RewordedRisk Factors
The 10-K against last year's
276 changes: 50 added, 95 removed, 129 reworded, 2 quiet changes
10-K 0000051434-26-000055 (Feb 27, 2026) vs 10-K 0000051434-25-000013 (Feb 21, 2025)
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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 Feb 27, 2026 against 10-K Feb 21, 2025. Each links to the text at sec.gov.
RewordedRisk Factors
RewordedRisk Factors
RewordedRisk Factors
Trading in shares of common stock on the London Stock Exchange ("LSE") and the NYSE takes place in different currencies (Pound Sterling (pound sterling on the LSE and U.S. dollars on the NYSE) and at different times (resulting from different time zones, different trading hours and different trading days for the LSE and the NYSE).
RewordedRisk Factors
In addition, even if a loss is insured, we may be required to pay a significant deductible on any claim for recovery of such loss prior to the insurer being obliged to reimburse the loss, or the amount of the loss may exceed the coverage for the loss.
RewordedRisk Factors
RewordedRisk Factors
Volatile and increasing energy prices, including as a consequence of the conflict between Russia and Ukraine as well as heightened geopolitical tensions in regions such as the Middle East, China, and other geopolitical conflicts, recent events in Venezuela, or a failure to effectively implement such strategies and tools could have a material adverse effect on our business, financial condition, results of operations and/or future prospects.
RewordedRisk Factors
Moreover, negative economic conditions or other adverse developments with respect to our business have resulted in, in and may in the future result in impairment charges charges, including impairments related to divested or acquired businesses whose carrying values may not be recoverable, any of which could be material.
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RewordedRisk Factors
For example, a significant portion of our sales from our Global Cellulose Fibers business are concentrated in China and could be adversely affected by changes in economic conditions and demographics. demographics, including as a result of tariffs.
RewordedRisk Factors
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Other climate-related business risks that we face, include risks related to the transition to a lower-carbon economy, such as increased prices for fossil fuels; the introduction of a carbon tax; increased regulation of operations and products, and the resulting potential for increased litigation; and more stringent and/or complex environmental and other permitting requirements.
RewordedRisk Factors
Additionally, the current U.S. presidential administration has indicated a desire to significantly increase the government in 2025 increased certain rates and broaden broadened the scope of certain tariffs imposed on goods imported into the U.S., such as from China, which may strain international trade relations and increase the risk that foreign governments implement retaliatory tariffs on goods imported from the United States.
RewordedMD&A
RewordedMD&A
The following tables present net sales and business segment operating profit (loss), which is the Company's measure of segment profitability. profitability and is defined as earnings (loss) before income taxes and equity earnings (losses), including the impact of less than wholly owned subsidiaries and excluding interest expense, net, corporate expenses, net, net special items and non-operating pension expense.
RewordedMD&A
(c) Transaction related costs that the Company believes are not reflective of the Company's underlying operations operations. 2025 includes $29 million recorded in cost of products sold, $158 million recorded in selling and administrative expenses and $50 million recorded in taxes other than payroll and income taxes. 2024 includes $123 million recorded in selling and administrative expenses.
RewordedMD&A
RewordedMD&A
RewordedMD&A
During the year ended December 31, 2024, 2025, the Company had debt reductions of $141 $255 million in 2024, 2025, related primarily to $14 $26 million of capital leases and $127 leases, $27 million of environmental development bonds ("EDB"). ("EDB"), $95 million of industrial development bonds ("IDB") and $61 million of bonds.
RewordedMD&A
Compared to the year ended December 31, 2023, 2024, distribution expenses for the year ended December 31, 2024 decreased 2025 increased by $100 million or 6%, primarily driven by lower freight expense of $76 million reflecting lower sales volumes. $820 million.
RewordedMD&A
Adjusted Operating Earnings operating earnings (loss) and Adjusted Operating Earnings Per Share adjusted operating earnings (loss) per share are non-GAAP measures defined as net earnings (loss) from continuing operations (a GAAP measure) excluding discontinued operations, net special items and non-operating pension expense (income).
RewordedMD&A
RewordedMD&A
RewordedMD&A
The decrease increase in 2024 2025 pension expense primarily reflects higher lower asset returns, lower higher interest cost due to a lower higher discount rate, and lower actuarial loss. the impact of curtailment and settlement losses.
RewordedMD&A
Management utilizes this measure in connection with managing our business and believes that free cash flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available, after reinvesting in the business, to maintain a strong balance sheet, pay dividends, repurchase stock, service debt and make investments for future growth.