International Paper Reports Solid Q4 Results, Record Operating Earnings

Corporate items net, for the 2013 fourth quarter were income of $6 million compared with expenses of $13 million in the third quarter of 2013.

Effective Tax Rate
The effective tax rate before special items for the fourth quarter of 2013 was 31 percent, compared with an effective tax rate before special items of 24 percent in the third quarter of 2013. The higher rate in the fourth quarter is primarily attributable to a one-time inclusion in the third quarter of a $30 million benefit related to the adjustment of the tax basis in certain of the Company's fixed assets. The 2013 full year rate was 27 percent compared with 29 percent for the 2012 full year.