REVENUE RECOGNITION (Note)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Generally, the Company recognizes revenue on a point-in-time basis when the customer takes title to the goods and assumes the risks and rewards for the goods. For customized goods where the Company has a legally enforceable right to payment for the goods, the Company recognizes revenue over time which, generally, is as the goods are produced.

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.

	Three Months Ended June 30, 2021
In millions	Industrial Packaging		Global Cellulose Fibers		Printing Papers		Corporate and Inter-segment Sales		Total
Primary Geographical Markets (a)
United States	$	3,354	$	576	$	407	$	42	$	4,379
EMEA	497		70		270		(2)		835
Pacific Rim and Asia	14		25		8		3		50
Americas, other than U.S.	191		—		161		—		352
Total	$	4,056	$	671	$	846	$	43	$	5,616
Operating Segments
North American Industrial Packaging	$	3,587	$	—	$	—	$	—	$	3,587
EMEA Industrial Packaging	394		—		—		—		394
European Coated Paperboard	102		—		—		—		102
Global Cellulose Fibers	—		671		—		—		671
North American Printing Papers	—		—		410		—		410
Brazilian Papers	—		—		189		—		189
European Papers	—		—		255		—		255
Intra-segment Eliminations	(27)		—		(8)		—		(35)
Corporate & Inter-segment Sales	—		—		—		43		43
Total	$	4,056	$	671	$	846	$	43	$	5,616

(a) Net sales are attributed to countries based on the location of the seller.

	Six Months Ended June 30, 2021
In millions	Industrial Packaging		Global Cellulose Fibers		Printing Papers		Corporate and Inter-segment Sales		Total
Primary Geographical Markets (a)
United States	$	6,611	$	1,059	$	770	$	89	$	8,529
EMEA	988		140		533		(5)		1,656
Pacific Rim and Asia	32		53		17		7		109
Americas, other than U.S.	378		—		307		—		685
Total	$	8,009	$	1,252	$	1,627	$	91	$	10,979
Operating Segments
North American Industrial Packaging	$	7,072	$	—	$	—	$	—	$	7,072
EMEA Industrial Packaging	790		—		—		—		790
European Coated Paperboard	200		—		—		—		200
Global Cellulose Fibers	—		1,252		—		—		1,252
North American Printing Papers	—		—		776		—		776
Brazilian Papers	—		—		357		—		357
European Papers	—		—		505		—		505
Intra-segment Eliminations	(53)		—		(11)		—		(64)
Corporate & Inter-segment Sales	—		—		—		91		91
Total	$	8,009	$	1,252	$	1,627	$	91	$	10,979

(a) Net sales are attributed to countries based on the location of the seller.

	Three Months Ended June 30, 2020
In millions	Industrial Packaging		Global Cellulose Fibers		Printing Papers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	3,065	$	534	$	263	$	44	$	3,906
EMEA	379		60		219		(6)		652
Pacific Rim and Asia	16		11		6		7		40
Americas, other than U.S.	173		—		95		—		268
Total	$	3,633	$	605	$	583	$	45	$	4,866
Operating Segments
North American Industrial Packaging	$	3,241	$	—	$	—	$	—	$	3,241
EMEA Industrial Packaging	297		—		—		—		297
Brazilian Industrial Packaging	42		—		—		—		42
European Coated Paperboard	84		—		—		—		84
Global Cellulose Fibers	—		605		—		—		605
North American Printing Papers	—		—		265		—		265
Brazilian Papers	—		—		108		—		108
European Papers	—		—		209		—		209
Intra-segment Eliminations	(31)		—		1		—		(30)
Corporate & Inter-segment Sales	—		—		—		45		45
Total	$	3,633	$	605	$	583	$	45	$	4,866

(a) Net sales are attributed to countries based on the location of the seller.

	Six Months Ended June 30, 2020
In millions	Industrial Packaging		Global Cellulose Fibers		Printing Papers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	6,195	$	1,028	$	707	$	102	$	8,032
EMEA	819		116		521		(8)		1,448
Pacific Rim and Asia	28		29		14		10		81
Americas, other than U.S.	410		—		249		(2)		657
Total	$	7,452	$	1,173	$	1,491	$	102	$	10,218
Operating Segments
North American Industrial Packaging	$	6,596	$	—	$	—	$	—	$	6,596
EMEA Industrial Packaging	647		—		—		—		647
Brazilian Industrial Packaging	96		—		—		—		96
European Coated Paperboard	176		—		—		—		176
Global Cellulose Fibers	—		1,173		—		—		1,173
North American Printing Papers	—		—		711		—		711
Brazilian Papers	—		—		284		—		284
European Papers	—		—		496		—		496
Intra-segment Eliminations	(63)		—		—		—		(63)
Corporate & Inter-segment Sales	—		—		—		102		102
Total	$	7,452	$	1,173	$	1,491	$	102	$	10,218

(a) Net sales are attributed to countries based on the location of the seller.

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. Contract liabilities of $35 million and $31 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of June 30, 2021 and December 31, 2020, respectively. During the second quarter of 2021, the Company also recorded a contract liability of $115 million related to the April 2021 acquisition disclosed in Note 8.

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 for which we have an unconditional right to payment or receive prepayment from the customer, respectively.