Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Information By Business Segment

Net Sales and Business Segment Operating Profit

Three Months Ended June 30, 2025:


In millions	Europe		Latin America		North America		Total
Sales	$	181	$	207	$	419	$	807
Intersegment sales	—		(13)		—		(13)
Net sales	$	181	$	194	$	419	$	794
Less:
Cost of products sold and other	168		125		288		581
Maintenance outages	28		20		18		66
Economic downtime	—		—		—		—
Selling and administrative expenses	15		23		34		72
Depreciation, amortization and cost of timber harvested	8		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, net							10
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 millions	Europe		Latin America		North America		Total
Sales	$	371	$	406	$	857	$	1,634
Intersegment sales	—		(19)		—		(19)
Net sales	$	371	$	387	$	857	$	1,615
Less:
Cost of products sold and other	347		253		617		1,217
Maintenance outages	40		21		32		93
Economic downtime	—		—		3		3
Selling and administrative expenses	30		44		71		145
Depreciation, amortization and cost of timber harvested	16		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, net							19
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 millions	Europe		Latin America		North America		Total
Sales	$	206	$	245	$	493	$	944
Intersegment sales	(1)		(10)		—		(11)
Net sales	$	205	$	235	$	493	$	933
Less:
Cost of products sold and other	169		150		337		656
Maintenance outages	—		7		22		29
Economic downtime	3		—		4		7
Selling and administrative expenses	17		23		42		82
Depreciation, amortization and cost of timber harvested	8		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, net							9
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 millions	Europe		Latin America		North America		Total
Sales	$	413	$	461	$	983	$	1,857
Intersegment sales	(1)		(18)		—		(19)
Net sales	$	412	$	443	$	983	$	1,838
Less:
Cost of products sold and other	362		295		693		1,350
Maintenance outages	—		18		36		54
Economic downtime	3		—		8		11
Selling and administrative expenses	28		44		83		155
Depreciation, amortization and cost of timber harvested	16		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, net							18
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, 2025		December 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	2025		2024
Europe	$	22	$	10
Latin America	62		77
North America	30		25
Corporate	—		1
Capital Spending	$	114	$	113