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REVENUE RECOGNITION (Note)
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]

Generally, the Company recognizes revenue on a point-in-time basis when the customer takes title to the goods and assumes the risks and rewards for the goods. For customized goods where the Company has a legally enforceable right to payment for the goods, the Company recognizes revenue over time which, generally, is as the goods are produced.

Disaggregated Revenue

A geographic disaggregation of revenues across our company segmentation in the following tables provides information to assist in evaluating the nature, timing and uncertainty of revenue and cash flows and how they may be impacted by economic factors.
Three Months Ended June 30, 2022
In millionsIndustrial PackagingGlobal Cellulose FibersCorporate and Inter-segment SalesTotal
Primary Geographical Markets (a)
United States$3,842 $752 $109 $4,703 
EMEA413 25 — 438 
Pacific Rim and Asia11 11 1 23 
Americas, other than U.S.225 — — 225 
Total$4,491 $788 $110 $5,389 
Operating Segments
North American Industrial Packaging$4,126 $— $— $4,126 
EMEA Industrial Packaging413 — — 413 
Global Cellulose Fibers— 788 — 788 
Intra-segment Eliminations(48)— — (48)
Corporate & Inter-segment Sales— — 110 110 
Total$4,491 $788 $110 $5,389 
(a) Net sales are attributed to countries based on the location of the seller.
Six Months Ended June 30, 2022
In millionsIndustrial PackagingGlobal Cellulose FibersCorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$7,603 $1,414 $229 $9,246 
EMEA823 55 — 878 
Pacific Rim and Asia21 29 2 52 
Americas, other than U.S.450 — — 450 
Total$8,897 $1,498 $231 $10,626 
Operating Segments
North American Industrial Packaging$8,151 $— $— $8,151 
EMEA Industrial Packaging823 — — 823 
Global Cellulose Fibers— 1,498 — 1,498 
Intra-segment Eliminations(77)— — (77)
Corporate & Inter-segment Sales— — 231 231 
Total$8,897 $1,498 $231 $10,626 
(a) Net sales are attributed to countries based on the location of the seller.


Three Months Ended June 30, 2021
In millionsIndustrial PackagingGlobal Cellulose FibersCorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,430 $633 $43 $4,106 
EMEA395 22 (1)416 
Pacific Rim and Asia14 25 10 49 
Americas, other than U.S.191 — 8 199 
Total$4,030 $680 $60 $4,770 
Operating Segments
North American Industrial Packaging$3,663 $— $— $3,663 
EMEA Industrial Packaging394 — — 394 
Global Cellulose Fibers— 680 — 680 
Intra-segment Eliminations(27)— — (27)
Corporate & Inter-segment Sales— — 60 60 
Total$4,030 $680 $60 $4,770 
(a) Net sales are attributed to countries based on the location of the seller.
Six Months Ended June 30, 2021
In millionsIndustrial PackagingGlobal Cellulose FibersCorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$6,762 $1,176 $90 $8,028 
EMEA788 46 (2)832 
Pacific Rim and Asia32 53 24 109 
Americas, other than U.S.378 — 16 394 
Total$7,960 $1,275 $128 $9,363 
Operating Segments
North American Industrial Packaging$7,223 $— $— $7,223 
EMEA Industrial Packaging790 — — 790 
Global Cellulose Fibers— 1,275 — 1,275 
Intra-segment Eliminations(53)— — (53)
Corporate & Inter-segment Sales— — 128 128 
Total$7,960 $1,275 $128 $9,363 
(a) Net sales are attributed to countries based on the location of the seller.

Revenue Contract Balances

A contract asset is created when the Company recognizes revenue on its customized products prior to having an unconditional right to payment from the customer, which generally does not occur until title and risk of loss passes to the customer.

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 once control of the goods is transferred to the customer. The majority of our customer prepayments are received during the fourth quarter each year for goods that will be transferred to customers over the following twelve months. Contract liabilities of $16 million and $27 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of June 30, 2022 and December 31, 2021, respectively. During the second quarter of 2021, the Company also recorded a contract liability of $115 million related to the April 2021 acquisition disclosed in Note 8 - Acquisitions. The balance of this contract liability was $103 million and $107 million at June 30, 2022 and December 31, 2021, respectively, and is recorded in Other current liabilities and Other Liabilities in the accompanying condensed consolidated balance sheet.

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 prepayment from the customer, respectively.