Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Assets
Cash and temporary investments	$ 787	$ 595
Accounts and notes receivable, net	3,342	3,064
Contract assets	437	355
Inventories	1,828	2,050
Current financial assets of variable interest entities (Note 16)	4,850	4,850
Assets held for sale	695	138
Other current assets	228	184
Total Current Assets	12,167	11,236
Plants, Properties and Equipment, net	11,667	12,217
Forestlands	285	311
Investments	711	1,178
Long-Term Financial Assets of Variable Interest Entities (Note 16)	2,261	2,257
Goodwill	3,242	3,315
Right of Use Assets	415	459
Deferred Charges and Other Assets	729	745
Total Assets	31,477	31,718
Current Liabilities
Notes payable and current maturities of long-term debt	31	29
Accounts payable	2,354	2,320
Current nonrecourse financial liabilities of variable interest entities (Note 16)	4,220	4,220
Accrued payroll and benefits	363	466
Liabilities held for sale	334	181
Other current liabilities	1,088	1,068
Total Current Liabilities	8,390	8,284
Long-Term Debt	7,954	8,064
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 16)	2,094	2,092
Deferred Income Taxes	2,756	2,743
Pension Benefit Obligation	968	1,055
Postretirement and Postemployment Benefit Obligation	246	251
Long-Term Lease Obligations	276	315
Other Liabilities	1,022	1,046
Equity
Common stock, $1 par value, 2021 – 448.9 shares and 2020 – 448.9 shares	449	449
Paid-in capital	6,267	6,325
Retained earnings	8,214	8,070
Accumulated other comprehensive loss	(4,453)	(4,342)
Shareholders' Equity before Treasury Stock, Total	10,477	10,502
Less: Common stock held in treasury, at cost, 2021 – 57.2 shares and 2020 – 55.8 shares	2,719	2,648
Total International Paper Shareholders’ Equity	7,758	7,854
Noncontrolling interests	13	14
Total Equity	7,771	7,868
Total Liabilities and Equity	$ 31,477	$ 31,718