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Share Name | Share Symbol | Market | Type |
---|---|---|---|
International Paper Company | NYSE:IP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.64 | 1.76% | 36.92 | 37.23 | 36.22 | 36.57 | 5,777,032 | 00:50:01 |
ý
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Page
|
|
|
|
|
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014:
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
All other schedules required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
|
23
|
|
Consent of Independent Registered Public Accounting Firm
|
|
|
2015
|
|
2014
|
||||
ASSETS:
|
|
|
|
|
||||
Investments, at fair value (Note 4)
|
|
|
|
|
||||
Plan interest in Master Trust — Participant-directed investments
|
|
$
|
855,296
|
|
|
$
|
869,141
|
|
Investments, at contract value (Note 5)
|
|
|
|
|
||||
Plan interest in Master Trust — Fully benefit-responsive investment contracts
|
|
420,716
|
|
|
459,340
|
|
||
Total investments
|
|
1,276,012
|
|
|
1,328,481
|
|
||
Receivables:
|
|
|
|
|
||||
Notes receivable from participants
|
|
84,269
|
|
|
82,120
|
|
||
Participants’ contributions
|
|
957
|
|
|
1,999
|
|
||
Employer’s contributions
|
|
408
|
|
|
727
|
|
||
Tex-Corr plan participant balances
|
|
—
|
|
|
572
|
|
||
Total receivables
|
|
85,634
|
|
|
85,418
|
|
||
LIABILITIES:
|
|
|
|
|
||||
Accrued expenses
|
|
259
|
|
|
432
|
|
||
Total liabilities
|
|
259
|
|
|
432
|
|
||
NET ASSETS AVAILABLE FOR BENEFITS
|
|
$
|
1,361,387
|
|
|
$
|
1,413,467
|
|
|
|
2015
|
|
2014
|
||||
ADDITIONS:
|
|
|
|
|
||||
Contributions:
|
|
|
|
|
||||
Participants’ contributions
|
|
$
|
78,060
|
|
|
$
|
74,259
|
|
Employer’s contributions
|
|
28,975
|
|
|
34,614
|
|
||
Total contributions
|
|
107,035
|
|
|
108,873
|
|
||
Investment (loss) income — Plan interest in Master Trust
|
|
(21,173
|
)
|
|
81,096
|
|
||
Interest income on notes receivable from participants
|
|
3,640
|
|
|
3,480
|
|
||
Total additions
|
|
89,502
|
|
|
193,449
|
|
||
DEDUCTIONS:
|
|
|
|
|
||||
Benefits paid to participants
|
|
129,539
|
|
|
185,781
|
|
||
Net transfers to other plans (Note 8)
|
|
10,620
|
|
|
20,253
|
|
||
Administrative expenses
|
|
1,423
|
|
|
1,473
|
|
||
Total deductions
|
|
141,582
|
|
|
207,507
|
|
||
NET DECREASE
|
|
(52,080
|
)
|
|
(14,058
|
)
|
||
NET ASSETS AVAILABLE FOR BENEFITS:
|
|
|
|
|
||||
Beginning of year
|
|
1,413,467
|
|
|
1,427,525
|
|
||
End of year
|
|
$
|
1,361,387
|
|
|
$
|
1,413,467
|
|
•
|
Market Exposure — To gain exposure to a particular market or alter asset class exposures (e.g., tactical asset allocation) quickly and at low cost.
|
•
|
To alter the risk/return characteristics of certain investments. For example, in fixed income accounts, derivatives may be used to alter the duration of the investment portfolio. Investment managers are also permitted to use derivatives to enhance returns by selecting instruments that will perform better than underlying securities under certain scenarios.
|
•
|
Foreign Currency Exposure Management — Investment managers may use derivatives, such as currency forwards, in order to manage foreign currency exposures.
|
|
|
2015
|
|
2014
|
||||
Master Trust net assets:
|
|
|
|
|
||||
Company Stock Fund Master Trust Investment Account
|
|
$
|
375,454
|
|
|
$
|
461,047
|
|
Stock Index Fund Master Trust Investment Account
|
|
96,970
|
|
|
62,969
|
|
||
Veritiv Stock Fund Master Trust Investment Account
|
|
—
|
|
|
6,588
|
|
||
RIC Master Trust Investment Account:
|
|
|
|
|
||||
Conservative Smartmix Fund
|
|
147,395
|
|
|
149,827
|
|
||
Moderate Smartmix Fund
|
|
676,383
|
|
|
665,820
|
|
||
Aggressive Smartmix Fund
|
|
337,425
|
|
|
350,203
|
|
||
Cash
|
|
2,467
|
|
|
397
|
|
||
Total RIC Master Trust Investment Account
|
|
1,163,670
|
|
|
1,166,247
|
|
||
Commingled Investment Group Trust Master Trust Investment Accounts:
|
|
|
|
|
||||
U.S. Fixed Income Bond Pool (securities on loan $13,233 in 2015 and $9,010 in 2014)
|
|
197,363
|
|
|
188,564
|
|
||
Emerging Market Fixed Income Pool
|
|
33,611
|
|
|
38,960
|
|
||
Emerging Market Equity Pool (securities on loan $784 in 2015 and $0 in 2014)
|
|
61,207
|
|
|
80,507
|
|
||
High Yield Bond Pool (securities on loan $8,330 in 2015 and $9,624 in 2014)
|
|
50,256
|
|
|
57,684
|
|
||
Non-U.S. Developed Equity Pool (securities on loan $7,158 in 2015 and $8,435 in 2014)
|
|
179,288
|
|
|
172,567
|
|
||
U.S. Small Cap Pool (securities on loan $23,986 in 2015 and $31,153 in 2014)
|
|
165,586
|
|
|
191,162
|
|
||
U.S. Mid Cap Pool (securities on loan $10,893 in 2015 and $8,352 in 2014)
|
|
176,129
|
|
|
191,883
|
|
||
U.S. Large Cap Pool (securities on loan $14,663 in 2015 and $5,930 in 2014)
|
|
791,650
|
|
|
854,378
|
|
||
Total Commingled Investment Group Trust Master Trust Investment Accounts
|
|
1,655,090
|
|
|
1,775,705
|
|
||
Open Brokerage Window:
|
|
|
|
|
||||
Corporate Bonds
|
|
192
|
|
|
202
|
|
||
Equities
|
|
52,596
|
|
|
57,119
|
|
||
Mutual Funds
|
|
29,987
|
|
|
31,401
|
|
||
Cash and cash equivalents
|
|
15,576
|
|
|
15,718
|
|
||
Total Open Brokerage Window
|
|
98,351
|
|
|
104,440
|
|
||
Stable Value Fund Master Trust Investment Account
|
|
1,333,161
|
|
|
1,403,770
|
|
||
Total investments
|
|
4,722,696
|
|
|
4,980,766
|
|
||
Collateral Held
|
|
81,227
|
|
|
74,455
|
|
||
Total Master Trust assets
|
|
4,803,923
|
|
|
5,055,221
|
|
||
Liability to return collateral held under securities lending agreements
|
|
81,227
|
|
|
74,455
|
|
||
Total liabilities
|
|
81,227
|
|
|
74,455
|
|
||
Total Master Trust net assets
|
|
$
|
4,722,696
|
|
|
$
|
4,980,766
|
|
Plan interest in the Master Trust
|
|
$
|
1,276,012
|
|
|
$
|
1,328,481
|
|
Plan interest in the Master Trust as a percentage of total
|
|
27
|
%
|
|
27
|
%
|
|
|
2015
|
|
2014
|
||||
Master Trust investment (loss) income:
|
|
|
|
|
||||
Net (depreciation) appreciation of investments at fair value:
|
|
|
|
|
||||
Company Stock Fund Master Trust Investment Account
|
|
$
|
(149,214
|
)
|
|
$
|
57,818
|
|
Stock Index Fund Master Trust Investment Account
|
|
883
|
|
|
3,604
|
|
||
Veritiv Stock Fund Master Trust Investment Account
|
|
(49
|
)
|
|
2,046
|
|
||
RIC Master Trust Investment Account:
|
|
|
|
|
||||
Conservative Smartmix Fund
|
|
1,993
|
|
|
8,222
|
|
||
Moderate Smartmix Fund
|
|
1,329
|
|
|
48,142
|
|
||
Aggressive Smartmix Fund
|
|
(752
|
)
|
|
26,586
|
|
||
Commingled Investment Group Trust Master Trust Investment Accounts:
|
|
|
|
|
||||
U.S. Fixed Income Bond Pool (securities on loan $41 in 2015 and $30 in 2014)
|
|
1,614
|
|
|
11,847
|
|
||
Emerging Market Fixed Income Pool
|
|
(133
|
)
|
|
2,492
|
|
||
Emerging Market Equity Pool (securities on loan $6 in 2015 and $0 in 2014
|
|
(10,921
|
)
|
|
(620
|
)
|
||
High Yield Bond Pool (securities on loan $39 in 2015 and $33 in 2014)
|
|
(1,390
|
)
|
|
2,105
|
|
||
Non-U.S. Developed Equity Pool (securities on loan $84 in 2015 and $106 in 2014)
|
|
3,130
|
|
|
(7,655
|
)
|
||
U.S. Small Cap Pool (securities on loan $345 in 2015 and $525 in 2014)
|
|
(8,104
|
)
|
|
4,894
|
|
||
U.S. Mid Cap Pool (securities on loan $36 in 2015 and $31 in 2014)
|
|
(998
|
)
|
|
18,034
|
|
||
U.S. Large Cap Pool (securities on loan $61 in 2015 and $46 in 2014)
|
|
14,226
|
|
|
109,408
|
|
||
Open Brokerage Window:
|
|
|
|
|
||||
Corporate Bonds
|
|
(14
|
)
|
|
18
|
|
||
Equities
|
|
(4,863
|
)
|
|
1,665
|
|
||
Mutual Funds
|
|
(216
|
)
|
|
1,710
|
|
||
Net depreciation of investments at contract value -
|
|
|
|
|
||||
Stable Value Fund Master Trust Investment Account
|
|
(4,611
|
)
|
|
(1,784
|
)
|
||
Total net (depreciation) appreciation
|
|
(158,090
|
)
|
|
288,532
|
|
||
Interest and dividends:
|
|
|
|
|
||||
Company Stock Fund Master Trust Investment Account
|
|
15,240
|
|
|
15,026
|
|
||
RIC Master Trust Investment Account:
|
|
|
|
|
||||
Conservative Smartmix Fund
|
|
25
|
|
|
27
|
|
||
Moderate Smartmix Fund
|
|
70
|
|
|
70
|
|
||
Aggressive Smartmix Fund
|
|
49
|
|
|
38
|
|
||
Stable Value Fund Master Trust Investment Account
|
|
30,971
|
|
|
31,060
|
|
||
Total interest and dividends
|
|
46,355
|
|
|
46,221
|
|
||
Total Master Trust investment (loss) income
|
|
$
|
(111,735
|
)
|
|
$
|
334,753
|
|
Investment (loss) income — Plan interest in Master Trust
|
|
$
|
(21,173
|
)
|
|
$
|
81,096
|
|
|
|
Active Markets
for Identical
Assets
(Level 1)
|
|
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
Equities - domestic
|
|
$
|
660,115
|
|
|
$
|
557,455
|
|
|
$
|
—
|
|
|
$
|
1,217,570
|
|
Equities - international
|
|
227,751
|
|
|
72,188
|
|
|
—
|
|
|
299,939
|
|
||||
Corporate bonds
|
|
—
|
|
|
143,838
|
|
|
—
|
|
|
143,838
|
|
||||
Government securities
|
|
—
|
|
|
101,248
|
|
|
—
|
|
|
101,248
|
|
||||
Mortgage backed securities
|
|
—
|
|
|
27,212
|
|
|
4
|
|
|
27,216
|
|
||||
Mutual funds
|
|
—
|
|
|
30,163
|
|
|
13
|
|
|
30,176
|
|
||||
Derivatives
|
|
—
|
|
|
18,716
|
|
|
(33
|
)
|
|
18,683
|
|
||||
Cash and cash equivalents
|
|
15,631
|
|
|
15,668
|
|
|
—
|
|
|
31,299
|
|
||||
Common stock of International Paper
|
|
371,503
|
|
|
—
|
|
|
—
|
|
|
371,503
|
|
||||
Smartmix
|
|
32,497
|
|
|
1,045,635
|
|
|
86,143
|
|
|
1,164,275
|
|
||||
Stable Value
|
|
—
|
|
|
47,285
|
|
|
—
|
|
|
47,285
|
|
||||
Total Master Trust investments
|
|
$
|
1,307,497
|
|
|
$
|
2,059,408
|
|
|
$
|
86,127
|
|
|
$
|
3,453,032
|
|
|
|
Active Markets
for Identical
Assets
(Level 1)
|
|
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
Equities - domestic
|
|
$
|
680,856
|
|
|
$
|
597,573
|
|
|
$
|
2
|
|
|
$
|
1,278,431
|
|
Equities - international
|
|
244,917
|
|
|
80,724
|
|
|
—
|
|
|
325,641
|
|
||||
Corporate bonds
|
|
—
|
|
|
122,632
|
|
|
—
|
|
|
122,632
|
|
||||
Government securities
|
|
—
|
|
|
110,145
|
|
|
—
|
|
|
110,145
|
|
||||
Mortgage backed securities
|
|
—
|
|
|
24,780
|
|
|
3
|
|
|
24,783
|
|
||||
Mutual funds
|
|
—
|
|
|
31,677
|
|
|
19
|
|
|
31,696
|
|
||||
Derivatives
|
|
—
|
|
|
22,870
|
|
|
(215
|
)
|
|
22,655
|
|
||||
Cash and cash equivalents
|
|
36,495
|
|
|
20,176
|
|
|
—
|
|
|
56,671
|
|
||||
Common stock of International Paper
|
|
458,383
|
|
|
—
|
|
|
—
|
|
|
458,383
|
|
||||
Smartmix
|
|
35,466
|
|
|
1,076,576
|
|
|
47,173
|
|
|
1,159,215
|
|
||||
Stable Value
|
|
—
|
|
|
35,428
|
|
|
—
|
|
|
35,428
|
|
||||
Total Master Trust investments
|
|
$
|
1,456,117
|
|
|
$
|
2,122,581
|
|
|
$
|
46,982
|
|
|
$
|
3,625,680
|
|
|
|
Equities - Domestic
|
|
Mortgage Backed Securities
|
|
Mutual Funds
|
|
Derivatives
|
|
Smartmix
|
|
Total
|
||||||||||||
Beginning balance January 1, 2015
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
19
|
|
|
$
|
(215
|
)
|
|
$
|
47,173
|
|
|
$
|
46,982
|
|
Realized gains
|
|
—
|
|
|
1
|
|
|
7
|
|
|
(45
|
)
|
|
1,971
|
|
|
1,934
|
|
||||||
Unrealized gains (losses)
|
|
(2
|
)
|
|
—
|
|
|
(13
|
)
|
|
(104
|
)
|
|
6,022
|
|
|
5,903
|
|
||||||
Purchases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,663
|
|
|
—
|
|
|
15,663
|
|
||||||
Sales
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,279
|
)
|
|
(6,900
|
)
|
|
(22,179
|
)
|
||||||
Transfers into (out of) Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
37,877
|
|
|
37,824
|
|
||||||
Ending balance December 31, 2015
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
13
|
|
|
$
|
(33
|
)
|
|
$
|
86,143
|
|
|
$
|
86,127
|
|
|
|
Equities - Domestic
|
|
Intl
Equities
|
|
Mortgage Backed Securities
|
|
Mutual Funds
|
|
Derivatives
|
|
Smartmix
|
|
Total
|
||||||||||||||
Beginning balance January 1, 2014
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
181
|
|
Realized gains
|
|
4
|
|
|
(6
|
)
|
|
3
|
|
|
19
|
|
|
(100
|
)
|
|
1,770
|
|
|
1,690
|
|
|||||||
Unrealized gains (losses)
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
(2,549
|
)
|
|
(2,382
|
)
|
|||||||
Purchases
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
12,851
|
|
|
—
|
|
|
12,854
|
|
|||||||
Sales
|
|
(1
|
)
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
(13,348
|
)
|
|
(7,600
|
)
|
|
(20,963
|
)
|
|||||||
Transfers into (out of) Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
55,552
|
|
|
55,602
|
|
|||||||
Ending balance December 31, 2014
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
19
|
|
|
$
|
(215
|
)
|
|
$
|
47,173
|
|
|
$
|
46,982
|
|
Instrument
|
|
Fair Value
|
|
Principal Valuation Technique
|
|
Unobservable Inputs
|
|
Range of Significant Input Values
|
||
Real estate
|
|
$
|
86,143
|
|
|
Income approach - discounted cash flow
|
|
Discount rate
|
|
5.50% - 9.50%
|
|
Terminal capitalization rate
|
|
4.00% - 8.80%
|
|||||||
Debt service - discounted cash flow
|
|
Credit spreads
|
|
1.50% - 2.50%
|
||||||
|
Loan to value ratio
|
|
22.40% - 92.70%
|
|||||||
Sales Comparison
|
|
Value per square foot
|
|
4.70 - 305.50
|
Instrument
|
|
Fair Value
|
|
Principal Valuation Technique
|
|
Unobservable Inputs
|
|
Range of Significant Input Values
|
||
Real estate
|
|
$
|
54,153
|
|
|
Income approach - discounted cash flow
|
|
Discount rate
|
|
5.75% - 10.00%
|
|
Terminal capitalization rate
|
|
4.75% - 8.75%
|
|||||||
Debt service - discounted cash flow
|
|
Credit spreads
|
|
1.34% - 2.98%
|
||||||
|
Loan to value ratio
|
|
32.00% - 83.13%
|
|||||||
Sales Comparison
|
|
Value per square foot
|
|
4.67 - 250.28
|
||||||
Debt service - land
|
|
Credit spreads
|
|
1.38%
|
||||||
|
Loan to value ratio
|
|
47.66%
|
|
|
2015
|
|
2014
|
||||
Synthetic investment contracts
|
|
$
|
400,036
|
|
|
$
|
430,628
|
|
Traditional investment contracts
|
|
20,680
|
|
|
28,712
|
|
||
Total
|
|
$
|
420,716
|
|
|
$
|
459,340
|
|
|
|
2015
|
|
2014
|
||||
International Paper Company Salaried Savings Plan—net transfers due to changes in employment status
|
|
$
|
(10,620
|
)
|
|
$
|
(8,368
|
)
|
Tex-Corr Savings Plan transfer due to acquisition of Tex-Corr
|
|
—
|
|
|
572
|
|
||
Spin-off of xpedx business to Veritiv
|
|
—
|
|
|
(12,457
|
)
|
||
Total net transfers (to) other plans
|
|
$
|
(10,620
|
)
|
|
$
|
(20,253
|
)
|
|
|
2015
|
|
2014
|
||||
Net assets available for benefits:
|
|
|
|
|
||||
Participant-directed investments
|
|
$
|
1,276,012
|
|
|
$
|
1,328,481
|
|
Less participant brokerage accounts
|
|
(16,023
|
)
|
|
(17,533
|
)
|
||
Less common stock
|
|
(41
|
)
|
|
(59
|
)
|
||
Value of interest in Master Trust investment accounts per
Form 5500, Schedule H, Part I, Line 1c(11)
|
|
$
|
1,259,948
|
|
|
$
|
1,310,889
|
|
|
|
|
|
|
||
(a)
|
(b) Identity of Issue, Borrower,
Lessor or Similar Party
|
(c) Description of Investment, Including
Maturity Date, Rate of Interest,
Collateral, Par or Maturity Value
|
(d) Cost
|
(e) Current
Value
|
||
*
|
Various participants
|
Participant loans at interest rates of 4.25% to 10.50%, maturing through December 2025
|
**
|
$
|
84,269,433
|
|
*
|
JP Morgan CISC
|
Participant brokerage accounts - other assets
|
**
|
16,022,922
|
|
|
*
|
International Paper Company
|
Common stock
|
**
|
41,282
|
|
*
|
Party-in-interest.
|
**
|
Cost information is not required for participant-directed investments and, therefore, is not included.
|
|
|
|
INTERNATIONAL PAPER COMPANY HOURLY SAVINGS PLAN
|
||
|
|
|
By:
|
|
/s/ Mark M. Azzarello
|
|
|
Mark M. Azzarello, Plan Administrator
|
Date:
|
June 27, 2016
|
1 Year International Paper Chart |
1 Month International Paper Chart |
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