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Supplementary Financial Statement Information (Note)
 12 Months Ended
Dec. 31, 2024
Disclosure Text Block Supplement [Abstract]  
Supplementary Financial Statement Information
TEMPORARY INVESTMENTS 

Temporary investments totaled $990 million and $950 million at December 31, 2024 and 2023, respectively.

ACCOUNTS AND NOTES RECEIVABLE

Accounts and notes receivable, net, by classification were: 
In millions at December 3120242023
Accounts and notes receivable:
Trade (less allowances of $30 in 2024 and $34 in 2023)
$2,703 $2,841 
Other263 218 
Total$2,966 $3,059 

INVENTORIES 

In millions at December 3120242023
Raw materials$188 $229 
Finished pulp and packaging products934 975 
Operating supplies623 622 
Other39 63 
Inventories$1,784 $1,889 

The last-in, first-out inventory method is used to value most of International Paper’s U.S. inventories. Approximately 81% of total raw materials and finished products inventories were valued using this method. The last-in, first-out inventory reserve was $336 million and $343 million at December 31, 2024 and 2023, respectively.

PLANTS, PROPERTIES AND EQUIPMENT 
In millions at December 3120242023
Pulp and packaging facilities$28,249 $28,661 
Other properties and equipment1,031 1,050 
Gross cost29,280 29,711 
Less: Accumulated depreciation19,622 19,561 
Plants, properties and equipment, net$9,658 $10,150 
 
Non-cash additions to plants, properties and equipment included within accounts payable were $110 million, $141 million and $185 million at December 31, 2024, 2023 and 2022, respectively.  

Annual straight-line depreciable lives generally are, for buildings - 20 to 40 years, and for machinery and equipment - 3 to 20 years. Depreciation expense was $1.3 billion, $1.4 billion and $996 million for the years ended December 31, 2024, 2023 and 2022. Depreciation expense for the years ended December 31, 2024 and December 31, 2023, includes $233 million and $422 million, respectively,
of accelerated depreciation related to mill strategic actions and other 80/20 strategic actions. Cost of products sold excludes depreciation and amortization expense.

ACCOUNTS PAYABLE 

Under a supplier finance program, International Paper agrees to pay a bank the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. International Paper or the bank may terminate the agreement upon at least 90 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment in full on the due date with no terms exceeding 180 days. The accounts payable balance included $115 million and $122 million of supplier finance program liabilities as of December 31, 2024 and 2023, respectively.

The following table presents supplier finance program obligations confirmed and paid for the years ended December 31, 2024 and 2023:

In millions
Confirmed obligations outstanding at December 31, 2022$122 
Invoiced confirmed during the year594
Confirmed invoices paid during the year (594)
Confirmed obligations outstanding at December 31, 2023122
Invoiced confirmed during the year516
Confirmed invoices paid during the year(523)
Confirmed obligations outstanding at December 31, 2024$115 

INTEREST

Interest payments of $437 million, $463 million and $380 million were made during the years ended December 31, 2024, 2023 and 2022, respectively.

Amounts related to interest were as follows: 
In millions202420232022
Interest expense$430 $421 $403 
Interest income 222 190 78 
Capitalized interest costs21 22 18 
ASSET RETIREMENT OBLIGATIONS

At December 31, 2024 and 2023, we had recorded liabilities of $128 million and $103 million, respectively, related to asset retirement obligations.

In connection with potential future closures or redesigns of certain production facilities, it is possible that the Company may be required to take steps to remove certain materials from these facilities.
Applicable regulations and standards provide that the removal of certain materials would only be required if
the facility were to be demolished or underwent major renovations. At this time, any such obligations have an indeterminate settlement date, and the Company believes that adequate information does not exist to apply an expected-present-value technique to estimate any such potential obligations. Accordingly, the Company does not record a liability for such remediation until a decision is made that allows reasonable estimation of the timing of such remediation.
Supplier Finance Program
ACCOUNTS PAYABLE 

Under a supplier finance program, International Paper agrees to pay a bank the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. International Paper or the bank may terminate the agreement upon at least 90 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment in full on the due date with no terms exceeding 180 days. The accounts payable balance included $115 million and $122 million of supplier finance program liabilities as of December 31, 2024 and 2023, respectively.

The following table presents supplier finance program obligations confirmed and paid for the years ended December 31, 2024 and 2023:

In millions
Confirmed obligations outstanding at December 31, 2022$122 
Invoiced confirmed during the year594
Confirmed invoices paid during the year (594)
Confirmed obligations outstanding at December 31, 2023122
Invoiced confirmed during the year516
Confirmed invoices paid during the year(523)
Confirmed obligations outstanding at December 31, 2024$115