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VARIABLE INTEREST ENTITIES AND PREFERRED SECURITIES OF SUBSIDIARIES (Tables)
 9 Months Ended
Sep. 30, 2012
Entities
  
Activity Between Company And Entities
Activity between the Company and the 2001 financing entities was as follows: 
In millions
Nine Months Ended September 30, 2011
Revenue (a)
$
1

Expense (a)
3

Cash receipts (b)
—

Cash payments (c)
3

 
(a)
The net expense related to the Company’s interest in the 2001 financing entities is included in Interest expense, net in the accompanying consolidated statement of operations, as International Paper has and intends to affect its legal right to offset as discussed above.
(b)
The cash receipts are equity distributions from the 2001 financing entities to International Paper.
(c)
The cash payments are related to interest on the associated debt obligations discussed above.
2001 Financing Entities
  
Activity Between Company And Entities
Activity between the Company and the Entities was as follows: 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
In millions
2012
 
2011
 
2012
 
2011
Revenue (a)
$
15

 
$
14

 
$
35

 
$
39

Expense (a)
28

 
20

 
68

 
59

Cash receipts (b)
21

 
14

 
36

 
28

Cash payments (c)
47

 
39

 
87

 
79

 
(a)
The net expense related to the Company’s interest in the Entities is included in the accompanying consolidated statement of operations, as International Paper has and intends to affect its legal right to offset as discussed above.
(b)
The cash receipts are equity distributions from the Entities to International Paper.
(c)
The semi-annual payments are related to interest on the associated debt obligations discussed above.
2002 Financing Entities
  
Activity Between Company And Entities
Activity between the Company and the 2002 financing entities was as follows: 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
In millions
2012
 
2011
 
2012
 
2011
Revenue (a)
$
—

 
$
—

 
$
—

 
$
2

Expense (b)
—

 
—

 
—

 
3

Cash receipts (c)
—

 
15

 
252

 
16

Cash payments (d)
—

 
15

 
159

 
68


(a)
The revenue is included in Equity earnings (losses) in the accompanying consolidated statement of operations.
(b)
The expense is included in Interest expense, net in the accompanying consolidated statement of operations.
(c)
The cash receipts are principal and interest from the maturity of a portion of the 2002 Monetized Notes.
(d)
The cash payments include both interest and principal on the associated debt obligations.
2007 Financing Entities
  
Activity Between Company And Entities
Activity between the Company and the 2007 financing entities was as follows: 
In millions
Three Months Ended September 30, 2012
 
Nine Months Ended September 30, 2012
Revenue (a)
$
15

 
$
21

Expense (b)
11

 
20

Cash receipts (c)
3

 
10

Cash payments (d)
6

 
16

 
(a)
The revenue is included in Interest expense, net in the accompanying consolidated statement of operations and includes $12 million of accretion income for the amortization of the purchase accounting adjustment on the Financial assets of special purpose entities.
(b)
The expense is included in Interest expense, net in the accompanying consolidated statement of operations and includes $5 million of accretion expense for the amortization of the purchase accounting adjustment on the Nonrecourse financial liabilities of special purpose entities.
(c)
The cash receipts are interest received on the Financial assets of special purpose entities.
(d)
The cash payments are interest paid on Nonrecourse financial liabilities of special purpose entities.