v3.26.1
MASTER TRUST
 12 Months Ended
Dec. 31, 2025
EBP 118  
EBP, Master Trust [Line Items]  
MASTER TRUST MASTER TRUST
The majority of the Plan’s investment assets are held in a trust account by the Trustee and consist of an undivided interest in investment accounts of the Master Trust. Use of the Master Trust permits the commingling of trust assets with the assets of other plans sponsored by the Company for investment and administrative purposes. Although assets of the plans are commingled in the Master Trust, the Recordkeeper maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the participating plans. The net investment income or loss of the investment assets and administrative expenses are allocated by the Recordkeeper to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans.
The Master Trust is subject to master netting agreements, or netting arrangements, with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at pre-arranged exposure levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different master netting arrangement possibly resulting in the need for multiple agreements with a single counterparty. Master netting agreements are specific to each different asset type; therefore, they allow the Master Trust to net its total exposure to a specified counterparty and settle it through a single payment, in a single currency in the event of a default with respect to any and all the transactions governed under a single agreement with the counterparty. 
The total and net assets of the Master Trust at December 31, 2025 and 2024, are summarized as follows (in thousands): 
Master Trust BalancesPlan's Interest in Master Trust BalancesMaster Trust BalancesPlan's Interest in Master Trust Balances
20252024
Master Trust net assets:
Common stock of International Paper Company$187,581 $35,442 $274,839 $52,025 
     Equities4,063,771 1,014,235 4,140,648 1,020,038 
     Fixed income1,210,182 325,036 1,017,411 266,676 
     Derivatives1,108 209 1,966 376 
     Cash and cash equivalents35,445 8,507 66,667 17,095 
Collateral held under securities lending17,710 4,605 28,801 7,459 
     Real Estate Funds45,953 14,236 45,691 15,053 
          Total investments at fair value5,561,750 1,402,270 5,576,023 1,378,722 
     Stable Value fund at contract value831,284 258,238 944,534 302,323 
               Total investments6,393,034 1,660,508 6,520,557 1,681,045 
Receivable for securities sold33,750 8,775 60,779 15,377 
Other receivables11,618 3,171 15,143 6,381 
Total receivables45,368 11,946 75,922 21,758 
Total Master Trust assets6,438,402 1,672,454 6,596,479 1,702,803 
Liability to return collateral held under securities lending agreements17,710 4,605 28,801 7,459 
Payable for securities purchased62,982 16,375 100,358 25,390 
Other payables12,158 1,430 18,114 1,493 
               Total liabilities92,850 22,410 147,273 34,342 
Total Master Trust net assets$6,345,552 $1,650,044 $6,449,206 $1,668,461 
Plan interest in the Master Trust as a percentage of total26.0 %25.9 %

The net investment income of the Master Trust for the year ended December 31, 2025 is summarized below (in thousands): 
2025
Master Trust investment income
Net appreciation of investments$767,473 
Interest34,601 
Dividends21,922 
Total Master Trust investment income$823,996 
Investment income — Plan interest in Master Trust$213,068 
The securities on loan under lending agreements from the Master Trust as of December 31, 2025 and 2024, are summarized below (in thousands): 
Securities on loan20252024
     Equities$11,421 $25,128 
     Fixed Income5,770 2,878 
     Total Securities on loan$17,191 $28,006