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REVENUE RECOGNITION (Note)
 6 Months Ended
Jun. 30, 2023
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

Three Months Ended June 30, 2023
In millionsIndustrial PackagingGlobal Cellulose FibersCorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,305 $616 $100 $4,021 
EMEA351 26 — 377 
Pacific Rim and Asia7 56 — 63 
Americas, other than U.S.221 — — 221 
Total$3,884 $698 $100 $4,682 
Operating Segments
North American Industrial Packaging$3,550 $— $— $3,550 
EMEA Industrial Packaging351 — — 351 
Global Cellulose Fibers— 698 — 698 
Intra-segment Eliminations(17)— — (17)
Corporate & Intersegment Sales— — 100 100 
Total$3,884 $698 $100 $4,682 
(a) Net sales are attributed to countries based on the location of the seller.


Six Months Ended June 30, 2023
In millionsIndustrial PackagingGlobal Cellulose FibersCorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$6,760 $1,346 $226 $8,332 
EMEA742 51 — 793 
Pacific Rim and Asia15 112 — 127 
Americas, other than U.S.450 — — 450 
Total$7,967 $1,509 $226 $9,702 
Operating Segments
North American Industrial Packaging$7,274 $— $— $7,274 
EMEA Industrial Packaging742 — — 742 
Global Cellulose Fibers— 1,509 — 1,509 
Intra-segment Eliminations(49)— — (49)
Corporate & Intersegment Sales— — 226 226 
Total$7,967 $1,509 $226 $9,702 
(a) Net sales are attributed to countries based on the location of the seller.
Three Months Ended June 30, 2022
In millionsIndustrial PackagingGlobal Cellulose FibersCorporate & IntersegmentTotal
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 & Intersegment 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 & Intersegment 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.

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 $22 million and $38 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of June 30, 2023 and December 31, 2022, respectively. The Company also recorded a contract liability of $115 million related to a previous acquisition. The balance of this contract liability was $95 million and $99 million at June 30, 2023 and December 31, 2022, 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.