International Paper (IP) 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-03157
Entity Registrant Name	INTERNATIONAL PAPER COMPANY
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-0872805
Entity Address, Address Line One	6400 Poplar Avenue
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38197
City Area Code	901
Local Phone Number	419-7000
Title of 12(b) Security	Common Shares
Trading Symbol	IP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		390,834,614
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000051434
Current Fiscal Year End Date	--12-31

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Sales	[1]	$ 5,616	$ 4,866	$ 10,979	$ 10,218
Costs and Expenses
Cost of products sold		3,913	3,427	7,760	7,173
Selling and administrative expenses		460	332	821	750
Depreciation, amortization and cost of timber harvested		306	312	615	635
Distribution expenses		420	365	826	772
Taxes other than payroll and income taxes		45	41	89	85
Restructuring and other charges, net		174	18	204	26
Net (gains) losses on sales and impairments of businesses		(9)	8	(7)	352
Net (gains) losses on sales of equity method investments		(130)	0	(204)	(33)
Interest expense, net		57	116	149	233
Non-operating pension expense (income)		(52)	(14)	(105)	(20)
Earnings (Loss) Before Income Taxes and Equity Earnings		432	261	831	245
Income tax provision (benefit)		102	67	201	161
Equity earnings (loss), net of taxes		104	72	153	41
Net earnings (loss)		434	266	783	125
Net Income (Loss) Attributable to Noncontrolling Interest		2	0	2	0
Net Earnings (Loss) Attributable to International Paper Company		$ 432	$ 266	$ 781	$ 125
Basic Earnings (Loss) Per Share Attributable to International Paper Company Common Shareholders
Basic earnings (loss) per share attributable to International Paper Company Common Shareholders		$ 1.10	$ 0.67	$ 1.99	$ 0.32
Diluted Earnings (Loss) Per Share Attributable to International Paper Company Common Shareholders
Diluted earnings (loss) per share attributable to International Paper Company Common Shareholders		$ 1.09	$ 0.67	$ 1.96	$ 0.32
Average Shares of Common Stock Outstanding – assuming dilution		396.8	393.1	397.7	394
[1]	Net sales are attributed to countries based on the location of the seller.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income (loss)	$ 434	$ 266	$ 783	$ 125
Change in cumulative foreign currency translation adjustment	312	57	169	(487)
Net gains (losses) arising during the period	13	0	7	(30)
Reclassification adjustment for (gains) losses included in net earnings (loss)	(4)	9	(1)	20
Total Other Comprehensive Income (Loss), Net of Tax	358	105	246	(412)
Comprehensive Income (Loss)	792	371	1,029	(287)
Less: Net earnings (loss) attributable to noncontrolling interests	(2)	0	(2)	0
Other comprehensive (income) loss attributable to noncontrolling interests	1	1	2	2
Comprehensive Income (Loss) Attributable to International Paper Company	791	372	1,029	(285)
U.S. plans
Amortization of pension and post-retirement prior service costs and net loss:	36	39	70	85
Foreign Plan
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ 1	$ 0	$ 1	$ 0

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and temporary investments	$ 706	$ 595
Accounts and notes receivable, net	3,608	3,064
Contract assets	416	355
Inventories	1,828	2,050
Current financial assets of variable interest entities (Note 16)	4,850	4,850
Assets held for sale	570	138
Other current assets	248	184
Total Current Assets	12,226	11,236
Plants, Properties and Equipment, net	11,553	12,217
Forestlands	327	311
Investments	622	1,178
Long-Term Financial Assets of Variable Interest Entities (Note 16)	2,266	2,257
Goodwill	3,317	3,315
Right of Use Assets	399	459
Deferred Charges and Other Assets	738	745
Total Assets	31,448	31,718
Current Liabilities
Notes payable and current maturities of long-term debt	116	29
Current nonrecourse financial liabilities of variable interest entities (Note 16)	4,220	4,220
Accounts payable	2,565	2,320
Accrued payroll and benefits	460	466
Liabilities held for sale	157	181
Other current liabilities	1,117	1,068
Total Current Liabilities	8,635	8,284
Long-Term Debt	7,073	8,064
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 16)	2,096	2,092
Deferred Income Taxes	2,764	2,743
Pension Benefit Obligation	889	1,055
Postretirement and Postemployment Benefit Obligation	243	251
Long-Term Lease Obligations	263	315
Other Liabilities	1,131	1,046
Equity
Common stock, $1 par value, 2021 – 448.9 shares and 2020 – 448.9 shares	449	449
Paid-in capital	6,330	6,325
Retained earnings	8,442	8,070
Accumulated other comprehensive loss	(4,094)	(4,342)
Shareholders' Equity before Treasury Stock, Total	11,127	10,502
Less: Common stock held in treasury, at cost, 2021 – 58.1 shares and 2020 – 55.8 shares	2,775	2,648
Total International Paper Shareholders’ Equity	8,352	7,854
Noncontrolling interests	2	14
Total Equity	8,354	7,868
Total Liabilities and Equity	$ 31,448	$ 31,718

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2021	Dec. 31, 2020
Common stock, par value	$ 1	$ 1
Common stock, shares	448,900	448,900
Common stock held in treasury, shares	58,100	55,800

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Operating Activities
Net earnings (loss)	$ 434	$ 266	$ 783	$ 125
Depreciation, amortization and cost of timber harvested	306	312	615	635
Deferred income tax provision (benefit), net			5	12
Restructuring and other charges, net	174	18	204	26
Net (gains) losses on sales of equity method investments	(130)	0	(204)	(33)
Net (gains) losses on sales and impairments of businesses	(9)	8	(7)	352
Equity method dividends received			149	151
Equity (earnings) losses, net	(104)	(72)	(153)	(41)
Periodic pension (income) expense, net			(57)	16
Other, net			71	109
Changes in current assets and liabilities
Accounts and notes receivable			(496)	74
Contract assets			(62)	(11)
Inventories			110	65
Accounts payable and accrued liabilities			367	(37)
Interest payable			(2)	0
Other			(45)	96
Cash Provided By (Used For) Operations			1,278	1,539
Investment Activities
Invested in capital projects, net of insurance recoveries			(222)	(538)
Acquisitions, net of cash acquired			(80)	(64)
Proceeds from sales of equity method investments			800	250
Proceeds from sales of businesses, net of cash divested			90	0
Proceeds from sale of fixed assets			0	3
Other			(2)	15
Cash Provided By (Used For) Investment Activities			586	(334)
Financing Activities
Repurchases of common stock and payments of restricted stock tax withholding			(213)	(41)
Issuance of debt			4	579
Reduction of debt			(914)	(917)
Change in book overdrafts			2	(10)
Dividends paid			(403)	(403)
Net debt tender premiums paid			(188)	(25)
Other			(3)	0
Cash Provided By (Used For) Financing Activities			(1,715)	(817)
Cash Included in Assets Held for Sale			(45)	(13)
Effect of Exchange Rate Changes on Cash			7	(39)
Change in Cash and Temporary Investments			111	336
Cash and Temporary Investments
Beginning of period			595	511	$ 511
End of period	$ 706	$ 847	$ 706	$ 847	$ 595

BASIS OF PRESENTATION (Note)

BASIS OF PRESENTATION (Note)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description and Basis of Presentation	NOTE 1 - BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States and in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments that are necessary for the fair presentation of International Paper Company’s (International Paper’s, the Company’s or our) financial position, results of operations, and cash flows for the interim periods presented. Except as disclosed herein, such adjustments are of a normal, recurring nature. Results for the first six months of the year may not necessarily be indicative of full year results. It is suggested that these condensed financial statements be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which have previously been filed with the Securities and Exchange Commission. On March 11, 2020 the World Health Organization (WHO) declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. Many of these restrictive measures have been lifted or reduced as the number of COVID-19 cases has declined in the United States and various other countries in comparison to earlier levels at the height of the pandemic, and economic conditions have improved. In addition, most of our manufacturing and converting facilities have remained open and operational during the pandemic and at the current time our manufacturing and converting facilities are generally operational. The pandemic has had a mixed impact on demand for our products. Demand for printing papers products initially was significantly impacted by the pandemic, but has seen a steady increase over the first half of 2021. Demand for our pulp, containerboard and corrugated box products has not been negatively impacted and in some cases has been positively impacted by COVID-19 to date. However, all of our operations have experienced higher supply chain costs and constrained transportation due in part to the impacts of COVID-19. There continue to be significant uncertainties associated with the COVID-19 pandemic, including with respect to the various economic reopening plans and the resurgence of new variants of the virus in many areas globally; additional actions that may be taken by governmental authorities and private businesses to attempt to contain the COVID-19 outbreak or to mitigate its impact; the efficacy and, availability of various vaccines and associated levels of vaccination, as well as the possibility that strains of the virus may be resistant to current available vaccines; and the impact of COVID-19 on unemployment, economic activity and consumer confidence. COVID-19 has significantly adversely affected portions of our business, and could have a material adverse effect on our financial condition, results of operations and cash flows if public health and/or global economic conditions deteriorate.

RECENT ACCOUNTING DEVELOPMENTS

RECENT ACCOUNTING DEVELOPMENTS (Note)	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Developments [Note Text Block]	NOTE 2 - RECENT ACCOUNTING DEVELOPMENTS Recently Issued Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This guidance provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective upon issuance and generally can be applied through December 31, 2022. The Company is currently evaluating the provisions of this guidance.

REVENUE RECOGNITION (Note)

REVENUE RECOGNITION (Note)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	NOTE 3 - REVENUE RECOGNITION Generally, the Company recognizes revenue on a point-in-time basis when the customer takes title to the goods and assumes the risks and rewards for the goods. For customized goods where the Company has a legally enforceable right to payment for the goods, the Company recognizes revenue over time which, generally, is as the goods are produced. Disaggregated Revenue A geographic disaggregation of revenues across our company segmentation in the following tables provides information to assist in evaluating the nature, timing and uncertainty of revenue and cash flows and how they may be impacted by economic factors. Three Months Ended June 30, 2021 In millions Industrial Packaging Global Cellulose Fibers Printing Papers Corporate and Inter-segment Sales Total Primary Geographical Markets (a) United States $ 3,354 $ 576 $ 407 $ 42 $ 4,379 EMEA 497 70 270 (2) 835 Pacific Rim and Asia 14 25 8 3 50 Americas, other than U.S. 191 — 161 — 352 Total $ 4,056 $ 671 $ 846 $ 43 $ 5,616 Operating Segments North American Industrial Packaging $ 3,587 $ — $ — $ — $ 3,587 EMEA Industrial Packaging 394 — — — 394 European Coated Paperboard 102 — — — 102 Global Cellulose Fibers — 671 — — 671 North American Printing Papers — — 410 — 410 Brazilian Papers — — 189 — 189 European Papers — — 255 — 255 Intra-segment Eliminations (27) — (8) — (35) Corporate & Inter-segment Sales — — — 43 43 Total $ 4,056 $ 671 $ 846 $ 43 $ 5,616 (a) Net sales are attributed to countries based on the location of the seller. Six Months Ended June 30, 2021 In millions Industrial Packaging Global Cellulose Fibers Printing Papers Corporate and Inter-segment Sales Total Primary Geographical Markets (a) United States $ 6,611 $ 1,059 $ 770 $ 89 $ 8,529 EMEA 988 140 533 (5) 1,656 Pacific Rim and Asia 32 53 17 7 109 Americas, other than U.S. 378 — 307 — 685 Total $ 8,009 $ 1,252 $ 1,627 $ 91 $ 10,979 Operating Segments North American Industrial Packaging $ 7,072 $ — $ — $ — $ 7,072 EMEA Industrial Packaging 790 — — — 790 European Coated Paperboard 200 — — — 200 Global Cellulose Fibers — 1,252 — — 1,252 North American Printing Papers — — 776 — 776 Brazilian Papers — — 357 — 357 European Papers — — 505 — 505 Intra-segment Eliminations (53) — (11) — (64) Corporate & Inter-segment Sales — — — 91 91 Total $ 8,009 $ 1,252 $ 1,627 $ 91 $ 10,979 (a) Net sales are attributed to countries based on the location of the seller. Three Months Ended June 30, 2020 In millions Industrial Packaging Global Cellulose Fibers Printing Papers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 3,065 $ 534 $ 263 $ 44 $ 3,906 EMEA 379 60 219 (6) 652 Pacific Rim and Asia 16 11 6 7 40 Americas, other than U.S. 173 — 95 — 268 Total $ 3,633 $ 605 $ 583 $ 45 $ 4,866 Operating Segments North American Industrial Packaging $ 3,241 $ — $ — $ — $ 3,241 EMEA Industrial Packaging 297 — — — 297 Brazilian Industrial Packaging 42 — — — 42 European Coated Paperboard 84 — — — 84 Global Cellulose Fibers — 605 — — 605 North American Printing Papers — — 265 — 265 Brazilian Papers — — 108 — 108 European Papers — — 209 — 209 Intra-segment Eliminations (31) — 1 — (30) Corporate & Inter-segment Sales — — — 45 45 Total $ 3,633 $ 605 $ 583 $ 45 $ 4,866 (a) Net sales are attributed to countries based on the location of the seller. Six Months Ended June 30, 2020 In millions Industrial Packaging Global Cellulose Fibers Printing Papers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 6,195 $ 1,028 $ 707 $ 102 $ 8,032 EMEA 819 116 521 (8) 1,448 Pacific Rim and Asia 28 29 14 10 81 Americas, other than U.S. 410 — 249 (2) 657 Total $ 7,452 $ 1,173 $ 1,491 $ 102 $ 10,218 Operating Segments North American Industrial Packaging $ 6,596 $ — $ — $ — $ 6,596 EMEA Industrial Packaging 647 — — — 647 Brazilian Industrial Packaging 96 — — — 96 European Coated Paperboard 176 — — — 176 Global Cellulose Fibers — 1,173 — — 1,173 North American Printing Papers — — 711 — 711 Brazilian Papers — — 284 — 284 European Papers — — 496 — 496 Intra-segment Eliminations (63) — — — (63) Corporate & Inter-segment Sales — — — 102 102 Total $ 7,452 $ 1,173 $ 1,491 $ 102 $ 10,218 (a) Net sales are attributed to countries based on the location of the seller. Revenue Contract Balances A contract asset is created when the Company recognizes revenue on its customized products prior to having an unconditional right to payment from the customer, which generally does not occur until title and risk of loss passes to the customer. A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced once control of the goods is transferred to the customer. The majority of our customer prepayments are received during the fourth quarter each year for goods that will be transferred to customers over the following twelve months. Contract liabilities of $35 million and $31 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of June 30, 2021 and December 31, 2020, respectively. During the second quarter of 2021, the Company also recorded a contract liability of $115 million related to the April 2021 acquisition disclosed in Note 8. The difference between the opening and closing balances of the Company's contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods for which we have an unconditional right to payment or receive prepayment from the customer, respectively.

EQUITY (Note)

EQUITY (Note)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity [Note Text Block]	NOTE 4 - EQUITY A summary of the changes in equity for the three months and six months ended June 30, 2021 and 2020 is provided below: Three Months Ended June 30, 2021 In millions, except per share amounts Common Stock Issued Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held In Treasury, At Cost Total Noncontrolling Total Balance, April 1 $ 449 $ 6,267 $ 8,214 $ (4,453) $ 2,719 $ 7,758 $ 13 $ 7,771 Issuance of stock for various plans, net — 44 — — (2) 46 — 46 Repurchase of stock — — — — 58 (58) — (58) Common stock dividends ($0.5125 per share) — — (204) — — (204) — (204) Transactions of equity method investees — 19 — — — 19 — 19 Divestiture of noncontrolling interests — — — — — — (12) (12) Comprehensive income (loss) — — 432 359 — 791 1 792 Ending Balance, June 30 $ 449 $ 6,330 $ 8,442 $ (4,094) $ 2,775 $ 8,352 $ 2 $ 8,354 Six Months Ended June 30, 2021 In millions, except per share amounts Common Stock Issued Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held In Treasury, At Cost Total Noncontrolling Total Balance, January 1 $ 449 $ 6,325 $ 8,070 $ (4,342) $ 2,648 $ 7,854 $ 14 $ 7,868 Issuance of stock for various plans, net — (14) — — (86) 72 — 72 Repurchase of stock — — — — 213 (213) — (213) Common stock dividends ($1.0250 per share) — — (409) — — (409) — (409) Transactions of equity method investees — 19 — — — 19 — 19 Divestiture of noncontrolling interests — — — — — — (12) (12) Comprehensive income (loss) — — 781 248 — 1,029 — 1,029 Ending Balance, June 30 $ 449 $ 6,330 $ 8,442 $ (4,094) $ 2,775 $ 8,352 $ 2 $ 8,354 Three Months Ended June 30, 2020 In millions, except per share amounts Common Stock Issued Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held In Treasury, At Cost Total Noncontrolling Total Balance, April 1 $ 449 $ 6,252 $ 8,062 $ (5,255) $ 2,651 $ 6,857 $ 4 $ 6,861 Issuance of stock for various plans, net — 2 — — (2) 4 — 4 Common stock dividends ($0.5125 per share) — — (205) — — (205) — (205) Transactions of equity method investees — 29 — — — 29 — 29 Comprehensive income (loss) — — 266 106 — 372 (1) 371 Ending Balance, June 30 $ 449 $ 6,283 $ 8,123 $ (5,149) $ 2,649 $ 7,057 $ 3 $ 7,060 Six Months Ended June 30, 2020 In millions, except per share amounts Common Stock Issued Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held In Treasury, At Cost Total Noncontrolling Total Balance, January 1 $ 449 $ 6,297 $ 8,408 $ (4,739) $ 2,702 $ 7,713 $ 5 $ 7,718 Adoption of ASU 2016-13 measurement of credit losses on financial instruments — — (2) — — (2) — (2) Issuance of stock for various plans, net — (49) — — (94) 45 — 45 Repurchase of stock — — — — 41 (41) — (41) Common stock dividends ($1.0250 per share) — — (408) — — (408) — (408) Transactions of equity method investees — 35 — — — 35 — 35 Comprehensive income (loss) — — 125 (410) — (285) (2) (287) Ending Balance, June 30 $ 449 $ 6,283 $ 8,123 $ (5,149) $ 2,649 $ 7,057 $ 3 $ 7,060

OTHER COMPREHENSIVE INCOME (Not

OTHER COMPREHENSIVE INCOME (Note)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Other Comprehensive Income [Note Text Block]	The following table presents changes in accumulated other comprehensive income (AOCI) for the three months and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (1,846) $ (2,231) $ (1,880) $ (2,277) Amounts reclassified from accumulated other comprehensive income 37 39 71 85 Balance at end of period (1,809) (2,192) (1,809) (2,192) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (2,599) (3,008) (2,457) (2,465) Other comprehensive income (loss) before reclassifications 172 57 29 (487) Amounts reclassified from accumulated other comprehensive income 140 — 140 — Other comprehensive income (loss) attributable to noncontrolling interest 1 1 2 2 Balance at end of period (2,286) (2,950) (2,286) (2,950) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period (8) (16) (5) 3 Other comprehensive income (loss) before reclassifications 13 — 7 (30) Amounts reclassified from accumulated other comprehensive income (4) 9 (1) 20 Balance at end of period 1 (7) 1 (7) Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (4,094) $ (5,149) $ (4,094) $ (5,149) The following table presents details of the reclassifications out of AOCI for the three months and six months ended June 30, 2021 and 2020: In millions: Amount Reclassified from Accumulated Other Comprehensive Income Location of Amount Reclassified from AOCI Three Months Ended Six Months Ended 2021 2020 2021 2020 Defined benefit pension and postretirement items: Prior-service costs $ (6) $ (5) $ (12) $ (10) (a) Non-operating pension expense Actuarial gains (losses) (42) (47) (82) (103) (a) Non-operating pension expense Total pre-tax amount (48) (52) (94) (113) Tax (expense) benefit 11 13 23 28 Total, net of tax (37) (39) (71) (85) Change in cumulative foreign currency translation adjustments: Business acquisitions/divestitures (140) — (140) — Net (gains) losses on sales and impairments of businesses and Cost of products sold Tax (expense) benefit — — — — Net of tax (140) — (140) — Net gains and losses on cash flow hedging derivatives: Foreign exchange contracts 6 (14) 2 (31) (b) Cost of products sold Total pre-tax amount 6 (14) 2 (31) Tax (expense)/benefit (2) 5 (1) 11 Net of tax 4 (9) 1 (20) Total reclassifications for the period $ (173) $ (48) $ (210) $ (105) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 19 for additional details). (b) This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 18 for additional details).

EARNINGS PER SHARE ATTRIBUTABLE

EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS (Note)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share [Note Text Block]	NOTE 6 - 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 earnings per share. A reconciliation of the amounts included in the computation of basic earnings (loss) per share and diluted earnings (loss) per share is as follows: Three Months Ended Six Months Ended In millions, except per share amounts 2021 2020 2021 2020 Earnings (loss) attributable to International Paper Company common shareholders $ 432 $ 266 $ 781 $ 125 Weighted average common shares outstanding 391.5 393.1 392.1 392.9 Effect of dilutive securities (a) Restricted performance share plan 5.3 — 5.6 1.1 Weighted average common shares outstanding – assuming dilution 396.8 393.1 397.7 394.0 Basic earnings (loss) per share attributable to International Paper Company Common Shareholders $ 1.10 $ 0.67 $ 1.99 $ 0.32 Diluted earnings (loss) per share attributable to International Paper Company Common Shareholders $ 1.09 $ 0.67 $ 1.96 $ 0.32 (a) Securities are not included in the table in periods when antidilutive

RESTRUCTURING AND OTHER CHARGES

RESTRUCTURING AND OTHER CHARGES (Note)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities [Note Text Block]	NOTE 7 - RESTRUCTURING AND OTHER CHARGES, NET 2021: During the three months ended June 30, 2021, the Company recorded a $170 million pre-tax charge in Corporate related to early debt extinguishment costs and a $4 million pre-tax charge in Corporate for severance. The majority of the severance is expected to be paid over the next twelve months. During the three months ended March 31, 2021, the Company recorded an $18 million pre-tax charge in Corporate related to early debt extinguishment costs and a $12 million pre-tax charge in the Industrial Packaging segment for severance related to the optimization of our EMEA Packaging business. The majority of the severance is expected to be paid over the next twelve months. 2020: During the three months ended June 30, 2020, the Company recorded an $18 million pre-tax charge in Corporate related to early debt extinguishment costs. During the three months ended March 31, 2020, the Company recorded an $8 million pre-tax charge in Corporate related to early debt extinguishment costs.

ACQUISITIONS (Note)

ACQUISITIONS (Note)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	NOTE 8 - ACQUISITIONS 2021: On April 1, 2021, the Company closed on the previously announced acquisition of two box plants located in Spain. The total purchase consideration, inclusive of working capital adjustments was approximately €71 million (approximately $83 million based on the April 1, 2021 exchange rate), subject to post-closing adjustments. The following table summarizes the provisional fair value assigned to assets and liabilities acquired as of April 1, 2021: In millions Cash and temporary investments $ 5 Accounts and notes receivable 10 Inventories 3 Plants, properties and equipment 18 Goodwill 56 Total assets acquired 92 Short-term debt 3 Accounts payable and accrued liabilities 4 Other current liabilities 1 Deferred income taxes 1 Total liabilities assumed 9 Net assets acquired $ 83 Since the date of acquisition, Net sales of $9 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 three months and year to date ended June 30, 2021. The purchase price and related allocation are preliminary and could be revised as a result of adjustments made to the purchase price, additional information obtained regarding assets acquired and liabilities assumed, and revisions of provisional estimates of fair values, including, but not limited to, the completion of independent appraisals and valuations related to inventory, property, plant and equipment and acquired intangible assets. Adjustments to provisional amounts will be finalized as new information becomes available, but within the adjustment period of up to one year from the acquisition date. Pro forma information has not been included as it is impracticable to obtain the information due to the lack of availability of historical U.S. GAAP financial data. The results of the operations of these businesses do not have a material effect on the Company's consolidated results of operations. The Company has accounted for the above acquisition under ASC 805, "Business Combinations" and the results of operations have been included in International Paper's financial statements beginning with the date of acquisition. In April 2021, the Company received a noncontrolling interest in a U.S-based corrugated packaging producer. In the second quarter, the Company recorded its investment of $115 million based on the fair value of the noncontrolling interest, and a corresponding contract liability that is amortized over 15 years. The Company is party to various agreements with the entity which includes a containerboard supply agreement. The Company is accounting for its interest as an equity method investment. 2020: In May 2020, the Company increased its noncontrolling interest in an entity that produces corrugated sheets. The equity purchase price was $56 million. The Company is party to various agreements with the entity which includes a containerboard supply agreement. The Company is accounting for its interest as an equity method investment.

DIVESTITURES (Note)

DIVESTITURES (Note)	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Note Text Block]	NOTE 9 - DIVESTITURES AND IMPAIRMENTS Olmuksan International Paper 2021: On May 31, 2021, the Company completed the sale of its 90.38% ownership interest in Olmuksan International Paper, a corrugated packaging business in Turkey, to Mondi Group for €66 million (approximately $81 million using the May 31, 2021 exchange rate). During the second quarter of 2021, the Company recorded a gain of $6 million ($0 after taxes) related to the business working capital adjustment. This charge is included in the Net (gains) losses on sales and impairments of businesses in the accompanying consolidated statement of operations and is included in the results for the Industrial Packaging segment. In conjunction with the announced agreement in the fourth quarter of 2020, a determination was made that the current book value of the Olmuksan International Paper disposal group exceeded its estimated fair value of $79 million which was based on the agreed upon transaction price. As a result, a preliminary charge of $123 million (before and after taxes) was recorded during the fourth quarter of 2020. During the first quarter of 2021, the Company recorded an additional charge of $2 million (before and after taxes) related to the cumulative foreign currency translation loss. This charge is included in the Net (gains) losses on sales and impairments of businesses in the accompanying consolidated statement of operations and is included in the results for the Industrial Packaging segment. Kwidzyn Mill 2021: On February 12, 2021, the Company entered into an agreement to sell our Kwidzyn, Poland mill for €670 million (approximately $794 million using the June 30, 2021 exchange rate) in cash, subject to final working capital and net debt adjustments. The business includes the pulp and paper mill in Kwidzyn and supporting functions. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions and regulatory approvals. At June 30, 2021, all assets and liabilities related to the Kwidzyn mill are classified as current assets held for sale and current liabilities held for sale in the accompanying condensed consolidated balance sheet. The following summarizes the major classes of assets and liabilities of this business reconciled to Assets held for sale and Liabilities held for sale in the accompanying condensed consolidated balance sheet. In millions June 30, 2021 Cash and temporary investments $ 45 Accounts and notes receivable 43 Inventories 71 Other current assets 9 Plants, properties and equipment 283 Goodwill 57 Right of use assets 46 Deferred charges and other assets 16 Total Assets Held for Sale 570 Accounts payable and accrued liabilities $ 65 Other current liabilities 15 Deferred income taxes 22 Long-term lease obligations 39 Other liabilities 16 Total Liabilities Held for Sale 157 Printing Papers Spinoff 2021: On December 3, 2020, the Company announced a plan to pursue a spin-off of the Company's Printing Papers segment into a standalone, publicly-traded company. The transaction will be implemented through the distribution of shares of the standalone company to International Paper shareholders. International Paper will retain up to 19.9% of the shares of the standalone company at the time of the separation, with the intent to monetize its investment and to provide additional proceeds to the Company. The Company expects the separation to be tax-free for the Company and its shareholders for U.S. federal income tax purposes and plans to complete the spin-off on October 1, 2021, subject to the receipt of required regulatory approvals. Brazil Industrial Packaging 2020: On October 14, 2020, the Company closed the previously announced sale of its Brazilian Industrial Packaging business for R$330 million ($58.5 million U.S. dollars), with R$280 million ($49.6 million U.S. dollars) paid at closing and R$50 million ($8.9 million U.S. dollars) to be paid one year from closing. This business includes three containerboard mills and four box plants and the agreement follows International Paper's previously announced strategic review of the Brazilian Industrial Packaging business.

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Note)	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block Supplement [Abstract]
Supplemental Financial Statement Information [Note Text Block]	NOTE 10 - SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Temporary Investments Temporary investments with an original maturity of three months or less and money market funds with greater than three month maturities but with the right to redeem without notices are treated as cash equivalents and are stated at cost. Temporary investments totaled $425 million and $358 million at June 30, 2021 and December 31, 2020, respectively. Accounts and Notes Receivable In millions June 30, 2021 December 31, 2020 Accounts and notes receivable, net: Trade $ 3,156 $ 2,776 Other 452 288 Total $ 3,608 $ 3,064 The allowance for expected credit losses was $69 million and $76 million at June 30, 2021 and December 31, 2020, respectively. Based on the Company's accounting estimates and the facts and circumstances available as of the reporting date, we believe our allowance for expected credit losses is adequate. Inventories In millions June 30, 2021 December 31, 2020 Raw materials $ 208 $ 268 Finished pulp, paper and packaging 996 1,091 Operating supplies 560 627 Other 64 64 Total $ 1,828 $ 2,050 Plants, Properties and Equipment Accumulated depreciation was $21.0 billion and $21.4 billion at June 30, 2021 and December 31, 2020, respectively. Depreciation expense was $292 million and $293 million for the three months ended June 30, 2021 and 2020, respectively, and $586 million and $602 million for the six months ended June 30, 2021 and 2020, respectively. Non-cash additions to plants, property and equipment included within accounts payable were $38 million and $41 million at June 30, 2021 and December 31, 2020, respectively. Amounts invested in capital projects in the accompanying condensed consolidated statement of cash flows are presented net of insurance recoveries of $4 million received during the six months ended June 30, 2021 and $30 million received during the six months ended June 30, 2020. Interest Interest payments made during the six months ended June 30, 2021 and 2020 were $248 million and $338 million, respectively. Amounts related to interest were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Interest expense $ 117 $ 156 $ 241 $ 319 Interest income 60 40 92 86 Capitalized interest costs 3 9 5 18 Asset Retirement Obligations The Company had recorded liabilities of $127 million and $116 million related to asset retirement obligations at June 30, 2021 and December 31, 2020, respectively.

LEASES (Note)

LEASES (Note)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	NOTE 11 - LEASES International Paper leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles, and certain other equipment. The Company's leases have remaining lease terms of one year to 32 years. Total lease cost was $71 million and $67 million for the three months ended June 30, 2021 and 2020, respectively, and $143 million and $134 million for the six months ended June 30, 2021 and 2020, respectively. Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2021 December 31, 2020 Assets Operating lease assets Right-of-use assets $ 399 $ 459 Finance lease assets Plants, properties and equipment, net (a) 91 95 Total leased assets $ 490 $ 554 Liabilities Current Operating Other current liabilities $ 141 $ 148 Finance Notes payable and current maturities of long-term debt 13 13 Noncurrent Operating Long-term lease obligations 263 315 Finance Long-term debt 78 82 Total lease liabilities $ 495 $ 558 (a) Finance leases are recorded net of accumulated amortization of $59 million and $53 million as of June 30, 2021 and December 31, 2020, respectively.

EQUITY METHOD INVESTMENTS (Note

EQUITY METHOD INVESTMENTS (Note)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	NOTE 12 - EQUITY METHOD INVESTMENTS The Company accounts for the following investments under the equity method of accounting. Graphic Packaging International Partners, LLC The Company completed the transfer of its North American Consumer Packaging business in exchange for an initial 20.5% ownership interest (79,911,591 units) in Graphic Packaging International Partners, LLC (GPIP) in 2018. The Company has since fully monetized its investment in GPIP with transactions beginning in the first quarter 2020 through the second quarter 2021. GPIP Monetization Transactions Date Transaction Type Units Proceeds Pre-tax Gain After-Tax Gain In millions except units 2020 First Quarter Units exchange 15,150,784 $ 250 $ 33 $ 25 2020 Third Quarter Units exchange 17,399,414 250 — — 2021 First Quarter Units exchange and open market sale 24,588,316 397 33 25 2021 First Quarter TRA (a) 41 31 2021 Second Quarter Units exchange and open market sale 22,773,077 402 64 48 2021 Second Quarter TRA (a) 66 50 (a) The TRA entitles the Company to 50% of the amount of any tax benefits projected to be realized by GPIP upon the Company's exchange of its units. This amount is recorded in other receivables and is expected to be received within the next 12 months. As of June 30, 2021, the Company no longer had an ownership interest in GPIP. The Company recorded equity earnings of $3 million and $11 million for the three months ended June 30, 2021 and 2020, respectively, and $4 million and $18 million for the six months ended June 30, 2021 and 2020, respectively. The Company received cash dividends from GPIP of $5 million and $10 million during the first six months of 2021 and 2020, respectively. Ilim S.A. The Company has a 50% equity interest in Ilim S.A. (Ilim), which has subsidiaries whose primary operations are in Russia. The Company recorded equity earnings (losses), net of taxes, of $101 million and $63 million for the three months ended June 30, 2021 and 2020, respectively, and $150 million and $28 million for the six months ended June 30, 2021 and 2020, respectively. Foreign exchange gains (losses) included in equity earnings for the three months and six months ended June 30, 2021, were not material and JSC Ilim Group had no U.S. dollar-denominated debt outstanding as of June 30, 2021. Equity earnings (losses) for the three months and six months ended June 30, 2020, included an after-tax foreign exchange gain of $34 million and an after-tax foreign exchange loss of $17 million, respectively, primarily on the remeasurement of U.S. dollar-denominated net debt. The Company received cash dividends from the joint venture of $144 million and $141 million during the first six months of 2021 and 2020. At June 30, 2021 and December 31, 2020, the Company's investment in Ilim was $425 million and $393 million, respectively, which was $128 million and $127 million, respectively, more than the Company's proportionate share of the joint venture's underlying net assets. The differences primarily relate to currency translation adjustments and the basis difference between the fair value of our investment at acquisition and the underlying net assets. The Company is party to a joint marketing agreement with JSC Ilim Group, a subsidiary of Ilim, under which the Company purchases, markets and sells paper produced by JSC Ilim Group. Purchases under this agreement were $42 million and $39 million for the three months ended June 30, 2021 and 2020, respectively, and $83 million and $90 million for the six months ended June 30, 2021 and 2020, respectively. Summarized financial information for Ilim is presented in the following tables: Balance Sheet In millions June 30, 2021 December 31, 2020 Current assets $ 815 $ 739 Noncurrent assets 2,961 2,733 Current liabilities 508 674 Noncurrent liabilities 2,650 2,249 Noncontrolling interests 26 17 Income Statement Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Net sales $ 733 $ 494 $ 1,264 $ 976 Gross profit 410 210 658 405 Income (loss) from continuing operations 205 130 308 69 Net income (loss) 199 125 299 67 The Company's remaining equity method investments are not material.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Note)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles [Note Text Block]	NOTE 13 - GOODWILL AND OTHER INTANGIBLES Goodwill The following table presents changes in goodwill balances as allocated to each business segment for the six-months ended June 30, 2021: In millions Industrial Global Cellulose Fibers Printing Total Balance as of January 1, 2021 Goodwill $ 3,410 $ 52 $ 1,966 $ 5,428 Accumulated impairment losses (296) (52) (1,765) (2,113) 3,114 — 201 3,315 Currency translation and other (a) (2) — 4 2 Goodwill additions/reductions 58 (b) — (58) (b) — Accumulated impairment loss additions / reductions — — — — Balance as of June 30, 2021 Goodwill 3,466 52 1,912 5,430 Accumulated impairment losses (296) (52) (1,765) (2,113) Total $ 3,170 $ — $ 147 $ 3,317 (a) Represents the effects of foreign currency translations. (b) Represents Kwidzyn held for sale and Box Plant acquisitions in EMEA. Other Intangibles Identifiable intangible assets comprised the following: June 30, 2021 December 31, 2020 In millions Gross Accumulated Net Intangible Assets Gross Accumulated Net Intangible Assets Customer relationships and lists $ 544 $ 311 $ 233 $ 542 $ 294 $ 248 Tradenames, patents and trademarks, and developed technology 170 124 46 170 117 53 Land and water rights 8 2 6 8 2 6 Software 18 17 1 25 24 1 Other 14 10 4 19 10 9 Total $ 754 $ 464 $ 290 $ 764 $ 447 $ 317 The Company recognized the following amounts as amortization expense related to intangible assets: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Amortization expense related to intangible assets $ 11 $ 16 $ 23 $ 26

INCOME TAXES (Note)

INCOME TAXES (Note)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes [Note Text Block]	NOTE 14 - INCOME TAXES International Paper made income tax payments, net of refunds, of $185 million and $58 million for the six months ended June 30, 2021 and 2020, respectively. The Company currently estimates, that as a result of ongoing discussions, pending tax settlements and expirations of statutes of limitations, the amount of unrecognized tax benefits could be reduced by approximately $5 million during the next 12 months.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Note)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies [Note Text Block]	NOTE 15 - COMMITMENTS AND CONTINGENCIES 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 environmental remediation matters, including those described herein, to be approximately $185 million ($194 million undiscounted) in the aggregate as of June 30, 2021. 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-treatment 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. In April 2020, the EPA issued a final 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, in excess of the applicable reserve referenced above, 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. • Operable Unit 5, Area 1: 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 known as Operable Unit 5, Area 1, 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, the EPA issued a unilateral administrative order to the Company and other PRPs to perform the remedy. The Company responded to the unilateral administrative order, agreeing to comply with the order subject to its sufficient cause defenses. • Operable Unit 1: 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, which is also known as Operable Unit 1. 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 December 2016. In February 2017, the EPA informed the Company that it would make other arrangements for the performance of the remedial design. In addition, in December 2019, the United States published notice in the Federal Register of a proposed consent decree with NCR Corporation (one of the parties to the allocation/apportionment litigation described below), the State of Michigan and natural resource trustees under which NCR would make payments of more than $100 million and perform work in Operable Unit 5, Areas 2, 3, and 4 at an estimated cost of $135.7 million. In December 2020, the Federal District Court approved the proposed consent decree. 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 or range of loss with respect to this site. We have recorded a liability for future remediation costs at the site that are probable and reasonably estimable, and it remains reasonably possible that additional losses in excess of this recorded liability could be material. 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. NCR Corporation and Weyerhaeuser Company are also named as defendants in the suit. 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. In June 2018, the Court issued its Final Judgment and Order, which fixed the past cost amount at approximately $50 million (plus interest to be determined) and allocated to the Company a 15% share of responsibility for those past costs. The Court did not address responsibility for future costs in its decision. In July 2018, the Company and each of the other parties filed notices appealing the Final Judgment and prior orders incorporated into that Judgment. The Company appeal is pending. 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 October 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. The EPA’s selected remedy was accompanied by a cost estimate of approximately $115 million ($105 million for the northern impoundment, and $10 million for the southern impoundment). Subsequent to the issuance of the ROD, there have been numerous meetings between the EPA and the PRPs, and the Company continues to work with the EPA and MIMC/WMI to develop the remedial design. To this end, in April 2018, the PRPs entered into an Administrative Order on Consent (AOC) with the EPA, agreeing to work together to develop the remedial design for the northern impoundment. That remedial design work is ongoing. The AOC does not include any agreement to perform waste removal or other construction activity at the site. Rather, it involves adaptive management techniques and a pre-design investigation, the objectives of which 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 an excavation remedy is able to be implemented in a manner protective of human health and the environment, and investigating potential impacts of remediation activities to infrastructure in the vicinity. During the first quarter of 2020, through a series of meetings among the Company, MIMC/WMI, our consultants, the EPA and the Texas Commission on Environmental Quality (TCEQ), progress was made to resolve key technical issues previously preventing the Company from determining the manner in which the selected remedy for the northern impoundment would be feasibly implemented. As a result of these developments, the Company reserved the following amounts in relation to remediation at this site: (a) $10 million for the southern impoundment; and (b) $55 million for the northern impoundment, which represents the Company's 50% share of our estimate of the low end of the range of probable remediation costs. Although several key technical issues have been resolved, we still face significant challenges remediating the northern impoundment in a cost-efficient manner and without a release to the environment and therefore our discussions with the EPA on the best approach to remediation will continue. Because of ongoing questions regarding cost effectiveness, timing and gathering other technical data, additional losses in excess of our recorded liability are possible. We have submitted the Final Design Package for the southern impoundment to the EPA, and the EPA approved this plan May 7, 2021. We are currently unable to reasonably estimate any further adjustment to our recorded liability or any loss or range of loss in excess of such liability; however, we believe it is unlikely any adjustment would be material. Asbestos-Related Matters We have been named as a defendant in various asbestos-related personal injury litigation, in both state and federal court, primarily in relation to the prior operations of certain companies previously acquired by the Company. As of June 30, 2021, the Company's total recorded liability with respect to pending and future asbestos-related claims was $112 million, net of estimated insurance recoveries. While it is reasonably possible that the Company may incur losses in excess of its recorded liability with respect to asbestos-related matters, we do not believe additional material losses are probable. Antitrust Italy: In March 2017, the Italian Competition Authority (ICA) commenced an investigation into the Italian packaging industry to determine whether producers of corrugated sheets and boxes violated the applicable European competition law. In April 2019, the ICA concluded its investigation and issued initial findings alleging that over 30 producers, including our Italian packaging subsidiary (IP Italy), improperly coordinated the production and sale of corrugated sheets and boxes. On August 6, 2019, the ICA issued its decision and assessed IP Italy a fine of €29 million (approximately $32 million at current exchange rates) which was recorded in the third quarter of 2019. We appealed the ICA decision and our appeal was denied on May 25, 2021. However, we continue to believe we have numerous and strong bases to further appeal the decision. However, we continue to believe we have numerous and strong bases to challenge the ICA decision, and we have further appealed the decision to the Italian Council of State. Taxes Other Than Payroll Taxes In 2017, the Brazilian Federal Supreme Court decided that the state value-added tax (VAT) should not be included in the basis of federal VAT calculations. In 2018 and 2019, the Brazilian tax authorities published both an internal consultation and a normative ruling with a narrow interpretation of the effects of the case. Based upon the best information available to us at that time, we determined an estimated refund was probable of being realized. As of March 31, 2021, we had recognized a receivable of $11 million based upon the authorities narrow interpretation. On May 13, 2021, the Brazilian Federal Supreme Court ruled again on the case. The latest ruling provides a much broader definition of the state VAT, which increases the exclusion amount from the Federal VAT calculations. Therefore, we have recognized an additional receivable of $70 million, which brings the total receivable to $81 million as of June 30, 2021. The $70 million of income recognized during the second quarter of 2021 includes income of $42 million in Cost of Products sold and income of $28 million in Interest expense, net in the accompanying condensed consolidated statement of operations. The issue is now considered fully resolved, and no further ruling by either the Brazilian Supreme Court nor the Brazilian tax authorities is expected. General

VARIABLE INTEREST ENTITIES (Not

VARIABLE INTEREST ENTITIES (Note)	6 Months Ended
	Jun. 30, 2021
Variable Interest Entities [Abstract]
Variable Interest Entity Disclosure	NOTE 16 - VARIABLE INTEREST ENTITIES Variable Interest Entities As of June 30, 2021, the fair value of the Timber Notes and Extension Loans was $4.9 billion and $4.2 billion, respectively, for the 2015 Financing Entities. The Timber Notes and Extension Loans are classified as Level 2 within the fair value hierarchy, which is further defined in Note 17 in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Timber Notes of $4.8 billion and the Extension Loans of $4.2 billion both mature in August 2021 and are shown in Current nonrecourse financial assets of variable interest entities and Current nonrecourse financial liabilities of variable interest entities, respectively, on the accompanying balance sheet. We will settle the third-party loans at their maturity in August 2021 with the proceeds from the installment notes which also mature in August 2021 resulting in expected cash proceeds of approximately $0.6 billion representing our equity in the variable interest entities. Maturity of the installment notes and termination of the monetization structure is expected to result in a $75 million cash tax payment in the fourth quarter of 2021. Activity between the Company and the 2015 Financing Entities was as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Revenue (a) $ 23 $ 23 $ 47 $ 47 Expense (a) 13 32 26 64 Cash receipts (b) — — 47 47 Cash payments (c) — — 14 64 (a) The revenue and expense are included in Interest expense, net in the accompanying statement of operations. (b) The cash receipts are interest received on the Financial assets of special purpose entities. (c) The cash payments represent interest paid on Nonrecourse financial liabilities of special purpose entities. As of June 30, 2021, the fair value of the Timber Notes and Extension Loans was $2.3 billion and $2.2 billion, respectively, for the 2007 Financing Entities. The Timber Notes and Extension Loans are classified as Level 2 within the fair value hierarchy, which is further defined in Note 17 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Timber Notes of $2.3 billion and the Extension Loans of $2.1 billion both mature in 2027 and are shown in Long-term nonrecourse financial assets of variable interest entities and Long-term nonrecourse financial liabilities of variable interest entities, respectively, on the accompanying balance sheet. Activity between the Company and the 2007 Financing Entities was as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Revenue (a) $ 6 $ 12 $ 13 $ 28 Expense (b) 6 12 12 28 Cash receipts (c) 1 11 3 23 Cash payments (d) 4 11 8 26 (a) The revenue is included in Interest expense, net in the accompanying statement of operations and includes approximately $4 million and $9 million for the three months and six months ended June 30, 2021 and 2020, respectively, of accretion income for the amortization of the basis difference adjustment on the Financial assets of special purpose entities. (b) The expense is included in Interest expense, net in the accompanying statement of operations and includes approximately $1 million and $3 million for the three months and six months ended June 30, 2021 and 2020, respectively, of accretion expense for the amortization of the basis difference 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 (Note)

DEBT (Note)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt [Note Text Block]	NOTE 17 - DEBT The borrowing capacity of the Company's commercial paper program is $1.0 billion. 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 or floating rate notes. As of June 30, 2021, the Company had no borrowings outstanding under the program. At June 30, 2021, International Paper’s credit facilities 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. In June 2021, the Company extended the maturity date of the $1.5 billion credit facility from December 2022 to June 2026. The liquidity facilities also include up to $550 million of uncommitted financings based on eligible receivables balances under a receivables securitization program. In February of 2021, after considering the Company’s liquidity position in relation to the macroeconomic environment at such time, the Company amended the receivable securitization program from a committed financing arrangement to an uncommitted financing arrangement. The borrowing limit of up to $550 million based on eligible receivables balances and the expiration date in April 2022 remained unchanged from the previous agreement. At June 30, 2021, there were no borrowings under either the bank facility or receivables securitization program. In March 2020, the Company entered into a $750 million contractually committed 364-day revolving credit agreement with a syndicate of banks and other financial institutions which augmented the Company's access to liquidity due to the macroeconomic conditions related to COVID-19 and supplemented the Company's $1.5 billion credit agreement. After considering the Company’s liquidity position in relation to the macroeconomic environment at such time, the Company determined not to extend the $750 million credit agreement after its expiration on March 24, 2021. The Company’s early debt reductions in the second quarter of 2021 were a debt tender in June 2021 of approximately $558 million related to debt with interest rates ranging from 4.35% to 4.40% and maturity dates ranging from 2047 to 2048 and open market repurchases of approximately $232 million related to debt with interest rates ranging from 3.00% to 5.15% and maturity dates ranging from 2027 to 2046. The Company’s early debt reductions in the first quarter of 2021 were open market repurchases of approximately $107 million related to debt with interest rates ranging from 3.00% to 4.80% and maturities dates from 2027 to 2048. The Company’s financial covenants require the maintenance of a minimum net worth, as defined in our debt agreements, 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 both the current and long-term Nonrecourse Financial Liabilities of Variable Interest Entities. The total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth. As of June 30, 2021, we were in compliance with our debt covenants. At June 30, 2021, the fair value of International Paper’s $7.2 billion of debt was approximately $9.1 billion. The fair value of the Company’s long-term debt is estimated based on the quoted market prices for the same or similar issues. International Paper’s long-term debt is classified as Level 2 within the fair value hierarchy, which is further defined in Note 17 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES (Note)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities [Note Text Block]	NOTE 18 - DERIVATIVES AND HEDGING ACTIVITIES As a multinational company, International Paper is exposed to market risks, such as changes in interest rates, currency exchange rates and commodity prices. The notional amounts of qualifying and non-qualifying financial instruments used in hedging transactions were as follows: In millions June 30, 2021 December 31, 2020 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts (USD) $ 88 $ 85 Foreign exchange contracts (EUR) 195 187 Derivatives in Net Investment Hedging Relationships: Foreign exchange contracts (EUR) 670 — Foreign exchange contracts (BRL) 600 — Derivatives Not Designated as Hedging Instruments: Electricity contract (MWh) 0.1 0.2 Foreign exchange contracts (EUR) 500 — Foreign exchange contracts (USD) 600 — 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) Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts $ 13 $ — $ 7 $ (30) Total $ 13 $ — $ 7 $ (30) Derivatives in Net Investment Hedging Relationships: Foreign exchange contracts $ (5) $ — $ 12 $ — Interest rate contracts — 4 — 24 Total $ (5) $ 4 $ 12 $ 24 During the next 12 months, the amount of the June 30, 2021 AOCI balance, after tax, that is expected to be reclassified to earnings is a gain of $1 million. The amounts of gains and losses recognized in the statement of operations on qualifying and non-qualifying financial instruments used in hedging transactions were as follows: Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) Location of Gain (Loss) Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts $ 4 $ (9) $ 1 $ (20) Cost of products sold Total $ 4 $ (9) $ 1 $ (20) Gain (Loss) Recognized in Income Location of Gain (Loss) Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Derivatives in Fair Value Hedging Relationships: Interest rate contracts $ — $ — $ — $ 38 Interest expense, net Debt — — — (38) Interest expense, net Total $ — $ — $ — $ — Derivatives in Net Investment Hedging Relationships: Foreign exchange contracts — 1 — 1 Net (gain) losses on sales and impairments of businesses Total $ — $ 1 $ — $ 1 Derivatives Not Designated as Hedging Instruments: Electricity contract $ 5 $ — $ 7 $ (3) Cost of products sold Foreign exchange contracts (6) — (6) — Cost of products sold Total $ (1) $ — $ 1 $ (3) Fair Value Measurements The Company has not changed its valuation techniques for measuring the fair value of any financial assets or liabilities during the year. Transfers between levels, if any, are recognized at the end of the reporting period. The following table provides a summary of the impact of our derivative instruments in the balance sheet: Fair Value Measurements Level 2 – Significant Other Observable Inputs Assets Liabilities In millions June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments Foreign exchange contracts – cash flow $ 9 $ 5 $ 3 $ 8 Foreign exchange contracts - net investment 7 — 2 — Total derivatives designated as hedging instruments 16 5 5 8 Derivatives not designated as hedging instruments Electricity contract 5 — — 1 Foreign exchange contracts — — 6 — Total derivatives not designated as hedging instruments 5 — 6 1 Total derivatives $ 21 (a) $ 5 (a) $ 11 (b) $ 9 (c) (a) Included in Other current assets in the accompanying consolidated balance sheet. (b) Includes $10 million recorded in Other current liabilities and $1 million recorded in Other liabilities in the accompanying consolidated balance sheet. (c) Includes $7 million recorded in Other current liabilities and $2 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 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.

RETIREMENT PLANS (Note)

RETIREMENT PLANS (Note)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Retirement Plans [Note Text Block]	NOTE 19 - 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 and hourly and union employees who work at a participating business unit. 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). Effective January 1, 2019, the Company froze participation, including credited service and compensation, for salaried employees under the Pension Plan, the Pension Restoration Plan and the SERP plan. This change does not affect benefits accrued through December 31, 2018. For service after December 31, 2018, employees affected by the freeze receive a company contribution to their individual Retirement Savings Account. Net periodic pension (income) expense for our qualified and nonqualified U.S. defined benefit plans comprised the following: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Service cost $ 25 $ 23 $ 52 $ 43 Interest cost 84 98 167 196 Expected return on plan assets (183) (167) (366) (334) Actuarial loss 40 46 79 101 Amortization of prior service cost 5 5 11 10 Net periodic pension (income) expense $ (29) $ 5 $ (57) $ 16 The components of net periodic pension (income) expense other than the Service cost component are included in Non-operating pension (income) expense in the Consolidated Statement of Operations. The Company’s funding policy for our pension plans 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 plan, tax deductibility, the cash flows generated by the Company, and other factors. The Company made no voluntary cash contributions to the qualified pension plan in the first six months of 2021 or 2020. The nonqualified defined benefit plans are funded to the extent of benefit payments, which totaled $11 million for the six months ended June 30, 2021.

STOCK-BASED COMPENSATION (Note)

STOCK-BASED COMPENSATION (Note)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement	NOTE 20 - STOCK-BASED COMPENSATION International Paper has an Incentive Compensation Plan (ICP) which is administered by the Management Development and Compensation Committee of the Board of Directors (the Committee). The ICP authorizes the 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 Committee. As of June 30, 2021, 7.2 million shares were available for grant under the ICP. Stock-based compensation expense and related income tax benefits were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Total stock-based compensation expense (selling and administrative) $ 47 $ 5 $ 61 $ 31 Income tax benefits related to stock-based compensation (2) — 15 17 At June 30, 2021, $130 million, net of estimated forfeitures, of compensation cost related to unvested restricted performance shares, executive continuity awards and restricted stock attributable to future service had not yet been recognized. This amount will be recognized in expense over a weighted-average period of 2.1 years. Performance Share Plan During the first six months of 2021, the Company granted 2.0 million performance units at an average grant date fair value of $53.15.

INDUSTRY SEGMENT INFORMATION (N

INDUSTRY SEGMENT INFORMATION (Note)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 21 - BUSINESS SEGMENT INFORMATION International Paper’s business segments, Industrial Packaging, Global Cellulose Fibers and Printing Papers, are consistent with the internal structure used to manage these businesses. All segments are differentiated on a common product, common customer basis consistent with the business segmentation generally used in the Forest Products industry. 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) before income taxes and equity earnings, but including the impact of noncontrolling interests, and excluding interest expense, net, corporate expenses, net, corporate net special items, business net special items and non-operating pension expense. Net sales by business segment for the three months and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Industrial Packaging $ 4,056 $ 3,633 $ 8,009 $ 7,452 Global Cellulose Fibers 671 605 1,252 1,173 Printing Papers 846 583 1,627 1,491 Corporate and Intersegment Sales 43 45 91 102 Net Sales $ 5,616 $ 4,866 $ 10,979 $ 10,218 Operating profit (loss) by business segment for the three months and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Industrial Packaging $ 408 $ 449 $ 855 $ 919 Global Cellulose Fibers 10 (10) (72) (64) Printing Papers 76 (11) 156 85 Business Segment Operating Profits $ 494 428 $ 939 $ 940 Earnings (loss) before income taxes and equity earnings $ 432 $ 261 $ 831 $ 245 Interest expense, net 57 116 149 233 Noncontrolling interests adjustment (1) — (2) — Corporate expenses, net 7 (3) 32 29 Corporate net special items 101 54 70 87 Business net special items (50) 14 (36) 366 Non-operating pension expense (income) (52) (14) (105) (20) Business Segment Operating Profits $ 494 $ 428 $ 939 $ 940

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	A geographic disaggregation of revenues across our company segmentation in the following tables provides information to assist in evaluating the nature, timing and uncertainty of revenue and cash flows and how they may be impacted by economic factors. Three Months Ended June 30, 2021 In millions Industrial Packaging Global Cellulose Fibers Printing Papers Corporate and Inter-segment Sales Total Primary Geographical Markets (a) United States $ 3,354 $ 576 $ 407 $ 42 $ 4,379 EMEA 497 70 270 (2) 835 Pacific Rim and Asia 14 25 8 3 50 Americas, other than U.S. 191 — 161 — 352 Total $ 4,056 $ 671 $ 846 $ 43 $ 5,616 Operating Segments North American Industrial Packaging $ 3,587 $ — $ — $ — $ 3,587 EMEA Industrial Packaging 394 — — — 394 European Coated Paperboard 102 — — — 102 Global Cellulose Fibers — 671 — — 671 North American Printing Papers — — 410 — 410 Brazilian Papers — — 189 — 189 European Papers — — 255 — 255 Intra-segment Eliminations (27) — (8) — (35) Corporate & Inter-segment Sales — — — 43 43 Total $ 4,056 $ 671 $ 846 $ 43 $ 5,616 (a) Net sales are attributed to countries based on the location of the seller. Six Months Ended June 30, 2021 In millions Industrial Packaging Global Cellulose Fibers Printing Papers Corporate and Inter-segment Sales Total Primary Geographical Markets (a) United States $ 6,611 $ 1,059 $ 770 $ 89 $ 8,529 EMEA 988 140 533 (5) 1,656 Pacific Rim and Asia 32 53 17 7 109 Americas, other than U.S. 378 — 307 — 685 Total $ 8,009 $ 1,252 $ 1,627 $ 91 $ 10,979 Operating Segments North American Industrial Packaging $ 7,072 $ — $ — $ — $ 7,072 EMEA Industrial Packaging 790 — — — 790 European Coated Paperboard 200 — — — 200 Global Cellulose Fibers — 1,252 — — 1,252 North American Printing Papers — — 776 — 776 Brazilian Papers — — 357 — 357 European Papers — — 505 — 505 Intra-segment Eliminations (53) — (11) — (64) Corporate & Inter-segment Sales — — — 91 91 Total $ 8,009 $ 1,252 $ 1,627 $ 91 $ 10,979 (a) Net sales are attributed to countries based on the location of the seller. Three Months Ended June 30, 2020 In millions Industrial Packaging Global Cellulose Fibers Printing Papers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 3,065 $ 534 $ 263 $ 44 $ 3,906 EMEA 379 60 219 (6) 652 Pacific Rim and Asia 16 11 6 7 40 Americas, other than U.S. 173 — 95 — 268 Total $ 3,633 $ 605 $ 583 $ 45 $ 4,866 Operating Segments North American Industrial Packaging $ 3,241 $ — $ — $ — $ 3,241 EMEA Industrial Packaging 297 — — — 297 Brazilian Industrial Packaging 42 — — — 42 European Coated Paperboard 84 — — — 84 Global Cellulose Fibers — 605 — — 605 North American Printing Papers — — 265 — 265 Brazilian Papers — — 108 — 108 European Papers — — 209 — 209 Intra-segment Eliminations (31) — 1 — (30) Corporate & Inter-segment Sales — — — 45 45 Total $ 3,633 $ 605 $ 583 $ 45 $ 4,866 (a) Net sales are attributed to countries based on the location of the seller. Six Months Ended June 30, 2020 In millions Industrial Packaging Global Cellulose Fibers Printing Papers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 6,195 $ 1,028 $ 707 $ 102 $ 8,032 EMEA 819 116 521 (8) 1,448 Pacific Rim and Asia 28 29 14 10 81 Americas, other than U.S. 410 — 249 (2) 657 Total $ 7,452 $ 1,173 $ 1,491 $ 102 $ 10,218 Operating Segments North American Industrial Packaging $ 6,596 $ — $ — $ — $ 6,596 EMEA Industrial Packaging 647 — — — 647 Brazilian Industrial Packaging 96 — — — 96 European Coated Paperboard 176 — — — 176 Global Cellulose Fibers — 1,173 — — 1,173 North American Printing Papers — — 711 — 711 Brazilian Papers — — 284 — 284 European Papers — — 496 — 496 Intra-segment Eliminations (63) — — — (63) Corporate & Inter-segment Sales — — — 102 102 Total $ 7,452 $ 1,173 $ 1,491 $ 102 $ 10,218 (a) Net sales are attributed to countries based on the location of the seller.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Stockholders' Equity [Table Text Block]	A summary of the changes in equity for the three months and six months ended June 30, 2021 and 2020 is provided below: Three Months Ended June 30, 2021 In millions, except per share amounts Common Stock Issued Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held In Treasury, At Cost Total Noncontrolling Total Balance, April 1 $ 449 $ 6,267 $ 8,214 $ (4,453) $ 2,719 $ 7,758 $ 13 $ 7,771 Issuance of stock for various plans, net — 44 — — (2) 46 — 46 Repurchase of stock — — — — 58 (58) — (58) Common stock dividends ($0.5125 per share) — — (204) — — (204) — (204) Transactions of equity method investees — 19 — — — 19 — 19 Divestiture of noncontrolling interests — — — — — — (12) (12) Comprehensive income (loss) — — 432 359 — 791 1 792 Ending Balance, June 30 $ 449 $ 6,330 $ 8,442 $ (4,094) $ 2,775 $ 8,352 $ 2 $ 8,354 Six Months Ended June 30, 2021 In millions, except per share amounts Common Stock Issued Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held In Treasury, At Cost Total Noncontrolling Total Balance, January 1 $ 449 $ 6,325 $ 8,070 $ (4,342) $ 2,648 $ 7,854 $ 14 $ 7,868 Issuance of stock for various plans, net — (14) — — (86) 72 — 72 Repurchase of stock — — — — 213 (213) — (213) Common stock dividends ($1.0250 per share) — — (409) — — (409) — (409) Transactions of equity method investees — 19 — — — 19 — 19 Divestiture of noncontrolling interests — — — — — — (12) (12) Comprehensive income (loss) — — 781 248 — 1,029 — 1,029 Ending Balance, June 30 $ 449 $ 6,330 $ 8,442 $ (4,094) $ 2,775 $ 8,352 $ 2 $ 8,354 Three Months Ended June 30, 2020 In millions, except per share amounts Common Stock Issued Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held In Treasury, At Cost Total Noncontrolling Total Balance, April 1 $ 449 $ 6,252 $ 8,062 $ (5,255) $ 2,651 $ 6,857 $ 4 $ 6,861 Issuance of stock for various plans, net — 2 — — (2) 4 — 4 Common stock dividends ($0.5125 per share) — — (205) — — (205) — (205) Transactions of equity method investees — 29 — — — 29 — 29 Comprehensive income (loss) — — 266 106 — 372 (1) 371 Ending Balance, June 30 $ 449 $ 6,283 $ 8,123 $ (5,149) $ 2,649 $ 7,057 $ 3 $ 7,060 Six Months Ended June 30, 2020 In millions, except per share amounts Common Stock Issued Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held In Treasury, At Cost Total Noncontrolling Total Balance, January 1 $ 449 $ 6,297 $ 8,408 $ (4,739) $ 2,702 $ 7,713 $ 5 $ 7,718 Adoption of ASU 2016-13 measurement of credit losses on financial instruments — — (2) — — (2) — (2) Issuance of stock for various plans, net — (49) — — (94) 45 — 45 Repurchase of stock — — — — 41 (41) — (41) Common stock dividends ($1.0250 per share) — — (408) — — (408) — (408) Transactions of equity method investees — 35 — — — 35 — 35 Comprehensive income (loss) — — 125 (410) — (285) (2) (287) Ending Balance, June 30 $ 449 $ 6,283 $ 8,123 $ (5,149) $ 2,649 $ 7,057 $ 3 $ 7,060

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table presents changes in accumulated other comprehensive income (AOCI) for the three months and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (1,846) $ (2,231) $ (1,880) $ (2,277) Amounts reclassified from accumulated other comprehensive income 37 39 71 85 Balance at end of period (1,809) (2,192) (1,809) (2,192) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (2,599) (3,008) (2,457) (2,465) Other comprehensive income (loss) before reclassifications 172 57 29 (487) Amounts reclassified from accumulated other comprehensive income 140 — 140 — Other comprehensive income (loss) attributable to noncontrolling interest 1 1 2 2 Balance at end of period (2,286) (2,950) (2,286) (2,950) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period (8) (16) (5) 3 Other comprehensive income (loss) before reclassifications 13 — 7 (30) Amounts reclassified from accumulated other comprehensive income (4) 9 (1) 20 Balance at end of period 1 (7) 1 (7) Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (4,094) $ (5,149) $ (4,094) $ (5,149)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	The following table presents details of the reclassifications out of AOCI for the three months and six months ended June 30, 2021 and 2020: In millions: Amount Reclassified from Accumulated Other Comprehensive Income Location of Amount Reclassified from AOCI Three Months Ended Six Months Ended 2021 2020 2021 2020 Defined benefit pension and postretirement items: Prior-service costs $ (6) $ (5) $ (12) $ (10) (a) Non-operating pension expense Actuarial gains (losses) (42) (47) (82) (103) (a) Non-operating pension expense Total pre-tax amount (48) (52) (94) (113) Tax (expense) benefit 11 13 23 28 Total, net of tax (37) (39) (71) (85) Change in cumulative foreign currency translation adjustments: Business acquisitions/divestitures (140) — (140) — Net (gains) losses on sales and impairments of businesses and Cost of products sold Tax (expense) benefit — — — — Net of tax (140) — (140) — Net gains and losses on cash flow hedging derivatives: Foreign exchange contracts 6 (14) 2 (31) (b) Cost of products sold Total pre-tax amount 6 (14) 2 (31) Tax (expense)/benefit (2) 5 (1) 11 Net of tax 4 (9) 1 (20) Total reclassifications for the period $ (173) $ (48) $ (210) $ (105) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 19 for additional details). (b) This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 18 for additional details).

EARNINGS PER SHARE ATTRIBUTAB_2

EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [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 and diluted earnings (loss) per share is as follows: Three Months Ended Six Months Ended In millions, except per share amounts 2021 2020 2021 2020 Earnings (loss) attributable to International Paper Company common shareholders $ 432 $ 266 $ 781 $ 125 Weighted average common shares outstanding 391.5 393.1 392.1 392.9 Effect of dilutive securities (a) Restricted performance share plan 5.3 — 5.6 1.1 Weighted average common shares outstanding – assuming dilution 396.8 393.1 397.7 394.0 Basic earnings (loss) per share attributable to International Paper Company Common Shareholders $ 1.10 $ 0.67 $ 1.99 $ 0.32 Diluted earnings (loss) per share attributable to International Paper Company Common Shareholders $ 1.09 $ 0.67 $ 1.96 $ 0.32 (a) Securities are not included in the table in periods when antidilutive

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the provisional fair value assigned to assets and liabilities acquired as of April 1, 2021: In millions Cash and temporary investments $ 5 Accounts and notes receivable 10 Inventories 3 Plants, properties and equipment 18 Goodwill 56 Total assets acquired 92 Short-term debt 3 Accounts payable and accrued liabilities 4 Other current liabilities 1 Deferred income taxes 1 Total liabilities assumed 9 Net assets acquired $ 83

DIVESTITURES (Tables)

DIVESTITURES (Tables)	6 Months Ended
	Jun. 30, 2021
Kwidzyn Mill
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 this business reconciled to Assets held for sale and Liabilities held for sale in the accompanying condensed consolidated balance sheet. In millions June 30, 2021 Cash and temporary investments $ 45 Accounts and notes receivable 43 Inventories 71 Other current assets 9 Plants, properties and equipment 283 Goodwill 57 Right of use assets 46 Deferred charges and other assets 16 Total Assets Held for Sale 570 Accounts payable and accrued liabilities $ 65 Other current liabilities 15 Deferred income taxes 22 Long-term lease obligations 39 Other liabilities 16 Total Liabilities Held for Sale 157

SUPPLEMENTAL FINANCIAL STATEM_2

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block Supplement [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Accounts and Notes Receivable In millions June 30, 2021 December 31, 2020 Accounts and notes receivable, net: Trade $ 3,156 $ 2,776 Other 452 288 Total $ 3,608 $ 3,064
Inventories [Table Text Block]	Inventories In millions June 30, 2021 December 31, 2020 Raw materials $ 208 $ 268 Finished pulp, paper and packaging 996 1,091 Operating supplies 560 627 Other 64 64 Total $ 1,828 $ 2,050
Interest Income and Interest Expense Disclosure [Table Text Block]	Amounts related to interest were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Interest expense $ 117 $ 156 $ 241 $ 319 Interest income 60 40 92 86 Capitalized interest costs 3 9 5 18

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block]	Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2021 December 31, 2020 Assets Operating lease assets Right-of-use assets $ 399 $ 459 Finance lease assets Plants, properties and equipment, net (a) 91 95 Total leased assets $ 490 $ 554 Liabilities Current Operating Other current liabilities $ 141 $ 148 Finance Notes payable and current maturities of long-term debt 13 13 Noncurrent Operating Long-term lease obligations 263 315 Finance Long-term debt 78 82 Total lease liabilities $ 495 $ 558 (a) Finance leases are recorded net of accumulated amortization of $59 million and $53 million as of June 30, 2021 and December 31, 2020, respectively.

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
GPI Transactions table text block	Date Transaction Type Units Proceeds Pre-tax Gain After-Tax Gain In millions except units 2020 First Quarter Units exchange 15,150,784 $ 250 $ 33 $ 25 2020 Third Quarter Units exchange 17,399,414 250 — — 2021 First Quarter Units exchange and open market sale 24,588,316 397 33 25 2021 First Quarter TRA (a) 41 31 2021 Second Quarter Units exchange and open market sale 22,773,077 402 64 48 2021 Second Quarter TRA (a) 66 50 (a) The TRA entitles the Company to 50% of the amount of any tax benefits projected to be realized by GPIP upon the Company's exchange of its units. This amount is recorded in other receivables and is expected to be received within the next 12 months.
Ilim Holding
Schedule of Equity Method Investments [Line Items]
Equity Method Investments [Table Text Block]	Summarized financial information for Ilim is presented in the following tables: Balance Sheet In millions June 30, 2021 December 31, 2020 Current assets $ 815 $ 739 Noncurrent assets 2,961 2,733 Current liabilities 508 674 Noncurrent liabilities 2,650 2,249 Noncontrolling interests 26 17 Income Statement Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Net sales $ 733 $ 494 $ 1,264 $ 976 Gross profit 410 210 658 405 Income (loss) from continuing operations 205 130 308 69 Net income (loss) 199 125 299 67

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Goodwill Balances [Table Text Block]	The following table presents changes in goodwill balances as allocated to each business segment for the six-months ended June 30, 2021: In millions Industrial Global Cellulose Fibers Printing Total Balance as of January 1, 2021 Goodwill $ 3,410 $ 52 $ 1,966 $ 5,428 Accumulated impairment losses (296) (52) (1,765) (2,113) 3,114 — 201 3,315 Currency translation and other (a) (2) — 4 2 Goodwill additions/reductions 58 (b) — (58) (b) — Accumulated impairment loss additions / reductions — — — — Balance as of June 30, 2021 Goodwill 3,466 52 1,912 5,430 Accumulated impairment losses (296) (52) (1,765) (2,113) Total $ 3,170 $ — $ 147 $ 3,317 (a) Represents the effects of foreign currency translations. (b) Represents Kwidzyn held for sale and Box Plant acquisitions in EMEA.
Finite and Indefinite-Lived Intangible Assets [Table Text Block]	Identifiable intangible assets comprised the following: June 30, 2021 December 31, 2020 In millions Gross Accumulated Net Intangible Assets Gross Accumulated Net Intangible Assets Customer relationships and lists $ 544 $ 311 $ 233 $ 542 $ 294 $ 248 Tradenames, patents and trademarks, and developed technology 170 124 46 170 117 53 Land and water rights 8 2 6 8 2 6 Software 18 17 1 25 24 1 Other 14 10 4 19 10 9 Total $ 754 $ 464 $ 290 $ 764 $ 447 $ 317
Amortization Expense of Intangible Assets [Table Text Block]	The Company recognized the following amounts as amortization expense related to intangible assets: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Amortization expense related to intangible assets $ 11 $ 16 $ 23 $ 26

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Variable Interest Entities [Abstract]
Activity Between Company And Entities [Table Text Block]	Activity between the Company and the 2015 Financing Entities was as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Revenue (a) $ 23 $ 23 $ 47 $ 47 Expense (a) 13 32 26 64 Cash receipts (b) — — 47 47 Cash payments (c) — — 14 64 (a) The revenue and expense are included in Interest expense, net in the accompanying statement of operations. (b) The cash receipts are interest received on the Financial assets of special purpose entities. (c) The cash payments represent interest paid on Nonrecourse financial liabilities of special purpose entities. Activity between the Company and the 2007 Financing Entities was as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Revenue (a) $ 6 $ 12 $ 13 $ 28 Expense (b) 6 12 12 28 Cash receipts (c) 1 11 3 23 Cash payments (d) 4 11 8 26 (a) The revenue is included in Interest expense, net in the accompanying statement of operations and includes approximately $4 million and $9 million for the three months and six months ended June 30, 2021 and 2020, respectively, of accretion income for the amortization of the basis difference adjustment on the Financial assets of special purpose entities. (b) The expense is included in Interest expense, net in the accompanying statement of operations and includes approximately $1 million and $3 million for the three months and six months ended June 30, 2021 and 2020, respectively, of accretion expense for the amortization of the basis difference 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.

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Financial Instruments [Table Text Block]	The notional amounts of qualifying and non-qualifying financial instruments used in hedging transactions were as follows: In millions June 30, 2021 December 31, 2020 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts (USD) $ 88 $ 85 Foreign exchange contracts (EUR) 195 187 Derivatives in Net Investment Hedging Relationships: Foreign exchange contracts (EUR) 670 — Foreign exchange contracts (BRL) 600 — Derivatives Not Designated as Hedging Instruments: Electricity contract (MWh) 0.1 0.2 Foreign exchange contracts (EUR) 500 — Foreign exchange contracts (USD) 600 —
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) Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts $ 13 $ — $ 7 $ (30) Total $ 13 $ — $ 7 $ (30) Derivatives in Net Investment Hedging Relationships: Foreign exchange contracts $ (5) $ — $ 12 $ — Interest rate contracts — 4 — 24 Total $ (5) $ 4 $ 12 $ 24
Gains And Losses Recognized In Consolidated Statement Of Operations On Qualifying And Non-Qualifying Financial Instruments [Table Text Block]	The amounts of gains and losses recognized in the statement of operations on qualifying and non-qualifying financial instruments used in hedging transactions were as follows: Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) Location of Gain (Loss) Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships: Foreign exchange contracts $ 4 $ (9) $ 1 $ (20) Cost of products sold Total $ 4 $ (9) $ 1 $ (20) Gain (Loss) Recognized in Income Location of Gain (Loss) Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Derivatives in Fair Value Hedging Relationships: Interest rate contracts $ — $ — $ — $ 38 Interest expense, net Debt — — — (38) Interest expense, net Total $ — $ — $ — $ — Derivatives in Net Investment Hedging Relationships: Foreign exchange contracts — 1 — 1 Net (gain) losses on sales and impairments of businesses Total $ — $ 1 $ — $ 1 Derivatives Not Designated as Hedging Instruments: Electricity contract $ 5 $ — $ 7 $ (3) Cost of products sold Foreign exchange contracts (6) — (6) — Cost of products sold Total $ (1) $ — $ 1 $ (3)
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 balance sheet: Fair Value Measurements Level 2 – Significant Other Observable Inputs Assets Liabilities In millions June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments Foreign exchange contracts – cash flow $ 9 $ 5 $ 3 $ 8 Foreign exchange contracts - net investment 7 — 2 — Total derivatives designated as hedging instruments 16 5 5 8 Derivatives not designated as hedging instruments Electricity contract 5 — — 1 Foreign exchange contracts — — 6 — Total derivatives not designated as hedging instruments 5 — 6 1 Total derivatives $ 21 (a) $ 5 (a) $ 11 (b) $ 9 (c) (a) Included in Other current assets in the accompanying consolidated balance sheet. (b) Includes $10 million recorded in Other current liabilities and $1 million recorded in Other liabilities in the accompanying consolidated balance sheet. (c) Includes $7 million recorded in Other current liabilities and $2 million recorded in Other liabilities in the accompanying consolidated balance sheet.

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Net Periodic Pension Expense for Qualified and Nonqualified U.S. Defined Benefit Plans [Table Text Block]	Net periodic pension (income) expense for our qualified and nonqualified U.S. defined benefit plans comprised the following: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Service cost $ 25 $ 23 $ 52 $ 43 Interest cost 84 98 167 196 Expected return on plan assets (183) (167) (366) (334) Actuarial loss 40 46 79 101 Amortization of prior service cost 5 5 11 10 Net periodic pension (income) expense $ (29) $ 5 $ (57) $ 16

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense Related to Income Tax Benefits [Table Text Block]	Stock-based compensation expense and related income tax benefits were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Total stock-based compensation expense (selling and administrative) $ 47 $ 5 $ 61 $ 31 Income tax benefits related to stock-based compensation (2) — 15 17

INDUSTRY SEGMENT INFORMATION (T

INDUSTRY SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment [Table Text Block]	Net sales by business segment for the three months and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Industrial Packaging $ 4,056 $ 3,633 $ 8,009 $ 7,452 Global Cellulose Fibers 671 605 1,252 1,173 Printing Papers 846 583 1,627 1,491 Corporate and Intersegment Sales 43 45 91 102 Net Sales $ 5,616 $ 4,866 $ 10,979 $ 10,218
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Operating profit (loss) by business segment for the three months and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Industrial Packaging $ 408 $ 449 $ 855 $ 919 Global Cellulose Fibers 10 (10) (72) (64) Printing Papers 76 (11) 156 85 Business Segment Operating Profits $ 494 428 $ 939 $ 940 Earnings (loss) before income taxes and equity earnings $ 432 $ 261 $ 831 $ 245 Interest expense, net 57 116 149 233 Noncontrolling interests adjustment (1) — (2) — Corporate expenses, net 7 (3) 32 29 Corporate net special items 101 54 70 87 Business net special items (50) 14 (36) 366 Non-operating pension expense (income) (52) (14) (105) (20) Business Segment Operating Profits $ 494 $ 428 $ 939 $ 940

REVENUE RECOGNITION Disaggregat

REVENUE RECOGNITION Disaggregation of Revenue (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	[1]	$ 5,616	$ 4,866	$ 10,979	$ 10,218
Consolidation, Eliminations
Disaggregation of Revenue [Line Items]
Net sales	[1]	43	45	91	102
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales		(35)	(30)	(64)	(63)
North American Industrial Packaging
Disaggregation of Revenue [Line Items]
Net sales		3,587	3,241	7,072	6,596
EMEA Industrial Packaging
Disaggregation of Revenue [Line Items]
Net sales		394	297	790	647
Brazilian Industrial Packaging
Disaggregation of Revenue [Line Items]
Net sales			42		96
European Coated Paperboard
Disaggregation of Revenue [Line Items]
Net sales		102	84	200	176
Global Cellulose Fibers
Disaggregation of Revenue [Line Items]
Net sales		671	605	1,252	1,173
North American Printing Papers
Disaggregation of Revenue [Line Items]
Net sales		410	265	776	711
Brazilian Papers
Disaggregation of Revenue [Line Items]
Net sales		189	108	357	284
European Papers
Disaggregation of Revenue [Line Items]
Net sales		255	209	505	496
United States
Disaggregation of Revenue [Line Items]
Net sales	[1]	4,379	3,906	8,529	8,032
United States | Consolidation, Eliminations
Disaggregation of Revenue [Line Items]
Net sales	[1]	42	44	89	102
EMEA
Disaggregation of Revenue [Line Items]
Net sales	[1]	835	652	1,656	1,448
EMEA | Consolidation, Eliminations
Disaggregation of Revenue [Line Items]
Net sales	[1]	(2)	(6)	(5)	(8)
Pacific Rim and Asia
Disaggregation of Revenue [Line Items]
Net sales	[1]	50	40	109	81
Pacific Rim and Asia | Consolidation, Eliminations
Disaggregation of Revenue [Line Items]
Net sales	[1]	3	7	7	10
Americas, other than U.S.
Disaggregation of Revenue [Line Items]
Net sales	[1]	352	268	685	657
Americas, other than U.S. | Consolidation, Eliminations
Disaggregation of Revenue [Line Items]
Net sales	[1]	0	0	0	(2)
Industrial Packaging
Disaggregation of Revenue [Line Items]
Net sales		4,056	3,633	8,009	7,452
Industrial Packaging | Geography Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	[1]	4,056	3,633	8,009	7,452
Industrial Packaging | Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Net sales		4,056	3,633	8,009	7,452
Industrial Packaging | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales		(27)	(31)	(53)	(63)
Industrial Packaging | North American Industrial Packaging
Disaggregation of Revenue [Line Items]
Net sales		3,587	3,241	7,072	6,596
Industrial Packaging | EMEA Industrial Packaging
Disaggregation of Revenue [Line Items]
Net sales		394	297	790	647
Industrial Packaging | Brazilian Industrial Packaging
Disaggregation of Revenue [Line Items]
Net sales			42		96
Industrial Packaging | European Coated Paperboard
Disaggregation of Revenue [Line Items]
Net sales		102	84	200	176
Industrial Packaging | United States
Disaggregation of Revenue [Line Items]
Net sales	[1]	3,354	3,065	6,611	6,195
Industrial Packaging | EMEA
Disaggregation of Revenue [Line Items]
Net sales	[1]	497	379	988	819
Industrial Packaging | Pacific Rim and Asia
Disaggregation of Revenue [Line Items]
Net sales	[1]	14	16	32	28
Industrial Packaging | Americas, other than U.S.
Disaggregation of Revenue [Line Items]
Net sales	[1]	191	173	378	410
Global Cellulose Fibers
Disaggregation of Revenue [Line Items]
Net sales		671	605	1,252	1,173
Global Cellulose Fibers | Geography Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	[1]	671	605	1,252	1,173
Global Cellulose Fibers | Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Net sales		671	605	1,252	1,173
Global Cellulose Fibers | Global Cellulose Fibers
Disaggregation of Revenue [Line Items]
Net sales		671	605	1,252	1,173
Global Cellulose Fibers | United States
Disaggregation of Revenue [Line Items]
Net sales	[1]	576	534	1,059	1,028
Global Cellulose Fibers | EMEA
Disaggregation of Revenue [Line Items]
Net sales	[1]	70	60	140	116
Global Cellulose Fibers | Pacific Rim and Asia
Disaggregation of Revenue [Line Items]
Net sales	[1]	25	11	53	29
Global Cellulose Fibers | Americas, other than U.S.
Disaggregation of Revenue [Line Items]
Net sales	[1]	0	0	0	0
Printing Papers
Disaggregation of Revenue [Line Items]
Net sales		846	583	1,627	1,491
Printing Papers | Geography Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	[1]	846	583	1,627	1,491
Printing Papers | Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Net sales		846	583	1,627	1,491
Printing Papers | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales		(8)	1	(11)	0
Printing Papers | North American Printing Papers
Disaggregation of Revenue [Line Items]
Net sales		410	265	776	711
Printing Papers | Brazilian Papers
Disaggregation of Revenue [Line Items]
Net sales		189	108	357	284
Printing Papers | European Papers
Disaggregation of Revenue [Line Items]
Net sales		255	209	505	496
Printing Papers | United States
Disaggregation of Revenue [Line Items]
Net sales	[1]	407	263	770	707
Printing Papers | EMEA
Disaggregation of Revenue [Line Items]
Net sales	[1]	270	219	533	521
Printing Papers | Pacific Rim and Asia
Disaggregation of Revenue [Line Items]
Net sales	[1]	8	6	17	14
Printing Papers | Americas, other than U.S.
Disaggregation of Revenue [Line Items]
Net sales	[1]	$ 161	$ 95	$ 307	$ 249
[1]	Net sales are attributed to countries based on the location of the seller.

REVENUE RECOGNITION Contract As

REVENUE RECOGNITION Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Apr. 01, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability, Current	$ 35		$ 31
Contract with Customer, Liability		$ 115

EQUITY (Details)

EQUITY (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Beginning Balance	$ 7,771,000,000	$ 6,861,000,000	$ 7,868,000,000	$ 7,718,000,000
Stockholders' Equity Attributable to Parent	8,352,000,000		8,352,000,000			$ 7,854,000,000
Issuance of stock for various plans, net	46,000,000	4,000,000	72,000,000	45,000,000
Repurchase of stock	(58,000,000)		(213,000,000)	(41,000,000)
Common stock dividends	(204,000,000)	(205,000,000)	(409,000,000)	(408,000,000)
Transactions of equity method investees	19,000,000	29,000,000	19,000,000	35,000,000
Noncontrolling Interest, Period Increase (Decrease)	(12,000,000)		(12,000,000)
Comprehensive income (loss), portion attributable to noncontrolling interest	(1,000,000)	(1,000,000)	(2,000,000)	(2,000,000)
Comprehensive Income (Loss)	792,000,000	371,000,000	1,029,000,000	(287,000,000)
Stockholders' equity attributable to noncontrolling interest	2,000,000		2,000,000			14,000,000
Ending Balance	8,354,000,000	7,060,000,000	8,354,000,000	7,060,000,000
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2019-05
Beginning Balance				(2,000,000)
Common Stock Issued
Stockholders' Equity Attributable to Parent	449,000,000	449,000,000	449,000,000	449,000,000	$ 449,000,000	449,000,000	$ 449,000,000	$ 449,000,000
Paid-in Capital
Stockholders' Equity Attributable to Parent	6,330,000,000	6,283,000,000	6,330,000,000	6,283,000,000	6,267,000,000	6,325,000,000	6,252,000,000	6,297,000,000
Issuance of stock for various plans, net	44,000,000	2,000,000	(14,000,000)	(49,000,000)
Transactions of equity method investees	19,000,000	29,000,000	19,000,000	35,000,000
Retained Earnings
Stockholders' Equity Attributable to Parent	8,442,000,000	8,123,000,000	8,442,000,000	8,123,000,000	8,214,000,000	8,070,000,000	8,062,000,000	8,408,000,000
Common stock dividends	(204,000,000)	(205,000,000)	(409,000,000)	(408,000,000)
Comprehensive income (loss)	432,000,000	266,000,000	781,000,000	125,000,000
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2019-05
Beginning Balance				(2,000,000)
Accumulated Other Comprehensive Income (Loss)
Stockholders' Equity Attributable to Parent	(4,094,000,000)	(5,149,000,000)	(4,094,000,000)	(5,149,000,000)	(4,453,000,000)	(4,342,000,000)	(5,255,000,000)	(4,739,000,000)
Comprehensive income (loss)	359,000,000	106,000,000	248,000,000	(410,000,000)
Common Stock Held In Treasury, At Cost
Stockholders' Equity Attributable to Parent	2,775,000,000	2,649,000,000	2,775,000,000	2,649,000,000	2,719,000,000	2,648,000,000	2,651,000,000	2,702,000,000
Issuance of stock for various plans, net	(2,000,000)	(2,000,000)	(86,000,000)	(94,000,000)
Repurchase of stock	58,000,000		213,000,000	41,000,000
Total International Paper Shareholders’ Equity
Stockholders' Equity Attributable to Parent	8,352,000,000	7,057,000,000	8,352,000,000	7,057,000,000	7,758,000,000	7,854,000,000	6,857,000,000	7,713,000,000
Issuance of stock for various plans, net	46,000,000	4,000,000	72,000,000	45,000,000
Repurchase of stock	(58,000,000)		(213,000,000)	(41,000,000)
Common stock dividends	(204,000,000)	(205,000,000)	(409,000,000)	(408,000,000)
Transactions of equity method investees	19,000,000	29,000,000	19,000,000	35,000,000
Noncontrolling Interest, Period Increase (Decrease)	0		0
Comprehensive income (loss)	791,000,000	372,000,000	1,029,000,000	(285,000,000)
Total International Paper Shareholders’ Equity | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2019-05
Beginning Balance				(2,000,000)
Noncontrolling Interests
Noncontrolling Interest, Period Increase (Decrease)	(12,000,000)		(12,000,000)
Comprehensive income (loss), portion attributable to noncontrolling interest	1,000,000	(1,000,000)	0	(2,000,000)
Stockholders' equity attributable to noncontrolling interest	$ 2,000,000	$ 3,000,000	$ 2,000,000	$ 3,000,000	$ 13,000,000	$ 14,000,000	$ 4,000,000	$ 5,000,000

EQUITY Phantom (Details)

EQUITY Phantom (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common Stock, Dividends, Per Share, Declared	$ 0.5125	$ 0.5125	$ 1.0250	$ 1.0250

OTHER COMPREHENSIVE INCOME Sche

OTHER COMPREHENSIVE INCOME Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period			$ (4,342)
Amounts reclassified from accumulated other comprehensive income	$ 173	$ 48	210	$ 105
Balance at end of period	(4,094)	(5,149)	(4,094)	(5,149)
Defined Benefit Pension and Postretirement Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(1,846)	(2,231)	(1,880)	(2,277)
Amounts reclassified from accumulated other comprehensive income	37	39	71	85
Balance at end of period	(1,809)	(2,192)	(1,809)	(2,192)
Change in Cumulative Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(2,599)	(3,008)	(2,457)	(2,465)
Other comprehensive income (loss) before reclassifications	172	57	29	(487)
Amounts reclassified from accumulated other comprehensive income	140	0	140	0
Other comprehensive income (loss) attributable to noncontrolling interest	1	1	2	2
Balance at end of period	(2,286)	(2,950)	(2,286)	(2,950)
Net Gains and Losses on Cash Flow Hedging Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(8)	(16)	(5)	3
Other comprehensive income (loss) before reclassifications	13	0	7	(30)
Amounts reclassified from accumulated other comprehensive income	(4)	9	(1)	20
Balance at end of period	$ 1	$ (7)	$ 1	$ (7)

OTHER COMPREHENSIVE INCOME Sc_2

OTHER COMPREHENSIVE INCOME Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax (expense)/benefit		$ (102)	$ (67)	$ (201)	$ (161)
Total reclassifications for the period		(173)	(48)	(210)	(105)
Prior-service costs | Net periodic defined benefits expense (reversal of expense), excluding service cost component
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from accumulated other comprehensive income, current period, before tax	[1]	(6)	(5)	(12)	(10)
Actuarial gains (losses) | Net periodic defined benefits expense (reversal of expense), excluding service cost component
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from accumulated other comprehensive income, current period, before tax	[1]	(42)	(47)	(82)	(103)
Accumulated defined benefit plans adjustment including portion attributable to noncontrolling interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from accumulated other comprehensive income, current period, before tax		(48)	(52)	(94)	(113)
Tax (expense)/benefit		11	13	23	28
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest		(37)	(39)	(71)	(85)
Accumulated foreign currency adjustment including portion attributable to noncontrolling interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax (expense)/benefit		0	0	0	0
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest		(140)	0	(140)	0
Accumulated foreign currency adjustment including portion attributable to noncontrolling interest | Net (gains) losses on sales and impairments of businesses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from accumulated other comprehensive income, current period, before tax		(140)	0	(140)	0
Accumulated net gain (loss) from cash flow hedges including portion attributable to noncontrolling interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from accumulated other comprehensive income, current period, before tax		6	(14)	2	(31)
Tax (expense)/benefit		(2)	5	(1)	11
Accumulated net gain (loss) from cash flow hedges including portion attributable to noncontrolling interest | Cost of Products Sold | Foreign Exchange Contract
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from accumulated other comprehensive income, current period, before tax	[2]	6	(14)	2	(31)
Net Gains and Losses on Cash Flow Hedging Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest		4	(9)	1	(20)
Total reclassifications for the period		$ 4	$ (9)	$ 1	$ (20)
[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 19 for additional details).
[2]	This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 18 for additional details).

EARNINGS PER SHARE ATTRIBUTAB_3

EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Earnings (Loss) Attributable to International Paper Company		$ 432	$ 266	$ 781	$ 125
Weighted average common shares outstanding		391.5	393.1	392.1	392.9
Restricted performance share plan	[1]	5.3	0	5.6	1.1
Weighted average common shares outstanding – assuming dilution		396.8	393.1	397.7	394
Basic earnings (loss) per share attributable to International Paper Company Common Shareholders		$ 1.10	$ 0.67	$ 1.99	$ 0.32
Diluted earnings (loss) per share attributable to International Paper Company Common Shareholders		$ 1.09	$ 0.67	$ 1.96	$ 0.32
[1]	Securities are not included in the table in periods when antidilutive

RESTRUCTURING AND OTHER CHARG_2

RESTRUCTURING AND OTHER CHARGES (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges, net	$ 174		$ 18		$ 204	$ 26
Corporate and Other [Member] | Early Debt Extinguishment Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges, net	170	$ 18	$ 18	$ 8
Corporate and Other [Member] | Reimagine IP
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges, net	$ 4
EMEA Packaging | EMEA Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges, net		$ 12

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Millions	Jun. 30, 2021	Apr. 01, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 3,317		$ 3,315
Spain Box Plants
Business Acquisition [Line Items]
Cash and temporary investments		$ 5
Accounts and notes receivable		10
Inventories		3
Plants, properties and equipment		18
Goodwill		56
Total assets acquired		92
Short-term debt		3
Accounts payable and accrued liabilities		4
Other current liabilities		1
Deferred income taxes		1
Total liabilities assumed		9
Net assets acquired		$ 83

ACQUISITIONS Narrative (Details

ACQUISITIONS Narrative (Details) € in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Apr. 01, 2021USD ($)
Business Acquisition [Line Items]
Contract with Customer, Liability						$ 115
Acquisitions, net of cash acquired				$ 80	$ 64
Spain Box Plants
Business Acquisition [Line Items]
Business combination, aggregate purchase price	$ 83	€ 71
Business combination, pro forma information, revenue of acquiree since acquisition date, actual	9
Business combination, pro forma information, earnings or loss of scquiree since scquisition fate, sctual	1			$ 1
Corrugated Packaging Business
Business Acquisition [Line Items]
Contract with Customer, Liability						$ 115
Noncontrolling Interest, Increase from Business Combination	$ 115
Acquisition costs, amortization period	15 years	15 years
Freedom [Member]
Business Acquisition [Line Items]
Acquisitions, net of cash acquired			$ 56

DIVESTITURES Disposal Group Inc

DIVESTITURES Disposal Group Including Discontinued Operations Table (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 3,317	$ 3,315
Kwidzyn Mill | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and temporary investments	45
Accounts and notes receivable	43
Inventories	71
Other current assets	9
Plants, properties and equipment	283
Goodwill	57
Right of use assets	46
Deferred charges and other assets	16
Assets held for sale	570
Accounts payable and accrued liabilities	65
Other current liabilities	15
Deferred income taxes	22
Long-term lease obligations	39
Other liabilities	16
Liabilities held for sale	$ 157

DIVESTITURES Narrative (Details

DIVESTITURES Narrative (Details) € in Millions, R$ in Millions, $ in Millions	3 Months Ended						6 Months Ended			12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (gains) losses on sales and impairments of businesses	$ 9					$ (8)	$ 7		$ (352)
Change in cumulative foreign currency translation adjustment	(312)					$ (57)	$ (169)		$ 487
Kwidzyn Mill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Expected Proceeds from the Sale of Business	794	€ 670
Printing Papers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Stock, Percentage of Ownership after Transaction							19.90%	19.90%
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Olmuksan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses							$ 81	€ 66
Net (gains) losses on sales and impairments of businesses	(6)			$ 123
Net (gains) losses on sales and impairments of businesses, net of tax	$ 0			123
Assets, Fair Value Disclosure				79						$ 79
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax			$ 2
Change in cumulative foreign currency translation adjustment			$ 2
Sale of stock, percentage of ownership before transaction							90.38%	90.38%
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Brazilian Industrial Packaging
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses				58.5	R$ 330
Net (gains) losses on sales and impairments of businesses										347
Net (gains) losses on sales and impairments of businesses, net of tax										340
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax										327
Proceeds to be received at closing				49.6	280
Deferred proceeds on disposal of business				$ 8.9	R$ 50
Number of containerboard mill to be sold				3	3
Impairment of Long-Lived Assets to be Disposed of										$ 20
Number of box plants to be sold				4	4

SUPPLEMENTAL FINANCIAL STATEM_3

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Accounts and Notes Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Current	$ 3,608	$ 3,064
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Current	3,156	2,776
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Current	$ 452	$ 288

SUPPLEMENTAL FINANCIAL STATEM_4

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Inventories by Major Category (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Raw materials	$ 208	$ 268
Finished pulp, paper and packaging	996	1,091
Operating supplies	560	627
Other	64	64
Total	$ 1,828	$ 2,050

SUPPLEMENTAL FINANCIAL STATEM_5

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Interest Income and Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Supplemental Income Statement Elements [Abstract]
Interest expense	$ 117	$ 156	$ 241	$ 319
Interest income	60	40	92	86
Capitalized interest costs	$ 3	$ 9	$ 5	$ 18

SUPPLEMENTAL FINANCIAL STATEM_6

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disclosure Text Block Supplement [Abstract]
Temporary investments	$ 425		$ 425		$ 358
Allowance for doubtful accounts	69		69		76
Accumulated depreciation	21,000		21,000		21,400
Depreciation expense	292	$ 293	586	$ 602
Accounts Payable, Other	38		38		41
Insurance Recoveries			4	30
Interest payments			248	$ 338
Asset retirement obligation	$ 127		$ 127		$ 116

LEASES Schedule of Supplemental

LEASES Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease, right-of-use asset		$ 399	$ 459
Finance lease, right-of-use asset	[1]	91	95
Lease asset, total		490	554
Operating lease, liability, current		141	148
Finance lease, liability, current		13	13
Operating lease, liability, noncurrent		263	315
Finance lease, liability, noncurrent		78	82
Lease liability, total		$ 495	$ 558
[1]	Finance leases are recorded net of accumulated amortization of $59 million and $53 million as of June 30, 2021 and December 31, 2020, respectively.

LEASES Schedule of Supplement_2

LEASES Schedule of Supplemental Balance Sheet Information Footnotes (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$ 59	$ 53

LEASES Narrative (Details)

LEASES Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease, Cost	$ 71	$ 67	$ 143	$ 134
Minimum [Member]
Lessee, operating and financing leases, remaining lease term			1 year
Maximum [Member]
Lessee, operating and financing leases, remaining lease term			32 years

EQUITY METHOD INVESTMENTS GPI T

EQUITY METHOD INVESTMENTS GPI Transactions (Details) $ in Millions		3 Months Ended					6 Months Ended		12 Months Ended
		Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2018
EQUITY METHOD INVESTMENTS GPI Transactions (Details) [Line Items]
Proceeds from sales of equity method investments							$ 800	$ 250
Net (gains) losses on sales of equity method investments		$ 130			$ 0		$ 204	$ 33
Graphic Packaging LLC [Member] | Reportable Subsegments
EQUITY METHOD INVESTMENTS GPI Transactions (Details) [Line Items]
Proceeds from sales of equity method investments		$ 402	$ 397	$ 250		$ 250
Graphic Packaging LLC [Member] | Reportable Subsegments
EQUITY METHOD INVESTMENTS GPI Transactions (Details) [Line Items]
Equity method investments, aggregate units exchanged				17,399,414		15,150,784			79,911,591
Equity method investments, aggregate units exchanged and sold on open market		22,773,077	24,588,316
Net (gains) losses on sales of equity method investments		$ 64	$ 33	$ 0		$ 33
Gain (loss) on disposition of stock in subsidiary or equity method investee, net of tax		48	25	$ 0		$ 25
Gain related to tax receivable agreement	[1]	66	41
Gain related to tax receivable agreement, net of tax	[1]	$ 50	$ 31
[1]	The TRA entitles the Company to 50% of the amount of any tax benefits projected to be realized by GPIP upon the Company's exchange of its units. This amount is recorded in other receivables and is expected to be received within the next 12 months.

EQUITY METHOD INVESTMENTS GPI_2

EQUITY METHOD INVESTMENTS GPI Transactions Footnotes (Details) - Graphic Packaging LLC [Member] - Reportable Subsegments	6 Months Ended
	Jun. 30, 2021
EQUITY METHOD INVESTMENTS GPI Transactions (Details) [Line Items]
Percentage share of expected tax benefits to be realized	0.50
Period over which tax benefits will be recognized	12 months

EQUITY METHOD INVESTMENTS Summa

EQUITY METHOD INVESTMENTS Summarized Financial Information of Equity Method Investees (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Assets, Current	$ 12,226		$ 12,226		$ 11,236
Current liabilities	8,635		8,635		8,284
Net income (loss)	434	$ 266	783	$ 125
Reportable Subsegments | Ilim Holding
Schedule of Equity Method Investments [Line Items]
Assets, Current	815		815		739
Noncurrent assets	2,961		2,961		2,733
Current liabilities	508		508		674
Noncurrent liabilities	2,650		2,650		2,249
Net sales	733	494	1,264	976
Gross profit	410	210	658	405
Income (loss) from continuing operations	205	130	308	69
Net income (loss)	199	$ 125	299	$ 67
Noncontrolling interests	$ 26		$ 26		$ 17

EQUITY METHOD INVESTMENTS Narra

EQUITY METHOD INVESTMENTS Narrative (Details) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Sep. 30, 2020	Jun. 30, 2020USD ($)	Mar. 31, 2020	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2018	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Equity earnings (loss), net of taxes	$ 104		$ 72		$ 153	$ 41
Equity method dividends received					149	151
Reportable Subsegments | Graphic Packaging LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest							20.50%
Equity method investments, aggregate units exchanged		17,399,414		15,150,784			79,911,591
Equity earnings (loss), net of taxes	$ 3		11		4	18
Equity method dividends received					$ 5	10
Reportable Subsegments | Ilim Holding
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest	50.00%				50.00%
Equity earnings (loss), net of taxes	$ 101		63		$ 150	28
Equity method dividends received					144	141
Foreign currency transaction gain (loss), net of tax			34			(17)
Equity method investments	425				425			$ 393
Equity method investment, difference between carrying amount and underlying equity	128				128			$ 127
Related party transaction, purchases from related party	$ 42		$ 39		$ 83	$ 90

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLES Changes in Goodwill Balances (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Beginning balance		$ 5,428
Accumulated impairment losses		(2,113)
Goodwill		3,317	$ 3,315
Currency translation and other (a)	[1]	2
Goodwill additions/reductions		0
Accumulated impairment loss additions / reductions		0
Accumulated impairment losses		(2,113)
Ending balance		5,430
Industrial Packaging
Goodwill [Line Items]
Beginning balance		3,410
Accumulated impairment losses		(296)
Goodwill		3,170	3,114
Currency translation and other (a)	[1]	(2)
Goodwill additions/reductions	[2]	58
Accumulated impairment loss additions / reductions		0
Accumulated impairment losses		(296)
Ending balance		3,466
Global Cellulose Fibers
Goodwill [Line Items]
Beginning balance		52
Accumulated impairment losses		(52)
Goodwill		0	0
Currency translation and other (a)	[1]	0
Goodwill additions/reductions		0
Accumulated impairment loss additions / reductions		0
Accumulated impairment losses		(52)
Ending balance		52
Printing Papers
Goodwill [Line Items]
Beginning balance		1,966
Accumulated impairment losses		(1,765)
Goodwill		147	$ 201
Currency translation and other (a)	[1]	4
Goodwill additions/reductions	[2]	(58)
Accumulated impairment loss additions / reductions		0
Accumulated impairment losses		(1,765)
Ending balance		$ 1,912
[1]	Represents the effects of foreign currency translations
[2]	Represents Kwidzyn held for sale and Box Plant acquisitions in EMEA.

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLES Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 754	$ 764
Accumulated Amortization	464	447
Net Intangible Assets	290	317
Customer relationships and lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	544	542
Accumulated Amortization	311	294
Net Intangible Assets	233	248
Tradenames, patents and trademarks, and developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	170	170
Accumulated Amortization	124	117
Net Intangible Assets	46	53
Land and water rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8	8
Accumulated Amortization	2	2
Net Intangible Assets	6	6
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	18	25
Accumulated Amortization	17	24
Net Intangible Assets	1	1
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	14	19
Accumulated Amortization	10	10
Net Intangible Assets	$ 4	$ 9

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLES Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 11	$ 16	$ 23	$ 26

INCOME TAXES Narrative (Details

INCOME TAXES Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income tax payments, net of refunds	$ 185	$ 58
Decrease in Unrecognized Tax Benefits is Reasonably Possible	5
Secretariat of the Federal Revenue Bureau of Brazil [Member]
Income tax examination, estimate of possible loss	116
Income tax examination, penalties and interest expense	$ 376

COMMITMENTS AND CONTINGENCIES E

COMMITMENTS AND CONTINGENCIES Environmental Remediation Obligations (Details) - USD ($) $ in Millions	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2021	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2020
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 185
Accrual for environmental loss contingencies, gross	194
Liability for Asbestos and Environmental Claims, Net	112
Cass Lake, Minnesota
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	46
Kalamazoo River Superfund Site
Loss Contingencies [Line Items]
Proposed consent decree, value of remediation payments				$ 100
Proposed consent decree, value of labor performed				$ 135.7
Kalamazoo River Superfund Site | Time Critical Removal Action
Loss Contingencies [Line Items]
Loss contingency, damages sought, value		$ 19	$ 37
Kalamazoo River Superfund Site | Georgia-Pacific Consumer Products LP, Fort James Corporation and Georgia Pacific LLC Cost Recovery Action
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 79
Responsible party percentage	15.00%
Loss Contingency, damages awarded, value	$ 50
San Jacinto River Superfund Site
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 115
Responsible party percentage	50.00%
San Jacinto River Superfund Site | Northern impoundment [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 105
Liability for Asbestos and Environmental Claims, Net	55
San Jacinto River Superfund Site | Southern Impoundment [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	10
Liability for Asbestos and Environmental Claims, Net	$ 10

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) € in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Mar. 31, 2021USD ($)
Loss Contingencies [Line Items]
Value Added Tax Receivable	$ 81		$ 11
Liability for Asbestos and Environmental Claims, Net	112
Increase (Decrease) in Income Taxes Receivable	70
Cost of Products Sold
Loss Contingencies [Line Items]
Other Income	42
Interest Expense [Member]
Loss Contingencies [Line Items]
Other Income	$ 28
Italian Competition Authority [Member]
Loss Contingencies [Line Items]
Potentially Responsible Parties	30
Loss Contingency Accrual	$ 32	€ 29

VARIABLE INTEREST ENTITIES Acti

VARIABLE INTEREST ENTITIES Activity Between Company and Entities (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
2015 Financing Entities
Variable Interest Entity [Line Items]
Revenue	[1]	$ 23	$ 23	$ 47	$ 47
Expense	[1]	13	32	26	64
Cash receipts	[2]	0	0	47	47
Cash payments	[3]	0	0	14	64
2007 Financing Entities
Variable Interest Entity [Line Items]
Revenue	[4]	6	12	13	28
Expense	[5]	6	12	12	28
Cash receipts	[6]	1	11	3	23
Cash payments	[7]	$ 4	$ 11	$ 8	$ 26
[1]	The revenue and expense are included in Interest expense, net in the accompanying statement of operations.
[2]	The cash receipts are interest received on the Financial assets of special purpose entities.
[3]	The cash payments represent interest paid on Nonrecourse financial liabilities of special purpose entities.
[4]	The revenue is included in Interest expense, net in the accompanying statement of operations and includes approximately $4 million and $9 million for the three months and six months ended June 30, 2021 and 2020, respectively, of accretion income for the amortization of the basis difference adjustment on the Financial assets of special purpose entities.
[5]	The expense is included in Interest expense, net in the accompanying statement of operations and includes approximately $1 million and $3 million for the three months and six months ended June 30, 2021 and 2020, respectively, of accretion expense for the amortization of the basis difference adjustment on the Nonrecourse financial liabilities of special purpose entities.
[6]	The cash receipts are interest received on the Financial assets of special purpose entities.
[7]	The cash payments are interest paid on Nonrecourse financial liabilities of special purpose entities.

VARIABLE INTEREST ENTITIES Ac_2

VARIABLE INTEREST ENTITIES Activity Between Company and Entities Footnotes (Details) - 2007 Financing Entities - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Variable Interest Entity [Line Items]
Accretion income for amortization of purchase accounting adjustment, financial assets	$ 4	$ 4	$ 9	$ 9
Accretion expense for amortization of purchase accounting adjustment, financial liabiities	$ 1	$ 1	$ 3	$ 3

VARIABLE INTEREST ENTITIES Narr

VARIABLE INTEREST ENTITIES Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets, Current	$ 12,226	$ 11,236
Other Liabilities, Current	1,117	$ 1,068
2015 Financing Entities
Variable Interest Entity [Line Items]
Notes receivable, fair value disclosure	4,900
Long-term debt, fair value	4,200
Assets, Current	4,800
Other Liabilities, Current	4,200
equity in variable interest entities attributable to parent	600
Expected cash tax payment	75
2007 Financing Entities
Variable Interest Entity [Line Items]
Notes receivable, fair value disclosure	2,300
Long-term debt, fair value	2,200
Assets, Current	2,300
Other Liabilities, Current	$ 2,100

DEBT Narrative (Details)

DEBT Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 2,100
Minimum Net Worth Required for Compliance	9,000
Debt and capital lease obligations	7,200
Debt fair value	$ 9,100
Minimum [Member]
Debt Instrument [Line Items]
Ratio of Indebtedness to Net Capital	0.60
Commercial Paper
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000
Line of Credit Facility, Fair Value of Amount Outstanding	0
Revolving Credit Facility [Member] | Committed Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	1,500
Line of Credit Facility, Fair Value of Amount Outstanding	0
Receivables Securitization Program [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding	0
Receivables Securitization Program [Member] | Uncommitted Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	550
364-Day Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 750
Debt With Interest Rates Ranging from 4.35% to 4.40%
Debt Instrument [Line Items]
Notes Reduction	$ 558
Debt With Interest Rates Ranging from 4.35% to 4.40% | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.35%
Debt With Interest Rates Ranging from 4.35% to 4.40% | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.40%
Debt With Interest Rates Ranging from 3.00% to 5.15%
Debt Instrument [Line Items]
Notes Reduction	$ 232
Debt With Interest Rates Ranging from 3.00% to 5.15% | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Debt With Interest Rates Ranging from 3.00% to 5.15% | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.15%
Debt With Interest Rates Ranging from 3.00% to 4.80%
Debt Instrument [Line Items]
Notes Reduction		$ 107
Debt With Interest Rates Ranging from 3.00% to 4.80% | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.00%
Debt With Interest Rates Ranging from 3.00% to 4.80% | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.80%

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES Schedule of Notional Amounts of Financial Instruments (Details) € in Millions, R$ in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)MWh	Dec. 31, 2020USD ($)MWh	Jun. 30, 2021EUR (€)	Jun. 30, 2021BRL (R$)	Dec. 31, 2020EUR (€)	Dec. 31, 2020BRL (R$)
Cash Flow Hedging | Foreign Exchange Contract | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	$ 88	$ 85	€ 195		€ 187
Net Investment Hedging [Member] | Foreign Exchange Contract | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount			670	R$ 600	0	R$ 0
Foreign Exchange | Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	$ 600	$ 0	€ 500		€ 0
Energy Commodities and Service | Energy Related Derivative | Not Designated as Hedging Instrument
Derivative [Line Items]
Underlying, Derivative Energy Measure	100,000	200,000

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES Gains Losses Recognized in Accumulated Other Comprehensive Income AOCI Net of Tax Related to Derivative Instruments (Details) - Other Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 13	$ 0	$ 7	$ (30)
Cash Flow Hedging | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	13	0	7	(30)
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(5)	4	12	24
Net Investment Hedging [Member] | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(5)	0	12
Net Investment Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 0	$ 4	$ 0	$ 24

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES Gains and Losses Recognized in Consolidated Statement of Operations on Qualifying and Non-Qualifying Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (1)	$ 0	$ 1	$ (3)
Foreign Exchange Contract | Cost of Products Sold | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(6)	0	(6)	0
Energy Related Derivative | Cost of Products Sold | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	5	0	7	(3)
Cash Flow Hedging | Cost of Products Sold | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	4	(9)	1	(20)
Cash Flow Hedging | Foreign Exchange Contract | Cost of Products Sold | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	4	(9)	1	(20)
Fair Value Hedging [Member] | Interest Expense [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Fair Value Hedging [Member] | Net (gains) losses on sales and impairments of businesses | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	1	0	1
Fair Value Hedging [Member] | Foreign Exchange Contract | Net (gains) losses on sales and impairments of businesses | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	1	0	1
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	38
Fair Value Hedging [Member] | Debt [Member] | Interest Expense [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ 0	$ 0	$ (38)

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES Impact of Derivative Instruments in Consolidated Balance Sheet (Details) - USD ($) $ in Millions		Jun. 30, 2021		Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Assets	[1]	$ 21		$ 5
Derivative Liabilities		11	[2]	9	[3]
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets		16		5
Derivative Liabilities		5		8
Designated as Hedging Instrument | Foreign Exchange Contract | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative Assets		9		5
Derivative Liabilities		3		8
Designated as Hedging Instrument | Foreign Exchange Contract | Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets		7		0
Derivative Liabilities		2		0
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets		5		0
Derivative Liabilities		6		1
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative Assets		0		0
Derivative Liabilities		6		0
Not Designated as Hedging Instrument | Energy Related Derivative
Derivatives, Fair Value [Line Items]
Derivative Assets		5		0
Derivative Liabilities		$ 0		$ 1
[1]	Included in Other current assets in the accompanying consolidated balance sheet.
[2]	Includes $10 million recorded in Other current liabilities and $1 million recorded in Other liabilities in the accompanying consolidated balance sheet.
[3]	Includes $7 million recorded in Other current liabilities and $2 million recorded in Other liabilities in the accompanying consolidated balance sheet.

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITIES Impact of Derivative Instruments in Consolidated Balance Sheet Other (Details) - USD ($) $ in Millions	Jun. 30, 2021		Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 11	[1]	$ 9	[2]
Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	10		7
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 1		$ 2
[1]	Includes $10 million recorded in Other current liabilities and $1 million recorded in Other liabilities in the accompanying consolidated balance sheet.
[2]	Includes $7 million recorded in Other current liabilities and $2 million recorded in Other liabilities in the accompanying consolidated balance sheet.

DERIVATIVES AND HEDGING ACTIV_8

DERIVATIVES AND HEDGING ACTIVITIES Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain / (Loss) Recorded to AOCI After Tax, That Is Expected to be Reclassified to Earnings	$ 1

RETIREMENT PLANS Net Periodic P

RETIREMENT PLANS Net Periodic Pension Expense for Qualified and Nonqualified U.S. Defined Benefit Plans (Details) - U.S. plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 25	$ 23	$ 52	$ 43
Interest cost	84	98	167	196
Expected return on plan assets	(183)	(167)	(366)	(334)
Actuarial loss	40	46	79	101
Amortization of prior service cost	5	5	11	10
Net periodic pension (income) expense	$ (29)	$ 5	$ (57)	$ 16

RETIREMENT PLANS Narrative (Det

RETIREMENT PLANS Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Pension plan contributions	$ 0	$ 0
Non Qualified
Defined Benefit Plan Disclosure [Line Items]
Benefits paid	$ 11

STOCK-BASED COMPENSATION Schedu

STOCK-BASED COMPENSATION Schedule of Stock-Based Compensation Expense Related to Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Income tax benefits related to stock-based compensation	$ (2)	$ 0	$ 15	$ 17
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense (selling and administrative)	$ 47	$ 5	$ 61	$ 31

STOCK-BASED COMPENSATION Narrat

STOCK-BASED COMPENSATION Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost related to unvested restricted performance shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures | $	$ 130
Compensation cost related to unvested restricted performance shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures, weighted-average period (in years)	2 years 1 month 6 days
Granted, nonvested shares / units	2
Granted, nonvested, weighted average grant date fair value | $ / shares	$ 53.15
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under ICP	7.2

INDUSTRY SEGMENT INFORMATION Sa

INDUSTRY SEGMENT INFORMATION Sales by Industry Segment (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net sales	[1]	$ 5,616	$ 4,866	$ 10,979	$ 10,218
Consolidation, Eliminations
Segment Reporting Information [Line Items]
Net sales	[1]	43	45	91	102
Industrial Packaging
Segment Reporting Information [Line Items]
Net sales		4,056	3,633	8,009	7,452
Global Cellulose Fibers
Segment Reporting Information [Line Items]
Net sales		671	605	1,252	1,173
Printing Papers
Segment Reporting Information [Line Items]
Net sales		$ 846	$ 583	$ 1,627	$ 1,491
[1]	Net sales are attributed to countries based on the location of the seller.

INDUSTRY SEGMENT INFORMATION Op

INDUSTRY SEGMENT INFORMATION Operating Profit by Industry Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	$ 494	$ 428	$ 939	$ 940
Earnings (loss) before income taxes and equity earnings	432	261	831	245
Interest expense, net	57	116	149	233
Noncontrolling interests adjustment	(1)	0	(2)	0
Corporate expenses, net	7	(3)	32	29
Corporate net special items	101	54	70	87
Business net special items	(50)	14	(36)	366
Non-operating pension expense (income)	(52)	(14)	(105)	(20)
Industrial Packaging
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	408	449	855	919
Global Cellulose Fibers
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	10	(10)	(72)	(64)
Printing Papers
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	$ 76	$ (11)	$ 156	$ 85