International Paper Files 2023 Annual Report on Form 10-K

TL;DR

<b>International Paper Co. has filed its 2023 10-K annual report detailing its financial performance and condition.</b>

AI Summary

INTERNATIONAL PAPER CO /NEW/ (INPAP) filed a Annual Report (10-K) with the SEC on February 16, 2024. International Paper Co. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 6400 Poplar Avenue, Memphis, TN 38197. International Paper was incorporated in New York. The filing is a 10-K report, indicating a comprehensive overview of the company's financial performance and condition.

Why It Matters

For investors and stakeholders tracking INTERNATIONAL PAPER CO /NEW/, this filing contains several important signals. This 10-K filing provides a detailed look at International Paper's financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's profitability, debt levels, and overall market standing within the paper and packaging industry.

Risk Assessment

Risk Level: medium — INTERNATIONAL PAPER CO /NEW/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. While it contains significant financial data, it does not inherently signal immediate positive or negative market movement without further analysis of the specific numbers and commentary within the report.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-K to identify trends in revenue, profitability, and debt for International Paper.

Key Numbers

• 2023 — Fiscal Year End (Fiscal year end)
• 1231 — Fiscal Year End (Fiscal year end)
• 2024-02-16 — Filed As Of Date (Filed as of date)
• 1971-05-27 — Date of Name Change (Former company name change date)

Key Players & Entities

• INTERNATIONAL PAPER CO /NEW/ (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240216 (date) — Filed as of date
• 6400 POPLAR AVENUE (address) — Business address street 1
• MEMPHIS (city) — Business address city
• TN (state) — Business address state
• 38197 (zip_code) — Business address zip
• 901-419-7000 (phone_number) — Business phone

FAQ

Industry Context

International Paper operates in the paper and packaging industry, a sector characterized by cyclical demand, commodity pricing, and significant capital investment.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the revenue and net income figures for fiscal year 2023.
2. Examine the company's debt-to-equity ratio and cash position.
3. Review any disclosed risk factors related to market conditions or operational challenges.

Key Dates

• 2024-02-16: 10-K Filing — Filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing of the 2023 annual report (10-K). Previous filings would include the 2022 10-K and interim reports.

Key Financial Figures

• $347 million — d depreciation charges of approximately $347 million and pre-tax cash severance and other sh
• $81 million — other shutdown charges of approximately $81 million. The machine shutdowns resulted in pre-
• $75 million — d depreciation charges of approximately $75 million and pre-tax cash severance and other sh
• $37 million — other shutdown charges of approximately $37 million. The Company recorded these charges in
• $4.6 b — l Paper's capital spending approximated $4.6 billion, excluding mergers and acquisitio
• $1.1 billion — ital spending in 2023 was approximately $1.1 billion and is expected to be approximately $80
• $800 million — ion and is expected to be approximately $800 million to $1.0 billion in 2024. You can find m
• $1.0 billion — ted to be approximately $800 million to $1.0 billion in 2024. You can find more information
• $20 million — end, in 2023 we invested approximately $20 million to address critical needs in the commun

Filing Documents

• ip-20231231.htm (10-K) — 3160KB
• ip-20231231exhibit103.htm (EX-10.3) — 25KB
• ip-20231231exhibit104.htm (EX-10.4) — 24KB
• ip-20231231exhibit105.htm (EX-10.5) — 24KB
• ip-20231231exhibit1061.htm (EX-10.6 1) — 25KB
• ip-20231231exhibit1062.htm (EX-10.6 2) — 25KB
• ip-20231231exhibit1063.htm (EX-10.6 3) — 24KB
• ip-20231231exhibit1064.htm (EX-10.6 4) — 25KB
• ip-20231231exhibit107.htm (EX-10.7) — 73KB
• ip-20231231exhibit10131.htm (EX-10.13 1) — 13KB
• ip-20231231exhibit10132.htm (EX-10.13 2) — 12KB
• ip-20231231exhibit1024.htm (EX-10.24) — 42KB
• ip-20231231exhibit1025.htm (EX-10.25) — 38KB
• ip-20231231exhibit1034.htm (EX-10.34) — 762KB
• ip-20231231exhibit19.htm (EX-19) — 22KB
• ip-20231231exhibit21.htm (EX-21) — 54KB
• ip-20231231exhibit231.htm (EX-23.1) — 3KB
• ip-20231231exhibit232.htm (EX-23.2) — 2KB
• ip-20231231exhibit311.htm (EX-31.1) — 9KB
• ip-20231231exhibit312.htm (EX-31.2) — 9KB
• ip-20231231exhibit32.htm (EX-32) — 5KB
• ip-20231231exhibit97.htm (EX-97) — 43KB
• ip-20231231exhibit99.htm (EX-99) — 1KB
• image_0.jpg (GRAPHIC) — 3KB
• image_0a.jpg (GRAPHIC) — 5KB
• image_0b.jpg (GRAPHIC) — 3KB
• ip-20231231_g1.jpg (GRAPHIC) — 46KB
• ip-20231231_g2.jpg (GRAPHIC) — 115KB
• ip-20231231_g3.jpg (GRAPHIC) — 170KB
• ip-20231231_g4.jpg (GRAPHIC) — 102KB
• ip-20231231_g5.jpg (GRAPHIC) — 9KB
• ip-20231231exhibit19001.jpg (GRAPHIC) — 157KB
• ip-20231231exhibit19002.jpg (GRAPHIC) — 230KB
• ip-20231231exhibit19003.jpg (GRAPHIC) — 181KB
• ip-20231231exhibit19004.jpg (GRAPHIC) — 214KB
• ip-20231231exhibit19005.jpg (GRAPHIC) — 252KB
• ip-20231231exhibit19006.jpg (GRAPHIC) — 125KB
• ip-20231231exhibit19007.jpg (GRAPHIC) — 152KB
• ip-20231231exhibit19008.jpg (GRAPHIC) — 47KB
• ip-20231231exhibit99001.jpg (GRAPHIC) — 190KB
• ip-20231231exhibit99002.jpg (GRAPHIC) — 201KB
• ip-20231231exhibit99003.jpg (GRAPHIC) — 63KB
• 0000051434-24-000024.txt (&nbsp;) — 23351KB
• ip-20231231.xsd (EX-101.SCH) — 111KB
• ip-20231231_cal.xml (EX-101.CAL) — 128KB
• ip-20231231_def.xml (EX-101.DEF) — 828KB
• ip-20231231_lab.xml (EX-101.LAB) — 1302KB
• ip-20231231_pre.xml (EX-101.PRE) — 1061KB
• ip-20231231_htm.xml (XML) — 3481KB

BUSINESS

ITEM 1. BUSINESS. 1 General 1 Human Capital 2 Competition and Costs 4 Marketing and Distribution 5 Description of Principal Products 5 Sales Volumes by Product 5 Government Regulation 5 Environmental Protection 5 Climate Change 6 Raw Materials 9 Information About Our Executive Officers 9

Forward-looking Statements

Forward-looking Statements 10

RISK FACTORS

ITEM 1A. RISK FACTORS. 11

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS. 22

CYBERSECURITY

ITEM 1C. CYBERSECURITY. 22

PROPERTIES

ITEM 2. PROPERTIES. 24 Mills and Plants 24 Capital Investments and Dispositions 24

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS. 25

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. 25

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. 26

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 27 Executive Summary 28 Results of Operations 32 Description of Business Segments 35 Business Segment Results 36 Liquidity and Capital Resources 37 Critical Accounting Policies and Significant Accounting Estimates 41

Legal Proceedings

Legal Proceedings 43 Recent Accounting Developments 44 Effect of Inflation 44 Foreign Currency Effects 44 Market Risk 44 INTERNATIONAL PAPER COMPANY INDEX TO ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2023

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 45

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 46 Report of Management on Financial Statements, Internal Control over Financial Reporting and Internal Control Environment and Board of Directors Oversight 46 Reports of Deloitte & Touche LLP, Independent Registered Public Accounting Firm 48 Consolidated Statement of Operations 51 Consolidated Statement of Comprehensive Income 52 Consolidated Balance Sheet 53 Consolidated Statement of Cash Flows 54 Consolidated Statement of Changes in Equity 55

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 56

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. 93

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES. 93

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION. 93

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 93

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. 94

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION. 94

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. 94

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. 94

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 94

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. 95 Additional Financial Data 95

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY. 99 SIGNATURES. 100 APPENDIX I 2023 LISTING OF FACILITIES. A-1 APPENDIX II 2023 CAPACITY INFORMATION. A-3 Table of Contents PART I.

BUSINESS

ITEM 1. BUSINESS GENERAL International Paper Company (the "Company," "International Paper" or "IP", which may also be referred to as "we" or "us") is a global producer of renewable fiber-based packaging and pulp products with manufacturing operations in North America, Latin America, Europe and North Africa. We are a New York corporation, incorporated in 1941 as the successor to the New York corporation of the same name organized in 1898. You can learn more about us by visiting our website at www.internationalpaper.com. In the United States, at December 31, 2023, the Company operated 23 pulp and packaging mills, 162 converting and packaging plants, 16 recycling plants and three bag facilities. Production facilities at December 31, 2023 in Canada, Europe, North Africa and Latin America included four pulp and packaging mills, 37 converting and packaging plants, and two recycling plants. We operate a packaging products distribution business principally through six branches in Asia. Substantially all of our businesses have experienced, and are likely to continue to experience, cycles relating to industry capacity and general economic conditions. We are guided by our core values. We do the right things, in the right ways, for the right reasons, all of the time – this is The IP Way. Our overarching values are safety, ethics, and stewardship. Safety – Above all, we care about people. We look out for each other to ensure everyone returns home safely each day. Ethics – We act honestly and operate with integrity and respect. We promote a culture of openness and accountability. Stewardship – We are responsible stewards of people and communities, natural resources and capital. We strive to leave everything in better shape for future generations. Think the Customer – We will deliver on Our Customer Promise to do the right things for our customers, at every moment, in every experience. Include and Engage – We strive to build a culture in which each employee feels a s

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View this 10-K filing on SEC EDGAR