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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
Temporary Investments

Temporary investments with an original maturity of three months or less and money market funds with greater than three-month maturities but with the right to redeem without notice are treated as cash equivalents and are stated at cost. Temporary investments totaled $70 million and $104 million at June 30, 2025 and December 31, 2024, respectively.

Accounts and Notes Receivable

Accounts and notes receivable, net, by classification were:
In millions
June 30, 2025December 31, 2024
Accounts and notes receivable:
Trade
$357 $402 
Notes and other
26 27 
Total
$383 $429 

The allowance for expected credit losses was $23 million and $21 million at June 30, 2025 and December 31, 2024, respectively. Based on the Company’s accounting estimates and the facts and circumstances available as of the reporting date, we believe our allowance for expected credit losses is adequate.

Inventories

In millions
June 30, 2025December 31, 2024
Raw materials
$74 $56 
Finished paper and pulp products
189 178 
Operating supplies
116 107 
Other
17 20 
Total$396 $361 

Plants, Properties and Equipment, Net

Accumulated depreciation was $3.9 billion and $3.6 billion at June 30, 2025 and December 31, 2024, respectively. Depreciation expense was $33 million and $31 million for the three months and $66 million and $64 million for the six months ended June 30, 2025 and 2024, respectively.

Additions to plants, property and equipment included within accounts payable were $12 million and $12 million each at June 30, 2025 and December 31, 2024.

Forestlands

There were no additions to Forestlands included within accounts payable at June 30, 2025. Additions to Forestlands included within accounts payable were $10 million at December 31, 2024.

Interest

Interest payments of $24 million and $31 million were made during the six months ended June 30, 2025 and 2024, respectively.
Amounts related to interest were as follows:

Three Months Ended June 30,Six Months Ended June 30,
In millions
2025202420252024
Interest expense$12 $13 $24 $27 
Interest income(1)(3)(3)(7)
Capitalized interest cost(1)(1)(2)(2)
Total$10 $9 $19 $18 

Asset Retirement Obligations

As of June 30, 2025 and December 31, 2024, we have recorded liabilities of $29 million and $28 million, respectively, related to asset retirement obligations. These amounts are included in “Other liabilities.” For asset retirement obligations which are conditional upon future events, we cannot reasonably estimate the current fair value of those potential obligations due to the uncertainty as to the timing or amounts that may be incurred.