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DEBT | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT The borrowing capacity of the Company's commercial paper program is $1.0 billion supported by its $1.4 billion credit agreement. Under the terms of the program, individual maturities on borrowings may vary, but not exceed one year from the date of issue. Interest bearing notes may be issued either as fixed or floating rate notes. There were no borrowings outstanding as of September 30, 2025 under the program. At September 30, 2025, International Paper’s USD denominated credit facilities totaled $1.9 billion, excluding the DS Smith credit facilities discussed below. The credit facilities generally provide for interest rates at a floating rate index plus a pre-determined margin dependent upon International Paper’s credit rating. The credit facilities included a $1.4 billion contractually committed bank facility with a maturity date of June 2028. The liquidity facilities also include up to $500 million of uncommitted financings based on eligible receivables balances under a receivables securitization program that expires in June 2026. At September 30, 2025, the Company had no borrowings outstanding under the receivables securitization program. Following the DS Smith acquisition, International Paper assumed foreign denominated debt of DS Smith in various currencies with an approximated value of $3.6 billion. In March 2025, the Company amended and restated DS Smith's credit facility agreements and entered into agreements to guarantee the outstanding notes of DS Smith. Below is a table of the Company's foreign denominated debt:
In millions |  | September 30, 2025
|  | Borrowings Outstanding |  | USD Equivalent Outstanding
Euro fixed rate instruments: |  |  |  |
0.875% Notes - due 2026 |  | € | 600 |  |  | $ | 704 |
4.375% Notes - due 2027 |  | 850 |  | 997 |
4.500% Notes - due 2030 |  | 650 |  | 763
GBP fixed rate instruments: |  |  |  |
2.875% Notes - due 2029 |  | £ | 250 |  |  | $ | 336 |
In millions |  |  | September 30, 2025
Credit Facilities | Borrowing Currency | Capacity | Borrowings Outstanding | USD Equivalent Outstanding
2.834% Amortizing credit facility - due 2025-2029 | EUR | € | 200 |  | € | 175 |  | $ | 205 |
Floating rate instruments: |  |  |  |
Committed bank facility maturing May 2027 | GBP, EUR, USD | £ | 1,250 |  | € | 1,035 |  | $ | 1,214 |
Uncommitted facility | GBP, EUR, USD | £ | 50 |  | € | 55 |  | $ | 65 |
Committed bank facility maturing December 2026 | GBP, EUR, USD | € | 60 |  | € | — |  | $ | — |
The Company borrowed $257 million under these foreign denominated credit facilities in the first nine months of 2025. The Company also reduced the outstanding balance of the amortizing credit facility by $26 million during the same period. During the second quarter of 2025, the Company issued approximately $95 million of industrial development bonds ("IDBs") with an interest rate of 4.2% and maturity date of May 1, 2034. The proceeds were used to repay approximately $95 million of IDBs with interest rates of 1.38% that matured on June 16, 2025. The Company had an additional issuance of an approximately $70 million IDB with an interest rate of 4.0% and a maturity date of September 1, 2032. The Company had debt reductions related to environmental development bonds ("EDBs") that matured on June 16, 2025, of $7 million with an interest rate of 1.6% and $20 million with an interest rate of 1.38%. During the third quarter of 2025, the Company had debt reductions related to a bond that matured on September 1, 2025, of approximately $22 million with an interest rate of 7.75%. At September 30, 2025, contractual obligations for future payments of debt maturities (including finance lease liabilities disclosed in Note 11 - Leases and excluding the timber monetization structure disclosed in Note 15 - Variable Interest Entities) by calendar year were as follows: $64 million in 2025; $1.0 billion in 2026; $2.7 billion in 2027; $742 million in 2028; $382 million in 2029 and $5.1 billion thereafter. The Company’s financial covenants require the maintenance of a minimum net worth, as defined in our debt agreements, of $9 billion and a total debt-to-capital ratio of less than 60%. Net worth is defined as the sum of common stock, paid-in capital and retained earnings, less treasury stock plus any cumulative goodwill impairment charges. The calculation also excludes accumulated other comprehensive income/loss and both the current and long-term Nonrecourse Financial Liabilities of Variable Interest Entities. The total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth. As of September 30, 2025, we were in compliance with our debt covenants. At September 30, 2025, the fair value of International Paper’s $9.9 billion of debt was approximately $9.7 billion. The fair value of the Company’s long-term debt is estimated based on the quoted market prices for the same or similar issues. International Paper’s long-term debt is classified as Level 2 within the fair value hierarchy, which is further defined in Note 1 in the Company’s Annual Report.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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