Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting

Information By Business Segment

Net Sales and Business Segment Operating Profit (Loss)

Three Months Ended June 30, 2026:

In millions	Europe		Latin America		North America		Total
Sales	$	197	$	219	$	411	$	827
Intersegment sales	(5)		(16)		—		(21)
Net sales	192		203		411		806
Less:
Cost of products sold and other	191		151		300		642
Maintenance outages	3		21		17		41
Selling and administrative expenses	11		22		32		65
Depreciation, amortization and cost of timber harvested	7		24		12		43
Add:
Other special items, net (a)	—		(1)		—		(1)
Business Segment Operating Profit (Loss)	$	(20)	$	(16)	$	50	$	14
Net income (loss)							$	(11)
Income tax provision (benefit)							12
Interest expense, net							11
Foreign exchange gain on intercompany note (b)							(1)
Corporate special items, net (a)							4
Other special items, net (a)							(1)
Business Segment Operating Profit							$	14

(a) See table below for the effects of special items.

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

Six Months Ended June 30, 2026:

In millions	Europe		Latin America		North America		Total
Sales	$	387	$	406	$	801	$	1,594
Intersegment sales	(7)		(26)		—		(33)
Net sales	380		380		801		1,561
Less:
Cost of products sold and other	402		277		603		1,282
Maintenance outages	3		24		31		58
Selling and administrative expenses	24		45		68		137
Depreciation, amortization and cost of timber harvested	15		45		24		84
Add:
Other special items, net (a)	—		(1)		—		(1)
Business Segment Operating Profit (Loss)	$	(64)	$	(12)	$	75	$	(1)
Net income (loss)							$	(14)
Income tax provision (benefit)							9
Interest expense, net							20
Foreign exchange gain on intercompany note (b)							(20)
Corporate special items, net (a)							5
Other special items, net (a)							(1)
Business Segment Operating Profit							$	(1)

(a) See table below for the effects of special items.

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

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
Net income (loss)							$	15
Income tax provision (benefit)							5
Interest expense, net							10
Corporate special items, net (a)							—
Other special items, net (a)							—
Business Segment Operating Profit							$	30

(a) See table below for the effects of special items.

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
Net income (loss)							$	42
Income tax provision (benefit)							11
Interest expense, net							19
Corporate special items, net (a)							—
Other special items, net (a)							2
Business Segment Operating Profit							$	74

(a) See table below for the effects of special items.

Effects of Net Special Items Expense (Income)

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2026		2025		2026		2025
Professional and legal fees	$	4	$	—	$	4	$	—
Other charges	—		—		1		—
Corporate special items	4		—		5		—
Georgetown mill offtake termination	—		1		—		2
Brazil environmental reserve adjustment	(1)		—		(1)		1
Brazil foreign value-added tax refund	—		(1)		—		(1)
Other special items, net	(1)		—		(1)		2
Net special items expense (income)	$	3	$	—	$	4	$	2

Assets

In millions	June 30, 2026		December 31, 2025
Europe	$	482	$	500
Latin America	1,279		1,231
North America	973		884
Corporate and other	141		148
Assets	$	2,875	$	2,763

Capital Spending

	Six Months Ended June 30,
In millions	2026		2025
Europe	$	8	$	22
Latin America	49		62
North America	53		30
Capital Spending	$	110	$	114