Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and temporary investments	$ 595	$ 511
Accounts and notes receivable (less allowances of $76 in 2020 and $73 in 2019)	3,064	3,280
Contract assets	355	393
Inventories	2,050	2,208
Current financial assets of variable interest entities (Note 15)	4,850	0
Assets held for sale	138	0
Other current assets	184	247
Total Current Assets	11,236	6,639
Plants, Properties and Equipment, net	12,217	13,004
Forestlands	311	391
Investments	1,178	1,721
Long-Term Financial Assets of Variable Interest Entities (Note 15)	2,257	7,088
Goodwill	3,315	3,347
Right of Use Assets	459	434
Deferred Charges and Other Assets	745	847
TOTAL ASSETS	31,718	33,471
Current Liabilities
Notes payable and current maturities of long-term debt	29	168
Current nonrecourse financial liabilities of variable interest entities (Note 15)	4,220	4,220
Accounts payable	2,320	2,423
Accrued payroll and benefits	466	466
Liabilities held for sale	181	0
Other current liabilities	1,068	1,369
Total Current Liabilities	8,284	8,646
Long-Term Debt	8,064	9,597
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15)	2,092	2,085
Deferred Income Taxes	2,743	2,633
Pension Benefit Obligation	1,055	1,578
Postretirement and Postemployment Benefit Obligation	251	270
Long-Term Lease Obligations	315	304
Other Liabilities	1,046	640
Commitments and Contingent Liabilities (Note 14)
Equity
Common stock $1 par value, 2020 - 448.9 shares and 2019 - 448.9 shares	449	449
Paid-in capital	6,325	6,297
Retained earnings	8,070	8,408
Accumulated other comprehensive loss	(4,342)	(4,739)
Total Shareholders' Equity Before Treasury Stock	10,502	10,415
Less: Common stock held in treasury, at cost, 2020 – 55.8 shares and 2019 – 56.8 shares	2,648	2,702
Total International Paper Shareholders’ Equity	7,854	7,713
Noncontrolling interests	14	5
Total Equity	7,868	7,718
TOTAL LIABILITIES AND EQUITY	$ 31,718	$ 33,471