Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting

Information By Business Segment

Net Sales and Business Segment Operating Profit

Three Months Ended September 30, 2026:

In millions	Latin America		North America		Total
Sales	$	258	$	414	$	672
Intersegment sales	(27)		—		(27)
Net sales	231		414		645
Less:
Cost of products sold and other	155		289		444
Maintenance outages	—		—		—
Selling and administrative expenses	31		48		79
Depreciation, amortization and cost of timber harvested	23		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 America		North America		Total
Sales	$	664	$	1,215	$	1,879
Intersegment sales	(52)		—		(52)
Net sales	612		1,215		1,827
Less:
Cost of products sold and other	432		893		1,325
Maintenance outages	24		31		55
Selling and administrative expenses	82		122		204
Depreciation, amortization and cost of timber harvested	68		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 America		North America		Total
Sales	$	228	$	450	$	678
Intersegment sales	(16)		—		(16)
Net sales	212		450		662
Less:
Cost of products sold and other	129		319		448
Maintenance outages	—		—		—
Economic downtime	—		—		—
Selling and administrative expenses	25		35		60
Depreciation, amortization and cost of timber harvested	25		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 America		North America		Total
Sales	$	634	$	1,307	$	1,941
Intersegment sales	(35)		—		(35)
Net sales	599		1,307		1,906
Less:
Cost of products sold and other	382		936		1,318
Maintenance outages	21		32		53
Economic downtime	—		3		3
Selling and administrative expenses	74		115		189
Depreciation, amortization and cost of timber harvested	66		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 millions	2026		2025		2026		2025
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 items	3		1		8		1
Georgetown mill offtake termination	1		—		1		2
Brazil environmental reserve adjustment	—		—		(1)		1
Brazil foreign value-added tax refund	—		—		—		(1)
Other special items, net	1		—		—		2
Net special items expense (income)	$	4	$	1	$	8	$	3

Assets

In millions	September 30, 2026		December 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	2026		2025
Latin America	$	71	$	92
North America	85		49
Corporate	—		1
Capital Spending	$	156	$	142