DIVESTITURE AND IMPAIRMENT OF BUSINESS (Tables)

9 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following summarizes the major classes of line items comprising Income (Loss) Before Income Taxes reconciled to “Discontinued Operations, net of taxes”, related to the Europe business segment for all periods presented in the condensed consolidated of operations.

	Three Months Ended September 30,				Nine Months Ended September 30,
In millions	2026		2025		2026		2025
NET SALES	$	178	$	184	$	557	$	555
COSTS AND EXPENSES
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)	173		181		571		566
Selling and administrative expenses	7		7		19		23
Depreciation, amortization and cost of timber harvested	8		8		23		24
Taxes other than payroll and income taxes	3		3		9		5
Impairment of business	275		—		275		—
Interest expense, net	—		2		1		4
INCOME (LOSS) BEFORE INCOME TAXES	(288)		(17)		(341)		(67)
Income tax provision (benefit)	(4)		(3)		(11)		(6)
DISCONTINUED OPERATIONS, NET OF TAXES	$	(284)	$	(14)	$	(330)	$	(61)

The following summarizes the major classes of assets and liabilities of the Europe business segment operations reconciled to the accompanying condensed consolidated balance sheets, with all amounts as of September 30, 2026 being presented as current assets or liabilities held for sale.

In millions	September 30, 2026		December 31, 2025
Cash and temporary investments	$	43	$	49
Accounts and notes receivable	82		76
Inventories	146		157
Other current assets	6		7
Current Assets Held for Sale	277		289
Plants, Properties and Equipment, net	184		206
Right of Use Assets	8		7
Deferred Charges and Other Assets	33		24
Long-Term Assets Held for Sale	225		237
Notes payable and current maturities of long-term debt	2		2
Accounts payable	100		114
Accrued payroll and benefits	18		17
Valuation allowance to adjust net assets to estimated fair value, less costs of disposal	275		—
Other current liabilities	36		38
Current Liabilities Held for Sale	431		171
Long-Term Debt	4		5
Other Liabilities	19		17
Long-Term Liabilities Held for Sale	$	23	$	22

The following summarizes the total cash used for operating activities from discontinued operations, net and total cash used for investing activities from discontinued operations, net and included in the consolidated statement of cash flows:

	Nine Months Ended September 30,
In millions	2026		2025
Cash Used for Operating Activities	$	(49)	$	(66)
Cash Used for Investment Activities (a)	$	(12)	$	(26)

(a) Includes cash invested in capital projects of $12 million and $26 million for the nine months ended September 30, 2026 and 2025, respectively.