REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2026

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	2026		2025
Europe
Uncoated Papers	$	165	$	170
Market Pulp	23		20
Europe	188		190
Latin America
Uncoated Papers	167		180
Market Pulp	10		13
Latin America	177		193
North America
Uncoated Papers	373		417
Market Pulp	17		21
North America	390		438
Total	$	755	$	821

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 $2 million and $3 million are included in “Other current liabilities” as of March 31, 2026 and December 31, 2025, 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.