Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and temporary investments	$ 1,295	$ 468
Accounts and notes receivable (less allowances of $34 in 2021 and $44 in 2020)	3,232	2,632
Contract assets	378	331
Inventories	1,814	1,626
Current financial assets of variable interest entities (Note 15)	0	4,850
Current assets of discontinued operations	0	1,050
Current investments	245	0
Assets held for sale	0	138
Other current assets	132	141
Total Current Assets	7,096	11,236
Plants, Properties and Equipment, net	10,441	10,945
Forestlands	18	18
Long-Term Investments	751	1,178
Long-Term Financial Assets of Variable Interest Entities (Note 15)	2,275	2,257
Goodwill	3,130	3,115
Overfunded Pension Plan Assets	595	0
Right of Use Assets	365	387
Long-Term Assets of Discontinued Operations	0	1,954
Deferred Charges and Other Assets	572	628
TOTAL ASSETS	25,243	31,718
Current Liabilities
Notes payable and current maturities of long-term debt	196	26
Current nonrecourse financial liabilities of variable interest entities (Note 15)	0	4,220
Accounts payable	2,606	2,035
Accrued payroll and benefits	440	410
Current liabilities of discontinued operations	0	495
Liabilities held for sale	0	181
Other current liabilities	902	917
Total Current Liabilities	4,144	8,284
Long-Term Debt	5,383	8,042
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15)	2,099	2,092
Deferred Income Taxes	2,618	2,572
Underfunded Pension Benefit Obligation	377	1,032
Postretirement and Postemployment Benefit Obligation	205	235
Long-Term Lease Obligations	236	256
Long-Term Liabilities of Discontinued Operations	0	369
Other Liabilities	1,099	968
Commitments and Contingent Liabilities (Note 14)
Equity
Common stock $1 par value, 2021 - 448.9 shares and 2020 - 448.9 shares	449	449
Paid-in capital	4,668	6,325
Retained earnings	9,029	8,070
Accumulated other comprehensive loss	(1,666)	(4,342)
Total Shareholders' Equity Before Treasury Stock	12,480	10,502
Less: Common stock held in treasury, at cost, 2021 – 70.4 shares and 2020 – 55.8 shares	3,398	2,648
Total International Paper Shareholders’ Equity	9,082	7,854
Noncontrolling interests	0	14
Total Equity	9,082	7,868
TOTAL LIABILITIES AND EQUITY	$ 25,243	$ 31,718