Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Receivables consisted of the following (dollar amounts in millions):


	March 31, 2026		December 31, 2025
Trade receivables	$	113	$	95
Income tax receivable	27		16
Other receivables	16		17
Allowance for doubtful accounts	(1)		(1)
Total Receivables	$	155	$	127

Other receivables as of March 31, 2026, and December 31, 2025, primarily consisted of sales tax receivables and other miscellaneous receivables.

Inventories are valued at the lower of cost or net realizable value. Inventory cost includes materials, labor, and operating overhead. The first-in, first-out or average cost methods are used to value our inventories. Inventories include a lower of cost or market adjustment of $18 million and $23 million as of March 31, 2026, and December 31, 2025, respectively. Inventory consisted of the following (dollar amounts in millions):


	March 31, 2026		December 31, 2025
Logs	$	93	$	62
Other raw materials	42		42
Semi-finished inventories	35		38
Finished products	247		222
Total Inventories	$	416	$	363

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following (dollar amounts in millions):


	March 31, 2026		December 31, 2025
Land, Land improvements, and logging roads, net of road amortization	$	225	$	225
Buildings	527		525
Machinery and equipment	2,648		2,602
Construction in progress	293		298
Property, plant, and equipment	3,692		3,650
Accumulated depreciation	(1,977)		(1,941)
Property, plant, and equipment, net	$	1,715	$	1,709

Goodwill and indefinite-lived intangible assets are not amortized and are subject to assessment for impairment by applying a fair value-based test on an annual basis, or more frequently if circumstances indicate a potential impairment. The Company’s annual assessment date is October 1.

Changes in goodwill and other intangible assets for the three months ended March 31, 2026, are provided in the following table (dollar amounts in millions):


	Goodwill		Developed Technology		Total Goodwill and Intangibles
Beginning balance December 31, 2025	$	19	$	3	$	22


Amortization	—		(2)		(2)
Ending balance March 31, 2026	$	19	$	1	$	21

1 Timber licenses are included in timber and timberlands on the Condensed Consolidated Balance Sheets.

Timber and timberlands are comprised of timber deeds and allocations of the purchase price to Canadian timber harvesting licenses. Timber deeds are transactions in which we purchase timber but not the underlying land. We had timber and timberlands of $4 million and $5 million as of March 31, 2026, and December 31, 2025, respectively.

Timber licenses have a life of 20 to 25 years and are amortized on a straight-line basis over the life of the agreement. Changes in timber licenses for the three months ended March 31, 2026, are provided in the following table (dollar amounts in millions):


	Timber Licenses1
Beginning balance December 31, 2025	$	8
Additions	—
Impairment	—
Amortization	—
Ending Balance March 31, 2026	$	8

1 Timber licenses are included in timber and timberlands on the Condensed Consolidated Balance Sheets.

Accounts payable and accrued liabilities were as follows (dollars amounts in millions):


	March 31, 2026		December 31, 2025
Trade accounts payable	$	122	$	129
Salaries and wages payable	53		84
Accrued customer incentives	38		50
Taxes other than income taxes	6		5
Current portion of operating lease liabilities	9		9
Other accrued liabilities	5		9
Total accounts payable and accrued liabilities	$	233	$	285

Other accrued liabilities as of March 31, 2026, and December 31, 2025, primarily consisted of accrued interest, the short-term portion of workers' compensation liabilities, the current portion of product warranties, and other items. Additionally, trade accounts payable included $17 million and $33 million related to capital expenditures that had not yet been paid as of March 31, 2026, and December 31, 2025, respectively.


	March 31, 2026		December 31, 2025
Post-retirement obligations	$	6	$	6
Asset retirement obligations	9		9
Uncertain tax positions	5		5
Warranty reserves	5		5
Other	8		8
Total other long-term liabilities	$	33	$	33

Other long-term liabilities as of March 31, 2026, and December 31, 2025, consisted primarily of executive deferred compensation and the long-term portion of workers’ compensation liabilities. See “Note 10. Product Warranties” below for further information regarding our product warranty claims.