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SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION | 9 Months Ended
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Sep. 30, 2025
Disclosure Text Block Supplement [Abstract] |
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION | SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Temporary Investments Temporary investments with an original maturity of three months or less and money market funds with greater than three month maturities but with the right to redeem without notices are treated as cash equivalents and stated at cost. Temporary investments totaled $410 million and $892 million at September 30, 2025 and December 31, 2024, respectively. Accounts and Notes Receivable, Net
In millions | September 30, 2025 |  | December 31, 2024
Trade (less allowances of $70 and $30, respectively) | $ | 3,570 |  |  | $ | 2,150 |
Other | 535 |  |  | 252 |
Total | $ | 4,105 |  |  | $ | 2,402 |
As a result of the DS Smith acquisition, IP has a trade receivable factoring program that allows the Company to sell trade receivables without recourse. Inventories
In millions | September 30, 2025 |  | December 31, 2024
Raw materials | $ | 480 |  |  | $ | 160 |
Finished pulp, paper and packaging | 909 |  |  | 767 |
Operating supplies | 653 |  |  | 529 |
Other | 137 |  |  | 30 |
Total | $ | 2,179 |  |  | $ | 1,486 |
The last-in, first-out inventory method is used to value most of International Paper's U.S. inventories. Approximately 58% of total raw materials and finished products inventories were valued using this method. The last-in, first-out inventory reserve was $306 million and $272 million at September 30, 2025 and December 31, 2024, respectively. Plants, Properties and Equipment Accumulated depreciation was $17.9 billion and $16.3 billion at September 30, 2025 and December 31, 2024, respectively. Depreciation expense was $1.0 billion and $203 million for the three months ended September 30, 2025 and 2024, respectively, and $1.9 billion and $615 million for the nine months ended September 30, 2025 and 2024, respectively. Depreciation expense for the three months and nine months ended September 30, 2025 includes $675 million and $872 million, respectively, of accelerated depreciation related to mill and plant closures and other 80/20 strategic actions. Non-cash additions to plants, properties and equipment included within accounts payable were $172 million and $94 million at September 30, 2025 and December 31, 2024, respectively. Accounts Payable Under supplier finance programs, International Paper agrees to pay the relevant banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. International Paper or the relevant banks may terminate the agreement on notice periods from 28 to 90 days. 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 $421 million and $96 million of supplier finance program liabilities as of September 30, 2025 and December 31, 2024, respectively. Interest Interest payments made during the nine months ended September 30, 2025 and 2024 were $416 million and $315 million, respectively. Amounts related to interest were as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, |
In millions | 2025 |  | 2024 | 2025 |  | 2024 |
Interest expense | $ | 135 |  |  | $ | 107 |  | $ | 413 |  |  | $ | 324 |  |
Interest income | 50 |  |  | 55 |  | 136 |  |  | 168 |  |
Capitalized interest costs | 9 |  |  | 6 |  | 20 |  |  | 14 |  |
Asset Retirement Obligations The Company recorded liabilities in Other Liabilities in the accompanying condensed consolidated balance sheet of $137 million and $88 million related to asset retirement obligations at September 30, 2025 and December 31, 2024, respectively.

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