LEASES (Note)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lessee, Operating Leases

International Paper leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles, and certain other equipment. The Company's leases have a remaining lease term of up to 29 years. Total lease costs were $79 million and $73 million for the three months ended June 30, 2024 and 2023, respectively, and $158 million and $148 million for the six months ended June 30, 2024 and 2023, respectively.

Supplemental Balance Sheet Information Related to Leases

In millions	Classification	June 30, 2024		December 31, 2023
Assets
Operating lease assets	Right-of-use assets	$	439	$	448
Finance lease assets	Plants, properties and equipment, net (a)	42		47
Total leased assets		$	481	$	495
Liabilities
Current
Operating	Other current liabilities	$	151	$	153
Finance	Notes payable and current maturities of long-term debt	11		11
Noncurrent
Operating	Long-term lease obligations	299		312
Finance	Long-term debt	40		44
Total lease liabilities		$	501	$	520

(a)Finance leases are recorded net of accumulated amortization of $70 million and $67 million as of June 30, 2024 and December 31, 2023, respectively.

Lessee, Finance Leases

International Paper leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles, and certain other equipment. The Company's leases have a remaining lease term of up to 29 years. Total lease costs were $79 million and $73 million for the three months ended June 30, 2024 and 2023, respectively, and $158 million and $148 million for the six months ended June 30, 2024 and 2023, respectively.

Supplemental Balance Sheet Information Related to Leases

In millions	Classification	June 30, 2024		December 31, 2023
Assets
Operating lease assets	Right-of-use assets	$	439	$	448
Finance lease assets	Plants, properties and equipment, net (a)	42		47
Total leased assets		$	481	$	495
Liabilities
Current
Operating	Other current liabilities	$	151	$	153
Finance	Notes payable and current maturities of long-term debt	11		11
Noncurrent
Operating	Long-term lease obligations	299		312
Finance	Long-term debt	40		44
Total lease liabilities		$	501	$	520

(a)Finance leases are recorded net of accumulated amortization of $70 million and $67 million as of June 30, 2024 and December 31, 2023, respectively.