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 which approximates fair value. Temporary investments totaled $599 million and $477 million at March 31, 2026 and December 31, 2025, respectively.

A reconciliation of Cash and temporary investments and Restricted cash in the condensed consolidated balance sheet to Cash and temporary investments and restricted cash in the condensed consolidated statement of cash flows for the three months ended March 31, 2026 is below:


In millions	March 31, 2026
Cash and temporary investments	$	1,236
Restricted cash	63
Cash included in assets held for sale	8
Cash and Temporary Investments and Restricted Cash	$	1,307

The Company's restricted cash at March 31, 2026 consists of cash proceeds of $63 million from the sale of the GCF business completed in January 2026. The restricted cash was released in the second quarter of 2026. See Note 9 - Divestitures for further details regarding the total consideration received for the sale of the GCF.


In millions	March 31, 2026		December 31, 2025
Trade (less allowances of $72 and $70, respectively)	$	3,519	$	3,355
Other	503		436
Total	$	4,022	$	3,791

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.


In millions	March 31, 2026		December 31, 2025
Raw materials	$	407	$	447
Finished packaging products	724		792
Operating supplies	697		691
Other	74		82
Total	$	1,902	$	2,012

Accumulated depreciation was $18.6 billion and $18.4 billion at March 31, 2026 and December 31, 2025, respectively. Depreciation expense was $410 million and $472 million for the three months ended March 31, 2026 and 2025, respectively. Depreciation expense for the three months ended March 31, 2026 and 2025 includes $16 million and $197 million, respectively, of accelerated depreciation related to mill and plant closures.

Non-cash additions to plants, properties and equipment included within accounts payable were $180 million and $240 million at March 31, 2026 and December 31, 2025, respectively.

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 $389 million and $368 million of supplier finance program liabilities as of March 31, 2026 and December 31, 2025, respectively.

Interest payments made during the three months ended March 31, 2026 and 2025 were $104 million and $97 million, respectively.


	Three Months Ended March 31,
In millions	2026		2025
Interest expense	$	132	$	135
Interest income	56		51
Capitalized interest costs	10		5

The Company recorded liabilities in Other Liabilities in the accompanying condensed consolidated balance sheet of $191 million and $193 million related to asset retirement obligations at March 31, 2026 and December 31, 2025, respectively.