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CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
NET SALES $ 897 $ 968 $ 2,757 $ 2,701
COSTS AND EXPENSES        
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below) 665 687 2,055 1,965
Selling and administrative expenses 89 80 248 227
Depreciation, amortization and cost of timber harvested 36 30 105 94
Taxes other than payroll and income taxes 7 6 19 18
Interest (income) expense, net 9 18 28 52
Income from continuing operations before income taxes 91 147 302 345
Income tax provision 33 38 98 97
NET INCOME FROM CONTINUING OPERATIONS 58 109 204 248
Discontinued operations, net of taxes 0 (52) 0 (224)
NET INCOME (LOSS) $ 58 $ 57 $ 204 $ 24
BASIC EARNINGS (LOSS) PER SHARE        
Earnings from continuing operations, basic (in dollars per share) $ 1.39 $ 2.47 $ 4.83 $ 5.62
Discontinued operations, net of taxes, basic (in dollars per share) 0 (1.18) 0 (5.08)
Net earnings (loss), basic (in dollars per share) 1.39 1.29 4.83 0.54
DILUTED EARNINGS (LOSS) PER SHARE        
Earnings from continuing operations, diluted (in dollars per share) 1.37 2.44 4.77 5.58
Discontinued operations, net of taxes, diluted (in dollars per share) 0 (1.16) 0 (5.04)
Net earnings (loss), diluted (in dollars per share) $ 1.37 $ 1.28 $ 4.77 $ 0.54