INTERNATIONAL PAPER CO NEW

For the period ended Mar 31, 2024. Filed Apr 26, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed Apr 26, 2024

IP$35.13-1.1%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements

Condensed Consolidated Statement of Operations

(In millions, except per share amounts)

	Three Months EndedMarch 31,
	2024	2023
Net Sales	$4,619	$5,020
Costs and Expenses
Cost of products sold	3,424	3,642
Selling and administrative expenses	358	381
Depreciation, amortization and cost of timber harvested	278	241
Distribution expenses	391	422
Taxes other than payroll and income taxes	41	36
Restructuring and other charges, net	3	—
Net (gains) losses on sales of fixed assets	5	—
Interest expense, net	46	62
Non-operating pension expense (income)	(12)	15
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss)	85	221
Income tax provision (benefit)	27	48
Equity earnings (loss), net of taxes	(2)	(1)
Earnings (Loss) From Continuing Operations	56	172
Discontinued operations, net of taxes	—	—
Net Earnings (Loss)	$56	$172
Basic Earnings (Loss) Per Share
Earnings (loss) from continuing operations	$0.16	$0.49
Discontinued operations, net of taxes	—	—
Net earnings (loss)	$0.16	$0.49
Diluted Earnings (Loss) Per Share
Earnings (loss) from continuing operations	$0.16	$0.49
Discontinued operations, net of taxes	—	—
Net earnings (loss)	$0.16	$0.49
Average Shares of Common Stock Outstanding – assuming dilution	348.5	353.3

Condensed Consolidated Statement of Comprehensive Income

	Three Months EndedMarch 31,
	2024	2023
Net Earnings (Loss)	$56	$172
Other Comprehensive Income (Loss), Net of Tax:
Amortization of pension and post-retirement prior service costs and net loss:
U.S. plans	17	23
Change in cumulative foreign currency translation adjustment	(10)	(9)
Total Other Comprehensive Income (Loss), Net of Tax	7	14
Comprehensive Income (Loss)	$63	$186

Condensed Consolidated Balance Sheet

	March 31,2024	December 31,2023
(unaudited)
Assets
Current Assets
Cash and temporary investments	$1,070	$1,113
Accounts and notes receivable, net	3,048	3,059
Contract assets	430	433
Inventories	1,771	1,889
Other current assets	140	114
Total Current Assets	6,459	6,608
Plants, Properties and Equipment, net	10,027	10,150
Investments	160	163
Long-Term Financial Assets of Variable Interest Entities (Note 14)	2,317	2,312
Goodwill	3,041	3,041
Overfunded Pension Plan Assets	145	118
Right of Use Assets	445	448
Deferred Charges and Other Assets	434	421
Total Assets	$23,028	$23,261
Liabilities and Equity
Current Liabilities
Notes payable and current maturities of long-term debt	$138	$138
Accounts payable	2,322	2,442
Accrued payroll and benefits	378	397
Other current liabilities	1,016	982
Total Current Liabilities	3,854	3,959
Long-Term Debt	5,453	5,455
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 14)	2,115	2,113
Deferred Income Taxes	1,541	1,552
Underfunded Pension Benefit Obligation	279	280
Postretirement and Postemployment Benefit Obligation	137	140
Long-Term Lease Obligations	307	312
Other Liabilities	1,085	1,095
Equity
Common stock, $1 par value, 2024 – 448.9 shares and 2023 – 448.9 shares	449	449
Paid-in capital	4,663	4,730
Retained earnings	9,386	9,491
Accumulated other comprehensive loss	(1,558)	(1,565)
	12,940	13,105
Less: Common stock held in treasury, at cost, 2024 – 101.6 shares and 2023 – 102.9 shares	4,683	4,750
Total Equity	8,257	8,355
Total Liabilities and Equity	$23,028	$23,261

Condensed Consolidated Statement of Cash Flows

	Three Months EndedMarch 31,
	2024	2023
Operating Activities
Net earnings (loss)	$56	$172
Depreciation, amortization and cost of timber harvested	278	241
Deferred income tax provision (benefit), net	(11)	(2)
Restructuring and other charges, net	3	—
Net (gains) losses on sales and impairments of equity method investments	—	43
Net (gains) losses on sales of fixed assets	5	—
Equity (earnings) losses, net of taxes	2	(42)
Periodic pension (income) expense, net	(2)	26
Other, net	32	39
Changes in current assets and liabilities
Accounts and notes receivable	7	103
Contract assets	2	(52)
Inventories	76	52
Accounts payable and accrued liabilities	(44)	(203)
Interest payable	17	(5)
Other	(26)	(27)
Cash Provided By (Used For) Operations	395	345
Investment Activities
Invested in capital projects	(251)	(341)
Proceeds from sale of fixed assets	1	2
Other	3	—
Cash Provided By (Used For) Investment Activities	(247)	(339)
Financing Activities
Repurchases of common stock and payments of restricted stock tax withholding	(22)	(177)
Issuance of debt	—	670
Reduction of debt	(3)	(413)
Change in book overdrafts	(5)	(26)
Dividends paid	(161)	(162)
Cash Provided By (Used For) Financing Activities	(191)	(108)
Effect of Exchange Rate Changes on Cash and Temporary Investments	—	6
Change in Cash and Temporary Investments	(43)	(96)
Cash and Temporary Investments
Beginning of period	1,113	804
End of period	$1,070	$708

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.