Assets held for sale

[Table of Contents](#i988dd6b5140d4a1b8c6b4c50f020743f_10)[CONSOLIDATED BALANCE SHEET](#i988dd6b5140d4a1b8c6b4c50f020743f_139)  

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
| In millions, except per share amounts, at December 31 | 2021 | 2020 |
| ASSETS |  |  |
| Current Assets |  |  |
| Cash and temporary investments | $ | 1,295  |  | $ | 468  |  |
| Accounts and notes receivable (less allowances of $34 in 2021 and $44 in 2020) | 3,232  |  | 2,632  |  |
| Contract assets | 378  |  | 331  |  |
| Inventories | 1,814  |  | 1,626  |  |
| Current financial assets of variable interest entities (Note 15) | —  |  | 4,850  |  |
| Current assets of discontinued operations | —  |  | 1,050  |  |
| Current investments | 245  |  | —  |  |
| Assets held for sale | —  |  | 138  |  |
| Other current assets | 132  |  | 141  |  |
| Total Current Assets | 7,096  |  | 11,236  |  |
| Plants, Properties and Equipment, net | 10,441  |  | 10,945  |  |
| Forestlands | 18  |  | 18  |  |
| Long-Term Investments | 751  |  | 1,178  |  |
| Long-Term Financial Assets of Variable Interest Entities (Note 15) | 2,275  |  | 2,257  |  |
| Goodwill | 3,130  |  | 3,115  |  |
| Overfunded Pension Plan Assets | 595  |  | —  |  |
| Right of Use Assets | 365  |  | 387  |  |
| Long-Term Assets of Discontinued Operations | —  |  | 1,954  |  |
| Deferred Charges and Other Assets | 572  |  | 628  |  |
| TOTAL ASSETS | $ | 25,243  |  | $ | 31,718  |  |
| LIABILITIES AND EQUITY |  |  |
| Current Liabilities |  |  |
| Notes payable and current maturities of long-term debt | $ | 196  |  | $ | 26  |  |
| Current nonrecourse financial liabilities of variable interest entities (Note 15) | —  |  | 4,220  |  |
| Accounts payable | 2,606  |  | 2,035  |  |
| Accrued payroll and benefits | 440  |  | 410  |  |
| Current liabilities of discontinued operations | —  |  | 495  |  |
| Liabilities held for sale | —  |  | 181  |  |
| Other current liabilities | 902  |  | 917  |  |
| Total Current Liabilities | 4,144  |  | 8,284  |  |
| Long-Term Debt | 5,383  |  | 8,042  |  |
| Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15) | 2,099  |  | 2,092  |  |
| Deferred Income Taxes | 2,618  |  | 2,572  |  |
| Underfunded Pension Benefit Obligation | 377  |  | 1,032  |  |
| Postretirement and Postemployment Benefit Obligation | 205  |  | 235  |  |
| Long-Term Lease Obligations | 236  |  | 256  |  |
| Long-Term Liabilities of Discontinued Operations | —  |  | 369  |  |
| Other Liabilities | 1,099  |  | 968  |  |
| Commitments and Contingent Liabilities (Note 14) |  |  |
| Equity |  |  |
| Common stock $1 par value, 2021 - 448.9 shares and 2020 - 448.9 shares | 449  |  | 449  |  |
| Paid-in capital | 4,668  |  | 6,325  |  |
| Retained earnings | 9,029  |  | 8,070  |  |
| Accumulated other comprehensive loss | (1,666) |  | (4,342) |  |
|  | 12,480  |  | 10,502  |  |
| Less: Common stock held in treasury, at cost, 2021 – 70.4 shares and 2020 – 55.8 shares | 3,398  |  | 2,648  |  |
| Total International Paper Shareholders’ Equity | 9,082  |  | 7,854  |  |
| Noncontrolling interests | —  |  | 14  |  |
| Total Equity | 9,082  |  | 7,868  |  |
| TOTAL LIABILITIES AND EQUITY | $ | 25,243  |  | $ | 31,718  |  |

 The accompanying notes are an integral part of these financial statements.49
