v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
During the first quarter of 2025, the Company realigned its financial reporting structure under two reportable segments, Americas Paperboard Packaging and International Paperboard Packaging. This structure aligns with how the Chief Operating Decision Maker ("CODM") measures segments' operating results, allocates resources among the operating segments and assesses segment performance. Prior to the reorganization, the Company's historical reportable segments were Americas Paperboard Packaging, Europe Paperboard Packaging, and Paperboard Manufacturing.

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 ("QSR") in the Americas.

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

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 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 Company recast prior-period segment disclosures given the change in its reportable segments. This change has no impact on the Company's consolidated operating results. The accounting policies of the reportable segments are the same as those described above in "Note 1 - General Information".
Reportable segment information for the three and nine months ended September 30, 2025 is as follows:

Three Months Ended September 30, 2025
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$1,474 $582 $134 $2,190 
Cost of Sales(b)
1,162 477 117 1,756 
Selling, General and Administrative(b)
83 63 17 163 
Other(c)
7 12 18 37 
Income (Loss) from Operations
$222 $30 $(18)$234 
Other Segment Information
Capital Spending
$18 $24 $225 $267 
Depreciation and Amortization39 33 54 126 

Nine Months Ended September 30, 2025
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$4,461 $1,665 $388 $6,514 
Cost of Sales(b)
3,529 1,358 328 5,215 
Selling, General and Administrative(b)
267 189 107 563 
Other(c)
28 19 41 88 
Income (Loss) from Operations
$637 $99 $(88)$648 
Other Segment Information
Capital Spending
$66 $66 $676 $808 
Depreciation and Amortization121 93 173 387 
(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").
Reportable segment information for the three and nine months ended September 30, 2024 is as follows:

Three Months Ended September 30, 2024
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$1,556 $547 $113 $2,216 
Cost of Sales(b)
1,151 423 140 1,714 
Selling, General and Administrative(b)
92 61 38 191 
Other(c)
18 7 8 33 
Income (Loss) from Operations
$295 $56 $(73)$278 
Other Segment Information
Capital Spending
$33 $18 $262 $313 
Depreciation and Amortization45 37 57 139 

Nine Months Ended September 30, 2024
In millions
Americas Paperboard Packaging
International Paperboard Packaging
Corporate and Other
Total
Net Sales(a)
$4,638 $1,603 $471 $6,712 
Cost of Sales(b)
3,499 1,264 440 5,203 
Selling, General and Administrative(b)
284 181 138 603 
Other(c)
50 33 (57)26 
Income (Loss) from Operations
$805 $125 $(50)$880 
Other Segment Information
Capital Spending
$128 $71 $694 $893 
Depreciation and Amortization150 96 174 420 
(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").