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FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA FINANCIAL INFORMATION BY BUSINESS SEGMENT
The Company’s two business segments, 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. As discussed in Note 7 Divestiture and Impairment of Business, the Company’s Europe business segment has been classified as discontinued operations and as a result is no longer reported as a business segment of the Company for any periods presented. Prior period results for our Latin America and North America business segments have been recast to reflect the reallocation of certain corporate costs which were previously allocated to our Europe business segment.

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. Business Segment Operating Profit (Loss) (non-GAAP) is net income (loss) from continuing operations (GAAP) plus the sum of income taxes, net interest expense, the impact of foreign exchange on an intercompany note receivable from our Brazilian subsidiary, and, when applicable for the periods reported, net special items.

The Company’s chief operating decision maker is the President and Chief Executive Officer. 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.

Sales by business segment are determined using a management approach and include inter-segment sales to our business segments in continuing operations and discontinued operations (which are eliminated in consolidation). Inter-segment sales to our discontinued operations were $4 million and $7 million for the three months and $17 million and $23 million for the nine months ended September 30, 2026 and 2025, respectively.

Information By Business Segment
Net Sales and Business Segment Operating Profit
Three Months Ended September 30, 2026:
In millions
Latin AmericaNorth AmericaTotal
Sales$258 $414 $672 
Intersegment sales(27)— (27)
Net sales231 414 645 
Less:
Cost of products sold and other155 289 444 
Maintenance outages— — — 
Selling and administrative expenses31 48 79 
Depreciation, amortization and cost of timber harvested23 13 36 
Add:
Other special items, net (a)
— 1 1 
Business Segment Operating Profit
$22 $65 $87 
Net income from continuing operations
$85 
Income tax provision (benefit)(14)
Interest expense, net
11 
Foreign exchange (gain) loss on intercompany note (b)
1 
Corporate special items, net (a)
3 
Other special items, net (a)
1 
Business Segment Operating Profit $87 
(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”.
Nine Months Ended September 30, 2026:
In millions
Latin AmericaNorth AmericaTotal
Sales$664 $1,215 $1,879 
Intersegment sales(52)— (52)
Net sales612 1,215 1,827 
Less:
Cost of products sold and other432 893 1,325 
Maintenance outages24 31 55 
Selling and administrative expenses82 122 204 
Depreciation, amortization and cost of timber harvested68 37 105 
Add:
Other special items, net (a)
(1)1 — 
Business Segment Operating Profit
$5 $133 $138 
Net income from continuing operations
$117 
Income tax provision (benefit)2 
Interest expense, net
30 
Foreign exchange (gain) loss on intercompany note (b)
(19)
Corporate special items, net (a)
8 
Other special items, net (a)
— 
Business Segment Operating Profit$138 
(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 September 30, 2025:
In millions
Latin AmericaNorth AmericaTotal
Sales$228 $450 $678 
Intersegment sales(16)— (16)
Net sales212 450 662 
Less:
Cost of products sold and other129 319 448 
Maintenance outages— — — 
Economic downtime— — — 
Selling and administrative expenses25 35 60 
Depreciation, amortization and cost of timber harvested25 16 41 
Add:
Other special items, net (a)
— — — 
Business Segment Operating Profit
$33 $80 $113 
Net income from continuing operations
$71 
Income tax provision (benefit)34 
Interest expense, net
7 
Corporate special items, net (a)
1 
Other special items, net (a)
— 
Business Segment Operating Profit$113 
(a) See table below for the effects of special items.
Nine Months Ended September 30, 2025:
In millions
Latin AmericaNorth AmericaTotal
Sales$634 $1,307 $1,941 
Intersegment sales(35)— (35)
Net sales599 1,307 1,906 
Less:
Cost of products sold and other382 936 1,318 
Maintenance outages21 32 53 
Economic downtime— 3 3 
Selling and administrative expenses74 115 189 
Depreciation, amortization and cost of timber harvested66 44 110 
Add:
Other special items, net (a)
— 2 2 
Business Segment Operating Profit
$56 $179 $235 
Net income from continuing operations
$160 
Income tax provision (benefit)48 
Interest expense, net
24 
Corporate special items, net (a)
1 
Other special items, net (a)
2 
Business Segment Operating Profit$235 
(a) See table below for the effects of special items.

Effects of Net Special Items Expense (Income)
Three Months Ended September 30,Nine Months Ended September 30,
In millions2026202520262025
Professional and legal fees primarily related to our plan to sell the Europe business$3 $— $7 $— 
Severance charges— 1 — 1 
Other charges— — 1 — 
Corporate special items3 1 8 1 
Georgetown mill offtake termination1 — 1 2 
Brazil environmental reserve adjustment— — (1)1 
Brazil foreign value-added tax refund— — — (1)
Other special items, net1 — — 2 
Net special items expense (income)$4 $1 $8 $3 

Assets
In millions
September 30, 2026December 31, 2025
Latin America
$1,277 $1,231 
North America
1,026 884 
Corporate and other (a)
648 646 
Assets
$2,951 $2,761 
(a)     Includes corporate assets and assets of businesses held for sale.
Capital Spending
Nine Months Ended September 30,
In millions
20262025
Latin America
$71 $92 
North America
85 49 
Corporate — 1 
Capital Spending
$156 $142