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REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
External Net Sales by Product

External net sales by major products were as follows:
Three Months Ended
September 30,		Nine Months Ended September 30,
In millions
2021202020212020
Europe
Uncoated Papers
$188 $160 $524 $498 
Coated Paperboard / Other28 23 77 69 
Market Pulp
41 31 124 99 
Europe
257 214 725 666 
Latin America
Uncoated Papers
187 131 520 394 
Market Pulp
13 19 37 40 
Latin America
200 150 557 434 
North America
Uncoated Papers
429 361 1,194 1,072 
Market Pulp
22 13 54 41 
North America
451 374 1,248 1,113 
Total
$908 $738 $2,530 $2,213 
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. Contract assets of $24 million and $23 million are included in other current assets in the accompanying condensed combined balance sheets as of September 30, 2021 and December 31, 2020, respectively.
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 when 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 $8 million and $11 million are included in current liabilities in the accompanying condensed combined balance sheets as of September 30, 2021 and December 31, 2020, 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 pre-payment from the customer, respectively.