Second Quarter 2020 U.S. GAAP Summary: Net sales of $1.2 billion decreased 1% as reported. Currency had a negative impact on total net sales of $42 million or approximately 4%. Net earnings were $100 million, or $0.64 per diluted share. Special Items had a negative impact of approximately $18 million on net earnings in the quarter, which was largely due to restructuring and restructuring associated charges of $14 million ($11 million, net of taxes).
International Paper Company (NYSE: IP) today announced that it has priced $1.0 billion of 4.350% senior unsecured notes due 2048. The notes were issued at a public offering price of 99.898%. The offering was made pursuant to an effective shelf registration statement.
International Paper intends to use the net proceeds from this offering, together with available cash and other borrowings, to make a voluntary cash contribution to its pension plan in the aggregate amount of $1.25 billion by September 15, 2017.