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Midas Edge

INTERNATIONAL PAPER CO NEW

For the period ended Jun 30, 2024. Filed Jul 26, 2024.

View on SEC.gov

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.

Jun 30, 2024 · Filed Jul 26, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Item 1. Financial Statements

Condensed Consolidated Statement of Operations

(In millions, except per share amounts)

Three Months EndedJune 30,Six Months EndedJune 30,
2024202320242023
Net Sales$4,734$4,682$9,353$9,702
Costs and Expenses
Cost of products sold3,3603,3606,7847,002
Selling and administrative expenses453336811717
Depreciation and amortization261244539485
Distribution expenses379376770798
Taxes other than payroll and income taxes35407676
Restructuring and other charges, net——3—
Net (gains) losses on sales of fixed assets(5)———
Interest expense, net5559101121
Non-operating pension expense (income)(10)12(22)27
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss)206255291476
Income tax provision (benefit)(293)33(266)81
Equity earnings (loss), net of taxes(1)—(3)(1)
Earnings (Loss) From Continuing Operations498222554394
Discontinued operations, net of taxes—13—13
Net Earnings (Loss)$498$235$554$407
Basic Earnings (Loss) Per Share
Earnings (loss) from continuing operations$1.43$0.64$1.59$1.13
Discontinued operations, net of taxes—0.04—0.04
Net earnings (loss)$1.43$0.68$1.59$1.17
Diluted Earnings (Loss) Per Share
Earnings (loss) from continuing operations$1.41$0.64$1.57$1.12
Discontinued operations, net of taxes—0.04—0.04
Net earnings (loss)$1.41$0.68$1.57$1.16
Average Shares of Common Stock Outstanding – assuming dilution352.8346.5352.7349.5

Condensed Consolidated Statement of Comprehensive Income

Three Months EndedJune 30,Six Months EndedJune 30,
2024202320242023
Net Earnings (Loss)$498$235$554$407
Other Comprehensive Income (Loss), Net of Tax:
Amortization of pension and post-retirement prior service costs and net loss:
U.S. plans17213444
Change in cumulative foreign currency translation adjustment(39)(30)(49)(39)
Total Other Comprehensive Income (Loss), Net of Tax(22)(9)(15)5
Comprehensive Income (Loss)$476$226$539$412

Condensed Consolidated Balance Sheet

June 30,2024December 31,2023
(unaudited)
Assets
Current Assets
Cash and temporary investments$1,049$1,113
Accounts and notes receivable, net3,1973,059
Contract assets436433
Inventories1,7281,889
Other current assets147114
Total Current Assets6,5576,608
Plants, Properties and Equipment, net9,95310,150
Investments163163
Long-Term Financial Assets of Variable Interest Entities (Note 15)2,3212,312
Goodwill3,0403,041
Overfunded Pension Plan Assets171118
Right of Use Assets439448
Deferred Charges and Other Assets419421
Total Assets$23,063$23,261
Liabilities and Equity
Current Liabilities
Notes payable and current maturities of long-term debt$259$138
Accounts payable2,3502,442
Accrued payroll and benefits473397
Other current liabilities1,032982
Total Current Liabilities4,1143,959
Long-Term Debt5,3295,455
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15)2,1172,113
Deferred Income Taxes1,1311,552
Underfunded Pension Benefit Obligation249280
Postretirement and Postemployment Benefit Obligation130140
Long-Term Lease Obligations299312
Other Liabilities1,0991,095
Equity
Common stock, $1 par value, 2024 – 448.9 shares and 2023 – 448.9 shares449449
Paid-in capital4,6884,730
Retained earnings9,7199,491
Accumulated other comprehensive loss(1,580)(1,565)
13,27613,105
Less: Common stock held in treasury, at cost, 2024 – 101.6 shares and 2023 – 102.9 shares4,6814,750
Total Equity8,5958,355
Total Liabilities and Equity$23,063$23,261

Condensed Consolidated Statement of Cash Flows

Six Months EndedJune 30,
20242023
Operating Activities
Net earnings (loss)$554$407
Depreciation and amortization539485
Deferred income tax provision (benefit), net(427)(13)
Restructuring and other charges, net3—
Net (gains) losses on sales and impairments of equity method investments—76
Equity method dividends received—13
Equity (earnings) losses, net of taxes3(88)
Periodic pension (income) expense, net(1)47
Other, net7734
Changes in current assets and liabilities
Accounts and notes receivable(161)160
Contract assets(3)(9)
Inventories11287
Accounts payable and accrued liabilities90(280)
Interest payable4(23)
Other(30)(23)
Cash Provided By (Used For) Operations760873
Investment Activities
Invested in capital projects(449)(608)
Proceeds from sale of fixed assets43
Other(1)2
Cash Provided By (Used For) Investment Activities(446)(603)
Financing Activities
Repurchases of common stock and payments of restricted stock tax withholding(22)(218)
Issuance of debt—772
Reduction of debt(8)(536)
Change in book overdrafts(14)(33)
Dividends paid(321)(322)
Other—(1)
Cash Provided By (Used For) Financing Activities(365)(338)
Effect of Exchange Rate Changes on Cash and Temporary Investments(13)10
Change in Cash and Temporary Investments(64)(58)
Cash and Temporary Investments
Beginning of period1,113804
End of period$1,049$746
ContentsView on SEC.gov

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