During the three months and nine months ended September 30, 2026, the Company recorded restructuring charges of $9 million and $41 million, respectively. These charges included:


In millions	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
Riceboro mill closure costs (a)	$	—	$	(6)
Resource and asset realignment - PS EMEA (b)	(9)		13
Resource and asset realignment - PS NA (c)	6		22
Resource realignment - Corporate (d)	12		12
	$	9	$	41

(a) Includes adjustments of $(13) million, severance charges of $3 million and other costs of $4 million for the nine months ended September 30, 2026. As of September 30, 2026, severance charges of $5 million are recorded in Accrued payroll and benefits, inventory charges of $8 million are recorded in Inventories and other costs of $25 million are recorded in Other current liabilities and Other Liabilities in the accompanying condensed consolidated balance sheet. The severance charges will be paid within the next twelve months.

(b) Includes a revision of severance estimates of $(5) million for the three months ended September 30, 2026 and severance charges of $7 million for the nine months ended September 30, 2026 and other cost adjustments of $(4) million and $6 million for the three months and nine months ended September 30, 2026, respectively. As of September 30, 2026, severance charges of $59 million are recorded in Accrued payroll and benefits and other costs of $46 million are recorded in Other current liabilities and Other Liabilities in the accompanying condensed consolidated balance sheet. The severance charges will be paid within the next twelve months.

(c) Includes severance charges of $1 million and $17 million for the three months and nine months ended September 30, 2026, respectively, inventory charges of $3 million for the three months and nine months ended September 30, 2026 and other costs of $2 million for the three months and nine months ended September 30, 2026. As of September 30, 2026, severance charges of

$12 million are recorded in Accrued payroll and benefits, inventory charges of $3 million are recorded in Inventories and other costs of $2 million are recorded in Other current liabilities in the accompanying condensed consolidated balance sheet. The severance charges will be paid within the next twelve months.

(d) Includes severance charges of $12 million for both the three months and nine months ended September 30, 2026. As of September 30, 2026, severance charges of $10 million are expected to be paid within the next twelve months and are recorded in Accrued payroll and benefits and severance charges of $2 million are recorded in Other Liabilities in the accompanying condensed consolidated balance sheet.

During the three months and nine months ended September 30, 2025, the Company recorded restructuring charges of $342 million and $464 million, respectively. The charges included:


In millions	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Red River mill closure costs (a)	$	—	$	85
Savannah mill closure costs (b)	135		135
Riceboro mill closure costs (c)	95		95
Resource and asset realignment - PS EMEA (d)	67		97
Resource and asset realignment - PS NA (e)	45		52
	$	342	$	464

(a) Includes severance charges of $18 million, the majority of which have been paid, inventory charges of $26 million and other charges of $41 million for the nine months ended September 30, 2025. Inventory charges of $25 million are recorded in Inventories, severance charges of $7 million are recorded in Accrued payroll and benefits and other costs of $36 million are recorded in Other current liabilities and Other Liabilities in the accompanying condensed consolidated balance sheet as of September 30, 2025.

(b) Includes severance charges of $31 million recorded in Accrued payroll and benefits, $38 million of inventory charges recorded in Inventories and other costs of $66 million recorded in Other current liabilities and Other Liabilities in the accompanying condensed consolidated balance sheet as of September 30, 2025. The majority of the severance charges were paid in 2025.

(c) Includes severance charges of $12 million recorded in Accrued payroll and benefits, inventory charges of $29 million recorded in Inventories and other costs of $54 million recorded in Other current liabilities and Other Liabilities in the accompanying condensed consolidated balance sheet as of September 30, 2025. The majority of the severance charges were paid in 2025.

(d) Includes other costs of $67 million and $97 million for the three months and nine months ended September 30, 2025, respectively, for PS EMEA. Severance charges of $79 million are recorded in Accrued payroll and benefits and other costs of $11 million in Other current liabilities in the accompanying condensed consolidated balance sheet as of September 30, 2025. The severance charges were paid within the following twelve months.

(e) Includes other costs of $45 million and $52 million for the three months and nine months ended September 30, 2025, respectively, for PS NA. Severance charges of $46 million are recorded in Accrued payroll and benefits in the accompanying condensed consolidated balance sheet as of September 30, 2025. The severance charges were paid within the following twelve months.