UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Securities registered under Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On September 2, 2022, International Paper Company (the “Company”) and the Internal Revenue Service agreed to settle the previously disclosed 2015 timber monetization restructuring tax matter. See Note 16- Variable Interest Entities to the unaudited condensed financial statements in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022. Under this agreement, the Company will fully resolve the matter and pay approximately $260 million in federal income taxes. As a result, interest will also be charged upon closing of the audit. The amount of interest expense estimated to be recognized through September 30, 2022 is approximately $50 million.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INTERNATIONAL PAPER COMPANY | ||
| By: | /s/ Joseph R. Saab | |
| Name: Joseph R. Saab | ||
| Title: Senior Vice President, General Counsel and Corporate Secretary | ||
Date: September 9, 2022
Document and Entity Information |
Sep. 09, 2022 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | INTERNATIONAL PAPER CO /NEW/ |
| Amendment Flag | false |
| Entity Central Index Key | 0000051434 |
| Document Type | 8-K |
| Document Period End Date | Sep. 09, 2022 |
| Entity Incorporation State Country Code | NY |
| Entity File Number | 1-3157 |
| Entity Tax Identification Number | 13-0872805 |
| Entity Address, Address Line One | 6400 Poplar Avenue |
| Entity Address, City or Town | Memphis |
| Entity Address, State or Province | TN |
| Entity Address, Postal Zip Code | 38197 |
| City Area Code | (901) |
| Local Phone Number | 419-7000 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, $1 per share par value |
| Trading Symbol | IP |
| Security Exchange Name | NYSE |
| Entity Emerging Growth Company | false |