Graphic Packaging Holding (GPK) 10-Q 31 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		306,052,865
Entity Central Index Key	0001408075
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net Sales	$ 2,349	$ 2,451	$ 7,179	$ 7,054
Cost of Sales	1,799	1,940	5,563	5,715
Selling, General and Administrative	220	203	622	569
Other Expense, Net	15	6	48	6
Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net	28	9	62	126
Income from Operations	287	293	884	638
Nonoperating Pension and Postretirement Benefit (Expense) Income	(1)	2	(2)	5
Interest Expense, Net	(62)	(53)	(180)	(143)
Income before Income Taxes	224	242	702	500
Income Tax Expense	(54)	(49)	(175)	(134)
Net Income	$ 170	$ 193	$ 527	$ 366
Net Income Per Share — Basic (in dollars per share)	$ 0.55	$ 0.63	$ 1.71	$ 1.18
Net Income Per Share — Diluted (in dollars per share)	$ 0.55	$ 0.62	$ 1.70	$ 1.18

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 146	$ 150
Receivables, Net	881	879
Inventories, Net	1,741	1,606
Other Current Assets	90	71
Total Current Assets	2,858	2,706
Property, Plant and Equipment, Net	4,799	4,579
Goodwill	2,072	1,979
Intangible Assets, Net	819	717
Other Assets	357	347
Total Assets	10,905	10,328
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	762	53
Accounts Payable	944	1,123
Compensation and Employee Benefits	254	295
Interest Payable	45	51
Other Accrued Liabilities	433	411
Total Current Liabilities	2,438	1,933
Long-Term Debt	4,821	5,200
Deferred Income Tax Liabilities	679	668
Accrued Pension and Postretirement Benefits	104	111
Other Noncurrent Liabilities	322	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; 306,869,053 and 307,116,089 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	3	3
Capital in Excess of Par Value	2,059	2,054
Retained Earnings	876	469
Accumulated Other Comprehensive Loss	(399)	(377)
Total Graphic Packaging Holding Company Shareholders' Equity	2,539	2,149
Noncontrolling Interest	2	1
Total Equity	2,541	2,150
Total Liabilities and Shareholders' Equity	$ 10,905	$ 10,328

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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)	306,869,053	307,116,089
Common stock, shares outstanding (in shares)	306,869,053	307,116,089

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTEREST (Unaudited) - 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		19				19
Pension and Postretirement Benefit Plans		(9)				(9)
Currency Translation Adjustment		(28)				(28)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income		66			66
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		(9)				(9)
Pension and Postretirement Benefit Plans		1				1
Currency Translation Adjustment		(95)				(95)
Repurchase of Common Stock (in shares)	[1]		(379,000)
Repurchase of Common Stock(b)	[1]	(7)		(2)	(5)
Dividends Declared		(23)			(23)
Recognition of Stock-Based Compensation, Net		8		8
Issuance of Shares for Stock-Based Awards (in shares)			123,102
Ending balance (in shares) at Jun. 30, 2022			308,032,390
Ending balance at Jun. 30, 2022		1,892	$ 3	2,044	188	(345)	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income		193			193
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		5				5
Currency Translation Adjustment		(99)				(99)	0
Repurchase of Common Stock (in shares)	[2]		(711,765)
Repurchase of Common Stock(b)	[2]	(16)		(4)	(12)
Dividends Declared		(23)			(23)
Recognition of Stock-Based Compensation, Net		6		6
Issuance of Shares for Stock-Based Awards (in shares)			4,778
Ending balance (in shares) at Sep. 30, 2022			307,325,403
Ending balance at Sep. 30, 2022		$ 1,958	$ 3	2,046	346	(439)	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)	[3]		(1,210,000)
Repurchase of Common Stock(b)	[3]	(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			307,127,962
Ending balance at Mar. 31, 2023		2,310	$ 3	2,040	623	(358)	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income		150			150
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		8				8
Pension and Postretirement Benefit Plans		1				1
Currency Translation Adjustment		(1)					(1)
Repurchase of Common Stock (in shares)			(14,232)
Repurchase of Common Stock(b)		0		0	0
Dividends Declared		(30)			(30)
Recognition of Stock-Based Compensation, Net		12		12
Issuance of Shares for Stock-Based Awards (in shares)			89,097
Ending balance (in shares) at Jun. 30, 2023			307,202,827
Ending balance at Jun. 30, 2023		2,450	$ 3	2,052	743	(349)	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income		170			170
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments		3				3
Currency Translation Adjustment		(52)				(53)	1
Repurchase of Common Stock (in shares)	[4]		(360,283)
Repurchase of Common Stock(b)	[4]	(8)		(2)	(6)
Dividends Declared		(31)			(31)
Recognition of Stock-Based Compensation, Net		$ 9		9
Issuance of Shares for Stock-Based Awards (in shares)			11,803
Ending balance (in shares) at Sep. 30, 2023		306,869,053	306,854,347
Ending balance at Sep. 30, 2023		$ 2,541	$ 3	$ 2,059	$ 876	$ (399)	$ 2
[1]Includes 32,000 shares repurchased but not yet settled as of June 30, 2022.[2]Includes 55,000 shares repurchased but not yet settled as of September 30, 2022.[3]Includes 60,000 shares repurchased but not yet settled as of March 31, 2023.[4]Includes 14,706 shares repurchased but not yet settled as of September 30, 2023

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTEREST (Unaudited) (Parenthetical) - shares	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Shares repurchased not yet settled	14,706	60,000	55,000	32,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total
Net Income (Loss)	$ 170	$ 193	$ 527	$ 366
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments	3	5	6	15
Pension and Postretirement Benefit Plans			1	(8)
Currency Translation Adjustment		(99)	(29)	(222)
Total Other Comprehensive (Loss) Income, Net of Tax	(50)	(94)	(22)	(215)
Comprehensive Income	120	$ 99	505	$ 151
Noncontrolling Interest
Net Income	0		0
Pension and Postretirement Benefit Plans			0
Currency Translation Adjustment			1
Total Other Comprehensive (Loss) Income, Net of Tax	1		1
Total Comprehensive Income	1		1
Total
Pension and Postretirement Benefit Plans			1
Currency Translation Adjustment	(52)		(28)
Total Other Comprehensive (Loss) Income, Net of Tax	(49)		(21)
Total Comprehensive Income	$ 121		$ 506

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 527	$ 366
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	465	415
Deferred Income Taxes	18	67
Amount of Postretirement Expense Less Than Funding	(6)	(17)
Asset Impairment Charges	23	93
Other, Net	61	43
Changes in Operating Assets and Liabilities	(386)	(347)
Net Cash Provided by Operating Activities	702	620
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(575)	(429)
Packaging Machinery Spending	(17)	(16)
Acquisition of Businesses, Net of Cash Acquired	(361)	0
Beneficial Interest on Sold Receivables	110	83
Beneficial Interest Obtained in Exchange for Proceeds	(27)	(2)
Other, Net	(5)	(3)
Net Cash Used in Investing Activities	(875)	(367)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(37)	(22)
Payments on Debt	(18)	(10)
Borrowings under Revolving Credit Facilities	3,631	3,166
Payments on Revolving Credit Facilities	(3,266)	(3,387)
Repurchase of Common Stock related to Share-Based Payments	(22)	(18)
Dividends Paid	(92)	(69)
Other, Net	(8)	9
Net Cash Provided by (Used In) Financing Activities	188	(331)
Effect of Exchange Rate Changes on Cash	(8)	(11)
Net Increase (Decrease) in Cash and Cash Equivalents	7	(89)
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 $16 million and $1 million as classified as held for sale as of September 30, 2023 and 2022 respectively)	162	83
Non-cash Investing Activities:
Beneficial Interest Obtained in Exchange for Trade Receivables	104	86
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities	51	36
Cash and cash equivalents as held for sale	$ 16	$ 1

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents as held for sale	$ 16	$ 5	$ 1

GENERAL INFORMATION

GENERAL INFORMATION	9 Months Ended
	Sep. 30, 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 paperboard used to produce consumer packaging solutions including 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 facilities 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 September 30, 2023 and 2022, the Company recognized $2,340 million and $2,445 million, respectively, of revenue from contracts with customers. For the nine months ended September 30, 2023 and 2022, the Company recognized $7,146 million and $7,035 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 September 30, 2023 and December 31, 2022, contract assets were $9 million and $8 million, respectively. The Company's contract liabilities consist principally of rebates, and as of September 30, 2023 and December 31, 2022 were $62 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, Net on the Condensed Consolidated Statements of Operations. The following table summarizes the activity under these programs for the nine months ended September 30, 2023 and 2022, respectively: Nine Months Ended September 30, In millions 2023 2022 Receivables Sold and Derecognized $ 2,811 $ 2,422 Proceeds Collected on Behalf of Financial Institutions 2,697 2,230 Net Proceeds Received From Financial Institutions 59 212 Deferred Purchase Price at September 30 (a) 19 7 Pledged Receivables at September 30 173 161 (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 consist principally of collection services, were $827 million and $753 million as of September 30, 2023 and December 31, 2022, respectively. The Company also participates in supply chain financing arrangements offered by certain customers that qualify for sale accounting in accordance with the Transfers and Servicing topic of the FASB Codification. For the nine months ended September 30, 2023 and 2022, the Company sold receivables of $869 million and $824 million, respectively, under these arrangements. Accounts Payable and Supplier Finance Program The Company has arranged a supplier finance program ("SFP") with a financial intermediary, which provides certain suppliers the option to be paid by the financial intermediary earlier than the due date on the applicable invoice. The transactions are at the sole discretion of both the suppliers and financial institution, and GPHC is not a party to the agreements and has no economic interest in the supplier’s decision to sell a receivable. The range of payment terms negotiated by the Company with its suppliers is consistent, irrespective of whether a supplier participates in the program. The agreement with the financial intermediary does not require GPHC to provide assets pledged as security or other forms of guarantees for the supplier finance program. Amounts due to the Company’s suppliers that elected to participate in the SFP program are included in Accounts Payable on the Company’s Condensed Consolidated Balance Sheets and payments made under the SFP program are reflected in Cash Flows from Operating Activities in the Company’s Condensed Consolidated Statements of Cash Flows. Accounts Payable included $32 million and $34 million payable to suppliers who elected to participate in the SFP program as of September 30, 2023 and December 31, 2022, respectively. Non-cash additions to Property, Plant and Equipment, Net included within Accounts Payable on the Company’s Condensed Consolidated Balance Sheets were $53 million and $55 million as of September 30, 2023 and December 31, 2022, respectively. Share Repurchases and Dividends During the first nine months of 2023, the Company's board of directors declared three regular quarterly dividends of $0.10 per share of common stock to shareholders of record as follows: Date Declared Record Date Payment Date February 20, 2023 March 15, 2023 April 5, 2023 May 24, 2023 June 15, 2023 July 5, 2023 July 28, 2023 September 15, 2023 October 5, 2023 On July 27, 2023, the Company's board of directors authorized an additional 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 "2023 share repurchase program"). The previous $500 million share repurchase program was authorized January 28, 2019 (the "2019 share repurchase program"). As of September 30, 2023, the Company has $582 million available for additional repurchases under the 2023 share repurchase program and the 2019 share repurchase program. The following table presents the Company's share repurchases under the 2019 share repurchase program for the nine months ended September 30, 2023 and 2022 respectively: Amount repurchased in millions, except share and per share amounts Amount Repurchased Number of Shares Repurchased Average Price per Share 2023 $ 37 1,584,515 $ 23.57 2022 $ 23 1,090,765 $ 20.99 Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net The following table summarizes the transactions recorded in Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, In millions 2023 2022 2023 2022 Charges Associated with Business Combinations (a) $ 1 $ 7 $ 3 $ 20 Shutdown and Other Special Charges (b) 1 (1) 9 1 Exit Activities (c) 24 2 41 12 Charges Associated with a Divestiture (d) 2 1 9 93 Total $ 28 $ 9 $ 62 $ 126 (a) These costs relate to the Americraft Carton, Inc., AR Packaging Group AB, Tama Paperboard, LLC, and the Bell Incorporated acquisitions. (b) These costs include $7 million related to the devaluation of the Nigerian Naira in June 2023. (c) Relates to the Company's closures of its three smaller CRB mills (which includes the Tama Paperboard, LLC mill), the closures of folding carton plants, and the discontinuation of the Texarkana swing capacity project (see "Note 13 - Exit Activities" ). (d) 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. 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". Subsequently, in the second quarter of 2023, the Company closed this facility. Charges associated with this project are included in Exit Activities in the table above. For more information, see "Note 13 - Exit Activities." 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 expects to close two additional 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." During the second quarter of 2023, the Company announced the closure of three packaging facilities by the end of 2023. Production from these plants will be consolidated into other carton plants. Charges associated with these plant closures are included in Exit Activities in the table above. For more information, see "Note 13 - Exit Activities." On September 8, 2023, the Company completed the acquisition of Bell Incorporated ("Bell"), an independent packaging company for $264 million, subject to customary working capital adjustments. The acquisition included three packaging facilities located in South Dakota and Ohio and is reported within the Americas Paperboard Packaging reportable segment. Charges Associated with this acquisition are included in Charges Associated with Business Combinations in the table above. For more information, see "Note 3 - Business Combinations". During the third quarter of 2023, the Company decided to discontinue its previously announced project in Texarkana to modify an existing paper machine to add swing capacity between SBS and CUK in order to focus growth investments in the strategic expansion of coated recycled paperboard capacity. Through September 30, 2023, the Company incurred charges of $14 million related to the write-off of assets, which were primarily engineering, permitting, and consulting costs for this project. Charges associated with this project are included in Exit Activities in the table above. For more information, see "Note 13 - Exit Activities." During the third quarter of 2023, the Company decided to permanently decommission the K3 CRB machine in Kalamazoo, Michigan as part of its CRB network optimization plan that the Company initiated in 2019. As of September 30, 2023, the Company incurred charges of $20 million related to the write-off of inventory and accelerated depreciation for the assets included in Costs of Good Sold on the Company’s Condensed Consolidated Statements of Operations. The Company expects to incur additional charges of $5 million to $10 million as it relates to the dismantling of the K3 CRB machine through 2023. 2022 In March 2022, the Company announced its decision to close the Norwalk, Ohio packaging facility and closed the facility in September 2022. Charges associated with this project are included in Exit Activities in the table above. For more information, see "Note 13 - Exit Activities." In 2022, the Company began the process of divesting its interests in its two packaging facilities in Russia (the “Disposal Group”). Impairment charges associated with this divestiture are included in the table above for the three and nine months ended September 30, 2022 and 2023. For more information, see "Note 14 - Impairment and Divestiture of Russian Business." 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	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES, NET	INVENTORIES, NET Inventories, Net by major class: In millions September 30, 2023 December 31, 2022 Finished Goods $ 618 $ 515 Work in Progress 212 218 Raw Materials 653 645 Supplies 258 228 Total $ 1,741 $ 1,606

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Bell Incorporated On September 8, 2023, the Company completed the acquisition of Bell Incorporated ("Bell"), adding three packaging facilities in Sioux Falls, South Dakota and Groveport, Ohio for $264 million, subject to customary working capital adjustments, using existing cash and borrowings under its revolving credit facility. The acquisition is reported within the Americas Paperboard Packaging reportable segment. The preliminary purchase price allocation as of September 30, 2023 is as follows: In millions Amounts Recognized as of Acquisition Date Purchase Price $ 264 Cash & Cash Equivalents 3 Receivables, Net 19 Inventories, Net 17 Property, Plant and Equipment 30 Intangible Assets (a) 159 Other Assets 14 Total Assets Acquired 242 Current Liabilities 11 Other Noncurrent Liabilities 12 Total Liabilities Assumed 23 Net Assets Acquired 219 Goodwill 45 Purchase Consideration Transferred $ 264 (a) Intangible Assets consists of Customer Relationships with a weighted average life of approximately 15 years. 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. 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. 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, using existing cash and borrowings under its revolving credit facility. During the second quarter of 2023, the Company finalized the acquisition accounting adjustments for Tama and the purchase price has been allocated to assets acquired and liabilities assumed based on the 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.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Short-Term Debt and Current Portion of Long-Term Debt is comprised of the following: In millions September 30, 2023 December 31, 2022 Short-Term Borrowings $ 17 $ 16 Current Portion of Finance Lease Obligations 8 11 Current Portion of Long-Term Debt (a) 737 26 Total Short-Term Debt and Current Portion of Long-Term Debt $ 762 $ 53 (a) Includes the 0.821% and 4.125% Senior Notes due 2024. Long-Term Debt is comprised of the following: In millions September 30, 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 4.13%, 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 3.53%, payable in 2029 (a) 350 350 Senior Notes (€290 million) with interest payable semi-annually at 2.625%, effective rate of 2.65%, payable in 2029 (a) 307 311 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) 107 108 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 (6.57% at September 30, 2023), effective rate of 6.59%, payable in 2028 (a) 250 250 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (6.33% at September 30, 2023) payable through 2026 (a) 515 529 Senior Secured Term Loan Facility (€206 million) with interest payable at various dates at floating rates (5.03% at September 30, 2023) payable through 2026 (a) 218 225 Senior Secured Revolving Credit Facilities with interest payable at floating rates (6.90% at September 30, 2023) payable in 2026 (a)(c) 997 634 Finance Leases and Financing Obligations 162 170 Other 10 15 Total Long-Term Debt Including Current Portion 5,591 5,267 Less: Current Portion 745 37 Total Long-term Debt Excluding Current Portion 4,846 5,230 Less: Unamortized Debt Deferred Issuance Costs 25 30 Total Long-Term Debt $ 4,821 $ 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 6.50% and 3.52% as of September 30, 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 Secured Overnight Financing Rate ("SOFR") loans under the domestic revolving line of credit. At September 30, 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 $ 897 $ 948 Senior Secured International Revolving Credit Facility 191 100 91 Other International Facilities 55 27 28 Total $ 2,096 $ 1,024 $ 1,067 (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 $5 million as of September 30, 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 and 2024 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 September 30, 2023, the Company was in compliance with the covenants in the Current Credit Agreement and the Indentures.

STOCK INCENTIVE PLANS

STOCK INCENTIVE PLANS	9 Months Ended
	Sep. 30, 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 September 30, 2023, there were 8.8 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 the 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 nine months of 2023 is as follows: Weighted Average Grant Date Fair Value Per Share RSUs — Employees and Non-Employee Directors 1,768,346 $ 23.75 Stock Awards - Board of Directors 25,588 $ 25.01 During the nine months ended September 30, 2023 and 2022, $36 million and $24 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 the nine months ended September 30, 2023 and 2022, 1.4 million and 1.2 million shares were issued, respectively. The shares issued were primarily related to RSUs granted to employees during 2020 and 2019.

PENSIONS AND OTHER POSTRETIREME

PENSIONS AND OTHER POSTRETIREMENT BENEFITS	9 Months Ended
	Sep. 30, 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 and Postretirement Expense The pension and postretirement expenses related to the Company’s plans consisted of the following: Pension Benefits Postretirement Benefits Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, In millions 2023 2022 2023 2022 2023 2022 2023 2022 Components of Net Periodic Cost: Service Cost $ 2 $ 3 $ 6 $ 10 $ — $ — $ — $ — Interest Cost 5 3 16 9 1 — 1 — Expected Return on Plan Assets (5) (6) (17) (17) — — — — Amortization: Actuarial Loss (Gain) 1 1 4 3 (1) — (2) — Net Periodic Cost (Benefit) $ 3 $ 1 $ 9 $ 5 $ — $ — $ (1) $ — Employer Contributions The Company made $13 million and $21 million of contributions to its pension plans during the first nine 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 first nine months of 2023 and 2022. For the full year 2023, the Company expects to make approximately $2 million in contributions to its postretirement health care plans.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 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 September 30, 2023: Start End Notional Amount (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 nine months of 2023, there were no amounts of ineffectiveness. Additionally, there were no amounts excluded from the measure of effectiveness. As discussed in " Note 8 - Income Taxes ", a $10 million expense was recorded in the second quarter of 2022 to release the lingering tax expense remaining in Other Comprehensive Income after the settlement of interest rate swaps that occurred in January 2022. 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 40% of its expected natural gas usage for the remainder of 2023 and 2024, respectively. During the first nine 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 September 30, 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 September 30, 2023 and December 31, 2022, when aggregated and measured in U.S. dollars at contractual rates at September 30, 2023 and December 31, 2022, had net notional amounts totaling $152 million and $111 million, respectively. Unrealized gains and losses resulting from these contracts are recognized in Other Expense, 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 September 30, 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 September 30, 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 $4 million and $12 million, respectively. The fair values of the Company’s other financial assets and liabilities at September 30, 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 $5,109 million and $4,749 million as compared to the carrying amounts of $5,429 million and $5,097 million as of September 30, 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 Nine Months Ended Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, In millions 2023 2022 2023 2022 2023 2022 2023 2022 Commodity Contracts $ 3 $ (10) $ 22 $ (10) Cost of Sales $ 7 $ (5) $ 27 $ (11) Interest Rate Swap Agreements 1 — (2) — Interest Expense, Net (1) — (2) — Total $ 4 $ (10) $ 20 $ (10) Total $ 6 $ (5) $ 25 $ (11) At September 30, 2023, the Company expects to reclassify $4 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 September 30, Nine Months Ended September 30, In millions 2023 2022 2023 2022 Foreign Currency Contracts Other Expense (Income), Net $ (6) $ (9) $ (10) $ (18)

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES During the nine months ended September 30, 2023, the Company recognized Income Tax Expense of $175 million on Income before Income Taxes of $702 million. The effective tax rate for the nine months ended September 30, 2023 is different from the statutory rate primarily due to the tax impact of the charges associated with the planned divestiture of the Company’s operations in Russia that result in no corresponding tax benefit, a tax benefit of $2 million related to excess tax benefits on restricted stock that vested during the period, U.S. federal provision to return true up tax benefits of $3 million, an increase in the Company’s valuation allowance against a portion of its net deferred tax assets in Sweden, a decrease in the Company’s valuation allowance against the net deferred tax assets in the Netherlands, and the mix of earnings between foreign and domestic jurisdictions, including those with and without valuation allowances. Prior to September 1, 2022, substantially all the Company’s operations were held through its investment in GPIP, a subsidiary that was classified as a partnership for U.S. income tax purposes and was generally not subject to domestic income tax expense. As a result, prior to September 1, 2022, the consolidated financial statements exclude the domestic tax effect of the earnings attributable to the noncontrolling partner’s interest in GPIP for the portion of any year in which the noncontrolling partner held an interest. Effective September 1, 2022, as a result of internal restructuring, GPIP is no longer classified as a partnership for U.S. income tax purposes and GPIP’s activities are directly subject to U.S. income tax. The Company no longer holds an interest in an entity classified as a partnership for U.S. income tax purposes. During the nine months ended September 30, 2022, the Company recognized Income Tax Expense of $134 million on Income before Income Taxes of $500 million. The effective tax rate for the nine months ended September 30, 2022 was different from the statutory rate primarily due to the discrete tax impact of the charges associated with the divestiture of the Company’s Russia business that results in no corresponding tax benefit. Additional discrete tax adjustments were recorded during the period, including tax benefits of $7 million associated with the recognition of differences between the Company’s outside tax basis in its investment in GPIP and the Company’s inside tax basis in individual assets and liabilities due to the internal restructuring completed during the period, provision to return true-up tax benefits of $2 million, a tax benefit of $2 million related to the remeasurement of deferred taxes due to state law changes, 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. In addition, the recognition of deferred tax assets and liabilities on unrealized foreign currency activity related to intercompany loans where the entity’s functional currency and the loan denomination currency are different than the tax reporting currency resulted in a decrease in the effective tax rate for the period.

ENVIRONMENTAL AND LEGAL MATTERS

ENVIRONMENTAL AND LEGAL MATTERS	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has three reportable segments as follows: Paperboard Mills includes the seven North American paperboard mills that produce primarily CRB, CUK, and SBS, which is consumed internally to produce paperboard consumer 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 September 30, Nine Months Ended September 30, In millions 2023 2022 2023 2022 NET SALES: Paperboard Mills $ 236 $ 345 $ 804 $ 933 Americas Paperboard Packaging 1,569 1,577 4,684 4,533 Europe Paperboard Packaging 498 488 1,553 1,467 Corporate/Other/Eliminations (a) 46 41 138 121 Total $ 2,349 $ 2,451 $ 7,179 $ 7,054 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills (b)(c) $ (36) $ 12 $ (42) $ 17 Americas Paperboard Packaging (b)(c) 286 229 829 589 Europe Paperboard Packaging (d) 38 40 85 31 Corporate and Other (c) (1) 12 12 1 Total $ 287 $ 293 $ 884 $ 638 DEPRECIATION AND AMORTIZATION: Paperboard Mills (b) $ 74 $ 60 $ 221 $ 183 Americas Paperboard Packaging (b) 50 43 139 129 Europe Paperboard Packaging 27 27 81 84 Corporate and Other 10 7 24 19 Total $ 161 $ 137 $ 465 $ 415 (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 (see " Note 13 - Exit Activities "). (c) Includes expenses related to business combinations, shutdown and other special charges, and exit activities (see " Note 1 - General Information "). (d) Includes impairment charges related to Russia (see " Note 14 - Impairment and Divestiture of Russian Business ").

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Three Months Ended September 30, Nine Months Ended September 30, In millions, except per share data 2023 2022 2023 2022 Net Income $ 170 $ 193 $ 527 $ 366 Weighted Average Shares: Basic 308.3 308.8 308.4 308.9 Dilutive Effect of RSUs 0.9 0.8 0.9 0.8 Diluted 309.2 309.6 309.3 309.7 Earnings Per Share — Basic $ 0.55 $ 0.63 $ 1.71 $ 1.18 Earnings Per Share — Diluted $ 0.55 $ 0.62 $ 1.70 $ 1.18

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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) before Reclassifications (13) (1) (28) (42) Amounts Reclassified from Accumulated Other Comprehensive Loss (a) 19 2 — 21 Net Current-period Other Comprehensive Income (Loss) 6 1 (28) (21) Less: Net Current-period Other Comprehensive (Income) Attributable to Noncontrolling Interest — — (1) (1) Balance at September 30, 2023 $ 2 $ (102) $ (299) $ (399) (a) See following table for details about these reclassifications. The following represents reclassifications out of Accumulated Other Comprehensive Loss for the nine months ended September 30, 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 $ 27 Cost of Sales Interest Rate Swap Agreements (2) Other Expense, Net 25 Total before Tax (6) Tax (Benefit) $ 19 Total, Net of Tax Amortization of Defined Benefit Pension Plans: Actuarial Losses $ 4 (a) 4 Total before Tax (1) Tax (Benefit) $ 3 Total, Net of Tax Amortization of Postretirement Benefit Plans: Actuarial Gains $ (2) (a) (2) Total before Tax 1 Tax Expense $ (1) Total, Net of Tax Total Reclassifications for the Period $ 21 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	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
EXIT ACTIVITIES	EXIT ACTIVITIES 2023 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 announced the closure of three smaller CRB mills to manage capacity while lowering costs. The costs associated with these exit activities are included in the table below for the three and nine months ended September 30, 2023. In the second quarter of 2023, the Company announced its decision to accelerate the closure of one of these three CRB mills that is in Tama, Iowa and closed the facility in the second quarter of 2023. The costs associated with this closure are included in the table below for the three and nine months ended September 30, 2023. During the second quarter of 2023, the Company announced the closure of three packaging facilities by the end of 2023. Production from these facilities will be consolidated into our existing packaging network. The costs associated with these exit activities are included in the table below for the three and nine months ended September 30, 2023. During the third quarter of 2023, the Company decided to discontinue the project in Texarkana to modify an existing paper machine to add swing capacity between SBS and CUK in order to focus growth investments in the strategic expansion of coated recycled paperboard capacity. Through September 30, 2023, the Company incurred charges of $14 million related to the write-off of assets, which were primarily engineering, consulting, and permitting costs for this project. The costs associated with this project are included in the table below for the three and nine months ended September 30, 2023. 2022 In March 2022, the Company announced its decision to close the Norwalk, Ohio packaging facility and closed the facility in September 2022. The Company 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 and nine months ended September 30, 2022. During 2019, the Company announced its plans to invest in a new CRB paper machine in Kalamazoo, Michigan. At the time of the announcement, the Company expected to close two of its smaller CRB Mills in 2022 in order to remain capacity neutral. During the third quarter of 2021, the Company decided to continue to operate one of the two original smaller CRB mills. In the second quarter of 2022, the Company closed the Battle Creek, MI CRB mill. The Company 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 and nine months ended September 30, 2022. During the nine months ended September 30, 2023 and 2022, the Company recorded $80 million and $19 million of exit costs, respectively, associated with these restructurings. The following table summarizes the costs incurred during the three and nine months ended September 30, 2023 and 2022 related to these restructurings: Three Months Ended September 30, Nine Months Ended September 30, In millions Location in Statement of Operations 2023 2022 2023 2022 Severance Costs and Other (a) Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net $ 8 $ — $ 20 $ 1 Asset Write-Offs and Start-Up Costs (b) Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net 16 2 21 11 Accelerated Depreciation Cost of Sales 7 — 39 7 Total $ 31 $ 2 $ 80 $ 19 (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 20 Payments (4) Adjustments (a) (1) Balance at September 30, 2023 $ 16 (a) Adjustments related to changes in estimates of severance costs. Due to the closure of Tama in the second quarter of 2023, the Company incurred charges for post-employment benefits, retention bonuses and incentives of $3 million, and accelerated depreciation and inventory and asset write-offs of $27 million through September 30, 2023. No further charges or accelerated depreciation are expected related to Tama. In addition, due to the expected closures of the additional two CRB mills, the Company incurred charges for post-employment benefits, retention bonuses and incentives of $11 million, and accelerated depreciation and inventory and asset write-offs of $4 million through September 30, 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 $15 million to $20 million through 2026. Due to the expected closures of the folding carton plants, the Company incurred charges for post-employment benefits, retention bonuses and incentives of $5 million, and accelerated depreciation and inventory and asset write-offs of $8 million through September 30, 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 $5 million to $10 million and for accelerated depreciation and inventory and asset write-offs in the range of $8 million to $10 million through 2023. Additionally, the Company has incurred start-up charges for the new CRB mill in Waco of $1 million through September 30, 2023. The Company expects to incur total start-up charges of approximately $25 million to $30 million for the new CRB mill through 2026.

IMPAIRMENT AND DIVESTITURE OF R

IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS	IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS In 2022, the Company began the process of the divesting its interests in two packaging facilities in Russia, 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 September 30, 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 cumulative loss of $93 million (including $2 million of impairment charges incurred in Q3 2023), which is included in the Business, Combinations, Shutdown and Other Special Charges, and Exit Activities, Net in the Condensed Consolidated Statement of Operations in 2022 and 2023. 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 September 30, 2023. Excluded from the assets classified as held for sale within the Condensed Consolidated Balance Sheet is an intercompany note receivable totaling $32 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 $5 million is included within Accumulated Other Comprehensive Loss within the Condensed Consolidated Balance Sheet as of September 30, 2023. Goodwill totaling $12 million associated with the Disposal Group was determined to be impaired in 2022. 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 September 30, 2023 Cash and Cash Equivalents $ 16 Receivables, Net 14 Inventories, Net 11 Property, Plant and Equipment, Net 23 Intangible Assets, Net 14 Other Assets 2 Assets Held for Sale 80 Valuation Allowance to Adjust Carrying Value of Russian Operations to Fair Value Less Costs to Sell (93) Total Assets Held for Sale, Net Included in Other Current Assets $ (13) Accounts Payable 4 Other Accrued Liabilities 2 Deferred Income Tax Liabilities 7 Total Liabilities Held for Sale Included in Other Accrued Liabilities $ 13

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 170	$ 193	$ 527	$ 366

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GENERAL INFORMATION (Policies)

GENERAL INFORMATION (Policies)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2023 and 2022, respectively: Nine Months Ended September 30, In millions 2023 2022 Receivables Sold and Derecognized $ 2,811 $ 2,422 Proceeds Collected on Behalf of Financial Institutions 2,697 2,230 Net Proceeds Received From Financial Institutions 59 212 Deferred Purchase Price at September 30 (a) 19 7 Pledged Receivables at September 30 173 161 (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 Dividends Declared	During the first nine months of 2023, the Company's board of directors declared three regular quarterly dividends of $0.10 per share of common stock to shareholders of record as follows: Date Declared Record Date Payment Date February 20, 2023 March 15, 2023 April 5, 2023 May 24, 2023 June 15, 2023 July 5, 2023 July 28, 2023 September 15, 2023 October 5, 2023
Schedule Of Share Repurchases During The Period	The following table presents the Company's share repurchases under the 2019 share repurchase program for the nine months ended September 30, 2023 and 2022 respectively: Amount repurchased in millions, except share and per share amounts Amount Repurchased Number of Shares Repurchased Average Price per Share 2023 $ 37 1,584,515 $ 23.57 2022 $ 23 1,090,765 $ 20.99
Schedule of Restructuring and Other Special Charges	The following table summarizes the transactions recorded in Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, In millions 2023 2022 2023 2022 Charges Associated with Business Combinations (a) $ 1 $ 7 $ 3 $ 20 Shutdown and Other Special Charges (b) 1 (1) 9 1 Exit Activities (c) 24 2 41 12 Charges Associated with a Divestiture (d) 2 1 9 93 Total $ 28 $ 9 $ 62 $ 126 (a) These costs relate to the Americraft Carton, Inc., AR Packaging Group AB, Tama Paperboard, LLC, and the Bell Incorporated acquisitions. (b) These costs include $7 million related to the devaluation of the Nigerian Naira in June 2023. (c) Relates to the Company's closures of its three smaller CRB mills (which includes the Tama Paperboard, LLC mill), the closures of folding carton plants, and the discontinuation of the Texarkana swing capacity project (see "Note 13 - Exit Activities" ). (d) Relates to the Company's planned divestiture of its Russian business (see "Note 14 - Impairment and Divestiture of Russian Business" ).

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories, Net by Major Class	Inventories, Net by major class: In millions September 30, 2023 December 31, 2022 Finished Goods $ 618 $ 515 Work in Progress 212 218 Raw Materials 653 645 Supplies 258 228 Total $ 1,741 $ 1,606

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Allocation	The preliminary purchase price allocation as of September 30, 2023 is as follows: In millions Amounts Recognized as of Acquisition Date Purchase Price $ 264 Cash & Cash Equivalents 3 Receivables, Net 19 Inventories, Net 17 Property, Plant and Equipment 30 Intangible Assets (a) 159 Other Assets 14 Total Assets Acquired 242 Current Liabilities 11 Other Noncurrent Liabilities 12 Total Liabilities Assumed 23 Net Assets Acquired 219 Goodwill 45 Purchase Consideration Transferred $ 264 (a) Intangible Assets consists of Customer Relationships with a weighted average life of approximately 15 years.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 December 31, 2022 Short-Term Borrowings $ 17 $ 16 Current Portion of Finance Lease Obligations 8 11 Current Portion of Long-Term Debt (a) 737 26 Total Short-Term Debt and Current Portion of Long-Term Debt $ 762 $ 53 (a) Includes the 0.821% and 4.125% Senior Notes due 2024.
Schedule of Long-term Debt Instruments	Long-Term Debt is comprised of the following: In millions September 30, 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 4.13%, 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 3.53%, payable in 2029 (a) 350 350 Senior Notes (€290 million) with interest payable semi-annually at 2.625%, effective rate of 2.65%, payable in 2029 (a) 307 311 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) 107 108 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 (6.57% at September 30, 2023), effective rate of 6.59%, payable in 2028 (a) 250 250 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (6.33% at September 30, 2023) payable through 2026 (a) 515 529 Senior Secured Term Loan Facility (€206 million) with interest payable at various dates at floating rates (5.03% at September 30, 2023) payable through 2026 (a) 218 225 Senior Secured Revolving Credit Facilities with interest payable at floating rates (6.90% at September 30, 2023) payable in 2026 (a)(c) 997 634 Finance Leases and Financing Obligations 162 170 Other 10 15 Total Long-Term Debt Including Current Portion 5,591 5,267 Less: Current Portion 745 37 Total Long-term Debt Excluding Current Portion 4,846 5,230 Less: Unamortized Debt Deferred Issuance Costs 25 30 Total Long-Term Debt $ 4,821 $ 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 September 30, 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 $ 897 $ 948 Senior Secured International Revolving Credit Facility 191 100 91 Other International Facilities 55 27 28 Total $ 2,096 $ 1,024 $ 1,067 (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 $5 million as of September 30, 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 and 2024 unless extended.

STOCK INCENTIVE PLANS (Tables)

STOCK INCENTIVE PLANS (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
RSUs and Stock Awards Granted	Data concerning RSUs and Stock Awards granted in the first nine months of 2023 is as follows: Weighted Average Grant Date Fair Value Per Share RSUs — Employees and Non-Employee Directors 1,768,346 $ 23.75 Stock Awards - Board of Directors 25,588 $ 25.01

PENSIONS AND OTHER POSTRETIRE_2

PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The pension and postretirement expenses related to the Company’s plans consisted of the following: Pension Benefits Postretirement Benefits Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, In millions 2023 2022 2023 2022 2023 2022 2023 2022 Components of Net Periodic Cost: Service Cost $ 2 $ 3 $ 6 $ 10 $ — $ — $ — $ — Interest Cost 5 3 16 9 1 — 1 — Expected Return on Plan Assets (5) (6) (17) (17) — — — — Amortization: Actuarial Loss (Gain) 1 1 4 3 (1) — (2) — Net Periodic Cost (Benefit) $ 3 $ 1 $ 9 $ 5 $ — $ — $ (1) $ —

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023: Start End Notional Amount (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 Nine Months Ended Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, In millions 2023 2022 2023 2022 2023 2022 2023 2022 Commodity Contracts $ 3 $ (10) $ 22 $ (10) Cost of Sales $ 7 $ (5) $ 27 $ (11) Interest Rate Swap Agreements 1 — (2) — Interest Expense, Net (1) — (2) — Total $ 4 $ (10) $ 20 $ (10) Total $ 6 $ (5) $ 25 $ (11) 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 September 30, Nine Months Ended September 30, In millions 2023 2022 2023 2022 Foreign Currency Contracts Other Expense (Income), Net $ (6) $ (9) $ (10) $ (18)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions 2023 2022 2023 2022 NET SALES: Paperboard Mills $ 236 $ 345 $ 804 $ 933 Americas Paperboard Packaging 1,569 1,577 4,684 4,533 Europe Paperboard Packaging 498 488 1,553 1,467 Corporate/Other/Eliminations (a) 46 41 138 121 Total $ 2,349 $ 2,451 $ 7,179 $ 7,054 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills (b)(c) $ (36) $ 12 $ (42) $ 17 Americas Paperboard Packaging (b)(c) 286 229 829 589 Europe Paperboard Packaging (d) 38 40 85 31 Corporate and Other (c) (1) 12 12 1 Total $ 287 $ 293 $ 884 $ 638 DEPRECIATION AND AMORTIZATION: Paperboard Mills (b) $ 74 $ 60 $ 221 $ 183 Americas Paperboard Packaging (b) 50 43 139 129 Europe Paperboard Packaging 27 27 81 84 Corporate and Other 10 7 24 19 Total $ 161 $ 137 $ 465 $ 415 (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 (see " Note 13 - Exit Activities "). (c) Includes expenses related to business combinations, shutdown and other special charges, and exit activities (see " Note 1 - General Information "). (d) Includes impairment charges related to Russia (see " Note 14 - Impairment and Divestiture of Russian Business ").

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share, Basic and Diluted	Three Months Ended September 30, Nine Months Ended September 30, In millions, except per share data 2023 2022 2023 2022 Net Income $ 170 $ 193 $ 527 $ 366 Weighted Average Shares: Basic 308.3 308.8 308.4 308.9 Dilutive Effect of RSUs 0.9 0.8 0.9 0.8 Diluted 309.2 309.6 309.3 309.7 Earnings Per Share — Basic $ 0.55 $ 0.63 $ 1.71 $ 1.18 Earnings Per Share — Diluted $ 0.55 $ 0.62 $ 1.70 $ 1.18

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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) before Reclassifications (13) (1) (28) (42) Amounts Reclassified from Accumulated Other Comprehensive Loss (a) 19 2 — 21 Net Current-period Other Comprehensive Income (Loss) 6 1 (28) (21) Less: Net Current-period Other Comprehensive (Income) Attributable to Noncontrolling Interest — — (1) (1) Balance at September 30, 2023 $ 2 $ (102) $ (299) $ (399) (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 nine months ended September 30, 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 $ 27 Cost of Sales Interest Rate Swap Agreements (2) Other Expense, Net 25 Total before Tax (6) Tax (Benefit) $ 19 Total, Net of Tax Amortization of Defined Benefit Pension Plans: Actuarial Losses $ 4 (a) 4 Total before Tax (1) Tax (Benefit) $ 3 Total, Net of Tax Amortization of Postretirement Benefit Plans: Actuarial Gains $ (2) (a) (2) Total before Tax 1 Tax Expense $ (1) Total, Net of Tax Total Reclassifications for the Period $ 21 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)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the costs incurred during the three and nine months ended September 30, 2023 and 2022 related to these restructurings: Three Months Ended September 30, Nine Months Ended September 30, In millions Location in Statement of Operations 2023 2022 2023 2022 Severance Costs and Other (a) Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net $ 8 $ — $ 20 $ 1 Asset Write-Offs and Start-Up Costs (b) Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net 16 2 21 11 Accelerated Depreciation Cost of Sales 7 — 39 7 Total $ 31 $ 2 $ 80 $ 19 (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 20 Payments (4) Adjustments (a) (1) Balance at September 30, 2023 $ 16 (a) Adjustments related to changes in estimates of severance costs.

IMPAIRMENT AND DIVESTITURE OF_2

IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 Cash and Cash Equivalents $ 16 Receivables, Net 14 Inventories, Net 11 Property, Plant and Equipment, Net 23 Intangible Assets, Net 14 Other Assets 2 Assets Held for Sale 80 Valuation Allowance to Adjust Carrying Value of Russian Operations to Fair Value Less Costs to Sell (93) Total Assets Held for Sale, Net Included in Other Current Assets $ (13) Accounts Payable 4 Other Accrued Liabilities 2 Deferred Income Tax Liabilities 7 Total Liabilities Held for Sale Included in Other Accrued Liabilities $ 13

GENERAL INFORMATION - Revenue R

GENERAL INFORMATION - Revenue Recognition (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) revenueGeneratingActivity	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of revenue generating activities | revenueGeneratingActivity			2
Net sales	$ 2,340	$ 2,445	$ 7,146	$ 7,035
Contract assets	9		9		$ 8
Contract liabilities	$ 62		$ 62		$ 65

GENERAL INFORMATION - Accounts

GENERAL INFORMATION - Accounts Receivable and Allowances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Receivables Sold and Derecognized	$ 2,811	$ 2,422
Proceeds Collected on Behalf of Financial Institutions	2,697	2,230
Net Proceeds Received From Financial Institutions	59	212
Deferred Purchase Price at September 30	19	7
Pledged Receivables at September 30	173	161
Amount transferred subject to continuing involvement	827		$ 753
Receivables sold	$ 869	$ 824

GENERAL INFORMATION - Narrative

GENERAL INFORMATION - Narrative (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 08, 2023 USD ($) packaging_facility

Feb. 07, 2023 mill

Jan. 31, 2023 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2023 USD ($)

Jun. 30, 2023 packaging_facility

Sep. 30, 2022 foldingCartonFacility

Sep. 30, 2023 USD ($) $ / shares

Sep. 30, 2022 USD ($)

Jul. 27, 2023 USD ($)

Dec. 31, 2022 USD ($)

Jan. 28, 2019 USD ($)

Equity, Class of Treasury Stock [Line Items]

Accounts payable

$ 32,000,000

$ 32,000,000

$ 32,000,000

$ 34,000,000

Cash dividends declared (in dollars per share) | $ / shares

$ 0.10

Number of folding carton plants

3

2

Property, Plant and Equipment

Equity, Class of Treasury Stock [Line Items]

Accounts payable

53,000,000

53,000,000

$ 53,000,000

$ 55,000,000

Facility Closing

Equity, Class of Treasury Stock [Line Items]

Number of additional mills expected to close | mill

2

Incurred charges related to write-off of assets

80,000,000

$ 19,000,000

Discontinued Project | Texarkana

Equity, Class of Treasury Stock [Line Items]

Incurred charges related to write-off of assets

14,000,000

K3 CRB Machine | Decommission | Kalamazoo, Michigan

Equity, Class of Treasury Stock [Line Items]

Accelerated depreciation related to plant closure

20,000,000

K3 CRB Machine | Decommission | Minimum | Kalamazoo, Michigan

Equity, Class of Treasury Stock [Line Items]

Severance costs and other

5,000,000

K3 CRB Machine | Decommission | Maximum | Kalamazoo, Michigan

Equity, Class of Treasury Stock [Line Items]

Severance costs and other

10,000,000

Tama Paperboard, LLC

Equity, Class of Treasury Stock [Line Items]

Acquisition related costs

$ 1,000,000

Purchase Price

$ 100,000,000

Bell Incorporated

Equity, Class of Treasury Stock [Line Items]

Purchase Price

$ 264,000,000

264,000,000

Number of folding carton plants | packaging_facility

3

Share Repurchase Program 2019

Equity, Class of Treasury Stock [Line Items]

Share repurchase program, authorized amount

$ 500,000,000

$ 500,000,000

Stock repurchase program, remaining authorized repurchase amount

$ 582,000,000

$ 582,000,000

$ 582,000,000

GENERAL INFORMATION - Schedule

GENERAL INFORMATION - Schedule of Share Repurchases (Details) - Share Repurchase Program 2019 - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Amount Repurchased	$ 37	$ 23
Number of Shares Repurchased (in shares)	1,584,515	1,090,765
Average Price, per Share (in dollars per share)	$ 23.57	$ 20.99

GENERAL INFORMATION - Business

GENERAL INFORMATION - Business Combinations and Shutdown and Other Special Charges, Net (Details) $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 07, 2023 mill	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) mill	Sep. 30, 2022 USD ($)	Dec. 31, 2019 mill
Business Acquisition [Line Items]
Charges Associated with Business Combinations			$ 1	$ 7	$ 3	$ 20
Shutdown and Other Special Charges			1	(1)	9	1
Exit Activities			24	2	41	12
Charges Associated with a Divestiture			2	1	9	93
Total			$ 28	$ 9	$ 62	$ 126
Nigeria, Nairas
Business Acquisition [Line Items]
Shutdown and Other Special Charges		$ (7)
Facility Closing
Business Acquisition [Line Items]
Number of mills expected to be closed | mill	3				3		2

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished Goods	$ 618	$ 515
Work in Progress	212	218
Raw Materials	653	645
Supplies	258	228
Total	$ 1,741	$ 1,606

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) $ in Millions			1 Months Ended	3 Months Ended
	Sep. 08, 2023 USD ($) packaging_facility	Jan. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 packaging_facility	Sep. 30, 2022 foldingCartonFacility
Business Acquisition [Line Items]
Number of folding carton plants				3	2
Bell Incorporated
Business Acquisition [Line Items]
Number of folding carton plants | packaging_facility	3
Total purchase consideration	$ 264		$ 264
Tama Paperboard, LLC
Business Acquisition [Line Items]
Total purchase consideration		$ 100

BUSINESS COMBINATIONS - Schedul

BUSINESS COMBINATIONS - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions		1 Months Ended
	Sep. 08, 2023	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 2,072	$ 1,979
Bell Incorporated
Business Acquisition [Line Items]
Purchase Price	$ 264	264
Cash & Cash Equivalents		3
Receivables, Net		19
Inventories, Net		17
Property, Plant and Equipment		30
Intangible Assets		159
Other Assets		14
Total Assets Acquired		242
Current Liabilities		11
Other Noncurrent Liabilities		12
Total Liabilities Assumed		23
Net Assets Acquired		219
Goodwill		45
Purchase Consideration Transferred		$ 264
Bell Incorporated | Customer Relationships
Business Acquisition [Line Items]
Weighted average useful life of customer relationships (in years)		15 years

DEBT - Short-Term Debt (Details

DEBT - Short-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-Term Borrowings	$ 17	$ 16
Current Portion of Finance Lease Obligations	8	11
Current Portion of Long-Term Debt(a)	737	26
Total Short-Term Debt and Current Portion of Long-Term Debt	$ 762	$ 53
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%

DEBT - Long-Term Debt (Details)

DEBT - Long-Term Debt (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 5,429		$ 5,097
Finance Leases and Financing Obligations	162		170
Total Long-Term Debt Including Current Portion	5,591		5,267
Less: Current Portion	745		37
Total Long-term Debt Excluding Current Portion	4,846		5,230
Less: Unamortized Debt Deferred Issuance Costs	25		30
Total Long-Term Debt	$ 4,821		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	4.13%	4.13%
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	3.53%	3.53%
Senior Notes | 2.625% Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt	$ 307		311
Stated interest rate	2.625%	2.625%
Interest rate at period end	2.65%	2.65%
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	$ 107		108
Stated interest rate	4%	4%
Interest rate at period end	1.72%	1.72%
Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 515		529
Interest rate at period end	6.33%	6.33%
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	6.57%	6.57%
Interest rate at period end	6.59%	6.59%
Term Loan | Euro Note
Debt Instrument [Line Items]
Long-term debt	$ 218		225
Stated interest rate	5.03%	5.03%
Term Loan | Euro Term Loan
Debt Instrument [Line Items]
Aggregate principal amount | €		€ 206,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 997		$ 634
Interest rate at period end	6.50%	6.50%	3.52%
Line of credit interest rate at period end	6.90%	6.90%
Other
Debt Instrument [Line Items]
Other	$ 10		$ 15

DEBT - Credit Facilities - Comm

DEBT - Credit Facilities - Commitments, Amounts Outstanding, and Amounts Available (Details) $ in Millions	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Total Commitments	$ 2,096
Total Outstanding	1,024
Total Available	1,067
Standby letters of credit issued	5
Senior Secured Domestic Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Commitments	1,850
Total Outstanding	897
Total Available	948
Senior Secured International Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Commitments	191
Total Outstanding	100
Total Available	91
Other International Facilities
Line of Credit Facility [Line Items]
Total Commitments	55
Total Outstanding	27
Total Available	$ 28

DEBT - Additional Information (

DEBT - Additional Information (Details)	Sep. 30, 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%

STOCK INCENTIVE PLANS - Additio

STOCK INCENTIVE PLANS - Additional Information (Details) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) compensationPlan shares	Sep. 30, 2022 USD ($) 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 | $	$ 36	$ 24
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)	8.8
2014 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)	1.4	1.2

STOCK INCENTIVE PLANS - RSUs an

STOCK INCENTIVE PLANS - RSUs and Stock Awards Granted (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
RSUs - Employees and Non-Employee Directors | Employees and Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during period (in shares) | shares	1,768,346
Weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 23.75
Stock Awards - Board of Directors | Board Of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during period (in shares) | shares	25,588
Weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 25.01

PENSIONS AND OTHER POSTRETIRE_3

PENSIONS AND OTHER POSTRETIREMENT BENEFITS - Net Periodic Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Benefits
Components of Net Periodic Cost:
Service Cost	$ 2	$ 3	$ 6	$ 10
Interest Cost	5	3	16	9
Expected Return on Plan Assets	(5)	(6)	(17)	(17)
Amortization:
Actuarial Loss (Gain)	1	1	4	3
Net Periodic Cost (Benefit)	3	1	9	5
Postretirement Benefits
Components of Net Periodic Cost:
Service Cost	0	0	0	0
Interest Cost	1	0	1	0
Expected Return on Plan Assets	0	0	0	0
Amortization:
Actuarial Loss (Gain)	(1)	0	(2)	0
Net Periodic Cost (Benefit)	$ 0	$ 0	$ (1)	$ 0

PENSIONS AND OTHER POSTRETIRE_4

PENSIONS AND OTHER POSTRETIREMENT BENEFITS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Company's contributions to its pension plans		$ 13	$ 21
Contribution to defined benefit plan utilizing funds from terminated plan	$ 6
Pension Benefits | Minimum | Forecast
Defined Benefit Plan Disclosure [Line Items]
Expected contributions				$ 10
Pension Benefits | Maximum | Forecast
Defined Benefit Plan Disclosure [Line Items]
Expected contributions				20
Postretirement Health Coverage
Defined Benefit Plan Disclosure [Line Items]
Benefit payments made		$ 1	$ 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	Sep. 30, 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
	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2022
Interest Rate Risk
Income tax expense (benefit)		$ 54,000,000	$ 49,000,000		$ 175,000,000	$ 134,000,000
Derivatives not Designated as Hedges
Notional Amount		750,000,000			750,000,000
Fair Value Disclosures [Abstract]
Fair value of long-term debt		5,109,000,000			5,109,000,000			$ 4,749,000,000
Carrying value of long-term debt		5,429,000,000			$ 5,429,000,000			$ 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 Agreements
Interest Rate Risk
Income tax expense (benefit)				$ 10,000,000
Interest Rate Swap Agreements | 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	5,700%						4,000%
Commodity Contracts | Designated as Hedging Instrument | Accrued Liabilities
Fair Value Disclosures [Abstract]
Derivative liabilities		4,000,000			4,000,000			$ 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
Derivatives not Designated as Hedges
Notional Amount		$ 152,000,000			$ 152,000,000			$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	$ 4	$ (10)	$ 20	$ (10)
Amount of (Gain) Loss Recognized in Statement of Operations	6	(5)	25	(11)
Expected reclassification of pre-tax gain in the next twelve months from ACOL to earnings			4
Commodity Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	3	(10)	22	(10)
Commodity Contracts | Cost of Sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Statement of Operations	7	(5)	27	(11)
Interest Rate Swap Agreements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Accumulated Other Comprehensive Loss	1	0	(2)	0
Interest Rate Swap Agreements | Interest Expense, Net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Gain) Loss Recognized in Statement of Operations	(1)	0	(2)	0
Foreign Currency Contracts | Other Expense (Income), Net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign Currency Contracts	$ (6)	$ (9)	$ (10)	$ (18)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Tax Credit Carryforward [Line Items]
Income tax expense (benefit)	$ 54	$ 49		$ 175	$ 134
Income before income taxes	$ 224	$ 242		702	500
Excess tax benefits on restricted stock vested during period				2
Return true-up tax benefits				$ 3	2
Discrete tax expense attributable to noncontrolling interest and differences between Foreign and Domestic Tax Jurisdictions					7
Tax benefit state law					2
Change in enacted tax rate					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)	9 Months Ended
	Sep. 30, 2023 segment paperboard_mill
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Number of paperboard mills | paperboard_mill	7

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 2,340	$ 2,445	$ 7,146	$ 7,035
Net sales	2,349	2,451	7,179	7,054
Income (loss) from operations	287	293	884	638
Depreciation and amortization	161	137	465	415
Corporate/Other/Eliminations
Segment Reporting Information [Line Items]
Net sales	46	41	138	121
Income (loss) from operations	(1)	12	12	1
Depreciation and amortization	10	7	24	19
Paperboard Mills | Operating Segments
Segment Reporting Information [Line Items]
Net sales	236	345	804	933
Income (loss) from operations	(36)	12	(42)	17
Depreciation and amortization	74	60	221	183
Americas Paperboard Packaging | Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,569	1,577	4,684	4,533
Income (loss) from operations	286	229	829	589
Depreciation and amortization	50	43	139	129
Europe Paperboard Packaging | Operating Segments
Segment Reporting Information [Line Items]
Net sales	498	488	1,553	1,467
Income (loss) from operations	38	40	85	31
Depreciation and amortization	$ 27	$ 27	$ 81	$ 84

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income	$ 170	$ 193	$ 527	$ 366
Weighted Average Shares:
Basic (shares)	308.3	308.8	308.4	308.9
Dilutive Effect of RSUs (shares)	0.9	0.8	0.9	0.8
Diluted (shares)	309.2	309.6	309.3	309.7
Earnings Per Share — Basic (in dollars per share)	$ 0.55	$ 0.63	$ 1.71	$ 1.18
Earnings Per Share — Diluted (in dollars per share)	$ 0.55	$ 0.62	$ 1.70	$ 1.18

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 2,450	$ 2,150
Other Comprehensive (Loss) before Reclassifications		(42)
Amounts Reclassified from Accumulated Other Comprehensive Loss		21
Net Current-period Other Comprehensive Income (Loss)		(21)
Less:
Net Current-period Other Comprehensive (Income) Attributable to Noncontrolling Interest	(49)	(21)
Ending balance	2,541	2,541
Derivatives Instruments:
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance		(4)
Other Comprehensive (Loss) before Reclassifications		(13)
Amounts Reclassified from Accumulated Other Comprehensive Loss		19
Net Current-period Other Comprehensive Income (Loss)		6
Less:
Ending balance	2	2
Pension and Postretirement Benefit Plans
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance		(103)
Other Comprehensive (Loss) before Reclassifications		(1)
Amounts Reclassified from Accumulated Other Comprehensive Loss		2
Net Current-period Other Comprehensive Income (Loss)		1
Less:
Ending balance	(102)	(102)
Currency Translation Adjustments
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance		(270)
Other Comprehensive (Loss) before Reclassifications		(28)
Amounts Reclassified from Accumulated Other Comprehensive Loss		0
Net Current-period Other Comprehensive Income (Loss)		(28)
Currency Translation Adjustments
Less:
Ending balance	(299)	(299)
Total
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(349)	(377)
Less:
Ending balance	$ (399)	(399)
Derivative Instruments, Noncontrolling Interest
Less:
Net Current-period Other Comprehensive (Income) Attributable to Noncontrolling Interest		0
Pension and Postretirement Benefit Plans, Noncontrolling Interest
Less:
Net Current-period Other Comprehensive (Income) Attributable to Noncontrolling Interest		0
Currency Translation Adjustments, Noncontrolling Interest
Less:
Net Current-period Other Comprehensive (Income) Attributable to Noncontrolling Interest		(1)
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			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of Sales	$ 1,799	$ 1,940		$ 5,563	$ 5,715
Other Expense, Net	(15)	(6)		(48)	(6)
Income tax expense (benefit)	54	49		175	134
Total, Net of Tax	$ (170)	$ (193)		(527)	$ (366)
Interest Rate Swap Agreements
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense (benefit)			$ 10
Amount Reclassified from Accumulated Other Comprehensive Loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total Reclassifications for the Period				21
Amount Reclassified from Accumulated Other Comprehensive Loss | Derivatives Instruments:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before Tax				25
Income tax expense (benefit)				(6)
Total, Net of Tax				19
Amount Reclassified from Accumulated Other Comprehensive Loss | Derivatives Instruments: | Commodity Contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of Sales				27
Amount Reclassified from Accumulated Other Comprehensive Loss | Derivatives Instruments: | Interest Rate Swap Agreements
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other Expense, Net				(2)
Amount Reclassified from Accumulated Other Comprehensive Loss | Pension and Postretirement Benefit Plans | Pension Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before Tax				4
Income tax expense (benefit)				(1)
Actuarial Losses (Gains)				4
Total, Net of Tax				3
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]
Total before Tax				2
Income tax expense (benefit)				1
Actuarial Losses (Gains)				(2)
Total, Net of Tax				$ 1

EXIT ACTIVITIES - Additional In

EXIT ACTIVITIES - Additional Information (Details) $ in Millions		3 Months Ended				9 Months Ended		12 Months Ended
	Feb. 07, 2023 USD ($) mill	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) packaging_facility mill	Sep. 30, 2022 foldingCartonFacility	Sep. 30, 2021 mill	Sep. 30, 2023 USD ($) mill	Sep. 30, 2022 USD ($)	Dec. 31, 2019 mill
Restructuring Cost and Reserve [Line Items]
Number of folding carton plants			3	2
Folding Carton Plant
Restructuring Cost and Reserve [Line Items]
Number of folding carton plants | packaging_facility			3
Facility Closing
Restructuring Cost and Reserve [Line Items]
Number of mills expected to be closed | mill	3					3		2
Number of mills with accelerated closure | mill			1
Number of mills remaining open | mill					1
Restructuring costs						$ 80	$ 19
Number of additional mills expected to be closed | mill						2
Expected costs associated with closures associated with severance activity		$ 11				$ 11
Facility Closing | Minimum | CRB Mills
Restructuring Cost and Reserve [Line Items]
Restructuring costs						20
Accelerated depreciation related to plant closure						15
Facility Closing | Minimum | Folding Carton Plant
Restructuring Cost and Reserve [Line Items]
Restructuring costs						5
Accelerated depreciation related to plant closure						8
Facility Closing | Maximum | CRB Mills
Restructuring Cost and Reserve [Line Items]
Restructuring costs						25
Accelerated depreciation related to plant closure						20
Facility Closing | Maximum | Folding Carton Plant
Restructuring Cost and Reserve [Line Items]
Restructuring costs						10
Accelerated depreciation related to plant closure						10
Facility Closing | Construction in Progress | Folding Carton Plant
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation related to plant closure						8
Discontinued Project | Texarkana
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 14
Start-Up Costs | Minimum
Restructuring Cost and Reserve [Line Items]
Start-up charges						25
Start-Up Costs | Maximum
Restructuring Cost and Reserve [Line Items]
Start-up charges						30
Start-Up Costs | Construction in Progress
Restructuring Cost and Reserve [Line Items]
Start-up charges						1
Start-Up Costs | Construction in Progress | CRB Mills
Restructuring Cost and Reserve [Line Items]
Restructuring costs						4
One-time Termination Benefits | Tama Closure
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 3
One-time Termination Benefits | Folding Carton Plant
Restructuring Cost and Reserve [Line Items]
Restructuring costs						5
One-time Termination Benefits | Construction in Progress | Tama Closure
Restructuring Cost and Reserve [Line Items]
Restructuring costs						$ 27
CRB Mill
Restructuring Cost and Reserve [Line Items]
Investments	$ 1,000

EXIT ACTIVITIES - Restructuring

EXIT ACTIVITIES - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Total	$ 31	$ 2	$ 80	$ 19
Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net | Facility Closing
Restructuring Cost and Reserve [Line Items]
Severance costs and other	8	0	20	1
Asset Write-Offs and Start-Up Costs	16	2	21	11
Cost of Sales | Facility Closing
Restructuring Cost and Reserve [Line Items]
Accelerated Depreciation	$ 7	$ 0	$ 39	$ 7

EXIT ACTIVITIES - Roll Forward

EXIT ACTIVITIES - Roll Forward (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1
Costs Incurred	20
Payments	(4)
Adjustments	(1)
Ending balance	$ 16

IMPAIRMENT AND DIVESTITURE OF_3

IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) 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%
Impairment charges		$ 23	$ 93
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax loss		93
Impairment charges	$ 2
Intercompany note receivable	14	14
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		5
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	$ 32	$ 32

IMPAIRMENT AND DIVESTITURE OF_4

IMPAIRMENT AND DIVESTITURE OF RUSSIAN BUSINESS - Summarizes of Assets and Liabilities (Details) - Discontinued Operations, Held-for-sale $ in Millions	Sep. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and Cash Equivalents	$ 16
Receivables, Net	14
Inventories, Net	11
Property, Plant and Equipment, Net	23
Intangible Assets, Net	14
Other Assets	2
Assets Held for Sale	80
Valuation Allowance to Adjust Carrying Value of Russian Operations to Fair Value Less Costs to Sell	(93)
Total Assets Held for Sale, Net Included in Other Current Assets	(13)
Accounts Payable	4
Other Accrued Liabilities	2
Deferred Income Tax Liabilities	7
Total Liabilities Held for Sale Included in Other Accrued Liabilities	$ 13