Quiet changesRisk Factors
In addition, even if a loss is insured, we may be required to pay a significant deductible on
The 10-K against last year's
1275 changes: 1029 added, 153 removed, 92 reworded, 1 quiet changes
10-K 0000051434-26-000055 (2026-02-27) vs 10-K 0000051434-25-000013 (2025-02-21)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 117 words changed in this paragraph; it is 32% similar to last year's version.
In millions 2025 2024 2023 Net sales $ 18,619 $ 18,916 Cost of products sold 13,376 13,629 Selling and administrative expenses 1,840 1,360 Depreciation and amortization 1,305 1,432 Distribution expenses 1,475 1,575 Taxes other than payroll and income taxes 147 154 Restructuring and other charges, net 221 99 Net (gains) losses on sales of fixed assets (58) — Interest expense, net 208 231 Non-operating pension (income) expense (42) 54 Earnings (Loss) from continuing operations before income taxes and equity earnings (loss) 147 382 Continuing Operations $(2,838) $725 Add back: Income tax provision (benefit) (415) 59 (533) (361) Less: Equity earnings (loss), net of taxes (3) (5) (21) Earnings (loss) (Loss) from continuing operations $ 557 $ 302 Continuing Operations Before Income Taxes and Equity Earnings (3,368) 369 (Loss) Interest expense, net 372 214 Special items 3,237 245 Non-operating pension expense (income) (12) (42) Depreciation and amortization 2,747 850 Adjusted EBITDA from Continuing Operations $2,976 $1,636
Source: Item 7, 10-K 0000051434-26-000055 vs Item 7, 10-K 0000051434-25-000013
Accounting Policies 95 words changed in this paragraph; it is 32% similar to last year's version.
Source: Item 8, Note 1 – SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000051434-26-000055 vs Item 8, Note 1 – SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000051434-25-000013
Risk Factors 92 words changed in this paragraph; it is 30% similar to last year's version.
Source: Item 1A, 10-K 0000051434-26-000055 vs Item 1A, 10-K 0000051434-25-000013
Legal Proceedings 78 words changed in this paragraph; it is 30% similar to last year's version.
Versailles Pond: The Company is a responsible party for the investigation and remediation of Versailles Pond, a 57-acre dammed river impoundment that historically received paperboard mill wastewater in Sprague, Connecticut. A comprehensive investigation has determined that Versailles Pond is contaminated with polychlorinated biphenyls, mercury, and metals. A preliminary remediation plan was prepared in the third quarter of 2023. Negotiations with state and federal governmental officials are ongoing regarding the scope and timing of the remediation. The total estimated liability for Versailles Pond was $30 million as of both December 31, 2024 and December 31, 2023.
Source: Item 3, via Note 14 – COMMITMENTS AND CONTINGENT LIABILITIES, 10-K 0000051434-26-000055 vs Item 3, via Note 13 – COMMITMENTS AND CONTINGENT LIABILITIES, 10-K 0000051434-25-000013
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of IP's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-21. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.