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Supplemental Balance Sheet Information | 3 Months Ended
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Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Balance Sheet Information | SUPPLEMENTAL BALANCE SHEET INFORMATION Receivables Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Receivables consisted of the following (dollar amounts in millions):
| March 31, 2026 |  | December 31, 2025
Trade receivables | $ | 113 |  |  | $ | 95 |
Income tax receivable | 27 |  |  | 16 |
Other receivables | 16 |  |  | 17 |
Allowance for doubtful accounts | (1) |  |  | (1) |
Total Receivables | $ | 155 |  |  | $ | 127 |
Other receivables as of March 31, 2026, and December 31, 2025, primarily consisted of sales tax receivables and other miscellaneous receivables. Inventories Inventories are valued at the lower of cost or net realizable value. Inventory cost includes materials, labor, and operating overhead. The first-in, first-out or average cost methods are used to value our inventories. Inventories include a lower of cost or market adjustment of $18 million and $23 million as of March 31, 2026, and December 31, 2025, respectively. Inventory consisted of the following (dollar amounts in millions):
| March 31, 2026 |  | December 31, 2025
Logs | $ | 93 |  |  | $ | 62 |
Other raw materials | 42 |  |  | 42 |
Semi-finished inventories | 35 |  |  | 38 |
Finished products | 247 |  |  | 222 |
Total Inventories | $ | 416 |  |  | $ | 363 |
Property, Plant, and Equipment Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following (dollar amounts in millions):
| March 31, 2026 |  | December 31, 2025
Land, Land improvements, and logging roads, net of road amortization | $ | 225 |  |  | $ | 225 |
Buildings | 527 |  |  | 525 |
Machinery and equipment | 2,648 |  |  | 2,602 |
Construction in progress | 293 |  |  | 298 |
Property, plant, and equipment | 3,692 |  |  | 3,650 |
Accumulated depreciation | (1,977) |  |  | (1,941) |
Property, plant, and equipment, net | $ | 1,715 |  |  | $ | 1,709 |
Goodwill and Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized and are subject to assessment for impairment by applying a fair value-based test on an annual basis, or more frequently if circumstances indicate a potential impairment. The Company’s annual assessment date is October 1. Changes in goodwill and other intangible assets for the three months ended March 31, 2026, are provided in the following table (dollar amounts in millions):
| Goodwill |  | Developed Technology |  |  |  | Total Goodwill and Intangibles |  |
Beginning balance December 31, 2025 | $ | 19 |  |  | $ | 3 |  |  |  |  | $ | 22 |  |  |
Amortization | — |  |  | (2) |  |  |  |  | (2) |  |  |
Ending balance March 31, 2026 | $ | 19 |  |  | $ | 1 |  |  |  |  | $ | 21 |  |  |
1 Timber licenses are included in timber and timberlands on the Condensed Consolidated Balance Sheets. Timber and Timberlands Timber and timberlands are comprised of timber deeds and allocations of the purchase price to Canadian timber harvesting licenses. Timber deeds are transactions in which we purchase timber but not the underlying land. We had timber and timberlands of $4 million and $5 million as of March 31, 2026, and December 31, 2025, respectively. Timber licenses have a life of 20 to 25 years and are amortized on a straight-line basis over the life of the agreement. Changes in timber licenses for the three months ended March 31, 2026, are provided in the following table (dollar amounts in millions):
| Timber Licenses 1
Beginning balance December 31, 2025 | $ | 8 |
Additions | — |
Impairment | — |
Amortization | — |
Ending Balance March 31, 2026 | $ | 8 |
1 Timber licenses are included in timber and timberlands on the Condensed Consolidated Balance Sheets. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities were as follows (dollars amounts in millions):
| March 31, 2026 |  | December 31, 2025
Trade accounts payable | $ | 122 |  |  | $ | 129 |
Salaries and wages payable | 53 |  |  | 84 |
Accrued customer incentives | 38 |  |  | 50 |
Taxes other than income taxes | 6 |  |  | 5 |
Current portion of operating lease liabilities | 9 |  |  | 9 |
Other accrued liabilities | 5 |  |  | 9 |
Total accounts payable and accrued liabilities | $ | 233 |  |  | $ | 285 |
Other accrued liabilities as of March 31, 2026, and December 31, 2025, primarily consisted of accrued interest, the short-term portion of workers' compensation liabilities, the current portion of product warranties, and other items. Additionally, trade accounts payable included $17 million and $33 million related to capital expenditures that had not yet been paid as of March 31, 2026, and December 31, 2025, respectively. Other Long-Term Liabilities Other long-term liabilities were as follows (dollar amounts in millions):
| March 31, 2026 |  | December 31, 2025
Post-retirement obligations | $ | 6 |  |  | $ | 6 |
Asset retirement obligations | 9 |  |  | 9 |
Uncertain tax positions | 5 |  |  | 5 |
Warranty reserves | 5 |  |  | 5 |
Other | 8 |  |  | 8 |
Total other long-term liabilities | $ | 33 |  |  | $ | 33 |
Other long-term liabilities as of March 31, 2026, and December 31, 2025, consisted primarily of executive deferred compensation and the long-term portion of workers’ compensation liabilities. See “Note 10. Product Warranties” below for further information regarding our product warranty claims.

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