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Revenue Recognition (Note)
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
NOTE 3 - REVENUE RECOGNITION

DISAGGREGATED REVENUE

A geographic disaggregation of revenues across our company segmentation in the following tables provides information to assist in evaluating the nature, timing and uncertainty of revenue and cash flows and how they may be impacted by economic factors.
2020
Reportable SegmentsIndustrial PackagingGlobal Cellulose FibersPrinting PapersCorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$12,537 $1,993 $1,425 $192 $16,147 
EMEA1,675 235 1,025 (15)2,920 
Pacific Rim and Asia57 91 26 28 202 
Americas, other than U.S.764 — 560 (13)1,311 
Total$15,033 $2,319 $3,036 $192 $20,580 
Operating Segments
North American Industrial Packaging$13,318 $— $— $— $13,318 
EMEA Industrial Packaging1,317 — — — 1,317 
Brazilian Industrial Packaging148 — — — 148 
European Coated Paperboard366 — — — 366 
Global Cellulose Fibers— 2,319 — — 2,319 
North American Printing Papers— — 1,436 — 1,436 
Brazilian Papers— — 632 — 632 
European Papers— — 976 — 976 
Intra-segment Eliminations(116)— (8)— (124)
Corporate & Inter-segment Sales— — — 192 192 
Total$15,033 $2,319 $3,036 $192 $20,580 
(a) Net sales are attributed to countries based on the location of the reportable segment making the sale.
2019
Reportable SegmentsIndustrial PackagingGlobal Cellulose FibersPrinting PapersCorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$12,668 $2,148 $1,912 $220 $16,948 
EMEA1,692 254 1,323 (11)3,258 
Pacific Rim and Asia65 149 189 12 415 
Americas, other than U.S.901 — 867 (13)1,755 
Total$15,326 $2,551 $4,291 $208 $22,376 
Operating Segments
North American Industrial Packaging$13,509 $— $— $— $13,509 
EMEA Industrial Packaging1,335 — — — 1,335 
Brazilian Industrial Packaging235 — — — 235 
European Coated Paperboard365 — — — 365 
Global Cellulose Fibers— 2,551 — — 2,551 
North American Printing Papers— — 1,956 — 1,956 
Brazilian Papers— — 967 — 967 
European Papers— — 1,250 — 1,250 
Indian Papers— — 160 — 160 
Intra-segment Eliminations(118)— (42)— (160)
Corporate & Inter-segment Sales— — — 208 208 
Total$15,326 $2,551 $4,291 $208 $22,376 
(a) Net sales are attributed to countries based on the location of the reportable segment making the sale.

2018
Reportable SegmentsIndustrial PackagingGlobal Cellulose FibersPrinting PapersCorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$13,167 $2,336 $1,903 $203 $17,609 
EMEA1,704 304 1,330 (17)3,321 
Pacific Rim and Asia142 179 245 39 605 
Americas, other than U.S.887 — 897 (13)1,771 
Total$15,900 $2,819 $4,375 $212 $23,306 
Operating Segments
North American Industrial Packaging$14,187 $— $— $— $14,187 
EMEA Industrial Packaging1,355 — — — 1,355 
Brazilian Industrial Packaging232 — — — 232 
European Coated Paperboard359 — — — 359 
Global Cellulose Fibers— 2,819 — — 2,819 
North American Printing Papers— — 1,956 — 1,956 
Brazilian Papers— — 978 — 978 
European Papers— — 1,252 — 1,252 
Indian Papers— — 202 — 202 
Intra-segment Eliminations(233)— (13)— (246)
Corporate & Inter-segment Sales— — — 212 212 
Total$15,900 $2,819 $4,375 $212 $23,306 
(a) Net sales are attributed to countries based on the location of the reportable segment making the sale.
REVENUE CONTRACT BALANCES
A contract asset is created when the Company recognizes revenue on its customized products prior to having an unconditional right to payment from the customer, which generally does not occur until title and risk of loss passes to the customer.

A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced once control of the goods is transferred to the customer. The majority of our customer prepayments are received during the fourth quarter each year for goods that will be transferred to customers over the following twelve months. Current liabilities of $31 million and $56 million are included in Other current liabilities in the accompanying condense consolidated balance sheets as of December 31, 2020 and 2019, respectively.

The difference between the opening and closing balances of the Company's contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods which we have an unconditional right to payment or receive prepayment from the customer, respectively.

PERFORMANCE OBLIGATIONS AND SIGNIFICANT JUDGEMENTS

International Paper's principal business is to manufacture and sell fiber-based packaging, pulp and paper goods. As a general rule, none of our businesses provide equipment installation or other ancillary services outside of producing and shipping packaging, pulp and paper goods to customers.

The nature of the Company's contracts can vary based on the business, customer type and region; however, in all instances it is International Paper's customary business practice to receive a valid order from the customer, in which each parties' rights and related payment terms are clearly identifiable.

Contracts or purchase orders with customers could include a single type of product or it could include
multiple types/grades of products. Regardless, the contracted price with the customer is agreed to at the individual product level outlined in the customer contracts or purchase orders. The Company does not
bundle prices; however, we do negotiate with customers on pricing and rebates for the same products based on a variety of factors (e.g. level of contractual volume, geographical location, etc.). Management has concluded that the prices negotiated with each individual customer are representative of the stand-alone selling price of the product.