$IP
INTERNATIONAL PAPER CO /NEW/

2021 Q2 Form 10-Q Financial Statement

#000005143421000033 Filed on July 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $4.770B $4.866B
YoY Change -1.97% -14.13%
Cost Of Revenue $3.402B $3.427B
YoY Change -0.73% -12.15%
Gross Profit $1.368B $1.439B
YoY Change -4.93% -18.52%
Gross Profit Margin 28.68% 29.57%
Selling, General & Admin $396.0M $332.0M
YoY Change 19.28% -17.41%
% of Gross Profit 28.95% 23.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $272.0M $312.0M
YoY Change -12.82% -2.8%
% of Gross Profit 19.88% 21.68%
Operating Expenses $396.0M $332.0M
YoY Change 19.28% -17.41%
Operating Profit $390.0M $428.0M
YoY Change -8.88% -31.96%
Interest Expense $117.0M $156.0M
YoY Change -25.0% -11.86%
% of Operating Profit 30.0% 36.45%
Other Income/Expense, Net $36.00M -$3.000M
YoY Change -1300.0% -62.5%
Pretax Income $252.0M $241.0M
YoY Change 4.56% -27.84%
Income Tax $46.00M $67.00M
% Of Pretax Income 18.25% 27.8%
Net Earnings $432.0M $266.0M
YoY Change 62.41% -8.9%
Net Earnings / Revenue 9.06% 5.47%
Basic Earnings Per Share $1.10 $0.67
Diluted Earnings Per Share $1.09 $0.67
COMMON SHARES
Basic Shares Outstanding 391.5M shares 393.1M shares
Diluted Shares Outstanding 396.8M shares 393.1M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.556B $847.0M
YoY Change 555.96% 7.62%
Cash & Equivalents $706.0M $847.0M
Short-Term Investments $4.850B
Other Short-Term Assets $248.0M $169.0M
YoY Change 46.75% -21.4%
Inventory $1.828B $2.010B
Prepaid Expenses
Receivables $4.024B $3.461B
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.23B $6.599B
YoY Change 85.27% -10.68%
LONG-TERM ASSETS
Property, Plant & Equipment $11.55B $12.59B
YoY Change -8.21% -2.9%
Goodwill $3.317B $3.304B
YoY Change 0.39% -3.98%
Intangibles
YoY Change
Long-Term Investments $2.888B $8.505B
YoY Change -66.04% -2.52%
Other Assets $738.0M $807.0M
YoY Change -8.55% -20.73%
Total Long-Term Assets $19.22B $25.92B
YoY Change -25.84% -3.85%
TOTAL ASSETS
Total Short-Term Assets $12.23B $6.599B
Total Long-Term Assets $19.22B $25.92B
Total Assets $31.45B $32.52B
YoY Change -3.29% -5.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.565B $2.206B
YoY Change 16.27% -11.69%
Accrued Expenses $601.0M $540.0M
YoY Change 11.3% 0.93%
Deferred Revenue $35.00M $26.00M
YoY Change 34.62% -35.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $116.0M $33.00M
YoY Change 251.52% -95.12%
Total Short-Term Liabilities $8.635B $8.330B
YoY Change 3.66% 64.98%
LONG-TERM LIABILITIES
Long-Term Debt $7.073B $9.432B
YoY Change -25.01% -6.15%
Other Long-Term Liabilities $1.131B $939.0M
YoY Change 20.45% 58.88%
Total Long-Term Liabilities $1.131B $10.37B
YoY Change -89.09% -2.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.635B $8.330B
Total Long-Term Liabilities $1.131B $10.37B
Total Liabilities $9.766B $18.70B
YoY Change -47.78% 19.19%
SHAREHOLDERS EQUITY
Retained Earnings $8.442B $8.123B
YoY Change 3.93% -2.16%
Common Stock $6.779B $6.732B
YoY Change 0.7% 0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.775B $2.649B
YoY Change 4.76% 0.8%
Treasury Stock Shares 58.10M shares 55.80M shares
Shareholders Equity $8.352B $7.057B
YoY Change
Total Liabilities & Shareholders Equity $31.45B $32.52B
YoY Change -3.29% -5.32%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $432.0M $266.0M
YoY Change 62.41% -8.9%
Depreciation, Depletion And Amortization $272.0M $312.0M
YoY Change -12.82% -2.8%
Cash From Operating Activities $775.0M $886.0M
YoY Change -12.53% -15.3%
INVESTING ACTIVITIES
Capital Expenditures -$133.0M -$252.0M
YoY Change -47.22% -24.78%
Acquisitions
YoY Change
Other Investing Activities $461.0M -$47.00M
YoY Change -1080.85% -45.35%
Cash From Investing Activities $328.0M -$299.0M
YoY Change -209.7% -28.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.211B -982.0M
YoY Change 23.32% 101.64%
NET CHANGE
Cash From Operating Activities 775.0M 886.0M
Cash From Investing Activities 328.0M -299.0M
Cash From Financing Activities -1.211B -982.0M
Net Change In Cash -108.0M -395.0M
YoY Change -72.66% -386.23%
FREE CASH FLOW
Cash From Operating Activities $775.0M $886.0M
Capital Expenditures -$133.0M -$252.0M
Free Cash Flow $908.0M $1.138B
YoY Change -20.21% -17.6%

Facts In Submission

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CY2020Q2 us-gaap Depreciation
Depreciation
293000000 USD
us-gaap Depreciation
Depreciation
586000000 USD
us-gaap Depreciation
Depreciation
602000000 USD
CY2021Q2 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
38000000 USD
CY2020Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
41000000 USD
us-gaap Insurance Recoveries
InsuranceRecoveries
4000000 USD
us-gaap Insurance Recoveries
InsuranceRecoveries
30000000 USD
us-gaap Interest Paid
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248000000 USD
us-gaap Interest Paid
InterestPaid
338000000 USD
CY2021Q2 us-gaap Interest Expense
InterestExpense
117000000 USD
CY2020Q2 us-gaap Interest Expense
InterestExpense
156000000 USD
us-gaap Interest Expense
InterestExpense
241000000 USD
us-gaap Interest Expense
InterestExpense
319000000 USD
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
60000000 USD
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
40000000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
92000000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
86000000 USD
CY2021Q2 us-gaap Interest Costs Capitalized
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3000000 USD
CY2020Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
9000000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
5000000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
18000000 USD
CY2021Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
127000000 USD
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
116000000 USD
CY2021Q2 us-gaap Lease Cost
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71000000 USD
CY2020Q2 us-gaap Lease Cost
LeaseCost
67000000 USD
us-gaap Lease Cost
LeaseCost
143000000 USD
us-gaap Lease Cost
LeaseCost
134000000 USD
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
399000000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
459000000 USD
CY2021Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
91000000 USD
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
95000000 USD
CY2021Q2 ip Lease Asset Total
LeaseAssetTotal
490000000 USD
CY2020Q4 ip Lease Asset Total
LeaseAssetTotal
554000000 USD
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
141000000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
148000000 USD
CY2021Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
13000000 USD
CY2020Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
13000000 USD
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
263000000 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
315000000 USD
CY2021Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
78000000 USD
CY2020Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
82000000 USD
CY2021Q2 ip Lease Liability Total
LeaseLiabilityTotal
495000000 USD
CY2020Q4 ip Lease Liability Total
LeaseLiabilityTotal
558000000 USD
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
59000000 USD
CY2020Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
53000000 USD
CY2020Q4 us-gaap Goodwill Gross
GoodwillGross
5428000000 USD
CY2020Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2113000000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
3315000000 USD
us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
2000000 USD
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0 USD
ip Accumulatedimpairmentlossotherincreasesdecreases
Accumulatedimpairmentlossotherincreasesdecreases
0 USD
CY2021Q2 us-gaap Goodwill Gross
GoodwillGross
5430000000 USD
CY2021Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2113000000 USD
CY2021Q2 us-gaap Goodwill
Goodwill
3317000000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
754000000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
464000000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
290000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
764000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
447000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
317000000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11000000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
23000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
26000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-185000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2021Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
5000000 USD
CY2021Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
185000000 USD
CY2021Q2 us-gaap Accrual For Environmental Loss Contingencies Gross
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194000000 USD
CY2021Q2 us-gaap Liability For Asbestos And Environmental Claims Net
LiabilityForAsbestosAndEnvironmentalClaimsNet
112000000 USD
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ValueAddedTaxReceivable
11000000 USD
CY2021Q2 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
70000000 USD
CY2021Q2 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
81000000 USD
CY2021Q2 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
70000000 USD
CY2021Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
2100000000 USD
CY2021Q2 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
9000000000 USD
CY2021Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
7200000000 USD
CY2021Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
9100000000 USD
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
1000000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
21000000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
5000000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
11000000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
9000000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-15000000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-17000000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
130000000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2000000.0 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
53.15
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5616000000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4866000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10979000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10218000000 USD
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
494000000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
428000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
939000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
940000000 USD
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
432000000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
261000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
831000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
245000000 USD
CY2021Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-57000000 USD
CY2020Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-116000000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-149000000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-233000000 USD
CY2021Q2 ip Income From Equity Method Investment And Income Attributable To Noncontrolling Interests
IncomeFromEquityMethodInvestmentAndIncomeAttributableToNoncontrollingInterests
-1000000 USD
CY2020Q2 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
-2000000 USD
ip Income From Equity Method Investment And Income Attributable To Noncontrolling Interests
IncomeFromEquityMethodInvestmentAndIncomeAttributableToNoncontrollingInterests
0 USD
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000000 USD
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
32000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
29000000 USD
CY2021Q2 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
-101000000 USD
CY2020Q2 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
-54000000 USD
us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
-70000000 USD
us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
-87000000 USD
CY2021Q2 ip Segment Reporting Information Business Special Items
SegmentReportingInformationBusinessSpecialItems
-50000000 USD
CY2020Q2 ip Segment Reporting Information Business Special Items
SegmentReportingInformationBusinessSpecialItems
14000000 USD
ip Segment Reporting Information Business Special Items
SegmentReportingInformationBusinessSpecialItems
-36000000 USD
ip Segment Reporting Information Business Special Items
SegmentReportingInformationBusinessSpecialItems
366000000 USD
CY2021Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-52000000 USD
CY2020Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-14000000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-105000000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-20000000 USD
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
494000000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
428000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
939000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
940000000 USD

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