International Paper Company
Hourly Savings Plan
Financial Statements
as of and for the Years Ended
December 31, 2002 and 2001,
Supplemental Schedule for the Year
Ended December 31, 2002,
and Independent Auditors' Report
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the Year Ended December 31, 2002 Commission file number 1-3157
INTERNATIONAL PAPER COMPANY
HOURLY SAVINGS PLAN
(Full title of the plan)
INTERNATIONAL PAPER COMPANY
400 Atlantic Street
Stamford, CT 06921
Telephone: (203) 541-8000
(Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office)
13-0872805
(I.R.S. Employer Identification No.)
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INTERNATIONAL PAPER COMPANY HOURLY SAVINGS PLAN
TABLE OF CONTENTS
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Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4
SUPPLEMENTAL SCHEDULE -
Form 5500, Schedule G, Part III - Schedule of Nonexempt Transactions for the
Year Ended December 31, 2002 13
All other schedules required by 29 CFR 2520.103-10 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 have been omitted because they are not applicable.
INDEPENDENT AUDITORS' REPORT
To the Plan Administrator of International Paper Company
Hourly Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of International Paper Company Hourly Savings Plan (formerly Savings Plan for
Designated Groups of Employees of International Paper Company) (the "Plan") as
of December 31, 2002 and 2001, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
2002 and 2001, and the changes in net assets available for benefits for the
years then ended in conformity with accounting principles generally accepted in
the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of nonexempt
transactions for the year ended December 31, 2002 is presented for the purpose
of additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This schedule is the responsibility of
the Plan's management. Such schedule has been subjected to the auditing
procedures applied in our audit of the basic 2002 financial statements and, in
our opinion, is fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.
/s/ Deloitte & Touche LLP
June 24, 2003
INTERNATIONAL PAPER COMPANY HOURLY SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2002 AND 2001 (In Thousands)
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2002 2001
ASSETS:
Investments - Plan interest in Master Trust (Notes 1, 2, 3, 4, and 5) $ 735,708 $ 272,952
--------- ---------
Receivables:
Participants' contributions 1,462 --
Employer's contributions 335 --
--------- ---------
Total receivables 1,797 --
--------- ---------
NET ASSETS AVAILABLE FOR BENEFITS $ 737,505 $ 272,952
========= =========
See notes to financial statements.
-2-
INTERNATIONAL PAPER COMPANY HOURLY SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 2002 AND 2001 (In Thousands)
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2002 2001
ADDITIONS:
Investment income - Plan interest in Master Trust
(Notes 1, 2, 3, and 4) $ -- $ 2,338
-------- --------
Contributions:
Participants' contributions 62,020 28,848
Employer's contributions 17,155 8,473
-------- --------
Total contributions 79,175 37,321
Net transfers from other plans (Note 7) 490,170 --
-------- --------
Total additions 569,345 39,659
-------- --------
DEDUCTIONS:
Investment loss - Plan interest in Master Trust
(Notes 1, 2, 3, and 4) 51,950 --
Benefits paid to participants 52,842 35,542
Net transfers to other plans (Note 7) -- 2,597
-------- --------
Total deductions 104,792 38,139
-------- --------
NET INCREASE 464,553 1,520
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 272,952 271,432
-------- --------
End of year $737,505 $272,952
======== ========
See notes to financial statements.
-3-
INTERNATIONAL PAPER COMPANY HOURLY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
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1. DESCRIPTION OF THE PLAN
The following description of International Paper Company Hourly Savings
Plan (the "Plan") provides only general information about the provisions
of the Plan. The Plan was formerly referred to as Savings Plan for
Designated Groups of Employees of International Paper Company.
Participants should refer to the Plan document or the Plan's summary plan
description for a more complete description of the Plan's provisions.
General - The Plan is a defined contribution plan providing retirement
benefits to certain designated groups of hourly-paid employees of
International Paper Company and its subsidiaries (the "Company"). The Plan
is subject to the provisions of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA").
Participation in the Plan is voluntary. An employee is eligible to
participate in the Plan after the first day of the month following the
completion of one month of employment with the Company.
The assets of the Plan are held by State Street Bank and Trust Company
(the "Trustee") in the International Paper Company Defined Contribution
Plans' Master Trust (the "Master Trust"), a master trust established by
the Company and administered by the Trustee.
Effective April 1, 2002, (1) the Plan was renamed the International Paper
Company Hourly Savings Plan; (2) J.P. Morgan/American Century Retirement
Plan Services (the "Recordkeeper") became the recordkeeper for the Plan;
(3) new investment options, including a brokerage window, were
implemented; and (4) new employees are automatically enrolled in the Plan
45 days from the date they become eligible to participate, unless they
otherwise decline participation or make alternative contribution or
investment elections.
Participant Contributions - Prior to April 1, 2002, participants could
make contributions of up to 4% of their total pay (on a before-tax or
after-tax basis) that were matched by the Company. For certain locations
covered by the Plan, participants were also allowed to make supplemental
contributions of up to 12% (on a before-tax or after-tax basis) of their
total pay that were not matched. For certain other locations covered by
the Plan, participants could have made contributions to the Plan but
received no Company matching contributions. Participants' contributions
are subject to certain Internal Revenue Code (the "Code") limitations.
Effective April 1, 2002, all participants may contribute up to 85% of
annual compensation, as defined by the Plan, on either a before-tax or an
after-tax basis, or any combination thereof.
Company Contributions - Prior to April 1, 2002, the Company matched 50% of
participants' basic contributions. Participants were fully vested in all
Company contributions, as well as participant contributions made to their
accounts plus earnings thereon.
-4-
Effective April 1, 2002, as specified in an appendix to the Plan document,
the Company matches 50% of the participants' contributions up to either 4%
or 6% of a participant's annual compensation, subject to certain
limitations. Participants are fully vested in all participant
contributions made to their accounts plus earnings thereon. The value of
Company matching contributions is fully vested after three years of
service.
Rollover Contributions - The Plan is authorized to accept rollover
contributions and direct trust-to-trust transfers of amounts which
participants are entitled to receive from other qualified profit sharing,
stock bonus and savings plans.
Investments - Participants direct the investment of their contributions
into various investment options offered by the Plan. The Plan currently
offers several pooled accounts, mutual funds, a fixed income option
referred to as the Stable Value Fund, an open brokerage window and the
Company's common stock as investment options for participants.
Prior to April 1, 2002, Company matching contributions were invested in
the Stable Value Fund. Beginning with the year a participant attained age
55, and each calendar year thereafter, the participant could transfer all
or a portion of the value of his account attributable to Company matching
contributions from the Stable Value Fund to any of the other investment
options.
Effective April 1, 2002, 50% of the Company matching contributions must be
invested in the Company Stock Fund ("Company Match Restricted") and the
remaining 50% may be invested, as directed by the participants, into
various investment options offered by the Plan. Beginning in the year a
participant reaches age 55, or upon termination of employment, the
participant may transfer all or part of their Company Match Restricted
balance to the other investment options.
Participant Accounts - Individual accounts are maintained for each Plan
participant. Each participant's account is credited with the participant's
contributions, the Company's matching contributions and an allocation of
Plan earnings, and is charged with benefit distributions, if applicable,
and allocations of Plan losses and administrative expenses. The benefit to
which a participant is entitled is the benefit that can be provided from
the participant's vested account.
Loans to Participants - Prior to April 1, 2002, participant loans were not
permitted by the Plan. Existing loans in the Plan represented participant
loans that were transferred into the Plan from other savings plans merged
into the Plan.
Effective April 1, 2002, participants may borrow from their accounts an
amount not to exceed (on a cumulative outstanding basis) the lesser of (1)
50% of the value of a participant's contributions, rollover accounts, and
the vested portion of his Company contributions account, less any
restricted portions of such accounts, or (2) $50,000 reduced by the excess
of the participant's largest outstanding balance of all loans during the
12 months preceding the date the loan is to be made over the outstanding
balance of loans on the date such loan is made. Loans are repayable
through payroll deduction, beginning approximately 60 days after the
effective date of the loan, with a minimum loan period of one year. The
maximum repayment period is five years, unless for the purchase of a
principal residence in which case the maximum repayment period is ten
years. It is permissible to have two loans outstanding at any one time,
but only one principal residence loan is allowed at a time. The interest
rate is determined by the plan administrator based on the prime interest
rate as published in the Wall Street Journal plus 1%. Interest rates on
loans outstanding ranged from 4.75% to 10.80% at December 31, 2002.
-5-
Payment of Benefits - Distributions may be made when a participant
retires, terminates employment, or dies. With the exception of the Company
Stock Fund, distributions are in cash for the value of the participant's
account. Distributions from the Company Stock Fund are made in shares of
Company common stock, in cash or in a combination of shares and cash, as
selected by the participant.
Upon termination of employment, a participant may elect a distribution in
a lump-sum payment or through installments over 5 to 20 years. Terminated
participants may defer distribution to a date occurring on or prior to the
date the participant attains age 70 1/2.
Prior to April 1, 2002, death benefits to a beneficiary of an active
participant were paid in a lump sum. Effective April 1, 2002, death
benefits to a beneficiary are paid in either a lump-sum payment within 5
years of the participant's death or in installment payments commencing
within one year of the participant's death, as elected by the beneficiary.
If the beneficiary is the participant's spouse, the beneficiary may elect
to defer the distribution to the date the participant would have been
70 1/2.
Prior to April 1, 2002, participant withdrawals were not permitted by the
Plan. Effective April 1, 2002, a participant may make partial or full
general withdrawals in the following order: (1) the value of the after-tax
contributions made before the preceding 24-month period and the unmatched
after-tax contributions made within the preceding 24-month period with no
suspension penalty or contribution suspension; (2) the value of the
matched after-tax contributions made during the preceding 24-months with a
3-month suspension penalty period during which no Company matching
contributions are made with no employee contribution suspension; (3) the
value of any rollover account; and (4) the value of certain prior Company
matching contributions as detailed in the appendix to the Plan document.
If the total amount available to a participant for a general withdrawal is
insufficient to meet his or her financial needs, a participant who has not
attained age 59 1/2 may apply to the Plan administrator for a "hardship"
withdrawal of part or all of the value of vested Company matching
contributions, and before-tax contributions and pre-1989 earnings thereon.
A participant who makes a hardship withdrawal will have contributions to
the Plan suspended for six months. As an alternative to suspension, a
participant may file a certification of financial hardship. In the year
following the distribution, contributions are limited to the annual
maximum allowed by Federal law less the amount of the employee's
before-tax contributions in the year of the hardship withdrawal.
Participants in the Plan who have attained age 59 1/2 may withdraw the
value of before-tax contributions and the value of vested Company matching
contributions, in addition to all amounts available under a general
withdrawal.
Some participants that have become participants in the Plan due to plan
mergers have benefits differing from the general provisions of the Plan.
The appendix to the Plan's summary plan description explains these
benefits in detail by location. These participants are often allowed to
continue certain benefits offered in their previous plans. The
contributions available for such withdrawals are only those contributions
made under their previous plans and not the contributions or earnings
thereon made under the Plan's provisions.
Administrative Expenses - All administrative fees and expenses are charged
to the Plan. The Recordkeeper nets the administrative expenses of each
plan in the Master Trust with the investment income or loss of the Master
Trust.
-6-
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The accompanying financial statements have been
prepared in accordance with accounting principles generally accepted in
the United States of America.
Use of Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America requires Plan management to make estimates and assumptions that
affect the reported amounts of net assets available for benefits and
changes therein. Actual results could differ from those estimates.
Investment Valuation and Income Recognition - The Plan's interest in the
Master Trust is stated at fair value except for its benefit-responsive
investment contracts, which are valued at contract value. If available,
quoted market prices are used to value investments. Pooled accounts are
valued at the net asset value of units held by the Plan at year-end.
Shares of mutual funds, the brokerage window and the Company's common
stock are valued at quoted market prices, which represent the net asset
value of shares held by the Plan at year-end. Participant loans are valued
at the outstanding loan balances.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded
on the ex-dividend date.
Management fees and operating expenses charged to the Master Trust for
investments in Pooled accounts, mutual funds and the brokerage window are
deducted from income earned on a daily basis and are not separately
reflected. Consequently, management fees and operating expenses are
reflected as an adjustment to net appreciation (depreciation) in fair
market value of investments for such investments.
The Plan has entered into various benefit-responsive investment contracts
with insurance companies, which maintain the contributions in a general
account. The accounts are credited with earnings on the underlying
investments and charged for participant withdrawals and administrative
expenses. The contracts are included in the financial statements at
contract value as reported to the Plan by the issuers. Contract value
represents contributions made under the contract, plus earnings, less
participant withdrawals and administrative expenses. Participants may
ordinarily direct the withdrawal or transfer of all or a portion of their
investment at contract value as reported to the Plan by the issuers.
There are no reserves against contract value for credit risk of the
contract issuer or otherwise. The fair value of the investment contracts
held by the Master Trust at December 31, 2002 and 2001 was $1,411,693,416
and $777,909,079, respectively. The aggregate average yields of the
investment contracts for the years ended December 31, 2002 and 2001 were
6.17% and 6.59%, respectively. The aggregate crediting interest rates for
the investment contracts as of December 31, 2002 and 2001 were 5.83% and
6.49%, respectively. The crediting interest rate is based on a formula
agreed upon with the issuer, but may not be less than certain percentages.
The Master Trust utilizes various investment instruments. Investment
securities, in general, are exposed to various risks, such as interest
rate, credit and overall market volatility. Due to the level of risk
associated with certain investment securities, it is reasonably possible
that changes in the values of investment securities will occur in the near
term and that such changes could materially affect the amounts reported in
the financial statements.
Payment of Benefits - Benefit payments to participants are recorded upon
distribution.
-7-
3. MASTER TRUST
The Plan's investment assets are held in a trust account by the Trustee
and consist of an undivided interest in an investment account 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 net assets of the Master Trust at December 31, 2002 and 2001, are
summarized as follows (in thousands):
2002 2001
Investments:
At fair value:
International Paper Company common stock $ 780,846 $ 834,879
Pooled accounts 1,119,676 128,982
Mutual funds -- 814,089
Open brokerage window 23,619 --
Loans to participants 100,802 58,704
---------- ---------
2,024,943 1,836,654
Guaranteed investment contracts, at contract value 1,337,519 761,224
Cash and cash equivalents 1,182 242
---------- ---------
Total investments 3,363,644 2,598,120
Due from broker for securities sold -- 6,896
Accrued administrative expenses (3,610) (915)
---------- ---------
Total net assets $3,360,034 $2,604,101
========== ==========
Plan's interest in the Master Trust $ 735,708 $ 272,952
========== ==========
Plan's interest in the Master Trust as percentage of total 22% 11%
========== ==========
-8-
The net investment loss of the Master Trust for the years ended December
31, 2002 and 2001, is summarized below (in thousands):
2002 2001
Investment loss:
Net appreciation (depreciation) of investments:
International Paper Company common stock $ (115,588) $ (5,164)
Pooled accounts (249,712) 5,745
Mutual funds -- (130,422)
Open brokerage window (6,012) --
Guaranteed investment contracts 72,418 45,845
---------- ---------
(298,894) (83,996)
Interest and dividends 21,443 34,456
---------- ---------
Total investment loss, net $ (277,451) $ (49,540)
========== =========
Investment (loss) income - Plan interest in Master Trust $ (51,950) $ 2,338
========== =========
4. NONPARTICIPANT-DIRECTED INVESTMENTS
Information about the net assets and the significant components of the
changes in net assets relating to the Stable Value Fund, which includes
both participant and nonparticipant-directed investments for the period
from January 1, 2002 to March 31, 2002 and as of and for the year ended
December 31, 2001, is as follows (in thousands):
2002 2001
Net assets, beginning of year $193,574 $181,565
-------- --------
Changes in net assets:
Investment income - Plan interest in Master Trust 15,104 10,865
Employer's contributions 3,135 8,473
Participants' contributions 22,426 12,968
Benefits paid to participants (39,392) (29,073)
Transfers from participant-directed investments, net 844 11,383
Transfers from (to) other plans/trusts, net 169,473 (2,607)
-------- --------
Net change 171,590 12,009
-------- --------
Net assets, end of year $365,164 $193,574
======== ========
-9-
Information about the net assets and the significant components of the
changes in net assets relating to the Company Stock Fund, which includes
both participant and non-participant directed investments, as of and for
the year ended December 31, 2002, is as follows (in thousands):
2002
Net assets, beginning of year $ 12,039
--------
Changes in net assets:
Investment loss - Plan interest in Master Trust (20,257)
Employer's contributions 7,891
Participants' contributions 3,021
Benefits paid to participants (9,622)
Transfers from participant-directed investments, net 5,511
Transfers from other plans/trusts, net 110,521
--------
Net change 97,065
--------
Net assets, end of year $109,104
========
5. RELATED-PARTY TRANSACTIONS
Certain of the Plan's investments are shares of mutual funds managed by
the Trustee. State Street Bank and Trust Company is the trustee, as
defined by the Plan and, therefore, these transactions qualify as
party-in-interest transactions. Fees paid by the Master Trust to the
Trustee for trustee services were approximately $900,000 and $674,000 for
the years ended December 31, 2002 and 2001, respectively.
Also included in the Plan's investments are shares of common stock of
International Paper Company, the Plan's sponsor, which qualify as
party-in-interest transactions.
6. INCOME TAX STATUS
The Internal Revenue Service ("IRS") has determined and informed the
Company by a letter dated May 8, 2003, that the Plan and related trust
were designed in accordance with the applicable requirements of the Code.
The Company and the plan administrator believe that the Plan is currently
designed and operated in compliance with the applicable requirements of
the Code and the Plan and related trust continue to be tax-exempt.
Therefore, no provision for income taxes has been included in the Plan's
financial statements.
-10-
7. TRANSFERS TO/FROM OTHER PLANS
The following table summarizes the net transfers to and (from) the Plan
during 2002 and 2001 (in thousands):
2002 2001
International Paper Company Retirement Savings Plan, portion merged
into the Plan effective March 31, 2002 $ 146,172 $ --
Champion International Corporation Savings Plan for Hourly Employees
#158, merged into the Plan effective March 31, 2002 214,295 --
Union Camp Corporation Franklin Employee Investment Plan -
Franklin, Virginia, merged into the Plan effective March 31, 2002 49,105 --
Union Camp Corporation Savannah Employee Investment Plan -
Savannah, Georgia, merged into the Plan effective March 31, 2002 38,450 --
Union Camp Corporation Prattville Employee Investment Plan -
Pratville, Alabama, merged into the Plan effective March 31, 2002 23,432 --
Union Camp Corporation Employees Investment Plan, merged
into the Plan effective March 31, 2002 29,034 --
Union Camp Corporation Employee Savings and Investment Plan 84 --
Ace Paper Products 401(k) Salary Deferral Plan, merged into
the Plan effective March 31, 2002 713 --
Imperial Cup Profit Sharing Plan, merged into the Plan effective
March 31, 2002 1,675 --
The Weston Paper and Manufacturing Co. 401(k) Savings Plan
for Collectively Bargained Employees, merged into the Plan
effective March 31, 2002 1,643 --
Shorewood Packaging Corporation Union Retirement and
Savings Plan, merged into the Plan effective March 31, 2002 843 --
Conversion due to sale to Nevamar (13,446) --
Weston Paper and Manufacturing Company 401(k) Savings Plan
for Collective Bargaining Employees at Terre Haute Mill and
Weston Paper and Manufacturing Company 401(k) Savings Plan
for Collective Bargaining Employees at Cedarburg Plant, merged
into the Plan effective March 31, 2001 -- 1,429
Masonite Conversion due to sale to Premdor, Inc. -- (3,066)
Loans to participants, transferred from other plans -- 50
International Paper Company Salaried Savings Plan, net transfer
due to change in employment status (1,420) (1,010)
Other (410) --
--------- ---------
Total net transfers $ 490,170 $ (2,597)
========= =========
-11-
8. PLAN TERMINATION
Although it has not expressed any intention to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions set forth in ERISA. In the
event that the Plan is terminated, participants would become 100% vested
in their accounts.
9. NONEXEMPT PARTY-IN-INTEREST TRANSACTION
The Company remitted participant contributions to the Trustee later than
required by D.O.L. Regulation 2510.3-102. The Company has represented that
they will file Form 5330 with the Internal Revenue Service and will pay
the required excise tax on the transactions.
10. SUBSEQUENT EVENT
The Plan was amended effective January 1, 2003, contingent on IRS approval
which was received in the determination letter dated May 8, 2003 (See Note
6), to designate the Company Stock Fund, excluding current year
contributions, as an employee stock ownership plan ("ESOP"). Effective
with respect to dividends paid in 2003 on share of Company stock held in
the ESOP portion of the Plan, in accordance with Section 404(k) of the
Code, participants will be permitted to elect to receive cash payouts of
the dividends paid on shares of Company stock allocated to their accounts
in the Plan or to leave the dividends in the Plan to be reinvested in
shares of Company stock.
-12-
INTERNATIONAL PAPER COMPANY HOURLY SAVINGS PLAN
FORM 5500, SCHEDULE G, PART III -
NONEXEMPT TRANSACTIONS
YEAR ENDED DECEMBER 31, 2002
----------------------------------------------------------------------------------------------------------------------------
(b) Relationship to Plan,
(a) Identity of Party Employer, or (c) Description of transactions
Involved Other Party-in-Interest (d) Amount
----------------------------- ----------------------------- ------------------------------------------------------------
International Paper Company Plan Sponsor Participant contributions for employees were not funded by
the 15th business day after the month withheld, as required
by D.O.L. Regulation 2510.3-102.
February 2002 participant contributions of $329 were
deposited on March 26, 2002.
International Paper Company Plan Sponsor Participant contributions for employees were not funded by
the 15th business day after the month withheld, as required
by D.O.L. Regulation 2510.3-102.
March 2002 participant contributions of $53,778 were
deposited on April 22, 2002.
International Paper Company Plan Sponsor Participant contributions for employees were not funded by
the 15th business day after the month withheld, as required
by D.O.L. Regulation 2510.3-102.
March 2002 participant contributions of $382,035 were
deposited on April 29, 2002.
International Paper Company Plan Sponsor Participant contributions for employees were not funded by
the 15th business day after the month withheld, as required
by D.O.L. Regulation 2510.3-102.
April 2002 participant contributions of $295,411 were
deposited on June 3, 2002.
International Paper Company Plan Sponsor Participant contributions for employees were not funded by
the 15th business day after the month withheld, as required
by D.O.L. Regulation 2510.3-102.
May 2002 participant contributions of $197,619 were
deposited on June 28, 2002.
-13-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the person
who administers the Plan has duly caused this annual report to be signed by the
undersigned thereunto duly authorized.
INTERNATIONAL PAPER COMPANY
HOURLY SAVINGS PLAN
By /s/ Jerome N. Carter
------------------------------
Jerome N. Carter, Senior Vice President
and Plan Administrator
Date: June 27, 2003
Stamford, Connecticut
STATEMENT OF DIFFERENCES
The section symbol shall be expressed as...................................'SS'