CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and temporary investments	$ 135	$ 205
Accounts and notes receivable (less allowances of $17 in 2025 and $21 in 2024)	424	429
Contract assets	19	26
Inventories	418	361
Other current assets	80	42
Total Current Assets	1,076	1,063
Plants, Properties and Equipment, net	1,047	944
Forestlands	364	319
Goodwill	114	111
Right of Use Assets	48	58
Deferred Charges and Other Assets	114	109
TOTAL ASSETS	2,763	2,604
Current Liabilities
Accounts payable	381	375
Notes payable and current maturities of long-term debt	90	22
Accrued payroll and benefits	55	79
Other current liabilities	190	206
Total Current Liabilities	716	682
Long-Term Debt	763	782
Deferred Income Taxes	175	152
Other Liabilities	143	141
Commitments and Contingent Liabilities (Note 11)
Equity
Common stock $1.00 par value, 200.0 shares authorized, 45.6 shares and 44.9 shares issued and 39.4 shares and 40.6 shares outstanding at December 31, 2025 and 2024, respectively	46	45
Paid-in capital	89	71
Retained earnings	2,514	2,455
Accumulated other comprehensive loss	(1,353)	(1,490)
Stockholders' Equity before Treasury Stock	1,296	1,081
Less: Common stock held in treasury, at cost, 6.2 shares and 4.3 shares at December 31, 2025 and December 31, 2024, respectively	(330)	(234)
Total Equity	966	847
TOTAL LIABILITIES AND EQUITY	$ 2,763	$ 2,604