REVENUE RECOGNITION (Note)

9 Months Ended

Sep. 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 September 30, 2024
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	3,429	$	675	$	49	$	4,153
Europe, Middle East & Africa ("EMEA")	322		21		—		343
Pacific Rim and Asia	17		14		1		32
Americas, other than U.S.	158		—		—		158
Total	$	3,926	$	710	$	50	$	4,686
Operating Segments
North American Industrial Packaging	$	3,640	$	—	$	—	$	3,640
EMEA Industrial Packaging	322		—		—		322
Global Cellulose Fibers	—		710		—		710
Intrasegment Eliminations	(36)		—		—		(36)
Corporate & Intersegment Sales	—		—		50		50
Total	$	3,926	$	710	$	50	$	4,686

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

	Nine Months Ended September 30, 2024
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	10,067	$	1,994	$	242	$	12,303
EMEA	998		58		—		1,056
Pacific Rim and Asia	50		79		1		130
Americas, other than U.S.	550		—		—		550
Total	$	11,665	$	2,131	$	243	$	14,039
Operating Segments
North American Industrial Packaging	$	10,754	$	—	$	—	$	10,754
EMEA Industrial Packaging	998		—		—		998
Global Cellulose Fibers	—		2,131		—		2,131
Intrasegment Eliminations	(87)		—		—		(87)
Corporate & Intersegment Sales	—		—		243		243
Total	$	11,665	$	2,131	$	243	$	14,039

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

	Three Months Ended September 30, 2023
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	3,281	$	646	$	101	$	4,028
EMEA	316		26		—		342
Pacific Rim and Asia	9		53		—		62
Americas, other than U.S.	181		—		—		181
Total	$	3,787	$	725	$	101	$	4,613
Operating Segments
North American Industrial Packaging	$	3,491	$	—	$	—	$	3,491
EMEA Industrial Packaging	316		—		—		316
Global Cellulose Fibers	—		725		—		725
Intrasegment Eliminations	(20)		—		—		(20)
Corporate & Intersegment Sales	—		—		101		101
Total	$	3,787	$	725	$	101	$	4,613

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

	Nine Months Ended September 30, 2023
In millions	Industrial Packaging		Global Cellulose Fibers		Corporate & Intersegment		Total
Primary Geographical Markets (a)
United States	$	10,041	$	1,992	$	327	$	12,360
EMEA	1,058		77		—		1,135
Pacific Rim and Asia	24		165		—		189
Americas, other than U.S.	631		—		—		631
Total	$	11,754	$	2,234	$	327	$	14,315
Operating Segments
North American Industrial Packaging	$	10,765	$	—	$	—	$	10,765
EMEA Industrial Packaging	1,058		—		—		1,058
Global Cellulose Fibers	—		2,234		—		2,234
Intrasegment Eliminations	(69)		—		—		(69)
Corporate & Intersegment Sales	—		—		327		327
Total	$	11,754	$	2,234	$	327	$	14,315

(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 $11 million and $32 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of September 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 $86 million and $92 million at September 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.