Graphic Packaging Holding (GPK) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-33988
Entity Registrant Name	Graphic Packaging Holding Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0405422
Entity Address, Address Line One	1500 Riveredge Parkway, Suite 100
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	770
Local Phone Number	240-7200
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	GPK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		307,140,116
Entity Central Index Key	0001408075
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net Sales	$ 2,438	$ 2,245
Cost of Sales	1,878	1,858
Selling, General and Administrative	197	181
Other Expense (Income), Net	18	(2)
Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net	15	15
Income from Operations	330	193
Nonoperating Pension and Postretirement Benefit (Expense) Income	(1)	2
Interest Expense, Net	(58)	(42)
Income before Income Taxes	271	153
Income Tax Expense	(64)	(46)
Net Income	$ 207	$ 107
Net Income Per Share — Basic (in dollars per share)	$ 0.67	$ 0.35
Net Income Per Share — Diluted (in dollars per share)	$ 0.67	$ 0.35

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 113	$ 150
Receivables, Net	915	879
Inventories, Net	1,700	1,606
Other Current Assets	84	71
Total Current Assets	2,812	2,706
Property, Plant and Equipment, Net	4,678	4,579
Goodwill	2,053	1,979
Intangible Assets, Net	710	717
Other Assets	346	347
Total Assets	10,599	10,328
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	57	53
Accounts Payable	1,009	1,123
Compensation and Employee Benefits	178	295
Interest Payable	31	51
Other Accrued Liabilities	460	411
Total Current Liabilities	1,735	1,933
Long-Term Debt	5,463	5,200
Deferred Income Tax Liabilities	697	668
Accrued Pension and Postretirement Benefits	112	111
Other Noncurrent Liabilities	282	266
SHAREHOLDERS’ EQUITY
Preferred Stock, par value $0.01 per share; 100,000,000 shares authorized; no shares issued or outstanding	0	0
Common Stock, par value $0.01 per share; 1,000,000,000 shares authorized; 307,187,962 and 307,116,089 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	3	3
Capital in Excess of Par Value	2,040	2,054
Retained Earnings	623	469
Accumulated Other Comprehensive Loss	(358)	(377)
Total Graphic Packaging Holding Company Shareholders' Equity	2,308	2,149
Noncontrolling Interest	2	1
Total Equity	2,310	2,150
Total Liabilities and Shareholders' Equity	$ 10,599	$ 10,328

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	307,187,962	307,116,089
Common stock, shares outstanding (in shares)	307,187,962	307,116,089

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTEREST - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021		307,103,551
Beginning balance at Dec. 31, 2021	$ 1,893	$ 3	$ 2,046	$ 66	$ (224)	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	107			107
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments	13				13
Currency Translation Adjustment	(22)				(22)
Pension and Postretirement Benefit Plans	(9)				(9)
Dividends Declared	(23)			(23)
Recognition of Stock-Based Compensation, Net	(8)		(8)
Issuance of Shares for Stock-Based Awards (in shares)		1,184,737
Ending balance (in shares) at Mar. 31, 2022		308,288,288
Ending balance at Mar. 31, 2022	$ 1,951	$ 3	2,038	150	(242)	2
Beginning balance (in shares) at Dec. 31, 2022	307,116,089	307,116,089
Beginning balance at Dec. 31, 2022	$ 2,150	$ 3	2,054	469	(377)	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	207			207
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments	(5)				(5)
Currency Translation Adjustment	25				24	1
Repurchase of Common Stock (in shares)		(1,210,000)
Repurchase of Common Stock	(29)		(7)	(22)
Dividends Declared	(31)			(31)
Recognition of Stock-Based Compensation, Net	$ (7)		(7)
Issuance of Shares for Stock-Based Awards (in shares)		1,221,873
Ending balance (in shares) at Mar. 31, 2023	307,187,962	307,127,962
Ending balance at Mar. 31, 2023	$ 2,310	$ 3	$ 2,040	$ 623	$ (358)	$ 2

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTEREST (Parenthetical) shares in Thousands	Mar. 31, 2023 shares
Statement of Stockholders' Equity [Abstract]
Shares repurchased not yet settled	60

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total
Net Income (Loss)	$ 207	$ 107
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments	(5)	13
Pension and Postretirement Benefit Plans		(9)
Currency Translation Adjustment	24	(22)
Total Other Comprehensive Loss, Net of Tax	19	(18)
Comprehensive Income (Loss)	226	$ 89
Noncontrolling Interest
Net Income	0
Currency Translation Adjustment	1
Total Other Comprehensive Income, Net of Tax	1
Total Comprehensive Income (Loss)	1
Total
Currency Translation Adjustment	25
Total Other Comprehensive Loss, Net of Tax	20
Total Comprehensive Income	$ 227

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 207	$ 107
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	139	139
Deferred Income Taxes	30	17
Amount of Postretirement Expense Greater (Less) Than Funding	1	(5)
Impairment Charges related to Divestiture	4	0
Other, Net	16	0
Changes in Operating Assets and Liabilities	(337)	(240)
Net Cash Provided by Operating Activities	60	18
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(189)	(221)
Packaging Machinery Spending	(7)	(2)
Acquisition of Businesses, Net of Cash Acquired	(100)	0
Beneficial Interest on Sold Receivables	30	31
Beneficial Interest Obtained in Exchange for Proceeds	(6)	(2)
Other, Net	(1)	(1)
Net Cash Used in Investing Activities	(273)	(195)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(28)	0
Payments on Debt	(5)	(3)
Borrowings under Revolving Credit Facilities	1,832	1,972
Payments on Revolving Credit Facilities	(1,569)	(1,812)
Repurchase of Common Stock related to Share-Based Payments	(20)	(17)
Dividends Paid	(31)	(23)
Other, Net	(2)	2
Net Cash Provided by Financing Activities	177	119
Effect of Exchange Rate Changes on Cash	1	(3)
Net Decrease in Cash and Cash Equivalents	(35)	(61)
Cash and Cash Equivalents at Beginning of Period (includes $5 million classified as held for sale as of December 31, 2022)	155	172
Cash and Cash Equivalents at End of Period (includes $7 million classified as held for sale as of March 31, 2023)	120	111
Beneficial Interest Obtained in Exchange for Trade Receivables	32	28
Non-cash Investing Activities:
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities	$ 26	$ 7

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents as held for sale	$ 7	$ 5

GENERAL INFORMATION

GENERAL INFORMATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL INFORMATION	GENERAL INFORMATION Nature of Business Graphic Packaging Holding Company (“GPHC” and, together with its subsidiaries, the “Company”) is committed to providing consumer packaging that makes a world of difference. The Company, a leading fiber-based consumer packaging provider, serves the world's most widely-recognized food, beverage, foodservice and other consumer products companies and brands. The Company operates on a global basis, is one of the largest producers of folding cartons and fiber-based foodservice products in the United States ("U.S.") and Europe, and holds leading market positions in coated-recycled paperboard ("CRB"), coated unbleached kraft paperboard ("CUK") and solid bleached sulfate paperboard ("SBS"). The Company’s customers include many of the world’s most widely recognized companies and brands with prominent market positions in beverage, food, foodservice, and other consumer products. The Company strives to provide its customers with innovative, fiber-based packaging solutions designed to deliver marketing and performance benefits at a competitive cost by capitalizing on its low-cost paperboard mills and global packaging network, its proprietary carton and packaging designs, and its commitment to quality, service, and environmental stewardship. The Company’s Condensed Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation. In the Company’s opinion, the accompanying Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the interim periods. The Company’s year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with the Company's 2022 Annual Report on Form 10-K for the year ended December 31, 2022. In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known. Revenue Recognition The Company has two primary activities, manufacturing and the converting of paperboard for and into fiber-based consumer packaging, from which it generates revenue from contracts with customers. Revenue is disaggregated primarily by geography and type of activity as further explained in " Note 10 - Segment Information. " All reportable segments and the Australia and Pacific Rim operating segments recognize revenue under the same method, allocate transaction price using similar methods, and have similar economic factors impacting the uncertainty of revenue and related cash flows. Revenue is recognized on the Company's annual and multi-year supply contracts when the Company satisfies the performance obligation by transferring control over the product or service to a customer, which is generally based on shipping terms and passage of title under the point-in-time method of recognition. For the three months ended March 31, 2023 and 2022, the Company recognized $2,428 million and $2,238 million, respectively, of revenue from contracts with customers. The transaction price allocated to each performance obligation consists of the stand-alone selling price, estimates of rebates and other sales or contract renewal incentives, and cash discounts and sales returns ("Variable Consideration") and excludes sales tax. Estimates are made for Variable Consideration based on contract terms and historical experience of actual results and are applied to the performance obligations as they are satisfied. Purchases by the Company’s principal customers are manufactured and shipped with minimal lead time, therefore performance obligations are generally satisfied shortly after manufacturing and shipment. The Company uses standard payment terms that are consistent with industry practice. The Company's contract assets consist primarily of contract renewal incentive payments to customers which are amortized over the period in which performance obligations related to the contract renewal are satisfied. As of March 31, 2023 and December 31, 2022, contract assets were $7 million and $8 million, respectively. The Company's contract liabilities consist principally of rebates, and as of March 31, 2023 and December 31, 2022 were $61 million and $65 million, respectively. Accounts Receivable and Allowances Accounts receivable are stated at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, and cash discounts. The allowance for doubtful accounts is estimated based on historical experience, current economic conditions and the creditworthiness of customers. Receivables are charged to the allowance when determined to be no longer collectible. The Company has entered into agreements to sell, on a revolving basis, certain trade accounts receivable to third party financial institutions. Transfers under these agreements meet the requirements to be accounted for as sales in accordance with the Transfers and Servicing topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification"). The loss on sale is not material and is included in Other Expense (Income), Net on the Condensed Consolidated Statements of Operations. The following table summarizes the activity under these programs for the three months ended March 31, 2023 and 2022, respectively: Three Months Ended March 31, In millions 2023 2022 Receivables Sold and Derecognized $ 1,016 $ 737 Proceeds Collected on Behalf of Financial Institutions 917 681 Net Proceeds Received From Financial Institutions 48 64 Deferred Purchase Price at March 31 (a) 9 3 Pledged Receivables at March 31 193 201 (a) Included in Other Current Assets on the Condensed Consolidated Balance Sheets and represents a beneficial interest in the receivables sold to the financial institutions, which is a Level 3 fair value measure. Receivables sold under all programs subject to continuing involvement, which consists principally of collection services, were $819 million and $753 million as of March 31, 2023 and December 31, 2022, respectively. Share Repurchases and Dividends On February 20, 2023, the Company's board of directors declared a regular quarterly dividend of $0.10 per share of common stock payable on April 5, 2023 to shareholders of record as of March 15, 2023. On January 28, 2019, the Company's board of directors authorized a share repurchase program to allow the Company to purchase up to $500 million of the Company's issued and outstanding shares of common stock through open market purchases, privately negotiated transactions and Rule 10b5-1 plans (the "2019 share repurchase program"). As of March 31, 2023, the Company has $90 million available for additional repurchases under the 2019 share repurchase program. The following table presents the Company's share repurchases for the three months ended March 31, 2023: Amount repurchased in millions, except share and per share amounts Amount Repurchased Number of Shares Repurchased Average Price, per Share 2023 (a) $ 29 1,210,000 $ 24.04 (a) Includes 60,000 shares repurchased but not yet settled as of March 31, 2023. Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net The following table summarizes the transactions recorded in Business Combinations and Shutdown and Other Special Charges, Net in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, In millions 2023 2022 Charges Associated with Business Combinations (a) $ — $ 8 Exit Activities (b) 11 7 Charges Associated with a Divestiture (c) 4 — Total $ 15 $ 15 (a) These costs relate to the Americraft Carton, Inc., AR Packaging Group AB and Tama Paperboard, LLC acquisitions. (b) 2023 charges relate to the Company's closures of its three smaller CRB mills (see "Note 13 - Exit Activities" ). (c) Relates to the Company's planned divestiture of its Russian business (see "Note 14 - Impairment and Divestiture of Russian Business" ). 2023 On January 31, 2023, the Company completed the acquisition of Tama Paperboard, LLC ("Tama"), a CRB mill located in Tama, Iowa, from Greif Packaging LLC for approximately $100 million. The acquisition is reported within the Paperboard Mills reportable segment. The costs associated with this acquisition were less than $1 million and are included in Charges Associated with Business Combinations in the table above. For more information, see "Note 3 - Business Combinations." On February 7, 2023, the Company announced an approximately $1 billion investment in a new CRB mill in Waco, Texas. In conjunction with the completion of this project, the company currently expects to close three of its smaller CRB mills in order to strategically expand capacity while lowering costs. Charges associated with this project are included in Exit Activities in the table above. For more information, see "Note 13 - Exit Activities." 2022 In March 2022, the Company announced its decision to close the Norwalk, Ohio packaging facility and closed the facility in September 2022. Severance charges associated with this project are included in Exit Activities in the table above. For more information, see "Note 13 - Exit Activities." Adoption of New Accounting Standards In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which is intended to enhance the transparency surrounding the use of supplier finance programs. Supplier finance programs may also be referred to as reverse factoring, payables finance, or structured payables arrangements. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods with those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. The Company adopted this standard in the first quarter of fiscal 2023 and did not result in any changes in accounting principle upon transition. The impact to the Company’s overall financial position and results of operations is immaterial. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method . This ASU expands and clarifies the portfolio layer method for fair value hedges of interest rate risk. The Company adopted this standard in the first quarter of fiscal 2023 with no material impact on the Company's financial position and results of operations. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Acquired Contract Assets and Contract Liabilities . Under the new guidance, the acquirer should determine what contract assets and/or contract liabilities it would have recorded under ASC 606 as of the acquisition date, as if the acquirer had entered into the original contract at the same date and on the same terms as the acquiree. The recognition and measurement of those contract assets and contract liabilities will likely be comparable to what the acquiree has recorded on its books under ASC 606 as of the acquisition date. The Company adopted this standard in the first quarter of fiscal 2023 with no material impact on the Company's financial position and results of operations. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES, NET	INVENTORIES, NET Inventories, Net by major class: In millions March 31, 2023 December 31, 2022 Finished Goods $ 577 $ 515 Work in Progress 219 218 Raw Materials 664 645 Supplies 240 228 Total $ 1,700 $ 1,606

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Tama Paperboard, LLC On January 31, 2023, the Company completed the acquisition of Tama Paperboard, LLC, a CRB mill located in Tama, Iowa, from Greif Packaging LLC for approximately $100 million, subject to customary working capital adjustments, using existing cash and borrowings under its revolving credit facility. The purchase price has been preliminarily allocated to assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, which is expected to be deductible for tax purposes, and is reported within the Paperboard Mills reportable segment. The allocation of the purchase price remains preliminary and is subject to further adjustments in subsequent periods, pending additional refinement and completion of valuations, including but not limited to valuations of property and equipment, customer relationships and other intangible assets.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Short-Term Debt and Current Portion of Long-Term Debt is comprised of the following: In millions March 31, 2023 December 31, 2022 Short-Term Borrowings $ 15 $ 16 Current Portion of Finance Lease Obligations 11 11 Current Portion of Long-Term Debt 31 26 Total Short-Term Debt and Current Portion of Long-Term Debt $ 57 $ 53 Long-Term Debt is comprised of the following: In millions March 31, 2023 December 31, 2022 Senior Notes with interest payable semi-annually at 0.821%, effective rate of 0.82%, payable in 2024 (a) $ 400 $ 400 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.14%, payable in 2024 (b) 300 300 Senior Notes with interest payable semi-annually at 1.512%, effective rate of 1.52%, payable in 2026 (a) 400 400 Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.79%, payable in 2027 (a) 300 300 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.53%, payable in 2028 (a) 450 450 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.54%, payable in 2029 (a) 350 350 Senior Notes (€290 million) with interest payable semi-annually at 2.625% , effective rate of 2.66%, payable in 2029 (a) 315 311 Senior Notes with interest payable semi-annually at 3.75% , effective rate of 3.79%, payable in 2030 (a) 400 400 Green Bond, net of unamortized premium with interest payable at 4.00%, effective rate of 1.72%, payable in 2026 (a) 108 108 Senior Secured Term Loan A-2 Facility with interest payable quarterly at 2.67%, effective rate of 2.68% payable in 2028 (a) 425 425 Senior Secured Term Loan A-3 Facility with interest payable monthly payable at floating rates (6.52% at March 31, 2023), effective rate of 6.55%, payable in 2028 (a) 250 250 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (6.27% at March 31, 2023) payable through 2026 (a) 526 529 Senior Secured Term Loan Facility (€210 million) with interest payable at various dates at floating rates (3.80% at March 31, 2023) payable through 2026 (a) 227 225 Senior Secured Revolving Credit Facilities with interest payable at floating rates (6.31% at March 31, 2023) payable in 2026 (a)(c) 900 634 Finance Leases an Financing Obligations 168 170 Other 14 15 Total Long-Term Debt Including Current Portion 5,533 5,267 Less: Current Portion 42 37 Total Long-term Debt Excluding Current Portion 5,491 5,230 Less: Unamortized Debt Deferred Issuance Costs 28 30 Total Long-Term Debt $ 5,463 $ 5,200 (a) Guaranteed by Graphic Packaging International Partners, LLC, a Delaware limited liability company and a wholly- owned subsidiary of the Company ("GPIP") and certain domestic subsidiaries. (b) Guaranteed by GPHC and certain domestic subsidiaries. (c) The weighted average effective interest rates for the Company’s Senior Secured Revolving Credit Facilities were 6.07% and 3.52% as of March 31, 2023 and December 31, 2022, respectively. 2023 On February 7, 2023, Graphic Packaging International, LLC, a Delaware limited liability company and a direct subsidiary of GPIP (“GPIL”) entered into Amendment No. 3 to the Fourth Amended and Restated Credit Agreement (the “Third Amendment”). The Third Amendment provides for a future replacement floating interest rate benchmark (the Canadian Overnight Repo Rate Average “CORRA”) to take effect upon the cessation of the Canadian Dollar Offered Rate (“CDOR”) for Canadian Dollar borrowings under the domestic revolving credit facility. The Third Amendment also modified the borrowing mechanics for certain term SOFR loans under the domestic revolving line of credit. At March 31, 2023, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities: In millions Total Commitments Total Outstanding Total Available (a) Senior Secured Domestic Revolving Credit Facility $ 1,850 $ 807 $ 1,020 Senior Secured International Revolving Credit Facility 197 93 104 Other International Facilities 73 29 44 Total $ 2,120 $ 929 $ 1,168 (a) In accordance with its debt agreements, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $23 million as of March 31, 2023. These letters of credit are primarily used as security against the Company's self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2023 unless extended. Covenant Agreements The Covenants in the Company's Fourth Amended and Restated Credit Agreement (as amended, the "Current Credit Agreement") and the indentures governing the 0.821% Senior Notes due 2024, 4.125% Senior Notes due 2024, 1.512% Senior Notes due 2026, 4.75% Senior Notes due 2027, 3.50% Senior Notes due 2028, 3.50% Senior Notes due 2029, 2.625% Senior Notes due 2029 and 3.75% Senior Notes due 2030 (the “Indentures”), limit the Company's ability to incur additional indebtedness. Additional covenants contained in the Current Credit Agreement and the Indentures may, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indentures, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities. As of March 31, 2023, the Company was in compliance with the covenants in the Current Credit Agreement and the Indentures.

STOCK INCENTIVE PLANS

STOCK INCENTIVE PLANS	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK INCENTIVE PLANS	STOCK INCENTIVE PLANS The Company has one active equity compensation plan from which new grants may be made, the Graphic Packaging Holding Company 2014 Omnibus Stock and Incentive Compensation Plan (the “2014 Plan”). The 2014 Plan allows for granting shares of stock, options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and other types of stock-based and cash awards. Awards under the 2014 Plan vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2014 Plan are from GPHC’s authorized but unissued shares. Compensation costs are recognized on a straight-line basis over the requisite service period of the award and are adjusted for actual performance for performance-based awards. As of March 31, 2023, there were 9.0 million shares remaining available to be granted under the 2014 Plan. Stock Awards, Restricted Stock and Restricted Stock Units Under the 2014 Plan and related RSU grant agreements, RSUs granted to employees generally vest and become payable in three years from date of grant. RSUs granted to employees generally contain some combination of service and performance objectives based on various financial targets and relative total shareholder return that must be met for the RSUs to vest. RSUs granted as deferred compensation for non-employee directors are fully vested but not payable until the distribution date elected by the director. Stock awards issued to non-employee directors as part of their compensation for service on the Board are unrestricted on the grant date. Data concerning RSUs and Stock Awards granted in the first three months of 2023 is as follows: Weighted Average Grant Date Fair Value Per Share RSUs — Employees and Non-Employee Directors 1,584,429 $ 23.69 During the three months ended March 31, 2023 and 2022, $13 million and $9 million, respectively, were charged to compensation expense for stock incentive plans and such amounts are included in Selling, General and Administrative expenses in the Condensed Consolidated Statements of Operations. During each of the three months ended March 31, 2023 and 2022, 1.2 million shares were issued. The shares issued were primarily related to RSUs granted to employees during 2020 and 2019.

PENSIONS AND OTHER POSTRETIREME

PENSIONS AND OTHER POSTRETIREMENT BENEFITS	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
PENSIONS AND OTHER POSTRETIREMENT BENEFITS	PENSIONS AND OTHER POSTRETIREMENT BENEFITS The Company maintains both defined benefit pension plans and postretirement health care plans that provide medical and life insurance coverage to eligible salaried and hourly retired employees in North America and their dependents. The Company maintains international defined benefit pension plans which are either noncontributory or contributory and are funded in accordance with applicable local laws. Pension or termination benefits are based primarily on years of service and the employee's compensation. Pension Expense The pension expenses related to the Company’s plans consisted of the following: Three Months Ended March 31, In millions 2023 2022 Components of Net Periodic Cost: Service Cost $ 2 $ 4 Interest Cost 5 3 Expected Return on Plan Assets (5) (6) Amortization: Actuarial Loss 1 1 Net Periodic Cost $ 3 $ 2 Employer Contributions The Company made $1 million and $7 million of contributions to its pension plans during the first three months of 2023 and 2022, respectively. In the first quarter of 2022, the Company made a $6 million contribution to its remaining U.S. defined benefit plan by effectively utilizing the excess balance related to the U.S. defined benefit plan terminated in 2020. The Company expects to make contributions in the range of $10 million to $20 million for the full year of 2023. The Company also made postretirement health care benefit payments of $1 million during the three months of 2023. For the full year 2023, the Company expects to make approximately $2 million contributions to its postretirement health care plans.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging topic of the FASB Codification and those not designated as hedging instruments under this guidance. The Company uses interest rate swaps, natural gas swap contracts and forward exchange contracts. These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss. These changes in fair value will subsequently be reclassified to earnings, contemporaneously with and offsetting changes in the related hedged exposure and presented in the same line of the income statement expected for the hedged item. For more information regarding the Company’s financial instruments and fair value measurement, see “ Note 10 - Financial Instruments, Derivatives and Hedging Activities ” and “ Note 11 - Fair Value Measurement ” of the Notes to the Consolidated Financial Statements of the Company's 2022 Annual Report on Form 10-K. Interest Rate Risk The Company uses interest rate swaps to manage interest rate risks on future interest payments caused by interest rate changes on its variable rate term loan facilities. Changes in fair value will subsequently be reclassified into earnings as a component of Interest Expense, Net as interest is incurred on amounts outstanding under the term loan facilities. The following table summarizes the Company's current interest rate swap positions as of March 31, 2023: Start End (In Millions) Weighted Average Interest Rate 04/03/2023 04/01/2024 $750 4.71% These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss. Ineffectiveness measured in the hedging relationship is recorded in earnings in the period it occurs. During the first three months of 2023, there were no amounts of ineffectiveness. Additionally, there were no amounts excluded from the measure of effectiveness. As of March 31, 2022, the Company had no outstanding interest rate swaps. The Company had interest rate swap positions with a notional value of $200 million which matured in January 2022. As discussed in " Note 8 - Income Taxes ", a $10 million expense was recorded in the three months ended March 31, 2022 to release the lingering tax expense remaining in Other Comprehensive Income after the settlement of these swaps. Commodity Risk To manage risks associated with future variability in cash flows and price risk attributable to purchases of natural gas, the Company enters into natural gas swap contracts to hedge prices for a designated percentage of its expected natural gas usage. Such contracts are designated as cash flow hedges. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss and resulting gain or loss reclassified into Cost of Sales concurrently with the recognition of the commodity consumed. The Company has hedged approximately 57% and 20% of its expected natural gas usage for the remainder of 2023 and 2024, respectively. During the first three months of 2023 and 2022, there were no amounts of ineffectiveness related to changes in the fair value of natural gas swap contracts. Additionally, there were no amounts excluded from the measure of effectiveness. Derivatives not Designated as Hedges The Company enters into forward exchange contracts to effectively hedge substantially all of its accounts receivables resulting from sales transactions and intercompany loans denominated in foreign currencies in order to manage risks associated with variability in cash flows that may be adversely affected by changes in exchange rates. At March 31, 2023 and December 31, 2022, multiple foreign currency forward exchange contracts existed, with maturities ranging up to three months. Those foreign currency exchange contracts outstanding at March 31, 2023 and December 31, 2022, when aggregated and measured in U.S. dollars at contractual rates at March 31, 2023 and December 31, 2022, had net notional amounts totaling $140 million and $111 million, respectively. Unrealized gains and losses resulting from these contracts are recognized in Other Expense (Income), Net and approximately offset corresponding recognized but unrealized gains and losses on the remeasurement of these accounts receivable. Fair Value of Financial Instruments The Company’s derivative instruments are carried at fair value. The Company has determined that the inputs to the valuation of these derivative instruments are Level 2 in the fair value hierarchy. Level 2 inputs are defined as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. The Company uses valuation techniques based on discounted cash flow analyses, which reflect the terms of the derivatives and use observable market-based inputs, including forward rates, and uses market price quotations obtained from independent derivatives brokers, corroborated with information obtained from independent pricing service providers. As of March 31, 2023, there has not been any significant impact to the fair value of the Company’s derivative liabilities due to its own credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on evaluation of the Company’s counterparties’ credit risks. As of March 31, 2023 and December 31, 2022, the Company had commodity contract derivative liabilities, which were included in Other Accrued Liabilities on the Condensed Consolidated Balance Sheet, of $19 million and $12 million, respectively. The fair values of the Company’s other financial assets and liabilities at March 31, 2023 and December 31, 2022 approximately equal the carrying values reported on the Condensed Consolidated Balance Sheets except for Long-Term Debt. The fair value of the Company’s Long-Term Debt (excluding finance leases and deferred financing fees) was $5,092 million and $4,749 million as compared to the carrying amounts of $5,365 million and $5,097 million as of March 31, 2023 and December 31, 2022, respectively. The fair value of the Company’s Total Debt, including the Senior Notes, is based on quoted market prices (Level 2 inputs). Level 2 valuation techniques for Long-Term Debt are based on quotations obtained from independent pricing service providers. Effect of Derivative Instruments The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Condensed Consolidated Statements of Operations is as follows: Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss Location in Statement of Operations Amount of (Gain) Loss Recognized in Statement of Operations Three Months Ended March 31, Three Months Ended March 31, In millions 2023 2022 2023 2022 Commodity Contracts $ 17 $ (6) Cost of Sales $ 11 $ (3) Interest Rate Swap Agreements 1 — Interest Expense, Net — — Total $ 18 $ (6) Total $ 11 $ (3) At March 31, 2023, the Company expects to reclassify $19 million of pre-tax gain in the next twelve months from Accumulated Other Comprehensive Loss to earnings, contemporaneously with and offsetting changes in the related hedged exposure. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions. The pre-tax effect of derivative instruments not designated as hedging instruments on the Company’s Condensed Consolidated Statements of Operations is as follows: Three Months Ended March 31, In millions 2023 2022 Foreign Currency Contracts Other Expense (Income), Net $ (3) $ (2)

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES During the three months ended March 31, 2023, the Company recognized Income Tax Expense of $64 million on Income before Income Taxes of $271 million. The effective tax rate for the three months ended March 31, 2023 is different from the statutory rate primarily due to discrete tax adjustments including a tax benefit of $2 million related to excess tax benefits on restricted stock that vested during the period in addition to the mix of earnings between foreign and domestic jurisdictions, including those with and without valuation allowances. During the three months ended March 31, 2022, the Company recognized Income Tax Expense of $46 million on Income before Income Taxes of $153 million. The effective tax rate for the three months ended March 31, 2022 was different from the statutory rate primarily due to discrete tax adjustments including tax expense of $10 million recorded to release the lingering tax expense remaining in Other Comprehensive Income after the settlement of certain swaps and a tax benefit of $2 million related to excess tax benefits on restricted stock that vested during the period.

ENVIRONMENTAL AND LEGAL MATTERS

ENVIRONMENTAL AND LEGAL MATTERS	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
ENVIRONMENTAL AND LEGAL MATTERS	ENVIRONMENTAL AND LEGAL MATTERS Environmental Matters The Company is subject to a broad range of foreign, federal, state and local environmental, health and safety laws and regulations, including those governing discharges to air, soil and water, the management, treatment and disposal of hazardous substances, solid waste and hazardous wastes, the investigation and remediation of contamination resulting from historical site operations and releases of hazardous substances, the recycling of packaging and the health and safety of employees. Compliance initiatives could result in significant costs, which could negatively impact the Company’s consolidated financial position, results of operations or cash flows. Any failure to comply with environmental or health and safety laws and regulations or any permits and authorizations required thereunder could subject the Company to fines, corrective action or other sanctions. Some of the Company’s current and former facilities are the subject of environmental investigations and remediations resulting from historical operations and the release of hazardous substances or other constituents. Some current and former facilities have a history of industrial usage for which investigation and remediation obligations may be imposed in the future or for which indemnification claims may be asserted against the Company. Also, closures or sales of facilities may necessitate further investigation and may result in remediation at those facilities. The Company has established reserves for those facilities or issues where a liability is probable and the costs are reasonably estimable. The Company believes that the amounts accrued for its loss contingencies, and the reasonably possible loss beyond the amounts accrued, are not material to the Company’s consolidated financial position, results of operations or cash flows. The Company cannot estimate with certainty other future compliance, investigation or remediation costs. Some costs relating to historic usage that the Company considers to be reasonably possible of resulting in liability are not quantifiable at this time. The Company will continue to monitor environmental issues at each of its facilities, as well as regulatory developments, and will revise its accruals, estimates and disclosures relating to past, present and future operations, as additional information is obtained. Legal Matters The Company is a party to a number of lawsuits arising in the ordinary conduct of its business. Although the timing and outcome of these lawsuits cannot be predicted with certainty, the Company does not believe that disposition of these lawsuits will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has three reportable segments as follows: Paperboard Mills includes the eight North American paperboard mills that produce primarily CRB, CUK, and SBS, which is consumed internally to produce paperboard packaging for the Americas and Europe Packaging segments. Paperboard not consumed internally is sold externally to a wide variety of paperboard packaging converters and brokers. The Paperboard Mills segment Net Sales represent the sale of paperboard only to external customers. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Paperboard Mills segment to reflect the economics of the integration of these segments. Americas Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to consumer packaged goods ("CPG") companies, and cups, lids and food containers sold primarily to foodservice companies and quick-service restaurants ("QSR"), serving the food, beverage, and consumer product markets in the Americas. Europe Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to CPG companies serving the food, beverage and consumer product markets including healthcare and beauty primarily in Europe. The Company allocates certain mill and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption includes the Pacific Rim and Australia operating segments and unallocated corporate and one-time costs. These segments are evaluated by the chief operating decision maker based primarily on Income from Operations, as adjusted for depreciation and amortization. The accounting policies of the reportable segments are the same as those described above in " Note 1 - General Information. " Segment information is as follows: Three Months Ended March 31, In millions 2023 2022 NET SALES: Paperboard Mills $ 316 $ 296 Americas Paperboard Packaging 1,544 1,422 Europe Paperboard Packaging 532 486 Corporate/Other/Eliminations (a) 46 41 Total $ 2,438 $ 2,245 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills (b)(c) $ 27 $ 11 Americas Paperboard Packaging 269 153 Europe Paperboard Packaging (d) 26 37 Corporate and Other (c) 8 (8) Total $ 330 $ 193 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 61 $ 61 Americas Paperboard Packaging 43 43 Europe Paperboard Packaging 27 29 Corporate and Other 8 6 Total $ 139 $ 139 (a) Includes revenue from customers for the Australia and Pacific Rim operating segments. (b) Includes accelerated depreciation related to exit activities in 2023 and 2022. (c) Includes expenses related to business combinations, shutdown and other special charges, and exit activities. (d) Includes impairment charges of $4 million related to Russia incurred in Q1 2023 (See " Note 14 - Impairment and Divestiture of Russian Business ").

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Three Months Ended March 31, In millions, except per share data 2023 2022 Net Income $ 207 $ 107 Weighted Average Shares: Basic 308.6 308.8 Dilutive Effect of RSUs 1.1 0.9 Diluted 309.7 309.7 Earnings Per Share — Basic $ 0.67 $ 0.35 Earnings Per Share — Diluted $ 0.67 $ 0.35

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS	CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS The following represents changes in Accumulated Other Comprehensive Loss attributable to Graphic Packaging Holding Company by component for the three months ended March 31, 2023: In millions, net of tax Derivative Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2022 $ (4) $ (103) $ (270) $ (377) Other Comprehensive (Loss) Income before Reclassifications (13) — 25 12 Amounts Reclassified from Accumulated Other Comprehensive (Loss) (a) 8 — — 8 Net Current-period Other Comprehensive (Loss) Income (5) — 25 20 Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest — — (1) (1) Balance at March 31, 2023 $ (9) $ (103) $ (246) $ (358) (a) See following table for details about these reclassifications. The following represents reclassifications out of Accumulated Other Comprehensive Loss for the three months ended March 31, 2023: In millions Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Income is Presented Derivatives Instruments: Commodity Contracts $ 11 Cost of Sales 11 Total before Tax (3) Tax Expense $ 8 Total, Net of Tax Amortization of Defined Benefit Pension Plans: Actuarial Losses $ 1 (a) $ 1 Total, Net of Tax Amortization of Postretirement Benefit Plans: Actuarial Gains $ (1) (a) $ (1) Total, Net of Tax Total Reclassifications for the Period $ 8 Total Net of Tax (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see “ Note 6 - Pensions and Other Postretirement Benefits ").

EXIT ACTIVITIES

EXIT ACTIVITIES	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
EXIT ACTIVITIES	EXIT ACTIVITIES In March 2022, the Company announced its decision to close the Norwalk, Ohio packaging facility and closed the facility in September 2022. The Company has incurred charges associated with this exit activity for post-employment benefits, retention bonuses and incentives, which are included in the Severance Costs and Other line item in the table below for the three months ended March 31, 2022. On February 7, 2023, the Company announced its plan to invest approximately $1 billion in a new CRB mill in Waco, Texas. In conjunction with this project, the Company expects to close three of its smaller CRB mills in order to strategically expand capacity while lowering costs. The costs associated with these exit activities are included in the table below for the three months ended March 31, 2023. During the three months ended March 31, 2023 and 2022, the Company recorded $13 million and $11 million of exit costs, respectively, associated with these restructurings. The following table summarizes the costs incurred during the three months ended March 31, 2023 and 2022 related to these restructurings: Three Months Ended March 31, In millions Location in Statement of Operations 2023 2022 Severance Costs and Other (a) Business Combinations and Shutdown and Other Special Charges, Net $ 8 $ 7 Asset Write-Offs and Start-Up Costs (b) Business Combinations and Shutdown and Other Special Charges, Net 3 — Accelerated Depreciation Cost of Sales 2 4 Total $ 13 $ 11 (a) Costs incurred include activities for post-employment benefits, retention bonuses, incentives and professional services (see " Note 1 - Business Combinations, Shutdown and Other Special Charges and Exit Activities, net" ). (b) Costs incurred include non-cash write-offs for items such as machinery, supplies and inventory. The following table summarizes the balance of accrued expenses related to restructuring: In millions Total Balance at December 31, 2022 $ 1 Costs Incurred 8 Payments — Adjustments (a) (1) Balance at March 31, 2023 $ 8 (a) Adjustments related to changes in estimates of severance costs. Due to the expected closures of the three CRB mills, the Company incurred charges for post-employment benefits, retention bonuses and incentives of $8 million, and accelerated depreciation and inventory and asset write-offs of $2 million through March 31, 2023. The Company expects to incur total charges associated with these exit activities for post-employment benefits, retention bonuses and incentives in the range of $20 million to $25 million and for accelerated depreciation and inventory and asset write-offs in the range of $40 million to $45 million through 2026. Additionally, the Company has incurred start-up charges for the new CRB paper machine of $1 million through March 31, 2023. The Company expects to incur total start-up charges of approximately $25 million to $30 million for the new CRB paper machine through 2026.

IMPAIRMENT AND DIVESTITURE OF R

IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS	IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESSIn the second quarter of 2022, the Company began the process of the divesting its interests in its two packaging facilities in Russia (the “Disposal Group”), which met the criteria to be considered a business, through a sale of 100% of the Disposal Group’s outstanding shares. The Company expects the sale to be completed in 2023. The assets and liabilities to be disposed of in connection with this transaction met the held for sale criteria as of March 31, 2023. The carrying value of the net assets held for sale, inclusive of the cumulative translation adjustment balance attributable to the business, was greater than their fair value, less costs to sell, resulting in a pre-tax loss of $88 million (includes $4 million of impairment charges incurred in Q1 2023), which is included in the Business, Combinations, Shutdown and Other Special Charges, and Exit Activities, Net in the Condensed Consolidated Statement of Operations. The assets related to the sale, inclusive of the valuation allowance, and liabilities related to the sale were classified as Other Current Assets and Other Accrued Liabilities, respectively, within the Condensed Consolidated Balance Sheet as of March 31, 2023. Excluded from the assets classified as held for sale within the Condensed Consolidated Balance Sheet is an intercompany note receivable totaling $33 million from the Company to the Disposal Group. The intercompany note will be sold as part of the transaction and, thus, should be considered when calculating the carrying value of the Disposal Group and the allowance to adjust the carrying value to the fair value less costs to sell. Upon consummation of the sale of the Disposal Group, the Company will reclassify this note from intercompany to the applicable liability line item in the Condensed Consolidated Balance Sheet as it will represent a liability to an external third party. The cumulative translation adjustment attributable to the business of $3 million is included within Accumulated Other Comprehensive Loss within the Condensed Consolidated Balance Sheet as of March 31, 2023. Goodwill totaling $12 million associated with the Disposal Group was determined to be impaired through March 31, 2023. As the sale of the Disposal Group is not considered a strategic shift that will have a major effect on the Company’s operations or financial results, it was not reported as discontinued operations. The Company will continue to evaluate the Disposal Group for future impairments until it is sold. The Disposal Group is reported within the Europe Paperboard Packaging segment. The following table summarizes the Company’s assets and liabilities held for sale by major class: In millions March 31, 2023 Cash and Cash Equivalents $ 7 Receivables, Net 16 Inventories, Net 20 Property, Plant and Equipment, Net 24 Intangible Assets, Net 15 Assets Held for Sale 82 Valuation Allowance to Adjust Carrying Value of Russian Operations to Fair Value Less Costs to Sell (88) Total Assets Held for Sale, Net Included in Other Current Assets $ (6) Accounts Payable 7 Other Accrued Liabilities 1 Deferred Income Tax Liabilities 7 Total Liabilities Held for Sale Included in Other Accrued Liabilities $ 15

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On May 2, 2023, the Company announced its decision to close its CRB mill located in Tama, Iowa in Q2 2023.

GENERAL INFORMATION (Policies)

GENERAL INFORMATION (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The Company’s Condensed Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation.In the Company’s opinion, the accompanying Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the interim periods. The Company’s year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements.
Basis of Accounting	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with the Company's 2022 Annual Report on Form 10-K for the year ended December 31, 2022.
Use of Estimates	In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known.
Revenue Recognition	Revenue Recognition The Company has two primary activities, manufacturing and the converting of paperboard for and into fiber-based consumer packaging, from which it generates revenue from contracts with customers. Revenue is disaggregated primarily by geography and type of activity as further explained in " Note 10 - Segment Information. " All reportable segments and the Australia and Pacific Rim operating segments recognize revenue under the same method, allocate transaction price using similar methods, and have similar economic factors impacting the uncertainty of revenue and related cash flows.
Accounts Receivable and Allowances	Accounts Receivable and Allowances Accounts receivable are stated at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, and cash discounts. The allowance for doubtful accounts is estimated based on historical experience, current economic conditions and the creditworthiness of customers. Receivables are charged to the allowance when determined to be no longer collectible. The Company has entered into agreements to sell, on a revolving basis, certain trade accounts receivable to third party financial institutions. Transfers under these agreements meet the requirements to be accounted for as sales in accordance with the Transfers and Servicing
Adoption of New Accounting Standards and Accounting Standards Not Yet Adopted	Adoption of New Accounting Standards In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which is intended to enhance the transparency surrounding the use of supplier finance programs. Supplier finance programs may also be referred to as reverse factoring, payables finance, or structured payables arrangements. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods with those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. The Company adopted this standard in the first quarter of fiscal 2023 and did not result in any changes in accounting principle upon transition. The impact to the Company’s overall financial position and results of operations is immaterial. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method . This ASU expands and clarifies the portfolio layer method for fair value hedges of interest rate risk. The Company adopted this standard in the first quarter of fiscal 2023 with no material impact on the Company's financial position and results of operations. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Acquired Contract Assets and Contract Liabilities . Under the new guidance, the acquirer should determine what contract assets and/or contract liabilities it would have recorded under ASC 606 as of the acquisition date, as if the acquirer had entered into the original contract at the same date and on the same terms as the acquiree. The recognition and measurement of those contract assets and contract liabilities will likely be comparable to what the acquiree has recorded on its books under ASC 606 as of the acquisition date. The Company adopted this standard in the first quarter of fiscal 2023 with no material impact on the Company's financial position and results of operations. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

GENERAL INFORMATION (Tables)

GENERAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Transfer of Financial Assets Accounted for as Sales	The following table summarizes the activity under these programs for the three months ended March 31, 2023 and 2022, respectively: Three Months Ended March 31, In millions 2023 2022 Receivables Sold and Derecognized $ 1,016 $ 737 Proceeds Collected on Behalf of Financial Institutions 917 681 Net Proceeds Received From Financial Institutions 48 64 Deferred Purchase Price at March 31 (a) 9 3 Pledged Receivables at March 31 193 201 (a) Included in Other Current Assets on the Condensed Consolidated Balance Sheets and represents a beneficial interest in the receivables sold to the financial institutions, which is a Level 3 fair value measure.
Schedule of Restructuring and Other Special Charges	The following table summarizes the transactions recorded in Business Combinations and Shutdown and Other Special Charges, Net in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, In millions 2023 2022 Charges Associated with Business Combinations (a) $ — $ 8 Exit Activities (b) 11 7 Charges Associated with a Divestiture (c) 4 — Total $ 15 $ 15 (a) These costs relate to the Americraft Carton, Inc., AR Packaging Group AB and Tama Paperboard, LLC acquisitions. (b) 2023 charges relate to the Company's closures of its three smaller CRB mills (see "Note 13 - Exit Activities" ). (c) Relates to the Company's planned divestiture of its Russian business (see "Note 14 - Impairment and Divestiture of Russian Business" ).
Schedule Of Share Repurchases During The Period	The following table presents the Company's share repurchases for the three months ended March 31, 2023: Amount repurchased in millions, except share and per share amounts Amount Repurchased Number of Shares Repurchased Average Price, per Share 2023 (a) $ 29 1,210,000 $ 24.04 (a) Includes 60,000 shares repurchased but not yet settled as of March 31, 2023.

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories, Net by Major Class	Inventories, Net by major class: In millions March 31, 2023 December 31, 2022 Finished Goods $ 577 $ 515 Work in Progress 219 218 Raw Materials 664 645 Supplies 240 228 Total $ 1,700 $ 1,606

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Short-Term Debt and Current Portion of Long-Term Debt is comprised of the following: In millions March 31, 2023 December 31, 2022 Short-Term Borrowings $ 15 $ 16 Current Portion of Finance Lease Obligations 11 11 Current Portion of Long-Term Debt 31 26 Total Short-Term Debt and Current Portion of Long-Term Debt $ 57 $ 53
Schedule of Long-term Debt Instruments	Long-Term Debt is comprised of the following: In millions March 31, 2023 December 31, 2022 Senior Notes with interest payable semi-annually at 0.821%, effective rate of 0.82%, payable in 2024 (a) $ 400 $ 400 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.14%, payable in 2024 (b) 300 300 Senior Notes with interest payable semi-annually at 1.512%, effective rate of 1.52%, payable in 2026 (a) 400 400 Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.79%, payable in 2027 (a) 300 300 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.53%, payable in 2028 (a) 450 450 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.54%, payable in 2029 (a) 350 350 Senior Notes (€290 million) with interest payable semi-annually at 2.625% , effective rate of 2.66%, payable in 2029 (a) 315 311 Senior Notes with interest payable semi-annually at 3.75% , effective rate of 3.79%, payable in 2030 (a) 400 400 Green Bond, net of unamortized premium with interest payable at 4.00%, effective rate of 1.72%, payable in 2026 (a) 108 108 Senior Secured Term Loan A-2 Facility with interest payable quarterly at 2.67%, effective rate of 2.68% payable in 2028 (a) 425 425 Senior Secured Term Loan A-3 Facility with interest payable monthly payable at floating rates (6.52% at March 31, 2023), effective rate of 6.55%, payable in 2028 (a) 250 250 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (6.27% at March 31, 2023) payable through 2026 (a) 526 529 Senior Secured Term Loan Facility (€210 million) with interest payable at various dates at floating rates (3.80% at March 31, 2023) payable through 2026 (a) 227 225 Senior Secured Revolving Credit Facilities with interest payable at floating rates (6.31% at March 31, 2023) payable in 2026 (a)(c) 900 634 Finance Leases an Financing Obligations 168 170 Other 14 15 Total Long-Term Debt Including Current Portion 5,533 5,267 Less: Current Portion 42 37 Total Long-term Debt Excluding Current Portion 5,491 5,230 Less: Unamortized Debt Deferred Issuance Costs 28 30 Total Long-Term Debt $ 5,463 $ 5,200 (a) Guaranteed by Graphic Packaging International Partners, LLC, a Delaware limited liability company and a wholly- owned subsidiary of the Company ("GPIP") and certain domestic subsidiaries. (b) Guaranteed by GPHC and certain domestic subsidiaries.
Schedule of Credit Facilities	At March 31, 2023, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities: In millions Total Commitments Total Outstanding Total Available (a) Senior Secured Domestic Revolving Credit Facility $ 1,850 $ 807 $ 1,020 Senior Secured International Revolving Credit Facility 197 93 104 Other International Facilities 73 29 44 Total $ 2,120 $ 929 $ 1,168 (a) In accordance with its debt agreements, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $23 million as of March 31, 2023. These letters of credit are primarily used as security against the Company's self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2023 unless extended.

STOCK INCENTIVE PLANS (Tables)

STOCK INCENTIVE PLANS (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
RSUs and Stock Awards Granted	Data concerning RSUs and Stock Awards granted in the first three months of 2023 is as follows: Weighted Average Grant Date Fair Value Per Share RSUs — Employees and Non-Employee Directors 1,584,429 $ 23.69

PENSIONS AND OTHER POSTRETIRE_2

PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The pension expenses related to the Company’s plans consisted of the following: Three Months Ended March 31, In millions 2023 2022 Components of Net Periodic Cost: Service Cost $ 2 $ 4 Interest Cost 5 3 Expected Return on Plan Assets (5) (6) Amortization: Actuarial Loss 1 1 Net Periodic Cost $ 3 $ 2

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Interest Rate Swap Positions	The following table summarizes the Company's current interest rate swap positions as of March 31, 2023: Start End (In Millions) Weighted Average Interest Rate 04/03/2023 04/01/2024 $750 4.71%
Effect of Derivative Instruments	The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Condensed Consolidated Statements of Operations is as follows: Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss Location in Statement of Operations Amount of (Gain) Loss Recognized in Statement of Operations Three Months Ended March 31, Three Months Ended March 31, In millions 2023 2022 2023 2022 Commodity Contracts $ 17 $ (6) Cost of Sales $ 11 $ (3) Interest Rate Swap Agreements 1 — Interest Expense, Net — — Total $ 18 $ (6) Total $ 11 $ (3) The pre-tax effect of derivative instruments not designated as hedging instruments on the Company’s Condensed Consolidated Statements of Operations is as follows: Three Months Ended March 31, In millions 2023 2022 Foreign Currency Contracts Other Expense (Income), Net $ (3) $ (2)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information is as follows: Three Months Ended March 31, In millions 2023 2022 NET SALES: Paperboard Mills $ 316 $ 296 Americas Paperboard Packaging 1,544 1,422 Europe Paperboard Packaging 532 486 Corporate/Other/Eliminations (a) 46 41 Total $ 2,438 $ 2,245 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills (b)(c) $ 27 $ 11 Americas Paperboard Packaging 269 153 Europe Paperboard Packaging (d) 26 37 Corporate and Other (c) 8 (8) Total $ 330 $ 193 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 61 $ 61 Americas Paperboard Packaging 43 43 Europe Paperboard Packaging 27 29 Corporate and Other 8 6 Total $ 139 $ 139 (a) Includes revenue from customers for the Australia and Pacific Rim operating segments. (b) Includes accelerated depreciation related to exit activities in 2023 and 2022. (c) Includes expenses related to business combinations, shutdown and other special charges, and exit activities. (d) Includes impairment charges of $4 million related to Russia incurred in Q1 2023 (See " Note 14 - Impairment and Divestiture of Russian Business ").

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share, Basic and Diluted	Three Months Ended March 31, In millions, except per share data 2023 2022 Net Income $ 207 $ 107 Weighted Average Shares: Basic 308.6 308.8 Dilutive Effect of RSUs 1.1 0.9 Diluted 309.7 309.7 Earnings Per Share — Basic $ 0.67 $ 0.35 Earnings Per Share — Diluted $ 0.67 $ 0.35

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule Of Changes In Accumulated Other Comprehensive Loss	The following represents changes in Accumulated Other Comprehensive Loss attributable to Graphic Packaging Holding Company by component for the three months ended March 31, 2023: In millions, net of tax Derivative Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2022 $ (4) $ (103) $ (270) $ (377) Other Comprehensive (Loss) Income before Reclassifications (13) — 25 12 Amounts Reclassified from Accumulated Other Comprehensive (Loss) (a) 8 — — 8 Net Current-period Other Comprehensive (Loss) Income (5) — 25 20 Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest — — (1) (1) Balance at March 31, 2023 $ (9) $ (103) $ (246) $ (358) (a) See following table for details about these reclassifications.
Reclassifications Out Of AOCI	The following represents reclassifications out of Accumulated Other Comprehensive Loss for the three months ended March 31, 2023: In millions Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Income is Presented Derivatives Instruments: Commodity Contracts $ 11 Cost of Sales 11 Total before Tax (3) Tax Expense $ 8 Total, Net of Tax Amortization of Defined Benefit Pension Plans: Actuarial Losses $ 1 (a) $ 1 Total, Net of Tax Amortization of Postretirement Benefit Plans: Actuarial Gains $ (1) (a) $ (1) Total, Net of Tax Total Reclassifications for the Period $ 8 Total Net of Tax (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see “ Note 6 - Pensions and Other Postretirement Benefits ").

EXIT ACTIVITIES (Tables)

EXIT ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the costs incurred during the three months ended March 31, 2023 and 2022 related to these restructurings: Three Months Ended March 31, In millions Location in Statement of Operations 2023 2022 Severance Costs and Other (a) Business Combinations and Shutdown and Other Special Charges, Net $ 8 $ 7 Asset Write-Offs and Start-Up Costs (b) Business Combinations and Shutdown and Other Special Charges, Net 3 — Accelerated Depreciation Cost of Sales 2 4 Total $ 13 $ 11 (a) Costs incurred include activities for post-employment benefits, retention bonuses, incentives and professional services (see " Note 1 - Business Combinations, Shutdown and Other Special Charges and Exit Activities, net" ). (b) Costs incurred include non-cash write-offs for items such as machinery, supplies and inventory.
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes the balance of accrued expenses related to restructuring: In millions Total Balance at December 31, 2022 $ 1 Costs Incurred 8 Payments — Adjustments (a) (1) Balance at March 31, 2023 $ 8 (a) Adjustments related to changes in estimates of severance costs.

IMPAIRMENT AND DIVESTITURE OF_2

IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule Of Disposal Groups, Including Discontinued Operations	The following table summarizes the Company’s assets and liabilities held for sale by major class: In millions March 31, 2023 Cash and Cash Equivalents $ 7 Receivables, Net 16 Inventories, Net 20 Property, Plant and Equipment, Net 24 Intangible Assets, Net 15 Assets Held for Sale 82 Valuation Allowance to Adjust Carrying Value of Russian Operations to Fair Value Less Costs to Sell (88) Total Assets Held for Sale, Net Included in Other Current Assets $ (6) Accounts Payable 7 Other Accrued Liabilities 1 Deferred Income Tax Liabilities 7 Total Liabilities Held for Sale Included in Other Accrued Liabilities $ 15

GENERAL INFORMATION - Narrative

GENERAL INFORMATION - Narrative (Details)				3 Months Ended
	Feb. 20, 2023 $ / shares	Feb. 07, 2023 USD ($) mill	Jan. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jan. 28, 2019 USD ($)
Equity, Class of Treasury Stock [Line Items]
Shares repurchased, value				$ 29,000,000
Cash dividends declared (in dollars per share) | $ / shares	$ 0.10
Facility Closing
Equity, Class of Treasury Stock [Line Items]
Number of mills expected to be closed | mill		3
CRB Mill
Equity, Class of Treasury Stock [Line Items]
Investments		$ 1,000,000,000
Tama Paperboard, LLC
Equity, Class of Treasury Stock [Line Items]
Total purchase consideration			$ 100,000,000
Acquisition related costs			$ 1,000,000
Share Repurchase Program 2019
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount					$ 500,000,000
Stock repurchase program, remaining authorized repurchase amount				$ 90,000,000

GENERAL INFORMATION - Revenue R

GENERAL INFORMATION - Revenue Recognition (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) revenueGeneratingActivity	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of revenue generating activities | revenueGeneratingActivity	2
Net sales	$ 2,428	$ 2,238
Contract assets	7		$ 8
Contract liabilities	$ 61		$ 65

GENERAL INFORMATION - Accounts

GENERAL INFORMATION - Accounts Receivable and Allowances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Receivables Sold and Derecognized	$ 1,016	$ 737
Proceeds Collected on Behalf of Financial Institutions	917	681
Net Proceeds Received From Financial Institutions	48	64
Deferred Purchase Price at March 31	9	3
Pledged Receivables at March 31	193	201
Amount transferred subject to continuing involvement	819		$ 753
Receivables sold	301	$ 674
Accounts payable	$ 35		$ 34

GENERAL INFORMATION - Schedule

GENERAL INFORMATION - Schedule of Share Repurchases (Details) - Share Repurchase Program 2019 $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Equity, Class of Treasury Stock [Line Items]
Amount Repurchased | $	$ 29
Number of Shares Repurchased (in shares)	1,210
Average Price, per Share (in dollars per share) | $ / shares	$ 24.04
Shares repurchased but not yet settled (in shares)	60

GENERAL INFORMATION - Business

GENERAL INFORMATION - Business Combinations and Shutdown and Other Special Charges, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Charges Associated with Business Combinations	$ 0	$ 8
Exit Activities	11	7
Charges Associated with a Divestiture	4	0
Total	$ 15	$ 15

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished Goods	$ 577	$ 515
Work in Progress	219	218
Raw Materials	664	645
Supplies	240	228
Total	$ 1,700	$ 1,606

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) $ in Millions	Jan. 31, 2023 USD ($)
Tama Paperboard, LLC
Business Acquisition [Line Items]
Total purchase consideration	$ 100

DEBT - Short-Term Debt (Details

DEBT - Short-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Short-Term Borrowings	$ 15	$ 16
Current Portion of Finance Lease Obligations	11	11
Current Portion of Long-Term Debt	31	26
Total Short-Term Debt and Current Portion of Long-Term Debt	$ 57	$ 53

DEBT - Long-Term Debt (Details)

DEBT - Long-Term Debt (Details) $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 5,365		$ 5,097
Finance Leases an Financing Obligations	168		170
Total Long-Term Debt Including Current Portion	5,533		5,267
Less: Current Portion	42		37
Total Long-term Debt Excluding Current Portion	5,491		5,230
Less: Unamortized Debt Deferred Issuance Costs	28		30
Total Long-Term Debt	$ 5,463		5,200
3.75% Senior Unsecured Notes due 2030
Debt Instrument [Line Items]
Stated interest rate	3.75%	3.75%
Senior Notes | 0.821% Senior Notes Due in 2024
Debt Instrument [Line Items]
Long-term debt	$ 400		400
Stated interest rate	0.821%	0.821%
Interest rate at period end	0.82%	0.82%
Senior Notes | 4.125% Senior Notes Due in 2024
Debt Instrument [Line Items]
Long-term debt	$ 300		300
Stated interest rate	4.125%	4.125%
Interest rate at period end	4.14%	4.14%
Senior Notes | 1.512% Senior Notes Due In 2026
Debt Instrument [Line Items]
Long-term debt	$ 400		400
Stated interest rate	1.512%	1.512%
Interest rate at period end	1.52%	1.52%
Senior Notes | 4.75 % Senior Notes Due in 2027
Debt Instrument [Line Items]
Long-term debt	$ 300		300
Stated interest rate	4.75%	4.75%
Interest rate at period end	4.79%	4.79%
Senior Notes | 3.50% Senior Notes Due in 2028
Debt Instrument [Line Items]
Long-term debt	$ 450		450
Stated interest rate	3.50%	3.50%
Interest rate at period end	3.53%	3.53%
Senior Notes | 3.50% Senior Notes Due in 2029
Debt Instrument [Line Items]
Long-term debt	$ 350		350
Stated interest rate	3.50%	3.50%
Interest rate at period end	3.54%	3.54%
Senior Notes | 2.625% Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt	$ 315		311
Stated interest rate	2.625%	2.625%
Interest rate at period end	2.66%	2.66%
Senior Notes | 3.75% Senior Unsecured Notes due 2030
Debt Instrument [Line Items]
Long-term debt	$ 400		400
Stated interest rate	3.75%	3.75%
Interest rate at period end	3.79%	3.79%
Senior Notes | Two Point Six Two Five Percent Euro Note Due 2030
Debt Instrument [Line Items]
Aggregate principal amount | €		€ 290,000,000
Bonds | Tax Exempt Green Bonds
Debt Instrument [Line Items]
Long-term debt	$ 108		108
Stated interest rate	4%	4%
Interest rate at period end	1.72%	1.72%
Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 526		529
Interest rate at period end	6.27%	6.27%
Term Loan | Senior Secured Term Loan A-2 Facility
Debt Instrument [Line Items]
Long-term debt	$ 425		425
Stated interest rate	2.67%	2.67%
Interest rate at period end	2.68%	2.68%
Term Loan | Term A-3 Facility
Debt Instrument [Line Items]
Long-term debt	$ 250		250
Stated interest rate	6.52%	6.52%
Interest rate at period end	6.55%	6.55%
Term Loan | Euro Note
Debt Instrument [Line Items]
Long-term debt	$ 227		225
Stated interest rate	3.80%	3.80%
Term Loan | Euro Term Loan
Debt Instrument [Line Items]
Aggregate principal amount | €		€ 210,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 900		$ 634
Interest rate at period end	6.07%	6.07%	3.52%
Line of credit interest rate at period end	6.31%	6.31%
Other Debt
Debt Instrument [Line Items]
Other	$ 14		$ 15

DEBT - Additional Information (

DEBT - Additional Information (Details)	Mar. 31, 2023
Senior Notes with interest payable semi-annually at 0.821%, effective rate of 0.82%, payable in 2024 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	0.821%
4.125% Senior Notes Due in 2024 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.125%
Senior Notes with interest payable semi-annually at 1.512%, effective rate of 1.52%, payable in 2026 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	1.512%
4.75 % Senior Notes Due in 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.75%
3.50% Senior Notes Due in 2028 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.50%
3.50% Senior Notes Due in 2029 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.50%
2.625% Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	2.625%
3.75% Senior Unsecured Notes due 2030
Debt Instrument [Line Items]
Stated interest rate	3.75%
3.75% Senior Unsecured Notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.75%

DEBT - Credit Facilities - Comm

DEBT - Credit Facilities - Commitments, Amounts Outstanding, and Amounts Available (Details) $ in Millions	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Total Commitments	$ 2,120
Total Outstanding	929
Total Available	1,168
Standby letters of credit issued	23
Senior Secured Domestic Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Commitments	1,850
Total Outstanding	807
Total Available	1,020
Senior Secured International Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Commitments	197
Total Outstanding	93
Total Available	104
Other International Facilities
Line of Credit Facility [Line Items]
Total Commitments	73
Total Outstanding	29
Total Available	$ 44

STOCK INCENTIVE PLANS - Additio

STOCK INCENTIVE PLANS - Additional Information (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) compensationPlan shares	Mar. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active equity compensation plans | compensationPlan	1
Recognized share-based compensation expense | $	$ 13	$ 9
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	9
2014 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)	1.2	1.2

STOCK INCENTIVE PLANS - RSUs an

STOCK INCENTIVE PLANS - RSUs and Stock Awards Granted (Details) - RSUs - Employees and Non-Employee Directors - Employees and Non-Employee Directors	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during period (in shares) | shares	1,584,429
Weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 23.69

PENSIONS AND OTHER POSTRETIRE_3

PENSIONS AND OTHER POSTRETIREMENT BENEFITS - Net Periodic Cost (Details) - Pension Benefit Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of Net Periodic Cost:
Service Cost	$ 2	$ 4
Interest Cost	5	3
Expected Return on Plan Assets	(5)	(6)
Amortization:
Actuarial Loss	1	1
Net Periodic Cost	$ 3	$ 2

PENSIONS AND OTHER POSTRETIRE_4

PENSIONS AND OTHER POSTRETIREMENT BENEFITS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2023
Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Company's contributions to its pension plans	$ 1	$ 7
Contribution to defined benefit plan utilizing funds from terminated plan		$ 6
Pension Benefit Plans | Minimum | Forecast
Defined Benefit Plan Disclosure [Line Items]
Expected contributions			$ 10
Pension Benefit Plans | Maximum | Forecast
Defined Benefit Plan Disclosure [Line Items]
Expected contributions			20
Postretirement Health Coverage
Defined Benefit Plan Disclosure [Line Items]
Benefit payments made	$ 1
Postretirement Health Coverage | Forecast
Defined Benefit Plan Disclosure [Line Items]
Expected contributions			$ 2

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT - Schedule Of Interest Rate Swap Positions (Details) $ in Millions	Mar. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount	$ 750
Weighted Average Interest Rate	4.71%

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Rate Risk
Notional amount		$ 750,000,000
Income tax expense (benefit)		64,000,000	$ 46,000,000
Derivatives not Designated as Hedges
Notional Amount		750,000,000
Fair Value Disclosures [Abstract]
Fair value of long-term debt		5,092,000,000			$ 4,749,000,000
Carrying value of long-term debt		$ 5,365,000,000			$ 5,097,000,000
Not Designated as Hedging Instrument | Maximum
Derivatives not Designated as Hedges
Foreign currency forward exchange contract term		3 months			3 months
Interest Rate Swap
Interest Rate Risk
Notional amount			0			$ 200,000,000
Income tax expense (benefit)		$ 10,000,000
Derivatives not Designated as Hedges
Notional Amount			0			$ 200,000,000
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging
Interest Rate Risk
Amounts excluded from effectiveness		0
Amounts excluded from the measure of effectiveness		0
Commodity Risk
Amounts excluded from effectiveness		0
Amounts excluded from the measure of effectiveness		0
Commodity Contracts | Cash Flow Hedging | Forecast
Commodity Risk
Percentage of expected natural gas usage hedged	2,000%			5,700%
Commodity Contracts | Designated as Hedging Instrument | Accrued Liabilities
Fair Value Disclosures [Abstract]
Derivative liabilities		19,000,000			$ 12,000,000
Commodity Contracts | Designated as Hedging Instrument | Cash Flow Hedging
Interest Rate Risk
Amounts excluded from effectiveness		0	0
Amounts excluded from the measure of effectiveness		0	0
Commodity Risk
Amounts excluded from effectiveness		0	0
Amounts excluded from the measure of effectiveness		0	$ 0
Foreign Exchange Forward | Not Designated as Hedging Instrument
Interest Rate Risk
Notional amount		140,000,000			111,000,000
Derivatives not Designated as Hedges
Notional Amount		$ 140,000,000			$ 111,000,000

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT - Effect of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	$ 18	$ (6)
Amount of (Gain) Loss Recognized in Statement of Operations	11	(3)
Expected reclassification of pre-tax gain in the next twelve months from ACOL to earnings	19
Commodity Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	17	(6)
Commodity Contracts | Cost of Sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Statement of Operations	11	(3)
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	1	0
Interest Rate Swap | Interest Expense, Net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Statement of Operations	0	0
Interest Rate Swap Agreements | Other Expense (Income), Net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign Currency Contracts	$ (3)	$ (2)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Tax Credit Carryforward [Line Items]
Income tax expense (benefit)	$ 64	$ 46
Income before income taxes	271	153
Change in enacted tax rate	2	2
Interest Rate Swap
Tax Credit Carryforward [Line Items]
Income tax expense (benefit)	$ 10
Discrete tax expense attributable to noncontrolling interest and differences between Foreign and Domestic Tax Jurisdictions		$ 10

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 paperboard_mill segment
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Number of paperboard mills | paperboard_mill	8

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 2,428	$ 2,238
Net sales	2,438	2,245
Income (loss) from operations	330	193
Depreciation and amortization	139	139
RUSSIAN FEDERATION
Segment Reporting Information [Line Items]
Impairment charges	4
Corporate/Other/Eliminations
Segment Reporting Information [Line Items]
Net sales	46	41
Income (loss) from operations	8	(8)
Depreciation and amortization	8	6
Paperboard Mills | Operating Segments
Segment Reporting Information [Line Items]
Net sales	316	296
Income (loss) from operations	27	11
Depreciation and amortization	61	61
Americas Paperboard Packaging | Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,544	1,422
Income (loss) from operations	269	153
Depreciation and amortization	43	43
Europe Paperboard Packaging | Operating Segments
Segment Reporting Information [Line Items]
Net sales	532	486
Income (loss) from operations	26	37
Depreciation and amortization	$ 27	$ 29

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income	$ 207	$ 107
Weighted Average Shares:
Basic (shares)	308.6	308.8
Dilutive effect of RSUs (shares)	1.1	0.9
Diluted (shares)	309.7	309.7
Earnings Per Share — Basic (in dollars per share)	$ 0.67	$ 0.35
Earnings Per Share — Diluted (in dollars per share)	$ 0.67	$ 0.35

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Changes in AOCI (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 2,150
Other Comprehensive (Loss) Income before Reclassifications	12
Amounts Reclassified from Accumulated Other Comprehensive Loss	8
Net Current-period Other Comprehensive (Loss) Income	20
Less:
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest	20
Ending balance	2,310
Derivative Instruments
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(4)
Other Comprehensive (Loss) Income before Reclassifications	(13)
Amounts Reclassified from Accumulated Other Comprehensive Loss	8
Net Current-period Other Comprehensive (Loss) Income	(5)
Less:
Ending balance	(9)
Derivative Instruments, Noncontrolling Interest
Less:
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest	0
Pension and Postretirement Benefit Plans
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(103)
Other Comprehensive (Loss) Income before Reclassifications	0
Amounts Reclassified from Accumulated Other Comprehensive Loss	0
Net Current-period Other Comprehensive (Loss) Income	0
Less:
Ending balance	(103)
Pension and Postretirement Benefit Plans, Noncontrolling Interest
Less:
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest	0
Currency Translation Adjustments
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(270)
Other Comprehensive (Loss) Income before Reclassifications	25
Amounts Reclassified from Accumulated Other Comprehensive Loss	0
Net Current-period Other Comprehensive (Loss) Income	25
Currency Translation Adjustments, Noncontrolling Interest
Less:
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest	(1)
Currency Translation Adjustments
Less:
Ending balance	(246)
Total
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(377)
Less:
Ending balance	(358)
Total, Noncontrolling Interest
Less:
Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest	$ (1)

CHANGES IN ACCUMULATED OTHER _4

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassifications Out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of Sales	$ 1,878	$ 1,858
Income tax expense (benefit)	64	46
Total, Net of Tax	(207)	$ (107)
Amount Reclassified from Accumulated Other Comprehensive Loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total Reclassifications for the Period	8
Amount Reclassified from Accumulated Other Comprehensive Loss | Derivative Instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before Tax	11
Income tax expense (benefit)	(3)
Total, Net of Tax	8
Amount Reclassified from Accumulated Other Comprehensive Loss | Derivative Instruments | Commodity Contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of Sales	11
Amount Reclassified from Accumulated Other Comprehensive Loss | Pension and Postretirement Benefit Plans | Pension Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Actuarial Losses (Gains)	1
Total, Net of Tax	1
Amount Reclassified from Accumulated Other Comprehensive Loss | Pension and Postretirement Benefit Plans | Other Postretirement Benefits Plan
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Actuarial Losses (Gains)	(1)
Total, Net of Tax	$ (1)

EXIT ACTIVITIES - Additional In

EXIT ACTIVITIES - Additional Information (Details) $ in Millions		3 Months Ended
	Feb. 07, 2023 USD ($) mill	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
CRB Mill
Restructuring Cost and Reserve [Line Items]
Investments	$ 1,000
Facility Closing
Restructuring Cost and Reserve [Line Items]
Number of mills expected to be closed | mill	3
Facility Closing | Thress CRB Mills | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 20
Accelerated depreciation related to plant closure		40
Facility Closing | Thress CRB Mills | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring costs		25
Accelerated depreciation related to plant closure		45
Start-Up Costs | CRB Paper Machine | CRB Mill | Minimum
Restructuring Cost and Reserve [Line Items]
Start-up charges		25
Start-Up Costs | CRB Paper Machine | CRB Mill | Maximum
Restructuring Cost and Reserve [Line Items]
Start-up charges		30
Start-Up Costs | Construction in Progress
Restructuring Cost and Reserve [Line Items]
Restructuring costs		2
Start-Up Costs | Construction in Progress | CRB Paper Machine
Restructuring Cost and Reserve [Line Items]
Start-up charges		1
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs		13	$ 11
Expected costs associated with closures associated with severance activity		$ 8

EXIT ACTIVITIES - Restructuring

EXIT ACTIVITIES - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total	$ 13	$ 11
Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net | One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Severance Costs and Other	8	7
Asset Write-Offs and Start-Up Costs	3	0
Cost of Sales | Facility Closing
Restructuring Cost and Reserve [Line Items]
Accelerated Depreciation	$ 2	$ 4

EXIT ACTIVITIES - Roll Forward

EXIT ACTIVITIES - Roll Forward (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1
Costs Incurred	8
Payments	0
Adjustments	(1)
Ending balance	$ 8

IMPAIRMENT AND DIVESTITURE OF_3

IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2022 foldingCartonFacility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of folding carton facilities | foldingCartonFacility		2
Disposal group’s outstanding shares (in percent)		100%
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax loss	$ 88
Impairment charges	4
Intercompany note receivable	16
Goodwill	12
Discontinued Operations, Held-for-sale | Total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cumulative translation adjustment	3
Discontinued Operations, Held-for-sale | Notes Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intercompany note receivable	$ 33

IMPAIRMENT AND DIVESTITURE OF_4

IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS - Summarizes of Assets and Liabilities (Details) - Discontinued Operations, Held-for-sale $ in Millions	Mar. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and Cash Equivalents	$ 7
Receivables, Net	16
Inventories, Net	20
Property, Plant and Equipment, Net	24
Intangible Assets, Net	15
Assets Held for Sale	82
Valuation Allowance to Adjust Carrying Value of Russian Operations to Fair Value Less Costs to Sell	(88)
Total Assets Held for Sale, Net Included in Other Current Assets	(6)
Accounts Payable	7
Other Accrued Liabilities	1
Deferred Income Tax Liabilities	7
Total Liabilities Held for Sale Included in Other Accrued Liabilities	$ 15