CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current Assets
Cash and temporary investments	$ 205	$ 220
Restricted cash	0	60
Accounts and notes receivable (less allowances of $21 in 2024 and $25 in 2023)	429	428
Contract assets	26	27
Inventories	361	404
Other current assets	42	54
Total Current Assets	1,063	1,193
Plants, Properties and Equipment, net	944	1,002
Forestlands	319	364
Goodwill	111	139
Right of Use Assets	58	58
Deferred Charges and Other Assets	109	116
TOTAL ASSETS	2,604	2,872
Current Liabilities
Accounts payable	375	421
Notes payable and current maturities of long-term debt	22	28
Accrued payroll and benefits	79	63
Other current liabilities	206	183
Total Current Liabilities	682	695
Long-Term Debt	782	931
Deferred Income Taxes	152	189
Other Liabilities	141	156
Commitments and Contingent Liabilities (Note 13)
Equity
Common stock $1.00 par value, 200.0 shares authorized, 44.9 shares and 44.5 shares issued and 40.6 shares and 41.2 shares outstanding at December 31, 2024 and 2023, respectively	45	45
Paid-in capital	71	48
Retained earnings	2,455	2,222
Accumulated other comprehensive loss	(1,490)	(1,256)
Stockholders' Equity before Treasury Stock	1,081	1,059
Less: Common stock held in treasury, at cost, 4.3 shares and 3.3 shares at December 31, 2024 and December 31, 2023, respectively	(234)	(158)
Total Equity	847	901
TOTAL LIABILITIES AND EQUITY	$ 2,604	$ 2,872