XML 44 R26.htm IDEA: XBRL DOCUMENT v3.24.0.1
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
The Company’s business segments, Europe, Latin America and North America, are consistent with the internal structure used to manage these businesses. As discussed in Note 8 Divestiture and Impairment of Business, the Company’s Russian operations have been classified as discontinued operations and as a result are no longer reported within the Europe business segment for any periods presented.
Business segment operating profits are used by the Company’s management to measure the earnings performance of its businesses. Management believes that business segment operating profit provides investors and analysts useful insights into our operating performance. We define business segment operating profit as our income from continuing operations before income taxes calculated in accordance with GAAP, excluding net interest expense (income) and net business special items which includes net corporate special items.

External sales are defined as those that are made to parties outside the Company’s combined group, whereas sales by business segment in the Net Sales table are determined using a management approach and include intersegment sales.

INFORMATION BY BUSINESS SEGMENT
Net Sales
In millions202320222021
Europe
$821 $501 $366 
Latin America
1,006 1,023 786 
North America
1,951 2,173 1,718 
Corporate and Intersegment Sales
(57)(69)(42)
Net Sales
$3,721 $3,628 $2,828 
The Company had one customer within our North America business segment that represented approximately 14%, 13% and 12% of our consolidated and combined net sales for the years ended December 31, 2023, 2022 and 2021, respectively.
Business Segment Operating Profit
In millions
202320222021
Europe
$(25)$50 $(29)
Latin America
197 212 194 
North America
269 291 133 
Business Segment Operating Profit
$441 $553 $298 
Income from continuing operations before income taxes
$369 $467 $328 
Interest expense (income), net
34 69 (1)
Corporate special items, net14 12 5 
Other special items, net
24 5 (34)
Business Segment Operating Profit$441 $553 $298 
Other Special Items, Net
In millions
202320222021
Europe
$19 $1 $— 
Latin America
(3)— (35)
North America
8 4 1 
Other Special Items, Net
$24 $5 $(34)
Assets
In millions as of December 31
20232022
Europe
$370 $258 
Latin America
1,226 1,129 
North America
909 894 
Corporate and Other (a)
367 429 
Assets
$2,872 $2,710 
(a)     Includes corporate assets.
Capital Spending
In millions
202320222021
Europe
$31 $7 $6 
Latin America
112 76 39 
North America
67 66 24 
Capital Spending
$210 $149 $69 
Depreciation, Amortization and Cost of Timber Harvested
In millions
202320222021
Europe
$28 $15 $18 
Latin America
68 59 58 
North America
47 51 50 
Depreciation, Amortization and Cost of Timber Harvested
$143 $125 $126 
INFORMATION BY GEOGRAPHIC AREA

External Net Sales (a)
In millions
202320222021
United States
$1,951 $2,173 $1,718 
Brazil
995 1,008 734 
Europe
821 501 366 
Americas, other than United States and Brazil
11 15 52 
Corporate and Intersegment Sales
(57)(69)(42)
Net Sales
$3,721 $3,628 $2,828 
(a)Net sales are attributed to countries based on the location of the seller.
Long-Lived Assets
In millions as of December 31
20232022
United States
$450 $436 
Brazil
727 635 
Europe
189 68 
Long-Lived Assets
$1,366 $1,139