v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 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 tables below represent information for the Company's reportable segments for the three and six months ended June 30, 2026; amounts related to Corporate and Other are included for reconciliation purposes:

Three Months Ended June 30, 2026
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$1,487 $579 $122 $2,188 
Cost of Sales(b)
1,291 498 107 1,896 
Selling, General and Administrative(b)
78 63 39 180 
Other(c)
8 11 (2)17 
Income (Loss) from Operations
$110 $7 $(22)$95 
Other Segment Information
Capital Spending
$12 $9 $62 $83 
Depreciation and Amortization39 36 70 145 

Six Months Ended June 30, 2026
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$2,951 $1,142 $251 $4,344 
Cost of Sales(b)
2,527 986 233 3,746 
Selling, General and Administrative(b)
168 130 84 382 
Other(c)
16 21 65 102 
Income (Loss) from Operations
$240 $5 $(131)$114 
Other Segment Information
Capital Spending
$28 $34 $161 $223 
Depreciation and Amortization78 70 136 284 
(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).
The tables below represent information for the Company's reportable segments for the three and six months ended June 30, 2025; amounts related to Corporate and Other are included for reconciliation purposes:

Three Months Ended June 30, 2025
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$1,511 $560 $133 $2,204 
Cost of Sales(b)
1,226 460 98 1,784 
Selling, General and Administrative(b)
90 65 49 204 
Other(c)
8 6 9 23 
Income (Loss) from Operations
$187 $29 $(23)$193 
Other Segment Information
Capital Spending
$29 $18 $181 $228 
Depreciation and Amortization39 31 60 130 

Six Months Ended June 30, 2025
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$2,987 $1,083 $254 $4,324 
Cost of Sales(b)
2,367 881 211 3,459 
Selling, General and Administrative(b)
184 126 90 400 
Other(c)
21 7 23 51 
Income (Loss) from Operations
$415 $69 $(70)$414 
Other Segment Information
Capital Spending
$48 $42 $451 $541 
Depreciation and Amortization82 60 119 261 
(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 from Operations is reconciled to Income (Loss) before Income Taxes as follows:

Three Months Ended June 30,Six Months Ended June 30,
In millions2026202520262025
Income (Loss) from Operations:
Americas Paperboard Packaging
$110 $187 $240 $415 
International Paperboard Packaging
7 29 5 69 
Total
$117 $216 $245 $484 
Corporate and Other
(22)(23)(131)(70)
Nonoperating Pension and Postretirement Benefit Expense(1)(1)(1)(1)
Interest Expense, Net(68)(53)(132)(104)
Income (Loss) before Income Taxes$26 $139 $(19)$309