INTERNATIONAL PAPER CO /NEW/, 10-Q filed on 5/5/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
May 01, 2026
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-03157  
Entity Registrant Name INTERNATIONAL PAPER COMPANY  
Entity Incorporation, State or Country Code NY  
Entity Tax Identification Number 13-0872805  
Entity Address, Address Line One 6400 Poplar Avenue  
Entity Address, City or Town Memphis  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 38197  
City Area Code 901  
Local Phone Number 419-9000  
Title of 12(b) Security Common Shares  
Trading Symbol IP  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   529,516,974
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000051434  
Current Fiscal Year End Date --12-31  
v3.26.1
Condensed Consolidated Statement of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net Sales $ 5,971 $ 5,264
Costs and Expenses    
Cost of products sold 4,244 3,805
Selling and administrative expenses 510 487
Depreciation and amortization 489 520
Distribution expenses 513 417
Taxes other than payroll and income taxes 41 87
Restructuring charges, net 23 83
Net (gains) losses on sales and impairments of assets 0 (67)
Interest expense, net 76 84
Non-operating pension expense (income) (18) 3
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss) 93 (155)
Income tax provision (benefit) 17 (32)
Equity earnings (loss), net of taxes 0 (1)
Earnings (Loss) From Continuing Operations 76 (124)
Discontinued operations, net of taxes (16) 19
Net Earnings (Loss) $ 60 $ (105)
Basic Earnings (Loss) Per Share    
Earnings (loss) from continuing operations (in dollars per share) $ 0.14 $ (0.28)
Discontinued operations (in dollars per share) (0.03) 0.04
Net earnings (loss) (in dollars per share) 0.11 (0.24)
Diluted Earnings (Loss) Per Share    
Earnings (loss) from continuing operations (in dollars per share) 0.14 (0.28)
Discontinued operations (in dollars per share) (0.03) 0.04
Net earnings (loss) (in dollars per share) $ 0.11 $ (0.24)
Average Shares of Common Stock Outstanding - assuming dilution (in shares) 531.8 437.6
v3.26.1
Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Earnings (Loss) $ 60 $ (105)
Amortization of pension and post-retirement prior service costs and net loss:    
U.S. plans 12 16
Pension and postretirement adjustments:    
Change in cumulative foreign currency translation adjustment (5) 410
Net gains/(losses) on cash flow hedging derivatives:    
Net gains/(losses) on cash flow hedging derivatives 137 (52)
Reclassification adjustment for (gains) losses included in net earnings (losses) 1 (1)
Total Other Comprehensive Income (Loss), Net of Tax 162 381
Comprehensive Income (Loss) 222 276
U.S. plans    
Pension and postretirement adjustments:    
U.S and Non-U.S plans 16 8
Non-U.S. plans    
Pension and postretirement adjustments:    
U.S and Non-U.S plans $ 1 $ 0
v3.26.1
Condensed Consolidated Balance Sheet - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current Assets    
Cash and temporary investments $ 1,236 $ 1,145
Restricted cash 63 0
Accounts and notes receivable, net 4,022 3,791
Contract assets 670 635
Assets held for sale 85 1,800
Inventories 1,902 2,012
Other current assets 602 723
Total Current Assets 8,580 10,106
Plants, Properties and Equipment, net 14,252 14,443
Goodwill 5,297 5,326
Intangibles, net 4,060 4,043
Long-Term Financial Assets of Variable Interest Entities (Note 15) 2,354 2,349
Right of Use Assets 652 697
Overfunded Pension Plan Assets 507 486
Deferred Charges and Other Assets 732 514
Total Assets 36,434 37,964
Current Liabilities    
Notes payable and current maturities of long-term debt 918 992
Accounts payable 3,833 3,902
Accrued payroll and benefits 693 834
Liabilities held for sale 6 502
Other current liabilities 1,623 1,669
Total Current Liabilities 7,073 7,899
Long-Term Debt 8,175 8,839
Deferred Income Taxes 1,963 1,898
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15) 2,129 2,127
Long-Term Lease Obligations 450 486
Underfunded Pension Benefit Obligation 297 316
Postretirement and Postemployment Benefit Obligation 131 133
Other Liabilities 1,408 1,439
Equity    
Common stock, $1 par value, 2026 – 627.0 shares and 2025 – 627.0 shares 627 627
Paid-in capital 14,352 14,414
Retained earnings 4,699 4,885
Accumulated other comprehensive income (loss) (366) (528)
Total Shareholders' Equity Before Treasury Stock 19,312 19,398
Less: Common stock held in treasury, at cost, 2026 – 97.6 shares and 2025 – 99.0 shares 4,504 4,571
Total Equity 14,808 14,827
Total Liabilities and Equity $ 36,434 $ 37,964
v3.26.1
Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares
shares in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Number Of Authorized Shares Not Disclosed true true
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares, issued (in shares) 627.0 627.0
Common stock, shares outstanding (in shares) 627.0 627.0
Treasury stock, common, shares (in shares) 97.6 99.0
v3.26.1
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net earnings (loss) $ 60 $ (105)
Depreciation and amortization 489 571
Deferred income tax provision (benefit), net 7 (74)
Restructuring charges, net 23 83
Net (gains) losses on sales and impairments of businesses 3 0
Net (gains) losses on sales and impairments of assets 0 (67)
Periodic pension (income) expense, net 13 13
Other, net 52 (87)
Changes in operating assets and liabilities    
Accounts and notes receivable (158) (178)
Contract assets (39) (47)
Inventories 58 22
Accounts payable 158 97
Other current liabilities (272) (444)
Other current assets 217 (72)
Cash Provided By (Used For) Operations 611 (288)
Investment Activities    
Capital expenditures (517) (330)
Acquisitions, net of cash acquired 0 415
Proceeds from divestitures, net of cash divested 1,059 0
Proceeds from sale of fixed assets 21 83
Proceeds from insurance recoveries 8 28
Other (6) 41
Cash Provided By (Used For) Investment Activities 565 237
Financing Activities    
Issuance of debt 0 239
Reduction of debt (660) (6)
Change in book overdrafts (84) 94
Repurchases of common stock and payments of restricted stock tax withholding (30) (62)
Dividends paid (245) (244)
Cash Provided By (Used For) Financing Activities (1,019) 21
Cash Included in Assets Held for Sale 0 (2)
Effect of Exchange Rate Changes on Cash and Temporary Investments and Restricted Cash (11) 18
Change in Cash and Temporary Investments and Restricted Cash 146 (14)
Cash and Temporary Investments and Restricted Cash    
Beginning of period 1,161 1,170
End of period $ 1,307 $ 1,156
v3.26.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States and in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments that are necessary for the fair presentation of International Paper Company’s ("International Paper's," "the Company’s," "IP's" or "our") financial position, results of operations, and cash flows for the interim periods presented. Except as disclosed herein, such adjustments are of a normal, recurring nature. Results for the first three months of the year may not necessarily be indicative of full year results. You should read these unaudited condensed financial statements in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"), which have previously been filed with the U.S. Securities and Exchange Commission (the "SEC").

Global Cellulose Fibers Discontinued Operations

On January 23, 2026, the Company completed the previously announced sale of its Global Cellulose Fibers ("GCF") business to American Industrial Partners ("AIP"). All current and historical operating results of the GCF business are presented as Discontinued Operations, net of taxes, in the consolidated statements of operations. All historical assets and liabilities of the Global Cellulose Fibers business are classified as Assets held for sale and Liabilities held for sale in the accompanying consolidated balance sheet as of December 31, 2025. See Note 9 - Divestitures for further details regarding the Global Cellulose Fibers business and discontinued operations.
PS EMEA Spin-Off
On January 29, 2026, the Company announced a plan to create two independent, publicly traded companies through the separation of its Packaging Solutions North America ("PS NA") and Packaging Solutions Europe, Middle East and Africa ("PS EMEA") businesses. The PS NA business will be comprised of the Company's current business in North America, including both legacy IP and DS Smith assets, and the PS EMEA business will be comprised of both legacy DS Smith and IP assets in EMEA. The separation is expected to be structured as a spin-off of the PS EMEA businesses to shareholders and is expected to be completed in 12-15 months from the announcement date, subject to the satisfaction of certain customary conditions.

These unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States that require the use of management’s estimates. Actual results could differ from management’s estimates.
v3.26.1
RECENT ACCOUNTING DEVELOPMENTS
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
RECENT ACCOUNTING DEVELOPMENTS RECENT ACCOUNTING DEVELOPMENTS
Recently Issued Accounting Pronouncements Not Yet Adopted

Government Grants

In December 2025, the FASB issued ASU 2025-10, "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities." This guidance establishes accounting for government grants received by a business including guidance for grants related to assets and grants related to income. This guidance is effective for annual reporting periods beginning after December 15, 2028 and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance.

Derivatives and Hedging

In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements." This guidance includes changes to more closely align hedge accounting with the economics of an entity's risk management activities. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance.
Intangible Assets

In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." This guidance provides criteria that must be met for entities to capitalize software development costs and factors to consider if there is significant uncertainty associated with the development activities of the software. This guidance is effective for annual reporting periods beginning after December 15, 2027 and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance.

Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)." This guidance requires companies to provide more detailed information of certain income statement expenses within the footnotes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance.
v3.26.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Generally, the Company recognizes revenue on a point-in-time basis when the Company transfers control of the goods to the customer. For customized goods where the Company has a legally enforceable right to payment for the goods, the Company recognizes revenue over time which, generally, is as the goods are produced.

Disaggregated Revenue

Three Months Ended March 31, 2026
In millionsPS NAPS EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,425 $— $22 $3,447 
EMEA— 2,323 — 2,323 
Pacific Rim and Asia5 — — 5 
Americas, other than U.S.196 — — 196 
Total$3,626 $2,323 $22 $5,971 
(a) Net sales are attributed to countries based on the location of the seller.

Three Months Ended March 31, 2025
In millionsPS NAPS EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,498 $— $12 $3,510 
EMEA— 1,550 — 1,550 
Pacific Rim and Asia11 — — 11 
Americas, other than U.S.193 — — 193 
Total$3,702 $1,550 $12 $5,264 
(a) Net sales are attributed to countries based on the location of the seller.
Revenue Contract Balances

A contract asset is created when the Company recognizes revenue on its customized products prior to having an unconditional right to payment from the customer, which generally does not occur until title and risk of loss passes to the customer.

A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced once control of the goods is transferred to the customer. The majority of our customer prepayments are received during the fourth quarter each year for goods that will be transferred to customers over the following twelve months. Contract liabilities of $25 million and $18 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025, respectively.

The difference between the opening and closing balances of the Company's contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods for which we have an unconditional right to payment or receive prepayment from the customer, respectively.
v3.26.1
EQUITY
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
EQUITY EQUITY
A summary of the changes in equity for the three months ended March 31, 2026 and 2025 is provided below:

Three Months Ended March 31, 2026
In millions, except per share amountsCommon Stock IssuedPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Common Stock Held In Treasury, At CostTotal
Equity
Balance, January 1$627 $14,414 $4,885 $(528)$4,571 $14,827 
Issuance of stock for various plans, net— (62)— — (97)35 
Repurchase of stock— — — — 30 (30)
Common stock dividends
($0.4625 per share)
— — (246)— — (246)
Comprehensive income (loss)— — 60 162 — 222 
Ending Balance, March 31$627 $14,352 $4,699 $(366)$4,504 $14,808 

Three Months Ended March 31, 2025
In millions, except per share amountsCommon Stock IssuedPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Common Stock Held In Treasury, At CostTotal
Equity
Balance, January 1$449 $4,732 $9,393 $(1,722)$4,679 $8,173 
Issuance of stock for various plans, net— (113)— — (159)46 
Issuance of stock for DS Smith acquisition178 9,731 — — — 9,909 
Repurchase of stock— — — — 62 (62)
Common stock dividends
($0.4625 per share)
— — (250)— — (250)
Comprehensive income (loss)— — (105)381 — 276 
Ending Balance, March 31$627 $14,350 $9,038 $(1,341)$4,582 $18,092 
v3.26.1
OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME (LOSS) OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents changes in Accumulated Other Comprehensive Loss ("AOCL"), net of tax, for the three months ended March 31, 2026 and 2025:

Three Months Ended
March 31,
In millions20262025
Defined Benefit Pension and Postretirement Adjustments
Balance at beginning of period$(1,099)$(1,312)
Amounts reclassified from accumulated other comprehensive income (loss)29 24 
Balance at end of period(1,070)(1,288)
Change in Cumulative Foreign Currency Translation Adjustments
Balance at beginning of period630 (402)
Other comprehensive income (loss) before reclassifications(8)410 
Amounts reclassified from accumulated other comprehensive income (loss)3 — 
Balance at end of period625 8 
Net Gains and Losses on Cash Flow Hedging Derivatives
Balance at beginning of period(59)(8)
Other comprehensive income (loss) before reclassifications137 (52)
Amounts reclassified from accumulated other comprehensive income (loss)1 (1)
Balance at end of period79 (61)
Total Accumulated Other Comprehensive Income (Loss) at End of Period$(366)$(1,341)

The following table presents details of the reclassifications out of AOCL for the three months ended March 31, 2026 and 2025:

In millions:Amount Reclassified from Accumulated Other Comprehensive Income (Loss)Location of Amount Reclassified from AOCL
Three Months Ended
March 31,
20262025
Defined benefit pension and postretirement items:
Prior-service costs$(3)$(4)(a)Non-operating pension expense (income)
Actuarial gains (losses)(16)(18)(a)Non-operating pension expense (income)
Settlement charge(19)(8)(a)Discontinued operations, net of taxes and Non-operating pension expense (income)
Total pre-tax amount(38)(30)
Tax (expense) benefit9 6 
Net of tax(29)(24)
Change in cumulative foreign currency translation adjustments:
Business divestitures(3)— Discontinued operations, net of taxes
Tax (expense)/benefit— — 
Net of tax(3)— 
Net gains and losses on cash flow hedging derivatives:
Commodity contracts(2)1 (b)Cost of products sold
Total pre-tax amount(2)1 
Tax (expense)/benefit1 — 
Net of tax(1)1 
Total reclassifications for the period$(33)$(23)
(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 18 - Retirement Plans for additional details).
(b)This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 17 - Derivatives and Hedging Activities for additional details).
v3.26.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share is computed by dividing earnings by the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed assuming that all potentially dilutive securities were converted into common shares. There are no adjustments required to be made to net income for purposes of computing basic and diluted earnings (loss) per share.

A reconciliation of the amounts included in the computation of basic earnings (loss) per share from continuing operations and diluted earnings (loss) per share from continuing operations is as follows:
 
 Three Months Ended
March 31,
In millions, except per share amounts20262025
Earnings (loss) from continuing operations$76 $(124)
Weighted average common shares outstanding528.8 437.6 
Effect of dilutive securities (a)
Restricted performance share plan3.0 — 
Weighted average common shares outstanding – assuming dilution531.8 437.6 
Basic earnings (loss) per share from continuing operations$0.14 $(0.28)
Diluted earnings (loss) per share from continuing operations$0.14 $(0.28)
(a) 6.1 million of securities were anti-dilutive for the three months ended March 31, 2025 and were not included in the table.
v3.26.1
RESTRUCTURING CHARGES, NET
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
RESTRUCTURING CHARGES, NET RESTRUCTURING CHARGES, NET
During the three months ended March 31, 2026, the Company recorded restructuring charges of $23 million. These charges included:

In millionsThree Months Ended March 31, 2026
Riceboro mill closure costs (a)$7 
Resource and asset realignment - PS EMEA (b)8 
Resource and asset realignment - PS NA (c)8 
$23 

(a) Includes severance charges of $3 million, the majority of which have been paid, and other costs of $4 million as of March 31, 2026.

(b) Includes severance charges of $4 million, of which $3 million is recorded in Accrued payroll and benefits in the accompanying condensed consolidated balance sheet as of March 31, 2026, and other costs of $4 million which were paid in the first quarter of 2026. The severance charges will be paid within the next twelve months.

(c) Includes severance charges of $6 million recorded in Accrued payroll and benefits in the accompanying condensed consolidated balance sheet as of March 31, 2026 and other costs of $2 million. The severance charges will be paid within the next twelve months.
During the three months ended March 31, 2025, the Company recorded restructuring charges of $83 million. The charges included:

In millionsThree Months Ended March 31, 2025
Red River mill closure costs (a)$78 
Resource and asset realignment - PS NA (b)5 
$83 

(a) Includes charges of $78 million for costs associated with the permanent closure of our Red River containerboard mill in Campti, Louisiana. Included in the $78 million of restructuring charges was $17 million of severance charges, $22 million of inventory charges and $39 million of other costs. The majority of the severance charges were paid in 2025.
(b) Includes restructuring charges of $5 million for other costs related to our 80/20 strategic approach.
v3.26.1
ACQUISITIONS
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
On January 31, 2025, the Company completed its acquisition of the entire issued and to be issued share capital of DS Smith, a leading provider of sustainable paper-based packaging solutions across Europe and North America. Upon closing, IP issued 0.1285 shares for each DS Smith share, resulting in the issuance of 178,126,631 new shares of IP common stock ("New Company Common Stock"). As a result of the share issuance, the holders of the New Company Common Stock own approximately 34.1% of the Company's outstanding share capital. Based on the issuance of 178,126,631 new shares and the closing price of $55.63 on the close of January 31, 2025, the total purchase consideration for the completed acquisition was approximately $9.9 billion. Acquisition-related costs were $87 million for the three months ended March 31, 2025 and were recorded in Selling and administrative expenses and Taxes other than payroll and income taxes in the accompanying condensed consolidated statement of operations. On February 4, 2025, the Company began trading the New Company Common Stock and continues to be listed on the New York Stock Exchange under the trading symbol "IP" and via a secondary listing on the London Stock Exchange under the trading symbol "IPC." The headquarters of the combined company is based in Memphis, Tennessee, and the EMEA headquarters has been established at DS Smith's existing main office in London.

The Company accounted for the acquisition under ASC 805, "Business Combinations" and the results of operations have been included in International Paper's financial statements beginning with the date of acquisition.

The following table summarizes the fair value assigned to assets and liabilities acquired as of January 31, 2025:
In millions
Cash and temporary investments$448 
Accounts and notes receivable1,301 
Contract assets236 
Inventories626 
Other current assets311 
Plants, properties and equipment6,707 
Intangibles3,915 
Goodwill4,335 
Overfunded pension plan assets79 
Right of use assets270 
Deferred charges and other assets84 
Total assets acquired18,312 
Notes payable and current maturities of long-term debt118 
Accounts payable1,660 
Accrued payroll and benefits232 
Other current liabilities783 
Long-term debt3,571 
Deferred income taxes1,513 
Underfunded pension benefit obligation71 
Long-term lease obligations199 
Other liabilities256 
Total liabilities assumed8,403 
Net assets acquired$9,909 

The fair value assigned to the assets and liabilities acquired above were measured using Level 2 and Level 3 inputs, which are further defined in Note 1 in the Company's Annual Report. The estimated fair value of inventory was determined using the Comparative Sales and Replacement Cost methods. Fair value estimates related to the trade name and patents identified intangible assets were determined using the Relief from Royalty method. The fair value estimates related to customer relationships and lists identified intangible assets were determined using the Multi-Period Excess Earnings method. The plants, properties and equipment, specifically the machinery and equipment and buildings and improvements, were valued using either the indirect or direct methods of the Cost Approach, while the land was valued using the Sales Comparison Approach. The allocation of the consideration transferred to the assets acquired and liabilities assumed has been finalized. Goodwill is not deductible for local income tax purposes and is primarily related to the value of new customers through expansion opportunities not reflected in the fair value of the existing customers relationships and the value of the intellectual property beyond selected life for trade names.

Net sales of $1.3 billion and Net earnings (loss) of $(107) million were included in the Company's condensed consolidated statement of operations for the three months ended March 31, 2025.

The identifiable intangible assets acquired in connection with the acquisition of DS Smith included the following:
In millionsEstimated Fair ValueAverage Useful Life
Customer relationships and lists$3,434 
19 years
Tradenames363 
15 years
Software (a)90 
3 - 5 years
Other (b)28 10 years
Total$3,915 
(a) Of this balance, $57 million has been placed in service and $33 million is in development.
(b) Includes $10 million of intangible assets with indefinite lives.

Below are the consolidated results on an unaudited pro forma basis assuming the DS Smith acquisition had closed on January 1, 2024:

Three Months Ended
March 31
In millions2025
(Unaudited)
Net Sales$6,636 
Net Earnings (Loss)(107)

The unaudited pro forma information for the three months ended March 31, 2025 includes additional amortization expense on identifiable intangible assets of $9 million, additional depreciation expense on identifiable fixed assets of $6 million and eliminates the incremental expense of $70 million associated with the write-off of the estimated fair value of inventory and non-recurring integration costs associated with the acquisition of $65 million.

The unaudited pro forma consolidated financial information was prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on the preliminary valuation and information available as of March 31, 2025 and actual amounts may have differed materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to represent International Paper's actual results of operations as if the transaction described above would have occurred as of January 1, 2024, nor is it necessarily an indicator of future results.
In connection with the DS Smith acquisition, the European Commission issued its Phase I clearance of the business combination between International Paper and DS Smith on January 31, 2025, with the condition that International Paper commit to divest five European plants in Mortagne, Saint-Amand, and Cabourg (France), Ovar (Portugal) and Bilbao (Spain). On June 30, 2025, the Company completed the sale of these locations to Palm Group of Germany for €125 million (approximately $147 million at the June 30, 2025 exchange rate) in cash. The Company recorded a net gain of $46 million in Net (gains) losses on sales and impairments of businesses in the accompanying condensed consolidated statement of operations during the year ended December 31, 2025.
v3.26.1
DIVESTITURES
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
DIVESTITURES DIVESTITURES
Global Cellulose Fibers: On January 23, 2026, the Company completed the sale of its Global Cellulose Fibers business to AIP for cash consideration of $1.1 billion and the issuance of preferred stock with an aggregate initial liquidation preference of $168 million, subject to final working capital and net debt adjustments. The Company’s preferred stock investment does not have a readily determinable fair value and, accordingly, is measured using the measurement alternative. Under this approach, the investment is carried at cost and adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer, as well as for any indicators of impairment. The fair value of the preferred stock was $168 million on the transaction closing date, and the Company did not identify any observable price changes or indicators of impairment as of March 31, 2026. In connection with the completed sale, the Company recorded a net loss on the sale of the business of $3 million in Discontinued Operations, net of taxes in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2026.

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 historical assets and liabilities of the Global Cellulose Fibers business are classified as Assets held for sale and Liabilities held for sale in the accompanying consolidated balance sheet as of December 31, 2025.

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
March 31,
In millions20262025
Net Sales$115 $637 
Costs and Expenses
Cost of products sold93 454 
Selling and administrative expenses6 42 
Depreciation and amortization— 51 
Distribution expenses13 66 
Taxes other than payroll and income taxes2 7 
Net (gains) losses on sales and impairment of business3 — 
Interest expense, net— (3)
Non-operating pension expense (income)19 — 
Earnings (Loss) Before Income Taxes and Equity Earnings (Loss)(21)20 
Income tax provision (benefit)(5)1 
Discontinued Operations, Net of Taxes$(16)$19 

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 December 31, 2025 in the accompanying condensed consolidated balance sheet:

In millionsDecember 31, 2025
Cash and temporary investments$10 
Accounts and notes receivable, net537 
Contract assets38 
Inventories270 
Other current assets15 
Plants, Properties and Equipment1,761 
Right of Use Assets36 
Deferred Charges and Other Assets116 
2,783 
Impairment charge(1,070)
Assets held for sale1,713 
Notes payable and current maturities of long-term debt2 
Accounts payable239 
Accrued payroll and benefits68 
Other current liabilities60 
Long-Term Debt4 
Deferred Income Taxes42 
Long-Term Lease Obligations19 
Other Liabilities63 
Liabilities held for sale$497 

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 millionsThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Cash Provided By (Used For) Operating Activities$68 $38 
Cash Provided By (Used For) Investment Activities$(45)$(36)
v3.26.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Disclosure Text Block Supplement [Abstract]  
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Temporary Investments 

Temporary investments with an original maturity of three months or less and money market funds with greater than three month maturities but with the right to redeem without notices are treated as cash equivalents and stated at cost which approximates fair value. Temporary investments totaled $599 million and $477 million at March 31, 2026 and December 31, 2025, respectively.

Restricted Cash

A reconciliation of Cash and temporary investments and Restricted cash in the condensed consolidated balance sheet to Cash and temporary investments and restricted cash in the condensed consolidated statement of cash flows for the three months ended March 31, 2026 is below:

In millionsMarch 31, 2026
Cash and temporary investments$1,236 
Restricted cash63 
Cash included in assets held for sale8 
Cash and Temporary Investments and Restricted Cash$1,307 

The Company's restricted cash at March 31, 2026 consists of cash proceeds of $63 million from the sale of the GCF business completed in January 2026. The restricted cash was released in the second quarter of 2026. See Note 9 - Divestitures for further details regarding the total consideration received for the sale of the GCF.

Accounts and Notes Receivable, Net

In millionsMarch 31, 2026December 31, 2025
Trade (less allowances of $72 and $70, respectively)
$3,519 $3,355 
Other503 436 
Total$4,022 $3,791 

As a result of the DS Smith acquisition, IP has a trade receivable factoring program that allows the Company to sell trade receivables without recourse.

Inventories

In millionsMarch 31, 2026December 31, 2025
Raw materials$407 $447 
Finished packaging products724 792 
Operating supplies697 691 
Other74 82 
Total$1,902 $2,012 

Plants, Properties and Equipment  

Accumulated depreciation was $18.6 billion and $18.4 billion at March 31, 2026 and December 31, 2025, respectively. Depreciation expense was $410 million and $472 million for the three months ended March 31, 2026 and 2025, respectively. Depreciation expense for the three months ended March 31, 2026 and 2025 includes $16 million and $197 million, respectively, of accelerated depreciation related to mill and plant closures.

Non-cash additions to plants, properties and equipment included within accounts payable were $180 million and $240 million at March 31, 2026 and December 31, 2025, respectively.

Accounts Payable  

Under supplier finance programs, International Paper agrees to pay the relevant banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. International Paper or the relevant banks may
terminate the agreement on notice periods from 28 to 90 days. The supplier invoices that have been confirmed as valid under the program require payment in full on the due date with no terms exceeding 180 days. The accounts payable balance included $389 million and $368 million of supplier finance program liabilities as of March 31, 2026 and December 31, 2025, respectively.

Interest

Interest payments made during the three months ended March 31, 2026 and 2025 were $104 million and $97 million, respectively.

Amounts related to interest were as follows: 
 Three Months Ended
March 31,
In millions20262025
Interest expense$132 $135 
Interest income56 51 
Capitalized interest costs10 5 

Asset Retirement Obligations

The Company recorded liabilities in Other Liabilities in the accompanying condensed consolidated balance sheet of $191 million and $193 million related to asset retirement obligations at March 31, 2026 and December 31, 2025, respectively.
v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES LEASES
International Paper leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles, and certain other equipment. The Company's leases have a remaining lease term of up to 27 years. Total lease costs were $115 million and $96 million for the three months ended March 31, 2026 and 2025, respectively.

Supplemental Balance Sheet Information Related to Leases

In millionsClassificationMarch 31, 2026December 31, 2025
Assets
Operating lease assetsRight-of-use assets$652 $697 
Finance lease assetsPlants, properties and equipment, net (a)70 70 
Total leased assets$722 $767 
Liabilities
Current
OperatingOther current liabilities$216 $221 
FinanceNotes payable and current maturities of long-term debt17 17 
Noncurrent
OperatingLong-term lease obligations450 486 
FinanceLong-term debt53 54 
Total lease liabilities$736 $778 

(a)Finance leases are recorded net of accumulated amortization of $68 million and $69 million as of March 31, 2026 and December 31, 2025, respectively.
LEASES LEASES
International Paper leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles, and certain other equipment. The Company's leases have a remaining lease term of up to 27 years. Total lease costs were $115 million and $96 million for the three months ended March 31, 2026 and 2025, respectively.

Supplemental Balance Sheet Information Related to Leases

In millionsClassificationMarch 31, 2026December 31, 2025
Assets
Operating lease assetsRight-of-use assets$652 $697 
Finance lease assetsPlants, properties and equipment, net (a)70 70 
Total leased assets$722 $767 
Liabilities
Current
OperatingOther current liabilities$216 $221 
FinanceNotes payable and current maturities of long-term debt17 17 
Noncurrent
OperatingLong-term lease obligations450 486 
FinanceLong-term debt53 54 
Total lease liabilities$736 $778 

(a)Finance leases are recorded net of accumulated amortization of $68 million and $69 million as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
GOODWILL AND OTHER INTANGIBLES
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLES GOODWILL AND OTHER INTANGIBLES
Goodwill

The following table presents changes in goodwill balances as allocated to each business segment for the three months ended March 31, 2026:
In millionsPS NAPS EMEATotal
Balance as of January 1, 2026
Goodwill$3,968 $3,960 $7,928 
Accumulated impairment losses (59)(2,543)(2,602)
Total3,909 1,417 5,326 
Goodwill additions/reductions — — — 
Currency translation — (29)(29)
Balance as of March 31, 2026
Goodwill3,968 3,931 7,899 
Accumulated impairment losses (59)(2,543)(2,602)
Total$3,909 $1,388 $5,297 

Other Intangibles

Identifiable intangible assets comprised of the following: 

 March 31, 2026December 31, 2025
In millionsGross
Carrying
Amount		Accumulated
Amortization		Net Intangible AssetsGross
Carrying
Amount		Accumulated
Amortization		Net Intangible Assets
Customer relationships and lists$4,156 $594 $3,562 $4,063 $535 $3,528 
Trade names397 25 372 398 21 377 
Software (a)141 43 98 142 39 103 
Other96 68 28 102 67 35 
Total$4,790 $730 $4,060 $4,705 $662 $4,043 
(a) Of this balance, $69 million and $76 million has been placed in service at March 31, 2026 and December 31, 2025, respectively.
The Company recognized the following amounts as amortization expense related to intangible assets: 

 Three Months Ended
March 31,
In millions20262025
Amortization expense related to intangible assets$79 $48 
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
International Paper received net income tax refunds of $236 million and made income tax payments, net of refunds, of $45 million for the three months ended March 31, 2026 and 2025, respectively.

During the first quarter of 2026, the Company received a $281 million refund from the Internal Revenue Service consisting of $270 million of tax and $11 million of interest. This refund was related to the capital loss carryback claim filed in the fourth quarter of 2025.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
General

The Company is involved in various inquiries, administrative proceedings and litigation relating to environmental and safety matters, personal injury, product liability, labor and employment, contracts, sales of property, intellectual property, tax, and other matters, that arise in the normal course of business. These matters may raise difficult and complicated legal issues and may be subject to many uncertainties and complexities. Moreover, some of these matters allege substantial or indeterminate monetary damages.

International Paper reviews inquiries, administrative proceedings and litigation, including with respect to environmental matters, on an ongoing basis and establishes an estimated liability for specific legal proceedings and other loss contingencies when it determines that the likelihood of an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. In addition, if the likelihood of an unfavorable outcome with respect to material loss contingencies is reasonably possible and International Paper is able to determine an estimate of the possible loss or range of loss, whether in excess of a
related accrued liability or where there is no accrued liability, International Paper will disclose the estimate of the possible loss or range of loss. When no amount in a range of loss is more likely than any other amount in the range, the low end of the range is used as the estimate of the possible loss. International Paper’s assessment of whether a loss is probable is based on management’s assessment of the ultimate outcome of the matter.

Assessments of lawsuits and claims and the estimates reflected herein, are subject to significant judgments about future events, rely heavily on estimates and assumptions, and are otherwise subject to significant known and unknown uncertainties. The matters underlying such estimates may change from time to time and actual losses may vary significantly from current estimates. Additionally, the estimated liability for loss contingencies does not include matters or losses that are not reasonably estimable and probable.

Based on information currently known to International Paper, management believes that loss contingencies arising from pending matters, including the matters described herein, will not have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in such matters, some of which are beyond the Company's control, and the large or indeterminate damages sought in some of these matters, a future adverse ruling, settlement, unfavorable development, or increase in accruals with respect to these matters could result in future charges that could be materially adverse to the Company's results of operations or cash flows in any particular reporting period.

Environmental

The Company has been named as a potentially responsible party ("PRP") in environmental remediation actions under various U.S. federal and state laws, including the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended ("CERCLA"). Many involve cleanup of hazardous substances at large commercial landfills that received waste from multiple sources. Liability for CERCLA cleanups is typically allocated among the PRPs. There are other remediation costs typically associated with the cleanup of hazardous substances at the Company’s current, closed and formerly-owned facilities, and recorded as liabilities in the consolidated balance sheets.

Remediation costs are recorded in the consolidated financial statements when they become probable and reasonably estimable. Reserve amounts may decline as remediation spending occurs. International Paper’s estimated probable liability for these environmental matters, totaled approximately $271 million and $270 million in the aggregate as of March 31, 2026 and December 31, 2025, respectively.

Cass Lake: One matter involves a closed wood-treatment facility located in Cass Lake, Minnesota . The Company is performing remedial action ("RA") and continues to cooperate with the U.S. Environmental Protection Agency (“EPA”) on the remaining remediation goals. The estimated liability for the Cass Lake superfund site was $48 million and $47 million as of March 31, 2026 and December 31, 2025, respectively.

Kalamazoo River: The Company is a PRP for the Allied Paper, Inc./Portage Creek/Kalamazoo River Superfund Site in Michigan, related to polychlorinated biphenyls contamination linked in part to a paper mill formerly owned by St. Regis Paper Company ("St. Regis"), to which the Company is a successor.

•Operable Unit 5, Area 1 (“OU5”): In 2016, the EPA issued a special notice letter and a unilateral administrative order ("UAO") directing PRPs to perform the remedy and seeking $37 million in reimbursement costs. The Company continues to comply with the UAO while preserving defenses.

•Operable Unit 1 ("OU1"): The EPA issued a Record of Decision (“ROD”) in 2016 and initiated RA activities in 2021. The Company received a UAO in 2022 and began performing the RA in 2023. Reserves of $27 million were established in 2022, increased by $27 million in 2024, and increased by $7 million in 2025 to account for the reasonably estimable costs for the next phases of the RA.

The total combined reserve for liabilities for OU5, Area 1 and OU1 was $18 million and $20 million as of March 31, 2026 and December 31, 2025, respectively.

The Company, along with NCR Corporation and Weyerhauser, was named as a defendant by Georgia-Pacific Consumer Products LP, Fort James Corporation and Georgia Pacific LLC (collectively, "GP") in a contribution and cost recovery action for alleged pollution at the site related to the Company's potential CERCLA liability. The lawsuit seeks contribution under CERCLA for approximately $79 million in past cleanup costs and unspecified future remediation costs. Although a district court initially fixed the past cost amount at approximately $50 million (plus interest to be determined) with 15% of those past
costs allocated to the Company, the Sixth Circuit Court of Appeals (the "Sixth Circuit") ultimately found the lawsuit was time-barred. GP attempted further appeals, but the U.S. Supreme Court declined review. GP later sought a ruling that all parties were jointly and severally liable for future costs. The District Court agreed, but on appeal the Sixth Circuit vacated that decision as well. The U.S. Supreme Court denied GP’s petition for certiorari in October 2025, making the Sixth Circuit’s ruling final.

Harris County: International Paper and McGinnis Industrial Maintenance Corporation ("MIMC"), a subsidiary of Waste Management, Inc. ("WMI"), are PRPs at the San Jacinto River Waste Pits Superfund Site in Harris County, Texas. The PRPs actively participate in activities at the site and share costs.

The Company initially reserved $65 million for estimated remediation costs: (a) $10 million for the southern impoundment; and (b) $55 million for the northern impoundment. The reserve represented the Company's 50% share of our estimate of the low end of the range of probable remediation costs. Reserves increased from 2020-2025 as completion of engineering estimates and higher than expected southern impoundment waste volumes increased projected costs. The Company substantially completed the RA for the southern impoundment in 2024.

With respect to the northern impoundment, design revisions in 2024 and 2025 resulted in an increase to the reserve of $27 million. The total estimated liability for the southern and northern impoundment was $97 million as of both March 31, 2026 and December 31, 2025. The current reserve primarily reflects the Company’s 50% share of our estimate of the low end of the range of probable costs for the northern impoundment. Additional losses in excess of our recorded liability are possible due to uncertainties in future cost, timing and the development of additional site technical data pertaining to geotechnical, hydrological and other environmental conditions. The EPA on April 28, 2026 issued a unilateral administrative order, requiring implementation of the RA for the site's northern impoundment and sand separation area. As of the date of this filing, the Company is evaluating the requirements and potential implications of the unilateral administrative order.

Versailles Pond: The Company is a responsible party for the investigation and remediation of Versailles Pond, a 57-acre dammed river impoundment in Sprague, Connecticut contaminated with polychlorinated biphenyls, mercury, and metals. A preliminary remediation plan was developed in 2023 and a $30 million reserve established. Negotiations with state and federal governmental officials about scope and timing of the remediation are ongoing. The total estimated liability for Versailles Pond was $29 million as both of March 31, 2026 and December 31, 2025.

Asbestos-Related Matters

We have been named as a defendant in various asbestos-related personal injury litigation, in both U.S. state and federal court, primarily in relation to the prior operations of certain companies previously acquired by the Company. The Company's total recorded liability with respect to these pending and future asbestos-related claims was $110 million and $103 million net of insurance recoveries as of March 31, 2026 and December 31, 2025, respectively. While it is reasonably possible that the Company may incur losses in excess of its recorded liability with respect to these asbestos-related matters, we are unable to estimate any loss or range of loss in excess of such liability, and do not believe additional material losses are probable.

Antitrust

On July 29, 2025, 12 containerboard producers, including International Paper, were named as defendants in a purported class action complaint that alleges a civil violation of Sections 1 and 3 of the Sherman Act. The suit is captioned Artuso Pastry Foods Corp v. Packaging Corp. of America (N.D. Ill.). The complaint alleges that the defendants, beginning in November 1, 2020 through the time of filing, conspired to fix, raise, maintain, and/or stabilize prices of containerboard products and finished packaging products made from containerboard. The alleged class is formed from persons who purchased containerboard products directly from one or more defendants for use or delivery in the United States during the period November 1, 2020 to the present. The complaint seeks to recover an unspecified amount of treble damages, injunctive relief, attorneys’ fees and actual damages on behalf of the purported class.

Given the early stage of the claim and our intention to defend robustly against such claim, it is too early to predict or reasonably estimate the overall outcome or ultimate potential liability (if any) that might be incurred. There can be no guarantee that the aggregate of possible damages could not have a material impact on our financial condition.

In March 2017, the Italian Competition Authority ("ICA") commenced an investigation into the Italian packaging industry to determine whether producers of corrugated sheets and boxes violated the applicable European competition law. In April 2019, the ICA concluded its investigation and issued initial findings alleging that over 30 producers, including International Paper's Italian packaging subsidiary ("IP Italy") and certain subsidiaries of DS Smith operating in Italy ("DS Smith Italy"), improperly
coordinated the production and sale of corrugated sheets and boxes. In August 2019, the ICA issued its decision and assessed IP Italy a fine of €29 million (approximately $31 million at the then-current exchange rates) for participation in the boxes coordination, which was recorded in the third quarter of 2019. Following a series of appeals by IP Italy to the Italian Council of State, IP Italy's fine was reduced by €6 million (approximately $6 million). As of March 31, 2026, after giving effect to this development, the Company did not have any remaining liability related to IP Italy's fine. DS Smith Italy was also subject to the ICA decision but not fined, given its position as leniency applicant. IP Italy, DS Smith Italy, and other producers also have been named in lawsuits, and we have received other claims, by a number of customers for damages associated with the alleged anticompetitive conduct. Given the various stages, facts and circumstances of these claims and the intention of the Company to defend robustly against such claims, it is not possible to predict the overall outcome and ultimate potential liability that might be incurred in connection therewith, and there can be no guarantee that the aggregate of possible damages against IP Italy and DS Smith Italy could not, together, have a material impact on the Company’s financial condition.

Guarantees

In connection with sales of businesses, property, equipment, forestlands and other assets, International Paper commonly makes representations and warranties relating to such businesses or assets, and may agree to indemnify buyers with respect to tax and environmental liabilities, breaches of representations and warranties, and other matters. Where liabilities for such matters are determined to be probable and reasonably estimable, accrued liabilities are recorded at the time of sale as a cost of the transaction.

Brazil Goodwill Tax Matter:

The Brazilian Federal Revenue Service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by Sylvamo do Brasil Ltda. ("Sylvamo Brazil"), which was a wholly owned subsidiary of the Company until the October 1, 2021 spin-off of the Printing Papers business, after which it became a subsidiary of Sylvamo Corporation ("Sylvamo"). Sylvamo Brazil received assessments for the tax years 2007-2015 totaling approximately $113 million (adjusted for variation in currency exchange rates) in tax, plus interest, penalties and fees. The interest, penalties and fees currently total approximately $313 million (adjusted for variation in currency exchange rates). Accordingly, the assessments currently total approximately $426 million (adjusted for variation in currency exchange rates). After an initial favorable ruling challenging the basis for these assessments, Sylvamo Brazil received subsequent unfavorable decisions from the Brazilian Administrative Council of Tax Appeals. Sylvamo Brazil appealed these decisions. On October 11, 2024, the federal regional court issued a ruling favorable to Sylvamo Brazil in the first stage of judicial review on the assessments for tax years 2007 and 2008-2012, comprising approximately $269 million of the total $426 million as of March 31, 2026. On December 18, 2024, the Brazilian Federal Revenue Service appealed this ruling. This tax litigation matter may take many years to resolve. Sylvamo Brazil and International Paper believe the transaction underlying these assessments was appropriately evaluated, and that Sylvamo Brazil's tax position should be sustained, based on Brazilian tax law.

This matter pertains to a business that was conveyed to Sylvamo on October 1, 2021, as part of our spin-off transaction. Pursuant to the terms of the tax matters agreement entered into between the Company and Sylvamo, the Company will pay 60% and Sylvamo will pay 40%, on up to $300 million of any assessment related to this matter, and the Company will pay all amounts of the assessment over $300 million. Under the terms of the tax matters agreement, decisions concerning the conduct of the litigation related to this matter, including strategy, settlement, pursuit and abandonment, will be made by the Company. Sylvamo thus has no control over any decision related to this ongoing litigation. The Company intends to vigorously defend this historical tax position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015. The Brazilian government may enact a tax amnesty program that would allow Sylvamo Brazil to resolve this dispute for less than the assessed amount. As of October 1, 2021, in connection with the recording of the distribution of assets and liabilities resulting from the spin-off transaction, the Company established a liability representing the initial fair value of the contingent liability under the tax matters agreement. The contingent liability was determined in accordance with ASC 460 "Guarantees" based on the probability weighting of various possible outcomes. The initial fair value estimate and recorded liability as of December 31, 2021 was $48 million and remains this amount at March 31, 2026. This liability will not be increased in subsequent periods unless facts and circumstances change such that an amount greater than the initial recognized liability becomes probable and estimable.
v3.26.1
VARIABLE INTEREST ENTITIES
 3 Months Ended
Mar. 31, 2026
Variable Interest Entities [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
Variable Interest Entities
As of March 31, 2026, the fair value of the Timber Notes and Extension Loans for the 2007 Financing Entities was $2.4 billion and $2.1 billion, respectively. The Timber Notes and Extension Loans are classified as Level 2 within the fair value hierarchy, which is further defined in Note 1 in the Company’s Annual Report.

The Timber Notes of $2.4 billion and the Extension Loans of $2.1 billion both mature in 2027 and are shown in Long-term nonrecourse financial assets of variable interest entities and Long-term nonrecourse financial liabilities of variable interest entities, respectively, on the accompanying condensed consolidated balance sheet.

Activity between the Company and the 2007 Financing Entities was as follows:

Three Months Ended
March 31,
In millions20262025
Revenue (a)$29 $33 
Expense (b)26 29 
Cash receipts (c)25 30 
Cash payments (d)25 30 
 
(a)The revenue is included in interest expense, net in the accompanying statement of operations and includes approximately $5 million for both the three months ended March 31, 2026 and 2025 of accretion income for the amortization of the basis difference adjustment on the Long-term financial assets of variable interest entities.
(b)The expense is included in interest expense, net in the accompanying statement of operations and includes approximately $2 million for both the three months ended March 31, 2026 and 2025 of accretion expense for the amortization of the basis difference adjustment on the Long-term nonrecourse financial liabilities of variable interest entities.
(c)The cash receipts are interest received on the Long-term financial assets of variable interest entities.
(d)The cash payments are interest paid on Long-term nonrecourse financial liabilities of variable interest entities.
v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
The borrowing capacity of the Company's commercial paper program is $1.0 billion supported by its $1.4 billion credit agreement. Under the terms of the program, individual maturities on borrowings may vary, but not exceed one year from the date of issue. Interest bearing notes may be issued either as fixed or floating rate notes. There were no borrowings outstanding as of March 31, 2026 under the program.

At March 31, 2026, the Company's credit facilities totaled $1.9 billion, excluding the DS Smith credit facilities discussed below. The credit facilities generally provide for interest rates at a floating rate index plus a pre-determined margin dependent upon International Paper’s credit rating. The credit facilities included a $1.4 billion contractually committed bank facility with a maturity date of June 2028. The liquidity facilities also include a $500 million of uncommitted financings based on eligible receivables balances under a receivables securitization program that expires in June 2026. At March 31, 2026, the Company had no borrowings outstanding under the receivables securitization program.

Following the DS Smith acquisition, International Paper assumed foreign denominated debt of DS Smith in various currencies with an approximated value of $3.6 billion. In March 2025, the Company amended and restated DS Smith's credit facility agreements and entered into agreements to guarantee the outstanding notes of DS Smith.

Below is a table of the foreign denominated credit facilities:

In millionsMarch 31, 2026
Credit FacilitiesBorrowing CurrencyUSD Equivalent CapacityUSD Equivalent Outstanding
2.834% Amortizing credit facility - due 2026-2029
EUR$173 $173 
Floating rate instruments:
Committed bank facility maturing May 2027
GBP, EUR, USD1,653 511 
Uncommitted facilityGBP, EUR, USD66 64 
Committed bank facility maturing December 2026
GBP, EUR, USD69 — 

The Company repaid approximately $648 million under these foreign denominated credit facilities in the first three months of 2026.
The Company’s financial covenants require the maintenance of a minimum net worth, as defined in our debt agreements, of $9 billion and a total debt-to-capital ratio of less than 60%. Net worth is defined as the sum of common stock, paid-in capital and retained earnings, less treasury stock plus any cumulative goodwill impairment charges. The calculation also excludes accumulated other comprehensive income/loss and both the current and long-term Nonrecourse Financial Liabilities of Variable Interest Entities. The total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth. As of March 31, 2026, we were in compliance with our debt covenants.

At March 31, 2026, the fair value of International Paper’s $9.1 billion of debt was approximately $8.7 billion. The fair value of the Company’s long-term debt is estimated based on the quoted market prices for the same or similar issues. International Paper’s long-term debt is classified as Level 2 within the fair value hierarchy, which is further defined in Note 1 in the Company’s Annual Report.
v3.26.1
DERIVATIVES AND HEDGING ACTIVITIES
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING ACTIVITIES DERIVATIVES AND HEDGING ACTIVITIES
As a multinational company, International Paper is exposed to market risks, such as changes in interest rates, currency exchange rates and commodity prices.

International Paper periodically uses derivatives and other financial instruments to hedge exposures to interest rate, commodity and currency risks. International Paper does not hold or issue financial instruments for trading purposes. For hedges that meet the hedge accounting criteria at inception, International Paper formally designates and documents the instrument as a fair value hedge, a cash flow hedge or a net investment hedge of a specific underlying exposure.

The notional amounts of financial instruments used in hedging transactions were as follows:

In millionsMarch 31, 2026December 31, 2025
Electricity contracts (MWh)1.6 1.9 
Natural gas contracts (MWh)9.2 12.1 
Carbon credit contracts (tons)0.2 0.1 
External debt (EUR)€2,725 €3,293 

The following table shows gains or losses recognized in AOCL, net of tax, related to derivative instruments: 

 Gain (Loss) Recognized in AOCL on Derivatives
 Three Months Ended
March 31,
In millions20262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$137 $(52)
Derivatives in Net Investment Hedging Relationships:
External debt$22 $8 

Based on our valuation at March 31, 2026, and assuming market rates remain constant through contract maturities, we expect transfers to earnings of the existing gain or losses reported in AOCL on cash flow hedges during the next 12 months to correspond with the current assets and liabilities portion of the derivative as disclosed below.

The amounts of gains and losses recognized in the statement of operations on financial instruments used in hedging transactions were as follows:

 Gain (Loss) Reclassified from AOCL Into Income Location of Gain (Loss)
Reclassified from AOCL
Three Months Ended
March 31,
In millions20262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$(1)$1 Cost of products sold
 Gain (Loss) Recognized in IncomeLocation of Gain (Loss)
In Statement
of Operations
Three Months Ended
March 31,
In millions20262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$3 $5 Cost of products sold
Derivatives Not Designated as Hedging Instruments:
Commodity contracts$(18)$(6)Cost of products sold

Fair Value Measurements

The Company has not changed its valuation techniques for measuring the fair value of any financial assets or liabilities during the year. Transfers between levels, if any, are recognized at the end of the reporting period. International Paper’s derivatives are classified as Level 2 within the fair value hierarchy. Fair value hierarchies are further defined in Note 1 in the Company’s Annual Report.

The following table provides a summary of the impact of our derivative instruments in the balance sheet:
 
AssetsLiabilities
In millionsMarch 31, 2026December 31, 2025March 31, 2026December 31, 2025
Derivatives designated as hedging instruments
Commodity contracts – cash flow$50 $2 $2 $63 
Derivatives not designated as hedging instruments
Commodity contracts174 67 83 27 
Total derivatives$224 (a)$69 (b)$85 (c)$90 (d)
 
(a)Includes $164 million recorded in Other current assets and $60 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
(b)Includes $47 million recorded in Other current assets and $22 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
(c)Includes $72 million recorded in Other current liabilities and $13 million recorded in Other liabilities in the accompanying condensed consolidated balance sheet.
(d)Includes $73 million recorded in Other current liabilities and $17 million recorded in Other liabilities in the accompanying condensed consolidated balance sheet.

The above contracts are subject to enforceable master netting arrangements that provide rights of offset with each counterparty when amounts are payable on the same date in the same currency or in the case of certain specified defaults. Management has made an accounting policy election to not offset the fair value of recognized derivative assets and derivative liabilities in the balance sheet. The amounts owed to the counterparties and owed to the Company are considered immaterial with respect to each counterparty and in the aggregate with all counterparties.
v3.26.1
RETIREMENT PLANS
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
RETIREMENT PLANS RETIREMENT PLANS
International Paper operates both defined benefit and defined contribution pension plans as well as other post retirement benefit plans throughout our operations in accordance with local conditions and practice.

We sponsor and maintain the Retirement Plan of International Paper Company (the "Pension Plan"), a tax-qualified defined benefit pension plan that provides retirement benefits to substantially all hourly and union employees who work at a participating business unit. The Pension Plan was frozen as of January 1, 2019 for salaried participants.

The Pension Plan provides defined pension benefits based on years of credited service and either final average earnings (salaried employees and hourly employees receiving salaried benefits), hourly job rates or specified benefit rates (hourly and union employees).
In connection with our acquisition, International Paper acquired the existing DS Smith Group Pension Scheme (the "Group Scheme"), a U.K. funded defined benefit plan providing pension benefits and lump sum benefits to members and dependents. The Group Scheme closed to new entrants and future accruals as of April 30, 2011. International Paper also acquired various non-U.S. retirement benefit arrangements as part of the acquisition, some of which are considered to be defined benefit pension plans for accounting purposes.

Net periodic pension expense (income) for our qualified and nonqualified defined benefit plans and the Group Scheme, is comprised of the following: 

 Three Months Ended
March 31,
In millions20262025
Service cost$12 $10 
Interest cost124 124 
Expected return on plan assets(159)(151)
Actuarial loss12 18 
Amortization of prior service cost3 4 
Settlement— 8 
Net periodic pension expense (income)$(8)$13 

The components of net periodic pension expense (income) other than the Service cost component are included in Non-operating pension expense (income) in the condensed consolidated statement of operations.

The Company’s funding policy for our pension plans is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that the Company may determine to be appropriate considering the funded status of the plan, tax deductibility, the cash flows generated by the Company, and other factors. The Company made no voluntary cash contributions to the qualified pension plan in the first three months of 2026 or 2025. The nonqualified defined benefit plans are funded to the extent of benefit payments, which totaled $5 million and $33 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
International Paper's 2024 Long-Term Incentive Compensation Plan (the "2024 LTICP') authorizes grants of restricted stock, restricted or deferred stock units, performance awards payable in cash or stock upon the attainment of specified performance goals, dividend equivalents, options, stock appreciation rights, other stock-based awards and cash-based awards at the discretion of the Management Development and Compensation Committee of the Board of Directors (the “MDCC”). Effective January 1, 2025, performance stock unit awards granted pursuant to the 2024 LTICP use 100% relative total shareholder return ("TSR") as the sole performance metric. As of March 31, 2026, 4.9 million shares were available for grant under the LTICP.

Stock-based compensation expense and related income tax benefits were as follows: 

 Three Months Ended
March 31,
In millions20262025
Total stock-based compensation expense (selling and administrative)$29 $30 
Income tax benefits related to stock-based compensation14 35 

At March 31, 2026, $137 million, net of estimated forfeitures, of compensation cost related to time-based and performance-based shares and restricted stock attributable to future service had not yet been recognized. This amount will be recognized in expense over a weighted-average period of 1.8 years.

During the first three months of 2026, the Company granted 1.3 million performance units at an average grant date fair value of $48.18 and 1.0 million time-based units at an average grant date fair value of $39.39.
v3.26.1
BUSINESS SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
PS NA and PS EMEA are primarily focused on producing fiber-based packaging. We produce linerboard, medium, whitetop, recycled linerboard and recycled medium of which a majority of our production is converted into corrugated packaging and
other packaging. The revenue for our PS NA and PS EMEA segments are derived from selling these products to our customers.

The CODM assesses performance for these segments and decides how to allocate resources based on business segment operating profit, which is defined as earnings (loss) before income taxes and equity earnings (losses), including the impact of less than wholly owned subsidiaries and excluding interest expense, net, corporate expenses, net, net special items and non-operating pension expense. Business segment operating profits (losses) are also used by International Paper's CODM to measure the earnings performance of its businesses and to focus on on-going operations.

INFORMATION BY BUSINESS SEGMENT

The following tables illustrate reportable segment revenue, significant segment expenses, and measures of a segment’s profit or loss for the three months ended March 31, 2026 and 2025. Certain prior year amounts have been expanded to align with current year presentation. The table also reconciles these amounts to Earnings (loss) before income taxes and equity earnings (loss).

Three Months Ended March 31, 2026
In millionsPS NAPS EMEATotal
Net sales from external customers$3,597 $2,323 $5,920 
Intersegment sales29 — 29 
3,626 2,323 5,949 
Other external sales51 
Elimination of intersegment sales(29)
Total Net Sales5,971 
Less:
Cost of products sold2,507 1,712 
Selling and administrative expenses333 157 
Depreciation and amortization230 259 
Distribution expenses276 237 
Other segment items (a)32 9 
Business Segment Operating Profit (Loss)248 (51)197 
Interest Expense, net76 
Adjustment for less than wholly owned subsidiaries (b)(1)
Corporate expenses, net10 
Net special items (i)37 
Non-operating pension (income) expense(18)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)$93 
(i)Includes a charge of $11 million for costs associated with the strategic separation of our PS EMEA packaging business, a charge of $7 million for costs related to the closure of our Riceboro, Georgia containerboard mill, a charge of $16 million for restructuring charges related to resource and asset realignment and a charge of $3 million for other items.
Three Months Ended March 31, 2025
In millionsPS NAPS EMEATotal
Net sales from external customers$3,668 $1,550 $5,218 
Intersegment sales34 — 34 
3,702 1,550 5,252 
Other external sales46 
Elimination of intersegment sales(34)
Total Net Sales5,264 
Less:
Cost of products sold2,569 1,147 
Selling and administrative expenses282 93 
Depreciation and amortization413 107 
Distribution expenses266 151 
Other segment items (a)30 6 
Business Segment Operating Profit (Loss)142 46 188 
Interest Expense, net84 
Adjustment for less than wholly owned subsidiaries (b)(1)
Corporate expenses, net20 
Net special items (i)237 
Non-operating pension (income) expense3 
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)$(155)

(i)Includes a charge of $221 million for transaction and other costs related to the DS Smith acquisition, a charge of $78 million for severance and other costs related to the closure of our Red River containerboard mill in Campti, Louisiana, a net gain of $67 million related to the sale of fixed assets primarily associated with our permanently closed Orange, TX containerboard mill and a net charge of $5 million for other items.

Assets
In millionsMarch 31, 2026December 31, 2025
PS NA$16,718 $16,498 
PS EMEA15,351 15,439 
Corporate and other (c)4,365 6,027 
Assets$36,434 $37,964 

Capital Expenditures
In millionsMarch 31, 2026March 31, 2025
PS NA$384 $182 
PS EMEA83 106 
Subtotal467 288 
Corporate and other (d)50 42 
Capital Expenditures$517 $330 

(a)Other segment items includes Taxes other than payroll.
(b)Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly-owned. The pre-tax earnings for these subsidiaries is added here to present consolidated earnings from continuing operations before income taxes and equity earnings.
(c)Includes corporate assets and held for sale assets related to the GCF business.
(d)Includes capital expenditures for corporate and the GCF business.
v3.26.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS On April 16, 2026, the Company announced that it had entered into an agreement to acquire North Pacific Paper Company ("NORPAC"), a U.S. based paper manufacturer, for an aggregate purchase price of $360 million, subject to customary regulatory approvals.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
RECENT ACCOUNTING DEVELOPMENTS (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Issued Accounting Pronouncements Not Yet Adopted

Government Grants

In December 2025, the FASB issued ASU 2025-10, "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities." This guidance establishes accounting for government grants received by a business including guidance for grants related to assets and grants related to income. This guidance is effective for annual reporting periods beginning after December 15, 2028 and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance.

Derivatives and Hedging

In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements." This guidance includes changes to more closely align hedge accounting with the economics of an entity's risk management activities. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance.
Intangible Assets

In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." This guidance provides criteria that must be met for entities to capitalize software development costs and factors to consider if there is significant uncertainty associated with the development activities of the software. This guidance is effective for annual reporting periods beginning after December 15, 2027 and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance.

Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)." This guidance requires companies to provide more detailed information of certain income statement expenses within the footnotes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance.
v3.26.1
REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Disaggregated Revenue

Three Months Ended March 31, 2026
In millionsPS NAPS EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,425 $— $22 $3,447 
EMEA— 2,323 — 2,323 
Pacific Rim and Asia5 — — 5 
Americas, other than U.S.196 — — 196 
Total$3,626 $2,323 $22 $5,971 
(a) Net sales are attributed to countries based on the location of the seller.

Three Months Ended March 31, 2025
In millionsPS NAPS EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,498 $— $12 $3,510 
EMEA— 1,550 — 1,550 
Pacific Rim and Asia11 — — 11 
Americas, other than U.S.193 — — 193 
Total$3,702 $1,550 $12 $5,264 
(a) Net sales are attributed to countries based on the location of the seller.
v3.26.1
EQUITY (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Stockholders' Equity
A summary of the changes in equity for the three months ended March 31, 2026 and 2025 is provided below:

Three Months Ended March 31, 2026
In millions, except per share amountsCommon Stock IssuedPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Common Stock Held In Treasury, At CostTotal
Equity
Balance, January 1$627 $14,414 $4,885 $(528)$4,571 $14,827 
Issuance of stock for various plans, net— (62)— — (97)35 
Repurchase of stock— — — — 30 (30)
Common stock dividends
($0.4625 per share)
— — (246)— — (246)
Comprehensive income (loss)— — 60 162 — 222 
Ending Balance, March 31$627 $14,352 $4,699 $(366)$4,504 $14,808 

Three Months Ended March 31, 2025
In millions, except per share amountsCommon Stock IssuedPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Common Stock Held In Treasury, At CostTotal
Equity
Balance, January 1$449 $4,732 $9,393 $(1,722)$4,679 $8,173 
Issuance of stock for various plans, net— (113)— — (159)46 
Issuance of stock for DS Smith acquisition178 9,731 — — — 9,909 
Repurchase of stock— — — — 62 (62)
Common stock dividends
($0.4625 per share)
— — (250)— — (250)
Comprehensive income (loss)— — (105)381 — 276 
Ending Balance, March 31$627 $14,350 $9,038 $(1,341)$4,582 $18,092 
v3.26.1
OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
The following table presents changes in Accumulated Other Comprehensive Loss ("AOCL"), net of tax, for the three months ended March 31, 2026 and 2025:

Three Months Ended
March 31,
In millions20262025
Defined Benefit Pension and Postretirement Adjustments
Balance at beginning of period$(1,099)$(1,312)
Amounts reclassified from accumulated other comprehensive income (loss)29 24 
Balance at end of period(1,070)(1,288)
Change in Cumulative Foreign Currency Translation Adjustments
Balance at beginning of period630 (402)
Other comprehensive income (loss) before reclassifications(8)410 
Amounts reclassified from accumulated other comprehensive income (loss)3 — 
Balance at end of period625 8 
Net Gains and Losses on Cash Flow Hedging Derivatives
Balance at beginning of period(59)(8)
Other comprehensive income (loss) before reclassifications137 (52)
Amounts reclassified from accumulated other comprehensive income (loss)1 (1)
Balance at end of period79 (61)
Total Accumulated Other Comprehensive Income (Loss) at End of Period$(366)$(1,341)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The following table presents details of the reclassifications out of AOCL for the three months ended March 31, 2026 and 2025:

In millions:Amount Reclassified from Accumulated Other Comprehensive Income (Loss)Location of Amount Reclassified from AOCL
Three Months Ended
March 31,
20262025
Defined benefit pension and postretirement items:
Prior-service costs$(3)$(4)(a)Non-operating pension expense (income)
Actuarial gains (losses)(16)(18)(a)Non-operating pension expense (income)
Settlement charge(19)(8)(a)Discontinued operations, net of taxes and Non-operating pension expense (income)
Total pre-tax amount(38)(30)
Tax (expense) benefit9 6 
Net of tax(29)(24)
Change in cumulative foreign currency translation adjustments:
Business divestitures(3)— Discontinued operations, net of taxes
Tax (expense)/benefit— — 
Net of tax(3)— 
Net gains and losses on cash flow hedging derivatives:
Commodity contracts(2)1 (b)Cost of products sold
Total pre-tax amount(2)1 
Tax (expense)/benefit1 — 
Net of tax(1)1 
Total reclassifications for the period$(33)$(23)
(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 18 - Retirement Plans for additional details).
(b)This accumulated other comprehensive income component is included in our derivatives and hedging activities (see Note 17 - Derivatives and Hedging Activities for additional details).
v3.26.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) Per Share, Basic and Diluted
A reconciliation of the amounts included in the computation of basic earnings (loss) per share from continuing operations and diluted earnings (loss) per share from continuing operations is as follows:
 
 Three Months Ended
March 31,
In millions, except per share amounts20262025
Earnings (loss) from continuing operations$76 $(124)
Weighted average common shares outstanding528.8 437.6 
Effect of dilutive securities (a)
Restricted performance share plan3.0 — 
Weighted average common shares outstanding – assuming dilution531.8 437.6 
Basic earnings (loss) per share from continuing operations$0.14 $(0.28)
Diluted earnings (loss) per share from continuing operations$0.14 $(0.28)
(a) 6.1 million of securities were anti-dilutive for the three months ended March 31, 2025 and were not included in the table.
v3.26.1
RESTRUCTURING CHARGES, NET (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs These charges included:
In millionsThree Months Ended March 31, 2026
Riceboro mill closure costs (a)$7 
Resource and asset realignment - PS EMEA (b)8 
Resource and asset realignment - PS NA (c)8 
$23 

(a) Includes severance charges of $3 million, the majority of which have been paid, and other costs of $4 million as of March 31, 2026.

(b) Includes severance charges of $4 million, of which $3 million is recorded in Accrued payroll and benefits in the accompanying condensed consolidated balance sheet as of March 31, 2026, and other costs of $4 million which were paid in the first quarter of 2026. The severance charges will be paid within the next twelve months.

(c) Includes severance charges of $6 million recorded in Accrued payroll and benefits in the accompanying condensed consolidated balance sheet as of March 31, 2026 and other costs of $2 million. The severance charges will be paid within the next twelve months.
The charges included:
In millionsThree Months Ended March 31, 2025
Red River mill closure costs (a)$78 
Resource and asset realignment - PS NA (b)5 
$83 

(a) Includes charges of $78 million for costs associated with the permanent closure of our Red River containerboard mill in Campti, Louisiana. Included in the $78 million of restructuring charges was $17 million of severance charges, $22 million of inventory charges and $39 million of other costs. The majority of the severance charges were paid in 2025.
(b) Includes restructuring charges of $5 million for other costs related to our 80/20 strategic approach.
v3.26.1
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Net Assets Acquired
The following table summarizes the fair value assigned to assets and liabilities acquired as of January 31, 2025:
In millions
Cash and temporary investments$448 
Accounts and notes receivable1,301 
Contract assets236 
Inventories626 
Other current assets311 
Plants, properties and equipment6,707 
Intangibles3,915 
Goodwill4,335 
Overfunded pension plan assets79 
Right of use assets270 
Deferred charges and other assets84 
Total assets acquired18,312 
Notes payable and current maturities of long-term debt118 
Accounts payable1,660 
Accrued payroll and benefits232 
Other current liabilities783 
Long-term debt3,571 
Deferred income taxes1,513 
Underfunded pension benefit obligation71 
Long-term lease obligations199 
Other liabilities256 
Total liabilities assumed8,403 
Net assets acquired$9,909 
Schedule of Intangible Assets Acquired
The identifiable intangible assets acquired in connection with the acquisition of DS Smith included the following:
In millionsEstimated Fair ValueAverage Useful Life
Customer relationships and lists$3,434 
19 years
Tradenames363 
15 years
Software (a)90 
3 - 5 years
Other (b)28 10 years
Total$3,915 
(a) Of this balance, $57 million has been placed in service and $33 million is in development.
(b) Includes $10 million of intangible assets with indefinite lives.
Schedule of Pro Forma Information
Below are the consolidated results on an unaudited pro forma basis assuming the DS Smith acquisition had closed on January 1, 2024:

Three Months Ended
March 31
In millions2025
(Unaudited)
Net Sales$6,636 
Net Earnings (Loss)(107)
v3.26.1
DIVESTITURES (Tables)
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations - Income Statement, Balance Sheet and Cash Flow Statement
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
March 31,
In millions20262025
Net Sales$115 $637 
Costs and Expenses
Cost of products sold93 454 
Selling and administrative expenses6 42 
Depreciation and amortization— 51 
Distribution expenses13 66 
Taxes other than payroll and income taxes2 7 
Net (gains) losses on sales and impairment of business3 — 
Interest expense, net— (3)
Non-operating pension expense (income)19 — 
Earnings (Loss) Before Income Taxes and Equity Earnings (Loss)(21)20 
Income tax provision (benefit)(5)1 
Discontinued Operations, Net of Taxes$(16)$19 

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 December 31, 2025 in the accompanying condensed consolidated balance sheet:

In millionsDecember 31, 2025
Cash and temporary investments$10 
Accounts and notes receivable, net537 
Contract assets38 
Inventories270 
Other current assets15 
Plants, Properties and Equipment1,761 
Right of Use Assets36 
Deferred Charges and Other Assets116 
2,783 
Impairment charge(1,070)
Assets held for sale1,713 
Notes payable and current maturities of long-term debt2 
Accounts payable239 
Accrued payroll and benefits68 
Other current liabilities60 
Long-Term Debt4 
Deferred Income Taxes42 
Long-Term Lease Obligations19 
Other Liabilities63 
Liabilities held for sale$497 

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 millionsThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Cash Provided By (Used For) Operating Activities$68 $38 
Cash Provided By (Used For) Investment Activities$(45)$(36)
v3.26.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Disclosure Text Block Supplement [Abstract]  
Schedule of Cash, Cash Equivalent, and Investment
A reconciliation of Cash and temporary investments and Restricted cash in the condensed consolidated balance sheet to Cash and temporary investments and restricted cash in the condensed consolidated statement of cash flows for the three months ended March 31, 2026 is below:

In millionsMarch 31, 2026
Cash and temporary investments$1,236 
Restricted cash63 
Cash included in assets held for sale8 
Cash and Temporary Investments and Restricted Cash$1,307 
Schedule of Temporary Investments and Restricted Cash
A reconciliation of Cash and temporary investments and Restricted cash in the condensed consolidated balance sheet to Cash and temporary investments and restricted cash in the condensed consolidated statement of cash flows for the three months ended March 31, 2026 is below:

In millionsMarch 31, 2026
Cash and temporary investments$1,236 
Restricted cash63 
Cash included in assets held for sale8 
Cash and Temporary Investments and Restricted Cash$1,307 
Schedule of Accounts and Notes Receivable, Net
In millionsMarch 31, 2026December 31, 2025
Trade (less allowances of $72 and $70, respectively)
$3,519 $3,355 
Other503 436 
Total$4,022 $3,791 
Schedule of Inventories
In millionsMarch 31, 2026December 31, 2025
Raw materials$407 $447 
Finished packaging products724 792 
Operating supplies697 691 
Other74 82 
Total$1,902 $2,012 
Schedule of Amounts Related to Interest
Amounts related to interest were as follows: 
 Three Months Ended
March 31,
In millions20262025
Interest expense$132 $135 
Interest income56 51 
Capitalized interest costs10 5 
v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Leases
Supplemental Balance Sheet Information Related to Leases

In millionsClassificationMarch 31, 2026December 31, 2025
Assets
Operating lease assetsRight-of-use assets$652 $697 
Finance lease assetsPlants, properties and equipment, net (a)70 70 
Total leased assets$722 $767 
Liabilities
Current
OperatingOther current liabilities$216 $221 
FinanceNotes payable and current maturities of long-term debt17 17 
Noncurrent
OperatingLong-term lease obligations450 486 
FinanceLong-term debt53 54 
Total lease liabilities$736 $778 

(a)Finance leases are recorded net of accumulated amortization of $68 million and $69 million as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
GOODWILL AND OTHER INTANGIBLES (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill Balances
The following table presents changes in goodwill balances as allocated to each business segment for the three months ended March 31, 2026:
In millionsPS NAPS EMEATotal
Balance as of January 1, 2026
Goodwill$3,968 $3,960 $7,928 
Accumulated impairment losses (59)(2,543)(2,602)
Total3,909 1,417 5,326 
Goodwill additions/reductions — — — 
Currency translation — (29)(29)
Balance as of March 31, 2026
Goodwill3,968 3,931 7,899 
Accumulated impairment losses (59)(2,543)(2,602)
Total$3,909 $1,388 $5,297 
Schedule of Identifiable Intangible Assets
Identifiable intangible assets comprised of the following: 

 March 31, 2026December 31, 2025
In millionsGross
Carrying
Amount		Accumulated
Amortization		Net Intangible AssetsGross
Carrying
Amount		Accumulated
Amortization		Net Intangible Assets
Customer relationships and lists$4,156 $594 $3,562 $4,063 $535 $3,528 
Trade names397 25 372 398 21 377 
Software (a)141 43 98 142 39 103 
Other96 68 28 102 67 35 
Total$4,790 $730 $4,060 $4,705 $662 $4,043 
(a) Of this balance, $69 million and $76 million has been placed in service at March 31, 2026 and December 31, 2025, respectively.
Schedule of Amortization Expense of Intangible Assets
The Company recognized the following amounts as amortization expense related to intangible assets: 

 Three Months Ended
March 31,
In millions20262025
Amortization expense related to intangible assets$79 $48 
v3.26.1
VARIABLE INTEREST ENTITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Variable Interest Entities [Abstract]  
Schedule of Activity Between Company And Entities
Activity between the Company and the 2007 Financing Entities was as follows:

Three Months Ended
March 31,
In millions20262025
Revenue (a)$29 $33 
Expense (b)26 29 
Cash receipts (c)25 30 
Cash payments (d)25 30 
 
(a)The revenue is included in interest expense, net in the accompanying statement of operations and includes approximately $5 million for both the three months ended March 31, 2026 and 2025 of accretion income for the amortization of the basis difference adjustment on the Long-term financial assets of variable interest entities.
(b)The expense is included in interest expense, net in the accompanying statement of operations and includes approximately $2 million for both the three months ended March 31, 2026 and 2025 of accretion expense for the amortization of the basis difference adjustment on the Long-term nonrecourse financial liabilities of variable interest entities.
(c)The cash receipts are interest received on the Long-term financial assets of variable interest entities.
(d)The cash payments are interest paid on Long-term nonrecourse financial liabilities of variable interest entities.
v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Foreign Denominated Credit Facilities
Below is a table of the foreign denominated credit facilities:

In millionsMarch 31, 2026
Credit FacilitiesBorrowing CurrencyUSD Equivalent CapacityUSD Equivalent Outstanding
2.834% Amortizing credit facility - due 2026-2029
EUR$173 $173 
Floating rate instruments:
Committed bank facility maturing May 2027
GBP, EUR, USD1,653 511 
Uncommitted facilityGBP, EUR, USD66 64 
Committed bank facility maturing December 2026
GBP, EUR, USD69 — 
v3.26.1
DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts of financial instruments used in hedging transactions were as follows:

In millionsMarch 31, 2026December 31, 2025
Electricity contracts (MWh)1.6 1.9 
Natural gas contracts (MWh)9.2 12.1 
Carbon credit contracts (tons)0.2 0.1 
External debt (EUR)€2,725 €3,293 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table shows gains or losses recognized in AOCL, net of tax, related to derivative instruments: 

 Gain (Loss) Recognized in AOCL on Derivatives
 Three Months Ended
March 31,
In millions20262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$137 $(52)
Derivatives in Net Investment Hedging Relationships:
External debt$22 $8 
Schedule of Derivative Instruments, Gain (Loss)
The amounts of gains and losses recognized in the statement of operations on financial instruments used in hedging transactions were as follows:

 Gain (Loss) Reclassified from AOCL Into Income Location of Gain (Loss)
Reclassified from AOCL
Three Months Ended
March 31,
In millions20262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$(1)$1 Cost of products sold
 Gain (Loss) Recognized in IncomeLocation of Gain (Loss)
In Statement
of Operations
Three Months Ended
March 31,
In millions20262025
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$3 $5 Cost of products sold
Derivatives Not Designated as Hedging Instruments:
Commodity contracts$(18)$(6)Cost of products sold
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table provides a summary of the impact of our derivative instruments in the balance sheet:
 
AssetsLiabilities
In millionsMarch 31, 2026December 31, 2025March 31, 2026December 31, 2025
Derivatives designated as hedging instruments
Commodity contracts – cash flow$50 $2 $2 $63 
Derivatives not designated as hedging instruments
Commodity contracts174 67 83 27 
Total derivatives$224 (a)$69 (b)$85 (c)$90 (d)
 
(a)Includes $164 million recorded in Other current assets and $60 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
(b)Includes $47 million recorded in Other current assets and $22 million recorded in Deferred charges and other assets in the accompanying condensed consolidated balance sheet.
(c)Includes $72 million recorded in Other current liabilities and $13 million recorded in Other liabilities in the accompanying condensed consolidated balance sheet.
(d)Includes $73 million recorded in Other current liabilities and $17 million recorded in Other liabilities in the accompanying condensed consolidated balance sheet.
v3.26.1
RETIREMENT PLANS (Tables)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Net Periodic Pension Expense (Income) for Qualified and Nonqualified U.S. Defined Benefit Plans
Net periodic pension expense (income) for our qualified and nonqualified defined benefit plans and the Group Scheme, is comprised of the following: 

 Three Months Ended
March 31,
In millions20262025
Service cost$12 $10 
Interest cost124 124 
Expected return on plan assets(159)(151)
Actuarial loss12 18 
Amortization of prior service cost3 4 
Settlement— 8 
Net periodic pension expense (income)$(8)$13 
v3.26.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense Related to Income Tax Benefits
Stock-based compensation expense and related income tax benefits were as follows: 

 Three Months Ended
March 31,
In millions20262025
Total stock-based compensation expense (selling and administrative)$29 $30 
Income tax benefits related to stock-based compensation14 35 
v3.26.1
BUSINESS SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Operating Profit (Loss) by Industry Segment
The following tables illustrate reportable segment revenue, significant segment expenses, and measures of a segment’s profit or loss for the three months ended March 31, 2026 and 2025. Certain prior year amounts have been expanded to align with current year presentation. The table also reconciles these amounts to Earnings (loss) before income taxes and equity earnings (loss).

Three Months Ended March 31, 2026
In millionsPS NAPS EMEATotal
Net sales from external customers$3,597 $2,323 $5,920 
Intersegment sales29 — 29 
3,626 2,323 5,949 
Other external sales51 
Elimination of intersegment sales(29)
Total Net Sales5,971 
Less:
Cost of products sold2,507 1,712 
Selling and administrative expenses333 157 
Depreciation and amortization230 259 
Distribution expenses276 237 
Other segment items (a)32 9 
Business Segment Operating Profit (Loss)248 (51)197 
Interest Expense, net76 
Adjustment for less than wholly owned subsidiaries (b)(1)
Corporate expenses, net10 
Net special items (i)37 
Non-operating pension (income) expense(18)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)$93 
(i)Includes a charge of $11 million for costs associated with the strategic separation of our PS EMEA packaging business, a charge of $7 million for costs related to the closure of our Riceboro, Georgia containerboard mill, a charge of $16 million for restructuring charges related to resource and asset realignment and a charge of $3 million for other items.
Three Months Ended March 31, 2025
In millionsPS NAPS EMEATotal
Net sales from external customers$3,668 $1,550 $5,218 
Intersegment sales34 — 34 
3,702 1,550 5,252 
Other external sales46 
Elimination of intersegment sales(34)
Total Net Sales5,264 
Less:
Cost of products sold2,569 1,147 
Selling and administrative expenses282 93 
Depreciation and amortization413 107 
Distribution expenses266 151 
Other segment items (a)30 6 
Business Segment Operating Profit (Loss)142 46 188 
Interest Expense, net84 
Adjustment for less than wholly owned subsidiaries (b)(1)
Corporate expenses, net20 
Net special items (i)237 
Non-operating pension (income) expense3 
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)$(155)

(i)Includes a charge of $221 million for transaction and other costs related to the DS Smith acquisition, a charge of $78 million for severance and other costs related to the closure of our Red River containerboard mill in Campti, Louisiana, a net gain of $67 million related to the sale of fixed assets primarily associated with our permanently closed Orange, TX containerboard mill and a net charge of $5 million for other items.
Schedule of Assets
Assets
In millionsMarch 31, 2026December 31, 2025
PS NA$16,718 $16,498 
PS EMEA15,351 15,439 
Corporate and other (c)4,365 6,027 
Assets$36,434 $37,964 
Segment, Reconciliation of Other Items from Segments to Consolidated
Capital Expenditures
In millionsMarch 31, 2026March 31, 2025
PS NA$384 $182 
PS EMEA83 106 
Subtotal467 288 
Corporate and other (d)50 42 
Capital Expenditures$517 $330 

(a)Other segment items includes Taxes other than payroll.
(b)Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly-owned. The pre-tax earnings for these subsidiaries is added here to present consolidated earnings from continuing operations before income taxes and equity earnings.
(c)Includes corporate assets and held for sale assets related to the GCF business.
(d)Includes capital expenditures for corporate and the GCF business.
v3.26.1
BASIS OF PRESENTATION (Details)
Jan. 29, 2026
company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Number of publicly traded companies formed 2
Minimum  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Expected completion period (in months) 12 months
Maximum  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Expected completion period (in months) 15 months
v3.26.1
REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Net sales $ 5,971 $ 5,264
United States    
Disaggregation of Revenue [Line Items]    
Net sales 3,447 3,510
EMEA    
Disaggregation of Revenue [Line Items]    
Net sales 2,323 1,550
Pacific Rim and Asia    
Disaggregation of Revenue [Line Items]    
Net sales 5 11
Americas, other than U.S.    
Disaggregation of Revenue [Line Items]    
Net sales 196 193
Operating segments    
Disaggregation of Revenue [Line Items]    
Net sales 5,949 5,252
Operating segments | PS NA    
Disaggregation of Revenue [Line Items]    
Net sales 3,626 3,702
Operating segments | PS EMEA    
Disaggregation of Revenue [Line Items]    
Net sales 2,323 1,550
Operating segments | United States | PS NA    
Disaggregation of Revenue [Line Items]    
Net sales 3,425 3,498
Operating segments | United States | PS EMEA    
Disaggregation of Revenue [Line Items]    
Net sales 0 0
Operating segments | EMEA | PS NA    
Disaggregation of Revenue [Line Items]    
Net sales 0 0
Operating segments | EMEA | PS EMEA    
Disaggregation of Revenue [Line Items]    
Net sales 2,323 1,550
Operating segments | Pacific Rim and Asia | PS NA    
Disaggregation of Revenue [Line Items]    
Net sales 5 11
Operating segments | Pacific Rim and Asia | PS EMEA    
Disaggregation of Revenue [Line Items]    
Net sales 0 0
Operating segments | Americas, other than U.S. | PS NA    
Disaggregation of Revenue [Line Items]    
Net sales 196 193
Operating segments | Americas, other than U.S. | PS EMEA    
Disaggregation of Revenue [Line Items]    
Net sales 0 0
Corporate & Intersegment    
Disaggregation of Revenue [Line Items]    
Net sales 22 12
Corporate & Intersegment | United States    
Disaggregation of Revenue [Line Items]    
Net sales 22 12
Corporate & Intersegment | EMEA    
Disaggregation of Revenue [Line Items]    
Net sales 0 0
Corporate & Intersegment | Pacific Rim and Asia    
Disaggregation of Revenue [Line Items]    
Net sales 0 0
Corporate & Intersegment | Americas, other than U.S.    
Disaggregation of Revenue [Line Items]    
Net sales $ 0 $ 0
v3.26.1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract liability, current $ 25 $ 18
v3.26.1
EQUITY - Schedule of Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance $ 14,827 $ 8,173
Issuance of stock for various plans, net 35 46
Issuance of stock for DS Smith acquisition   9,909
Repurchase of stock (30) (62)
Common stock dividends (246) (250)
Comprehensive income (loss) 222 276
Ending balance 14,808 18,092
Common Stock Issued    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 627 449
Issuance of stock for DS Smith acquisition   178
Ending balance 627 627
Paid-in Capital    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 14,414 4,732
Issuance of stock for various plans, net (62) (113)
Issuance of stock for DS Smith acquisition   9,731
Ending balance 14,352 14,350
Retained Earnings    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 4,885 9,393
Common stock dividends (246) (250)
Comprehensive income (loss) 60 (105)
Ending balance 4,699 9,038
Accumulated Other Comprehensive Income (Loss)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (528) (1,722)
Comprehensive income (loss) 162 381
Ending balance (366) (1,341)
Common Stock Held In Treasury, At Cost    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 4,571 4,679
Issuance of stock for various plans, net (97) (159)
Repurchase of stock 30 62
Ending balance $ 4,504 $ 4,582
v3.26.1
EQUITY - Schedule of Stockholders' Equity (Parenthetical) (Details) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity [Abstract]    
Common stock, dividends, per share, declared (in dollars per share) $ 0.4625 $ 0.4625
v3.26.1
OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 14,827 $ 8,173
Ending balance 14,808 18,092
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (528) (1,722)
Ending balance (366) (1,341)
Defined Benefit Pension and Postretirement Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (1,099) (1,312)
Amounts reclassified from accumulated other comprehensive income (loss) 29 24
Ending balance (1,070) (1,288)
Change in Cumulative Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 630 (402)
Amounts reclassified from accumulated other comprehensive income (loss) 3 0
Other comprehensive income (loss) before reclassifications (8) 410
Ending balance 625 8
Net Gains and Losses on Cash Flow Hedging Derivatives    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (59) (8)
Amounts reclassified from accumulated other comprehensive income (loss) 1 (1)
Other comprehensive income (loss) before reclassifications 137 (52)
Ending balance $ 79 $ (61)
v3.26.1
OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Non-operating pension expense (income) $ 18 $ (3)
Discontinued operations, net of taxes (16) 19
Cost of products sold (4,244) (3,805)
Tax (expense) benefit (17) 32
Net Earnings (Loss) 60 (105)
Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net Earnings (Loss) (33) (23)
Defined Benefit Pension and Postretirement Adjustments | Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total pre-tax amount (38) (30)
Tax (expense) benefit 9 6
Net Earnings (Loss) (29) (24)
Prior-service costs | Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Non-operating pension expense (income) (3) (4)
Actuarial gains (losses) | Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Non-operating pension expense (income) (16) (18)
Settlement charge | Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Settlement charge (19) (8)
Change in Cumulative Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Discontinued operations, net of taxes (3) 0
Tax (expense) benefit 0 0
Net Earnings (Loss) (3) 0
Net Gains and Losses on Cash Flow Hedging Derivatives | Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total pre-tax amount (2) 1
Tax (expense) benefit 1 0
Net Earnings (Loss) (1) 1
Net Gains and Losses on Cash Flow Hedging Derivatives | Commodity contracts | Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Cost of products sold $ (2) $ 1
v3.26.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Earnings (loss) from continuing operations $ 76 $ (124)
Weighted average common shares outstanding (in shares) 528.8 437.6
Effect of dilutive securities    
Restricted performance share plan (in shares) 3.0 0.0
Weighted average common shares outstanding – assuming dilution (in shares) 531.8 437.6
Basic earnings (loss) per share from continuing operations (in dollars per share) $ 0.14 $ (0.28)
Diluted earnings (loss) per share from continuing operations (in dollars per share) $ 0.14 $ (0.28)
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 6.1 6.1
v3.26.1
RESTRUCTURING CHARGES, NET - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring and Related Activities [Abstract]    
Restructuring charges, net $ 23 $ 83
v3.26.1
RESTRUCTURING CHARGES, NET - Schedule of Restructuring and Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Restructuring charges, net $ 23 $ 83
Riceboro mill closure costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges, net 7  
Severance costs 3  
Other restructuring costs 4  
Resource and asset realignment - PS EMEA    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges, net 8  
Severance costs 4  
Other restructuring costs 4  
Resource and asset realignment - PS EMEA | Accrued Payroll and Benefits    
Restructuring Cost and Reserve [Line Items]    
Restructuring reserve 3  
Resource and asset realignment - PS NA    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges, net 8 5
Other restructuring costs 2  
Resource and asset realignment - PS NA | Accrued Payroll and Benefits    
Restructuring Cost and Reserve [Line Items]    
Restructuring reserve $ 6  
Red River Mill    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges, net   78
Severance costs   17
Other restructuring costs   39
Inventory write-down   22
80/20 Strategic Approach    
Restructuring Cost and Reserve [Line Items]    
Other restructuring costs   $ 5
v3.26.1
ACQUISITIONS - Narrative (Details)
$ / shares in Units, € in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
EUR (€)
Jan. 31, 2025
USD ($)
plant
$ / shares
shares
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | European Plants          
Business Combination [Line Items]          
Number of plants divested | plant     5    
Proceeds from divestiture of businesses $ 147 € 125      
Gain on disposition of business         $ 46
DS Smith Plc          
Business Combination [Line Items]          
Number of IP shares issued for each DS Smith share (in shares) | shares     0.1285    
Business combination, consideration transferred, equity interest, share issued, number of shares (in shares) | shares     178,126,631    
Business combination, voting equity interest acquired, percentage     34.10%    
Business combination, price per share (in dollars per share) | $ / shares     $ 55.63    
Business combination, consideration transferred     $ 9,900    
Business combination, acquisition-related cost, expense       $ 87  
Business combination, acquiree's revenue since acquisition date, actual       1,300  
Business combination, acquiree's earnings (loss) since acquisition date, actual       (107)  
Business combination, pro forma information, pro forma income (loss), after tax       (107)  
DS Smith Plc | Additional Amortization Expense on Identifiable Assets          
Business Combination [Line Items]          
Business combination, pro forma information, pro forma income (loss), after tax       9  
DS Smith Plc | Additional Depreciation Expense On Fixed Assets          
Business Combination [Line Items]          
Business combination, pro forma information, pro forma income (loss), after tax       6  
DS Smith Plc | Business Combination, Pro Forma Information, Nonrecurring Adjustment, Inventory, Fair Value Adjustment          
Business Combination [Line Items]          
Business combination, pro forma information, pro forma income (loss), after tax       70  
DS Smith Plc | Business Combination, Pro Forma Information, Nonrecurring Adjustment, Acquisition-Related Cost          
Business Combination [Line Items]          
Business combination, integration-related cost, expense       $ 65  
v3.26.1
ACQUISITIONS - Schedule of Net Assets Acquired (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Jan. 31, 2025
Business Combination [Line Items]      
Goodwill $ 7,899 $ 7,928  
DS Smith Plc      
Business Combination [Line Items]      
Cash and temporary investments     $ 448
Accounts and notes receivable     1,301
Contract assets     236
Inventories     626
Other current assets     311
Plants, properties and equipment     6,707
Intangibles     3,915
Goodwill     4,335
Overfunded pension plan assets     79
Right of use assets     270
Deferred charges and other assets     84
Total assets acquired     18,312
Notes payable and current maturities of long-term debt     118
Accounts payable     1,660
Accrued payroll and benefits     232
Other current liabilities     783
Long-term debt     3,571
Deferred income taxes     1,513
Underfunded pension benefit obligation     71
Long-term lease obligations     199
Other liabilities     256
Total liabilities assumed     8,403
Net assets acquired     $ 9,909
v3.26.1
ACQUISITIONS - Schedule of Intangible Assets Acquired (Details) - DS Smith Plc - USD ($)
$ in Millions
Jan. 31, 2025
Mar. 31, 2026
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite and indefinite lived intangible assets acquired $ 3,915  
Other    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Indefinite-Lived intangible assets acquired   $ 10
Customer relationships and lists    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite lived intangible assets acquired $ 3,434  
Average Useful Life 19 years  
Tradenames    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite lived intangible assets acquired $ 363  
Average Useful Life 15 years  
Software    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite lived intangible assets acquired $ 90  
Other    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Average Useful Life 10 years  
Finite and indefinite lived intangible assets acquired $ 28  
Minimum | Software    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Average Useful Life 3 years  
Maximum | Software    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Average Useful Life 5 years  
Placed In Service | Software    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite lived intangible assets acquired $ 57  
In Development | Software    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite lived intangible assets acquired $ 33  
v3.26.1
ACQUISITIONS - Schedule of Pro Forma Information (Details) - DS Smith Plc
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Business Combination, Pro Forma Information [Line Items]  
Net Sales $ 6,636
Net Earnings (Loss) $ (107)
v3.26.1
DIVESTITURES - Narrative (Details) - Discontinued Operations, Disposed of by Sale - Global Cellulose Fibers Business - USD ($)
$ in Millions
 3 Months Ended
Jan. 23, 2026
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Proceeds from divestiture of businesses $ 1,100    
Aggregate initial liquidation preference 168    
Preferred stock, fair value $ 168    
Net loss on sales and impairments of business, pre-tax   $ 3 $ 0
v3.26.1
DIVESTITURES - Income Statement (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Discontinued operations, net of taxes $ (16) $ 19
Discontinued Operations, Disposed of by Sale | Global Cellulose Fibers Business    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net Sales 115 637
Cost of products sold 93 454
Selling and administrative expenses 6 42
Depreciation and amortization 0 51
Distribution expenses 13 66
Taxes other than payroll and income taxes 2 7
Net (gains) losses on sales and impairment of business 3 0
Interest expense, net 0 (3)
Non-operating pension expense (income) 19 0
Earnings (Loss) Before Income Taxes and Equity Earnings (Loss) (21) 20
Income tax provision (benefit) (5) 1
Discontinued operations, net of taxes $ (16) $ 19
v3.26.1
DIVESTITURES - Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and temporary investments $ 8  
Global Cellulose Fibers Business | Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and temporary investments   $ 10
Accounts and notes receivable, net   537
Contract assets   38
Inventories   270
Other current assets   15
Plants, Properties and Equipment   1,761
Right of Use Assets   36
Deferred Charges and Other Assets   116
Assets held for sale before impairment charge   2,783
Impairment charge   (1,070)
Assets held for sale   1,713
Notes payable and current maturities of long-term debt   2
Accounts payable   239
Accrued payroll and benefits   68
Other current liabilities   60
Long-Term Debt   4
Deferred Income Taxes   42
Long-Term Lease Obligations   19
Other Liabilities   63
Liabilities held for sale   $ 497
v3.26.1
DIVESTITURES - Cash Flow Statement (Details) - Global Cellulose Fibers Business - Discontinued Operations, Disposed of by Sale - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash Provided By (Used For) Operating Activities $ 68 $ 38
Cash Provided By (Used For) Investment Activities $ (45) $ (36)
v3.26.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Disclosure Text Block Supplement [Abstract]      
Temporary investments $ 599   $ 477
Restricted cash 63   0
Accumulated depreciation 18,600   18,400
Depreciation expense 410 $ 472  
Restructuring and related cost, accelerated depreciation 16 197  
Accounts payable, other 180   240
Supplier finance program, obligation 389   368
Interest payments 104 $ 97  
Asset retirement obligation $ 191   $ 193
v3.26.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Cash and Restricted Cash and Temporary Investment (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Disclosure Text Block Supplement [Abstract]        
Cash and temporary investments $ 1,236 $ 1,145    
Restricted cash 63 0    
Cash included in assets held for sale 8      
Cash and Temporary Investments and Restricted Cash $ 1,307 $ 1,161 $ 1,156 $ 1,170
v3.26.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Accounts and Notes Receivable, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Allowance for doubtful accounts $ 72 $ 70
Total 4,022 3,791
Trade    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total 3,519 3,355
Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total $ 503 $ 436
v3.26.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Disclosure Text Block Supplement [Abstract]    
Raw materials $ 407 $ 447
Finished packaging products 724 792
Operating supplies 697 691
Other 74 82
Total $ 1,902 $ 2,012
v3.26.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Amounts Related to Interest (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disclosure Text Block Supplement [Abstract]    
Interest expense $ 132 $ 135
Interest income 56 51
Capitalized interest costs $ 10 $ 5
v3.26.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lessee, Lease, Description [Line Items]    
Lease, cost $ 115 $ 96
Maximum    
Lessee, Lease, Description [Line Items]    
Lessee, operating and financing leases, remaining lease term 27 years  
v3.26.1
LEASES - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Operating lease assets $ 652 $ 697
Finance lease assets 70 70
Total leased assets 722 767
Operating lease, liability, current 216 221
Finance lease, liability, current 17 17
Operating lease, liability, noncurrent 450 486
Finance lease, liability, noncurrent 53 54
Total lease liabilities 736 778
Finance lease, right-of-use asset, accumulated amortization $ 68 $ 69
v3.26.1
GOODWILL AND OTHER INTANGIBLES - Schedule of Changes in Goodwill Balances (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Roll Forward]    
Beginning balance $ 7,928  
Accumulated impairment losses (2,602) $ (2,602)
Goodwill 5,297 5,326
Goodwill additions/reductions 0  
Currency translation (29)  
Ending balance 7,899  
PS NA    
Goodwill [Roll Forward]    
Beginning balance 3,968  
Accumulated impairment losses (59) (59)
Goodwill 3,909 3,909
Goodwill additions/reductions 0  
Currency translation 0  
Ending balance 3,968  
PS EMEA    
Goodwill [Roll Forward]    
Beginning balance 3,960  
Accumulated impairment losses (2,543) (2,543)
Goodwill 1,388 $ 1,417
Goodwill additions/reductions 0  
Currency translation (29)  
Ending balance $ 3,931  
v3.26.1
GOODWILL AND OTHER INTANGIBLES - Schedule of Identifiable Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 4,790 $ 4,705
Accumulated Amortization 730 662
Net Intangible Assets 4,060 4,043
Customer relationships and lists    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,156 4,063
Accumulated Amortization 594 535
Net Intangible Assets 3,562 3,528
Tradenames    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 397 398
Accumulated Amortization 25 21
Net Intangible Assets 372 377
Software    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 141 142
Accumulated Amortization 43 39
Net Intangible Assets 98 103
Software | Placed In Service    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 69 76
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 96 102
Accumulated Amortization 68 67
Net Intangible Assets $ 28 $ 35
v3.26.1
GOODWILL AND OTHER INTANGIBLES - Schedule of Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense related to intangible assets $ 79 $ 48
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax payments (refunds received), net $ (236) $ 45
Proceeds from income tax refunds 281  
Proceeds from income tax refunds, tax 270  
Proceeds from income tax refunds, interest $ 11  
v3.26.1
COMMITMENTS AND CONTINGENCIES (Details)
€ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended 24 Months Ended
Jul. 29, 2025
defendant
Oct. 11, 2024
USD ($)
Jul. 31, 2024
USD ($)
Jul. 31, 2024
EUR (€)
Apr. 30, 2019
producer
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2025
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2019
EUR (€)
Loss Contingencies [Line Items]                                
Liability for asbestos and environmental claims, gross           $ 271 $ 270         $ 270        
Liability for asbestos and environmental claims, net           $ 110 103         103        
Secretariat of the Federal Revenue Bureau of Brazil                                
Loss Contingencies [Line Items]                                
Responsible party percentage           60.00%                    
Loss contingency accrual           $ 48               $ 48    
Income tax examination, estimate of possible loss   $ 269       426                    
Income tax examination, penalties and interest expense           $ 313                    
Responsible party percentage-Sylvamo           40.00%                    
Shared tax assessment payment           $ 300                    
Secretariat of the Federal Revenue Bureau of Brazil | Tax Year 2007-2015                                
Loss Contingencies [Line Items]                                
Income tax examination, estimate of possible loss           113                    
Artuso Pastry Foods Corp v. Packaging Corp. of America (N.D. Ill.)                                
Loss Contingencies [Line Items]                                
Loss contingency, number of defendants | defendant 12                              
Italian Competition Authority                                
Loss Contingencies [Line Items]                                
Loss contingency, number of defendants | producer         30                      
Loss contingency accrual                             $ 31 € 29
Accrual for environmental loss contingencies, period decrease     $ 6 € 6                        
Cass Lake, Minnesota                                
Loss Contingencies [Line Items]                                
Accrual for environmental loss contingencies           48 47         47        
Kalamazoo River Superfund Site                                
Loss Contingencies [Line Items]                                
Loss contingency, damages sought, value                     $ 37          
Environmental remediation reserve adjustments             7 $ 27 $ 27              
Liability for asbestos and environmental claims, net           18 20         20        
Kalamazoo River Superfund Site | Georgia-Pacific Consumer Products LP, Fort James Corporation and Georgia Pacific LLC Cost Recovery Action                                
Loss Contingencies [Line Items]                                
Loss contingency, damages sought, value           79                    
Loss contingency, damages awarded, value           $ 50                    
Loss contingencies, share of damages (as percent)           15.00%                    
San Jacinto River Superfund Site                                
Loss Contingencies [Line Items]                                
Environmental remediation reserve adjustments                   $ 65            
Liability for asbestos and environmental claims, net           $ 97 97         97        
Responsible party percentage                   50.00%            
San Jacinto River Superfund Site | Southern Impoundment                                
Loss Contingencies [Line Items]                                
Environmental remediation reserve adjustments                   $ 10            
San Jacinto River Superfund Site | Northern impoundment                                
Loss Contingencies [Line Items]                                
Environmental remediation reserve adjustments                   $ 55   27        
Versailles Pond                                
Loss Contingencies [Line Items]                                
Liability for asbestos and environmental claims, net           $ 29 $ 29         $ 29 $ 30      
v3.26.1
VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Variable Interest Entity [Line Items]    
Other liabilities, noncurrent $ 1,408 $ 1,439
2007 Financing Entities    
Variable Interest Entity [Line Items]    
Notes receivable, fair value disclosure 2,400  
Long-term debt, fair value 2,100  
Assets, noncurrent 2,400  
Other liabilities, noncurrent $ 2,100  
v3.26.1
VARIABLE INTEREST ENTITIES - Schedule of Activity Between Company and Entities (Details) - 2007 Financing Entities - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Variable Interest Entity [Line Items]    
Revenue $ 29 $ 33
Expense 26 29
Cash receipts 25 30
Cash payments 25 30
Accretion income for amortization of purchase accounting adjustment, financial assets 5 5
Accretion expense for amortization of purchase accounting adjustment, financial liabilities $ 2 $ 2
v3.26.1
DEBT - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Jan. 31, 2025
Debt Instrument [Line Items]    
Line of credit facility, current borrowing capacity $ 1,900,000,000  
Credit facilities assumed as part of acquisition   $ 3,600,000,000
Minimum net worth required for compliance $ 9,000,000,000  
Total debt to capital ratio 60.00%  
Debt and capital lease obligations $ 9,100,000,000  
Debt fair value 8,700,000,000  
Commercial Paper    
Debt Instrument [Line Items]    
Revolving credit facilities available 1,000,000,000.0  
Commercial paper 0  
Revolving Credit Facility | Committed Facility    
Debt Instrument [Line Items]    
Revolving credit facilities available 1,400,000,000  
Receivables Securitization Program    
Debt Instrument [Line Items]    
Receivables securitization program 500,000,000  
Collateralized agreements, value of amount outstanding 0  
Foreign Denominated Credit Facilities    
Debt Instrument [Line Items]    
Repayments of debt $ 648,000,000  
v3.26.1
DEBT - Schedule of Foreign Denominated Debt (Details) - Revolving Credit Facility
Mar. 31, 2026
USD ($)
2.834% Amortizing credit facility - due 2026-2029  
Debt Instrument [Line Items]  
Debt instrument, interest rate, stated percentage 2.834%
USD Equivalent Capacity $ 173,000,000
Borrowings Outstanding 173,000,000
Committed bank facility maturing May 2027  
Debt Instrument [Line Items]  
USD Equivalent Capacity 1,653,000,000
Borrowings Outstanding 511,000,000
Uncommitted facility  
Debt Instrument [Line Items]  
USD Equivalent Capacity 66,000,000
Borrowings Outstanding 64,000,000
Committed bank facility maturing December 2026  
Debt Instrument [Line Items]  
USD Equivalent Capacity 69,000,000
Borrowings Outstanding $ 0
v3.26.1
DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - Derivatives designated as hedging instruments
€ in Millions, ton in Millions, MWh in Millions
Mar. 31, 2026
EUR (€)
ton
MWh
Dec. 31, 2025
EUR (€)
MWh
ton
Electricity contracts (MWh) | Cash Flow Hedging    
Derivative [Line Items]    
Derivative, nonmonetary notional amount 1.6 1.9
Natural gas contracts (MWh) | Cash Flow Hedging    
Derivative [Line Items]    
Derivative, nonmonetary notional amount 9.2 12.1
Carbon credit contracts (tons) | Cash Flow Hedging    
Derivative [Line Items]    
Derivative, nonmonetary notional amount | ton 0.2 0.1
External debt | Net Investment Hedging    
Derivative [Line Items]    
Derivative, notional amount | € € 2,725 € 3,293
v3.26.1
DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Commodity contracts | Cash Flow Hedging    
Derivative [Line Items]    
Gain (Loss) Recognized in AOCL on Derivatives $ 137 $ (52)
External debt | Net Investment Hedging    
Derivative [Line Items]    
Gain (Loss) Recognized in AOCL on Derivatives $ 22 $ 8
v3.26.1
DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Derivative Instruments, Gain (Loss) (Details) - Commodity contracts - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Gain (Loss) Recognized in Income $ (18) $ (6)
Cash Flow Hedging    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCL Into Income (1) 1
Cash Flow Hedging | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Gain (Loss) Recognized in Income $ 3 $ 5
v3.26.1
DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Assets $ 224 $ 69
Liabilities 85 90
Other Current Assets    
Derivative [Line Items]    
Assets 164 47
Other Noncurrent Assets    
Derivative [Line Items]    
Assets 60 22
Other Current Liabilities    
Derivative [Line Items]    
Liabilities 72 73
Other Noncurrent Liabilities    
Derivative [Line Items]    
Liabilities 13 17
Commodity contracts | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Assets 50 2
Liabilities 2 63
Commodity contracts | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Assets 174 67
Liabilities $ 83 $ 27
v3.26.1
RETIREMENT PLANS - Schedule of Net Periodic Pension Expense (Income) for Qualified and Nonqualified U.S. Defined Benefit Plans (Details) - U.S. plans - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 12 $ 10
Interest cost 124 124
Expected return on plan assets (159) (151)
Actuarial loss 12 18
Amortization of prior service cost 3 4
Settlement 0 8
Net periodic pension expense (income) $ (8) $ 13
v3.26.1
RETIREMENT PLANS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]    
Pension plan contributions $ 0 $ 0
Non Qualified    
Defined Benefit Plan Disclosure [Line Items]    
Benefits paid $ 5 $ 33
v3.26.1
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Jan. 01, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation cost related to unvested restricted performance shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures $ 137  
Compensation cost related to unvested restricted performance shares, executive continuity awards and restricted stock attributable to future performance, net of estimated forfeitures, weighted-average period (in years) 1 year 9 months 18 days  
Stock Compensation Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Relative total shareholder return, percentage   100.00%
Shares available for grant under ICP (in shares) 4.9  
Restricted performance share plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted, nonvested shares / units (in shares) 1.3  
Granted, nonvested, weighted average grant date fair value (in dollars per share) $ 48.18  
Time-based Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted, nonvested shares / units (in shares) 1.0  
Granted, nonvested, weighted average grant date fair value (in dollars per share) $ 39.39  
v3.26.1
STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense Related to Income Tax Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Income tax benefits related to stock-based compensation $ 14 $ 35
Selling, General and Administrative Expenses    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense (selling and administrative) $ 29 $ 30
v3.26.1
BUSINESS SEGMENT INFORMATION - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.26.1
BUSINESS SEGMENT INFORMATION - Schedule of Operating Profit (Loss) by Industry Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales $ 5,971 $ 5,264
Cost of products sold 4,244 3,805
Selling and administrative expenses 510 487
Depreciation and amortization 489 520
Distribution expenses 513 417
Interest Expense, net 76 84
Adjustment for less than wholly owned subsidiaries (1) (1)
Corporate expenses, net 10 20
Net special items 37 237
Non-operating pension expense (income) (18) 3
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss) 93 (155)
Restructuring charges, net 23 83
Other nonrecurring (income) expense 3  
Gain on sale of fixed assets 0 67
DS Smith Plc    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Business combination, transactions costs   221
Resource and asset realignment - PS EMEA    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Business exit costs 11  
Restructuring charges, net 8  
Riceboro Containerboard Mill    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Business exit costs 7  
Resource And Asset Realignment    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Restructuring charges, net 16 5
Permanently Closed Mills    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Gain on sale of fixed assets   67
Red River Containerboard Mill    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Restructuring charges, net   78
Net sales from external customers    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales 5,920 5,218
Intersegment sales    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales (29) (34)
Operating segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales 5,949 5,252
Business Segment Operating Profit (Loss) 197 188
Other external sales    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales 51 46
PS NA | Net sales from external customers    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales 3,597 3,668
PS NA | Intersegment sales    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales (29) (34)
PS NA | Operating segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales 3,626 3,702
Cost of products sold 2,507 2,569
Selling and administrative expenses 333 282
Depreciation and amortization 230 413
Distribution expenses 276 266
Other segment items 32 30
Business Segment Operating Profit (Loss) 248 142
PS EMEA | Net sales from external customers    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales 2,323 1,550
PS EMEA | Intersegment sales    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales 0 0
PS EMEA | Operating segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net Sales 2,323 1,550
Cost of products sold 1,712 1,147
Selling and administrative expenses 157 93
Depreciation and amortization 259 107
Distribution expenses 237 151
Other segment items 9 6
Business Segment Operating Profit (Loss) $ (51) $ 46
v3.26.1
BUSINESS SEGMENT INFORMATION - Schedule of Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets $ 36,434 $ 37,964
Operating segments | PS NA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets 16,718 16,498
Operating segments | PS EMEA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets 15,351 15,439
Corporate and other    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets $ 4,365 $ 6,027
v3.26.1
BUSINESS SEGMENT INFORMATION - Schedule of Capital Expenditures (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Capital Expenditures $ 517 $ 330
Operating segments    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Capital Expenditures 467 288
Operating segments | PS NA    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Capital Expenditures 384 182
Operating segments | PS EMEA    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Capital Expenditures 83 106
Corporate and other    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Capital Expenditures $ 50 $ 42
v3.26.1
SUBSEQUENT EVENTS (Details)
$ in Millions
Apr. 16, 2026
USD ($)
North Pacific Paper Company | Subsequent Event  
Subsequent Event [Line Items]  
Business combination, consideration transferred $ 360