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Name | Symbol | Market | Type |
---|---|---|---|
International Paper Company (PK) | USOTC:INPAP | OTCMarkets | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 66.00 | 66.00 | 80.00 | 0.00 | 14:07:27 |
New York
|
13-0872805
|
||
(State or other jurisdiction of
|
(I.R.S. Employer
|
||
incorporation of organization)
|
Identification No.)
|
||
|
|
|
|
6400 Poplar Avenue
|
Memphis,
|
TN
|
38197
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Shares
|
IP
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
|
|
PAGE NO.
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Condensed Consolidated Statement of Operations - Three Months Ended March 31, 2020 and 2019
|
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Condensed Consolidated Statement of Comprehensive Income - Three Months Ended March 31, 2020 and 2019
|
|
|
|
|
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Condensed Consolidated Balance Sheet - March 31, 2020 and December 31, 2019
|
|
|
|
|
|
Condensed Consolidated Statement of Cash Flows - Three Months Ended March 31, 2020 and 2019
|
|
|
|
|
|
||
|
|
|
|
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|
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|
|
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|
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ITEM 1.
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Net Sales
|
$
|
5,352
|
|
|
$
|
5,643
|
|
Costs and Expenses
|
|
|
|
||||
Cost of products sold
|
3,746
|
|
|
3,929
|
|
||
Selling and administrative expenses
|
418
|
|
|
413
|
|
||
Depreciation, amortization and cost of timber harvested
|
323
|
|
|
315
|
|
||
Distribution expenses
|
407
|
|
|
389
|
|
||
Taxes other than payroll and income taxes
|
44
|
|
|
43
|
|
||
Restructuring and other charges, net
|
8
|
|
|
—
|
|
||
Net (gains) losses on sales and impairments of businesses
|
344
|
|
|
(7
|
)
|
||
Net (gains) losses on sales of equity method investments
|
(33
|
)
|
|
—
|
|
||
Interest expense, net
|
117
|
|
|
133
|
|
||
Non-operating pension expense (income)
|
(6
|
)
|
|
10
|
|
||
Earnings (Loss) Before Income Taxes and Equity Earnings
|
(16
|
)
|
|
418
|
|
||
Income tax provision (benefit)
|
94
|
|
|
106
|
|
||
Equity earnings (loss), net of taxes
|
(31
|
)
|
|
114
|
|
||
Net Earnings (Loss)
|
(141
|
)
|
|
426
|
|
||
Less: Net earnings (loss) attributable to noncontrolling interests
|
—
|
|
|
2
|
|
||
Net Earnings (Loss) Attributable to International Paper Company
|
$
|
(141
|
)
|
|
$
|
424
|
|
Basic Earnings (Loss) Per Share Attributable to International Paper Company Common Shareholders
|
|
|
|
||||
Net earnings (loss)
|
$
|
(0.36
|
)
|
|
$
|
1.06
|
|
Diluted Earnings (Loss) Per Share Attributable to International Paper Company Common Shareholders
|
|
|
|
||||
Net earnings (loss)
|
$
|
(0.36
|
)
|
|
$
|
1.05
|
|
Average Shares of Common Stock Outstanding – assuming dilution
|
392.6
|
|
|
403.2
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Net Earnings (Loss)
|
$
|
(141
|
)
|
|
$
|
426
|
|
Other Comprehensive Income (Loss), Net of Tax:
|
|
|
|
||||
Amortization of pension and post-retirement prior service costs and net loss:
|
|
|
|
||||
U.S. plans
|
46
|
|
|
41
|
|
||
Change in cumulative foreign currency translation adjustment
|
(544
|
)
|
|
12
|
|
||
Net gains/losses on cash flow hedging derivatives:
|
|
|
|
||||
Net gains (losses) arising during the period
|
(30
|
)
|
|
—
|
|
||
Reclassification adjustment for (gains) losses included in net earnings (loss)
|
11
|
|
|
1
|
|
||
Total Other Comprehensive Income (Loss), Net of Tax
|
(517
|
)
|
|
54
|
|
||
Comprehensive Income (Loss)
|
(658
|
)
|
|
480
|
|
||
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
(2
|
)
|
||
Other comprehensive (income) loss attributable to noncontrolling interests
|
1
|
|
|
—
|
|
||
Comprehensive Income (Loss) Attributable to International Paper Company
|
$
|
(657
|
)
|
|
$
|
478
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
|
(unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and temporary investments
|
$
|
1,239
|
|
|
$
|
511
|
|
Accounts and notes receivable, net
|
3,226
|
|
|
3,280
|
|
||
Contract assets
|
423
|
|
|
393
|
|
||
Inventories
|
2,002
|
|
|
2,208
|
|
||
Assets held for sale
|
112
|
|
|
—
|
|
||
Other current assets
|
213
|
|
|
247
|
|
||
Total Current Assets
|
7,215
|
|
|
6,639
|
|
||
Plants, Properties and Equipment, net
|
12,691
|
|
|
13,004
|
|
||
Forestlands
|
308
|
|
|
391
|
|
||
Investments
|
1,370
|
|
|
1,721
|
|
||
Financial Assets of Variable Interest Entities (Note 16)
|
7,093
|
|
|
7,088
|
|
||
Goodwill
|
3,304
|
|
|
3,347
|
|
||
Right of Use Assets
|
422
|
|
|
434
|
|
||
Deferred Charges and Other Assets
|
812
|
|
|
847
|
|
||
Total Assets
|
$
|
33,215
|
|
|
$
|
33,471
|
|
Liabilities and Equity
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Notes payable and current maturities of long-term debt
|
$
|
664
|
|
|
$
|
168
|
|
Current nonrecourse financial liabilities of variable interest entities (Note 16)
|
4,220
|
|
|
4,220
|
|
||
Accounts payable
|
2,379
|
|
|
2,423
|
|
||
Accrued payroll and benefits
|
355
|
|
|
466
|
|
||
Liabilities held for sale
|
364
|
|
|
—
|
|
||
Other current liabilities
|
1,360
|
|
|
1,369
|
|
||
Total Current Liabilities
|
9,342
|
|
|
8,646
|
|
||
Long-Term Debt
|
9,561
|
|
|
9,597
|
|
||
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 16)
|
2,087
|
|
|
2,085
|
|
||
Deferred Income Taxes
|
2,662
|
|
|
2,633
|
|
||
Pension Benefit Obligation
|
1,521
|
|
|
1,578
|
|
||
Postretirement and Postemployment Benefit Obligation
|
252
|
|
|
270
|
|
||
Long-Term Lease Obligations
|
293
|
|
|
304
|
|
||
Other Liabilities
|
636
|
|
|
640
|
|
||
Equity
|
|
|
|
||||
Common stock, $1 par value, 2020 – 448.9 shares and 2019 – 448.9 shares
|
449
|
|
|
449
|
|
||
Paid-in capital
|
6,252
|
|
|
6,297
|
|
||
Retained earnings
|
8,062
|
|
|
8,408
|
|
||
Accumulated other comprehensive loss
|
(5,255
|
)
|
|
(4,739
|
)
|
||
|
9,508
|
|
|
10,415
|
|
||
Less: Common stock held in treasury, at cost, 2020 – 56.1 shares and 2019 – 56.8 shares
|
2,651
|
|
|
2,702
|
|
||
Total International Paper Shareholders’ Equity
|
6,857
|
|
|
7,713
|
|
||
Noncontrolling interests
|
4
|
|
|
5
|
|
||
Total Equity
|
6,861
|
|
|
7,718
|
|
||
Total Liabilities and Equity
|
$
|
33,215
|
|
|
$
|
33,471
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Operating Activities
|
|
|
|
||||
Net earnings (loss)
|
$
|
(141
|
)
|
|
$
|
426
|
|
Depreciation, amortization and cost of timber harvested
|
323
|
|
|
315
|
|
||
Deferred income tax provision (benefit), net
|
35
|
|
|
22
|
|
||
Restructuring and other charges, net
|
8
|
|
|
—
|
|
||
Net (gains) losses on sales and impairments of businesses
|
344
|
|
|
(7
|
)
|
||
Net (gains) losses on sales of equity method investments
|
(33
|
)
|
|
—
|
|
||
Equity method dividends received
|
5
|
|
|
6
|
|
||
Equity (earnings) losses, net
|
31
|
|
|
(114
|
)
|
||
Periodic pension expense, net
|
11
|
|
|
26
|
|
||
Other, net
|
166
|
|
|
46
|
|
||
Changes in current assets and liabilities
|
|
|
|
||||
Accounts and notes receivable
|
(107
|
)
|
|
26
|
|
||
Contract assets
|
(33
|
)
|
|
(15
|
)
|
||
Inventories
|
60
|
|
|
(22
|
)
|
||
Accounts payable and accrued liabilities
|
(31
|
)
|
|
34
|
|
||
Interest payable
|
(12
|
)
|
|
(25
|
)
|
||
Other
|
23
|
|
|
15
|
|
||
Cash Provided By (Used For) Operations
|
649
|
|
|
733
|
|
||
Investment Activities
|
|
|
|
||||
Invested in capital projects, net of insurance recoveries
|
(286
|
)
|
|
(293
|
)
|
||
Acquisitions, net of cash acquired
|
—
|
|
|
(17
|
)
|
||
Proceeds from sales of businesses, net of cash divested
|
—
|
|
|
17
|
|
||
Proceeds from sales of equity method investments
|
250
|
|
|
—
|
|
||
Proceeds from sale of fixed assets
|
1
|
|
|
3
|
|
||
Other
|
—
|
|
|
(4
|
)
|
||
Cash Provided By (Used For) Investment Activities
|
(35
|
)
|
|
(294
|
)
|
||
Financing Activities
|
|
|
|
||||
Repurchases of common stock and payments of restricted stock tax withholding
|
(41
|
)
|
|
(229
|
)
|
||
Issuance of debt
|
560
|
|
|
208
|
|
||
Reduction of debt
|
(136
|
)
|
|
(142
|
)
|
||
Change in book overdrafts
|
(9
|
)
|
|
(25
|
)
|
||
Dividends paid
|
(202
|
)
|
|
(201
|
)
|
||
Other
|
(7
|
)
|
|
—
|
|
||
Cash Provided By (Used For) Financing Activities
|
165
|
|
|
(389
|
)
|
||
Cash Included in Assets Held for Sale
|
(9
|
)
|
|
—
|
|
||
Effect of Exchange Rate Changes on Cash
|
(42
|
)
|
|
2
|
|
||
Change in Cash and Temporary Investments
|
728
|
|
|
52
|
|
||
Cash and Temporary Investments
|
|
|
|
||||
Beginning of period
|
511
|
|
|
589
|
|
||
End of period
|
$
|
1,239
|
|
|
$
|
641
|
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||
In millions
|
|
Industrial Packaging
|
|
Global Cellulose Fibers
|
|
Printing Papers
|
|
Corporate and Inter-segment Sales
|
|
Total
|
||||||||||
Primary Geographical Markets (a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
|
$
|
3,130
|
|
|
$
|
494
|
|
|
$
|
444
|
|
|
$
|
58
|
|
|
$
|
4,126
|
|
EMEA
|
|
440
|
|
|
56
|
|
|
302
|
|
|
(2
|
)
|
|
796
|
|
|||||
Pacific Rim and Asia
|
|
12
|
|
|
18
|
|
|
8
|
|
|
3
|
|
|
41
|
|
|||||
Americas, other than U.S.
|
|
237
|
|
|
—
|
|
|
154
|
|
|
(2
|
)
|
|
389
|
|
|||||
Total
|
|
$
|
3,819
|
|
|
$
|
568
|
|
|
$
|
908
|
|
|
$
|
57
|
|
|
$
|
5,352
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Segments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
North American Industrial Packaging
|
|
$
|
3,355
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,355
|
|
EMEA Industrial Packaging
|
|
350
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
350
|
|
|||||
Brazilian Industrial Packaging
|
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|||||
European Coated Paperboard
|
|
92
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92
|
|
|||||
Global Cellulose Fibers
|
|
—
|
|
|
568
|
|
|
—
|
|
|
—
|
|
|
568
|
|
|||||
North American Printing Papers
|
|
—
|
|
|
—
|
|
|
446
|
|
|
—
|
|
|
446
|
|
|||||
Brazilian Papers
|
|
—
|
|
|
—
|
|
|
176
|
|
|
—
|
|
|
176
|
|
|||||
European Papers
|
|
—
|
|
|
—
|
|
|
287
|
|
|
—
|
|
|
287
|
|
|||||
Indian Papers
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Intra-segment Eliminations
|
|
(32
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(33
|
)
|
|||||
Corporate & Inter-segment Sales
|
|
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
57
|
|
|||||
Total
|
|
$
|
3,819
|
|
|
$
|
568
|
|
|
$
|
908
|
|
|
$
|
57
|
|
|
$
|
5,352
|
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||
In millions
|
|
Industrial Packaging
|
|
Global Cellulose Fibers
|
|
Printing Papers
|
|
Corporate and Inter-segment Sales
|
|
Total
|
||||||||||
Primary Geographical Markets (a)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
|
$
|
3,146
|
|
|
$
|
570
|
|
|
$
|
488
|
|
|
$
|
60
|
|
|
$
|
4,264
|
|
EMEA
|
|
428
|
|
|
81
|
|
|
330
|
|
|
(2
|
)
|
|
837
|
|
|||||
Pacific Rim and Asia
|
|
18
|
|
|
38
|
|
|
59
|
|
|
4
|
|
|
119
|
|
|||||
Americas, other than U.S.
|
|
240
|
|
|
—
|
|
|
188
|
|
|
(5
|
)
|
|
423
|
|
|||||
Total
|
|
$
|
3,832
|
|
|
$
|
689
|
|
|
$
|
1,065
|
|
|
$
|
57
|
|
|
$
|
5,643
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Segments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
North American Industrial Packaging
|
|
$
|
3,376
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,376
|
|
EMEA Industrial Packaging
|
|
339
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
339
|
|
|||||
Brazilian Industrial Packaging
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|||||
European Coated Paperboard
|
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|||||
Global Cellulose Fibers
|
|
—
|
|
|
689
|
|
|
—
|
|
|
—
|
|
|
689
|
|
|||||
North American Printing Papers
|
|
—
|
|
|
—
|
|
|
496
|
|
|
—
|
|
|
496
|
|
|||||
Brazilian Papers
|
|
—
|
|
|
—
|
|
|
215
|
|
|
—
|
|
|
215
|
|
|||||
European Papers
|
|
—
|
|
|
—
|
|
|
309
|
|
|
—
|
|
|
309
|
|
|||||
Indian Papers
|
|
—
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
53
|
|
|||||
Intra-segment Eliminations
|
|
(31
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(39
|
)
|
|||||
Corporate & Inter-segment Sales
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
57
|
|
|||||
Total
|
|
$
|
3,832
|
|
|
$
|
689
|
|
|
$
|
1,065
|
|
|
$
|
57
|
|
|
$
|
5,643
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||||||||||||||
In millions, except per share amounts
|
Common Stock Issued
|
|
Paid-in Capital
|
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
|
Common Stock Held In Treasury, At Cost
|
|
Total
International
Paper
Shareholders’
Equity
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
|
||||||||||||||||
Balance, January 1
|
$
|
449
|
|
|
$
|
6,297
|
|
|
$
|
8,408
|
|
$
|
(4,739
|
)
|
|
$
|
2,702
|
|
|
$
|
7,713
|
|
|
$
|
5
|
|
|
$
|
7,718
|
|
|
Adoption of ASU 2016-13 measurement of credit losses on financial instruments
|
—
|
|
|
—
|
|
|
(2
|
)
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
||||||||
Issuance of stock for various plans, net
|
—
|
|
|
(51
|
)
|
|
—
|
|
—
|
|
|
(92
|
)
|
|
41
|
|
|
—
|
|
|
41
|
|
|
||||||||
Repurchase of stock
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
41
|
|
|
(41
|
)
|
|
—
|
|
|
(41
|
)
|
|
||||||||
Common stock dividends
($0.5125 per share)
|
—
|
|
|
—
|
|
|
(203
|
)
|
—
|
|
|
—
|
|
|
(203
|
)
|
|
—
|
|
|
(203
|
)
|
|
||||||||
Transactions of equity method investees
|
—
|
|
|
6
|
|
|
—
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
||||||||
Comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(141
|
)
|
(516
|
)
|
|
—
|
|
|
(657
|
)
|
|
(1
|
)
|
|
(658
|
)
|
|
||||||||
Ending Balance, March 31
|
$
|
449
|
|
|
$
|
6,252
|
|
|
$
|
8,062
|
|
$
|
(5,255
|
)
|
|
$
|
2,651
|
|
|
$
|
6,857
|
|
|
$
|
4
|
|
|
$
|
6,861
|
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||||||
In millions, except per share amounts
|
Common Stock Issued
|
|
Paid-in Capital
|
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
|
Common Stock Held In Treasury, At Cost
|
|
Total
International
Paper
Shareholders’
Equity
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
|
||||||||||||||||
Balance, January 1
|
$
|
449
|
|
|
$
|
6,280
|
|
|
$
|
7,465
|
|
$
|
(4,500
|
)
|
|
$
|
2,332
|
|
|
$
|
7,362
|
|
|
$
|
21
|
|
|
$
|
7,383
|
|
|
Adoption of ASU 2018-02 reclassification of stranded tax effects resulting from Tax Reform
|
—
|
|
|
—
|
|
|
529
|
|
(529
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Issuance of stock for various plans, net
|
—
|
|
|
(118
|
)
|
|
—
|
|
—
|
|
|
(163
|
)
|
|
45
|
|
|
—
|
|
|
45
|
|
|
||||||||
Repurchase of stock
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
229
|
|
|
(229
|
)
|
|
—
|
|
|
(229
|
)
|
|
||||||||
Common stock dividends ($0.5000 per share)
|
—
|
|
|
—
|
|
|
(207
|
)
|
—
|
|
|
—
|
|
|
(207
|
)
|
|
—
|
|
|
(207
|
)
|
|
||||||||
Transactions of equity method investees
|
—
|
|
|
(3
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
||||||||
Comprehensive income (loss)
|
—
|
|
|
—
|
|
|
424
|
|
54
|
|
|
—
|
|
|
478
|
|
|
2
|
|
|
480
|
|
|
||||||||
Ending Balance, March 31
|
$
|
449
|
|
|
$
|
6,159
|
|
|
$
|
8,211
|
|
$
|
(4,975
|
)
|
|
$
|
2,398
|
|
|
$
|
7,446
|
|
|
$
|
23
|
|
|
$
|
7,469
|
|
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
|
2020
|
|
2019
|
||||
Defined Benefit Pension and Postretirement Adjustments
|
|
|
|
|
||||
Balance at beginning of period
|
|
$
|
(2,277
|
)
|
|
$
|
(1,916
|
)
|
Reclassification of stranded tax effects
|
|
—
|
|
|
(527
|
)
|
||
Amounts reclassified from accumulated other comprehensive income
|
|
46
|
|
|
41
|
|
||
Balance at end of period
|
|
(2,231
|
)
|
|
(2,402
|
)
|
||
Change in Cumulative Foreign Currency Translation Adjustments
|
|
|
|
|
||||
Balance at beginning of period
|
|
(2,465
|
)
|
|
(2,581
|
)
|
||
Other comprehensive income (loss) before reclassifications
|
|
(544
|
)
|
|
8
|
|
||
Amounts reclassified from accumulated other comprehensive income
|
|
—
|
|
|
4
|
|
||
Other comprehensive income (loss) attributable to noncontrolling interest
|
|
1
|
|
|
—
|
|
||
Balance at end of period
|
|
(3,008
|
)
|
|
(2,569
|
)
|
||
Net Gains and Losses on Cash Flow Hedging Derivatives
|
|
|
|
|
||||
Balance at beginning of period
|
|
3
|
|
|
(3
|
)
|
||
Other comprehensive income (loss) before reclassifications
|
|
(30
|
)
|
|
—
|
|
||
Reclassification of stranded tax effects
|
|
—
|
|
|
(2
|
)
|
||
Amounts reclassified from accumulated other comprehensive income
|
|
11
|
|
|
1
|
|
||
Balance at end of period
|
|
(16
|
)
|
|
(4
|
)
|
||
Total Accumulated Other Comprehensive Income (Loss) at End of Period
|
|
$
|
(5,255
|
)
|
|
$
|
(4,975
|
)
|
In millions:
|
|
Amounts Reclassified from Accumulated Other Comprehensive Income
|
Location of Amount Reclassified from AOCI
|
||||||||
|
Three Months Ended
March 31, |
|
|
||||||||
|
2020
|
|
2019
|
|
|
||||||
Defined benefit pension and postretirement items:
|
|
|
|
|
|
|
|
||||
Prior-service costs
|
|
$
|
(5
|
)
|
|
$
|
(3
|
)
|
|
(a)
|
Non-operating pension expense
|
Actuarial gains (losses)
|
|
(56
|
)
|
|
(52
|
)
|
|
(a)
|
Non-operating pension expense
|
||
Total pre-tax amount
|
|
(61
|
)
|
|
(55
|
)
|
|
|
|
||
Tax (expense) benefit
|
|
15
|
|
|
14
|
|
|
|
|
||
Net of tax
|
|
(46
|
)
|
|
(41
|
)
|
|
|
|
||
Reclassification of stranded tax effects
|
|
—
|
|
|
527
|
|
|
|
Retained Earnings
|
||
Total, net of tax
|
|
(46
|
)
|
|
486
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||||
Change in cumulative foreign currency translation adjustments:
|
|
|
|
|
|
|
|
||||
Business acquisitions/divestitures
|
|
—
|
|
|
(4
|
)
|
|
|
Cost of products sold
|
||
Tax (expense) benefit
|
|
—
|
|
|
—
|
|
|
|
|
||
Net of tax
|
|
—
|
|
|
(4
|
)
|
|
|
|
||
|
|
|
|
|
|
|
|
||||
Net gains and losses on cash flow hedging derivatives:
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
(17
|
)
|
|
(1
|
)
|
|
(b)
|
Cost of products sold
|
||
Total pre-tax amount
|
|
(17
|
)
|
|
(1
|
)
|
|
|
|
||
Tax (expense)/benefit
|
|
6
|
|
|
—
|
|
|
|
|
||
Net of tax
|
|
(11
|
)
|
|
(1
|
)
|
|
|
|
||
Reclassification of stranded tax effects
|
|
—
|
|
|
2
|
|
|
|
Retained Earnings
|
||
Total, net of tax
|
|
(11
|
)
|
|
1
|
|
|
|
|
||
Total reclassifications for the period
|
|
$
|
(57
|
)
|
|
$
|
483
|
|
|
|
|
(a)
|
These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 19 for additional details).
|
(b)
|
This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 18 for additional details).
|
|
Three Months Ended
March 31, |
||||||
In millions, except per share amounts
|
2020
|
|
2019
|
||||
Earnings (loss) attributable to International Paper Company common shareholders
|
$
|
(141
|
)
|
|
$
|
424
|
|
Weighted average common shares outstanding
|
392.6
|
|
|
400.5
|
|
||
Effect of dilutive securities (a)
|
|
|
|
||||
Restricted performance share plan
|
—
|
|
|
2.7
|
|
||
Weighted average common shares outstanding – assuming dilution
|
392.6
|
|
|
403.2
|
|
||
Basic earnings (loss) per share attributable to International Paper Company Common Shareholders
|
$
|
(0.36
|
)
|
|
$
|
1.06
|
|
Diluted earnings (loss) per share attributable to International Paper Company Common Shareholders
|
$
|
(0.36
|
)
|
|
$
|
1.05
|
|
In millions
|
|
||
Cash and temporary investments
|
$
|
2
|
|
Accounts and notes receivable
|
22
|
|
|
Inventory
|
8
|
|
|
Plants, properties and equipment
|
40
|
|
|
Goodwill
|
26
|
|
|
Intangible assets
|
15
|
|
|
Right of use assets
|
3
|
|
|
Deferred charges and other assets
|
2
|
|
|
Total assets acquired
|
118
|
|
|
Short-term debt
|
2
|
|
|
Accounts payable and accrued liabilities
|
20
|
|
|
Other current liabilities
|
3
|
|
|
Deferred income taxes
|
5
|
|
|
Other liabilities
|
1
|
|
|
Postretirement and postemployment benefit obligation
|
3
|
|
|
Long-term lease obligations
|
3
|
|
|
Total liabilities assumed
|
37
|
|
|
Net assets acquired
|
$
|
81
|
|
In millions
|
March 31, 2020
|
||
Cash and temporary investments
|
$
|
9
|
|
Accounts and notes receivable
|
38
|
|
|
Inventories
|
23
|
|
|
Other current assets
|
2
|
|
|
Plants, properties and equipment (net of impairment)
|
29
|
|
|
Deferred charges and other assets
|
11
|
|
|
Total Assets Held for Sale
|
$
|
112
|
|
|
|
||
Accounts payable and accrued liabilities
|
$
|
27
|
|
Deferred income taxes
|
3
|
|
|
Other liabilities
|
10
|
|
|
Impairment reserve (cumulative foreign currency translation)
|
324
|
|
|
Total Liabilities Held for Sale
|
$
|
364
|
|
In millions
|
March 31, 2020
|
|
December 31, 2019
|
||||
Accounts and notes receivable, net:
|
|
|
|
||||
Trade
|
$
|
2,959
|
|
|
$
|
3,020
|
|
Other
|
267
|
|
|
260
|
|
||
Total
|
$
|
3,226
|
|
|
$
|
3,280
|
|
In millions
|
March 31, 2020
|
|
December 31, 2019
|
||||
Raw materials
|
$
|
254
|
|
|
$
|
298
|
|
Finished pulp, paper and packaging
|
1,081
|
|
|
1,192
|
|
||
Operating supplies
|
615
|
|
|
659
|
|
||
Other
|
52
|
|
|
59
|
|
||
Total
|
$
|
2,002
|
|
|
$
|
2,208
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Interest expense
|
$
|
163
|
|
|
$
|
184
|
|
Interest income
|
46
|
|
|
51
|
|
||
Capitalized interest costs
|
9
|
|
|
5
|
|
In millions
|
|
Classification
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Assets
|
|
|
|
|
|
|
||||
Operating lease assets
|
|
Right-of-use assets
|
|
$
|
422
|
|
|
$
|
434
|
|
Finance lease assets
|
|
Plants, properties and equipment, net (a)
|
|
100
|
|
|
103
|
|
||
Total leased assets
|
|
|
|
$
|
522
|
|
|
$
|
537
|
|
Liabilities
|
|
|
|
|
|
|
||||
Current
|
|
|
|
|
|
|
||||
Operating
|
|
Other current liabilities
|
|
$
|
132
|
|
|
$
|
134
|
|
Finance
|
|
Notes payable and current maturities of long-term debt
|
|
12
|
|
|
12
|
|
||
Noncurrent
|
|
|
|
|
|
|
||||
Operating
|
|
Long-term lease obligations
|
|
293
|
|
|
304
|
|
||
Finance
|
|
Long-term debt
|
|
85
|
|
|
88
|
|
||
Total lease liabilities
|
|
|
|
$
|
522
|
|
|
$
|
538
|
|
(a)
|
Finance leases are recorded net of accumulated amortization of $43 million and $40 million as of March 31, 2020 and December 31, 2019.
|
In millions
|
March 31, 2020
|
|
December 31, 2019
|
||||
Current assets
|
$
|
1,932
|
|
|
$
|
1,796
|
|
Noncurrent assets
|
5,507
|
|
|
5,482
|
|
||
Current liabilities
|
1,020
|
|
|
1,178
|
|
||
Noncurrent liabilities
|
3,848
|
|
|
3,244
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Net sales
|
$
|
1,599
|
|
|
$
|
1,506
|
|
Gross profit
|
321
|
|
|
266
|
|
||
Income (loss) from continuing operations
|
(24
|
)
|
|
95
|
|
||
Net income (loss)
|
(24
|
)
|
|
95
|
|
In millions
|
March 31, 2020
|
|
December 31, 2019
|
||||
Current assets
|
$
|
922
|
|
|
$
|
804
|
|
Noncurrent assets
|
2,333
|
|
|
2,813
|
|
||
Current liabilities
|
840
|
|
|
1,015
|
|
||
Noncurrent liabilities
|
1,861
|
|
|
1,844
|
|
||
Noncontrolling interests
|
11
|
|
|
16
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Net sales
|
$
|
482
|
|
|
$
|
620
|
|
Gross profit
|
195
|
|
|
336
|
|
||
Income (loss) from continuing operations
|
(61
|
)
|
|
205
|
|
||
Net income (loss)
|
(58
|
)
|
|
199
|
|
In millions
|
Industrial
Packaging
|
|
Global Cellulose Fibers
|
|
Printing
Papers
|
|
Total
|
||||||||
Balance as of January 1, 2020
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
3,410
|
|
|
$
|
52
|
|
|
$
|
1,998
|
|
|
$
|
5,460
|
|
Accumulated impairment losses
|
(296
|
)
|
|
(52
|
)
|
|
(1,765
|
)
|
|
(2,113
|
)
|
||||
|
3,114
|
|
|
—
|
|
|
233
|
|
|
3,347
|
|
||||
Currency translation and other (a)
|
(5
|
)
|
|
—
|
|
|
(41
|
)
|
|
(46
|
)
|
||||
Goodwill additions/reductions
|
3
|
|
(b)
|
—
|
|
|
—
|
|
|
3
|
|
||||
Balance as of March 31, 2020
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
3,408
|
|
|
52
|
|
|
1,957
|
|
|
5,417
|
|
||||
Accumulated impairment losses
|
(296
|
)
|
|
(52
|
)
|
|
(1,765
|
)
|
|
(2,113
|
)
|
||||
Total
|
$
|
3,112
|
|
|
$
|
—
|
|
|
$
|
192
|
|
|
$
|
3,304
|
|
(a)
|
Represents the effects of foreign currency translations.
|
(b)
|
Reflects the changes to provisional goodwill for the acquisitions of Industrial Packaging box plants in EMEA.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
In millions
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Intangible Assets
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Intangible Assets
|
||||||||||||
Customer relationships and lists
|
$
|
537
|
|
|
$
|
266
|
|
|
$
|
271
|
|
|
$
|
560
|
|
|
$
|
275
|
|
|
$
|
285
|
|
Tradenames, patents and trademarks, and developed technology
|
170
|
|
|
105
|
|
|
65
|
|
|
170
|
|
|
102
|
|
|
68
|
|
||||||
Land and water rights
|
8
|
|
|
2
|
|
|
6
|
|
|
8
|
|
|
2
|
|
|
6
|
|
||||||
Software
|
25
|
|
|
24
|
|
|
1
|
|
|
26
|
|
|
25
|
|
|
1
|
|
||||||
Other
|
17
|
|
|
10
|
|
|
7
|
|
|
18
|
|
|
10
|
|
|
8
|
|
||||||
Total
|
$
|
757
|
|
|
$
|
407
|
|
|
$
|
350
|
|
|
$
|
782
|
|
|
$
|
414
|
|
|
$
|
368
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Amortization expense related to intangible assets
|
$
|
10
|
|
|
$
|
12
|
|
•
|
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. 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 5, Area 2: In September 2017, the EPA issued a Record of Decision selecting the final remedy for a portion of the site known as Operable Unit 5, Area 2, but has not yet issued a special notice letter for implementing the remedy.
|
•
|
Operable Unit 1: In October 2016, the Company and another PRP received a special notice letter from the EPA inviting participation in the remedial design component of the landfill remedy for the Allied Paper Mill, which is also known as Operable Unit 1. The Record of Decision establishing the final landfill remedy for the Allied Paper Mill was issued by the EPA in September 2016. The Company responded to the Allied Paper Mill special notice letter in
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Revenue (a)
|
$
|
24
|
|
|
$
|
24
|
|
Expense (a)
|
32
|
|
|
32
|
|
||
Cash receipts (b)
|
47
|
|
|
47
|
|
||
Cash payments (c)
|
64
|
|
|
64
|
|
(a)
|
The revenue and expense are included in Interest expense, net in the accompanying condensed 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 Nonrecourse financial liabilities of variable interest entities.
|
(a)
|
The revenue is included in Interest expense, net in the accompanying condensed consolidated statement of operations and includes approximately $5 million for both of the three months ended March 31, 2020 and 2019 of accretion income for the amortization of the basis difference adjustment on the Financial assets of variable interest entities.
|
(b)
|
The expense is included in Interest expense, net in the accompanying condensed consolidated statement of operations and includes approximately $2 million for both of the three months ended March 31, 2020 and 2019 of accretion expense for the amortization of the basis difference adjustment on the Nonrecourse financial liabilities of variable interest entities.
|
(c)
|
The cash receipts are interest received on the Financial assets of variable interest entities.
|
(d)
|
The cash payments are interest paid on Nonrecourse financial liabilities of variable interest entities.
|
In millions
|
March 31, 2020
|
|
December 31, 2019
|
||||
Derivatives in Cash Flow Hedging Relationships:
|
|
|
|
||||
Foreign exchange contracts
|
$
|
337
|
|
|
$
|
407
|
|
Derivatives in Fair Value Hedging Relationships:
|
|
|
|
||||
Interest rate contracts
|
—
|
|
|
700
|
|
||
Derivatives in Net Investment Hedging Relationships:
|
|
|
|
||||
Interest rate contracts
|
340
|
|
|
475
|
|
||
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
||||
Electricity contract
|
8
|
|
|
16
|
|
||
Foreign exchange contracts
|
—
|
|
|
7
|
|
|
Gain (Loss)
Reclassified from
AOCI
(Effective Portion)
|
|
Location of Gain (Loss)
Reclassified from AOCI
(Effective Portion)
|
||||||
|
Three Months Ended
March 31, |
|
|
||||||
In millions
|
2020
|
|
2019
|
|
|
||||
Derivatives in Cash Flow Hedging Relationships:
|
|
|
|
|
|
||||
Foreign exchange contracts
|
$
|
(11
|
)
|
|
$
|
(1
|
)
|
|
Cost of products sold
|
Total
|
$
|
(11
|
)
|
|
$
|
(1
|
)
|
|
|
|
Gain (Loss) Recognized
|
|
Location of Gain (Loss)
In
Statement
of Operations
|
||||||
|
Three Months Ended
March 31, |
|
|
||||||
In millions
|
2020
|
|
2019
|
|
|
||||
Derivatives in Fair Value Hedging Relationships:
|
|
|
|
|
|
||||
Interest rate contracts
|
$
|
38
|
|
|
$
|
12
|
|
|
Interest expense, net
|
Debt
|
(38
|
)
|
|
(12
|
)
|
|
Interest expense, net
|
||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
||||
Electricity contract
|
$
|
(3
|
)
|
|
$
|
4
|
|
|
Cost of products sold
|
Total
|
$
|
(3
|
)
|
|
$
|
4
|
|
|
|
|
Assets
|
|
Liabilities
|
|
||||||||||||
In millions
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2020
|
|
December 31, 2019
|
|
||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts – cash flow
|
$
|
2
|
|
|
$
|
10
|
|
|
$
|
33
|
|
|
$
|
4
|
|
|
Interest rate contracts - net investment
|
27
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
||||
Interest rate contracts - fair value
|
—
|
|
|
47
|
|
|
—
|
|
|
—
|
|
|
||||
Total derivatives designated as hedging instruments
|
29
|
|
|
68
|
|
|
33
|
|
|
4
|
|
|
||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
||||||||
Electricity contract
|
—
|
|
|
—
|
|
|
3
|
|
|
2
|
|
|
||||
Foreign exchange contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
||||
Total derivatives not designated as hedging instruments
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
||||
Total derivatives
|
$
|
29
|
|
(a)
|
$
|
68
|
|
(b)
|
$
|
36
|
|
(c)
|
$
|
7
|
|
(d)
|
(a)
|
Includes $10 million recorded in Other current assets and $19 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
|
(b)
|
Includes $14 million recorded in Other current assets and $54 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
|
(c)
|
Includes $33 million recorded in Other accrued liabilities and $3 million recorded in Other liabilities in the accompanying condensed consolidated balance sheet.
|
(d)
|
Included in Other current liabilities in the accompanying condensed consolidated balance sheet.
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Service cost
|
$
|
20
|
|
|
$
|
18
|
|
Interest cost
|
98
|
|
|
110
|
|
||
Expected return on plan assets
|
(167
|
)
|
|
(157
|
)
|
||
Actuarial loss
|
55
|
|
|
51
|
|
||
Amortization of prior service cost
|
5
|
|
|
4
|
|
||
Net periodic pension expense
|
$
|
11
|
|
|
$
|
26
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Total stock-based compensation expense (selling and administrative)
|
$
|
26
|
|
|
$
|
27
|
|
Income tax benefits related to stock-based compensation
|
17
|
|
|
34
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Industrial Packaging
|
$
|
3,819
|
|
|
$
|
3,832
|
|
Global Cellulose Fibers
|
568
|
|
|
689
|
|
||
Printing Papers
|
908
|
|
|
1,065
|
|
||
Corporate and Intersegment Sales
|
57
|
|
|
57
|
|
||
Net Sales
|
$
|
5,352
|
|
|
$
|
5,643
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Industrial Packaging
|
$
|
470
|
|
|
$
|
421
|
|
Global Cellulose Fibers
|
(54
|
)
|
|
35
|
|
||
Printing Papers
|
96
|
|
|
144
|
|
||
Business Segment Operating Profits
|
$
|
512
|
|
|
$
|
600
|
|
|
|
|
|
||||
Earnings (loss) before income taxes and equity earnings
|
$
|
(16
|
)
|
|
$
|
418
|
|
Interest expense, net
|
117
|
|
|
133
|
|
||
Noncontrolling interests/equity earnings adjustment
|
—
|
|
|
(3
|
)
|
||
Corporate expenses, net
|
32
|
|
|
21
|
|
||
Corporate special items, net
|
33
|
|
|
—
|
|
||
Business special items, net
|
352
|
|
|
21
|
|
||
Non-operating pension expense (income)
|
(6
|
)
|
|
10
|
|
||
Business Segment Operating Profits
|
$
|
512
|
|
|
$
|
600
|
|
ITEM 2.
|
|
Three Months Ended
March 31, |
|
Three Months Ended December 31,
|
||||||||
In millions
|
2020
|
|
2019
|
|
2019
|
||||||
Net Earnings (Loss) Attributable to Shareholders
|
$
|
(141
|
)
|
|
$
|
424
|
|
|
$
|
165
|
|
Add Back - Non-operating pension expense (income)
|
(6
|
)
|
|
10
|
|
|
9
|
|
|||
Add Back - Net special items expense (income)
|
384
|
|
|
21
|
|
|
136
|
|
|||
Income tax effect - Non-operating pension and special items expense
|
(11
|
)
|
|
(8
|
)
|
|
120
|
|
|||
Adjusted Operating Earnings (Loss) Attributable to Shareholders
|
$
|
226
|
|
|
$
|
447
|
|
|
$
|
430
|
|
|
Three Months Ended
March 31, |
|
Three Months Ended December 31,
|
||||||||
|
2020
|
|
2019
|
|
2019
|
||||||
Diluted Earnings (Loss) Per Share Attributable to Shareholders
|
$
|
(0.36
|
)
|
|
$
|
1.05
|
|
|
$
|
0.42
|
|
Add Back - Non-operating pension expense (income) per share
|
(0.01
|
)
|
|
0.02
|
|
|
0.02
|
|
|||
Add Back - Net special items expense (income) per share
|
0.97
|
|
|
0.05
|
|
|
0.34
|
|
|||
Income tax effect per share - Non-operating pension and special items expense
|
(0.03
|
)
|
|
(0.01
|
)
|
|
0.31
|
|
|||
Adjusted Operating Earnings (Loss) Per Share Attributable to Shareholders
|
$
|
0.57
|
|
|
$
|
1.11
|
|
|
$
|
1.09
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Cash provided by operations
|
$
|
649
|
|
|
$
|
733
|
|
Adjustments:
|
|
|
|
||||
Cash invested in capital projects, net of insurance recoveries
|
(286
|
)
|
|
(293
|
)
|
||
Free Cash Flow
|
$
|
363
|
|
|
$
|
440
|
|
|
Three Months Ended
|
||||||||||
|
March 31,
|
|
December 31,
|
||||||||
In millions
|
2020
|
|
2019
|
|
2019
|
||||||
Net Earnings (Loss) Attributable to International Paper Company
|
$
|
(141
|
)
|
|
$
|
424
|
|
|
$
|
165
|
|
Add back (deduct):
|
|
|
|
|
|
||||||
Income tax provision (benefit)
|
94
|
|
|
106
|
|
|
263
|
|
|||
Equity (earnings) loss, net of taxes
|
31
|
|
|
(114
|
)
|
|
(29
|
)
|
|||
Noncontrolling interests, net of taxes
|
—
|
|
|
2
|
|
|
1
|
|
|||
Earnings (Loss) Before Income Taxes and Equity Earnings
|
(16
|
)
|
|
418
|
|
|
400
|
|
|||
Interest expense, net
|
117
|
|
|
133
|
|
|
113
|
|
|||
Noncontrolling interests / equity earnings included in operations
|
—
|
|
|
(3
|
)
|
|
(1
|
)
|
|||
Corporate expenses, net
|
32
|
|
|
21
|
|
|
9
|
|
|||
Corporate special items, net
|
33
|
|
|
—
|
|
|
56
|
|
|||
Business special items, net
|
352
|
|
|
21
|
|
|
83
|
|
|||
Non-operating pension expense (income)
|
(6
|
)
|
|
10
|
|
|
9
|
|
|||
Business Segment Operating Profit
|
$
|
512
|
|
|
$
|
600
|
|
|
$
|
669
|
|
Business Segment Operating Profit (Loss):
|
|
|
|
|
|
||||||
Industrial Packaging
|
$
|
470
|
|
|
$
|
421
|
|
|
$
|
605
|
|
Global Cellulose Fibers
|
(54
|
)
|
|
35
|
|
|
(45
|
)
|
|||
Printing Papers
|
96
|
|
|
144
|
|
|
109
|
|
|||
Total Business Segment Operating Profit
|
$
|
512
|
|
|
$
|
600
|
|
|
$
|
669
|
|
in thousands of tons
|
Three Months Ended March 31, 2020
|
Three Months Ended March 31, 2019
|
Three Months Ended December 31, 2019
|
|||
Economic-related downtime
|
83
|
|
484
|
|
149
|
|
Maintenance downtime
|
170
|
|
156
|
|
28
|
|
|
Three Months Ended
March 31, |
||||
In thousands of short tons (except as noted)
|
2020
|
|
2019
|
||
Industrial Packaging
|
|
|
|
||
Corrugated Packaging (b)
|
2,624
|
|
|
2,535
|
|
Containerboard
|
827
|
|
|
697
|
|
Recycling
|
416
|
|
|
609
|
|
Saturated Kraft
|
48
|
|
|
41
|
|
Gypsum/Release Kraft
|
56
|
|
|
51
|
|
Bleached Kraft
|
7
|
|
|
7
|
|
EMEA Packaging (b)
|
441
|
|
|
370
|
|
Brazilian Packaging (b)
|
90
|
|
|
85
|
|
European Coated Paperboard
|
111
|
|
|
104
|
|
Industrial Packaging
|
4,620
|
|
|
4,499
|
|
Global Cellulose Fibers (in thousands of metric tons) (c)
|
901
|
|
|
859
|
|
Printing Papers
|
|
|
|
||
U.S. Uncoated Papers
|
415
|
|
|
448
|
|
European and Russian Uncoated Papers
|
360
|
|
|
354
|
|
Brazilian Uncoated Papers
|
240
|
|
|
244
|
|
Indian Uncoated Papers
|
—
|
|
|
68
|
|
Printing Papers
|
1,015
|
|
|
1,114
|
|
(a)
|
Sales volumes include third party and inter-segment sales and exclude sales of equity investees.
|
(b)
|
Volumes for corrugated box sales reflect consumed tons sold (CTS). Board sales for these businesses reflect invoiced tons.
|
(c)
|
Includes North American, European and Brazilian volumes and internal sales to mills.
|
|
|
Three Months Ended
|
|
||||||||||||||||||||||
|
|
March 31,
|
|
December 31,
|
|
||||||||||||||||||||
|
|
2020
|
|
2019
|
|
2019
|
|
||||||||||||||||||
In millions
|
|
Before Tax
|
|
After Tax
|
|
Before Tax
|
|
After Tax
|
|
Before Tax
|
|
After Tax
|
|
||||||||||||
Business Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Brazil Packaging impairment
|
|
$
|
344
|
|
|
$
|
337
|
|
(a)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Abandoned property removal
|
|
9
|
|
|
7
|
|
(b)
|
11
|
|
|
8
|
|
(b)
|
15
|
|
|
12
|
|
(b)
|
||||||
Riverdale mill conversion
|
|
1
|
|
|
1
|
|
(c)
|
1
|
|
|
1
|
|
(c)
|
2
|
|
|
1
|
|
(c)
|
||||||
Multi-employer pension plan exit liability
|
|
—
|
|
|
—
|
|
|
16
|
|
|
12
|
|
(a)
|
—
|
|
|
—
|
|
|
||||||
Global Cellulose Fibers goodwill impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
42
|
|
(d)
|
||||||
EMEA Packaging optimization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
14
|
|
(a)
|
||||||
Foreign value-added tax refund accrual
|
|
(2
|
)
|
|
(1
|
)
|
(a)
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(2
|
)
|
(c)
|
||||||
Gain on sale of EMEA Packaging box plant
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(6
|
)
|
(a)
|
1
|
|
|
1
|
|
(a)
|
||||||
India impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
(c)
|
||||||
Business Segments Total
|
|
352
|
|
|
344
|
|
|
21
|
|
|
15
|
|
|
83
|
|
|
67
|
|
|
||||||
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Environmental remediation reserve adjustment
|
|
41
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
8
|
|
|
||||||
India investment fair value adjustment
|
|
17
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
||||||
Debt extinguishment costs
|
|
8
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
16
|
|
|
||||||
Litigation reserves
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
14
|
|
|
||||||
India transaction costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2
|
|
|
||||||
Gain on sale of portion of equity investment in Graphic Packaging
|
|
(33
|
)
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||
Other
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(2
|
)
|
|
||||||
Corporate Total
|
|
32
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
41
|
|
|
||||||
Total special items
|
|
384
|
|
|
372
|
|
|
21
|
|
|
15
|
|
|
136
|
|
|
108
|
|
|
||||||
Non-operating pension expense (income)
|
|
(6
|
)
|
|
(5
|
)
|
|
10
|
|
|
8
|
|
|
9
|
|
|
7
|
|
|
||||||
Total special items and non-operating pension expense (income)
|
|
$
|
378
|
|
|
$
|
367
|
|
|
$
|
31
|
|
|
$
|
23
|
|
|
$
|
145
|
|
|
$
|
115
|
|
|
(a)
|
Recorded in the Industrial Packaging segment.
|
(b)
|
Includes $6 million ($5 million after taxes), $8 million ($6 million after taxes) and $10 million ($8 million after taxes) for the three months ended March 31, 2020, March 31, 2019 and December 31, 2019, respectively, recorded in the Industrial Packaging segment; $3 million ($2 million after taxes), $3 million ($2 million after taxes) and $4 million ($3 million after taxes) for the three months ended March 31, 2020, March 31, 2019 and December 31, 2019, respectively, recorded in the Global Cellulose Fibers segment; $1 million (before and after taxes) for the three months ended December 31, 2019 recorded in the Printing Papers segment.
|
(c)
|
Recorded in the Printing Papers segment.
|
(d)
|
Recorded in the Global Cellulose Fibers segment.
|
|
|
Three Months Ended
|
||||||||||
|
|
March 31,
|
|
December 31,
|
||||||||
In millions
|
|
2020
|
|
2019
|
|
2019
|
||||||
Foreign deferred tax valuation allowance
|
|
—
|
|
|
—
|
|
|
203
|
|
|||
Internal investment restructuring
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|||
Total
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
150
|
|
Total Industrial Packaging
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales
|
$
|
3,819
|
|
|
$
|
3,832
|
|
|
$
|
3,810
|
|
Operating Profit
|
$
|
470
|
|
|
$
|
421
|
|
|
$
|
605
|
|
North American Industrial Packaging
|
2020
|
2019
|
|||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales (a)
|
$
|
3,355
|
|
|
$
|
3,376
|
|
|
$
|
3,351
|
|
Operating Profit
|
$
|
437
|
|
|
$
|
419
|
|
|
$
|
584
|
|
(a)
|
Includes intra-segment sales of $32 million, $31 million and $31 million for the three months ended March 31, 2020, March 31, 2019 and December 31, 2019, respectively.
|
EMEA Industrial Packaging
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales
|
$
|
350
|
|
|
$
|
339
|
|
|
$
|
341
|
|
Operating Profit (Loss)
|
$
|
10
|
|
|
$
|
(15
|
)
|
|
$
|
6
|
|
Brazilian Industrial Packaging
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales
|
$
|
54
|
|
|
$
|
57
|
|
|
$
|
59
|
|
Operating Profit (Loss)
|
$
|
(1
|
)
|
|
$
|
(5
|
)
|
|
$
|
(2
|
)
|
European Coated Paperboard
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales
|
$
|
92
|
|
|
$
|
91
|
|
|
$
|
90
|
|
Operating Profit
|
$
|
24
|
|
|
$
|
22
|
|
|
$
|
17
|
|
Total Global Cellulose Fibers
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales
|
$
|
568
|
|
|
$
|
689
|
|
|
$
|
577
|
|
Operating Profit (Loss)
|
$
|
(54
|
)
|
|
$
|
35
|
|
|
$
|
(45
|
)
|
Total Printing Papers
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales
|
$
|
908
|
|
|
$
|
1,065
|
|
|
$
|
1,067
|
|
Operating Profit
|
$
|
96
|
|
|
$
|
144
|
|
|
$
|
109
|
|
North American Papers
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales
|
$
|
446
|
|
|
$
|
496
|
|
|
$
|
482
|
|
Operating Profit
|
$
|
23
|
|
|
$
|
57
|
|
|
$
|
37
|
|
European Papers
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales
|
$
|
287
|
|
|
$
|
309
|
|
|
$
|
321
|
|
Operating Profit
|
$
|
41
|
|
|
$
|
47
|
|
|
$
|
27
|
|
Brazilian Papers
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales (a)
|
$
|
176
|
|
|
$
|
215
|
|
|
$
|
265
|
|
Operating Profit
|
$
|
32
|
|
|
$
|
33
|
|
|
$
|
41
|
|
(a)
|
Includes intra-segment sales of $1 million, $8 million and $17 million for the three months ended March 31, 2020, March 31, 2019 and December 31, 2019, respectively.
|
Indian Papers
|
2020
|
|
2019
|
||||||||
In millions
|
1st Quarter
|
|
1st Quarter
|
|
4th Quarter
|
||||||
Sales
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
16
|
|
Operating Profit
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
4
|
|
|
Three Months Ended
March 31, |
||||||
In millions
|
2020
|
|
2019
|
||||
Early debt reductions (a)
|
$
|
72
|
|
|
$
|
94
|
|
Pre-tax early debt extinguishment (gain) loss, net
|
8
|
|
|
(1
|
)
|
(a)
|
Reductions related to notes with interest rates ranging from 3.00% to 4.40% with original maturities from 2026 to 2048 and from 3.00% to 9.50% with original maturities from 2024 to 2033 for the three months ended March 31, 2020 and 2019, respectively.
|
ITEM 3.
|
ITEM 4.
|
ITEM 1.
|
ITEM 1A.
|
Period
|
Total Number of Shares Purchased (a)
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of a Publicly Announced Plan or Program
|
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (in billions)
|
||||
January 1, 2020 - January 31, 2020
|
3,705
|
|
$45.71
|
—
|
|
$1.75
|
||
February 1, 2020 - February 29, 2020
|
720,203
|
|
42.87
|
|
102,000
|
|
1.74
|
|
March 1, 2020 - March 31, 2020
|
495,268
|
|
20.48
|
|
491,100
|
|
1.73
|
|
Total
|
1,219,176
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase.
|
|
|
|
101.PRE
|
|
XBRL Extension Presentation Linkbase.
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL, and contained in Exhibit 101).
|
|
INTERNATIONAL PAPER COMPANY
(Registrant)
|
|
|
|
|
May 1, 2020
|
By
|
/s/ Tim S. Nicholls
|
|
|
Tim S. Nicholls
|
|
|
Senior Vice President and Chief
Financial Officer
|
|
|
|
May 1, 2020
|
By
|
/s/ Vincent P. Bonnot
|
|
|
Vincent P. Bonnot
|
|
|
Vice President – Finance and Controller
|
1 Year International Paper (PK) Chart |
1 Month International Paper (PK) Chart |
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