01—Abstract
Summary
Summary of the 10-K/A filed March 26, 2010. Cited figures are marked; the original filing is the authoritative source.
This Form 10-K/A (Amendment No. 1) from International Paper Company, dated March 26, 2010, amends the Company's Annual Report on Form 10-K for the year ended December 31, 2009, which was originally filed with the SEC on February 25, 2010.
The sole purpose of the amendment is to correct printing errors in the exhibit listing of the Original Filing. It restates Part IV, Item 15, Exhibits and Financial Statement Schedules, in its entirety and does not include the full Form 10-K. The Company states that no other changes were made and that the Original Filing continues to speak as of its own filing date.
The amended exhibit index lists corporate governance documents including the Restated Certificate of Incorporation and By-laws (as amended through May 11, 2009), indentures and supplemental indentures with The Bank of New York and The Bank of New York Mellon, and a range of management compensation arrangements such as the 2009 Management Incentive Plan, 2009 Incentive Compensation Plan, restricted stock and restricted stock unit award forms, and change of control agreements. Credit and financing arrangements are also listed, including a 3-Year Credit Agreement dated November 20, 2009 with JPMorgan Chase Bank, N.A. as administrative agent, a Second Amended and Restated Credit and Security Agreement dated March 13, 2008 relating to Red Bird Receivables, LLC, and a Loan Agreement dated March 12, 2009 involving International Paper Investments (Luxembourg) S.à r.l. The filing marks the exhibits that are filed herewith as Exhibits 10.2, 10.8, 10.9, 10.10, 10.17, 31.1, 31.2 and 32, and it states that Exhibits 11, 12, 21 and 23 were previously filed with the Original Filing.
Exhibits 101 (XBRL) were furnished with the Original Filing. The amendment is signed by Maura Abeln Smith as attorney-in-fact on March 26, 2010.
02—Key points
Key Highlights
- Amendment No. 1 to the 10-K for fiscal year ended December 31, 2009, filed March 26, 2010, to correct printing errors in the exhibit listing of the Original Filing filed February 25, 2010
- Amendment restates Part IV, Item 15 (Exhibits and Financial Statement Schedules) in its entirety; it does not include the full Form 10-K and states no other changes were made
- Exhibit index includes the Restated Certificate of Incorporation (incorporated from the May 16, 2008 Form 8-K) and By-laws as amended through May 11, 2009
- Financing exhibits include a 3-Year Credit Agreement dated November 20, 2009 with JPMorgan Chase Bank, N.A. as administrative agent, and a Loan Agreement dated March 12, 2009 with BNP Paribas as administrative agent
- Receivables facility documents are listed, including a Second Amended and Restated Credit and Security Agreement dated March 13, 2008 with Red Bird Receivables, LLC, and the related Receivables Sale and Contribution Agreement
- Exhibits filed herewith are the 2009 Management Incentive Plan, restricted stock and RSU award forms, Amendment No. 5 to the Unfunded Supplemental Retirement Plan for Senior Managers, and Sarbanes-Oxley Sections 302 and 906 certifications
- XBRL exhibits (101.INS through 101.PRE) were furnished with the Original Filing rather than this amendment
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2009, International Paper kept $0.03.
- Revenue$23.37B100.0%
- Cost of revenue−$15.22B65.1%
- Gross profit$8.15B34.9%
- Operating costs−$5.79B24.8%
- Operating income$2.36B10.1%
- Interest, other & tax−$1.70B7.3%
- Net income$663.0M2.8%
Where FY2009 revenue went
$23.37B- Cost of revenue: $15.22B, 65% of revenue
- Other operating costs: $3.75B, 16% of revenue
- Net income: $663.0M, 2.8% of revenue
- SG&A: $2.03B, 8.7% of revenue
- Interest, other & tax: $1.70B, 7.3% of revenue
Kept 2.8% as net incomeNet income $663.0M · 2.8%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2009filed March 26, 2010Financial Statements
FY2009 against FY2008
| Line item | FY2009FY2008 | Change |
|---|---|---|
| Revenue | $23.37B$24.83B | −5.9% |
| Cost of Revenue | $15.22B$18.74B | −18.8% |
| Gross Profit | $8.15B$6.09B | +33.8% |
| SG&A Expenses | $2.03B$1.95B | +4.3% |
| Operating Income | $2.36B-$1.27B | +286.0% |
| Interest Expense | $702.00M$572.00M | +22.7% |
| Net Income | $663.00M-$1.28B | +151.7% |
| EPS (Basic) | $1.56$-3.05 | +151.1% |
| EPS (Diluted) | $1.55$-3.05 | +150.8% |
| Shares Outstanding (Basic) | 425.30M421.00M | +1.0% |
| Shares Outstanding (Diluted) | 428.00M421.00M | +1.7% |
05—Questions
Frequently Asked Questions
Why did International Paper file this 10-K/A?
The Company filed Amendment No. 1 for the sole purpose of correcting printing errors in the exhibit listing of its Annual Report on Form 10-K for 2009, which was filed February 25, 2010. The amendment restates Part IV, Item 15 in its entirety and makes no other changes.
Does this amendment change the Company's financial results or disclosures?
According to the filing, no other changes have been made to the Original Filing apart from the exhibit listing corrections. The Original Filing continues to speak as of its own filing date and has not been updated for subsequent events.
Which exhibits accompany this amendment?
The filing marks Exhibits 10.2, 10.8, 10.9, 10.10, 10.17, 31.1, 31.2 and 32 as filed herewith. Exhibits 11, 12, 21 and 23 were previously filed with the Original Filing, and the XBRL exhibits were furnished with the Original Filing.
What major credit facilities are listed in the exhibit index?
The index lists a 3-Year Credit Agreement dated November 20, 2009 with JPMorgan Chase Bank, N.A. as administrative agent, a Credit Agreement dated June 16, 2008 with JPMorgan Chase Bank, N.A. as administrative agent, and a Second Amended and Restated Credit and Security Agreement dated March 13, 2008 relating to Red Bird Receivables, LLC.
Who signed the amendment?
The amendment is dated March 26, 2010 and is signed on behalf of International Paper Company by Maura Abeln Smith as attorney-in-fact.
06—Continue