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REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2025
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
20252024
Europe
Uncoated Papers
$170 $186 
Market Pulp
20 21 
Europe
190 207 
Latin America
Uncoated Papers
180 196 
Market Pulp13 12 
Latin America
193 208 
North America
Uncoated Papers
417 471 
Market Pulp
21 19 
North America
438 490 
Total
$821 $905 
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 $3 million and $2 million are included in “Other current liabilities” as of March 31, 2025 and December 31, 2024, 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 for which we have an unconditional right to payment or receive pre-payment from the customer, respectively.