Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 09, 2024 | Jun. 30, 2023 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-3157 | ||
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 | 419-9000 | ||
Title of 12(b) Security | Common Shares | ||
Trading Symbol | IP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
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 Public Float | $ 10,960,397,116 | ||
Entity Common Stock, Shares Outstanding | 346,353,824 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000051434 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement filed within 120 days of the close of the registrant’s fiscal year in connection with registrant’s 2024 annual meeting of shareholders are incorporated by reference into Part III of this Form 10-K. | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Memphis, Tennessee |
Auditor Firm ID | 34 |
Consolidated Statement Of Opera
Consolidated Statement Of Operations - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net sales | [1],[2] | $ 18,916 | $ 21,161 | $ 19,363 |
COSTS AND EXPENSES | ||||
Cost of products sold | 13,629 | 15,143 | 13,832 | |
Selling and administrative expenses | 1,360 | 1,293 | 1,385 | |
Depreciation, amortization and cost of timber harvested | 1,432 | 1,040 | 1,097 | |
Distribution expenses | 1,575 | 1,783 | 1,444 | |
Taxes other than payroll and income taxes | 154 | 148 | 139 | |
Restructuring and other charges, net | 99 | 89 | 509 | |
Net (gains) losses on sales and impairments of businesses | 0 | 76 | (7) | |
Net (gains) losses on sales of equity method investments | 0 | 10 | (204) | |
Net (gains) losses on mark to market investments | 0 | (65) | 32 | |
Interest expense, net | 231 | 325 | 337 | |
Non-operating pension (income) expense | 54 | (192) | (200) | |
Earnings (loss) from continuing operations before income taxes and equity earnings | 382 | 1,511 | 999 | |
Income tax provision (benefit) | 59 | (236) | 188 | |
Equity earnings (loss), net of taxes | (21) | (6) | 2 | |
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 302 | 1,741 | 813 | |
Discontinued operations, net of taxes | (14) | (237) | 941 | |
NET EARNINGS (LOSS) | 288 | 1,504 | 1,754 | |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 2 | |
NET EARNINGS (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | $ 288 | $ 1,504 | $ 1,752 | |
BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||
Earnings (loss) from continuing operations | $ 0.87 | $ 4.79 | $ 2.08 | |
Discontinued operations, net of taxes | (0.04) | (0.65) | 2.42 | |
Net earnings (loss) | 0.83 | 4.14 | 4.50 | |
DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS | ||||
Earnings (loss) from continuing operations | 0.86 | 4.74 | 2.07 | |
Discontinued operations, net of taxes | (0.04) | (0.64) | 2.40 | |
Net earnings (loss) | $ 0.82 | $ 4.10 | $ 4.47 | |
[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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
NET EARNINGS (LOSS) | $ 288 | $ 1,504 | $ 1,754 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | |||
Change in cumulative foreign currency translation adjustment (less tax of $0, $0 and $0) | 441 | (28) | 69 |
Net gains/losses on cash flow hedging derivatives (less tax of $0, $1 and $(1)) | 0 | 2 | (6) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 360 | (259) | 901 |
Comprehensive income (loss) | 648 | 1,245 | 2,655 |
Net (Earnings) Loss Attributable to Noncontrolling Interests | 0 | 0 | (2) |
Other Comprehensive (Income) Loss Attributable to Noncontrolling Interests | 0 | 0 | 2 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY | 648 | 1,245 | 2,655 |
U.S. Plans | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | |||
Amortization of pension and postretirement prior service costs and net loss: | 87 | 85 | 124 |
Pension and postretirement liability adjustments: | (170) | (327) | 706 |
Non-U.S. Plans | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | |||
Amortization of pension and postretirement prior service costs and net loss: | (1) | 1 | 1 |
Pension and postretirement liability adjustments: | $ 3 | $ 8 | $ 7 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in cumulative foreign currency translation adjustment (less tax of $0, $0 and $0) | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 0 | 1 | (1) |
U.S. Plans | |||
Amortization of pension and postretirement prior service costs and net loss: | 29 | 28 | 41 |
Pension and postretirement liability adjustments: | (56) | (109) | 235 |
Non-U.S. Plans | |||
Amortization of pension and postretirement prior service costs and net loss: | 0 | 0 | 0 |
Pension and postretirement liability adjustments: | $ 0 | $ 1 | $ 1 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and temporary investments | $ 1,113 | $ 804 |
Accounts and notes receivable (less allowances of $34 in 2023 and $31 in 2022) | 3,059 | 3,284 |
Contract assets | 433 | 481 |
Inventories | 1,889 | 1,942 |
Assets held for sale | 0 | 133 |
Other current assets | 114 | 126 |
Total Current Assets | 6,608 | 6,770 |
Plants, Properties and Equipment, net | 10,150 | 10,431 |
Investments | 163 | 186 |
Long-Term Financial Assets of Variable Interest Entities (Note 15) | 2,312 | 2,294 |
Goodwill | 3,041 | 3,041 |
Overfunded Pension Plan Assets | 118 | 297 |
Right of Use Assets | 448 | 424 |
Deferred Charges and Other Assets | 421 | 497 |
TOTAL ASSETS | 23,261 | 23,940 |
Current Liabilities | ||
Notes payable and current maturities of long-term debt | 138 | 763 |
Accounts payable | 2,442 | 2,708 |
Accrued payroll and benefits | 397 | 355 |
Other current liabilities | 982 | 1,174 |
Total Current Liabilities | 3,959 | 5,000 |
Long-Term Debt | 5,455 | 4,816 |
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15) | 2,113 | 2,106 |
Deferred Income Taxes | 1,552 | 1,732 |
Underfunded Pension Benefit Obligation | 280 | 281 |
Postretirement and Postemployment Benefit Obligation | 140 | 150 |
Long-Term Lease Obligations | 312 | 283 |
Other Liabilities | 1,095 | 1,075 |
Commitments and Contingent Liabilities (Note 14) | ||
Equity | ||
Common stock $1 par value, 2023 - 448.9 shares and 2022 - 448.9 shares | 449 | 449 |
Paid-in capital | 4,730 | 4,725 |
Retained earnings | 9,491 | 9,855 |
Accumulated other comprehensive loss | (1,565) | (1,925) |
Total Shareholders' Equity Before Treasury Stock | 13,105 | 13,104 |
Less: Common stock held in treasury, at cost, 2023 – 102.9 shares and 2022 – 98.6 shares | 4,750 | 4,607 |
Total Equity | 8,355 | 8,497 |
TOTAL LIABILITIES AND EQUITY | $ 23,261 | $ 23,940 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 34 | $ 31 |
Common Stock, Par Value Per Share | $ 1 | $ 1 |
Common Stock, Shares, Outstanding | 448,900 | 448,900 |
Treasury | 102,900 | 98,600 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net earnings (loss) | $ 288 | $ 1,504 | $ 1,754 |
Depreciation, amortization, and cost of timber harvested | 1,432 | 1,040 | 1,210 |
Deferred income tax provision (benefit), net | (156) | (773) | (291) |
Restructuring and other charges, net | 99 | 89 | 509 |
Periodic pension (income) expense, net | 94 | (116) | (112) |
Net (gains) losses on mark to market investments | 0 | (65) | 32 |
Net (gains) losses on sales and impairments of businesses | 0 | 76 | (358) |
Net (gains) losses on sales and impairments of equity method investments | 153 | 543 | (205) |
Net (gains) losses on sales of fixed assets | 0 | 0 | (86) |
Equity method dividends received | 13 | 204 | 159 |
Equity (earnings) losses, net | (108) | (291) | (313) |
Other, net | 20 | 108 | 157 |
Changes in current assets and liabilities | |||
Accounts and notes receivable | 255 | (59) | (596) |
Contract assets | 48 | (103) | (49) |
Inventories | 73 | (162) | (263) |
Accounts payable and accrued liabilities | (402) | 110 | 519 |
Interest payable | (19) | 41 | (32) |
Other | 43 | 28 | (5) |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | 1,833 | 2,174 | 2,030 |
INVESTMENT ACTIVITIES | |||
Invested in capital projects, net of insurance recoveries | (1,141) | (931) | (549) |
Acquisitions, net of cash acquired | 0 | 0 | (80) |
Proceeds from sales of equity method investments, net of transaction costs | 472 | 0 | 908 |
Proceeds from sales of businesses, net of cash divested | 0 | 0 | 827 |
Proceeds from exchange of equity securities | 0 | 311 | 0 |
Proceeds from settlement of Variable Interest Entities | 0 | 0 | 4,850 |
Proceeds from sale of fixed assets | 4 | 13 | 101 |
Other | (3) | (1) | (3) |
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES | (668) | (608) | 6,054 |
FINANCING ACTIVITIES | |||
Repurchases of common stock and payments of restricted stock tax withholding | (218) | (1,284) | (839) |
Issuance of debt | 783 | 1,011 | 1,512 |
Reduction of debt | (780) | (1,017) | (2,509) |
Change in book overdrafts | (8) | 1 | 65 |
Dividends paid | (642) | (673) | (780) |
Reduction of Variable Interest Entity loans | 0 | 0 | (4,220) |
Distribution to Sylvamo Corporation | 0 | 0 | (130) |
Net debt tender premiums paid | 0 | (89) | (456) |
Other | (1) | (3) | (18) |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | (866) | (2,054) | (7,375) |
Effect of Exchange Rate Changes on Cash | 10 | (3) | (9) |
Change in Cash and Temporary Investments | 309 | (491) | 700 |
Cash and Temporary Investments | |||
Beginning of the period | 804 | 1,295 | 595 |
End of the period | $ 1,113 | $ 804 | $ 1,295 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) | Total | Common Stock Issued | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock Held In Treasury, At Cost | Total International Paper Shareholders’ Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2020 | $ 7,868,000,000 | $ 449,000,000 | $ 6,325,000,000 | $ 8,070,000,000 | $ (4,342,000,000) | $ (2,648,000,000) | $ 7,854,000,000 | $ 14,000,000 |
Sylvamo Corporation spin-off | 43,000,000 | (1,729,000,000) | 1,773,000,000 | 44,000,000 | (1,000,000) | |||
Issuance of stock for various plans, net | 143,000,000 | 54,000,000 | (89,000,000) | 143,000,000 | ||||
Repurchase of stock | (839,000,000) | 839,000,000 | (839,000,000) | |||||
Dividends | (793,000,000) | (793,000,000) | (793,000,000) | |||||
Transactions of equity method investees | 18,000,000 | 18,000,000 | 18,000,000 | 0 | ||||
Divestiture of noncontrolling interests | (13,000,000) | 0 | (13,000,000) | |||||
Comprehensive income (loss) | 2,655,000,000 | 0 | 0 | 1,752,000,000 | 903,000,000 | 0 | 2,655,000,000 | 0 |
Ending Balance at Dec. 31, 2021 | 9,082,000,000 | 449,000,000 | 4,668,000,000 | 9,029,000,000 | (1,666,000,000) | (3,398,000,000) | 9,082,000,000 | 0 |
Issuance of stock for various plans, net | 132,000,000 | 57,000,000 | (75,000,000) | 132,000,000 | ||||
Repurchase of stock | (1,284,000,000) | 1,284,000,000 | (1,284,000,000) | |||||
Dividends | (678,000,000) | (678,000,000) | (678,000,000) | |||||
Comprehensive income (loss) | 1,245,000,000 | 0 | 0 | 1,504,000,000 | (259,000,000) | 0 | 1,245,000,000 | 0 |
Ending Balance at Dec. 31, 2022 | 8,497,000,000 | 449,000,000 | 4,725,000,000 | 9,855,000,000 | (1,925,000,000) | 4,607,000,000 | 8,497,000,000 | 0 |
Issuance of stock for various plans, net | 82,000,000 | 5,000,000 | (77,000,000) | 82,000,000 | ||||
Repurchase of stock | (220,000,000) | 220,000,000 | (220,000,000) | |||||
Dividends | (652,000,000) | (652,000,000) | (652,000,000) | |||||
Comprehensive income (loss) | 648,000,000 | 0 | 0 | 288,000,000 | 360,000,000 | 0 | 648,000,000 | 0 |
Ending Balance at Dec. 31, 2023 | $ 8,355,000,000 | $ 449,000,000 | $ 4,730,000,000 | $ 9,491,000,000 | $ (1,565,000,000) | $ 4,750,000,000 | $ 8,355,000,000 | $ 0 |
Consolidated Statement Of Cha_2
Consolidated Statement Of Changes In Equity (Consolidated Statement of Changes in Equity Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.850 | $ 1.850 | $ 2 |
Sylvamo Corporation spin-off | $ 43 | ||
Issuance of stock for various plans, net | $ 82 | $ 132 | 143 |
Total Equity | 8,355 | 8,497 | 9,082 |
Treasury Stock, Value, Acquired, Cost Method | $ (220) | $ (1,284) | $ (839) |
Summary Of Business And Signifi
Summary Of Business And Significant Accounting Policies (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Business And Significant Accounting Policies | NOTE 1 SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES NATURE OF BUSINESS International Paper (the "Company") is a global producer of renewable fiber-based packaging and pulp products with primary markets and manufacturing operations in North America and Europe and additional markets and manufacturing operations in Latin America, North Africa and Asia. Substantially all of our businesses have experienced, and are likely to continue to experience, cycles relating to available industry capacity and general economic conditions. FINANCIAL STATEMENTS These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States that require the use of management’s estimates. Actual results could differ from management’s estimates. Certain amounts from prior year have been reclassified to conform with the current year financial statement presentation. Printing Papers Spin-off On October 1, 2021, the Company completed the previously announced spin-off of its Printing Papers segment along with certain mixed-use coated paperboard and pulp businesses in North America, France and Russia into a standalone, publicly-traded company, Sylvamo Corporation ("Sylvamo"). The transaction was implemented through the distribution of shares of the standalone company to International Paper's shareholders (the "Distribution"). As a result of the Distribution, Sylvamo is an independent public company that trades on the New York Stock Exchange under the symbol "SLVM". In addition to the spin-off of Sylvamo, the Company completed the sale of its Kwidzyn, Poland mill on August 6, 2021. All historical operating results of the Sylvamo businesses and Kwidzyn mill have been presented as Discontinued Operations, net of tax, in the consolidated statement of operations. See Note 8 for further details regarding the Sylvamo spin-off and discontinued operations. DISCONTINUED OPERATIONS A discontinued operation may include a component or a group of components of the Company's operations. A disposal of a component or a group of components is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results when the following occurs: (1) a component (or group of components) meets the criteria to be classified as held for sale; (2) the component or group of components is disposed of by sale; or (3) the component or group of components is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spin-off). For any component classified as held for sale or disposed of by sale or other than by sale, qualifying for presentation as a discontinued operation, the Company reports the results of operations of the discontinued operations (including any gain or loss recognized on the disposal or loss recognized on classification as held for sale of a discontinued operation), less applicable income taxes (benefit), as a separate component in the consolidated statement of operations for current and all prior periods presented. The Company also reports assets and liabilities associated with discontinued operations as separate line items on the consolidated balance sheet. CONSOLIDATION The consolidated financial statements include the accounts of International Paper and subsidiaries for which we have a controlling financial interest, including variable interest entities for which we are the primary beneficiary. All significant intercompany balances and transactions are eliminated. EQUITY METHOD INVESTMENTS The equity method of accounting is applied for investments when the Company has significant influence over the investee’s operations, or when the investee is structured with separate capital accounts. Our material equity method investments are described in Note 11 . OTHER-THAN-TEMPORARY IMPAIRMENT T he Company evaluates our equity method investments for other-than-temporary impairment ("OTTI") when circumstances indicate the investment may be impaired. When a decline in fair value is deemed to be an OTTI, an impairment is recognized to the extent that the fair value is less than the carrying value of the investment. We consider various factors in determining whether a loss in value of an investment is other than temporary including: the length of time and the extent to which the fair value has been below cost, the financial condition of the investee, and our intent and ability to retain the investment for a period of time sufficient to allow for recovery of value. Management makes certain judgments and estimates in its assessment including but not limited to: identifying if circumstances indicate a decline in value is other than temporary, expectations about operations, as well as industry, financial, regulatory and market factors. BUSINESS COMBINATIONS The Company allocates the total consideration of the assets acquired and liabilities assumed based on their estimated fair value as of the business combination date. In developing estimates of fair values for long-lived assets, including identifiable intangible assets, the Company utilizes a variety of inputs including forecasted cash flows, anticipated growth rates, discount rates, estimated replacement costs and depreciation and obsolescence factors. Determining the fair value for specifically identified intangible assets such as customer lists and developed technology involves judgment. We may refine our estimates and make adjustments to the assets acquired and liabilities assumed over a measurement period, not to exceed one year. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are charged to the consolidated statement of operations. Subsequent actual results of the underlying business activity supporting the specifically identified intangible assets could change, requiring us to record impairment charges or adjust their economic lives in future periods. See Note 7 for further details. RESTRUCTURING LIABILITIES AND COSTS For operations to be closed or restructured, a liability and related expense is recorded in the period when operations cease. For termination costs associated with employees covered by a written or substantive plan, a liability is recorded when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. For termination costs associated with employees not covered by a written and broadly communicated policy covering involuntary termination benefits (severance plan), a liability is recorded for costs to terminate employees (one-time termination benefits) when the termination plan has been approved and committed to by management, the employees to be terminated have been identified, the termination plan benefit terms are communicated, the employees identified in the plan have been notified and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The timing and amount of an accrual is dependent upon the type of benefits granted, the timing of communication and other provisions that may be provided in the benefit plan. The accounting for each termination is evaluated individually. See Note 6 for further details. REVENUE RECOGNITION Generally, the Company recognizes revenue on a point-in-time basis when the Company transfers control of the goods to the customer. 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. The Company’s revenue is primarily derived from fixed consideration; however, we do have contract terms that give rise to variable consideration, primarily volume rebates, early payment discounts and other customer refunds. The Company estimates its volume rebates at the individual customer level based on the most likely amount method outlined in ASC 606 "Revenue from Contracts with Customers". The Company estimates early payment discounts and other customer refunds based on the historical experience across the Company's portfolio of customers to record reductions in revenue that is consistent with the expected value method outlined in ASC 606. Management has concluded that these methods result in the best estimate of the consideration the Company will be entitled to from its customers. The Company has elected to present all sales taxes on a net basis, account for shipping and handling activities as fulfillment activities, recognize the incremental costs of obtaining a contract as expense when incurred if the amortization period of the asset the Company would recognize is one year or less, and not record interest income or interest expense when the difference in timing of control or transfer and customer payment is one year or less. See Note 3 for further details. 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 notice are treated as cash equivalents and are stated at cost, which approximates market value. See Note 9 for further details. INVENTORIES Inventories are valued at the lower of cost or market value and include all costs directly associated with manufacturing products: materials, labor and manufacturing overhead. In the United States, costs of raw materials and finished pulp and paper products, are generally determined using the last-in, first-out method. Other inventories are valued using the first-in, first-out or average cost methods. See Note 9 for further details. LEASED ASSETS Operating lease right of use ("ROU") assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company's leases may include options to extend or terminate the lease. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the ROU assets and liabilities. Variable payments for real estate leases primarily relate to common area maintenance, insurance, taxes and utilities. Variable payments for equipment, vehicles, and leases within supply agreements primarily relate to usage, repairs and maintenance. As the implicit rate is not readily determinable for most of the Company's leases, the Company applies a portfolio approach using an estimated incremental borrowing rate to determine the initial present value of lease payments over the lease terms on a collateralized basis over a similar term, which is based on market and company specific information. We use the unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate, and apply the rate based on the currency of the lease, which is updated on a quarterly basis for measurement of new lease liabilities. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, the Company has applied the practical expedient to account for the lease and non-lease components as a single lease component for all of the Company's leases except for certain gas and chemical agreements. See Note 10 for further details. PLANTS, PROPERTIES AND EQUIPMENT Plants, properties and equipment are stated at cost, less accumulated depreciation. Expenditures for betterments are capitalized, whereas normal repairs and maintenance are expensed as incurred. The units-of-production method of depreciation is used for pulp and paper mills, and the straight-line method is used for other plants and equipment. If a decision is made to abandon plants, properties or equipment before the end of its useful life, depreciation expense is revised to reflect the shortened useful life. See Note 9 for further details. GOODWILL Annual evaluation for possible goodwill impairment is performed as of the beginning of the fourth quarter of each year, with additional interim evaluation performed when management believes that it is more likely than not, that events or circumstances have occurred that would result in the impairment of a reporting unit’s goodwill. The Company has the option to evaluate goodwill for impairment by first performing a qualitative assessment of events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amounts, then the quantitative goodwill impairment test is not required to be performed. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company does not elect the option to perform an initial qualitative assessment, the Company is required to perform the quantitative goodwill impairment test. In performing this evaluation, the Company estimates the fair value of its reporting unit using a weighted approach based on discounted future cash flows, market multiples and transaction multiples. The determination of fair value using the discounted cash flow approach requires management to make significant estimates and assumptions related to forecasts of future revenues, operating profit margins, and discount rates. The determination of fair value using market multiples and transaction multiples requires management to make significant assumptions related to revenue multiples and adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples. For reporting units whose carrying amount is in excess of their estimated fair value, the reporting unit will record an impairment charge by the amount that the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable. A recoverability test is performed by comparing the undiscounted cash flows to carrying value of the assets. The inputs related to the undiscounted cash flows requires judgments as to whether assets are held and used or held for sale, the weighting of operational alternatives being considered by management and estimates of the amount and timing of expected future cash flows from the use of the long-lived assets generated by their use. If the carrying amount is less than the undiscounted cash flows, the fair value of the assets is compared to the carrying value to determine if they are impaired. We estimate fair value using discounted cash flows and other valuation techniques as needed. Impaired assets are recorded at their estimated fair value. INCOME TAXES International Paper uses the asset and liability method of accounting for income taxes whereby deferred income taxes are recorded for the future tax consequences attributable to differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are remeasured to reflect new tax rates in the periods rate changes are enacted. International Paper records its global tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where the Company believes that a tax position is supportable for income tax purposes, the item is included in its income tax returns. Where treatment of a position is uncertain, liabilities are recorded based upon the Company’s evaluation of the “more likely than not” outcome considering technical merits of the position based on specific tax regulations and facts of each matter. Changes to recorded liabilities are only made when an identifiable event occurs that changes the likely outcome, such as settlement with the relevant tax authority, the expiration of statutes of limitation for the subject tax year, change in tax laws, or recent court cases that are relevant to the matter. Accrued interest related to these uncertain tax positions is recorded in our consolidated statement of operations in Interest expense, net. The judgments and estimates made by the Company are based on management’s evaluation of the technical merits of a matter, assisted as necessary by consultation with outside consultants, historical experience and other assumptions that management believes are appropriate and reasonable under current circumstances. Actual resolution of these matters may differ from recorded estimated amounts, resulting in adjustments that could materially affect future financial statements. See Note 13 for further details. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Significant judgment is required in assessing the need for and magnitude of appropriate valuation allowances against deferred tax assets. This assessment is completed by tax jurisdiction and relies on both positive and negative evidence available, with significant weight placed on recent financial results. Cumulative reported pre-tax income is considered objectively verifiable positive evidence of our ability to generate positive pre-tax income in the future. In accordance with GAAP, when there is a recent history of pre-tax losses, there is little or no weight placed on forecasts for purposes of assessing the recoverability of our deferred tax assets. When necessary, we use systematic and logical methods to estimate when deferred tax liabilities will reverse and generate taxable income and when deferred tax assets will reverse and generate tax deductions. Assumptions, judgment, and the use of estimates are required when scheduling the reversal of deferred tax assets and liabilities, and the exercise is inherently complex and subjective. The realization of these assets is dependent on generating future taxable income, as well as successful implementation of various tax planning strategies. International Paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis. ENVIRONMENTAL REMEDIATION COSTS Costs associated with environmental remediation obligations are accrued when such costs are probable and reasonably estimable. Such accruals are adjusted as further information develops or circumstances change. See Note 14 for further details. TRANSLATION OF FINANCIAL STATEMENTS Balance sheets of international operations are translated into U.S. dollars at year-end exchange rates, while statements of operations are translated at average rates. Adjustments resulting from financial statement translations are included as cumulative translation adjustments in Accumulated other comprehensive income (loss). FAIR VALUE MEASUREMENTS The guidance for fair value measurements and disclosures sets out a fair value hierarchy that groups fair value measurement inputs into the following three classifications: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability reflecting the reporting entity’s own assumptions or external inputs from inactive markets. Transfers between levels are recognized at the end of the reporting period. |
Recent Accounting Developments
Recent Accounting Developments (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Developments | NOTE 2 RECENT ACCOUNTING DEVELOPMENTS Other than as described below, no new accounting pronouncement issued or effective during the fiscal year has had or is expected to have a material impact on the consolidated financial statements. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS 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, 2024. The Company has applied and will continue to apply this guidance to account for contract modifications due to changes in reference rates as those modifications occur. We do not expect this guidance to have a material impact on our consolidated financial statements and related disclosures. Liabilities - Supplier Finance Programs In September 2022, the FASB issued ASU 2022-04, "Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations." This guidance requires a business entity operating as a buyer in a supplier finance agreement to disclose qualitative and quantitative information about its supplier finance programs. This guidance is effective for annual reporting periods beginning after December 15, 2022, and interim periods within those years. The Company adopted the provisions of this guidance in the first quarter of 2023. See Note 9 - Supplementary Financial Statement Information . RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED Segment Reporting In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This guidance requires companies to disclose incremental segment information on an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023 and interim periods within those years beginning after December 15, 2024. Early adoption of these amendments is permitted and amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance. Income Taxes In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This guidance requires companies to enhance income tax disclosures, particularly around rate reconciliations and income taxes paid information. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption of these amendments is permitted and amendments should be applied prospectively. The Company is currently evaluating the provisions of this guidance. |
Revenue Recognition (Note)
Revenue Recognition (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 3 - REVENUE RECOGNITION DISAGGREGATED REVENUE 2023 Reportable Segments Industrial Packaging Global Cellulose Fibers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 13,340 $ 2,570 $ 430 $ 16,340 EMEA 1,398 96 — 1,494 Pacific Rim and Asia 37 224 — 261 Americas, other than U.S. 821 — — 821 Total $ 15,596 $ 2,890 $ 430 $ 18,916 Operating Segments North American Industrial Packaging $ 14,293 $ — $ — $ 14,293 EMEA Industrial Packaging 1,398 — — 1,398 Global Cellulose Fibers — 2,890 — 2,890 Intrasegment Eliminations (95) — — (95) Corporate & Intersegment Sales — — 430 430 Total $ 15,596 $ 2,890 $ 430 $ 18,916 (a) Net sales are attributed to countries based on the location of the reportable segment making the sale. 2022 Reportable Segments Industrial Packaging Global Cellulose Fibers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 14,970 $ 3,032 $ 480 $ 18,482 EMEA 1,572 121 — 1,693 Pacific Rim and Asia 46 74 3 123 Americas, other than U.S. 863 — — 863 Total $ 17,451 $ 3,227 $ 483 $ 21,161 Operating Segments North American Industrial Packaging $ 16,011 $ — $ — $ 16,011 EMEA Industrial Packaging 1,572 — — 1,572 Global Cellulose Fibers — 3,227 — 3,227 Intrasegment Eliminations (132) — — (132) Corporate & Intersegment Sales — — 483 483 Total $ 17,451 $ 3,227 $ 483 $ 21,161 (a) Net sales are attributed to countries based on the location of the reportable segment making the sale. 2021 Reportable Segments Industrial Packaging Global Cellulose Fibers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 14,006 $ 2,510 $ 253 $ 16,769 EMEA 1,506 109 (4) 1,611 Pacific Rim and Asia 59 113 35 207 Americas, other than U.S. 755 — 21 776 Total $ 16,326 $ 2,732 $ 305 $ 19,363 Operating Segments North American Industrial Packaging $ 14,944 $ — $ — $ 14,944 EMEA Industrial Packaging 1,508 — — 1,508 Global Cellulose Fibers — 2,732 — 2,732 Intrasegment Eliminations (126) — — (126) Corporate & Intersegment Sales — — 305 305 Total $ 16,326 $ 2,732 $ 305 $ 19,363 (a) Net sales are attributed to countries based on the location of the reportable segment making the sale. 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. Current liabilities of $32 million and $38 million are included in Other current liabilities in the accompanying consolidated balance sheet as of December 31, 2023 and 2022, respectively. The Company also recorded a contract liability of $115 million related to a previous acquisition. The balance of this contract liability was $92 million and $99 million at December 31, 2023 and 2022, respectively, and is recorded in Other current liabilities and Other Liabilities in the accompanying consolidated balance sheet. 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 which we have an unconditional right to payment or receive prepayment from the customer, respectively. PERFORMANCE OBLIGATIONS AND SIGNIFICANT JUDGMENTS International Paper's principal business is to manufacture and sell fiber-based packaging and pulp goods. As a general rule, none of our businesses provide equipment installation or other ancillary services outside of producing and shipping packaging and pulp products to customers. The nature of the Company's contracts can vary based on the business, customer type and region; however, in all instances it is International Paper's customary business practice to receive a valid order from the customer, in which each parties' rights and related payment terms are clearly identifiable. Contracts or purchase orders with customers could include a single type of product or it could include multiple types/grades of products. Regardless, the contracted price with the customer is agreed to at the individual product level outlined in the customer contracts or purchase orders. The Company does not bundle prices; however, we do negotiate with customers on pricing and rebates for the same products based on a variety of factors (e.g. level of contractual volume, geographical location, etc.). Management has concluded that the prices negotiated with each individual customer are representative of the stand-alone selling price of the product. |
Earnings Per Share Attributable
Earnings Per Share Attributable To International Paper Company Common Shareholders (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Attributable To International Paper Company Common Shareholders | NOTE 4 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 from continuing operations, and diluted earnings (loss) per share from continuing operations is as follows: In millions, except per share amounts 2023 2022 2021 Earnings (loss) from continuing operations attributable to International Paper common shareholders $ 302 $ 1,741 $ 811 Weighted average common shares outstanding 346.9 363.5 389.4 Effect of dilutive securities: Restricted performance share plan 2.2 3.5 3.0 Weighted average common shares outstanding – assuming dilution 349.1 367.0 392.4 Basic earnings (loss) per share from continuing operations $ 0.87 $ 4.79 $ 2.08 Diluted earnings (loss) per share from continuing operations $ 0.86 $ 4.74 $ 2.07 |
Other Comprehensive Income (Not
Other Comprehensive Income (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Other Comprehensive Income [Note Text Block] | NOTE 5 OTHER COMPREHENSIVE INCOME The following table presents changes in Accumulated Other Comprehensive Loss ("AOCI"), net of tax, reported in the consolidated financial statements for the years ended December 31: In millions 2023 2022 2021 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (1,195) $ (962) $ (1,880) Other comprehensive income (loss) before reclassifications (167) (319) 713 Reclassification related to Sylvamo Corporation spin-off — — 80 Amounts reclassified from accumulated other comprehensive loss 86 86 125 Balance at end of period (1,276) (1,195) (962) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (722) (694) (2,457) Other comprehensive income (loss) before reclassifications (76) (38) (115) Reclassification related to Sylvamo Corporation spin-off — — 1,692 Amounts reclassified from accumulated other comprehensive loss 517 10 184 Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest — — 2 Balance at end of period (281) (722) (694) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period (8) (10) (5) Other comprehensive income (loss) before reclassifications — — 3 Reclassification related to Sylvamo Corporation spin-off — — 1 Amounts reclassified from accumulated other comprehensive loss — 2 (9) Balance at end of period (8) (8) (10) Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (1,565) $ (1,925) $ (1,666) Reclassifications out of AOCI for the three years ended December 31 were as follows: Amount Reclassified from Accumulated Other Comprehensive Loss Location of Amount Reclassified from AOCI 2023 2022 2021 In millions Defined benefit pension and postretirement items: Prior-service costs $ (23) $ (23) $ (20) (a) Non-operating pension expense Actuarial gains/(losses) (92) (91) (146) (a) Non-operating pension expense Total pre-tax amount (115) (114) (166) Tax (expense)/benefit 29 28 41 Net of tax (86) (86) (125) Reclassification related to Sylvamo Corporation spin-off — — (80) Paid-in Capital Total, net of tax (86) (86) (205) Change in cumulative foreign currency translation adjustments: Business divestiture (517) (10) (184) (b) Net (gains) losses on sales of equity method investments, Discontinued Operations, net of taxes and Net (gains) losses on sales and impairment of businesses Tax (expense)/benefit — — — Net of tax (517) (10) (184) Reclassification related to Sylvamo Corporation spin-off — — (1,692) Paid-in Capital Total, net of tax (517) (10) (1,876) Net gains and losses on cash flow hedging derivatives: Cash flow hedges — (3) 11 Cost of products sold, Discontinued operations, net of taxes, and Interest expense, net Total pre-tax amount — (3) 11 Tax (expense)/benefit — 1 (2) Net of tax — (2) 9 Reclassification related to Sylvamo Corporation spin-off — — (1) Paid-in Capital Total, net of tax — (2) 8 Total reclassifications for the period, net of tax $ (603) $ (98) $ (2,073) (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 18 - Retirement Plans for additional details). (b) See Note 11 - Equity Method Investments for additional details for 2023 amounts. |
Restructuring Charges and Other
Restructuring Charges and Other Items (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | 2023: During 2023, restructuring and other charges, net, totaling $99 million before taxes were recorded. The charges included: In millions 2023 Orange, Texas mill closure costs (a) $ 81 Pensacola mill and Riegelwood mill pulp machine shutdowns (b) 37 Building a Better IP (c) (19) Total $ 99 (a) Includes $25 million of severance charges, $30 million of inventory impairment charges and $26 million of other costs associated with the closure of our containerboard mill in Orange, Texas. The majority of the severance charges will be paid in 2024. (b) Includes $21 million of severance charges, $12 million of inventory impairment charges and $4 million of other costs associated with the permanent shutdown of pulp machines at our Riegelwood, North Carolina and Pensacola, Florida mills. The majority of the severance charges will be paid in 2024. (c) Revision of severance estimates related to our Building a Better IP initiative. 2022: During 2022, restructuring and other charges, net, totaling $89 million before taxes were recorded. The charges included: In millions 2022 Early debt extinguishment costs (see Note 16) $ 93 Other restructuring items (4) Total $ 89 2021: During 2021, restructuring and other charges, net, totaling $509 million before taxes were recorded. These charges included: In millions 2021 Early debt extinguishment costs (see Note 16) $ 461 Building a Better IP (a) 29 EMEA packaging restructuring (b) 12 Other restructuring items 7 Total $ 509 |
Acquisitions (Note)
Acquisitions (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions And Joint Ventures | NOTE 7 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). The following table summarizes the final 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 50 Goodwill 23 Intangible assets 13 Total assets acquired 104 Short-term debt 2 Accounts payable and accrued liabilities 4 Other current liabilities 2 Long-term debt 1 Deferred income taxes 12 Total liabilities assumed 21 Net assets acquired $ 83 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. 2021: 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. |
Divestitures and Impairments of
Divestitures and Impairments of Businesses (Note) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | PRINTING PAPERS SPIN-OFF 2021: On October 1, 2021, the Company completed the previously announced spin-off of its Printing Papers segment along with certain mixed-use coated paperboard and pulp businesses in North America, France and Russia into a standalone, publicly-traded company, Sylvamo Corporation ("Sylvamo"). The transaction was implemented through the distribution of shares of Sylvamo to International Paper's shareholders (the "Distribution"). As a result of the Distribution, Sylvamo is an independent public company that trades on the New York Stock Exchange under the symbol "SLVM". The Distribution was made to the Company's stockholders of record as of the close of business on September 15, 2021 (the "Record Date"), and such stockholders received one share of Sylvamo common stock for every 11 shares of International Paper common stock held as of the close of business on the Record Date. The Company retained 19.9% of the shares of Sylvamo at the time of the separation with the intent to monetize its investment and provide additional proceeds to the Company. The spin-off was tax-free for the Company and its shareholders for U.S. federal income tax purposes. In connection with the Distribution, on September 29, 2021, the Company and Sylvamo entered into a separation and distribution agreement as well as various other agreements that govern the relationships between the parties following the Distribution, including a transition services agreement, a tax matters agreement and an employee matters agreement. These agreements provided for the allocation between the Company and Sylvamo of assets, liabilities and obligations attributable to periods prior to, at and after the Distribution and govern certain relationships between the Company and Sylvamo after the Distribution. The Company has various ongoing operational agreements with Sylvamo under which it sells fiber, paper and other products. Related party sales under these agreements were $630 million and $185 million for the year ended December 31, 2022 and 2021, respectively. Following the sale of the Company's ownership interest in Sylvamo during the third quarter 2022, Sylvamo is no longer considered a related party. In the second quarter 2022, the Company exchanged 4,132,000 shares of Sylvamo common stock owned by the Company in exchange and as repayment for an approximately $144 million term loan obligation which resulted in the reversal of a $31 million deferred tax liability due to the tax-free exchange of the Sylvamo common stock. In the third quarter 2022, the Company exchanged the remaining 4,614,358 shares of Sylvamo common stock owned by the Company in exchange for $167 million and as partial repayment of a $210 million term loan obligation. This also resulted in the reversal of a $35 million deferred tax liability due to the tax-free exchange of Sylvamo common stock. As of the end of the third quarter 2022, the Company no longer had an ownership interest in Sylvamo. All historical operating results of the Sylvamo businesses, as well as the results of our Kwidzyn, Poland mill that was sold on August 6, 2021, are presented as Discontinued Operations, net of tax, in the consolidated statement of operations. Kwidzyn was previously part of the Printing Papers business prior to its sale in August 2021. See the Kwidzyn Mill section below for further details regarding this sale. The following summarizes the major classes of line items comprising Earnings (Loss) Before Income Taxes and Equity Earnings reconciled to Discontinued Operations, net of tax, related to the Sylvamo businesses and Kwidzyn for the year ended December 31, 2021 presented in the consolidated statement of operations: In millions 2021 Net Sales $ 2,417 Costs and Expenses Cost of products sold 1,508 Selling and administrative expenses 224 Depreciation, amortization and cost of timber harvested 113 Distribution expenses 229 Taxes other than payroll and income taxes 24 Net (gains) losses on sales of fixed assets (86) Net (gains) losses on sales and impairments of businesses (351) Interest expense, net (19) Earnings (Loss) Before Income Taxes and Equity Earnings 775 Income tax provision (benefit) 145 Discontinued Operations, Net of Taxes $ 630 The following summarizes the total cash provided by operations and total cash used for investing activities related to the Sylvamo Corporation businesses and Kwidzyn and included in the consolidated statement of cash flows: In millions 2021 Cash Provided by (Used For) Operating Activities $ 290 Cash Provided by (Used For) Investment Activities $ 757 In anticipation of the spin-off, Sylvamo incurred $1.5 billion in debt during the third quarter of 2021 with the proceeds used for a distribution to the Company and other expenses associated with the transaction. The Company was an obligor of the debt prior to the spin-off as Sylvamo was a wholly-owned subsidiary. Subsequent to the distribution of the net assets, the Company was no longer an obligor of the Sylvamo debt. The $1.5 billion of borrowings was comprised of $450 million of 7.00% senior unsecured notes due 2029 issued in September 2021. It was also comprised of the senior secured credit facility that Sylvamo entered into in September 2021 which consisted of $450 million of borrowings related to its term loan “B” facility, $520 million of borrowings related to its term loan “F” facility, and the $100 million draw on its revolving credit facility which had a capacity of $450 million. Additionally, at the time of the spin-off in the fourth quarter of 2021, the Company distributed $130 million to Sylvamo. The debt issuance and distribution to Sylvamo Corporation are classified as financing activities in the accompanying consolidated statement of cash flows. KWIDZYN MILL 2021: On August 6, 2021, the Company completed the sale of its Kwidzyn, Poland mill for €669 million (approximately $794 million using the July 31, 2021 exchange rate) in cash. The business included the pulp and paper mill in Kwidzyn and supporting functions. During the third quarter of 2021, the Company recorded a net gain of $360 million ($350 million after taxes) including a gain of $404 million ($394 million after taxes) related to the sale of net assets and a loss of $44 million (before and after taxes) related to the cumulative foreign currency translation loss. During the fourth quarter of 2021, the Company incurred $9 million ($6 million after taxes) of costs related to the sale of Kwidzyn. All historical operating results for Kwidzyn have been presented as Discontinued Operations, net of tax, in the consolidated statement of operations. 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 twelve months ended December 31, 2021, the Company recorded a net gain of $4 million ($2 million after taxes) related to the business working capital adjustment and cumulative foreign currency translation loss. |
Supplementary Financial Stateme
Supplementary Financial Statement Information (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Supplementary Financial Statement Information | NOTE 9 SUPPLEMENTARY 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 $950 million and $690 million at December 31, 2023 and 2022, respectively. ACCOUNTS AND NOTES RECEIVABLE Accounts and notes receivable, net, by classification were: In millions at December 31 2023 2022 Accounts and notes receivable: Trade (less allowances of $34 in 2023 and $31 in 2022) $ 2,841 $ 3,064 Other 218 220 Total $ 3,059 $ 3,284 INVENTORIES In millions at December 31 2023 2022 Raw materials $ 229 $ 267 Finished pulp and packaging products 975 1,071 Operating supplies 622 516 Other 63 88 Inventories $ 1,889 $ 1,942 The last-in, first-out inventory method is used to value most of International Paper’s U.S. inventories. Approximately 81% of total raw materials and finished products inventories were valued using this method. The last-in, first-out inventory reserve was $343 million and $282 million at December 31, 2023 and 2022, respectively. PLANTS, PROPERTIES AND EQUIPMENT In millions at December 31 2023 2022 Pulp and packaging facilities $ 28,661 $ 27,773 Other properties and equipment 1,050 1,029 Gross cost 29,711 28,802 Less: Accumulated depreciation 19,561 18,371 Plants, properties and equipment, net $ 10,150 $ 10,431 Non-cash additions to plants, property and equipment included within accounts payable were $141 million, $185 million and $106 million at December 31, 2023, 2022 and 2021, respectively. Amounts invested in capital projects in the accompanying consolidated statement of cash flows are presented net of insurance recoveries of $26 million and $17 million received during the years ended December 31, 2022 and 2021, respectively. There were no insurance recoveries received during the year ended December 31, 2023. Annual straight-line depreciable lives generally are, for buildings - 20 to 40 years, and for machinery and equipment - 3 to 20 years. Depreciation expense was $1.4 billion, $996 million and $1.1 billion for the years ended December 31, 2023, 2022 and 2021. Depreciation expense for the year ended December 31, 2023 includes $422 million of accelerated depreciation related to mill strategic actions. Cost of products sold excludes depreciation and amortization expense. ACCOUNTS PAYABLE Under a supplier finance program, International Paper agrees to pay a bank the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. International Paper or the bank may terminate the agreement upon at least 90 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment in full on the due date with no terms exceeding 180 days. The accounts payable INTEREST Interest payments of $463 million, $380 million and $473 million were made during the years ended December 31, 2023, 2022 and 2021, respectively. Amounts related to interest were as follows: In millions 2023 2022 2021 Interest expense $ 421 $ 403 $ 430 Interest income 190 78 93 Capitalized interest costs 22 18 12 ASSET RETIREMENT OBLIGATIONS At December 31, 2023 and 2022, we had recorded liabilities of $103 million and $105 million, respectively, related to asset retirement obligations. In connection with potential future closures or redesigns of certain production facilities, it is possible that the Company may be required to take steps to remove certain materials from these facilities. Applicable regulations and standards provide that the removal of certain materials would only be required if the facility were to be demolished or underwent major renovations. At this time, any such obligations have an indeterminate settlement date, and the Company believes that adequate information does not exist to apply an expected-present-value technique to estimate any such potential obligations. Accordingly, the Company does not record a liability for such remediation until a decision is made that allows reasonable estimation of the timing of such remediation. |
Leases (Note)
Leases (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating and Capital Leases | NOTE 10 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 up to 30 years. COMPONENTS OF LEASE EXPENSE In millions 2023 2022 2021 Operating lease costs, net $ 177 $ 153 $ 138 Variable lease costs 39 39 40 Short-term lease costs, net 71 57 53 Finance lease cost Amortization of lease assets 12 11 11 Interest on lease liabilities 3 3 3 Total lease cost, net $ 302 $ 263 $ 245 SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES In millions Classification 2023 2022 Assets Operating lease assets Right of use assets $ 448 $ 424 Finance lease assets Plants, properties and equipment, net (a) 47 49 Total leased assets $ 495 $ 473 Liabilities Current Operating Other current liabilities $ 153 $ 147 Finance Notes payable and current maturities of long-term debt 11 10 Noncurrent Operating Long-term lease obligations 312 283 Finance Long-term debt 44 49 Total lease liabilities $ 520 $ 489 (a) Finance leases are recorded net of accumulated amortization of $67 million and $59 million at December 31, 2023 and 2022, respectively. LEASE TERM AND DISCOUNT RATE In millions 2023 2022 Weighted average remaining lease term (years) Operating leases 4.0 years 4.1 years Finance leases 7.7 years 8.4 years Weighted average discount rate Operating leases 3.99 % 2.96 % Finance leases 4.78 % 4.57 % SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES In millions 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 180 $ 160 $ 166 Operating cash flows related to financing leases 3 3 4 Financing cash flows related to finance leases 13 10 14 Right of use assets obtained in exchange for lease liabilities Operating leases 216 221 156 Finance leases 12 6 9 MATURITY OF LEASE LIABILITIES In millions Operating Leases Financing Leases Total 2024 $ 171 $ 14 $ 185 2025 127 12 139 2026 89 11 100 2027 60 10 70 2028 33 8 41 Thereafter 31 14 45 Total lease payments 511 69 580 Less imputed interest 46 14 60 Present value of lease liabilities $ 465 $ 55 $ 520 |
Equity Method Investments (Note
Equity Method Investments (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 11 EQUITY METHOD INVESTMENTS The Company accounts for the following investments under the equity method of accounting. ILIM S.A. ("Ilim") On September 18, 2023, pursuant to a previously announced agreement, the Company completed the sale of its 50% equity interest in Ilim, which was a joint venture that operated a pulp and paper business in Russia and has subsidiaries including Ilim Group, to its joint venture partners for $484 million in cash. The Company also completed the sale of all of its Ilim Group shares (constituting a 2.39% stake) for $24 million, and divested other non-material residual interests associated with Ilim, to its joint venture partners. Following the completed sales, the Company no longer has an interest in Ilim or any of its subsidiaries. Additionally, we incurred transaction fees of $36 million in connection with the sale of our investment. The Company reclassified currency translation adjustments in AOCI of $517 million to the investment at the completion of the transaction. As of December 31, 2022 and for all subsequent periods, the Company concluded that the held for sale balance sheet classification criteria had been met and classified the investment as Assets held for sale in the consolidated balance sheet. Also, all current and historical results of the Ilim investment have been presented as Discontinued Operations, net of taxes in the consolidated statement of operations. Also in conjunction with the previously announced agreement entered into in January 2023 to sell the Company's ownership interests in Ilim and related offer for the Company's shares in Ilim Group, a determination was made that in the fourth quarter of 2022 and for all subsequent periods through the third quarter 2023, the combined book value of our investments, plus associated cumulative translation losses, exceeded fair value based upon the agreed upon transaction price of $484 million for Ilim and the offer price of $24 million for Ilim Group and the company recorded impairment charges as presented in the table below. The following summarizes the items comprising Equity Earnings, Impairment Charges, Tax Expense (Benefit), Discontinued Operations and Dividends related to the sale of our equity interest in Ilim: In millions Equity Earnings Impairment Charges Tax Expense (Benefit) Discontinued Operations, net of tax (a) Dividends Twelve Months Ended December 31, 2022 $ 296 $ 533 $ — $ (237) $ 204 Twelve Months Ended December 31, 2023 $ 112 $ 135 $ (9) $ (14) $ 13 (a) Discontinued operations, net of tax is Equity Earnings less Impairment Charges and Tax Expense (Benefit). 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. Date Transaction Type Units Proceeds Pre-Tax Gain After-Tax Gain In millions except units 2021 First Quarter Units exchange and open market sale 24,588,316 $ 397 $ 33 $ 25 2021 First Quarter TRA (a) 42 31 2021 Second Quarter Units exchange and open market sale 22,773,077 403 64 48 2021 Second Quarter TRA (a) 66 50 (a) The tax receivable agreement ("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. The Company made income tax payments of $310 million in 2021 as a result of the monetization of its investment in GPIP. As of June 30, 2021, the Company no longer had an ownership interest in GPIP. The Company recorded equity earnings of $4 million for the twelve months ended December 31, 2021. The Company received cash dividends from GPIP of $5 million during 2021. The Company's remaining equity method investments are not material. |
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangibles | NOTE 12 GOODWILL AND OTHER INTANGIBLES GOODWILL The following table presents changes in the goodwill balances as allocated to each business segment for the years ended December 31, 2023 and 2022: In millions Industrial Global Cellulose Fibers Total Balance as of December 31, 2021 Goodwill $ 3,426 $ 52 $ 3,478 Accumulated impairment losses (296) (52) (348) 3,130 — 3,130 Currency translation and other (a) (13) — (13) Accumulated impairment loss additions/reductions (76) (b) — (76) Balance as of December 31, 2022 Goodwill 3,413 52 3,465 Accumulated impairment losses (372) (52) (424) 3,041 — 3,041 Balance as of December 31, 2023 Goodwill 3,413 52 3,465 Accumulated impairment losses (372) (52) (424) Total $ 3,041 $ — $ 3,041 (a) Represents the effects of foreign currency translations and reclassifications. (b) Reflects the impairment of the EMEA Industrial Packaging reporting unit. The Company performed its annual goodwill impairment testing by applying the quantitative goodwill impairment test to its North America Industrial Packaging reporting unit as of October 1, 2023. This was performed by comparing the carrying amount of the North America Industrial Packaging reporting unit to its estimated fair value. The estimated fair value of the reporting unit was calculated using a weighted approach based on discounted future cash flows, market multiples and transaction multiples which are classified as Level 2 and Level 3 within the fair value hierarchy. The determination of fair value using the discounted cash flow approach requires management to make significant estimates and assumptions related to forecasts of future revenues, operating profit margins, and discount rates. The determination of fair value using market multiples and transaction multiples requires management to make significant assumptions related to revenue multiples and adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples. The results of our quantitative goodwill impairment test indicated that the carrying amount did not exceed the estimated fair value of the North America Industrial Packaging reporting unit. In the fourth quarter of 2022, the Company performed the quantitative goodwill impairment test related to its EMEA Industrial Packaging reporting unit and estimated fair value in the same manner noted above. The results of our quantitative goodwill impairment test indicated that the carrying amount exceeded the estimated fair value of the EMEA Industrial Packaging reporting unit and it was determined that all of the goodwill in the reporting unit, totaling $76 million, was impaired. The decline in the fair value of EMEA Industrial Packaging and resulting impairment charge was due to the impacts of certain negative macroeconomic conditions, including the impacts from inflation and the geopolitical environment to the reporting unit. OTHER INTANGIBLES Identifiable intangible assets are recorded in Deferred Charges and Other Assets in the accompanying consolidated balance sheet and comprised the following: 2023 2022 In millions at December 31 Gross Accumulated Net Intangible Assets Gross Accumulated Net Intangible Assets Customer relationships and lists $ 494 $ 335 $ 159 $ 490 $ 303 $ 187 Tradenames, patents and trademarks, and developed technology 170 154 16 170 146 24 Land and water rights 8 2 6 8 2 6 Other 21 19 2 23 20 3 Total $ 693 $ 510 $ 183 $ 691 $ 471 $ 220 The Company recognized the following amounts as amortization expense related to intangible assets: In millions 2023 2022 2021 Amortization expense related to intangible assets $ 37 $ 44 $ 44 Based on current intangibles subject to amortization, estimated amortization expense for each of the succeeding years is as follows: 2024 – $40 million, 2025 – $36 million, 2026 – $29 million, 2027 – $11 million, 2028 – $8 million, and cumulatively thereafter – $53 million. |
Income Taxes (Note)
Income Taxes (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 13 INCOME TAXES The components of International Paper’s earnings from continuing operations before income taxes and equity earnings by taxing jurisdiction were as follows: In millions 2023 2022 2021 Earnings (loss) U.S. $ 129 $ 1,469 $ 906 Non-U.S. 253 42 93 Earnings (loss) from continuing operations before income taxes and equity earnings (losses) $ 382 $ 1,511 $ 999 The provision (benefit) for income taxes from continuing operations (excluding noncontrolling interests) by taxing jurisdiction was as follows: In millions 2023 2022 2021 Current tax provision (benefit) U.S. federal $ 157 $ 454 $ 413 U.S. state and local 16 56 47 Non-U.S. 42 27 37 $ 215 $ 537 $ 497 Deferred tax provision (benefit) U.S. federal $ (164) $ (775) $ (274) U.S. state and local 3 (39) (27) Non-U.S. 5 41 (8) $ (156) $ (773) $ (309) Income tax provision (benefit) $ 59 $ (236) $ 188 The Company’s deferred income tax provision (benefit) includes a $6 million benefit, a $3 million benefit and an $8 million benefit for 2023, 2022 and 2021, respectively, for the effect of various changes in non-U.S. and U.S. federal and state tax rates. International Paper made income tax payments, net of refunds, of $340 million, $345 million and $601 million in 2023, 2022 and 2021, respectively. A reconciliation of income tax expense using the statutory U.S. income tax rate compared with the actual income tax provision follows: In millions 2023 2022 2021 Earnings (loss) from continuing $ 382 $ 1,511 $ 999 Statutory U.S. income tax rate 21 % 21 % 21 % Tax expense (benefit) using statutory U.S. income tax rate 80 317 210 State and local income taxes 2 44 15 Impact of rate differential on non-U.S. permanent differences and earnings (10) 1 5 Foreign valuation allowance — 45 — Tax expense (benefit) on exchange of Sylvamo shares — (56) — Adjustment to tax basis of assets — — (14) Non-deductible business expenses 7 2 1 Non-deductible impairments — 16 — Non-deductible compensation 7 13 11 Tax audits (4) 6 9 Timber Monetization Audit Settlement — (604) — Foreign derived intangible income deduction 2 (8) (7) US tax on non-U.S. earnings (GILTI and Subpart F) — 27 5 Foreign tax credits 8 8 (6) General business and other tax credits (38) (43) (39) Tax expense (benefit) on equity earnings (4) (1) — Legal entity restructuring gain (loss) 4 — — Other, net 5 (3) (2) Income tax provision (benefit) $ 59 $ (236) $ 188 Effective income tax rate 15 % (16) % 19 % The tax effects of significant temporary differences, representing deferred income tax assets and liabilities at December 31, 2023 and 2022, were as follows: In millions 2023 2022 Deferred income tax assets: Postretirement benefit accruals $ 67 $ 68 Pension obligations 61 18 Tax credits 182 175 Net operating and capital loss carryforwards 699 568 Compensation reserves 146 151 Lease obligations 116 108 Environmental reserves 114 119 Other 319 271 Gross deferred income tax assets $ 1,704 $ 1,478 Less: valuation allowance (a) (848) (677) Net deferred income tax asset $ 856 $ 801 Deferred income tax liabilities: Intangibles $ (141) $ (147) Investments 3 (2) Right of use assets (116) (108) Plants, properties and equipment (1,650) (1,778) Forestlands, related installment sales, and investment in subsidiary (485) (485) Gross deferred income tax liabilities $ (2,389) $ (2,520) Net deferred income tax liability $ (1,533) $ (1,719) (a) The net change in the total valuation allowance for the years ended December 31, 2023 and 2022 was an increase of $171 million and a decrease of $(31) million, respectively. Deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions Deferred charges and other assets and Deferred income taxes, respectively. The $485 million of deferred tax liabilities for forestlands, related installment sales, and investment in subsidiary is attributable to a 2007 Temple-Inland installment sale of forestlands (see Note 15 - Variable Interest Entities ). A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows: In millions 2023 2022 2021 Balance at January 1 $ (177) $ (166) $ (143) (Additions) reductions for tax positions related to current year (13) (7) (13) (Additions) for tax positions related to prior years (11) (10) (23) Reductions for tax positions related to prior years 1 3 1 Settlements 17 1 10 Expiration of statutes of 11 1 1 Currency translation adjustment (1) 1 1 Balance at December 31 $ (173) $ (177) $ (166) If the Company were to prevail on the unrecognized tax benefits recorded, substantially all of the balances at December 31, 2023, 2022 and 2021 would benefit the effective tax rate. Pending audit settlements and the expiration of statutes of limitations could reduce the uncertain tax positions by $7 million during the next twelve months. The Company accrues interest on unrecognized tax benefits as a component of interest expense. Penalties, if incurred, are recognized as a component of income tax expense. The Company had approximately $34 million and $29 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at December 31, 2023 and 2022, respectively. The Company is currently subject to audits in the United States and other taxing jurisdictions around the world. Generally, tax years 2009 through 2022 remain open and subject to examination by the relevant tax authorities. The Company frequently faces challenges regarding the amount of taxes due. These challenges include positions taken by the Company related to the timing, nature, and amount of deductions and the allocation of income among various tax jurisdictions. On January 5, 2024, the Company received a notice of proposed adjustment from the Internal Revenue Service relating to investment tax credits for the 2017-2019 years that currently are under examination. We estimate the net incremental tax liability associated with the proposed adjustments would be approximately $50 million. We disagree with the proposed adjustments and plan to initiate the administrative appeals process in the first quarter. An unfavorable resolution in the current examination, future administrative proceedings, or future tax litigation could result in cash tax payments and could adversely impact the effective tax rate. The Company provides for foreign withholding taxes and any applicable U.S. state income taxes on earnings intended to be repatriated from non-U.S. subsidiaries, which we believe will be limited in the future to each year's current earnings. No provision for these taxes on approximately $1.6 billion of undistributed earnings of non-U.S. subsidiaries as of December 31, 2023 has been made, as these earnings are considered indefinitely invested. Determination of the amount of taxes that might be paid on these undistributed earnings if eventually remitted in a taxable manner is not practicable. If management decided to monetize the Company’s foreign investments, we would recognize the tax cost related to the excess of the book value over the tax basis of those investments. This would include foreign withholding taxes and any applicable U.S. Federal and state income taxes. Determination of the tax cost that would be incurred upon monetization of the Company’s foreign investments is not practicable; however, we do not believe it would be material. The following details the scheduled expiration dates of the Company’s net operating loss and income tax credit carryforwards: In millions 2024 2034 Indefinite Total U.S. federal and non-U.S. NOLs $ 1 $ 225 $ 426 $ 652 State taxing jurisdiction NOLs (a) 38 9 — 47 U.S. federal, non- 82 3 97 182 Total $ 121 $ 237 $ 523 $ 881 Less: valuation allowance (a) (83) (220) (475) (778) Total, net $ 38 $ 17 $ 48 $ 103 (a) State amounts are presented net of federal benefit. |
Commitments And Contingent Liab
Commitments And Contingent Liabilities (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingent Liabilities | NOTE 14 COMMITMENTS AND CONTINGENT LIABILITIES GUARANTEES In connection with sales of businesses, property, equipment, forestlands and other assets, International Paper commonly makes representations and warranties relating to such businesses or assets, and may agree to indemnify buyers with respect to tax and environmental liabilities, breaches of representations and warranties, and other matters. Where liabilities for such matters are determined to be probable and reasonably estimable, accrued liabilities are recorded at the time of sale as a cost of the transaction. Brazil Goodwill Tax Matter : The Brazilian Federal Revenue Service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by Sylvamo do Brasil Ltda. ("Sylvamo Brazil"), which was a wholly-owned subsidiary of the Company, until the October 1, 2021 spin-off of the Printing Papers business, after which it became a subsidiary of Sylvamo. Sylvamo Brazil received assessments for the tax years 2007-2015 totaling approximately $119 million (adjusted for variation in currency exchange rates) in tax, plus interest, penalties and fees. The interest, penalties and fees currently total approximately $274 million (adjusted for variation in currency exchange rates), which reflects a recent law change pursuant to which the Brazil tax authority on January 16, 2024 agreed to cancel a portion of the interest, penalties and fees. Accordingly, the assessments currently total approximately $393 million (adjusted for variation in currency exchange rates). After an initial favorable ruling challenging the basis for these assessments, Sylvamo Brazil received subsequent unfavorable decisions from the Brazilian Administrative Council of Tax Appeals. Sylvamo Brazil has appealed these decisions and intends to appeal any future unfavorable administrative judgments to the Brazilian federal courts; however, this tax litigation matter may take many years to resolve. Sylvamo Brazil and International Paper believe the transaction underlying these assessments was appropriately evaluated, and that Sylvamo Brazil's tax position would be sustained, based on Brazilian tax law. This matter pertains to a business that was conveyed to Sylvamo as of October 1, 2021, as part of our spin-off transaction. Pursuant to the terms of the tax matters agreement entered into between the Company and Sylvamo, the Company will pay 60% and Sylvamo will pay 40%, on up to $300 million of any assessment related to this matter, and the Company will pay all amounts of the assessment over $300 million. Under the terms of the agreement, decisions concerning the conduct of the litigation related to this matter, including strategy, settlement, pursuit and abandonment, will be made by the Company. Sylvamo thus has no control over any decision related to this ongoing litigation. The Company intends to vigorously defend this historic tax position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015. The Brazilian government may enact a tax amnesty program that would allow Sylvamo Brazil to resolve this dispute for less than the assessed amount. As of October 1, 2021, in connection with the recording of the distribution of assets and liabilities resulting from the spin-off transaction, the Company established a liability representing the initial fair value of the contingent liability under the tax matters agreement. The contingent liability was determined in accordance with ASC 460 "Guarantees" based on the probability weighting of various possible outcomes. The initial fair value estimate and recorded liability as of December 31, 2021 was $48 million and remains this amount at December 31, 2023. This liability will not be increased in subsequent periods unless facts and circumstances change such that an amount greater than the initial recognized liability becomes probable and estimable. ENVIRONMENTAL AND LEGAL PROCEEDINGS Environmental The Company 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 and 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 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 U.S. 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 soil remedy referenced above. The total reserve for the Cass Lake superfund site was $46 million and $47 million as of December 31, 2023 and 2022, respectively. 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 primarily as a result of discharges from various paper mills located along the Kalamazoo River, including a paper mill formerly owned by St. Regis Paper Company ("St. Regis"). The Company is a successor in interest to St. Regis. • 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 ("RD") component of the landfill remedy for the Allied Paper Mill, which is also known as Operable Unit 1. A Record of Decision ("ROD") 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 RD. In the summer 2021, the EPA initiated RA activities. In October 2022, the Company received a unilateral administrative order to perform the RA. As a result, the Company increased its reserve by $27 million in the fourth quarter of 2022. The total reserve for the Kalamazoo River superfund site was $27 million and $37 million as of December 31, 2023 and 2022, respectively. 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 Corporation 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 $136 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 (collectively, "GP") in a contribution and cost recovery action for alleged pollution at the site. NCR Corporation and Weyerhaeuser Company were 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 Federal District 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 District 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. In April 2022, the Sixth Circuit Court of Appeals reversed the Judgment of the Court, finding that the suit against the Company was time-barred by the applicable statute of limitations. In May 2022, GP filed a petition for rehearing with the Sixth Circuit Court of Appeals, which was denied in July 2022. In November 2022, GP filed a petition for writ of certiorari with the U.S. Supreme Court. In October 2023, the U.S. Supreme Court denied GP's writ petition, thus rendering final the Sixth Circuit's decision that GP's suit against the Company was time-barred. In January 2024 GP requested that the District Court’s final order declare that each party is jointly and severally liable for future costs, arguing that the Sixth Circuit decision only applies to past costs. The Company believes the Sixth Circuit decision dismisses all of GP’s claims against it, whether for past or future costs, and is opposing GP’s request. 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 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 RD. 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 RD for the northern impoundment. That RD 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, 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. We submitted the Final Design Package for the southern impoundment to the EPA, and the EPA approved this plan in May 2021. The EPA issued a Unilateral Administrative Order for RA of the southern impoundment in August 2021. An addendum to the Final 100% RD (Amended April 2021) was submitted to the EPA for the southern impoundment in June 2022. This addendum incorporated additional data collected to date which indicated that additional waste material removal will be required, lengthening the time to complete RA. With respect to the northern impoundment, the PRPs submitted the final component of the 90% RD to the EPA in November 2022. Upon submittal of the final component, an updated engineering estimate was developed, and the Company increased the reserved amount by approximately $21 million, which represents the Company's 50% share of our estimate of the low end of the range of probable remediation costs. On January 5, 2024, the PRPs received comments from the EPA on the November 2022 90% RD submittal. The PRPs responded to the EPA comments in late January 2024. While several key technical issues have been resolved, respondents still face significant challenges remediating this area in a cost-efficient manner that will not result in a release of contaminated materials to the environment during the excavation, removal and transport of the materials. 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. The total reserve for the southern and northern impoundment was $83 million and $95 million as of December 31, 2023 and 2022, respectively. Versailles Pond: The Company is a responsible party for the investigation and remediation of Versailles Pond, a 57-acre dammed river impoundment that historically received paperboard mill wastewater in Sprague, Connecticut. A comprehensive investigation has determined that Versailles Pond is contaminated with PCBs, mercury, and metals. A preliminary remediation plan was prepared in the third quarter 2023. Negotiations with state and federal governmental officials are ongoing regarding the scope and timing of the remediation. The total reserve for Versailles Pond was $30 million as of December 31, 2023. 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. The Company's total recorded liability with respect to pending and future asbestos-related claims was $97 million, net of estimated insurance recoveries and $105 million, net of insurance recoveries as of December 31, 2023 and December 31, 2022, respectively. While it is reasonably possible that the Company may incur losses in excess of its recorded liability with respect to asbestos-related matters, we are unable to estimate any loss or range of loss in excess of such liability, and do not believe additional material losses are probable. Antitrust 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. In August 2019, the ICA issued its decision and assessed IP Italy a fine of €29 million (approximately $31 million at the then-current exchange rates) which was recorded in the third quarter of 2019. We appealed the ICA decision, and our appeal was denied in May 2021. We further appealed the decision to the Italian Council of State ("Council of State"), and in March 2023 the Council of State largely upheld the ICA’s findings but referred the calculation of IP Italy’s fine back to the ICA, finding that it was disproportionately high based on the conduct found. We have further appealed the Council of State decision to uphold the ICA’s findings. The Company and other producers also have been named in lawsuits, and we have received other claims, by a number of customers in Italy for damages associated with the alleged anticompetitive conduct. We do not believe material losses arising from such private lawsuits and claims are probable. General The Company is involved in various other inquiries, administrative proceedings and litigation relating to environmental and safety matters, personal injury, product liability, labor and employment, contracts, sales of property, intellectual property, tax, and other matters, some of which allege substantial monetary damages. See Note 13 - Income Taxes for details regarding a tax matter. Assessments of lawsuits and claims can involve a series of complex judgments about future events, can rely heavily on estimates and assumptions, and are otherwise subject to significant uncertainties. As a result, there can be no certainty that the Company will not ultimately incur charges in excess of presently recorded liabilities. The Company believes that loss contingencies arising from pending matters including the matters described herein, will not have a material effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in pending or threatened legal matters, some of which are beyond the Company's control, and the large or indeterminate damages sought in some of these matters, a future adverse ruling, settlement, unfavorable development, or increase in accruals with respect to these matters could result in future charges that could be material to the Company's results of operations or cash flows in any particular reporting period. Taxes Other Than Payroll and Income 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 authority's narrow interpretation. On May 13, 2021, the Brazilian Federal Supreme Court ruled again on the case. This ruling provides a much broader definition of the state VAT, which increased the exclusion amount from the Federal VAT calculations. Therefore, we recognized an additional receivable of $70 million during the three months ended June 30, 2021, which brought the total receivable to $81 million as of June 30, 2021. The $70 million of income recognized during the second quarter of 2021 included income of $42 million and income of $28 million of net interest expense and is recorded in Discontinued Operations, net of taxes, in the accompanying consolidated statement of operations. A portion of this receivable has been consumed by offsetting various taxes payable leaving a remaining receivable of $48 million. This remaining receivable was conveyed to Sylvamo on October 1, 2021, as part of our spin-off transaction. |
Variable Interest Entities (Not
Variable Interest Entities (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities And Preferred Securities Of Subsidiaries | NOTE 15 VARIABLE INTEREST ENTITIES In connection with the acquisition of Temple-Inland in February 2012, two special purpose entities became wholly-owned subsidiaries of International Paper. The use of the two wholly-owned special purpose entities discussed below preserved the tax deferral that resulted from the 2007 Temple-Inland timberlands sales. As of December 31, 2023, this deferred tax liability was $485 million, which will be settled with the maturity of the notes in 2027. In October 2007, Temple-Inland sold 1.55 million acres of timberland for $2.4 billion. The total consideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberland, which Temple-Inland contributed to two wholly-owned, bankruptcy-remote special purpose entities. The notes are shown in Long-term financial assets of variable interest entities in the accompanying consolidated balance sheet and are supported by $2.4 billion of irrevocable letters of credit issued by three banks, which are required to maintain minimum credit ratings on their long-term debt. In December 2007, Temple-Inland's two wholly-owned special purpose entities borrowed $2.1 billion which is shown in Long-term nonrecourse financial liabilities of variable interest entities. The loans are repayable in 2027 and are secured by the $2.4 billion of notes and the irrevocable letters of credit securing the notes, and are nonrecourse to us. The loan agreements provide that if a credit rating of any of the banks issuing the letters of credit is downgraded below the specified threshold, the letters of credit issued by that bank must be replaced within 30 days with letters of credit from another qualifying financial institution. As of both December 31, 2023 and 2022, the fair value of the notes receivable was $2.3 billion. As of both December 31, 2023 and 2022, the fair value of this debt was $2.1 billion. The notes receivable and debt are classified as Level 2 within the fair value hierarchy. Activity between the Company and the 2007 financing entities was as follows: In millions 2023 2022 2021 Revenue (a) $ 146 $ 65 $ 24 Expense (b) 136 58 24 Cash receipts (c) 122 28 5 Cash payments (d) 123 40 16 (a) The revenue is included in Interest expense, net, in the accompanying consolidated statement of operations and includes approximately $19 million for the years ended December 31, 2023, 2022 and 2021, respectively, of accretion income for the amortization of the purchase accounting adjustment on the Financial assets of variable interest entities. (b) The expense is included in Interest expense, net, in the accompanying consolidated statement of operations and includes approximately $7 million for the years ended December 31, 2023, 2022 and 2021 respectively, of accretion expense for the amortization of the purchase accounting adjustment on the Long-term nonrecourse financial liabilities of variable interest 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. In connection with the 2006 sale of approximately 5.6 million acres of forestlands, International Paper received installment notes (the "Timber Notes") totaling approximately $4.8 billion. The Timber Notes were used as collateral for borrowings from third party lenders, which effectively monetized the Timber Notes through the creation of newly formed special purposes entities (the "Entities"). The monetization structure preserved the tax deferral that resulted from the 2006 forestlands sales. During 2015, International Paper initiated a series of actions to extend the 2006 monetization structure and maintain the long-term nature of the deferred tax liability. The Entities, with assets and liabilities primarily consisting of the Timber Notes and third-party bank loans (the "Extension Loans"), were restructured which resulted in the formation of wholly-owned, bankruptcy-remote special purpose entities (the "2015 Financing Entities"). In August 2021, the Timber Notes of $4.8 billion and the Extension Loans of $4.2 billion related to the 2015 Financing Entities both matured. We settled the Extension Loans at their maturity with the proceeds from the Timber Notes. This resulted in cash proceeds of approximately $630 million representing our equity in the variable interest entities. Maturity of the installment notes and termination of the monetization structure also resulted in a $72 million tax liability that was paid in the fourth quarter of 2021. On September 2, 2022, the Company and the Internal Revenue Service agreed to settle the previously disclosed timber monetization restructuring tax matter involving the 2015 Financing Entities. Under this agreement, the Company was required to fully resolve the matter and pay $252 million in U.S. federal income taxes. As a result, interest was charged upon closing of the audit. The amount of interest expense recognized in 2022 was $58 million. As of December 31, 2023, $252 million in U.S. federal income taxes and $58 million in interest expense have been paid as a result of the settlement agreement. The Company paid $163 million in U.S. federal income taxes and $30 million in interest during the first quarter of 2023 and fully satisfied the payment terms of the settlement agreement regarding the 2015 Financing Entities timber monetization restructuring tax matter during the second quarter of 2023. The reversal of the Company’s remaining deferred tax liability associated with the 2015 Financing Entities of $604 million was recognized as a one-time tax benefit in the third quarter of 2022. Activity between the Company and the 2015 Financing Entities for the year ended 2021 was as follows: In millions 2021 Revenue (a) $ 61 Expense (a) 34 Cash receipts (b) 95 Cash payments (c) 38 (a) The revenue and expense are included in Interest expense, net in the accompanying consolidated statement of operations. (b) The cash receipts are interest received on the Financial assets of variable interest entities. (c) The cash payments represent interest paid on Current nonrecourse financial liabilities of variable interest entities. |
Debt And Lines Of Credit (Note)
Debt And Lines Of Credit (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instruments [Abstract] | |
Debt And Lines Of Credit [Note Text Block] | NOTE 16 DEBT AND LINES OF CREDIT Amounts related to early debt extinguishment during the years ended December 31, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Early debt reductions (a) $ — $ 503 $ 2,472 Pre-tax early debt extinguishment costs (b) — 93 461 (a) Reductions related to notes with interest rates ranging from 3.00% to 8.70% with original maturities from 2021 to 2048 for the years ended December 31, 2022 and 2021. (b) Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations. The Company had no early debt reductions in 2023. The Company had debt reductions of $780 million in 2023, related primarily to capital leases, commercial paper, debt maturities and international debt. During the first quarter of 2023, the Company entered into a variable term loan agreement providing for a $600 million term loan which was fully drawn on the date of such loan agreement and matures in 2028. The $600 million debt was issued following the repayment of $410 million of commercial paper earlier in 2023. Additionally, during the first quarter of 2023, the Company issued an approximately $72 million environmental development bond ("EDB") with an interest rate of 4.00% and a maturity date of April 1, 2026. The proceeds from this issuance were used to repay an approximately $72 million outstanding EDB that matured on April 1, 2023. During the second quarter of 2023, the Company issued approximately $24 million of debt with a variable interest rate and a maturity date of December 1, 2027. The Company had debt reductions of approximately $49 million of variable interest EDBs with current maturities. Additionally, during the second quarter of 2023, the Company issued an approximately $54 million EDB with a variable rate and a maturity date of May 1, 2028. The proceeds of this were used to repay an approximately $54 million EDB that matured on May 1, 2023. The Company issued an approximately $25 million EDB with a variable rate and a maturity date of June 1, 2030. The proceeds of this were used to repay an approximately $25 million EDB that matured on June 1, 2023. During the third quarter of 2023, the Company repaid an approximately $70 million EDB with an interest rate of 2.90% that matured on September 1, 2023. During the fourth quarter of 2023, the Company repaid an approximately $87 million note with an interest rate of 6.875% that matured on November 1, 2023. Additionally, the Company issued approximately $11 million of debt with a variable interest rate and a maturity date of December 1, 2027. The Company had debt issuances in 2022 of $354 million of term loan agreements, $410 million of commercial paper and $248 million of environmental development bonds. The Company had debt issuances in 2021 of $1.5 billion related primarily to Sylvamo debt issuances as discussed further in Note 8 - Divestitures . The borrowing capacity of the Company's commercial paper program is $1.0 billion supported by its $1.4 billion credit agreement. Under the terms of this 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. The Company had no borrowings outstanding as of December 31, 2023 and $410 million borrowings outstanding as of December 31, 2022 under this program. At December 31, 2023, the Company's credit facilities totaled $1.9 billion. The credit facilities generally provide for interest rates at a floating rate index plus a pre-determined margin dependent upon International Paper's credit rating. The credit facilities previously included a $1.5 billion contractually committed bank facility with a maturity date of June 2026. In June 2023, the Company amended and restated its credit agreement to, among other things, (i) reduce the size of the contractually committed bank facility from $1.5 billion to $1.4 billion, (ii) extend the maturity date from June 2026 to June 2028, and (iii) replace the LIBOR-based rate with a SOFR-based rate. The liquidity facilities also include up to $500 million of uncommitted financings based on eligible receivables balances under a receivable securitization program that expires in June 2025. As of December 31, 2023 and December 31, 2022, the Company had no borrowings outstanding under the program. A summary of long-term debt follows: In millions at December 31 2023 2022 6.875% notes – due 2023 $ — $ 87 7.350% notes – due 2025 39 39 7.750% notes – due 2025 22 22 7.200% notes – due 2026 58 58 6.400% notes – due 2026 5 5 7.150% notes – due 2027 7 7 6.875% notes – due 2029 10 10 5.000% notes – due 2035 407 407 6.650% notes – due 2037 3 3 8.700% notes – due 2038 86 86 7.300% notes – due 2039 453 453 6.000% notes – due 2041 585 585 4.800% notes – due 2044 686 686 5.150% notes – due 2046 449 449 4.400% notes – due 2047 647 647 4.350% notes – due 2048 740 740 Floating rate notes – due 2023 – 2027 (a) 308 732 Environmental and industrial development bonds – due 2023 – 2028 (b) 419 489 Floating rate term loan - due 2028 600 — Total principal 5,524 5,505 Capitalized leases 55 59 Premiums, discounts, and debt issuance costs (41) (42) Terminated interest rate swaps 54 55 Other 1 2 Total (c) 5,593 5,579 Less: current maturities 138 763 Long-term debt $ 5,455 $ 4,816 (a) The weighted average interest rate on these notes was 5.4% in 2023 and 4.6% in 2022. (b) The weighted average interest rate on these bonds was 2.4% in 2023 and 2.4% in 2022. (c) The fair market value was approximately $5.5 billion at December 31, 2023 and $5.2 billion at December 31, 2022. Debt fair value measurements use Level 2 inputs. At December 31, 2023, contractual obligations for future payments of debt maturities (including finance lease liabilities disclosed in Note 10 - Leases and excluding the timber monetization structures disclosed in Note 15 - Variable Interest Entities ) by calendar year were as follows over the next five years: 2024 – $138 million; 2025 – $189 million; 2026 – $143 million; 2027 – $333 million; and 2028 – $670 million. |
Capital Stock (Note)
Capital Stock (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Class of Stock Disclosures [Abstract] | |
Capital Stock | The authorized capital stock at both December 31, 2023 and 2022, consisted of 990,850,000 shares of common stock, $1 par value; 400,000 shares of cumulative $4 preferred stock, without par value (stated value $100 per share); and 8,750,000 shares of serial preferred stock, $1 par value. The serial preferred stock is issuable in one or more series by the Board of Directors without further shareholder action. The following is a roll forward of shares of common stock for the three years ended December 31, 2023, 2022 and 2021: Common Stock In thousands Issued Treasury Balance at January 1, 2021 448,916 55,817 Issuance of stock for various plans, net — (1,855) Repurchase of stock — 16,400 Balance at December 31, 2021 448,916 70,362 Issuance of stock for various plans, net — (1,569) Repurchase of stock — 29,839 Balance at December 31, 2022 448,916 98,632 Issuance of stock for various plans, net — (1,647) Repurchase of stock — 5,894 Balance at December 31, 2023 448,916 102,879 |
Retirement Plans (Note)
Retirement Plans (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
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 certain employees. The Pension Plan provides defined pension benefits based on years of credited service and either final average earnings (salaried employees and hourly employees receiving salaried benefits), hourly job rates or specified benefit rates (hourly and union employees). The Company also has two unfunded nonqualified defined benefit pension plans: the Pension Restoration Plan that provides retirement benefits based on eligible compensation in excess of limits set by the Internal Revenue Service, and the Unfunded Supplemental Retirement Plan for Senior Managers ("SERP"), which is an alternative retirement plan for salaried employees who are senior vice presidents and above or who are designated by the chief executive officer as participants. These nonqualified plans are only funded to the extent of benefits paid, which totaled $22 million, $29 million and $21 million in 2023, 2022 and 2021, respectively, and which are expected to be $20 million in 2024. 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. 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 as described later in this Note 18 . Many non-U.S. employees are covered by various retirement benefit arrangements, some of which are considered to be defined benefit pension plans for accounting purposes. OBLIGATIONS AND FUNDED STATUS The following table shows the changes in the benefit obligation and plan assets for 2023 and 2022 and the plans’ funded status. 2023 2022 In millions U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 8,816 $ 54 $ 11,833 $ 65 Service cost 48 4 85 3 Interest cost 459 3 338 2 Actuarial loss (gain) 225 (3) (2,863) (11) Plan amendments 26 — 16 — Benefits paid (593) (3) (593) (2) Special termination benefits 1 — — — Effect of foreign currency exchange rate movements — 3 — (3) Benefit obligation, December 31 $ 8,982 $ 58 $ 8,816 $ 54 Change in plan assets: Fair value of plan assets, January 1 $ 8,845 $ 18 $ 12,075 $ 19 Actual return on plan assets 562 1 (2,666) — Company contributions 22 3 29 2 Benefits paid (593) (3) (593) (2) Effect of foreign currency exchange rate movements — 1 — (1) Fair value of plan assets, December 31 $ 8,836 $ 20 $ 8,845 $ 18 Funded status, December 31 $ (146) $ (38) $ 29 $ (36) Amounts recognized in the consolidated balance sheet: Overfunded pension plan assets $ 118 $ — $ 297 $ — Underfunded pension benefit obligation - current (20) (2) (22) (2) Underfunded pension benefit obligation - non-current (244) (36) (246) (34) $ (146) $ (38) $ 29 $ (36) Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax): Prior service cost (credit) $ 91 $ — $ 89 $ — Net actuarial loss (gain) 1,663 (10) 1,563 (7) $ 1,754 $ (10) $ 1,652 $ (7) The non-current asset for the qualified plan is included in the accompanying consolidated balance sheet under Overfunded Pension Plan Assets. The non-current portion of the liability is included with the pension liability under Underfunded Pension Benefit Obligation. The largest contributor to the actuarial loss affecting the benefit obligation was the decrease in the discount rate from 5.40% at December 31, 2022 to 5.10% at December 31, 2023. The components of the $102 million and $(3) million related to U.S. plans and non-U.S. plans, respectively, in the amounts recognized in OCI during 2023 consisted of: In millions U.S. Non- Current year actuarial (gain) loss $ 192 $ (3) Amortization of actuarial loss (93) 1 Current year prior service cost 26 — Amortization of prior service cost (23) — Effect of foreign currency exchange rate movements — (1) $ 102 $ (3) The portion of the change in the funded status that was recognized in net periodic benefit cost and OCI for the U.S. plans was $197 million, $474 million and $(1.0) billion in 2023, 2022 and 2021, respectively. The portion of the change in funded status for the non-U.S. plans was $2 million, $(6) million, and $(73) million in 2023, 2022 and 2021, respectively. The accumulated benefit obligation at December 31, 2023 and 2022 was $9.0 billion and $8.8 billion, respectively, for our U.S. defined benefit plans and $49 million and $46 million, respectively, at December 31, 2023 and 2022 for our non-U.S. defined benefit plans. The following table summarizes information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2023 and 2022: 2023 2022 In millions U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation $ 264 $ 57 $ 268 $ 54 Accumulated benefit obligation 264 49 268 45 Fair value of plan assets — 20 — 18 ASC 715, “Compensation – Retirement Benefits” provides for delayed recognition of actuarial gains and losses, including amounts arising from changes in the estimated projected plan benefit obligation due to changes in the assumed discount rate, differences between the actual and expected return on plan assets and other assumption changes. These net gains and losses are recognized prospectively over a period that approximates the average remaining service period of active employees expected to receive benefits under the plans to the extent that they are not offset by gains in subsequent years. NET PERIODIC PENSION EXPENSE Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return. Net periodic pension expense for qualified and nonqualified U.S. and non-U.S. defined benefit plans comprised the following: 2023 2022 2021 In millions U.S. Non- U.S. Non- U.S. Non- Service cost $ 48 $ 4 $ 85 $ 3 $ 100 $ 5 Interest cost 459 3 338 2 333 4 Expected return on plan assets (530) (1) (649) (1) (705) (7) Actuarial loss (gain) 93 (1) 87 1 138 2 Amortization of prior service cost 23 — 23 — 22 — Special termination benefits 1 — — — — — Net periodic pension (income) expense $ 94 $ 5 $ (116) $ 5 $ (112) $ 4 The components of net periodic pension expense other than the Service cost component are included in Non-operating pension (income) expense in the Consolidated Statement of Operations except for $(3) million related to Sylvamo participants in 2021 recorded in Discontinued Operations. The increase in 2023 pension expense primarily reflects lower asset returns, higher interest cost due to a higher discount rate, higher actuarial loss, and lower service cost. ASSUMPTIONS International Paper evaluates its actuarial assumptions annually as of December 31 (the measurement date) and considers changes in these long-term factors based upon market conditions and the requirements for employers’ accounting for pensions. These assumptions are used to calculate benefit obligations as of December 31 of the current year and pension expense to be recorded in the following year (i.e., the discount rate used to determine the benefit obligation as of December 31, 2023 is also the discount rate used to determine net pension expense for the 2024 year). Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table: 2023 2022 2021 U.S. Non- U.S. Non- U.S. Non- Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 5.10 % 5.88 % 5.40 % 5.31 % 2.90 % 2.59 % Rate of compensation increase 3.00 % 3.40 % 3.00 % 3.36 % 3.00 % 2.92 % Actuarial assumptions used to determine net periodic pension cost for years ended December 31: Discount rate (a) 5.40 % 5.31 % 2.90 % 2.59 % 2.67 % 2.32 % Expected long-term rate of return on plan assets (a) 6.50 % 3.83 % 6.00 % 3.66 % 6.40 % 4.99 % Rate of compensation increase 3.00 % 3.36 % 3.00 % 2.92 % 2.25 % 3.66 % (a) Represents the weighted average rate for the U.S. qualified plans in 2021 due to the spin-off remeasurement.. The expected long-term rate of return on plan assets is based on projected rates of return for current asset classes in the plan’s investment portfolio. Projected rates of return are developed through an asset/liability study in which projected returns for each of the plan’s asset classes are determined after analyzing historical experience and future expectations of returns and volatility of the various asset classes. Based on the target asset allocation for each asset class, the overall expected rate of return for the portfolio is developed considering the effects of active portfolio management and expenses paid from plan assets. The discount rate assumption was determined from a universe of high-quality corporate bonds. A settlement portfolio is selected and matched to the present value of the plan’s projected benefit payments. To calculate pension expense for 2024, the Company will use an expected long-term rate of return on plan assets of 7.00% for the Retirement Plan of International Paper, a discount rate of 5.10% and an assumed rate of compensation increase of 3.00%. The Company estimates that it will record net pension income of approximately $7 million for its U.S. defined benefit plans in 2024, compared to expense of $94 million in 2023. For non-U.S. pension plans, assumptions reflect economic assumptions applicable to each country. The following illustrates the effect on pension expense for 2024 of a 25 basis point decrease in the above assumptions: In millions 2024 Expense (Income): Discount rate $ 12 Expected long-term rate of return on plan assets 21 PLAN ASSETS International Paper’s Board of Directors has appointed a Fiduciary Review Committee that is responsible for fiduciary oversight of the U.S. Pension Plan, approving investment policy and reviewing the management and control of plan assets. Pension Plan assets are invested to maximize returns within prudent levels of risk. The Pension Plan maintains a strategic asset allocation policy that designates target allocations by asset class. Investments are diversified across classes and within each class to minimize the risk of large losses. Derivatives, including swaps, forward and futures contracts, may be used as asset class substitutes or for hedging or other risk management purposes. Periodic reviews are made of investment policy objectives and investment manager performance. For non-U.S. plans, assets consist principally of common stock and fixed income securities. International Paper’s U.S. pension allocations by type of fund at December 31, 2023 and 2022 and target allocations were as follows: Asset Class 2023 2022 Target Hedging assets 66 % 64 % 61% - 72% Return seeking assets (a) 34 % 36 % 28% - 39% Total 100 % 100 % (a) Return seeking assets include Real Estate (9% for both 2023 and 2022) and Private Equity (7% and 8% for 2023 and 2022, respectively). The fair values of International Paper’s pension plan assets at December 31, 2023 and 2022 by asset class are shown below. Hedge funds disclosed in the following table are allocated to hedging assets for target allocation purposes. Fair Value Measurement at December 31, 2023 Asset Class Total Quoted Significant Significant In millions Equities $ 1,336 $ 835 $ 501 $ — Fixed income 4,691 — 4,684 7 Derivatives 71 — — 71 Cash and cash equivalents 49 49 — — Other investments: Hedge funds 1,293 Private equity 644 Real estate funds 752 Total Investments $ 8,836 $ 884 $ 5,185 $ 78 Fair Value Measurement at December 31, 2022 Asset Class Total Quoted Significant Significant In millions Equities $ 1,353 $ 889 $ 464 $ — Fixed income 4,550 — 4,543 7 Derivatives 25 — — 25 Cash and cash equivalents 82 82 — — Other investments: Hedge funds 1,319 Private equity 688 Real estate funds 828 Total Investments $ 8,845 $ 971 $ 5,007 $ 32 In accordance with accounting standards, certain investments that are measured at NAV and are not classified in the fair value hierarchy. Other Investments at December 31, 2023 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period In millions Hedge funds $ 1,293 $ 103 Quarterly to semi-annually 45 - 60 days Private equity 644 81 (a) None Real estate funds 752 94 Quarterly 45 - 60 days Total $ 2,689 $ 278 (a) A private equity fund investment ("partnership interest") is contractually locked up for the life of the private equity fund by the partnership agreement. Limited partners do not have the option to redeem partnership interests. Other Investments at December 31, 2022 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period In millions Hedge funds $ 1,319 $ 120 Daily to annually 1 - 100 days Private equity 688 126 (a) None Real estate funds 828 129 Quarterly 45 - 60 days Total $ 2,835 $ 375 (a) A private equity fund investment ("partnership interest") is contractually locked up for the life of the private equity fund by the partnership agreement. Limited partners do not have the option to redeem partnership interests. Equity securities consist primarily of publicly traded U.S. companies and international companies. Publicly traded equities are valued at the closing prices reported in the active market in which the individual securities are traded. Fixed income consists of government securities, mortgage-backed securities, corporate bonds, common collective funds and other fixed income investments. Government securities are valued by third-party pricing sources. Mortgage-backed security holdings consist primarily of agency-rated holdings. The fair value estimates for mortgage securities are calculated by third-party pricing sources chosen by the custodian’s price matrix. Corporate bonds are valued using either the yields currently available on comparable securities of issuers with similar credit ratings or using a discounted cash flows approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. Common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. Derivative investments such as futures, forward contracts, options and swaps are used to help manage risks. Derivatives are generally employed as asset class substitutes (such as when employed in a portable alpha strategy), for managing asset/liability mismatches, or bona fide hedging or other appropriate risk management purposes. Derivative instruments are generally valued by the investment managers or in certain instances by third-party pricing sources. The following tables summarize derivative holdings as of December 31, 2023 and 2022, respectively: Derivatives at December 31, 2023 In millions Gross Asset Gross Liability Total Collateral $ 7 $ (7) $ — Credit Default Swap 2 — 2 Interest Rate Swap 4 — 4 Bond/Equity Swap 65 — 65 Total $ 78 $ (7) $ 71 Derivatives at December 31, 2022 In millions Gross Asset Gross Liability Total Collateral $ 9 $ — $ 9 Credit Default Swap 1 — 1 Interest Rate Swap 16 — 16 Bond/Equity Swap 3 — 3 Options 6 (10) (4) Total $ 35 $ (10) $ 25 Hedge funds are investment structures for managing private, loosely-regulated investment pools that can pursue a diverse array of investment strategies with a wide range of different securities and derivative instruments. These investments are made through funds-of-funds (commingled, multi-manager fund structures) and through direct investments in individual hedge funds. Hedge funds are primarily valued by each fund’s third-party administrator based upon the valuation of the underlying securities and instruments and primarily by applying a market or income valuation methodology as appropriate depending on the specific type of security or instrument held. Funds-of-funds are valued based upon the net asset values of the underlying investments in hedge funds. Private equity consists of interests in partnerships that invest in U.S. and non-U.S. debt and equity securities. Partnership interests are valued using the most recent general partner statement of fair value, updated for any subsequent partnership interest cash flows. Real estate funds include commercial properties, land and timberland, and generally include, but are not limited to, retail, office, industrial, multifamily and hotel properties. Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments which include inputs such as cost, discounted cash flows, independent appraisals and market based comparable data. The following is a reconciliation of the assets that are classified using significant unobservable inputs (Level 3) at December 31, 2023: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) In millions Other Derivatives Total Beginning balance at December 31, 2021 $ 16 $ (21) $ (5) Actual return on plan assets: Relating to assets still held at the reporting date (9) 38 29 Relating to assets sold during the period 10 (189) (179) Purchases, sales and settlements (10) 197 187 Transfers in and/or out of Level 3 — — — Ending balance at December 31, 2022 $ 7 $ 25 $ 32 Actual return on plan assets: Relating to assets still held at the reporting date — 57 57 Relating to assets sold during the period — 48 48 Purchases, sales and settlements — (59) (59) Transfers in and/or out of Level 3 — — — Ending balance at December 31, 2023 $ 7 $ 71 $ 78 FUNDING AND CASH FLOWS The Company’s funding policy for the Pension Plan is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that the Company may determine to be appropriate considering the funded status of the plans, tax deductibility, cash flow generated by the Company, and other factors. The Company continually reassesses the amount and timing of any discretionary contributions. No voluntary contributions were made in 2021, 2022 or 2023. Generally, International Paper’s non-U.S. pension plans are funded using the projected benefit as a target, except in certain countries where funding of benefit plans is not required. At December 31, 2023, projected future pension benefit payments, excluding any termination benefits, were as follows: In millions 2024 $ 620 2025 632 2026 639 2027 639 2028 639 2029-2033 3,175 OTHER U.S. PLANS International Paper sponsors the International Paper Company Salaried Savings Plan and the International Paper Company Hourly Savings Plan, both of which are tax-qualified defined contribution 401(k) savings plans. Substantially all U.S. salaried and certain hourly employees are eligible to participate and may make elective deferrals to such plans to save for retirement. International Paper makes matching contributions to participant accounts on a specified percentage of employee deferrals as determined by the provisions of each plan. The Company makes Retirement Savings Account contributions equal to a percentage of an eligible employee’s pay. Beginning in 2019, as a result of the freeze for salaried employees under the Pension Plan, all salaried employees are eligible for the contribution to the Retirement Savings Account. |
Postretirement Benefits (Note)
Postretirement Benefits (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Defined Benefit Plan | U.S. POSTRETIREMENT BENEFITS International Paper provides certain retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees. These employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. International Paper does not fund these benefits prior to payment and has the right to modify or terminate certain of these plans in the future. In addition to the U.S. plan, certain Moroccan employees are eligible for retiree health care and life insurance benefits. The components of postretirement benefit expense in 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 U.S. Non- U.S. Non- U.S. Non- Service cost $ — $ — $ — $ — $ — $ — Interest cost 7 — 5 — 5 1 Actuarial loss — — 3 — 5 1 Amortization of prior service credits — — — — — (2) Net postretirement expense $ 7 $ — $ 8 $ — $ 10 $ — International Paper evaluates its actuarial assumptions annually as of December 31 (the measurement date) and considers changes in these long-term factors based upon market conditions and the requirements of employers’ accounting for postretirement benefits other than pensions. The discount rate assumption was determined based on a hypothetical settlement portfolio selected from a universe of high-quality corporate bonds. The discount rates used to determine net U.S. and non-U.S. postretirement benefit cost for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 U.S. Non- U.S. Non- U.S. Non- Discount rate 5.50 % 5.70 % 2.90 % 5.20 % 2.50 % 6.91 % The weighted average assumptions used to determine the benefit obligation at December 31, 2023 and 2022 were as follows: 2023 2022 U.S. Non- U.S. Non- Discount rate 5.20 % 6.10 % 5.50 % 5.70 % Health care cost trend rate assumed for next year 7.00 % 4.00 % 7.25 % 4.00 % Rate that the cost trend rate gradually declines to 5.00 % 4.00 % 5.00 % 4.00 % Year that the rate reaches the rate it is assumed to remain 2032 2023 2032 2023 The plans are only funded in an amount equal to benefits paid. The following table presents the changes in benefit obligation and plan assets for 2023 and 2022: In millions 2023 2022 U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 125 $ 4 $ 172 $ 5 Service cost — — — — Interest cost 7 — 5 — Participants’ contributions 2 — 3 — Actuarial (gain) loss 8 — (33) — Benefits paid (24) — (23) — Less: Federal subsidy — — 1 — Currency Impact — — — (1) Benefit obligation, December 31 $ 118 $ 4 $ 125 $ 4 Change in plan assets: Fair value of plan assets, January 1 $ — $ — $ — $ — Company contributions 22 — 20 — Participants’ contributions 2 — 3 — Benefits paid (24) — (23) — Fair value of plan assets, December 31 $ — $ — $ — $ — Funded status, December 31 $ (118) $ (4) $ (125) $ (4) Amounts recognized in the consolidated balance sheet under ASC 715: Current liability $ (13) $ — $ (15) $ — Non-current liability (105) (4) (110) (4) $ (118) $ (4) $ (125) $ (4) Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax): Net actuarial loss (gain) $ 2 $ (1) $ (6) $ (1) Prior service credit — — — — $ 2 $ (1) $ (6) $ (1) The non-current portion of the liability is included with the postemployment liability in the accompanying consolidated balance sheet under Postretirement and postemployment benefit obligation. The components of the $8 million and $0 million change in the amounts recognized in other comprehensive income ("OCI") during 2023 for U.S. and non-U.S. plans, respectively, consisted of: In millions U.S. Non- Current year actuarial (gain) loss $ 8 $ — Amortization of actuarial (loss) gain — — $ 8 $ — The portion of the change in the funded status that was recognized in net periodic benefit cost and OCI for the U.S. plans was $(2) million, $44 million and $27 million in 2023, 2022 and 2021, respectively. The portion of the change in funded status for the non-U.S. plans was $0 million, $0 million, and $1 million in 2023, 2022 and 2021, respectively. At December 31, 2023, estimated total future postretirement benefit payments, net of participant contributions and estimated future Medicare Part D subsidy receipts, were as follows: In millions Benefit Subsidy Receipts Benefit U.S. U.S. Non- 2024 $ 14 $ 1 $ — 2025 13 1 — 2026 12 1 — 2027 11 1 — 2028 11 1 — 2029– 2033 45 2 1 |
Incentive Plans (Note)
Incentive Plans (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |
Share-based Payment Arrangement | International Paper currently operates under its Amended and Restated 2009 Incentive Compensation Plan ("ICP"). The ICP authorizes grants of restricted stock, restricted or deferred stock units ("RSUs"), performance awards payable in cash or stock upon the attainment of specified performance goals ("PSUs"), dividend equivalents, stock options, stock appreciation rights, other stock-based awards, and cash-based awards at the discretion of the Management Development and Compensation Committee of the Board of Directors (the "MDCC"). The MDCC administers the ICP. Additionally, restricted stock, which may be deferred into RSUs, may be awarded under a Restricted Stock and Deferred Compensation Plan for Non-Employee Directors. LONG-TERM INCENTIVE PLAN Effective January 1, 2023, the MDCC renamed the Performance Share Plan ("PSP") to the Long-Term Incentive Plan ("LTIP") and began incorporating RSUs into its annual grant process as a complement to PSUs to better align with market and aid in our recruitment and retention efforts. Under the LTIP, contingent awards of International Paper common stock are granted by the MDCC. The maximum aggregate number of shares of the Company’s common stock that may be issued pursuant to awards under the ICP shall not exceed 15.4 million shares. Shares for which payment is in cash, including the shares withheld to cover associate payroll taxes, as well as shares that expire, terminate, or are canceled or forfeited, may be awarded,or granted again under the ICP. Performance Share Units PSU awards are earned over a three-year period based on the achievement of pre-established performance goals of Return on Invested Capital ("ROIC") measured against our internal benchmark and our relative performance in Total Shareholder Return ("TSR") compared to the TSR peer group. The 2021-2023, 2022-2024 and 2023-2025 Awards are weighted 50% ROIC and 50% TSR for all participants. The ROIC component of the PSU awards is valued at the 20-trading day average closing price immediately prior to the grant date. As the ROIC component contains a performance condition, compensation expense, net of estimated forfeitures, is recorded over the requisite service period based on the most probable number of awards expected to vest. The TSR component of the PSU awards is valued using the same methodology as the RSUs but then adjusted using a factor derived from a Monte Carlo simulation as the TSR component contains a market condition. The Monte Carlo simulation estimates the fair value of the TSR component based on the expected term of the award, a risk-free rate, expected dividends, and the expected volatility for the Company and its competitors. The expected term is estimated based on the vesting period of the awards, the risk-free rate is based on the yield on U.S. Treasury securities matching the vesting period, and the volatility is based on the Company’s historical volatility over the expected term. PSUs are payable in cash or shares at the Company's discretion. Restricted Stock Units Time-based RSU awards granted under the LTIP are expected to vest in three equal installments commencing on February 1st following the first anniversary of the grant date over a 3-year service period, subject to forfeiture and transfer restrictions. RSUs are payable in cash or shares at the Company’s discretion. Generally, the requisite service period is the vesting period. In the case of retirement (eligibility for which is based on the associate's age and years of service as provided in the relevant award agreement), awards vest pro-rata based on length of service during the award period, subject to continued employment and paid upon termination. Dividend equivalents are generally accrued on PSUs and RSUs outstanding as of the record date. These dividend equivalents are paid only on PSUs and RSUs that ultimately vest. The following table sets forth the assumptions used to determine compensation cost for the market condition component of the LTIP plan: Twelve Months Ended December 31, 2023 Expected volatility 35.97% - 37.11% Risk-free interest rate 0.17% - 4.18% The following summarizes LTIP activity for the three years ended December 31, 2023: Share/Units Weighted Outstanding at December 31, 2020 5,620,025 $40.36 Granted 2,316,295 45.24 Shares issued (994,052) 63.54 Forfeited (1,016,126) 57.55 Outstanding at December 31, 2021 5,926,142 35.43 Granted 1,899,211 50.32 Shares issued (1,130,236) 40.23 Forfeited (1,382,637) 42.03 Outstanding at December 31, 2022 5,312,480 38.01 Granted - LTIP PSU 1,619,481 37.78 Granted - LTIP RSU 1,411,042 34.63 Shares issued - LTIP PSU (972,563) 40.44 Shares issued - LTIP RSU (15,161) 34.63 Forfeited (1,234,328) 45.38 Outstanding at December 31, 2023 6,120,951 $35.31 RECOGNITION AWARD PROGRAM The Recognition Award Program ("RA Program") is service-based and designed for recruitment, retention and special recognition purposes. It provides for awards of RSUs to key employees. The following summarizes the activity of the RA Program for the three years ended December 31, 2023: Shares Weighted Outstanding at December 31, 2020 126,075 $44.83 Granted 85,098 50.90 Shares issued (85,768) 45.59 Forfeited (21,636) 45.52 Outstanding at December 31, 2021 103,769 49.03 Granted 132,200 43.38 Shares issued (104,177) 44.53 Forfeited (5,400) 47.78 Outstanding at December 31, 2022 126,392 46.88 Granted 123,454 35.51 Shares issued (81,629) 45.40 Forfeited (11,643) 39.77 Outstanding at December 31, 2023 156,574 $39.22 At December 31, 2023, 2022 and 2021 a total of 5.5 million, 7.3 million and 7.7 million shares, respectively, were available for grant under the ICP. Stock-based compensation expense and related income tax benefits were as follows: In millions 2023 2022 2021 Total stock-based compensation expense (included in selling and administrative expense) $ 58 $ 124 $ 130 Income tax benefits related to stock-based compensation 12 13 13 At December 31, 2023, $58 million of compensation cost, net of estimated forfeitures, related to unvested restricted performance shares, executive continuity awards and restricted stock attributable to future performance had not yet been recognized. This amount will be recognized in expense over a weighted-average period of 1.4 years. |
Financial Information By Busine
Financial Information By Business Segment And Geographic Area (Note) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Financial Information By Business Segment And Geographic Area | International Paper’s business segments, Industrial Packaging and Global Cellulose Fibers are consistent with the internal structure used to manage these businesses. See the Description of Business Segments on pages 35 and 36 in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for a description of the types of products and services from which each reportable segment derives its revenues. On October 1, 2021, the Company completed the previously announced spin-off of its Printing Papers business into a new, publicly-traded company, Sylvamo, listed on the New York Stock Exchange as SLVM. Additionally, on August 6, 2021, the Company completed the sale of its Kwidzyn, Poland mill which included the pulp and paper mill in Kwidzyn and supporting functions. As a result of the Sylvamo spin-off and the sale of Kwidzyn, the Company no longer has a Printing Papers segment, and all prior year amounts have been adjusted to reflect the Sylvamo and Kwidzyn businesses as a discontinued operation. Both segments are differentiated on a common product, common customer basis consistent with the business segmentation generally used in the Forest Products industry. Business segment operating profits are used by International Paper’s management to measure the earnings performance of its businesses. Management believes that this measure allows a better understanding of trends in costs, operating efficiencies, prices and volumes. Business segment operating profits are defined as earnings (loss) from continuing operations before income taxes and equity earnings, but including the impact of less than wholly owned subsidiaries, excluding interest expense, net, corporate items, net, corporate net special items, business net special items and non-operating pension expense. External sales by major product is determined by aggregating sales from each segment based on similar products or services. External sales are defined as those that are made to parties outside International Paper’s consolidated group, whereas sales by segment in the Net Sales table are determined using a management approach and include intersegment sales. INFORMATION BY BUSINESS SEGMENT Net Sales In millions 2023 2022 2021 Industrial Packaging $ 15,596 $ 17,451 $ 16,326 Global Cellulose Fibers 2,890 3,227 2,732 Corporate and Intersegment Sales (a) 430 483 305 Net Sales $ 18,916 $ 21,161 $ 19,363 Operating Profit (Loss) In millions 2023 2022 2021 Industrial Packaging $ 1,266 $ 1,742 $ 1,638 Global Cellulose Fibers (17) 106 (3) Business Segment Operating Profit 1,249 1,848 1,635 Earnings (loss) from continuing operations before income taxes and equity earnings 382 1,511 999 Interest expense, net 231 325 337 Adjustment for less than wholly owned subsidiaries (b) (2) (5) (5) Corporate expenses, net (a) 27 34 134 Corporate net special items 28 99 352 Business net special items 529 76 18 Non-operating pension (income) expense 54 (192) (200) $ 1,249 $ 1,848 $ 1,635 Assets In millions 2023 2022 Industrial Packaging $ 16,060 $ 16,425 Global Cellulose Fibers 3,369 3,625 Corporate and other 3,832 3,890 Assets $ 23,261 $ 23,940 Capital Spending In millions 2023 2022 2021 Industrial Packaging $ 928 $ 762 $ 382 Global Cellulose Fibers 177 143 83 Subtotal 1,105 905 465 Corporate and other 36 26 15 Capital Spending $ 1,141 $ 931 $ 480 Depreciation, Amortization and Cost of Timber Harvested In millions 2023 2022 2021 Industrial Packaging $ 1,144 $ 783 $ 829 Global Cellulose Fibers 286 255 265 Corporate 2 2 3 Depreciation and Amortization $ 1,432 $ 1,040 $ 1,097 External Sales By Major Product In millions 2023 2022 2021 Industrial Packaging $ 15,596 $ 17,441 $ 16,276 Global Cellulose Fibers 2,883 3,219 2,730 Other (c) 437 501 357 Net Sales $ 18,916 $ 21,161 $ 19,363 INFORMATION BY GEOGRAPHIC AREA Net Sales (d) In millions 2023 2022 2021 United States (e) $ 16,340 $ 18,482 $ 16,769 EMEA 1,494 1,693 1,611 Pacific Rim and Asia 261 123 207 Americas, other than U.S. 821 863 776 Net Sales $ 18,916 $ 21,161 $ 19,363 Long-Lived Assets (f) In millions 2023 2022 United States $ 9,021 $ 9,333 EMEA 757 738 Americas, other than U.S. 390 378 Long-Lived Assets $ 10,168 $ 10,449 (a) Includes sales of $44 million in 2021 and operating profit (losses) of $9 million in 2021, from previously divested businesses. There were no sales or operating profit (losses) from previously divested businesses in 2022 and 2023. (b) Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly-owned. The pre-tax earnings for these subsidiaries is added here to present consolidated earnings from continuing operations before income taxes and equity earnings. (c) Includes $44 million in 2021 from previously divested businesses. (d) Net sales are attributed to countries based on the location of the seller. (e) Export sales to unaffiliated customers were $2.7 billion in 2023, $3.2 billion in 2022 and $2.6 billion in 2021. (f) |
(Accounting Policies)
(Accounting Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature Of Business | NATURE OF BUSINESS International Paper (the "Company") is a global producer of renewable fiber-based packaging and pulp products with primary markets and manufacturing operations in North America and Europe and additional markets and manufacturing operations in Latin America, North Africa and Asia. Substantially all of our businesses have experienced, and are likely to continue to experience, cycles relating to available industry capacity and general economic conditions. |
Basis of Accounting, Policy | FINANCIAL STATEMENTS These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States that require the use of management’s estimates. Actual results could differ from management’s estimates. Certain amounts from prior year have been reclassified to conform with the current year financial statement presentation. Printing Papers Spin-off On October 1, 2021, the Company completed the previously announced spin-off of its Printing Papers segment along with certain mixed-use coated paperboard and pulp businesses in North America, France and Russia into a standalone, publicly-traded company, Sylvamo Corporation ("Sylvamo"). The transaction was implemented through the distribution of shares of the standalone company to International Paper's shareholders (the "Distribution"). As a result of the Distribution, Sylvamo is an independent public company that trades on the New York Stock Exchange under the symbol "SLVM". In addition to the spin-off of Sylvamo, the Company completed the sale of its Kwidzyn, Poland mill on August 6, 2021. All historical operating results of the Sylvamo businesses and Kwidzyn mill have been presented as Discontinued Operations, net of tax, in the consolidated statement of operations. See Note 8 for further details regarding the Sylvamo spin-off and discontinued operations. |
Discontinued Operations | DISCONTINUED OPERATIONS A discontinued operation may include a component or a group of components of the Company's operations. A disposal of a component or a group of components is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results when the following occurs: (1) a component (or group of components) meets the criteria to be classified as held for sale; (2) the component or group of components is disposed of by sale; or (3) the component or group of components is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spin-off). |
Consolidation | CONSOLIDATION The consolidated financial statements include the accounts of International Paper and subsidiaries for which we have a controlling financial interest, including variable interest entities for which we are the primary beneficiary. All significant intercompany balances and transactions are eliminated. |
Equity Method Investments | EQUITY METHOD INVESTMENTS The equity method of accounting is applied for investments when the Company has significant influence over the investee’s operations, or when the investee is structured with separate capital accounts. Our material equity method investments are described in Note 11 |
Asset Impairment Charges | OTHER-THAN-TEMPORARY IMPAIRMENT T he Company evaluates our equity method investments for other-than-temporary impairment ("OTTI") when circumstances indicate the investment may be impaired. When a decline in fair value is deemed to be an OTTI, an impairment is recognized to the extent that the fair value is less than the carrying value of the investment. We consider various factors in determining whether a loss in value of an investment is other than temporary including: the length of time and the extent to which the fair value has been below cost, the financial condition of the investee, and our intent and ability to retain the investment for a period of time sufficient to allow for recovery of value. Management makes certain judgments and estimates in its assessment including but not limited to: identifying if circumstances indicate a decline in value is other than temporary, expectations about operations, as well as industry, financial, regulatory and market factors. |
Business Combinations | BUSINESS COMBINATIONS The Company allocates the total consideration of the assets acquired and liabilities assumed based on their estimated fair value as of the business combination date. In developing estimates of fair values for long-lived assets, including identifiable intangible assets, the Company utilizes a variety of inputs including forecasted cash flows, anticipated growth rates, discount rates, estimated replacement costs and depreciation and obsolescence factors. Determining the fair value for specifically identified intangible assets such as customer lists and developed technology involves judgment. We may refine our estimates and make adjustments to the assets acquired and liabilities assumed over a measurement period, not to exceed one year. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are charged to the consolidated statement of operations. Subsequent actual results of the underlying business activity supporting the specifically identified intangible assets could change, requiring us to record impairment charges or adjust their economic lives in future periods. See Note 7 for further details. |
Restructuring Liabilities and Costs | RESTRUCTURING LIABILITIES AND COSTS For operations to be closed or restructured, a liability and related expense is recorded in the period when operations cease. For termination costs associated with employees covered by a written or substantive plan, a liability is recorded when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. For termination costs associated with employees not covered by a written and broadly communicated policy covering involuntary termination benefits (severance plan), a liability is recorded for costs to terminate employees (one-time termination benefits) when the termination plan has been approved and committed to by management, the employees to be terminated have been identified, the termination plan benefit terms are communicated, the employees identified in the plan have been notified and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The timing and amount of an accrual is dependent upon the type of benefits granted, the timing of communication and other provisions that may be provided in the benefit plan. The accounting for each termination is evaluated individually. See Note 6 for further details. |
Revenue Recognition | REVENUE RECOGNITION Generally, the Company recognizes revenue on a point-in-time basis when the Company transfers control of the goods to the customer. 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. The Company’s revenue is primarily derived from fixed consideration; however, we do have contract terms that give rise to variable consideration, primarily volume rebates, early payment discounts and other customer refunds. The Company estimates its volume rebates at the individual customer level based on the most likely amount method outlined in ASC 606 "Revenue from Contracts with Customers". The Company estimates early payment discounts and other customer refunds based on the historical experience across the Company's portfolio of customers to record reductions in revenue that is consistent with the expected value method outlined in ASC 606. Management has concluded that these methods result in the best estimate of the consideration the Company will be entitled to from its customers. The Company has elected to present all sales taxes on a net basis, account for shipping and handling activities as fulfillment activities, recognize the incremental costs of obtaining a contract as expense when incurred if the amortization period of the asset the Company would recognize is one year or less, and not record interest income or interest expense when the difference in timing of control or transfer and customer payment is one year or less. See Note 3 for further details. |
Temporary Investments, Policy | 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 notice are treated as cash equivalents and are stated at cost, which approximates market value. See Note 9 for further details. |
Inventories | INVENTORIES Inventories are valued at the lower of cost or market value and include all costs directly associated with manufacturing products: materials, labor and manufacturing overhead. In the United States, costs of raw materials and finished pulp and paper products, are generally determined using the last-in, first-out method. Other inventories are valued using the first-in, first-out or average cost methods. See Note 9 for further details. |
Leased Assets | LEASED ASSETS Operating lease right of use ("ROU") assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company's leases may include options to extend or terminate the lease. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the ROU assets and liabilities. Variable payments for real estate leases primarily relate to common area maintenance, insurance, taxes and utilities. Variable payments for equipment, vehicles, and leases within supply agreements primarily relate to usage, repairs and maintenance. As the implicit rate is not readily determinable for most of the Company's leases, the Company applies a portfolio approach using an estimated incremental borrowing rate to determine the initial present value of lease payments over the lease terms on a collateralized basis over a similar term, which is based on market and company specific information. We use the unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate, and apply the rate based on the currency of the lease, which is updated on a quarterly basis for measurement of new lease liabilities. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, the Company has applied the practical expedient to account for the lease and non-lease components as a single lease component for all of the Company's leases except for certain gas and chemical agreements. See Note 10 for further details. |
Plants, Properties And Equipment | PLANTS, PROPERTIES AND EQUIPMENT Plants, properties and equipment are stated at cost, less accumulated depreciation. Expenditures for betterments are capitalized, whereas normal repairs and maintenance are expensed as incurred. The units-of-production method of depreciation is used for pulp and paper mills, and the straight-line method is used for other plants and equipment. If a decision is made to abandon plants, properties or equipment before the end of its useful life, depreciation expense is revised to reflect the shortened useful life. See Note 9 for further details. |
Goodwill | GOODWILL Annual evaluation for possible goodwill impairment is performed as of the beginning of the fourth quarter of each year, with additional interim evaluation performed when management believes that it is more likely than not, that events or circumstances have occurred that would result in the impairment of a reporting unit’s goodwill. |
Impairment Of Long-Lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable. A recoverability test is performed by comparing the undiscounted cash flows to carrying value of the assets. The inputs related to the undiscounted cash flows requires judgments as to whether assets are held and used or held for sale, the weighting of operational alternatives being considered by management and estimates of the amount and timing of expected future cash flows from the use of the long-lived assets generated by their use. If the carrying amount is less than the undiscounted cash flows, the fair value of the assets is compared to the carrying value to determine if they are impaired. We estimate fair value using discounted cash flows and other valuation techniques as needed. |
Income Taxes | INCOME TAXES International Paper uses the asset and liability method of accounting for income taxes whereby deferred income taxes are recorded for the future tax consequences attributable to differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are remeasured to reflect new tax rates in the periods rate changes are enacted. International Paper records its global tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where the Company believes that a tax position is supportable for income tax purposes, the item is included in its income tax returns. Where treatment of a position is uncertain, liabilities are recorded based upon the Company’s evaluation of the “more likely than not” outcome considering technical merits of the position based on specific tax regulations and facts of each matter. Changes to recorded liabilities are only made when an identifiable event occurs that changes the likely outcome, such as settlement with the relevant tax authority, the expiration of statutes of limitation for the subject tax year, change in tax laws, or recent court cases that are relevant to the matter. Accrued interest related to these uncertain tax positions is recorded in our consolidated statement of operations in Interest expense, net. The judgments and estimates made by the Company are based on management’s evaluation of the technical merits of a matter, assisted as necessary by consultation with outside consultants, historical experience and other assumptions that management believes are appropriate and reasonable under current circumstances. Actual resolution of these matters may differ from recorded estimated amounts, resulting in adjustments that could materially affect future financial statements. See Note 13 for further details. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Significant judgment is required in assessing the need for and magnitude of appropriate valuation allowances against deferred tax assets. This assessment is completed by tax jurisdiction and relies on both positive and negative evidence available, with significant weight placed on recent financial results. Cumulative reported pre-tax income is considered objectively verifiable positive evidence of our ability to generate positive pre-tax income in the future. In accordance with GAAP, when there is a recent history of pre-tax losses, there is little or no weight placed on forecasts for purposes of assessing the recoverability of our deferred tax assets. When necessary, we use systematic and logical methods to estimate when deferred tax liabilities will reverse and generate taxable income and when deferred tax assets will reverse and generate tax deductions. Assumptions, judgment, and the use of estimates are required when scheduling the reversal of deferred tax assets and liabilities, and the exercise is inherently complex and subjective. The realization of these assets is dependent on generating future taxable income, as well as successful implementation of various tax planning strategies. International Paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis. |
Environmental Remediation Costs | ENVIRONMENTAL REMEDIATION COSTS Costs associated with environmental remediation obligations are accrued when such costs are probable and reasonably estimable. Such accruals are adjusted as further information develops or circumstances change. See Note 14 for further details. |
Translation Of Financial Statements | TRANSLATION OF FINANCIAL STATEMENTS Balance sheets of international operations are translated into U.S. dollars at year-end exchange rates, while statements of operations are translated at average rates. Adjustments resulting from financial statement translations are included as cumulative translation adjustments in Accumulated other comprehensive income (loss). |
Fair Value Measurement, Policy | FAIR VALUE MEASUREMENTS The guidance for fair value measurements and disclosures sets out a fair value hierarchy that groups fair value measurement inputs into the following three classifications: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability reflecting the reporting entity’s own assumptions or external inputs from inactive markets. Transfers between levels are recognized at the end of the reporting period. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | 2023 Reportable Segments Industrial Packaging Global Cellulose Fibers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 13,340 $ 2,570 $ 430 $ 16,340 EMEA 1,398 96 — 1,494 Pacific Rim and Asia 37 224 — 261 Americas, other than U.S. 821 — — 821 Total $ 15,596 $ 2,890 $ 430 $ 18,916 Operating Segments North American Industrial Packaging $ 14,293 $ — $ — $ 14,293 EMEA Industrial Packaging 1,398 — — 1,398 Global Cellulose Fibers — 2,890 — 2,890 Intrasegment Eliminations (95) — — (95) Corporate & Intersegment Sales — — 430 430 Total $ 15,596 $ 2,890 $ 430 $ 18,916 (a) Net sales are attributed to countries based on the location of the reportable segment making the sale. 2022 Reportable Segments Industrial Packaging Global Cellulose Fibers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 14,970 $ 3,032 $ 480 $ 18,482 EMEA 1,572 121 — 1,693 Pacific Rim and Asia 46 74 3 123 Americas, other than U.S. 863 — — 863 Total $ 17,451 $ 3,227 $ 483 $ 21,161 Operating Segments North American Industrial Packaging $ 16,011 $ — $ — $ 16,011 EMEA Industrial Packaging 1,572 — — 1,572 Global Cellulose Fibers — 3,227 — 3,227 Intrasegment Eliminations (132) — — (132) Corporate & Intersegment Sales — — 483 483 Total $ 17,451 $ 3,227 $ 483 $ 21,161 (a) Net sales are attributed to countries based on the location of the reportable segment making the sale. 2021 Reportable Segments Industrial Packaging Global Cellulose Fibers Corporate & Intersegment Total Primary Geographical Markets (a) United States $ 14,006 $ 2,510 $ 253 $ 16,769 EMEA 1,506 109 (4) 1,611 Pacific Rim and Asia 59 113 35 207 Americas, other than U.S. 755 — 21 776 Total $ 16,326 $ 2,732 $ 305 $ 19,363 Operating Segments North American Industrial Packaging $ 14,944 $ — $ — $ 14,944 EMEA Industrial Packaging 1,508 — — 1,508 Global Cellulose Fibers — 2,732 — 2,732 Intrasegment Eliminations (126) — — (126) Corporate & Intersegment Sales — — 305 305 Total $ 16,326 $ 2,732 $ 305 $ 19,363 (a) Net sales are attributed to countries based on the location of the reportable segment making the sale. |
Earnings Per Share Attributab_2
Earnings Per Share Attributable To International Paper Company Common Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 from continuing operations, and diluted earnings (loss) per share from continuing operations is as follows: In millions, except per share amounts 2023 2022 2021 Earnings (loss) from continuing operations attributable to International Paper common shareholders $ 302 $ 1,741 $ 811 Weighted average common shares outstanding 346.9 363.5 389.4 Effect of dilutive securities: Restricted performance share plan 2.2 3.5 3.0 Weighted average common shares outstanding – assuming dilution 349.1 367.0 392.4 Basic earnings (loss) per share from continuing operations $ 0.87 $ 4.79 $ 2.08 Diluted earnings (loss) per share from continuing operations $ 0.86 $ 4.74 $ 2.07 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in Accumulated Other Comprehensive Loss ("AOCI"), net of tax, reported in the consolidated financial statements for the years ended December 31: In millions 2023 2022 2021 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (1,195) $ (962) $ (1,880) Other comprehensive income (loss) before reclassifications (167) (319) 713 Reclassification related to Sylvamo Corporation spin-off — — 80 Amounts reclassified from accumulated other comprehensive loss 86 86 125 Balance at end of period (1,276) (1,195) (962) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (722) (694) (2,457) Other comprehensive income (loss) before reclassifications (76) (38) (115) Reclassification related to Sylvamo Corporation spin-off — — 1,692 Amounts reclassified from accumulated other comprehensive loss 517 10 184 Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest — — 2 Balance at end of period (281) (722) (694) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period (8) (10) (5) Other comprehensive income (loss) before reclassifications — — 3 Reclassification related to Sylvamo Corporation spin-off — — 1 Amounts reclassified from accumulated other comprehensive loss — 2 (9) Balance at end of period (8) (8) (10) Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (1,565) $ (1,925) $ (1,666) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications out of AOCI for the three years ended December 31 were as follows: Amount Reclassified from Accumulated Other Comprehensive Loss Location of Amount Reclassified from AOCI 2023 2022 2021 In millions Defined benefit pension and postretirement items: Prior-service costs $ (23) $ (23) $ (20) (a) Non-operating pension expense Actuarial gains/(losses) (92) (91) (146) (a) Non-operating pension expense Total pre-tax amount (115) (114) (166) Tax (expense)/benefit 29 28 41 Net of tax (86) (86) (125) Reclassification related to Sylvamo Corporation spin-off — — (80) Paid-in Capital Total, net of tax (86) (86) (205) Change in cumulative foreign currency translation adjustments: Business divestiture (517) (10) (184) (b) Net (gains) losses on sales of equity method investments, Discontinued Operations, net of taxes and Net (gains) losses on sales and impairment of businesses Tax (expense)/benefit — — — Net of tax (517) (10) (184) Reclassification related to Sylvamo Corporation spin-off — — (1,692) Paid-in Capital Total, net of tax (517) (10) (1,876) Net gains and losses on cash flow hedging derivatives: Cash flow hedges — (3) 11 Cost of products sold, Discontinued operations, net of taxes, and Interest expense, net Total pre-tax amount — (3) 11 Tax (expense)/benefit — 1 (2) Net of tax — (2) 9 Reclassification related to Sylvamo Corporation spin-off — — (1) Paid-in Capital Total, net of tax — (2) 8 Total reclassifications for the period, net of tax $ (603) $ (98) $ (2,073) (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 18 - Retirement Plans for additional details). (b) See Note 11 - Equity Method Investments for additional details for 2023 amounts. |
Restructuring Charges and Oth_2
Restructuring Charges and Other Items (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | 2023: During 2023, restructuring and other charges, net, totaling $99 million before taxes were recorded. The charges included: In millions 2023 Orange, Texas mill closure costs (a) $ 81 Pensacola mill and Riegelwood mill pulp machine shutdowns (b) 37 Building a Better IP (c) (19) Total $ 99 (a) Includes $25 million of severance charges, $30 million of inventory impairment charges and $26 million of other costs associated with the closure of our containerboard mill in Orange, Texas. The majority of the severance charges will be paid in 2024. (b) Includes $21 million of severance charges, $12 million of inventory impairment charges and $4 million of other costs associated with the permanent shutdown of pulp machines at our Riegelwood, North Carolina and Pensacola, Florida mills. The majority of the severance charges will be paid in 2024. (c) Revision of severance estimates related to our Building a Better IP initiative. 2022: During 2022, restructuring and other charges, net, totaling $89 million before taxes were recorded. The charges included: In millions 2022 Early debt extinguishment costs (see Note 16) $ 93 Other restructuring items (4) Total $ 89 2021: During 2021, restructuring and other charges, net, totaling $509 million before taxes were recorded. These charges included: In millions 2021 Early debt extinguishment costs (see Note 16) $ 461 Building a Better IP (a) 29 EMEA packaging restructuring (b) 12 Other restructuring items 7 Total $ 509 (a) Severance related to our Building a Better IP initiative which is focused on value creation through streamlined operations and process optimization. All severance has been paid as of December 31, 2023. (b) Severance related to the optimization of our EMEA Packaging business. All severance has been paid as of December 31, 2023. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the final 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 50 Goodwill 23 Intangible assets 13 Total assets acquired 104 Short-term debt 2 Accounts payable and accrued liabilities 4 Other current liabilities 2 Long-term debt 1 Deferred income taxes 12 Total liabilities assumed 21 Net assets acquired $ 83 |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations - Income Statement | The following summarizes the major classes of line items comprising Earnings (Loss) Before Income Taxes and Equity Earnings reconciled to Discontinued Operations, net of tax, related to the Sylvamo businesses and Kwidzyn for the year ended December 31, 2021 presented in the consolidated statement of operations: In millions 2021 Net Sales $ 2,417 Costs and Expenses Cost of products sold 1,508 Selling and administrative expenses 224 Depreciation, amortization and cost of timber harvested 113 Distribution expenses 229 Taxes other than payroll and income taxes 24 Net (gains) losses on sales of fixed assets (86) Net (gains) losses on sales and impairments of businesses (351) Interest expense, net (19) Earnings (Loss) Before Income Taxes and Equity Earnings 775 Income tax provision (benefit) 145 Discontinued Operations, Net of Taxes $ 630 |
Disposal Group, Including Discontinued Operations - Cash Flow | The following summarizes the total cash provided by operations and total cash used for investing activities related to the Sylvamo Corporation businesses and Kwidzyn and included in the consolidated statement of cash flows: In millions 2021 Cash Provided by (Used For) Operating Activities $ 290 Cash Provided by (Used For) Investment Activities $ 757 |
Supplementary Financial State_2
Supplementary Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts And Notes Receivable [Table Text Block] | Accounts and notes receivable, net, by classification were: In millions at December 31 2023 2022 Accounts and notes receivable: Trade (less allowances of $34 in 2023 and $31 in 2022) $ 2,841 $ 3,064 Other 218 220 Total $ 3,059 $ 3,284 |
Inventories By Major Category [Table Text Block] | In millions at December 31 2023 2022 Raw materials $ 229 $ 267 Finished pulp and packaging products 975 1,071 Operating supplies 622 516 Other 63 88 Inventories $ 1,889 $ 1,942 |
Plants, Properties And Equipment By Major Classification [Table Text Block] | In millions at December 31 2023 2022 Pulp and packaging facilities $ 28,661 $ 27,773 Other properties and equipment 1,050 1,029 Gross cost 29,711 28,802 Less: Accumulated depreciation 19,561 18,371 Plants, properties and equipment, net $ 10,150 $ 10,431 |
Schedule of Other Income and Other Expense [Table Text Block] | Amounts related to interest were as follows: In millions 2023 2022 2021 Interest expense $ 421 $ 403 $ 430 Interest income 190 78 93 Capitalized interest costs 22 18 12 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | COMPONENTS OF LEASE EXPENSE In millions 2023 2022 2021 Operating lease costs, net $ 177 $ 153 $ 138 Variable lease costs 39 39 40 Short-term lease costs, net 71 57 53 Finance lease cost Amortization of lease assets 12 11 11 Interest on lease liabilities 3 3 3 Total lease cost, net $ 302 $ 263 $ 245 |
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] | SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES In millions Classification 2023 2022 Assets Operating lease assets Right of use assets $ 448 $ 424 Finance lease assets Plants, properties and equipment, net (a) 47 49 Total leased assets $ 495 $ 473 Liabilities Current Operating Other current liabilities $ 153 $ 147 Finance Notes payable and current maturities of long-term debt 11 10 Noncurrent Operating Long-term lease obligations 312 283 Finance Long-term debt 44 49 Total lease liabilities $ 520 $ 489 (a) Finance leases are recorded net of accumulated amortization of $67 million and $59 million at December 31, 2023 and 2022, respectively. |
Schedule of Lease Terms and Discount Rates Related to Leases [Table Text Block] | LEASE TERM AND DISCOUNT RATE In millions 2023 2022 Weighted average remaining lease term (years) Operating leases 4.0 years 4.1 years Finance leases 7.7 years 8.4 years Weighted average discount rate Operating leases 3.99 % 2.96 % Finance leases 4.78 % 4.57 % |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES In millions 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 180 $ 160 $ 166 Operating cash flows related to financing leases 3 3 4 Financing cash flows related to finance leases 13 10 14 Right of use assets obtained in exchange for lease liabilities Operating leases 216 221 156 Finance leases 12 6 9 |
Schedule of Maturities of Operating and Finance Leases Liabilities [Table Text Block] | MATURITY OF LEASE LIABILITIES In millions Operating Leases Financing Leases Total 2024 $ 171 $ 14 $ 185 2025 127 12 139 2026 89 11 100 2027 60 10 70 2028 33 8 41 Thereafter 31 14 45 Total lease payments 511 69 580 Less imputed interest 46 14 60 Present value of lease liabilities $ 465 $ 55 $ 520 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |
GPI Transactions table text block [Table Text Block] | Date Transaction Type Units Proceeds Pre-Tax Gain After-Tax Gain In millions except units 2021 First Quarter Units exchange and open market sale 24,588,316 $ 397 $ 33 $ 25 2021 First Quarter TRA (a) 42 31 2021 Second Quarter Units exchange and open market sale 22,773,077 403 64 48 2021 Second Quarter TRA (a) 66 50 (a) The tax receivable agreement ("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. The Company made income tax payments of $310 million in 2021 as a result of the monetization of its investment in GPIP. |
Ilim Transactions Table Tex Block [Table Text Block] | The following summarizes the items comprising Equity Earnings, Impairment Charges, Tax Expense (Benefit), Discontinued Operations and Dividends related to the sale of our equity interest in Ilim: In millions Equity Earnings Impairment Charges Tax Expense (Benefit) Discontinued Operations, net of tax (a) Dividends Twelve Months Ended December 31, 2022 $ 296 $ 533 $ — $ (237) $ 204 Twelve Months Ended December 31, 2023 $ 112 $ 135 $ (9) $ (14) $ 13 (a) Discontinued operations, net of tax is Equity Earnings less Impairment Charges and Tax Expense (Benefit). |
Goodwill And Other Intangible_2
Goodwill And Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Goodwill Balances [Table Text Block] | GOODWILL The following table presents changes in the goodwill balances as allocated to each business segment for the years ended December 31, 2023 and 2022: In millions Industrial Global Cellulose Fibers Total Balance as of December 31, 2021 Goodwill $ 3,426 $ 52 $ 3,478 Accumulated impairment losses (296) (52) (348) 3,130 — 3,130 Currency translation and other (a) (13) — (13) Accumulated impairment loss additions/reductions (76) (b) — (76) Balance as of December 31, 2022 Goodwill 3,413 52 3,465 Accumulated impairment losses (372) (52) (424) 3,041 — 3,041 Balance as of December 31, 2023 Goodwill 3,413 52 3,465 Accumulated impairment losses (372) (52) (424) Total $ 3,041 $ — $ 3,041 (a) Represents the effects of foreign currency translations and reclassifications. (b) Reflects the impairment of the EMEA Industrial Packaging reporting unit. |
Identifiable Intangible Assets [Table Text Block] | Identifiable intangible assets are recorded in Deferred Charges and Other Assets in the accompanying consolidated balance sheet and comprised the following: 2023 2022 In millions at December 31 Gross Accumulated Net Intangible Assets Gross Accumulated Net Intangible Assets Customer relationships and lists $ 494 $ 335 $ 159 $ 490 $ 303 $ 187 Tradenames, patents and trademarks, and developed technology 170 154 16 170 146 24 Land and water rights 8 2 6 8 2 6 Other 21 19 2 23 20 3 Total $ 693 $ 510 $ 183 $ 691 $ 471 $ 220 |
Amortization Expense Of Intangible Assets [Table Text Block] | The Company recognized the following amounts as amortization expense related to intangible assets: In millions 2023 2022 2021 Amortization expense related to intangible assets $ 37 $ 44 $ 44 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Tax, Domestic and Foreign [Table Text Block] | The components of International Paper’s earnings from continuing operations before income taxes and equity earnings by taxing jurisdiction were as follows: In millions 2023 2022 2021 Earnings (loss) U.S. $ 129 $ 1,469 $ 906 Non-U.S. 253 42 93 Earnings (loss) from continuing operations before income taxes and equity earnings (losses) $ 382 $ 1,511 $ 999 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes from continuing operations (excluding noncontrolling interests) by taxing jurisdiction was as follows: In millions 2023 2022 2021 Current tax provision (benefit) U.S. federal $ 157 $ 454 $ 413 U.S. state and local 16 56 47 Non-U.S. 42 27 37 $ 215 $ 537 $ 497 Deferred tax provision (benefit) U.S. federal $ (164) $ (775) $ (274) U.S. state and local 3 (39) (27) Non-U.S. 5 41 (8) $ (156) $ (773) $ (309) Income tax provision (benefit) $ 59 $ (236) $ 188 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income tax expense using the statutory U.S. income tax rate compared with the actual income tax provision follows: In millions 2023 2022 2021 Earnings (loss) from continuing $ 382 $ 1,511 $ 999 Statutory U.S. income tax rate 21 % 21 % 21 % Tax expense (benefit) using statutory U.S. income tax rate 80 317 210 State and local income taxes 2 44 15 Impact of rate differential on non-U.S. permanent differences and earnings (10) 1 5 Foreign valuation allowance — 45 — Tax expense (benefit) on exchange of Sylvamo shares — (56) — Adjustment to tax basis of assets — — (14) Non-deductible business expenses 7 2 1 Non-deductible impairments — 16 — Non-deductible compensation 7 13 11 Tax audits (4) 6 9 Timber Monetization Audit Settlement — (604) — Foreign derived intangible income deduction 2 (8) (7) US tax on non-U.S. earnings (GILTI and Subpart F) — 27 5 Foreign tax credits 8 8 (6) General business and other tax credits (38) (43) (39) Tax expense (benefit) on equity earnings (4) (1) — Legal entity restructuring gain (loss) 4 — — Other, net 5 (3) (2) Income tax provision (benefit) $ 59 $ (236) $ 188 Effective income tax rate 15 % (16) % 19 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of significant temporary differences, representing deferred income tax assets and liabilities at December 31, 2023 and 2022, were as follows: In millions 2023 2022 Deferred income tax assets: Postretirement benefit accruals $ 67 $ 68 Pension obligations 61 18 Tax credits 182 175 Net operating and capital loss carryforwards 699 568 Compensation reserves 146 151 Lease obligations 116 108 Environmental reserves 114 119 Other 319 271 Gross deferred income tax assets $ 1,704 $ 1,478 Less: valuation allowance (a) (848) (677) Net deferred income tax asset $ 856 $ 801 Deferred income tax liabilities: Intangibles $ (141) $ (147) Investments 3 (2) Right of use assets (116) (108) Plants, properties and equipment (1,650) (1,778) Forestlands, related installment sales, and investment in subsidiary (485) (485) Gross deferred income tax liabilities $ (2,389) $ (2,520) Net deferred income tax liability $ (1,533) $ (1,719) |
Schedule of Unrecognized Tax Benefits Rollforward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows: In millions 2023 2022 2021 Balance at January 1 $ (177) $ (166) $ (143) (Additions) reductions for tax positions related to current year (13) (7) (13) (Additions) for tax positions related to prior years (11) (10) (23) Reductions for tax positions related to prior years 1 3 1 Settlements 17 1 10 Expiration of statutes of 11 1 1 Currency translation adjustment (1) 1 1 Balance at December 31 $ (173) $ (177) $ (166) |
Summary of Operating Loss and Tax Credit Carryforwards [Table Text Block] | The following details the scheduled expiration dates of the Company’s net operating loss and income tax credit carryforwards: In millions 2024 2034 Indefinite Total U.S. federal and non-U.S. NOLs $ 1 $ 225 $ 426 $ 652 State taxing jurisdiction NOLs (a) 38 9 — 47 U.S. federal, non- 82 3 97 182 Total $ 121 $ 237 $ 523 $ 881 Less: valuation allowance (a) (83) (220) (475) (778) Total, net $ 38 $ 17 $ 48 $ 103 (a) State amounts are presented net of federal benefit. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Activity Between Company and Financing Entities [Table Text Block] | Activity between the Company and the 2007 financing entities was as follows: In millions 2023 2022 2021 Revenue (a) $ 146 $ 65 $ 24 Expense (b) 136 58 24 Cash receipts (c) 122 28 5 Cash payments (d) 123 40 16 (a) The revenue is included in Interest expense, net, in the accompanying consolidated statement of operations and includes approximately $19 million for the years ended December 31, 2023, 2022 and 2021, respectively, of accretion income for the amortization of the purchase accounting adjustment on the Financial assets of variable interest entities. (b) The expense is included in Interest expense, net, in the accompanying consolidated statement of operations and includes approximately $7 million for the years ended December 31, 2023, 2022 and 2021 respectively, of accretion expense for the amortization of the purchase accounting adjustment on the Long-term nonrecourse financial liabilities of variable interest 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. |
Two Thousand And Fifteen Financing Entities [Member] | |
Schedule of Activity Between Company and Financing Entities [Table Text Block] | Activity between the Company and the 2015 Financing Entities for the year ended 2021 was as follows: In millions 2021 Revenue (a) $ 61 Expense (a) 34 Cash receipts (b) 95 Cash payments (c) 38 (a) The revenue and expense are included in Interest expense, net in the accompanying consolidated statement of operations. (b) The cash receipts are interest received on the Financial assets of variable interest entities. (c) The cash payments represent interest paid on Current nonrecourse financial liabilities of variable interest entities. |
Debt And Lines Of Credit (Table
Debt And Lines Of Credit (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instruments [Abstract] | |
Debt Extinguishment [Table Text Block] | Amounts related to early debt extinguishment during the years ended December 31, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Early debt reductions (a) $ — $ 503 $ 2,472 Pre-tax early debt extinguishment costs (b) — 93 461 (a) Reductions related to notes with interest rates ranging from 3.00% to 8.70% with original maturities from 2021 to 2048 for the years ended December 31, 2022 and 2021. (b) Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations. |
Summary Of Long-Term Debt [Table Text Block] | A summary of long-term debt follows: In millions at December 31 2023 2022 6.875% notes – due 2023 $ — $ 87 7.350% notes – due 2025 39 39 7.750% notes – due 2025 22 22 7.200% notes – due 2026 58 58 6.400% notes – due 2026 5 5 7.150% notes – due 2027 7 7 6.875% notes – due 2029 10 10 5.000% notes – due 2035 407 407 6.650% notes – due 2037 3 3 8.700% notes – due 2038 86 86 7.300% notes – due 2039 453 453 6.000% notes – due 2041 585 585 4.800% notes – due 2044 686 686 5.150% notes – due 2046 449 449 4.400% notes – due 2047 647 647 4.350% notes – due 2048 740 740 Floating rate notes – due 2023 – 2027 (a) 308 732 Environmental and industrial development bonds – due 2023 – 2028 (b) 419 489 Floating rate term loan - due 2028 600 — Total principal 5,524 5,505 Capitalized leases 55 59 Premiums, discounts, and debt issuance costs (41) (42) Terminated interest rate swaps 54 55 Other 1 2 Total (c) 5,593 5,579 Less: current maturities 138 763 Long-term debt $ 5,455 $ 4,816 (a) The weighted average interest rate on these notes was 5.4% in 2023 and 4.6% in 2022. (b) The weighted average interest rate on these bonds was 2.4% in 2023 and 2.4% in 2022. (c) The fair market value was approximately $5.5 billion at December 31, 2023 and $5.2 billion at December 31, 2022. Debt fair value measurements use Level 2 inputs. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Class of Stock Disclosures [Abstract] | |
Rollforward Of Common Stock Activity [Table Text Block] | The following is a roll forward of shares of common stock for the three years ended December 31, 2023, 2022 and 2021: Common Stock In thousands Issued Treasury Balance at January 1, 2021 448,916 55,817 Issuance of stock for various plans, net — (1,855) Repurchase of stock — 16,400 Balance at December 31, 2021 448,916 70,362 Issuance of stock for various plans, net — (1,569) Repurchase of stock — 29,839 Balance at December 31, 2022 448,916 98,632 Issuance of stock for various plans, net — (1,647) Repurchase of stock — 5,894 Balance at December 31, 2023 448,916 102,879 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Pension Expense For Qualified And Nonqualified U.S. Defined Benefit Plans [Table Text Block] | Net periodic pension expense for qualified and nonqualified U.S. and non-U.S. defined benefit plans comprised the following: 2023 2022 2021 In millions U.S. Non- U.S. Non- U.S. Non- Service cost $ 48 $ 4 $ 85 $ 3 $ 100 $ 5 Interest cost 459 3 338 2 333 4 Expected return on plan assets (530) (1) (649) (1) (705) (7) Actuarial loss (gain) 93 (1) 87 1 138 2 Amortization of prior service cost 23 — 23 — 22 — Special termination benefits 1 — — — — — Net periodic pension (income) expense $ 94 $ 5 $ (116) $ 5 $ (112) $ 4 |
Defined Benefit Plan, Plan Assets, Allocation [Table Text Block] | International Paper’s U.S. pension allocations by type of fund at December 31, 2023 and 2022 and target allocations were as follows: Asset Class 2023 2022 Target Hedging assets 66 % 64 % 61% - 72% Return seeking assets (a) 34 % 36 % 28% - 39% Total 100 % 100 % |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of International Paper’s pension plan assets at December 31, 2023 and 2022 by asset class are shown below. Hedge funds disclosed in the following table are allocated to hedging assets for target allocation purposes. Fair Value Measurement at December 31, 2023 Asset Class Total Quoted Significant Significant In millions Equities $ 1,336 $ 835 $ 501 $ — Fixed income 4,691 — 4,684 7 Derivatives 71 — — 71 Cash and cash equivalents 49 49 — — Other investments: Hedge funds 1,293 Private equity 644 Real estate funds 752 Total Investments $ 8,836 $ 884 $ 5,185 $ 78 Fair Value Measurement at December 31, 2022 Asset Class Total Quoted Significant Significant In millions Equities $ 1,353 $ 889 $ 464 $ — Fixed income 4,550 — 4,543 7 Derivatives 25 — — 25 Cash and cash equivalents 82 82 — — Other investments: Hedge funds 1,319 Private equity 688 Real estate funds 828 Total Investments $ 8,845 $ 971 $ 5,007 $ 32 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | Other Investments at December 31, 2023 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period In millions Hedge funds $ 1,293 $ 103 Quarterly to semi-annually 45 - 60 days Private equity 644 81 (a) None Real estate funds 752 94 Quarterly 45 - 60 days Total $ 2,689 $ 278 (a) A private equity fund investment ("partnership interest") is contractually locked up for the life of the private equity fund by the partnership agreement. Limited partners do not have the option to redeem partnership interests. Other Investments at December 31, 2022 Investment Fair Value Unfunded Commitments Redemption Frequency Remediation Notice Period In millions Hedge funds $ 1,319 $ 120 Daily to annually 1 - 100 days Private equity 688 126 (a) None Real estate funds 828 129 Quarterly 45 - 60 days Total $ 2,835 $ 375 |
Schedule of Derivative Instruments [Table Text Block] | The following tables summarize derivative holdings as of December 31, 2023 and 2022, respectively: Derivatives at December 31, 2023 In millions Gross Asset Gross Liability Total Collateral $ 7 $ (7) $ — Credit Default Swap 2 — 2 Interest Rate Swap 4 — 4 Bond/Equity Swap 65 — 65 Total $ 78 $ (7) $ 71 Derivatives at December 31, 2022 In millions Gross Asset Gross Liability Total Collateral $ 9 $ — $ 9 Credit Default Swap 1 — 1 Interest Rate Swap 16 — 16 Bond/Equity Swap 3 — 3 Options 6 (10) (4) Total $ 35 $ (10) $ 25 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Table Text Block] | The following is a reconciliation of the assets that are classified using significant unobservable inputs (Level 3) at December 31, 2023: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) In millions Other Derivatives Total Beginning balance at December 31, 2021 $ 16 $ (21) $ (5) Actual return on plan assets: Relating to assets still held at the reporting date (9) 38 29 Relating to assets sold during the period 10 (189) (179) Purchases, sales and settlements (10) 197 187 Transfers in and/or out of Level 3 — — — Ending balance at December 31, 2022 $ 7 $ 25 $ 32 Actual return on plan assets: Relating to assets still held at the reporting date — 57 57 Relating to assets sold during the period — 48 48 Purchases, sales and settlements — (59) (59) Transfers in and/or out of Level 3 — — — Ending balance at December 31, 2023 $ 7 $ 71 $ 78 |
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The following table shows the changes in the benefit obligation and plan assets for 2023 and 2022 and the plans’ funded status. 2023 2022 In millions U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 8,816 $ 54 $ 11,833 $ 65 Service cost 48 4 85 3 Interest cost 459 3 338 2 Actuarial loss (gain) 225 (3) (2,863) (11) Plan amendments 26 — 16 — Benefits paid (593) (3) (593) (2) Special termination benefits 1 — — — Effect of foreign currency exchange rate movements — 3 — (3) Benefit obligation, December 31 $ 8,982 $ 58 $ 8,816 $ 54 Change in plan assets: Fair value of plan assets, January 1 $ 8,845 $ 18 $ 12,075 $ 19 Actual return on plan assets 562 1 (2,666) — Company contributions 22 3 29 2 Benefits paid (593) (3) (593) (2) Effect of foreign currency exchange rate movements — 1 — (1) Fair value of plan assets, December 31 $ 8,836 $ 20 $ 8,845 $ 18 Funded status, December 31 $ (146) $ (38) $ 29 $ (36) Amounts recognized in the consolidated balance sheet: Overfunded pension plan assets $ 118 $ — $ 297 $ — Underfunded pension benefit obligation - current (20) (2) (22) (2) Underfunded pension benefit obligation - non-current (244) (36) (246) (34) $ (146) $ (38) $ 29 $ (36) |
Schedule Of Amounts In Accumulated Other Comprehensive Income [Table Text Block] | Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax): Prior service cost (credit) $ 91 $ — $ 89 $ — Net actuarial loss (gain) 1,663 (10) 1,563 (7) $ 1,754 $ (10) $ 1,652 $ (7) |
Pension Benefit Adjustments Recognized In Other Comprehensive (Loss) Income [Table Text Block] | The components of the $102 million and $(3) million related to U.S. plans and non-U.S. plans, respectively, in the amounts recognized in OCI during 2023 consisted of: In millions U.S. Non- Current year actuarial (gain) loss $ 192 $ (3) Amortization of actuarial loss (93) 1 Current year prior service cost 26 — Amortization of prior service cost (23) — Effect of foreign currency exchange rate movements — (1) $ 102 $ (3) |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | The following table summarizes information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2023 and 2022: 2023 2022 In millions U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation $ 264 $ 57 $ 268 $ 54 Accumulated benefit obligation 264 49 268 45 Fair value of plan assets — 20 — 18 |
Defined Benefit Plan, Assumptions [Table Text Block] | Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table: 2023 2022 2021 U.S. Non- U.S. Non- U.S. Non- Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 5.10 % 5.88 % 5.40 % 5.31 % 2.90 % 2.59 % Rate of compensation increase 3.00 % 3.40 % 3.00 % 3.36 % 3.00 % 2.92 % Actuarial assumptions used to determine net periodic pension cost for years ended December 31: Discount rate (a) 5.40 % 5.31 % 2.90 % 2.59 % 2.67 % 2.32 % Expected long-term rate of return on plan assets (a) 6.50 % 3.83 % 6.00 % 3.66 % 6.40 % 4.99 % Rate of compensation increase 3.00 % 3.36 % 3.00 % 2.92 % 2.25 % 3.66 % |
Effect Of A 25 Basis Point Decrease On Net Pension Expense [Table Text Block] | The following illustrates the effect on pension expense for 2024 of a 25 basis point decrease in the above assumptions: In millions 2024 Expense (Income): Discount rate $ 12 Expected long-term rate of return on plan assets 21 |
Projected Future Pension Benefit Payments, Excluding Any Termination Benefits [Table Text Block] | At December 31, 2023, projected future pension benefit payments, excluding any termination benefits, were as follows: In millions 2024 $ 620 2025 632 2026 639 2027 639 2028 639 2029-2033 3,175 |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Postretirement Benefit Expense [Table Text Block] | Net periodic pension expense for qualified and nonqualified U.S. and non-U.S. defined benefit plans comprised the following: 2023 2022 2021 In millions U.S. Non- U.S. Non- U.S. Non- Service cost $ 48 $ 4 $ 85 $ 3 $ 100 $ 5 Interest cost 459 3 338 2 333 4 Expected return on plan assets (530) (1) (649) (1) (705) (7) Actuarial loss (gain) 93 (1) 87 1 138 2 Amortization of prior service cost 23 — 23 — 22 — Special termination benefits 1 — — — — — Net periodic pension (income) expense $ 94 $ 5 $ (116) $ 5 $ (112) $ 4 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Postretirement Benefit Expense [Table Text Block] | The components of postretirement benefit expense in 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 U.S. Non- U.S. Non- U.S. Non- Service cost $ — $ — $ — $ — $ — $ — Interest cost 7 — 5 — 5 1 Actuarial loss — — 3 — 5 1 Amortization of prior service credits — — — — — (2) Net postretirement expense $ 7 $ — $ 8 $ — $ 10 $ — |
Discount Rates Used To Determine Net Cost [Table Text Block] | The discount rates used to determine net U.S. and non-U.S. postretirement benefit cost for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 U.S. Non- U.S. Non- U.S. Non- Discount rate 5.50 % 5.70 % 2.90 % 5.20 % 2.50 % 6.91 % The weighted average assumptions used to determine the benefit obligation at December 31, 2023 and 2022 were as follows: 2023 2022 U.S. Non- U.S. Non- Discount rate 5.20 % 6.10 % 5.50 % 5.70 % Health care cost trend rate assumed for next year 7.00 % 4.00 % 7.25 % 4.00 % Rate that the cost trend rate gradually declines to 5.00 % 4.00 % 5.00 % 4.00 % Year that the rate reaches the rate it is assumed to remain 2032 2023 2032 2023 |
Changes In Postretirement Benefit Obligation, Plan Assets, Funded Status And Amounts Recognized In Balance Sheet And Accumulated Other Comprehensive (Loss) Income [Table Text Block] | The plans are only funded in an amount equal to benefits paid. The following table presents the changes in benefit obligation and plan assets for 2023 and 2022: In millions 2023 2022 U.S. Non- U.S. Non- Change in projected benefit obligation: Benefit obligation, January 1 $ 125 $ 4 $ 172 $ 5 Service cost — — — — Interest cost 7 — 5 — Participants’ contributions 2 — 3 — Actuarial (gain) loss 8 — (33) — Benefits paid (24) — (23) — Less: Federal subsidy — — 1 — Currency Impact — — — (1) Benefit obligation, December 31 $ 118 $ 4 $ 125 $ 4 Change in plan assets: Fair value of plan assets, January 1 $ — $ — $ — $ — Company contributions 22 — 20 — Participants’ contributions 2 — 3 — Benefits paid (24) — (23) — Fair value of plan assets, December 31 $ — $ — $ — $ — Funded status, December 31 $ (118) $ (4) $ (125) $ (4) Amounts recognized in the consolidated balance sheet under ASC 715: Current liability $ (13) $ — $ (15) $ — Non-current liability (105) (4) (110) (4) $ (118) $ (4) $ (125) $ (4) Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax): Net actuarial loss (gain) $ 2 $ (1) $ (6) $ (1) Prior service credit — — — — $ 2 $ (1) $ (6) $ (1) |
Postretirement Benefit Adjustments Recognized In Other Comprehensive (Loss) Income [Table Text Block] | The components of the $8 million and $0 million change in the amounts recognized in other comprehensive income ("OCI") during 2023 for U.S. and non-U.S. plans, respectively, consisted of: In millions U.S. Non- Current year actuarial (gain) loss $ 8 $ — Amortization of actuarial (loss) gain — — $ 8 $ — |
Estimated Total Future Postretirement Benefit Payments, Net Of Participant Contributions And Estimated Future Medicare Part D Subsidy Receipts [Table Text Block] | At December 31, 2023, estimated total future postretirement benefit payments, net of participant contributions and estimated future Medicare Part D subsidy receipts, were as follows: In millions Benefit Subsidy Receipts Benefit U.S. U.S. Non- 2024 $ 14 $ 1 $ — 2025 13 1 — 2026 12 1 — 2027 11 1 — 2028 11 1 — 2029– 2033 45 2 1 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |
Assumptions Used To Determine Compensation Cost For Market Condition Component Of Performance Share Program [Table Text Block] | The following table sets forth the assumptions used to determine compensation cost for the market condition component of the LTIP plan: Twelve Months Ended December 31, 2023 Expected volatility 35.97% - 37.11% Risk-free interest rate 0.17% - 4.18% |
Summary Of Performance Restricted Share Activity [Table Text Block] | The following summarizes LTIP activity for the three years ended December 31, 2023: Share/Units Weighted Outstanding at December 31, 2020 5,620,025 $40.36 Granted 2,316,295 45.24 Shares issued (994,052) 63.54 Forfeited (1,016,126) 57.55 Outstanding at December 31, 2021 5,926,142 35.43 Granted 1,899,211 50.32 Shares issued (1,130,236) 40.23 Forfeited (1,382,637) 42.03 Outstanding at December 31, 2022 5,312,480 38.01 Granted - LTIP PSU 1,619,481 37.78 Granted - LTIP RSU 1,411,042 34.63 Shares issued - LTIP PSU (972,563) 40.44 Shares issued - LTIP RSU (15,161) 34.63 Forfeited (1,234,328) 45.38 Outstanding at December 31, 2023 6,120,951 $35.31 |
Summary Of Activity Of Executive Continuity And Restricted Stock Award Program [Table Text Block] | The following summarizes the activity of the RA Program for the three years ended December 31, 2023: Shares Weighted Outstanding at December 31, 2020 126,075 $44.83 Granted 85,098 50.90 Shares issued (85,768) 45.59 Forfeited (21,636) 45.52 Outstanding at December 31, 2021 103,769 49.03 Granted 132,200 43.38 Shares issued (104,177) 44.53 Forfeited (5,400) 47.78 Outstanding at December 31, 2022 126,392 46.88 Granted 123,454 35.51 Shares issued (81,629) 45.40 Forfeited (11,643) 39.77 Outstanding at December 31, 2023 156,574 $39.22 |
Stock-Based Compensation Expense And Related Income Tax Benefits [Table Text Block] | Stock-based compensation expense and related income tax benefits were as follows: In millions 2023 2022 2021 Total stock-based compensation expense (included in selling and administrative expense) $ 58 $ 124 $ 130 Income tax benefits related to stock-based compensation 12 13 13 |
Financial Information By Busi_2
Financial Information By Business Segment And Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Net Sales In millions 2023 2022 2021 Industrial Packaging $ 15,596 $ 17,451 $ 16,326 Global Cellulose Fibers 2,890 3,227 2,732 Corporate and Intersegment Sales (a) 430 483 305 Net Sales $ 18,916 $ 21,161 $ 19,363 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Profit (Loss) In millions 2023 2022 2021 Industrial Packaging $ 1,266 $ 1,742 $ 1,638 Global Cellulose Fibers (17) 106 (3) Business Segment Operating Profit 1,249 1,848 1,635 Earnings (loss) from continuing operations before income taxes and equity earnings 382 1,511 999 Interest expense, net 231 325 337 Adjustment for less than wholly owned subsidiaries (b) (2) (5) (5) Corporate expenses, net (a) 27 34 134 Corporate net special items 28 99 352 Business net special items 529 76 18 Non-operating pension (income) expense 54 (192) (200) $ 1,249 $ 1,848 $ 1,635 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets In millions 2023 2022 Industrial Packaging $ 16,060 $ 16,425 Global Cellulose Fibers 3,369 3,625 Corporate and other 3,832 3,890 Assets $ 23,261 $ 23,940 |
Reconciliation of Capital Spending from Segment to Consolidated [Table Text Block] | Capital Spending In millions 2023 2022 2021 Industrial Packaging $ 928 $ 762 $ 382 Global Cellulose Fibers 177 143 83 Subtotal 1,105 905 465 Corporate and other 36 26 15 Capital Spending $ 1,141 $ 931 $ 480 |
Reconciliation of Depreciation and Amortization from Segment to Consolidated [Table Text Block] | Depreciation, Amortization and Cost of Timber Harvested In millions 2023 2022 2021 Industrial Packaging $ 1,144 $ 783 $ 829 Global Cellulose Fibers 286 255 265 Corporate 2 2 3 Depreciation and Amortization $ 1,432 $ 1,040 $ 1,097 |
Revenue from External Customers by Products and Services [Table Text Block] | External Sales By Major Product In millions 2023 2022 2021 Industrial Packaging $ 15,596 $ 17,441 $ 16,276 Global Cellulose Fibers 2,883 3,219 2,730 Other (c) 437 501 357 Net Sales $ 18,916 $ 21,161 $ 19,363 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net Sales (d) In millions 2023 2022 2021 United States (e) $ 16,340 $ 18,482 $ 16,769 EMEA 1,494 1,693 1,611 Pacific Rim and Asia 261 123 207 Americas, other than U.S. 821 863 776 Net Sales $ 18,916 $ 21,161 $ 19,363 |
Long-lived Assets by Geographic Areas [Table Text Block] | Long-Lived Assets (f) In millions 2023 2022 United States $ 9,021 $ 9,333 EMEA 757 738 Americas, other than U.S. 390 378 Long-Lived Assets $ 10,168 $ 10,449 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregaton of Revenue Table (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [1],[2] | $ 18,916 | $ 21,161 | $ 19,363 |
Corporate & Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [3] | 430 | 483 | 305 |
Consolidation, Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 430 | 483 | 305 |
Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (95) | (132) | (126) | |
North American Industrial Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 14,293 | 16,011 | 14,944 | |
EMEA Industrial Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,398 | 1,572 | 1,508 | |
Global Cellulose Fibers | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,890 | 3,227 | 2,732 | |
Industrial Packaging | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 15,596 | 17,451 | 16,326 | |
Industrial Packaging | Reportable Geographical Components [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 15,596 | 17,451 | 16,326 |
Industrial Packaging | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (95) | (132) | (126) | |
Industrial Packaging | North American Industrial Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 14,293 | 16,011 | 14,944 | |
Industrial Packaging | EMEA Industrial Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,398 | 1,572 | 1,508 | |
Global Cellulose Fibers | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,890 | 3,227 | 2,732 | |
Global Cellulose Fibers | Reportable Geographical Components [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 2,890 | 3,227 | 2,732 |
Global Cellulose Fibers | Global Cellulose Fibers | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,890 | 3,227 | 2,732 | |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [1],[2],[4] | 16,340 | 18,482 | 16,769 |
United States | Consolidation, Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 430 | 480 | 253 |
United States | Industrial Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 13,340 | 14,970 | 14,006 |
United States | Global Cellulose Fibers | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 2,570 | 3,032 | 2,510 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [1],[2] | 1,494 | 1,693 | 1,611 |
EMEA | Consolidation, Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 0 | 0 | (4) |
EMEA | Industrial Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 1,398 | 1,572 | 1,506 |
EMEA | Global Cellulose Fibers | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 96 | 121 | 109 |
Pacific Rim and Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 261 | 123 | 207 |
Pacific Rim and Asia | Consolidation, Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 0 | 3 | 35 |
Pacific Rim and Asia | Industrial Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 37 | 46 | 59 |
Pacific Rim and Asia | Global Cellulose Fibers | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 224 | 74 | 113 |
Americas, other than U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [1],[2] | 821 | 863 | 776 |
Americas, other than U.S. | Consolidation, Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 0 | 0 | 21 |
Americas, other than U.S. | Industrial Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | 821 | 863 | 755 |
Americas, other than U.S. | Global Cellulose Fibers | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [2] | $ 0 | $ 0 | $ 0 |
[1] Net sales are attributed to countries based on the location of the seller. Export sales to unaffiliated customers were $2.7 billion in 2023, $3.2 billion in 2022 and $2.6 billion in 2021. |
Revenue Recognition Narrative (
Revenue Recognition Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 01, 2021 |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Contract with customer, liability, current | $ 32 | $ 38 | |
Contract with Customer, Liability | $ 92 | $ 99 | $ 115 |
(Reconciliation Of Earnings Per
(Reconciliation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings (loss) from continuing operations attributable to International Paper common shareholders | $ 302 | $ 1,741 | $ 811 |
Weighted average common shares outstanding | 346.9 | 363.5 | 389.4 |
Effect of dilutive securities: | 2.2 | 3.5 | 3 |
Weighted average common shares outstanding – assuming dilution | 349.1 | 367 | 392.4 |
Basic earnings (loss) per share from continuing operations | $ 0.87 | $ 4.79 | $ 2.08 |
Diluted earnings (loss) per share from continuing operations | $ 0.86 | $ 4.74 | $ 2.07 |
(Schedule of Accumulated Other
(Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ (1,565) | $ (1,925) | $ (1,666) | |
Amounts reclassified from accumulated other comprehensive loss | (603) | (98) | (2,073) | |
Defined Benefit Pension and Postretirement Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (1,276) | (1,195) | (962) | $ (1,880) |
Other comprehensive income (loss) before reclassifications | (167) | (319) | 713 | |
Reclassification related to Sylvamo Corporation spin-off | 0 | 0 | 80 | |
Amounts reclassified from accumulated other comprehensive loss | 86 | 86 | 125 | |
Change in Cumulative Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (281) | (722) | (694) | (2,457) |
Other comprehensive income (loss) before reclassifications | (76) | (38) | (115) | |
Reclassification related to Sylvamo Corporation spin-off | 0 | 0 | 1,692 | |
Amounts reclassified from accumulated other comprehensive loss | 517 | 10 | 184 | |
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 2 | |
Net Gains and Losses on Cash Flow Hedging Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (8) | (8) | (10) | $ (5) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 3 | |
Reclassification related to Sylvamo Corporation spin-off | 0 | 0 | 1 | |
Amounts reclassified from accumulated other comprehensive loss | $ 0 | $ 2 | $ (9) |
(Schedule of Reclassifications
(Schedule of Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | $ (302) | $ (1,741) | $ (813) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (603) | (98) | (2,073) | |
Prior-service costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (23) | (23) | (20) |
Actuarial gains/(losses) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (92) | (91) | (146) |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (115) | (114) | (166) | |
Reclassification from AOCI, Current Period, Tax | 29 | 28 | 41 | |
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | (86) | (86) | (125) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (86) | (86) | (205) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | (80) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 86 | 86 | 125 | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | (517) | (10) | (184) |
Reclassification from AOCI, Current Period, Tax | 0 | 0 | 0 | |
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | (517) | (10) | (184) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 517 | 10 | 1,876 | |
Change in Cumulative Foreign Currency Translation Adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | (1,692) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 517 | 10 | 184 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | (3) | 11 | |
Reclassification from AOCI, Current Period, Tax | 0 | 1 | (2) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Cash Flow Hedging [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | (3) | 11 | |
Net Gains and Losses on Cash Flow Hedging Derivatives | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Current Period, Tax | 0 | (2) | 8 | |
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 0 | (2) | 9 | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | (1) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 2 | $ (9) | |
[1]These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 18 - Retirement Plans for additional details). Note 11 - Equity Method Investments for additional details for 2023 amounts. |
(Restructuring and Related Cost
(Restructuring and Related Costs Tables) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and other charges, net | $ 99 | $ 89 | $ 509 | |||
Restructuring and other charges, net | 99 | 89 | 509 | |||
Early debt extinguishment costs (see Note 13) | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and other charges, net | 93 | 461 | ||||
Other Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and other charges, net | $ (4) | 7 | ||||
EMEA Industrial Packaging | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and other charges, net | [1] | 12 | ||||
Building a Better IP | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and other charges, net | (19) | [2] | $ 29 | [3] | ||
Orange, Texas mill | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | 25 | |||||
Inventory Write-down | 30 | |||||
Restructuring and other charges, net | 26 | |||||
Orange, Texas mill | Facility Closing | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and other charges, net | [4] | 81 | ||||
Pensacola Mill and Riegelwood Mill | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | 21 | |||||
Inventory Write-down | 12 | |||||
Restructuring and other charges, net | 4 | |||||
Pensacola Mill and Riegelwood Mill | Facility Closing | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and other charges, net | [5] | $ 37 | ||||
[1]Severance related to the optimization of our EMEA Packaging business. All severance has been paid as of December 31, 2023.[2]Revision of severance estimates related to our Building a Better IP initiative.[3]Severance related to our Building a Better IP initiative which is focused on value creation through streamlined operations and process optimization. All severance has been paid as of December 31, 2023.[4]Includes $25 million of severance charges, $30 million of inventory impairment charges and $26 million of other costs associated with the closure of our containerboard mill in Orange, Texas. The majority of the severance charges will be paid in 2024.[5]Includes $21 million of severance charges, $12 million of inventory impairment charges and $4 million of other costs associated with the permanent shutdown of pulp machines at our Riegelwood, North Carolina and Pensacola, Florida mills. The majority of the severance charges will be paid in 2024. |
Restructuring Charges and Oth_3
Restructuring Charges and Other Items (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring and other charges, net | $ 99 | $ 89 | $ 509 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 01, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,041 | $ 3,041 | $ 3,130 | |
Spain Box Plants | ||||
Business Acquisition [Line Items] | ||||
Cash and temporary investments | $ 5 | |||
Accounts and notes receivable | 10 | |||
Inventories | 3 | |||
Plants, properties and equipment | 50 | |||
Goodwill | 23 | |||
Intangible assets | 13 | |||
Total assets acquired | 104 | |||
Short-term debt | 2 | |||
Accounts payable and accrued liabilities | 4 | |||
Other current liabilities | 2 | |||
Long-term debt | 1 | |||
Deferred income taxes | 12 | |||
Total liabilities assumed | 21 | |||
Net assets acquired | $ 83 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) € in Millions, $ in Millions | Apr. 01, 2021 USD ($) | Apr. 01, 2021 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Business Acquisition [Line Items] | ||||
Contract with Customer, Liability | $ 115 | $ 92 | $ 99 | |
Spain Box Plants | ||||
Business Acquisition [Line Items] | ||||
Business combination, aggregate purchase price | $ 83 | € 71 | ||
Corrugated Packaging Business | ||||
Business Acquisition [Line Items] | ||||
Acquisition costs, amortization period | 15 years | 15 years | ||
Contract with Customer, Liability | $ 115 |
Divestitures and Impairments _2
Divestitures and Impairments of Businesses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued operations, net of taxes | $ (14) | $ (237) | $ 941 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Printing Papers [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales | 2,417 | ||
Cost of products sold | 1,508 | ||
Selling and administrative expenses | 224 | ||
Depreciation, amortization and cost of timber harvested | 113 | ||
Distribution expenses | 229 | ||
Taxes other than payroll and income taxes | 24 | ||
Net (gains) losses on sales of fixed assets | (86) | ||
Net (gains) losses on sales and impairments of businesses | (351) | ||
Interest expense, net | (19) | ||
Earnings (Loss) Before Income Taxes and Equity Earnings | 775 | ||
Income tax provision (benefit) | 145 | ||
Discontinued operations, net of taxes | 630 | ||
Cash Provided by (Used For) Operating Activities | 290 | ||
Cash Provided by (Used For) Investment Activities | $ 757 |
Divestitures and Impairments _3
Divestitures and Impairments of Businesses (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Aug. 06, 2021 USD ($) | Aug. 06, 2021 EUR (€) | May 31, 2021 USD ($) | May 31, 2021 EUR (€) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | $ 210 | |||||||||||
Revolving credit facilities available | $ 1,900 | |||||||||||
Distribution to Sylvamo Corporation | 0 | $ 0 | $ 130 | |||||||||
Related Party Transaction, Amounts of Transaction | 630 | 185 | ||||||||||
Net (gains) losses on sales and impairments of businesses | 0 | (76) | 358 | |||||||||
Percentage of ownership retained | 19.90% | |||||||||||
Proceeds from exchange of equity securities | 0 | 311 | 0 | |||||||||
Tax Benefit on Exchange of Sylvamo Shares | 0 | (56) | $ 0 | |||||||||
Sylvamo Corporation Investment | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Aggregate Units Exchanged - Sylvamo Corporation Investment | 4,614,358,000,000 | 4,132,000,000,000 | ||||||||||
Proceeds from exchange of equity securities | $ 167 | $ 144 | ||||||||||
Notes Reduction | 144 | |||||||||||
Tax Benefit on Exchange of Sylvamo Shares | $ 35 | $ 31 | ||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Revolving credit facilities available | $ 1,400 | $ 1,500 | ||||||||||
Minimum [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Debt instrument, interest rate, stated percentage | 3% | 3% | 3% | |||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | Kwidzyn Mill [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from Divestiture of Businesses | $ 794 | € 669 | ||||||||||
Net (gains) losses on sales and impairments of businesses | $ (404) | |||||||||||
Net gains (losses) on sales and impairments of businesses, net of tax | 350 | |||||||||||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax | (44) | |||||||||||
Divestiture costs | $ 9 | |||||||||||
Divestiture costs, net of taxes | 6 | |||||||||||
Net (gains) losses on sales and impairments of businesses | 360 | |||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges, net of tax | (394) | |||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Printing Papers [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | 1,500 | |||||||||||
Distribution to Sylvamo Corporation | $ 130 | |||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Printing Papers [Member] | Term Loan "B" Facility [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | 450 | |||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Printing Papers [Member] | Term Loan "F" Facility [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | 520 | |||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Printing Papers [Member] | Revolving Credit Facility [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from Lines of Credit | 100 | |||||||||||
Revolving credit facilities available | 450 | |||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Printing Papers [Member] | Unsecured Debt [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | $ 450 | |||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Printing Papers [Member] | Minimum [Member] | Unsecured Debt [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Debt instrument, interest rate, stated percentage | 7% | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Olmuksan [Member] | ||||||||||||
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 | $ 123 | $ 4 | ||||||||||
Net gains (losses) on sales and impairments of businesses, net of tax | (123) | $ 2 | ||||||||||
Sale of Stock, Percentage of Ownership before Transaction | 90.38% | 90.38% | ||||||||||
Assets, Fair Value Disclosure | $ 79 |
(Accounts And Notes Receivable)
(Accounts And Notes Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | $ 3,059 | $ 3,284 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | 2,841 | 3,064 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and notes receivable | $ 218 | $ 220 |
(Inventories By Major Category)
(Inventories By Major Category) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Text Block Supplement [Abstract] | ||
Raw materials | $ 229 | $ 267 |
Finished pulp and packaging products | 975 | 1,071 |
Operating supplies | 622 | 516 |
Other | 63 | 88 |
Inventories | $ 1,889 | $ 1,942 |
(Plants, Properties And Equipme
(Plants, Properties And Equipment By Major Classification) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Gross cost | $ 29,711 | $ 28,802 |
Less: Accumulated depreciation | 19,561 | 18,371 |
Plants, properties and equipment, net | 10,150 | 10,431 |
Pulp and packaging facilities | ||
Property, Plant and Equipment [Line Items] | ||
Gross cost | 28,661 | 27,773 |
Other properties and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross cost | $ 1,050 | $ 1,029 |
(Schedule Of Interest Income An
(Schedule Of Interest Income And Interest Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |||
Interest expense | $ 421 | $ 403 | $ 430 |
Interest income | 190 | 78 | 93 |
Capitalized interest costs | $ 22 | $ 18 | $ 12 |
Supplementary Financial State_3
Supplementary Financial Statement Information (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Temporary Investments | $ 950,000,000 | $ 690,000,000 | |
Percentage of inventories valued using last-in, first-out inventory method | 81% | ||
Excess of replacement or current costs over stated LIFO value | $ 343,000,000 | 282,000,000 | |
Accounts Payable, Other | 141,000,000 | 185,000,000 | $ 106,000,000 |
Restructuring and related cost, accelerated depreciation | 422,000,000 | ||
Depreciation expense | 1,400,000,000 | 996,000,000 | 1,100,000,000 |
Interest payments | 463,000,000 | 380,000,000 | 473,000,000 |
Asset retirement obligation | 103,000,000 | 105,000,000 | |
Insurance Recoveries | 0 | 26,000,000 | $ 17,000,000 |
Accounts Receivable, Allowance for Credit Loss, Current | 34,000,000 | 31,000,000 | |
Supplier Finance Program, Obligation | $ 122,000,000 | $ 122,000,000 | |
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] | Accounts payable | Accounts payable | |
Building [Member] | Minimum [Member] | |||
Property, plant and equipment, useful life | 20 years | ||
Building [Member] | Maximum [Member] | |||
Property, plant and equipment, useful life | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, plant and equipment, useful life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, plant and equipment, useful life | 20 years |
Leases (Schedule of Lease Costs
Leases (Schedule of Lease Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease costs, net | $ 177 | $ 153 | $ 138 |
Variable lease costs | 39 | 39 | 40 |
Short-term lease costs, net | 71 | 57 | 53 |
Amortization of lease assets | 12 | 11 | 11 |
Interest on lease liabilities | 3 | 3 | 3 |
Total lease cost, net | $ 302 | $ 263 | $ 245 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Operating lease, right-of-use asset | $ 448 | $ 424 | |
Finance lease, right-of-use asset | [1] | 47 | 49 |
Total leased assets | 495 | 473 | |
Operating lease, liability, current | 153 | 147 | |
Finance lease, liability, current | 11 | 10 | |
Operating lease, liability, noncurrent | 312 | 283 | |
Finance lease, liability, noncurrent | 44 | 49 | |
Total lease liabilities | 520 | 489 | |
Operating lease, liability, current | 153 | 147 | |
Finance lease, liability, current | 11 | 10 | |
Finance lease, right-of-use asset | [1] | 47 | 49 |
Finance lease, liability, noncurrent | $ 44 | $ 49 | |
Finance Leased Asset, Type [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt | Long-Term Debt | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current | |
Debt, Current [Abstract] | Debt, Current | Debt, Current | |
[1]Finance leases are recorded net of accumulated amortization of $67 million and $59 million at December 31, 2023 and 2022, respectively. |
Leases (Supplemental Balance _2
Leases (Supplemental Balance Sheet Information Related to Leases Footnotes) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 67 | $ 59 |
Leases (Schedule of Lease Terms
Leases (Schedule of Lease Terms and Discount Rates Related to Leases) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 4 years | 4 years 1 month 6 days |
Finance lease, weighted average remaining lease term | 7 years 8 months 12 days | 8 years 4 months 24 days |
Operating lease, weighted average discount rate, percent | 3.99% | 2.96% |
Finance lease, weighted average discount rate, percent | 4.78% | 4.57% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows related to operating leases | $ 180 | $ 160 | $ 166 |
Finance Lease, Interest Payment on Liability | 3 | 3 | 4 |
Financing cash flows related to finance leases | 13 | 10 | 14 |
Right of use asset obtained in exchange for operating lease liability | 216 | 221 | 156 |
Right of use asset obtained in exchange for finance lease liability | $ 12 | $ 6 | $ 9 |
Leases (Schedule of Maturities
Leases (Schedule of Maturities of Operating and Financing Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Lessee, operating lease, liability, payments, due next twelve months | $ 171 | |
Finance lease, liability, payments, due next twelve months | 14 | |
Lease liability, payments, due next twelve months | 185 | |
Lessee, operating lease, liability, payments, due year two | 127 | |
Finance lease, liability, payments, due year two | 12 | |
Lease liability, payments, due year two | 139 | |
Lessee, operating lease, liability, payments, due year three | 89 | |
Finance lease, liability, payments, due year three | 11 | |
Lease liability, payments due, year three | 100 | |
Lessee, operating lease, liability, payments, due year four | 60 | |
Finance lease, liability, payments, due year four | 10 | |
Lease liability, payments, due year four | 70 | |
Lessee, operating lease, liability, payments, due year five | 33 | |
Finance lease, liability, payments, due year five | 8 | |
Lease liability, payments, due year five | 41 | |
Lessee, operating lease, liability, payments, due after year five | 31 | |
Finance lease, liability, payments, due after year five | 14 | |
Lease liability payments, due after year five | 45 | |
Operating lease, liability, payment, due | 511 | |
Finance lease, liability, payment, due | 69 | |
Lease liability, payments, total | 580 | |
Lessee, operating lease, liability, undiscounted excess amount | 46 | |
Lessee, finance lease, liability, undiscounted excess amount | 14 | |
Lease liability, undiscounted excess amount | 60 | |
Operating lease liability | 465 | |
Finance lease liability | 55 | $ 59 |
Total lease liabilities | $ 520 | $ 489 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Maximum [Member] | |
Lessee, operating and financing leases, remaining lease term | 30 years |
EQUITY METHOD INVESTMENTS Summa
EQUITY METHOD INVESTMENTS Summarized Financial Information of Equity Method Investees (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Equity earnings (loss), net of taxes | $ (21) | $ (6) | $ 2 | |
Income tax provision (benefit) | 59 | (236) | 188 | |
Discontinued operations, net of taxes | (14) | (237) | 941 | |
Equity method dividends received | 13 | 204 | $ 159 | |
Reportable Subsegments [Member] | Ilim Holding [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity earnings (loss), net of taxes | 112 | 296 | ||
Impairment Charges | 135 | 533 | ||
Income tax provision (benefit) | (9) | 0 | ||
Discontinued operations, net of taxes | [1] | (14) | (237) | |
Equity method dividends received | $ 13 | $ 204 | ||
[1]Discontinued operations, net of tax is Equity Earnings less Impairment Charges and Tax Expense (Benefit). |
EQUITY METHOD INVESTMENTS GPI T
EQUITY METHOD INVESTMENTS GPI Transactions (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2018 | ||
EQUITY METHOD INVESTMENTS GPI Transactions (Details) [Line Items] | |||||||
Proceeds from sales of equity method investments, net of transaction costs | $ 472 | $ 0 | $ 908 | ||||
Net (gains) losses on sales of equity method investments | 0 | (10) | 204 | ||||
Equity earnings (loss), net of taxes | (21) | (6) | 2 | ||||
Equity method dividends received | $ 13 | $ 204 | 159 | ||||
Graphic Packaging LLC [Member] | Reportable Subsegments [Member] | |||||||
EQUITY METHOD INVESTMENTS GPI Transactions (Details) [Line Items] | |||||||
Proceeds from sales of equity method investments, net of transaction costs | $ 403 | $ 397 | |||||
Payments for Other Taxes | 310 | ||||||
Graphic Packaging LLC [Member] | Reportable Subsegments [Member] | |||||||
EQUITY METHOD INVESTMENTS GPI Transactions (Details) [Line Items] | |||||||
Equity method investments, aggregate units exchanged | 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 | |||||
Gain (loss) on disposition of stock in subsidiary or equity method investee, net of tax | 48 | 25 | |||||
Gain related to tax receivable agreement | [1] | 66 | 42 | ||||
Gain related to tax receivable agreement, net of tax | [1] | $ 50 | $ 31 | ||||
Equity Method Investment, Ownership Percentage | 20.50% | ||||||
Equity earnings (loss), net of taxes | 4 | ||||||
Equity method dividends received | $ 5 | ||||||
[1]The tax receivable agreement ("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. The Company made income tax payments of $310 million in 2021 as a result of the monetization of its investment in GPIP. |
EQUITY METHOD INVESTMENTS GPI_2
EQUITY METHOD INVESTMENTS GPI Transactions Footnotes (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Graphic Packaging LLC [Member] | Reportable Subsegments [Member] | |
EQUITY METHOD INVESTMENTS GPI Transactions (Details) [Line Items] | |
Percentage share of expected tax benefits to be realized | 0.50 |
Equity Method Investments (Narr
Equity Method Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity earnings (loss), net of taxes | $ (21) | $ (6) | $ 2 | |
Equity method dividends received | 13 | 204 | 159 | |
Ilim Holding [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment Agreed Sales Price | 484 | |||
Ilim JSC Group | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment Agreed Sales Price | $ 24 | |||
Reportable Subsegments [Member] | Graphic Packaging LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest | 20.50% | |||
Equity earnings (loss), net of taxes | 4 | |||
Equity method dividends received | $ 5 | |||
Reportable Subsegments [Member] | Ilim Holding [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest | 50% | |||
Equity earnings (loss), net of taxes | $ 112 | 296 | ||
Equity method dividends received | 13 | 204 | ||
Impairment Charges | 135 | $ 533 | ||
Divestiture, Transaction Costs | 36 | |||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax | $ 517 | |||
Reportable Subsegments [Member] | Ilim JSC Group | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest | 2.39% |
(Changes In Goodwill Balances)
(Changes In Goodwill Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 3,041 | $ 3,130 | ||
Currency translation and other (a) | [1] | (13) | ||
Goodwill, Impairment Loss | (76) | |||
Goodwill | 3,465 | 3,465 | $ 3,478 | |
Accumulated impairment losses | (424) | (424) | (348) | |
Goodwill, ending balance | 3,041 | 3,041 | ||
EMEA Industrial Packaging | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | (76) | |||
Industrial Packaging | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 3,041 | 3,130 | ||
Currency translation and other (a) | [1] | (13) | ||
Goodwill, Impairment Loss | [2] | (76) | ||
Goodwill | 3,413 | 3,413 | 3,426 | |
Accumulated impairment losses | (372) | (372) | (296) | |
Goodwill, ending balance | 3,041 | 3,041 | ||
Global Cellulose Fibers | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 0 | 0 | ||
Currency translation and other (a) | [1] | 0 | ||
Goodwill, Impairment Loss | 0 | |||
Goodwill | 52 | 52 | 52 | |
Accumulated impairment losses | (52) | (52) | $ (52) | |
Goodwill, ending balance | $ 0 | $ 0 | ||
[1] Represents the effects of foreign currency translations and reclassifications. Reflects the impairment of the EMEA Industrial Packaging reporting unit. |
(Identifiable Intangible Assets
(Identifiable Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 693 | $ 691 |
Accumulated Amortization | 510 | 471 |
Net Intangible Assets | 183 | 220 |
Customer relationships and lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 494 | 490 |
Accumulated Amortization | 335 | 303 |
Net Intangible Assets | 159 | 187 |
Tradenames, patents and trademarks, and developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 170 | 170 |
Accumulated Amortization | 154 | 146 |
Net Intangible Assets | 16 | 24 |
Land and water rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8 | 8 |
Accumulated Amortization | 2 | 2 |
Net Intangible Assets | 6 | 6 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21 | 23 |
Accumulated Amortization | 19 | 20 |
Net Intangible Assets | $ 2 | $ 3 |
(Amortization Expense Of Intang
(Amortization Expense Of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $ 37 | $ 44 | $ 44 |
Goodwill And Other Intangible_3
Goodwill And Other Intangibles (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangibles subject to amortization, estimated amortization expense, next 12 months | $ 40 | |
Intangibles subject to amortization, estimated amortization expense, year 2 | 36 | |
Intangibles subject to amortization, estimated amortization expense, year 3 | 29 | |
Intangibles subject to amortization, estimated amortization expense, year 4 | 11 | |
Intangibles subject to amortization, estimated amortization expense, year 5 | 8 | |
Intangibles subject to amortization, estimated amortization expense cumulatively thereafter | $ 53 | |
Goodwill, Impairment Loss | $ 76 |
(Schedule of Income Before Inco
(Schedule of Income Before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 129 | $ 1,469 | $ 906 |
Non-U.S. | 253 | 42 | 93 |
Earnings (loss) from continuing operations before income taxes and equity earnings | $ 382 | $ 1,511 | $ 999 |
(Schedule of Components of Inco
(Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. federal | $ 157 | $ 454 | $ 413 |
U.S. state and local | 16 | 56 | 47 |
Non-U.S. | 42 | 27 | 37 |
Current tax provision (benefit), total | 215 | 537 | 497 |
U.S. federal | (164) | (775) | (274) |
U.S. state and local | 3 | (39) | (27) |
Non-U.S. | 5 | 41 | (8) |
Deferred income tax provision (benefit), net | (156) | (773) | (309) |
Income tax provision (benefit) | $ 59 | $ (236) | $ 188 |
(Schedule of Effective Income T
(Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ 382 | $ 1,511 | $ 999 | ||
Statutory U.S. income tax rate | 21% | 21% | 21% | ||
Tax expense (benefit) using statutory U.S. income tax rate | $ 80 | $ 317 | $ 210 | ||
State and local income taxes | 2 | 44 | 15 | ||
Impact of rate differential on non-U.S. permanent differences and earnings | (10) | 1 | 5 | ||
Foreign valuation allowance | 0 | 45 | 0 | ||
Tax Benefit on Exchange of Sylvamo Shares | 0 | (56) | 0 | ||
Adjustment to tax basis of assets | 0 | 0 | (14) | ||
Non-deductible business expenses | 7 | 2 | 1 | ||
Non-deductible impairments | 0 | 16 | 0 | ||
Non-deductible compensation | 7 | 13 | 11 | ||
Tax audits | (4) | 6 | 9 | ||
Deferred income tax provision (benefit), net | (156) | (773) | (291) | ||
Effective Income Tax Rate Reconciliation, FDII, Amount | (2) | (8) | (7) | ||
Effective Income Tax Rate Reconciliation, GILTI, Amount | 0 | 27 | 5 | ||
Foreign tax credits | (8) | (8) | (6) | ||
General business and other tax credits | (38) | (43) | (39) | ||
Tax expense (benefit) on equity earnings | (4) | (1) | 0 | ||
Legal entity restructuring gain (loss) | 4 | 0 | 0 | ||
Other, net | 5 | (3) | (2) | ||
Income tax provision (benefit) | $ 59 | $ (236) | $ 188 | ||
Effective income tax rate | 15% | (16.00%) | 19% | ||
Tax Benefit on Exchange of Sylvamo Shares | $ 0 | $ (56) | $ 0 | ||
Deferred income tax provision (benefit), net | (156) | (773) | (291) | ||
Two Thousand And Fifteen Financing Entities [Member] | |||||
Income Tax Disclosure [Abstract] | |||||
Deferred income tax provision (benefit), net | 0 | (604) | 0 | ||
Deferred income tax provision (benefit), net | $ 0 | $ (604) | $ 0 | ||
Sylvamo Corporation Investment | |||||
Income Tax Disclosure [Abstract] | |||||
Tax Benefit on Exchange of Sylvamo Shares | $ 35 | $ 31 | |||
Tax Benefit on Exchange of Sylvamo Shares | $ 35 | $ 31 |
(Schedule of Deferred Tax Asset
(Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Postretirement benefit accruals | $ 67 | $ 68 | |
Pension obligations | 61 | 18 | |
Tax credits | 182 | 175 | |
Net operating and capital loss carryforwards | 699 | 568 | |
Compensation reserves | 146 | 151 | |
Lease obligations | 116 | 108 | |
Environmental reserves | 114 | 119 | |
Other | 319 | 271 | |
Gross deferred income tax assets | 1,704 | 1,478 | |
Less: valuation allowance (a) | [1] | (848) | (677) |
Net deferred income tax asset | 856 | 801 | |
Intangibles | (141) | (147) | |
Investments | (3) | (2) | |
Right of use assets | (116) | (108) | |
Plants, properties and equipment | (1,650) | (1,778) | |
Forestlands, related installment sales, and investment in subsidiary | (485) | (485) | |
Gross deferred income tax liabilities | (2,389) | (2,520) | |
Net deferred income tax liability | $ (1,533) | $ (1,719) | |
[1]The net change in the total valuation allowance for the years ended December 31, 2023 and 2022 was an increase of $171 million and a decrease of $(31) million, respectively. |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities Footnotes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 171 | $ (31) |
(Schedule of Unrecognized Tax B
(Schedule of Unrecognized Tax Benefits Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ (177) | $ (166) | $ (143) |
(Additions) reductions for tax positions related to current year | (13) | (7) | (13) |
(Additions) for tax positions related to prior years | (11) | (10) | (23) |
Reductions for tax positions related to prior years | 1 | 3 | 1 |
Settlements | 17 | 1 | 10 |
Expiration of statutes of limitations | 11 | 1 | 1 |
Currency translation adjustment | 1 | 1 | 1 |
Balance at December 31 | $ (173) | $ (177) | $ (166) |
(Summary of Operating Loss And
(Summary of Operating Loss And Tax Credit Carryforwards) (Details) $ in Millions | Dec. 31, 2023 USD ($) | |
Operating Loss Carryforwards [Line Items] | ||
Total | $ 881 | |
Less: valuation allowance (a) | (778) | [1] |
Total, net | 103 | |
2024 Through 2033 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | 121 | |
Less: valuation allowance (a) | (83) | [1] |
Total, net | 38 | |
2034 Through 2043 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | 237 | |
Less: valuation allowance (a) | (220) | [1] |
Total, net | 17 | |
Indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Total | 523 | |
Less: valuation allowance (a) | (475) | [1] |
Total, net | 48 | |
U.S. federal and non-U.S. NOLs | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 652 | |
U.S. federal and non-U.S. NOLs | 2024 Through 2033 | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 1 | |
U.S. federal and non-U.S. NOLs | 2034 Through 2043 | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 225 | |
U.S. federal and non-U.S. NOLs | Indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 426 | |
State taxing jurisdiction NOLs (a) | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 47 | [1] |
State taxing jurisdiction NOLs (a) | 2024 Through 2033 | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 38 | [1] |
State taxing jurisdiction NOLs (a) | 2034 Through 2043 | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 9 | [1] |
State taxing jurisdiction NOLs (a) | Indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 0 | [1] |
U.S. federal, non- U.S. and state tax credit carryforwards (a) | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 182 | [1] |
U.S. federal, non- U.S. and state tax credit carryforwards (a) | 2024 Through 2033 | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 82 | [1] |
U.S. federal, non- U.S. and state tax credit carryforwards (a) | 2034 Through 2043 | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 3 | [1] |
U.S. federal, non- U.S. and state tax credit carryforwards (a) | Indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | $ 97 | [1] |
[1]State amounts are presented net of federal benefit. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 05, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | ||||
Deferred income tax provision (benefit) for the effect of changes in non-U.S. and U.S. state tax rates | $ (6) | $ (3) | $ (8) | |
Income tax payments, net of refunds | 340 | 345 | $ 601 | |
Accrual for the payment of estimated interest and penalties associated with unrecognized tax benefits | 34 | 29 | ||
Tax positions for which the ultimate benefits are highly certain, but for which there is uncertainty about the timing of such benefits | 7 | |||
Forestlands, related installment sales, and investment in subsidiary | (485) | $ (485) | ||
Undistributed earnings of foreign subsidiaries | $ 1,600 | |||
Subsequent Event [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Investment Tax Credit | $ 50 |
Commitments And Contingent Li_2
Commitments And Contingent Liabilities (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Jan. 16, 2024 USD ($) | Oct. 01, 2017 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) Producers | Dec. 31, 2020 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2019 USD ($) | |
Loss Contingencies [Line Items] | |||||||||||||
Accrual for environmental loss contingencies | $ 251 | $ 243 | $ 251 | ||||||||||
Liability for Asbestos and Environmental Claims, Net | $ 97 | 105 | $ 97 | ||||||||||
Increase (Decrease) in Income Taxes Receivable | $ 70 | ||||||||||||
Income Taxes Receivable | $ 48 | ||||||||||||
Value Added Tax Receivable | 81 | $ 11 | |||||||||||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current | ||||||||||
Secretariat of the Federal Revenue Bureau of Brazil [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency accrual | $ 48 | $ 48 | |||||||||||
Responsible party percentage | 60% | ||||||||||||
Shared Tax Assessment Payment | 300 | $ 300 | |||||||||||
Responsible party percentage-Sylvamo | 40% | ||||||||||||
Income tax examination, estimate of possible loss | $ 119 | ||||||||||||
Income tax examination, penalties and interest Expense | 393 | ||||||||||||
Secretariat of the Federal Revenue Bureau of Brazil [Member] | Subsequent Event [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Income tax examination, penalties and interest Expense | $ 274 | ||||||||||||
Discontinued Operations | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Other Income | 42 | ||||||||||||
Interest Income | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Other Income | $ 28 | ||||||||||||
Cass Lake Minnesota [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrual for environmental loss contingencies | 46 | 47 | 46 | ||||||||||
Kalamazoo River Superfund Site [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, damages sought, value | $ 37 | $ 19 | |||||||||||
Proposed consent decree, value of remediation payments | $ 100 | ||||||||||||
Proposed consent decree, value of labor performed | $ 136 | ||||||||||||
Liability for Asbestos and Environmental Claims, Net | 27 | 37 | 27 | ||||||||||
Liability for Asbestos and Environmental Claims, Net, Period Increase (Decrease) | 27 | ||||||||||||
San Jacinto River Superfund Site [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, damages sought, value | $ 115 | ||||||||||||
Liability for Asbestos and Environmental Claims, Net | 83 | $ 95 | $ 83 | ||||||||||
Responsible party percentage | 50% | ||||||||||||
Versailles Pond | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Liability for Asbestos and Environmental Claims, Net | 30 | $ 30 | |||||||||||
Georgia-Pacific Consumer Products LP, Fort James Corporation and Georgia Pacific LLC Cost Recovery Action [Member] | Kalamazoo River Superfund Site [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, damages sought, value | 79 | ||||||||||||
Loss contingency, damages awarded, value | $ 50 | ||||||||||||
Loss Contingencies, share of damages | 15% | ||||||||||||
Italian Competition Authority [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, number of defendants | Producers | 30 | ||||||||||||
Loss contingency accrual | 31 | $ 31 | € 29 | ||||||||||
Northern Impoundment [Member] | San Jacinto River Superfund Site [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, damages sought, value | 105 | ||||||||||||
Liability for Asbestos and Environmental Claims, Net, Period Increase (Decrease) | $ 21 | $ 55 | |||||||||||
Southern Impoundment [Member] | San Jacinto River Superfund Site [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, damages sought, value | $ 10 | ||||||||||||
Liability for Asbestos and Environmental Claims, Net, Period Increase (Decrease) | $ 10 |
(Activity Between Company And E
(Activity Between Company And Entities) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Two Thousand And Fifteen Financing Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Revenue | [1] | $ 61 | ||
Expense | [1] | 34 | ||
Cash receipts | [2] | 95 | ||
Cash payments | [3] | 38 | ||
Two Thousand And Seven Financing Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Revenue | [4] | $ 146 | $ 65 | 24 |
Expense | [5] | 136 | 58 | 24 |
Cash receipts | [6] | 122 | 28 | 5 |
Cash payments | [7] | $ 123 | $ 40 | $ 16 |
[1] The revenue and expense are included in Interest expense, net in the accompanying consolidated statement of operations. The cash receipts are interest received on the Financial assets of variable interest entities. The cash payments represent interest paid on Current nonrecourse financial liabilities of variable interest entities. The revenue is included in Interest expense, net, in the accompanying consolidated statement of operations and includes approximately $19 million for the years ended December 31, 2023, 2022 and 2021, respectively, of accretion income for the amortization of the purchase accounting adjustment on the Financial assets of variable interest entities. |
Variable Interest Entities (Act
Variable Interest Entities (Activity Between Entities Footnotes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entities [Abstract] | |||
Accretion Income for Amortization of Purchase Accounting Adjustment, Financial Assets | $ 19 | $ 19 | $ 19 |
Accretion Expense for Amortization of Purchase Accounting Adjustment, Financial Liabiities | $ 7 | $ 7 | $ 7 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) a in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2007 USD ($) a | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2006 USD ($) a | Aug. 31, 2021 USD ($) | Dec. 31, 2007 USD ($) | |
Variable Interest Entity [Line Items] | ||||||||
Long-term debt | $ 5,455 | $ 4,816 | ||||||
Long-term debt, fair value | 5,500 | 5,200 | ||||||
Deferred Income Taxes | 1,552 | 1,732 | ||||||
Deferred Income Taxes and Tax Credits | 156 | 773 | $ 291 | |||||
Two Thousand Seven Monetized Notes [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Forestlands average sales | a | 1,550 | |||||||
Amount of consideration received | $ 2,400 | $ 2,400 | ||||||
Letters of credit downgrade period of replacement | 30 days | |||||||
Notes receivable, fair value disclosure | $ 2,300 | 2,300 | ||||||
Long-term debt, fair value | 2,100 | 2,100 | ||||||
Letters of credit issued | 2,400 | |||||||
Long-term debt | $ 2,100 | |||||||
Two Thousand And Fifteen Financing Entities [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Forestlands average sales | a | 5,600 | |||||||
Amount of consideration received | $ 4,800 | |||||||
Financing Receivable, before Allowance for Credit Loss | $ 4,800 | |||||||
Long-term debt | $ 4,200 | |||||||
equity in variable interest entities attributable to parent | $ 630 | 630 | ||||||
Expected cash tax payment | $ 72 | |||||||
Tax Adjustments, Settlements, and Unusual Provisions | 252 | |||||||
Income tax examination, penalties and interest Expense | 58 | |||||||
Deferred Income Taxes | 163 | |||||||
Income Tax Examination, Interest Accrued | 30 | |||||||
Deferred Income Taxes and Tax Credits | 0 | $ 604 | $ 0 | |||||
Two Thousand Seven Monetized Notes [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Deferred tax liabilities, other | $ 485 |
(Debt Extinguishment) (Details)
(Debt Extinguishment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Extinguishment of Debt [Line Items] | ||||
Early debt reductions (a) | [1] | $ 0 | $ 503 | $ 2,472 |
Pre-tax early debt extinguishment costs (b) | [2] | $ 0 | $ 93 | $ 461 |
[1]Reductions related to notes with interest rates ranging from 3.00% to 8.70% with original maturities from 2021 to 2048 for the years ended December 31, 2022 and 2021.[2] Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations. |
Debt And Lines Of Credit (Debt
Debt And Lines Of Credit (Debt Extinguishment Footnotes) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Minimum [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3% | 3% |
Maximum [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt instrument, interest rate, stated percentage | 8.70% | 8.70% |
(Summary Of Long-Term Debt) (De
(Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 5,524 | $ 5,505 | ||||
Capitalized leases | 55 | 59 | ||||
Premiums, discounts, and debt issuance costs | (41) | (42) | ||||
Terminated interest rate swaps | 54 | 55 | ||||
Other | 1 | 2 | ||||
Total (c) | [1] | 5,593 | 5,579 | |||
Long-term Debt, Current Maturities | 138 | 763 | ||||
Long-term debt | 5,455 | $ 4,816 | ||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3% | 3% | ||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 8.70% | 8.70% | ||||
6.875% notes – due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 0 | $ 87 | ||||
Debt instrument, interest rate, stated percentage | 6.875% | 6.875% | ||||
Maturity date | 2023 | |||||
7.350% notes – due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 39 | $ 39 | ||||
Debt instrument, interest rate, stated percentage | 7.35% | 7.35% | ||||
Maturity date | 2025 | |||||
7.750% notes – due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 22 | $ 22 | ||||
Debt instrument, interest rate, stated percentage | 7.75% | 7.75% | ||||
Maturity date | 2025 | |||||
7.200% notes – due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 58 | $ 58 | ||||
Debt instrument, interest rate, stated percentage | 7.20% | 7.20% | ||||
Maturity date | 2026 | |||||
6.400% notes – due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 5 | $ 5 | ||||
Debt instrument, interest rate, stated percentage | 6.40% | 6.40% | ||||
Maturity date | 2026 | |||||
7.150% notes – due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 7 | $ 7 | ||||
Debt instrument, interest rate, stated percentage | 7.15% | 7.15% | ||||
Maturity date | 2027 | |||||
6.875% notes – due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 10 | $ 10 | ||||
Debt instrument, interest rate, stated percentage | 6.875% | 6.875% | ||||
Maturity date | 2029 | |||||
5.000% notes – due 2035 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 407 | $ 407 | ||||
Debt instrument, interest rate, stated percentage | 5% | 5% | ||||
Maturity date | 2035 | |||||
6.650% notes – due 2037 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 3 | $ 3 | ||||
Debt instrument, interest rate, stated percentage | 6.65% | 6.65% | ||||
Maturity date | 2037 | |||||
8.700% notes – due 2038 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 86 | $ 86 | ||||
Debt instrument, interest rate, stated percentage | 8.70% | 8.70% | ||||
Maturity date | 2038 | |||||
7.300% notes – due 2039 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 453 | $ 453 | ||||
Debt instrument, interest rate, stated percentage | 7.30% | 7.30% | ||||
Maturity date | 2039 | |||||
6.000% notes – due 2041 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 585 | $ 585 | ||||
Debt instrument, interest rate, stated percentage | 6% | 6% | ||||
Maturity date | 2041 | |||||
4.800% notes – due 2044 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 686 | $ 686 | ||||
Debt instrument, interest rate, stated percentage | 4.80% | 4.80% | ||||
Maturity date | 2044 | |||||
5.150% notes – due 2046 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 449 | $ 449 | ||||
Debt instrument, interest rate, stated percentage | 5.15% | 5.15% | ||||
Maturity date | 2046 | |||||
4.400% notes – due 2047 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 647 | $ 647 | ||||
Debt instrument, interest rate, stated percentage | 4.40% | 4.40% | ||||
Maturity date | 2047 | |||||
4.350% notes – due 2048 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 740 | $ 740 | ||||
Debt instrument, interest rate, stated percentage | 4.35% | 4.35% | ||||
Maturity date | 2048 | |||||
Floating rate notes – due 2023 – 2027 (a) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [2] | $ 308 | $ 732 | |||
Environmental and industrial development bonds – due 2023 – 2028 (b) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [3] | $ 419 | 489 | |||
Variable Rate [Domain] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | 2023 | |||||
Variable Rate [Domain] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | 2027 | |||||
Variable Rate Demand Obligation | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 600 | $ 0 | ||||
Environmental Debt Bond | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 2.90% | 4% | ||||
Environmental Debt Bond | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | 2023 | |||||
Environmental Debt Bond | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | 2028 | |||||
[1] The fair market value was approximately $5.5 billion at December 31, 2023 and $5.2 billion at December 31, 2022. Debt fair value measurements use Level 2 inputs. The weighted average interest rate on these notes was 5.4% in 2023 and 4.6% in 2022. The weighted average interest rate on these bonds was 2.4% in 2023 and 2.4% in 2022. |
Debt And Lines Of Credit (Summa
Debt And Lines Of Credit (Summary of Long-Term Debt Footnotes) (Details) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 5.5 | $ 5.2 |
Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.40% | 4.60% |
Environmental and industrial development bonds – due 2023 – 2028 (b) | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.40% | 2.40% |
Debt And Lines Of Credit (Narra
Debt And Lines Of Credit (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Debt Activity [Line Items] | ||||||||
Revolving credit facilities available | $ 1,900 | $ 1,900 | ||||||
Repayments of Commercial Paper | $ 410 | |||||||
Maturities of long-term debt, 2024 | 138 | 138 | ||||||
Maturities of long-term debt, 2025 | 189 | 189 | ||||||
Maturities of long-term debt, 2026 | 143 | 143 | ||||||
Maturities of long-term debt, 2027 | 333 | 333 | ||||||
Maturities of long-term debt, 2028 | 670 | $ 670 | ||||||
Debt covenant compliance, minimum debt to capital ratio | 60% | |||||||
Proceeds from Issuance of Debt | $ 210 | |||||||
Debt Instrument, Covenant Description | 9 billion | |||||||
Proceeds from Issuance of Commercial Paper | $ 410 | |||||||
Minimum [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 3% | 3% | ||||||
Maximum [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 8.70% | 8.70% | ||||||
Commercial Paper [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Revolving credit facilities available | 1,000 | $ 1,000 | ||||||
Commercial Paper | 0 | 0 | $ 410 | |||||
Revolving Credit Facility [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Revolving credit facilities available | 1,400 | 1,400 | 1,500 | |||||
Receivables Securitization Program [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Receivables securitization program | 500 | 500 | ||||||
Collateralized agreements, value of amount outstanding | 0 | 0 | 0 | |||||
Other Debt Obligations [Member] | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Repayments of Debt | 87 | $ 780 | ||||||
Proceeds from Issuance of Debt | $ 11 | $ 600 | 354 | $ 1,500 | ||||
Environmental Debt Bond | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 2.90% | 4% | ||||||
Repayments of Debt | $ 70 | $ 49 | $ 72 | |||||
Proceeds from Issuance of Debt | $ 72 | $ 248 | ||||||
Environmental Development Bond Due 2027 | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Proceeds from Issuance of Debt | 24 | |||||||
Environmental Debt Bond Due 2028 | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Proceeds from Issuance of Debt | 54 | |||||||
Environmental Development Bond Due 2030 | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Proceeds from Issuance of Debt | 25 | |||||||
Environmental Debt Bond Due 2023 | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Repayments of Debt | 54 | |||||||
Environmental Debt Bond Due June 2023 | ||||||||
Schedule of Debt Activity [Line Items] | ||||||||
Repayments of Debt | $ 25 |
(Rollforward Of Common Stock Ac
(Rollforward Of Common Stock Activity) (Details) - shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
Common stock, beginning balance | 448,900 | |||
Common stock, ending balance | 448,900 | 448,900 | ||
Treasury | 102,900 | 98,600 | ||
Issued | ||||
Class of Stock [Line Items] | ||||
Common stock, beginning balance | 448,916 | 448,916 | 448,916 | |
Issuance of stock for various plans, net | 0 | 0 | 0 | |
Repurchase of stock | 0 | 0 | 0 | |
Common stock, ending balance | 448,916 | 448,916 | 448,916 | |
Common Stock Held In Treasury, At Cost | ||||
Class of Stock [Line Items] | ||||
Issuance of stock for various plans, net | (1,647) | (1,569) | (1,855) | |
Repurchase of stock | 5,894 | 29,839 | 16,400 | |
Treasury | 102,879 | 98,632 | 70,362 | 55,817 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||
Common stock, authorized shares | 990,850,000 | 990,850,000 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Cumulative Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, authorized shares | 400,000 | 400,000 |
Preferred stock, dividend per share | $ 4 | $ 4 |
Preferred stock, par value (stated value) | $ 100 | $ 100 |
Serial Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, authorized shares | 8,750,000 | 8,750,000 |
Preferred stock, par value (stated value) | $ 1 | $ 1 |
(Schedule Of Net Funded Status)
(Schedule Of Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | $ 8,816 | $ 11,833 | |
Service cost | 48 | 85 | $ 100 |
Interest cost | 459 | 338 | 333 |
Actuarial (gain) loss | 225 | (2,863) | |
Plan amendments | 26 | 16 | |
Benefits paid | (593) | (593) | |
Special termination benefits | 1 | 0 | 0 |
Effect of foreign currency exchange rate movements | 0 | 0 | |
Benefit obligation, December 31 | 8,982 | 8,816 | 11,833 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 8,845 | 12,075 | |
Actual return on plan assets | 562 | (2,666) | |
Company contributions | 22 | 29 | |
Benefits paid | (593) | (593) | |
Effect of foreign currency exchange rate movements | 0 | 0 | |
Fair value of plan assets, December 31 | 8,836 | 8,845 | 12,075 |
Funded status, December 31 | (146) | 29 | |
Non-U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | 54 | 65 | |
Service cost | 4 | 3 | 5 |
Interest cost | 3 | 2 | 4 |
Actuarial (gain) loss | (3) | (11) | |
Plan amendments | 0 | 0 | |
Benefits paid | (3) | (2) | |
Special termination benefits | 0 | 0 | 0 |
Effect of foreign currency exchange rate movements | 3 | (3) | |
Benefit obligation, December 31 | 58 | 54 | 65 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 18 | 19 | |
Actual return on plan assets | 1 | 0 | |
Company contributions | 3 | 2 | |
Benefits paid | (3) | (2) | |
Effect of foreign currency exchange rate movements | 1 | (1) | |
Fair value of plan assets, December 31 | 20 | 18 | $ 19 |
Funded status, December 31 | $ (38) | $ (36) |
(Schedule Of Amounts Recognized
(Schedule Of Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded Pension Plan Assets | $ 118 | $ 297 |
Underfunded pension benefit obligation - non-current | (280) | (281) |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded Pension Plan Assets | 118 | 297 |
Underfunded pension benefit obligation - current | (20) | (22) |
Underfunded pension benefit obligation - non-current | (244) | (246) |
Amounts recognized in the consolidated balance sheet | (146) | 29 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded Pension Plan Assets | 0 | 0 |
Underfunded pension benefit obligation - current | (2) | (2) |
Underfunded pension benefit obligation - non-current | (36) | (34) |
Amounts recognized in the consolidated balance sheet | $ (38) | $ (36) |
(Schedule Of Amounts In Accumul
(Schedule Of Amounts In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost (credit) | $ 91 | $ 89 |
Net actuarial loss (gain) | 1,663 | 1,563 |
Amounts recognized in accumulated other comprehensive income (pre-tax) | 1,754 | 1,652 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost (credit) | 0 | 0 |
Net actuarial loss (gain) | (10) | (7) |
Amounts recognized in accumulated other comprehensive income (pre-tax) | $ (10) | $ (7) |
(Pension Benefit Adjustments Re
(Pension Benefit Adjustments Recognized In Other Comprehensive (Loss) Income) (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | $ 192,000,000 |
Amortization of actuarial (loss) gain | (93,000,000) |
Current year prior service cost | 26,000,000 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (23,000,000) |
Total recognized in other comprehensive income | 102,000,000 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | (3,000,000) |
Amortization of actuarial (loss) gain | 1,000,000 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 |
Effect of foreign currency exchange rate movements | (1,000,000) |
Total recognized in other comprehensive income | $ (3,000,000) |
(Pension Plans With An Accumula
(Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 264 | $ 268 |
Accumulated benefit obligation | 264 | 268 |
Fair value of plan assets | 0 | 0 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 57 | 54 |
Accumulated benefit obligation | 49 | 45 |
Fair value of plan assets | $ 20 | $ 18 |
(Net Periodic Pension Expense F
(Net Periodic Pension Expense For Qualified And Nonqualified U.S. Defined Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 48 | $ 85 | $ 100 |
Interest cost | 459 | 338 | 333 |
Expected return on plan assets | (530) | (649) | (705) |
Actuarial loss (gain) | 93 | 87 | 138 |
Amortization of prior service cost | 23 | 23 | 22 |
Special termination benefits | 1 | 0 | 0 |
Net periodic pension (income) expense | 94 | (116) | (112) |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 4 | 3 | 5 |
Interest cost | 3 | 2 | 4 |
Expected return on plan assets | (1) | (1) | (7) |
Actuarial loss (gain) | (1) | 1 | 2 |
Amortization of prior service cost | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 |
Net periodic pension (income) expense | $ 5 | $ 5 | $ 4 |
(Major Actuarial Assumptions Us
(Major Actuarial Assumptions Used In Determining Benefit Obligations And Net Periodic Pension Cost For Defined Benefit Plans) (Details) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial assumptions used to determine benefit obligations, Discount rate | 5.10% | 5.40% | 2.90% | |
Rate of compensation increase | 3% | 3% | 3% | |
Discount rate | [1] | 5.40% | 2.90% | 2.67% |
Expected long-term rate of return on plan assets (a) | 6.50% | 6% | 6.40% | |
Rate of compensation increase | 3% | 3% | 2.25% | |
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial assumptions used to determine benefit obligations, Discount rate | 5.88% | 5.31% | 2.59% | |
Rate of compensation increase | 3.40% | 3.36% | 2.92% | |
Discount rate | [1] | 5.31% | 2.59% | 2.32% |
Expected long-term rate of return on plan assets (a) | 3.83% | 3.66% | 4.99% | |
Rate of compensation increase | 3.36% | 2.92% | 3.66% | |
[1]Represents the weighted average rate for the U.S. qualified plans in 2021 due to the spin-off remeasurement. |
(Effect Of A 25 Basis Point Dec
(Effect Of A 25 Basis Point Decrease On Net Pension Expense) (Details) - U.S. Plans $ in Millions | Dec. 31, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | $ 12 |
Expected long-term rate of return on plan assets | $ 21 |
(Pension Allocations By Type Of
(Pension Allocations By Type Of Fund And Target Allocations) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Allocation Percentage | 100% | 100% | |
Hedging assets | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Allocation Percentage | 66% | 64% | |
Return seeking assets (a) | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Allocation Percentage | [1] | 34% | 36% |
Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Allocation Percentage | 9% | 9% | |
Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Allocation Percentage | 7% | 8% | |
Minimum [Member] | Hedging assets | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 61 | ||
Minimum [Member] | Return seeking assets (a) | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | [1] | 28 | |
Maximum [Member] | Hedging assets | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 72 | ||
Maximum [Member] | Return seeking assets (a) | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | [1] | 39 | |
[1]a) Return seeking assets include Real Estate (9% for both 2023 and 2022) and Private Equity (7% and 8% for 2023 and 2022, respectively). |
(Fair Values Pension Plan Asset
(Fair Values Pension Plan Assets By Asset Class) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | $ 8,836 | $ 8,845 | $ 12,075 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 884 | 971 | |
Significant Observable Inputs (Level 2) [Member] | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 5,185 | 5,007 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 78 | 32 | (5) |
Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1,336 | 1,353 | |
Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 835 | 889 | |
Equities | Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 501 | 464 | |
Equities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 4,691 | 4,550 | |
Fixed income | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Fixed income | Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 4,684 | 4,543 | |
Fixed income | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 7 | 7 | |
Fixed income | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 7 | 7 | 16 |
Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 71 | 25 | |
Derivatives | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Derivatives | Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Derivatives | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 71 | 25 | |
Derivatives | Significant Unobservable Inputs (Level 3) [Member] | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 71 | 25 | $ (21) |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 49 | 82 | |
Cash and cash equivalents | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 49 | 82 | |
Cash and cash equivalents | Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Cash and cash equivalents | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1,293 | 1,319 | |
Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 644 | 688 | |
Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | $ 752 | $ 828 |
Retirement Plans (Fair Value, I
Retirement Plans (Fair Value, Investments, Entities That Calculate Net Asset Value Per Share) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, investments, entities that calculate net Asset value per share, unfunded commitments | $ 278 | $ 375 | ||
Investments, fair value disclosure | 2,689 | 2,835 | ||
Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, investments, entities that calculate net Asset value per share, unfunded commitments | $ 103 | $ 120 | ||
Fair value, investments, entities that calculate net asset value per share, investment redemption, frequency | Quarterly to semi-annually | Daily to annually | ||
Fair value, investments, entities that calculate net asset value per share, investment redemption, description | 45 - 60 days | 1 - 100 days | ||
Defined benefit plan, plan assets, amount | $ 1,293 | $ 1,319 | ||
Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, investments, entities that calculate net Asset value per share, unfunded commitments | $ 81 | $ 126 | ||
Fair value, investments, entities that calculate net asset value per share, investment redemption, frequency | (a) | [1] | (a) | [2] |
Fair value, investments, entities that calculate net asset value per share, investment redemption, description | None | None | ||
Defined benefit plan, plan assets, amount | $ 644 | $ 688 | ||
Real estate funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, investments, entities that calculate net Asset value per share, unfunded commitments | $ 94 | $ 129 | ||
Fair value, investments, entities that calculate net asset value per share, investment redemption, frequency | Quarterly | Quarterly | ||
Fair value, investments, entities that calculate net asset value per share, investment redemption, description | 45 - 60 days | 45 - 60 days | ||
Defined benefit plan, plan assets, amount | $ 752 | $ 828 | ||
[1]A private equity fund investment ("partnership interest") is contractually locked up for the life of the private equity fund by the partnership agreement. Limited partners do not have the option to redeem partnership interests.[2]A private equity fund investment ("partnership interest") is contractually locked up for the life of the private equity fund by the partnership agreement. Limited partners do not have the option to redeem partnership interests. |
(Fair Value Measurements Using
(Fair Value Measurements Using Significant Unobservable Inputs (Level 3)) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | $ 4,550 | |
Fair value of plan assets, December 31 | 4,691 | $ 4,550 |
Fixed income | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 7 | |
Fair value of plan assets, December 31 | 7 | 7 |
Derivatives | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 25 | |
Fair value of plan assets, December 31 | 71 | 25 |
Derivatives | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 25 | |
Fair value of plan assets, December 31 | 71 | 25 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 8,845 | 12,075 |
Fair value of plan assets, December 31 | 8,836 | 8,845 |
U.S. Plans | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 32 | (5) |
Relating to assets still held at the reporting date | 57 | 29 |
Relating to assets sold during the period | 48 | (179) |
Purchases, sales and settlements | (59) | 187 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets, December 31 | 78 | 32 |
U.S. Plans | Fixed income | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 7 | 16 |
Relating to assets still held at the reporting date | 0 | (9) |
Relating to assets sold during the period | 0 | 10 |
Purchases, sales and settlements | 0 | (10) |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets, December 31 | 7 | 7 |
U.S. Plans | Derivatives | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, January 1 | 25 | (21) |
Relating to assets still held at the reporting date | 57 | 38 |
Relating to assets sold during the period | 48 | (189) |
Purchases, sales and settlements | (59) | 197 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets, December 31 | $ 71 | $ 25 |
Retirement Plans (Projected Fut
Retirement Plans (Projected Future Pension Benefit Payments, Excluding Any Termination Beneftis) (Details) - U.S. Plans $ in Millions | Dec. 31, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit Payments, year 1 | $ 620 |
Benefit Payments, year 2 | 632 |
Benefit Payments, year 3 | 639 |
Benefit Payments, year 4 | 639 |
Benefit Payments, year 5 | 639 |
Benefit Payments, year 6-10 | $ 3,175 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) plan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Change in basis point for assumptions for next year | 25% | ||
Defined contribution plan, cost recognized | $ 160,000,000 | $ 159,000,000 | $ 172,000,000 |
Number of nonqualified pension plans | plan | 2 | ||
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits paid | $ (593,000,000) | $ (593,000,000) | |
Expected future benefit payment, next twelve months | $ 620,000,000 | ||
Actuarial assumptions used to determine benefit obligations, Discount rate | 5.10% | 5.40% | 2.90% |
Total recognized in other comprehensive income | $ 102,000,000 | ||
Amount recognized in net periodic benefit cost (credit) and other comprehensive (income) loss, before tax | 197,000,000 | $ 474,000,000 | $ (1,000,000,000) |
Accumulated benefit obligation for defined benefit plans | $ 9,000,000,000 | 8,800,000,000 | |
Expected long term return on assets for next year | 7% | ||
Expected discount rate for next year | 5.10% | ||
Rate of compensation increase | 3% | ||
Expected benefit cost estimate for next fiscal year | $ 7,000,000 | ||
Defined benefit expense | 94,000,000 | (116,000,000) | (112,000,000) |
U.S. Plans | Printing Papers [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit expense | $ (3,000,000) | ||
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits paid | $ (3,000,000) | $ (2,000,000) | |
Actuarial assumptions used to determine benefit obligations, Discount rate | 5.88% | 5.31% | 2.59% |
Total recognized in other comprehensive income | $ (3,000,000) | ||
Amount recognized in net periodic benefit cost (credit) and other comprehensive (income) loss, before tax | 2,000,000 | $ (6,000,000) | $ (73,000,000) |
Accumulated benefit obligation for defined benefit plans | 49,000,000 | 46,000,000 | |
Defined benefit expense | 5,000,000 | 5,000,000 | 4,000,000 |
Supplemental Employee Retirement Plan, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits paid | (22,000,000) | $ (29,000,000) | $ (21,000,000) |
Expected future benefit payment, next twelve months | $ 20,000,000 |
Retirement Plans (Fair Value, D
Retirement Plans (Fair Value, Derivatives, Entities That Calculate Net Asset Value Per Share) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | $ 71 | $ 25 |
Derivatives | Collateralized Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative Asset | 7 | 9 |
Derivative Holdings Gross Liabilities | 7 | 0 |
Derivative Holdings, Net | 0 | 9 |
Derivatives | Credit Default Swap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative Asset | 2 | 1 |
Derivative Holdings Gross Liabilities | 0 | 0 |
Derivative Holdings, Net | 2 | 1 |
Derivatives | Interest Rate Swap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative Asset | 4 | 16 |
Derivative Holdings Gross Liabilities | 0 | 0 |
Derivative Holdings, Net | 4 | 16 |
Derivatives | Equity Swap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative Asset | 65 | 3 |
Derivative Holdings Gross Liabilities | 0 | 0 |
Derivative Holdings, Net | 65 | 3 |
Derivatives | Option on Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative Asset | 6 | |
Derivative Holdings Gross Liabilities | (10) | |
Derivative Holdings, Net | (4) | |
Derivatives | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 71 | 25 |
Derivative Financial Instruments, Liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative Holdings Gross Liabilities | (7) | (10) |
Derivative Financial Instruments, Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Derivative Asset | $ 78 | $ 35 |
(Components Of Postretirement B
(Components Of Postretirement Benefit Expense) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 7 | 5 | 5 |
Actuarial loss (gain) | 0 | 3 | 5 |
Amortization of prior service credits | 0 | 0 | 0 |
Net periodic pension (income) expense | 7 | 8 | 10 |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0 | 0 | 1 |
Actuarial loss (gain) | 0 | 0 | 1 |
Amortization of prior service credits | 0 | 0 | (2) |
Net periodic pension (income) expense | $ 0 | $ 0 | $ 0 |
Postretirement Benefits (Discou
Postretirement Benefits (Discount Rates Used To Determine Net Cost Other) (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.70% | 5.20% | 6.91% |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.50% | 2.90% | 2.50% |
(Weighted Average Assumptions U
(Weighted Average Assumptions Used To Determine Benefit Obligation) (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.20% | 5.50% |
Health care cost trend rate assumed for next year | 7% | 7.25% |
Rate that the cost trend rate gradually declines to | 5% | 5% |
Year that the rate reaches the rate it is assumed to remain | 2032 | 2032 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 6.10% | 5.70% |
Health care cost trend rate assumed for next year | 4% | 4% |
Rate that the cost trend rate gradually declines to | 4% | 4% |
Year that the rate reaches the rate it is assumed to remain | 2023 | 2023 |
(Changes In Postretirement Bene
(Changes In Postretirement Benefit Obligation, Plan Assets, Funded Status And Amounts Recognized In Balance Sheet And Accumulated Other Comprehensive (Loss) Income) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | $ 125 | $ 172 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 7 | 5 | 5 |
Participants’ contributions | 2 | 3 | |
Actuarial (gain) loss | 8 | (33) | |
Benefits paid | (24) | (23) | |
Less: Federal subsidy | 0 | 1 | |
Currency Impact | 0 | 0 | |
Benefit obligation, December 31 | 118 | 125 | 172 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 0 | 0 | |
Company contributions | 22 | 20 | |
Participants’ contributions | 2 | 3 | |
Benefits paid | (24) | (23) | |
Fair value of plan assets, December 31 | 0 | 0 | 0 |
Funded status, December 31 | (118) | (125) | |
Current liability | (13) | (15) | |
Non-current liability | (105) | (110) | |
Amounts recognized in the consolidated balance sheet | (118) | (125) | |
Net actuarial loss (gain) | 2 | (6) | |
Prior service credit | 0 | 0 | |
Amounts recognized in accumulated other comprehensive income (pre-tax) | 2 | (6) | |
Non-U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, January 1 | 4 | 5 | |
Service cost | 0 | 0 | 0 |
Interest cost | 0 | 0 | 1 |
Participants’ contributions | 0 | 0 | |
Actuarial (gain) loss | 0 | 0 | |
Benefits paid | 0 | 0 | |
Less: Federal subsidy | 0 | 0 | |
Currency Impact | 0 | (1) | |
Benefit obligation, December 31 | 4 | 4 | 5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, January 1 | 0 | 0 | |
Company contributions | 0 | 0 | |
Participants’ contributions | 0 | 0 | |
Benefits paid | 0 | 0 | |
Fair value of plan assets, December 31 | 0 | 0 | $ 0 |
Funded status, December 31 | (4) | (4) | |
Current liability | 0 | 0 | |
Non-current liability | (4) | (4) | |
Amounts recognized in the consolidated balance sheet | (4) | (4) | |
Net actuarial loss (gain) | (1) | (1) | |
Prior service credit | 0 | 0 | |
Amounts recognized in accumulated other comprehensive income (pre-tax) | $ (1) | $ (1) |
(Postretirement Benefit Adjustm
(Postretirement Benefit Adjustments Recognized In Other Comprehensive (Loss) Income) (Details) - Other Postretirement Benefits Plan [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | $ 8 |
Amortization of actuarial (loss) gain | 0 |
Total recognized in other comprehensive income | 8 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Current year actuarial (gain) loss | 0 |
Amortization of actuarial (loss) gain | $ 0 |
(Estimated Total Future Postret
(Estimated Total Future Postretirement Benefit Payments, Net Of Participant Contributions And Estimated Future Medicare Part D Subsidy Receipts) (Details) - Other Postretirement Benefits Plan [Member] $ in Millions | Dec. 31, 2023 USD ($) |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit Payments, year 1 | $ 14 |
Benefit Payments, year 2 | 13 |
Benefit Payments, year 3 | 12 |
Benefit Payments, year 4 | 11 |
Benefit Payments, year 5 | 11 |
Benefit Payments, year 6-10 | 45 |
Subsidy Receipts, year 1 | 1 |
Subsidy Receipts, year 2 | 1 |
Subsidy Receipts, year 3 | 1 |
Subsidy Receipts, year 4 | 1 |
Subsidy Receipts, year 5 | 1 |
Subsidy Receipts, year 6-10 | 2 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit Payments, year 1 | 0 |
Benefit Payments, year 2 | 0 |
Benefit Payments, year 3 | 0 |
Benefit Payments, year 4 | 0 |
Benefit Payments, year 5 | 0 |
Benefit Payments, year 6-10 | $ 1 |
Postretirement Benefits (Narrat
Postretirement Benefits (Narrative) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recognized in other comprehensive income | $ 8 | ||
Total recognized in net periodic benefit cost or OCI | (2) | $ 44 | $ 27 |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recognized in net periodic benefit cost or OCI | $ 0 | $ 0 | $ 1 |
(Assumptions Used To Determine
(Assumptions Used To Determine Compensation Cost For Market Condition Component Of Performance Share Program) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |
Expected volatility, lower limit | 35.97% |
Expected volatility, upper limit | 37.11% |
Risk-free interest rate, lower limit | 0.17% |
Risk-free interest rate, upper limit | 4.18% |
(Summary Of Performance Share P
(Summary Of Performance Share Program Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 5,312,480 | 5,926,142 | 5,620,025 |
Shares/units, granted | 1,899,211 | 2,316,295 | |
Shares/units, shares issued | (1,130,236) | (994,052) | |
Shares/units, forfeited | (1,234,328) | (1,382,637) | (1,016,126) |
Shares/units, outstanding | (6,120,951) | (5,312,480) | (5,926,142) |
Weighted average grant date fair value, outstanding | $ 38.01 | $ 35.43 | $ 40.36 |
Weighted average grant date fair value, granted | 50.32 | 45.24 | |
Weighted average grant date fair value, shares issued | 40.23 | 63.54 | |
Weighted average grant date fair value, forfeited | 45.38 | 42.03 | 57.55 |
Weighted average grant date fair value, outstanding | $ 35.31 | $ 38.01 | $ 35.43 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, granted | 1,411,042 | ||
Shares/units, shares issued | (15,161) | ||
Weighted average grant date fair value, granted | $ 34.63 | ||
Weighted average grant date fair value, shares issued | $ 34.63 | ||
Restricted performance share plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, granted | 1,619,481 | ||
Shares/units, shares issued | (972,563) | ||
Weighted average grant date fair value, granted | $ 37.78 | ||
Weighted average grant date fair value, shares issued | $ 40.44 |
(Summary Of Activity Of Restric
(Summary Of Activity Of Restricted Stock Award Program) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 5,312,480 | 5,926,142 | 5,620,025 |
Shares/units, granted | 1,899,211 | 2,316,295 | |
Shares/units, shares issued | (1,130,236) | (994,052) | |
Shares/units, forfeited | (1,234,328) | (1,382,637) | (1,016,126) |
Shares/Units, outstanding | 6,120,951 | 5,312,480 | 5,926,142 |
Weighted average grant date fair value, outstanding | $ 38.01 | $ 35.43 | $ 40.36 |
Weighted average grant date fair value, granted | 50.32 | 45.24 | |
Weighted average grant date fair value, shares issued | 40.23 | 63.54 | |
Weighted average grant date fair value, forfeited | 45.38 | 42.03 | 57.55 |
Weighted average grant date fair value, outstanding | $ 35.31 | $ 38.01 | $ 35.43 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/units, outstanding | 126,392 | 103,769 | 126,075 |
Shares/units, granted | 123,454 | 132,200 | 85,098 |
Shares/units, shares issued | (81,629) | (104,177) | (85,768) |
Shares/units, forfeited | (11,643) | (5,400) | (21,636) |
Shares/Units, outstanding | 156,574 | 126,392 | 103,769 |
Weighted average grant date fair value, outstanding | $ 46.88 | $ 49.03 | $ 44.83 |
Weighted average grant date fair value, granted | 35.51 | 43.38 | 50.90 |
Weighted average grant date fair value, shares issued | 45.40 | 44.53 | 45.59 |
Weighted average grant date fair value, forfeited | 39.77 | 47.78 | 45.52 |
Weighted average grant date fair value, outstanding | $ 39.22 | $ 46.88 | $ 49.03 |
(Stock-Based Compensation Expen
(Stock-Based Compensation Expense And Related Income Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Income tax benefits related to stock-based compensation | $ 12 | $ 13 | $ 13 |
Selling And Marketing Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense (included in selling and administrative expense) | $ 58 | $ 124 | $ 130 |
Incentive Plans (Narrative) (De
Incentive Plans (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost related to unvested restricted performace shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures | $ 58 | ||
Compensation cost related to unvested restricted performace shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures, weighted-average period (in years) | 1 year 4 months 24 days | ||
Maximum Aggregate Number of Shares under ICP | 15,400 | ||
Restricted performance share plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weight of return on investment (ROI) on awards | 50% | ||
Weight of total shareholder return (TSR) on awards | 50% | ||
Share-based Payment Arrangement [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 5,500 | 7,300 | 7,700 |
(Sales By Industry Segment) (De
(Sales By Industry Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | [1],[2] | $ 18,916 | $ 21,161 | $ 19,363 |
Operating Segments [Member] | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 15,596 | 17,451 | 16,326 | |
Operating Segments [Member] | Global Cellulose Fibers | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,890 | 3,227 | 2,732 | |
Corporate & Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [3] | $ 430 | $ 483 | $ 305 |
[1] Net sales are attributed to countries based on the location of the seller. |
(Operating Profit By Industry S
(Operating Profit By Industry Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) from continuing operations before income taxes and equity earnings | $ 382 | $ 1,511 | $ 999 | |
Interest expense, net | 231 | 325 | 337 | |
Adjustment for less than wholly owned subsidiaries (b) | [1] | (2) | (5) | (5) |
Corporate expenses, net (a) | [2] | 27 | 34 | 134 |
Corporate net special items | 28 | 99 | 352 | |
Business net special items | 529 | 76 | 18 | |
Non-operating pension (income) expense | 54 | (192) | (200) | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Business Segment Operating Profit | 1,249 | 1,848 | 1,635 | |
Operating Segments [Member] | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Business Segment Operating Profit | 1,266 | 1,742 | 1,638 | |
Operating Segments [Member] | Global Cellulose Fibers | ||||
Segment Reporting Information [Line Items] | ||||
Business Segment Operating Profit | $ (17) | $ 106 | $ (3) | |
[1] Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly-owned. The pre-tax earnings for these subsidiaries is added here to present consolidated earnings from continuing operations before income taxes and equity earnings. |
(Information By Industry Segmen
(Information By Industry Segment, Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Assets | $ 23,261 | $ 23,940 |
Operating Segments [Member] | Industrial Packaging | ||
Segment Reporting Information [Line Items] | ||
Assets | 16,060 | 16,425 |
Operating Segments [Member] | Global Cellulose Fibers | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,369 | 3,625 |
Corporate and other | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 3,832 | $ 3,890 |
(Information By Industry Segm_2
(Information By Industry Segment, Capital Spending) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Capital Spending | $ 1,141 | $ 931 | $ 480 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Spending | 1,105 | 905 | 465 |
Operating Segments [Member] | Industrial Packaging | |||
Segment Reporting Information [Line Items] | |||
Capital Spending | 928 | 762 | 382 |
Operating Segments [Member] | Global Cellulose Fibers | |||
Segment Reporting Information [Line Items] | |||
Capital Spending | 177 | 143 | 83 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Capital Spending | $ 36 | $ 26 | $ 15 |
(Depreciation, Amortization And
(Depreciation, Amortization And Cost of Timber Harvested) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | $ 1,432 | $ 1,040 | $ 1,097 |
Operating Segments [Member] | Industrial Packaging | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 1,144 | 783 | 829 |
Operating Segments [Member] | Global Cellulose Fibers | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 286 | 255 | 265 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | $ 2 | $ 2 | $ 3 |
(Information By Industry Segm_3
(Information By Industry Segment, External Sales By Major Product) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | [1],[2] | $ 18,916 | $ 21,161 | $ 19,363 |
Operating Segments [Member] | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 15,596 | 17,451 | 16,326 | |
Operating Segments [Member] | Industrial Packaging | External Customers | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 15,596 | 17,441 | 16,276 | |
Operating Segments [Member] | Global Cellulose Fibers | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,890 | 3,227 | 2,732 | |
Operating Segments [Member] | Global Cellulose Fibers | External Customers | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,883 | 3,219 | 2,730 | |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (95) | (132) | (126) | |
Corporate and other | Industrial Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (95) | (132) | (126) | |
Corporate and other | Corporate and Other | External Customers | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [3] | $ 437 | $ 501 | $ 357 |
[1] Net sales are attributed to countries based on the location of the seller. |
(Information By Geographic Area
(Information By Geographic Area, Net Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | [1],[2] | $ 18,916 | $ 21,161 | $ 19,363 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [1],[2],[3] | 16,340 | 18,482 | 16,769 |
EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [1],[2] | 1,494 | 1,693 | 1,611 |
Pacific Rim and Asia | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [1] | 261 | 123 | 207 |
Americas, other than U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [1],[2] | $ 821 | $ 863 | $ 776 |
[1] Net sales are attributed to countries based on the location of the seller. Export sales to unaffiliated customers were $2.7 billion in 2023, $3.2 billion in 2022 and $2.6 billion in 2021. |
(Information By Geographic Ar_2
(Information By Geographic Area, Long-Lived Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | $ 10,168 | $ 10,449 |
United States | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 9,021 | 9,333 |
EMEA | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 757 | 738 |
Americas, other than U.S. | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | $ 390 | $ 378 |
[1]Long-Lived Assets includes Forestlands and Plants, Properties and Equipment, net. |
Financial Information By Busi_3
Financial Information By Business Segment And Geographic Area (Information By Geographic Area, Net Sales Footnotes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Segment Information, Previously Divested Businesses | $ 44 | ||
Segment Information, Previously Divested Businesses, Operating Profit | 9 | ||
Segment Information, Previously Divested Business, External Sales by Segment | 44 | ||
United States | |||
Segment Reporting Information [Line Items] | |||
Segment reporting information, unaffiliated revenue | $ 2,700 | $ 3,200 | $ 2,600 |