REVENUE RECOGNITION (Note)

3 Months Ended

Mar. 31, 2023

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

	Three Months Ended March 31, 2023
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	3,455	$	730	$	126	$	4,311
EMEA	391		25		—		416
Pacific Rim and Asia	8		56		—		64
Americas, other than U.S.	229		—		—		229
Total	$	4,083	$	811	$	126	$	5,020
Operating Segments
North American Industrial Packaging	$	3,724	$	—	$	—	$	3,724
EMEA Industrial Packaging	391		—		—		391
Global Cellulose Fibers	—		811		—		811
Intra-segment Eliminations	(32)		—		—		(32)
Corporate & Intersegment Sales	—		—		126		126
Total	$	4,083	$	811	$	126	$	5,020

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

	Three Months Ended March 31, 2022
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	3,761	$	662	$	120	$	4,543
EMEA	410		30		—		440
Pacific Rim and Asia	10		18		1		29
Americas, other than U.S.	225		—		—		225
Total	$	4,406	$	710	$	121	$	5,237
Operating Segments
North American Industrial Packaging	$	4,025	$	—	$	—	$	4,025
EMEA Industrial Packaging	410		—		—		410
Global Cellulose Fibers	—		710		—		710
Intra-segment Eliminations	(29)		—		—		(29)
Corporate & Intersegment Sales	—		—		121		121
Total	$	4,406	$	710	$	121	$	5,237

(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 $36 million and $38 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022, respectively. The Company also recorded a contract liability of $115 million related to a previous acquisition. The balance of this contract liability was $97 million and $99 million at March 31, 2023 and December 31, 2022, respectively, and is recorded in Other current liabilities and Other Liabilities in the accompanying condensed consolidated balance sheet.

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.