Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

4.  Revenue Recognition

Disaggregated Revenue

ASC 606 requires that we disaggregate revenue from contracts with customers into categories that depict how the nature, amount,

timing and uncertainty of revenue and cash flows are affected by economic factors.

The following tables summarize our disaggregated revenue with unaffiliated customers by product type and segment for the three and

nine months ended September 30, 2024 and 2023. Net sales are attributed to segments based on the location of production.

	Three months ended
	September 30, 2024
	Europe, MEA and APAC	North America	LATAM	Total
Revenue by product:
Paper	$402	$1,107	$42	$1,551
Packaging	2,244	3,424	452	6,120
Total	$2,646	$4,531	$494	$7,671

	Three months ended
	September 30, 2023
	Europe, MEA and APAC	North America	LATAM	Total
Revenue by product:
Paper	$333	$25	$14	$372
Packaging	1,855	376	312	2,543
Total	$2,188	$401	$326	$2,915

	Nine months ended
	September 30, 2024
	Europe, MEA and APAC	North America	LATAM	Total
Revenue by product:
Paper	$1,092	$1,165	$73	$2,330
Packaging	5,951	4,215	1,074	11,240
Total	$7,043	$5,380	$1,147	$13,570

	Nine months ended
	September 30, 2023
	Europe, MEA and APAC	North America	LATAM	Total
Revenue by product:
Paper	$1,054	$81	$38	$1,173
Packaging	5,984	1,158	916	8,058
Total	$7,038	$1,239	$954	$9,231

4.  Revenue Recognition - continued

Packaging revenue is derived mainly from the sale of corrugated and consumer packaging products. The remainder of packaging

revenue is composed of bag-in-box, packaging solutions and other paper-based packaging products.

Revenue Contract Balances

In connection with the Combination, the Company acquired contract assets and assumed contract liabilities. These contract assets

relate to the manufacture of certain products that have no alternative use to us, with right to payment for performance completed to

date on these products, including a reasonable profit. Contract assets are reduced when the customer takes title to the goods and

assumes the risks and rewards for the goods. Contract liabilities represent obligations to transfer goods or services to a customer for

which we have received consideration and are reduced once control of the goods is transferred to the customer.

Contract assets and contract liabilities are reported within “Other current assets” and “Other current liabilities”, respectively, on the

Condensed Consolidated Balance Sheets.

	Contract Assets (Short-Term)	Contract Liabilities (Short-Term)
Recorded on the Combination	$220	$10
Decrease	(17)	(4)
Ending balance - September 30, 2024	$203	$6