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REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
External Net Sales by Product

External net sales by major products were as follows by business segment:
Three Months Ended
March 31,
In millions
20242023
Europe
Uncoated Papers
$186 $203 
Market Pulp
21 27 
Europe
207 230 
Latin America
Uncoated Papers
196 186 
Market Pulp12 20 
Latin America
208 206 
North America
Uncoated Papers
471 487 
Market Pulp
19 18 
North America
490 505 
Total
$905 $941 
Revenue Contract Balances

A contract asset is created when the Company recognizes revenue on its customized products for which we have an enforceable right to payment.

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, satisfying our performance obligation. Contract liabilities of $8 million and $8 million are included in “Other current liabilities” as of March 31, 2024 and December 31, 2023, 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.