Company Quick10K Filing
International Paper
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 449 $19,150
10-Q 2019-11-01 Quarter: 2019-09-30
10-Q 2019-07-31 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-20 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-22 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-08 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-07 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-11-07 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
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
IP 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Recent Accounting Developments
Note 3 - Revenue Recognition
Note 4 - Equity
Note 5 - Other Comprehensive Income
Note 6 - Earnings per Share Attributable To International Paper Company Common Shareholders
Note 7 - Restructuring and Other Charges, Net
Note 8 - Acquisitions
Note 9 - Divestitures and Impairments
Note 10 - Supplemental Financial Statement Information
Note 11 - Leases
Note 12 - Equity Method Investments
Note 13 - Goodwill and Other Intangibles
Note 14 - Income Taxes
Note 15 - Commitments and Contingencies
Note 16 - Variable Interest Entities
Note 17 - Debt
Note 18 - Derivatives and Hedging Activities
Note 19 - Retirement Plans
Note 20 - Stock-Based Compensation
Note 21 - Business Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 ip20190930-exhibit101i.htm
EX-31.1 ip-20190930xexhibit311.htm
EX-31.2 ip-20190930xexhibit312.htm
EX-32 ip-20190930xexhibit32c.htm

International Paper Earnings 2019-09-30

IP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
IP 19,150 34,347 26,865 23,162 1,766 1,596 4,177 28,413 8% 6.8 5%
UFS 2,731 4,993 2,374 5,459 0 284 695 3,515 0% 5.1 6%
NP 1,095 858 451 990 170 50 108 1,310 17% 12.1 6%
MERC 996 2,030 1,383 1,241 0 148 392 1,739 0% 4.4 7%
SWM 978 1,489 917 1,037 276 86 202 1,511 27% 7.5 6%
GLT 728 1,296 753 904 134 -165 -83 1,058 15% -12.7 -13%
VRS 653 1,659 824 2,640 116 96 303 694 4% 2.3 6%
RFP 613 3,752 2,152 3,456 2,365 220 373 895 68% 2.4 6%
ESND 474 1,791 1,358 4,987 647 -58 -11 963 13% -89.5 -3%
VRTV 294 2,697 2,178 8,323 0 -27 73 1,062 0% 14.5 -1%

Document
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Table of Contents

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 September 30, 2019
 
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: (901419-7000
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 (paragraph 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 or a smaller reporting 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 October 25, 2019 was 392,116,473.


Table of Contents

INDEX
 
 
 
PAGE NO.
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Statement of Operations - Three Months and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Condensed Consolidated Statement of Comprehensive Income - Three Months and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Condensed Consolidated Balance Sheet - September 30, 2019 and December 31, 2018
 
 
 
 
Condensed Consolidated Statement of Cash Flows - Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

PART I. FINANCIAL INFORMATION
 
ITEM 1.
INTERNATIONAL PAPER COMPANY
Condensed Consolidated Statement of Operations
(Unaudited)
(In millions, except per share amounts) 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net Sales
$
5,568

 
$
5,901

 
$
16,878

 
$
17,355

Costs and Expenses
 
 
 
 
 
 
 
Cost of products sold
3,772

 
3,887

 
11,602

 
11,757

Selling and administrative expenses
387

 
405

 
1,202

 
1,277

Depreciation, amortization and cost of timber harvested
327

 
335

 
963

 
990

Distribution expenses
395

 
397

 
1,168

 
1,166

Taxes other than payroll and income taxes
42

 
44

 
128

 
130

Restructuring and other charges, net
21

 

 
21

 
48

Net (gains) losses on sales and impairments of businesses
8

 
122

 
153

 
122

Antitrust fines
32

 

 
32

 

Interest expense, net
123

 
133

 
378

 
401

Non-operating pension expense
9

 
25

 
27

 
65

Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings
452

 
553

 
1,204

 
1,399

Income tax provision (benefit)
137

 
83

 
371

 
302

Equity earnings (loss), net of taxes
27

 
92

 
221

 
257

Earnings (Loss) From Continuing Operations
342

 
562

 
1,054

 
1,354

Discontinued operations, net of taxes

 

 

 
345

Net Earnings (Loss)
342

 
562

 
1,054

 
1,699

Less: Net earnings (loss) attributable to noncontrolling interests
(2
)
 

 
(6
)
 
3

Net Earnings (Loss) Attributable to International Paper Company
$
344

 
$
562

 
$
1,060

 
$
1,696

Basic Earnings (Loss) Per Share Attributable to International Paper Company Common Shareholders
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
$
0.88

 
$
1.38

 
$
2.67

 
$
3.28

Discontinued operations, net of taxes

 

 

 
0.84

Net earnings (loss)
$
0.88

 
$
1.38

 
$
2.67

 
$
4.12

Diluted Earnings (Loss) Per Share Attributable to International Paper Company Common Shareholders
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
$
0.87

 
$
1.37

 
$
2.65

 
$
3.25

Discontinued operations, net of taxes

 

 

 
0.83

Net earnings (loss)
$
0.87

 
$
1.37

 
$
2.65

 
$
4.08

Average Shares of Common Stock Outstanding – assuming dilution
395.4

 
411.4

 
399.6

 
416.3

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

1

Table of Contents

INTERNATIONAL PAPER COMPANY
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
(In millions)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net Earnings (Loss)
$
342

 
$
562

 
$
1,054

 
$
1,699

Other Comprehensive Income (Loss), Net of Tax:
 
 
 
 
 
 
 
Amortization of pension and post-retirement prior service costs and net loss:
 
 
 
 
 
 
 
U.S. plans
41

 
76

 
122

 
227

Change in cumulative foreign currency translation adjustment
(179
)
 
(87
)
 
(106
)
 
(467
)
Net gains/losses on cash flow hedging derivatives:
 
 
 
 
 
 
 
Net gains (losses) arising during the period
(10
)
 
1

 
(6
)
 
(20
)
Reclassification adjustment for (gains) losses included in net earnings (loss)
4

 
2

 
5

 
2

Total Other Comprehensive Income (Loss), Net of Tax
(144
)
 
(8
)
 
15

 
(258
)
Comprehensive Income (Loss)
198

 
554

 
1,069

 
1,441

Net (earnings) loss attributable to noncontrolling interests
2

 

 
6

 
(3
)
Other comprehensive (income) loss attributable to noncontrolling interests

 
2

 

 
4

Comprehensive Income (Loss) Attributable to International Paper Company
$
200

 
$
556

 
$
1,075

 
$
1,442

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

2

Table of Contents

INTERNATIONAL PAPER COMPANY
Condensed Consolidated Balance Sheet
(In millions)
 
September 30,
2019
 
December 31,
2018
 
(unaudited)
 
 
Assets
 
 
 
Current Assets
 
 
 
Cash and temporary investments
$
697

 
$
589

Accounts and notes receivable, net
3,305

 
3,521

Contract assets
388

 
395

Inventories
2,194

 
2,241

Assets held for sale
278

 

Other current assets
189

 
250

Total Current Assets
7,051

 
6,996

Plants, Properties and Equipment, net
12,845

 
13,067

Forestlands
378

 
402

Investments
1,651

 
1,648

Financial Assets of Variable Interest Entities (Note 16)
7,084

 
7,070

Goodwill
3,412

 
3,374

Right of Use Assets
425

 

Deferred Charges and Other Assets
1,002

 
1,019

Total Assets
$
33,848

 
$
33,576

Liabilities and Equity
 
 
 
Current Liabilities
 
 
 
Notes payable and current maturities of long-term debt
$
402

 
$
639

Accounts payable
2,349

 
2,413

Accrued payroll and benefits
442

 
535

Liabilities held for sale
248

 

Other current liabilities
1,288

 
1,107

Total Current Liabilities
4,729

 
4,694

Long-Term Debt
9,957

 
10,015

Nonrecourse Financial Liabilities of Variable Interest Entities (Note 16)
6,303

 
6,298

Deferred Income Taxes
2,643

 
2,600

Pension Benefit Obligation
1,653

 
1,762

Postretirement and Postemployment Benefit Obligation
248

 
264

Long-Term Lease Obligations
292

 

Other Liabilities
567

 
560

Equity
 
 
 
Common stock, $1 par value, 2019 – 448.9 shares and 2018 – 448.9 shares
449

 
449

Paid-in capital
6,261

 
6,280

Retained earnings
8,447

 
7,465

Accumulated other comprehensive loss
(5,014
)
 
(4,500
)
 
10,143

 
9,694

Less: Common stock held in treasury, at cost, 2019 – 56.8 shares and 2018 – 48.3 shares
2,702

 
2,332

Total International Paper Shareholders’ Equity
7,441

 
7,362

Noncontrolling interests
15

 
21

Total Equity
7,456

 
7,383

Total Liabilities and Equity
$
33,848

 
$
33,576

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

3

Table of Contents

INTERNATIONAL PAPER COMPANY
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(In millions)
 
Nine Months Ended
September 30,
 
2019
 
2018
Operating Activities
 
 
 
Net earnings (loss)
$
1,054

 
$
1,699

Depreciation, amortization and cost of timber harvested
963

 
990

Deferred income tax provision (benefit), net
68

 
163

Restructuring and other charges, net
21

 
48

Net gain on transfer of North American Consumer Packaging business

 
(488
)
Net (gains) losses on sales and impairments of businesses
153

 
122

Antitrust fines
32

 

Equity method dividends received
260

 
130

Equity (earnings) losses, net
(221
)
 
(257
)
Periodic pension expense, net
70

 
172

Other, net
106

 
75

Changes in current assets and liabilities
 
 
 
Accounts and notes receivable
168

 
(441
)
Contract assets
6

 
(20
)
Inventories
(9
)
 
(120
)
Accounts payable and accrued liabilities
(11
)
 
301

Interest payable
(31
)
 
(33
)
Other
53

 
64

Cash Provided By (Used For) Operations
2,682

 
2,405

Investment Activities
 
 
 
Invested in capital projects
(913
)
 
(1,286
)
Acquisitions, net of cash acquired
(99
)
 

Net settlement on transfer of North American Consumer Packaging business

 
(40
)
Proceeds from divestitures, net of cash divested
17

 

Proceeds from sale of fixed assets
15

 
12

Other
(14
)
 
4

Cash Provided By (Used For) Investment Activities
(994
)
 
(1,310
)
Financing Activities
 
 
 
Repurchases of common stock and payments of restricted stock tax withholding
(535
)
 
(532
)
Issuance of debt
381

 
349

Reduction of debt
(772
)
 
(242
)
Change in book overdrafts
(29
)
 
(33
)
Dividends paid
(595
)
 
(588
)
Other
3

 

Cash Provided By (Used For) Financing Activities
(1,547
)
 
(1,046
)
Cash Included in Assets Held for Sale
(19
)
 

Effect of Exchange Rate Changes on Cash
(14
)
 
(41
)
Change in Cash and Temporary Investments
108

 
8

Cash and Temporary Investments
 
 
 
Beginning of period
589

 
1,018

End of period
$
697

 
$
1,026


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

4

Table of Contents

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 nine 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, 2018, which have previously been filed with the Securities and Exchange Commission.

NOTE 2 - RECENT ACCOUNTING DEVELOPMENTS

Recently Adopted Accounting Pronouncements

Leases

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." The Company adopted the provisions of this guidance effective January 1, 2019, using the modified retrospective optional transition method. Therefore, the standard was applied beginning January 1, 2019 and prior periods were not restated. The adoption of the standard did not result in a cumulative-effect adjustment to the opening balance of Retained earnings. The Company elected the package of practical expedients and implemented internal controls and system functionality to enable the preparation of financial information upon adoption.
The adoption of the new standard resulted in the recognition of a right of use asset and short-term and long-term liabilities recorded on the Company's consolidated balance sheet related to operating leases. Accounting for finance leases remained substantially unchanged. In addition, the adoption of the standard did not have a material impact on the Company's results of operations or cash flows.

Comprehensive Income

In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This guidance gives entities the option to reclassify stranded tax effects caused by the newly-enacted U.S. Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. As a result, the Company adopted this guidance effective January 1, 2019, and recorded a net increase to opening Retained earnings and a decrease to opening Accumulated other comprehensive income of $529 million, due to the cumulative impact of adopting the new guidance.

Recently Issued Accounting Pronouncements Not Yet Adopted

Intangibles

In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This guidance eliminates the requirement to calculate the implied fair value of goodwill under Step 2 of today's goodwill impairment test to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. This guidance should be applied prospectively and is effective for annual reporting periods beginning after December 15, 2019, for any impairment test performed in 2020. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company plans to early adopt this guidance in the fourth quarter of 2019 in conjunction with our annual evaluation for possible goodwill impairment which is performed in addition to interim evaluations when management believes that it is more likely than not, that events or circumstances have occurred that would result in the impairment of a reporting unit's goodwill.

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. This guidance is effective for annual reporting periods beginning after December 15, 2019,

5

Table of Contents

including interim periods within those fiscal years. Early adoption is permitted. This guidance should be applied using the modified-retrospective approach. In May 2019, the FASB issued ASU 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief." The amendments in this Update provide entities with targeted transition relief that is intended to increase comparability of financial statement information for some entities that otherwise would have measured similar financial instruments using different measurement methodologies. The amendments also decrease costs for some financial statement preparers while providing financial statement users with decision-useful information. For entities that have not yet adopted the amendments in Update 2016-13, the effective date and transition methodology for the amendments in this Update are the same as in Update 2016-13. The Company is currently evaluating the provisions of this guidance and plans to adopt this guidance and the related amendments on its effective date of January 1, 2020, by recognizing any cumulative effect of initially applying the new standard as an adjustment to the opening balance of Retained earnings.

Pension Plan Disclosures

In July 2018, the FASB issued ASU 2018-09, "Codification Improvements," which included amendments to Subtopic 962-325. This disclosure guidance pertains to the presentation of certain types of investments and is effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the provisions of this guidance and its potential impact on our 2019 annual Form 10-K disclosures and presentation related to pension plan assets.

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 September 30, 2019
In millions
 
Industrial Packaging
 
Global Cellulose Fibers
 
Printing Papers
 
Corporate and Inter-segment Sales
 
Total
Primary Geographical Markets (a)
 
 
 
 
 
 
 
 
 
 
United States
 
$
3,180

 
$
535

 
$
486

 
$
56

 
$
4,257

EMEA
 
415

 
62

 
315

 
(1
)
 
791

Pacific Rim and Asia
 
20

 
27

 
47

 
3

 
97

Americas, other than U.S.
 
205

 

 
223

 
(5
)
 
423

Total
 
$
3,820

 
$
624

 
$
1,071

 
$
53

 
$
5,568

 
 
 
 
 
 
 
 
 
 
 
Operating Segments
 
 
 
 
 
 
 
 
 
 
North American Industrial Packaging
 
$
3,368

 
$

 
$

 
$

 
$
3,368

EMEA Industrial Packaging
 
324

 

 

 

 
324

Brazilian Industrial Packaging
 
61

 

 

 

 
61

European Coated Paperboard
 
92

 

 

 

 
92

Global Cellulose Fibers
 

 
624

 

 

 
624

North American Printing Papers
 

 

 
492

 

 
492

Brazilian Papers
 

 

 
247

 

 
247

European Papers
 

 

 
299

 

 
299

Indian Papers
 

 

 
38

 

 
38

Intra-segment Eliminations
 
(25
)
 

 
(5
)
 

 
(30
)
Corporate & Inter-segment Sales
 


 

 

 
53

 
53

Total
 
$
3,820

 
$
624

 
$
1,071

 
$
53

 
$
5,568




6

Table of Contents

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

 
 
Nine Months Ended September 30, 2019
In millions
 
Industrial Packaging
 
Global Cellulose Fibers
 
Printing Papers
 
Corporate and Inter-segment Sales
 
Total
Primary Geographical Markets (a)
 
 
 
 
 
 
 
 
 
 
United States
 
$
9,531

 
$
1,656

 
$
1,448

 
$
174

 
$
12,809

EMEA
 
1,263

 
207

 
986

 
(8
)
 
2,448

Pacific Rim and Asia
 
50

 
111

 
167

 
9

 
337

Americas, other than U.S.
 
672

 

 
623

 
(11
)
 
1,284

Total
 
$
11,516

 
$
1,974

 
$
3,224

 
$
164

 
$
16,878

 
 
 
 
 
 
 
 
 
 
 
Operating Segments
 
 
 
 
 
 
 
 
 
 
North American Industrial Packaging
 
$
10,158

 
$

 
$

 
$

 
$
10,158

EMEA Industrial Packaging
 
994

 

 

 

 
994

Brazilian Industrial Packaging
 
176

 

 

 

 
176

European Coated Paperboard
 
275

 

 

 

 
275

Global Cellulose Fibers
 

 
1,974

 

 

 
1,974

North American Printing Papers
 

 

 
1,474

 

 
1,474

Brazilian Papers
 

 

 
702

 

 
702

European Papers
 

 

 
929

 

 
929

Indian Papers
 

 

 
144

 

 
144

Intra-segment Eliminations
 
(87
)
 

 
(25
)