Sylvamo (SLVM) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40718
Entity Registrant Name	SYLVAMO CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2596371
Entity Address, Address Line One	6400 Poplar Avenue
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38197
City Area Code	901
Local Phone Number	519-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,126,955
Entity Central Index Key	0001856485
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	SLVM
Security Exchange Name	NYSE
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Trading Symbol	SLVM
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED AND COMB

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
NET SALES	$ 912	$ 695	$ 1,733	$ 1,319
COSTS AND EXPENSES
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)	562	408	1,108	828
Selling and administrative expenses	81	57	147	96
Depreciation, amortization and cost of timber harvested	32	31	63	62
Distribution expenses	97	82	171	156
Taxes other than payroll and income taxes	6	6	12	13
Interest (income) expense, net	17	(29)	34	(29)
Income from continuing operations before income taxes	117	140	198	193
Income tax provision (benefit)	33	39	59	54
NET INCOME FROM CONTINUING OPERATIONS	84	101	139	139
Discontinued operations, net of taxes	(143)	14	(172)	38
NET INCOME (LOSS)	$ (59)	$ 115	$ (33)	$ 177
BASIC EARNINGS (LOSS) PER SHARE
Earnings from continuing operations, basic (in dollars per share)	$ 1.90	$ 2.30	$ 3.15	$ 3.16
Discontinued operations, net of taxes, basic (in dollars per share)	(3.24)	0.31	(3.90)	0.87
Net earnings (loss), basic (in dollars per share)	(1.34)	2.61	(0.75)	4.03
DILUTED EARNINGS (LOSS) PER SHARE
Earnings from continuing operations, diluted (in dollars per share)	1.89	2.30	3.13	3.16
Discontinued operations, net of taxes, diluted (in dollars per share)	(3.22)	0.31	(3.87)	0.87
Net earnings (loss), diluted (in dollars per share)	$ (1.33)	$ 2.61	$ (0.74)	$ 4.03

CONDENSED CONSOLIDATED AND CO_2

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (59)	$ 115	$ (33)	$ 177
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Amortization of pension and postretirement loss (less taxes of $0, $0, $0 and $0)	0	0	(1)	0
Change in cumulative foreign currency translation adjustment	(21)	140	78	(15)
Net gains/losses on cash flow hedging derivatives:
Net gains (losses) arising during the period (less taxes of ($(1), $(4), ($13) and ($2))	4	6	33	4
Reclassification adjustment for (gains) losses included in net earnings (less taxes of $2, $2, $5 and $1)	(4)	(2)	(10)	(2)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	(21)	144	100	(13)
COMPREHENSIVE INCOME (LOSS)	$ (80)	$ 259	$ 67	$ 164

COMPREHENSIVE CONSOLIDATED AND

COMPREHENSIVE CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Amortization of pension and postretirement loss, tax	$ 0	$ 0	$ 0	$ 0
Net gains (losses) arising during the period, tax	(1)	(4)	(13)	(2)
Reclassification adjustments for (gains) losses included in net earnings, tax	$ 2	$ 2	$ 5	$ 1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and temporary investments	$ 157	$ 159
Accounts and notes receivable, net	469	402
Contract assets	27	26
Inventories	304	279
Assets held for sale	357	179
Other current assets	31	63
Total Current Assets	1,345	1,108
Plants, Properties and Equipment, net	755	764
Forestlands	299	278
Goodwill	128	122
Right of Use Assets	40	40
Long-Term Assets Held for Sale	0	141
Deferred Charges and Other Assets	174	144
TOTAL ASSETS	2,741	2,597
Current Liabilities
Accounts payable	360	387
Notes payable and current maturities of long-term debt	25	41
Accrued payroll and benefits	53	48
Liabilities held for sale	288	91
Other current liabilities	158	191
Total Current Liabilities	884	758
Long-Term Debt	1,290	1,357
Deferred Income Taxes	185	169
Long-Term Liabilities Held for Sale	0	13
Other Liabilities	130	118
Commitments and Contingent Liabilities (Note 12)
Equity
Common stock $1 par value, 200.0 shares authorized, 44.1 shares and 43.9 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	44	44
Paid-in capital	14	4
Retained earnings	1,897	1,935
Accumulated other comprehensive loss	(1,701)	(1,801)
Stockholders' equity before treasury stock	254	182
Less: Common stock held in treasury, at cost, 0.1 shares and 0.0 shares at June 30, 2022 and December 31, 2021, respectively	(2)	0
Total Equity	252	182
TOTAL LIABILITIES AND EQUITY	$ 2,741	$ 2,597

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	44,100,000	43,900,000
Common shares, outstanding (in shares)	44,100,000	43,900,000
Treasury stock (in shares)	100,000	0

CONDENSED CONSOLIDATED AND CO_3

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
NET INCOME FROM CONTINUING OPERATIONS	$ 139	$ 139
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and cost of timber harvested	63	62
Deferred income tax provision (benefit), net	2	(2)
Stock-based compensation	11	7
Changes in operating assets and liabilities and other
Accounts and notes receivable	(58)	(26)
Inventories	(33)	5
Accounts payable and accrued liabilities	(31)	33
Other	37	(63)
CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS	130	155
CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	45	67
CASH PROVIDED BY OPERATING ACTIVITIES	175	222
INVESTMENT ACTIVITIES
Invested in capital projects	(59)	(27)
Cash pool arrangements with Parent	0	(15)
Other	0	(3)
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM CONTINUING OPERATIONS	(59)	(45)
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	(5)	7
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES	(64)	(38)
FINANCING ACTIVITIES
Net transfers from Parent	0	1
Reduction of debt	(86)	(4)
Other	(6)	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS	(92)	(3)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	0	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(92)	(3)
Effect of Exchange Rate Changes on Cash	42	(50)
Change in Cash Included in Assets Held for Sale	63	13
Change in Cash and Temporary Investments	(2)	118
Beginning of the period	159	70
End of the period	$ 157	$ 188

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION On December 3, 2020, International Paper Company (“International Paper” or “Parent”) announced that its Board of Directors had approved a plan to spin-off its Printing Papers segment along with certain mixed-use coated paperboard and pulp businesses in Europe, Latin America, and North America (collectively referred to herein as the “Company,” “we,” “us,” or “our”), and separate into two distinct publicly-traded companies. On October 1, 2021, we settled the net parent investment and the spin-off was completed by a pro rata distribution to International Paper’s stockholders of approximately 80.1% of our common stock, with International Paper retaining a 19.9% ownership interest. As a result of the spin-off, Sylvamo Corporation is now an independent public company trading on the New York Stock Exchange under the symbol “SLVM.” Prior to the spin-off, we historically operated as part of International Paper and not as a standalone company. These condensed consolidated and combined financial statements reflect the combined historical results of operations and cash flows of the Company as historically managed within International Paper for the periods prior to the completion of the spin-off and reflect our consolidated financial position, results of operations and cash flows for the period after the completion of the spin-off. The condensed consolidated and combined financial statements have been prepared in United States (“U.S.”) dollars and in conformity with accounting principles generally accepted in the United States (‘‘U.S. GAAP’’). We recommend that the accompanying condensed consolidated and combined financial statements be read in conjunction with the audited consolidated combined financial statements and the notes thereto included in our 2021 Form 10-K. The accompanying condensed consolidated and combined financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for any interim period are not indicative of the results that might be achieved for a full year. For the periods prior to the spin-off, the condensed combined statements of operations also include expense allocations for certain functions provided by International Paper, including, but not limited to general corporate expenses related to finance, legal, information technology, human resources, communications, insurance and stock-based compensation. These expenses have been allocated to the Company on the basis of direct usage when identifiable, with the remainder principally allocated on the basis of percent of capital employed, headcount or other measures. During the three months and six months ended June 30, 2021, the Company was allocated $47 million and $85 million, respectively, of such general corporate expenses related to continuing operations, which were included within “Cost of products sold” and “Selling and administrative expenses.” Management considers the basis on which the expenses have been allocated to reasonably reflect the utilization of services provided to or the benefit received by the Company during the periods presented. The allocations may not, however, reflect the expenses the Company would have incurred if the Company had been an independent company for all periods presented. Actual costs that may have been incurred if the Company had been an independent company during these periods would depend on several factors, including the organizational structure, whether functions were outsourced or performed by employees, and strategic decisions made in areas such as information technology and infrastructure. The Company is unable to determine what such costs would have been had the Company been independent during the periods prior to completion of the spin-off. All intracompany transactions have been eliminated. Related party transactions between the Company and International Paper relating to general operating activities have been included in these condensed consolidated and combined financial statements. These related party transactions historically settled in cash between the Company and International Paper have been reflected in the condensed consolidated and combined statements of cash flows as either “Accounts and notes receivable” or “Accounts payable and accrued liabilities” within operating activities. The aggregate net effect of transactions with International Paper not settled in cash, including corporate allocations, has been reflected in the condensed consolidated and combined statements of cash flows as “Net transfers from Parent” within financing activities. In addition, certain of the Company’s Europe locations participated in International Paper’s centralized cash pooling arrangement. Amounts due from the cash pool were generally settled on a daily basis with the aggregate net activity between the Company and International Paper reflected in the condensed consolidated and combined statements of cash flows as “Cash pool arrangements with Parent” within investing activities. Our participation in International Paper’s centralized cash pooling arrangements was terminated prior to September 30, 2021. International Paper utilized a centralized approach to cash management and financing its operations. This arrangement was not reflective of the manner in which the Company would have been able to finance its operations had it been independent from International Paper for the periods prior to the completion of the spin-off. The cash and temporary investments held by International Paper at the corporate level were not specifically identifiable to the Company and therefore were not reflected in the Company’s condensed combined statements of cash flows. Cash and temporary investments in the condensed combined statements of cash flows for the periods prior to the completion of the spin-off represent only cash and temporary investments held locally by the Company. The condensed combined financial statements for the periods prior to the completion of the spin-off included certain assets and liabilities that were historically held at the International Paper corporate level but were specifically identifiable or otherwise attributable to the Company. International Paper’s third-party debt and the related interest expense have not been allocated to the Company for any of the periods presented as the Company was not the legal obligor of such debt. During the third quarter of 2021, we entered into a series of financing transactions under which we incurred $1.5 billion of debt in conjunction with our spin-off from International Paper, consisting of two term loan facilities, the 7% senior notes due 2029 (the “2029 Senior Notes”) and borrowings from our cash flow-based revolving credit facility. The proceeds of the debt were used primarily to fund a $1.5 billion special payment to International Paper on September 29, 2021 and pay related fees and expenses. The Company operates on a calendar year-end. Divestiture of Russian Operations During the second quarter of 2022, management committed to a plan to sell the Company’s Russian operations, which were previously part of the Europe business segment. As a result, all current and historical operating results of the Russian operations are presented as “Discontinued operations, net of taxes” in the condensed consolidated and combined statement of operations and the notes to the condensed consolidated and combined statement of operations. All historical assets and liabilities of the Russian operations are classified as current and long-term assets and liabilities of discontinued operations in the accompanying condensed consolidated balance sheet. We recorded a pre-tax charge of $68 million ($57 million after taxes) for the impairment of the Russian fixed assets during the first quarter of 2022 and a pre-tax charge of $156 million ($156 million after taxes) during the second quarter of 2022 to reserve for the elimination of the cumulative foreign currency translation loss related to our Russian business. See Note 7 Divestiture and Impairment of Business for further details. Our operations in Russia include a paper mill in Svetogorsk, Russia, and long-term harvesting rights on 860,000 acres of government-owned forestland, and represented approximately 15% of our net sales and 10% of our long-lived assets for the year ended December 31, 2021.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies are described in Note 2 to the audited consolidated and combined financial statements included in our 2021 10-K. There have been no material changes to the significant accounting policies for the six months ended June 30, 2022. Recently Issued Accounting Pronouncements Not Yet Adopted Reference Rate Reform

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION External Net Sales by Product External net sales by major products were as follows by business segment: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Europe Uncoated Papers $ 112 $ 52 $ 202 $ 122 Market Pulp 23 23 50 43 Europe 135 75 252 165 Latin America Uncoated Papers 228 190 424 333 Market Pulp — 11 — 24 Latin America 228 201 424 357 North America Uncoated Papers 528 402 1,013 764 Market Pulp 21 17 44 33 North America 549 419 1,057 797 Total $ 912 $ 695 $ 1,733 $ 1,319 Revenue Contract Balances A contract asset is created when the Company recognizes revenue on its customized products for which we have an enforceable right to payment. A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced when control of the goods is transferred to the customer, satisfying our performance obligation. The majority of our customer prepayments are received during the fourth quarter each year for goods that will be transferred to customers over the following twelve months. Contract liabilities of $1 million and $1 million are included in “Other current liabilities” as of June 30, 2022 and December 31, 2021, respectively. The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods which we have an unconditional right to payment or receive pre-payment from the customer, respectively.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
EQUITY	EQUITY A summary of changes in equity for the three months and six months ended June 30, 2022 and 2021 is provided below: Three Months Ended June 30, 2022 In millions Shares Common Stock Paid-In Capital Retained Earnings Accumulated Other Comprehensive Common Stock Held In Treasury, At Cost Total Equity Balance, March 31, 2022 44 $ 44 $ 8 $ 1,961 $ (1,680) $ (2) $ 331 Stock-based employee compensation — — 6 — — — 6 Dividends ($0.1125 per share) — — — (5) — — (5) Comprehensive income (loss) — — — (59) (21) — (80) Balance, June 30, 2022 44 $ 44 $ 14 $ 1,897 $ (1,701) $ (2) $ 252 Six Months Ended June 30, 2022 In millions Shares Common Stock Paid-In Capital Retained Earnings Accumulated Other Comprehensive Common Stock Held In Treasury, At Cost Total Equity Balance, December 31, 2021 44 $ 44 $ 4 $ 1,935 $ (1,801) $ — $ 182 Stock-based employee compensation — — 10 — — (2) 8 Dividends ($0.1125 per share) — — — (5) — — (5) Comprehensive income (loss) — — — (33) 100 — 67 Balance, June 30, 2022 44 $ 44 $ 14 $ 1,897 $ (1,701) $ (2) $ 252 Three Months Ended June 30, 2021 In millions Parent Company Accumulated Other Comprehensive Total Equity Balance, March 31, 2021 3,736 (1,637) 2,099 Net transfers from Parent (74) — (74) Comprehensive income (loss) 115 144 259 Balance, June 30, 2021 $ 3,777 $ (1,493) $ 2,284 Six Months Ended June 30, 2021 In millions Parent Company Accumulated Other Comprehensive Total Equity Balance, December 31, 2020 3,592 (1,480) 2,112 Net transfers from Parent 8 — 8 Comprehensive income (loss) 177 (13) 164 Balance, June 30, 2021 $ 3,777 $ (1,493) $ 2,284 Rights Agreement On April 22, 2022, the board of directors of the Company (the “Board”) adopted a Rights Agreement (the “Rights Agreement”) and declared a dividend of one preferred share purchase right (a “Right”), payable on May 2, 2022, for each share of common stock, par value $1.00 per share, of the Company (the “Common Shares”) outstanding on May 2, 2022 (the “Record Date”) to the registered holders of Common Shares on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Preferred Stock, par value $1.00 per share, of the Company (the “Preferred Shares”) at a price of $190.00 per one one-thousandth of a Preferred Share represented by a Right (the “Purchase Price”), subject to adjustment. The Rights will initially trade with the Common Shares and will generally become exercisable only if any person (or any persons acting as a group) acquires 10% (or 20% in the case of certain passive investors) or more of the Company’s outstanding Common Shares. Existing 10% or greater holders of Common Shares are grandfathered to the extent of their April 22, 2022 ownership levels. In the event the Rights are triggered, the Rights will become exercisable for Common Shares having a value equal to two times the exercise price of the Right. If, at any time after the Rights are triggered, the Company engages in a merger or sale of 50% or more of the Company’s consolidated assets or earning power, then each holder of a Right, upon the exercise thereof, will receive the number of shares of common stock of the acquiring company which at the time of such transaction will have a market value of two times the exercise price of the Right. The Rights will expire on the close of business on April 21, 2023, unless earlier redeemed or terminated by the Company, as provided in the Rights Agreement. Until a Right is exercised, the holder thereof will have no voting or dividend privileges with respect to the rights.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
OTHER COMPREHENSIVE INCOME	OTHER COMPREHENSIVE INCOME The following table presents the changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”), net of taxes, reported in the condensed consolidated and combined financial statements: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (81) $ (48) $ (80) $ (48) Amounts reclassified from accumulated other comprehensive income — — (1) — Balance at end of period (81) (48) (81) (48) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (1,620) (1,588) (1,719) (1,433) Other comprehensive income (loss) before reclassifications (21) 140 78 (15) Balance at end of period (1,641) (1,448) (1,641) (1,448) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period 21 (1) (2) 1 Other comprehensive income (loss) before reclassifications 4 6 33 4 Amounts reclassified from accumulated other comprehensive income (4) (2) (10) (2) Balance at end of period 21 3 21 3 Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (1,701) $ (1,493) $ (1,701) $ (1,493)

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share from continuing operations is computed by dividing net income from continuing operations by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share from continuing operations is computed by dividing net income from continuing operations by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potentially dilutive shares of common stock been issued. The dilutive effect of restricted stock units is reflected in diluted earnings per share by applying the treasury stock method. Basic and dilutive earnings per share from discontinued operations are computed under the same approach utilizing the same weighted-average number of shares of common stock outstanding during the period and dilutive shares. There are no adjustments required to be made to net income from continuing operations for purposes of computing basic and diluted earnings per share from continuing operations. These financial statements are prepared on the basis that, at the date of distribution of Sylvamo common stock by International Paper to its shareholders on October 1, 2021, Sylvamo had 43,949,277 total shares of common stock outstanding. The calculation of earnings per share from continuing operations utilizes the number of shares of common stock outstanding at the date of distribution as the basis for the calculation of the weighted average number of shares of common stock outstanding for periods presented prior to the spinoff because, at that time, Sylvamo did not operate as a separate, stand-alone entity, and no shares or equity-based awards were outstanding prior to the date of distribution. Basic and diluted earnings per share from continuing operations are calculated as follows: Three Months Ended Six Months Ended In millions, except per share amounts 2022 2021 2022 2021 Net income from continuing operations $ 84 $ 101 $ 139 $ 139 Weighted average common shares outstanding 44.1 43.9 44.1 43.9 Effect of dilutive securities 0.4 — 0.2 — Weighted average common shares outstanding - assuming dilution 44.5 43.9 44.3 43.9 Earnings per share from continuing operations - basic $ 1.90 $ 2.30 $ 3.15 $ 3.16 Earnings per share from continuing operations - diluted $ 1.89 $ 2.30 $ 3.13 $ 3.16

DIVESTITURE AND IMPAIRMENT OF B

DIVESTITURE AND IMPAIRMENT OF BUSINESS	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURE AND IMPAIRMENT OF BUSINESS	DIVESTITURE AND IMPAIRMENT OF BUSINESS RUSSIAN OPERATIONS 2022: During the second quarter of 2022, management committed to a plan to sell the Company’s Russian operations. As a result, all current and historical operating results of the Russian operations are presented as “Discontinued operations, net of taxes” in the condensed consolidated and combined statement of operations. All historical assets and liabilities of the Russian operations are classified as current and long-term assets and liabilities held for sale in the accompanying condensed consolidated balance sheet. The Russian operations were previously part of the Europe business segment. The following summarizes the major classes of line items comprising Income (Loss) Before Income Taxes reconciled to Discontinued Operations, net of taxes, related to the Russian operations for all periods presented in the condensed consolidated and combined statement of operations. Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 NET SALES $ 157 $ 149 $ 313 $ 303 COSTS AND EXPENSES Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below) 139 117 242 223 Selling and administrative expenses 3 1 4 3 Depreciation, amortization and cost of timber harvested — 4 4 8 Distribution expenses 7 11 17 21 Taxes other than payroll and income taxes 1 — 1 1 Impairment of business 156 — 224 — Interest (income) expense, net (2) — (3) — INCOME (LOSS) BEFORE INCOME TAXES (147) 16 (176) 47 Income tax provision (benefit) (4) 2 (4) 9 DISCONTINUED OPERATIONS, NET OF TAXES $ (143) $ 14 $ (172) $ 38 The following summarizes the major classes of assets and liabilities of the Russian operations reconciled to current assets and long-term assets and liabilities held for sale and current and long-term liabilities held for sale in the accompanying condensed consolidated balance sheet: In millions June 30, 2022 December 31, 2021 Cash and temporary investments $ 84 $ 21 Accounts and notes receivable 90 88 Contract assets 2 3 Inventories 98 63 Other current assets 2 4 Current Assets Held for Sale $ 276 $ 179 Plants, Properties and Equipment 38 121 Goodwill 14 10 Right of Use Assets 2 1 Deferred Charges and Other Assets 27 9 Long-Term Assets Held for Sale (a) $ 81 $ 141 Notes payable and current maturities of long-term debt $ 2 $ 1 Accounts payable 81 58 Accrued payroll and benefits 6 3 Other current liabilities 177 29 Current Liabilities Held for Sale $ 266 $ 91 Long-Term Debt 0 1 Deferred Income Taxes — — Other Liabilities 22 12 Long-Term Liabilities Held for Sale (a) $ 22 $ 13 (a) Amounts included in current “Assets held for sale” and current “Liabilities held for sale” in the accompanying consolidated balance sheet as of June 30, 2022. The following summarizes the total cash provided by operating activities from discontinued operations, net and total cash provided by (used for) investing activities from discontinued operations, net and included in the condensed consolidated and combined statement of cash flows: In millions for the six months ended June 30 2022 2021 Cash Provided by Operating Activities $ 45 $ 67 Cash Provided by (Used for) Investment Activities (a) $ (5) $ 7 (a) Includes cash invested in capital projects of $5 million and $5 million for the six months ended June 30, 2022 and 2021, respectively. During the first quarter of 2022, as a result of the significant changes in the business climate impacting our Russian operations, a determination was made that the current carrying value of our Russian operations exceeded the estimated fair value. The fair value of the Russian operations was estimated based on a probability-weighted average approach of the potential cash flows from various paths the Company was evaluating to exit the business. As a result, a pre-tax charge of $68 million ($57 million, net of taxes) was recorded for the impairment and allocated to the Russian fixed assets. During the second quarter of 2022, a pre-tax charge of $156 million ($156 million after taxes) was recorded to reserve for the elimination of the cumulative foreign currency translation losses related to our Russian operations. These charges are included in “Impairment of business” within the summarized income statement for our Russian operations included in this footnote and is included in “Discontinued operations, net of taxes” in the condensed consolidated and combined statement of operations.

SUPPLEMENTARY FINANCIAL STATEME

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION	SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION Temporary Investments Temporary investments with an original maturity of three months or less and money market funds with greater than three-month maturities but with the right to redeem without notice are treated as cash equivalents and are stated at cost. Temporary investments totaled $64 million at both June 30, 2022 and December 31, 2021, respectively. Accounts and Notes Receivable Accounts and notes receivable, net, by classification were: In millions June 30, 2022 December 31, 2021 Accounts and notes receivable: Trade $ 447 $ 391 Notes and other 22 11 Total $ 469 $ 402 The allowance for expected credit losses was $22 million and $19 million at June 30, 2022 and December 31, 2021, respectively. Based on the Company’s accounting estimates and the facts and circumstances available as of the reporting date, we believe our allowance for expected credit losses is adequate. Inventories In millions June 30, 2022 December 31, 2021 Raw materials $ 35 $ 37 Finished paper and pulp products 191 164 Operating supplies 72 69 Other 6 9 Total $ 304 $ 279 Plants, Properties and Equipment, Net Accumulated depreciation was $3.6 billion and $3.5 billion at June 30, 2022 and December 31, 2021, respectively. Depreciation expense was $32 million and $31 million for the three months and $62 million and $62 million for the six months ended June 30, 2022 and 2021, respectively. Non-cash additions to plants, property and equipment included within accounts payable were $6 million each at June 30, 2022 and December 31, 2021. Interest Interest payments of $34 million and $1 million were made during the six months ended June 30, 2022 and June 30, 2021, respectively. Amounts related to interest were as follows: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Interest expense $ 20 $ 1 $ 39 $ 1 Interest income (2) (30) (4) (30) Capitalized interest cost (1) — (1) — Total $ 17 $ (29) $ 34 $ (29) ASSET RETIREMENT OBLIGATIONS At both June 30, 2022 and December 31, 2021, we had recorded liabilities of $26 million related to asset retirement obligations. These amounts are included in “Other liabilities.”

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
LEASES	LEASES The Company leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles and certain other equipment. The Company’s leases have a remaining lease term of up to 15 years. Total lease cost was $15 million and $8 million for the three months and $30 million and $17 million for the six months ended June 30, 2022 and 2021, respectively. Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2022 December 31, 2021 Assets Operating lease assets Right of use assets $ 40 $ 40 Finance lease assets Plants, properties, and equipment, net (a) 25 27 Total leased assets $ 65 $ 67 Liabilities Current Operating Other current liabilities $ 14 $ 15 Finance Notes payable and current maturities of long-term debt 3 3 Noncurrent Operating Other Liabilities 31 25 Finance Long-term debt 16 17 Total lease liabilities $ 64 $ 60 (a) Finance leases are recorded net of accumulated amortization of $12 million and $9 million as of June 30, 2022 and December 31, 2021, respectively.
LEASES	LEASES The Company leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles and certain other equipment. The Company’s leases have a remaining lease term of up to 15 years. Total lease cost was $15 million and $8 million for the three months and $30 million and $17 million for the six months ended June 30, 2022 and 2021, respectively. Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2022 December 31, 2021 Assets Operating lease assets Right of use assets $ 40 $ 40 Finance lease assets Plants, properties, and equipment, net (a) 25 27 Total leased assets $ 65 $ 67 Liabilities Current Operating Other current liabilities $ 14 $ 15 Finance Notes payable and current maturities of long-term debt 3 3 Noncurrent Operating Other Liabilities 31 25 Finance Long-term debt 16 17 Total lease liabilities $ 64 $ 60 (a) Finance leases are recorded net of accumulated amortization of $12 million and $9 million as of June 30, 2022 and December 31, 2021, respectively.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLES	GOODWILL AND OTHER INTANGIBLES Goodwill The following table presents changes in the goodwill balance as allocated to each business segment for the six months ended June 30, 2022: In millions Europe Latin America North America Total Balance as of December 31, 2021 Goodwill $ 11 $ 112 $ — $ 123 Accumulated impairment losses (1) — — (1) $ 10 $ 112 $ — $ 122 Currency translation and other (a) (1) 7 — 6 Balance as of June 30, 2022 Goodwill 10 119 — 129 Accumulated impairment losses (1) — — (1) Total $ 9 $ 119 $ — $ 128 (a) Represents the effects of foreign currency translations and reclassifications. Other Intangibles Identifiable intangible assets comprised the following: June 30, 2022 December 31, 2021 In millions Gross Carrying Amount Accumulated Amortization Net Intangible Assets Gross Carrying Amount Accumulated Amortization Net Intangible Assets Customer relationships and lists $ 59 $ (51) $ 8 $ 56 $ (48) $ 8 Software 3 (3) — 3 (2) 1 Other 4 (4) — 4 (4) — Total $ 66 $ (58) $ 8 $ 63 $ (54) $ 9 Amortization expense related to intangibles was immaterial for each of the three months and six months ended June 30, 2022 and 2021, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES An income tax provision of $33 million and $59 million was recorded for the three and six months ended June 30, 2022 and the reported effective income tax rate was 28% and 30%, respectively. An income tax provision of $39 million and $54 million was recorded for the three and six months ended June 30, 2021, and the reported effective income tax rate was 27% and 28%, respectively. The Brazilian Federal Revenue Service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by International Paper do Brasil Ltda., now named Sylvamo do Brasil Ltda. (“Sylvamo Brasil”). a wholly-owned subsidiary of the Company (the “Brazil Tax Dispute”). Sylvamo Brasil received assessments for the tax years 2007-2015 totaling approximately $114 million in tax, and $355 million in interest, penalties and fees as of June 30, 2022 (adjusted for variation in currency exchange rates). International Paper challenged and is managing the litigation of this matter pursuant to the tax matters agreement between us and International Paper. After a previous favorable ruling challenging the basis for these assessments, there were subsequent unfavorable decisions from the Brazilian Administrative Council of Tax Appeals. On behalf of Sylvamo Brasil, International Paper has appealed and at present, has advised us that it intends to further appeal these and any future unfavorable administrative judgments to the Brazilian federal courts; however, this tax litigation matter may take many years to resolve. The Company believes that the transaction underlying these assessments was appropriately evaluated, and that the Company’s tax position would be sustained, based on Brazilian tax law. Pursuant to the terms of the tax matters agreement entered into between International Paper and Sylvamo, International Paper will pay 60%, and Sylvamo will pay 40% on up to $300 million of any assessment related to this matter, and International Paper will pay all amounts of the assessment over $300 million. Also in connection with this agreement, all decisions concerning the conduct of the litigation related to this matter, including strategy settlement, pursuit and abandonment, will continue to be made by International Paper, which is vigorously defending Sylvamo Brasil’s historic tax position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Environmental and Legal Proceedings The Company is subject to environmental remediation laws and regulations in the countries in which we operate. Remediation costs are recorded in the condensed consolidated and combined financial statements when they become probable and reasonably estimable. The Company has estimated the probable liability associated with these environmental remediation matters to be approximately $23 million in the aggregate as of June 30, 2022. The $23 million estimated probable liability pertains to matters on property owned by the Company’s Russian operations, and as a result, is included in “Current liabilities held for sale” in the accompanying condensed consolidated balance sheet. The increase from the estimated probable liability of $15 million reported for these matters as of March 31, 2022 is due to increased strength of the Russian ruble. In 2018, the Company discovered and voluntarily disclosed to the Russian environmental agency, Rosprirodnadzor (“RPN”) the presence of mercury contamination in sediment in a river tributary that traverses the Company’s mill property in Svetogorsk, Russia, and the authorities initiated an investigation. The mercury contamination resulted from the operations of a former chlor-alkali manufacturing plant on the mill site. Remediation of the river tributary was completed in 2020. The Company continues to remediate the soil and groundwater contamination associated with the chlor-alkali plant. Of the $23 million estimated probable liability for environmental remediation matters as of June 30, 2022, $17 million is associated with this matter. In February 2022, the Company received from RPN a damage claim in the amount of approximately $9 million relating to alleged discharges of mercury, aluminum and lignin into the river in 2019 from the contaminated sediment at the Svetogorsk mill site. The Company has estimated the probable liability for this matter at approximately $2 million as of June 30, 2022, which estimate reflects the results of expert sampling and testing conducted by the Company for the presence of the pollutants claimed to be released in 2019. The Company is involved in various other inquiries, administrative proceedings and litigation relating to environmental and safety matters, taxes (including VAT), personal injury, product liability, labor and employment, contracts, sales of property, intellectual property, tax, and other matters, some of which allege substantial monetary damages. See Taxes Other Than Payroll Taxes below for details regarding certain tax matters. Assessments of lawsuits and claims can involve a series of complex judgments about future events, can rely heavily on estimates and assumptions, and are otherwise subject to significant uncertainties. As a result, there can be no certainty that the Company will not ultimately incur charges in excess of presently recorded liabilities. The Company believes that loss contingencies arising from pending matters including the matters described herein, will not have a material effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in pending or threatened legal matters, some of which are beyond the Company's control, and the large or indeterminate damages sought in some of these matters, a future adverse ruling, settlement, unfavorable development, or increase in accruals with respect to these matters could result in future charges that could be material to the Company's results of operations or cash flows in any particular reporting period. Taxes Other Than Payroll Taxes In 2017, the Brazilian Federal Supreme Court decided that the state value-added tax (“VAT”) should not be included in the basis of federal VAT calculation, and in 2021, such court ruled on the definition of VAT. The rulings are final with no further rulings or action in this matter expected. We recognized a receivable as a result of such rulings. As of June 30, 2022, the receivable is $7 million after giving effect to the portion of the receivable that has been consumed by offsetting various taxes payable. See Note 11 Income Taxes for a discussion of a goodwill amortization tax matter in Brazil.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT In anticipation of our separation from International Paper, on August 16, 2021, we entered into a series of financing transactions in which we incurred long-term debt consisting of two term loans (“Term Loan F” and “Term Loan B”) and the 2029 Senior Notes. The proceeds of the debt were directly attributed to the Company and as such are reflected as long-term debt. In addition to the debt noted above, the Company has the ability to access a five-year cash flow-based revolving credit facility with a total borrowing capacity of $450 million (“Revolving Credit Facility”). As of June 30, 2022, the Company had no outstanding borrowings on the Revolving Credit Facility. As of December 31, 2021, the Company had $20 million outstanding borrowings on the Revolving Credit Facility. The outstanding balance on the Revolving Credit Facility is recorded within “Notes payable and current maturities of long-term debt.” Long-term debt is summarized in the following table: In millions June 30, 2022 December 31, 2021 Term Loan F - due 2027 (a) $ 506 $ 512 Term Loan B - due 2028 (b) 348 401 7.00% Senior Notes - due 2029 (c) 443 443 Other 18 20 Less: current portion (25) (19) Total $ 1,290 $ 1,357 (a) As of June 30, 2022 and December 31, 2021, presented net of $4 million and $5 million in unamortized debt issuance costs, respectively. (b) As of June 30, 2022 and December 31, 2021, presented net of $4 million and $5 million in unamortized debt issuance costs, respectively. As of June 30, 2022 and December 31, 2021, presented net of $3 million and $4 million in unamortized original issue discount paid, respectively. (c) As of June 30, 2022 and December 31, 2021, presented net of $7 million and $7 million in unamortized debt issuance costs, respectively. The 2029 Senior Notes are unsecured bonds with a 7.00% fixed interest rate, payable semi-annually. The obligations under the Term Loan F, Term Loan B and Revolving Credit Facility are secured by substantially all the tangible and intangible assets of Sylvamo and its subsidiaries, subject to certain exceptions, and along with the 2029 Senior Notes facility are guaranteed by Sylvamo and certain subsidiaries. The interest rates applicable to the Term Loan F, Term Loan B and revolving credit facility are based on a fluctuating rate of interest measured by reference to LIBOR plus a fixed percentage of 1.75%, 4.50% and 1.50%, respectively, payable monthly, with a LIBOR floor of 0.00% for the Term Loan F and Revolving Credit Facility and 0.50% floor for the Term Loan B. We are receiving interest patronage credits under the Term Loan F. Patronage credits are distributions of profits from banks in the Farm Credit system, which as cooperatives are required to distribute a portion of profits to their members. Patronage distributions, which are made primarily in cash but also in equity in the lenders, are generally received in the first quarter of the year following that in which they were earned. Expected patronage credits are accrued in accounts and notes receivable as a reduction to interest expense in the period earned. After giving effect to expected patronage distributions of 90 basis points, of which 70 basis points is expected as a cash rebate, the effective net interest rate on the Term Loan F was approximately 2.52% and 1.05% as of June 30, 2022 and December 31, 2021, respectively. In the fourth quarter of 2021 in connection with the Term Loan F, the Company entered into interest rate swaps with various counterparties with a notional amount of $400 million and maturities ranging from 2024 to 2026. These interest rate swaps allow for the Company to exchange the difference in the variable rates on Term Loan F determined in reference to LIBOR and the fixed interest rate per notional amount ranging from 1.05% to 1.40%. As of June 30, 2022, the fair value of these interest rate swaps was an asset of $26 million. As of December 31, 2021, the fair value of these interest rate swaps was immaterial. Fair values of interest rate swap assets are reflected in “Deferred charges and other assets.” The Company is subject to certain covenants limiting, among other things, the ability of most of its subsidiaries to incur additional indebtedness or issue certain preferred shares; pay dividends on or make distributions in respect of the Company’s or its subsidiaries’ capital stock or make investments or other restricted payments; create restrictions on the ability of the Company’s restricted subsidiaries to pay dividends to the Company or make certain other intercompany transfers; sell certain assets; create liens; consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets; and enter into certain transactions with its affiliates.

PENSION AND POSTRETIREMENT BENE

PENSION AND POSTRETIREMENT BENEFIT PLANS	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
PENSION AND POSTRETIREMENT BENEFIT PLANS	PENSION AND POSTRETIREMENT BENEFIT PLANS Defined Benefit Plans Certain of the Company’s employees participated in defined benefit pension plans sponsored by International Paper through August 31, 2021, which included participants of other International Paper operations, that were accounted for by International Paper in accordance with accounting guidance for defined benefit pension plans. Accordingly, net periodic pension expense for Company employees was allocated to the Company based upon a percent of salaries and reported in the condensed consolidated and combined statements of operations, and the Company did not record an asset or liability to recognize the funded or unfunded status of the Plans. The service and non-service cost components of net periodic pension expense for these employees is recorded within “Cost of products sold” and “Selling and administrative expenses.” As part of our separation from International Paper, the Company established and sponsored pension plans for the benefit of the Company’s employees. Pension assets and obligations relating to the employees of the Company that participated in plans sponsored by International Paper were transferred into pension plans sponsored by the Company. The Company is accounting for these plans as direct to the Company beginning on September 1, 2021. The assets and liabilities were remeasured on September 1, 2021 and all balances related to plans sponsored by the Company are reflected in “Deferred charges and other assets” and “Other liabilities.” In addition, the Company has sponsored and maintained certain defined benefit pension plans for participating employees in the United Kingdom and Brazil. The Company’s participation in these plans have been accounted for using the single-employer method in all periods presented. All balances related to these plans are reflected in “Deferred charges and other assets” and “Other liabilities.” The components of net periodic pension expense are included in “Cost of products sold” and “Selling and administrative expenses.” Net periodic pension expense (benefit) for all pension plans sponsored by the Company for the six months ended June 30, 2022 and for the plans accounted for as single-employer plans for the six months ended June 30, 2022 was immaterial. The Company’s funding policy for the pension plans is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that the Company may determine to be appropriate considering the funded status of the plans, tax deductibility, cash flow generated by the Company, and other factors. The Company continually reassesses the amount and timing of any discretionary contributions. Generally, the non-U.S. pension plans are funded using the projected benefit as a target, except in certain countries where funding of benefit plans is not required.

INCENTIVE PLANS

INCENTIVE PLANS	6 Months Ended
	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
INCENTIVE PLANS	INCENTIVE PLANS International Paper had an Incentive Compensation Plan (“ICP”) prior to the spin-off. The ICP authorizes grants of restricted stock, restricted or deferred stock units, performance awards payable in cash or stock upon the attainment of specified performance goals, dividend equivalents, stock options, stock appreciation rights, other stock-based awards and cash-based awards at the discretion of the Management Development and Compensation Committee of the Board of Directors of International Paper (the “Committee”) that administers the ICP. Stock-based compensation expense until the spin-off on October 1, 2021, includes expense attributable to us based on the awards and terms previously granted to our employees and an allocation of International Paper’s corporate and shared functional expenses. Subsequent to the spin-off, Sylvamo adopted the Sylvamo 2021 Incentive Compensation Plan, which includes shares available under its long-term incentive plan (“LTIP”) that grants certain employees or non-employee directors of the Company different forms of awards including time-based and performance-based restricted stock units. As of June 30, 2022, 3,212,359 shares remain available for future grants. Total stock-based compensation cost recognized by the Company was as follows: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Total stock-based compensation expense (included in selling and administrative expense) $ 7 $ 4 $ 11 $ 7 As of June 30, 2022, $25 million of compensation cost, net of estimated forfeitures, related to all stock-based compensation arrangements for Company employees had not yet been recognized. This amount will be recognized in expense over a weighted-average period of 1.6 years.

FINANCIAL INFORMATION BY BUSINE

FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA	FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA The Company’s business segments, Europe, Latin America and North America, are consistent with the internal structure used to manage these businesses. All segments are differentiated on a common product, common customer basis, consistent with the business segmentation generally used in the Forest Products industry. Business segment operating profit is used by the Company’s management to measure the earnings performance of its businesses. Management believes that this measure provides investors and analysts useful insights into our operating performance. Business segment operating profit is defined as income from continuing operations before income taxes, excluding interest (income) expense, net, and net special items. External sales are defined as those that are made to parties outside the Company’s combined group, whereas sales by segment in the Net Sales table are determined using a management approach and include intersegment sales. Information By Business Segment Net Sales Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Europe $ 135 $ 94 $ 252 $ 178 Latin America 249 189 464 357 North America 549 426 1,057 808 Intersegment Sales (21) (14) (40) (24) Net Sales $ 912 $ 695 $ 1,733 $ 1,319 Business Segment Operating Profit Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Europe $ 17 $ 4 $ 19 $ (3) Latin America 59 44 98 86 North America 66 21 128 39 Business Segment Operating Profit $ 142 $ 69 $ 245 $ 122 Income from continuing operations before income taxes $ 117 $ 140 $ 198 $ 193 Interest (income) expense, net 17 (29) 34 (29) Net special items expense (income) 8 (42) 13 (42) $ 142 $ 69 $ 245 $ 122

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Prior to the spin-off on October 1, 2021, we historically operated as part of International Paper and not as a standalone company. As a result of the spin-off on October 1, 2021, Sylvamo became an independent public company. The following discussion summarizes activity between the Company and International Paper both prior and subsequent to the spin-off. Allocation of General Corporate Expenses The condensed consolidated and combined statements of operations include expenses for certain centralized functions and other programs provided and administered by International Paper that were charged directly to the Company. In addition, for purposes of preparing these condensed consolidated and combined financial statements for periods prior to the spin-off on a carve-out basis, we have been allocated a portion of International Paper’s total corporate expense. See Note 1 Basis of Presentation for a discussion of the methodology used to allocate corporate-related costs for purposes of preparing these financial statements on a carve-out basis. Net transfers from Parent are included within the summary of changes in equity included in Note 4 Equity . The components of the net transfers from International Paper are as follows: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 General financing activities $ — $ (120) $ — $ (79) Corporate allocations — 42 — 80 Stock-based compensation — 4 — 7 Total net transfers from Parent $ — $ (74) $ — $ 8 Related Party Sales and Purchases The Company purchases certain of its products from International Paper which are produced in facilities that remained with International Paper. The Company continues to purchase uncoated freesheet and bristols pursuant to an offtake agreement between the Company and International Paper. The Company purchased inventory associated with the offtake agreements of $147 million for the six months ended June 30, 2022. The Company purchases fiber pursuant to a fiber purchase agreement between the Company and International Paper. The Company purchased inventory associated with the fiber supply agreements of $47 million for the six months ended June 30, 2022. Transition Services Agreement Pursuant to the Transition Services Agreement, International Paper and Sylvamo will provide certain services to one another on an interim, transitional basis. The services to be provided include certain information technology services, finance and accounting services and human resources and employee benefits services. The agreed-upon charges for such services are generally intended to allow the providing company to recover all costs and expenses for providing such services. The total amount of expenses incurred by Sylvamo under the Transition Services Agreement for the six months ended June 30, 2022 was $16 million. Related Party Receivable The Company had related party receivables of $1 million and $3 million as of June 30, 2022 and December 31, 2021, respectively, related to product sales to International Paper and other items. Related party receivables are included in “Accounts and notes receivable.” Related Party Payable The Company had related party payables of $84 million and $110 million as of June 30, 2022 and December 31, 2021, respectively, related to inventory purchases from International Paper. Related party payables are included in “Accounts payable” and “Other current liabilities.”

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Prior to the spin-off, we historically operated as part of International Paper and not as a standalone company. These condensed consolidated and combined financial statements reflect the combined historical results of operations and cash flows of the Company as historically managed within International Paper for the periods prior to the completion of the spin-off and reflect our consolidated financial position, results of operations and cash flows for the period after the completion of the spin-off. The condensed consolidated and combined financial statements have been prepared in United States (“U.S.”) dollars and in conformity with accounting principles generally accepted in the United States (‘‘U.S. GAAP’’). We recommend that the accompanying condensed consolidated and combined financial statements be read in conjunction with the audited consolidated combined financial statements and the notes thereto included in our 2021 Form 10-K. The accompanying condensed consolidated and combined financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for any interim period are not indicative of the results that might be achieved for a full year.
Consolidation	All intracompany transactions have been eliminated. Related party transactions between the Company and International Paper relating to general operating activities have been included in these condensed consolidated and combined financial statements. These related party transactions historically settled in cash between the Company and International Paper have been reflected in the condensed consolidated and combined statements of cash flows as either “Accounts and notes receivable” or “Accounts payable and accrued liabilities” within operating activities. The aggregate net effect of transactions with International Paper not settled in cash, including corporate allocations, has been reflected in the condensed consolidated and combined statements of cash flows as “Net transfers from Parent” within financing activities. In addition, certain of the Company’s Europe locations participated in International Paper’s centralized cash pooling arrangement. Amounts due from the cash pool were generally settled on a daily basis with the aggregate net activity between the Company and International Paper reflected in the condensed consolidated and combined statements of cash flows as “Cash pool arrangements with Parent” within investing activities. Our participation in International Paper’s centralized cash pooling arrangements was terminated prior to September 30, 2021.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted Reference Rate Reform

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
External net sales by major products	External net sales by major products were as follows by business segment: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Europe Uncoated Papers $ 112 $ 52 $ 202 $ 122 Market Pulp 23 23 50 43 Europe 135 75 252 165 Latin America Uncoated Papers 228 190 424 333 Market Pulp — 11 — 24 Latin America 228 201 424 357 North America Uncoated Papers 528 402 1,013 764 Market Pulp 21 17 44 33 North America 549 419 1,057 797 Total $ 912 $ 695 $ 1,733 $ 1,319

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Summary of changes in equity	A summary of changes in equity for the three months and six months ended June 30, 2022 and 2021 is provided below: Three Months Ended June 30, 2022 In millions Shares Common Stock Paid-In Capital Retained Earnings Accumulated Other Comprehensive Common Stock Held In Treasury, At Cost Total Equity Balance, March 31, 2022 44 $ 44 $ 8 $ 1,961 $ (1,680) $ (2) $ 331 Stock-based employee compensation — — 6 — — — 6 Dividends ($0.1125 per share) — — — (5) — — (5) Comprehensive income (loss) — — — (59) (21) — (80) Balance, June 30, 2022 44 $ 44 $ 14 $ 1,897 $ (1,701) $ (2) $ 252 Six Months Ended June 30, 2022 In millions Shares Common Stock Paid-In Capital Retained Earnings Accumulated Other Comprehensive Common Stock Held In Treasury, At Cost Total Equity Balance, December 31, 2021 44 $ 44 $ 4 $ 1,935 $ (1,801) $ — $ 182 Stock-based employee compensation — — 10 — — (2) 8 Dividends ($0.1125 per share) — — — (5) — — (5) Comprehensive income (loss) — — — (33) 100 — 67 Balance, June 30, 2022 44 $ 44 $ 14 $ 1,897 $ (1,701) $ (2) $ 252 Three Months Ended June 30, 2021 In millions Parent Company Accumulated Other Comprehensive Total Equity Balance, March 31, 2021 3,736 (1,637) 2,099 Net transfers from Parent (74) — (74) Comprehensive income (loss) 115 144 259 Balance, June 30, 2021 $ 3,777 $ (1,493) $ 2,284 Six Months Ended June 30, 2021 In millions Parent Company Accumulated Other Comprehensive Total Equity Balance, December 31, 2020 3,592 (1,480) 2,112 Net transfers from Parent 8 — 8 Comprehensive income (loss) 177 (13) 164 Balance, June 30, 2021 $ 3,777 $ (1,493) $ 2,284

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax	The following table presents the changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”), net of taxes, reported in the condensed consolidated and combined financial statements: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (81) $ (48) $ (80) $ (48) Amounts reclassified from accumulated other comprehensive income — — (1) — Balance at end of period (81) (48) (81) (48) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (1,620) (1,588) (1,719) (1,433) Other comprehensive income (loss) before reclassifications (21) 140 78 (15) Balance at end of period (1,641) (1,448) (1,641) (1,448) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period 21 (1) (2) 1 Other comprehensive income (loss) before reclassifications 4 6 33 4 Amounts reclassified from accumulated other comprehensive income (4) (2) (10) (2) Balance at end of period 21 3 21 3 Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (1,701) $ (1,493) $ (1,701) $ (1,493)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share from continuing operations are calculated as follows: Three Months Ended Six Months Ended In millions, except per share amounts 2022 2021 2022 2021 Net income from continuing operations $ 84 $ 101 $ 139 $ 139 Weighted average common shares outstanding 44.1 43.9 44.1 43.9 Effect of dilutive securities 0.4 — 0.2 — Weighted average common shares outstanding - assuming dilution 44.5 43.9 44.3 43.9 Earnings per share from continuing operations - basic $ 1.90 $ 2.30 $ 3.15 $ 3.16 Earnings per share from continuing operations - diluted $ 1.89 $ 2.30 $ 3.13 $ 3.16

DIVESTITURE AND IMPAIRMENT OF_2

DIVESTITURE AND IMPAIRMENT OF BUSINESS (Tables)	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Cash Flow	The following summarizes the major classes of line items comprising Income (Loss) Before Income Taxes reconciled to Discontinued Operations, net of taxes, related to the Russian operations for all periods presented in the condensed consolidated and combined statement of operations. Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 NET SALES $ 157 $ 149 $ 313 $ 303 COSTS AND EXPENSES Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below) 139 117 242 223 Selling and administrative expenses 3 1 4 3 Depreciation, amortization and cost of timber harvested — 4 4 8 Distribution expenses 7 11 17 21 Taxes other than payroll and income taxes 1 — 1 1 Impairment of business 156 — 224 — Interest (income) expense, net (2) — (3) — INCOME (LOSS) BEFORE INCOME TAXES (147) 16 (176) 47 Income tax provision (benefit) (4) 2 (4) 9 DISCONTINUED OPERATIONS, NET OF TAXES $ (143) $ 14 $ (172) $ 38 The following summarizes the major classes of assets and liabilities of the Russian operations reconciled to current assets and long-term assets and liabilities held for sale and current and long-term liabilities held for sale in the accompanying condensed consolidated balance sheet: In millions June 30, 2022 December 31, 2021 Cash and temporary investments $ 84 $ 21 Accounts and notes receivable 90 88 Contract assets 2 3 Inventories 98 63 Other current assets 2 4 Current Assets Held for Sale $ 276 $ 179 Plants, Properties and Equipment 38 121 Goodwill 14 10 Right of Use Assets 2 1 Deferred Charges and Other Assets 27 9 Long-Term Assets Held for Sale (a) $ 81 $ 141 Notes payable and current maturities of long-term debt $ 2 $ 1 Accounts payable 81 58 Accrued payroll and benefits 6 3 Other current liabilities 177 29 Current Liabilities Held for Sale $ 266 $ 91 Long-Term Debt 0 1 Deferred Income Taxes — — Other Liabilities 22 12 Long-Term Liabilities Held for Sale (a) $ 22 $ 13 (a) Amounts included in current “Assets held for sale” and current “Liabilities held for sale” in the accompanying consolidated balance sheet as of June 30, 2022. The following summarizes the total cash provided by operating activities from discontinued operations, net and total cash provided by (used for) investing activities from discontinued operations, net and included in the condensed consolidated and combined statement of cash flows: In millions for the six months ended June 30 2022 2021 Cash Provided by Operating Activities $ 45 $ 67 Cash Provided by (Used for) Investment Activities (a) $ (5) $ 7 (a) Includes cash invested in capital projects of $5 million and $5 million for the six months ended June 30, 2022 and 2021, respectively.

SUPPLEMENTARY FINANCIAL STATE_2

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts and Notes Receivable Net	Accounts and notes receivable, net, by classification were: In millions June 30, 2022 December 31, 2021 Accounts and notes receivable: Trade $ 447 $ 391 Notes and other 22 11 Total $ 469 $ 402
Schedule of Inventories	In millions June 30, 2022 December 31, 2021 Raw materials $ 35 $ 37 Finished paper and pulp products 191 164 Operating supplies 72 69 Other 6 9 Total $ 304 $ 279
Schedule of Interest Expense	Amounts related to interest were as follows: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Interest expense $ 20 $ 1 $ 39 $ 1 Interest income (2) (30) (4) (30) Capitalized interest cost (1) — (1) — Total $ 17 $ (29) $ 34 $ (29)

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related To Leases	Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2022 December 31, 2021 Assets Operating lease assets Right of use assets $ 40 $ 40 Finance lease assets Plants, properties, and equipment, net (a) 25 27 Total leased assets $ 65 $ 67 Liabilities Current Operating Other current liabilities $ 14 $ 15 Finance Notes payable and current maturities of long-term debt 3 3 Noncurrent Operating Other Liabilities 31 25 Finance Long-term debt 16 17 Total lease liabilities $ 64 $ 60 (a) Finance leases are recorded net of accumulated amortization of $12 million and $9 million as of June 30, 2022 and December 31, 2021, respectively.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in the Goodwill	The following table presents changes in the goodwill balance as allocated to each business segment for the six months ended June 30, 2022: In millions Europe Latin America North America Total Balance as of December 31, 2021 Goodwill $ 11 $ 112 $ — $ 123 Accumulated impairment losses (1) — — (1) $ 10 $ 112 $ — $ 122 Currency translation and other (a) (1) 7 — 6 Balance as of June 30, 2022 Goodwill 10 119 — 129 Accumulated impairment losses (1) — — (1) Total $ 9 $ 119 $ — $ 128 (a) Represents the effects of foreign currency translations and reclassifications.
Schedule of Identifiable Intangible Assets	Identifiable intangible assets comprised the following: June 30, 2022 December 31, 2021 In millions Gross Carrying Amount Accumulated Amortization Net Intangible Assets Gross Carrying Amount Accumulated Amortization Net Intangible Assets Customer relationships and lists $ 59 $ (51) $ 8 $ 56 $ (48) $ 8 Software 3 (3) — 3 (2) 1 Other 4 (4) — 4 (4) — Total $ 66 $ (58) $ 8 $ 63 $ (54) $ 9

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt is summarized in the following table: In millions June 30, 2022 December 31, 2021 Term Loan F - due 2027 (a) $ 506 $ 512 Term Loan B - due 2028 (b) 348 401 7.00% Senior Notes - due 2029 (c) 443 443 Other 18 20 Less: current portion (25) (19) Total $ 1,290 $ 1,357 (a) As of June 30, 2022 and December 31, 2021, presented net of $4 million and $5 million in unamortized debt issuance costs, respectively. (b) As of June 30, 2022 and December 31, 2021, presented net of $4 million and $5 million in unamortized debt issuance costs, respectively. As of June 30, 2022 and December 31, 2021, presented net of $3 million and $4 million in unamortized original issue discount paid, respectively. (c) As of June 30, 2022 and December 31, 2021, presented net of $7 million and $7 million in unamortized debt issuance costs, respectively.

INCENTIVE PLANS (Tables)

INCENTIVE PLANS (Tables)	6 Months Ended
	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Cost Recognized	Total stock-based compensation cost recognized by the Company was as follows: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Total stock-based compensation expense (included in selling and administrative expense) $ 7 $ 4 $ 11 $ 7

FINANCIAL INFORMATION BY BUSI_2

FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting	Information By Business Segment Net Sales Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Europe $ 135 $ 94 $ 252 $ 178 Latin America 249 189 464 357 North America 549 426 1,057 808 Intersegment Sales (21) (14) (40) (24) Net Sales $ 912 $ 695 $ 1,733 $ 1,319 Business Segment Operating Profit Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 Europe $ 17 $ 4 $ 19 $ (3) Latin America 59 44 98 86 North America 66 21 128 39 Business Segment Operating Profit $ 142 $ 69 $ 245 $ 122 Income from continuing operations before income taxes $ 117 $ 140 $ 198 $ 193 Interest (income) expense, net 17 (29) 34 (29) Net special items expense (income) 8 (42) 13 (42) $ 142 $ 69 $ 245 $ 122

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The components of the net transfers from International Paper are as follows: Three Months Ended Six Months Ended In millions 2022 2021 2022 2021 General financing activities $ — $ (120) $ — $ (79) Corporate allocations — 42 — 80 Stock-based compensation — 4 — 7 Total net transfers from Parent $ — $ (74) $ — $ 8

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) a in Thousands, $ in Millions		3 Months Ended			6 Months Ended	12 Months Ended
	Sep. 29, 2021 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 a	Oct. 01, 2021	Sep. 30, 2021 USD ($) term_loan
Schedule of Equity Method Investments [Line Items]
General corporate expenses				$ 47	$ 85
Long-term debt								$ 1,500
Number of term loans | term_loan								2
Seven Percent Senior Notes Due 2029 | Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt Instrument, interest rate, stated percentage		7%
RUSSIAN FEDERATION
Schedule of Equity Method Investments [Line Items]
Asset impairment			$ 68
Asset impairment charge, net of tax			$ 57
Foreign currency transaction loss pre tax		$ 156
Foreign currency transaction loss after tax		$ 156
Harvesting rights, number of acres | a						860
RUSSIAN FEDERATION | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Schedule of Equity Method Investments [Line Items]
Concentration risk percentage						15%
RUSSIAN FEDERATION | Long-Lived Assets, Benchmark | Geographic Concentration Risk
Schedule of Equity Method Investments [Line Items]
Concentration risk percentage						10%
International Paper | Sylvamo Corporation
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent							19.90%
International Paper
Schedule of Equity Method Investments [Line Items]
Spinoff transaction, common stock distributed, percentage							80.10%
Spinoff transaction, shares of parent exchanged for each share of company							0.0909
International Paper | Special Payment
Schedule of Equity Method Investments [Line Items]
Payment related to letter agreement	$ 1,500

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue from External Customer [Line Items]
NET SALES	$ 912	$ 695	$ 1,733	$ 1,319
Contract liabilities	1		1		$ 1
Europe
Revenue from External Customer [Line Items]
NET SALES	135	75	252	165
Latin America
Revenue from External Customer [Line Items]
NET SALES	228	201	424	357
North America
Revenue from External Customer [Line Items]
NET SALES	549	419	1,057	797
Uncoated Papers | Europe
Revenue from External Customer [Line Items]
NET SALES	112	52	202	122
Uncoated Papers | Latin America
Revenue from External Customer [Line Items]
NET SALES	228	190	424	333
Uncoated Papers | North America
Revenue from External Customer [Line Items]
NET SALES	528	402	1,013	764
Market Pulp | Europe
Revenue from External Customer [Line Items]
NET SALES	23	23	50	43
Market Pulp | Latin America
Revenue from External Customer [Line Items]
NET SALES	0	11	0	24
Market Pulp | North America
Revenue from External Customer [Line Items]
NET SALES	$ 21	$ 17	$ 44	$ 33

EQUITY - Summary of Changes In

EQUITY - Summary of Changes In Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			43.9
Beginning balance	$ 331	$ 2,099	$ 182	$ 2,112
Stock-based employee compensation	6		8
Dividends	(5)		(5)
Net transfers from Parent		(74)		8
Comprehensive income (loss)	$ (80)	259	$ 67	164
Ending balance (in shares)	44.1		44.1
Ending balance	$ 252	2,284	$ 252	2,284
Dividends per share (in dollars per share)	$ 0.1125		$ 0.1125
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	44		44
Beginning balance	$ 44		$ 44
Ending balance (in shares)	44		44
Ending balance	$ 44		$ 44
Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	8		4
Stock-based employee compensation	6		10
Ending balance	14		14
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,961		1,935
Dividends	(5)		(5)
Comprehensive income (loss)	(59)		(33)
Ending balance	1,897		1,897
Parent Company Investment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		3,736		3,592
Net transfers from Parent		(74)		8
Comprehensive income (loss)		115		177
Ending balance		3,777		3,777
Accumulated  Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,680)	(1,637)	(1,801)	(1,480)
Stock-based employee compensation	0		0
Net transfers from Parent		0		0
Comprehensive income (loss)	(21)	144	100	(13)
Ending balance	(1,701)	$ (1,493)	(1,701)	$ (1,493)
Common Stock Held In Treasury, At Cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2)		0
Stock-based employee compensation	0		(2)
Ending balance	$ (2)		$ (2)

EQUITY - Narrative (Details)

EQUITY - Narrative (Details)	Apr. 22, 2022 $ / shares shares	Jun. 30, 2022 $ / shares	May 02, 2022	Dec. 31, 2021 $ / shares
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)		$ 1		$ 1
Rights Agreement
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)	$ 1
Ownership percentage threshold of existing shareholders to be grandfathered in	10%
Class of right, exercisable price multiplier	2
Percentage of the company's consolidated assets or earnings power merged or sold that would trigger preferred share purchase rights			50%
Series A Preferred Stock
Class of Warrant or Right [Line Items]
Class of right, number of securities called by each right (in shares) | shares	0.001
Series A Preferred Stock | Rights Agreement
Class of Warrant or Right [Line Items]
Preferred share purchase right for each share of sylvamo common stock	1
Preferred stock, par value (in dollars per share)	$ 1
Class of right, exercise price of rights (in dollars per share)	$ 190
Ownership threshold at which preferred share rights become exercisable	10%
Ownership threshold at which preferred share rights become exercisable, passive investors	20%

OTHER COMPREHENSIVE INCOME (Det

OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 331	$ 2,099	$ 182	$ 2,112
Ending balance	252	2,284	252	2,284
Total Accumulated Other Comprehensive Income (Loss) at End of Period	252	2,284	252	2,284
Accumulated  Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,680)	(1,637)	(1,801)	(1,480)
Ending balance	(1,701)	(1,493)	(1,701)	(1,493)
Total Accumulated Other Comprehensive Income (Loss) at End of Period	(1,701)	(1,493)	(1,701)	(1,493)
Defined Benefit Pension and Postretirement Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(81)	(48)	(80)	(48)
Amounts reclassified from accumulated other comprehensive income	0	0	(1)	0
Ending balance	(81)	(48)	(81)	(48)
Total Accumulated Other Comprehensive Income (Loss) at End of Period	(81)	(48)	(81)	(48)
Change in Cumulative Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,620)	(1,588)	(1,719)	(1,433)
Other comprehensive income (loss) before reclassifications	(21)	140	78	(15)
Ending balance	(1,641)	(1,448)	(1,641)	(1,448)
Total Accumulated Other Comprehensive Income (Loss) at End of Period	(1,641)	(1,448)	(1,641)	(1,448)
Net Gains and Losses on Cash Flow Hedging Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	21	(1)	(2)	1
Amounts reclassified from accumulated other comprehensive income	(4)	(2)	(10)	(2)
Other comprehensive income (loss) before reclassifications	4	6	33	4
Ending balance	21	3	21	3
Total Accumulated Other Comprehensive Income (Loss) at End of Period	$ 21	$ 3	$ 21	$ 3

EARNINGS PER SHARE- Narrative (

EARNINGS PER SHARE- Narrative (Details) - shares	Jun. 30, 2022	Dec. 31, 2021	Oct. 01, 2021
Earnings Per Share [Abstract]
Common shares, outstanding (in shares)	44,100,000	43,900,000	43,949,277

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
NET INCOME FROM CONTINUING OPERATIONS	$ 84	$ 101	$ 139	$ 139
Weighted-average common shares outstanding - basic (in shares)	44.1	43.9	44.1	43.9
Effect of dilutive securities	0.4	0	0.2	0
Weighted-average common shares outstanding - diluted (in shares)	44.5	43.9	44.3	43.9
Earnings per share from continuing operations - basic (in dollars per share)	$ 1.90	$ 2.30	$ 3.15	$ 3.16
Earnings per share from continuing operations - diluted (in dollars per share)	$ 1.89	$ 2.30	$ 3.13	$ 3.16

DIVESTITURE AND IMPAIRMENT OF_3

DIVESTITURE AND IMPAIRMENT OF BUSINESS - Consolidated Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from continuing operations before income taxes	$ 117	$ 140	$ 198	$ 193
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
NET SALES	157	149	313	303
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)	139	117	242	223
Selling and administrative expenses	3	1	4	3
Depreciation, amortization and cost of timber harvested	0	4	4	8
Distribution expenses	7	11	17	21
Taxes other than payroll and income taxes	1	0	1	1
Impairment of business	156	0	224	0
Interest (income) expense, net	(2)	0	(3)	0
Income from continuing operations before income taxes	(147)	16	(176)	47
Income tax provision (benefit)	(4)	2	(4)	9
DISCONTINUED OPERATIONS, NET OF TAXES	$ (143)	$ 14	$ (172)	$ 38

DIVESTITURE AND IMPAIRMENT OF_4

DIVESTITURE AND IMPAIRMENT OF BUSINESS - Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current Assets Held for Sale	$ 357	$ 179
Long-Term Assets Held for Sale (a)	0	141
Current Liabilities Held for Sale	288	91
Long-Term Liabilities Held for Sale (a)	0	13
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and temporary investments	84	21
Accounts and notes receivable	90	88
Contract assets	2	3
Inventories	98	63
Other current assets	2	4
Current Assets Held for Sale	276	179
Plants, Properties and Equipment	38	121
Goodwill	14	10
Right of Use Assets	2	1
Deferred Charges and Other Assets	27	9
Long-Term Assets Held for Sale (a)	81	141
Notes payable and current maturities of long-term debt	2	1
Accounts payable	81	58
Accrued payroll and benefits	6	3
Other current liabilities	177	29
Current Liabilities Held for Sale	266	91
Long-Term Debt	0	1
Deferred Income Taxes	0	0
Other Liabilities	22	12
Long-Term Liabilities Held for Sale (a)	$ 22	$ 13

DIVESTITURE AND IMPAIRMENT OF_5

DIVESTITURE AND IMPAIRMENT OF BUSINESS - Consolidated Statement of Cash flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	$ 45	$ 67
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	(5)	7
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	45	67
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	(5)	7
Capital Expenditure, Discontinued Operations	$ 5	$ 5

DIVESTITURE AND IMPAIRMENT OF_6

DIVESTITURE AND IMPAIRMENT OF BUSINESS - Narrative (Details) - RUSSIAN FEDERATION - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment		$ 68
Asset impairment charge, net of tax		$ 57
Foreign currency transaction loss pre tax	$ 156
Foreign currency transaction loss after tax	$ 156

SUPPLEMENTARY FINANCIAL STATE_3

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Temporary Investments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Short-term Investments	$ 64	$ 64

SUPPLEMENTARY FINANCIAL STATE_4

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Schedule of Accounts and Notes Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade	$ 447	$ 391
Notes and other	22	11
Total	$ 469	$ 402

SUPPLEMENTARY FINANCIAL STATE_5

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Expected Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for expected credit losses	$ 22	$ 19

SUPPLEMENTARY FINANCIAL STATE_6

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 35	$ 37
Finished paper and pulp products	191	164
Operating supplies	72	69
Other	6	9
Inventory net	$ 304	$ 279

SUPPLEMENTARY FINANCIAL STATE_7

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Plants, Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated depreciation	$ 3,600		$ 3,600		$ 3,500
Depreciation	$ 32	$ 31	62	$ 62
Non-cash additions			$ 6		$ 6

SUPPLEMENTARY FINANCIAL STATE_8

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest payments			$ 34	$ 1
Interest expense	$ 20	$ 1	39	1
Interest income	(2)	(30)	(4)	(30)
Capitalized interest cost	(1)	0	(1)	0
Total	$ 17	$ (29)	$ 34	$ (29)

SUPPLEMENTARY FINANCIAL STATE_9

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Asset Retirement Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Asset Retirement Obligation	$ 26	$ 26

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Lease cost	$ 15	$ 8	$ 30	$ 17
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	15 years		15 years

LEASES - Balance Sheet Componen

LEASES - Balance Sheet Components (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Right of Use Assets	$ 40	$ 40
Finance lease assets	25	27
Total leased assets	65	67
Current
Operating	14	15
Finance	3	3
Noncurrent
Operating	31	25
Finance	16	17
Total lease liabilities	$ 64	$ 60
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Plants, Properties and Equipment, net	Plants, Properties and Equipment, net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Notes payable and current maturities of long-term debt	Notes payable and current maturities of long-term debt
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Lease Obligation	Long-term Debt and Lease Obligation
Finance lease, accumulated amortization	$ 12	$ 9

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLES - Changes in the Goodwill Balance as Allocated to Each Business Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill gross beginning balance	$ 123
Accumulated impairment loss, beginning balance	(1)
Goodwill, beginning balance	122
Currency translation and other	6
Goodwill gross ending balance	129
Accumulated impairment loss, ending balance	(1)
Goodwill, ending balance	128
Europe
Goodwill [Roll Forward]
Goodwill gross beginning balance	11
Accumulated impairment loss, beginning balance	(1)
Goodwill, beginning balance	10
Currency translation and other	(1)
Goodwill gross ending balance	10
Accumulated impairment loss, ending balance	(1)
Goodwill, ending balance	9
Latin America
Goodwill [Roll Forward]
Goodwill gross beginning balance	112
Accumulated impairment loss, beginning balance	0
Goodwill, beginning balance	112
Currency translation and other	7
Goodwill gross ending balance	119
Accumulated impairment loss, ending balance	0
Goodwill, ending balance	119
North America
Goodwill [Roll Forward]
Goodwill gross beginning balance	0
Accumulated impairment loss, beginning balance	0
Goodwill, beginning balance	0
Currency translation and other	0
Goodwill gross ending balance	0
Accumulated impairment loss, ending balance	0
Goodwill, ending balance	$ 0

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLES - Identifiable Intangible Assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 66,000,000		$ 66,000,000		$ 63,000,000
Accumulated Amortization	(58,000,000)		(58,000,000)		(54,000,000)
Net Intangible Assets	8,000,000		8,000,000		9,000,000
Amortization of Intangible Assets	0	$ 0	0	$ 0
Customer relationships and lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	59,000,000		59,000,000		56,000,000
Accumulated Amortization	(51,000,000)		(51,000,000)		(48,000,000)
Net Intangible Assets	8,000,000		8,000,000		8,000,000
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,000,000		3,000,000		3,000,000
Accumulated Amortization	(3,000,000)		(3,000,000)		(2,000,000)
Net Intangible Assets	0		0		1,000,000
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,000,000		4,000,000		4,000,000
Accumulated Amortization	(4,000,000)		(4,000,000)		(4,000,000)
Net Intangible Assets	$ 0		$ 0		$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Examination [Line Items]
Income tax provision (benefit)	$ 33	$ 39	$ 59	$ 54
Effective income tax rate reconciliation, percent	28%	27%	30%	28%
Income tax examination, estimate of possible loss			$ 114
Income tax examination, penalties and interest expense			$ 355
Income tax examination, tax liabilities payable, percentage	40%		40%
Income tax examination, tax liability, threshold	$ 300		$ 300
International Paper
Income Tax Examination [Line Items]
Income tax examination, tax liabilities payable, percentage	60%		60%

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Mar. 31, 2022
Site Contingency [Line Items]
Accrual for environmental remediation matters		$ 23	$ 15
Value added tax receivable		$ 7
Minimum
Site Contingency [Line Items]
Expected timing for resolution in open market, term		1 year
Maximum
Site Contingency [Line Items]
Expected timing for resolution in open market, term		10 years
Svetogorsk, Russia Mill
Site Contingency [Line Items]
Accrual for environmental remediation matters		$ 17
Damages claim, value	$ 9
Environmental remediation expense		$ 2

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) term_loan	Dec. 31, 2021 USD ($)	Sep. 30, 2021 term_loan	Aug. 16, 2021 USD ($)
Debt Instrument [Line Items]
Number of term loans | term_loan			2
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount		$ 400,000,000
Fair value of interest rate swaps	$ 26,000,000
Minimum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		1.05%
Maximum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		1.40%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, expiration period	5 years
Total borrowing capacity				$ 450,000,000
Long-term line of credit outstanding	$ 0	$ 20,000,000
Debt Instrument, interest rate, stated percentage	1.50%
Minimum consolidated interest charge coverage ratio	3
Debt Instrument, covenant, maximum consolidated leverage ratio	4.25
Maximum annual restricted payments	$ 25,000,000
Line of Credit | Revolving Credit Facility | After The Third Fiscal Quarter After The Applicable First Testing Quarter
Debt Instrument [Line Items]
Debt Instrument, covenant, maximum consolidated leverage ratio	4
Line of Credit | Revolving Credit Facility | On And After September 13, 2023
Debt Instrument [Line Items]
Debt Instrument, covenant, maximum consolidated leverage ratio	3.50
Line of Credit | Revolving Credit Facility | Ration Below 2.50
Debt Instrument [Line Items]
Maximum annual restricted payments	$ 50,000,000
Consolidated total leverage ratio, actual	2.50
Line of Credit | Revolving Credit Facility | Ratio Below 2.00
Debt Instrument [Line Items]
Maximum annual restricted payments	$ 75,000,000
Consolidated total leverage ratio, actual	2
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Senior Notes | Seven Percent Senior Notes Due 2029
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	7%
Secured Debt
Debt Instrument [Line Items]
Number of term loans | term_loan	2
Secured Debt | Term Loan F Notes Due 2027
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	1.75%
Debt instrument, patronage distributions, percentage	0.90%
Debt instrument, patronage distributions, cash rebate, percentage	0.70%
Debt instrument, effective interest rate	2.52%	1.05%
Minimum consolidated interest charge coverage ratio	3
Debt Instrument, covenant, maximum consolidated leverage ratio	4.25
Maximum annual restricted payments	$ 25,000,000
Secured Debt | Term Loan F Notes Due 2027 | After The Third Fiscal Quarter After The Applicable First Testing Quarter
Debt Instrument [Line Items]
Debt Instrument, covenant, maximum consolidated leverage ratio	4
Secured Debt | Term Loan F Notes Due 2027 | On And After September 13, 2023
Debt Instrument [Line Items]
Debt Instrument, covenant, maximum consolidated leverage ratio	3.50
Secured Debt | Term Loan F Notes Due 2027 | Ration Below 2.50
Debt Instrument [Line Items]
Maximum annual restricted payments	$ 50,000,000
Consolidated total leverage ratio, actual	2.50
Secured Debt | Term Loan F Notes Due 2027 | Ratio Below 2.00
Debt Instrument [Line Items]
Maximum annual restricted payments	$ 75,000,000
Consolidated total leverage ratio, actual	2
Secured Debt | Term Loan F Notes Due 2027 | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Secured Debt | Term Loan B Due 2028
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	4.50%
Secured Debt | Term Loan B Due 2028 | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%

LONG-TERM DEBT - Summary of Lon

LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: current portion	$ (25)	$ (19)
Long-Term Debt	1,290	1,357
Other Long-Term Debt
Debt Instrument [Line Items]
Long-term debt	18	20
Term Loan F Due 2027
Debt Instrument [Line Items]
Unamortized debt issuance costs		5
Term Loan F Due 2027 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	506	512
Unamortized debt issuance costs	4
Term Loan B Due 2028
Debt Instrument [Line Items]
Unamortized debt issuance costs		5
Unamortized original issue discount		4
Term Loan B Due 2028 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 348	401
Debt Instrument, interest rate, stated percentage	4.50%
Unamortized debt issuance costs	$ 4
Unamortized original issue discount	3
Seven Percent Senior Notes Due 2029
Debt Instrument [Line Items]
Unamortized debt issuance costs		7
Seven Percent Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 443	$ 443
Debt Instrument, interest rate, stated percentage	7%
Unamortized debt issuance costs	$ 7

INCENTIVE PLANS - Narrative (De

INCENTIVE PLANS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 25
Vesting period	1 year 7 months 6 days
International Paper | Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future grant (in shares) | shares	3,212,359

INCENTIVE PLANS - Summary of St

INCENTIVE PLANS - Summary of Stock Based Compensation Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Total stock-based compensation expense (included in selling and administrative expense)	$ 7	$ 4	$ 11	$ 7

FINANCIAL INFORMATION BY BUSI_3

FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net Sales	$ 912	$ 695	$ 1,733	$ 1,319
Income from continuing operations before income taxes	117	140	198	193
Interest (income) expense, net	17	(29)	34	(29)
Europe
Segment Reporting Information [Line Items]
Net Sales	135	75	252	165
Latin America
Segment Reporting Information [Line Items]
Net Sales	228	201	424	357
North America
Segment Reporting Information [Line Items]
Net Sales	549	419	1,057	797
Operating Segments
Segment Reporting Information [Line Items]
Business Segment Operating Profit	142	69	245	122
Operating Segments | Europe
Segment Reporting Information [Line Items]
Net Sales	135	94	252	178
Business Segment Operating Profit	17	4	19	(3)
Operating Segments | Latin America
Segment Reporting Information [Line Items]
Net Sales	249	189	464	357
Business Segment Operating Profit	59	44	98	86
Operating Segments | North America
Segment Reporting Information [Line Items]
Net Sales	549	426	1,057	808
Business Segment Operating Profit	66	21	128	39
Intersegment Sales
Segment Reporting Information [Line Items]
Net Sales	(21)	(14)	(40)	(24)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest (income) expense, net	17	(29)	34	(29)
Net special items expense (income)	$ 8	$ (42)	$ 13	$ (42)

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Components of Net Transfers From (To) Parent (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Net transfers from Parent		$ (74)		$ 8
Affiliated Entity | International Paper
Related Party Transaction [Line Items]
Net transfers from Parent	$ 0	(74)	$ 0	8
Affiliated Entity | General financing activities | International Paper
Related Party Transaction [Line Items]
Net transfers from Parent	0	(120)	0	(79)
Affiliated Entity | Corporate allocations | International Paper
Related Party Transaction [Line Items]
Net transfers from Parent	0	42	0	80
Affiliated Entity | Stock-based compensation | International Paper
Related Party Transaction [Line Items]
Net transfers from Parent	$ 0	$ 4	$ 0	$ 7

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - Affiliated Entity - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Offtake Agreement
Related Party Transaction [Line Items]
Due to related parties, current		$ 77
Offtake Agreement | International Paper
Related Party Transaction [Line Items]
Related party transaction, expenses from related party	$ 147
Fiber Purchase Agreement | International Paper
Related Party Transaction [Line Items]
Related party transaction, expenses from related party	47
Transition Services Agreement | International Paper
Related Party Transaction [Line Items]
Expenses from transition services agreement	16
Professional Services
Related Party Transaction [Line Items]
Contract assets	1	3
Inventory Purchases
Related Party Transaction [Line Items]
Due to related parties, current	$ 84	$ 110