Restructuring Charges and Other Items (Note)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

2024: During 2024, restructuring and other charges, net, totaling $221 million before taxes were recorded. The charges included:

In millions	2024
80/20 strategic approach (a)	$	105
Georgetown mill closure costs (b)	119
Other restructuring items	(3)
Total	$	221

(a) Severance and other costs related to the resource alignment component of our 80/20 strategic approach. These severance and other costs include $61 million, $42 million and $2 million in the Corporate, Industrial Packaging and Global Cellulose Fibers segments, respectively. The severance charges are recorded in Accrued payroll and benefits and Other Liabilities in the accompanying consolidated balance sheet. The majority of these charges will be paid in 2025.

(b) Includes $39 million of severance charges recorded in Accrued payroll and benefits in the accompanying consolidated balance sheet, $34 million of inventory charges recorded in Inventories in the accompanying consolidated balance sheet and $46 million of other costs recorded in Other current liabilities and Other Liabilities in the accompanying consolidated balance sheet, associated with the permanent closure of our Georgetown, South Carolina mill. The majority of the severance charges will be paid in 2025.

2023: During 2023, restructuring and other charges, net, totaling $99 million before taxes were recorded. The charges included:

In millions	2023
Orange, Texas mill closure costs (a)	$	81
Pensacola mill and Riegelwood mill pulp machine shutdowns (b)	37
Building a Better IP (c)	(19)
Total	$	99

(a) Includes $25 million of severance charges, $30 million of inventory charges and $26 million of other costs associated with the closure of our containerboard mill in Orange, Texas. The majority of the severance charges were paid in 2024.

(b) Includes $21 million of severance charges, $12 million of inventory charges and $4 million of other costs associated with the permanent shutdown of pulp machines at our Riegelwood, North Carolina and Pensacola, Florida mills. The majority of the severance charges were paid in 2024.

(c) Revision of severance estimates related to our Building a Better IP initiative.

2022: During 2022, restructuring and other charges, net, totaling $89 million before taxes were recorded. These charges included:

In millions	2022
Early debt extinguishment costs (see Note 16)	$	93
Other restructuring items	(4)
Total	$	89