INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (loss) before income taxes

The components of the Company’s income from continuing operations before income taxes by taxing jurisdiction were as follows:

In millions	2022		2021		2020
U.S.	$	176	$	80	$	10
Non-U.S.	291		248		85
Income from continuing operations before income taxes	$	467	$	328	$	95

Schedule of provision for income taxes

Income tax provision by taxing jurisdictions was as follows:

In millions	2022		2021		2020
Current tax provision
U.S. federal	$	56	$	26	$	(4)
U.S. state and local	15		5		2
Non-U.S.	67		76		59
	$	138	$	107	$	57
Deferred tax provision
U.S. federal	$	(11)	$	(3)	$	(4)
U.S. state and local	(1)		(1)		(1)
Non-U.S.	5		(2)		(44)
	$	(7)	$	(6)	$	(49)
Income tax provision	$	131	$	101	$	8

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 is summarized as follows:

In millions	2022			2021			2020
Income from continuing operations before income taxes	$	467		$	328		$	95
Statutory U.S. income tax rate	21		%	21		%	21		%
Income taxes using the statutory U.S. income tax rate	98			69			20
State and local income taxes	11			5			1
Impact of rate differential on non-U.S. permanent differences and earnings	11			27			(2)
Tax audits	—			—			(10)
U.S. tax on non-U.S. earnings (GILTI and Subpart F)	11			—			1
Other, net	—			—			(2)
Income tax provision	$	131		$	101		$	8
Effective income tax rate	28		%	31		%	8		%

Schedule of components of deferred income tax assets and liabilities

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

In millions	2022		2021
Deferred income tax assets:
Net operating and capital loss carryforwards	$	21	$	22
Accrued payroll and benefits	31		25
Lease liabilities	7		6
Tax credits	24		4
Other	30		38
Gross deferred income tax assets	113		95
Less: valuation allowance	(32)		(9)
Net deferred income tax asset	$	81	$	86
Deferred income tax liabilities:
Intangibles	$	(44)	$	(37)
Right of use assets	(6)		(6)
Deferred foreign income	(50)		(40)
Plants, properties and equipment	(84)		(92)
Forestlands	(48)		(45)
Gross deferred income tax liabilities	(232)		(220)
Net deferred income tax liability	$	(151)	$	(134)

Schedule of Unrecognized Tax Benefits Roll Forward

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

In millions	2022		2021		2020
Balance at January 1	$	(3)	$	(18)	$	(28)
(Additions) reductions for tax positions related to current year	(1)		(2)		(1)
Reductions for tax positions related to prior years	—		—		11
Transfer of tax positions related to prior years to Parent	—		17		—
Balance at December 31	$	(4)	$	(3)	$	(18)

Summary of Tax Credit Carryforwards

The following details the scheduled expiration dates of the Company’s December 31, 2022 net operating loss and income tax credit carryforwards:

In millions	2023 Through 2032		Indefinite		Total
Non-U.S. NOLs	$	8	$	13	$	21
U.S. federal, non-U.S. and state tax credit carryforwards	—		24		24
Total	8		37		45
Less: valuation allowance	(8)		(24)		(32)
Total, net	$	—	$	13	$	13