Sylvamo (SLVM) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	6077 Primacy Parkway
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38119
City Area Code	901
Local Phone Number	519-8000
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	SLVM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,864,548
Entity Central Index Key	0001856485
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Filer Category	Large Accelerated Filer

CONDENSED CONSOLIDATED AND COMB

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
NET SALES	$ 919	$ 912	$ 1,860	$ 1,733
COSTS AND EXPENSES
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)	721	659	1,390	1,279
Selling and administrative expenses	76	81	159	147
Depreciation, amortization and cost of timber harvested	34	32	69	63
Taxes other than payroll and income taxes	6	6	12	12
Interest (income) expense, net	12	17	19	34
Income from continuing operations before income taxes	70	117	211	198
Income tax provision	21	33	65	59
NET INCOME FROM CONTINUING OPERATIONS	49	84	146	139
Discontinued operations, net of taxes	0	(143)	0	(172)
NET INCOME (LOSS)	$ 49	$ (59)	$ 146	$ (33)
BASIC EARNINGS (LOSS) PER SHARE
Earnings from continuing operations, basic (in dollars per share)	$ 1.16	$ 1.90	$ 3.44	$ 3.15
Discontinued operations, net of taxes, basic (in dollars per share)	0	(3.24)	0	(3.90)
Net earnings (loss), basic (in dollars per share)	1.16	(1.34)	3.44	(0.75)
DILUTED EARNINGS (LOSS) PER SHARE
Earnings from continuing operations, diluted (in dollars per share)	1.14	1.89	3.40	3.13
Discontinued operations, net of taxes, diluted (in dollars per share)	0	(3.22)	0	(3.87)
Net earnings (loss), diluted (in dollars per share)	$ 1.14	$ (1.33)	$ 3.40	$ (0.74)

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 49	$ (59)	$ 146	$ (33)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Amortization of pension and postretirement loss (less taxes of $0, $0, $0 and $0)	0	0	0	(1)
Change in cumulative foreign currency translation adjustment	45	(21)	86	78
Net gains/losses on cash flow hedging derivatives:
Net gains (losses) arising during the period (less taxes of $9, $1, $9 and $13)	22	4	18	33
Reclassification adjustment for (gains) losses included in net earnings (less taxes of $4, $2, $6 and $5)	(10)	(4)	(14)	(10)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	57	(21)	90	100
COMPREHENSIVE INCOME (LOSS)	$ 106	$ (80)	$ 236	$ 67

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Amortization of pension and postretirement loss, tax	$ 0	$ 0	$ 0	$ 0
Net gains (losses) arising during the period, tax	9	1	9	13
Reclassification adjustments for (gains) losses included in net earnings, tax	$ 4	$ 2	$ 6	$ 5

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and temporary investments	$ 164	$ 360
Accounts and notes receivable, net	440	450
Contract assets	32	30
Inventories	486	364
Other current assets	39	39
Total Current Assets	1,161	1,243
Plants, Properties and Equipment, net	960	817
Forestlands	360	322
Goodwill	140	128
Right of Use Assets	43	35
Deferred Charges and Other Assets	159	165
TOTAL ASSETS	2,823	2,710
Current Liabilities
Accounts payable	391	453
Notes payable and current maturities of long-term debt	79	29
Accrued payroll and benefits	50	81
Other current liabilities	147	165
Total Current Liabilities	667	728
Long-Term Debt	954	1,003
Deferred Income Taxes	212	183
Other Liabilities	128	118
Commitments and Contingent Liabilities (Note 13)
Equity
Common stock $1 par value, 200.0 shares authorized, 44.5 shares and 44.2 shares issued and 41.9 shares and 42.6 shares outstanding at June 30, 2023 and December 31, 2022, respectively	45	44
Paid-in capital	39	25
Retained earnings	2,153	2,029
Accumulated other comprehensive loss	(1,248)	(1,338)
Stockholders' equity before treasury stock	989	760
Less: Common stock held in treasury, at cost, 2.6 shares and 1.6 shares at June 30, 2023 and December 31, 2022, respectively	(127)	(82)
Total Equity	862	678
TOTAL LIABILITIES AND EQUITY	$ 2,823	$ 2,710

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	44,500,000	44,200,000
Common shares, outstanding (in shares)	41,900,000	42,600,000
Treasury stock (in shares)	2,600,000	1,600,000

CONDENSED CONSOLIDATED AND CO_3

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
NET INCOME FROM CONTINUING OPERATIONS	$ 146	$ 139
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and cost of timber harvested	69	63
Deferred income tax provision (benefit), net	4	2
Stock-based compensation	15	11
Changes in operating assets and liabilities and other
Accounts and notes receivable	91	(58)
Inventories	(60)	(33)
Accounts payable and accrued liabilities	(147)	(31)
Other	22	37
CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS	140	130
CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	0	45
CASH PROVIDED BY OPERATING ACTIVITIES	140	175
INVESTMENT ACTIVITIES
Invested in capital projects	(105)	(59)
Acquisition of business	(167)	0
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM CONTINUING OPERATIONS	(272)	(59)
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	0	(5)
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES	(272)	(64)
FINANCING ACTIVITIES
Dividends paid	(21)	0
Issuance of debt	437	0
Reduction of debt	(443)	(86)
Repurchases of common stock	(40)	0
Other	(6)	(6)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS	(73)	(92)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	0	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(73)	(92)
Effect of Exchange Rate Changes on Cash	9	42
Change in Cash Included in Assets Held for Sale	0	63
Change in Cash and Temporary Investments	(196)	(2)
Beginning of the period	360	159
End of the period	$ 164	$ 157

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States and in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments that are necessary for the fair presentation of Sylvamo Corporation’s ("Sylvamo's", "the Company’s" or "our") financial position, results of operations, and cash flows for the interim periods presented. Except as disclosed herein, such adjustments are of a normal, recurring nature. Results for the first six months of the year may not necessarily be indicative of full year results due to factors such as the Company’s planned maintenance outage schedule at its mills. All intercompany transactions have been eliminated. Intra-Europe paper revenue and related cost of products sold for the year-to-date period ended June 30, 2023, reflect the correction of an immaterial error which reduced both net sales and cost of products sold by $18 million for three-month period ended March 31, 2023. You should read these condensed consolidated financial statements in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"), which have previously been filed with the Securities and Exchange Commission. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States that require the use of management’s estimates. Actual results could differ from management’s estimates. Acquisition of Nymölla On January 2, 2023, the Company completed the previously announced acquisition of Stora Enso’s uncoated freesheet paper mill in Nymölla, Sweden. Sylvamo accounted for the acquisition under ASC 805, “Business Combinations” and the Nymölla mill’s results of operations are included in Sylvamo’s condensed consolidated financial statements from the date of acquisition. See Note 7 Acquisitions for further details. 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 historical operating results of the Russian operations are presented as “Discontinued operations, net of taxes” in the condensed consolidated statement of operations and the notes to the condensed consolidated financial statements. In October 2022, the Company completed the sale of its Russian operations to Pulp Invest Limited Liability Company, a company incorporated in the Russian Federation. See Note 8 Divestiture and Impairment of Business for further details.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies are described in Note 2 Significant Accounting Policies to the audited consolidated and combined financial statements included in our 2022 Form 10-K. There have been no material changes to the significant accounting policies for the six months ended June 30, 2023. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” which was subsequently amended by ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of Sunset Date of Topic 848,“ issued in December 2022. Together this guidance provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective upon issuance and generally can be applied through December 31, 2024. During the three months ended June 30, 2023, the Company transitioned its LIBOR-based debt arrangements and the related interest rate swaps from a reference rate of LIBOR to SOFR (“Standard Overnight Financing Rate”). See Note 14 Long-Term Debt for further details. The impact of the reference rate transition to the debt arrangements and the related interest rate swaps, along with the adoption of the provisions from this standard, did not have a material impact on our condensed consolidated financial statements. At this time, the Company does not plan to enter into additional contracts using LIBOR as a reference rate.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Europe Uncoated Papers $ 192 $ 112 $ 395 $ 202 Market Pulp 18 23 45 50 Europe 210 135 440 252 Latin America (a) Uncoated Papers 215 215 401 396 Market Pulp 20 13 40 28 Latin America 235 228 441 424 North America Uncoated Papers 463 528 949 1,013 Market Pulp 11 21 30 44 North America 474 549 979 1,057 Total $ 919 $ 912 $ 1,860 $ 1,733 (a) Prior period amounts have been corrected to reflect market pulp sales. Revenue Contract Balances A contract asset is created when the Company recognizes revenue on its customized products for which we have an enforceable right to payment. A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced when control of the goods is transferred to the customer, satisfying our performance obligation. Contract liabilities of $13 million are included in “Other current liabilities” as of June 30, 2023. There were no contract liabilities included in “Other current liabilities” as of December 31, 2022. 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 prepayment from the customer, respectively.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
EQUITY	4 EQUITY A summary of changes in equity for the three months and six months ended June 30, 2023 and 2022 is provided below: Three Months Ended June 30, 2023 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, 2023 44 $ 44 $ 32 $ 2,116 $ (1,305) $ (97) $ 790 Stock-based employee compensation — 1 7 — — — 8 Share repurchases — — — — — (30) (30) Dividends ($0.25 per share) — — — (12) — — (12) Comprehensive income (loss) — — — 49 57 — 106 Balance, June 30, 2023 44 $ 45 $ 39 $ 2,153 $ (1,248) $ (127) $ 862 Six Months Ended June 30, 2023 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, 2022 $ 44 $ 44 $ 25 $ 2,029 $ (1,338) $ (82) $ 678 Stock-based employee compensation — 1 14 — — (5) 10 Share repurchases — — — — — (40) (40) Dividends ($0.50 per share) — — — (22) — — (22) Comprehensive income (loss) — — — 146 90 236 Balance, June 30, 2023 44 $ 45 $ 39 $ 2,153 $ (1,248) $ (127) $ 862 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

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2023
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 financial statements: Three Months Ended Six Months Ended In millions 2023 2022 2023 2022 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (76) $ (81) $ (76) $ (80) Amounts reclassified from accumulated other comprehensive income — — — (1) Balance at end of period (76) (81) (76) (81) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (1,247) (1,620) (1,288) (1,719) Other comprehensive income (loss) before reclassifications 45 (21) 86 78 Balance at end of period (1,202) (1,641) (1,202) (1,641) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period 18 21 26 (2) Other comprehensive income (loss) before reclassifications 22 4 18 33 Amounts reclassified from accumulated other comprehensive income (10) (4) (14) (10) Balance at end of period 30 21 30 21 Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (1,248) $ (1,701) $ (1,248) $ (1,701)

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
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. 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 2023 2022 2023 2022 Net income from continuing operations $ 49 $ 84 $ 146 $ 139 Weighted average common shares outstanding 42.4 44.1 42.4 44.1 Effect of dilutive securities 0.4 0.4 0.6 0.2 Weighted average common shares outstanding - assuming dilution 42.8 44.5 43.0 44.3 Earnings per share from continuing operations - basic $ 1.16 $ 1.90 $ 3.44 $ 3.15 Earnings per share from continuing operations - diluted $ 1.14 $ 1.89 $ 3.40 $ 3.13 Anti-dilutive common shares (a) 0.4 0.2 0.3 0.1

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination Disclosure	ACQUISITIONS In January 2023, the Company completed the previously announced acquisition of Stora Enso’s uncoated freesheet paper mill in Nymölla, Sweden, for €157 million (approximately $167 million) after post-close working capital adjustments. The integrated mill has the capacity to produce approximately 500,000 short tons of uncoated freesheet on two paper machines. Sylvamo accounted for the acquisition under ASC 805, “Business Combinations” and the Nymölla mill’s results of operations are included in Sylvamo’s consolidated financial statements from the date of acquisition. Due to the timing of the closing of the acquisition, the purchase price allocation is preliminary and could be significantly revised as a result of additional information obtained regarding assets acquired and liabilities assumed and revisions of estimates of fair values of both tangible and intangible assets and related deferred tax assets and liabilities. These revisions may include, but are not limited to, the completion of independent appraisals and valuations related to property, plant and equipment and intangible assets. The Company will finalize its valuation and the allocation of the purchase price, along with required retrospective adjustments, if any, within a year following the acquisition date. The following table summarizes the preliminary allocation of the purchase price to the fair value assigned to assets and liabilities acquired as of January 2, 2023: In millions Accounts receivable $ 63 Inventory 67 Plants, properties and equipment 116 Other assets 2 Total assets acquired 248 Accounts payable 51 Other liabilities 30 Total liabilities assumed 81 Net assets acquired $ 167 In connection with the allocation of fair value, inventories were written up by $9 million to their estimated fair value. During the first quarter of 2023, $9 million before taxes ($7 million after taxes) was expensed related to the impact of the step-up of acquired Nymölla inventory sold during the quarter. Net sales of $104 million and $217 million and Income from continuing operations before income taxes of $8 million and $17 million from the acquired business are included in the Company's condensed consolidated statement of operations for the three and six months ended June 30, 2023, respectively. Additionally, Selling and administrative expenses for the three and six months ended June 30, 2023 include $1 million and $5 million in charges before taxes ($1 million and $4 million after taxes) for transaction costs associated with the acquisition, respectively. On an unaudited pro forma basis, assuming the acquisition of the Nymölla mill had closed January 1, 2022, the condensed consolidated results would have reflected Net sales of $1.0 billion and $2.0 billion and Income from continuing operations before income taxes of $144 million and $227 million for the three and six months ended June 30, 2022, respectively. The 2022 pro forma information includes adjustments for non-recurring transaction costs associated with the acquisition of $5 million, and incremental expense of $9 million incurred related to the impact of the step-up of acquired Nymölla inventory sold during the first quarter. The unaudited pro forma condensed consolidated financial information was prepared for comparative purposes only and includes certain adjustments, as noted above. This does not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to represent Sylvamo's actual results of operations as if the transaction described above would have occurred as of January 1, 2022, nor is it necessarily an indicator of future results.

DIVESTITURE AND IMPAIRMENT OF B

DIVESTITURE AND IMPAIRMENT OF BUSINESS	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURE AND IMPAIRMENT OF BUSINESS	DIVESTITURE AND IMPAIRMENT OF BUSINESS RUSSIAN OPERATIONS 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 evaluated to exit the business. As a result, a pre-tax charge of $68 million ($57 million) was recorded for the impairment of the Russian fixed assets during the first quarter of 2022. 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 statement of operations. During the second quarter of 2022, management committed to a plan to sell the Company’s Russian operations. In October 2022, the Company completed the sale of its Russian operations to Pulp Invest Limited Liability Company, a company incorporated in the Russian Federation, for $420 million. After transaction and foreign currency exchange costs of $35 million, Sylvamo received $385 million in cash proceeds. As a result, all historical operating results of the Russian operations are presented as “Discontinued operations, net of taxes” in the condensed consolidated statement of operations. 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 statement of operations. In millions Three Months Ended Six Months Ended NET SALES $ 157 $ 313 COSTS AND EXPENSES Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below) 146 259 Selling and administrative expenses 3 4 Depreciation, amortization and cost of timber harvested — 4 Taxes other than payroll and income taxes 1 1 Impairment of business 156 224 Interest (income) expense, net (2) (3) INCOME (LOSS) BEFORE INCOME TAXES (147) (176) Income tax provision (benefit) (4) (4) DISCONTINUED OPERATIONS, NET OF TAXES $ (143) $ (172) 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 statement of cash flows: In millions for the six months ended June 30 2022 Cash Provided by Operating Activities $ 45 Cash Provided by (Used for) Investment Activities (a) $ (5) (a) Includes cash invested in capital projects of $5 million.

SUPPLEMENTARY FINANCIAL STATEME

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
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 $84 million and $80 million at June 30, 2023 and December 31, 2022, respectively. Accounts and Notes Receivable Accounts and notes receivable, net, by classification were: In millions June 30, 2023 December 31, 2022 Accounts and notes receivable: Trade $ 416 $ 430 Notes and other 24 20 Total $ 440 $ 450 The allowance for expected credit losses was $25 million and $20 million at June 30, 2023 and December 31, 2022, 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, 2023 December 31, 2022 Raw materials $ 77 $ 40 Finished paper and pulp products 293 226 Operating supplies 104 78 Other 12 20 Total $ 486 $ 364 Plants, Properties and Equipment, Net Accumulated depreciation was $3.7 billion and $3.6 billion at June 30, 2023 and December 31, 2022, respectively. Depreciation expense was $28 million and $27 million for the three months and $58 million and $52 million for the six months ended June 30, 2023 and 2022, respectively. Non-cash additions to plants, property and equipment included within accounts payable were $9 million and $36 million each at June 30, 2023 and December 31, 2022. Interest Interest payments of $37 million and $34 million were made during the six months ended June 30, 2023 and 2022, respectively. Amounts related to interest were as follows: Three Months Ended Six Months Ended In millions 2023 2022 2023 2022 Interest expense (a) $ 15 $ 20 $ 34 $ 39 Interest income (b) (2) (2) (13) (4) Capitalized interest cost (1) (1) (2) (1) Total $ 12 $ 17 $ 19 $ 34 (a) Interest expense for the six months ended June 30, 2023 includes $5 million of debt extinguishment cost related to the tender offer for our 7.00% 2029 Senior Notes. (b) Interest income for the six months ended June 30, 2023 includes $9 million of interest income related to tax settlements. ASSET RETIREMENT OBLIGATIONS At both June 30, 2023 and December 31, 2022, 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, 2023
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 $16 million and $15 million for the three months and $33 million and $30 million for the six months ended June 30, 2023 and 2022, respectively. Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2023 December 31, 2022 Assets Operating lease assets Right of use assets $ 43 $ 35 Finance lease assets Plants, properties, and equipment, net (a) 23 24 Total leased assets $ 66 $ 59 Liabilities Current Operating Other current liabilities $ 17 $ 13 Finance Notes payable and current maturities of long-term debt 3 3 Noncurrent Operating Other Liabilities 33 28 Finance Long-term debt 14 14 Total lease liabilities $ 67 $ 58 (a) Finance leases are recorded net of accumulated amortization of $14 million and $13 million as of June 30, 2023 and December 31, 2022, 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 $16 million and $15 million for the three months and $33 million and $30 million for the six months ended June 30, 2023 and 2022, respectively. Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2023 December 31, 2022 Assets Operating lease assets Right of use assets $ 43 $ 35 Finance lease assets Plants, properties, and equipment, net (a) 23 24 Total leased assets $ 66 $ 59 Liabilities Current Operating Other current liabilities $ 17 $ 13 Finance Notes payable and current maturities of long-term debt 3 3 Noncurrent Operating Other Liabilities 33 28 Finance Long-term debt 14 14 Total lease liabilities $ 67 $ 58 (a) Finance leases are recorded net of accumulated amortization of $14 million and $13 million as of June 30, 2023 and December 31, 2022, respectively.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	6 Months Ended
	Jun. 30, 2023
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, 2023: In millions Europe Latin America North America Total Balance as of December 31, 2022 Goodwill $ 11 $ 118 $ — $ 129 Accumulated impairment losses (1) — — (1) $ 10 $ 118 $ — $ 128 Currency translation and other (a) — 12 — 12 Balance as of June 30, 2023 Goodwill 11 130 — 141 Accumulated impairment losses (1) — — (1) Total $ 10 $ 130 $ — $ 140 (a) Represents the effects of foreign currency translations and reclassifications. Other Intangibles Identifiable intangible assets comprised the following: June 30, 2023 December 31, 2022 In millions Gross Carrying Amount Accumulated Amortization Net Intangible Assets Gross Carrying Amount Accumulated Amortization Net Intangible Assets Customer relationships and lists $ 56 $ (50) $ 6 $ 56 $ (50) $ 6 Other 7 (6) 1 7 (6) 1 Total $ 63 $ (56) $ 7 $ 63 $ (56) $ 7 Amortization expense related to intangibles was immaterial for each of the three months and six month periods ended June 30, 2023 and 2022, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES An income tax provision of $21 million and $65 million was recorded for the three and six months ended June 30, 2023, and the reported effective income tax rate from continuing operations was 30% and 31%, respectively. 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. 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 $121 million in tax, and $414 million in interest, penalties and fees as of June 30, 2023 (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, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Environmental and Legal Proceedings The Company is subject to environmental and legal proceedings in the countries in which we operate. Accruals for contingent liabilities, such as environmental remediation costs, are recorded in the condensed consolidated financial statements when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated. The Company has estimated some probable liability associated with environmental remediation matters that is immaterial in the aggregate as of June 30, 2023. At the Company’s Mogi Guaçu mill, there are legacy basin areas that were formerly lagoons used for treatment of mill wastewater from pulp and paper manufacturing. In coordination with and in response to a request by the Environmental Company of the State of São Paulo (“CETESB”), which is the state environmental regulatory authority, there has been continuous regulatory monitoring and sampling of the former basins, which began prior to their closure in 2006, both to assess for contamination and evaluate whether additional remediation is needed beyond the basins’ ongoing natural vegetation growth. This monitoring and sampling detected metal contamination, with the main constituent of potential environmental impact being mercury. The Company has presented CETESB with proposals for studies and other actions to further assess the scope and type of contamination and the possible need for an additional remediation approach. Additionally, in October 2022, CETESB requested that the Company expand its efforts to include providing CETESB with a proposed pilot intervention (remediation) plan for a portion of the former basins. The purpose of the pilot intervention plan is to facilitate determination of the appropriate actions to take for the basins generally, guided by the results of the pilot intervention plan in the subset of basins. The Company has submitted its pilot invention plan to CETESB and is waiting for CETESB to determine if it approves the plan set forth in the response. As of June 30, 2023, the Company has recorded an immaterial liability for the ongoing and additional environmental studies and sampling of the basins. While this matter could in the future have a material impact on our results of operations or cash flows, the Company is unable to estimate its potential additional liability, including the costs of executing certain elements of the proposed pilot intervention plan, because the further studies to be conducted and the remediation that may be required, both for the pilot intervention plan and for the ultimate intervention, will depend on CETESB’s approval of the proposed pilot intervention plan, the results of the pilot intervention plan, the Company’s environmental studies assessing the existence of ecological risk due to the contamination and what intervention may be required beyond vegetation of the basins, the extent to which there is eventual risk of harm from the contamination, and CETESB’s approval of any ultimate intervention plan for the basins. Taxes Other Than Payroll Taxes See Note 12 Income Taxes for a discussion of a goodwill amortization tax matter in Brazil. We have other open tax matters awaiting resolution in Brazil, which are at various stages of review in various administrative and judicial proceedings. We routinely assess these tax matters for materiality and probability of loss or gain, and appropriate amounts have been recorded in our financial statements for any open items where the risk of loss is deemed probable. We currently do not consider any of these other tax matters to be material individually. However, it is reasonably possible that settlement of any of these matters concurrently could result in a material loss or that over time a matter could become material, for example, if interest were accruing on the amount at issue for a significant period of time. Also, future exchange rate fluctuations could be unfavorable to the U.S. dollar and significant enough to cause an open matter to become material. The expected timing for resolution of these open matters ranges from one year to ten years. General 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 and other matters, some of which allege substantial monetary damages. Assessments of lawsuits and claims can involve a series of complex judgments about future events, can rely heavily on estimates and assu mptions, 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.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt is summarized in the following table: In millions June 30, 2023 December 31, 2022 Term Loan F - due 2027 (a) $ 484 $ 496 Term Loan A - due 2028 (b) 294 — 7.00% Senior Notes - due 2029 (c) 89 444 Securitization Program 115 75 Other 16 17 Less: current portion (44) (29) Total $ 954 $ 1,003 (a) As of June 30, 2023 and December 31, 2022, presented net of $4 million and $4 million in unamortized debt issuance costs, respectively. (b) As of June 30, 2023, presented net of $3 million in unamortized debt issuance costs. (c) As of June 30, 2023 and December 31, 2022, presented net of $1 million and $6 million in unamortized debt issuance costs, respectively. In addition to the debt noted above, the Company has the ability to access a cash flow-based revolving credit facility with a total borrowing capacity of $450 million (“Revolving Credit Facility”), which matures in 2026. As of June 30, 2023, the Company had $35 million outstanding borrowings on the Revolving Credit Facility and $23 million of letters of credit related to the Revolving Credit Facility, resulting in an available borrowing capacity of $392 million. As of December 31, 2022, the Company had no outstanding borrowings on the Revolving Credit Facility and $24 million of letters of credit related to the Revolving Credit Facility, resulting in an available borrowing capacity of $426 million. The outstanding borrowings on the Revolving Credit Facility are recorded within “Notes payable and current maturities of long-term debt” in the condensed consolidated balance sheet. In the first quarter of 2023, the Company announced the commencement of a cash tender offer to purchase any and all of the Company’s outstanding 2029 Senior Notes. The Company also solicited consents from holders of the 2029 Senior Notes to amend certain provisions of the indenture with respect to the notes. In connection with the tender offer and the consent solicitation, the Company entered into a new senior secured term loan facility amendment which provided an aggregate principal amount of $300 million (“Term Loan A”) maturing in 2028. Term Loan A, together with $60 million of borrowings under the Revolving Credit Facility, were used to pay the total consideration for all notes tendered in the tender offer, plus accrued interest and all fees and expenses incurred in connection with the tender offer and consent solicitation. Upon close in the first quarter, $360 million aggregate principal of the notes were tendered, resulting in a debt extinguishment cost of $5 million, which includes the write-off of debt issuance costs. This cost was recorded within “Interest expense (income), net.” Sylvamo North America LLC, a wholly owned subsidiary of the Company, maintains a $120 million accounts receivable finance facility (the “Securitization Program”), maturing in 2025. The Company sells substantially all of its North American accounts receivable balances to Sylvamo Receivables, LLC, a special purpose entity, which pledges the receivables as collateral for the Securitization Program. The borrowing availability under this facility is limited by the balance of eligible receivables within the program. As of June 30, 2023 and December 31, 2022, the Company had $115 million and $75 million outstanding borrowings under the receivables securitization program, respectively. The average interest rate for the quarters ended June 30, 2023 and December 31, 2022 was 5.87% and 5.19%, 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 A and the 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. Effective May 31, 2023, in accordance with the existing credit agreement, the Company transitioned LIBOR-based interest rates to a benchmark reference rate of SOFR. The interest rates applicable to the Term Loan F and Revolving Credit Facility are now based on a fluctuating rate of interest measured by reference to SOFR plus a fixed percentage of 1.85% and 1.60%, respectively, payable monthly, with a SOFR floor of 0.00%. The interest rate applicable to the Term Loan A is based on a fluctuating rate of interest measured in reference to SOFR plus a fixed percentage of 1.85%, subject to a SOFR floor of 0.00%. We are receiving interest patronage credits under the Term Loan F. 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 6.05% and 5.23% as of June 30, 2023 and December 31, 2022, respectively. 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. In the first quarter, the Company received cash proceeds of $12 million from the unwind of four interest rate swaps maturing in 2024, with a total notional amount of $200 million. Subsequently, the Company entered into four new interest rate swaps with various counterparties with a notional amount of $200 million, which mature in 2025. The related gain has been deferred within “Accumulated other comprehensive loss” in the condensed consolidated balance sheet and will be amortized over the contracts’ original term of two As of June 30, 2023 and December 31, 2022, the fair value of the interest rate swaps related to Term Loan F was an asset of $23 million and $30 million, respectively. Assets resulting from interest rate swaps are reflected in “Deferred charges and other assets.” In connection with the issuance of Term Loan A, the Company entered into interest rate swaps with a current aggregate notional amount of $296 million that amortize each quarter and mature in 2028. These interest rate swaps allow for the Company to exchange the difference in the variable rates on Term Loan A determined in reference to SOFR and the fixed interest rate per notional amount ranging from 4.13% to 4.16%. As of June 30, 2023, the fair value of these interest rate swaps resulted in a liability of $2 million, recorded within “Other liabilities.” The Company is subject to certain covenants limiting, among other things, the ability of most of its subsidiaries to: (a) incur additional indebtedness or issue certain preferred shares; (b) pay dividends on or make distributions in respect of the Company’s or its subsidiaries’ capital stock or make investments or other restricted payments; (c) create restrictions on the ability of the Company’s restricted subsidiaries to pay dividends to the Company or make certain other intercompany transfers; (d) sell certain assets; (e) create liens; (f) consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets; and (g) enter into certain transactions with its affiliates. The Company is currently subject to a maximum consolidated total leverage ratio of 3.75 to 1.00. The limit on restricted payments that we may make prior to the resolution of the Brazil Tax Dispute is $60 million if our pro-forma consolidated leverage ratio is less than 2.50 to 1.00 and greater than or equal to 2.00 to 1.00, or $90 million if the pro-forma consolidated leverage ratio is less than 2.00 to 1.00. However, limitations imposed on restricted payments are eliminated prior to the final settlement of the Brazil Tax Dispute if (i) we deposit $120 million in an account subject to the control of the administrative agent under our credit agreement, or (ii) we deposit $60 million in such an account and maintain $225 million of available liquidity at the time we make restricted payments. The funds deposited in the account would be used to pay the Company’s share of the settlement of the Brazil Tax Dispute, with any excess funds returned to us if our portion of any final settlement amount is less than the amount on deposit. If we meet these conditions, our ability to make restricted payments under the credit agreement would then be governed by the provisions in the credit agreement in effect as if the Brazil Tax Dispute is settled. No amounts have been deposited as of June 30, 2023. As of June 30, 2023, we were in compliance with our debt covenants.

PENSION AND POSTRETIREMENT BENE

PENSION AND POSTRETIREMENT BENEFIT PLANS	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
PENSION AND POSTRETIREMENT BENEFIT PLANS	PENSION AND POSTRETIREMENT BENEFIT PLANS Defined Benefit Plans The Company sponsors and maintains pension plans for the benefit of certain of the Company’s employees. 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. The assets and liabilities related to plans sponsored by the Company are reflected in deferred charges and other assets and other liabilities, respectively. Net periodic pension expense (benefit) for all pension plans sponsored by the Company for the six months ended June 30, 2023 and 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, 2023
Share-Based Payment Arrangement [Abstract]
INCENTIVE PLANS	INCENTIVE PLANS The Company has adopted the Sylvamo 2021 Incentive Compensation Plan, which includes shares under its long-term incentive plan (“LTIP”) that grants certain employees, consultants, or non-employee directors of the Company different forms of awards, including time-based and performance-based restricted stock units. As of June 30, 2023, 2,821,985 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 2023 2022 2023 2022 Total stock-based compensation expense (included in selling and administrative expense) $ 8 $ 7 $ 15 $ 11 As of June 30, 2023, $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 1.4 years.

FINANCIAL INFORMATION BY BUSINE

FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Europe $ 210 $ 135 $ 440 $ 252 Latin America 250 249 472 464 North America 474 549 979 1,057 Intersegment Sales (15) (21) (31) (40) Net Sales $ 919 $ 912 $ 1,860 $ 1,733 Business Segment Operating Profit Three Months Ended Six Months Ended In millions 2023 2022 2023 2022 Europe $ (11) $ 17 $ 12 $ 19 Latin America 48 59 94 98 North America 45 66 142 128 Business Segment Operating Profit $ 82 $ 142 $ 248 $ 245 Income from continuing operations before income taxes $ 70 $ 117 $ 211 $ 198 Interest (income) expense, net 12 17 19 34 Net special items expense (income) (a) — 8 18 13 Business Segment Operating Profit $ 82 $ 142 $ 248 $ 245 (a) Special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the periods presented primarily include transaction costs related to the Nymölla acquisition, professional and legal fees related to negotiations resulting in a shareholder cooperation agreement, the impact of the step-up of acquired Nymölla inventory sold during the first quarter and one-time costs incurred in the prior year associated with the spin-off.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
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. On September 12, 2022, International Paper sold its remaining shares of Sylvamo stock. Therefore, International Paper is no longer a related party. The following discussion summarizes activity between the Company and International Paper both prior and subsequent to the spin-off and up to the time International Paper was deemed to no longer be a related party. 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 offtake agreements 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 fiber purchase agreements 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. The Company also purchases certain packaging materials from International Paper. These packaging purchases totaled $4 million for the six months ended June 30, 2022. Transition Services Agreement Pursuant to the Transition Services Agreement, International Paper and Sylvamo provided certain services to one another on an interim, transitional basis. The services included certain information technology services, finance and accounting services and human resources and employee benefits services. The agreed-upon charges for such services were generally intended to allow the providing company to recover all costs and expenses for providing such services. The total amount of expenses incurred by the Company under the Transition Services Agreement for the six months ended June 30, 2022 was $16 million. The Company is no longer receiving services under this agreement as of October 1, 2022.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Europe Uncoated Papers $ 192 $ 112 $ 395 $ 202 Market Pulp 18 23 45 50 Europe 210 135 440 252 Latin America (a) Uncoated Papers 215 215 401 396 Market Pulp 20 13 40 28 Latin America 235 228 441 424 North America Uncoated Papers 463 528 949 1,013 Market Pulp 11 21 30 44 North America 474 549 979 1,057 Total $ 919 $ 912 $ 1,860 $ 1,733 (a) Prior period amounts have been corrected to reflect market pulp sales.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Summary of changes in equity	A summary of changes in equity for the three months and six months ended June 30, 2023 and 2022 is provided below: Three Months Ended June 30, 2023 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, 2023 44 $ 44 $ 32 $ 2,116 $ (1,305) $ (97) $ 790 Stock-based employee compensation — 1 7 — — — 8 Share repurchases — — — — — (30) (30) Dividends ($0.25 per share) — — — (12) — — (12) Comprehensive income (loss) — — — 49 57 — 106 Balance, June 30, 2023 44 $ 45 $ 39 $ 2,153 $ (1,248) $ (127) $ 862 Six Months Ended June 30, 2023 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, 2022 $ 44 $ 44 $ 25 $ 2,029 $ (1,338) $ (82) $ 678 Stock-based employee compensation — 1 14 — — (5) 10 Share repurchases — — — — — (40) (40) Dividends ($0.50 per share) — — — (22) — — (22) Comprehensive income (loss) — — — 146 90 236 Balance, June 30, 2023 44 $ 45 $ 39 $ 2,153 $ (1,248) $ (127) $ 862 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

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2023
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 financial statements: Three Months Ended Six Months Ended In millions 2023 2022 2023 2022 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (76) $ (81) $ (76) $ (80) Amounts reclassified from accumulated other comprehensive income — — — (1) Balance at end of period (76) (81) (76) (81) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (1,247) (1,620) (1,288) (1,719) Other comprehensive income (loss) before reclassifications 45 (21) 86 78 Balance at end of period (1,202) (1,641) (1,202) (1,641) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period 18 21 26 (2) Other comprehensive income (loss) before reclassifications 22 4 18 33 Amounts reclassified from accumulated other comprehensive income (10) (4) (14) (10) Balance at end of period 30 21 30 21 Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (1,248) $ (1,701) $ (1,248) $ (1,701)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Net income from continuing operations $ 49 $ 84 $ 146 $ 139 Weighted average common shares outstanding 42.4 44.1 42.4 44.1 Effect of dilutive securities 0.4 0.4 0.6 0.2 Weighted average common shares outstanding - assuming dilution 42.8 44.5 43.0 44.3 Earnings per share from continuing operations - basic $ 1.16 $ 1.90 $ 3.44 $ 3.15 Earnings per share from continuing operations - diluted $ 1.14 $ 1.89 $ 3.40 $ 3.13 Anti-dilutive common shares (a) 0.4 0.2 0.3 0.1

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of the purchase price to the fair value assigned to assets and liabilities acquired as of January 2, 2023: In millions Accounts receivable $ 63 Inventory 67 Plants, properties and equipment 116 Other assets 2 Total assets acquired 248 Accounts payable 51 Other liabilities 30 Total liabilities assumed 81 Net assets acquired $ 167

DIVESTITURE AND IMPAIRMENT OF_2

DIVESTITURE AND IMPAIRMENT OF BUSINESS (Tables)	6 Months Ended
	Jun. 30, 2023
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 statement of operations. In millions Three Months Ended Six Months Ended NET SALES $ 157 $ 313 COSTS AND EXPENSES Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below) 146 259 Selling and administrative expenses 3 4 Depreciation, amortization and cost of timber harvested — 4 Taxes other than payroll and income taxes 1 1 Impairment of business 156 224 Interest (income) expense, net (2) (3) INCOME (LOSS) BEFORE INCOME TAXES (147) (176) Income tax provision (benefit) (4) (4) DISCONTINUED OPERATIONS, NET OF TAXES $ (143) $ (172) 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 statement of cash flows: In millions for the six months ended June 30 2022 Cash Provided by Operating Activities $ 45 Cash Provided by (Used for) Investment Activities (a) $ (5) (a) Includes cash invested in capital projects of $5 million.

SUPPLEMENTARY FINANCIAL STATE_2

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Accounts and notes receivable: Trade $ 416 $ 430 Notes and other 24 20 Total $ 440 $ 450
Schedule of Inventories	In millions June 30, 2023 December 31, 2022 Raw materials $ 77 $ 40 Finished paper and pulp products 293 226 Operating supplies 104 78 Other 12 20 Total $ 486 $ 364
Schedule of Interest Expense	Amounts related to interest were as follows: Three Months Ended Six Months Ended In millions 2023 2022 2023 2022 Interest expense (a) $ 15 $ 20 $ 34 $ 39 Interest income (b) (2) (2) (13) (4) Capitalized interest cost (1) (1) (2) (1) Total $ 12 $ 17 $ 19 $ 34 (a) Interest expense for the six months ended June 30, 2023 includes $5 million of debt extinguishment cost related to the tender offer for our 7.00% 2029 Senior Notes.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related To Leases	Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2023 December 31, 2022 Assets Operating lease assets Right of use assets $ 43 $ 35 Finance lease assets Plants, properties, and equipment, net (a) 23 24 Total leased assets $ 66 $ 59 Liabilities Current Operating Other current liabilities $ 17 $ 13 Finance Notes payable and current maturities of long-term debt 3 3 Noncurrent Operating Other Liabilities 33 28 Finance Long-term debt 14 14 Total lease liabilities $ 67 $ 58 (a) Finance leases are recorded net of accumulated amortization of $14 million and $13 million as of June 30, 2023 and December 31, 2022, respectively.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023: In millions Europe Latin America North America Total Balance as of December 31, 2022 Goodwill $ 11 $ 118 $ — $ 129 Accumulated impairment losses (1) — — (1) $ 10 $ 118 $ — $ 128 Currency translation and other (a) — 12 — 12 Balance as of June 30, 2023 Goodwill 11 130 — 141 Accumulated impairment losses (1) — — (1) Total $ 10 $ 130 $ — $ 140 (a) Represents the effects of foreign currency translations and reclassifications.
Schedule of Identifiable Intangible Assets	Identifiable intangible assets comprised the following: June 30, 2023 December 31, 2022 In millions Gross Carrying Amount Accumulated Amortization Net Intangible Assets Gross Carrying Amount Accumulated Amortization Net Intangible Assets Customer relationships and lists $ 56 $ (50) $ 6 $ 56 $ (50) $ 6 Other 7 (6) 1 7 (6) 1 Total $ 63 $ (56) $ 7 $ 63 $ (56) $ 7

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt is summarized in the following table: In millions June 30, 2023 December 31, 2022 Term Loan F - due 2027 (a) $ 484 $ 496 Term Loan A - due 2028 (b) 294 — 7.00% Senior Notes - due 2029 (c) 89 444 Securitization Program 115 75 Other 16 17 Less: current portion (44) (29) Total $ 954 $ 1,003 (a) As of June 30, 2023 and December 31, 2022, presented net of $4 million and $4 million in unamortized debt issuance costs, respectively. (b) As of June 30, 2023, presented net of $3 million in unamortized debt issuance costs.

INCENTIVE PLANS (Tables)

INCENTIVE PLANS (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Total stock-based compensation expense (included in selling and administrative expense) $ 8 $ 7 $ 15 $ 11

FINANCIAL INFORMATION BY BUSI_2

FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting	Information By Business Segment Net Sales Three Months Ended Six Months Ended In millions 2023 2022 2023 2022 Europe $ 210 $ 135 $ 440 $ 252 Latin America 250 249 472 464 North America 474 549 979 1,057 Intersegment Sales (15) (21) (31) (40) Net Sales $ 919 $ 912 $ 1,860 $ 1,733 Business Segment Operating Profit Three Months Ended Six Months Ended In millions 2023 2022 2023 2022 Europe $ (11) $ 17 $ 12 $ 19 Latin America 48 59 94 98 North America 45 66 142 128 Business Segment Operating Profit $ 82 $ 142 $ 248 $ 245 Income from continuing operations before income taxes $ 70 $ 117 $ 211 $ 198 Interest (income) expense, net 12 17 19 34 Net special items expense (income) (a) — 8 18 13 Business Segment Operating Profit $ 82 $ 142 $ 248 $ 245 (a) Special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the periods presented primarily include transaction costs related to the Nymölla acquisition, professional and legal fees related to negotiations resulting in a shareholder cooperation agreement, the impact of the step-up of acquired Nymölla inventory sold during the first quarter and one-time costs incurred in the prior year associated with the spin-off.

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - Europe $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Intercompany Sales Corrections	$ 18
Segment Reporting Information [Line Items]
Intercompany Sales Corrections	$ 18

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from External Customer [Line Items]
NET SALES	$ 919	$ 912	$ 1,860	$ 1,733
Contract liabilities	13		13
Europe
Revenue from External Customer [Line Items]
NET SALES	210	135	440	252
Latin America
Revenue from External Customer [Line Items]
NET SALES	235	228	441	424
North America
Revenue from External Customer [Line Items]
NET SALES	474	549	979	1,057
Uncoated Papers | Europe
Revenue from External Customer [Line Items]
NET SALES	192	112	395	202
Uncoated Papers | Latin America
Revenue from External Customer [Line Items]
NET SALES	215	215	401	396
Uncoated Papers | North America
Revenue from External Customer [Line Items]
NET SALES	463	528	949	1,013
Market Pulp | Europe
Revenue from External Customer [Line Items]
NET SALES	18	23	45	50
Market Pulp | Latin America
Revenue from External Customer [Line Items]
NET SALES	20	13	40	28
Market Pulp | North America
Revenue from External Customer [Line Items]
NET SALES	$ 11	$ 21	$ 30	$ 44

EQUITY - Summary of Changes In

EQUITY - Summary of Changes In Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			42,600,000
Beginning balance	$ 790	$ 331	$ 678	$ 182
Stock-based employee compensation	8	6	10	8
Stock Repurchased During Period, Value	(30)		(40)
Dividends	(12)	(5)	(22)	(5)
Comprehensive income (loss)	$ 106	(80)	$ 236	67
Ending balance (in shares)	41,900,000		41,900,000
Ending balance	$ 862	$ 252	$ 862	$ 252
Dividends per share (in dollars per share)	$ 0.25	$ 0.1125	$ 0.50	$ 0.1125
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	44,000,000	44,000,000	44,000,000	44,000,000
Beginning balance	$ 44	$ 44	$ 44	$ 44
Stock-based employee compensation	$ 1		$ 1
Ending balance (in shares)	44,000,000	44,000,000	44,000,000	44,000,000
Ending balance	$ 45	$ 44	$ 45	$ 44
Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	32	8	25	4
Stock-based employee compensation	7	6	14	10
Ending balance	39	14	39	14
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,116	1,961	2,029	1,935
Dividends	(12)	(5)	(22)	(5)
Comprehensive income (loss)	49	(59)	146	(33)
Ending balance	2,153	1,897	2,153	1,897
Accumulated  Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,305)	(1,680)	(1,338)	(1,801)
Stock-based employee compensation	0	0	0	0
Comprehensive income (loss)	57	(21)	90	100
Ending balance	(1,248)	(1,701)	(1,248)	(1,701)
Common Stock Held In Treasury, At Cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(97)	(2)	(82)	0
Stock-based employee compensation	0	0	(5)	(2)
Stock Repurchased During Period, Value	(30)		(40)
Comprehensive income (loss)		0
Ending balance	$ (127)	$ (2)	$ (127)	$ (2)

OTHER COMPREHENSIVE INCOME (Det

OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 790	$ 331	$ 678	$ 182
Ending balance	862	252	862	252
Accumulated  Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,305)	(1,680)	(1,338)	(1,801)
Ending balance	(1,248)	(1,701)	(1,248)	(1,701)
Defined Benefit Pension and Postretirement Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(76)	(81)	(76)	(80)
Amounts reclassified from accumulated other comprehensive income	0	0	0	(1)
Ending balance	(76)	(81)	(76)	(81)
Change in Cumulative Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,247)	(1,620)	(1,288)	(1,719)
Other comprehensive income (loss) before reclassifications	45	(21)	86	78
Ending balance	(1,202)	(1,641)	(1,202)	(1,641)
Net Gains and Losses on Cash Flow Hedging Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	18	21	26	(2)
Amounts reclassified from accumulated other comprehensive income	(10)	(4)	(14)	(10)
Other comprehensive income (loss) before reclassifications	22	4	18	33
Ending balance	$ 30	$ 21	$ 30	$ 21

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
NET INCOME FROM CONTINUING OPERATIONS	$ 49	$ 84	$ 146	$ 139
Weighted average common shares outstanding	42.4	44.1	42.4	44.1
Effect of dilutive securities	0.4	0.4	0.6	0.2
Weighted-average common shares outstanding - diluted (in shares)	42.8	44.5	43	44.3
Earnings per share from continuing operations - basic (in dollars per share)	$ 1.16	$ 1.90	$ 3.44	$ 3.15
Earnings per share from continuing operations - diluted (in dollars per share)	$ 1.14	$ 1.89	$ 3.40	$ 3.13
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.4	0.2	0.3	0.1

ACQUISITIONS (Details)

ACQUISITIONS (Details) - Nymolla $ in Millions	Jan. 02, 2023 USD ($)
Business Acquisition [Line Items]
Accounts receivable	$ 63
Inventory	67
Plants, properties and equipment	116
Other assets	2
Total assets acquired	248
Accounts payable	51
Other liabilities	30
Total liabilities assumed	81
Net assets acquired	$ 167

ACQUISITIONS Narrative (Details

ACQUISITIONS Narrative (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 USD ($)	Jan. 02, 2023 paperMachines shortTons
Business Acquisition [Line Items]
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)	$ 721	$ 659	$ 1,390		$ 1,279
Nymolla
Business Acquisition [Line Items]
Business Combination, Consideration Transferred			167	€ 157
Capacity, Short Tons | shortTons						500,000
Paper Machines | paperMachines						2
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory			9
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	104		217
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	8		17
Business Acquisition, Pro Forma Revenue	1,000		2,000
Business Acquisition, Pro Forma Net Income (Loss)	144		227
Nymolla | Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)	9
Cost of Goods and Service, Excluding Depreciation, Depletion and Amortization, Net of Tax	7
Nymolla | Selling, General and Administrative Expenses
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs	1		5
Business Combination, Acquisition Related Costs, Net of Tax	$ 1		$ 4

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from continuing operations before income taxes	$ 70	$ 117	$ 211	$ 198
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
NET SALES		157		313
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)		146		259
Selling and administrative expenses		3		4
Depreciation, amortization and cost of timber harvested		0		4
Taxes other than payroll and income taxes		1		1
Impairment of business		156		224
Interest (income) expense, net		(2)		(3)
Income from continuing operations before income taxes		(147)		(176)
Income tax provision (benefit)		(4)		(4)
DISCONTINUED OPERATIONS, NET OF TAXES		$ (143)		$ (172)

DIVESTITURE AND IMPAIRMENT OF_4

DIVESTITURE AND IMPAIRMENT OF BUSINESS - Consolidated Statement of Cash flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	$ 0	$ 45
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM DISCONTINUED OPERATIONS, NET	$ 0	(5)
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
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM DISCONTINUED OPERATIONS, NET		(5)
Capital Expenditure, Discontinued Operations		$ 5

DIVESTITURE AND IMPAIRMENT OF_5

DIVESTITURE AND IMPAIRMENT OF BUSINESS - Narrative (Details) - RUSSIAN FEDERATION - USD ($) $ in Millions	3 Months Ended
	Sep. 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
Proceeds from Divestiture of Businesses	$ 420
Foreign Exchange Costs and Transaction Fees	35
Proceeds from the Sale of Business Net of Foreign Currency Exchange and Transaction Fees	$ 385

SUPPLEMENTARY FINANCIAL STATE_3

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Temporary Investments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Short-term Investments	$ 84	$ 80

SUPPLEMENTARY FINANCIAL STATE_4

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Schedule of Accounts and Notes Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade	$ 416	$ 430
Notes and other	24	20
Total	$ 440	$ 450

SUPPLEMENTARY FINANCIAL STATE_5

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Expected Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for expected credit losses	$ 25	$ 20

SUPPLEMENTARY FINANCIAL STATE_6

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 77	$ 40
Finished paper and pulp products	293	226
Operating supplies	104	78
Other	12	20
Inventory net	$ 486	$ 364

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated depreciation	$ 3,700		$ 3,700		$ 3,600
Depreciation	$ 28	$ 27	58	$ 52
Non-cash additions			$ 9		$ 36

SUPPLEMENTARY FINANCIAL STATE_8

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest payments			$ 37	$ 34
Interest expense (a)	$ 15	$ 20	34	39
Interest income (b)	(2)	(2)	(13)	(4)
Capitalized interest cost	(1)	(1)	(2)	(1)
Total	$ 12	$ 17	19	$ 34
Payment for Debt Extinguishment or Debt Prepayment Cost			$ 5
Debt Instrument, interest rate, stated percentage	7%		7%
Litigation Settlement Interest			$ 9

SUPPLEMENTARY FINANCIAL STATE_9

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Asset Retirement Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Lease cost	$ 16	$ 15	$ 33	$ 30
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, 2023	Dec. 31, 2022
Assets
Right of Use Assets	$ 43	$ 35
Finance lease assets	23	24
Total leased assets	66	59
Current
Operating	17	13
Finance	3	3
Noncurrent
Operating	33	28
Finance	14	14
Total lease liabilities	$ 67	$ 58
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	$ 14	$ 13

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, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill gross beginning balance	$ 129
Accumulated impairment loss, beginning balance	(1)
Goodwill, beginning balance	128
Currency translation and other	12
Goodwill gross ending balance	141
Accumulated impairment loss, ending balance	(1)
Goodwill, ending balance	140
Europe
Goodwill [Roll Forward]
Goodwill gross beginning balance	11
Accumulated impairment loss, beginning balance	(1)
Goodwill, beginning balance	10
Currency translation and other	0
Goodwill gross ending balance	11
Accumulated impairment loss, ending balance	(1)
Goodwill, ending balance	10
Latin America
Goodwill [Roll Forward]
Goodwill gross beginning balance	118
Accumulated impairment loss, beginning balance	0
Goodwill, beginning balance	118
Currency translation and other	12
Goodwill gross ending balance	130
Accumulated impairment loss, ending balance	0
Goodwill, ending balance	130
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 63,000,000		$ 63,000,000		$ 63,000,000
Accumulated Amortization	(56,000,000)		(56,000,000)		(56,000,000)
Net Intangible Assets	7,000,000		7,000,000		7,000,000
Amortization of Intangible Assets	0	$ 0	0	$ 0
Customer relationships and lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	56,000,000		56,000,000		56,000,000
Accumulated Amortization	(50,000,000)		(50,000,000)		(50,000,000)
Net Intangible Assets	6,000,000		6,000,000		6,000,000
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,000,000		7,000,000		7,000,000
Accumulated Amortization	(6,000,000)		(6,000,000)		(6,000,000)
Net Intangible Assets	$ 1,000,000		$ 1,000,000		$ 1,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Examination [Line Items]
Income tax provision	$ 21	$ 33	$ 65	$ 59
Effective income tax rate reconciliation, percent	30%	28%	31%	30%
Income tax examination, estimate of possible loss			$ 121
Income tax examination, penalties and interest expense			$ 414
Income tax examination, tax liabilities payable, percentage	40%		40%
Income tax examination, tax liability, threshold	$ 300		$ 300
Income Tax Liability, Threshold Over Which International Paper Will Pay All Amounts of Assessment	$ 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) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Site Contingency [Line Items]
Litigation Settlement Interest	$ 9
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

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage		7%
Payment for Debt Extinguishment or Debt Prepayment Cost		$ 5,000,000
Debt Instrument, Consolidated Total, Maximum Leverage Ratio		375%
Ration Below 2.50
Debt Instrument [Line Items]
Debt Instrument, Consolidated Total Leverage Ratio, Minimum		2.50
Ration Below 2.50 | Ratio Equal to Or Above 2.00
Debt Instrument [Line Items]
Maximum annual restricted payments		$ 60,000,000
Ratio Below 2.00
Debt Instrument [Line Items]
Income Tax Examination, Maximum Annual Restricted Payments Increase		$ 90,000,000
Debt Instrument, Consolidated Total Leverage Ratio, Maximum		2
Ratio Equal to Or Above 2.00
Debt Instrument [Line Items]
Debt Instrument, Consolidated Total Leverage Ratio, Minimum		2
Maximum Deposit Amount
Debt Instrument [Line Items]
Income Tax Examination, Deposit Amount With Credit Agreement Agent to Eliminate Maximum Annual Restricted Payments		$ 120,000,000
Minimum Deposit Amount
Debt Instrument [Line Items]
Income Tax Examination, Deposit Amount With Credit Agreement Agent to Eliminate Maximum Annual Restricted Payments		60,000,000
Available Liquidity
Debt Instrument [Line Items]
Income Tax Examination, Available Liquidity Required to Eliminate Limits on Maximum Annual Restricted Payments		225,000,000
Term Loan F Notes Due 2027 | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2024
Debt Instrument [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	2 years
Receivables Securitization Program
Debt Instrument [Line Items]
Total borrowing capacity		120,000,000
Long-term line of credit outstanding		$ 115,000,000	$ 75,000,000
us-gaap_LineOfCreditFacilityAverageInterestRateAtPeriodEnd		5.87%	5.19%
Term Loan A Due 2029 | Interest Rate Swap | Other Liabilities
Debt Instrument [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value			$ 2,000,000
Term Loan A Due 2029 | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2024 to 2026
Debt Instrument [Line Items]
Notional amount			296,000,000
Term Loan A Due 2029 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		4.13%
Term Loan A Due 2029 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		4.16%
Term Loan F Due 2027 | Interest Rate Swap | Deferred Charges and Other Assets
Debt Instrument [Line Items]
Fair value of interest rate swaps		$ 23,000,000	30,000,000
Term Loan F Due 2027 | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2024
Debt Instrument [Line Items]
Number of Interest Rate Swaps Unwound		4
Notional Amount, Interest Rate Swaps, Unwound		$ 200,000,000
Term Loan F Due 2027 | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2024 to 2026
Debt Instrument [Line Items]
Notional amount			400,000,000
Swap Unwind, Cash Proceeds		12,000,000
Term Loan F Due 2027 | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2025
Debt Instrument [Line Items]
Notional amount		$ 200,000,000
Number of New Interest Rate Swaps		4
Term Loan F Due 2027 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		1.14%
Term Loan F Due 2027 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		3.75%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total borrowing capacity		$ 450,000,000
Long-term line of credit outstanding	$ 60,000,000	$ 35,000,000	0
Debt Instrument, interest rate, stated percentage		1.60%
Letters of Credit Outstanding, Amount		$ 23,000,000	24,000,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 392,000,000	$ 426,000,000
Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 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%
Debt Instrument, Repaid, Principal	360,000,000
Senior Notes | Seven Percent Senior Notes Due 2029 | Interest (expense) income
Debt Instrument [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost	5,000,000
Secured Debt | Term Loan F Notes Due 2027
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage		1.85%
Debt instrument, patronage distributions, percentage		0.90%
Debt instrument, patronage distributions, cash rebate, percentage		0.70%
Debt instrument, effective interest rate		6.05%	5.23%
Secured Debt | Term Loan F Notes Due 2027 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
Secured Debt | Term Loan A Due 2029
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage		1.85%
Debt Instrument, Issued, Principal	$ 300,000,000
Secured Debt | Term Loan A Due 2029 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%

LONG-TERM DEBT - Summary of Lon

LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: current portion	$ (44)	$ (29)
Long-Term Debt	$ 954	1,003
Debt Instrument, interest rate, stated percentage	7%
Other Long-Term Debt
Debt Instrument [Line Items]
Long-term debt	$ 16	17
Term Loan F Due 2027 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	484	496
Unamortized debt issuance costs	4	4
Seven Percent Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 89	444
Debt Instrument, interest rate, stated percentage	7%
Unamortized original issue discount	$ 1	6
Receivables Securitization Program
Debt Instrument [Line Items]
Long-term debt	115	75
Term Loan A Due 2029 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 294	$ 0
Debt Instrument, interest rate, stated percentage	1.85%
Unamortized debt issuance costs	$ 3

INCENTIVE PLANS - Narrative (De

INCENTIVE PLANS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 25
Vesting period	1 year 4 months 24 days
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future grant (in shares) | shares	2,821,985

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense (included in selling and administrative expense)	$ 8	$ 7	$ 15	$ 11

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net Sales	$ 919	$ 912	$ 1,860	$ 1,733
Income from continuing operations before income taxes	70	117	211	198
Interest (income) expense, net	12	17	19	34
Europe
Segment Reporting Information [Line Items]
Net Sales	210	135	440	252
Latin America
Segment Reporting Information [Line Items]
Net Sales	235	228	441	424
North America
Segment Reporting Information [Line Items]
Net Sales	474	549	979	1,057
Operating Segments
Segment Reporting Information [Line Items]
Business Segment Operating Profit	82	142	248	245
Operating Segments | Europe
Segment Reporting Information [Line Items]
Net Sales	210	135	440	252
Business Segment Operating Profit	(11)	17	12	19
Operating Segments | Latin America
Segment Reporting Information [Line Items]
Net Sales	250	249	472	464
Business Segment Operating Profit	48	59	94	98
Operating Segments | North America
Segment Reporting Information [Line Items]
Net Sales	474	549	979	1,057
Business Segment Operating Profit	45	66	142	128
Intersegment Sales
Segment Reporting Information [Line Items]
Net Sales	(15)	(21)	(31)	(40)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest (income) expense, net	12	17	19	34
Net special items expense (income) (a)	$ 0	$ 8	$ 18	$ 13

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - International Paper - Affiliated Entity $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Offtake Agreement
Related Party Transaction [Line Items]
Related party transaction, expenses from related party	$ 147
Fiber Purchase Agreement
Related Party Transaction [Line Items]
Related party transaction, expenses from related party	47
Packaging
Related Party Transaction [Line Items]
Related party transaction, expenses from related party	4
Transition Services Agreement
Related Party Transaction [Line Items]
Other Expenses	$ 16