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REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
In millions
2025202420252024
Europe
Uncoated Papers
$162 $180 $332 $366 
Market Pulp
19 25 39 46 
Europe
181 205 371 412 
Latin America
Uncoated Papers
181 220 361 416 
Market Pulp13 15 26 27 
Latin America
194 235 387 443 
North America
Uncoated Papers
398 474 814 945 
Market Pulp
21 19 43 38 
North America
419 493 857 983 
Total
$794 $933 $1,615 $1,838 
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 $4 million and $2 million are included in “Other current liabilities” as of June 30, 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.