INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income (loss) before income taxes

The components of the Company’s income (loss) before income taxes by taxing jurisdiction were as follows:

In millions	2021		2020		2019
U.S.	$	80	$	10	$	145
Non-U.S.	380		188		357
Income (loss) before income taxes	$	460	$	198	$	502

Schedule of provision for income taxes

Income tax provision (benefit) by taxing jurisdictions was as follows:

In millions	2021		2020		2019
Current tax provision (benefit)
U.S. federal	$	26	$	(4)	$	36
U.S. state and local	5		2		8
Non-U.S.	104		77		88
	$	135	$	75	$	132
Deferred tax provision (benefit)
U.S. federal	$	(3)	$	(4)	$	(4)
U.S. state and local	(1)		(1)		(2)
Non-U.S.	(2)		(42)		(1)
	$	(6)	$	(47)	$	(7)
Income tax provision (benefit)	$	129	$	28	$	125

Schedule of reconciliation of income taxes using the statutory U.S. income tax rate

A reconciliation of income taxes using the statutory U.S. income tax rate of 21% compared to the reported income tax provision (benefit) is summarized as follows:

In millions	2021			2020			2019
Income (loss) before income taxes	$	460		$	198		$	502
Statutory U.S. income tax rate	21		%	21		%	21		%
Income taxes using the statutory U.S. income tax rate	96			42			105
State and local income taxes	5			1			5
Impact of rate differential on non-U.S. permanent differences and earnings	28			(5)			12
Tax audits	—			(10)			—
US tax on non-U.S. earnings (GILTI and Subpart F)	—			1			4
Other, net	—			(1)			(1)
Income tax provision (benefit)	$	129		$	28		$	125
Effective income tax rate	28		%	14		%	25		%

Schedule of components of deferred income tax assets and liabilities

The components of deferred income tax assets and liabilities are as follows:

In millions	2021		2020
Deferred income tax assets:
Net operating and capital loss carryforwards	$	22	$	27
Accrued payroll and benefits	25		9
Lease liabilities	6		10
Tax credits	4		35
Other	40		64
Gross deferred income tax assets	$	97	$	145
Less: valuation allowance	(9)		(35)
Net deferred income tax asset	$	88	$	110
Deferred income tax liabilities:
Intangibles	$	(37)	$	(45)
Right of use assets	(6)		(10)
Deferred foreign income	(40)		(35)
Plants, properties and equipment	(92)		(106)
Forestlands	(45)		(49)
Gross deferred income tax liabilities	$	(220)	$	(245)
Net deferred income tax liability	$	(132)	$	(135)

Schedule of Unrecognized Tax Benefits Roll Forward

The reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:

In millions	2021		2020		2019
Balance at January 1	$	(18)	$	(28)	$	(29)
(Additions) reductions for tax positions related to current year	(2)		(1)		—
Reductions for tax positions related to prior years	—		11		—
Transfer of tax positions related to prior years to Parent	17		—		—
Expiration of statutes of limitations	—		—		1
Balance at December 31	$	(3)	$	(18)	$	(28)

Summary of Tax Credit Carryforwards

The following details the scheduled expiration dates of the Company’s December 31, 2021 net operating loss and income tax credit carryforwards:

In millions	Indefinite		Total
Non-U.S. NOLs	$	22	$	22
Less: valuation allowance	(6)		(6)
Total, net	$	16	$	16