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FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
 6 Months Ended
Jun. 30, 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 group is made up of the Chairman and Chief Executive Officer and Chief Operating 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 June 30, 2025:

In millionsEuropeLatin AmericaNorth AmericaTotal
Sales$181 $207 $419 $807 
Intersegment sales— (13)— (13)
Net sales$181 $194 $419 $794 
Less:
Cost of products sold and other168 125 288 581 
Maintenance outages28 20 18 66 
Economic downtime— — — — 
Selling and administrative expenses15 23 34 72 
Depreciation, amortization and cost of timber harvested8 23 14 45 
Add:
Other special items, net (a)— (1)1 — 
Business Segment Operating Profit (Loss)$(38)$2 $66 $30 
Income before income taxes$20 
Interest (income) expense, net10 
Corporate special items, net (a)— 
Other special items, net (a)— 
Business Segment Operating Profit$30 

(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 include a gain to adjust the recognition of a foreign value-added tax refund in Brazil.
Six Months Ended June 30, 2025:

In millionsEuropeLatin AmericaNorth AmericaTotal
Sales$371 $406 $857 $1,634 
Intersegment sales— (19)— (19)
Net sales$371 $387 $857 $1,615 
Less:
Cost of products sold and other347 253 617 1,217 
Maintenance outages40 21 32 93 
Economic downtime— — 3 3 
Selling and administrative expenses30 44 71 145 
Depreciation, amortization and cost of timber harvested16 41 28 85 
Add:
Other special items, net (a)— — 2 2 
Business Segment Operating Profit (Loss)$(62)$28 $108 $74 
Income before income taxes$53 
Interest (income) expense, net19 
Corporate special items, net (a)— 
Other special items, net (a)2 
Business Segment Operating Profit$74 

(a) Net special items in the period presented primarily include a pre-tax gain to adjust the recognition of a foreign value-added tax refund in Brazil and charges related to the termination of the Georgetown mill offtake agreement and environmental reserves in Brazil.

Three Months Ended June 30, 2024:

In millionsEuropeLatin AmericaNorth AmericaTotal
Sales$206 $245 $493 $944 
Intersegment sales(1)(10)— (11)
Net sales$205 $235 $493 $933 
Less:
Cost of products sold and other169 150 337 656 
Maintenance outages— 7 22 29 
Economic downtime3 — 4 7 
Selling and administrative expenses17 23 42 82 
Depreciation, amortization and cost of timber harvested8 17 12 37 
Add:
Other special items, net (a)— (1)1 — 
Business Segment Operating Profit (Loss)$8 $37 $77 $122 
Income before income taxes$113 
Interest (income) expense, net9 
Corporate special items, net (a)— 
Other special items, net (a)— 
Business Segment Operating Profit$122 
(a) Net special items in the period presented include a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce.

Six Months Ended June 30, 2024:

In millionsEuropeLatin AmericaNorth AmericaTotal
Sales$413 $461 $983 $1,857 
Intersegment sales(1)(18)— (19)
Net sales$412 $443 $983 $1,838 
Less:
Cost of products sold and other362 295 693 1,350 
Maintenance outages— 18 36 54 
Economic downtime3 — 8 11 
Selling and administrative expenses28 44 83 155 
Depreciation, amortization and cost of timber harvested16 35 25 76 
Add:
Other special items, net (a)1 — 1 2 
Business Segment Operating Profit (Loss)$4 $51 $139 $194 
Income before income taxes$173 
Interest (income) expense, net18 
Corporate special items, net (a)1 
Other special items, net (a)2 
Business Segment Operating Profit$194 

(a) Net special items in the period presented primarily include integration costs for the Nymölla acquisition, a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce.

Assets
In millions
June 30, 2025December 31, 2024
Europe
$392 $324 
Latin America
1,163 1,065 
North America
861 904 
Corporate and Other (a)
252 311 
Assets
$2,668 $2,604 

(a) Includes corporate assets.

Capital Spending
Six Months Ended June 30,
In millions
20252024
Europe
$22 $10 
Latin America
62 77 
North America
30 25 
Corporate— 1 
Capital Spending
$114 $113