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FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA | FINANCIAL INFORMATION BY BUSINESS SEGMENT The Company’s business segments, Europe, 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. 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. We define business segment operating profit as our income from continuing operations before income taxes calculated in accordance with GAAP, excluding net interest expense (income) and net business special items and net corporate special items. 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. The Company’s chief operating decision maker group is made up of the Chairman and Chief Executive Officer and Chief Operating Officer. Sales by business segment are determined using a management approach and include intersegment sales (which are eliminated in consolidation). Information By Business Segment Net Sales and Business Segment Operating Profit Three Months Ended June 30, 2025:
In millions | Europe |  | Latin America |  | North America |  | Total
Sales | $ | 181 |  |  | $ | 207 |  |  | $ | 419 |  |  | $ | 807 |
Intersegment sales | — |  |  | (13) |  |  | — |  |  | (13) |
Net sales | $ | 181 |  |  | $ | 194 |  |  | $ | 419 |  |  | $ | 794 |
Less: |  |  |  |  |  |  |
Cost of products sold and other | 168 |  |  | 125 |  |  | 288 |  |  | 581 |
Maintenance outages | 28 |  |  | 20 |  |  | 18 |  |  | 66 |
Economic downtime | — |  |  | — |  |  | — |  |  | — |
Selling and administrative expenses | 15 |  |  | 23 |  |  | 34 |  |  | 72 |
Depreciation, amortization and cost of timber harvested | 8 |  |  | 23 |  |  | 14 |  |  | 45 |
Add: |  |  |  |  |  |  |
Other special items, net (a) | — |  |  | (1) |  |  | 1 |  |  | — |
Business Segment Operating Profit (Loss) | $ | (38) |  |  | $ | 2 |  |  | $ | 66 |  |  | $ | 30 |
Income before income taxes |  |  |  |  |  |  | $ | 20 |
Interest (income) expense, net |  |  |  |  |  |  | 10 |
Corporate special items, net (a) |  |  |  |  |  |  | — |
Other special items, net (a) |  |  |  |  |  |  | — |
Business Segment Operating Profit |  |  |  |  |  |  | $ | 30 |
(a) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the period presented include a gain to adjust the recognition of a foreign value-added tax refund in Brazil. Six Months Ended June 30, 2025:
In millions | Europe |  | Latin America |  | North America |  | Total
Sales | $ | 371 |  |  | $ | 406 |  |  | $ | 857 |  |  | $ | 1,634 |
Intersegment sales | — |  |  | (19) |  |  | — |  |  | (19) |
Net sales | $ | 371 |  |  | $ | 387 |  |  | $ | 857 |  |  | $ | 1,615 |
Less: |  |  |  |  |  |  |
Cost of products sold and other | 347 |  |  | 253 |  |  | 617 |  |  | 1,217 |
Maintenance outages | 40 |  |  | 21 |  |  | 32 |  |  | 93 |
Economic downtime | — |  |  | — |  |  | 3 |  |  | 3 |
Selling and administrative expenses | 30 |  |  | 44 |  |  | 71 |  |  | 145 |
Depreciation, amortization and cost of timber harvested | 16 |  |  | 41 |  |  | 28 |  |  | 85 |
Add: |  |  |  |  |  |  |
Other special items, net (a) | — |  |  | — |  |  | 2 |  |  | 2 |
Business Segment Operating Profit (Loss) | $ | (62) |  |  | $ | 28 |  |  | $ | 108 |  |  | $ | 74 |
Income before income taxes |  |  |  |  |  |  | $ | 53 |
Interest (income) expense, net |  |  |  |  |  |  | 19 |
Corporate special items, net (a) |  |  |  |  |  |  | — |
Other special items, net (a) |  |  |  |  |  |  | 2 |
Business Segment Operating Profit |  |  |  |  |  |  | $ | 74 |
(a) Net special items in the period presented primarily include a pre-tax gain to adjust the recognition of a foreign value-added tax refund in Brazil and charges related to the termination of the Georgetown mill offtake agreement and environmental reserves in Brazil. Three Months Ended June 30, 2024:
In millions | Europe |  | Latin America |  | North America |  | Total
Sales | $ | 206 |  |  | $ | 245 |  |  | $ | 493 |  |  | $ | 944 |
Intersegment sales | (1) |  |  | (10) |  |  | — |  |  | (11) |
Net sales | $ | 205 |  |  | $ | 235 |  |  | $ | 493 |  |  | $ | 933 |
Less: |  |  |  |  |  |  |
Cost of products sold and other | 169 |  |  | 150 |  |  | 337 |  |  | 656 |
Maintenance outages | — |  |  | 7 |  |  | 22 |  |  | 29 |
Economic downtime | 3 |  |  | — |  |  | 4 |  |  | 7 |
Selling and administrative expenses | 17 |  |  | 23 |  |  | 42 |  |  | 82 |
Depreciation, amortization and cost of timber harvested | 8 |  |  | 17 |  |  | 12 |  |  | 37 |
Add: |  |  |  |  |  |  |
Other special items, net (a) | — |  |  | (1) |  |  | 1 |  |  | — |
Business Segment Operating Profit (Loss) | $ | 8 |  |  | $ | 37 |  |  | $ | 77 |  |  | $ | 122 |
Income before income taxes |  |  |  |  |  |  | $ | 113 |
Interest (income) expense, net |  |  |  |  |  |  | 9 |
Corporate special items, net (a) |  |  |  |  |  |  | — |
Other special items, net (a) |  |  |  |  |  |  | — |
Business Segment Operating Profit |  |  |  |  |  |  | $ | 122 |
(a) Net special items in the period presented include a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce. Six Months Ended June 30, 2024:
In millions | Europe |  | Latin America |  | North America |  | Total
Sales | $ | 413 |  |  | $ | 461 |  |  | $ | 983 |  |  | $ | 1,857 |
Intersegment sales | (1) |  |  | (18) |  |  | — |  |  | (19) |
Net sales | $ | 412 |  |  | $ | 443 |  |  | $ | 983 |  |  | $ | 1,838 |
Less: |  |  |  |  |  |  |
Cost of products sold and other | 362 |  |  | 295 |  |  | 693 |  |  | 1,350 |
Maintenance outages | — |  |  | 18 |  |  | 36 |  |  | 54 |
Economic downtime | 3 |  |  | — |  |  | 8 |  |  | 11 |
Selling and administrative expenses | 28 |  |  | 44 |  |  | 83 |  |  | 155 |
Depreciation, amortization and cost of timber harvested | 16 |  |  | 35 |  |  | 25 |  |  | 76 |
Add: |  |  |  |  |  |  |
Other special items, net (a) | 1 |  |  | — |  |  | 1 |  |  | 2 |
Business Segment Operating Profit (Loss) | $ | 4 |  |  | $ | 51 |  |  | $ | 139 |  |  | $ | 194 |
Income before income taxes |  |  |  |  |  |  | $ | 173 |
Interest (income) expense, net |  |  |  |  |  |  | 18 |
Corporate special items, net (a) |  |  |  |  |  |  | 1 |
Other special items, net (a) |  |  |  |  |  |  | 2 |
Business Segment Operating Profit |  |  |  |  |  |  | $ | 194 |
(a) Net special items in the period presented primarily include integration costs for the Nymölla acquisition, a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce. Assets
In millions |  | June 30, 2025 |  | December 31, 2024
Europe |  | $ | 392 |  |  | $ | 324 |
Latin America |  | 1,163 |  |  | 1,065 |
North America |  | 861 |  |  | 904 |
Corporate and Other (a) |  | 252 |  |  | 311 |
Assets |  | $ | 2,668 |  |  | $ | 2,604 |
(a) Includes corporate assets. Capital Spending
|  | Six Months Ended June 30,
In millions |  | 2025 |  | 2024
Europe |  | $ | 22 |  |  | $ | 10 |
Latin America |  | 62 |  |  | 77 |
North America |  | 30 |  |  | 25 |
Corporate |  | — |  |  | 1 |
Capital Spending |  | $ | 114 |  |  | $ | 113 |

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- Definition The entire disclosure for reporting segments including data and tables. 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