v3.26.1
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
In millions
2026202520262025
Europe
Uncoated Papers
$168 $162 $333 $332 
Market Pulp
24 19 47 39 
Europe
192 181 380 371 
Latin America
Uncoated Papers
193 181 360 361 
Market Pulp
10 13 20 26 
Latin America
203 194 380 387 
North America
Uncoated Papers
398 398 772 814 
Market Pulp
13 21 29 43 
North America
411 419 801 857 
Total
$806 $794 $1,561 $1,615 
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 $3 million and $3 million are included in “Other current liabilities” as of June 30, 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.