INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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	2023		2022		2021
U.S.	$	121	$	176	$	80
Non-U.S.	248		291		248
Income from continuing operations before income taxes	$	369	$	467	$	328

Schedule of provision for income taxes

Income tax provision by taxing jurisdictions was as follows:

In millions	2023		2022		2021
Current tax provision
U.S. federal	$	32	$	56	$	26
U.S. state and local	11		15		5
Non-U.S.	73		67		76
	$	116	$	138	$	107
Deferred tax provision
U.S. federal	$	(3)	$	(11)	$	(3)
U.S. state and local	(7)		(1)		(1)
Non-U.S.	10		5		(2)
	$	—	$	(7)	$	(6)
Income tax provision	$	116	$	131	$	101

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	2023			2022			2021
Income from continuing operations before income taxes	$	369		$	467		$	328
Statutory U.S. income tax rate	21		%	21		%	21		%
Income taxes using the statutory U.S. income tax rate	77			98			69
State and local income taxes	2			11			5
Impact of rate differential on non-U.S. earnings	31			29			33
Non-U.S. valuation allowance	7			2			4
Permanent benefit for non-U.S. interest deductions	(11)			(10)			(10)
Foreign currency differences and other permanent deductions	—			(9)			—
Uncertain tax positions	6			—			—
U.S. tax on non-U.S. earnings (GILTI and Subpart F)	2			11			—
Other, net	2			(1)			—
Income tax provision	$	116		$	131		$	101
Effective income tax rate	31		%	28		%	31		%

Schedule of components of deferred income tax assets and liabilities

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

In millions	2023		2022
Deferred income tax assets:
Net operating and capital loss carryforwards	$	27	$	21
Accrued payroll and benefits	33		31
Lease liabilities	12		7
Tax credits	25		24
Capitalized research and development	15		7
Other	32		40
Gross deferred income tax assets	144		130
Less: valuation allowance	(39)		(32)
Net deferred income tax asset	$	105	$	98
Deferred income tax liabilities:
Intangibles	$	(47)	$	(44)
Inventories	(12)		(20)
Right of use assets	(11)		(6)
Deferred foreign income	(62)		(50)
Plants, properties and equipment	(85)		(81)
Forestlands	(52)		(48)
Gross deferred income tax liabilities	(269)		(249)
Net deferred income tax liability	$	(164)	$	(151)

Schedule of Unrecognized Tax Benefits Roll Forward

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

In millions	2023		2022		2021
Balance at January 1	$	(4)	$	(3)	$	(18)
(Additions) reductions for tax positions related to current year	(6)		(1)		(2)
Reductions for tax positions related to prior years	—		—		—
Transfer of tax positions related to prior years to Parent	—		—		17
Balance at December 31	$	(10)	$	(4)	$	(3)

Summary of Tax Credit Carryforwards

The following details the scheduled expiration dates of the Company’s December 31, 2023 net operating loss and income tax credit carryforwards:

In millions	2024 Through 2032		Indefinite		Total
Non-U.S. NOLs	$	6	$	21	$	27
U.S. federal, non-U.S. and state tax credit carryforwards	—		25		25
Total	6		46		52
Less: related valuation allowance	(6)		(31)		(37)
Total, net	$	—	$	15	$	15