Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and temporary investments	$ 706	$ 595
Accounts and notes receivable, net	3,608	3,064
Contract assets	416	355
Inventories	1,828	2,050
Current financial assets of variable interest entities (Note 16)	4,850	4,850
Assets held for sale	570	138
Other current assets	248	184
Total Current Assets	12,226	11,236
Plants, Properties and Equipment, net	11,553	12,217
Forestlands	327	311
Investments	622	1,178
Long-Term Financial Assets of Variable Interest Entities (Note 16)	2,266	2,257
Goodwill	3,317	3,315
Right of Use Assets	399	459
Deferred Charges and Other Assets	738	745
Total Assets	31,448	31,718
Current Liabilities
Notes payable and current maturities of long-term debt	116	29
Current nonrecourse financial liabilities of variable interest entities (Note 16)	4,220	4,220
Accounts payable	2,565	2,320
Accrued payroll and benefits	460	466
Liabilities held for sale	157	181
Other current liabilities	1,117	1,068
Total Current Liabilities	8,635	8,284
Long-Term Debt	7,073	8,064
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 16)	2,096	2,092
Deferred Income Taxes	2,764	2,743
Pension Benefit Obligation	889	1,055
Postretirement and Postemployment Benefit Obligation	243	251
Long-Term Lease Obligations	263	315
Other Liabilities	1,131	1,046
Equity
Common stock, $1 par value, 2021 – 448.9 shares and 2020 – 448.9 shares	449	449
Paid-in capital	6,330	6,325
Retained earnings	8,442	8,070
Accumulated other comprehensive loss	(4,094)	(4,342)
Shareholders' Equity before Treasury Stock, Total	11,127	10,502
Less: Common stock held in treasury, at cost, 2021 – 58.1 shares and 2020 – 55.8 shares	2,775	2,648
Total International Paper Shareholders’ Equity	8,352	7,854
Noncontrolling interests	2	14
Total Equity	8,354	7,868
Total Liabilities and Equity	$ 31,448	$ 31,718