On April 16, 2024, the Company announced its intent to acquire DS Smith. This strategic move aims to create a global sustainable packaging solutions leader.

The company is seeing positive results from its strategic initiatives, particularly the Box Go-to-Market strategy, which is contributing to improved margins and product mix.

The company's efforts to reduce fixed costs within its mill system are proving effective, generating benefits in both the Industrial Packaging and Global Cellulose Fibers segments.

Management is focused on accelerating commercial and mill optimization strategies to improve performance and customer care.

The company highlights the strong execution of its teams across International Paper, emphasizing their dedication to strategic initiatives.

The company is prioritizing value over volume in its Industrial Packaging business, aiming to improve margins and mix over the long term.

The company acknowledges the risk that the proposed acquisition of DS Smith may face delays or not be completed due to various closing conditions and uncertainties.

The company identifies the risk that it may fail to realize the anticipated benefits and synergies from the Business Combination, which could adversely affect its financial results.

The company recognizes the potential for the Business Combination to disrupt relationships with third parties and employees, divert management's attention, and result in negative publicity.

The company notes positive market momentum with improving sales price indexes, indicating a strengthening competitive position.

The company is making choices regarding value over volume in the near term. We believe this will allow us to improve our margins and mix over the longer term, with a focus on maximizing the profitability of our Industrial Packaging business.

The company believes that the acquisition of DS Smith will create significant value for shareholders.

Economic downtime was favorably impacted by the mill strategic actions taken in the fourth quarter 2023.

The company's efforts to reduce fixed costs within its mill system are proving effective, generating benefits in both the Industrial Packaging and Global Cellulose Fibers segments.

As we anticipate continuous demand recovery, this spending is focused on improving productivity and efficiencies across our mills and box plant network.

The Box Go-to-Market strategy is driving positive results, contributing to improved margins and product mix.

The company is strategically aligning its Global Cellulose Fibers business with the most attractive customers and end markets.

The company is proactively investing in maintenance to improve productivity and efficiencies across its mills and box plant network.

The company's share repurchase program continues, with a significant amount of authorization remaining, indicating a commitment to returning capital to shareholders.

The company plans to invest $800 million to $1.0 billion in capital projects, reflecting a commitment to maintaining and improving its assets.

The company continues to pay dividends to shareholders, with $161 million distributed in the first quarter of 2024.

The company highlights that the acquisition of DS Smith will create a global sustainable packaging solutions leader.

The company has estimated the probable liability associated with environmental remediation matters to be approximately $249 million.

The company's total recorded liability with respect to pending and future asbestos-related claims was $110 million.

The company notes positive market momentum with improving sales price indexes, indicating a strengthening competitive position.

Volume in our North American Industrial Packaging business was lower as the first quarter of 2024 is expected to represent our seasonally lowest shipment quarter of the year.

Operations and costs were sequentially higher in our North American Industrial Packaging business due to the January freeze and the Ixtac, Mexico fire in March 2024. Additionally, operations and costs were higher due to cost inflation including items such as labor, materials, contracted maintenance services and employee benefit costs.