 0 | |
Deductions from Reserves | [2] | (4) | (7) | (11) |
Balance at End of Period | $ 2 | $ 6 | $ 10 | |
[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. |