REVENUE RECOGNITION (Note)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	3,399	$	669	$	86	$	4,154
Europe, Middle East & Africa ("EMEA")	328		17		—		345
Pacific Rim and Asia	19		31		—		50
Americas, other than U.S.	185		—		—		185
Total	$	3,931	$	717	$	86	$	4,734
Operating Segments
North American Industrial Packaging	$	3,628	$	—	$	—	$	3,628
EMEA Industrial Packaging	328		—		—		328
Global Cellulose Fibers	—		717		—		717
Intrasegment Eliminations	(25)		—		—		(25)
Corporate & Intersegment Sales	—		—		86		86
Total	$	3,931	$	717	$	86	$	4,734

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

	Six Months Ended June 30, 2024
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	6,638	$	1,319	$	193	$	8,150
EMEA	676		37		—		713
Pacific Rim and Asia	33		65		—		98
Americas, other than U.S.	392		—		—		392
Total	$	7,739	$	1,421	$	193	$	9,353
Operating Segments
North American Industrial Packaging	$	7,114	$	—	$	—	$	7,114
EMEA Industrial Packaging	676		—		—		676
Global Cellulose Fibers	—		1,421		—		1,421
Intrasegment Eliminations	(51)		—		—		(51)
Corporate & Intersegment Sales	—		—		193		193
Total	$	7,739	$	1,421	$	193	$	9,353

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

	Three Months Ended June 30, 2023
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	3,305	$	616	$	100	$	4,021
EMEA	351		26		—		377
Pacific Rim and Asia	7		56		—		63
Americas, other than U.S.	221		—		—		221
Total	$	3,884	$	698	$	100	$	4,682
Operating Segments
North American Industrial Packaging	$	3,550	$	—	$	—	$	3,550
EMEA Industrial Packaging	351		—		—		351
Global Cellulose Fibers	—		698		—		698
Intrasegment Eliminations	(17)		—		—		(17)
Corporate & Intersegment Sales	—		—		100		100
Total	$	3,884	$	698	$	100	$	4,682

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

	Six Months Ended June 30, 2023
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	6,760	$	1,346	$	226	$	8,332
EMEA	742		51		—		793
Pacific Rim and Asia	15		112		—		127
Americas, other than U.S.	450		—		—		450
Total	$	7,967	$	1,509	$	226	$	9,702
Operating Segments
North American Industrial Packaging	$	7,274	$	—	$	—	$	7,274
EMEA Industrial Packaging	742		—		—		742
Global Cellulose Fibers	—		1,509		—		1,509
Intrasegment Eliminations	(49)		—		—		(49)
Corporate & Intersegment Sales	—		—		226		226
Total	$	7,967	$	1,509	$	226	$	9,702

(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 goods are transferred 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 $17 million and $32 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of June 30, 2024 and December 31, 2023, respectively. The Company also recorded a contract liability of $115 million related to a previous acquisition. The balance of this contract liability was $88 million and $92 million at June 30, 2024 and December 31, 2023, 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.