$IP
INTERNATIONAL PAPER CO /NEW/

2020 Q3 Form 10-Q Financial Statement

#000005143420000042 Filed on October 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $5.123B $5.498B $5.568B
YoY Change -7.99% -7.61% -5.64%
Cost Of Revenue $3.541B $3.669B $3.772B
YoY Change -6.12% -3.45% -2.96%
Gross Profit $1.582B $1.829B $1.796B
YoY Change -11.92% -14.97% -10.82%
Gross Profit Margin 30.88% 33.27% 32.26%
Selling, General & Admin $360.0M $879.0M $387.0M
YoY Change -6.98% -1.01% -4.44%
% of Gross Profit 22.76% 48.06% 21.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $320.0M $343.0M $327.0M
YoY Change -2.14% 1.48% -2.39%
% of Gross Profit 20.23% 18.75% 18.21%
Operating Expenses $360.0M $1.222B $387.0M
YoY Change -6.98% -0.33% -4.44%
Operating Profit $473.0M $607.0M $701.0M
YoY Change -32.52% -34.38% -5.01%
Interest Expense $148.0M -$110.0M $177.0M
YoY Change -16.38% -17.29% -3.8%
% of Operating Profit 31.29% -18.12% 25.25%
Other Income/Expense, Net -$20.00M -$9.000M $21.00M
YoY Change -195.24% -97.9% -184.0%
Pretax Income $202.0M $400.0M $452.0M
YoY Change -55.31% 4.71% -18.26%
Income Tax $50.00M $262.0M $137.0M
% Of Pretax Income 24.75% 65.5% 30.31%
Net Earnings $204.0M $165.0M $344.0M
YoY Change -40.7% -47.78% -38.79%
Net Earnings / Revenue 3.98% 3.0% 6.18%
Basic Earnings Per Share $0.52 $0.42 $0.88
Diluted Earnings Per Share $0.52 $0.42 $0.87
COMMON SHARES
Basic Shares Outstanding 393.1M shares 392.1M shares 392.6M shares
Diluted Shares Outstanding 394.6M shares 395.4M shares

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.528B $511.0M $697.0M
YoY Change 693.11% -13.24% -32.07%
Cash & Equivalents $678.0M $511.0M $697.0M
Short-Term Investments $4.850B
Other Short-Term Assets $217.0M $247.0M $189.0M
YoY Change 14.81% -1.2% -5.03%
Inventory $2.007B $2.208B $2.194B
Prepaid Expenses
Receivables $3.422B $3.673B $3.693B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.29B $6.639B $7.051B
YoY Change 60.09% -5.1% -3.65%
LONG-TERM ASSETS
Property, Plant & Equipment $12.41B $13.00B $12.85B
YoY Change -3.39% -0.48% -1.86%
Goodwill $3.304B $3.114B $3.412B
YoY Change -3.17% -7.71% 1.22%
Intangibles
YoY Change
Long-Term Investments $3.352B $8.809B $8.735B
YoY Change -61.63% 1.04% 0.63%
Other Assets $776.0M $847.0M $1.002B
YoY Change -22.55% -16.88% 4.59%
Total Long-Term Assets $20.55B $13.40B $26.80B
YoY Change -23.3% -0.55% 1.18%
TOTAL ASSETS
Total Short-Term Assets $11.29B $6.639B $7.051B
Total Long-Term Assets $20.55B $13.40B $26.80B
Total Assets $31.84B $33.47B $33.85B
YoY Change -5.93% -0.31% 0.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.226B $2.423B $2.349B
YoY Change -5.24% 0.41% -6.41%
Accrued Expenses $590.0M $600.0M $578.0M
YoY Change 2.08% 12.15% 19.42%
Deferred Revenue $20.00M $56.00M $28.00M
YoY Change -28.57% 0.0% 12.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $179.0M $168.0M $402.0M
YoY Change -55.47% -73.71% -27.57%
Total Short-Term Liabilities $8.476B $8.646B $4.729B
YoY Change 79.23% 84.19% 2.74%
LONG-TERM LIABILITIES
Long-Term Debt $8.525B $9.597B $9.957B
YoY Change -14.38% -4.17% -6.94%
Other Long-Term Liabilities $1.056B $640.0M $567.0M
YoY Change 86.24% 14.29% 4.23%
Total Long-Term Liabilities $1.056B $10.24B $10.52B
YoY Change -89.97% -3.2% -6.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.476B $8.646B $4.729B
Total Long-Term Liabilities $1.056B $10.24B $10.52B
Total Liabilities $9.532B $18.88B $15.25B
YoY Change -37.51% 23.67% -3.75%
SHAREHOLDERS EQUITY
Retained Earnings $8.122B $8.408B $8.447B
YoY Change -3.85% 12.63% 14.88%
Common Stock $6.751B $6.746B $6.710B
YoY Change 0.61% 0.25% 0.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.648B $2.702B $2.702B
YoY Change -2.0% 15.87% 26.79%
Treasury Stock Shares 55.80M shares 56.80M shares 56.80M shares
Shareholders Equity $7.093B $7.713B $7.441B
YoY Change
Total Liabilities & Shareholders Equity $31.84B $33.47B $33.85B
YoY Change -5.93% -0.31% 0.13%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $204.0M $165.0M $344.0M
YoY Change -40.7% -47.78% -38.79%
Depreciation, Depletion And Amortization $320.0M $343.0M $327.0M
YoY Change -2.14% 1.48% -2.39%
Cash From Operating Activities $737.0M $947.0M $884.0M
YoY Change -16.63% 15.35% -6.06%
INVESTING ACTIVITIES
Capital Expenditures -$119.0M -$363.0M -$285.0M
YoY Change -58.25% 26.92% -20.17%
Acquisitions
YoY Change
Other Investing Activities $253.0M $57.00M $6.000M
YoY Change 4116.67% 111.11% -45.45%
Cash From Investing Activities $134.0M -$306.0M -$279.0M
YoY Change -148.03% 18.15% -19.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.042B -842.0M -671.0M
YoY Change 55.29% -15.8% 5.5%
NET CHANGE
Cash From Operating Activities 737.0M 947.0M 884.0M
Cash From Investing Activities 134.0M -306.0M -279.0M
Cash From Financing Activities -1.042B -842.0M -671.0M
Net Change In Cash -171.0M -201.0M -66.00M
YoY Change 159.09% -54.11% 60.98%
FREE CASH FLOW
Cash From Operating Activities $737.0M $947.0M $884.0M
Capital Expenditures -$119.0M -$363.0M -$285.0M
Free Cash Flow $856.0M $1.310B $1.169B
YoY Change -26.78% 18.34% -9.94%

Facts In Submission

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CY2020Q3 us-gaap Other Inventory Net Of Reserves
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CY2019Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
59000000 USD
CY2020Q3 us-gaap Inventory Net
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CY2019Q4 us-gaap Inventory Net
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CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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21000000000.0 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
20500000000 USD
CY2020Q3 us-gaap Depreciation
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CY2019Q3 us-gaap Depreciation
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us-gaap Depreciation
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902000000 USD
us-gaap Depreciation
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902000000 USD
CY2020Q3 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
33000000 USD
CY2019Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
164000000 USD
us-gaap Insurance Recoveries
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40000000 USD
us-gaap Insurance Recoveries
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0 USD
us-gaap Interest Paid
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520000000 USD
us-gaap Interest Paid
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591000000 USD
CY2020Q3 us-gaap Interest Expense
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148000000 USD
CY2019Q3 us-gaap Interest Expense
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177000000 USD
us-gaap Interest Expense
InterestExpense
467000000 USD
us-gaap Interest Expense
InterestExpense
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CY2020Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
36000000 USD
CY2019Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Investment Income Interest
InvestmentIncomeInterest
122000000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
160000000 USD
CY2020Q3 us-gaap Interest Costs Capitalized
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CY2019Q3 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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27000000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
21000000 USD
CY2020Q3 us-gaap Asset Retirement Obligation
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CY2019Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2019Q3 us-gaap Lease Cost
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68000000 USD
CY2020Q3 us-gaap Lease Cost
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68000000 USD
us-gaap Lease Cost
LeaseCost
202000000 USD
us-gaap Lease Cost
LeaseCost
206000000 USD
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
422000000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
434000000 USD
CY2020Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
95000000 USD
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
103000000 USD
CY2020Q3 ip Lease Asset Total
LeaseAssetTotal
517000000 USD
CY2019Q4 ip Lease Asset Total
LeaseAssetTotal
537000000 USD
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
137000000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
134000000 USD
CY2020Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
12000000 USD
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
12000000 USD
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
290000000 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
304000000 USD
CY2020Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
83000000 USD
CY2019Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
88000000 USD
CY2020Q3 ip Lease Liability Total
LeaseLiabilityTotal
522000000 USD
CY2019Q4 ip Lease Liability Total
LeaseLiabilityTotal
538000000 USD
CY2020Q3 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
49000000 USD
CY2019Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
40000000 USD
CY2019Q4 us-gaap Goodwill Gross
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5460000000 USD
CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2113000000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
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us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
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us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
1000000 USD
ip Accumulatedimpairmentlossotherincreasesdecreases
Accumulatedimpairmentlossotherincreasesdecreases
0 USD
CY2020Q3 us-gaap Goodwill Gross
GoodwillGross
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CY2020Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
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CY2020Q3 us-gaap Goodwill
Goodwill
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CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
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CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
430000000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
414000000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
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CY2020Q3 us-gaap Amortization Of Intangible Assets
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17000000 USD
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
43000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
40000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2020Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
70000000 USD
CY2020Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
186000000 USD
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AccrualForEnvironmentalLossContingenciesGross
195000000 USD
CY2020Q3 us-gaap Liability For Asbestos And Environmental Claims Net
LiabilityForAsbestosAndEnvironmentalClaimsNet
117000000 USD
CY2020Q3 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
11000000 USD
CY2020Q3 ip Debt Covenant Compliance Minimum Net Worth
DebtCovenantComplianceMinimumNetWorth
9000000000 USD
ip Debt Covenant Compliance Minimum Debt To Capital Ratio
DebtCovenantComplianceMinimumDebtToCapitalRatio
0.60
CY2020Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
8700000000 USD
CY2020Q3 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
10700000000 USD
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
4000000 USD
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
2000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
68000000 USD
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
16000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
7000000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-1000000 USD
CY2019Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-18000000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-31000000 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
85000000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2200000 shares
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
49.15
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5123000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5568000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15341000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16878000000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
473000000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
701000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2020Q3 us-gaap Other Nonrecurring Income Expense
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CY2019Q3 us-gaap Other Nonrecurring Income Expense
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us-gaap Operating Income Loss
OperatingIncomeLoss
1930000000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
282000000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
452000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
527000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1204000000 USD
CY2020Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2019Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-378000000 USD
CY2020Q3 ip Income From Equity Method Investment And Income Attributable To Noncontrolling Interests
IncomeFromEquityMethodInvestmentAndIncomeAttributableToNoncontrollingInterests
0 USD
CY2019Q3 ip Income From Equity Method Investment And Income Attributable To Noncontrolling Interests
IncomeFromEquityMethodInvestmentAndIncomeAttributableToNoncontrollingInterests
2000000 USD
ip Income From Equity Method Investment And Income Attributable To Noncontrolling Interests
IncomeFromEquityMethodInvestmentAndIncomeAttributableToNoncontrollingInterests
0 USD
ip Income From Equity Method Investment And Income Attributable To Noncontrolling Interests
IncomeFromEquityMethodInvestmentAndIncomeAttributableToNoncontrollingInterests
4000000 USD
CY2020Q3 us-gaap Other Nonoperating Income Expense
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CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
21000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
45000000 USD
us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
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us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
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CY2020Q3 ip Segment Reporting Information Business Special Items
SegmentReportingInformationBusinessSpecialItems
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CY2019Q3 ip Segment Reporting Information Business Special Items
SegmentReportingInformationBusinessSpecialItems
46000000 USD
ip Segment Reporting Information Business Special Items
SegmentReportingInformationBusinessSpecialItems
368000000 USD
ip Segment Reporting Information Business Special Items
SegmentReportingInformationBusinessSpecialItems
224000000 USD
CY2020Q3 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
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CY2019Q3 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
9000000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
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us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
27000000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
473000000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
701000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1413000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1930000000 USD

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