SYLVAMO CORP, 10-K filed on 2/20/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-40718    
Entity Registrant Name SYLVAMO CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 86-2596371    
Entity Address, Address Line One 6077 Primacy Parkway    
Entity Address, City or Town Memphis    
Entity Address, State or Province TN    
Entity Address, Postal Zip Code 38119    
City Area Code 901    
Local Phone Number 519-8000    
Entity Central Index Key 0001856485    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Auditor Firm ID 34    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 2,008,755,141
Entity Common Stock, Shares Outstanding   39,508,287  
Documents Incorporated by Reference [Text Block]
Documents incorporated by reference:
Portions of the registrant’s proxy statement filed within 120 days of the close of the registrant’s fiscal year in connection with the registrant’s 2026 annual meeting of shareholders are incorporated by reference into Part III of this Form 10-K.
    
Document Financial Statement Error Correction [Flag] false    
Common Stock      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, par value $1.00 per share    
Trading Symbol SLVM    
Security Exchange Name NYSE    
Preferred Stock      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock Purchase Rights    
Trading Symbol SLVM    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Memphis, Tennessee
Auditor Firm ID 34
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
NET SALES $ 3,351 $ 3,773 $ 3,721
COSTS AND EXPENSES      
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below) 2,616 2,833 2,809
Selling and administrative expenses 281 311 343
Depreciation, amortization and cost of timber harvested 179 159 143
Taxes other than payroll and income taxes 26 26 23
Interest expense (income), net 39 39 34
Goodwill and Intangible Asset Impairment 11 0 0
Income (loss) before income taxes 199 405 369
Income tax provision 67 103 116
NET INCOME $ 132 $ 302 $ 253
EARNINGS PER SHARE      
Basic $ 3.29 $ 7.35 $ 6.02
Diluted $ 3.24 $ 7.18 $ 5.93
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
NET INCOME $ 132 $ 302 $ 253
Defined benefit pension and postretirement adjustments:      
Amortization of pension and postretirement net loss 1 1 1
Pension and postretirement liability adjustments (less tax of $1, $2 and $1) 4 4 (2)
Change in cumulative foreign currency translation adjustment 134 (223) 91
Net gains/losses on cash flow hedging derivatives:      
Net gains (losses) arising during the period (less tax of $4, $5 and $10) 6 (7) 19
Reclassification adjustment for (gains) losses included in net earnings (less tax of $3, $2 and $12) (8) (9) (27)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 137 (234) 82
COMPREHENSIVE INCOME $ 269 $ 68 $ 335
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Tax on pension and postretirement liability adjustments $ (1) $ (2) $ 1
Tax on net gains (losses) arising during period on cash flow hedges (4) 5 (10)
Tax on reclassification adjustment for (gains) losses included in earnings on cash flow hedges $ 3 $ 2 $ 12
v3.25.4
CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and temporary investments $ 135 $ 205
Accounts and notes receivable (less allowances of $17 in 2025 and $21 in 2024) 424 429
Contract assets 19 26
Inventories 418 361
Other current assets 80 42
Total Current Assets 1,076 1,063
Plants, Properties and Equipment, net 1,047 944
Forestlands 364 319
Goodwill 114 111
Right of Use Assets 48 58
Deferred Charges and Other Assets 114 109
TOTAL ASSETS 2,763 2,604
Current Liabilities    
Accounts payable 381 375
Notes payable and current maturities of long-term debt 90 22
Accrued payroll and benefits 55 79
Other current liabilities 190 206
Total Current Liabilities 716 682
Long-Term Debt 763 782
Deferred Income Taxes 175 152
Other Liabilities 143 141
Commitments and Contingent Liabilities (Note 11)
Equity    
Common stock $1.00 par value, 200.0 shares authorized, 45.6 shares and 44.9 shares issued and 39.4 shares and 40.6 shares outstanding at December 31, 2025 and 2024, respectively 46 45
Paid-in capital 89 71
Retained earnings 2,514 2,455
Accumulated other comprehensive loss (1,353) (1,490)
Stockholders' Equity before Treasury Stock 1,296 1,081
Less: Common stock held in treasury, at cost, 6.2 shares and 4.3 shares at December 31, 2025 and December 31, 2024, respectively (330) (234)
Total Equity 966 847
TOTAL LIABILITIES AND EQUITY $ 2,763 $ 2,604
v3.25.4
CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts Receivable, Allowance for Credit Loss $ 17 $ 21
Common stock, par value (in dollars per share) $ 1.00  
Common stock, shares authorized (in shares) 200,000,000.0  
Common stock, shares issued (in shares) 45,600,000 44,900,000
Common shares outstanding (in shares) 39,400,000 40,600,000
Treasury Stock, Common, Shares 6,200,000 4,300,000
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]      
Net income $ 132 $ 302 $ 253
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and cost of timber harvested 179 159 143
Deferred income tax provision (benefit), net 7 (7) 0
Stock-based compensation 18 23 23
Goodwill and Intangible Asset Impairment 11 0 0
Changes in operating assets and liabilities and other      
Accounts and notes receivable 33 (47) 104
Inventories (14) 25 6
Accounts payable and accrued liabilities (52) 42 (73)
Other (46) (28) 48
CASH PROVIDED BY OPERATING ACTIVITIES 268 469 504
INVESTING ACTIVITIES      
Invested in capital projects (224) (221) (210)
Acquisition of business 0 0 (167)
CASH USED FOR INVESTING ACTIVITIES (224) (221) (377)
FINANCING ACTIVITIES      
Dividends paid (73) (62) (57)
Issuance of debt 229 250 446
Reduction of debt (182) (407) (526)
Repurchases of common stock (82) (69) (70)
Other (17) (22) (12)
CASH USED FOR FINANCING ACTIVITIES (125) (310) (219)
Effect of Exchange Rate Changes on Cash 11 (13) 12
Change in Cash, Temporary Investments and Restricted Cash (70) (75) (80)
Beginning of the period 205 280 360
End of the period $ 135 $ 205 $ 280
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Common Stock
Paid-In Capital
Retained Earnings
Accumulated  Other Comprehensive
Loss
Treasury Stock, Common
Beginning balance (in shares) at Dec. 31, 2022   44,000,000        
Balance at beginning of period at Dec. 31, 2022 $ 678 $ 44 $ 25 $ 2,029 $ (1,338) $ (82)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock-based employee compensation 19 $ 1 23     (5)
Stock Issued During Period, Shares, New Issues   1,000,000        
Share repurchase (71)         (71)
Dividends, Common Stock (60)     (60)    
Comprehensive income (loss) 335     253 82  
Ending balance (in shares) at Dec. 31, 2023   45,000,000        
Balance at end of period at Dec. 31, 2023 $ 901 $ 45 48 2,222 (1,256) (158)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common Stock, Dividends, Per Share, Declared $ 1.4000          
Stock-based employee compensation $ 15 $ 0 23     (8)
Stock Issued During Period, Shares, New Issues   0        
Share repurchase (68)         (68)
Dividends, Common Stock (69)     (69)    
Comprehensive income (loss) $ 68     302 (234)  
Ending balance (in shares) at Dec. 31, 2024 40,600,000 45,000,000        
Balance at end of period at Dec. 31, 2024 $ 847 $ 45 71 2,455 (1,490) (234)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common Stock, Dividends, Per Share, Declared $ 1.6500          
Stock-based employee compensation $ 5 $ 1 18     (14)
Stock Issued During Period, Shares, New Issues   1,000,000        
Share repurchase (82)         (82)
Dividends, Common Stock (73)     (73)    
Comprehensive income (loss) $ 269     132 137  
Ending balance (in shares) at Dec. 31, 2025 39,400,000 46,000,000        
Balance at end of period at Dec. 31, 2025 $ 966 $ 46 $ 89 $ 2,514 $ (1,353) $ (330)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common Stock, Dividends, Per Share, Declared $ 1.8000          
v3.25.4
BACKGROUND AND SUMMARY OF BUSINESS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BACKGROUND AND SUMMARY OF BUSINESS BACKGROUND AND SUMMARY OF BUSINESS
BACKGROUND
Sylvamo Corporation (NYSE: SLVM) is the world’s paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment.

The Company operates on a calendar year-end.

Acquisition of Nymölla

On January 2, 2023, the Company completed the previously announced acquisition of Stora Enso’s uncoated freesheet paper mill in Nymölla, Sweden, for €157 million (approximately $167 million) after post-close working capital adjustments. Sylvamo accounted for the acquisition under ASC 805, “Business Combinations” and the Nymölla mill’s results of operations are included in Sylvamo’s consolidated financial statements from the date of acquisition.
v3.25.4
BASIS OF CONSOLIDATION AND COMBINATION AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
BASIS OF CONSOLIDATION AND COMBINATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF CONSOLIDATION

The consolidated financial statements include the accounts of Sylvamo Corporation and subsidiaries for which we have a controlling financial interest. All intracompany transactions have been eliminated.

USE OF ESTIMATES

In preparing the consolidated financial statements in accordance with U.S. GAAP, management makes estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates.

REVENUE RECOGNITION

The Company recognizes revenue on a point-in-time basis when the customer takes title to the goods and assumes the risks and rewards for the goods. 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.

The Company’s revenue is primarily derived from fixed consideration; however, we do have contract terms that give rise to variable consideration, primarily volume rebates, early payment discounts and other customer refunds. The Company estimates its volume rebates at the individual customer level based upon the terms of the arrangement and expected volume purchases over the contract period, consistent with the most likely amount method outlined in ASC 606. The Company estimates early payment discounts and other customer refunds based on the historical experience across the Company’s portfolio of customers to record reductions in revenue which is consistent with the expected value method outlined in ASC 606. Management has concluded that these methods result in the best estimate of the consideration the Company will be entitled to from its customers.

The Company has elected to present all sales taxes on a net basis, account for shipping and handling activities as fulfillment activities, and not record interest income or interest expense when the difference in timing of control or transfer and customer payment is one year or less. See Note 4 Revenue Recognition for further details.

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 notice are treated as cash equivalents and are stated at cost, which approximates market value. See Note 7 Supplementary Financial Statement Information for further details.
RESTRICTED CASH

Cash that is legally restricted from use is classified as restricted cash.

COST OF PRODUCTS SOLD

Costs of products sold represents costs directly related to the manufacture of our products. Primary costs include raw materials, packaging, direct labor, overhead, warehousing costs and shipping and handling costs, such as freight to customers’ destinations.

INVENTORIES

Inventories are valued at the lower of cost or market value and include costs directly associated with manufacturing products: materials, labor, first leg freight and manufacturing overhead. In the United States, costs of raw materials and finished paper and pulp products are generally determined using the last-in, first-out method. Other inventories are valued using the first-in, first-out or average cost methods. See Note 7 Supplementary Financial Statement Information for further details.

LEASED ASSETS

Operating lease right of use (“ROU”) assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company’s leases may include options to extend the lease. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the ROU assets and liabilities. Variable payments for real estate leases are primarily related to common area maintenance, insurance, taxes and utilities. Variable payments for equipment, vehicles and leases within supply agreements are primarily related to usage, repairs and maintenance. As the implicit rate is not readily determinable for most of the Company’s leases, the Company applies a portfolio approach using an estimated incremental borrowing rate to determine the initial present value of lease payments over the lease terms on a collateralized basis over a similar term, which is based on market and company specific information. We use the unsecured borrowing rate and risk adjust that rate to approximate a collateralized rate, and apply the rate based on the currency of the lease, which is updated on a quarterly basis for measurement of new lease liabilities. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, the Company has applied the practical expedient to account for the lease and non-lease components as a single lease component for all of the Company’s leases. See Note 8 Leases for further details.

PLANTS, PROPERTIES AND EQUIPMENT

Plants, properties and equipment are stated at cost, less accumulated depreciation. Expenditures for betterments are capitalized, whereas normal repairs and maintenance are expensed as incurred. The units-of-production method of depreciation is used for the mills, and the straight-line method is used for other plants and equipment. See Note 7 Supplementary Financial Statement Information for further details.

GOODWILL

Annual evaluation for possible goodwill impairment is performed as of the beginning of the fourth quarter of each year, with additional interim evaluation performed when management believes that it is more likely than not that events or circumstances have occurred that would result in the impairment of a reporting unit’s goodwill.

The Company has the option to evaluate goodwill for impairment by first performing a qualitative assessment of events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is not required to be performed. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company does not elect the option to perform an initial qualitative assessment, then the Company is required to perform the quantitative goodwill impairment test. In performing this evaluation, the Company estimates the fair value of its reporting unit using a weighted approach based on discounted future cash flows, market multiples and transaction multiples. The determination of fair value using the discounted cash flow approach requires management to make significant estimates and assumptions related to forecasts of future revenues, operating profit margins and discount rates. The determination of fair value using market multiples and transaction multiples requires management to make significant
assumptions related to revenue multiples and adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. For reporting units whose carrying amount is in excess of their estimated fair value, the reporting unit will record an impairment charge by the amount that the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. See Note 9 Goodwill for further discussion.
IMPAIRMENT OF LONG-LIVED ASSETS

Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable. A recoverability test is performed based on undiscounted cash flows, requiring judgments as to the weighting of alternatives being considered by management and estimates of the amount and timing of expected future cash flows from the use and eventual disposition of the long-lived assets. Impaired assets are written-down to their estimated fair value.

EMPLOYEE RETIREMENT BENEFITS

The Company sponsors certain defined benefit pension and postretirement plans in Belgium, Brazil, France, Poland, the United Kingdom and the United States. The Company accounts for these plans using the single-employer method, with the net funded status of these plans recorded as an asset or liability in the consolidated balance sheets. See Note 13 Retirement and Postretirement Benefit Plans for additional disclosures regarding retirement benefits.

INCOME TAXES

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets are recognized to the extent that we believe that these assets are more likely than not to be realized.

We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. While we believe that these judgments and estimates are appropriate and reasonable under the circumstances, actual resolution of these matters may differ from recorded estimates and amounts. See Note 10 Income Taxes for further discussion.

TRANSLATION OF FINANCIAL STATEMENTS
Balance sheets of international operations are translated into U.S. dollars at period-end exchange rates, while statements of operations are translated at average rates. Adjustments resulting from financial statement translations are included as cumulative translation adjustments in accumulated other comprehensive income (loss) (“AOCI”).
v3.25.4
RECENT ACCOUNTING DEVELOPMENTS
 12 Months Ended
Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
RECENT ACCOUNTING DEVELOPMENTS RECENT ACCOUNTING DEVELOPMENTS
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

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): Disaggregation of Income Statement Expenses.” This guidance requires disaggregated disclosure of certain income statement captions for public business entities into specified categories within the footnotes to the financial statements. Additional disclosures are required in tabular format for each relevant expense caption on the face of the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion and amortization recognized as part of oil-and gas-producing activities or other types of depletion expenses. This update does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnotes to the financial
statements. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the provisions of this guidance.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance requires a public entity to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The Company retrospectively adopted the provisions of this guidance for the year ending December 31, 2025. See Note 10 Income Taxes for further details.
v3.25.4
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
EXTERNAL NET SALES BY PRODUCT

External net sales by major products were as follows:
In millions
202520242023
Europe
Uncoated Papers
$656 $703 $733 
Market Pulp
83 96 88 
Europe
739 799 821 
Latin America
Uncoated Papers
809 884 885 
Market Pulp
49 61 64 
Latin America
858 945 949 
North America
Uncoated Papers
1,678 1,951 1,891 
Market Pulp
76 78 60 
North America
1,754 2,029 1,951 
Total
$3,351 $3,773 $3,721 
REVENUE CONTRACT BALANCES

A contract asset is created when the Company recognizes revenue on its customized products for which we have an enforceable right to payment.

A contract liability is created when customers prepay for goods prior to the Company transferring control over 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 $3 million and $2 million are included in current liabilities in the accompanying consolidated balance sheets as of December 31, 2025 and 2024.

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 which we have an unconditional right to payment or receive pre-payment from the customer, respectively.

PERFORMANCE OBLIGATIONS AND SIGNIFICANT JUDGEMENTS

The Company’s principal business is to manufacture and sell uncoated freesheet papers, along with pulp. As a general rule, none of our businesses provide equipment installation or other ancillary services outside of producing and shipping paper and pulp goods to customers.
The nature of the Company’s contracts can vary based on the business, customer type, and region; however, in all instances it is the Company’s customary business practice to receive a valid purchase order from the customer, in which each party’s rights and related payment terms are clearly identifiable.
Contracts or purchase orders with customers could include a single type of product or it could include multiple types/grades of products. Regardless, the contracted price with the customer is agreed to at the individual product level outlined in the customer contracts or purchase orders. The Company does not bundle prices; however, we do negotiate with customers on pricing and rebates for the same products based on a variety of factors (e.g. level of contractual volume, geographical location, etc.). Management has concluded that the prices negotiated with each individual customer are representative of the stand-alone selling price of the product.
v3.25.4
OTHER COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME
The following table presents the changes in AOCI, net of tax, reported in the consolidated financial statements:
In millions
202520242023
Defined Benefit Pension and Postretirement Adjustments
Balance at beginning of period
$(72)$(77)$(76)
Other comprehensive income (loss) before reclassifications4 4 (2)
Amounts reclassified from accumulated other comprehensive income1 1 1 
Balance at end of period
(67)(72)(77)
Change in Cumulative Foreign Currency Translation Adjustments
Balance at beginning of period
(1,420)(1,197)(1,288)
Other comprehensive income (loss) before reclassifications
134 (223)91 
Balance at end of period
(1,286)(1,420)(1,197)
Net Gains and Losses on Cash Flow Hedging Derivatives
Balance at beginning of period
2 18 26 
Other comprehensive income (loss) before reclassifications
6 (7)19 
Amounts reclassified from accumulated other comprehensive income(8)(9)(27)
Balance at end of period
— 2 18 
Total Accumulated Other Comprehensive Income (Loss) at End of Period
$(1,353)$(1,490)$(1,256)
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potentially dilutive shares of common stock been issued. The dilutive effect of restricted stock units is reflected in diluted earnings per share by applying the treasury stock method.

There are no adjustments required to be made to net income for purposes of computing basic and diluted earnings per share.
Basic and diluted earnings per share are calculated as follows:
In millions, except per share amounts202520242023
Net income $132 $302 $253 
Weighted average common shares outstanding40.141.142.0
Effect of dilutive securities0.60.90.7
Weighted average common shares outstanding - assuming dilution40.742.042.7
Earnings per share - basic $3.29 $7.35 $6.02 
Earnings per share - diluted$3.24 $7.18 $5.93 
Anti-dilutive shares (a)
0.30.20.3
(a) Common stock related to service-based restricted stock units and performance-based restricted stock units were outstanding but excluded from the computation of diluted earnings per share because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
TEMPORARY INVESTMENTS

Temporary investments totaled $63 million and $104 million as of December 31, 2025 and 2024, respectively.

ACCOUNTS AND NOTES RECEIVABLE

Accounts and notes receivable, net, by classification were:
In millions as of December 31 
20252024
Accounts and notes receivable:
Trade
$399 $402 
Notes and other
25 27 
Total
$424 $429 

Accounts and notes receivable are recognized net of the allowance for expected credit losses. The allowance for expected credit losses reflects the best estimate of losses inherent in the Company’s receivables portfolio determined on the basis of historical experience, specific allowances for known troubled accounts, expectations for future economic conditions through the use of macroeconomic data and other available evidence. The allowance for expected credit losses was $17 million and $21 million at December 31, 2025 and December 31, 2024, respectively. Based on the Company’s accounting estimates and the facts and circumstances available as of the reporting date, we believe our allowance for expected credit losses is adequate.

INVENTORIES
In millions as of December 31
20252024
Raw materials
$69 $56 
Finished paper and pulp products
217 178 
Operating supplies
122 107 
Other
10 20 
Total
$418 $361 

The last-in, first-out inventory method is used to value most of the Company’s U.S. inventories. Approximately 47% of total raw materials and finished paper and pulp product inventories were valued using this method. The last-in, first-out inventory reserve was $55 million and $72 million as of December 31, 2025 and 2024, respectively. During the periods ended December 31, 2025 and 2024, the amount of inventories in one of our two LIFO pools decreased and resulted in the liquidation of LIFO inventory layers carried at lower costs. The effect of this liquidation was to increase income before income taxes in the North America segment by approximately $12 million and $12 million for the years ended December 31, 2025 and 2024, respectively.
PLANTS, PROPERTIES AND EQUIPMENT, NET
In millions as of December 31
20252024
Land
$10 $9 
Buildings
401 362 
Machinery
4,391 4,090 
Construction in progress
140 92 
Capital leases
40 37 
Gross cost
4,982 4,590 
Less: Accumulated depreciation
3,935 3,646 
Plants, Properties and Equipment, net
$1,047 $944 
Additions to plants, property and equipment included within accounts payable were $20 million, $12 million and $17 million as of December 31, 2025, 2024 and 2023, respectively.
Annual straight-line depreciable lives generally are, for buildings – 20 to 40 years, and for machinery and equipment – 3 to 20 years. Depreciation expense was $140 million, $128 million and $118 million for the years ended December 31, 2025, 2024 and 2023, respectively. Cost of products sold excludes depreciation and amortization expense.

FORESTLANDS

Additions to Forestlands included within accounts payable were $0 million, $10 million and $0 million as of December 31, 2025, 2024 and 2023.

ACCOUNTS PAYABLE

The Company maintains supplier finance agreements with third-party financial institutions. These agreements allow the Company’s participating suppliers to sell their receivables to such third-party financial institutions to receive payment earlier than the negotiated commercial terms between the supplier and the Company. Such sales are at the sole discretion of the supplier, and on terms and conditions that are negotiated between the supplier and the respective financial institution. The terms and conditions of the supplier invoice, including payment terms and amounts due, are not impacted by a supplier’s participation in the program. Pursuant to the supplier finance agreements, the Company has agreed to pay financial institutions on the original due date of the applicable invoice. There are no guarantees associated with these programs. The Company's outstanding payment obligations to financial institutions related to supplier financing programs are included within Accounts payable and accrued liabilities on the Consolidated Balance Sheets.

The following table presents supplier finance program obligations confirmed and paid for the year ended December 31, 2025:

In millions
Confirmed obligations outstanding at December 31, 2024$— 
Invoiced confirmed during the year8 
Confirmed invoices paid during the year(5)
Confirmed obligations outstanding at December 31, 2025$3 

OTHER LIABILITIES AND COSTS

During the year ended December 31, 2023, the Company recorded approximately $13 million before taxes ($10 million after taxes) of severance costs related to a planned reduction in our salaried workforce, of which $3 million was included within Cost of products sold and $10 million was included within Selling and administrative expenses in our consolidated statements of operations. Of these total costs, $2 million, $3 million and $8 million were related to our Europe, Latin America and North America business segments, respectively. As of December 31, 2024, the reserve totaled approximately $2 million which was paid in cash over the first quarter of 2025.
INTEREST

Cash interest payments of $49 million, $62 million and $68 million were made during the years ended December 31, 2025, 2024 and 2023, respectively. In addition, during the third quarter of 2024, we incurred a $3 million premium payment related to the redemption of our 2029 Senior Notes.

Amounts related to interest were as follows:

In millions
202520242023
Interest expense (a)
$49 $57 $64 
Interest income (b)
(6)(14)(26)
Capitalized interest costs(4)(4)(4)
Total$39 $39 $34 
(a)     Interest expense for 2024 includes $5 million of debt extinguishment cost related to the third quarter debt refinancing. Interest expense for 2023 includes $5 million of debt extinguishment cost related to the tender offer for our 7.00% 2029 Senior Notes.
(b)    Interest income for 2023 includes $9 million of interest income related to tax settlements and $4 million of interest income related to the recognition of a foreign value-added tax refund in Brazil.

ASSET RETIREMENT OBLIGATIONS

At December 31, 2025 and 2024, we had recorded liabilities of $29 million and $28 million, respectively, related to asset retirement obligations. These amounts are included in “Other liabilities” in the accompanying consolidated balance sheets. For asset retirement obligations which are conditional upon future events, we cannot reasonably estimate the current fair value of those potential obligations due to the uncertainty as to the timing or amounts that may be incurred.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
The Company leases various real estate, including 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 15 years.
COMPONENTS OF LEASE EXPENSE
In millions
202520242023
Operating lease costs
$27 $26 $21 
Variable lease costs
29 26 40 
Short-term lease costs
— — — 
Finance lease cost
Amortization of right-of-use assets
3 3 3 
Interest on lease liabilities
1 1 1 
Total lease cost, net
$60 $56 $65 
SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
In millions 
Classification
20252024
Assets
  
Operating lease assets
Right of use assets$48 $58 
Finance lease assets
Plants, properties, and equipment, net (a)
20 20 
Total leased assets
$68 $78 
Liabilities
Current
Operating
Other current liabilities$21 $21 
Finance
Notes payable and current maturities of long-term debt3 2 
Noncurrent
Operating
Other Liabilities34 45 
Finance
Long-term debt12 12 
Total lease liabilities
$70 $80 
(a)Finance leases above are presented net of accumulated amortization of $20 million and $17 million as of December 31, 2025 and 2024, respectively.
LEASE TERM AND DISCOUNT RATE
20252024
Weighted average remaining lease term (years)
  
Operating leases
3.9 years4.4 years
Finance leases
7.6 years8.6 years
Weighted average discount rate
Operating leases
5.18 %5.25 %
Finance leases
4.09 %3.98 %
SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES
In millions
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows related to operating leases
$28 $24 
Operating cash flows related to financing leases
1 1 
Financing cash flows related to finance leases
3 3 
Right of use assets obtained in exchange for lease liabilities
Operating leases
7 16 
Finance leases
3 — 
MATURITY OF LEASE LIABILITIES
In millions
Operating Leases
Financing Leases
Total
2026$24 $3 $27 
202715 3 18 
202811 3 14 
20294 3 7 
20302 1 3 
Thereafter
6 5 11 
Total lease payments
62 18 80 
Less: imputed interest
7 3 10 
Present value of lease liabilities
$55 $15 $70 
LEASES LEASES
The Company leases various real estate, including 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 15 years.
COMPONENTS OF LEASE EXPENSE
In millions
202520242023
Operating lease costs
$27 $26 $21 
Variable lease costs
29 26 40 
Short-term lease costs
— — — 
Finance lease cost
Amortization of right-of-use assets
3 3 3 
Interest on lease liabilities
1 1 1 
Total lease cost, net
$60 $56 $65 
SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
In millions 
Classification
20252024
Assets
  
Operating lease assets
Right of use assets$48 $58 
Finance lease assets
Plants, properties, and equipment, net (a)
20 20 
Total leased assets
$68 $78 
Liabilities
Current
Operating
Other current liabilities$21 $21 
Finance
Notes payable and current maturities of long-term debt3 2 
Noncurrent
Operating
Other Liabilities34 45 
Finance
Long-term debt12 12 
Total lease liabilities
$70 $80 
(a)Finance leases above are presented net of accumulated amortization of $20 million and $17 million as of December 31, 2025 and 2024, respectively.
LEASE TERM AND DISCOUNT RATE
20252024
Weighted average remaining lease term (years)
  
Operating leases
3.9 years4.4 years
Finance leases
7.6 years8.6 years
Weighted average discount rate
Operating leases
5.18 %5.25 %
Finance leases
4.09 %3.98 %
SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES
In millions
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows related to operating leases
$28 $24 
Operating cash flows related to financing leases
1 1 
Financing cash flows related to finance leases
3 3 
Right of use assets obtained in exchange for lease liabilities
Operating leases
7 16 
Finance leases
3 — 
MATURITY OF LEASE LIABILITIES
In millions
Operating Leases
Financing Leases
Total
2026$24 $3 $27 
202715 3 18 
202811 3 14 
20294 3 7 
20302 1 3 
Thereafter
6 5 11 
Total lease payments
62 18 80 
Less: imputed interest
7 3 10 
Present value of lease liabilities
$55 $15 $70 
v3.25.4
GOODWILL
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Disclosure GOODWILL
The Company recorded an $11 million impairment charge related to our France reporting unit within our Europe segment for the year ended December 31, 2025 and recorded no goodwill impairment charges in 2024 or 2023.
The following table presents changes in the goodwill balance as allocated to each business segment:
In millions
Europe
Latin
America 
North America
Total
Balance as of December 31, 2023
Goodwill
$11 $129 $— $140 
Accumulated impairment losses
(1)— — (1)
10 129 — 139 
Changes due to currency translation and other
Goodwill— (28)— (28)
Accumulated impairment losses— — — — 
— (28)— (28)
Balance as of December 31, 2024
 
Goodwill
11 101 — 112 
Accumulated impairment losses
(1)— — (1)
10 101 — 111 
Changes due to currency translation and other
Goodwill2 13 — 15 
Accumulated impairment losses(1)— — (1)
1 13 — 14 
Impairment of Goodwill
Goodwill— — — — 
Accumulated impairment losses(11)— — (11)
(11)— — (11)
Balance as of December 31, 2025
 
Goodwill
13 114 — 127 
Accumulated impairment losses
(13)— — (13)
Total
$— $114 $— $114 
The Company performed its annual testing of goodwill impairment by applying the qualitative assessment to its Brazil reporting unit as of October 1, 2025. For the current year evaluation, the Company assessed various assumptions, events and circumstances that would have affected the estimated fair value of the reporting unit under the qualitative assessment. The results of the qualitative assessment indicated that it is not more likely than not that the fair value of its Brazil reporting unit was less than its carrying value.
The Company also performed its annual testing of goodwill impairment by applying the quantitative goodwill impairment test to its France reporting unit due to continued challenging market conditions in Europe. The Company calculated the estimated fair value of the France reporting unit using a weighted approach based on discounted future cash flows, market multiples and transaction multiples, and determined that all of the goodwill in the business, totaling $11 million, should be written off.

In addition, the Company considered whether there were any events or circumstances outside of the annual evaluation that would reduce the fair value of its reporting units with goodwill below their carrying amounts and necessitate an interim goodwill impairment evaluation. In consideration of all relevant factors, there were no indicators that would require goodwill impairment subsequent to October 1, 2025.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of the Company’s income before income taxes by taxing jurisdiction were as follows:
In millions
202520242023
U.S.
$169 $205 $121 
Non-U.S.
30 200 248 
Income before income taxes
$199 $405 $369 
Income tax provision by taxing jurisdictions was as follows:
In millions
202520242023
Current tax provision
U.S. federal
$12 $43 $32 
U.S. state and local
3 13 11 
Non-U.S.
45 54 73 
60 110 116 
Deferred tax provision
U.S. federal
17 (5)(3)
U.S. state and local
5 (3)(7)
Non-U.S.
(15)1 10 
7 (7)— 
Income tax provision
$67 $103 $116 

Income taxes paid (net of refunds) by taxing jurisdictions was as follows:
In millions
202520242023
Federal
$10 $32 $39 
State
6 11 9 
Non-U.S.
46 55 64 
Total$62 $98 $112 

The Company also made payments of $20 million to purchase tax credits of which $15 million were applied against our U.S. federal tax liability for 2024 and 2025.
Income taxes paid (net of refunds) exceeded 5% of total income taxes paid (net of refunds) in the following jurisdictions:
In millions
202520242023
Non-U.S.
Brazil
$42 $52 $60 
Luxembourg$4 $— $1 
In millions202520242023
Amount%Amount%Amount%
U.S. federal statutory tax rate$42 21 %$85 21 %$77 21 %
State and local income taxes, net of federal income tax effect (a)6 3 %6 2 %2 — %
Non-U.S. tax effects
Brazil
Statutory tax rate difference between Brazil and U.S.17 9 %23 6 %33 9 %
Permanent benefit for non-U.S. interest deduction(11)(6)%(9)(2)%(11)(3)%
France
Changes in valuation allowances13 7 %(3)(1)%7 2 %
Sweden
Foreign exchange impacts3 2 %— — %— — %
Other Non-U.S. jurisdiction(2)(1)%1 — %(2)(1)%
Effect of cross-border tax laws
Global intangible low-taxed income and Subpart F income— — %1 — %2 — %
Tax credits
Research and development credits(2)(1)%(2)(1)%(1)— %
Purchased credits(1)(1)%(2)— %— — %
Nontaxable or nondeductible items
Stock compensation(2)(1)%— — %1 — %
Other permanent differences1 1 %— — %2 1 %
Changes in unrecognized tax benefits4 2 %2 — %6 2 %
Other adjustments(1)(1)%1 — %— — %
Effective income tax rate$67 34 %$103 25 %$116 31 %

(a)    State taxes in California, Illinois, New Jersey, Pennsylvania and Tennessee made up the majority (greater than 50%) of the tax effect in this category.
The components of deferred income tax assets and liabilities are as follows:
In millions
20252024
Deferred income tax assets:
Net operating and capital loss carryforwards
$43 $23 
Accrued payroll and benefits
24 31 
Lease liabilities
11 13 
Tax credits
34 25 
Capitalized research and development— 23 
Other
37 35 
Gross deferred income tax assets
149 150 
Less: valuation allowance
(52)(35)
Net deferred income tax asset
97 115 
Deferred income tax liabilities:
Intangibles
(41)(37)
Inventories(16)(15)
Right of use assets
(9)(11)
Deferred foreign income
(55)(49)
Plants, properties and equipment
(69)(86)
Forestlands
(46)(41)
Gross deferred income tax liabilities
(236)(239)
Net deferred income tax liability
$(139)$(124)

The Company recognizes deferred income tax assets for deductible temporary differences and carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized based on estimates of future taxable income. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. Based on this evaluation, as of December 31, 2025, a valuation allowance of $52 million has been recorded to reduce certain deferred tax assets to the amount that is more likely than not to be realized.

The Company has NOL carryforwards of $28 million in Brazil, $30 million in Finland, $54 million in France, $1 million in Luxembourg and $53 million in the United Kingdom. The Company has $5 million of U.S. federal tax credit carryforwards, $24 million of U.S. state tax credit carryforwards, and $5 million of United Kingdom tax credit carryforwards. The NOL carryforwards in Finland and Luxembourg will begin to expire in 2032 and the remainder of the Company’s NOL and credit carryforwards may be carried forward indefinitely.
The reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:
In millions
202520242023
Balance at January 1
$(12)$(10)$(4)
(Additions) reductions for tax positions related to current year
(4)(4)(6)
Reductions for tax positions related to prior years— 1 — 
Settlements
— 1 — 
Balance at December 31
$(16)$(12)$(10)

Included in the balance of unrecognized tax benefits as of December 31, 2025, December 31, 2024 and December 31, 2023 are $16 million, $12 million and $10 million, respectively, of tax benefits that if recognized would affect the effective tax rate. The Company accrues interest on unrecognized tax benefits as a component of interest expense. Penalties, if incurred, are recognized as a component of income tax expense. During the periods mentioned above, the amount of interest accrued was not material.
The Brazilian Federal Revenue Service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by International Paper do Brasil Ltda., a wholly-owned subsidiary of the Company now named Sylvamo do Brasil Ltda. (“Sylvamo Brasil”). Sylvamo Brasil received assessments for the tax years 2007-2015 totaling approximately $106 million in tax, and $289 million in interest, penalties and fees (adjusted for variation in currency exchange rates). International Paper challenged and is managing the litigation of this matter pursuant to the Tax Matters Agreement between us and International Paper. After a previous favorable ruling challenging the basis for these assessments, Sylvamo Brasil received other subsequent unfavorable decisions from the Brazilian Administrative Council of Tax Appeals. These decisions are being appealed. The appeal involves several separate cases. In October 2024, at the first level of appeal in the Brazilian federal court system, the court ruled in favor of Sylvamo Brasil in cases covering approximately two thirds of the disputed amounts. The Brazilian tax authorities have appealed the favorable ruling. One third of the disputed amounts was under challenge at the Brazilian administrative court level and was not part of the ruling. In November 2025, the administrative court upheld the assessments for the remaining one third of the disputed amounts. In January 2026, Sylvamo Brasil’s challenge of the administrative ruling was filed in the Brazilian federal court system. This tax litigation matter may take many years to resolve. The Company believes that the transaction underlying these assessments was appropriately evaluated, and that the Company’s tax position would be sustained, based on Brazilian tax law.

Pursuant to the terms of the Tax Matters Agreement, International Paper will pay 60%, and Sylvamo will pay 40% on up to $300 million of any assessment related to this matter, and International Paper will pay all amounts of the assessment over $300 million. Also in connection with this agreement, all decisions concerning the conduct of the litigation related to this matter, including strategy, settlement, pursuit and abandonment, will continue to be made by International Paper, which is vigorously defending Sylvamo Brasil’s historic tax position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015.
v3.25.4
COMMITMENTS AND CONTINGENT LIABILITIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENT LIABILITIES COMMITMENTS AND CONTINGENT LIABILITIES
ENVIRONMENTAL AND LEGAL PROCEEDINGS

The Company is subject to environmental and legal proceedings in the countries in which we operate. Accruals for contingent liabilities, such as environmental remediation costs, are recorded in the consolidated financial statements when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated. The Company has estimated some probable liability associated with environmental remediation matters that is immaterial in the aggregate as of December 31, 2025.

At the Company’s Mogi Guaçu mill, there are legacy basin areas that were formerly lagoons used for treatment of mill wastewater from pulp and paper manufacturing. In coordination with and in response to a request by the Environmental Company of the State of São Paulo (“CETESB”), which is the state environmental regulatory authority, there has been continuous regulatory monitoring and sampling of the former basins, which began prior to their closure in 2006, both to assess for contamination and evaluate whether additional remediation is needed beyond the basins’ ongoing natural vegetation growth. This monitoring and sampling detected metal contamination, with the main constituent of potential environmental impact being mercury. The Company presented CETESB with proposals for studies and other actions to further assess the scope and type of contamination and the possible need for an additional remediation approach.

In October 2022, CETESB requested that the Company expand its efforts to include providing CETESB with a proposed pilot intervention (remediation) plan for a portion of the former basins. The purpose of the pilot intervention plan was to facilitate determination of the appropriate actions to take for the basins generally, guided by the results of the pilot intervention plan in the subset portion of the basins. The Company submitted a proposed pilot intervention plan to CETESB in late 2023, and CETESB approved its pre-intervention stages and certain additional measures that the Company later submitted. The requirement to conduct the pilot intervention plan was thereafter suspended, as agreed by CETESB. The Company continues to conduct environmental testing and analysis and engage with CETESB in review of the results and establishing next steps.

As of December 31, 2025, the Company has recorded an immaterial liability for the ongoing and additional environmental testing and analysis and a third-party review of the results and risk. While this matter could in the future have a material impact on our results of operations and cash flows, the Company is unable to estimate its potential liability. The Company’s liability will depend upon what additional studies and what remediation, beyond vegetation of the basins, may be required by CETESB, which in turn will depend partly upon CETESB’s assessment of information from the Company’s environmental testing and analysis and the third-party review of the results and risk.
TAXES OTHER THAN PAYROLL TAXES
See Note 10 Income Taxes for a discussion of a goodwill amortization tax matter in Brazil.

During the first quarter of 2024, the State of Sao Paulo issued a tax assessment to Sylvamo Brasil for approximately $51 million (adjusted for variation in currency exchange rates) regarding unpaid VAT arising from intercompany transactions. This assessment includes $19 million in tax and $32 million in interest and penalties. As of December 31, 2025, no reserve has been recorded by the Company because the risk of loss is not probable.

We have other open tax matters awaiting resolution in Brazil, which are at various stages of review in various administrative and judicial proceedings. We routinely assess these tax matters for materiality and probability of loss or gain, and appropriate amounts have been recorded in our financial statements for any open items where the risk of loss is deemed probable. We currently do not consider any of these other tax matters to be material individually. However, it is reasonably possible that settlement of any of these matters concurrently could result in a material loss or that over time a matter could become material, for example, if interest were accruing on the amount at issue for a significant period of time. Also, future exchange rate fluctuations could be unfavorable to the U.S. dollar and significant enough to cause an open matter to become material. The expected timing for resolution of these open matters ranges from one year to 10 years.

GENERAL

The Company is involved in various other inquiries, administrative proceedings and litigation relating to environmental and safety matters, taxes (including VAT), personal injury, product liability, labor and employment, contracts, sales of property and other matters, some of which allege substantial monetary damages. Assessments of lawsuits and claims can involve a series of complex judgments about future events, can rely heavily on estimates and assumptions, and are otherwise subject to significant uncertainties. As a result, there can be no certainty that the Company will not ultimately incur charges in excess of presently recorded liabilities. The Company believes that loss contingencies arising from pending matters, including the matters described herein, will not have a material effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in pending or threatened legal 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 material to the Company's results of operations or cash flows in any particular reporting period.
v3.25.4
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt is summarized in the following table:
In millions as of December 31
20252024
Term Loan F - due 2027 (a)
$255 $255 
Term Loan F-2 - due 2031 (a)
219 230 
Term Loan A - due 2029 (a)
206 217 
Securitization Program90 88 
Other16 14 
Less: current portion(23)(22)
Total$763 $782 

(a)    As of December 31, 2025 and December 31, 2024, amounts are presented net of an aggregate total of $4 million and $6 million, respectively, in unamortized debt issuance costs across the three term loans.

REVOLVING CREDIT FACILITY

In addition to the debt noted above, the Company has the ability to access a cash flow-based revolving credit facility (“Revolving Credit Facility”) with a total borrowing capacity of $400 million maturing in 2029. As of December 31, 2025, the Company had $67 million outstanding borrowings on the Revolving Credit Facility and an available borrowing capacity of $333 million. As of December 31, 2024, the Company had no outstanding borrowings on the Revolving Credit Facility, resulting in an available borrowing capacity of $400 million. Any outstanding balance on the Revolving Credit Facility is recorded within “Notes payable and current maturities of long-term debt” in the consolidated balance sheet.
SECURITIZATION PROGRAM

Sylvamo North America LLC, a wholly owned subsidiary of the Company, maintains a $110 million accounts receivable finance facility (the “Securitization Program”), maturing in 2027. The Company sells substantially all of its North American accounts receivable balances to Sylvamo Receivables, LLC, a special purpose entity, which pledges the receivables as collateral for the Securitization Program. The borrowing availability under this facility is limited by the balance of eligible receivables within the program. The average interest rate for the years ended December 31, 2025 and December 31, 2024 was 5.28% and 6.10%, respectively.

TERM LOANS

In the first quarter of 2023, in connection with the tender offer and the consent solicitation related to the 2029 Senior Notes, the Company entered into a new senior secured term loan facility amendment which provided an aggregate principal amount of $300 million (“Term Loan A”). Term Loan A, together with the $60 million of borrowings under the Revolving Credit Facility, were used to pay the total consideration for all notes tendered in the tender offer, plus accrued interest and all fees and expenses incurred in connection with the tender offer and consent solicitation. The aggregate principal of the notes which totaled $360 million were tendered, resulting in a debt extinguishment cost of $5 million, related to the write-off of debt issuance costs. This cost was recorded within “Interest expense (income), net.” As part of the refinancing in the third quarter of 2024, the agreement for Term Loan A was amended to extend the maturity date to 2029.

In the third quarter of 2024, as a result of the debt refinancing, the Company entered into a new senior secured term loan facility which provided an aggregate principal amount of $235 million (“Term Loan F-2”) maturing in 2031. A portion of the proceeds from Term Loan F-2 were used to repay $104 million of Term Loan F and $36 million of Term Loan A. The Company used the remaining proceeds to redeem the $90 million outstanding principal of our 2029 Senior Notes and to pay related premiums and fees. Debt extinguishment costs for the refinancing include $3 million of premiums paid related to the 2029 Senior Notes
redemption and $2 million of deferred financing costs which were written off. This cost was recorded within “Interest expense (income), net.” In connection with the debt refinancing, we incurred $5 million of debt issuance costs to be amortized over each instrument’s term until maturity.

INTEREST RATES

The interest rates applicable to the Term Loan F, Term Loan A, Term Loan F-2, and Revolving Credit Facility are based on a fluctuating rate of interest measured by reference to SOFR plus a fixed percentage of 1.85%, 1.85%, 2.25%, and 1.85%, respectively, payable monthly, with a SOFR floor of 0.00%. The obligations are secured by substantially all the tangible and intangible assets of Sylvamo and its subsidiaries, subject to certain exceptions, and are guaranteed by Sylvamo and certain subsidiaries.

PATRONAGE CREDITS

We are receiving interest patronage credits under the Term Loan F and Term Loan F-2. Patronage distributions, which are made primarily in cash but also in equity in the lenders, are generally received in the first quarter of the year following that in which they were earned. Expected patronage credits are accrued in accounts and notes receivable as a reduction to interest expense in the period earned. After giving effect to expected patronage distributions of 90 basis points, of which 75 basis points is expected as a cash rebate, the effective net interest rate on the Term Loan F was approximately 4.67% and 5.31% as of December 31, 2025 and December 31, 2024, respectively, and the effective net interest rate on the Term Loan F-2 was approximately 5.07% and 5.71% as of December 31, 2025 and December 31, 2024, respectively.

INTEREST RATE SWAPS

In connection with some of the Company’s loans, we are a party to interest rate swaps with various counterparties. These interest rate swaps are designated as cash flow hedges utilized to manage interest rate risk by allowing the Company to exchange the difference in the variable rates on the term loans determined in reference to SOFR and the related fixed interest rate per notional amount. Fair value assets and liabilities related to interest rate swaps are recorded within “Deferred charges and other assets” and “Other liabilities,” respectively.
20252024
(In millions)Fixed Interest Rate
Maturity (a)
Notional AmountFair Value of AssetsFair Value of LiabilitiesNotional AmountFair Value of AssetsFair Value of Liabilities
Interest rate swaps
Term Loan F
3.72% to 3.75%
2025$— $— $— $200 $1 $— 
Term Loan F-2
3.80% to 3.82%
2029220 — 3 232 2 — 
Term Loan A
4.13% to 4.16%
2028208 — 4 219 — 1 

(a) The total notional amounts of Term Loan F-2 and Term Loan A amortize quarterly until maturity.

DEBT COVENANTS

The Company is subject to certain covenants limiting, among other things, the ability of most of its subsidiaries to: (a) incur additional indebtedness or issue certain preferred shares; (b) pay dividends on or make distributions in respect of the Company’s or its subsidiaries’ capital stock or make investments or other restricted payments; (c) create restrictions on the ability of the Company’s restricted subsidiaries to pay dividends to the Company or make certain other intercompany transfers; (d) sell certain assets; (e) create liens; (f) consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets; and (g) enter into certain transactions with its affiliates. The Company is currently subject to a maximum consolidated total leverage ratio of 3.75 to 1.00.

Our ability to make restricted payments under the credit agreement is governed by the provisions of our debt agreements in effect as if the Brazil Tax Dispute is settled, provided we maintain $275 million of available liquidity at the time we make restricted payments.

As of December 31, 2025, we were in compliance with our debt covenants.

The fair market value of total debt was approximately $842 million at December 31, 2025.

LONG-TERM DEBT MATURITIES

At December 31, 2025, contractual obligations for future payments of long-term debt maturities by calendar year were as follows: 2027 - $370 million; 2028 - $23 million; 2029 - $189 million; 2030 - $12 million; and thereafter - $161 million.
v3.25.4
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
DEFINED BENEFIT PENSION PLANS

The Company sponsors and maintains pension plans for the benefit of certain of the Company’s employees. The service and non-service cost components of net periodic pension expense for these employees is recorded within cost of products sold and selling and administrative expenses. The assets and liabilities related to plans sponsored by the Company are reflected in deferred charges and other assets and other liabilities, respectively.
OBLIGATIONS AND FUNDED STATUS

The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20252024
Change in projected benefit obligation:
Benefit obligation, January 1
$317 $338 
Service cost
3 4 
Interest cost
19 17 
Actuarial loss (gain)
4 (26)
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
10 (6)
Benefit obligation, December 31
340 317 
Change in plan assets:
Fair value of plan assets, January 1
300 317 
Actual return on plan assets
29 (8)
Company contributions
13 8 
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
9 (7)
Fair value of plan assets, December 31
338 300 
Funded status, December 31
$(2)$(17)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$21 $12 
Current liability
(1)— 
Non-current liability
(22)(29)
$(2)$(17)
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax):
Net prior service cost$2 $1 
Net actuarial loss
79 85 
$81 $86 

The accumulated benefit obligation (“ABO”) for all plans was $332 million as of December 31, 2025 and $308 million as of December 31, 2024. The following table reflects the pension plans for which the accumulated benefit obligation or projected benefit obligation exceed the fair value of their respective plan assets at December 31:
In millions as of December 31
20252024
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation
$24 $215 
Fair value of plan assets
5 194 
Pension plans with PBO in excess of plan assets
Projected benefit obligation
$28 $224 
Fair value of plan assets
5 194 
NET PERIODIC PENSION EXPENSE

Service cost is the actuarial present value of benefits attributed by the plans’ benefit formula to services rendered by employees during the year. Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the
passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return.

Net periodic pension expense comprised the following:
In millions
202520242023
Service cost
$3 $4 $4 
Interest cost19 17 17 
Expected return on plan assets
(17)(17)(17)
Actuarial loss (gain)
3 3 3 
Net periodic pension expense (benefit)
$8 $7 $7 
ASSUMPTIONS

The Company evaluates its actuarial assumptions annually as of December 31 (the measurement date) and considers changes in these long-term factors based upon market conditions and the requirements for employers’ accounting for pensions. These assumptions are used to calculate benefit obligations as of December 31 of the current year and pension expense to be recorded in the following year (i.e., the discount rate used to determine the benefit obligation as of December 31, 2025 is also the discount rate used to determine net pension expense for the 2026 year).
Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table:
202520242023
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate
5.81 %5.89 %5.27 %
Rate of compensation increase
3.27 %3.34 %3.30 %
Actuarial assumptions used to determine net periodic pension cost for years ended December 31:
Discount rate
5.89 %5.27 %5.52 %
Expected long-term rate of return on plan assets
5.93 %5.64 %5.84 %
Rate of compensation increase
3.34 %3.30 %3.36 %
PLAN ASSETS
The plans maintain a strategic asset allocation policy that designates target allocations by asset class. Investments are diversified across classes and within each class to minimize the risk of large losses. Derivatives, including swaps, forward and futures contracts, may be used as asset class substitutes or for hedging or other risk management purposes. Periodic reviews are made of investment policy objectives and investment manager performance. The fair value of pension plan assets at December 31, 2025 and 2024 by asset class are shown below for the material plans. Each category of investments for the U.S. plans is diversified and comprised of the following:

•Equity investments - developed market and emerging market equity securities primarily held in mutual funds
•Debt securities - corporate bonds and government securities
•Other investments - represents primarily cash and cash equivalents

Each category of investments for the U.K. plan is diversified and comprised of the following:

•Growth assets – equities, diversified growth funds, absolute return fixed income funds, multi-asset credit funds, and other private equity type investments
•Stabilizing assets – liability-driven investments consisting primarily of interest and inflation linked assets, cash flow driven investments invested primarily in credit markets, and cash and cash equivalents
The target allocations for each asset class in the U.S. plan were 35% in equity securities and 65% in debt securities for the years ended December 31, 2025 and 2024. The target allocations for each asset class in the U.K. plan were 33% in growth assets and 67% in stabilizing assets for the years ended December 31, 2025 and 2024. Pension assets for the immaterial plans totaled $27 million for the year ended December 31, 2025 and $23 million for the year ended December 31, 2024. These assets primarily relate to government securities within Level 1 of the fair value hierarchy.
Fair Value Measurement U.S. Plans
20252024
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$7 $7 $— $10 $10 $— 
Equities - developed markets
57 57 — 59 59 — 
Equities - emerging markets
7 7 — 7 7 — 
Government securities49 — 49 43 — 43 
Corporate bonds93 — 93 71 — 71 
Total Investments
$213 $71 $142 $190 $76 $114 
Fair Value Measurement U.K. Plans
20252024
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$12 $12 $— $2 $2 $— 
Equities
— — — 7 — 7 
Multi-asset credit11 — 11 10 — 10 
Absolute return fixed income2 — 2 3 — 3 
Liability driven investments24 — 24 23 — 23 
Cash flow driven investments
31 — 31 28 — 28 
Other Investments:
Private equity18 — — 14 — — 
Total Investments
$98 $12 $68 $87 $2 $71 

In accordance with accounting standards, certain investments that are measured at net asset value are not classified in the fair value hierarchy. As part of the U.K. plan assets, the Company holds investments in private equity fund partnerships. These investments are contractually locked up for the life of the private equity funds by the partnership agreements, which mature in 2031 and 2032. The remaining unfunded commitment of these partnership interests is $6 million as of December 31, 2025 and $7 million as of December 31, 2024.

FUNDING AND CASH FLOWS

The Company’s funding policy for the 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 plans, tax deductibility, cash flow generated by the Company, and other factors. The Company continually reassesses the amount and
timing of any discretionary contributions. Generally, the non-U.S. pension plans are funded using the projected benefit as a target, except in certain countries where funding of benefit plans is not required.

At December 31, 2025, projected future pension benefit payments, excluding any termination benefits, were as follows:

In millions
2026$14 
202716 
202818 
202919 
203022 
2031-2035128 

OTHER POSTRETIREMENT BENEFITS

Certain of the Company’s Brazilian employees are eligible for retiree health care and life insurance benefits. The accumulated benefit obligation for this plan as of December 31, 2025 and 2024 was $9 million and $6 million, respectively, which is recorded within other liabilities in the consolidated balance sheets.

DEFERRED COMPENSATION AND NON-QUALIFIED PENSION PLAN
We are responsible for certain deferred compensation and non-qualified pension plan balances related to our employees. These balances relate to employees who previously participated in plans sponsored by International Paper. As part of the spin-off, we assumed responsibility for these balances. As our employees become eligible for these benefits and these benefits are paid, we will be reimbursed by International Paper for the balances transferred upon the spin-off. As of December 31, 2025, there is a receivable of $19 million reflected within deferred charges and other assets of our consolidated balance sheets related to the plans. The deferred compensation savings plan liability of $23 million as of December 31, 2025 is recorded within accounts payable in the consolidated balance sheets. The non-qualified pension plan is included within the pension obligation and funded status presented above, and the liability is recorded in other liabilities in the consolidated balance sheets.
v3.25.4
INCENTIVE PLANS
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
INCENTIVE PLANS INCENTIVE PLANS
The Company has adopted the Sylvamo 2021 Incentive Compensation Plan, which includes shares under its long-term incentive plan (“LTIP”) that grants certain employees, consultants, or non-employee directors of the Company different forms of awards, including time-based and performance-based restricted stock units.

The equity and incentive plan has a maximum shares reserve for the grant of 4,410,725 shares. As of December 31, 2025, 2,202,119 shares remain available for future grants.
The following sets forth restricted stock units and performance-based restricted stock units at 100% of target amounts at December 31, 2025, 2024 and 2023:
Restricted Stock UnitsPerformance-Based
Restricted Stock Units
Shares
Weighted
Average Grant
Date Fair Value
Shares
Weighted
Average Grant
Date Fair Value
Outstanding as of December 31, 2022650,729 $32.55 304,596 $41.47 
Granted
287,796 47.36 211,791 51.00 
Shares issued
(300,594)31.87 — — 
Forfeited
(10,625)42.94 (8,700)45.76 
Outstanding as of December 31, 2023
627,306 39.50 507,687 45.37 
Granted
240,392 60.99 189,734 66.46 
Shares issued
(385,720)36.06 — — 
Forfeited
(45,471)52.57 (44,853)54.83 
Outstanding as of December 31, 2024
436,507 53.00 652,568 50.85 
Granted
273,20563.40 326,13062.47 
Shares issued
(221,808)50.14 (424,861)42.39 
Forfeited
(23,263)64.17 (33,779)57.38 
Outstanding as of December 31, 2025
464,641 $59.92 520,058 $64.62 

The aggregate fair value of awards vested for the years ended December 31, 2025, 2024, and 2023 was $45 million, $24 million, and $15 million, respectively.

Restricted stock units generally vest over a period of three years with one-third of the awarded units vesting annually. The grant date fair value of restricted stock units is valued at the closing stock price on the day prior to the grant date. The expense for restricted stock unit awards is recorded, net of forfeitures, over the vesting period.
Performance-based restricted stock units cliff vest at the end of a three-year service period based upon the achievement of two defined performance conditions, Return on Invested Capital (“ROIC”), measured against our internal benchmark, and Total Shareholder Return (“TSR”), compared to a peer group of companies. Expense for performance-based units is recognized, net of forfeitures, over the three-year vesting period. As the ROIC measure contains a performance condition, compensation cost for this component is based upon the grant date fair value of the award and the number of units expected to vest based on performance. As the relative TSR component is a market condition, we utilize a Monte Carlo simulation to determine the grant date fair value and resulting expense to recognize for the units. The Monte Carlo simulation calculates the fair value of the awards on grant date based on the expected term of the award, expected dividends, the risk-free rate and the expected volatility for the Company and its competitors.

The expected term is based on the roughly three-year vesting period of the awards, and the expected dividend yield used is zero as the Company pays dividend equivalent units throughout the performance period. The risk-free rate is based upon the yield of term-matched, zero-coupon securities using the Treasury Constant Maturities yield curve. As Sylvamo did not have sufficient stock price history, the volatility estimate was calculated as a simple average of similar peers and the correlation with the index was calculated as the average index correlation of the peer group.

The Monte Carlo simulation to value the relative TSR share units used the following assumptions:

202520242023
Expected volatility
41.40 %47.07 %50.03 %
Risk-free interest rate
3.91 %4.36 %4.42 %
Total stock-based compensation cost and the associated income tax benefits recognized by the Company in the consolidated statements of operations were as follows:
In millions
202520242023
Total stock-based compensation expense (included in selling and administrative expense)
$18 $23 $23 
Income tax benefit related to stock-based compensation
$10 $8 $7 
As of December 31, 2025, $16 million of compensation cost, net of estimated forfeitures, related to all stock-based compensation arrangements for Company employees had not yet been recognized. This amount will be recognized in expense over a weighted-average period of 1.5 years.
v3.25.4
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
The Company’s three business segments, Europe, Latin America and North America, are organized by geography. These segments are consistent with the internal structure used to manage these businesses. Each of our segments derive their revenue from the manufacture and sale of paper and pulp products.
Business segment operating profits are used by the Company’s management to measure the earnings performance of its businesses. Management believes that business segment operating profit provides investors and analysts useful insights into our operating performance. We define business segment operating profit as our income from continuing operations before income taxes calculated in accordance with GAAP, excluding net interest expense (income), foreign exchange on a note receivable from our Brazilian subsidiary, net business and corporate special items.
The chief operating decision maker uses business segment operating profit to allocate resources (primarily capital spending) for each segment predominantly during the annual strategic planning, budgeting and forecasting processes. The chief operating decision maker also considers actual performance variances in business segment operating profits on a monthly basis to assess the performance of the segments. The Company’s chief operating decision maker is the Chief Executive Officer.
Sales by business segment are determined using a management approach and include intersegment sales (which are eliminated in consolidation). External sales in the External Net Sales table are defined as those that are made to parties outside the Company’s combined group.
INFORMATION BY BUSINESS SEGMENT
Net Sales and Business Segment Operating Profit
2025:
In millions
EuropeLatin AmericaNorth AmericaTotal
Sales$741 $904 $1,754 $3,399 
Intersegment Sales(2)(46)— (48)
Net sales
739 858 1,754 3,351 
Less:
Cost of products sold and other
720 555 1,251 2,526 
Maintenance outages
40 21 49 110 
Economic downtime
3 — 3 6 
Selling and administrative expenses
54 95 132 281 
Depreciation, amortization and cost of timber harvested
34 87 58 179 
Impairment of goodwill11 — — 11 
Add:
Other special items, net (a)
11 — 2 13 
Business Segment Operating Profit$(112)$100 $263 $251 
Income (loss) before income taxes
$199 
Interest (income) expense, net
39 
Foreign exchange on intercompany note (b)
(1)
Corporate special items, net (a)
1 
Other special items, net (a)
13 
Business Segment Operating Profit$251 
(a)    Net special items in the period presented primarily include the impairment of goodwill in our France reporting unit, certain severance costs related to our salaried workforce, a pre-tax gain to adjust the recognition of a foreign value-added tax refund in Brazil, charges related to the termination of the Georgetown mill offtake agreement, and environmental reserves in Brazil.
(b)    Unallocated (income) expense related to the foreign exchange on a note receivable from our Brazilian subsidiary.
2024:
In millions
EuropeLatin AmericaNorth AmericaTotal
Sales$801 $974 $2,029 $3,804 
Intersegment Sales(2)(29)— (31)
Net sales
799 945 2,029 3,773 
Less:
Cost of products sold and other
694 617 1,438 2,749 
Maintenance outages
1 18 54 73 
Economic downtime
10 — 27 37 
Selling and administrative expenses
52 91 167 310 
Depreciation, amortization and cost of timber harvested
33 75 51 159 
Add:
Other special items, net (a)
1 6 1 8 
Business Segment Operating Profit$10 $150 $293 $453 
Income (loss) before income taxes
$405 
Interest (income) expense, net
39 
Corporate special items, net (a)
1 
Other special items, net (a)
8 
Business Segment Operating Profit$453 
(a)    Net special items in the period presented primarily include legal fees related to the Brazil Tax Dispute, a loss related to forest fires in Brazil, certain severance costs related to our salaried workforce, and integration costs related to the Nymölla acquisition.
2023:
In millions
EuropeLatin AmericaNorth AmericaTotal
Sales$821 $1,006 $1,951 $3,778 
Intersegment Sales— (57)— (57)
Net sales
821 949 1,951 3,721 
Less:
Cost of products sold and other
704 574 1,342 2,620 
Maintenance outages
27 9 53 89 
Economic downtime
38 — 85 123 
Selling and administrative expenses
68 98 163 329 
Depreciation, amortization and cost of timber harvested
28 68 47 143 
Add:
Other special items, net (a)
19 (3)8 24 
Business Segment Operating Profit$(25)$197 $269 $441 
Income (loss) before income taxes
$369 
Interest (income) expense, net
34 
Corporate special items, net (a)
14 
Other special items, net (a)
24 
Business Segment Operating Profit$441 
(a)    Net special items in the period presented primarily include foreign VAT refunds, transaction and integration costs related to the Nymölla acquisition, the impact of the step-up of acquired Nymölla inventory sold during the first quarter of 2023, and certain severance costs related to our salaried workforce.
Note:    Cost of products sold and other in each of the tables above includes costs directly related to the manufacture of our products and taxes other than payroll and income taxes but excludes costs directly attributable to maintenance outages and unabsorbed costs due to economic downtime. Costs of products sold and other also excludes depreciation, amortization and cost of timber harvested which is presented separately.
The Company had one customer within our North America business segment that represented approximately 15%, 13% and 14% of our consolidated net sales for the years ended December 31, 2025, 2024 and 2023, respectively.
Assets
In millions as of December 31
20252024
Europe
$500 $324 
Latin America
1,231 1,065 
North America
884 904 
Corporate and Other (a)
148 311 
Assets
$2,763 $2,604 
(a)     Includes corporate assets.
Capital Spending
In millions
202520242023
Europe
$36 $27 $31 
Latin America
116 140 112 
North America
71 53 63 
Corporate1 1 4 
Capital Spending
$224 $221 $210 

INFORMATION BY GEOGRAPHIC AREA

External Net Sales (a)
In millions
202520242023
United States
$1,754 $2,029 $1,951 
Brazil
904 971 995 
Europe
741 801 821 
Americas, other than United States and Brazil
— 3 11 
Corporate and Intersegment Sales
(48)(31)(57)
Net Sales
$3,351 $3,773 $3,721 
(a)Net sales are attributed to countries based on the location of the seller.
Long-Lived Assets
In millions as of December 31
20252024
United States
$467 $453 
Brazil
737 634 
Europe
207 176 
Long-Lived Assets
$1,411 $1,263 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
In developing and implementing measures to assess, identify and manage cybersecurity risk, our approach is to evaluate the possible operational and financial effects of those measures and take that information into consideration in conducting a risk-based analysis of the appropriate cybersecurity protections for the Company. We strive to protect the Company with cost-effective, efficient and non-disruptive measures, while robustly protecting the Company against cybersecurity threats.

Our cybersecurity protections include physical, administrative and technical safeguards that cover both our information systems (also referred to herein as “information technology” or “IT” systems) and the people with access to our IT systems. We develop, maintain, test and periodically update detailed plans and procedures that are designed to help us prevent, and if necessary, timely and effectively respond to, cybersecurity incidents, which provide for the appropriate Company personnel and management to be involved depending on the type and severity of the incident.

Our IT systems architecture is embedded with cybersecurity features. We utilize a range of third-party software providing layers of defense against cyberattacks, and we have employees and consultants whose jobs are to continually assess and reduce the potential attack surface, to monitor, detect and respond in near real time to incidents to minimize damage, and to enhance the security environment and scale with business needs as they evolve. We conduct continuous monitoring of our potential cybersecurity vulnerabilities and attack vectors.

Our IT systems are accessible by our employees and certain third parties as necessary and appropriate to perform services for or otherwise do business with us. We strictly limit access to our IT systems, including using authentication controls and conducting real-time monitoring of access.

We address the cybersecurity threat risk posed by employees and third parties with access to our IT systems, including integrating cybersecurity risk management into the culture of our organization by: maintaining policies addressing various aspects of security necessary to protect our IT assets and data; requiring cybersecurity awareness and training programs for persons with access to our IT systems to build their cybersecurity skills and knowledge; consistent messaging to our employees (including from our top leadership) of the importance of managing cybersecurity risk, participating in our cybersecurity training and following our cybersecurity policies; routinely testing responses by our employees to mock efforts to breach our cybersecurity protections; and policies and procedures to follow in the event a cyber breach were to occur at the Company, including in response to the breach and to evaluate the level and materiality of the breach.
We partner with and build relationships with third parties who have access to our IT systems to support an overall ecosystem around cybersecurity that we believe helps reduce third party cybersecurity risk affecting our level of cybersecurity risk. We assess cybersecurity risk from our suppliers and service providers and have in place oversight processes to identify and manage such risks, including having systems that constantly monitor each third party with access to our systems and that allow such third parties to see and resolve their risks while we continue to monitor. Our processes to protect against third party cybersecurity risk are cross-functional and form part of our enterprise risk management program, and they are supported by our security, compliance and sourcing organizations. We require suppliers and service providers identified as potential cybersecurity risks to adopt security-control principles based on NIST or similar global standards, and our form contracts for them include provisions drafted to reduce the cybersecurity risk that they may pose for us. We obtain various Service Organization Control 1 and 2 reports from third parties relating to physical security, information security, account administration, transactional processing and reconciliation, client reporting and layers of electronic security controls. Notwithstanding our cybersecurity controls that cover third parties, because it is more difficult to control and mitigate risk associated with third parties than risk internal to our own organization, we believe that these relationships with third parties create additional exposure to cyber risk.

In the event of a cybersecurity breach, our readiness, responsiveness and resiliency are critical. As part of our continuing efforts to assess and enhance our readiness and responsiveness, we conduct periodic mock practice scenarios in which participants at various levels of the Company — including employees responsible for responsive actions in the event of a breach, IT technical personnel and members of senior management — play out responses to various cybersecurity breach scenarios. Thereafter, we debrief and identify areas of improvement, to continually develop response capabilities and processes that are as efficient and that operate as quickly as possible in the event of a breach, to reduce potential harm that could be caused by inefficiencies and delay. Additionally, we regularly assess our systems’ resiliency and recovery capabilities in case of a cybersecurity breach, both self-managed as well as by qualified third parties.

Furthermore, our approach to improving readiness for potential cybersecurity breaches is designed to be integrated and coordinated among all aspects of the cybersecurity incident management lifecycle, including assessing and consistently working to improve our site-level emergency response, our technology and cyber incident response, our executive-level crisis management, our business and operational continuity, our IT resilience and our disaster recovery. These efforts also take into account and balance against cybersecurity risk our Company’s business needs and operations, and to inform ourselves in conducting this balancing, we obtain input from appropriate employees from our affected business operations, enterprise risk management, business continuity, business operations, information technology and cybersecurity organizations.

To enhance our cybersecurity risk management, we leverage industry associations, third-party benchmarking, audits, threat intelligence feeds and other similar resources, which inform our cybersecurity efforts and help us determine how best to allocate resources. We utilize third-party service providers to assist us in assessing, enhancing, implementing, monitoring and testing our cybersecurity program, areas of cyber risk and cyber risk management.

A cybersecurity threat resulting in a material cybersecurity incident could materially affect us and our business strategy, results of operations and financial condition, especially if it causes one or more of the following to occur: our incurring substantial costs to resolve the incident and address legal, reputational and other fallout from the incident; one or more of our IT systems become unavailable to operate our business; unauthorized third parties gain access to our sensitive and confidential business information; we lose access to information on our IT systems necessary to operate our business; and our customers’ and suppliers’ trust in our ability to protect their information is damaged to the extent that it impairs our ability to do business with them.

While we have a cybersecurity program designed to protect and preserve the integrity of our information systems, there is no guarantee that our cybersecurity program will be sufficient to prevent or mitigate the risk of a cyberattack or the potentially serious reputational, operational, legal or financial impacts that may result. We have experienced cybersecurity incidents in the past that were not material, but future incidents could have a material impact on our business strategy, results of operations, financial condition, cash flows and reputation. See “Failures or security breaches of our information technology systems could disrupt our operations, harm our business and result in regulatory non-compliance” in Item 1A, “Risk Factors” in this Annual Report on Form 10-K.

GOVERNANCE

Our board of directors has overall responsibility for risk management oversight, with its committees assisting the board in performing this function based on their respective areas of expertise. Our board oversees cybersecurity matters and risk, and the Audit Committee also oversees risk that includes cybersecurity risk. The board periodically reviews our processes for assessing
and addressing key strategic, operational, compliance and risk management matters concerning cybersecurity, and as part of such assessment receives briefings on such matters from our Chief Information Security Officer (“CISO”). These briefings include reports on the threat landscape, our strategies, efforts and investments to address threats, and updates on incidents. The Audit Committee also receives reports from the Company’s Vice President of Internal Audit assessing internal controls that include cybersecurity controls. Furthermore, our cybersecurity risk management processes are integrated into our enterprise risk management program and our compliance risk management program, both of which are also overseen by our board.

Our CISO has approximately 21 years of experience in the cybersecurity industry. She is responsible for developing, coordinating and overseeing our cybersecurity strategy, policy, program and solutions, and for providing cybersecurity guidance to key management and internal company oversight bodies. Our CISO manages our cybersecurity organization, which covers all regions in which we operate and which is staffed with employees dedicated full-time to cybersecurity. Our CISO reports directly to our Chief Information Officer (“CIO”) and reports on cybersecurity at least quarterly to senior management and semi-annually to the full board of directors, or more often as needed.

Our CISO is a standing member of our Enterprise Risk Council, which seeks to strengthen our company’s processes with respect to the identification, assessment, management and monitoring the risks most likely to impact our strategic success, including cybersecurity risk. The council is chaired by our VP, Internal Audit, and its members are employees drawn from various areas of our organization. The council meets at least quarterly or more often as needed, to further strengthen risk management activities across the Company, including the risk of cybersecurity incidents.

Cybersecurity threats and incidents are monitored and addressed through the processes described above in “- Risk Management and Strategy” and, as part of such processes, cybersecurity incidents are evaluated by the company’s cybersecurity organization, which escalates information about incidents, as appropriate for the severity of the incident, to the CISO and by the CISO to senior leadership.
The CISO informs, as appropriate, the Enterprise Risk Council, the CIO, the Company’s senior leadership and, as noted above, the board of directors and its Audit Committee, on safeguards to prevent, detect, mitigate and remediate cybersecurity incidents. The CIO and CISO both report directly on a regular basis to the Company’s senior leadership on progress towards specific IT risk management objectives, with the CISO focusing on cybersecurity objectives.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We address the cybersecurity threat risk posed by employees and third parties with access to our IT systems, including integrating cybersecurity risk management into the culture of our organization by: maintaining policies addressing various aspects of security necessary to protect our IT assets and data; requiring cybersecurity awareness and training programs for persons with access to our IT systems to build their cybersecurity skills and knowledge; consistent messaging to our employees (including from our top leadership) of the importance of managing cybersecurity risk, participating in our cybersecurity training and following our cybersecurity policies; routinely testing responses by our employees to mock efforts to breach our cybersecurity protections; and policies and procedures to follow in the event a cyber breach were to occur at the Company, including in response to the breach and to evaluate the level and materiality of the breach.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our board of directors has overall responsibility for risk management oversight, with its committees assisting the board in performing this function based on their respective areas of expertise. Our board oversees cybersecurity matters and risk, and the Audit Committee also oversees risk that includes cybersecurity risk.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our board of directors has overall responsibility for risk management oversight, with its committees assisting the board in performing this function based on their respective areas of expertise. Our board oversees cybersecurity matters and risk, and the Audit Committee also oversees risk that includes cybersecurity risk. The board periodically reviews our processes for assessing
and addressing key strategic, operational, compliance and risk management matters concerning cybersecurity, and as part of such assessment receives briefings on such matters from our Chief Information Security Officer (“CISO”). These briefings include reports on the threat landscape, our strategies, efforts and investments to address threats, and updates on incidents. The Audit Committee also receives reports from the Company’s Vice President of Internal Audit assessing internal controls that include cybersecurity controls. Furthermore, our cybersecurity risk management processes are integrated into our enterprise risk management program and our compliance risk management program, both of which are also overseen by our board.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The CISO informs, as appropriate, the Enterprise Risk Council, the CIO, the Company’s senior leadership and, as noted above, the board of directors and its Audit Committee, on safeguards to prevent, detect, mitigate and remediate cybersecurity incidents. The CIO and CISO both report directly on a regular basis to the Company’s senior leadership on progress towards specific IT risk management objectives, with the CISO focusing on cybersecurity objectives.
Cybersecurity Risk Role of Management [Text Block] Our CISO has approximately 21 years of experience in the cybersecurity industry. She is responsible for developing, coordinating and overseeing our cybersecurity strategy, policy, program and solutions, and for providing cybersecurity guidance to key management and internal company oversight bodies. Our CISO manages our cybersecurity organization, which covers all regions in which we operate and which is staffed with employees dedicated full-time to cybersecurity. Our CISO reports directly to our Chief Information Officer (“CIO”) and reports on cybersecurity at least quarterly to senior management and semi-annually to the full board of directors, or more often as needed.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our CISO has approximately 21 years of experience in the cybersecurity industry. She is responsible for developing, coordinating and overseeing our cybersecurity strategy, policy, program and solutions, and for providing cybersecurity guidance to key management and internal company oversight bodies. Our CISO manages our cybersecurity organization, which covers all regions in which we operate and which is staffed with employees dedicated full-time to cybersecurity. Our CISO reports directly to our Chief Information Officer (“CIO”) and reports on cybersecurity at least quarterly to senior management and semi-annually to the full board of directors, or more often as needed.
Our CISO is a standing member of our Enterprise Risk Council, which seeks to strengthen our company’s processes with respect to the identification, assessment, management and monitoring the risks most likely to impact our strategic success, including cybersecurity risk. The council is chaired by our VP, Internal Audit, and its members are employees drawn from various areas of our organization. The council meets at least quarterly or more often as needed, to further strengthen risk management activities across the Company, including the risk of cybersecurity incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has approximately 21 years of experience in the cybersecurity industry.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our CISO has approximately 21 years of experience in the cybersecurity industry. She is responsible for developing, coordinating and overseeing our cybersecurity strategy, policy, program and solutions, and for providing cybersecurity guidance to key management and internal company oversight bodies. Our CISO manages our cybersecurity organization, which covers all regions in which we operate and which is staffed with employees dedicated full-time to cybersecurity. Our CISO reports directly to our Chief Information Officer (“CIO”) and reports on cybersecurity at least quarterly to senior management and semi-annually to the full board of directors, or more often as needed.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
BASIS OF CONSOLIDATION AND COMBINATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Consolidation
BASIS OF CONSOLIDATION

The consolidated financial statements include the accounts of Sylvamo Corporation and subsidiaries for which we have a controlling financial interest. All intracompany transactions have been eliminated.
Use of Estimates
USE OF ESTIMATES

In preparing the consolidated financial statements in accordance with U.S. GAAP, management makes estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Revenue Recognition, Shipping and Handling Costs
REVENUE RECOGNITION

The Company recognizes revenue on a point-in-time basis when the customer takes title to the goods and assumes the risks and rewards for the goods. 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.

The Company’s revenue is primarily derived from fixed consideration; however, we do have contract terms that give rise to variable consideration, primarily volume rebates, early payment discounts and other customer refunds. The Company estimates its volume rebates at the individual customer level based upon the terms of the arrangement and expected volume purchases over the contract period, consistent with the most likely amount method outlined in ASC 606. The Company estimates early payment discounts and other customer refunds based on the historical experience across the Company’s portfolio of customers to record reductions in revenue which is consistent with the expected value method outlined in ASC 606. Management has concluded that these methods result in the best estimate of the consideration the Company will be entitled to from its customers.
The Company has elected to present all sales taxes on a net basis, account for shipping and handling activities as fulfillment activities, and not record interest income or interest expense when the difference in timing of control or transfer and customer payment is one year or less.
Temporary Investments
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 notice are treated as cash equivalents and are stated at cost, which approximates market value.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy
RESTRICTED CASH
Cash that is legally restricted from use is classified as restricted cash.
Cost of Goods and Service
COST OF PRODUCTS SOLD
Costs of products sold represents costs directly related to the manufacture of our products. Primary costs include raw materials, packaging, direct labor, overhead, warehousing costs and shipping and handling costs, such as freight to customers’ destinations.
Inventories
INVENTORIES
Inventories are valued at the lower of cost or market value and include costs directly associated with manufacturing products: materials, labor, first leg freight and manufacturing overhead. In the United States, costs of raw materials and finished paper and pulp products are generally determined using the last-in, first-out method. Other inventories are valued using the first-in, first-out or average cost methods.
Leased Assets
LEASED ASSETS
Operating lease right of use (“ROU”) assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company’s leases may include options to extend the lease. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the ROU assets and liabilities. Variable payments for real estate leases are primarily related to common area maintenance, insurance, taxes and utilities. Variable payments for equipment, vehicles and leases within supply agreements are primarily related to usage, repairs and maintenance. As the implicit rate is not readily determinable for most of the Company’s leases, the Company applies a portfolio approach using an estimated incremental borrowing rate to determine the initial present value of lease payments over the lease terms on a collateralized basis over a similar term, which is based on market and company specific information. We use the unsecured borrowing rate and risk adjust that rate to approximate a collateralized rate, and apply the rate based on the currency of the lease, which is updated on a quarterly basis for measurement of new lease liabilities. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, the Company has applied the practical expedient to account for the lease and non-lease components as a single lease component for all of the Company’s leases.
Plants, Properties and Equipment
PLANTS, PROPERTIES AND EQUIPMENT
Plants, properties and equipment are stated at cost, less accumulated depreciation. Expenditures for betterments are capitalized, whereas normal repairs and maintenance are expensed as incurred. The units-of-production method of depreciation is used for the mills, and the straight-line method is used for other plants and equipment.
Goodwill
GOODWILL

Annual evaluation for possible goodwill impairment is performed as of the beginning of the fourth quarter of each year, with additional interim evaluation performed when management believes that it is more likely than not that events or circumstances have occurred that would result in the impairment of a reporting unit’s goodwill.

The Company has the option to evaluate goodwill for impairment by first performing a qualitative assessment of events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is not required to be performed. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company does not elect the option to perform an initial qualitative assessment, then the Company is required to perform the quantitative goodwill impairment test. In performing this evaluation, the Company estimates the fair value of its reporting unit using a weighted approach based on discounted future cash flows, market multiples and transaction multiples. The determination of fair value using the discounted cash flow approach requires management to make significant estimates and assumptions related to forecasts of future revenues, operating profit margins and discount rates. The determination of fair value using market multiples and transaction multiples requires management to make significant
assumptions related to revenue multiples and adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. For reporting units whose carrying amount is in excess of their estimated fair value, the reporting unit will record an impairment charge by the amount that the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit.
Impairment of Long-Lived Assets
IMPAIRMENT OF LONG-LIVED ASSETS

Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable. A recoverability test is performed based on undiscounted cash flows, requiring judgments as to the weighting of alternatives being considered by management and estimates of the amount and timing of expected future cash flows from the use and eventual disposition of the long-lived assets. Impaired assets are written-down to their estimated fair value.
Employee Retirement Benefits
EMPLOYEE RETIREMENT BENEFITS
The Company sponsors certain defined benefit pension and postretirement plans in Belgium, Brazil, France, Poland, the United Kingdom and the United States. The Company accounts for these plans using the single-employer method, with the net funded status of these plans recorded as an asset or liability in the consolidated balance sheets.
Income Taxes
INCOME TAXES

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets are recognized to the extent that we believe that these assets are more likely than not to be realized.
We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. While we believe that these judgments and estimates are appropriate and reasonable under the circumstances, actual resolution of these matters may differ from recorded estimates and amounts.
Translation of Financial Statements
TRANSLATION OF FINANCIAL STATEMENTS
Balance sheets of international operations are translated into U.S. dollars at period-end exchange rates, while statements of operations are translated at average rates. Adjustments resulting from financial statement translations are included as cumulative translation adjustments in accumulated other comprehensive income (loss) (“AOCI”).
Recently Issued Accounting Pronouncements
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

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): Disaggregation of Income Statement Expenses.” This guidance requires disaggregated disclosure of certain income statement captions for public business entities into specified categories within the footnotes to the financial statements. Additional disclosures are required in tabular format for each relevant expense caption on the face of the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion and amortization recognized as part of oil-and gas-producing activities or other types of depletion expenses. This update does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnotes to the financial
statements. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the provisions of this guidance.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance requires a public entity to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The Company retrospectively adopted the provisions of this guidance for the year ending December 31, 2025. See Note 10 Income Taxes for further details.
v3.25.4
REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
External net sales by major products
External net sales by major products were as follows:
In millions
202520242023
Europe
Uncoated Papers
$656 $703 $733 
Market Pulp
83 96 88 
Europe
739 799 821 
Latin America
Uncoated Papers
809 884 885 
Market Pulp
49 61 64 
Latin America
858 945 949 
North America
Uncoated Papers
1,678 1,951 1,891 
Market Pulp
76 78 60 
North America
1,754 2,029 1,951 
Total
$3,351 $3,773 $3,721 
v3.25.4
OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax
The following table presents the changes in AOCI, net of tax, reported in the consolidated financial statements:
In millions
202520242023
Defined Benefit Pension and Postretirement Adjustments
Balance at beginning of period
$(72)$(77)$(76)
Other comprehensive income (loss) before reclassifications4 4 (2)
Amounts reclassified from accumulated other comprehensive income1 1 1 
Balance at end of period
(67)(72)(77)
Change in Cumulative Foreign Currency Translation Adjustments
Balance at beginning of period
(1,420)(1,197)(1,288)
Other comprehensive income (loss) before reclassifications
134 (223)91 
Balance at end of period
(1,286)(1,420)(1,197)
Net Gains and Losses on Cash Flow Hedging Derivatives
Balance at beginning of period
2 18 26 
Other comprehensive income (loss) before reclassifications
6 (7)19 
Amounts reclassified from accumulated other comprehensive income(8)(9)(27)
Balance at end of period
— 2 18 
Total Accumulated Other Comprehensive Income (Loss) at End of Period
$(1,353)$(1,490)$(1,256)
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Basic and diluted earnings per share are calculated as follows:
In millions, except per share amounts202520242023
Net income $132 $302 $253 
Weighted average common shares outstanding40.141.142.0
Effect of dilutive securities0.60.90.7
Weighted average common shares outstanding - assuming dilution40.742.042.7
Earnings per share - basic $3.29 $7.35 $6.02 
Earnings per share - diluted$3.24 $7.18 $5.93 
Anti-dilutive shares (a)
0.30.20.3
(a) Common stock related to service-based restricted stock units and performance-based restricted stock units were outstanding but excluded from the computation of diluted earnings per share because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts and Notes Receivable Net
Accounts and notes receivable, net, by classification were:
In millions as of December 31 
20252024
Accounts and notes receivable:
Trade
$399 $402 
Notes and other
25 27 
Total
$424 $429 
Schedule of Inventories
INVENTORIES
In millions as of December 31
20252024
Raw materials
$69 $56 
Finished paper and pulp products
217 178 
Operating supplies
122 107 
Other
10 20 
Total
$418 $361 
Schedule of Plants, Properties and Equipment, net
PLANTS, PROPERTIES AND EQUIPMENT, NET
In millions as of December 31
20252024
Land
$10 $9 
Buildings
401 362 
Machinery
4,391 4,090 
Construction in progress
140 92 
Capital leases
40 37 
Gross cost
4,982 4,590 
Less: Accumulated depreciation
3,935 3,646 
Plants, Properties and Equipment, net
$1,047 $944 
Supplier Finance Program
The following table presents supplier finance program obligations confirmed and paid for the year ended December 31, 2025:

In millions
Confirmed obligations outstanding at December 31, 2024$— 
Invoiced confirmed during the year8 
Confirmed invoices paid during the year(5)
Confirmed obligations outstanding at December 31, 2025$3 
Schedule of Interest Expense
Amounts related to interest were as follows:

In millions
202520242023
Interest expense (a)
$49 $57 $64 
Interest income (b)
(6)(14)(26)
Capitalized interest costs(4)(4)(4)
Total$39 $39 $34 
(a)     Interest expense for 2024 includes $5 million of debt extinguishment cost related to the third quarter debt refinancing. Interest expense for 2023 includes $5 million of debt extinguishment cost related to the tender offer for our 7.00% 2029 Senior Notes.
(b)    Interest income for 2023 includes $9 million of interest income related to tax settlements and $4 million of interest income related to the recognition of a foreign value-added tax refund in Brazil.
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Cost
COMPONENTS OF LEASE EXPENSE
In millions
202520242023
Operating lease costs
$27 $26 $21 
Variable lease costs
29 26 40 
Short-term lease costs
— — — 
Finance lease cost
Amortization of right-of-use assets
3 3 3 
Interest on lease liabilities
1 1 1 
Total lease cost, net
$60 $56 $65 
LEASE TERM AND DISCOUNT RATE
20252024
Weighted average remaining lease term (years)
  
Operating leases
3.9 years4.4 years
Finance leases
7.6 years8.6 years
Weighted average discount rate
Operating leases
5.18 %5.25 %
Finance leases
4.09 %3.98 %
SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES
In millions
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows related to operating leases
$28 $24 
Operating cash flows related to financing leases
1 1 
Financing cash flows related to finance leases
3 3 
Right of use assets obtained in exchange for lease liabilities
Operating leases
7 16 
Finance leases
3 — 
Schedule of Supplemental Balance Sheet Information Related To Leases
SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
In millions 
Classification
20252024
Assets
  
Operating lease assets
Right of use assets$48 $58 
Finance lease assets
Plants, properties, and equipment, net (a)
20 20 
Total leased assets
$68 $78 
Liabilities
Current
Operating
Other current liabilities$21 $21 
Finance
Notes payable and current maturities of long-term debt3 2 
Noncurrent
Operating
Other Liabilities34 45 
Finance
Long-term debt12 12 
Total lease liabilities
$70 $80 
(a)Finance leases above are presented net of accumulated amortization of $20 million and $17 million as of December 31, 2025 and 2024, respectively.
Maturity of Finance Leases
MATURITY OF LEASE LIABILITIES
In millions
Operating Leases
Financing Leases
Total
2026$24 $3 $27 
202715 3 18 
202811 3 14 
20294 3 7 
20302 1 3 
Thereafter
6 5 11 
Total lease payments
62 18 80 
Less: imputed interest
7 3 10 
Present value of lease liabilities
$55 $15 $70 
Maturity of Finance Leases
MATURITY OF LEASE LIABILITIES
In millions
Operating Leases
Financing Leases
Total
2026$24 $3 $27 
202715 3 18 
202811 3 14 
20294 3 7 
20302 1 3 
Thereafter
6 5 11 
Total lease payments
62 18 80 
Less: imputed interest
7 3 10 
Present value of lease liabilities
$55 $15 $70 
v3.25.4
GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in the Goodwill
The following table presents changes in the goodwill balance as allocated to each business segment:
In millions
Europe
Latin
America 
North America
Total
Balance as of December 31, 2023
Goodwill
$11 $129 $— $140 
Accumulated impairment losses
(1)— — (1)
10 129 — 139 
Changes due to currency translation and other
Goodwill— (28)— (28)
Accumulated impairment losses— — — — 
— (28)— (28)
Balance as of December 31, 2024
 
Goodwill
11 101 — 112 
Accumulated impairment losses
(1)— — (1)
10 101 — 111 
Changes due to currency translation and other
Goodwill2 13 — 15 
Accumulated impairment losses(1)— — (1)
1 13 — 14 
Impairment of Goodwill
Goodwill— — — — 
Accumulated impairment losses(11)— — (11)
(11)— — (11)
Balance as of December 31, 2025
 
Goodwill
13 114 — 127 
Accumulated impairment losses
(13)— — (13)
Total
$— $114 $— $114 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (loss) before income taxes
The components of the Company’s income before income taxes by taxing jurisdiction were as follows:
In millions
202520242023
U.S.
$169 $205 $121 
Non-U.S.
30 200 248 
Income before income taxes
$199 $405 $369 
Schedule of provision for income taxes
Income tax provision by taxing jurisdictions was as follows:
In millions
202520242023
Current tax provision
U.S. federal
$12 $43 $32 
U.S. state and local
3 13 11 
Non-U.S.
45 54 73 
60 110 116 
Deferred tax provision
U.S. federal
17 (5)(3)
U.S. state and local
5 (3)(7)
Non-U.S.
(15)1 10 
7 (7)— 
Income tax provision
$67 $103 $116 
Schedule of Income Tax Paid, by Individual Jurisdiction
Income taxes paid (net of refunds) by taxing jurisdictions was as follows:
In millions
202520242023
Federal
$10 $32 $39 
State
6 11 9 
Non-U.S.
46 55 64 
Total$62 $98 $112 
Schedule of Income Taxes Paid in Jurisdictions Exceeding 5% or Total Income Taxes Paid, Net of Refunds
Income taxes paid (net of refunds) exceeded 5% of total income taxes paid (net of refunds) in the following jurisdictions:
In millions
202520242023
Non-U.S.
Brazil
$42 $52 $60 
Luxembourg$4 $— $1 
Schedule of reconciliation of income taxes using the statutory U.S. income tax rate
In millions202520242023
Amount%Amount%Amount%
U.S. federal statutory tax rate$42 21 %$85 21 %$77 21 %
State and local income taxes, net of federal income tax effect (a)6 3 %6 2 %2 — %
Non-U.S. tax effects
Brazil
Statutory tax rate difference between Brazil and U.S.17 9 %23 6 %33 9 %
Permanent benefit for non-U.S. interest deduction(11)(6)%(9)(2)%(11)(3)%
France
Changes in valuation allowances13 7 %(3)(1)%7 2 %
Sweden
Foreign exchange impacts3 2 %— — %— — %
Other Non-U.S. jurisdiction(2)(1)%1 — %(2)(1)%
Effect of cross-border tax laws
Global intangible low-taxed income and Subpart F income— — %1 — %2 — %
Tax credits
Research and development credits(2)(1)%(2)(1)%(1)— %
Purchased credits(1)(1)%(2)— %— — %
Nontaxable or nondeductible items
Stock compensation(2)(1)%— — %1 — %
Other permanent differences1 1 %— — %2 1 %
Changes in unrecognized tax benefits4 2 %2 — %6 2 %
Other adjustments(1)(1)%1 — %— — %
Effective income tax rate$67 34 %$103 25 %$116 31 %

(a)    State taxes in California, Illinois, New Jersey, Pennsylvania and Tennessee made up the majority (greater than 50%) of the tax effect in this category.
Schedule of components of deferred income tax assets and liabilities
The components of deferred income tax assets and liabilities are as follows:
In millions
20252024
Deferred income tax assets:
Net operating and capital loss carryforwards
$43 $23 
Accrued payroll and benefits
24 31 
Lease liabilities
11 13 
Tax credits
34 25 
Capitalized research and development— 23 
Other
37 35 
Gross deferred income tax assets
149 150 
Less: valuation allowance
(52)(35)
Net deferred income tax asset
97 115 
Deferred income tax liabilities:
Intangibles
(41)(37)
Inventories(16)(15)
Right of use assets
(9)(11)
Deferred foreign income
(55)(49)
Plants, properties and equipment
(69)(86)
Forestlands
(46)(41)
Gross deferred income tax liabilities
(236)(239)
Net deferred income tax liability
$(139)$(124)
Schedule of Unrecognized Tax Benefits Roll Forward
The reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:
In millions
202520242023
Balance at January 1
$(12)$(10)$(4)
(Additions) reductions for tax positions related to current year
(4)(4)(6)
Reductions for tax positions related to prior years— 1 — 
Settlements
— 1 — 
Balance at December 31
$(16)$(12)$(10)
v3.25.4
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt is summarized in the following table:
In millions as of December 31
20252024
Term Loan F - due 2027 (a)
$255 $255 
Term Loan F-2 - due 2031 (a)
219 230 
Term Loan A - due 2029 (a)
206 217 
Securitization Program90 88 
Other16 14 
Less: current portion(23)(22)
Total$763 $782 
(a)    As of December 31, 2025 and December 31, 2024, amounts are presented net of an aggregate total of $4 million and $6 million, respectively, in unamortized debt issuance costs across the three term loans.
Schedule of Interest Rate Derivatives Fair value assets and liabilities related to interest rate swaps are recorded within “Deferred charges and other assets” and “Other liabilities,” respectively.
20252024
(In millions)Fixed Interest Rate
Maturity (a)
Notional AmountFair Value of AssetsFair Value of LiabilitiesNotional AmountFair Value of AssetsFair Value of Liabilities
Interest rate swaps
Term Loan F
3.72% to 3.75%
2025$— $— $— $200 $1 $— 
Term Loan F-2
3.80% to 3.82%
2029220 — 3 232 2 — 
Term Loan A
4.13% to 4.16%
2028208 — 4 219 — 1 

(a) The total notional amounts of Term Loan F-2 and Term Loan A amortize quarterly until maturity.
v3.25.4
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Summary of changes in projected benefit obligations, fair value of plan assets, and funded status of plan
The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20252024
Change in projected benefit obligation:
Benefit obligation, January 1
$317 $338 
Service cost
3 4 
Interest cost
19 17 
Actuarial loss (gain)
4 (26)
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
10 (6)
Benefit obligation, December 31
340 317 
Change in plan assets:
Fair value of plan assets, January 1
300 317 
Actual return on plan assets
29 (8)
Company contributions
13 8 
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
9 (7)
Fair value of plan assets, December 31
338 300 
Funded status, December 31
$(2)$(17)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$21 $12 
Current liability
(1)— 
Non-current liability
(22)(29)
$(2)$(17)
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax):
Net prior service cost$2 $1 
Net actuarial loss
79 85 
$81 $86 
Schedule of amounts recognized in balance sheet
The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20252024
Change in projected benefit obligation:
Benefit obligation, January 1
$317 $338 
Service cost
3 4 
Interest cost
19 17 
Actuarial loss (gain)
4 (26)
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
10 (6)
Benefit obligation, December 31
340 317 
Change in plan assets:
Fair value of plan assets, January 1
300 317 
Actual return on plan assets
29 (8)
Company contributions
13 8 
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
9 (7)
Fair value of plan assets, December 31
338 300 
Funded status, December 31
$(2)$(17)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$21 $12 
Current liability
(1)— 
Non-current liability
(22)(29)
$(2)$(17)
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax):
Net prior service cost$2 $1 
Net actuarial loss
79 85 
$81 $86 
Schedule of amounts recognized in other comprehensive income (loss)
The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20252024
Change in projected benefit obligation:
Benefit obligation, January 1
$317 $338 
Service cost
3 4 
Interest cost
19 17 
Actuarial loss (gain)
4 (26)
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
10 (6)
Benefit obligation, December 31
340 317 
Change in plan assets:
Fair value of plan assets, January 1
300 317 
Actual return on plan assets
29 (8)
Company contributions
13 8 
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
9 (7)
Fair value of plan assets, December 31
338 300 
Funded status, December 31
$(2)$(17)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$21 $12 
Current liability
(1)— 
Non-current liability
(22)(29)
$(2)$(17)
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax):
Net prior service cost$2 $1 
Net actuarial loss
79 85 
$81 $86 
Schedule of accumulated and projected benefit obligations
In millions as of December 31
20252024
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation
$24 $215 
Fair value of plan assets
5 194 
Pension plans with PBO in excess of plan assets
Projected benefit obligation
$28 $224 
Fair value of plan assets
5 194 
Schedule of defined benefit plans disclosures
In millions as of December 31
20252024
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation
$24 $215 
Fair value of plan assets
5 194 
Pension plans with PBO in excess of plan assets
Projected benefit obligation
$28 $224 
Fair value of plan assets
5 194 
Schedule of net benefit costs
Net periodic pension expense comprised the following:
In millions
202520242023
Service cost
$3 $4 $4 
Interest cost19 17 17 
Expected return on plan assets
(17)(17)(17)
Actuarial loss (gain)
3 3 3 
Net periodic pension expense (benefit)
$8 $7 $7 
Schedule of assumptions used to determine the net periodic (benefit)/cost
Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table:
202520242023
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate
5.81 %5.89 %5.27 %
Rate of compensation increase
3.27 %3.34 %3.30 %
Actuarial assumptions used to determine net periodic pension cost for years ended December 31:
Discount rate
5.89 %5.27 %5.52 %
Expected long-term rate of return on plan assets
5.93 %5.64 %5.84 %
Rate of compensation increase
3.34 %3.30 %3.36 %
Defined benefit plan, plan assets, category
The target allocations for each asset class in the U.S. plan were 35% in equity securities and 65% in debt securities for the years ended December 31, 2025 and 2024. The target allocations for each asset class in the U.K. plan were 33% in growth assets and 67% in stabilizing assets for the years ended December 31, 2025 and 2024. Pension assets for the immaterial plans totaled $27 million for the year ended December 31, 2025 and $23 million for the year ended December 31, 2024. These assets primarily relate to government securities within Level 1 of the fair value hierarchy.
Fair Value Measurement U.S. Plans
20252024
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$7 $7 $— $10 $10 $— 
Equities - developed markets
57 57 — 59 59 — 
Equities - emerging markets
7 7 — 7 7 — 
Government securities49 — 49 43 — 43 
Corporate bonds93 — 93 71 — 71 
Total Investments
$213 $71 $142 $190 $76 $114 
Fair Value Measurement U.K. Plans
20252024
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$12 $12 $— $2 $2 $— 
Equities
— — — 7 — 7 
Multi-asset credit11 — 11 10 — 10 
Absolute return fixed income2 — 2 3 — 3 
Liability driven investments24 — 24 23 — 23 
Cash flow driven investments
31 — 31 28 — 28 
Other Investments:
Private equity18 — — 14 — — 
Total Investments
$98 $12 $68 $87 $2 $71 
Schedule of expected future benefit payments
At December 31, 2025, projected future pension benefit payments, excluding any termination benefits, were as follows:

In millions
2026$14 
202716 
202818 
202919 
203022 
2031-2035128 
v3.25.4
INCENTIVE PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following sets forth restricted stock units and performance-based restricted stock units at 100% of target amounts at December 31, 2025, 2024 and 2023:
Restricted Stock UnitsPerformance-Based
Restricted Stock Units
Shares
Weighted
Average Grant
Date Fair Value
Shares
Weighted
Average Grant
Date Fair Value
Outstanding as of December 31, 2022650,729 $32.55 304,596 $41.47 
Granted
287,796 47.36 211,791 51.00 
Shares issued
(300,594)31.87 — — 
Forfeited
(10,625)42.94 (8,700)45.76 
Outstanding as of December 31, 2023
627,306 39.50 507,687 45.37 
Granted
240,392 60.99 189,734 66.46 
Shares issued
(385,720)36.06 — — 
Forfeited
(45,471)52.57 (44,853)54.83 
Outstanding as of December 31, 2024
436,507 53.00 652,568 50.85 
Granted
273,20563.40 326,13062.47 
Shares issued
(221,808)50.14 (424,861)42.39 
Forfeited
(23,263)64.17 (33,779)57.38 
Outstanding as of December 31, 2025
464,641 $59.92 520,058 $64.62 
Schedule of Stock Based Compensation Cost and Income Tax Benefits Recognized
Total stock-based compensation cost and the associated income tax benefits recognized by the Company in the consolidated statements of operations were as follows:
In millions
202520242023
Total stock-based compensation expense (included in selling and administrative expense)
$18 $23 $23 
Income tax benefit related to stock-based compensation
$10 $8 $7 
v3.25.4
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting
INFORMATION BY BUSINESS SEGMENT
Net Sales and Business Segment Operating Profit
2025:
In millions
EuropeLatin AmericaNorth AmericaTotal
Sales$741 $904 $1,754 $3,399 
Intersegment Sales(2)(46)— (48)
Net sales
739 858 1,754 3,351 
Less:
Cost of products sold and other
720 555 1,251 2,526 
Maintenance outages
40 21 49 110 
Economic downtime
3 — 3 6 
Selling and administrative expenses
54 95 132 281 
Depreciation, amortization and cost of timber harvested
34 87 58 179 
Impairment of goodwill11 — — 11 
Add:
Other special items, net (a)
11 — 2 13 
Business Segment Operating Profit$(112)$100 $263 $251 
Income (loss) before income taxes
$199 
Interest (income) expense, net
39 
Foreign exchange on intercompany note (b)
(1)
Corporate special items, net (a)
1 
Other special items, net (a)
13 
Business Segment Operating Profit$251 
(a)    Net special items in the period presented primarily include the impairment of goodwill in our France reporting unit, certain severance costs related to our salaried workforce, a pre-tax gain to adjust the recognition of a foreign value-added tax refund in Brazil, charges related to the termination of the Georgetown mill offtake agreement, and environmental reserves in Brazil.
(b)    Unallocated (income) expense related to the foreign exchange on a note receivable from our Brazilian subsidiary.
2024:
In millions
EuropeLatin AmericaNorth AmericaTotal
Sales$801 $974 $2,029 $3,804 
Intersegment Sales(2)(29)— (31)
Net sales
799 945 2,029 3,773 
Less:
Cost of products sold and other
694 617 1,438 2,749 
Maintenance outages
1 18 54 73 
Economic downtime
10 — 27 37 
Selling and administrative expenses
52 91 167 310 
Depreciation, amortization and cost of timber harvested
33 75 51 159 
Add:
Other special items, net (a)
1 6 1 8 
Business Segment Operating Profit$10 $150 $293 $453 
Income (loss) before income taxes
$405 
Interest (income) expense, net
39 
Corporate special items, net (a)
1 
Other special items, net (a)
8 
Business Segment Operating Profit$453 
(a)    Net special items in the period presented primarily include legal fees related to the Brazil Tax Dispute, a loss related to forest fires in Brazil, certain severance costs related to our salaried workforce, and integration costs related to the Nymölla acquisition.
2023:
In millions
EuropeLatin AmericaNorth AmericaTotal
Sales$821 $1,006 $1,951 $3,778 
Intersegment Sales— (57)— (57)
Net sales
821 949 1,951 3,721 
Less:
Cost of products sold and other
704 574 1,342 2,620 
Maintenance outages
27 9 53 89 
Economic downtime
38 — 85 123 
Selling and administrative expenses
68 98 163 329 
Depreciation, amortization and cost of timber harvested
28 68 47 143 
Add:
Other special items, net (a)
19 (3)8 24 
Business Segment Operating Profit$(25)$197 $269 $441 
Income (loss) before income taxes
$369 
Interest (income) expense, net
34 
Corporate special items, net (a)
14 
Other special items, net (a)
24 
Business Segment Operating Profit$441 
(a)    Net special items in the period presented primarily include foreign VAT refunds, transaction and integration costs related to the Nymölla acquisition, the impact of the step-up of acquired Nymölla inventory sold during the first quarter of 2023, and certain severance costs related to our salaried workforce.
Note:    Cost of products sold and other in each of the tables above includes costs directly related to the manufacture of our products and taxes other than payroll and income taxes but excludes costs directly attributable to maintenance outages and unabsorbed costs due to economic downtime. Costs of products sold and other also excludes depreciation, amortization and cost of timber harvested which is presented separately.
The Company had one customer within our North America business segment that represented approximately 15%, 13% and 14% of our consolidated net sales for the years ended December 31, 2025, 2024 and 2023, respectively.
Assets
In millions as of December 31
20252024
Europe
$500 $324 
Latin America
1,231 1,065 
North America
884 904 
Corporate and Other (a)
148 311 
Assets
$2,763 $2,604 
(a)     Includes corporate assets.
Capital Spending
In millions
202520242023
Europe
$36 $27 $31 
Latin America
116 140 112 
North America
71 53 63 
Corporate1 1 4 
Capital Spending
$224 $221 $210 
Schedule of External Net Sales
External Net Sales (a)
In millions
202520242023
United States
$1,754 $2,029 $1,951 
Brazil
904 971 995 
Europe
741 801 821 
Americas, other than United States and Brazil
— 3 11 
Corporate and Intersegment Sales
(48)(31)(57)
Net Sales
$3,351 $3,773 $3,721 
(a)Net sales are attributed to countries based on the location of the seller.
Schedule of Information by Long-lived Assets
Long-Lived Assets
In millions as of December 31
20252024
United States
$467 $453 
Brazil
737 634 
Europe
207 176 
Long-Lived Assets
$1,411 $1,263 
v3.25.4
BACKGROUND AND SUMMARY OF BUSINESS Acquisition Table (Details) - 3 months ended Mar. 31, 2023
EUR (€)
USD ($)
Nymolla    
Business Combination [Line Items]    
Payments to Acquire Businesses, Gross € 157,000,000 $ 167,000,000
v3.25.4
REVENUE RECOGNITION (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from External Customer [Line Items]      
NET SALES $ 3,351 $ 3,773 $ 3,721
Contract liabilities 3 2  
Europe      
Revenue from External Customer [Line Items]      
NET SALES 739 799 821
Latin America      
Revenue from External Customer [Line Items]      
NET SALES 858 945 949
North America      
Revenue from External Customer [Line Items]      
NET SALES 1,754 2,029 1,951
Uncoated Papers | Europe      
Revenue from External Customer [Line Items]      
NET SALES 656 703 733
Uncoated Papers | Latin America      
Revenue from External Customer [Line Items]      
NET SALES 809 884 885
Uncoated Papers | North America      
Revenue from External Customer [Line Items]      
NET SALES 1,678 1,951 1,891
Market Pulp | Europe      
Revenue from External Customer [Line Items]      
NET SALES 83 96 88
Market Pulp | Latin America      
Revenue from External Customer [Line Items]      
NET SALES 49 61 64
Market Pulp | North America      
Revenue from External Customer [Line Items]      
NET SALES $ 76 $ 78 $ 60
v3.25.4
OTHER COMPREHENSIVE INCOME - Changes In Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net Of Tax (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period $ 847 $ 901 $ 678
Balance at end of period 966 847 901
Accumulated  Other Comprehensive
Loss      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (1,490) (1,256) (1,338)
Balance at end of period (1,353) (1,490) (1,256)
Defined Benefit Pension and Postretirement Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (72) (77) (76)
Other comprehensive income (loss) before reclassifications 4 4 (2)
Amounts reclassified from accumulated other comprehensive income 1 1 1
Balance at end of period (67) (72) (77)
Change in Cumulative Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (1,420) (1,197) (1,288)
Other comprehensive income (loss) before reclassifications 134 (223) 91
Balance at end of period (1,286) (1,420) (1,197)
Net Gains and Losses on Cash Flow Hedging Derivatives      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period 2 18 26
Other comprehensive income (loss) before reclassifications 6 (7) 19
Amounts reclassified from accumulated other comprehensive income (8) (9) (27)
Balance at end of period $ 0 $ 2 $ 18
v3.25.4
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
NET INCOME $ 132 $ 302 $ 253
Weighted average common shares outstanding 40,100,000 41,100,000 42,000,000.0
Effect of dilutive securities 600,000 900,000 700,000
Weighted average common shares outstanding - assuming dilution 40,700,000 42,000,000.0 42,700,000
Earnings per share - basic (in dollars per share) $ 3.29 $ 7.35 $ 6.02
Earnings per share - diluted (in dollars per share) $ 3.24 $ 7.18 $ 5.93
Anti-dilutive shares (a) 0.3 0.2 0.3
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Temporary Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Short-term Investments $ 63 $ 104
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Schedule of Accounts and Notes Receivable, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Trade $ 399 $ 402
Notes and other 25 27
Total $ 424 $ 429
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Expected Credit Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts Receivable, Allowance for Credit Loss $ 17 $ 21
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 69 $ 56
Finished paper and pulp products 217 178
Operating supplies 122 107
Other 10 20
Total $ 418 361
Inventory, LIFO reserve percentage 47.00%  
Last-in, first-out inventory reserve $ 55 72
Effect of LIFO Inventory Liquidation on Income $ 12 $ 12
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Plants, Property and Equipment, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Capital leases $ 40 $ 37  
Gross cost 4,982 4,590  
Less: Accumulated depreciation 3,935 3,646  
Plants, Properties and Equipment, net 1,047 944  
Depreciation expense 140 128 $ 118
Property, Plant and Equipment      
Property, Plant and Equipment [Line Items]      
Non-cash additions 20 12 $ 17
Land      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment gross 10 9  
Buildings      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment gross $ 401 362  
Buildings | Minimum      
Property, Plant and Equipment [Line Items]      
Annual straight-line depreciable lives 20 years    
Buildings | Maximum      
Property, Plant and Equipment [Line Items]      
Annual straight-line depreciable lives 40 years    
Machinery      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment gross $ 4,391 4,090  
Machinery | Minimum      
Property, Plant and Equipment [Line Items]      
Annual straight-line depreciable lives 3 years    
Machinery | Maximum      
Property, Plant and Equipment [Line Items]      
Annual straight-line depreciable lives 20 years    
Construction in progress      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment gross $ 140 $ 92  
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION Forestlands (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Forestlands      
Other Significant Noncash Transactions [Line Items]      
Non-cash additions $ 0 $ 10 $ 0
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION Accounts Payable (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Supplier Finance Program, Obligation $ 3 $ 0
Invoiced confirmed during the year 8  
Confirmed invoices paid during the year $ (5)  
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION Other Liabilities and Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Severance Costs $ 13  
Severance Costs, Net of Taxes 10  
Other Current Liabilities | Employee Severance    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve   $ 2
Europe    
Restructuring Cost and Reserve [Line Items]    
Severance Costs 2  
Latin America    
Restructuring Cost and Reserve [Line Items]    
Severance Costs 3  
North America    
Restructuring Cost and Reserve [Line Items]    
Severance Costs 8  
Selling, General and Administrative Expenses    
Restructuring Cost and Reserve [Line Items]    
Severance Costs 10  
Cost of Goods Sold, Excluding Depreciation, Depletion and Amortization    
Restructuring Cost and Reserve [Line Items]    
Severance Costs $ 3  
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Interest (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Interest payment $ 49 $ 62 $ 68
Interest expense (a) 49 57 64
Interest income (b) (6) (14) (26)
Capitalized interest costs (4) (4) (4)
Interest Expense (Income), Including Capitalized Interest Costs, Net $ 39 39 34
Payment for Debt Extinguishment or Debt Prepayment Cost   $ 5 $ 5
Debt Instrument, interest rate, stated percentage     7.00%
Litigation Settlement Interest     $ 9
Interest Income, Other     $ 4
v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Asset retirement obligations $ 29 $ 28
v3.25.4
LEASES - Narrative (Details) - Maximum
Dec. 31, 2025
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease term 15 years
Finance lease, remaining lease term 15 years
v3.25.4
LEASES - Components of lease expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease costs $ 27 $ 26 $ 21
Variable lease costs 29 26 40
Short-term lease costs 0 0 0
Finance lease cost      
Amortization of right-of-use assets 3 3 3
Interest on lease liabilities 1 1 1
Total lease cost, net $ 60 $ 56 $ 65
v3.25.4
LEASES - Balance Sheet Components (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Operating lease assets $ 48 $ 58
Finance lease assets 20 20
Total leased assets 68 78
Current    
Operating 21 21
Finance 3 2
Noncurrent    
Operating 34 45
Finance 12 12
Total lease liabilities $ 70 $ 80
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Plants, Properties and Equipment, net Plants, Properties and Equipment, net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Notes payable and current maturities of long-term debt Notes payable and current maturities of long-term debt
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Lease Obligation Long-Term Debt and Lease Obligation
Finance lease, accumulated amortization $ 20 $ 17
v3.25.4
LEASES - Lease term and discount rate (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating leases, weighted average remaining lease term (years) 3 years 10 months 24 days 4 years 4 months 24 days
Finance leases, weighted average remaining lease term (years) 7 years 7 months 6 days 8 years 7 months 6 days
Operating leases, weighted average discount rate (Percent) 5.18% 5.25%
Finance leases, weighted average discount rate (Percent) 4.09% 3.98%
v3.25.4
LEASES - Supplemental cash flow information related to leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating cash flows related to operating leases $ 28 $ 24
Operating cash flows related to financing leases 1 1
Financing cash flows related to finance leases 3 3
Operating leases 7 16
Finance leases $ 3 $ 0
v3.25.4
LEASES - Maturity of lease liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 24  
2027 15  
2028 11  
2029 4  
2030 2  
Thereafter 6  
Total lease payments 62  
Less: imputed interest 7  
Present value of lease liabilities 55  
Financing Leases    
2026 3  
2027 3  
2028 3  
2029 3  
2030 1  
Thereafter 5  
Total lease payments 18  
Less: imputed interest 3  
Finance lease cost 15  
Total    
2026 27  
2027 18  
2028 14  
2029 7  
2030 3  
Thereafter 11  
Total lease payments 80  
Less: imputed interest 10  
Total lease liabilities $ 70 $ 80
v3.25.4
GOODWILL - Changes in the Goodwill Balance as Allocated to Each Business Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]      
Goodwill gross beginning balance $ 112 $ 140  
Accumulated impairment loss, beginning balance (1) (1)  
Goodwill, beginning balance 111 139  
Goodwill, Foreign Currency Translation, Gain (Loss) 14 (28)  
Goodwill gross ending balance 127 112 $ 140
Accumulated impairment loss, ending balance (13) (1) (1)
Impairment of goodwill (11)    
Goodwill, ending balance 114 111 139
Goodwill and Intangible Asset Impairment 11 0 0
Foreign Currency Gain (Loss)      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 15 28  
Accumulated impairment loss, beginning balance 0    
Goodwill gross ending balance   15 28
Accumulated impairment loss, ending balance (1) 0  
Impairment of Goodwill      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 0    
Goodwill gross ending balance   0  
Accumulated impairment loss, ending balance (11)    
Europe      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 11 11  
Accumulated impairment loss, beginning balance (1) (1)  
Goodwill, beginning balance 10 10  
Goodwill, Foreign Currency Translation, Gain (Loss) 1 0  
Goodwill gross ending balance 13 11 11
Accumulated impairment loss, ending balance (13) (1) (1)
Impairment of goodwill (11)    
Goodwill, ending balance 0 10 10
Europe | Foreign Currency Gain (Loss)      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 2 0  
Accumulated impairment loss, beginning balance 0    
Goodwill gross ending balance   2 0
Accumulated impairment loss, ending balance (1) 0  
Europe | Impairment of Goodwill      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 0    
Goodwill gross ending balance   0  
Accumulated impairment loss, ending balance (11)    
Latin America      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 101 129  
Accumulated impairment loss, beginning balance 0 0  
Goodwill, beginning balance 101 129  
Goodwill, Foreign Currency Translation, Gain (Loss) 13 (28)  
Goodwill gross ending balance 114 101 129
Accumulated impairment loss, ending balance 0 0 0
Impairment of goodwill 0    
Goodwill, ending balance 114 101 129
Latin America | Foreign Currency Gain (Loss)      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 13 (28)  
Accumulated impairment loss, beginning balance 0    
Goodwill gross ending balance   13 (28)
Accumulated impairment loss, ending balance 0 0  
Latin America | Impairment of Goodwill      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 0    
Goodwill gross ending balance   0  
Accumulated impairment loss, ending balance 0    
North America      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 0 0  
Accumulated impairment loss, beginning balance 0 0  
Goodwill, beginning balance 0 0  
Goodwill, Foreign Currency Translation, Gain (Loss) 0 0  
Goodwill gross ending balance 0 0 0
Accumulated impairment loss, ending balance 0 0 0
Impairment of goodwill 0    
Goodwill, ending balance 0 0 0
North America | Foreign Currency Gain (Loss)      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 0 0  
Accumulated impairment loss, beginning balance 0    
Goodwill gross ending balance   0 $ 0
Accumulated impairment loss, ending balance 0 0  
North America | Impairment of Goodwill      
Goodwill [Roll Forward]      
Goodwill gross beginning balance 0    
Goodwill gross ending balance   $ 0  
Accumulated impairment loss, ending balance $ 0    
v3.25.4
INCOME TAXES - Income (loss) before income taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 169 $ 205 $ 121
Non-U.S. 30 200 248
Income (loss) before income taxes $ 199 $ 405 $ 369
v3.25.4
INCOME TAXES - Income tax provision (benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current tax provision      
U.S. federal $ 12 $ 43 $ 32
U.S. state and local 3 13 11
Non-U.S. 45 54 73
Total current income tax expense (benefit) 60 110 116
Deferred tax provision      
U.S. federal 17 (5) (3)
U.S. state and local 5 (3) (7)
Non-U.S. (15) 1 10
Total deferred income tax expense (benefit) 7 (7) 0
Income tax provision $ 67 $ 103 $ 116
v3.25.4
INCOME TAXES - Reconciliation items from U.S. statutory income tax rate to the effective tax rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 42 $ 85 $ 77
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount $ 6 $ 6 $ 2
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 3.00% 2.00% 0.00%
Effective Income Tax Rate Reconciliation, GILTI, Amount $ 0 $ 1 $ 2
Effective Income Tax Rate Reconciliation, GILTI, Percent 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount $ (2) $ (2) $ (1)
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent (1.00%) (1.00%) 0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount $ (1) $ (2) $ 0
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent (1.00%) 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount $ (2) $ 0 $ 1
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent (1.00%) 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount $ 1 $ 0 $ 2
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent 1.00% 0.00% 1.00%
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount $ 4 $ 2 $ 6
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent 2.00% 0.00% 2.00%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount $ (1) $ 1 $ 0
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent (1.00%) 0.00% 0.00%
Income tax provision $ 67 $ 103 $ 116
Effective Income Tax Rate Reconciliation, Percent 34.00% 25.00% 31.00%
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] CALIFORNIA, ILLINOIS, NEW JERSEY, PENNSYLVANIA, TENNESSEE    
Secretariat of the Federal Revenue Bureau of Brazil      
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount $ 17 $ 23 $ 33
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent 9.00% 6.00% 9.00%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount $ (11) $ (9) $ (11)
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent (6.00%) (2.00%) (3.00%)
Ministry of the Economy, Finance and Industry, France      
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount $ 13 $ (3) $ 7
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent 7.00% (1.00%) 2.00%
SWEDEN      
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount $ 3 $ 0 $ 0
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent 2.00% 0.00% 0.00%
Foreign Tax Jurisdiction, Other      
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount $ (2) $ 1 $ (2)
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent (1.00%) 0.00% (1.00%)
v3.25.4
INCOME TAXES - Components of deferred tax assets and liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred income tax assets:    
Net operating and capital loss carryforwards $ 43 $ 23
Accrued payroll and benefits 24 31
Lease liabilities 11 13
Tax credits 34 25
Deferred Tax Assets, Tax Credit Carryforwards, Research 0 23
Other 37 35
Gross deferred income tax assets 149 150
Less: valuation allowance (52) (35)
Net deferred income tax asset 97 115
Deferred income tax liabilities:    
Intangibles (41) (37)
Deferred Tax Liabilities, Inventory (16) (15)
Right of use assets (9) (11)
Deferred foreign income (55) (49)
Plants, properties and equipment (69) (86)
Forestlands (46) (41)
Gross deferred income tax liabilities (236) (239)
Net deferred income tax liability $ (139) $ (124)
v3.25.4
INCOME TAXES - Unrecognized tax benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized Tax Benefits $ (12) $ (10) $ (4)
(Additions) reductions for tax positions related to current year (4) (4) (6)
Reductions for tax positions related to prior years 0 1 0
Settlements 0 1 0
Unrecognized Tax Benefits $ (16) $ (12) $ (10)
v3.25.4
INCOME TAXES (Details) Income Tax Paid, by Individual Jurisdiction - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Income Tax Paid, Federal, after Refund Received $ 10 $ 32 $ 39
Income Tax Paid, State and Local, after Refund Received 6 11 9
Income Tax Paid, Foreign, after Refund Received 46 55 64
Income tax payments, net of refunds $ 62 $ 98 $ 112
v3.25.4
INCOME TAXES (Details) Income Taxes Paid in Jurisdictions Exceeding 5% of Total Income Taxes, Net of Refunds - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes Paid in Jurisdictions Exceeding 5% of Total Income Taxes Paid, Net of Refunds [Line Items]      
Income Tax Paid, Foreign, after Refund Received $ 46 $ 55 $ 64
Secretariat of the Federal Revenue Bureau of Brazil      
Income Taxes Paid in Jurisdictions Exceeding 5% of Total Income Taxes Paid, Net of Refunds [Line Items]      
Income Tax Paid, Foreign, after Refund Received 42 52 60
LUXEMBOURG      
Income Taxes Paid in Jurisdictions Exceeding 5% of Total Income Taxes Paid, Net of Refunds [Line Items]      
Income Tax Paid, Foreign, after Refund Received $ 4 $ 0 $ 1
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
Valuation allowance $ 52 $ 35  
Tax credits 34 25  
Unrecognized tax benefits 16 $ 12 $ 10
Income tax examination, estimate of possible loss 106    
Income tax examination, penalties and interest expense $ 289    
Income tax examination, tax liabilities payable, percentage 40.00%    
Income tax examination, tax liability, threshold $ 300    
Secretariat of the Federal Revenue Bureau of Brazil      
Income Tax Examination [Line Items]      
Net operating loss carryforwards 28    
FINLAND      
Income Tax Examination [Line Items]      
Net operating loss carryforwards 30    
FRANCE      
Income Tax Examination [Line Items]      
Net operating loss carryforwards 54    
LUXEMBOURG      
Income Tax Examination [Line Items]      
Net operating loss carryforwards 1    
UNITED KINGDOM      
Income Tax Examination [Line Items]      
Tax Credit Carryforward, Amount 5    
Net operating loss carryforwards 53    
United States      
Income Tax Examination [Line Items]      
Tax Credits, Purchased 20    
Tax Credits, Used 15    
Tax Credit Carryforward, Amount 5    
State and Local Jurisdiction      
Income Tax Examination [Line Items]      
Tax Credit Carryforward, Amount $ 24    
International Paper      
Income Tax Examination [Line Items]      
Income tax examination, tax liabilities payable, percentage 60.00%    
v3.25.4
COMMITMENTS AND CONTINGENT LIABILITIES (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Brazil Unpaid VAT  
Site Contingency [Line Items]  
Loss Contingency, Damages Sought, Value $ 51
Loss Contingency Accrual 0
Brazil Unpaid VAT | Tax  
Site Contingency [Line Items]  
Loss Contingency, Damages Sought, Value 19
Brazil Unpaid VAT | Interest and penalties  
Site Contingency [Line Items]  
Loss Contingency, Damages Sought, Value $ 32
Minimum  
Site Contingency [Line Items]  
Expected timings for resolution in open market term 1 year
Maximum  
Site Contingency [Line Items]  
Expected timings for resolution in open market term 10 years
v3.25.4
LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Less: current portion $ (23) $ (22)
Long-Term Debt 763 782
Other Long-Term Debt    
Debt Instrument [Line Items]    
Long-term debt 16 14
Term Loan F Due 2027 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt 255 255
Unamortized debt issuance costs 4 6
Term Loan F-2 Due 2031 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt 219 230
Term Loan A Due 2029 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt 206 217
Receivables Securitization Program    
Debt Instrument [Line Items]    
Long-term debt $ 90 $ 88
v3.25.4
LONG-TERM DEBT Derivative Table (Details) - Interest Rate Swap - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Term Loan F Due 2027 | Deferred Charges and Other Assets    
Schedule of Interest Rate Swaps [Line Items]    
Interest Rate Fair Value Hedge Asset at Fair Value $ 0 $ 1,000,000
Term Loan F Due 2027 | Other Liabilities    
Schedule of Interest Rate Swaps [Line Items]    
Interest Rate Fair Value Hedge Liability at Fair Value 0 0
Term Loan F Due 2027 | 2025 | Cash Flow Hedging | Designated as Hedging Instrument    
Schedule of Interest Rate Swaps [Line Items]    
Notional amount 0 200,000,000
Term Loan F-2 Due 2031 | Deferred Charges and Other Assets    
Schedule of Interest Rate Swaps [Line Items]    
Interest Rate Fair Value Hedge Asset at Fair Value 0 2,000,000
Term Loan F-2 Due 2031 | Other Liabilities    
Schedule of Interest Rate Swaps [Line Items]    
Interest Rate Fair Value Hedge Liability at Fair Value 3,000,000 0
Term Loan F-2 Due 2031 | 2029 | Cash Flow Hedging | Designated as Hedging Instrument    
Schedule of Interest Rate Swaps [Line Items]    
Notional amount 220,000,000 232,000,000
Term Loan A Due 2029 | Deferred Charges and Other Assets    
Schedule of Interest Rate Swaps [Line Items]    
Interest Rate Fair Value Hedge Asset at Fair Value 0 0
Term Loan A Due 2029 | Other Liabilities    
Schedule of Interest Rate Swaps [Line Items]    
Interest Rate Fair Value Hedge Liability at Fair Value 4,000,000 1,000,000
Term Loan A Due 2029 | 2028 Maturity | Cash Flow Hedging | Designated as Hedging Instrument    
Schedule of Interest Rate Swaps [Line Items]    
Notional amount $ 208,000,000 $ 219,000,000
Minimum | Term Loan F Due 2027    
Schedule of Interest Rate Swaps [Line Items]    
Fixed interest rate per notional amount 3.72%  
Minimum | Term Loan F-2 Due 2031    
Schedule of Interest Rate Swaps [Line Items]    
Fixed interest rate per notional amount 3.80%  
Minimum | Term Loan A Due 2029    
Schedule of Interest Rate Swaps [Line Items]    
Fixed interest rate per notional amount 4.13%  
Maximum | Term Loan F Due 2027    
Schedule of Interest Rate Swaps [Line Items]    
Fixed interest rate per notional amount 3.75%  
Maximum | Term Loan F-2 Due 2031    
Schedule of Interest Rate Swaps [Line Items]    
Fixed interest rate per notional amount 3.82%  
Maximum | Term Loan A Due 2029    
Schedule of Interest Rate Swaps [Line Items]    
Fixed interest rate per notional amount 4.16%  
v3.25.4
LONG-TERM DEBT - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]          
Payment for Debt Extinguishment or Debt Prepayment Cost       $ 5,000,000 $ 5,000,000
Repayments of Long-Term Debt     $ 182,000,000 $ 407,000,000 $ 526,000,000
Debt Issuance Costs, Gross $ 5,000,000        
Debt Instrument, interest rate, stated percentage         7.00%
Debt Instrument, Consolidated Total, Maximum Leverage Ratio     375.00%    
Brazil Tax Dispute, Liquidity Required to Make Restricted Payments Under Credit Agreement     $ 275,000,000    
Fair market value of total debt     842,000,000    
2027     370,000,000    
2028     23,000,000    
2029     189,000,000    
2030     12,000,000    
Thereafter     161,000,000    
Interest (expense) income          
Debt Instrument [Line Items]          
Deferred Debt Issuance Cost, Writeoff 2,000,000        
Receivables Securitization Program          
Debt Instrument [Line Items]          
Total borrowing capacity     $ 110,000,000    
us-gaap_LineOfCreditFacilityAverageInterestRateAtPeriodEnd     5.28% 6.10%  
Line of Credit | Revolving Credit Facility          
Debt Instrument [Line Items]          
Total borrowing capacity     $ 400,000,000    
Long-term Line of Credit   $ 60,000,000      
Line of Credit Facility, Remaining Borrowing Capacity     $ 333,000,000 $ 400,000,000  
Debt Instrument, interest rate, stated percentage     1.85%    
Line of Credit | Revolving Credit Facility | Notes payable and current maturities of long-term debt          
Debt Instrument [Line Items]          
Long-term Line of Credit     $ 67,000,000 $ 0  
Line of Credit | Revolving Credit Facility | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.00%    
Senior Notes | Seven Percent Senior Notes Due 2029          
Debt Instrument [Line Items]          
Debt Instrument, Repaid, Principal   360,000,000      
Repayments of Long-Term Debt 90,000,000        
Senior Notes | Seven Percent Senior Notes Due 2029 | Interest (expense) income          
Debt Instrument [Line Items]          
Payment for Debt Extinguishment or Debt Prepayment Cost 3,000,000 5,000,000      
Secured Debt | Term Loan A Due 2028          
Debt Instrument [Line Items]          
Debt Instrument, Issued, Principal   $ 300,000,000      
Secured Debt | Term Loan F Due 2027          
Debt Instrument [Line Items]          
Repayments of Long-Term Debt 104,000,000        
Secured Debt | Term Loan F Notes Due 2027          
Debt Instrument [Line Items]          
Debt Instrument, interest rate, stated percentage     1.85%    
Debt instrument, patronage distributions, percentage     0.90%    
Debt instrument, patronage distributions, cash rebate, percentage     0.75%    
Debt instrument, effective interest rate     4.67% 5.31%  
Secured Debt | Term Loan F Notes Due 2027 | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.00%    
Secured Debt | Term Loan A Due 2029          
Debt Instrument [Line Items]          
Repayments of Long-Term Debt 36,000,000        
Debt Instrument, interest rate, stated percentage     1.85%    
Secured Debt | Term Loan A Due 2029 | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.00%    
Secured Debt | Term Loan F-2 Due 2031          
Debt Instrument [Line Items]          
Debt Instrument, Face Amount $ 235,000,000        
Debt Instrument, interest rate, stated percentage     2.25%    
Debt instrument, patronage distributions, percentage     0.90%    
Debt instrument, patronage distributions, cash rebate, percentage     0.75%    
Debt instrument, effective interest rate     5.07% 5.71%  
Secured Debt | Term Loan F-2 Due 2031 | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.00%    
v3.25.4
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - Obligations and Funded Status (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Change in projected benefit obligation:      
Benefit obligation, January 1 $ 317 $ 338  
Service cost 3 4 $ 4
Interest cost 19 17 17
Actuarial loss (gain) 4 (26)  
Benefits paid (13) (10)  
Effect of foreign currency exchange rate movements 10 (6)  
Benefit obligation, December 31 340 317 338
Change in plan assets:      
Fair value of plan assets, January 1 300 317  
Actual return on plan assets 29 (8)  
Company contributions 13 8  
Benefits paid (13) (10)  
Effect of foreign currency exchange rate movements 9 (7)  
Fair value of plan assets, December 31 338 300 $ 317
Funded status, December 31 (2) (17)  
Amounts recognized in the consolidated balance sheets:      
Non-current asset 21 12  
Liability, Defined Benefit Plan, Current (1) 0  
Non-current liability (22) (29)  
Liabilities (2) (17)  
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax):      
Net prior service cost 2 1  
Net actuarial loss 79 85  
Amounts recognized in accumulated other comprehensive income $ 81 $ 86  
v3.25.4
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - Obligation and Asset Information (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation $ 24 $ 215
Fair value of plan assets 5 194
Projected benefit obligation 28 224
Fair value of plan assets $ 5 $ 194
v3.25.4
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - Summary of Net Benefit Costs (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 3 $ 4 $ 4
Interest cost 19 17 17
Expected return on plan assets (17) (17) (17)
Actuarial loss (gain) 3 3 3
Net periodic pension expense (benefit) $ 8 $ 7 $ 7
v3.25.4
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - Assumptions Used to Determine Net Periodic Pension Cost (Details) - Pension Plan
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Actuarial assumptions used to determine benefit obligations as of December 31:      
Discount rate 5.81% 5.89% 5.27%
Rate of compensation increase 3.27% 3.34% 3.30%
Actuarial assumptions used to determine net periodic pension cost for years ended December 31:      
Discount rate 5.89% 5.27% 5.52%
Expected long-term rate of return on plan assets 5.93% 5.64% 5.84%
Rate of compensation increase 3.34% 3.30% 3.36%
v3.25.4
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - Defined Benefit Plan Assets by Category (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S. Pension Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 213 $ 190  
U.S. Pension Plan | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 7 10  
U.S. Pension Plan | Equities - developed markets      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 57 59  
U.S. Pension Plan | Equities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 7 7  
U.S. Pension Plan | Government securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 49 43  
U.S. Pension Plan | Corporate bonds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 93 71  
U.S. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 71 76  
U.S. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 7 10  
U.S. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Equities - developed markets      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 57 59  
U.S. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Equities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 7 7  
U.S. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Government securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Corporate bonds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Pension Plan | Significant Observable Inputs (Level 2)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 142 114  
U.S. Pension Plan | Significant Observable Inputs (Level 2) | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Pension Plan | Significant Observable Inputs (Level 2) | Equities - developed markets      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Pension Plan | Significant Observable Inputs (Level 2) | Equities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Pension Plan | Significant Observable Inputs (Level 2) | Government securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 49 43  
U.S. Pension Plan | Significant Observable Inputs (Level 2) | Corporate bonds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 93 71  
U.K. Pension Plan | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 12 2  
U.K. Pension Plan | Equities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 7  
U.K. Pension Plan | Multi-asset credit      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 11 10  
U.K. Pension Plan | Absolute return fixed income      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 2 3  
U.K. Pension Plan | Liability driven investments      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 24 23  
U.K. Pension Plan | Cash flow driven investments      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 31 28  
U.K. Pension Plan | Private equity      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 18 14  
U.K. Pension Plan | Assets, Total      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 98 87  
U.K. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 12 2  
U.K. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 12 2  
U.K. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Equities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.K. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Multi-asset credit      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.K. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Absolute return fixed income      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.K. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Liability driven investments      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.K. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Cash flow driven investments      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.K. Pension Plan | Quoted Prices in Active Markets For Identical Assets (Level 1) | Private equity      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.K. Pension Plan | Significant Observable Inputs (Level 2)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 68 71  
U.K. Pension Plan | Significant Observable Inputs (Level 2) | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.K. Pension Plan | Significant Observable Inputs (Level 2) | Equities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 7  
U.K. Pension Plan | Significant Observable Inputs (Level 2) | Multi-asset credit      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 11 10  
U.K. Pension Plan | Significant Observable Inputs (Level 2) | Absolute return fixed income      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 2 3  
U.K. Pension Plan | Significant Observable Inputs (Level 2) | Liability driven investments      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 24 23  
U.K. Pension Plan | Significant Observable Inputs (Level 2) | Cash flow driven investments      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 31 28  
U.K. Pension Plan | Significant Observable Inputs (Level 2) | Private equity      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Pension Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 338 $ 300 $ 317
v3.25.4
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - Expected Future Benefit Payments (Details) - Pension Plan
$ in Millions
Dec. 31, 2025
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 14
2027 16
2028 18
2029 19
2030 22
2031-2035 $ 128
v3.25.4
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Compensation And Non-Qualifie Pension Plan | Deferred Charges and Other Assets      
Defined Benefit Plan Disclosure [Line Items]      
Deferred compensation receivables $ 19    
Deferred Compensation And Non-Qualifie Pension Plan | Accounts Payable      
Defined Benefit Plan Disclosure [Line Items]      
Deferred compensation savings plan liability 23    
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Accumulated Benefit Obligation 332 $ 308  
Fair value of plan assets 338 300 $ 317
Funded (unfunded) status of plan (2) (17)  
Pension Plan | International Plan | Other Liabilities      
Defined Benefit Plan Disclosure [Line Items]      
Funded (unfunded) status of plan (9) (6)  
U.S. Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 213 $ 190  
U.S. Pension Plan | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 35.00% 35.00%  
U.S. Pension Plan | Debt securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 65.00% 65.00%  
U.S. Pension Plan | Private equity      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Remaining Unfunded Commitment $ 6 $ 7  
U.K. Pension Plan | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 33.00% 33.00%  
U.K. Pension Plan | Debt securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 67.00% 67.00%  
U.K. Pension Plan | Private equity      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 18 $ 14  
Immaterial Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 27 $ 23  
v3.25.4
INCENTIVE PLANS - Summary of Restricted Stock Unit Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Units (RSUs)      
Shares      
Beginning balance, outstanding (in shares) 436,507 627,306 650,729
Granted (in shares) 273,205 240,392 287,796
Shares issued (in shares) (221,808) (385,720) (300,594)
Forfeited (in shares) (23,263) (45,471) (10,625)
Ending balance, outstanding, (in shares) 464,641 436,507 627,306
Weighted Average Grant Date Fair Value      
Beginning balance, outstanding (in dollars per share) $ 53.00 $ 39.50 $ 32.55
Granted (in dollars per share) 63.40 60.99 47.36
Shares issued (in dollars per share) 50.14 36.06 31.87
Forfeited (in dollars per share) 64.17 52.57 42.94
Ending balance, outstanding (in dollars per share) $ 59.92 $ 53.00 $ 39.50
Performance Based Restricted Stock Units      
Shares      
Beginning balance, outstanding (in shares) 652,568 507,687 304,596
Granted (in shares) 326,130 189,734 211,791
Shares issued (in shares) (424,861) 0 0
Forfeited (in shares) (33,779) (44,853) (8,700)
Ending balance, outstanding, (in shares) 520,058 652,568 507,687
Weighted Average Grant Date Fair Value      
Beginning balance, outstanding (in dollars per share) $ 50.85 $ 45.37 $ 41.47
Granted (in dollars per share) 62.47 66.46 51.00
Shares issued (in dollars per share) 42.39 0 0
Forfeited (in dollars per share) 57.38 54.83 45.76
Ending balance, outstanding (in dollars per share) $ 64.62 $ 50.85 $ 45.37
v3.25.4
INCENTIVE PLANS - Summary of Stock Based Compensation Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate 41.40% 47.07% 50.03%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 3.91% 4.36% 4.42%
Total stock-based compensation expense (included in selling and administrative expense) $ 18 $ 23 $ 23
Income tax benefit related to stock-based compensation $ 10 $ 8 $ 7
v3.25.4
INCENTIVE PLANS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Maximum shares reserve for the grant 4,410,725    
Shares remain available for future grant 2,202,119    
Stock-based compensation cost $ 18 $ 23 $ 23
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 16    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 1 year 6 months    
Performance Share Units and Restricted Share Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value $ 45 $ 24 $ 15
v3.25.4
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA - Schedule of Segment Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of Reportable Segments 3    
Revenue from Contracts with Customers, including Intersegment Sales $ 3,399 $ 3,804 $ 3,778
NET SALES 3,351 3,773 3,721
Cost of products sold and other 2,526 2,749 2,620
Maintenance outages 110 73 89
Economic downtime 6 37 123
Selling and administrative expenses, excluding Corporate Special Items 281 310 329
Depreciation, amortization and cost of timber harvested 179 159 143
Other special items, net (a) 13 8 24
Business Segment Operating Profit 251 453 441
Income (loss) before income taxes 199 405 369
Interest expense (income), net 39 39 34
Assets 2,763 2,604  
Payments to Acquire Productive Assets 224 221 210
Goodwill and Intangible Asset Impairment 11 0 0
Europe      
Segment Reporting Information [Line Items]      
NET SALES 739 799 821
Latin America      
Segment Reporting Information [Line Items]      
NET SALES 858 945 949
North America      
Segment Reporting Information [Line Items]      
NET SALES 1,754 2,029 1,951
Operating Segments      
Segment Reporting Information [Line Items]      
Business Segment Operating Profit 251 453 441
Operating Segments | Europe      
Segment Reporting Information [Line Items]      
Revenue from Contracts with Customers, including Intersegment Sales 741 801 821
NET SALES 739 799 821
Cost of products sold and other 720 694 704
Maintenance outages 40 1 27
Economic downtime 3 10 38
Selling and administrative expenses, excluding Corporate Special Items 54 52 68
Depreciation, amortization and cost of timber harvested 34 33 28
Other special items, net (a) 11    
Business Segment Operating Profit (112) 10 (25)
Assets 500 324  
Payments to Acquire Productive Assets 36 27 31
Goodwill and Intangible Asset Impairment 11    
Operating Segments | Latin America      
Segment Reporting Information [Line Items]      
Revenue from Contracts with Customers, including Intersegment Sales 904 974 1,006
NET SALES 858 945 949
Cost of products sold and other 555 617 574
Maintenance outages 21 18 9
Economic downtime 0 0 0
Selling and administrative expenses, excluding Corporate Special Items 95 91 98
Depreciation, amortization and cost of timber harvested 87 75 68
Other special items, net (a) 0    
Business Segment Operating Profit 100 150 197
Assets 1,231 1,065  
Payments to Acquire Productive Assets 116 140 112
Impairment of goodwill 0    
Operating Segments | North America      
Segment Reporting Information [Line Items]      
Revenue from Contracts with Customers, including Intersegment Sales 1,754 2,029 1,951
NET SALES 1,754 2,029 1,951
Cost of products sold and other 1,251 1,438 1,342
Maintenance outages 49 54 53
Economic downtime 3 27 85
Selling and administrative expenses, excluding Corporate Special Items 132 167 163
Depreciation, amortization and cost of timber harvested 58 51 47
Other special items, net (a) 2    
Business Segment Operating Profit 263 293 269
Assets 884 904  
Payments to Acquire Productive Assets 71 $ 53 $ 63
Impairment of goodwill $ 0    
Operating Segments | North America | Customer Concentration Risk | Revenue, Segment Benchmark      
Segment Reporting Information [Line Items]      
Concentration risk, percentage 15.00% 13.00% 14.00%
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment      
Segment Reporting Information [Line Items]      
Other special items, net (a) $ 13 $ 8 $ 24
Interest expense (income), net 39 39 34
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Europe      
Segment Reporting Information [Line Items]      
Other special items, net (a)   1 19
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Latin America      
Segment Reporting Information [Line Items]      
Other special items, net (a)   6 (3)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | North America      
Segment Reporting Information [Line Items]      
Other special items, net (a)   1 8
Segment Reporting, Reconciling Item, Corporate Nonsegment      
Segment Reporting Information [Line Items]      
Other special items, net (a) 1 1 14
Assets 148 311  
Payments to Acquire Productive Assets 1 1 4
Reportable Geographical Components | United States      
Segment Reporting Information [Line Items]      
NET SALES 1,754 2,029 1,951
Reportable Geographical Components | Brazil      
Segment Reporting Information [Line Items]      
NET SALES 904 971 995
Reportable Geographical Components | Europe      
Segment Reporting Information [Line Items]      
NET SALES 741 801 821
Reportable Geographical Components | Americas, other than United States and Brazil      
Segment Reporting Information [Line Items]      
NET SALES 0 3 11
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
NET SALES (48) (31) (57)
Other special items, net (a) (1)    
Intersegment Eliminations | Europe      
Segment Reporting Information [Line Items]      
NET SALES (2) (2) 0
Intersegment Eliminations | Latin America      
Segment Reporting Information [Line Items]      
NET SALES (46) (29) (57)
Intersegment Eliminations | North America      
Segment Reporting Information [Line Items]      
NET SALES $ 0 $ 0 $ 0
v3.25.4
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA - Net Sales and Assets by Geographic Area (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
NET SALES $ 3,351 $ 3,773 $ 3,721
Long-Lived Assets 1,411 1,263  
Intersegment Eliminations      
Revenues from External Customers and Long-Lived Assets [Line Items]      
NET SALES (48) (31) (57)
United States | Reportable Geographical Components      
Revenues from External Customers and Long-Lived Assets [Line Items]      
NET SALES 1,754 2,029 1,951
Long-Lived Assets 467 453  
Brazil | Reportable Geographical Components      
Revenues from External Customers and Long-Lived Assets [Line Items]      
NET SALES 904 971 995
Long-Lived Assets 737 634  
Europe | Reportable Geographical Components      
Revenues from External Customers and Long-Lived Assets [Line Items]      
NET SALES 741 801 821
Long-Lived Assets 207 176  
Americas, other than United States and Brazil | Reportable Geographical Components      
Revenues from External Customers and Long-Lived Assets [Line Items]      
NET SALES $ 0 $ 3 $ 11