BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2012

The elimination of the one-quarter reporting lag for Ilim had the following impact:

Consolidated Statement of Operations


*In millions*	Three Months Ended June 30, 2011			Six Months Ended June 30, 2011
Equity earnings (loss)	$	(5	)	$	7
Earnings (loss) from continuing operations		(5	)		7
Net earnings (loss) attributable to International Paper Company		(5	)		7
Basic earnings (loss) per share from continuing operations		(0.01	)		0.02
Basic net earnings (loss) per share		(0.01	)		0.02
Diluted earnings (loss) per share from continuing operations		(0.01	)		0.02
Diluted net earnings (loss) per share		(0.01	)		0.02

Consolidated Balance Sheet