INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (loss) before income taxes

The components of the Company’s income from continuing operations before income taxes by taxing jurisdiction were as follows:

In millions	2024		2023		2022
U.S.	$	205	$	121	$	176
Non-U.S.	200		248		291
Income from continuing operations before income taxes	$	405	$	369	$	467

Schedule of provision for income taxes

Income tax provision by taxing jurisdictions was as follows:

In millions	2024		2023		2022
Current tax provision
U.S. federal	$	43	$	32	$	56
U.S. state and local	13		11		15
Non-U.S.	54		73		67
	$	110	$	116	$	138
Deferred tax provision
U.S. federal	$	(5)	$	(3)	$	(11)
U.S. state and local	(3)		(7)		(1)
Non-U.S.	1		10		5
	$	(7)	—		$	(7)
Income tax provision	$	103	$	116	$	131

Schedule of reconciliation of income taxes using the statutory U.S. income tax rate

A reconciliation of income taxes using the statutory U.S. income tax rate of 21% compared to the reported income tax provision is summarized as follows:

In millions	2024			2023			2022
Income from continuing operations before income taxes	$	405		$	369		$	467
Statutory U.S. income tax rate	21		%	21		%	21		%
Income taxes using the statutory U.S. income tax rate	85			77			98
State and local income taxes	6			2			11
Impact of rate differential on non-U.S. earnings	24			31			29
Non-U.S. valuation allowance	(3)			7			2
Permanent benefit for non-U.S. interest deductions	(9)			(11)			(10)
Foreign currency differences and other permanent deductions	—			—			(9)
Uncertain tax positions	2			6			—
U.S. tax on non-U.S. earnings (GILTI and Subpart F)	1			2			11
Other, net	(3)			2			(1)
Income tax provision	$	103		$	116		$	131
Effective income tax rate	25		%	31		%	28		%

Schedule of components of deferred income tax assets and liabilities

The components of deferred income tax assets and liabilities are as follows:

In millions	2024		2023
Deferred income tax assets:
Net operating and capital loss carryforwards	$	23	$	27
Accrued payroll and benefits	31		33
Lease liabilities	13		12
Tax credits	25		25
Capitalized research and development	23		15
Other	35		32
Gross deferred income tax assets	150		144
Less: valuation allowance	(35)		(39)
Net deferred income tax asset	$	115	$	105
Deferred income tax liabilities:
Intangibles	$	(37)	$	(47)
Inventories	(15)		(12)
Right of use assets	(11)		(11)
Deferred foreign income	(49)		(62)
Plants, properties and equipment	(86)		(85)
Forestlands	(41)		(52)
Gross deferred income tax liabilities	(239)		(269)
Net deferred income tax liability	$	(124)	$	(164)

Schedule of Unrecognized Tax Benefits Roll Forward

The reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:

In millions	2024		2023		2022
Balance at January 1	$	(10)	$	(4)	$	(3)
(Additions) reductions for tax positions related to current year	(4)		(6)		(1)
Reductions for tax positions related to prior years	1		—		—
Settlements	1		—		—
Balance at December 31	$	(12)	$	(10)	$	(4)

Summary of Tax Credit Carryforwards

The following details the scheduled expiration dates of the Company’s December 31, 2024 net operating loss and income tax credit carryforwards:

In millions	2025 Through 2034		Indefinite		Total
Non-U.S. NOLs	$	6	$	17	$	23
U.S. federal, non-U.S. and state tax credit carryforwards	—		25		25
Total	6		42		48
Less: related valuation allowance	(6)		(29)		(35)
Total, net	$	—	$	13	$	13