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Midas Edge

INTERNATIONAL PAPER CO NEW

For the period ended Sep 30, 2024. Filed Nov 1, 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.

Sep 30, 2024 · Filed Nov 1, 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 EndedSeptember 30,Nine Months EndedSeptember 30,
2024202320242023
Net Sales$4,686$4,613$14,039$14,315
Costs and Expenses
Cost of products sold3,3423,34510,12610,347
Selling and administrative expenses5082861,3191,003
Depreciation and amortization267258806743
Distribution expenses3573821,1271,180
Taxes other than payroll and income taxes3739113115
Restructuring and other charges, net56—59—
Net (gains) losses on sales of fixed assets————
Interest expense, net5158152179
Non-operating pension expense (income)(12)13(34)40
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss)80232371708
Income tax provision (benefit)(71)39(337)120
Equity earnings (loss), net of taxes(1)(1)(4)(2)
Earnings (Loss) From Continuing Operations150192704586
Discontinued operations, net of taxes—(27)—(14)
Net Earnings (Loss)$150$165$704$572
Basic Earnings (Loss) Per Share
Earnings (loss) from continuing operations$0.43$0.55$2.02$1.69
Discontinued operations, net of taxes—(0.08)—(0.04)
Net earnings (loss)$0.43$0.47$2.02$1.65
Diluted Earnings (Loss) Per Share
Earnings (loss) from continuing operations$0.42$0.55$1.99$1.68
Discontinued operations, net of taxes—(0.08)—(0.04)
Net earnings (loss)$0.42$0.47$1.99$1.64
Average Shares of Common Stock Outstanding – assuming dilution353.4348.1353.6349.0

Condensed Consolidated Statement of Comprehensive Income

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,
2024202320242023
Net Earnings (Loss)$150$165$704$572
Other Comprehensive Income (Loss), Net of Tax:
Amortization of pension and post-retirement prior service costs and net loss:
U.S. plans18225266
Change in cumulative foreign currency translation adjustment8438(41)399
Total Other Comprehensive Income (Loss), Net of Tax2646011465
Comprehensive Income (Loss)$176$625$715$1,037

Condensed Consolidated Balance Sheet

September 30,2024December 31,2023
(unaudited)
Assets
Current Assets
Cash and temporary investments$1,159$1,113
Accounts and notes receivable, net3,1163,059
Contract assets434433
Inventories1,7951,889
Other current assets139114
Total Current Assets6,6436,608
Plants, Properties and Equipment, net9,96010,150
Investments161163
Long-Term Financial Assets of Variable Interest Entities (Note 15)2,3262,312
Goodwill3,0383,041
Overfunded Pension Plan Assets197118
Right of Use Assets438448
Deferred Charges and Other Assets398421
Total Assets$23,161$23,261
Liabilities and Equity
Current Liabilities
Notes payable and current maturities of long-term debt$259$138
Accounts payable2,4362,442
Accrued payroll and benefits637397
Other current liabilities1,021982
Total Current Liabilities4,3533,959
Long-Term Debt5,3075,455
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15)2,1182,113
Deferred Income Taxes9571,552
Underfunded Pension Benefit Obligation247280
Postretirement and Postemployment Benefit Obligation126140
Long-Term Lease Obligations295312
Other Liabilities1,1291,095
Equity
Common stock, $1 par value, 2024 – 448.9 shares and 2023 – 448.9 shares449449
Paid-in capital4,7104,730
Retained earnings9,7059,491
Accumulated other comprehensive loss(1,554)(1,565)
13,31013,105
Less: Common stock held in treasury, at cost, 2024 – 101.5 shares and 2023 – 102.9 shares4,6814,750
Total Equity8,6298,355
Total Liabilities and Equity$23,161$23,261

Condensed Consolidated Statement of Cash Flows

Nine Months EndedSeptember 30,
20242023
Operating Activities
Net earnings (loss)$704$572
Depreciation and amortization806743
Deferred income tax provision (benefit), net(606)(47)
Restructuring and other charges, net59—
Net (gains) losses on sales and impairments of equity method investments—135
Equity method dividends received—13
Equity (earnings) losses, net of taxes4(109)
Periodic pension (income) expense, net(1)70
Other, net9936
Changes in current assets and liabilities
Accounts and notes receivable(79)201
Contract assets(1)7
Inventories4962
Accounts payable and accrued liabilities233(332)
Interest payable24(5)
Other(10)(5)
Cash Provided By (Used For) Operations1,2811,341
Investment Activities
Invested in capital projects(661)(836)
Proceeds from sales of equity method investments, net of transaction costs—472
Proceeds from insurance recoveries25—
Proceeds from sale of fixed assets54
Other(3)2
Cash Provided By (Used For) Investment Activities(634)(358)
Financing Activities
Repurchases of common stock and payments of restricted stock tax withholding(22)(218)
Issuance of debt—772
Reduction of debt(33)(689)
Change in book overdrafts(51)(26)
Dividends paid(482)(482)
Other—(1)
Cash Provided By (Used For) Financing Activities(588)(644)
Effect of Exchange Rate Changes on Cash and Temporary Investments(13)6
Change in Cash and Temporary Investments46345
Cash and Temporary Investments
Beginning of period1,113804
End of period$1,159$1,149
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.