MEMPHIS, Tenn., Aug. 14 /PRNewswire-FirstCall/ -- International Paper today announced that it has updated the historical financial statements included in its 2006 annual report to reflect first-quarter 2007 changes in segment reporting and the adoption of the direct method of accounting for planned major maintenance expenses.
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In connection with sales of businesses under International Paper's transformation plan and the resulting changes in its business portfolio, the company conducted a review of its operating business segments during the first quarter of 2007. While this review resulted in no changes in reportable segments, a decision was made to include the company's European coated paperboard operations, previously reported in the Printing Papers segment, with other similar operations in the Consumer Packaging segment.
Accordingly, the operating results of the company's European coated paperboard operations were reported as part of the company's Consumer Packaging segment in its Quarterly Reports on Form 10-Q for the periods ended March 31, 2007, and June 30, 2007. The company is filing this Current Report on Form 8-K to reflect the impact of this change in segment reporting on previously issued financial statements. This will permit the company to incorporate these financial statements by reference in future SEC filings.
About International Paper
International Paper , founded in 1898, is a global uncoated paper and packaging company with primary markets and manufacturing operations in North America, Europe, Russia, Latin America, North Africa and Asia. Its uncoated papers and packaging businesses are complemented by xpedx, North America's largest distributor of printing papers and graphics supplies and equipment. Headquartered in the United States, International Paper employs approximately 54,000 people in more than 20 countries, and serves customers worldwide. Annual sales are about $22 billion. International Paper partners with customers and environmental, academic, civic and governmental organizations, as well as landowners and harvesting professionals, to encourage responsible forest stewardship, improve the health and productivity of forestlands and increase recovery of our recyclable products. The company has a long-standing policy of using no wood from endangered forests. To learn more about International Paper, its products and commitment to economic, social and environmental sustainability, visit http://www.internationalpaper.com/.
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