v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's reportable segments are described as follows:

Americas Paperboard Packaging includes paperboard packaging sold primarily to consumer packaged goods ("CPG") companies serving the food, beverage and consumer product markets and cups, lids and food containers sold primarily to foodservice companies and quick-service restaurants in the Americas.

International Paperboard Packaging includes paperboard packaging sold primarily to CPG companies serving the food, foodservice, beverage and consumer product markets, including healthcare and beauty, primarily in Europe.

The Company allocates internally sourced paperboard margin and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption, which does not meet the criteria of a reportable segment, includes the unallocated corporate costs and the Paperboard Manufacturing operating segment. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Corporate and Other caption to reflect the economics of the integration of these segments.

The Company's Chief Operating Decision Maker ("CODM"), who is responsible for allocating resources, assessing performance of the operating segments and making strategic decisions, has been identified as the Chief Executive Officer. The evaluation of operating segment performance is based primarily on Income from Operations. Each segment maintains separate financial information, and the CODM evaluates the segments' operating results on a regular basis.
The table below represents information for the Company's Reportable segments; amounts related to Corporate and Other are included for reconciliation purposes:

Three Months Ended March 31, 2026
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$1,464 $563 $129 $2,156 
Cost of Sales(b)
1,236 488 126 1,850 
Selling, General and Administrative(b)
90 67 45 202 
Other(c)
8 10 67 85 
Income (Loss) from Operations
$130 $(2)$(109)$19 
Other Segment Information
Capital Spending
$16 $25 $99 $140 
Depreciation and Amortization39 34 66 139 
(a) Revenue from sales of paperboard to third parties is reported within Corporate and Other.
(b) Cost of Sales and Selling, General and Administrative both include depreciation and amortization.
(c) Includes expenses related to business combinations, exit activities and other special charges for all segments presented (see Note 1. General Information).

Three Months Ended March 31, 2025
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$1,476 $523 $121 $2,120 
Cost of Sales(b)
1,141 421 113 1,675 
Selling, General and Administrative(b)
94 61 41 196 
Other(c)
13 1 14 28 
Income (Loss) from Operations
$228 $40 $(47)$221 
Other Segment Information
Capital Spending
$19 $24 $270 $313 
Depreciation and Amortization43 29 59 131 
(a) Revenue from sales of paperboard to third parties is reported within Corporate and Other.
(b) Cost of Sales and Selling, General and Administrative both include depreciation and amortization, while Cost of Sales also includes accelerated depreciation related to exit activities for all segments presented (see Note 12. Exit Activities).
(c) Includes expenses related to business combinations, exit activities and other special charges for all segments presented (see Note 1. General Information).

Total segment Income (Loss) from Operations is reconciled to (Loss) Income before Income Taxes as follows:

Three Months Ended March 31,
In millions20262025
Income (Loss) from Operations:
Americas Paperboard Packaging
$130 $228 
International Paperboard Packaging
(2)40 
Total
$128 $268 
Corporate and Other
(109)(47)
Interest Expense, Net(64)(51)
(Loss) Income before Income Taxes$(45)$170