The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging topic of the FASB Codification and those not designated as hedging instruments under this guidance. The Company uses interest rate swaps, natural gas swap contracts and forward exchange contracts. These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives' fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets. These changes in fair value will subsequently be reclassified to earnings, contemporaneously with and offsetting changes in, the related hedged exposure and presented in the same line of the Condensed Consolidated Statements of Operations expected for the hedged item.

For more information regarding the Company's financial instruments and fair value measurement, see Note 10. Financial Instruments, Derivatives and Hedging Activities and Note 11. Fair Value Measurement of the Notes to Consolidated Financial Statements of the Company's 2025 Annual Report on Form 10-K.

The Company uses interest rate swaps to manage interest rate risks on future interest payments caused by interest rate changes on its variable rate term loan facilities. Changes in fair value are subsequently reclassified into earnings as a component of Interest Expense, Net in the Condensed Consolidated Statements of Operations as interest is incurred on amounts outstanding under the term loan facilities.

These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets. Ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs. During the three months ended March 31, 2026, there were no amounts of ineffectiveness related to changes in the fair value of interest rate swaps. Additionally, there were no amounts excluded from the measure of effectiveness during those periods. As of March 31, 2025, the Company had no outstanding interest rate swaps.

To manage risks associated with future variability in cash flows and price risk attributable to purchases of natural gas, the Company enters into natural gas swap contracts to hedge prices for a designated percentage of its expected natural gas usage. Such contracts are designated as cash flow hedges. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets and the resulting gain or loss reclassified into Cost of Sales on the Condensed Consolidated Statements of Operations concurrently with the recognition of the commodity consumed. The Company has hedged approximately 60% and 10% of its expected natural gas usage for the remainder of 2026 and all of 2027, respectively.

During the three months ended March 31, 2026 and 2025, there were no amounts of ineffectiveness related to changes in the fair value of natural gas swap contracts. Additionally, there were no amounts excluded from the measure of effectiveness during those periods.

The Company enters into forward exchange contracts to manage risks associated with foreign currency transactions and future variability of cash flows arising from those transactions that may be adversely affected by changes in exchange rates. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets and gains and losses related to these contracts are recognized in Other Expense, Net or Net Sales in the Condensed Consolidated Statements of Operations, when appropriate.

As of March 31, 2026, the Company had multiple forward exchange contracts outstanding with maturities through the remainder of 2026. The purchased contracts outstanding on March 31, 2026 and December 31, 2025, when aggregated and translated into U.S. dollars at the respective contractual rates, had notional amounts of $82 million and $118 million, respectively.

During the three months ended March 31, 2026, there were no amounts reclassified to earnings in connection with forecasted transactions that were considered probable of not occurring and there was no amount of ineffectiveness related to changes in the fair value of foreign currency forward contracts. Additionally, there were no amounts excluded from the measure of effectiveness. As of March 31, 2025, the Company had no outstanding forward exchange contracts.

The Company enters into forward exchange contracts to effectively hedge substantially all of its accounts receivables resulting from sales transactions and intercompany loans denominated in foreign currencies in order to manage risks associated with variability in cash flows that may be adversely affected by changes in exchange rates. At March 31, 2026 and December 31, 2025, multiple foreign currency forward exchange contracts existed, with maturities ranging up to five months. Those foreign currency exchange contracts outstanding at March 31, 2026 and December 31, 2025, when aggregated and measured in U.S. dollars at contractual rates at March 31, 2026 and December 31, 2025, had net notional amounts totaling $158 million and $155 million, respectively. Unrealized gains and losses resulting from these contracts are recognized in Other Expense, Net in the Condensed Consolidated Statements of Operations and approximately offset corresponding recognized but unrealized gains and losses on the remeasurement of these accounts receivable.

The Company's derivative instruments are carried at fair value. The Company has determined that the inputs to the valuation of these derivative instruments are Level 2 in the fair value hierarchy. Level 2 inputs are defined as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. The Company uses valuation techniques based on discounted cash flow analyses, which reflect the terms of the derivatives and use observable market-based inputs, including forward rates, and uses market price quotations obtained from independent derivatives brokers, corroborated with information obtained from independent pricing service providers.


	Derivative Assets(a)				Derivative Liabilities(b)
	March 31,		December 31,		March 31,		December 31,
In millions	2026		2025		2026		2025
Derivatives Designated as Hedging Instruments:
Commodity Contracts	$	—	$	—	$	6	$	5
Foreign Currency Contracts	1		—		—		1
Interest Rate Swap Agreements	1		—		—		1
Derivatives Not Designated as Hedging Instruments:
Foreign Currency Contracts	—		—		—		1
Total	$	2	$	—	$	6	$	8

The fair values of the Company's other financial assets and liabilities at March 31, 2026 and December 31, 2025 approximately equal the carrying values reported on the Condensed Consolidated Balance Sheets except for Long-Term Debt. The fair value of the Company's Long-Term Debt (excluding finance leases and deferred financing fees) was $5,530 million and $5,381 million as compared to the carrying amounts of $5,621 million and $5,434 million as of March 31, 2026 and December 31, 2025, respectively. The fair value of the Company's Total Debt, including the Senior Notes, is based on quoted market prices (Level 2 inputs). Level 2 valuation techniques for Long-Term Debt are based on quotations obtained from independent pricing service providers.


	Amount of Gain Recognized in Accumulated Other Comprehensive Loss				Amount of Gain Recognized in Condensed Consolidated Statements of Operations
	Three Months Ended March 31,					Three Months Ended March 31,
In millions	2026		2025			Location in Statement of Operations	2026		2025
Commodity Contracts	$	(1)	$	(8)		Cost of Sales	$	(2)	$	(1)
Foreign Currency Contracts	(2)		—			Other Expense, Net	—		—
Interest Rate Swap Agreements	(2)		—			Interest Expense, Net	—		—
Total	$	(5)	$	(8)		Total	$	(2)	$	(1)

At March 31, 2026, the Company expects to reclassify $4 million of pre-tax loss in the next twelve months from Accumulated Other Comprehensive Loss to earnings, contemporaneously with, and offsetting changes in, the related hedged exposure. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions.


		Amount of (Gain) Loss Recognized in Condensed Consolidated Statements of Operations
		Three Months Ended March 31,
In millions	Location in Statement of Operations	2026		2025
Foreign Currency Contracts	Other Expense, Net	$	(1)	$	2