International Paper Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From to

_________________________________________

Commission File Number 001-03157

INTERNATIONAL PAPER COMPANY

(Exact name of registrant as specified in its charter)



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)

Registrant’s telephone number, including area code: (901) 419-7000

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares	IP	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or and emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange

Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ☐

The number of shares outstanding of the registrant’s common stock, par value $1.00 per share, as of April 24, 2020 was 393,041,293.

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INDEX



		PAGE NO.
	PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Statement of Operations - Three Months Ended March 31, 2020 and 2019	1

	Condensed Consolidated Statement of Comprehensive Income - Three Months Ended March 31, 2020 and 2019	2

	Condensed Consolidated Balance Sheet - March 31, 2020 and December 31, 2019	3

	Condensed Consolidated Statement of Cash Flows - Three Months Ended March 31, 2020 and 2019	4

	Condensed Notes to Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42

Item 4.	Controls and Procedures	42

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	43

Item 1A.	Risk Factors	43

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44

Item 6.	Exhibits	45

Signatures		46

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PART I. FINANCIAL INFORMATION


ITEM 1.	FINANCIAL STATEMENTS

INTERNATIONAL PAPER COMPANY

Condensed Consolidated Statement of Operations

(Unaudited)

(In millions, except per share amounts)



	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

The accompanying notes are an integral part of these condensed financial statements.

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INTERNATIONAL PAPER COMPANY

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

(In millions)



	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

The accompanying notes are an integral part of these condensed financial statements.

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INTERNATIONAL PAPER COMPANY

Condensed Consolidated Balance Sheet

(In millions)



	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

The accompanying notes are an integral part of these condensed financial statements.

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INTERNATIONAL PAPER COMPANY

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(In millions)



	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

The accompanying notes are an integral part of these condensed financial statements.

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INTERNATIONAL PAPER COMPANY

Condensed Notes to Consolidated Financial Statements

(Unaudited)

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States and in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments that are necessary for the fair presentation of International Paper Company’s (International Paper’s, the Company’s or our) financial position, results of operations, and cash flows for the interim periods presented. Except as disclosed herein, such adjustments are of a normal, recurring nature. Results for the first three months of the year may not necessarily be indicative of full year results. It is suggested that these condensed financial statements be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which have previously been filed with the Securities and Exchange Commission.

On March 11, 2020 the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. Governments of countries in which we operate have generally considered forest products and the supply chain on which we depend to be “essential industries” that should remain operational during this pandemic. Accordingly, our manufacturing and converting facilities remain open; however, we have seen a significant negative impact on demand for our printing papers products and demand for our pulp, containerboard and corrugated box products is expected to be unfavorably impacted if the negative economic conditions associated with COVID-19 persist or continue to deteriorate.

There continue to be significant uncertainties associated with the COVID-19 pandemic, including with respect to the severity of the disease, the duration of the outbreak, actions that may be taken by governmental authorities and private businesses to attempt to contain the COVID-19 outbreak or to mitigate its impact; the extent and duration of social distancing and the adoption of stay-at-home orders; and the ongoing impact of COVID-19 on economic activity and consumer confidence. As a result, we are unable to fully quantify the impact that the COVID-19 pandemic will have on our financial results during 2020, but developments related to COVID-19 are significantly adversely affecting our business, and could have a material adverse effect on our financial condition, results of operations and cash flows, particularly if negative global economic conditions persist for a significant period of time or continue to deteriorate.

NOTE 2 - RECENT ACCOUNTING DEVELOPMENTS

Recently Adopted Accounting Pronouncements

Financial Instruments - Credit Losses

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This guidance replaces the current incurred loss impairment method with a method that reflects expected credit losses. The Company adopted this guidance using the modified retrospective approach on January 1, 2020. As a result of using this approach, the Company recognized a cumulative effect adjustment of $2 million to the opening balance of retained earnings representing the adjustment to our opening allowance for doubtful accounts required to state our trade receivables and contract assets net of their expected credit losses, net of deferred taxes.

Recently Issued Accounting Pronouncements Not Yet Adopted

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This guidance provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective upon issuance and generally can be applied through December 31, 2022. The Company is currently evaluating the provisions of this guidance.

Income Taxes

In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This guidance removes certain exceptions from recognizing deferred taxes for investments, performing intraperiod

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allocation and calculating income taxes in interim periods. It also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. This guidance is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years. Early adoption of the amendments is permitted, including adoption in any interim period for public business entities for periods for which financial statements have not yet been issued. The Company is currently evaluating the provisions of this guidance.

NOTE 3 - REVENUE RECOGNITION

Generally, the Company recognizes revenue on a point-in-time basis when the customer takes title to the goods and assumes the risks and rewards for the goods. For customized goods where the Company has a legally enforceable right to payment for the goods, the Company recognizes revenue over time which, generally, is as the goods are produced.

Disaggregated Revenue

A geographic disaggregation of revenues across our company segmentation in the following tables provides information to assist in evaluating the nature, timing and uncertainty of revenue and cash flows and how they may be impacted by economic factors.



	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

(a) Net sales are attributed to countries based on the location of the seller.

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	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

(a) Net sales are attributed to countries based on the location of the seller.

Revenue Contract Balances

A contract asset is created when the Company recognizes revenue on its customized products prior to having an unconditional right to payment from the customer, which generally does not occur until title and risk of loss passes to the customer.

A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced once control of the goods is transferred to the customer. The majority of our customer prepayments are received during the fourth quarter each year for goods that will be transferred to customers over the following twelve months. Contract liabilities of $44 million and $56 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of March 31, 2020 and December 31, 2019, respectively.

The difference between the opening and closing balances of the Company's contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods for which we have an unconditional right to payment or receive pre-payment from the customer, respectively.

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NOTE 4 - EQUITY

A summary of the changes in equity for the three months ended March 31, 2020 and 2019 is provided below:



	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

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NOTE 5 - OTHER COMPREHENSIVE INCOME

The following table presents changes in accumulated other comprehensive income (AOCI) for the three months ended March 31, 2020 and 2019:



	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	)

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The following table presents details of the reclassifications out of AOCI for the three months ended March 31, 2020 and 2019:



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:

Price	41.66	EPS	3
Shares	449	P/E	14
MCap	18,701	P/FCF	7
Net Debt	9,260	EBIT	2,317
TEV	27,961	TEV/EBIT	12
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-03-31	Filed 2020-05-01
10-K	2019-12-31	Filed 2020-02-19
10-Q	2019-09-30	Filed 2019-11-01
10-Q	2019-06-30	Filed 2019-07-31
10-Q	2019-03-31	Filed 2019-05-03
10-K	2018-12-31	Filed 2019-02-20
10-Q	2018-09-30	Filed 2018-11-02
10-Q	2018-06-30	Filed 2018-08-03
10-Q	2018-03-31	Filed 2018-05-08
10-K	2017-12-31	Filed 2018-02-22
10-Q	2017-09-30	Filed 2017-11-03
10-Q	2017-06-30	Filed 2017-08-04
10-Q	2017-03-31	Filed 2017-05-05
10-K	2016-12-31	Filed 2017-02-22
10-Q	2016-09-30	Filed 2016-11-03
10-Q	2016-06-30	Filed 2016-08-05
10-Q	2016-03-31	Filed 2016-05-05
10-K	2015-12-31	Filed 2016-02-25
10-Q	2015-09-30	Filed 2015-11-05
10-Q	2015-06-30	Filed 2015-08-06
10-Q	2015-03-31	Filed 2015-05-07
10-K	2014-12-31	Filed 2015-02-26
10-Q	2014-09-30	Filed 2014-11-06
10-Q	2014-06-30	Filed 2014-08-06
10-Q	2014-03-31	Filed 2014-05-07
10-K	2013-12-31	Filed 2014-02-27
10-Q	2013-09-30	Filed 2013-11-06
10-Q	2013-06-30	Filed 2013-08-07
10-Q	2013-03-31	Filed 2013-05-08
10-K	2012-12-31	Filed 2013-02-26
10-Q	2012-06-30	Filed 2012-08-07
10-Q	2012-03-31	Filed 2012-05-07
10-K	2011-12-31	Filed 2012-02-27
10-Q	2011-09-30	Filed 2011-11-07
10-Q	2011-06-30	Filed 2011-08-09
10-Q	2011-03-31	Filed 2011-05-06
10-K	2010-12-31	Filed 2011-02-25
10-Q	2010-09-30	Filed 2010-11-05
10-Q	2010-06-30	Filed 2010-08-06
10-Q	2010-03-31	Filed 2010-05-07
10-K	2009-12-31	Filed 2010-02-25

8-K	2020-05-11	Shareholder Vote
8-K	2020-04-30	Earnings, Exhibits
8-K	2020-04-28	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2020-03-25	Enter Agreement, Off-BS Arrangement
8-K	2020-01-30	Earnings, Exhibits
8-K	2020-01-23	Other Events
8-K	2019-10-31	Earnings, Exhibits
8-K	2019-07-25	Earnings, Exhibits
8-K	2019-06-10	Other Events, Exhibits
8-K	2019-05-29	Regulation FD, Other Events, Exhibits
8-K	2019-05-13	Shareholder Vote
8-K	2019-04-25	Earnings, Exhibits
8-K	2019-02-11	Officers, Regulation FD, Exhibits
8-K	2019-01-31	Earnings, Exhibits
8-K	2018-12-31	Officers
8-K	2018-10-25	Earnings, Exhibits
8-K	2018-09-25	Enter Agreement
8-K	2018-07-26	Earnings, Exhibits
8-K	2018-06-19	Officers, Regulation FD, Exhibits
8-K	2018-05-07	Shareholder Vote
8-K	2018-04-26	Earnings, Exhibits
8-K	2018-03-20	Officers
8-K	2018-03-06	Regulation FD, Other Events, Exhibits
8-K	2018-02-01	Earnings, Exhibits
8-K	2017-12-31	Officers

EX-10.1	ip-20200331xexhibit101.htm
EX-31.1	ip-20200331xexhibit311.htm
EX-31.2	ip-20200333xexhibit312.htm
EX-32	ip-20200331xexhibit32c.htm

IP 10Q Quarterly Report

International Paper Earnings 2020-03-31