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FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA FINANCIAL INFORMATION BY BUSINESS SEGMENT
The Company’s business segments, Europe, Latin America and North America, are organized by geography. These segments are consistent with the internal structure used to manage these businesses. Each of our segments derive their revenue from the manufacture and sale of paper and pulp products.

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 and net corporate special items.

The chief operating decision maker uses business segment operating profit to allocate resources (primarily capital spending) for each segment predominantly during the annual strategic planning, budgeting and forecasting processes. The chief operating decision maker also considers actual performance variances in business segment operating profits on a monthly basis to assess the performance of the segments. The Company’s chief operating decision maker is the Chairman and Chief Executive Officer.
Sales by business segment are determined using a management approach and include intersegment sales (which are eliminated in consolidation).

Information By Business Segment

Net Sales and Business Segment Operating Profit

Three Months Ended March 31, 2025:

In millionsEuropeLatin AmericaNorth AmericaTotal
Sales$190 $199 $438 $827 
Intersegment sales— (6)— (6)
Net sales$190 $193 $438 $821 
Less:
Cost of products sold and other179 128 329 636 
Maintenance outages12 1 14 27 
Economic downtime— — 3 3 
Selling and administrative expenses15 21 37 73 
Depreciation, amortization and cost of timber harvested8 18 14 40 
Add:
Other special items, net (a)— 1 1 2 
Business Segment Operating Profit (Loss)$(24)$26 $42 $44 
Income before income taxes$33 
Interest (income) expense, net9 
Corporate special items, net (a)— 
Other special items, net (a)2 
Business Segment Operating Profit$44 

(a) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the period presented primarily include charges related to the termination of the Georgetown mill offtake agreement and environmental reserves in Brazil.
Three Months Ended March 31, 2024:

In millionsEuropeLatin AmericaNorth AmericaTotal
Sales$207 $216 $490 $913 
Intersegment sales— (8)— (8)
Net sales$207 $208 $490 $905 
Less:
Cost of products sold and other193 145 356 694 
Maintenance outages— 11 14 25 
Economic downtime— — 4 4 
Selling and administrative expenses11 21 41 73 
Depreciation, amortization and cost of timber harvested8 18 13 39 
Add:
Other special items, net (a)1 1 — 2 
Business Segment Operating Profit (Loss)$(4)$14 $62 $72 
Income before income taxes$60 
Interest (income) expense, net9 
Corporate special items, net (a)1 
Other special items, net (a)2 
Business Segment Operating Profit$72 

(a) Net special items in the period presented primarily include charges related to integration costs for the Nymölla acquisition and other charges.

Assets
In millions
March 31, 2025December 31, 2024
Europe
$351 $324 
Latin America
1,141 1,065 
North America
887 904 
Corporate and Other (a)
250 311 
Assets
$2,629 $2,604 

(a)     Includes corporate assets.

Capital Spending
Three Months Ended
March 31,
In millions
20252024
Europe
$10 $2 
Latin America
27 49 
North America
11 9 
Capital Spending
$48 $60