The following summarizes the major classes of line items comprising Earnings (Loss) Before Income Taxes and Equity Earnings reconciled to Discontinued Operations, net of tax, related to the Global Cellulose Fibers business for all current and prior periods presented in the condensed consolidated statement of operations: | | | | | | | | | | Three Months Ended
March 31, | | In millions | 2026 | 2025 | | Net Sales | $ | 115 | | $ | 637 | | | Costs and Expenses | | | | Cost of products sold | 93 | | 454 | | | Selling and administrative expenses | 6 | | 42 | | | Depreciation and amortization | — | | 51 | | | Distribution expenses | 13 | | 66 | | | Taxes other than payroll and income taxes | 2 | | 7 | | | Net (gains) losses on sales and impairment of business | 3 | | — | | | Interest expense, net | — | | (3) | | | Non-operating pension expense (income) | 19 | | — | | | Earnings (Loss) Before Income Taxes and Equity Earnings (Loss) | (21) | | 20 | | | Income tax provision (benefit) | (5) | | 1 | | | Discontinued Operations, Net of Taxes | $ | (16) | | $ | 19 | |
The following summarizes the major classes of assets and liabilities of the Global Cellulose Fibers business and reconciled to Assets held for sale and Liabilities held for sale as of December 31, 2025 in the accompanying condensed consolidated balance sheet:
| | | | | | | In millions | December 31, 2025 | | Cash and temporary investments | $ | 10 | | | Accounts and notes receivable, net | 537 | | | Contract assets | 38 | | | Inventories | 270 | | | Other current assets | 15 | | | Plants, Properties and Equipment | 1,761 | | | Right of Use Assets | 36 | | | Deferred Charges and Other Assets | 116 | | | 2,783 | | | Impairment charge | (1,070) | | | Assets held for sale | 1,713 | | | Notes payable and current maturities of long-term debt | 2 | | | Accounts payable | 239 | | | Accrued payroll and benefits | 68 | | | Other current liabilities | 60 | | | Long-Term Debt | 4 | | | Deferred Income Taxes | 42 | | | Long-Term Lease Obligations | 19 | | | Other Liabilities | 63 | | | Liabilities held for sale | $ | 497 | |
The following summarizes the cash provided by (used for) operations and cash provided by (used for) investment activities related to the Global Cellulose Fibers business and included in the condensed consolidated statement of cash flows:
| | | | | | | | | | In millions | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | | Cash Provided By (Used For) Operating Activities | $ | 68 | | $ | 38 | | | Cash Provided By (Used For) Investment Activities | $ | (45) | | $ | (36) | |
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