← Filings of IP
Tables in the 10-K of INTERNATIONAL PAPER CO /NEW/
121 tables with numbers, filed Feb 27, 2026. Each one downloads as an Excel file or a CSV (numbers are stored as numbers),
with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
Table 1 after “(Exact name of registrant as specified in its charter)”
| 6400 Poplar Avenue | | |
| Memphis, | Tennessee | |
| (Address of principal executive offices) | | |
| 38197 | | |
| (Zip Code) | | |
| Registrant's telephone number, including area code: | 901 | 419-9000 |
Table 2 after “DECEMBER 31, 2025”
| PART I. | | 1 |
| ITEM 1. | BUSINESS. | 1 |
| General | 1 |
| Human Capital | 3 |
| Competition and Costs | 6 |
| Marketing and Distribution | 7 |
| Description of Principal Products | 7 |
| Government Regulation | 7 |
First 8 of 36 rows. The download has all of them.
Table 3 after “DECEMBER 31, 2025”
| ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK. | 54 |
| ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. | 55 |
| Report of Management on Financial Statements, Internal Control overFinancial Reporting and Internal Control Environment and Board ofDirectors Oversight | 55 |
| Reports of Deloitte & Touche LLP, Independent Registered Public Accounting Firm | 57 |
| Consolidated Statement of Operations | 62 |
| Consolidated Statement of Comprehensive Income (Loss) | 63 |
| Consolidated Balance Sheet | 64 |
| Consolidated Statement of Cash Flows | 65 |
First 8 of 26 rows. The download has all of them.
Table 4 after “Table of Contents”
| Number of Board Members | Percentage of the Board 1 | Number of senior positions on the Board (CEO, CFO, SID and Chair) 2 | Number in executive management 3 | Percentage of executive management |
| Men | 7 | 70% | 2 4 | 5 5 | 100% |
| Women | 3 | 30% 6 | — | 0 7 | —% |
| Not specified/prefer not to say | — | —% | — | — | —% |
| White British or other White (including minority white groups) | 8 | 80% | 2 | 5 | 100% |
| Mixed multiple ethnic groups | — | —% | — | — | —% |
| Asian/Asian British | — | —% | — | — | —% |
| Black/African Caribbean/Black British | 2 | 20% | — | — | —% |
First 8 of 10 rows. The download has all of them.
Table 5 after “PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.”
| Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (in billions) |
| October 1, 2025 - October 31, 2025 | 7,562 | $46.97 | — | $2.96 |
| November 1, 2025 - November 30, 2025 | 12,146 | 45.27 | — | 2.96 |
| December 1, 2025 - December 31, 2025 | 2,718 | 41.93 | — | 2.96 |
| Total | 22,426 | | | |
Table 6 after “Reconciliation of Earnings (loss) from continuing operations to Adjusted operating earnings (loss)”
| In millions | 2025 | 2024 |
| Earnings (Loss) from Continuing Operations | $(2,838) | $725 |
| Add back - Non-operating pension expense (income) | (12) | (42) |
| Add back - Net special items expense (income) | 3,237 | 235 |
| Income tax effect - Non-operating pension and special items (a) | (487) | (447) |
| Adjusted Operating Earnings (Loss) | $(100) | $471 |
Table 7 after “share basis”
| 2025 | 2024 |
| Diluted Earnings (Loss) Per Share from Continuing Operations | $(5.61) | $2.05 |
| Add back - Non-operating pension expense (income) per share | (0.02) | (0.12) |
| Add back - Net special items expense (income) per share | 6.40 | 0.66 |
| Income tax effect per share - Non-operating pension and special items | (0.97) | (1.26) |
| Adjusted Operating Earnings (Loss) Per Share | $(0.20) | $1.33 |
Table 8 after “operations”
| In millions | 2025 | 2024 |
| Earnings (Loss) from Continuing Operations | $(2,838) | $725 |
| Add back: Income tax provision (benefit) | (533) | (361) |
| Less: Equity earnings (loss), net of taxes | (3) | (5) |
| Earnings (Loss) from Continuing Operations Before Income Taxes and Equity Earnings (Loss) | (3,368) | 369 |
| Interest expense, net | 372 | 214 |
| Special items | 3,237 | 245 |
| Non-operating pension expense (income) | (12) | (42) |
First 8 of 10 rows. The download has all of them.
Table 9 after “Reconciliation of Cash provided by operations to Free cash flow”
| In millions | 2025 | 2024 |
| Cash provided by operations | $1,698 | $1,678 |
| Adjustments: | | |
| Capital expenditures | (1,857) | (921) |
| Free Cash Flow | $(159) | $757 |
Table 10 after “effective income tax rate to the operational effective tax rate”
| In millions | 2025 | 2024 | | |
| Provision (Benefit) | Rate | Provision (Benefit) | Rate |
| Income tax provision (benefit) and reported effective income tax rate | $(533) | 16% | $(361) | (98)% |
| Income tax effect - non-operating pension (income) expense and special items | 487 | | 447 | |
| Operational Tax Provision (Benefit) and Operational Effective Tax Rate | $(46) | 32% | $86 | 15% |
Table 11 after “, respectively. Details of these charges were as follows:”
| Special Items | | | | |
| In millions | 2025 | | 2024 | |
| PS EMEA goodwill impairment | $2,467 | (a) | $— | |
| Severance and other costs | 626 | (b) | 104 | (b) |
| DS Smith combination costs | 237 | (c) | 86 | (c) |
| Net (gains) losses on sales and impairments of businesses | (25) | (d) | — | |
| Net (gains) losses on sales and impairments of assets | (70) | (e) | (59) | (e) |
| Environmental remediation adjustments | 2 | (f) | 60 | (f) |
First 8 of 14 rows. The download has all of them.
| In millions | 2025 | 2024 | Change |
| Net sales | $23,634 | $15,835 | $7,799 |
| Cost of products sold | 16,637 | 11,397 | 5,240 |
| Selling and administrative expenses | 2,050 | 1,703 | 347 |
| Depreciation and amortization | 2,747 | 851 | 1,896 |
| Distribution expenses | 2,000 | 1,180 | 820 |
| Taxes other than payroll and income taxes | 210 | 119 | 91 |
| Restructuring charges, net (a) | 626 | 103 | |
First 8 of 19 rows. The download has all of them.
Table 13 after “Discontinued operations, net of taxes also includes the following charges (benefits):”
| In millions | 2025 | 2024 |
| Net loss on impairment of the GCF business | $1,070 | $— |
| Global Cellulose Fibers transaction costs | 52 | 5 |
| Severance and other costs (benefits) | (8) | 123 |
| Total | $1,114 | $128 |
| In millions | 2025 | 2024 |
| Sales | $15,175 | $14,293 |
| Business Segment Operating Profit (Loss) | $572 | $891 |
| In millions | 2025 | 2024 |
| Sales | $8,451 | $1,355 |
| Business Segment Operating Profit (Loss) | $(236) | $60 |
| In millions | 2025 | 2024 |
| Packaging Solutions North America | $1,115 | $710 |
| Packaging Solutions EMEA | 573 | 53 |
| Subtotal | 1,688 | 763 |
| Corporate and other (a) | 169 | 158 |
| Capital Expenditures | $1,857 | $921 |
Table 17 after “, were as follows:”
| In millions | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter |
| Debt maturities (a) | $992 | $2,584 | $739 | $381 | $807 | $4,328 |
| Operating lease obligations | 245 | 190 | 124 | 72 | 46 | 100 |
| Purchase obligations (b) | 3,018 | 661 | 432 | 311 | 263 | 1,150 |
| Total (c) | $4,255 | $3,435 | $1,295 | $764 | $1,116 | $5,578 |
Table 18 after “were as follows:”
| In millions | BenefitObligation | Fair Value ofPlan Assets |
| U.S. qualified pension | $8,116 | $8,482 |
| U.S. nonqualified pension | 218 | — |
| Non-U.S. pension | 1,116 | 1,112 |
Table 19 after “years shown:”
| 2025 | 2024 | 2023 |
| U.S. Discount rate | 5.53% | 5.68% | 5.10% |
| Non-U.S. Discount rate | 5.11%-5.16% | 4.99% | 5.88% |
Table 20 after “Actual rates of return earned on U.S. pension plan assets for each of the last 10 years were:”
| Year | Return | Year | Return |
| 2025 | 11.8% | 2020 | 24.7% |
| 2024 | (0.1)% | 2019 | 23.9% |
| 2023 | 7.3% | 2018 | (3.0)% |
| 2022 | (22.0)% | 2017 | 19.3% |
| 2021 | 7.7% | 2016 | 7.1% |
Table 21 after “would be as follows:”
| In millions | 2027 | 2026 |
| Pension expense (income) | | |
| U.S. plans | $(27) | $(14) |
| Non-U.S. plans | (6) | (6) |
| Net (income) expense | $(33) | $(20) |
Table 22 after “CONSOLIDATED STATEMENT OF OPERATIONS”
| In millions, except per share amounts, for the years ended December 31 | 2025 | 2024 | 2023 |
| NET SALES | $23,634 | $15,835 | $16,033 |
| COSTS AND EXPENSES | | | |
| Cost of products sold | 16,637 | 11,397 | 11,512 |
| Selling and administrative expenses | 2,050 | 1,703 | 1,257 |
| Depreciation and amortization | 2,747 | 851 | 1,146 |
| Distribution expenses | 2,000 | 1,180 | 1,240 |
| Taxes other than payroll and income taxes | 210 | 119 | 127 |
First 8 of 28 rows. The download has all of them.
Table 23 after “CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)”
| In millions for the years ended December 31 | 2025 | 2024 | 2023 |
| NET EARNINGS (LOSS) | $(3,516) | $557 | $288 |
| OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | | | |
| Amortization of pension and postretirement prior service costs and net loss: | | | |
| U.S. plans (less tax of $24, $22 and $29) | 75 | 69 | 87 |
| Non-U.S. plans (less tax of $0, $0 and $0) | — | — | (1) |
| Pension and postretirement liability adjustments: | | | |
| U.S. plans (less tax of $46, $(33) and $(56)) | 142 | (102) | (170) |
First 8 of 15 rows. The download has all of them.
Table 24 after “CONSOLIDATED BALANCE SHEET”
| In millions, except per share amounts, at December 31 | 2025 | 2024 |
| ASSETS | | |
| Current Assets | | |
| Cash and temporary investments | $1,145 | $1,062 |
| Accounts and notes receivable (less allowances of $70 in 2025 and $30 in 2024) | 3,791 | 2,402 |
| Contract assets | 635 | 362 |
| Assets held for sale | 1,800 | 1,016 |
| Inventories | 2,012 | 1,486 |
First 8 of 45 rows. The download has all of them.
Table 25 after “CONSOLIDATED STATEMENT OF CASH FLOWS”
| In millions for the years ended December 31 | 2025 | 2024 | 2023 |
| OPERATING ACTIVITIES | | | |
| Net earnings (loss) | $(3,516) | $557 | $288 |
| Depreciation and amortization | 2,882 | 1,305 | 1,432 |
| Deferred income tax provision (benefit), net | (855) | (473) | (156) |
| Restructuring charges, net | 618 | 221 | 99 |
| Impairment of goodwill | 2,467 | — | — |
| Net (gains) losses on sales and impairments of businesses | 1,045 | — | — |
First 8 of 43 rows. The download has all of them.
Table 26 after “CONSOLIDATED STATEMENT OF CHANGES IN EQUITY”
| In millions | Common Stock Issued | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock Held In Treasury, At Cost | Total Equity |
| BALANCE, JANUARY 1, 2023 | $449 | $4,725 | $9,855 | $(1,925) | $4,607 | $8,497 |
| Issuance of stock for various plans, net | — | 5 | — | — | (77) | 82 |
| Repurchase of stock | — | — | — | — | 220 | (220) |
| Dividends ($1.850 per share) | — | — | (652) | — | — | (652) |
| Comprehensive income (loss) | — | — | 288 | 360 | — | 648 |
| BALANCE, DECEMBER 31, 2023 | 449 | 4,730 | 9,491 | (1,565) | 4,750 | 8,355 |
| Issuance of stock for various plans, net | — | 2 | — | — | (94) | 96 |
First 8 of 18 rows. The download has all of them.
Table 27 after “DISAGGREGATED REVENUE”
| 2025 | | | |
| Reportable Segments | Packaging Solutions North America | Packaging Solutions EMEA | Corporate & Intersegment | Total |
| Primary Geographical Markets (a) | | | | |
| United States | $14,431 | $— | $8 | $14,439 |
| EMEA | — | 8,451 | — | 8,451 |
| Pacific Rim and Asia | 31 | — | — | 31 |
| Americas, other than U.S. | 713 | — | — | 713 |
| Total | $15,175 | $8,451 | $8 | $23,634 |
Table 28 after “Net sales are attributed to countries based on the location of the reportable segment making the sale.”
| 2024 | | | |
| Reportable Segments | Packaging Solutions North America | Packaging Solutions EMEA | Corporate & Intersegment | Total |
| Primary Geographical Markets (a) | | | | |
| United States | $13,500 | $— | $186 | $13,686 |
| EMEA | — | 1,355 | — | 1,355 |
| Pacific Rim and Asia | 63 | — | 1 | 64 |
| Americas, other than U.S. | 730 | — | — | 730 |
| Total | $14,293 | $1,355 | $187 | $15,835 |
Table 29 after “Table of Contents”
| 2023 | | | |
| Reportable Segments | Packaging Solutions North America | Packaging Solutions EMEA | Corporate & Intersegment | Total |
| Primary Geographical Markets (a) | | | | |
| United States | $13,435 | $— | $342 | $13,777 |
| EMEA | — | 1,398 | — | 1,398 |
| Pacific Rim and Asia | 37 | — | — | 37 |
| Americas, other than U.S. | 821 | — | — | 821 |
| Total | $14,293 | $1,398 | $342 | $16,033 |
Table 30 after “operations and diluted earnings (loss) per share from continuing operations is as follows:”
| In millions, except per share amounts | 2025 | 2024 | 2023 |
| Earnings (loss) from continuing operations | $(2,838) | $725 | $313 |
| Weighted average common shares outstanding | 505.7 | 347.2 | 346.9 |
| Effect of dilutive securities (a) | | | |
| Restricted performance share plan | — | 7.0 | 2.2 |
| Weighted average common shares outstanding – assuming dilution | 505.7 | 354.2 | 349.1 |
| Basic earnings (loss) per share from continuing operations | $(5.61) | $2.09 | $0.90 |
| Diluted earnings (loss) per share from continuing operations | $(5.61) | $2.05 | $0.89 |
Table 31 after “the consolidated financial statements for the years ended December 31:”
| In millions | 2025 | 2024 | 2023 |
| Defined Benefit Pension and Postretirement Adjustments | | | |
| Balance at beginning of period | $(1,312) | $(1,276) | $(1,195) |
| Other comprehensive income (loss) before reclassifications | 138 | (105) | (167) |
| Amounts reclassified from accumulated other comprehensive loss | 75 | 69 | 86 |
| Balance at end of period | (1,099) | (1,312) | (1,276) |
| Change in Cumulative Foreign Currency Translation Adjustments | | | |
| Balance at beginning of period | (402) | (281) | (722) |
First 8 of 17 rows. The download has all of them.
Table 32 after “eclassifications out of AOCL for the three years ended December 31 were as follows:”
| Amount Reclassified from Accumulated Other Comprehensive Loss | | Location of Amount Reclassified from AOCL | | |
| 2025 | 2024 | 2023 | | | |
| In millions | | | | | |
| Defined benefit pension and postretirement items: | | | | | |
| Prior-service costs | $(19) | $(13) | $(23) | (a) | Non-operating pension expense |
| Actuarial gains/(losses) | (80) | (78) | (92) | (a) | Non-operating pension expense |
| Total pre-tax amount | (99) | (91) | (115) | | |
| Tax (expense)/benefit | 24 | 22 | 29 | | |
First 8 of 20 rows. The download has all of them.
Table 33 after “charges included:”
| In millions | 2025 |
| Red River mill closure costs (a) | $84 |
| Savannah mill closure costs (b) | 125 |
| Riceboro mill closure costs (c) | 96 |
| Resource and asset realignment - PS EMEA (d) | 262 |
| Resource realignment - PS NA (e) | 59 |
| Total | $626 |
Table 34 after “charges included:”
| In millions | 2023 |
| Orange, Texas mill closure costs (a) | $81 |
| Building a Better IP (b) | (16) |
| Total | $65 |
Table 35 after “The following table summarizes the fair value assigned to assets and liabilities acquired as of January 31, 2025:”
| In millions | Preliminary | Adjustments (a) | Final |
| Cash and temporary investments | $448 | $— | $448 |
| Accounts and notes receivable | 1,386 | (85) | 1,301 |
| Contract assets | — | 236 | 236 |
| Inventories | 852 | (226) | 626 |
| Other current assets | 147 | 164 | 311 |
| Plants, properties and equipment | 6,429 | 278 | 6,707 |
| Intangibles | 4,327 | (412) | 3,915 |
First 8 of 24 rows. The download has all of them.
Table 36 after “The identifiable intangible assets acquired in connection with the acquisition of DS Smith included the following:”
| In millions | Estimated Fair Value | Average Useful Life |
| Customer relationships and lists | $3,434 | 19 years |
| Tradenames | 363 | 15 years |
| Software (a) | 90 | 3 - 5 years |
| Other (b) | 28 | 10 years |
| Total | $3,915 | |
Table 37 after “on January 1, 2024:”
| Year Ended | |
| In millions | 2025(Unaudited) | 2024(Unaudited) |
| Net Sales | $24,369 | $24,298 |
| Net Earnings (Loss) | (3,541) | 198 |
Table 38 after “for all current and prior periods presented in the consolidated statements of operations:”
| Twelve Months Ended December 31, | | |
| In millions | 2025 | 2024 | 2023 |
| Net Sales | $2,470 | $2,783 | $2,883 |
| Costs and Expenses | | | |
| Cost of products sold | 1,724 | 1,978 | 2,117 |
| Selling and administrative expenses | 187 | 136 | 102 |
| Depreciation and amortization | 135 | 454 | 286 |
| Distribution expenses | 250 | 295 | 336 |
First 8 of 15 rows. The download has all of them.
Table 39 after “Table of Contents”
| In millions | December 31, 2025 |
| Cash and temporary investments | $10 |
| Accounts and notes receivable, net | 537 |
| Contract assets | 38 |
| Inventories | 270 |
| Other current assets | 15 |
| Plants, Properties and Equipment | 1,761 |
| Right of Use Assets | 36 |
First 8 of 21 rows. The download has all of them.
Table 40 after “in the accompanying consolidated balance sheet:”
| In millions | December 31, 2024 |
| Cash and temporary investments | $109 |
| Accounts and notes receivable, net | 564 |
| Contract assets | 35 |
| Inventories | 298 |
| Other current assets | 10 |
| Assets held for sale | 1,016 |
| Plants, Properties and Equipment | 1,742 |
First 8 of 21 rows. The download has all of them.
Table 41 after “activities related to the Global Cellulose Fibers business and included in the consolidated statements of cash flows:”
| In millions for the years ended December 31 | 2025 | 2024 | 2023 |
| Cash Provided By (Used For) Operating Activities | $545 | $375 | $408 |
| Cash Provided By (Used For) Investment Activities | (135) | (118) | (150) |
Table 42 after “Accounts and notes receivable, net, by classification were:”
| In millions at December 31 | 2025 | 2024 |
| Accounts and notes receivable: | | |
| Trade (less allowances of $70 in 2025 and $30 in 2024) | $3,355 | $2,150 |
| Other | 436 | 252 |
| Total | $3,791 | $2,402 |
Table 43 after “INVENTORIES”
| In millions at December 31 | 2025 | 2024 |
| Raw materials | $447 | $160 |
| Finished packaging products | 792 | 767 |
| Operating supplies | 691 | 529 |
| Other | 82 | 30 |
| Inventories | $2,012 | $1,486 |
Table 44 after “PLANTS, PROPERTIES AND EQUIPMENT”
| In millions at December 31 | 2025 | 2024 |
| Packaging facilities | $31,861 | $23,245 |
| Other properties and equipment | 932 | 1,015 |
| Gross cost | 32,793 | 24,260 |
| Less: Accumulated depreciation | 18,350 | 16,344 |
| Plants, properties and equipment, net | $14,443 | $7,916 |
| In millions | |
| Confirmed obligations outstanding at December 31, 2023 | $90 |
| Invoiced confirmed during the year | 421 |
| Confirmed invoices paid during the year | (421) |
| Confirmed obligations outstanding at December 31, 2024 | 90 |
| Assumed as part of DS Acquisition | 274 |
| Invoiced confirmed during the year | 1,382 |
| Confirmed invoices paid during the year | (1,378) |
First 8 of 9 rows. The download has all of them.
Table 46 after “mounts related to interest were as follows:”
| In millions | 2025 | 2024 | 2023 |
| Interest expense | $551 | $432 | $418 |
| Interest income | 179 | 218 | 188 |
| Capitalized interest costs | 28 | 21 | 22 |
Table 47 after “COMPONENTS OF LEASE EXPENSE”
| In millions | 2025 | 2024 | 2023 |
| Operating lease costs, net | $258 | $172 | $168 |
| Variable lease costs | 50 | 51 | 37 |
| Short-term lease costs, net | 112 | 61 | 56 |
| Finance lease cost | | | |
| Amortization of lease assets | 15 | 9 | 9 |
| Interest on lease liabilities | 3 | 2 | 2 |
| Total lease cost, net | $438 | $295 | $272 |
Table 48 after “SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES”
| In millions | Classification | 2025 | 2024 |
| Assets | | | |
| Operating lease assets | Right of use assets | $697 | $402 |
| Finance lease assets | Plants, properties and equipment, net (a) | 70 | 31 |
| Total leased assets | | $767 | $433 |
| Liabilities | | | |
| Current | | | |
| Operating | Other current liabilities | $221 | $144 |
First 8 of 13 rows. The download has all of them.
Table 49 after “LEASE TERM AND DISCOUNT RATE”
| In millions | 2025 | 2024 |
| Weighted average remaining lease term (years) | | |
| Operating leases | 4.8 | 3.6 |
| Finance leases | 6.0 | 7.2 |
| Weighted average discount rate | | |
| Operating leases | 4.23% | 4.34% |
| Finance leases | 4.19% | 4.93% |
Table 50 after “SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES”
| In millions | 2025 | 2024 | 2023 |
| Cash paid for amounts included in the measurement of lease liabilities | | | |
| Operating cash flows related to operating leases | $296 | $202 | $180 |
| Operating cash flows related to financing leases | 5 | 3 | 3 |
| Financing cash flows related to finance leases | 19 | 9 | 13 |
| Right of use assets obtained in exchange for lease liabilities | | | |
| Operating leases | 582 | 185 | 216 |
| Finance leases | 35 | 6 | 12 |
Table 51 after “MATURITY OF LEASE LIABILITIES”
| In millions | Operating Leases | Financing Leases | Total |
| 2026 | $245 | $20 | $265 |
| 2027 | 190 | 25 | 215 |
| 2028 | 124 | 12 | 136 |
| 2029 | 72 | 10 | 82 |
| 2030 | 46 | 4 | 50 |
| Thereafter | 100 | 12 | 112 |
| Total lease payments | 777 | 83 | 860 |
First 8 of 10 rows. The download has all of them.
Table 52 after “Discontinued Operations and Dividends related to the sale of our equity interest in Ilim:”
| In millions | Equity Earnings | Impairment Charges | Tax Expense (Benefit) | Discontinued Operations, net of taxes (a) | Dividends |
| Year Ended December 31, 2023 | $112 | $135 | $(9) | $(14) | $13 |
Table 53 after “Table of Contents”
| In millions | Packaging Solutions North America | Packaging Solutions EMEA | Total |
| Balance as of December 31, 2023 | | | |
| Goodwill | $3,337 | $76 | $3,413 |
| Accumulated impairment losses | (296) | (76) | (372) |
| 3,041 | — | 3,041 |
| Currency translation | (3) | — | (3) |
| Balance as of December 31, 2024 | | | |
| Goodwill | 3,334 | 76 | 3,410 |
First 8 of 17 rows. The download has all of them.
Table 54 after “balance sheets and comprised the following:”
| 2025 | | 2024 | | | | |
| In millions at December 31 | GrossCarryingAmount | AccumulatedAmortization | Net Intangible Assets | | GrossCarryingAmount | AccumulatedAmortization | Net Intangible Assets |
| Customer relationships and lists | $4,063 | $535 | $3,528 | | $394 | $329 | $65 |
| Trade names | 398 | 21 | 377 | | — | — | — |
| Software | 142 | 39 | 103 | (a) | 12 | 12 | — |
| Other | 102 | 67 | 35 | | 68 | 61 | 7 |
| Total | $4,705 | $662 | $4,043 | | $474 | $402 | $72 |
Table 55 after “The Company recognized the following amounts as amortization expense related to intangible assets:”
| In millions | 2025 | 2024 | 2023 |
| Amortization expense related to intangible assets | $259 | $25 | $25 |
Table 56 after “years is as follows:”
| In millions | Amortization Expense |
| 2026 | $286 |
| 2027 | 267 |
| 2028 | 263 |
| 2029 | 237 |
| 2030 | 232 |
| Thereafter | 2,737 |
| Total | $4,022 |
Table 57 after “earnings by taxing jurisdiction were as follows:”
| In millions | 2025 | 2024 | 2023 |
| Earnings (loss) | | | |
| U.S. | $(224) | $127 | $203 |
| Non-U.S. | (3,144) | 242 | 199 |
| Earnings (loss) from continuing operations before income taxes and equity earnings (losses) | $(3,368) | $369 | $402 |
Table 58 after “Table of Contents”
| In millions | 2025 | 2024 | 2023 |
| Current tax provision (benefit) | | | |
| U.S. federal | $(13) | $(71) | $132 |
| U.S. state and local | 3 | 26 | 10 |
| Non-U.S. | 92 | 42 | 36 |
| $82 | $(3) | $178 |
| Deferred tax provision (benefit) | | | |
| U.S. federal | $(352) | $(252) | $(125) |
First 8 of 12 rows. The download has all of them.
Table 59 after “(net of refunds) in the following jurisdictions:”
| In millions | Income Tax Payments (Net of Refunds) |
| Germany | $18 |
| Ireland | 13 |
| Italy | 9 |
| Mexico | 25 |
| Morocco | 20 |
| Spain | 13 |
| In millions | 2025 | Effective Income Tax Rate % |
| Earnings (loss) from continuing operations before income taxes and equity earnings | $(3,368) | n/a |
| Statutory U.S. income tax rate | 21% | n/a |
| Tax expense (benefit) using statutory U.S. income tax rate | (707) | 21% |
| State and local income taxes, net of federal income tax effect (a) | (39) | 1% |
| Foreign tax effects: | | |
| Luxembourg: | | |
| NOL Expiration | 134 | (4)% |
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| In millions | 2024 | 2023 |
| Earnings (loss) from continuing operations before income taxes and equity earnings | $369 | $402 |
| Statutory U.S. income tax rate | 21% | 21% |
| Tax expense (benefit) using statutory U.S. income tax rate | 77 | 84 |
| State and local income taxes | (52) | 8 |
| Impact of rate differential on non-U.S. permanent differences and earnings | (23) | (6) |
| Non-taxable income | (4) | (2) |
| Non-deductible business expenses | 20 | 7 |
First 8 of 19 rows. The download has all of them.
Table 62 after “, were as follows:”
| In millions | 2025 | 2024 |
| Deferred income tax assets: | | |
| Postretirement benefit accruals | $69 | $72 |
| Pension obligations | — | 63 |
| Tax credits | 191 | 183 |
| Net operating and capital loss carryforwards | 1,313 | 1,181 |
| Compensation reserves | 186 | 224 |
| Lease obligations | 177 | 112 |
First 8 of 24 rows. The download has all of them.
Table 63 after “is as follows:”
| In millions | 2025 | 2024 | 2023 |
| Balance at January 1 | $(204) | $(173) | $(177) |
| Assumed as part of DS Smith acquisition | (133) | — | — |
| (Additions) reductions for tax positions related to current year | (26) | (10) | (13) |
| (Additions) for tax positions related to prior years | (26) | (40) | (11) |
| Reductions for tax positions related to prior years | 14 | 7 | 1 |
| Settlements | 4 | 4 | 17 |
| Expiration of statutes of limitations | 1 | 6 | 11 |
First 8 of 10 rows. The download has all of them.
Table 64 after “capital loss carryforwards:”
| In millions | 2025Through2034 | 2035Through2044 | Indefinite | Total |
| U.S. federal and non-U.S. NOLs | $39 | $483 | $506 | $1,028 |
| State taxing jurisdiction NOLs (a) | 20 | 31 | — | 51 |
| U.S. federal NOL | — | — | 70 | 70 |
| U.S. federal, non-U.S. and state tax credit carryforwards (a) | 85 | 10 | 96 | 191 |
| U.S. federal and state capital loss carryforwards (a) | 164 | — | — | 164 |
| Total | $308 | $524 | $672 | $1,504 |
| Less: valuation allowance (a) | (82) | (499) | (494) | (1,075) |
First 8 of 9 rows. The download has all of them.
Table 65 after “Activity between the Company and the 2007 financing entities was as follows:”
| In millions | 2025 | 2024 | 2023 |
| Revenue (a) | $129 | $152 | $146 |
| Expense (b) | 115 | 136 | 136 |
| Cash receipts (c) | 113 | 135 | 122 |
| Cash payments (d) | 110 | 130 | 123 |
Table 66 after “Below is a table of the foreign denominated credit facilities:”
| In millions | December 31, 2025 | | |
| Credit Facilities | Borrowing Currency | USD Equivalent Capacity | USD Equivalent Outstanding |
| 2.834% Amortizing credit facility - due 2026-2029 | EUR | $191 | $191 |
| Floating rate instruments: | | | |
| Committed bank facility maturing May 2027 | GBP, EUR, USD | 1,684 | 1,158 |
| Uncommitted facility | GBP, EUR, USD | 67 | 65 |
| Committed bank facility maturing December 2026 | GBP, EUR, USD | 70 | — |
| Total | | $2,012 | $1,414 |
Table 67 after “A summary of all long-term debt follows:”
| In millions at December 31 | 2025 | 2024 |
| 7.350% notes – due 2025 | $— | $39 |
| 7.750% notes – due 2025 | — | 22 |
| 0.875% notes – due 2026 (EUR) | 705 | — |
| 7.200% notes – due 2026 | 58 | 58 |
| 6.400% notes – due 2026 | 5 | 5 |
| 4.375% notes – due 2027 (EUR) | 998 | — |
| 7.150% notes – due 2027 | 7 | 7 |
First 8 of 32 rows. The download has all of them.
Table 68 after “The notional amounts of financial instruments used in hedging transactions were as follows:”
| In millions | December 31, 2025 | December 31, 2024 |
| Electricity contracts (MWh) | 1.9 | 0.3 |
| Natural gas contracts (MWh) | 12.1 | — |
| Carbon credit contracts (tons) | 0.1 | — |
| External debt (EUR) | €3,293 | €— |
Table 69 after “The following table shows gains or losses recognized in AOCL, net of tax, related to derivative instruments:”
| Gain (Loss) Recognized in AOCL on Derivatives | |
| Twelve Months Ended December 31, | |
| In millions | 2025 | 2024 |
| Derivatives in Cash Flow Hedging Relationships: | | |
| Commodity contracts | $(69) | $— |
| Derivatives in Net Investment Hedging Relationships: | | |
| External debt | $(160) | $— |
Table 70 after “used in hedging transactions were as follows:”
| Gain (Loss) Reclassified from AOCL Into Earnings (Loss) | Location of Gain (Loss)Reclassified from AOCL | | |
| Twelve Months Ended December 31, | | | |
| In millions | 2025 | | 2024 | |
| Derivatives in Cash Flow Hedging Relationships: | | | | |
| Commodity contracts | $(17) | | $— | Cost of products sold |
| Interest rate contract | (1) | | — | Interest expense, net |
| Total | $(18) | | $— | |
Table 71 after “used in hedging transactions were as follows:”
| Gain (Loss) Recognized in Earnings (Loss) | Location of Gain (Loss) In Statement of Operations | | |
| Twelve Months Ended December 31, | | | |
| In millions | 2025 | | 2024 | |
| Derivatives in Cash Flow Hedging Relationships: | | | | |
| Commodity contracts | $(70) | | $— | Cost of products sold |
| Derivatives Not Designated as Hedging Instruments: | | | | |
| Commodity contracts | 31 | | (24) | Cost of products sold |
| Total | $(39) | | $(24) | |
Table 72 after “The following table provides a summary of the impact of our derivative instruments in the balance sheet:”
| Assets | | Liabilities | | | | |
| In millions | December 31, 2025 | | December 31, 2024 | | December 31, 2025 | | December 31, 2024 |
| Derivatives designated as hedging instruments | | | | | | | |
| Commodity contracts – cash flow | $2 | | $— | | $63 | | $— |
| Derivatives not designated as hedging instruments | | | | | | | |
| Commodity contracts | 67 | | 3 | | 27 | | — |
| Total derivatives | $69 | (a) | $3 | (b) | $90 | (c) | $— |
| Common Stock | |
| In thousands | Issued | Treasury |
| Balance at January 1, 2023 | 448,916 | 98,632 |
| Issuance of stock for various plans, net | — | (1,647) |
| Repurchase of stock | — | 5,894 |
| Balance at December 31, 2023 | 448,916 | 102,879 |
| Issuance of stock for various plans, net | — | (2,028) |
| Repurchase of stock | — | 648 |
First 8 of 13 rows. The download has all of them.
Table 74 after “Table of Contents”
| 2025 | 2024 | | |
| In millions | U.S.Plans | Non-U.S.Plans | U.S.Plans | Non-U.S.Plans |
| Change in projected benefit obligation: | | | | |
| Benefit obligation, January 1 | $8,345 | $56 | $8,982 | $58 |
| Service cost | 44 | 7 | 53 | 3 |
| Interest cost | 457 | 54 | 447 | 3 |
| Actuarial loss (gain) | 125 | (19) | (547) | 5 |
| Plan amendments | — | — | 16 | — |
First 8 of 33 rows. The download has all of them.
Table 75 after “Table of Contents”
| Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax): | | | | |
| Prior service cost (credit) | $75 | $— | $94 | $— |
| Net actuarial loss (gain) | 1,414 | (2) | 1,691 | (5) |
| $1,489 | $(2) | $1,785 | $(5) |
Table 76 after “Table of Contents”
| 2025 | 2024 | 2023 | | | |
| In millions | U.S.Plans | Non-U.S.Plans | U.S.Plans | Non-U.S.Plans | U.S.Plans | Non-U.S.Plans |
| Current year actuarial (gain) loss | $(200) | $3 | $106 | $— | $192 | $(3) |
| Amortization of actuarial (gain) loss | (69) | — | (78) | — | (93) | 1 |
| Current year prior service cost | — | — | 16 | — | 26 | — |
| Amortization of prior service cost | (14) | — | (13) | — | (23) | — |
| Settlements | (8) | — | — | — | — | — |
| Curtailments | (5) | — | — | 4 | — | — |
First 8 of 10 rows. The download has all of them.
| 2025 | 2024 | | |
| In millions | U.S.Plans | Non-U.S.Plans | U.S.Plans | Non-U.S.Plans |
| Projected benefit obligation | $218 | $198 | $248 | $55 |
| Accumulated benefit obligation | 218 | 172 | 248 | 46 |
| Fair value of plan assets | — | 74 | — | 20 |
Table 78 after “Table of Contents”
| 2025 | 2024 | 2023 | | | |
| In millions | U.S.Plans | Non-U.S.Plans | U.S.Plans | Non-U.S.Plans | U.S.Plans | Non-U.S.Plans |
| Service cost | $44 | $7 | $53 | $3 | $48 | $4 |
| Interest cost | 457 | 54 | 447 | 3 | 459 | 3 |
| Expected return on plan assets | (560) | (63) | (593) | — | (530) | (1) |
| Actuarial loss (gain) | 70 | — | 78 | — | 93 | (1) |
| Amortization of prior service cost | 14 | — | 13 | — | 23 | — |
| Curtailment | 5 | (1) | — | — | — | — |
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Table 79 after “lowing table:”
| 2025 | 2024 | 2023 | | | |
| U.S.Plans | Non-U.S.Plans | U.S.Plans | Non-U.S.Plans | U.S.Plans | Non-U.S.Plans |
| Actuarial assumptions used to determine benefit obligations as of December 31: | | | | | | |
| Discount rate (b) | 5.53% | 5.11% - 5.16% | 5.68% | 4.99% | 5.10% | 5.88% |
| Rate of compensation increase (c) | 3.00% | 2.90% - 3.39% | 3.00% | 3.37% | 3.00% | 3.40% |
| Actuarial assumptions used to determine net periodic pension cost for years ended December 31: | | | | | | |
| Discount rate (a) | 5.52% - 5.68% | 4.99% | 5.10% | 5.88% | 5.40% | 5.31% |
| Expected long-term rate of return on plan assets | 7.00% | 3.63% | 7.00% | 3.79% | 6.50% | 3.83% |
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Table 80 after “s were as follows:”
| Asset Class | 2025 | 2024 | TargetAllocations |
| Hedging assets | 64% | 62% | 61% - 72% |
| Return seeking assets (a) | 36% | 38% | 28% - 39% |
| Total | 100% | 100% | |
Table 81 after “and target allocations were as follows:”
| Asset Class | 2025 | TargetAllocations |
| Hedging Assets | 63% | 57.5% - 70.0% |
| Return Seeking Assets | 37% | 27.0% - 43.0% |
| Total | 100% | |
Table 82 after “purposes.”
| Fair Value Measurement at December 31, 2025 | | | | |
| U.S. Plan - Asset Class | Total | Quoted Prices inActive Markets ForIdentical Assets(Level 1) | SignificantObservableInputs(Level 2) | SignificantUnobservableInputs(Level 3) |
| In millions | | | | |
| Equities | $1,522 | $912 | $610 | $— |
| Fixed income | 4,671 | — | 4,663 | 8 |
| Derivatives | 22 | — | — | 22 |
| Cash and cash equivalents | 99 | 99 | — | — |
| Other investments: | | | | |
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Table 83 after “purposes.”
| Fair Value Measurement at December 31, 2025 | | | | |
| Group Scheme - Asset Class | Total | Quoted Prices inActive Markets ForIdentical Assets(Level 1) | SignificantObservableInputs(Level 2) | SignificantUnobservableInputs(Level 3) |
| In millions | | | | |
| Fixed income | $779 | $— | $779 | $— |
| Cash and cash equivalents | 8 | 8 | — | — |
| Other investments: | | | | |
| Private fixed income | 219 | | | |
| Total Investments | $1,006 | $8 | $779 | $— |
Table 84 after “Table of Contents”
| Fair Value Measurement at December 31, 2024 | | | | |
| U.S. Plan - Asset Class | Total | Quoted Prices inActive Markets ForIdentical Assets(Level 1) | SignificantObservableInputs(Level 2) | SignificantUnobservableInputs(Level 3) |
| In millions | | | | |
| Equities | $1,537 | $972 | $565 | $— |
| Fixed income | 4,227 | — | 4,220 | 7 |
| Derivatives | 9 | — | — | 9 |
| Cash and cash equivalents | (20) | (20) | — | — |
| Other investments: | | | | |
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Table 85 after “value hierarchy.”
| Other Investments at December 31, 2025 | | | | |
| U.S. Plan Investment | Fair Value | Unfunded Commitments | Redemption Frequency | Remediation Notice Period |
| In millions | | | | |
| Hedge funds | $1,033 | $93 | Quarterly to Semi-Annually | 45-60 Days |
| Private equity | 500 | 61 | (a) | None |
| Real estate funds | 635 | 72 | Quarterly | 45-60 Days |
| Total | $2,168 | $226 | | |
Table 86 after “ground between traditional bank loans and public bonds.”
| Other Investments at December 31, 2024 | | | | |
| Investment | Fair Value | Unfunded Commitments | Redemption Frequency | Remediation Notice Period |
| In millions | | | | |
| Hedge funds | $1,148 | $93 | Quarterly to Semi-Annually | 45-60 Days |
| Private equity | 599 | 50 | (a) | None |
| Real estate funds | 689 | 79 | Quarterly | 45-60 Days |
| Total | $2,436 | $222 | | |
Table 87 after “, respectively:”
| Derivatives at December 31, 2025 | | | |
| In millions | Gross Asset | Gross Liability | Total |
| Collateral | $8 | $(7) | $1 |
| Credit Default Swap | 8 | — | 8 |
| Interest Rate Swap | 5 | — | 5 |
| Bond/Equity Swap | 8 | — | 8 |
| Total | $29 | $(7) | $22 |
Table 88 after “, respectively:”
| Derivatives at December 31, 2024 | | | |
| In millions | Gross Asset | Gross Liability | Total |
| Collateral | $17 | $(1) | $16 |
| Credit Default Swap | 3 | — | 3 |
| Interest Rate Swap | 7 | — | 7 |
| Bond/Equity Swap | — | (17) | (17) |
| Total | $27 | $(18) | $9 |
Table 89 after “Fair Value Measurements Using Significant Unobservable Inputs (Level 3)”
| In millions | Otherfixedincome | Derivatives | Total |
| Beginning balance at December 31, 2023 | $7 | $71 | $78 |
| Actual return on plan assets: | | | |
| Relating to assets still held at the reporting date | — | (80) | (80) |
| Relating to assets sold during the period | — | 31 | 31 |
| Purchases, sales and settlements | — | (13) | (13) |
| Transfers in and/or out of Level 3 | — | — | — |
| Ending balance at December 31, 2024 | $7 | $9 | $16 |
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Table 90 after “follows:”
| In millions | |
| 2026 | $648 |
| 2027 | 648 |
| 2028 | 645 |
| 2029 | 642 |
| 2030 | 639 |
| 2031-2035 | 3,107 |
| Share/Units | Weighted AverageGrant DateFair Value |
| Outstanding at December 31, 2022 | 5,312,480 | $38.01 |
| Granted - LTIP PSU | 1,619,481 | 37.78 |
| Granted - LTIP RSU | 1,411,042 | 34.63 |
| Shares issued - LTIP PSU | (972,563) | 40.44 |
| Shares issued - LTIP RSU | (15,161) | 34.63 |
| Forfeited | (1,234,328) | 45.38 |
| Outstanding at December 31, 2023 | 6,120,951 | 35.31 |
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| Shares | Weighted AverageGrant DateFair Value |
| Outstanding at December 31, 2022 | 126,392 | $46.88 |
| Granted | 123,454 | 35.51 |
| Shares issued | (81,629) | 45.40 |
| Forfeited | (11,643) | 39.77 |
| Outstanding at December 31, 2023 | 156,574 | 39.22 |
| Granted | 115,200 | 43.26 |
| Shares issued | (85,236) | 37.53 |
First 8 of 14 rows. The download has all of them.
Table 93 after “Stock-based compensation expense and related income tax benefits were as follows:”
| In millions | 2025 | 2024 | 2023 |
| Total stock-based compensation expense (included in selling and administrative expense) | $93 | $77 | $53 |
| Income tax benefits related to stock-based compensation | 35 | 13 | 11 |
| In millions | Packaging Solutions North America | Packaging Solutions EMEA | Total |
| Net sales from external customers | $14,987 | $8,450 | $23,437 |
| Intersegment sales | 188 | 1 | 189 |
| 15,175 | 8,451 | 23,626 |
| Other external sales | | | 197 |
| Elimination of intersegment sales | | | (189) |
| Total net sales | | | 23,634 |
| Less: | | | |
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| In millions | Packaging Solutions North America | Packaging Solutions EMEA | Total |
| Net sales from external customers | $14,178 | $1,355 | $15,533 |
| Intersegment sales | 115 | — | 115 |
| 14,293 | 1,355 | 15,648 |
| Other external sales | | | 302 |
| Elimination of intersegment sales | | | (115) |
| Total net sales | | | 15,835 |
| Less: | | | |
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| In millions | Packaging Solutions North America | Packaging Solutions EMEA | Total |
| Net sales from external customers | $14,198 | $1,398 | $15,596 |
| Intersegment sales | 95 | — | 95 |
| 14,293 | 1,398 | 15,691 |
| Other external sales | | | 437 |
| Elimination of intersegment sales | | | (95) |
| Total net sales | | | 16,033 |
| Less: | | | |
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| In millions | 2025 | 2024 |
| Packaging Solutions North America | $16,498 | $14,501 |
| Packaging Solutions EMEA | 15,439 | 1,276 |
| Corporate and other (c) | 6,027 | 7,023 |
| Assets | $37,964 | $22,800 |
Table 98 after “Capital Expenditures”
| In millions | 2025 | 2024 | 2023 |
| Packaging Solutions North America | $1,115 | $710 | $859 |
| Packaging Solutions EMEA | 573 | 53 | 69 |
| Subtotal | 1,688 | 763 | 928 |
| Corporate and other (d) | 169 | 158 | 213 |
| Capital Expenditures | $1,857 | $921 | $1,141 |
Table 99 after “Net Sales (e)”
| In millions | 2025 | 2024 | 2023 |
| United States (f) | $14,439 | $13,686 | $13,777 |
| EMEA | 8,451 | 1,355 | 1,398 |
| Pacific Rim and Asia | 31 | 64 | 37 |
| Americas, other than U.S. | 713 | 730 | 821 |
| Net Sales | $23,634 | $15,835 | $16,033 |
Table 100 after “Long-Lived Assets (g)”
| In millions | 2025 | 2024 |
| United States | $7,247 | $7,173 |
| EMEA | 6,998 | 634 |
| Americas, other than U.S. | 215 | 126 |
| Long-Lived Assets | $14,460 | $7,933 |
Table 101 after “INTERIM FINANCIAL RESULTS (UNAUDITED)”
| In millions, except per share amounts and stock prices | 1stQuarter | | 2ndQuarter | | 3rdQuarter | | 4th Quarter | | Year | |
| 2025 | | | | | | | | | | |
| Net sales | $5,264 | | $6,142 | | $6,222 | | $6,006 | | $23,634 | |
| Earnings (loss) from continuing operations before income taxes and equity earnings (losses) | (155) | (a) | 116 | (a) | (675) | (a) | (2,654) | (a) | (3,368) | (a) |
| Discontinued operations, net of taxes | 19 | (b) | — | (b) | (676) | (b) | (21) | (b) | (678) | (b) |
| Net earnings (loss) | (105) | (a-c) | 75 | (a-c) | (1,102) | (a-c) | (2,384) | (a-c) | (3,516) | (a-c) |
| Basic earnings (loss) per share: | | | | | | | | | | |
| Earnings (loss) from continuing operations | $(0.28) | | $0.14 | | $(0.81) | | $(4.48) | | $(5.61) | |
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Table 102 after “(a) Includes the following pre-tax charges (gains):”
| 2025 | | | | |
| In millions | Q1 | Q2 | Q3 | Q4 | Year |
| DS Smith combination costs (benefits) | $221 | $32 | $(26) | $10 | $237 |
| Severance and other costs | 83 | 39 | 342 | 162 | 626 |
| Net (gain) losses on sales and impairments of businesses | — | (51) | 16 | 10 | (25) |
| Net (gain) losses on sale and impairments of fixed assets | (67) | — | 15 | (18) | (70) |
| Environmental remediation reserve adjustments | — | — | 7 | (5) | 2 |
| PS EMEA goodwill impairment | — | — | — | 2,467 | 2,467 |
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Table 103 after “(b) Includes the operating earnings of the Global Cellulose Fibers business for the full year. Also includes the following charges (gains):”
| 2025 | | | | |
| In millions | Q1 | Q2 | Q3 | Q4 | Year |
| Global Cellulose Fibers transaction costs | $12 | $15 | $15 | $10 | $52 |
| Net loss on impairment of business | — | — | 1,008 | 62 | 1,070 |
| Severance and other costs (benefits) | — | — | (5) | (3) | (8) |
| Total | $12 | $15 | $1,018 | $69 | $1,114 |
Table 104 after “(c) Includes the following tax expenses (benefits):”
| 2025 | | | | |
| In millions | Q1 | Q2 | Q3 | Q4 | Year |
| Tax benefit related to capital losses | $— | $— | $(62) | $— | $(62) |
| Tax benefit related to PS EMEA goodwill impairment | — | — | — | (271) | (271) |
| Tax impact of other special items | (42) | 3 | (87) | (31) | (157) |
| Tax impact of non-operating pension (income) expense | (1) | 1 | 1 | 2 | 3 |
| Total | $(43) | $4 | $(148) | $(300) | $(487) |
Table 105 after “(d) Includes the following pre-tax charges (gains):”
| 2024 | | | | |
| In millions | Q1 | Q2 | Q3 | Q4 | Year |
| DS Smith combination costs (benefits) | $5 | $17 | $26 | $38 | $86 |
| Severance and other costs | 4 | — | 55 | 45 | 104 |
| Legal reserve adjustments | 10 | — | — | — | 10 |
| Net (gain) losses on sale and impairments of fixed assets | 5 | (5) | — | (59) | (59) |
| Interest related to settlement of tax audits | (10) | — | — | — | (10) |
| Strategic advisory fees | — | 12 | 25 | — | 37 |
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Table 106 after “(e) Includes the operating earnings of the Global Cellulose Fibers business for the full year. Also includes the following charges (gains):”
| 2024 | | | | |
| In millions | Q1 | Q2 | Q3 | Q4 | Year |
| Global Cellulose Fibers transaction costs | $— | $— | $— | $5 | $5 |
| Severance and other costs (benefits) | 4 | — | 1 | 118 | 123 |
| Total | $4 | $— | $1 | $123 | $128 |
Table 107 after “(f) Includes the following tax expenses (benefits):”
| 2024 | | | | |
| In millions | Q1 | Q2 | Q3 | Q4 | Year |
| Tax benefit related to legal entity restructuring | $— | $(338) | $(78) | $— | $(416) |
| Tax impact of other special items | (3) | (8) | (24) | (6) | (41) |
| Tax impact of non-operating pension (income) expense | 3 | 2 | 3 | 2 | 10 |
| Total | $— | $(344) | $(99) | $(4) | $(447) |
| 2 | Plan of acquisition, reorganization, arrangement, liquidation or succession |
| (2.1) | Transaction Agreement, dated October 23, 2017, by and among the Company, Graphic Packaging Holding Company, Gazelle Newco LLC and Graphic Packaging International, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated October 24, 2017). |
| (2.2) | Separation and Distribution Agreement, dated as of September 29, 2021, by and between International Paper Company and Sylvamo Corporation (incorporated by reference to Exhibit 2.1 to the Company’s’ Current Report on Form 8-K dated October 1, 2021). |
| (2.3) | Rule 2.7 Announcement dated April 16, 2024 (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated April 16, 2024). |
| (2.4) | Co-operation Agreement between International Paper Company and DS Smith, Plc (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated April 16, 2024). |
| 3 | Articles of Incorporation and Bylaws |
| (3.1) | Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated May 13, 2013). |
| (3.2) | By-laws of the Company, as amended through May 9, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated May 9, 2023). |
| 4 | Instruments defining the rights of securities holders, including indentures |
| (4.1) | Indenture, dated as of April 12, 1999, between the Company and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated June 16, 2000). |
| (4.2) | Supplemental Indenture (including the form of Notes), dated as of June 4, 2008, between the Company and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated June 4, 2008). |
| (4.3) | Supplemental Indenture (including the form of Notes), dated as of December 7, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K dated December 7, 2009). |
| (4.4) | Supplemental Indenture (including the form of Notes), dated as of November 16, 2011, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K dated November 16, 2011). |
| (4.5) | Supplemental Indenture (including the form of Notes), dated as of June 10, 2014, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K dated June 10, 2014). |
| (4.6) | Supplemental Indenture (including the form of Notes), dated as of May 26, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K dated May 26, 2015). |
| (4.7) | Supplemental Indenture (including the form of Notes), dated as of August 11, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K dated August 11, 2016). |
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Table 111 after “Table of Contents”
| 10 | Material contracts |
| (10.1) | Amended and Restated 2009 Incentive Compensation Plan ("ICP") (corrected version of a previously filed exhibit) (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019). + |
| (10.1.i)* | 2024 Long-Term Incentive Compensation Plan (amended as of December 8, 2025 to reflect revised retirement age). + |
| (10.2)* | International Paper Company Restricted Stock and Deferred Compensation Plan for Non-Employee Directors, Amended and Restated as of February 10, 2026. + |
| (10.2.i)* | Form of Notice of Award under the International Paper Company Restricted Stock and Deferred Compensation Plan for Non-Employee Directors – Restricted Stock Units (cash settled). + |
| (10.2.ii)* | Form of Notice of Award under the International Paper Company Restricted Stock and Deferred Compensation Plan for Non-Employee Directors – Restricted Stock (stock settled). + |
| (10.3.) | Form of Notice of Award under the Recognition Plan Restricted Stock Unit Award Agreement (stock settled) (incorporated by reference to Exhibit 10.4 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024). + |
| (10.3.i) | Form of Notice of Award under the Recognition Plan Restricted Stock Unit Award Agreement (cash settled) (incorporated by reference to Exhibit 10.5 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023). + |
First 8 of 19 rows. The download has all of them.
Table 112 after “Table of Contents”
| (10.7.i) | Addendum to Terms and Conditions of Offer of Employment Agreement dated October 30, 2024, by and between Andrew K. Silvernail and International Paper Company (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024). + |
| (10.7.ii) | Notice of Award under the 2024 Long-Term Incentive Plan Performance Stock Unit Inducement Award (stock settled) between International Paper Company and Andrew K. Silvernail, accepted May 7, 2024 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024). + |
| (10.7.iii) | Form of Notice of Award under the Long-Term Incentive Plan Performance Stock Units (stock settled) between International Paper Company and Andrew K. Silvernail providing for retirement eligibility at 60 years of age regardless of service (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024). + |
| (10.7.iv) | Form of Notice of Award under the Long-Term Incentive Plan Performance Stock Units (stock settled) between International Paper Company and Andrew K. Silvernail providing for retirement eligibility at 60 years of age regardless of service and 100% total shareholder return performance metrics. * + |
| (10.7.v) | Time Sharing Agreement dated May 14, 2024 (and effective May 1, 2024) by and between Andrew K Silvernail and International Paper Company (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024). + |
| (10.7.v(a)) | Notice of Termination of Time Sharing Agreement for Andrew K. Silvernail dated May 13, 2025 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025). + |
| (10.7.v(b)) | Time Sharing Agreement dated June 13, 2025 by and between Andrew K. Silvernail and International Paper Company reflecting use of leased aircraft (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025). + |
| (10.7.v(c)) | Change-in-Control Agreement dated May 6, 2024, by and between Andrew K. Silvernail and International Paper Company providing for retirement eligibility at 60 years of age regardless of service and cash severance payment equal to 2.99 times the sum of base salary plus target bonus (incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024). + |
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Table 113 after “Table of Contents”
| (10.9.iv) | Amendment Number Four to the International Paper Company Pension Restoration Plan for Salaried Employees effective July 1, 2014 (incorporated by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019). + |
| (10.9.v) | Amendment Number Five to the International Paper Company Pension Restoration Plan for Salaried Employees effective January 1, 2019 (incorporated by reference to Exhibit 10.12 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019). + |
| (10.9.vi) | Amendment Number Six to the International Paper Company Pension Restoration Plan for Salaried Employees effective January 1, 2020 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020). + |
| (10.9.vii) | Amendment Number Seven to the International Paper Company Pension Restoration Plan for Salaried Employees effective September 1, 2021 (incorporated by reference to Exhibit 10.13.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023). + |
| (10.9.viii) | Amendment Number Eight to the International Paper Company Pension Restoration Plan for Salaried Employees effective January 1, 2023 (incorporated by reference to Exhibit 10.13.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023).+ |
| (10.9.xi) | Amendment Number Nine to the Pension Restoration Plan for Salaried Employees executed on May 12, 2025 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K dated May 14, 2025). + |
| (10.10) | International Paper Company Unfunded Supplemental Retirement Plan for Senior Managers, as amended and restated effective January 1, 2008 (incorporated by reference to Exhibit 10.21 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007). + |
| (10.10.i) | Amendment No. 1 to the International Paper Company Unfunded Supplemental Retirement Plan for Senior Managers, effective October 13, 2008 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K dated October 17, 2008). + |
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Table 114 after “Table of Contents”
| (10.11) | Commitment Agreement, dated September 26, 2017, between International Paper Company and The Prudential Insurance Company of America, relating to the Retirement Plan of International Paper Company (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017). + |
| (10.11.i) | Commitment Agreement, dated September 25, 2018, between International Paper Company and The Prudential Insurance Company of America, relating to the Retirement Plan of International Paper Company (corrected version of previously filed exhibit) (incorporated by reference to Exhibit 10.27 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018). + |
| (10.12) | Form of Non-Competition Agreement, entered into by certain Company employees (including named executive officers) who have received restricted stock units (incorporated by reference to Exhibit 10.24 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023). + |
| (10.13) | Form of Non-Solicitation Agreement, entered into by certain Company employees (including named executive officers) who have received restricted stock unit awards (incorporated by reference to Exhibit 10.25 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023). + |
| (10.14)* | Change-in-Control Agreement dated February 20, 2026, by and between Timothy S. Nicholls and International Paper Company. + |
| (10.14.i) | Form of Change-in-Control Agreement - Tier I, for the Chief Executive Officer and all "grandfathered" senior vice presidents elected prior to 2012 (all but one named executive officer) - approved September 2013 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013). + |
| (10.14.ii) | Form of Change-in-Control Agreement - Tier II, for all future senior vice presidents and all "grandfathered" vice presidents (one named executive officer) elected prior to February 2008 - approved September 2013 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013). + |
| (10.14.iii) | Form of Change-in-Control Agreement – Tier II, for all current and future senior vice presidents and all “grandfathered” vice presidents elected prior to February 2008 – approved October 14, 2024 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) + |
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Table 115 after “Table of Contents”
| (10.21.i) | Deed of Guarantee dated March 10, 2025, between International Paper Company in respect of the 2027 Notes (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated March 11, 2025). |
| (10.21.ii) | Deed of Guarantee dated March 10, 2025, between International Paper Company in respect of the 2029 Notes (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K dated March 11, 2025). |
| (10.21.iii) | Deed of Guarantee dated March 10, 2025, between International Paper Company in respect of the 2030 Notes (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K dated March 11, 2025). |
| (10.22) | Time Sharing Agreement dated October 17, 2014 (and effective November 1, 2014), by and between Mark S. Sutton and International Paper Company (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K dated October 14, 2014). + |
| (10.23) | Notice of Award under the Recognition Award Plan Restricted Stock Units (stock settled) between International Paper Company and Clayton R. Ellis, providing for accelerated vesting, accepted February 26, 2024. + |
| (10.24) | Notice of Award under the Recognition Award Plan Restricted Stock Units (stock settled) between International Paper Company and James P. Royalty, Jr., providing for accelerated vesting, accepted January 10, 2024. + |
| 19 | Insider trading policies and procedures |
| (19) | International Paper Company Insider Trading Policy amended and restated as of January 31, 2025. |
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Table 116 after “Table of Contents”
| (101.INS) | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. * |
| (101.SCH) | XBRL Taxonomy Extension Schema * |
| (101.CAL) | XBRL Taxonomy Extension Calculation Linkbase * |
| (101.DEF) | XBRL Taxonomy Extension Definition Linkbase * |
| (101.LAB) | XBRL Taxonomy Extension Label Linkbase * |
| (101.PRE) | XBRL Extension Presentation Linkbase * |
| (104) | Cover Page Interactive Data File (formatted as Inline XBRL, and contained in Exhibit 101. * |
Table 117 after “below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:”
| Signature | Title | Date |
| /S/ ANDREW K. SILVERNAIL | Chairman of the Board & Chief Executive Officer and Director | February 27, 2026 |
| Andrew K. Silvernail | | |
| /S/ JAMIE A. BEGGS | Director | February 27, 2026 |
| Jamie A. Beggs | | |
| /S/ CHRISTOPHER M. CONNOR | Director | February 27, 2026 |
| Christopher M. Connor | | |
| /S/ AHMET C. DORDUNCU | Director | February 27, 2026 |
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Table 118 after “Table of Contents”
| /s/ CLINTON A. LEWIS, JR. | Director | February 27, 2026 |
| Clinton A. Lewis, Jr. | | |
| /S/ DAVID A. ROBBIE | Director | February 27, 2026 |
| David A. Robbie | | |
| /s/ KATHRYN D. SULLIVAN | Director | February 27, 2026 |
| Kathryn D. Sullivan | | |
| /s/ SCOTT A. TOZIER | Director | February 27, 2026 |
| Scott A. Tozier | | |
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Table 119 after “(all facilities are owned except noted otherwise)”
| PACKAGING SOLUTIONS NORTH AMERICA | Ontario, California | Fridley, Minnesota |
| Salinas, California | Minneapolis, Minnesota, leased |
| Containerboard | Sanger, California | Shakopee, Minnesota |
| U.S.: | Santa Fe Springs, California (2 locations) | White Bear Lake, Minnesota |
| Pine Hill, Alabama | Tracy, California | Houston, Mississippi |
| Prattville, Alabama | Golden, Colorado | Jackson, Mississippi |
| Selma, Alabama (Riverdale Mill) | Wheat Ridge, Colorado | Magnolia, Mississippi, leased |
| Cantonment, Florida (Pensacola Mill) | Putnam, Connecticut | Olive Branch, Mississippi |
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Table 120 after “Table of Contents”
| Portland, Oregon | Recycling | Corrugated Packaging |
| Salem, Oregon, leased | U.S.: | Kalsdorf, Austria |
| Atglen, Pennsylvania | Phoenix, Arizona (2) | Margarethen, Austria |
| Biglerville, Pennsylvania (2 locations) | Fremont, California | Buggenhout, Belgium |
| Eighty-four, Pennsylvania | Norwalk, California | Gent, Belgium |
| Hazleton, Pennsylvania (1) | West Sacramento, California | Harelbeke, Belgium, leased |
| Kennett Square, Pennsylvania | Itasca, Illinois | Vogosca, Bosnia, leased |
| Lancaster, Pennsylvania | Des Moines, Iowa | Pazardzhik, Bulgaria |
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Table 121 after “Table of Contents”
| Mannheim, Germany | Timisoara, Romania | Recycling |
| Minden, Germany | Krusevac, Serbia | Koprivnica, Croatia, leased |
| Nördlingen, Germany | Valjevo, Serbia | Kutina, Croatia, leased |
| Paderborn, Germany, leased | Martin, Slovakia | Novi Dori, Croatia, leased |
| Polkenberg, Germany | Brestanica, Slovenia | Osijek, Croatia, leased |
| Traunreut, Germany, leased | Logatec, Slovenia | Rijeka, Croatia, leased |
| Wolfsgruen, Germany | Rakek, Slovenia | S. Brod, Croatia, leased |
| Ierapetra, Greece | Alcolea, Spain | Split, Croatia, leased |
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