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EQUITY METHOD INVESTMENTS (Note)
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Joint Ventures Disclosure [Text Block] The Company accounts for the following investment under the equity method of accounting.
Ilim S.A.

On September 18, 2023, pursuant to a previously announced agreement, the Company completed the sale of its 50% equity interest in Ilim S.A. ("Ilim"), which was a joint venture that operated a pulp and paper business in Russia and has subsidiaries including Ilim Group, to its joint venture partners for $484 million in cash. The Company also completed the sale of all of its Ilim Group shares (constituting a 2.39% stake) for $24 million, and divested other non-material residual interests associated with Ilim, to its joint venture partners. Following the completed sales, the Company no longer has an interest in Ilim or any of its subsidiaries. Additionally, we incurred transaction fees of $36 million in connection with the sale of our investment. The Company reclassified currency translation adjustments in AOCI of $517 million to the investment at the completion of the transaction.

As of December 31, 2022 and for all subsequent periods, the Company concluded that the held for sale balance sheet classification criteria had been met and classified the investment as Assets held for sale in the condensed consolidated balance
sheet. Also all current and historical results of the Ilim investment have been presented as Discontinued Operations, net of taxes in the condensed consolidated statement of operations.

Also in conjunction with the previously announced agreement entered into in January 2023 to sell the Company's ownership interests in Ilim and related offer for the Company's shares in Ilim Group, a determination was made that in the fourth quarter of 2022 and for all subsequent periods through the third quarter 2023, the combined book value of our investments, plus associated cumulative translation losses, exceeded fair value based upon the agreed upon transaction price of $484 million for Ilim and the offer price of $24 million for Ilim Group and the company recorded impairment charges as presented in the table below.

The following summarizes the items comprising Equity Earnings, Impairment Charges, Tax Expense (Benefit), Discontinued Operations and Dividends related to the sale of our equity interest in Ilim:

In millionsEquity EarningsImpairment ChargesTax Expense (Benefit)Discontinued Operations, net of tax (a)Dividends
2022 First Quarter$93 $— $— $93 $204 
2022 Second Quarter95 — — 95 — 
2022 Third Quarter64 — — 64 — 
2022 Fourth Quarter44 533 — (489)— 
2023 First Quarter43 43 — — — 
2023 Second Quarter46 33 — 13 13 
2023 Third Quarter23 59 (9)(27)— 
Nine Months Ended September 30, 2022252 — — 252 204 
Nine Months Ended September 30, 2023112 135 (9)(14)13 
(a)    Discontinued operations, net of tax is Equity Earnings less Impairment Charges and Tax Expense (Benefit)

Summarized financial information for Ilim through the date of sale is presented in the following table:

Balance Sheet
In millionsSeptember 18, 2023December 31, 2022
Current assets$659 $766 
Noncurrent assets2,745 3,663 
Current liabilities1,362 1,275 
Noncurrent liabilities1,064 2,040 
Noncontrolling interests36 40 

Income Statement (a)
Three Months Ended
September 30,		Nine Months Ended
September 30,
In millions2023202220232022
Net sales$420 $834 $1,623 $2,356 
Gross profit176 391 706 1,234 
Income (loss) from continuing operations45 129 221 501 
Net income (loss)43 124 211 486 
(a)    2023 amounts reflect results through September 18, 2023.

The Company's remaining equity method investments are not material.