XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.25.3

DIVESTITURE | 9 Months Ended
--- | ---
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DIVESTITURE | DIVESTITURE On August 21, 2025, the Company announced that it had reached a definitive agreement with AIP to sell its Global Cellulose Fibers business for $1.5 billion, subject to closing adjustments, including the issuance of preferred stock with an aggregate initial liquidation preference of $190 million. The transaction is expected to close by the end of the year, subject to regulatory approvals. In conjunction with this announced agreement, the Company recorded a net pre-tax charge of $1.0 billion ($758 million after taxes) in the third quarter of 2025 related to the impairment of the Global Cellulose Fibers business. The pre-tax charge was based on an estimate of expected proceeds and is subject to change with final proceeds and closing adjustments. This non-cash charge is included in Discontinued Operations, net of taxes in the accompanying condensed consolidated statement of operations. All current and historical operating results of the Global Cellulose Fibers business are presented as Discontinued Operations, net of tax, in the condensed consolidated statement of operations. All current and historical assets and liabilities of the Global Cellulose Fibers business are classified as Assets held for sale and Long-Term Assets Held For Sale and Liabilities held for sale and Long-Term Liabilities Held For Sale in the accompanying condensed consolidated balance sheets. The following summarizes the major classes of line items comprising Earnings (Loss) Before Income Taxes and Equity Earnings reconciled to Discontinued Operations, net of tax, related to the Global Cellulose Fibers business for all current and prior periods presented in the condensed consolidated statement of operations:
| Three Months Ended September 30, | Nine Months Ended September 30,
In millions | 2025 | 2024 | 2025 | 2024
Net Sales | $ | 634 |  | $ | 708 |  | $ | 1,896 |  | $ | 2,126 |
Costs and Expenses |  |  |  |
Cost of products sold | 377 |  | 463 |  | 1,285 |  | 1,494 |
Selling and administrative expenses | 50 |  | 35 |  | 145 |  | 97 |
Depreciation and amortization | 35 |  | 59 |  | 134 |  | 175 |
Distribution expenses | 63 |  | 70 |  | 193 |  | 226 |
Taxes other than payroll and income taxes | 6 |  | 7 |  | 20 |  | 20 |
Restructuring charges, net | (5) |  | 1 |  | (5) |  | 1 |
Net loss on impairment of business | 1,008 |  | — |  | 1,008 |  | — |
Interest expense, net | 2 |  | (1) |  | (2) |  | (2) |
Earnings (Loss) Before Income Taxes and Equity Earnings (Loss) | (902) |  | 74 |  | (882) |  | 115 |
Income tax provision (benefit) | (226) |  | 35 |  | (225) |  | 48 |
Discontinued Operations, Net of Taxes | $ | (676) |  | $ | 39 |  | $ | (657) |  | $ | 67 |
The following summarizes the major classes of assets and liabilities of the Global Cellulose Fibers business and reconciled to Assets held for sale and Liabilities held for sale as of September 30, 2025 in the accompanying condensed consolidated balance sheet:
In millions | September 30, 2025
Cash and temporary investments | $ | 10 |
Accounts and notes receivable, net | 568 |
Contract assets | 43 |
Inventories | 294 |
Other current assets | 13 |
Plants, Properties and Equipment | 1,723 |
Right of Use Assets | 36 |
Deferred Charges and Other Assets | 103 |
| 2,790 |
Impairment Charge | (1,008) |
Assets held for sale | 1,782 |
Notes payable and current maturities of long-term debt | 2 |
Accounts payable | 208 |
Accrued payroll and benefits | 62 |
Other current liabilities | 34 |
Long-Term Debt | 5 |
Deferred Income Taxes | 43 |
Long-Term Lease Obligations | 22 |
Other Liabilities | 63 |
Liabilities held for sale | $ | 439 |
The impairment charge represents the adjustment to reduce the carrying value of the disposal group to the fair value of the disposal group, defined as the sale price less estimated selling costs, which are Level 3 inputs. The following summarizes the major classes of assets and liabilities of the Global Cellulose Fibers business and reconciled to Assets held for sale, Long-Term Assets Held For Sale, Liabilities held for sale and Long-Term Liabilities Held For Sale as of December 31, 2024 in the accompanying condensed consolidated balance sheet:
In millions | December 31, 2024
Cash and temporary investments | $ | 109 |
Accounts and notes receivable, net | 564 |
Contract assets | 35 |
Inventories | 298 |
Other current assets | 10 |
Assets held for sale | 1,016 |
Plants, Properties and Equipment | 1,742 |
Right of Use Assets | 31 |
Deferred Charges and Other Assets | 103 |
Long-Term Assets Held For Sale | 1,876 |
Notes payable and current maturities of long-term debt | 2 |
Accounts payable | 205 |
Accrued payroll and benefits | 69 |
Other current liabilities | 68 |
Liabilities held for sale | 344 |
Long-Term Debt | 6 |
Deferred Income Taxes | 44 |
Long-Term Lease Obligations | 24 |
Other Liabilities | 51 |
Long-Term Liabilities Held For Sale | $ | 125 |
The following summarizes the cash provided by (used for) operations and cash provided by (used for) investment activities related to the Global Cellulose Fibers business and included in the condensed consolidated statement of cash flows:
In millions | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024
Cash Provided By (Used For) Operating Activities | $ | 5 |  | $ | 154 |
Cash Provided By (Used For) Investment Activities | $ | (103) |  | $ | (93) |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration