PRINTING PAPERS net sales for 2006 decreased 3% from both 2005 and 2004 due principally to the sale of the U. S.  coated papers business in August 2006.
However, operating profits in 2006 were 43% higher than in 2005 and 33% higher than in 2004.
Compared with 2005, earnings improved for U. S.  uncoated papers, market pulp and European Papers, but this was partially offset by earnings declines in Brazilian papers.
Benefits from higher average sales price realizations in the United States, Europe and Brazil ($284 million), improved manufacturing operations ($73 million), reduced lack-of-order downtime ($41 million), higher sales volumes in Europe ($23 million), and other items ($65 million) were partially offset by higher raw material and energy costs ($109 million), higher freight costs ($45 million) and an impairment charge to reduce the carrying value of the fixed assets at the Saillat, France mill ($128 million).
Compared with 2004, higher earnings in 2006 in the U. S.  uncoated papers, market pulp and coated papers businesses were offset by lower earnings in the European and Brazilian papers businesses.
The printing papers segment took 555,000 tons of downtime in 2006, including 150,000 tons of lack-of-order downtime to align production with customer demand.
This compared with 970,000 tons of total downtime in 2005, of which 520,000 tons related to lack-of-orders.
## Table 0 ##
U. S.  UNCOATED PAPERS net sales in 2006 were $3.5 billion, compared with $3.2 billion in 2005 and $3.3 billion in 2004.
Sales volumes increased in 2006 over 2005, particularly in cut-size paper and printing papers.
Average sales price realizations increased significantly, reflecting benefits from price increases announced in late 2005 and early 2006.
Lack-of-order downtime declined from 450,000 tons in 2005 to 40,000 tons in 2006, reflecting firm market demand and the impact of the permanent closure of three uncoated freesheet machines in 2005.
Operating earnings in 2006 more than doubled compared with both 2005 and 2004.
The benefits of improved average sales price realizations more than offset higher input costs for freight, wood and energy, which were all above 2005 levels.
Mill operations were favorable compared with 2005 due to current-year improvements in machine performance, lower labor, chemical and energy consumption costs, as well as approximately $30 million of charges incurred in 2005 for machine shutdowns.
U. S.  COATED PAPERS net sales were $920 million in 2006, $1.6 billion in 2005 and $1.4 billion in 2004.
Operating profits in 2006 were 26% lower than in 2005.
A small operating loss was reported for the business in 2004.
This business was sold in the third quarter of 2006.
During the first two quarters of 2006, sales volumes were up slightly versus 2005.
Average sales price realizations for coated freesheet paper and coated groundwood paper were higher than in 2005, reflecting the impact of previously announced price increases.
However, input costs for energy, wood and other raw materials increased over 2005 levels.
Manufacturing operations were favorable due to higher machine efficiency and mill cost savings.
U. S.  MARKET PULP sales in 2006 were $509 million, compared with $526 million and $437 million in 2005 and 2004, respectively.
Sales volumes in 2006 were down from 2005 levels, primarily for paper and tissue pulp.
Average sales price realizations were higher in 2006, reflecting higher average prices for fluff pulp and bleached hardwood and softwood pulp.
Operating earnings increased 30% from 2005 and more than 100% from 2004 principally due to the impact of the higher average sales prices.
Input costs for wood and energy were higher in 2006 than in 2005.
Manufacturing operations were unfavorable, driven primarily by poor operations at our Riegelwood, North Carolina mill.
BRAZILIAN PAPER net sales for 2006 of $496 million were higher than the $465 million in 2005 and the $417 million in 2004.
The sales increase in 2006 reflects higher sales volumes than in 2005, particularly for uncoated freesheet paper, and a strengthening of the Brazilian currency versus the U. S.  dollar.
Average sales price realizations improved in 2006, primarily for uncoated freesheet paper and wood chips.
Despite higher net sales, operating profits for 2006 of $122 million were down from $134 million in 2005 and $166 million in 2004, due principally to incremental costs associated with an extended mill outage in Mogi Guacu to convert to an elemental-chlorine-free bleaching process, to rebuild the primary recovery boiler, and for other environmental upgrades.
EUROPEAN PAPERS net sales in 2006 were $1.5 billion, compared with $1.4 billion in 2005 and $1.5 billion in 2004.
Sales volumes in 2006 were higher than in 2005 at our Eastern European mills due to stronger market demand.
Average sales price realizations increased in 2006 in both Eastern and Western European markets.
Operating earnings in 2006 rose 20% from 2005, but were 15% below 2004 levels.
The improvement in 2006 compared with 2005
A reconciliation of the amounts included in the computation of earnings per common share from continuing operations, and diluted earnings per common share from continuing operations is as follows:
## Table 1 ##
Note: If an amount does not appear in the above table, the security was antidilutive for the period presented.
NOTE 3 INDUSTRY SEGMENT INFORMATION Financial information by industry segment and geographic area for 2006, 2005 and 2004 is presented on pages 43 and 44.
NOTE 4 RECENT ACCOUNTING DEVELOPMENTS EMPLOYERS’ ACCOUNTING FOR DEFINED BENEFIT PENSION AND OTHER POSTRETIREMENT PLANS In September 2006, the Financial Accounting Standards Board (FASB) issued SFAS No.158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans – an Amendment of FASB Statements No.87, 88, 106, and 132(R).
” This statement requires a calendar year-end company with publicly traded equity securities that sponsors a postretirement benefit plan to fully recognize, as an asset or liability, the overfunded or underfunded status of its benefit plan(s) in its 2006 year-end balance sheet.
It also requires a company to measure its plan assets and benefit obligations as of its year-end balance sheet date beginning with fiscal years ending after December 15, 2008.
The Company adopted the provisions of this standard as of December 31, 2006, recording an additional liability of $492 million and an after-tax charge to Other comprehensive income of $350 million for its defined benefit and postretirement benefit plans.
FAIR VALUE MEASUREMENTS In September 2006, the FASB also issued SFAS No.157, “Fair Value Measurements,” which provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities.
It also emphasizes that fair value is a market-based measurement, not an entityspecific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active markets.
This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years, and is to be applied prospectively as of the beginning of the year in which it is initially applied.
The Company is currently evaluating the provisions of this statement.
ACCOUNTING FOR PLANNED MAJOR MAINTENANCE ACTIVITIES In September 2006, the FASB issued FASB Staff Position (FSP) No.
AUG AIR-1, “Accounting for Planned Major Maintenance Activities,” which permits the application of three alternative methods of accounting for planned major maintenance activities: the direct expense, built-in-overhaul, and deferral methods.
The FSP is effective for the first fiscal year beginning after December 15, 2006.  International Paper will adopt the direct expense method of accounting for these costs in 2007 with no impact on its annual consolidated financial statements.
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES In June 2006, the FASB issued FASB Interpretation No.48 (FIN 48), “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No.109.
” FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
This interpretation also provides guidance on classification, interest and penalties, accounting in interim periods and transition, and significantly expands income tax disclosure requirements.
It applies to all tax positions accounted for in accordance with SFAS No.109 and is effective for fiscal years beginning after December 15, 2006.  International Paper will apply the provisions of this interpretation beginning
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
## Table 2 ##
The accompanying notes are an integral part of these financial statements.

<table><tr><td><i>In millions</i></td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td>Sales</td><td>$6,930</td><td>$7,170</td><td>$7,135</td></tr><tr><td>Operating Profit</td><td>$677</td><td>$473</td><td>$508</td></tr></table>
<table><tr><td><i>In millions, except per share amounts</i></td><td> 2006</td><td>2005</td><td>2004</td></tr><tr><td>Earnings from continuing operations</td><td>$1,282</td><td>$684</td><td>$238</td></tr><tr><td>Effect of dilutive securities</td><td>13</td><td>27</td><td>–</td></tr><tr><td> Earnings from continuing operations - assuming dilution</td><td>$1,295</td><td>$711</td><td>$238</td></tr><tr><td>Average common shares outstanding</td><td>476.1</td><td>486.0</td><td>485.8</td></tr><tr><td>Effect of dilutive securities</td><td></td><td></td><td></td></tr><tr><td>Restricted performance share plan</td><td>3.0</td><td>0.8</td><td>–</td></tr><tr><td>Stock options</td><td>0.2</td><td>2.9</td><td>2.6</td></tr><tr><td>Contingently convertible debt</td><td>9.4</td><td>20.0</td><td>–</td></tr><tr><td> Average common shares outstanding - assuming dilution</td><td>488.7</td><td>509.7</td><td>488.4</td></tr><tr><td> Earnings per common share from continuing operations</td><td>$2.69</td><td>$1.41</td><td>$0.49</td></tr><tr><td> Diluted earnings per common share from continuing operations</td><td>$2.65</td><td>$1.40</td><td>$0.49</td></tr></table>
<table><tr><td><i>In millions</i></td><td>Common Stock Issued</td><td>Paid-in Capital</td><td>Retained Earnings</td><td>Accumulated Other Comprehensive Income (Loss)</td><td>Treasury Stock</td><td>Total International Paper Shareholders’ Equity</td><td>Noncontrolling Interest</td><td>Total Equity</td></tr><tr><td> <i>BALANCE, JANUARY 1, 2007</i></td><td>$493</td><td>$6,735</td><td>$3,737</td><td>$-1,564</td><td>$1,438</td><td>$7,963</td><td>$213</td><td>$8,176</td></tr><tr><td>Issuance of stock for various plans, net</td><td>1</td><td>20</td><td>–</td><td>–</td><td>-181</td><td>202</td><td>–</td><td>202</td></tr><tr><td>Repurchase of stock</td><td>–</td><td>–</td><td>–</td><td>–</td><td>1,224</td><td>-1,224</td><td>–</td><td>-1,224</td></tr><tr><td>Cash dividends – Common Stock</td><td>–</td><td>–</td><td>-436</td><td>–</td><td>–</td><td>-436</td><td>–</td><td>-436</td></tr><tr><td>Dividends paid to noncontrolling interests by subsidiary</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>-10</td><td>-10</td></tr><tr><td>Repurchase of noncontrolling interests</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>-28</td><td>-28</td></tr><tr><td>Noncontrolling interests of acquired entities</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>25</td><td>25</td></tr><tr><td>Comprehensive income (loss):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net earnings</td><td>–</td><td>–</td><td>1,168</td><td>–</td><td>–</td><td>1,168</td><td>24</td><td>1,192</td></tr><tr><td>Pension and postretirement divestitures, amortization of prior service costs and net loss:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. plans (less tax of $72)</td><td>–</td><td>–</td><td>–</td><td>98</td><td>–</td><td>98</td><td>–</td><td>98</td></tr><tr><td>Pension and postretirement liability adjustments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. plans (less tax of $228)</td><td>–</td><td>–</td><td>–</td><td>367</td><td>–</td><td>367</td><td>–</td><td>367</td></tr><tr><td>Non-U.S. plans (less tax of $7)</td><td>–</td><td>–</td><td>–</td><td>26</td><td>–</td><td>26</td><td>–</td><td>26</td></tr><tr><td>Change in cumulative foreign currency translation adjustment</td><td>–</td><td>–</td><td>–</td><td>591</td><td>–</td><td>591</td><td>4</td><td>595</td></tr><tr><td>Net gains on cash flow hedging derivatives:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net gain arising during the period (less tax of $5)</td><td>–</td><td>–</td><td>–</td><td>33</td><td>–</td><td>33</td><td>–</td><td>33</td></tr><tr><td>Less: Reclassification adjustment for gains included in net earnings (less tax of $3)</td><td>–</td><td>–</td><td>–</td><td>-22</td><td>–</td><td>-22</td><td>–</td><td>-22</td></tr><tr><td>Total comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2,289</td></tr><tr><td>Adoption of FIN 48 (Note 2)</td><td>–</td><td>–</td><td>-94</td><td>–</td><td>–</td><td>-94</td><td>–</td><td>-94</td></tr><tr><td> <i>BALANCE, DECEMBER 31, 2007</i></td><td>494</td><td>6,755</td><td>4,375</td><td>-471</td><td>2,481</td><td>8,672</td><td>228</td><td>8,900</td></tr><tr><td>Issuance of stock for various plans, net</td><td>–</td><td>-34</td><td>–</td><td>–</td><td>-143</td><td>109</td><td>–</td><td>109</td></tr><tr><td>Repurchase of stock</td><td>–</td><td>–</td><td>–</td><td>–</td><td>47</td><td>-47</td><td>–</td><td>-47</td></tr><tr><td>Retirement of treasury stock</td><td>-60</td><td>-876</td><td>-1,231</td><td>–</td><td>-2,167</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Cash dividends – Common Stock</td><td>–</td><td>–</td><td>-432</td><td>–</td><td>–</td><td>-432</td><td>–</td><td>-432</td></tr><tr><td>Dividends paid to noncontrolling interests by subsidiary</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>-10</td><td>-10</td></tr><tr><td>Noncontrolling interests of acquired entities</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>9</td><td>9</td></tr><tr><td>Comprehensive income (loss):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net earnings (loss)</td><td>–</td><td>–</td><td>-1,282</td><td>–</td><td>–</td><td>-1,282</td><td>3</td><td>-1,279</td></tr><tr><td>Amortization of pension and postretirement prior service costs and net loss:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. plans (less tax of $58)</td><td>–</td><td>–</td><td>–</td><td>82</td><td>–</td><td>82</td><td>–</td><td>82</td></tr><tr><td>Pension and postretirement liability adjustments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. plans (less tax of $1,128)</td><td>–</td><td>–</td><td>–</td><td>-1,857</td><td>–</td><td>-1,857</td><td>–</td><td>-1,857</td></tr><tr><td>Non-U.S. plans (less tax of $1)</td><td>–</td><td>–</td><td>–</td><td>-26</td><td>–</td><td>-26</td><td>–</td><td>-26</td></tr><tr><td>Change in cumulative foreign currency translation adjustment</td><td>–</td><td>–</td><td>–</td><td>-889</td><td>–</td><td>-889</td><td>2</td><td>-887</td></tr><tr><td>Net losses on cash flow hedging derivatives:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net losses arising during the period (less tax of $61)</td><td>–</td><td>–</td><td>–</td><td>-106</td><td>–</td><td>-106</td><td>–</td><td>-106</td></tr><tr><td>Less: Reclassification adjustment for gains included in net earnings (less tax of $16)</td><td>–</td><td>–</td><td>–</td><td>-55</td><td>–</td><td>-55</td><td>–</td><td>-55</td></tr><tr><td>Total comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-4,128</td></tr></table>

Question: What is the value of the BALANCE, DECEMBER 31, 2007 for the Treasury Stock ? (in million)
Answer: 2481