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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]  
Net Periodic Pension Expense For Qualified And Nonqualified U.S. Defined Benefit Plans [Table Text Block]
Net periodic pension expense for qualified and nonqualified U.S. and non-U.S. defined benefit plans comprised the following:

  202220212020
In millionsU.S.
Plans
Non-
U.S.
Plans
U.S.
Plans
Non-
U.S.
Plans
U.S.
Plans
Non-
U.S.
Plans
Service cost$85 $3 $100 $$85 $
Interest cost338 2 333 393 
Expected return on plan assets(649)(1)(705)(7)(668)(8)
Actuarial loss (gain)87 1 138 202 
Amortization of prior service cost23  22 — 20 — 
Curtailment loss (gain)  — — — (1)
Settlement loss  — — — 
Net periodic pension (income) expense$(116)$5 $(112)$$32 $
Pension Allocations By Type Of Fund And Target Allocations [Table Text Block]
International Paper’s U.S. pension allocations by type of fund at December 31, 2022 and 2021 and target allocations were as follows:

Asset Class20222021Target
Allocations
Equity accounts16 %18 %
14% - 25%
Fixed income accounts67 %68 %
62% - 78%
Real estate accounts9 %%
4% - 11%
Other8 %%
2% - 8%
Total100 %100 % 
Schedule of Allocation of Plan Assets [Table Text Block] The fair values of International Paper’s pension plan assets at December 31, 2022 and 2021 by asset class are shown below. Hedge funds disclosed in the following table are allocated to fixed income accounts for target allocation purposes.
Fair Value Measurement at December 31, 2022
Asset ClassTotalQuoted
Prices
in
Active
Markets
For
Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
In millions        
Equities – domestic$442 $248 $194 $ 
Equities – international911 641 270  
Corporate bonds1,790  1,790  
Government securities3,796  3,796  
Mortgage backed securities103  103  
Other fixed income(1,139) (1,146)7 
Derivatives25   25 
Cash and cash equivalents82 82   
Other investments:
  Hedge funds1,319 
  Private equity688 
  Real estate funds828 
Total Investments$8,845 $971 $5,007 $32 

Fair Value Measurement at December 31, 2021
Asset ClassTotalQuoted
Prices in
Active
Markets
For
Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
In millions        
Equities – domestic$805 $471 $334 $— 
Equities – international1,381 976 405 — 
Corporate bonds2,249 — 2,249 — 
Government securities5,733 — 5,733 — 
Mortgage backed securities126 — 126 — 
Other fixed income(1,482)— (1,498)16 
Derivatives(21)— — (21)
Cash and cash equivalents266 266 — — 
Other investments:
  Hedge funds1,368 
  Private equity721 
  Real estate funds929 
Total Investments$12,075 $1,713 $7,349 $(5)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]
Other Investments at December 31, 2022
InvestmentFair ValueUnfunded CommitmentsRedemption FrequencyRemediation Notice Period
In millions
Hedge funds$1,319 $120 Daily to annually1 - 100 days
Private equity688 126 (a)None
Real estate funds828 129 Quarterly45 - 60 days
Total$2,835 $375 
(a) A private equity fund investment ("partnership interest") is contractually locked up for the life of the private equity fund by the partnership agreement. Limited partners do not have the option to redeem partnership interests.
Other Investments at December 31, 2021
InvestmentFair ValueUnfunded CommitmentsRedemption FrequencyRemediation Notice Period
In millions        
Hedge funds$1,368 $176 Daily to annually1 - 100 days
Private equity721 190 (a)None
Real estate funds929 176 Quarterly45 - 60 days
Total$3,018 $542 
(a) A private equity fund investment ("partnership interest") is contractually locked up for the life of the private equity fund by the partnership agreement. Limited partners do not have the option to redeem partnership interests.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Table Text Block]
The following is a reconciliation of the assets that are classified using significant unobservable inputs (Level 3) at December 31, 2022:


Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
In millionsOther
fixed
income
DerivativesTotal
Beginning balance at December 31, 2020$14 $(6)$
Actual return on plan assets:
Relating to assets still held at the reporting date(20)(18)
Relating to assets sold during the period— (101)(101)
Purchases, sales and settlements— 106 106 
Transfers in and/or out of Level 3 — — — 
Ending balance at December 31, 2021$16 $(21)$(5)
Actual return on plan assets:
Relating to assets still held at the reporting date(9)38 29 
Relating to assets sold during the period10 (189)(179)
Purchases, sales and settlements(10)197 187 
Transfers in and/or out of Level 3    
Ending balance at December 31, 2022$7 $25 $32 
Retirement Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
The following table shows the changes in the benefit obligation and plan assets for 2022 and 2021 and the plans’ funded status.
  20222021
In millionsU.S.
Plans
Non-
U.S.
Plans
U.S.
Plans
Non-
U.S.
Plans
Change in projected benefit obligation:
Benefit obligation, January 1$11,833 $65 $13,020 $264 
Service cost85 3 100 
Interest cost338 2 333 
Actuarial loss (gain)(2,863)(11)(760)(11)
Divestitures  (287)(187)
Plan amendments16  — — 
Benefits paid(593)(2)(573)(5)
Effect of foreign currency exchange rate movements (3)— (5)
Benefit obligation, December 31$8,816 $54 $11,833 $65 
Change in plan assets:
Fair value of plan assets, January 1$12,075 $19 $12,018 $190 
Actual return on plan assets(2,666) 864 
Company contributions29 2 21 
Benefits paid(593)(2)(573)(5)
Divestiture  (255)(175)
Effect of foreign currency exchange rate movements (1)— (1)
Fair value of plan assets, December 31$8,845 $18 $12,075 $19 
Funded status, December 31$29 $(36)$242 $(46)
Amounts recognized in the consolidated balance sheet:
Overfunded pension plan assets$297 $ $595 $— 
Underfunded pension benefit obligation - current(22)(2)(21)(1)
Underfunded pension benefit obligation - non-current(246)(34)(332)(45)
 $29 $(36)$242 $(46)
Schedule Of Amounts In Accumulated Other Comprehensive Income [Table Text Block]
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax):
Prior service cost (credit)$89 $ $95 $— 
Net actuarial loss (gain)1,563 (7)1,199 
 $1,652 $(7)$1,294 $
Pension Benefit Adjustments Recognized In Other Comprehensive (Loss) Income [Table Text Block]
The components of the $357 million and $(12) million related to U.S. plans and non-U.S. plans, respectively, in the amounts recognized in OCI during 2022 consisted of:
 
In millionsU.S.
Plans
Non-
U.S.
Plans
Current year actuarial (gain) loss$451 $(10)
Amortization of actuarial loss(87)(1)
Current year prior service cost16  
Amortization of prior service cost(23) 
Effect of foreign currency exchange rate movements (1)
 $357 $(12)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
The following table summarizes information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2022 and 2021: 

  20222021
In millionsU.S.
Plans
Non-U.S.
Plans
U.S.
Plans
Non-U.S.
Plans
Projected benefit obligation$268 $54 $353 $65 
Accumulated benefit obligation268 45 353 56 
Fair value of plan assets 18 — 19 
Defined Benefit Plan, Assumptions [Table Text Block]
Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table:

  202220212020
  U.S.
Plans
Non-
U.S.
Plans
U.S.
Plans
Non-
U.S.
Plans
U.S.
Plans
Non-
U.S.
Plans
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate5.40 %5.31 %2.90 %2.59 %2.60 %2.32 %
Rate of compensation increase3.00 %3.36 %3.00 %2.92 %2.25 %3.66 %
Actuarial assumptions used to determine net periodic pension cost for years ended December 31:
Discount rate (a)2.90 %2.59 %2.67 %2.32 %3.40 %2.70 %
Expected long-term rate of return on plan assets (a)6.00 %3.66 %6.40 %4.99 %7.00 %4.92 %
Rate of compensation increase3.00 %2.92 %2.25 %3.66 %2.25 %3.62 %
(a) Represents the weighted average rate for the U.S. qualified plans in 2021 due to the spin-off remeasurement.
Effect Of A 25 Basis Point Decrease On Net Pension Expense [Table Text Block]
The following illustrates the effect on pension expense for 2023 of a 25 basis point decrease in the above assumptions: 

In millions2023
Expense (Income):
Discount rate$15 
Expected long-term rate of return on plan assets20 
Projected Future Pension Benefit Payments, Excluding Any Termination Benefits [Table Text Block]
At December 31, 2022, projected future pension benefit payments, excluding any termination benefits, were as follows: 

In millions  
2023$610 
2024622 
2025628 
2026637 
2027640 
2028-20323,199