v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash provided by operating activities    
Profit (loss) $ (937) $ (5)
Adjustments    
Amortization 544 549
Restructuring and impairment charges 712 102
Finance income, net (1) (34)
Foreign exchange loss (gain) 5 (7)
Export duty 59 10
Retirement benefit expense 70 77
Net contributions to retirement benefit plans (40) (55)
Tax provision (recovery) (233) 43
Income taxes received (paid) (46) 3
Unrealized loss (gain) on electricity swaps (18) 8
Other (18) (15)
Changes in non-cash working capital    
Receivables 59 5
Inventories (1) 11
Prepaid expenses 1 4
Payables and accrued liabilities (61) (35)
Cash flows from operating activities 96 661
Cash used for financing activities    
Proceeds from amendment of long-term debt 0 (300)
Proceeds from borrowings 100 0
Repayment of lease obligations (15) (15)
Finance expense paid (21) (27)
Repurchase of Common shares for cancellation (129) (140)
Proceeds from issuing shares 0 1
Dividends paid (101) (101)
Cash flows used in financing activities (167) (582)
Cash used for investing activities    
Proceeds from sale of pulp mills 0 124
Additions to capital assets (411) (487)
Interest received 24 43
Other 7 2
Cash flows used in investing activities (380) (318)
Change in cash and cash equivalents (451) (238)
Foreign exchange effect on cash and cash equivalents 11 (21)
Cash and cash equivalents at beginning of period 641 900
Cash and cash equivalents at end of period $ 202 $ 641