Preferred stock, dividend per share

[Table of Contents](#i988dd6b5140d4a1b8c6b4c50f020743f_10)[NOTE 18 CAPITAL STOCK](#i988dd6b5140d4a1b8c6b4c50f020743f_202)  
The authorized capital stock at both December 31, 2021 and 2020, consisted of 990,850,000 shares of common stock, $1 par value; 400,000 shares of cumulative $4 preferred stock, without par value (stated value $100 per share); and 8,750,000 shares of serial preferred stock, $1 par value. The serial preferred stock is issuable in one or more series by the Board of Directors without further shareholder action.  
The following is a rollforward of shares of common stock for the three years ended December 31, 2021, 2020 and 2019:   


|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
|    | Common Stock |
| In thousands | Issued | Treasury |
| Balance at January 1, 2019 | 448,916  |  | 48,310  |  |
| Issuance of stock for various plans, net | —  |  | (3,416) |  |
| Repurchase of stock | —  |  | 11,906  |  |
| Balance at December 31, 2019 | 448,916  |  | 56,800  |  |
| Issuance of stock for various plans, net | —  |  | (2,010) |  |
| Repurchase of stock | —  |  | 1,027  |  |
| Balance at December 31, 2020 | 448,916  |  | 55,817  |  |
| Issuance of stock for various plans, net | —  |  | (1,855) |  |
| Repurchase of stock | —  |  | 16,400  |  |
| Balance at December 31, 2021 | 448,916  |  | 70,362  |  |

  
[NOTE 19 RETIREMENT PLANS](#i988dd6b5140d4a1b8c6b4c50f020743f_205)  
International Paper sponsors and maintains the Retirement Plan of International Paper Company (the "Pension Plan"), a tax-qualified defined benefit pension plan that provides retirement benefits to certain employees.   
The Pension Plan provides defined pension benefits based on years of credited service and either final average earnings (salaried employees and hourly employees receiving salaried benefits), hourly job rates or specified benefit rates (hourly and union employees).   
The Company also has two unfunded nonqualified defined benefit pension plans: a Pension Restoration Plan that provides retirement benefits based on eligible compensation in excess of limits set by theInternal Revenue Service, and a supplemental retirement plan for senior managers ("SERP"), whichis an alternative retirement plan for salaried employees who are senior vice presidents and above or who are designated by the chief executive officer as participants. These nonqualified plans are only funded to the extent of benefits paid, which totaled $21 million, $31 million and $26 million in 2021, 2020 and 2019, respectively, and which are expected to be $21 million in 2022.  
Effective January 1, 2019, the Company froze participation, including credited service and compensation, for salaried employees under the Pension Plan, the Pension Restoration Plan and the SERP plan. This change does not affect benefits accrued through December 31, 2018. For service after December 31, 2018, employees affected by the freeze receive a company contribution to their individual Retirement Savings Account as described later in this [Note 19](#i988dd6b5140d4a1b8c6b4c50f020743f_205).  
Many non-U.S. employees are covered by various retirement benefit arrangements, some of which are considered to be defined benefit pension plans for accounting purposes.  
In advance of the spin-off of the Printing Papers segment into a standalone, publicly-traded company, Sylvamo, a legally separate Sylvamo Pension Plan was established to transfer both pension liabilities and qualified pension assets for the approximately 900 active pension participants who transitioned to Sylvamo. Effective September 1, 2021, the Retirement Plan of International Paper (“IP Pension Plan”) and the Sylvamo Pension Plan were legally separated and remeasured as of that date. The remeasurement resulted in a net asset balance of $520 million for the IP Pension Plan, which has been classified as part of the Pension Assets balance on the Consolidated Balance Sheet. Based on the September 1, 2021 remeasurement, the IP Pension Plan completed the transfer of approximately $287 million in projected benefit obligation and approximately $255 million in pension assets, net of post-spin true-up adjustments, to the Sylvamo Pension Plan.  
  
80
