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FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
The Company’s three 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), foreign exchange on a note receivable from our Brazilian subsidiary, net business and 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 Chief Executive Officer.
Sales by business segment are determined using a management approach and include intersegment sales (which are eliminated in consolidation). External sales in the External Net Sales table are defined as those that are made to parties outside the Company’s combined group.
INFORMATION BY BUSINESS SEGMENT
Net Sales and Business Segment Operating Profit
2025:
In millions
EuropeLatin AmericaNorth AmericaTotal
Sales$741 $904 $1,754 $3,399 
Intersegment Sales(2)(46)— (48)
Net sales
739 858 1,754 3,351 
Less:
Cost of products sold and other
720 555 1,251 2,526 
Maintenance outages
40 21 49 110 
Economic downtime
3 — 3 6 
Selling and administrative expenses
54 95 132 281 
Depreciation, amortization and cost of timber harvested
34 87 58 179 
Impairment of goodwill11 — — 11 
Add:
Other special items, net (a)
11 — 2 13 
Business Segment Operating Profit$(112)$100 $263 $251 
Income (loss) before income taxes
$199 
Interest (income) expense, net
39 
Foreign exchange on intercompany note (b)
(1)
Corporate special items, net (a)
1 
Other special items, net (a)
13 
Business Segment Operating Profit$251 
(a)    Net special items in the period presented primarily include the impairment of goodwill in our France reporting unit, certain severance costs related to our salaried workforce, a pre-tax gain to adjust the recognition of a foreign value-added tax refund in Brazil, charges related to the termination of the Georgetown mill offtake agreement, and environmental reserves in Brazil.
(b)    Unallocated (income) expense related to the foreign exchange on a note receivable from our Brazilian subsidiary.
2024:
In millions
EuropeLatin AmericaNorth AmericaTotal
Sales$801 $974 $2,029 $3,804 
Intersegment Sales(2)(29)— (31)
Net sales
799 945 2,029 3,773 
Less:
Cost of products sold and other
694 617 1,438 2,749 
Maintenance outages
1 18 54 73 
Economic downtime
10 — 27 37 
Selling and administrative expenses
52 91 167 310 
Depreciation, amortization and cost of timber harvested
33 75 51 159 
Add:
Other special items, net (a)
1 6 1 8 
Business Segment Operating Profit$10 $150 $293 $453 
Income (loss) before income taxes
$405 
Interest (income) expense, net
39 
Corporate special items, net (a)
1 
Other special items, net (a)
8 
Business Segment Operating Profit$453 
(a)    Net special items in the period presented primarily include legal fees related to the Brazil Tax Dispute, a loss related to forest fires in Brazil, certain severance costs related to our salaried workforce, and integration costs related to the Nymölla acquisition.
2023:
In millions
EuropeLatin AmericaNorth AmericaTotal
Sales$821 $1,006 $1,951 $3,778 
Intersegment Sales— (57)— (57)
Net sales
821 949 1,951 3,721 
Less:
Cost of products sold and other
704 574 1,342 2,620 
Maintenance outages
27 9 53 89 
Economic downtime
38 — 85 123 
Selling and administrative expenses
68 98 163 329 
Depreciation, amortization and cost of timber harvested
28 68 47 143 
Add:
Other special items, net (a)
19 (3)8 24 
Business Segment Operating Profit$(25)$197 $269 $441 
Income (loss) before income taxes
$369 
Interest (income) expense, net
34 
Corporate special items, net (a)
14 
Other special items, net (a)
24 
Business Segment Operating Profit$441 
(a)    Net special items in the period presented primarily include foreign VAT refunds, transaction and integration costs related to the Nymölla acquisition, the impact of the step-up of acquired Nymölla inventory sold during the first quarter of 2023, and certain severance costs related to our salaried workforce.
Note:    Cost of products sold and other in each of the tables above includes costs directly related to the manufacture of our products and taxes other than payroll and income taxes but excludes costs directly attributable to maintenance outages and unabsorbed costs due to economic downtime. Costs of products sold and other also excludes depreciation, amortization and cost of timber harvested which is presented separately.
The Company had one customer within our North America business segment that represented approximately 15%, 13% and 14% of our consolidated net sales for the years ended December 31, 2025, 2024 and 2023, respectively.
Assets
In millions as of December 31
20252024
Europe
$500 $324 
Latin America
1,231 1,065 
North America
884 904 
Corporate and Other (a)
148 311 
Assets
$2,763 $2,604 
(a)     Includes corporate assets.
Capital Spending
In millions
202520242023
Europe
$36 $27 $31 
Latin America
116 140 112 
North America
71 53 63 
Corporate1 1 4 
Capital Spending
$224 $221 $210 

INFORMATION BY GEOGRAPHIC AREA

External Net Sales (a)
In millions
202520242023
United States
$1,754 $2,029 $1,951 
Brazil
904 971 995 
Europe
741 801 821 
Americas, other than United States and Brazil
— 3 11 
Corporate and Intersegment Sales
(48)(31)(57)
Net Sales
$3,351 $3,773 $3,721 
(a)Net sales are attributed to countries based on the location of the seller.
Long-Lived Assets
In millions as of December 31
20252024
United States
$467 $453 
Brazil
737 634 
Europe
207 176 
Long-Lived Assets
$1,411 $1,263