Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Information By Business Segment

Net Sales and Business Segment Operating Profit (Loss)

Three Months Ended March 31, 2026:


In millions	Europe		Latin America		North America		Total
Sales	$	190	$	187	$	390	$	767
Intersegment sales	(2)		(10)		—		(12)
Net sales	$	188	$	177	$	390	$	755
Less:
Cost of products sold and other	211		125		303		639
Maintenance outages	—		3		14		17
Economic downtime	—		—		—		—
Selling and administrative expenses	13		24		36		73
Depreciation, amortization and cost of timber harvested	8		21		12		41
Add:
Other special items, net (a)	—		—		—		—
Business Segment Operating Profit (Loss)	$	(44)	$	4	$	25	$	(15)
Income (loss) before income taxes							$	(6)
Interest expense, net							9
Foreign exchange gain on intercompany note (b)							(19)
Corporate special items, net (a)							1
Business Segment Operating Profit (Loss)							$	(15)

(a) Net special items in the period presented primarily include other charges.

(b) Unallocated gain related to the foreign exchange on a note receivable from our Brazilian subsidiary, which is recorded within “Cost of products sold”.

Three Months Ended March 31, 2025:


In millions	Europe		Latin America		North America		Total
Sales	$	190	$	199	$	438	$	827
Intersegment sales	—		(6)		—		(6)
Net sales	$	190	$	193	$	438	$	821
Less:
Cost of products sold and other	179		128		329		636
Maintenance outages	12		1		14		27
Economic downtime	—		—		3		3
Selling and administrative expenses	15		21		37		73
Depreciation, amortization and cost of timber harvested	8		18		14		40
Add:
Other special items, net (a)	—		1		1		2
Business Segment Operating Profit (Loss)	$	(24)	$	26	$	42	$	44
Income (loss) before income taxes							$	33
Interest expense, net							9
Other special items, net (a)							2
Business Segment Operating Profit							$	44

(a) Net special items in the period presented primarily include charges related to the termination of the Georgetown mill offtake agreement and environmental reserves in Brazil.

Assets


In millions	March 31, 2026		December 31, 2025
Europe	$	497	$	500
Latin America	1,259		1,231
North America	945		884
Corporate and other	133		148
Assets	$	2,834	$	2,763

Capital Spending


	Three Months Ended March 31,
In millions	2026		2025
Europe	$	5	$	10
Latin America	21		27
North America	23		11
Capital Spending	$	49	$	48